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ADM.
LIBRARY
BUS.
MAY 2 9
i
1939
IV
ammctria
COPYRIGHTED 1N1939 BY WILLIAM B. OANA COMPANY, NEW
YORK.
ENTERED AS SECOND-CLASS
MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK. NEW YORK, UNDER THE ACT OF MARCH S, 1879.
wSr^su^t,
NEW YORK, MAY 27,1939
VOL. 148.
BROOKLYN
CHASE
THE
JTRUST
NO. 3857.
BANK
NATIONAL
COMPANY
OF THE CITY OF NEW YORK
Chartered 1866
George V. McLaughlin
Maintaining effective cor¬
President
respondent bank service
BROOKLYN
NEW YORK
Member Federal Deposit
is
traditional
a
policy of
the Chase National Bank.
Insurance
Corporation
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
...
FUNDAMENTAL
.
Member Federal Deposit Insurance
\
•
,
Corporation
,
United States
INVESTORS
Government
INC.
★
■
v
Securities
•
Underwriters
and
of capital issues
in
dealers
States
United
Government, State, County and
Protpectua available from
local dealera
Municipal bonds and in Public
Utility, Railroad, Industrial
and other investment securities.
The
FIRST BOSTON
Harriman
CORPORATION
BOSTON
63 Wall
*
.
AND OTHER
•
■
PRINCIPAL CITIES
Street, New- York
Chicago
Philadelphia
Boston
SAN FRANCISCO
PHILADELPHIA
Established 1850
'
CHICAGO
•
Hallgarten & Go.
Ripley & Co.
Incorporated
.*
NEW YORK
Representatives in other leading Cities
NEW YORK
London
chlctfO
.City of
Philadelphia
Commonwealth of
NewYorkTrust
Pennsylvania
BEAR, STEARNS & CO.
Bonds
•
ONE WALL STREET
NEW YORK
Capital Funds
$37,500,000
.
Moncure Biddle & Co.
PHILADELPHIA
IOO
BROADWAY
40TH ST. &
HOMER & CO., Inc.
40 Exchange
Place, New
FIFTH
MADISON AVE.
AVE. & 57TH
Service
ST.
Banks and
Dealers since
NEW YORK
York
to
1888
HORNBLOWER
European Representative's Office:
8
KING WILLIAM
.
rt
A
4
BROADWAY
Members New
'
Amsterdam
■i
Member of the
Federal Deposit Insurance
Wall Street
NEW YORK
_
York, Boston, Chicago,
Cleveland, Philadelphia ami
Detroit Stock Exchanges
NEW YORK
Paris
WEEKS
Established 1888
LONDON, E. C. 4
«
London
&
40
Carl M. Loeb, Rhoades & Co.
61
,
STREET
Corporation
■
/
Financial
n
May 27, 1939
Chronicle
Leading Out-of-Town
Investment Bankers & Brokers
fT. LOUIS
The Government of the French Republic
St/x
Twenty-Year External Gold Loan 73^% Bonds
Payable June 1, 1941
Co.
^
SAINT LOUIS
009 ouve st
and
1
The Government of the French
•
Republic
Members St. Louis Stock
Exchange
External Loan of 1924 Twenty-five Year
Sinking Fund
7% Gold Bonds due December 1, 1949
To holders
of above-described Bonds
BIRMINGHAM
.
The Government of the French Republic
announces
that coupons
MARX & CO.
maturing June 1,1939, of the above Loans will be payable either
(A) upon presentation and surrender at the office of Messrs. J. P.
Morgan & Co., 23 Wall Street, New York City, in United
States dollars in the amounts specified
below; or,
(B) at the option of the holder and until further notice, upon presentation and surrender at the office of Messrs. Morgan &
14 Place Vendome, Paris, France, in the French franc
■
BIRMINGHAM, ALABAMA
.
SOUTHERN
MUNICIPAL
AND
CORPORATION BODNS
Cie,
equiva¬
lent of the dollar amounts specified below, calculated
upon the
basis of Messrs. Morgan & Cie's
buying rate for exchange on
DETROIT
New York at the time of presentation.
DETROIT REAL ESTATE BONDS
In order to
comply with the decrees of the French Government
dated July 16, 1935, and August 25, 1937,
payment of coupons of
the above-described Loans
maturing on June 1, 1939, will be made
in the following manner:
Charles A. Pa reel Is & Co.
Members of Detroit Stock Exchange
(A) Coupons which are stamped to indicate non-French beneficial
ownership will be paid at the face amount thereof.
PENOBSCOT BUILDING, DETROIT, MICH.
(B) Coupons which are stamped to indicate French ownership, and
unstamped coupons, will be subject to a deduction of 10% of
the face amount thereof, when in the
ownership, Frenc or
foreign, of others than individuals.
THE
Specialists in Connecticut
Securities
GOVERNMENT OF THE
■
V
FRENCH
REPUBLIC
PUTNAM & CO.
By PAUL LEROY-BEAULIEU,
Financial Attache to the French
New York
HARTFORD
r
Members New York Sleek
Embassy.
« CENTRAL ROW
Tel. 5-0161. A. T. T.
City, May 27, 1939.
Mmr
HARTFORD
Teletype-Hartford M4
MILWAUKEE
WISCONSIN
CORPORATION SECURITIES
Teletype—Milwaukee 92
EDGAR, RICKER & CO.
207 East
Michigan St.,
Milwaukee, Wis.
1.
Dividends
Interest exempt from all present Federal and New York State Income
Taxation
$1,075,000
h
■
••
"■
*'
■
(OMMERCIAL fjVESIMErffpISI
City of Yonkers, New York
2.80%
Convertible Preference Stock,
f4.25 Series of 1935, Dividend
Bonds
A regular
Due serially May 1, 1940 to 1959, inclusive
Legal Investment, in
our
quarterly dividend of $1.06Ji on the
Convertible Preference Stock, $4.25 Series of
1935,
of COMMERCIAL
INVESTMENT
TRUST CORPORATION has been declared
opinion, for Savings Banks and
Trust Funds in New
York State1
payable "July
ft
'a
4
CORPORATION
record
These
Bonds, to be issued for various
in the opinion of
binding obligations of
1939,
to
stockholders
of
of business on June 10,
will be mailed.
..
"
the City of Yonkers, payable from ad valorem taxes
levied against
all the taxable
property therein without limitation as to
rate
amount.
or
1,
the close
1939. The transfer books will not close. Checks
purposes,
counsel will constitute valid and
legally
at
Common Stock—Regular Dividend
A
regular quarterly dividend of $1.00
in cash has been declared
of COMMERCIAL
Prices to yield
-
on
per
share
the Common Stock
INVESTMENT TRUST
CORPORATION, payable July 1, 1939, to
stockholders of record at the close of business
0.70% to 2.90%
June 10,1939. The transfer books will not close.
Checks will be mailed.
These bonds
are
offered when, as and if issued and received by us and
subject to approval of legality
by Messrs. Hawkins, Delafield & Longfellow, whose
opinion toill be furnished upon
delivery.
JOHN I.
SNYDER, Treasurer.
May 25,1939.
HALSEY, STUART & CO. INC.
G. M.-P. MURPHY & CO.
SCHLATER, NOYES & GARDNER
INCORPORATED
Dated May 1,
1939.
Interest payable October 1, 1939
J.
and
semi-annually, April 1 and
Coupon bonds In the denomination of $1,000, regisprincipal and interest. The information contained herein has been
carefully com¬
October 1, thereafter. In Yonkers, N.Y.
terable
as
to
plied from
sources
considered
reliable, and while not guaranteed
accuracy, we believe It to be correct
May 27, 1939.
•
of this date.
as
*
as
.
to
completeness
or
I.
Case Company
Incorporated
Racine, Wis., May 22, 1939.
A
dividend
standing
of
$1.75 pot share
Preferred
upon the out¬
Stock of this Company has
been declared payable July 1st, 1939, to holders
of record at the close of business June 12th, 1939.
THEO. JOHNSON, Secretary.
Volume
Financial
141
This advertisement is neither
Chronicle
offer to sell
an
nor a
hi
solicitation of offers to buy any
offering is made only by the Prospectus.
of these securities. The
59,550 Shares
Newport Electric Corporation
(Incorporated by Special Act of Legislature of Rhode Island February 23,1898)
Common Stock
Par Value
$20 Per Share
Price $29.50 Per Share
These shares do not represent new
financing by
Newport Electric Corporation
Copies of the Prospectus may be obtained from the undersigned
Stone & Webster
"
n
Blodget
CHICAGO
BOSTON
NEW YORK
May 23, 1939.
and
INCORPORATED
.V
.
PHILADELPHIA
.
M
/
Dividends
Dividends
Dividends
E. I. du Pont de Nemours
AMERICAN
PREFERRED
on
July
record
1939.
of
close
Books
Checks will be mailed.
Secretary.
R. A. BURGER,
•
'
$1.50
Stock
Debenture
on
share
a
and
a
CARBON
AND
May 15, 1939
declared this day a
on
CORPORATION
the outstanding
dividend of
$1.12
a
Stock-$4.50
Cumulative, both payable July 25, 1939, to
stockholders of record at the close of business on
July
10,
1939;
also the second quarterly
"interim" dividend for the year 1939 of $1.25 a
share on the outstanding Common Stock, payable
'June 14, 1939, to stockholders of record at the
share
pay¬
to Stockholders of
business June 16th,
will remain open.
1939,
1st,
the
at
' Transfer
of
dividend
declared
Company,
Delaware:
Board of Directors has
The
and three-quarters per cent was
the Preferred Stock of this
able
Wilmington,
STOCK
quarterly dividend of
On May 23rd, 1939 a
one
UNION CARBIDE
& Company
CAN COMPANY
the outstanding Preferred
close of business
on
A
cash
dividend
of Fifty cents
share on the out¬
standing capital stock of this
Corporation has been declared,
payable July 1, 1939, to stock¬
(50c.)
May 22, 1939.
per
'
.
holders of record at the close of
W. F. RASKOB, Secretary •
p
business June
Atlas Corporation
dend
is hereby given
of
declared
25tf
share
per
a
has
Common
the
on
that
'
ILLINOIS
and
(Delaware), at a meeting held
on May 19,
1939, declared a quarterly dividend
of thirty-seven and one-half cents (37J£c.) per
share on the Class A Common Stock of the Com¬
pany, for the quarter ending May 31, 1939, pay¬
able by check Jund 24, 1939, to stockholders of
record as of the close of business May 31,1939.
At the same meeting a dividend of twelve and
one-half cents (12>£c.) per share was declared
been
of
Corporation payable June 30,
to holders of such stock of
record at the close of business June
10, 1939.
V
*
1939,
Peterson, Treasurer
on
May 24, 1939.
Board of Directors of Louisville Gas
the Class B Common Stock of the Company,
for the quarter
check June 24,
ending May 31, 1939, payable by
1939, to stockholders of record as
31, 1939.
of the close of business May
J.
THE
ELECTRIC
STORAGE
BATTERY CO.
Directors
The
from
the
have
Accumulated
,
both of these classes of stock at the close of
on
June
9,
Checks
1939.
15
A
Sur¬
of the Company a divi¬
dend of Fifty Cents
($.501
per
share on the Common.
Stock
and
the
Preferred
Stock,
payable
June 30, 1939, to stockholders of record of
H.
at
cents
share
a
have
been
1,
closed
H.
J.
OSBORN, Secretary.
New York
(25c.)
per share has today been declared by Kennecott
Copper Corporation, payable on June 30, 1939, to
a
dividend of
on
Stockholders of record at the close of business on
R.
TEXAS
Philadelphia, Pa.
GULF SULPHUR COMPANY
declared
a
dividend
of 50 cents per share on the Company's capital
stock, payable June 15, 1939, to stockholders of
record at the close of business June 1, 1939.
H.
one-half
are
F.
of
the
quarterly
.
COPPER
ANACONDA
25
MINING
New York, N. Y.,
DIVIDEND
Board
The
NO.
Directors
of
CO.
Broadway,
May 25,
1939.'
124
of
the
Anaconda
Copper Mining Company has declared a dividend
of Twenty-five Cents (25c.) per share upon its
Capital Stock of the par value of $50. per share,
payable June 22, 1939, to holders of such shares
of
record
on
the
at
D.
B.
business
at
3
o'clock
HENNESSY, Secretary.
YALE & TOWNE MFG. CO.
THE
On
of
close
June 6, 1939.
May
23,
fifteen cents
1939,
(l5c.)
per
a
dividend No. 192 of
share was declared by the
Board of Directors out of past earnings,
July 1, 1939. to stockholders of record at
of business June 9, 1939.
payable
the close
DUNNING, Secretary.*
KLUGESCHEID, Secretary.
The Board of Directors has
I. W. MORRIS, Treasurer
amounts
INTERNATIONAL
■
the Pre¬
cents per
American
Stock ($6) and $1.25 per share on the $5 Preferred
Stock.
■
D. W. JACK,
Treasurer.
F.
C.
pay¬
THE UNITED GAS IMPROVEMENT CO.
These
June 2, 1939.
Common
declared,
DIVIDENDS
cents per share on
dividend rates of $1.50 per share on the Preferred
P.M.,
distribution of twenty-five cents
STOCK
of 75
Light Company were declared on May 24,
1939 for payment July 1, 1939, to stockholders of
at
the close .of business June 9,
1939.
KENNECOTT COPPER CORPORATION
cash
CO.
Power &
been
May 16, 1939.
31,1939.
April 25, 1939
has
share
LIGHT
record
the
120 Broadway,
able June 30, 1939, to respective
holders of record May
a
the close of business
1939.
Preferred Stock and
PREFERRED
A dividend
&
Street, New York, N. Y.
ferred Stock ($6) and a dividend of 62
share on the $5 Preferred
Stock of
J.
THIRTY-SEVEN
of
CENTS
POWER
Two Rector
SALT COMPANY
will be
The current quarterly dividend
of $1.25 a khare on $5 Dividend
Stock
Treasurer.
capital stock of this Company,
1939, to stockholders of record
on June 15, 1939.
The
stock transfer books of the Company will not be
on
payable July
A
25
McKENNA,
dividend
quarterly
declared
C. Allan, Secretary and Treasurer.
19,
AMERICAN
Exchange Place, Jersey City, N.
ONE-HALF
and
mailed.
Philadelphia, May
J.
INTERNATIONAL
declared,
plus
business
2, 1939;
ROBERT W. WHITE, Treasurer
Electric Company
Atlas
Walter A.
OF
CHICAGO,
The
divi¬
Stock
OFFICE
LOUISVILLE GAS & ELECTRIC COMPANY
Common Stock Dividend
Notice
'
■
J.
KNOBLOCH.
Treasurer.
HARVESTER
COMPANY
The Directors of International Harvester Com¬
pany
declared
a
quarterly dividend of forty cents
(40c.) per share on the common stock
July 15, 1939 to all holders of record at
of business on June 20, 1939.
,
payable
the close
SANFORD B. WHITE, Secretary.
CONTENTS
Editorials
page
3111
The Financial Situation
"
Laws
"Fair
on
Trade
Practices" and "Unfair Sales"
Multiplying
3123
...
Patent Medicine in Economics
3125 '
;
Comment and Review
Week
on
the European
Stock Exchanges
-3116
3116
3120 & 3165
-------- -
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
-
.3126
-
3127
3114
-—.3164
Indications of Business Activity
Week
on
the New York Stock Exchange.-
Week
on
the New York Curb Exchange.---
News
——3137
Current Events and Discussions
Bank and Trust
3163
-.3209
—
3260
—-.3261
Company Items
General Corporation and
Investment News-
Dry Goods Trade
State and
Municipal Department----
,
*
'
Stocks and Bonds
3173 & 3175
Foreign Stock Exchange Quotations
Bonds Called and Sinking
Fund Notices
Dividends Declared
—
3167
3176
Stock Exchange—Bond Quotations. .3176 & 3186
Auction Sales
-—*
New York Stock
New York
3167
3168
r
Exchange—Stock Quotations.
New York Curb
Exchange—Stock Quotations.
New York Curb
Exchange—Bond Quotations
3192
.3196
.
Exchanges—Stock and Bond Quotations
3198
Canadian Markets—Stock and Bond Quotations.___-_3202
Other
Over-the-Counter Securities—Stock &
Bond Quotations.3205
Reports
3119
Foreign Bank Statements—,
Course of Bank Clearings
Federal Reserve
General
3165
—
—-.3137 & 3173
Bank Statements
__3209
Corporation and Investment News...
Commodities
The Commercial Markets
and the Crops—:
Cotton
Breadstuff s
Published Every Saturday Morning by the
-
-
;
3250
3253
.3257
William B. Dana Company, 25JSpruce
Herbert D. Selbert, Ohainnai of the Board and Editor;
Street, New York City.
William Dana Selbert. President and Treasurer;
Business
(Telephone
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, l Drapers' Gardens, London, E. O.
Copyright 1939 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.
in United States and Possessions, $18.00 per year, $10.00 for 6 months; in Dominion of Canada. $19.50 per year, $10.75
South and Central America, Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain,
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter,
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
»
Subscriptions
for 6 months.
Continental Europe
45 cents
The Financial Situation
is
EVENTS in reminder to thoughtful serving admir¬
recent weeks have been observers that
ably
the
tions of
problem of the restoration of budgetary sanity in
Washington,
well
as
of dismantling
as
bating, vested interests,
of com¬
real and imagined, than
economic heresies.
The President's unworthy
vague
ad
hominem
Federation
deliverance
to
now
The President's defense of fiscal
while, have
grown
to look to the
save
testimony of
make
leader
of
Party,
of the titular
the
Democratic
indeed, had
as,
a
number of previous utter¬
by the Chief Execu¬
ances
As
tive.
spite
a
de¬
Congress,
good deal of discus¬
sion of economy,
has of late
passed appropriation bills
after the other without
one
serious
opposition from
substantial number
any
grow¬
of the in¬
most
as
dividual members of Con¬
concerned, at
gress are
any
rate, the President's visi¬
Executive,
r
favor
of
own
fiscal
interests
Senate
were
sound and that
we
propriated
■
•
.
is
other
for
farm
and
subsidies, for public
works, for relief and the
various other purposes were
matter of faith in
a
ing
ent
spend¬
stimulant to
as a
ery,
recov¬
the record of the
Congress
pres¬
would
be
quite different.
had
when we were
building luxurious office buildings, hotels
and apartment houses which consumers did
not need and had not the purchasing power
to pay for.
...
"They were unrealistic and theoretical
when they were prophesying their new era
in 1929.
It
that if
say
the amount of money ap¬
"Some highbrow columnists and some highgeared economists say that you and I think
too much about consumers' purchasing power
and look at our economic problems from the
wrong end.
They say that we should glue
all of our attention on the heavy industries
and should do everything and anything just
to get these industries to work and to get pri¬
vate investors to put up the money to build
new
buildings and new machines without
regard to the average consumer's need or his
ability to use these buildings or machines.
"By and large, you will find that these ex¬
perts are the same as those who in 1929 told us
Similarly, the "Reforms"
Much the
same
said of many,
of
the
.
may
reforms.
difficulty with the
repeal,
Act lies in the fact
shelves
be
if not most,
so-called
The real
or
at the least with
major modification, of the
"It is
week
or
some
$383,000,000 to the
of
course
the rate
pro¬
a
ment.
"I
fact
mous
expenditures for pub¬
our
enor¬
work relief
and
started six years ago,
unquestionably
means
duced.
as
They
that
it
will
be
to
pork-barrel
new
provisions of this particu¬
ascertain
lar
your
why
would be
and
no more
week
your
committee to
urgent ones in
the
forgotten what he said last week,
he meanwhile learned the
his
own
destruction,
it,
lose
them.
answers
tain
of this
or has
to some
State
enactments,
entitled
pecuniary considera¬
tions,
of
and the
adopted in the
Even then, of
have always
won
on
force.
Had
these
remain
course,
been
enacted, it is doubtful whether there
as
Treasury
them respectable
in
which otherwise would have clearly regis¬
tered disapproval.
It is-, however, doubtful if there
accrue
measures
are a
never
great
who would demand them now, but to suggest
many
a
is
sort
arrange¬
claims will continue to
will
support, but
the
in
as a
pledge that not only will
plainly
support much
on won
make
so
under which
policy
measure
already-accrued claims be met, but that the
ments
large
a
number of persons to cer¬
coun¬
of
dress in which these raids
its
easily interpreted
public.
clothed seemed to
help
actually
questions?
were
many eyes
right,
that, having won these
tive
for
these be in¬
measures
its
ity'Act, with its correla¬
try today.'*
Had the President by the beginning
no¬
going
are
measure
that to emasculate the law
a
could by
was
the
the normal flow of savings into non-pro¬
"1 know of
there
revealed to the general
feels that
The so-called Social Secur¬
whose weaknesses had not been
much of what
problem of
rapid expansion and entering an era of
growth, calling for relatively less in¬
days of desperation, of grasping
straws, and certainly of plausible economic igno¬
ramuses
major
a
ductive enterprise?
"These are questions
were many
tion that recovery
now
concessions, it will not, if it
first
responded to the
large and politically
developed in this country
which
answer.
was
a
powerful labor faction has
American
can
vert
same
'
When all this
the
capital goods?
"Is it because of lag, leak and friction in the
operation of investment markets which per¬
almost invulnerable to at¬
situation:
which
policies of the Administra¬
tion,
common
vestment in
so-called
tack also attests the
of
that,
steadier
apparently
are
Relations
...
take
of
era
works
matter
large
part of our vast reservoir of money and sav¬
ings have remained idle in stagnant pools.
"Is it because our economy is leaving an
ticularly striking example.
that
4
required to bring about full employ¬
committee
par¬
The
Labor
due to this Act and related
knowledge that
people save
each year are not finding their way back irito
productive enterprise in sufficient volume to
keep our economic machine turning over at
a
the dollars
posed subsidies to agricul¬
was
National
Tuesday of last week this same Presi¬
then apparently puzzled, wrote the
Chairman of the Temporary National Eco¬
many
in adding
ago
were
enough to
derision:
nomic Committee:
a
the
the
and
safely make
may
demands.
On
di¬
were
of
at
safe
dent,
The action
such
Monday last said, in apparent
on
they
greater
the
all business."
where
except
counterparts.
who
Federation
of heavy industries in 1929
seriously overstacked.
.
.
.
"In
the
last
analysis
.
.
consumer
buying power is the milk in the cocoanut of
economy
rectly touched, has
lic
that
were
in
was
'
.
everywhere
ture
they
demands
.
Chief
two
President
"The
who, according to the
his
Retail
American
found the way to end poverty
ing clearer and clearer that,
as-far
the
To
that conditions
of its
members, it has been
tor
From One Week to the Next
defi¬
very
their
perhaps to suggest to them
recognition of this fact
the part
on
a
air
Government for
and thus to increase the persistence with which
evening last bears eloquent
nite
an
mean¬
from harm their self-respect,
Monday
on
corporal's guard who feel
serves
special favors, to
Retail
American
the
a
almost daily to give
respectability to the greed of those who,
of
needless New Deal agencies, is now more one
than
more
profligacy.
recklessness
of the
many
today much
great deal of enthusiasm about the public benefac¬
a
as a
repeal after several years is to risk offending a very
large number of voters who have now come to accept
their
alleged benefits
this is
as
their due privilege.' All
quite apart from the self-perpetuating ten¬
dency of all bureaucratic organizations established
purpose
these.
The 'vested interests of
ernment
Labor Relations
real as any
supporters are fully as
acquiring
The trouble is that groups once
interest
determination
which
it
defend
to
such
a
is not one
only the special favors granted
in recent years,
the habit
not rest upon a
does
wholly unwarranted measures, and at times even of
supporting them, for the sake of being certain that
points.
those in which
an
in
attacked
turn
are
specially interested
not
Washington,
often framed
as
effected
logical
or
to attack at many
The farmer is essentially a business man,
He often does most of his own
entrepreneur.
work, but In one degree or another is an employer
of labor rather, than a laborer for wages.
He,
Thus it is that the
by others.
notorious "deals" in
are
Well, for
particularly firm
vulnerable
It is
foundation.
they
question is: "How-
overcome?"
thing the combination of elements thus
one
of tolerating reckless and
most effectively
be
it
can
The
statesmanship.
economic
mains, however, that there are a
individuals in this country, and that they are prone
get into
and must somehow be successfully
develop any worthy type of
combated if we are to
visitor and his friends but all similar favors
The fact re¬
great many such
to
politician, but the fact remains that
is effective, or has been strikingly so
it is with us,
granted at the taxpayers' expense.
'
this conception of the presidency
likely to inspire great admiration in any¬
except the
one
*
.
might well scorn making use of
not
given the ap¬
were
of promising orders for idle factories, traf¬
railroads, and business for other groups
Needless to say
Chief Executive supposedly representing
any
of the people
all
programs
enterprises.
of
described to the Amer¬
Federation is, of course, indefensible,
Retail
ican
and
of these
some
pearance
The alleged attitude
they do not approve.
That he has been as success¬
all this is due in part to the fact
fic for the
privileges than to end those of some other group of
of the visitor the President
grant large sums of money to the
the other.
on
he has in
as
that
their own
perpetuate
to
vested
always develop much
of this sort almost
greater
a
farmers
ful
various relief measures on the one
to
and
hand
their friends and
other.
the
and
law
jobs and the vested interest of the politicians
organizations in which to place
in
security legislation, the National
Act, the so-called wages and hours
social
called
of administering such measures as
individuals in gov-r
for the
May 27> 1939
Chronicle
Financial
3112
by lobbyists representing special interests as by.
moreover,
is a buyer of products of the factories
members
and mills.
Unduly short hours of work, restrictive
of
Congress anxious to keep or gain the
union
goodwill of special interests, come into existence.
The
15
20 years,
years,
small
When it
The ill-fated National
to
expunging
these
carrying
measures
-
speaking, it is
which
due.* Members of
fully
there
terest
but
are
usually
elected
lature tends
another for his
the
people
our
by
among
the
more or
without
the
dent who
own
course,
represent a much larger
Ward Politics
on
a
fashion
for
years,
into the
presidential
it
has
quite
the
con¬
sciously to endeavor to seek out and find certain
elements
in
the
population which
can
buy more automobiles, implements and other
may
*
products of the factories (and thus give more em¬
ployment to labor), that the various labor laws and
raise the wages, of labor and that the
programs
to
and
bated
in
terms
to both the
dent Roosevelt is
ical
success
by many believed to
to his shrewdness in
owe
his polit¬
holding the sup¬
The
It
utterly
Fly in the Ointment
ignores the fact that
funds
or
else must
someone
funds
either
must
come
from somewhere.
created
the East.
To the list he has
constantly striven
must
man," most recently,
from
to
add
in
particular, the small retailer.
the
"small
business
about'that the Administration is
to
"point with pride" to such
Thus
so
it
comes
much inclined
measures
as
the so-
em¬
the
inevitably lay the basis for future dis¬
be taken in
one
or
whole
Such
by inflationary tac¬
aster to both farmer and wage earner,
in
which
be
tics
most of them,
so
ployed whether paid by the taxpayer, the employer,
West and the industrial
or
a
the wage earner.
port of the agricultural elements of the South and
workers,
course,
understood and convincing
easily
farmer and
be led to
Thus Presi¬
in industrial
products), is, of
superficially plausible fallacy, and must be com¬
by word of mouth
by legislative and other policies.
provide employment (each add¬
buy farm
believe they have common interests, and to make ad
hominem appeals to them both
in¬
or
exponents, that farm, subsidies put money
ing to the ability of the rank and file
become
candidates
directly
pockets of the agriculturist with which he
relief disbursements
National Scale
however,
taxes
argument which has been extensively used by
centers
recent
levy
prices of farm products, or to pay farmers-for
The
Against this situation
strongest of leadership by the Presi¬
must, of
Government
the
New Deal
less ready to bargain with
ends.
He, if he thinks, intelligently about
failing to produce goods he needs in full abundance.
national legis¬
and njore diversified, clientele;
.In
the
same
country is rarely able to make real headway
his
bread,
directly upon him to help raise and to keep high
dominant in¬
defeated
or
necessaries/ his
matter, can hardly find it to his advantage to
have
care¬
always to be composed of special plead-
each always
ers,
the
really
one
The net, result is that
groups.
N
is
the
to be regarded as just and
sections ! of
partitioned
which
come
Congress not only represent
his
obtains
he
small part.
no
leges demanded and quite another to lose those long
enjoyed which have
the other hand, is dependent
the farmer for most of the materials from
meat, his clothes, his shoes, and even his shelter in
thing to fail to obtain new privi¬
one
Much of the recent wage legislation can
The wage earner, on
upon
Politically
usually doubly formidable.
are
price of the goods which the farmer habitu¬
hardly with logic claim support from the farmer.
special privilege from the statute books tactics such
as
the
ally buys.
to tactics of this sort.
comes
days work must inevitably reflect themselves
in
Recovery Act owed its existence in no
measure
agitated by false leaders to perform a reason¬
able
would not have been possible but for this
Industrial
and unwillingness of
men
and many of those during earlier
type of "swapping" support.
high wages, constant
of operations,
interruption
outrageous tariff rates built up during the past
or
rules, unwarrantably
the
the other
process,
first place
or
both groups,
else they
measure
in which
case
far from "creating purchasing
pow-er," merely robs Peter to
it would not be
or
in large
pay
Paul.
Of
course,
particularly difficult to defend an
Volume
Financial
148
assertion that the farm
the labor
blessing to the
defense would put
too
by no means
are
convince
to
The
serve
the mind of the average man to
group
or
fice
far
or
farm
a
often
too
in
lar
this
session
of
ber
less that
hope
point.
It is for this
thoughtful business
either wresting the
upon
Democratic
with similar ideas and
other individual
policies,
or
is achieved in
success
these
objectives
nomic
reaching
one or
85.3%.
$11,635,000.
fell
United
by
a
funds
more
tion,,, apparently
continued to
with
the
toward
move
raising
record
of
our
that
monetary
our
level
influence
making for
idle funds
was
of
a-small
enlarged
bank
these
balances
reserve
requirements
000,000,
week.
an
were
stocks
„A
as
the
trend
will
suffer any
sharply,
a
state of
statement
banks
of
shows
reporting
for the
reason to suppose
that
of business loans
000,000.
101 cities
to
The condition
York
City
May 24
by $3,000,000, to
a
an
member
increase
total of $1,372,-
The weekly statements covering banks in
are
along the
same
lines.
Brokers' loans
a
tion
the highest of
were
of
un¬
year.
month since
any
April's exports had
balance
total value
a
the export side of $44,752,000.
on
a
balance
on
the
side of $77,-
same
Of
$159,827,000 resulted in
an
export
$114,645,000. '
was
in crude materials,
hand, showed
food
a
chiefly
cotton and
raw
considerable increase.
quantities,
items which were
as
all
the other
on
A number of
products, notably grains and meats, were shipped
in much smaller
•
were
April than in March, the sharpest reduc¬
tobacco; crude petroleum shipments,
as were
also
many
of the
sharply increased in March, such
machinery, iron and steel, automobiles and air¬
craft.
new
important interruption.
New
week
holdings
remained
Although the several groups of exports
in
of May 24 at $4,300,-
suspended animation.
while
March, exports of $267,602,000 and imports of
smaller in
legal
Effective demand for credit accommodation remains
in
$561,000,
•
of
natuijally constitutes still another
in June there is little
to
Treasury obligations
and imports of
Meim
high record, and if the Treasury fails to borrow
money
com¬
$53,000
only slightly reduced from the rela¬
were
month,'
excess
third
excess reserves over
estimated
down
were
149,000, and in April 1938 exports of $274,472,000
the
to
accumulations
increased
Industrial advances
Open market holdings of bankers'
$190,453,000 left
at
increase of $60,000,000 in the statement
The total
In
drop in the Treasury general
circumstances, and
to 85.4%
up
$230,947,000 and imports of $186,195,000, leav¬
ing
Atlantic,
account with the 12 Federal Reserve banks.
ber
of
Gold
placed
$15,927,000,000.
ratio moved
$29,000 to $12,825,000, wririle
December, 1937.
dehoarding of
increases
gain of
tively high level reached in March and, except for
"than usual,
side of the
a
deposits by $6,310,000 to
reserve
$.1,000
States
Imports
by war-scared Europeans.
officially admitted
$35,000,000,
further
as a consequence
money
;
higher than in the first two months of the'
decline of $20,000,000 of. currency in circula¬
American
Treasury general;
aggre¬
May 24 the accumulation
aided, rather
was
the
gate of the month preceding, but remained somewhat
previous indications of steadily advancing1 credit
idle
of
EXPORTS from the United States in April dropped
substantially from the sharply-expanded
eco¬
NOT in any statistics vary this week from the
important respect do the official
banking
of
mem¬
Foreign Trade in April
Federal Reserve Bank Statement
In the week to
increase of
changed at $2,564,015,000.
a
statesmanship is certain to be slow.
resources.
an
by $91,588,000 to $10,-
$441,000 to $4,055,000.
marked up'
bills
the other of
in returning to real
progress
banks
Until
sadly lacks it.
now
decrease
a
advance of other
truly national and constructive leadership in the
Republican Party which
$4,446,-
to
Discounts by the regional banks ad¬
to
group
of developing
consisting of
balances
reserve
mitments to make such advances
of the
or
$16,970,000
with the regional
The
were
Party from the President and keeping-
out of the hands of any
fell
deposits
$76,-
up
Federal Reserve notes
by $11,251,000 to $915,385,000
an
vanced
pinning their
leadership
regional institutions moved
from
doubt¬
reason
men are
This raised
$95,229,000 to $11,569,775,000, with the
bank
arid
and of the Republican elements in
the
on
$59,-
for
$276,227,000.
Congress without effective leadership at all is"
conclusive
reimbursed itself
foreign bank balances by $8,582,000 to $281,541,000,
(if
President
a
Re¬
Federal
regional banks.
circulation
096,622,000;
using factionalism to perpetuate faction-
alistic programs
this
real leadership) of
the
Total
account
of
The record
<
Congress under the leadership
there has been any
bent upon
Government.
the
upon
with
account variations
so
they dare not offend others'with broadly simi¬
claims
actual
increased
engrossed in obtaining favors for their supporters
that
12
the
With other cash somewhat higher, total
379,000.
leaders and of¬
constituency, and far too often
of
683,000 to $13,674,168,000.
dependent upon a
are
statement
holdings of such certificates to $13,282,of the
reserves
led
President or a presi¬
a
Other political
candidate.
holders
labor
the total
individual with truly national
an
conceptions, preferably by
dential
certificates
are expen¬
national party,
a
of
banks, combined, shows that in the week to
718,000.
the tasks of
are
refinancing
the
988,000 of gold acquisition through deposits of gold
.
Now these
with
.
condition
May 24 the Treasury
that the farm
earner
policies of the Administration
sive to him.
a
wage
is costing him heavily and the farmer that
program
the labor
by
the
connection
bonds.
but if the
wage earner,
great a test, certainly it should not be impos¬
sible
in
$905,000,000 Home Owners' Loan Corporation 2%%
permanent good, and that
policies of the New Deal
unmixed
an
activities
policies of the Administra¬
tion do the farmers little
3113
Chronicle
Cotton shipments,
which have been
on a
depressed
plane for the past year, lost whatever gain the March
increase
seemed to portend by dropping much more
sharply than usual in April.
Only 192,515 bales,
valued at $9,184,659, were exported in April, com¬
pared with 346,701 bales worth $16,973,475 in March,
and 402,698 bales worth $20,136,862 in April, 1938.
In
March, 1938, 450,113 bales valued at $23,147,892,
were
shipped.
Imports in April were artificially
enlarged to
some
here in New York advanced in the statement week
extent because of the efforts of importers
by $70,000,000 to $565,000,000, but this is obviously
a
temporary requirement occasioned by dealer
merchandise from that country, which became effec-
of German
products to avoid the countervailing duties placed on
Financial
3114
removed one of the more serious threats
to our own economic well-being, and permitted some
improvement in the leading trade indices. Speeches
by President Roosevelt and Secretary of Commerce
coal strike
entered the United States during the month, more
which entered in either the
than double the amount
corresponding month of
preceding month or the
1938.
were
and
dyes,
Cameras,
musical
instruments
Hopkins left no doubt, Monday, that the spending
spree of this Administration will continue and perhaps be enlarged over its present perilous propor-
the individual items imported in sharply
among
increased quantity from
Such items
that country last month,
which have only been able to
as cameras,
tions, but such political expedients have become
almost a fixture, and it is in the unpredictable
future that the inflationary chickens will come home
product because of their
compete with the domestic
uniquely superior quality, if kept out of the United
by the new heavy duty, are likely to be re-
States
placed in this market by American
of
those
rather than
to roost. The problem of tax revision was argued
endlessly, with signs pointing to reluctant consent
manufactures
other foreign
some
country,
by Mr. Roosevelt for
And to this extent future imports will be reduced,
this is not to be
regarded
Of
course
to
American manufacturers of the
for it
doubt will have
no
Other items,
-
a
as a
tive measures as the
boon (except
trend also was
Lack of any important new
offerings of high-grade bonds, under the restrictive
influence of the cumbersome securities measures,
In the listed bond market the
exports.
our
toward higher levels.
naturally, which have to be obtained
abroad, will continue to appear in the import account,
Gold imports in
April continued to reflect political
rather than trade conditions and arrived here in
total amount of
together with the lack of commercial demand for
a
credit, keeps institutional inquiry for United States
$606,027,000, exceeding the former
record established last October after the
the Munich Pact.
Treasury issues at a high pitch. Small gains appeared in the direct obligations of the Treasury,
while guaranteed issues were quiet.
Refunding
was in progress of $905,000,000 bonds of the Home
signing of
Imports of gold have been
sue-
cessively larger in each month of the current year and
in the four months totaled no less than
$1,351,187,000
Owners' Loan Corporation, carrying 2%% coupons
This called issue was
replaced by iy2% bonds due in eight years and callable in six years.
Best rated corporate bonds
slowly advanced.
Among the more speculative
bonds a well sustained advance was noted, and
compared with only $139,549,000 in the first third
as
of
and $611,858,000 in the
1938,
1937. Gold exports
to
more
no
Silver
in the first four months amounted
than $380,000.
imports in April of $7,143,000 were offset to
the extent of $2,054,000
approximately the
1938,
and nominally due in 1949.
period of
same
by exports; the figures
same
totaled
imports
were
foreign dollar issues joined the movement. The
commodity markets contributed moderately to the
betterment, for wheat and other grains were marked
in March,
but in April,
$15,757,000
and exports
$250,000.
/
V M
,
The New York Stock Market
'
s
a
prices moved upward this week
'
New York
market in
manner
a
on
continued
the
that suggests
for
months.
modic
and
not
the
improvement
related to
clearly
was
move
the
various
touched
touched
Steel stocks
The foreign
ranges.
again
were
funds,
under
the
careful
leading units
and
But gold continued
toward the United States.
New
the
On
But the irregular uptrend neverthe-
closings of the previous Friday.
previous price
showed only minor variations.
to
spas-
particular
any
of
control
quotations; yesterday, considerably above
development.
less left
The
in
markets
exchange
greater degree of general optimism than has pre-
vailed
Base metals, on the other hand, merely
upward.
,
TOCK
modifications of such obstrucundistributed profits and capi-
tal gains levies.
particular item),
counterpart in
Settlement of the bituminous
break of hostilities.
Nearly $19,000,000 of German goods
April 23.
tive
May 27, 1939
Chronicle
Stock
York
high levels for the
new
year
59
stocks
while 21 stocks
On the New York Curb
low levels.
new
.
Exchange
Exchange 59 stocks touched
high levels and
new
led the movement and show advances for the week
24
ranging to six points.
the New York Stock Exchange remained unchanged
shares
were
stocks
the
leading
a
even
Whether the
from
overdone
months,
or
Motor and other industrial
equally
group.
advance, and
ter.
in
almost
the railroad stocks
now
pessimism
an
airplane
with
of
noted is
recent
development is
a
shares;
and
satisfactory
one,
in
any
on
shares;
event, '
on
during the
more
on
shares;
New York
Stock
share level in the
but exceeded the
Exchange
was
yesterday
on
the
under the 500,000-
1,000,000-share mark
place.
more
on
Wednes-
important price
The advance
on a more modest total
was
sustained
of transactions,
Domestic affairs held the attention of the finan-
cial
community, and any real increase of optimism
probably is due largely to better sentiment on that
European developments
score.
forting, but bellicosity there
than in
is
no
were
far from
seems more
com-
restrained
previous week 6f this trying year, and there
longer such active fear of
•
any
immediate out-
were
on
on
were
193,280
417,160 shares;
on
Wednesday, 1,013,780
Thursday, 1,010,450 shares, and
on
Fri-
On the New York Curb Ex-
Monday,
on
71,825
shares;
on
Tuesday,
65,280
Wednesday, 111,870 shares; on Thurs-
day, 161,580 shares, and
quieter early sessions of the week,
day and Thursday, when the
advances took
Turnover
loans
change the sales last Saturday were 31,380 shares;
especially in the light of enlarged trading activities
bullish sessions.
Saturday last
on
Monday they
day, 623,870 shares. '
The
Call
-
Tuesday, 423,130 shares;
anticipation of basic gains
general business, remains to be" determined.
/
.
the half-day session
reaction
weeks
'
levels.
low
new
On the New York Stock Exchange the sales at
;
bet-
were
a
touched
at 1%.
Utility securities joined
tendency
reflects
firm,
stocks
on
Friday, 107,605 shares,
The forward tendency initiated in the closing
days of last week continued through the session
on
Saturday last and resulted in further fractional
changes
on
the upside with an occasional advance
of one point among scattered issues.
the
a
morning period
listless fashion,
vague,
state
on
and
the trend,
pointed downward.
gave
way
Throughout
Monday the market idled in
though rather
In the afternoon this
before the cheering reports of
a
better showing for steel production the present week
in contrast to the past week and for the corresponding period
one year ago.
The good news was
un-
Volume
Financial
148
Chronicle
for, and its influence had a desirable effect
looked
prices was
lifted from one to two points, and in a few isolated
instances as much as five points.
One other feature
of news aided in injecting new life into the market,
equity values,
on
and that
mental
the
was
persistent rumor of fresh govern-
The Presi-
spending in the days just ahead.
speech of the night before was largely dis-
dent's
counted
stocks
Tuesday by the trading fraternity, and
on
that
on
day followed
Opening off
course.
managed to
recover
dallied without
on
the general levels of
as
day with
a
their lost ground, and from then
perceptible deviation to close the
A surprisingly sharp
few minor losses.
a
dull and dispirited
trifle, equities in the main
a
upturn in stock values occurred on Wednesday, and
this
be attributed to
can
one
no
particular
reason.
,
3115
U. S. Rubber at 41% against 36%. The railroad
shares closed higher this week. Pennsylvania RR.
closed yesterday at 18% against 17 on Friday of
last week; Atchison Topeka & Santa Fe at 28%
against 26%; New York Central at 15% against
14%; Union Pacific at 97 against 90%; Southern
Pacific at 13% against 12%; Southern Railway at
15% against 14, and Northern Pacific at 8%
against 8%. The steel stocks enjoyed sizable gains
the present week. United States Steel closed yesterday at 48% against 44% on Friday of last week;
Inland Steel at 76% against 77; Bethlehem Steel
at 57% against 52%, and Youngstown Sheet & Tube
at 36% against 32%. In the motor group, Auburn
Auto closed yesterday at 2% bid against 2% bid on
Friday of last week; General Motors at 44% against
To
42%; Chrysler at 69% against 65%; Packard at
anti-aggression agreement among Russia, England
3% against 3%, and Hupp Motors at 1% against
1%. Among the oil stocks, Standard Oil of N. J.
closed yesterday at 44 against 42% on Friday of
begin with, strength featured trading in the foreign securities markets as a result of a purported
and France which is rumored to be fast
reality.
a
Further,
becoming
a
last week; Shell Union Oil at 11% against 11, and
Atlantic Refining at 26% against 19% ex-div. In
the copper group, Anaconda Copper closed yesteroay at 24% against 23% on Friday of last week;
American Smelting & Refining at 43% against 40%,
and Phelps Dodge at 33% against 30%.
Leading trade and industrial reports were better
this week, but the termination of the coal strike
'was largely responsible, and it is still a question
whether fundamental improvement is taking place,
Steel operations for the week ending today were
estimated by American Iron and Steel Institute at
48.5% of capacity against 45.4% last week, 48.6%
a month ago and 29.0% at this time last year. Production of electric power for the week to May 20
is reported by Edison Electric Institute at 2,170,496,000 kwh. against 2,170,750,00,0 kwh. in the preceding week and 1,967,807,000 kwh. at this time in
1938. Car loadings of revenue freight are reported
by the Association of American Railroads at 615,966
cars for the week to May 20. f This was a gain of
one
60,570 cars over the previous week, when the coal
action of the House of
the
Representatives in sending to conference the Agricultural
Department
benefit of
paring proved
bill
appropriation
and
possibly to the securities markets.
was
the
issues
above
the
At
to four points
one
Profit-taking
Thursday
on
spell of rising prices and stocks finished
day slightly above Wednesday's closing level,
the
start
equities moved. sharply higher
interest waned and
trading
was
gained in the first hour
ciose.
Narrow
sales, stocks
was
largely erased at the
managed to record
gains at the close.
waves
trading
decidedly lower turnover in
a
on
small
fractional
Broad gains stand out when
comparison of closing prices for yesterday and
week ago are
General Electric closed yester-
made.
day at 35% against 33%
Consolidated
30%;
Co.
Edison
on
Friday of last week;
of N. Y.
Public Service of N. J. at
Threshing Machine at 82%
Co.
against'6;
against 72;
Interna-
57%; Sears, Roe-
75% against 72%,; Montgomery Ward
at"50% against 47%; Woolworth at 45%
against
43%,
American Tel.
and
against 1603%.
&
on
Chemical & Dye at
165 against 159%
Nemours
Register
at
Products at
26%
against
against 27%
Tel.
at
164
Western Union closed yesterday at
20% against 183,4
de
31% against
37% against 36; J. I. Case
tional Harvester at 59% against
&
at
Columbian Gas & Elec. at 6%
buck & Co. at
on
progress
characterized
movements
yesterday, and
followed by
Much of the
strength and weakness.
a
on
sizable turnover of shares, but from then
very
of
quiet
passing hours, to close with promi-
enjoying gains of
previous levels.
broke the
a
progressed in easy stages, gathered mo-
mentum with the
nent
Whatever
major influence, stocks opened in
and
manner
without
boon to commodity prices
a
at
146
;
;
Allied
E. I. du Pont
against 143%; National Cash
against
18%
16
Friday of last week
18%;
National
Dairy
against 14%; National Biscuit at
26;
Gulf
Texas
Sulphur
at
29%
bid; Continental Can at 36 against
36%; Eastman Kodak at 163 against 155%; Standard Brands at 6% against 6;
Westinghouse Elec. &
Mfg. at 95% against 89%; Lorillard at 22% against
22%; Canada Dry at 16% against 14%; Schenley
Distillers at 13% against 12%, and National Distillers at 26
In
the
closed
last
against 253%.
rubber
group,
Goodyear Tire & Rubber
yesterday at 27% against 25%
on
Friday of
week; B. F. Goodrich at 17% against 16, and
strike still was in progress, and an advance of
70,177 cars over the corresponding week last year.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
yesterday at 78%c. against 743%c. the close on Friday of last week.
July corn at Chicago closed
yesterday at 51%c. against 51'%c. the close on Friday of last week. July oats at Chicago closed yesterday at 34%c. against 32%c. on Friday of last week,
The spot price for cotton here in New York closed
yesterday at 9.82c. against 9.78c. the close on Friday
of last week. The spot price for rubber yesterday
was 16.33c. against 16.00c. the close on Friday of
last week. Domestic copper closed yesterday at
10c. against the split price of 10c. to 10%c. the close
on Friday of last week.
In London the price of bar silver yesterday was
20 pence per ounce as against 20% pence per ounce
the close on Friday of last week, and spot silver
in
York closed yesterday at 423,4c., the close
on Friday of last week.
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.68 3/16
against $4.68% the close on Friday of last week,
an(l cable transfers on Paris closed yesterday at
2.65c. against 2.64 15/16c. the close on Friday of
last week.
Ma? 27> 1939
Financial Chronicle
3116
and industrial stocks reflected
French bank, utility
European!Stock Markets
ADVANCING levels in thethe rule this week on some demand. Even the session was reported was
exchanges were
leading European fibetter.
Another good international section on
stock
l
nancial
of the international
the various markets
for
sumed their advance, and French equities improved
under the leadership of utility stocks. Fairly sharp
making for improved inquiry,
significance
continuing
The
situation
gains were noted in
illustrated
was
previous weeks suddenly was interrupted as a con-
of
sequence
which
When it
incident in the Danzig Free City
an
thought might lead to fresh tension.
many
appeared that little immediate importance
attached to the occurrence,
prices again started
upward at London and Paris.
The improvement
was
continued in most subsequent
was
occasional
slightly. /
/
;•
r-^ie Eer^n B°Grse resumed on Monday where it
off last week, which is to say that trading was
quiet and prices virtually motionless. The highly
... ..
sessions, despite
The Berlin market
realizing sales.
was
relatively quiet, with levels hardly changed all week,
It
#
appeared that the German and Italian economies
controlled German market has been in the doldrums
suffering much strain in consequence of recent
*01' months, partly because there, is still much uncertainty regarding, the ultimate effect of the
change of economic leadership.
Equities , moved
onty fractionally in the initial session of the week,
while modest inquiry was reported for fixeduncome
obligations. In another listless session on Tuesday,
small changes again were the rule in the equities
division, while the new tax anticipation certificates
are
territorial
financial
which dampens the
seizures,
Trade and business
markets of those countries.
re-
ports indicate a rapid expansion in England, based
primarily
the rearmament activities.
on
France
from
suggest good gains in
Reports
business and
greater general confidence, as the recent loan was
highly successful, while currency hoarding is lessas a
There was little change in the situation on Wednes^ay, as stocks slowly eased in the absence of demand. Fixed-interest securities remained under
accumulation. In another idle session on. Thurs-
general decline appears to be taking place.
business
Little
done
was
the
on
Stock
London
Exchange in the initial session of the week, as
good deal of nervousness prevailed
killing of
Traders
German citizen by
a
sections of the market shbwed
Gilt-edged issues
trial stocks and
tional
Optimism
that the
Gilt-edged
and
other
only minor changes.
with
cause
as a
stocks
for demands
moved
good session
noted
was
to
Russian
demands
the
Po-
on
Wednesday, and
for
a
virtual
Industrial
and
small
foreign section.
trading quieted
move
After
on
a
improved modestly.
from President Roosevelt marked
message
of State Cordell Hull added extended com-
ments
pf his
of the
own
usual
sane
nature associated with his name.
and
pacific
In both declara-
assump-
tions great emphasis was placed upon the beneficial
effects of orderly business intercourse among na-
shares
advanced
also
appeared
good start
on
in
tions.
the
industrial,
Mr. Roosevelt stated.
Small gains
were
Gilt-
dent
ers
.
Europe
national
with
re-
might be the outcome of his
conference
curious intervention in
The
The
■
the Paris Bourse started slowly
April 15, when he urged the fascist lead-
on
to issue guarantees of non-aggression
spect to 31 nations and hinted that a general inter-
noted yester-
international group was quiet.
No trace appeared in either
declaration of the attitude assumed by the Presi-
mining and Anglo-
Issues of Continental
The dominant foreign policy of the United
States Government is to promote such intercourse,
Thursday,
day in gilt-edged issues and industrial stocks.
on
tary
the London market, but closings
American securities.
between
dictators, in
keep the
edged issues remained in demand, and sizable gains
in
A
interchange
the fascist
and
the
on
represerited good advances for the session.
recorded
remarkable
would tend to
mining
gains
the
opening of "Foreign Trade Week," "and Secre-
the
military alliance,
Gilt-edged stocks again advanced,
readily, and
April.
at-
was
by
President Roosevelt
Another
1
Sunday, for the first time since the world was
startled
good buying,
on
neglected.
were
\
/^EFICIAi, comments on -thie foreign policy being
\J pursued at Washington were made available
last
-
reported British decision to meet
tion that the British
Dealings
,
forward
mining shares soared
tributed
were
Foreign Policy and Trade
exceptions.
Danzig incident would not be
while international issues
peace.
The interna-
few
readily,
appeared also for industrials,
Gold
demand
and
with losses predominating. The new tax certifiG&tes resumed their slow advance. The Boerse eontinued on its dull course yesterday, with all movements small.
mining shares eased.
regarded in Berlin
land.
fractional.variations were noted in equities,
aloof, and most
restored on Tuesday, owing to in-
was
dications
regarding the
well maintained, but Indus-
were
drifted lower,
group
^
a
Pole in Danzig.
a
remained
investors
and
principally of interest in the bond department.,
were
Foreign trade reports are less comforting,
ening.
•
Ac-
international securities.
tivity increased on Thursday, apparently because
investors were emboldened by the ^relative tranquility
the international scene. All departments of
^ie market reflected improvement. In a dull sessi°n yesterday small declines were the rule at
Paris, but the previous gains were modified only
Monday, when the better tendency of the two
last
still modest. Rentes re-
Wednesday, with dealings
with diminishing war fears still
centers,
the most active factor
rebuffs
strictly European
Chancellor
Adolf
affairs,
Hitler
and
Premier Benito Mussolini remained unanswered in
the brief
on
from
message
from
Mr.
Roosevelt and it is
Monday, with the dulness obviously due to the Dan-
earnestly to be hoped that the entire incident can
zig incident and its possible complications.
be considered closed.
marked
were
were
mixed.
curities,
With the
international
improved Tuesday, but
was
exercised
small.
by
exception of Netherlands
issues
a
receded.
The
Secretary Hull
and
net
tone
changes
were
their previous losses, and
started the ceremonies
"Foreign Trade Week" by
se-
course
good deal of caution still
traders
Rentes made up
Rentes
slightly lower, while French equities
of
which
Roosevelt.
*
he
read
opening
radio address in the
the
message
from
Mr.
The celebrations have to do with peace;
the beneficial exchange
chant ships
a
on many seas
of goods,
traffic of
mer-
and the friendly develop-
Volume
of
ment
Financial
It8
pointed
President
the
commerce,
Chronicle
ment.
out.
It
3117
indicated
was
Tuesday, however, that
on
the British Government
"Pacific intercourse is still the ideal of most of the
already had replied to the
world," he continued. "It is the dominant purpose
dunning note from the State Department.
of the
to the last
and aims
that
are
this intention
vision
from
creased
all
note
In¬
country.
own
our
We must take
exchange.
well
as
statement
with
ended
Other
faults.
The
In
a
extended
more
Hull dwelt upon
separate treaties.
which
We need
the
ceases
to be
pitch of reckless action.
Anglo-French and German-Italian combinations
mutual
armaments,
on
destruction
said.
Hull
the
already has
"Whereas
in
march
Monday
toward
times
the
their
people, their moral and spiritual
in the.
The
their
artists, today
of
number
their
is
it
tanks
concentrated
and
the
upon
bombing planes," the
Secretary added.
of
all
fears and
at
previous weeks.
with their fellowmen.
peace
convinced, to live
am
By
superior force.
I
peace
of understanding and not
Therefore, there must be
a
re¬
turn to the determination not to resort to .war as a
ending
settling grievances.
end to the
the
There must be
.
stronger
There must be
arms.
of
ments there must
between
ments
And
armaments.
come
with
will
tliat
great material benefit of all.
the
once
distrust
be
is
wealth
and
go
in
redound
to
the
far in increasing
bringing about its '
enjoyment by the peoples of all nations.
the
broad
for
course
which
we
are
This
working."
Intergovernmental Debts
lesson,
so-called
now
is at
debt
six months,
every
on
afford
Europe.
instructive
an
the practical financial
of American meddling in
consequences
affairs of
war
on
tjie tangled
The period for another exchange
hand, and it would seem that the usual
State Department
reminders to 13 European debtor-
already
go vernments
ful responses.
are
bringing their usual dole¬
Payments on the debts
are
due June
of the Free
it
of
that
The German
quences.
Poland for
a
few
Hungary proposed
gress,
and
Rumania of
more
a
recently
notice
a
new
upon
was
ad¬
by Con¬
given
by
willingness to discuss another settle¬
Ger¬
official last
International
It
soon
appeared,
not dis¬
was
relegated to the back
easier
an
is¬
press,
vituperation
poured
days, but the matter then was
pages
and Europe breathed
again.
Anglo-Russian
conversations
on
the
proposed
pact of resistance to fascist aggression were car¬
ried
at
on
Geneva
week, but there was
during the early part of the
no
change in the principals
con¬
Ivan M. Maisky, the Russian
Ambassador to London, was detailed by his Gov¬
ducting these talks.
ernment to attend the
the British
at
Geneva
to
have
new
in
for
regime.
Lord Halifax
was
reported
a
formula, designed to meet the Russian objec¬
previous suggestions.
The plan
was
said
provide for concerted action by the three Powers
the
Europe.
event
of
be
an
attack
any
of them in
seen
gen¬
including the Far East, it remains
whether this proposal, is
suspicious Moscow.
with
upon
Since the Russians anxiously desire
eral assurances,
to
the London
London,. Wednesday, and
placed before, the Chamberlain Cabinet
tions to
to
League Council session, and
Foreign Minister, Lord Halifax, acted
acceptable to
The British plan is said also
to call for common measures
temptation.
a
the
now
might lead to the gravest conse¬
upon
fault
for
scare,
Polish
a
for
The week
posed to exaggerate the occurrence and make
15, and it is altogether probable that Finland will
justment which remains to be acted
solution
City pf Danzig.
remain the sole and honorable
exception to the de¬
war
by
on
with bank¬
increased, immediately and sharply, despite
returned to
PXCHAKGES of diplomatic communications
the
killed
contrary versions of the incident.
develop¬
These arrangements,
dispelled; would
the world's real
full
these
atmosphere ofv mutual recrimination and
can
was
no
be found.
however, that the German Government
trade and economic arrange¬
nations
can
an
agreement that will limit and ultimately lessen the
creation
area
tension
over
of
threat
furious pace,
not without its
was
citizen
an
attempt to substitute for fair discussion
contingency.
any
Sunday in the small village of. Kalthof, located in
the
sue
of
means
a
ruptcy the inevitable end if
European dilemma
mean
yielding
mere
to join their
agree
Additions to armaments
either side continued at
The universal
peoples, when they surmount their
apprehensions, is, I
the peace
to
"This must end.
a
line-up of smaller nations remained unchanged
man
desire
and
for
search
full-fledged military alliance, pledg¬
a
progress,
learning of their scholars and in the gifts of
re¬
Germany and Italy signed
group.
ing shoulder-to-shoulder* action in
ffom
pride of rulers lay in the freedom and serenity of
their
might
oc¬
too far, Mr.
gone
normal
more
continued
which Russia
anti-aggression
British
general "clash,
a
authorities
formula
The
nation the creation of
and
of
French
on
competitive
:
Powers, which reflect the changed situation
apprehensions
.
each and every
;
sulting from fascist aggressions and the universal
keyed by
desperate unquiet of international affairs has
casioned in
of
world, he remarked,
a
in which mobilized mankind
to
the
includes 21
now
longer exists
course, no
DIPLOMATIC endeavors in Europe again were
directed, this week, toward strengthening of
Mr.
the good results of his reciprocal
trade agreements program,
exhortation
his own,
of
statement
to warrant the
as
European Alignments
in the United States.
recovery
last
Italy, doubtless will continue their de¬
Czechoslovakia, of
part of the general program for economic
a
such
are
political entity.
a
as
received
was
wearying reiteration, the British
satisfactory result might be reached."
leading debtors, such as France, Belgium,
vigorous effort to make the expansion of foreign
trade
which
pay
identical with the
was
a
Poland and
plea for continued
a
With
.
again stated that discussions may take place
hope that
give, import as
as
We shall profit by doing so."
export.
as
to
"whenever circumstances
it there must be fair
secure
refusal
December.
well-being and friendly relations with
nations, but to
brief
in
Down
comma, a dispatch from the Associated
said, the British note
polite
carrying out
right to expect breadth of
a
groups
In
foreign trade yields large dividends in terms
of economic
other
have
we
Press
peaceful interchange shall again
become the normal state of affairs.
well
Our hope
foreign policy of the United States.
in the event of attacks
Poland, Rumania and various other countries,
the exception of Latvia and Estonia.
Some
reports indicate that the two small Baltic States
also
It
will be included in the system of guarantees.
was
indicated in London, Tuesday, that
Poland
May 27, 1939
Financial Chronicle
3118
reached
and Rumania had
participation in the anti-aggression bloc were continued. In the Council meeting, on Tuesday, Dr.
Wellington Koo presented China's case against
agreement of their own
an
Yugoslav
aid in the event of attacks.
for mutual
soon,
but the British
capital appears to be resigned to
State.
German-Italian
officials
to visit London
are
Japan with moving eloquence, but only the usual
cautious statements of sympathy were made by the
Hungary, Bui-
domination of that Balkan
garia and Spain also are regarded as fascist spheres
British and French delegates.
of influence.
public assurances were extended by Lord Halifax
and M. Bonnet of British and French adherence to
Rome-Berlin
The
alliance
axis
sealed in the German
signed and
was
League ideals, and the departure of the two Ministers for their respective capitals was noted the
same day.
This left, as a dispatch to the New
York "Times" remarked, "little for the Council to
avoid doing."
v
capital, Monday, and a text
promptly was made public. The pact calls for close
collaboration in all spheres, in peace and in war,
nations will have one will.
10 years, and in the
; to the end that the two
is
It
endure for at least
to
of
event
there
war
is
be
to
separate
no
Spanish Reconstruction
peace.
begin
to bemade to draw
Military and economic cpnsultations are to
immediately, and efforts are
yVLTHOUGH two months now have passed since
the Spanish civil war ended in a complete vie-
Purposes of the treaty,
other nations into the axis.
the
also
of peace in Europe.
assurance
Joachim
Ministers
Galeazzo Ciano
Ribbentrop
von
Eranco? little more than a vague start has so far
made toward the arduous task of reconstruc-
Foreign
and
Count
]^xadrid and
in the face
far
are
made
•the German and Italian Controlled newspapers
rapidly than
Not much attention
understanding.
the incident elsewhere,
w as
dent
the axis side of the European
on
the
was
completion of Herr Hitler
^
of
tion
Limes
Line
fortifications,
invincible.
Fuehrer dubbed
The word
was
10,000
were
Italians and 5,000
signalized the occasion
bating emphatically that Spain will brook
with
her
sovereignty.
no
The desire of
regime is to collaborate in the pacification of
It appeared jast Monday that
the Italian Government will observe its
withdrawing all its legionaries from
Der
after the
still
the
echoing when the Rhine rose and flooded the first
line of the
least
General Franco
Europe? he added>
alignment
which
at
interference
tour of inspec-
s
whom
(jermans.
warned the democracies against underof its significance.
One amusing inci-
press
estimation
^fay 19^ with some 150,000 soldiers participating,
^
paid
parently irritated Reich authorities, for the Ger-.
man
more
on
and this circumstance ap-
,
being adjusted
observers had thought likely,
many
long-delayed victory parade in Madrid was held
of
was
relations of Spain are
ternal
in
the
Much
If little progress has been made
areas.
internally, it may be said, however, that the ex-
Tokio merely felicitated the part-
available.
of the strengthened axis.
In accord-
conscripted for the rehabilitation of the many
devastated
"knots that still throttle the life of Europe.
The
question immediately arises whether Japan will
join the alliance, but no satisfactory indications ;S0
ners
few other large centers.
a
with fascist procedure elsewhere, labor is to
ance
threat, and is to aid in the undoing of
any
with food prices prohibitive in
hasis?
war
a
on
spectively, and in brief speeches thepe functionaries
of
The economy of the country remains largely
^on
signed for Germany and Italy, re-
made it clear that the pact is to endure
the fascist forces of General Francisco
tory for
preamble, include not only the
of the interests of the signatories, but
according to the
advancement
On Wednesday,
victory parade.
repatriation
of
promise of
Spain
soon
Rome reports stated that
Italian
legionaries will
take
pjace this month. ,-At Cadiz, the port of embarka-
fortifications, forcing hasty evacuation.
^ the assumption
League Council Session
that between 10,000 and
was
20,000 Italians will sail by June 5.
The German
UTTER week, of marked the session at Geneva, aides, of General Franco were said to be planning
futility the Council of the League of
quicker departure.
this
Nations,
a
and
the
even
staunchest
upholders
Some interesting indications have become avail-
of
able of the economic changes that
League ideals admitted candidly that the institution
now
possesses
no
political importance.
The
agenda of the meeting which started 'on Monday
was
limited
ous
11
items, of which only two
The first of these
political.
mand for
to
aggressor
in the undeclared
years on
the obvi-
raging for
in Spain as
a
consequence
and especially by
may
take place
of the long struggle,
of the extensive assistance
reason
rendered the victors by the Italian and German
authorities.
A Rome dispatch of Tuesday to the
Associated Press quoted
a
"reliable informant"
saying that Italy is preparing to collect
war
as
debts
con-
from Nationalist Spain by accepting Spanish
ma-
by Finland and Sweden of
terials of importance in the manufacture of
mu-
he Aland Islands in the Baltic
unopposed.
as
war now
Chinese soil.
cerned the fortification
is
the Chinese de-
League action against Japan,
nearly two
t
was
were
9
The second
Sea, which proposal
nitions.
The debt to Italy
Spanish Republican calls for League
000,000
lire,
incurred
was
for
estimated at 10,-000,-
airplanes,
action against intervenors used to enliven the Coun-
nitions and other supplies.
cil
to receive principally iron ore.
proceedings, but this issue passed with the vie-
guns,
mu-
In return, Italy expects
The Spanish debt
tory of fascist forces in Spain and the withdrawal
to Germany has not yet been noted in European
of the
reports, but doubtless is immense.
ences
far
country from the League.
among
overshadowed
British
Private confer-
the various representatives at Geneva
the
Government
formal
sent
Lord
proceedings.
Halifax,
The
Foreign
Secretary in the Chamberlain Cabinet, while France
was
net,
don,
represented by Foreign Minister Georges BonIvan M.
was
Maisky, Russian Ambassador to Lon-
the spokesman for Moscow.
private talks to reach
an
agreement
There
was some
talk last week of trade negotiations between Germany
and Spain, but Berlin decided to postpone the
conversations for
tiations
are
a
On the other hand,
time.
nego-
reported in progress at Paris for an
international loan of $100,000,000 to Spain, the
sum
to be advanced by French, Dutch and Swiss inter-
Attempts in
ests
for Russian
trality in the event of
on
a
guarantee
a
Franco
of
neu-
general European
war.
General
by
Volume
British
authorities
the idea of
are
Financial
148
believed. to
are
loan
a
Nationalist
to
indications of any
no
Chronicle
be receptive to
Rate in
Country
vious
Rate
Argentina..
334
Mar.
11936
4
July
1 1935
4
Apr. 17 1939
2k
Bulgaria...
6
Aug. 15 1935
7
Canada
Aid for Nicaragua
bor"
step in the developing "Good Neigh-
policy of the Roosevelt Administration
toward Latin America
announced in Washing¬
was
234
Mar. 11 1935
Chile
3
Dec.
16 1936
4~
vious
Rate
Java
Colombia..
4
July
18 1933
5
Lithuania.
2
Dec.
Hungary...
4
Aug. 29 1935
3
Nov. 23 1935
18 1936
6 1936
3
Jan.
14 1937
4
7
May
15 1939
5
.
Morocco
634
1 1936
334
Norway
334
Jan.
Jan.
2 1937
5
Poland
434
Dec.
Feb. 23 1939
4
4
3
June 30 1932
334
3.65
Aug. 11 1937
May
5 1938
'
Portugal
...
Rumania
__
334
334
4
51938
5
17 1937
The
Nicaragua.
program
43*
England...
2
June 30 1932
2 34
South Africa
434
Oct.
1 1935
5
Spain
5
July
Finland
4
Dec.
3 1934
434
Sweden
234
Dec.
1 1933
3
2
Jan.
2 1939
234
Switzerland
134
Nov. 25 1936
2
Yugoslavia.
5
Feb.
France
somewhat similar to that
is
arranged with Brazil
....
Germany
4
March
on
As
in the
to
be
of
case
financial,
and
commercial
military.
The
country a revolving fund of $500,000 to bridge
seasonal deficiencies in
export collections and pre:
needless fluctuations in
vent
The
exchange rates.
official bank also will set up a
for
credit of $2,000,000
Nicaraguan purchases here of machinery and
other
supplies
for "the construction of
necessary
highways and other productive projects.";
ican
the
agricultural experts
are
Amer¬
to aid Nicaragua in
development of various agricultural products,
such
manila
as
hemp and rubber, while military
experts will study the feasibility of waterways de¬
velopment and will render assistance in military
expansion.
This
stasio
paid to the United States by General Ana-
Somoza, the President of Nicaragua.
The
agreement was effected through1 an exchange of let-,
ters
between President
moza,
ing
Roosevelt and General
signed last Monday in the
authorities
Somoza
Pacific
left
from
either
Washington
presence
President
country..
on
So¬
of lead¬
Wednesday
for
the
Coast, where he will embark for his
country on June 8.
the
on
list
Chilean
coming
for
England Statement
an
attributable to Whitsun currency
total notes in circulation
000
own
compared with £480,200,077 a year ago! Gold
as
holdings fell off £27,004;
no
change
the Bank's valuation of the metal
gold in the market
was,
The
price
in the three preceding
weeks, y2d. higher- than the Bank's figure, but on
the date of the current statement was at the same
level
the
used
as
Reserves responded to
by the Bank.
changes in the gold and circulation items by
The
declining £972,000.
reserve
proportion dropped
slightly to 20.4% from 20.6% the week before, and
creased
with 30.5% last year.. Public deposits in¬
£8,684,000 and other deposits fell off £11,The latter consists of bankers' accounts
752,820.
which fell off
£11,967,568 and other accounts which
rose
£214,748.
Government securities rose £455,000
and
other
securities
of
fell
securities
£2,979,546,
£445,061.
with
*
"
decreased
£2,534,485.
Other
comprise discounts and advances, which
Below
and
we
securities
which
present the different
comparisons for previous
rose
items
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
aid
from
United
the
States.
May 24,
May 25;
May 26.
May 27,
May 29,
1939
A
1938
1937
1936
1936
for conversations regarding credits
Circulation
Public deposits.:—
Other deposits.....
devastated
areas
£
by the recent
Bankers' accounts.
Other accounts
Further
purposes.
en:
Govt, securities....
Other securities
ppssibly will depend
the degree
upon
of
Disct. &
advances.
Securities
attending the initial
to Brazil and
made in
was
which remained
148s. 5d. for the fourth successive week.
of
Washington dispatches indi¬
earthquake, and for other
deavors
withdrawals. The
aggregate £494,564,-
now
probably will be the next country
for rehabilitation of
success
to-
delegation is to visit the United States this
summer
"
634 i
1 1935
THE statement for the week ended May 24 shows
expansion, of £945,000 in note circulation,
r
cate that Chile
5
7
Bank of
compares
understanding marked the official close of
the visit
434
May 15 1933
15 1935
Brazil, the aid to Nicaragua is
Export-Import Bank is to make available to the
small
4 1937
republic.
American
Central
the
5
Jan.
•
accordance with the
9, but differs in
of
Sept. 22 1932
6
_.
Greece
requirements
,
434
Estonia
sive official assistance to
j
434
May 28 1935
Jan.
3 34
_.
5 "4 J
May
Apr.
3
Denmark
334
434
3.29
Italy
Japan
4
vakia
Danzig
234
434
2 1936
Holland
India
Czechoslo¬
Eire
ton, Monday, in the form of an agreement of exten¬
Dae
Established
Country
...
Belgium
ANOTHER
Effect
May26
Date
Established
Batavia
Pre¬
Rate in
Pre¬
Fffect
May 26
Spain, but there
immediate discussions.
3119
with respect
Reserves notes & coin
It may be noted that the
Nicaragua.
494,564,000 480,200,077 475,219 ,629 426,061,963 390,406,348
23,076,563
25,486,000 26,477.229 24,863 ,999 19,766,981
131,712,783 127,351,801 128,851 ,927 115,008,569 124,030,662
95,347,067
36,365,716
113,966,164
28,811,630
7,096,649
21,714,981
32,200,000
91,248,476 91,372 ,095 78,275,245 88,041,300
36,103,325 37,479 ,832 36,733,324 35,989,362
95,671,164 99,472 ,035 91,758,310 85,421,044
16,495,404
19,618,191
28,947,036 25,131 ,861
4,865, 238
6,694,719 ... 5,253,940
9,527,760
11,241,464
19,419,276 20,266, 623 12,923,472
46,975,550 46,901, 233 41,201,740 63,004,583
327,175,627 322,120, 862 207,263,000 193,410,931
Proportion ol reserve
measures
legislation for the. proposed gold loan to Brazil has
not
on
to liabilities
30.5%
20.4%
2%
—
Bank rate
Gold val. per fine oz.
148s.
5d.
.2%
i.
Il34d. 84s.
30.5%
2%
1134d. 84s.
30.57%
2%
11 Hd. 84s.
42.82%
2%
U 34d.
yet been introduced at Washington, while Bra¬
zil,
226,763,966
Coin and bullinon
lar
Bank of France Statement
the other hand, has failed to indicate the
terms of the
proposed resumption of service
bonds, which is to take place July 1.
on
dol¬
But the
THE weekly statementin dated circulation,again
contraction
note May 18
this
showed
a
$19,200,000 Export-Import Bank credits to Brazil,
time of
intended
outstanding down to 122,131,000,000 francs.
to
frozen
thaw
American
funds
in
that
1,612,000,000 francs, which brought the total
circulation
country, finally have been extended.
a
year
francs and the year
Foreign Money Rates
loss
IN bills
LONDON open market discount rates %%,
Friday
^%
against for short
on
as
were
on
Friday of last week, and 11-16% for three-months'
bills
as
Money
against
on
11-16%
on
call at London
on
and
in French commercial bills discounted
217,000,000 francs, while the items of advances
against
securities and
creditor
current accounts
The Bank's gold hold¬
totals 92,266,006,224
francs, compared with 55,807,639,515 francs a year
was
K%*
At
1%.
Discount Rates of Foreign
Central Banks
THEREdiscount no changes duririg the week in
have been
the
of the foreign central
rates of any
A
Friday
Switzerland at
in the table which follows:
before 85,347,855,885 francs.
registered increases of 40,000,000 francs and 1,726,-
market rate remains at 2%% and in
Present rates at the
Notes
98,826,977,385
Friday of last week.
Paris the open
banks.
of
aggregated
appeared in balances abroad of 1,000,000
also
francs
ago
leading centers
are
shown
000,000 francs respectively.
ings
ago,
rose
slightly and
now
when the valuation rate of the franc was 43
gold, 0.9 fine. The proportion of gold on hand
sight liabilities fell off slightly to 64.14%; last
mg.
to
year
it stood at 46.84%.
Below we furnish the
comparisons for previous years:
various items with
Financial
3120
COMPARATIVE STATEMENT
BANK OF FRANCE'S
May 18, 1939
May 19, 1938
Francs
Rates
unchanged at %©%% for all maturities.
are
+ 57,533 92,266,006,224 55,807,639,515 57,358,964,410
—1,000,000
12,000,000
20,484,176
-217,000,000
7,305,000,000
*742,292,162
9,069,517,776
792,218,868
7,513,520,149
Bankers' Acceptances
12,101,256
Credit bals. abroad.
prime paper is coming out less freely.
Francs
Francs
Gold holdings.
The demand has
quiet this week.
very
May 20. 1937
Francs
for Week
French commercial
bills discounted--
b Bills
bought abr'd
1,085,692,789
+40,000,000 3.395,000,000 3,514,687,963 3,842,825,344
Adv. against securs.
Note circulation
—1,612,000,000 122131000,000 98,826,977,385 85,347,855,885
Credit current accts. + 1,726,000,000 21,723,000,000 20,330,471,213 17,708,488,432
c
been
has
fallen off and
Changes
a
May 27, 1939
Chronicle
discounted abroad, c In
oi Nov. 13, 1938, the
advances to the State
and the unsatisfied balance of such loans was transferred to a new
b Includes bills
the process of revaluing the Bank's gold under the decree
three entries on the Bank's books representing temporary
were
wiped out
entry of non-interest-bearing loans to
including 90 days are 34% bid and 7-16%
the State.
-
for bills running
serve
Bank is
subsequent to Sept. 26. 1936, the value
and before Sept. 26, 1936, there were 65.5 mg. of gold to
days.
The
was
franc; previous to that time and
49 mg. per franc,
the franc.
acceptances
Bank of Germany
Statement
J^% for bills running from 1 to 90
Federal Reserve Bank's holdings of
decreased from $562,000 to $561,000.
"
.
asked;
for four months 9-16% bid and 34%
asked; for five and six months, %% bid and 9-16%
asked.
The bill-buying rate of the New York Re¬
(at 27.5 mg. gold 0.9 fine per franc
under the
decree of Nov. 13, 1938, was effected in the statement of Nov
J7. 1938; prior to
that date and from June 20. 1937, valuation had been at the rate of 43 mg. gold 0.9
Revaluation of the Bank's gold
fine per
Bank of New York for bills up to
Federal Reserve
and
purchased In France,
There has been
Dealers' rates as reported by the
55.66%
46.84%
64.14%
—0.05%
Figures as of May 11, 1939.
Includes bills
very
change in rates.
20,576,820,960 40,133,974,773 19,991,307,016
No change
out Int. to State—
Propor'n of gold on
band to sight llab.
a
been
no
Temp. advs. with¬
*
THE market for prime bankers' acceptances has
quiet this week.
The demand is
light and prime bills are very scarce.
Federal Reserve Banks
Discount Rates of the
THE further decline in note circulation of 206,- THERE haverates ofno changes this week banks.
quarterly statement dated May 23 showed
been the Federal Reserve in the
rediscount
a
v
outstanding
900,000 marks, which brought the total
down to
Notes in circulation
7,799,500,000 marks.
aggregated 5,608,308,000 marks, and the
year before 5,608,308,000 marks: Reserves in foreign
currency recorded an increase of
100,000 marks,
a
year ago
of
ments
66,200,000 marks,
remained
marks.
The
slightly to 0.99%, compared with
unchanged
ratio
rose
70,772,000
at
of
classes
various
year.
and
advances
Bills of; exchange and checks,
,.
other
assets
showed
decreases
of
Rate in
for previous years:
'
REICHSBANK'S COMPARATIVE
STATEMENT
Rate
Established
2
Boston
IK
New York
1
2, 1937
Aug.- 27, 1937
Philadelphia
IK
Sept.
4, 1937
2
IK
IK
May 11, 1935
2
Aug. 27, 1937
2
Cleveland
1.—-
Richmond
Atlanta.
Sept.
IK
2
2, 1937
Aug. 24, 1937
2
Sept.
"
Dallas
IK
San Francisco
IK
Sept.
2
3,1937
Aug. 31, 1937
IK
Kansas City
1
.
.
2
Aug. 21, 1937
IK
St. Louis.
IK
Aug. 21, 1937
IK
_
Chicago
Sept.
Course of Sterling
Following we furnish the dif¬
ferent items with comparisons
Previous
Da
Effect on
May 26
Federal Reserve Rank
and 47,128,000
102,500,000 marks, 6,000,000 marks,
marks, respectively.
different
FEDERAL RESERVE BANK8
DISCOUNT RATES OF
IK
1.36% last
the
at
paper
'
other daily maturing
obligations of 44,400,000 marks, and other liabil¬
ities of 8,908,000 marks.
The Bank's gold holdings
reserve
the
Reserve banks:
marks, invest¬
and other coin of 27,120,000
silver
following is the schedule of rates now in effect
The
for
•;
2
»
2
2
3, 1937
Exchange
STERLING during the past three weeks. trends in
exchange continues the Fluctua¬
evidence
-
,
tions
The steadiness is due to the co¬
trifling.
are
Changes
May 23, 1939 May 23, 1938 May 23, 1937
for Week
Assets—
Reichmarks
•
Of which depos. abr'd
Reave. In for'n currency
Bills of exch. & checks.
Silver and other coin
Advances
Investments
.
-
4
'
_
_
70,773,000
70,772,000
10,572,000
No change
20,333,000
5,632.000
.6,100,000
+ 100,000
—102,500,000 7,204,400,000 5,022,413,000
251,824,000
188,647,000
+ 27,120,000
45,879,000
28,900,000
—6,000,000
844,137,000
47,128,000 1,535,438,000 1,273,943,000
+ 66,200,000 1,306,200,000
il
Other assets
—
Reichmarks
Reichmarks
Reichmarks
No change
Gold and bullion
70,773,000
20,333,000
5,632,000
5,022,413,000
251,824,000
45,879,000
844,137,000
1,273,943,000
Liabilities—
Notes in circulation
Oth. daily matur. oblig.
Other liabilities.^-.
—206,900,000 7,799,500,000 5,608,308,000 5,608,308,000
+ 44,400,000 1,014,500,000 1,007,471,000 1,007,471,000
234,380,000
234,380,000
572,827,000
+ 8,908,000
Propor'n of gold & for'n
curr. to note circul'n.
New York Money
1.36c$
1.36%
0.99%
+ 0.03%
operation of the British and American equalization
funds.
for
The
range
for sterling
bankers'
sight bills, compared with a range of
The
between $4.67 15-16 and $4.68 5-16 last week.
range
for cable transfers has been between $4.68 1-16
and $4.68 5-16,
The
compared with
$4.68%
$4.68 1-16 and
now
Market
Trading is limited.
this week has been between $4.67 15-16 and $4.68 3-16
week
a
a range
of between
ago.
foreign exchange and the security markets are
free
of
disturbing influences, at least for the
trend in London
On Monday
topping the March peak
present, as reflected in an upward
MONEY market activity in New York again was
exceedingly small scale this week, and
on
rates
an
merely
were
carried along from previous peri¬
Bankers' bill and
ods.
tions
sold
were
bills, due in 91 days, and awards were at
0.005%
average
discount, computed
bank discount basis.
Stock
Gall loans
90
on
on
an
annual
the New York
Exchange held at 1% for all transactions,
while time loans continued at
to
transac¬
The Treasury
Monday a further issue of $100,000,000 dis¬
on
count
commercial paper
scarcely worth noting.
days,
and
1%%
for
1*4% f°r maturities
four
to
six
months'
datings.
Money Rates
was
ruling quotation all through the week for both
up
tion
a new
and renewals.
quiet.
market
for
time
new
money
Rates continued nominal at 134%
to 90 days and
maturities.
The
134% for four to six months'
The market for prime commercial paper
stocks
high for 1939, due largely to anticipa¬
of favorable
traffic
favorable trends, the
figures.
Despite the
more
British public continues indif¬
ferent, with the result that in limited trading pro¬
fessional
find
interests
slight demand.
continues to
marked
quotations
up
on
Commercial demand for exchange
play only
a
minor part in the market.
The United States dollar continues in demand abroad.
Market
observers
official ban
placed
here
on
and
abroad approve the
the purchase of foreign (United
In London some displeasure is felt
concerning the ban particularly by the more impor¬
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
continues
railroad
London
reached
by gilt-edged securities.
States) securities.
New York
loans
led
stocks
tant
Anglo-American investment houses, which
course are
losing business.
severely affected
because
as
They
are
they would be in normal times,
British interest in American securities
undergone
of
not, however, as
considerable
contraction
owing
present lack of attraction of Wall Street as a
profitable investment.
has
the
field for
to
14$
Financial
The British
banks, insurance organizations, stock
Volume
brokers, investment trusts, and other financial insti¬
of
authorities, to make direct appeals for funds that
might be expected to seek employment in New York.
ceased, in accordance with the wishes
tutions have
the
however, repre¬
Investment in American securities,
received of which
$7,255,000 came from Holland and
$4,882,000 from England. There were no exports of
the metal.
On Friday $19,117,000 of gold was received
$14,123,000
from
large part of the capital
London in recent years
Represented foreign
owned funds at most only temporarily domiciled in
London.
Large amounts have been exported in
other forms than investments, such as in gold trans¬
fers, ordinary bank deposits, and in the purchase of
has left
The
have
Chancellor's
appeal
investors
to
been taken seriously by
which is
taking
seems
to
the public at large,
patriotic -attitude in the matter ,
a
It
Nicaragua.
reported
was
equal to, if not in
excess
expected to yield results
of, his expectations.
Improvement in the British gilt-edged market is
ascribed to the successful efforts of the authorities to
maintain easy money.
In doing this London auth¬
orities have in mind the need of
ditions favorable to the raising,
At present
conditions
Canadian
are
of large defense loans.
not yet ripe for floating
exports of the metal.
were no
Friday that $246,000 of gold
was
exchange is steady, with anarrowing dis¬
funds
during the week ranged between
The
rate
Paris, the London
on
a
Montreal
discount of
discount of %%.
a
'
following tables show the
and the price
mean
London check
market gold price,
open
paid for gold by the United States:
PARIS
MEAN LONDON CHECK RATE ON
Saturday, May 20
176.73
Monday, May 22
__176.73
Tuesday, May 23-_176.73
Wednesday, May 24
Thursday,
Friday,
__176.73
May 25
176.73
May 20
:
-176.73
LONDON OPEN MARKET GOLD PRICE
Saturday, May 20_l___148s. 6d.
Monday May 22__ __148s. 5^d.
Tuesday, May 23. A
148s. 5^d.
,
Wednesday, May 24
-
PRICE PAID
May 25___ 148s. 5^d.
Friday,
-
FOR GOLD
148s. 5d.
Thursday,
_
creating market con¬
and therefore further appreciation of
large loans,
There
on
count in terms of the United States dollar.
voluntary efforts in response to
the Chancellor's request are
from England, $3,492,000
received at San Francisco from China.
■
with the result that
came
Canada, $1,458,000 from Mexico and $44,000
%% and
United States bank notes;
Thursday that $5,-
on
received at San Francisco from
was
of which
which
A very
reported
was
Japan.
from
New York.
It
511,000 of gold
only part of the movement of foreign capital to
sents
3121
Chronicle
May 26___148s. 5^d.
BY THE UNITED
RESERVE
Saturday, May 20_$35.00
Monday, May 22__
i... 35.00
Tuesday, May 23.35.00
BANK)
STATES
(FEDERAL
/
•
.
Wednesday, May 24. ______$35.00
Thursday,
May 25.______ 35.00
Friday,
May 26_______ 35.00
Referring to day-to-day rates sterling exchange
on
guilt-edged securities is expected before the Treasury
Saturday
will be in
$4.67 15-16@$4.68 1-16; cable transfers $4.68 1-16@
a
position tp issue long-dated- securities in
place of Treasury bills.
have
bills
been
£10,000,000
:
For
expanding at
recorded in
was
was
transfers.
in dull
more
than
the
100,
activity in Great
131.1, against 126 in
as
preceding quarter and with 132.1 in the
The rearmament
quarter of 1938.
responsible for
any
which
bills
is in
program
-
developed last week.
Yi%.
supply at
Call
money
on
offer in the London open
taken
usual
as
Saturday
there
last
Monday £333,000,
nesday
£398,000,
unknown
for
was
on
on
against
Two-months bills
three-months bills 11-16%,
%%, and six-months bills 1%%.
Gold
was
is chiefly
market continues to show the
21-32%,
bills
same
present upturn in British business.
The London money
ease
The
quarter of this year, based on
reported
was
persons
a year ago.-
on
are
four-months
destinations.
On
£151,000,
on
Tuesday £552,000,
Thursday £264,000,
on
At the Port of New York the
on
gold movement for
the week ended May 24, as reported by the Federal
Reserve Bank of New
York,
was a
follows:
Exports
None
3,814,000 from Canada
was
a
slightly firmer
$4.68@$4.68 3-16;
On Wednesday
dull market..
The
range was
$4.68 5-16 for cable transfers.
On Thursday ster¬
continued steady in
trading.Bankers'
ling
sight
was
quiet
1-16@$4.68 3-16; cable transfers
$4.68
$4.68%@$4.68%.
market remained
On Friday the character of the
unchanged.
The range was $4.68@
$4.68 3-16 for bankers' sight and $4.68%@$4.68 5-16
for
transfers.
cable
were
Closing quotations
on
Friday
$4.6834 for demand and $4.68 3-16 for cable,
Commercial sight bills finished at $4.67%,
transfers.
ments for
payment (60 days) at $4.67, and seven-day
grain bills at $4.67%.
closed at
Cotton and grain for payment
$4.67%.
Continental
and
Other
Foreign Exchange,
FRENCHpast fiveare steady, The unitsteadier than
francs months. perhaps is relatively
the
in
firm in terms of the
was
pound.
The prevailing rate this
176.73 francs to the pound.
doubtless been
M.
26,000 from Nicaragua
25,000 from Costa Rica
a
There has
remarkable recovery in the country's
and
Daladier
Net Change in Gold
Earmarked for Foreign Account
Increase:
$43,313,000
San Francisco, of which $5,511,000 came from Japan, and
figures
for the week ended
On Thursday $12,137,000 of gold
measures
attested to this recovery and to the favor-
by his financial policies in
with the situation five months ago.
He
con¬
was
production, im¬
provement in the fiscal situation, decrease in unem¬
ployment, expansion of tax receipts, and widening of
•
are
financial
able to show increased commercial
Note—We have been notified that approximately $5,698,000 of gold was
$187,000 from China.
the
Minister Reynaud.
abe results obtained
trast
to
Reynaud in his report to President Lebrun
last week
$66,897,000 total
Wednesday.
was
$4.68%@$4.68 5-16.
steady in
taken by Finance
864,000 from India
above
Tuesday the pound
$4.68@$4.68 3-16 for bankers' sight and $4.68%@
Premier
5,411,000 from Belgium
The
was
$4.68@$4.68%
range was
credit, which is ascribed to the decrees adopted by
$41,786,000 from England
14,971,000 from Holland
*
On
cable transfers
week
GOLD MOVEMENT AT NEW YORK, MAY 18-MAY 24, INCLUSIVE
Imports
The
sight and $4.68 1-16@$4.68% for cable
Wed¬
and
Friday £356,000.
received at
trading.
trading. Bankers' sight
sterling
was
60-day bills at $4.67^; 90-day bills at $4.66%; docu¬
market this week
offer
Bankers'/sight
steady.
was
On Monday sterling was slightly easier
$4.68 3-16.
in limited
England is at present
April and the number of
295,000
Britain for the first
as
about
of
A slight improvement
Board of Trade index of industrial
1930.
rate
for bankers'
reassuring to London.
employed
the
week.
a
The industrial situation in
more
time Treasury
some
last
on
was
Fayorable from the mone¬
the lowering of accommodation
government economies.
tary viewpoint was
Financial
3122
rates
finished on Friday
53.81 on Friday of last week;
cable transfers at 53.723/2, against 53.81; and commercial sight bills at 53.66, against 53.75.
Swiss
francs closed at 22.53 for checks and at 22.53 for
Bankers' sight on Amsterdam
of the return of exported
consequence
a
as
at 53.72%, against
M. Reynaud presented data on the exchange
capital.
equalization fund which showed that from the end
of October to Jan. 21 gold reserves increased by
12,250,000,000 francs.
It is understood that
ever,
cable transfers, against
into
move
finding
its
and 24.11%; while checks on Norway finished at
23.523/2 and cable transfers at 23.523/2, against 23.52
and 23.52.
Paris security market,
Although the general public subscribed promptly to
6,000,000,000-franc 5% loan, the public is
Hoarding still con-
recent
reluctant to invest in securities
and there
tinues
a es
e
m
a
is
marked demand
CXCHANGE on thelmrth American countries is
steady> with trading very quiet on the whole.
Paris for
in
currency.
.....
basis
Par of the
future begas
on
belgas
is now
The drseount
ago.
e
France
1941 and
13.90
5.26
16.95
40:20
68O6
Belgium (belga)
Italy (lira)...
._.i
;
a
New dollar
c
On
at
53.153
sion
sight bills
on
Friday
in
July.
It is thought
•
A
,
United States.
In
the French center finished
States.
economic mis-
stimulate trade between the two countries. Probably
$5,000,000 to $10,000,000 will be extended through
'he Export-Import Bank.
It is .Iso Moved th.t
the Chilean mission will probably attempt to float
a
g0vernment ioan privately through banks in the
franc.
176.73, against 176.74 on Friday of last week.
New York
an
probable that a merchandise credit will be granted to
May 5, 1938 the franc was devalued on a de facto basis of 179
on
here
arrive
-
•
,
j| to 53.76)1
closed
will
that
headedby -the"Chilean finance
from Chile
minister
parity as before devaluation of the European currencies
The London check rate on Paris
materia]s in the United
and
2.65 i-i6
17.02
to 17.03Yt
5.26^ to 5.26^
8.9i
.francs to the pound, or 2.79 cents a
»
an
whereby the Export-Import
credit untu June 3Q>
additional $2,000,000 credit for purchase
^ mdtSiy announced
T*:Zek
2.64% to
6.63
countries
A financing plan was
inence this week.
table shows the relation of the lead-
(franc).3.92
administration to
Latin .American
the
^ Nicaragua
^ ^ furnigh up tQ
on
5 points under spot and 90-day
NZZl:r
b
..
with
trade
g
European currencies to the United States dollar.
ing
.
a
^ThTefforteZ The '.Washington
at 16 points discount.
are
The following
trade with
,
extend
has diminished from the wide
several week
of
discounts
30-day belgas
0
,
belga is 16.95 and the ruling rate in New York this
week was better than 17.02%.
Likewise the discount
gradually moving toward a freer
consequent tendency to decrease
•
' \ ■
The republics are
.
Belgian currency continues to maintain the im-
provement recorded a few weeks ago.
and cable transfers at 20.90,
against 20.90 and 20.90. Checks on Sweden closed
at 24.12 and cable transfers at 24.12, against 24.11%
Reynaud's reforms is not
the
into
way
22.49 and 22.49. Copenhagen
checks finished at 20.90
on a more
of M.
introduction
the
gold continues to
moderate scale. Howthe volume of capital which has returned since
daily though
Paris
May 27> 1939
Chronicle
A dispatch from Rio de Janeiro
days
on
ago
received
a
few
stated that the Bank of Brazil, operating
with credits extended by the Export-Import Bank
Friday at 2.65, against 2.64 15-16 on Friday of last
cable transfers at 2.65,* against 2.64 15-16.
of Washington, has begun the liquidation of an esti-
Antwerp belgas closed at 17.03 for bankers' sight bills
commercial
Sight
drafts against 12 United States banks were issued by
the Bank of Brazil for immediate cancellation of
credits—many of them several months old—for which
milreis have already been deposited in Brazil.
It
Was reported that the Bank of Brazil planned to
liquidate other outstanding United States balances
under an exchange, quota system involving $15,^
000,000 more.
Credits totaling $19,200,000, which
were obtained from the
Export-Import Bank of
Washington in connection with the trade and finan-
week;
and at 17.03 for cable transfers, against
17.02% and
for
bankers' sight
bills and 40.12 for cable
40.13%.
transfers, in comparison with 40.13% and
Exchange
banks refuse
rency.
to
make
Exchange
„
-
Czechoslovakia is nominal and most
on
commitments in Czech cur-
closed
Bucharest
on
at
0.72
against 0.72%; on Poland at 18.83, against 18.84;
and
on
Finland at'2.06%,
against 2.06%.
T
Greek
'
exchange closed at 0.85%, against 0.85%.
$8,000,000
worth
of
frozen
balances in Brazil held by American exporters.
Final quotations for Berlin marks were
17.02%.
40.12
mated
'
.
EXCHANGE on the countries neutralimportance, - ployed to financesigned early this year ,will be emduring the cial agreements all liquidations.
presents
features of
war
no
The Scandinavian units
sterling, while the
franc show
in
these
new
are
steady in sympathy with
Holland guilder and the Swiss
independent firmness.
units
two
political tension
on
is
The improvement
ascribed, to
the Continent.
the
lessening of
The discount
on
The dis3 points below the
guilder futures has narrowed noticeably.
count
on
30-day guilders is
basic cable rate, while
under
for
1,209,500,000
8 points
May 22 showed gold holdings of
guilders,
previous weeks.
and total
are
The statement of the Bank of The
spot.
Netherlands
now
90-day guilders
unchanged
from
the
four
The Bank's ratio of gold to notes
especially firm and during the
past week Swiss futures, both for 30 and 90 days,
were
quoted flat
premium.
and frequently
at
May 21
175.50, the official buying rate of the Central Bank
of Colombia, although
some
local banks are quoting
the rate fractionally lower for peso-dollar deals.
exchange
control
governing
permits
The
has relaxed restrictions
the remittance of • foreign
office
for
exchange abroad, presumably because of the large
amounts available from the slight rise in
coffee prices
and from the dollars brought into the country by
oil companies.
Argentine
paper pesos
closed
on
Friday at 31.21
for" bankers' sight bills, against 31.21 on Friday of
sight liabilities stands at 82%.
The Swiss franc is
A dispatch from Bogota, Colombia on
stated that dollar exchange continues stationary at',
a
fractional
last week; cable transfers at 31.21, against 31.21.
The unofficial
or
free market rate was 23.15@23.25,
against 23.15@23.20.
Brazilian milreis are quoted
at 6.06 (official), against 6.06.
Chilean exchange is
Volume
Financial
148
Peru
(official), against 5.19.
nominally quoted at 183^, against 18%.
quoted at
5.19
is
Laws
E
the
on
commercial
as new
sympathy with
sterling, while exchange on the Dutch East Indies is
firm in line with the Holland guilder.
The Japanese
yen continues to be pegged to sterling at the rate of
Is. 2d. per yen.
However, the yen has declined
sharply below the Chinese dollar at Shanghai.
generally steady,
This is
China of the cur¬
extension to central
an
the
north.
For many months they have been endeavor¬
ing to oust the old Chinese currency through the notes
of the Japanese sponsored Federal Reserve Bank of
problem that has beset the Japanese in
rency
The Japanese
North China.
controlled provisional
attempted to force a
depreciation of the old yuan by decreeing a discount
of 10% against the North China Federal Reserve
notes.
In February a further discount of 30% was
government of North China
decreed and after March 14 the
of the old
use
called "unfair sales"
after
The
President, to his credit, in 1937 criticized
severely the Miller-Tydings Act which was slipped
into
the law
of that
old currency
and the
of
Nevertheless/the
continues to circulate in North China
notes
new
are
actually quoted at
17% under the old Chinese
currency,
than
66% above the old
although
on
they should be more
basis of the official rates
the
discount
a
The Chinese
money.
ex¬
change equalization fund recently established with
aid
British
helps both Chinese and Occidentals in
Shanghai and elsewhere is their opposition to the
irredeemable
of the North China
currency
paper
Bank.
Closing quotations for yen checks yesterday were
the
trade"
legislation,
have
More than
the Miller-
was
passed, and since that time similar
been enacted in
1937, however, a new and markedly dif¬
even
an
sharp distinction must be made between this and
the "re-sale
price maintenance" law of the Miller-
Tydings Act, which are frequently confused in the
layman's mind.
>
■
The
first, supported by the 1937 Miller-Tydings
amendment to the Federal law and exemplified by
such State
Hong¬
but
legislation
as
New York's Feld-Crawford
always unsuccessful Capper-Kelly congressional
bills of the 1920's.
re-sale
49.80, against 49.80; Singapore at 54.45, against
54J^; Bombay at 34.91, against 34.88; and Calcutta
34.91, against 34.88.
V
contract
a
same
The
permits
a
British statutory rate,
the
84s. ll^d.
principal European banks
dates of most recent statements,
special cable yesterday
per
as
iine ounce)
of respective
reported to
by
us
(Friday); comparisons
are
other retailer in the State to abide by
1938
>
£
;
*129.806,497
311,709,194
England
France
3,016,000
2,522,000
c63,667,000
87,323,000
25,232,000
123,400,000
Italy
a23.400.000
Netherlands
100,750,000
Nat. Belg__
88,220.000
98,865,000
33,777,000
6,555,000
Switzerland
Sweden.
Denmark--
80,016,000
74,825,000
29,019,000
8,222,000
Norway
1937
6,540,000
7,442,000
322,120,862
347,630,087
2,458,800
87,323,000
25,232.000
87,923,000
102,460,000
83,563,000
25,731,000
6,549,000
6,602,000
1935
,1936
£
£
327,175,627
293,724,420
Spain
Germany b.
£
£
207.263,703
193,410.931
612,764,651
3,017,950
90,779,000
459,672,222
2,621,000
89,106,000
Prev. week.
42,575,000
58,167,000
100,724.000
48,791,000
23.915,000
6,554,000
6,604,000
brand
plied
re-sale
the
to
important
addition they have
In
brands of
highly
are
names
valuable.
prices of nationally known
liquor and books.
The second
type of legislation now sweeping the
88,593,000
44,832,000
18,040,000
7,394,000
6,601,000
1939, the Bank ol England
1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date, Instead of the statutory
price
the
basis
of value.
On
the market
price
organiza¬
tions, particularly that of the National Food and
Grocery Conference Committee, a central organiza¬
tion
representing most of the major grocery trade
associations.
,
"
v
/
basis
5d.'
however'
(148s.
the Bank reported holdings of £226,783,960 equivalent,
£129,806,4 97 at the statutory rate (84s. 11 Hd. per fine ounce), accord¬
In order to make the current figure comparable with former
well as with the figures for other countries In the tabulation, we show
per fine ounce),
type of laws are recognized in the
former
The
54,399,000
Pursuant to the Currency and Bank Notes Act,
formerly
highly
and
been widely ap¬
63,024,000
statements for March 1,
was
rally, in the field of drugs and cosmetics, where
„
867,981,691 1,057,219,047 1,097,592,749 1,045,992,925 1,182,855,532
867,885,000 1,065,812,787 1,097,577,800 1,043,729,700 1,206,204,890
Total week.
druggists, and one of
principal applications has been, quite natu¬
country is chiefly the work of the grocers'
1939
Banks of—
minimum
a
principal momentum behind these laws seems
their
the corresponding dates in the previous
shown for
four years:
manufacturer to
contractual re-sale price.
to have come from the retail
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
a
retailer for
The moment such a contract is made it
binds every
the
It
with
price for a branded product sold in com¬
petition.
Gold Bullion in European Banks
which
entangling
more
business? has come rapidly into
and has now been passed in over 20 States.
vogue,
A
of
of law,
type
nature for the retail
Shanghai at 16J^@1634, against 16^@16J4j Manila,
♦
States of
all but four
Union, Alabama being the latest.
Since
make
in
accurately
more
price maintenance" laws.
Tydings Act
laws
That
States had such laws when
of
score
kong closed at 29.17@29 3-16, against 29 3-16@29x/i\
at
"fair
called "re-sale
a
appropriation bill
designed to facilitate the spread of
was
so-called
the
on
for the District of Columbia.
year
measure
rider
a
Act, expresses the purpose of the often submitted
27.31, against 27.31 on Friday of last week.
at
as
cur¬
prohibited.
entirely
was
Acts, are being added in State
State.
ferent
rency
regulatory laws, euphemistically
moving in
.
.
Multiplying
path of honest business grows piore tortuous
is
countries
Eastern
Far
<(Fair Trade Practices" and
on
"Unfair Sales99
The
XCHANGE
3123
Chronicle
retail trade
as
"fair trade" laws.
The latter, spon¬
mostly by the grocers, are known as "unfair
sored
Opposing retailers and retailer asso¬
sales" laws.
ciations brand both names as rank
trade
jargon,
to
names
The
to only about
or
propaganda,
euphemisms, but
has
affixed
these
them, accurately or inaccurately.
"unfair sales" laws
new
are
the descendants
ing to our calculations.
periods as
English holdings In the above In statutory pounds.
a Amount held Dec. 31,
1938, latest figures available,
Bank of Germany
are
b Gold holdings of the
exclusive of gold held abroad, the amount of which Is now
As of April 30, 1938, latest figure available.
Also first
report subsequent to Awg. 1, 1936.
The value of gold held by the Bank of France is presently calculated, In accordance
with the decree of Nov. 13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
reported at £528.600.
c
franc; previously and subsequent to July 23, 1937, gold in the Bank
was
valued at
gold. 0.9 fine, per franc; before then and after Sept. 26, 1936 there were
prior to Sept. 26. 1936, 65.5 mg. gold 0.9 fine equaled one franc
Taking the pound sterling at the rate at which the Bank of England values Its gold
43
mg.
49 mg. to the franc;
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France Is now Just about £1; when there were 43 mg. <
gold to the franc the rate was about 190 francs to the £1; when 49 mg., aboht 165
francs per £1; when 65.5 mg., about 125 francs equaled £1.
of
a
long line of proposed bills to ban "loss-leader"
selling.
sory
They are in effect laws requiring compul¬
mark-ups.
bill just
State Legislature, for
6% retail mark-up on ordinary
The
Esquirol-Parsons
passed by the New York
instance, requires a
sales
over
cost.
Thus this
application
type of statute is of far more sweeping
than
the
"fair practice"
or
re-sale-
blanket the
which
laws
price-maintenance
practically
now
Chronicle
tised, marked, and sold as such"; nor "where perishable merchandise must be sold promptly in order
to forestall loss" nor "where the price of merchan-
The latter, it is estimated,
country.
can
affect hardly more than 10% or 15% of all
at most
retail
faith to meet competition."
merchandiser with the right lawyers
or the right political or trade connections, these
exemptions are wide enough to drive a coach and
four through.
But for a department store, chain
outlet, or other retailer without the right connecdise is made in good
sales; they are applicable'in practice only to
nationally branded products, and their use is limited
Now to a
by the possibilities of various evasions and by
the
competition of private brands and unbranded
in
extended
been
salens'
mark-ups,
laws,
however,
of merchandise, and have in
all kinds
apply to
mark-up
compulsory
The
goods.
fact
well
as
cases
some
that
so
retailers',
as
are
little
are
sales"
"unfair
under these exemptions without running afoul of
man-
the law.
%
'
.
mandatory inark-up laws
or
Recovery Administration code revived in
new
and
ineffectual merchandiser is likely to
be severely handicapped; the "chiseler" with the
right connections need have no fear, and the final
effect of the law is likely to be a penalty on honesty
but politically
A "model
applied individually by the States.
form
for enactment in all States" has been drawn up
Food
National
the
rnittee,
the
and
and
law
by
Grocery .Conference Com-'
recently
in
passed
the economically efficient
therefore,
effect,
In
less than the old grocers' National
more or
difficult to sell much of anything
tions it would be
whole-
datory.
The
May 27> 1939
Financial
3124
and
activities such
increase in illegal
an
Pro-
as
hibition encouraged.
Rhode
Island, that enacted in Massachusetts last Septem-
Major beneficiaries, as with the Robinson-Patman
ber, and the pending Esquirol-Parsons bill in New
Act and previous efforts to legislate fair dealing
York
practically identical.
are
of
One
criticisms
the
against
the
all
legislation
Sherman
Patman
Act, they
clear
this
on
term/cost to the
cost of
the merchandise
model
law
.
shall
the
to
retailer,
which
-
while the various State
re-
placement cost of the merchandise to the retailer,
whichever
added
is
.
in
(1)
»
.
.
included
lower
.
.
which
to
.
shall
invoice
.
or
.
.
.
placement cost, and (2) cartage, to the retail outlet
if
done
(3)
paid for by the retailer,
or
mark-up to
a
cost of
.
"invoice cost" is
.
and
.
."
.
cover
a
something which nobody
make
can
for
the
problems into court.
laws,
on
a
his
rnent
the
can
endless
price.
whether
cutting
or
of
sugar,
a
package of hair-pins
the argument
can
go. on
in-.
Without
impossibly
exemptions, such
rigid.
The
"model
eight exemptions.
a
law would be
law,"
therefore,
Some»of these
plicit enough: where merchandise is
sold
liquidation of any business;
it
charitable
or
relief
indirect taxation of the
; or
or
not
too
the
sold
to
(an
•
and
other
narrow.
a
announced
exemptions
Meantime the
The provisions
broad
of the law would
apply to "bona fide clearance sales, if adver-
'
lower
and
name
levels.
recently de-
Calling in those
The
price-cutters
articulate
very
consumer
the bill.
pays
of the
consumer
maintenance laws is
there
One
are
legal
of them,
ways
about * it.
-
gins
on
•
.
law
was
is the
use
Another is the
pulsory mark-up laws
since
critics
as
price-
or
aver,
of substitute
cutting of
The "unfair sales"
are
mar-
or com-
intended to prevent this,
of circumventing them too.
the
for
of offsetting the law's effects,
other products.
are ways
"fair trade"
high
as
of course,
"private brands."
their
either too
.
prominent liquor manufacturer
It is, however, questionable whether the direct
instance,
are
the
indignant,
for the benefit of
court.
a
cut distributors' margins.
so
but there
consumer
to have the same vested
come
with whom the firm had sued for cutting its prices,
interesting form of
where it is sold by any officer acting
under the order of
But
is
ex-
final
agencies; where it is sold to
governmental institutions
State)
where
are
on
When caught, they pay
nationally known trade
a
cost to the
some
an
cided to lower the level of its re-sale price contracts
were
having applied too
definitely.
the
with
it
court with
branded products, obtaining
on
of them have
For example,
But when under "unfair sales" laws the
carton
makes
.
taxed in
little of his overhead cost to
a
keeping
get cut-rate mer-
can
legal 'minimum./ Many
loggers had in Prohibition.
-
dragging of accounting
retailer is
the
to these fixed prices.
some
When, under "fair practices"
a
below
interest in the artificially high legel price as boot-
are
branded product,/there can be little argu-
over
sold
the fine and continue the practice.; and, in fact,
pro-
and which
accounting,
cost
unearned increment of business from others' adher-
manufacturer puts a re-sale price of 59c.
retailer is
or
agree on,
of
re-sale price-maintenance
Practiwell-informed citizen in-New York City,
the fixed prices
.
ence
portionate part of the cost of doing business"
labyrinth
merchants find it good and. profitable to undercut
'
'
'
callv any
chandise
definite; but cost of cart-
and particularly "a mark-up to
age,
.
controversial
for example, knows where he
proportionate part of the
cover a
doing business.
Now
•
re-
.
.
of
laws have led to wholesale price evasion.
be
freight charges not otherwise
the
purpose
savings on large 'orders) has carried the courts into
the
the
or
chief
to limit quantity discounts to provable
was
invoice
the
mean
Robinson-Patman Act, the
The
the
It says
retailer'
patterns of business legislation is becoming obvious,
con-
The Food
Committee's
point.
law
new
of the word "cost."
Conference
Grocery
will have to pay the bill.
only
Already the difficulty of enforcing two previous
in the
vagueness
And back of it all the ultimate consumer
pressure.
apply them.
baffling
the meaning
seems
dead letter used only for the application of political
the
as
clear in meaning
appear
to
comes
The most
cerns
such
have to be tremendous, or the law will become a
Like
Act, the Clayton Act, and the Robinson-
until time
and
business,
regulate
to
The enforcement staff will
accounting professions.
new
mandatory mark-up laws is their vagueness.
business, are likely to be the legal and the
into
•
leveled
Massachusetts
"unfair
For
sales"
passed, certain retailers have maintained
competitive
position
by
cutting
mark-ups
down to the legal minimum^ thus giving the elis¬
tomer the same bargaining advantages at their
stores
as
before, though
on
different articles.
Volume
Financial
148
Chronicle
Potent Medicine in Economics
tt
i
-4.
that the hand of- Government has everywhere
interfered to modify, to restrain, and to prevent the
a4-
i
During the Nineteenth Century the United States
passed through five major
arguable,
normal
^industrial depressions
beginning in 1819, 1837, 1857, 1873, and
is at least
.
and
regarded
that the
It is, perhaps, equally true
typical.
one
second decade of the Twentieth
addition
eral
interrupted in the
from
to the
outbreak
the
War.
Confining
Century had not the
lished
able
and
rigid
prices;
or
tightening
of
money;
radical
adjustments
funds;
up
in
depressions of 1907 and 1921 .also
In every one
recovery ensue,
of those
cases,
the next decline in
activity, there
prosperity greater than
came a
previous
any
subsequent depressions privation
severe
before.
as
exception,
These
re-
never
depressions
periods of genuine
and
0f
were,
adjusted and
were
emerged.
so
process;
Without
It is not
individuals, not always
m
fullest
possible extent.
whenever
and
wherever
mally and unchecked,
even
safely be called
a
this
this process
t0
so
,
nor-
masses,
a
industry could take
a
profit
on
The
year
1929
have
mer
materially differed from
depressions.
a
throws
in
two
terfere
are
suggested
in the so-called
than
he
He might have
did, and it is greatly
Adam -Smith
No
one'
Stewart
John
or
Arthur T. Iladley would
or
not in reality economic
are
,
organism to
which
that
is
the
some
the
inner and hidden
real
disease.
They
successive steps when
as
state
a
of collapse to
natural and
a
threatening
with
as
cases,
nature;
may
recuperation.
ing himself to be
a
he
infection.
makes
to assuage
The
no
applies
as
the
The
sound
attempt to insuch
moderate
leaves nature itself free
to
The quack, not always know-
quack, has
he is unstinted in his resort to
"
renewed
necessary
be indicated for relief of inter-
fering symptoms and
■
as
ineco-
stages by which a healthy human body
off
treatment
that
vital
recovery?
They would have said, in effect, that
physician, in such
any one of our for-
But it has differed
in
appeared
he
answer
given.
successive
need not
respects, first, in its longer duration, and, second,
doubts what
activity,
in trade
depression
history believe
an
hoped that the inquiry will be persistently
effect
inaugurated
common
tentatively
somewhat
nomic forces from
ope-
commerce.
sound students of economic
not
dustry passes under the normal interactions of
start because
nearly all legitimate transactions
does
publicly pressed in other quarters.
would declare
time when prices,
new
interference
such
differences
and
further
much
derangement,
production at capacity would be balanced by purchasing power sufficient to provide a reasonable
and
Young
the economic
of the
has been permitted to
permitted
diseases, but symptoms of the normal reaction* of
and the supply of available capital became
that
methods
panic and depression
co-ordinated with effective demand for commodi
ties
differences,
question when
be
aild
salutary process, for it lias
rate, it has led eventually to
wages,
D.
o0ae
It may
process.
previous
every
were
monopoly investigation last week.
upon
people, full employment, increased real earnings,, a
higher standard of living, and enhanced security,
Whenever
these
have
yet failed to produce for the
never
depression
Mill,, Alfred Marshall
effective
In
inevitably inquire whether there is not
Owen
been,
permitted to operate
an
in this
^relieve them to the
always
rise in
a
classify emergency, until
fighting abroad.
it
has
seen
in those that the
as
constant, cumulative, and controlling,
e'rnmental
-
proportion to their de:
But
one'has
well
as
curtailment of
a
unmistakable connetion between differences of gov-
serfs, which those directly affecteed would always
like to escape and of which the
sympathetic and
just would always be glad to
Ipen wei*e
Observing
altogether pleasant
an
debt of the
Every preceding
accompanied bv
expenditures; this,
been
sense
system, and money and credit
it involves pain and distress falling
the
to
has
None
operate with a minimum of interference from
bas
comprehensive
general and healthy solvency
one
has already raised it
one
January 20, 1941.
on
was
Government;
That is what has always occurred after
depression.,
every
a
this
yet in sight.
notable addition
a
0ffjCe,
our
to
liquidation in all fields of economic activity. Weakness-in the industrial
not
depression natural economic forces
and in
became
is
the aggregate has been exceeded only when millions
period of
one;
the end
Administration chooses to
„
before
recovery and
of private
No previous depres-
than six years;
more
ordinary expenditures
not only did complete
but after each
accompanied by drastic and de-
States, but this
Federal
v ;
^
caused
0f
llr€
then,
minor
and
depression
spreading Realization that resumed
activities would bring profits;
and, finally, recovery,
The
Coolidge.
expeiiditures
government
beyond $40,000,000,000, and it will exceed $45,000,000,000 before the end of President Roosevelt's ten-
of idle capital
yealed the same characteristics.
ten
United
un-
readjustments
and
prices and wages, gradual piling
augmented
jasted
ever
ever
employment of .labor, land, and capital; tentative
and
stands about one-sixth higher
bought, renewed prosperity.
jasted
market
extensive
for it has led to an
$20>000,000,000 to the Fed-
reduced under President
public debt,
gjon
accumulations of suddenly unsal-
sequence,
postponed
industry and personal conduct, have not brought,
That is, there were, in estab-
commodities, precipitous declines in
It
momentous.
tailed interference in almost every phase
apparehit that each period from acute panic to complete recovery invariably ran a regular course with
symptoms.
proved
recoverv,
than
now
was
bugely
depressions of the Nineteenth Century, it is
identical
has
began, and at two and one-half times the aggregate
therefore,
scrutiny,
more
to which it
of the
and progress
the
of
debt, which
agriculture and manufacturing received a sudden,
impetus
This
normality.
than any previous peak before the present increase
European demand for the products of American
World
to
kgg ^ ^ it nQt
nQ
re_employment and
depression to the beginning of
would not have been
next
retumed
Government
could be deemed
cycle of approximately 20 years from the
commencement of
the
Federal
that the subsequent years must not be
as
^v-liich, had they been left to themhayp
great diftoence in the attitude and method of the
normal, in their demand for man-power, munitions
money
digtort economic relations
to
even
proceggeg
would
ah-
conditions incident to the Civil War became so
and
readjustments which must otherwise have
occurred; and
historical evidence, that
upon
3125
a
different method;
drugs, does nothing
the real trouble, and often accentuates it.
comparison is obvious.
For ten years, the
United States, under the leadership of
an
imprac-
at
the
prosperity.
States
the failure
work, but because it has been too
Congress to appropriate, new sums even greater
than any yet
for
The nostrum already ad¬
those
expended.
It is, even
section
tions have been
the
prosperity to the people
medium
recorded
made by
Norfolk & Western 4s,
recoveries.
1939
ground
high
Ohio 4%s,
&
Chesapeake
123%,
at
1992,
losing
2%
advanced
Mountain
New
%
Chicago
to
125%.
national
a
1939
Senate's
the
St. Louis 5%s,
1974,
in
car
3%
up
action
on
the
Argentine obligations reached the
strong spot among
closed
weak.
/
'
.
Moody's computed bond prices and bond yield averages
are
bill,
transportation
disquieting development in the inter¬
political situation has encouraged further progress
Uruguayan issues have been an¬
South American bonds.
Italian
bonds led the advance in the European list with gains of
from 2% to 7 points.
The Australian 5s went above par,
but Japanese issues failed to share in the general rise and
loading peak of 616,000 cars, coupled with
favorable
net
Amuse¬
issues have been firm to. higher, meat pack¬
foreign bond prices.
other
60%, while
were
receded to 103%, for a
year's high mark, while
Favorable April earnings estimates, together
points at 56.
with
&
firm to
In the rubber section, the Goodrich 6s, 1945,
The absence of any
point;
St. Louis Iron
& g. 4s, 1933, advanced 3 points to
r.
York
mostly
changes
gained 2 points at 58%.
new
Medium-grade and speculative railroad bonds also partici¬
pated in the general bond market advance.
with
ping section the International Mercantile Marine 6s, 1941,
1996, moved into
thereafter
price
ing company obligations have been mixed, and in the ship¬
sharp price
have displayed
bonds
railroad
mixed,
obligations have been
price of 194 and
a
ment company
High grades and
Governments have maintained their recent high levels.
High-grade
while
strength,
gain of 2 points on news of refunding negotiations.
other, classifications
and
utilities
lower-grade
to
have been firm or advanced moderately.
been
metal company
1% at 59%.
New 1939 highs have been
showing
that group have been generally
higher, and the same has been true of the building group.
In the latter classification the Walworth 4s, 1955, gained
Increasing strength has characterized the bond market as
advanced.
have
Oils
fractional.
The'Course of the Bond Market
week
1966,
4%s,
Wheeling
fractional,
the
mixed, with the Youngstown 4s, 1961, and
changes of other issues in
operate unimpeded.
past depressions again
Steel company obliga¬
rule for most groups.
has been the
at this belated hour, to let the
forces that have restored
after
.
,
losses have been scored in the
of the list this week, general strength
minor
some
.....
Young's inquiry, here repeated, suggests the
answer.
refunding.
for
Although
industrial
larger doses.
Mr.
considerable number of issues are reported to be
considered
charge will ask the patient to consume it in much
in
levels
The trend has given impetus to new financ¬
time.
ing, and a
having failed to produce relief,
ministered
1968, Missis¬
others in this class, attained the best
among
some
District
Superior
Lake
Light 5s, 1957, and Kentucky Utilities 5s,
sippi Power &
1961,
1954,
5s,
3%s, 1966, Birmingham Electric 4%s,
Power
public is likely to be asked to approve, and
the
broke into new high ground, while
& Light
Power
Florida
On this basis,
actually insufficient.
and
volume
1968,
3s,
Telephone
conservative in
In the first-named group, Louis¬
1966,
Power 3%s, 1967, and Southwestern Bell
Electric 3%s, 1966, New York Edison 3%s,
ville Gas &
Northern
levels have been
high
new
prime investment issues but
grades as well.
in medium
spending has not teen effective, and to plead that
is not because spending cannot do the
only among
not
established
and
week,
this
front
broad
But, unless all signs fail,
Administration is about to admit that past
into
itself
volume, utility bonds have advanced on a
increased
On
accelerating pace, to buy, bribe and spend
an
week.
during the
citizenship, has attempted,
of its
instructed
best
the improvement in rail bond prices
partly explain
may
views of the
experimenter and against the
tical
1939
27,
May
Chronicle
Financial
3126
given in the following tables:
•
MOODY'S BOND PRICES f
I)
(Based
V. 8.
1939
\jUVb
Averages
(Based
Average Yields)
Ali 120
,
Thfiiia
i/uKy
on
MOODY'S BOND YIELD AVERAGES f
0
120 Domestic Corporate *
120 Domestic
Domes-
by Ratings
Corporate by Groups *
Bonds
May 26-. 116.98
All
1939
Corp:*
iju,uy
Aaa
120.14
Baa
RR.
U.
Indus,
Averages
120 Domestic Corporate
91.05
110.83
113.27
May 26— —
25——
.3.75
P.
120 Domestic
by Ratings
Corp.
84.55
A
116.43
Closing Prices
Corporate by Groups
tic
102.12
Aa
104.48
120
Domes¬
*
Dailu
tir
*
on Individual
,
Aaa
2.98
Aa
Baa
A
'
RR.
P.
D.
Indus.
3.88
3.15
5.00
4.55
3.42
3.30
3.30
25..
117.06
104.11
120.14
116.21
101.94
84.14
90.59
110.83
113.27
24..
117.01
103.93
119.92
116.21
101.58
84.01
90.14
110.83
113.27
24-
23-
117.08
103.74
119.92
116.21
101.23
83.60
89.84
110.63
113.27
23
22..
117.06
103.74
119.92
116.00
101.06
83.60
89.84
110.43
113.07
20-
116.99
103.74
119.92
116.00
101.23
83.46
89.99
110.43
112.86
20-
3.79
2.99
3.17
3.93
5.08
4.62
3.44
3.32
119-
116.97
103.56
119.92
115.78
101.06
83.46
89.84
110.43
112.86
19
3.80
2.99
3.18
3.94
5.08
4.63
3.44
3.32
18- 117.05
103.56
119.92
116.00
101.23
83.19
89.84
110.24
112.66
18
3.80
2.99
3.17
3.93
5.10
4.63
3.45
3.33
17- 116.91
103.74
119.92
116.21
101.23
83.33
89.99
110.24
113.07
17
3.79
2.99
3.16
3.93
4.62
3.45
3.31
16- 116.74
103.93
120.14
116.43
101.58
83.46
90.29
110.43
113.07
16——
3.78
2.98'
3.15
>3.91
5.08
4.60
3.44
3.31
15„ 116.65
103.93
119.92
116.43
101.58
83.73
90.59
110.24
113.07
15
3.78
2.99
3.15
3.91
n5.06
4.58
3.45
3.31
113.27
13
3.77
2.98
3.15
3.90
6.05
4.57
3.45
3.30
12—
3.77
2.97
3.15
3.90
5.06
4.58
3.45
3.29
11.
3.77
2.97
3.14
3.89
5.06
4.56
3.45
3.29
10—.
3.77
2.97
3.14
3.90
5.05
4.57
3.44
3.29
3.78
2.98
3.15
3.91
5.07
4.58
3.45
13.. 116.36
104.11
120.14
116.43
101.76
83.87
90.75
110.24
12—
116.37
104.11
120.37
116.43
101.76
83.73
90.59
110.24
116.46
104.11
120.37
116.64
101.94
83.73
90.90
110.24
113.48
10.. 116.49
104.11
120.37
116.64
101.76
83.87
90.75
110.43
.
113.48
-
2.08
3.16
3.89
•5.03
4.58
3.42
2.99
3.16
3.91
5.04
4.61
3.42
3.30
3.79
2.99
3.16
3.93
5.07
4.63
3.43
3.30
3.79
—
22
.
113.48
11-
ru
3.77
3.78
2.99
3.17
3.94
5.07
4.63
3.44
5.09
,
3.31
''
>
9—
116.43
103.93
120.14
116.43
101.58
83.60
90.59
110.24
113.27
9
8-
115.93
103.56
120.14
116.00
101.23
83.06
90.14
110.04
112.86
8...
3.80
2.98
3.17
3.93
5.11
4.61
3.46
3.32
6..
115.79
103.56
120.14
116.00
101.23
82.93
89.99
110.04
112.86
6
3.80
2.98
3.17
3.93
5.12
4.62
3.46
3.32
5— 115.78
103.56
120.14
115.78
101.23
83.06
89.99
109.84
112.86
5.—_
3.80
2.98
3.18
3.93
5.11
4.62
3.47
3.32
3.48
3.32
...
'
4- 115.56
103.38
119.92
115.78
100.88
82.79
89.69
109.64
112.86
4
3.81
2.99
3.18
3.95
5.13
4.64
3
115.50
103.20
119.69
115.78
100.88
82.66
89.69
109.64
112.66
3
3.82
3.00
3.18
3.95
5.14
4.84
2— 115.46
•
103.02
119.47
115.57
100.70
82.40
89.25
109.44
112.45
2
3.83
3.01
3.19
3.96
5.16
4.67
1
—
3.30
*
3,48
3.33
3.49
3.34
'
—
115.41
102.84
119.47
115.35
100.53
82.13
89.10
109.24
1
112.45
■
Weekly—
Apr. 28.. 115.41
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
.
3.84
3.97
5.18
4.68
3.50
3 84
3.84
3.01
3.20
3.97
5.16
.4.66
3.50
3.35
3.85
3.03
3.22
3.87
— —
3.20
3.03"
3.23
3.84
Weekly—
Apr. 28
3.01
3.02
'
21— 115.13
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
14.. 114.76
102.30
119.03
114.72
100.18
81.61
88.65
108
.$6
111.84
21..
14....
3.97
5.16
4.68
3.51
3.35
3.99
5.22
4.71
3.53
3.37
3.23
3.96
5.14
4.66
3.52
3.34
,
6- 114.85
102.84
119.25
114.72
100.70
82.66
89.40
108.85
112.45
6
Mar.31— 114.85
103.93
119.25
115.14
102.30
84.83
91.51
109.24
112.86
Mar. 31
3.78
3.02
3.21
3.91
4.98
4.52
3.50
24_. 114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
24
3.75
2.99
3.21
3.88
4.91
4.47
3.48
3.30
17— 114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
10— 114.79
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.28
3„ 113.59
104.48
120.14
114.72
102.30
85.52
109.64
113.48
3
Feb. 24— 113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
Feb, 24
17- 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.27
—
17
91.97
10- 113.21
103.20
114.09
101.06
83.60
89.69
108.85
102.84
119.47
113.68
100.88
83.19
89.10
108.66
119.03
113.07
99.83
82.00
87.93
107.88
112.86
20- 113.18
103.20
119.69
113.48
83.87
89.55
108.66
13
112.93
102.66
119.47
113.07
83.06
89.10
6- 112.95
102.48
119.25
112.25
101.06
100.53
100.53
83.06
High 1939 117.08
105.41
120.59
116.64
103.02
Low 1939 112.59
101.94
118.60
111.84
High 1938 112.81
Low 1938 109.58
1 Yr. Ago
101.76
118 60
88 80
May26'38 111.77
94.17
—
119.69
2.98
3.23
3.87
4.93
4.49
3.48
3.00
3.25
3.94
5.03
4.61
3.51
3.30
3.00
3.25
3.93
5.05
4.62
3.51
3.30
*
-
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.29
27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
113.48
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.29
107.88
113.27
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
3.30
88.80
107.69
112.86
6
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
87.21
93.53
110.83
114.09
High 1939
3.89
3.05
3.37
4.01
5.26
4.76
3.60
3.38
99.83
81.09
87.93
107.30
111.64
Low
3.70
2.96
3.14
3.83
4.81
4.39
3.44
111 43
100.18
82.27
88.36
107.11
112.05
4.70
3.34
3.85
4.68
6.98
6.11
4.23
3.76
112 45
102.66
89.10
62,76
71.15
96.11
104.30
High 1938
Low 1938
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
114.93
107.69
94.17
69.68
76.88
101.23
108.66
May 26, 1938—
4.35
3.22
3.58
4.35
6.25
5.60
3.93
3.53
3.90
3.30
3.45
3.96
4.88
4.21
3.96
3.52
Jan.
1939
*
3.26
1 Year Ago—
2 Yrs.Ago
May26'37 108.50
3.29
3.75
3.81
3.81
113.48
101.94
3.32
10
112.45
3— 113.16
Jan. 27— 112.59
„
2
101.76
113.27
110.24
•
100.70
86.21
96.44
100.70
108.85
Years
Ago—
May 26, 1937...
These prices are computed from average yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to
level
or the average movement of actual price quotations.
They merely serve to Illustrates In
yield averages, the latter being the truer picture of the bond market.
\
t Thp latest complete list of bonds used in computing these Indexes
was
a more
show either the average
comprehensive way the relative levels and the relative movement of
published In fhe Issue of Feb. 18, 1939,
pages
939 and 940,
Volume
Financial
148
3127
Chronicle
Indications of Business Activity
STATE
THE
OF
EPITOME
TRADE—COMMERCIAL
Railroad earnings in April, despite the strike in
Business
week, this
The depressing effect of the
operations.
tion, showed
President's mes¬
amounted
at the Retailers' Forum was neutralized somewhat by
the latest news from Washington concerning tax reyision.
The
projected
and developments
and
losses,
of the week were generally
holiday
field now
Reflecting resumption of coal operations last week, the
of Commerce" index of business activity showed
from 78.3 for the week ended May l3 and regis¬
tered 81.8.
The week before the shutdown the index stood
a
recovery
85.9.
at
Lower
and automotive activity re¬
from the low point reached a week ago,
steel
tarded the recovery
output
partly offsetting gains for car loadings, petroleum runs-tostills and an approximately unchanged figure for; electric
output, the publication states.
While
assurances
to
steelmakers
of
adequate coal sup¬
plies has been the main influence in increased steel pro¬
duction
this week,
the receipt op heavy 'specifications
against sheet and strip commitments has played a part
which will be of further importance in sustaining or in¬
creasing the rate of steel production over the next few
months, "Iron Age" says in its current summary.
It esti¬
mates steel output at 48% of capacity; a gain of 2.5 points
over a week ago.
'The aftermath of the price debacle is
bitter chagrin among the steel companies that two such
periods of unbridled competition should have occurred in
about the same manner within eight months, and that the
return from
not even
return
been
the
large expenditures in continuous mills should
pay
on
the actual cost of rolling the steel, let alone
During last week the mills have
the investment.
winding up the
buying
further
wave
transactions that took place during
and have apparently closed the door to
As
concessions.
business
stands
with
now
steel
companies, they have large bookings of sheets and strip,
fair bookings of tin-plate, structural steel, reinforcing bars
and some unshipped tonnage of rails and track accessories,
and a moderate amount of pipe business."
Production of electricity by the electric light and power
industry of the United States for the week ended May 20
showed very little change from the previous week's produc¬
tion, but was 10.3% over the like 1938 week.
Output for
the latest week amounted to 2,170,496,000 kwh., a decrease
of 254,000 kwh. below the previous week's, total of 2,170,750,000 kwh., according to the Edison Electric Institute.
Compared with the total of 1,967,807,000 kwh. in the week
ended May 2l, 1938, production this week increased 202,943,000 kwh. ;
Car loadings of revenue freight for the week ended last
Saturday totaled 615,966 cars.
This constituted a rise of
60,670 cars, or 10,9%,. compared with the preceding week.
It
also
constituted
increase
a
over
an
increase
of
70,177 cars,
loadings of the similar week
a
or
12.9%
year ago, and
decrease of 159,108 cars, or 20.5%, compared with 1937.
rise resulted for the most part from the resumption
The
of coal
operations in the bituminous mines, and coal load¬
ings for the week
rose
49,499 carloads, almost doubling the
figure of the previous week.
Engineering construction awards
the
week,
$1,031,865,000 reported for the initial 21-week period last
year.
Private awards for the week are 154% higher than
a year ago, and 31%
above a week ago.
Public construc¬
tion is 104% and 26% higher,
respectively, than last' year
last "vtfeek.
virtually
plants
are
shortening
Chrysler Corp.'s plants, which were widely closed be¬
of the shortage of parts
With
.
all
Most of this week's drop was in
made by the Briggs company.
than 75,000 stores cooperating in the nation-
more
wide promotions for National Cotton Week, cotton fabrics,
domestic
and
business in
apparel were the highlights of
the week's
retail trade, Dun & Bradstreet, Inc., reported
.today. ."Active and spectator sportswear was particularly
popular, as customers prepared for picnics and vacation
trips Over the Memorial Day holiday," the agency states.
Traveling accessories were bought in good volume, and
sales of portable radios and small combination radios and
record players expanded sharply.
The average retail vol¬
ume for the whole country the agency estimates at 6% to
12% higher than the same week a year ago.
The
week's
weather
high temperatures in
was
characterized
most of
by
the country,
abnormally
and unevenly
distributed rainfall, although substantial amounts occurred
over
large areas, particularly the South,
In the southern
Great Plains extremely warm weather prevailed the latter
part
of
the
10Q degrees
week,
or
with
higher in
maximum
temperatures
sections.
some
reaching
However, freezing
temperatures occurred in parts of New England, locally in
the, extreme upper Lake region, and in some parts of the
Far
West.
Because
deficiencies
of
scanty
April
rainfall
and
large
in
May, severe drought conditions developed
over a large Midwestern area, especially in central-northern
districts, including the upper Mississippi Valley, and in
the Great Plains.
Precipitation, so far in May, has ranged
generally from about one-fourth to less than half the
nor¬
mal, except
in a few favored sections.
However, during
the last few days beneficial rains occurred over consider¬
able portions of the northern Plains, bringing at least
temporary relief, Government reports state.
In the New
York City area the-weather has been generally clear, and
at times very cool.
;
k
Today it was fair here, with temperatures ranging from
degrees to 76 degrees. The forecast is for partly cloudy
60
weather, accompanied by light southerly winds tonight and
Saturday, with no appreciable change in temperature.
Showers
it
was
are'
predicted for Sunday.
Overnight at
58 to 76 degrees;; Baltimore, 64 to 74;
Boston,
Pittsburgh;
52 to 86; Portland, Me., 58 to 76 ; Chicago, 64 to 82; Cincin¬
nati,
66
90;
Cleveland, 54
to 72; Detroit, 54 to 78 ;
Milwaukee, 52 to 70; Savannah, 74
to 88; Dallas, 66 to 88; Kansas City, 68 to 78;
Springfield,
Mo., 64 to 76; Oklahoma City; 60 to 92; Salt Lake City,42 to 68; Seattle, 54 to 62; Montreal, 50 to 74, and Winni¬
to
Charleston, 74 to 84;
peg,
54 to 60.
■
Revenue
Freight Car Loadings Reach 615,966 Cars in
Week Ended May 20
Loading of revenue freight for the week ended May 20
totaled 615,966 cars, the Association of American Railroads
announced
on May 25.
This was an increase of 70,177 cars
12.9% above the corresponding week in 1938 but a de¬
crease of 159,108 cars or 20.5% below the same week in
1937.
Loading of revenue freight for the week of May 20
was an increase of 60,570 cars or 10.9% above the
preceding
week.
The Association further reported:
or
for
$71,322,000, are 117% above the volume for the corresponding
week last year and 27% higher than last week,
reported
"Engineering News-Record" yesterday.
This is the tenth
time in the past 11 weeks that current awards have
topped
tfieir respective values in 1938.
Construction volume for
1939 to date totals $1,294,820,000, a 25.5% increase over the
and
the
cause
were
"Journal
Tuesday
on
schedules for next week.
men
idle, and the current strike in the auto
threatens to heavily handicap business recovery.
280,000 miners
the output for next week will be still lower, Ward's
Because of seasonal influences, and the Memorial Day
once,
said.
are now idle.
Tremendous
losses resulted from the. recent coal miners' strike, in which
,100,000
of 27% from April, 1938,
Manufacturing Co.'s plants.
Output, was estimated at.
67,740 units, a decrease of 12,405 units from the preceding
week, but 21,620 units greater than the corresponding week
Of last* year.
Even if a strike settlement is reached at
situation is again loom¬
indications pointing to further extensive
this time in the automobile industry, where
approximately
rise
a
sales, totaled 45,127 units, a rise
with
large,
,
and 17% below the volume in 'March.
Automobile production this week dropped to a new level
for the year, principally because of a strike in the Briggs
favorable to business, but the labor
ing
a
of 6%
taken.
news
$54,910,000,
of 36% from April a year ago, but a decline
from sales in March.
Passenger automobile sales
last month amounted to 265,756 units, up 37% from last
year, but 3.8% below the volume in March.
April truck
was
increasingly heavy and persistent, and there are signs that
at last the Administration realizes that some real action
be
to
April amounted to 310,883 vehicles, according to the report of the Automobile Manufacturers Association.
This
"I can report that more progress
has been made in the last couple of days than there has
been in the last couple of months," looking to the prepara¬
tion of a bill, he told newspaper correspondents.
Pressure
upon the Administration for "real" tax relief and for pro¬
viding credit for small business as a contribution to the
movement for increasing the national income is becoming
The
$8,593,000,
the first four
the same lines
rise of about 235% over the
Retail sales of automobiles and trucks in this country in,
although expected to pro¬
relief for corporations, will
new tax program,
pending legislation.
must
aggregate operating income of
first four months of 1938.
definitely contribute to recovery, Secretary of the Treasury
Morgenthau declared today in an official acknowledgment
of
an
increase of 46.7% from April, 1938.
For
months of this year the operating income of
an
sage
vide only a moderate degree of
the bitu¬
minous coal industry, were sharply above a year ago.
The
first 37 roads to report, according to the "Sun's" compila¬
1989.
activity showed decided improvement the past
being attributed largely to a resumption of coal
Friday Night, May 26,
;
Miscellaneous freight loading totaled 253,587
cars
cars, an Increase of 683
above the preceding week, and an Increase of 33,377'cars above the
corresponding week in 1938.
Loading of merchandise less than carload lot freight totaled 152,781 cars,
increase of 620 cars above the preceding week, and an increase of 4,013
an
cars
above the corresponding
Coal loading
the preceding
week in 1938.
week in 1938.
amounted to 92,721 cars,
an increase of 49,499 cars above
week, and an increase of 5,521 cars above the corresponding
3128
Financial
products loading totaled 34,284
Grain and grain
the preceding week,
below
cars
1938.
corresponding week in
cars,
decrease of 86
a
but an increase of 2,124
of 365
FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
In the Western Districts alone, grain and
de¬
a
below the preceding week, but an increase of 2,069
cars
REVENUE
above the
cars
grain products loading for the week of May 20 totaled 21,721 cars,
crease
May 21, 1939
Chronicle
above the corresponding week in
Loaded
Received from
1939
1939
1938
1939
1938
1939
preceding week, and a decrease of 1,555 cars below the corresponding
19,078
19,997
5,011
5,153
week of May 20, totaled
8,908
cars, a
decrease of 929
below the pre¬
cars
4,547
13,684
ceding week, and a decrease of 1,298 cars below the corresponding week in
1938.
Forest products loading
the preceding
week, but
totaled 30,088
cars, a
decrease of 485
cars
below
increase of 4,218 cars above the corresponding
an
week in 1938.
Baltimore & Ohio RR
28,450
19,986
21,002
21,625
12,376
12,029
Chesapeake & Ohio Ry
20,165
7,010
16,566
6,381
5,445
7,660
Chicago Burlington &
13,324
13,457
12,399
7,062
6,916
6,127
Chicago Miiw. St. Paul &
In the Western Districts alone, loading of live stock for the
week in 1938.
18,417
17,953
16,396
6,478
6,759
6,134
13,434
13,537
12,593
8,846
9,117
3,028
3,004
3,357
1,240
1,389
1,562
1,707
1,836
1,940
1,885
1,873
2,056
3,878
3,626
2,510
2,615
2,474
11,409
3,705
11,127
11,354
8,495
33,419
32,825
29,410
28,944
4,980
3,892
7,658
Norfolk & Western Ry
4,810
17,496
5,342
13,048
4,092
3,775
3,565
Pennsylvania RR
55,034
46,832
46,709
34,418
30,233
33,387
5,375
5,126
4,387
4,039
3,698
3,658
Atchison Topeka &
Qulncy RR
Pac. Ry
& North Western Ry—
Chicago
Gulf
Santa Fe Ry -
Coast
Lines
—-
RR
Missouri-Kansas-Texas
Ore loading amounted to 36,232 cars, an increase of 11,304 cars above the
Missouri Pacific RR
New York Central Lines
week in 1938.
N. Y. Chicago & St.
*
■
.
Coke loading amounted to.4,462
cars,
increase of 7
an
above the
cars
preceding week, and an increase of 350 cars above the corresponding week
1938.
'
All districts, except the Southern and
compared
corresponding
the
with
decreases compared
Southwestern, reported increases
week in
All districts reported
1938.
weeks
In
January
weeks
In
Febuary
4
weeks in March
3,747
3,424
4,230
2,327
26,894
26,069
7,647
7,674
3,428
7,249
5,220
5,137
4,571
Wabash Ry
7,560
7,140
7,216
285,221 243,500 251,463 158,872 147,273 155,692
..
AND
LOADINGS
FROM
RECEIPTS
CONNECTIONS
5 weeks
in
2,302,464
2,256,717
2,297,388
2,155,536
2,390,412""
2,222,939
'
2,832,248
572,857
2,649,960
536,149
555,396
541,808
615,966
545,789
April.
Week
ended
May
Week
ended
May
Week
ended
May 2Q_.v.—
6
;
*
Total.
13......
^
11,566,731
-.
10.908",898
2,714,449
2,763,457
2,986,166
3,712,906
763,495
769,560
775,074
14,485,107
The first 18 major railroads to report for the week ended
May 20, 1939, loaded a total of 285,221 cars of revenue
freight on their own lines, compared with 243,500 cars in
the preceding week and 251,463 cars in the seven days ended
May 21, 1938.
A comparative table follows: •
"
Total Revenue
Weeks Ended—
21,830
25,353
11,423
11,541
59.812
58.724
'
Ry
Total
In the
1937
1939
following we undertake to show also the loadings
ended May 13,
increases when
compared with the same week last year.
CARS)—WEEK ENDED MAY 13
Total Loads Received
Total Revenue
Freight Loaded
Railroads
1938
1939
1938
Eastern District—
26,054
for separate roads and systems for the week
1939.
During this period 78 roads showed
from Connections
1938
1939
May 21, 1938
22,335
60;374
St. Louis-San Francisco
May 13, 1939
22,420
26,662
11,292
Chicago Rock Island & Pacific Ry.
Illinois Central System
—..
Total Loads Received,
Freight Loaded
*
May 20, 1939
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF
Railroads
.
1937
...
r..A
7,847
4,185
(Number of Cars)
4
7,756
28,967
7,527
.
Total
1938
.
8,650
24,953
.
25,882
Pittsburgh & Lake Erie RR
Southern Pacific Lines..-
TOTAL
*
1939
Louis Ry—
Pere Marquette Ry
with the corresponding week in 1937.
8,375
'
RR
International Great Northern
preceding week, and an increase of 22,129 cars above the corresponding
4
Connections
Weeks Endedr—
May 20 May 13 May 21 May 20 May 13 May 21
Live stock loading amounted to 11,811 cars, a decrease of 972 cars below
the
in
Own Lines
on
Weeks Ended—
cars
1938.
frorri Connections
1937
1939
1938
Southern District—(.Concl.)
'
530
531
579
911
837
Mobile & Ohio..!
Bangor & Aroostook
1,456
Nashville Chattanooga & St. L-
9,716
1,648
8,938
Norfolk
1,525
2,138
8,550
1,469
290
7,182
1,973
6,726
1,532
246
Boston & Maine..
1,570
Piedmont Northern
430
346
429
907
735
17
27
34
47
32
Richmond Fred. & Potomac...
419
282
390
4,649
1,298
6,169
11,468
1,259
5,333
8,130
1,630
6,273
11,*95
1,883
6,833
5,783
1,683
Seaboard Air Line
Southern System
8,520
17,790
9,505
6,066
5,159
8,372
16,739
21,707
4,688
3,615
11,827
11,188
395
349
465
476
467
371
354
441
129
131
140
145
173
567
536
2,057
1,446
2,861
871
229
172
409
84,745
85,389
106,530
56,712
54,596
12,782
4,048
10,723
3,358
15,291
262
233
289
,,834
1,239
9.082
4,999
1,468
2,504
9,654
2,393
2,438
816
9,671
3,058
4,118
2,559
45,875
11,599
1,765
5,536
7.496
6,987
2,512
14,962
2,542
17,725
3,547
5,604
12,793
2,340
16,717
8,228
1,975
6,083
2,497
6,785
2,336
3,698
28,268
9,501
1,423
7,419
•3,441
3,743
20,144
2,482
19,315
3,925
21,332
1,502
9,021
9,117
2,530
6,759
2,930
32,823
.9,411
1,919
4,980
3,738
5,126
1,273
7,852
2,319
2,962
1,261
30,298
8,212
1,307
3,991
3,461
; 4,471
63
223
156
39
21
Ann Arbor
Chicago Indianapolis & Louisv.
Central Indiana
...
Central Vermont
Delaware & Hudson
Delaware Lackawanna & West.
Detroit
& Mackinac
—
Detroit Toledo & Ironton
Detroit <fc Toledo Shore LineErie.
_
Grand Trunk Western..!
Lehigh & Hudson River
Lehigh & New England.......
...
Lehigh Valley
...
Maine Central
1
Monongahela
234
6
Montour
New
York Central Lines
N, Y. N. H. & Hartford
New York Ontario & Western.
N. Y.
Chicago &,st. Louis
Pittsburgh & LakerErie
...
Pere Marquette
5,840
.
1,430
24,882
11,651
1,874
7,527
1...:
Tennessee Central.
Winston-Salem
;
Southbound...
Total.......
2,023
2,746
1,104
1,922
3,070
1,233
2,179
2,377
749
1,740
2,154
886
3,242
8,397
4,709
1,369
1,013
6,335
2,584
182
17
1,713
2,668
1,058
Southern
178
m
,
36
Pittsburgh <fc Shawmut
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
212
345
273
144
138
392
707
987
1,088
1,064
Rutland
616
545
655
946
839
5,137
2,518
4,756
2,411
5,046
131,120
118,191
170,973
118,740
116,263
410
400
610
515
465
21,002
21,603
12,630
1,433
36,058
7,669
12,029
682
782
1,096
Chicago Great Western
!.
Chicago Milw. St. P. & Pacific.
Chicago St. P. Minn. & Omaha.
Duluth Missabe & I. R
3,409
5,013
.975
Ulgin Joliet & Eastern...
362
5.727
Duluth South Shore & Atlantic.
4,042
173
136
395
318
3.945
3,804
422
466
177
159
9,282
22,006
2.946
2,345
603
541
564
512
481
785
4,127
3,928
1,787
6,749
7,854
9,728
•
.
Great Northern_____
Green Bay & Western
483
14;237
Ft. Dodge Des Moines & South.
.....
1,019
1,684
Lake Superior & Ishpeming....
Minneapolis & St. Louis..
1,834
69
55
1,637
2,171
3,842
1,537
1,613
6,867
5,657
7,140
2.083
Northwestern District-r-
Chicago & North Western
;
Wabash
...
Wheeling & L^ke Erie
Total
*
'
1,911
."ft
"
Pacific
352
Cambria & Indiana
102
244
322
177
1,556
1,581
1,511
1,103
86,218
71,176
124,804
39,036
33,111
19,986
2,801
18.744
2,509
22,927
5,153.
1,935
4,597
1,572
351
449
667
89
115
13,457
13,865
1,429
12,391
6,916
6,070
640
585
11,028
2,015
12,635
1,534
11,057
2,264
7,622
2,678
2,254
,681
603
626
1,976
2,115
2,869
1,290
2,377
7,329
2,105
1,256
2,312
Spokane Portland & Seattle...
Total
Central Western District—
268
5
406
5
:
Bingham & Garfield
......
Qhicago Burlington & Qulncy..
Chicago Rock Island & Pacific.
Chicago A Eastern Illinois
0
857
1,122
0
13
5,137
8,236
9,702
9,326
564
574
588
38
Denver & Rio Grande Western.
32
133
192
34
29
Denver & Salt Lake—
17
33
99
23
16
586
615
657
3,199
1,231
70,195
13,309
16,940
30,233
11,761
1,140
2,460
1,057
30,187
12,693
1,060
Fort Worth & Denver City....
Illinois Terminal
'
.......
Cumberland & Pennsylvania..
Ligonler Valley
Long Island
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co
485
Chicago & Illinois Midland
7,064
Central RR, of New Jersey.
1,033
819
46,832
....
46,414
11,448
13,009
6,899
(Pittsburgh)
West Virginia Northern
Western Maryland
5,080
.
•
25
1,559
\
109
31
49
0
-.1
4,801
2,537
3,732
3,981
4,165
100,392
97,382
161,093
74,988
75,241
Colorado & Southern
3,162
191
279
407
31
23
1,022
963
1,084
1,847
1,050
1,625
984
1,823
1,175
1,533
1,236
1,063
449
582
286
288
1.052
1,786
125
73
879
828
864
408
334
12
36
157
0
0
(Pacific)
22,292
3,983
1,091
7,208
3,842
262
20,864
305
11,628
23,302
Toledo Peoria & Western.
Missouri-Illinois
Nevada
Northern
North Western Pacific........
Peoria & Pekln Uhion
Southern Pacific
Union Pacific System
Total.
2,600
176
1,910
Spokane International
Alton
Bessemer <fe Lake Erie.......
Buffalo Creek & Gauley
Union
Northern
5,264
9,760
Atch. Top. & Santa Fe System.
Alleghany District—
Akron Canton & Youngstown.
Baltimore & Ohio./
Cornwall......
Minn. St. Paul & S. S. M—
13,295
„
278
12,728
930
7,024
3
141
4
8
1,416
1,662
1,945
1,748
96,882
Western Pacific
189
1,615
Utah...'...
91,766
105,193
45,577
42,358
136
152
Pocahontas District—.
Chesapeake & Ohio
7,010
5,342
23,458
5,445
20,735
3,775
7,857
3,391
3,525
4,212
850
855
12,647
Virginian
16,142
13,o44
295
Norfolk & Western
33,311
48,405
10,070
12,103
Total.
Southwestern District—
Fort Smith & Western
x
~~3~ 004
Gulf Coast Lines
Southern District—
International-Great Northern.
Alabama Tennessee & Northern
Atl. & W. P.—W. RR. of Ala..
190
207
266
155
153
658
669
836
1,141
1,073
615
508
664
789
799
9,030
3,950
8,496
3,510
10,034
4,607
4.211
3,796
2.601
2,647
384
501
528
902
966
1,367
864
1,397
1.212
1,391
Columbus & Greenville..
Durham & Southern
304
212
453
330
327
Missouri-Kansas-Texas
152
143
152
163
343
Missouri Pacific
Florida East Coast
928
961
779
777
742
Quanah Acme & Pacific
24
32
51
78
71
St. Louis-San Francisco
858
900
904
1,319
1,337
Atlanta Birmingham & Coast.
Atlantic Coast Line
_
Central of Georgia
Charleston <fc Western Carolina
Cllnchfleld
Gainsville Midland
Georgia...
Georgia & Florida.
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
City Southern
Louisiana & Arkansas..'
3,103
1,960
1,389
1,522
2,092
1,873
2,086
165
158
341
189
164
835
833
1,867
1,741
2,003
1,632
1,601
1,155
1,713
402
1,002
Louisiana Arkansas & Texas..
113
117
159
Litchfield <fe Madison
358
298
251
717
665
Midland
496
447
478
245
298
172
119
268
266
202
3,705
11,156
3,518
4,458
13,853
2,615
8,650
2,326
11,281
150
114
157
78
93
6,231
2,072
7,875
2,229
3,909
3.438
6,235
3,766
6,189
2,058
6,842
4,267
2,317
2,896
3,203
2,307
2,550
199
229
278
71
51
74
19
43
57
28
43,392
44,590
52,562
32,586
31,192
Valley
Missouri & Arkansas
St.
Louis
Lines.
Southwestern
268
251
326
425
521
Texas & New Orleans
1,518
18,104
13,043
'98
1,465
17,264
880
943
Texas & Pacific
8.602
8,685
Wichita Falls & Southern
17,073
1,874
20,776
23,636
4,844
4,334
Wetherford M. W. & N. W
104
184
630
123
179
268
311
421
7,726
560
121
Note—Previous year's figures revised.
334
159
2,976
1,663
1,685
Kansas Oklahoma & Gulf
Kansas
1,836
307
80
Burlington-Rock Island..
Total.
* Previous figures,
x
Total.
Discontinued Jan. 24. 1939.
.....
8,030
5,292
3.439
Volume
Financial
148
Chronicle
Moody's Commodity Index Advances
Moody's Daily Commodity Index rose from 144.0 a week
ago to 144.6 this Friday.
The most important individual
changes were the advances in wheat and hide prices, and the
decline in hogs.
The
of
movement
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
May
May
May
May
May
May
May
the
index is
3129
ton, silk, and worsted yarns
cloth and
by lower prices for print
The group index remained unchanged at 67-0% of the
burlap.
1926 average.
The following table shows index numbers
for the main groups of com¬
modities for
the
five weeks
past
1144.0
May 12
139.3
132.0
152.9
1
Month ago,
Year ago,
Low—June 1
144.9
144.9
144.6
26
May
Commodity Groups
1939 High—March 6
145.8
138.6
Low—April 22
All commodities
"Annalist"
announced
on
the
May 22 that during
October, 1934.
finished steel prices reflected slow demand and
that
war
was
York
with
threatening to become
of
better
growing
than
6c.
bushel.
reports
New
climb,
such
Lard
more
cottonseed
hides
in, prices at
a
very
oil
and
the
moved
Other
cocoa
lower.
moved
The
in
a
76.1
76.0
78.2
87.4
78.2
63.9
63.9
68.8
91.2
75.0
81.5
68.5
68.3
68.6
68.7
72.9
85.1
77.5
84.3
92.1
91.8
91.2
91.3
91.7 107.1
94.3
89.5
67.0
67.0
66.8
06.6
66.7
66.0
78.1
69.2
69.4
74.4
74.8
74.6
74.4
73.7
76.6
78.2
76.8
93.7
94.0
93.9
94.1
96.3
95.0
85.7
85.6
89.6
89.6
89.4
89.8
90.4
96.9
85.6
84.9
75.8
On
75.7
75.7
76.4
8.35
77.3
81.0
86.9
86.8
86.8
86.6
86.5
88.6
90.8
82.8
82.0
73.7
74.3
74.3
74.7
74.2
73.1
80.5
69.1
69.0
69.0
68.3
71.2
87.7
74.0
74.3
74.4
74.1
74.4
74.6
87.2
74.1
79.9
80.4
80.4
80.4
80.4
82.5
87.7
80.5
78.5
79.0
78.9
78.8
78.7
80.4
86.5
78.8
80.0
80.7
81.0
80.9
80.8
80.7
81.7
86.3
78.7
77.8
All
commodities
farm
*
Farm products.,-.
Food products
72.0
65.7
60.9
Fertilizer
71.8
78.3
70.9
85.5
356741—DCRPABhcoivlsamtdgenp.
points reached in 1939, were
88.0
68.4
70.0
•
.
'
declines
102.4
77.6,
„.
*
*
products
largely responsible for
were
The food price average declined
the low point for the year.
now near
Advances in the cotton and grain averages, which took them to the highest
70.1
68.4
-
96.9
70.9
Chemicals
84.0
95.4
■
:
farm
and
last week's decline in the composite index.
57.5
84.9
85.5
uJ
-
*
Association
for the third consecutive week and is
72.1
,
83.6
Metals
Building materials
«
.
commodity
price index of the National Fertilizer Association dropped
slightly in the week ended May 20, registering 72.4%
against 72.6% in the previous week. A month ago the index
(based on the 1926-28 average of 100%) stood at 72.3%; a
year ago at 74.7%, and two years ago at 88.3%.
The Asso¬
ciation's announcement, under date of May 22, continued:
May 18, 1938
61.0
75.5
For the second consecutive week the wholesale
PRICES
66.1
Textile products
Fuels
68.6
*
products and foods..
Lower prices for foods
May 13, 1939
.
68.6
Commodity Prices Declined Slightly Dur¬
ing. Week Ended May 20 According to National
little
with
COMMODITY
than
69.4
75.8
Wholesale
in
speculative commodities
range,
other
75.7
Not computed.
grains followed suit,
narrow
...
farm products
Wheat
wheat
Cash
74.1
Semi-manufactured articles..
Finished products
All commodities other than
(1926=100)
May 20, 1939
All commodities-.
76.1
63.6
Raw materials
week-end.
*
•
Miscellaneous
80.3
76.4
64.4
made to
was
serious.
conditions.
"ANNALIST" WEEKLY INDEX OF WHOLESALE
•
25
1935
67.4
Chemicals and drugs
a bushel.
Cotton, on the other hand, continued its
Saturday's- closing price the highest since the third
Hogs were weak again, but other livestock prices held-
rubber,
as
change
and
23
1936
Miscellaneous-
with
1937.
quarter of
well..
22
1937
93.5
barley losing 5c.
upward
dropped
May
May
May
21
1938
89.3
ther stated:
on
May
22
1939
Housefurnishing goods
May 20 the index stood at 77.3% of the 1926 base, a decline
of 0.3 of a point as compared with the
previous week and
nearly four points under a year ago.
The "Annalist" fur¬
tumbled
Apr.
29
1939
92.2
___•
Fuel and lighting materials..
commodity prices to drop
prices
Apr.
6
1939
Metals and metal products..
to the lowest level since the final week in
in
May
13
1939
Building materials
Index
price
1937,
1938, May 22,
75.9
Hides and leather products..
Textile products.
week ended May 20 lower
prices for finished steel, together
with an easier tone in the
grain markets, caused the "An¬
nalist" weekly index of wholesale
a
21,
64.1
Foods
cut
May
20
1939
130.1
Commodity Prices Declined 0.3 of Point
During Week Ended May 20, According to "An¬
The
May
144.1
April 26
May 26
1938 High—Jan 10---[
Two weeks ago,
144.0
143.8
143.7
Wholesale
remedy
for
follows:
as
Farm products
The
and
May 23, 1936, and May 25, 1935.
(1926=100)
19
20
22
23
24
25
nalist"
were counter balanced
more
than offset, in the farm product group by
livestock, poultry, milk, and
in
In spite of declines in
eggs.
some
important industrial commodities, the general average of all commodities
except farm products and foods was slightly
the upward trend of the past month.
higher last week, continuing
Increases
were
registered during the
week by group indexes representing the prices of fuels, textiles, and farm
81.1
machinery.
and tin took
Wholesale
A
miscellaneous
25.3
>
com¬
coal,
and
as
a
result of
crude
eggs,
hay, potatoes,
prices
non-agricultural commodities averaged
0-6%. below the level of
the
of
pre¬
-
down
0.4%.
declipe of 5-1% in wholesale prices of meats, together with a decrease
0-5% for fruits and vegetables, caused the foods group index to fall
1.6%
for
^
fresh
point reached in about 5
beef,
fresh and
potatoes, eggs, lard,
cured
pork,
years.
Lower prices
were
reported
dressed poultry, raisins,
Dairy product prices advanced
rose 0.4%.
Quotations were higher for butter,
meal, oatmeal, prunes, canned tomatoes, and coffee.
This week's food index is 1.9% below a month
ago and 7.5% below a year
Cotton
ago.
The decline of 0.5% in the farm products
group index was largely the
of lower prices for oats,
wheat, cows, steers, ewes, live poultry
result
(Chicago),
eggs, alfalfa hay, and potatoes.
Higher prices for barley, corn,
caused the subgroup of grains to advance 0.2%.
Quotations also
were higher for apples (New
York), lemons, dried beans, onions, and wool.
The farm products group index, 64.1, is
0-3% above the corrsponding week
of April and 6.8% below a year ago.
Average wholesale prices of cattle feed dropped
9-0% during the week,
crude rubber declined 3.4%, and paper and
pulp decreased 0-9%.
The
decline in the fuel and lighting materials
group index was caused by lower
prices for coal.
In the
building materials group, weakening prices for concrete
blocks,
oak and poplar lumber, turpentine, and
reinforcing bars brought the
group index down by 0.3% to 89-3% of the 1926
average.
Declines of
0-5% for iron and steel and 0.1% for non-ferrous metals caused the metals
and metal products group index to decrease
0-2%.
Prices
were
lower for
bars, sheets, strips, quicksilver, pig tin, and pig zinc.
Due
chiefly to higher prices for cow hides and sole leather, the hides and
leather products group index rose 0.2%.
A slight advance in prices of
furnishings caused the housefurnishing goods group index to rise
0-1%.
In the textile products group, minor advances in
prices for raw silk, and cot¬
49.5
63.5
62.8
77.8
62.6
Farm products
69.7
50.3
63.0
62.1
66.1
47.5
48.2
54.3
63.2
52.3
50.5
Grains
57.4
Livestock
65.8
,66.8
76.4
75.5
77.7
77.9
*
-
1
Textiles
-----
57.3
•
62.7
•
59.7
67.4
62.2
71.5
75.2
79.2
77.9
'
77.0
59.4
6J.2
-
Metals..
87.8
89.0
89.1
95.0
Building materials
84.5
84.5
84.3
80.8
1.3
Chemicals and drugs....
91.9
91.9
91.9
94.0
Fertilizers
*
Bank
AH groups combined.
71.3
77.3
77.3
76.8
94.8
94.8
98.1
72.4
r
Debits
71.3
71.3
77.2
94.9
Fertilizer materials
Farm machinery..
72.6
72:3
74.7
«
71.5
8% Higher Than Last Year
.
.
Aggregate debits for the 141 cities for which a separate,
total has been maintained since January, 1919, amounted
to $7,501,000,000, compared with $6,760,000,000 the pre¬
ceding week and $6,904,000,000 the week ended May 18
corn
and rye
73.4
69.4
63.0
week of last year.
0r5% and cereal products
cheese, flour,
1938
by banks in
leading cities for the, week ended May 17, aggregated
$8,161,000,000, or 11% above the total reported • for the
preceding week and 8% above the total for the corresponding
mutton,
raw sugar, and pepper.
Ago
1939
Debits to individual accounts, as reported
A
of
1939
68.6
Cottonseed oil
100.0
.
were
Year
49.4
Fats and oils
Miscellaneous commodities..
0.3
the raw materials group index declined
0.6%
The finished products group index also fell
0 6% and
commodities
decreased
0-4%.
Wholesale
ceding week and industrial commodity prices
to the* lowest
Foods
0.3
•
rubber,
during the week.
semi-manufactured
Ago
13, Apr. 22, May 21,
1939
0.3
weakening prices for cattle,
Month
Week
20, May
7.1
Department of Labor, in its announcement quoting
as above, also stated:
Largely
Preced'g
May
Fuels
V«
21
41
'
Week
■
8.2
.#
6.1
■
.
'
and
(1926-1928=100)
Latest
Group
10.8
groups
Commissioner Lubin
.
4
declines
11
COMMODITY PRICE INDEX
17.3
0.1%, and textile products and chemicals and
drugs remained
'
"
" ■
28 declines and
were
were
.
.
Total Index
0.8%, farm products and fuel and lighting materials
dropped 0-5%, building materials,-0,3^; and metals and metal
products,
0.2%.
The hides and leather products and
housefurnishing goods
week there
week there
Per Cent
decreased
unchanged at the level of the preceding week.
v
WHOLESALE
Bears to the
23,0
decline of 1.26% in the foods
group,
preceding
Each Group
continued:
a
the preceding
Compiled by the National Fertilizer Association.
pared with the corresponding week of April the index is down
0.1%.
It is 2.9% below a year ago."
Commissioner Lubin
In addition to
in
the second
WEEKLY
offset the gain of the preceding 4 weeks and
placed the index
at 75.9% of the 1926
average," Mr. Lubin said.
"Com¬
The
in
advances.
Department of Labor, Bureau of Labor Statistics' index of
wholesale commodity prices
during the week ended May 20,
Commissioner Lubin announced on May 25.
"The decline
advanced
23 advanced;
advances;
sharp decline in wholesale* prices of foods was largely
responsible for the decline of 0.7% in the United States
modities
The
Twenty-five price series included in the index declined during the week
and
Labor Index
"
Kthe metal 4ndex to the lowest point reached since 1936.
fertilizer and miscellaneous commodity indexes were also lower.
Commodity Prices Declined 0.7% During
Ended May 20, According to
Department of
Week
Lower prices for certain finished steel products, steel scrap,
of last year.
I
...
'
^
These figures are as reported on May 22, 1939, by
Board of Governors of the Federal Reserve System.
No.
Federal Reserve District
2—New York..
8—St. Louis
9—Minneapolis
the
Week Ended—
of
Centers
Incl.
17
May 17,
1939
May
10, 1939
15
$398,207,000
3,311,172,000
18
-——
$439,041,000
3,603,703,000
423,464,000
378,079,000
May 18, 1938
$419,812,000
3,206,121,000
25
490,734.000
434,859,000
406,492,000
497,291,000
24
291,065,000
247,904,000
215,158,000
274,476,000
227,135,000
1.019,087,000
199,922,000
153,554,000
1,026,340,000
232,172,000
271,046,000
203,550,000
26
236,538,000
40
1,134,423,000
16
—--
240,438,000
17
159,465,000
278,927,000
'
,
229,611,000
148,089,000
10—Kansas City
28
18
204,946,000
170,870,000
12—San Francisco
29
'661,114,000
596,156,000
629,175,000
273
$8,160,858,000
$7,357,140,000
$7,539,138,000
Total
3130
Financial
Electric Output for Week Ended May
Above a Year Ago
1939, 10.3%
20,
Chronicle
country) amounted to $186,195,000 in April compared
with $190,453,000 in March, 1939 and with $159,827,000 in April, 1938.
Imports for consumption (goods which entered merchandising channels
immediately upon arrival in this country, plus withdrawals for consump¬
The Edison Electric Institute in its current weekly report
estimated that production of electricity by the electric fight
tion
and power industry of the United States for the week ended
$191,263,000
May 20, 1939, was 2,170,496,000 kwh.
The current week's
output is 10.3% above the output of the corresponding week
of 1938, when production totaled 1,967,807,000 kwh.
The
output for the week ended May 13, 1939, was estimated to
be 2,170,750,000 kwh., an increase of 10.3% over the like
week
a
Changes
INCREASE FROM PREVIOUS YEAR
Week Ended
Major Geographic
Week Ended
May 20, 1939
May
13,
Export Commodities—
of agricultural exports
in
11.1
Week Ended
1939
Middle Atlantic
10.3
11.1
Week Ended
3.6
West Central
13.2
14.1
11.1
-
12.8
3.8
7.0
15.8
11.6
RECENT
14.6
20.0
15.1
10.3
11.6
12.6
(THOUSANDS
WEEKS
OF
KILOWATT-HOURS)
1937
1939
1932
and
$15,600,000,
March
a
1929
2,237,935
Mar. 18-.
+ 11.1
2,225,486
mm
2,198,681
2,209,971
2,173.510
2,170,671
mm
1
Apr.
8
Apr. 15
2,014,729
2,017,653
1,975,239
1,978,753
1,990,447
1,957,573
1,951,466
1,938,660
1,939,100
1,967,613
1,967,807
1,973,278
1,878,851
mm
mm
...mm
Apr. 22
mm
2,199,002
Apr. 29
mm
2,182 727
May
mm
6——
2,163,538
2,170,750
2,170,496
May 13
May 20-—.
mm
May 27—.—.
3
June
■-
+ 10.3
+ 11.3
+ 11.7
+ 9.2
+ 10.9
+ 12.7
+ 12.6
+ 11.6
+ 10.3
1,519,679
1,538,452
1,537,747
1,514,553
1,480,208
1,465,070
1,480,738
1,702,670
1.687,229
1.683.262
1.679.589
1.663,291
1,696,543
1,709.331
1,699,822
1.688.434
1,698,492
1,704,420
1,705,460
1,615,085
1,436.928
2,198,646
+ 10.3
1,706,719
1,409,810
1,454,505
1,429,032
1,435,731
1,425,151
1,381,452
2,206,718
2,131,092
increase
in
of
$586,000,000
approximately
force
for
first
the
ordinary
in
of
much the same in April
while
were
and
copper,
first
of
nearly
at
and
April
ports
from Germany
from
$295,000
to
The volume figure
has been raised to represent the experience of all companies
operating in the United States.
The new level for ordinary
$76,181,OQ0,0OO.
The Bureau's an¬
is
force
nouncement further stated:
Sales
of
increased
subject
(New
country
gains
England,
1938.
of
Middle
April
the
In
the
four-month
period
date
to
exactly
were
northeastern
and
Atlantic,
registered, with slight losses
were
For
month
same
equal
East North
sales
to
of
sections
the
were
value
in
date
in
all
>
April
to
23,
which
on
with
-These totals
ago.
March
colors
$164,000 to
figures
United
for
to
and
less
$818,000
April
$7,500,000
for the
are
follows:
as
im¬
cameras,
$1,592,000;
to
tubes,
and
pipes
in
areas
the leading
of
$323,000
steel
;
than
some
dyes,
States-German
considerable
a
increase
$122,-
is
in
for
recent
crease
of
a
which
had
the
and
import
value
Crude
rubber
figure
same
March.
over
large part to the advance in
cattle reflects
principally the irregular
substantial
were
approximately $5,000,000
of
in
for cattle imports.
decreases
few products which had ,moved
months.
approximately
crease
April
due
occurring under the quarterly quotas
imports of
other
the
was
against the increases, there
March
preliminary
are
other leading commodities which
were
in
value of silk
the
that
movement
trade
-
silks, newsprint, and cattle
showed
there
which
larger
were
The values of
to revision.
Raw
As
manufactures,
1938.
year
from
$1,469,000;
to
instruments,
April
imports
which
in
April from
higher levels
to
had
shown
in
in^
an
March over February were down by
April."
Coffee imports showed a de-
m
in
approximately
$2,000,000
during
insurance
ordinary
the
during
and
manufactures,
compared
a
The larger value
in
aircraft,
$1,323,000, and intermediate coal tar products, $194,000 to $1,232,-
000.
»■
steel
prior
"present occupied by Germany.
prices.
Hartford, Conn.
This increase as at an annual
3.1%, and is based.on the experience of 80 com¬
representing 87% of the total volume of ordinary
Bureau,
insurance
steel
and
for
Import Total-
as
$7,209,000 in April
in
States.
iron
The value bf goods imported from Germany totaled
$19,000,000 in
March
increase
insurance in force in the United
pulp,
in large measure responsible for the sustained Volume
were
imports in April.
silk
panies
the
in
imported from that country became subject to the counter¬
The
of
than
April
value
recorded
textile
before,
year
a
German goods,
Large entries of
dutiable goods
vailing duty,
than
Affect
Goods
German
of
automobiles and
quarter
the corresponding month of
in
reported on May 16 by the Life Insurance Sales Research
rate
increases
rubber ' manufactures,
of the year was
quarter
in
the
in the preceding months
as
wood
passenger
the
than
Entries
000
Ordinary Life Insurance in Force for First Quarter
Increased $586,000,000—April Sales Equal Year Ago
An
value
above
petroleum and products,
machinery,
in
April
musical
insurance
Exports
April,. 1938.
in
class
Decreases were shown for exports of agricultural implements,
appliances,
Exports
2,199,976
2,212,897
2,211,052
2,200,143
2,146,959
2.176,368
2,173,223
2,188,124
2,193,779
2,170,363
2,194,620
smaller
economic
com¬
as
$1,400,000,
certain chemicals.
lower
+ 10.2
slightly
were
the only
was
ago were
year
this year.
electrical
1938
•
2,035,673
this
but
compared with the totals in
as
foodstuffs
manufactured
from
2,244,014
$5,700,000, and $2,500,000, respectively,
$7,800,000,
industrial
Change
1938
1939
Mar. 25
31%
was
by
semimanufactures,
'■
Apr.
April,
pared with the preceding month's figures, and by $11,000,000,
of
Percent
mm
in
preceding month and 43% under the corresponding month of
The chief
agricultural exports—cotton, tobacco, and grain—de¬
from
Total United States.
Mar. 11-
ago,
balance for the year 1938.
of 1938.
Exports of manufactured products and of crude minerals, totaling
$189,961,000 in April, were 8% smaller in value than a year ago.
The
changes in the movements of the commodities included in this group
9.0
12.4
10.3
Pacific Coast
-
large
year
a
corresponding month
1.9
.9.0
12.5
-
10.5
Rocky Mountain
4
April
the
in
15.2
3.4
8.1
Southern States
10.0
10.0
12.0
Central Industrial
Mar.
in
$37,636,000
at
1938.
April—though
creased
i
May 6, 1939 April 29. 1939
9.2
Week Ended
balance
export
value
The
of
New England
FOR
the
of
$44,752,000 in
1938.
PERCENTAGE
DATA
balance of
half the average monthly export
than
less
below
year ago.
Regions
export
two-fifths
tlian
less
—was
1939 and with $155,118,000 in April,
March,
in
merchandise
The
amounted to $185,800,000 in April compared with
warehouse)
from
and
May 27, 1939
in the
arrival
upon
were
been
as
$5,000,000.
Imports of cane sugar from Cuba
relatively small in the first quarter dropped off by nearly
Among other important commodities,
compared with March.
decreases
also
in
April in cocoa,
oilseeds,
vegetable oils, wool,
woodpulp, tin and burlaps.
slight
Central)
occurring in tjie other sections.
were
15% above last year.,
sales
MERCHANDISE TRADE BY MONTHS
Exports,
Including
Reexports,
General
Imports,
and
Balance
of
Trade
Every section of the country shared this increase, with the New England,
East North Central and Pacific sections
The sales
are
exclusive
of
revivals,
'
insurance.
20%
a
or
better gain.
experience by sections for the month and year to date period
in the table below.
given
experiencing
They
represent total
in
the
United
increases,
based
are
to
The
sales
figures
dividend
the
on
additions,
experience
sales of ordinary
ordinary
of
and
increased
insurance for all companies operating
States:
Sales
1939 to
Sales
1938
Volume
(.+)
1,000
1939
1.000
Dollars
Dollars
Dollars
230,947
1,100,786
186,195
666,837
114,645
Imports...
1,000
Dollars
44,752
433,949
1,000
1,000
Dollars
930,090
712,958
"
—170,696
+ 46,121
217,132
1939 to
Volume
1938
1939
274,472
159,827
Exports
Excess of exports
Excess of imports
Year to Dale
Aurit, lyay
Increase
Decrease(—)
1938
wholesale
companies
group
54
Exports and Imports
insurance
cover
4 Months Ended April
April
1938
Month
or
Period
1934
1935
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1 000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Sections—
New England
$37,658,000
140,175,000
109,638,000
49,272,000
45,771,000
19,070,000
38,401,000
13,663,000
42,002,000
.
Middle Atlantic...
East North Central.-
—
West North Central
South Atlantic
East South Central
West South Central
;
Mountain
Pacific
„
United States total...:
'
120
97
114
235,831,000
210,159,000
89,402,000
179,833,000
95
92
95
94
February
172,220
176.223
198,564
163,007
185,026
164.151
182,024
222.665
233,125
289,071
162,752
190,938
179,427
160,197
261,935
212.908
218.632
195,113
256.666
275.308
267,602
268,945
289,922
274,472
230,947
June
170,519
170,244
265.341
232,726
July...
August
161,672
171,984
191.313
206,413
194,712
170,654
173,230
192,795
200,772
185,693
180,390
268,184
227,535
172,126
198,803
221.296
178,975
220,539
264,949
277,031
296,579
332.710
230,790
269,838
226.364
223,469
229,800
314,697
323,403
688,408
768,495
981,301 1,100,786
March,
109
108
May
106
120
115%
100% $2,334,651,000
__
April
108
60,994,000
201,276,000
99
Reexports—
January
112
635,290,000
536,897,000
104
$495,650,000
124%
$184,969,000
103%
101
Exports, Including
„
!
September
October......a
Novemoer
December
Country's
Foreign
Trade
in
April—Imports
and
4 months ended
Exports
The
Bureau
at
merce
of
Statistics
Washington
the
of
Department of Com¬
May 25 issued its statement on the
on
ended
February
back
1934.
to
Foreign
trade
March
moved
in
smaller
a
The
in
this
in
This
shown
in
report is
United
reduced
in
in
the
as
States
volume
the
larger
reported
was
the
than
value
ago.
year
than
cession
in
with
which
during
preceding
percentage
March
latter
of
had
1937
in
and
considerably
Exports
April
the
months
two
were
16%
from
to
.
135,706
166,832
_
132,753
152,491
158,105
177.356
187,482
192,774
198,701
146,523
170,500
202.779
154.647
170.533
191.697
the
less
156,754
176.631
169,030
193,073
a
161,647
215,701
189.357
169.385
March
April
were
nearly
more
by
expanded
April.
month and
decline
corresponds
half
comparisons
follows:
705,337
May
;
June
14%
136,109
July
than
August
127,229
119,513
131,658
ago
year
September
October
relative
re¬
opening months
of
246,335
277,668
252,381
268,943
930,090
General Imports—
January
months
April,
April
257,276
10 months ended April 1,711,001
1,785,156 2,027,258 2,282,317 2,913,391 2,433,742
12 months ended Dec. 2,132,800
2,282,874 2,455,978 3,349,167 3,094,440
foreign trade of the United States for April and the four
with
165,459
November
December
191,077
195,056
240.444
170,689
178,237
277,709
307,474
286,837
284,735
162,951
173,372
158,072
159,827
186,195
286,224
265,214
245,668
233,142
190,453
148,248
145,869
140,809
165,516
167,592
129,635
150,919
132,258
212,692
224.299
178.024
196,400
245,161
223,090
186,968
208,833
176,187
171,320
573,087
667,179
781,736 1,112,463
666,837
year.
The
total
import
of
in
trade
March.
It
was
April
16%
decreased
larger
about
than
the
2%
from
import
improved
the
value
in
the
cor¬
4 months ended April
712,958
10 months ended April 1,430,554
1,458,391 1,834,754 2,370,545 2,067,084 1,712,406
12 months ended Dec. 1,655,055 2,047.485 2,422,592 3.083.668 1.960,402
responding month
first
a year ago, compared with an increase of 4% for the
The comparative gain for April is affected by the general
imports in April of last year, as well as by the unusual rise in
from Germany last month to which reference is made below.
quarter.
decline
imports
Exports
pared
including
reexports
with $267,602,000
1938.
The
Exports of United States Merchandise and Imports for Consumption
in
,
.
value
warehouses,
of
plus
•
general
in
amounted
March,
1939
(goods
goods whiclh entered
and
$230,947,000
with
j
•
imports
to
entered
in
April
4 Months Ended April
April
Exports and Imports
com¬
Increase (+)
Decrease(—)
1938
1938
1939
1939
$274,472,000 in April,
1,000
1,000
Dollars
for
bonded
Exports (U. S. mdse.)__
merchandising channels immediately
Import8 for consumption
storage
in
Dollars
271,508
227,597
155.118
185,800
1,000
Dollafs
1,000
,
Dollars
1,086,868
'
917,778
647,548
698,984
1.000
Dollars
—169,090.
+51,436
,
Volume
Financial
148
shipments
Month
Period
or
1939
1,000
Merchandise—
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
169,577
February
April
159,617
187,418
176,490
May-
157,161
159,791
167,902
167,278
167,865
169,683
196,040
218,184
267,258
220,931
March
June..
159,128
169,85.1
188,860
203,536
192,156
168,442
—
August
September
October
November
Decern Der
285,772
259,160
270,429
271,509
253,710
229,554
219,063
229,671
252,443
264,627
285.081
195,689
173,560
160,312
131,667
160,511
179.381
192,405
189,574
197,020
181,386
177,006
175,825
256,481
264,613
273.561
217,925
262,173
223,920
329,373
311,212
319,431
263,816
266,358
feet
of
week
128,976
February
125,047
March
163,396
Northern
West
All
but
but
Coast,
..
173,096
197,458
200,783
218.425
233,959
213,419
200,304
240.230
226,470
212,382
203,644
November
December..
4 months ended April
662,283
770,039 1,065,331
647,548
Pine and Northern Hemlock
Redwood
Hardwood
mills
mills.
Southern
Cypress
shipments
production
reported for the week ended May 13,
totaled
last year.
above the
1938
1939, by 434 soft¬
or
1%
below the production of the
reported for
the
same
221,244,000
Shipments
and
above
reported
reported
"
region
May 13,
the week ended
in
Pine,
as
feet,
week were 211,339,000
223,679,000 feet.
as 9,086,000 feet,
178.447
162,828
179,760
137,975
149,470
126,193
October
Lumber orders
wood
147,123
147,779
147,767
171,023
172,909
preceding
216,-
the
shipments,
feet;
,
production
Western,
California
Northern
same
185,800
155,118
180,381
168,683
189,806
117,262
149,893
.
173.196
280,899
189,008
194.311
155,313
135,067
124,010
July
260,047
295,705
278,118
278,300
262,919
147,467
.
169,344
152,577
191,263
for
figures
231,609,000
feet.
1939.
Southern
regions reported shipments above output.
All regions except
Hemlock reported orders above those of corresponding week of
orders above
new
except
Hardwood
1938.
163,312
155,923
228,680
186,377
189,590
194,296
199,776
168,482
152,246
175,485
166,070
166,756
141,247
April
May
548,666
10 months ended April 1,391,724 1,467,086 1,824,593
248,730
feet,
8,698,000
feet,
Production
production.
Shipments
Identical
Last week's
698.984
feet, and
2,335,949 2,035,651 1,706,157
211,100,000
feet
production of 431
a year
and
ago
it
and
feet
177,323,000
business
reported for the same week were
as
Production was 7,528,000 feet.
16% above production.
or
was
hardwood mills give new
102
171,668
165,354
Mill
Reports
identical softwood mills was 223,462,000
180,350,000 feet; shipments were, respectively,
174,333,000 feet, and orders received, 220,927,000
was
feet.
In
the
of hardwoods,
case
identical mills
90
reported production last week and a year ago 5,986,000 feet and 6,027,000
feet;
Exports, Imports and Net Balance
feet
4 Months Ended April
April
below
21% above production.
or
SILVER BY MONTHS
GOLD AND
6%
or
.Reports from
12 months ended Dec. 1,636,003 2,038,905 2,423.977 3,009,852 1,949.624
Increase
feet and 5,746,000
7,654,000
shipments,
feet,
7,069,000
and orders,
4i733,000 feet.
and
(.+)
Decrease(—)
Exports and Imports
1939
1938
1939
1938
Trend of
1,000
1,000
1,000
Dollars
Dollar8
145
9^1
1,000
Dollar 8
Dollars
1,000
Dollars
'
•
5,407
*
with 1938
71,236
606,027
139,549
1,351,187
71,091
Imports
—5,027
380
605,797
134,143
Paper and Paperboard Production in United
Evidences Increased Production Compared
States
Gold—
Present trends indicate that the
1,350,807
+ 1,211,638
production of paper and
paperboard in the United States will be larger in 1939 than
Excess of Imports..
1938, the Forest Products Division, Department of Com¬
in
reported on May 20, and which went on to say:
merce,
Silver—
250
2,054
1,029
7,701
+ 6,672
15,757
7,143
74,393
34,605
v—39,788
Exports
Imports
..
Production
of
the
26.905
73.364
5,089
15,507
estimated by
volume
or
compared
Period
1936
1938
1939
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
338
Exports—
1937
1,000
11
5,067
81
1,753
2,112
355
1,671
174
16
1,811
1,546
2.054
53
1,341
2.337
233
20
191
1.923
231
635
1,668
1,841
250
197
1,144
254
January...
23,637
February
'mm.
.
-
2,315
39
51
13
145
5
March
4
212
April
May
81
131
206
65
138
214
Wood
tens,
the
169
17
143
278
42
129
11
1,704
285
September..
.
«
380
October
117
232
16
1,468
November
127
30,084
15,052
14
1,611
627
536
236
1,259
<■
5,965
7,137
1,029
7,701
519
12,534
12,737
2,949
13,183
11,965
12,042
7.082
58,483
2.846
14,080
28,708
15,488
10,328
17,536
8,115
5,589
14,440
7.207
4,490
2,821
15,757
7,143
52,987
4,989
3,165
55,438
63,880
23,981
6.025
6,574
4,476
17,952
19:186
18,326
67,524 105,013 165,990
171,866 145,623 520,907
16,637
8,363
4,964
51,278
5,889
■
*
Imports—
45,981 121,336
February..
52,947 365.436
71,236 606,027
7,002 120,326
March
7.155 156,427
8,211 223,296
7,795 154,371
May
28,106 215,825
169,957 155.366
June
277,851 262,103
16,074 175,624
July
9.927
218,929
90,709 562,382
26,931
4,451
5.701
10,633
December
57,070
52,194 177,782
33,033 240,542
2,267
23.151
25,336
|S31523ll07q4?:£
12 mos.end .Dec
This growth will be
and
based upon new developments in aviations, plastics,
multitude of other new uses for rubber, with the automobile industry
a
remaining one of the major consumers
furniture,
and
of
Lumber
'
90.558 131,745 153,605
mobile; some cars have more
than 50 uses in the
Movement,
Week
plastics,
and
latex
Ended
. "
used in constructing the average auto¬
than 300 rubber parts.
Rubber has more
Forty pounds of rubber are now
these
Report
materials,
expansion expected in many of these.
34,605
modern plane and this is only the beginning.
While automobile tires will
Weekly
packaging
Today there are more than 35,000 uses of rubber with greater
91.877 230.531
182.816.
increased consumption are
cushions and mattresses, cushions for railroad tracks, traffic markers,
flooring,
garments.
24,987
Rubber
for the immediate future.
solving the noise problem in large cities.
•
new
74,393
-
Rubbe? Expected to Reach
Next 10 Years—Views of
World consumption of raw rubber
sponge
21,533
88,625
88,884 611,858 139,549 1351187
10 mos.end April 1024474 1219283 741,746 3082670 351,930
Within
Among new products that will contribute to
■
25,072
75,962
.4 mos .end .April
•.
will also be a dominating factor in
4,985
24,098
8,427
November
October
Wood pulp production in March was estimated
tons.
will reach over 1,500,000
peak of 1937, within the next
10 years, J. M. Slattery, rubber and cotton department
manager of "the Fisk Tire Co., predicted on May 24 at
Springfield, Mass., in forecasting a huge expansion for the
rubber industry.
Mr. Slattery continued as follows:
.
380
5,407
1,175
46,020
26,341
January. _T-
quarter of 1938.
was
tons, a 50% increase over the
...1
64
27,075
27,534
4 mos.end.April
first
580,000
6
,
12 mos .end .Dec.
and
Tons
J. M. Slattery»
a
10 mos end.April
produced in any quarterly period during
24% higher than wood pulp production in
quantity
largest
years
1,500,000
1.344
September
,
tons
World Consumption of Raw
823
16
99
December
the
five
1,463
....
August
'
paperboard in March totaled 1,130,000 tons
in March, 1938.
pulp production in the first quarter of 1939, totaling 1,710,000
was
401
77
April
1938 but 13% smaller than
1937.
and
paper
1,050,000
with
past
the
at
193
32
...
August
of
quarter
quarter of this year
This is 16% larger than
317
695
June..
July
of
first
2,054
203
the first
in
Production
Silier
in the
the Division at 3,160,000 tons.
produced in the first quarter of
production
Gold
paperboard
and
paper
was
Excess of imports..
Month
Revised
feet.
production,
;
231,668,000
week.
Consumption—
January
Exports
532
combined;
regions except Southern Pine, Western
reported
All
230,330,000
orders,
mills produced 231,207,000
shipped 220,037,000 feet;
518
1939,
13,
hardwoods
and
of
Mills,
were:
All
All
September
orders
964,000 feet;
Imports for
August
softwoods
booked
12 months ended Dec. 2,100,135 2,243,081 2,418,969 3,298,929 3,057,169
June
-
During the week ended May
227,597
917,778
965,804 1,086,868
676,050
757,049
693,101
1,683,421 1,758,022 1,997,009 2,249,319 2,878.432 2,404,813
4 months ended April
10 months ended April
for the 19 weeks of 1939 was
reported:
216,108
228,312
243,595
274,059
249,844
226,666
210,258
224,866
293,374
14% above the shipments, and new orders
were
14% above the orders of the 1938 period.
New busi¬
9% about output; ship¬
ments were also 8% above output.
The Association further
were
ness
Dollars
Exports—U. S.
January
July
1938
1937
1936
1935
1934
3131
Chronicle
new
will aid
uses
in
remain one of the most important products,
bringing
the industry to constantly greater
heights of production.
May 13, 1939
The lumber
industry during the week ended May 13, 1939,
stood at
69%
average
Statement of Sugar
71% of the 1929 weekly average of production and
of
1929
Production
shipments.
about
was
70% of the corresponding week of 1929; shipments, about
67% of that week's shipments;
week's
that
Lumber
tions
covering
preceding
ported
Reported
week,
production
Association
operations
the
mills.
and
in
the
below the preceding week
any
orders, about 74% of
according to reports to the
Manufacturers
hardwood
the
orders,
new
week to date in 1939.
of
new
0.6%
below
above.
13
Re¬
0.2%
was
and was the second heaviest of
New orders exceeded the corre¬
sponding week of 1938 by 25%.
23% above and shipments
1%
May
associa¬
softwood and
were
were
ended
National
regional
important
orders
shipments
week
from
were
Reported production
was
21% above last year's week.
Statistics of Department of Agri¬
culture for Three Months of 1939—Deliveries
Year
Ago
The Sugar
Division of the Department of Agriculture on
May 3 issued its monthly statistical statement covering the
first three months of 1939, consolidating reports obtained
from
cane sugar
refiners, beet sugar processors, importers and
Total deliveries of sugar during the period, January-
others.
March, 1939, amounted to 1,357,326 short tons, raw value,
compared with 1,257,771 tons during the corresponding
period last year. Distribution of sugar in Continental United
States during January, February and March, 1939, in short
tons, raw value, was as follows:
Raw Sugar
by Refiners (Table
Refined Sugar by
1)...
shipments
May
year
13.
5% below output in
Reported production for the
were
to date
was
the
19
week
weeks
ended
of
the
18% above corresponding weeks of 1938;
-
-
-
Refiners iTable 2, less exports)
-
2,304
1,031,907
180,163
108.079
2)
Importers of Direct Consumption Sugar (Table 3)
Mainland Cane Mills for Direct Consumption (Table 4)..Beet Sugar
Processors (Table
For softwoods, production, shipments and new orders were,
respectively, 24% greater, 21% greater and 25% greater
than in corresponding week of 1938.
New business (hard¬
woods and
softwoods)
was 0.4%
below production and
Above
'■ • • •'
Total-.The
distribution of sugar for local
for the first
-
-
follows;
34.873
1,357,326
consumption in the Territory of Hawaii
4,522 tons and in Puerto Rico it was
three months of 1939 was
(Table 5).
of sugar on hand on March 31. in short tons, raw value, were as
12,103 tons
Stocks
-
,
held by importers other than
mainland cane factories.
Not including raw for processing
refiners, nor
stocks of sugar held by
Financial
3132
1939
Refiners' raws
2,000 Pounds—96 Degrees)
(Tons of
305,764
416,750
108,988
—,
——
1938
256,785
369,105
-
Refiners' refined
May 27, 1939
Chronicle
133,134
1939
Total-...
—
-
Spgar
»
Quotas
Amounts
734,878
-
tons,
Charged
Against
Regulations
Area
Quotas
855,648
factories Wad 1,237,352 shcrt
In addition to the above stocks, beet sugar
1,932,343
compared with stocks of 878,619 tons last year.
341,761
1,590,582
342.272
698,751
806,642
556,319
250,323
242,750
750,468
Puerto Rico—
948,218
The data were obtained in the administration of the Sugar Act of 1937,
which
determine consumption
of Agriculture to
Secretary
the
requires
February, and March was made public
7,628
19,073
1,490.730
3,273,210
4,763,940
"
'
:
1939
Direct Consumption
.
Direct
AND
MARCH.
than
Total
1—RAW SUGAR: REFINERS' STOCKS, RECEIPTS, MELTINGS'
DELIVERIES FOR DIRECT CONSUMPTION FOR JANUARY-
TABLE
9,013
26,701
Virgin Islands
(This statement given in "Chronicle" of Apnl 22, page 2340.)
April 5.
0
The statement of charges against the
supplying the United States market.
ofl
1
9,013
Foreign countries other
requirements, and to establish quotas for the various sugar producing areas
1939 sugar quotas during January,
Balance
Remaining
1,041,023
Cuba
for marketing against the 1939 quota, of 1.566,719
tons of sugar, raw value,
Established Under
the Latest
Importers'direct-consumption sugar—
consumption sugar is
'
*
.
included in the above amounts charged
quotas, since the quota for such sugar is included in the
against the various
(In Short Tons, Raw Sugar Value)
Sugars
The following tabulation indicates the 1939
quotas and charges against such quotas during the
showing separately sugar polarizing 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
for each area.
total sugar quota
direct consumption sugar
Stocks
Deliveries
on
Stocks
on
for Direct
by Fire, Mar. 31,
dkc.
1939
Consumption
Meltings
Receipts
Jan. 1,
Source of Supply
Lost
1939
0
220,835
720
22,299
156,598
166,424
1,046
0
136,631
21,427
114,702
28,053
88,223
a238,432
185
0
43,087
ai72,371
309,862
176,377
269
0
23,778
127,094
184,083
49
0
31,185
Cuba
348,050
10,136
Hawaii_..'
Puerto Rico
Philippine#
Continental
_
-
period January-April,
0
0
0
0
0
13,766
9,664
22,718
35
0
0
131
131
0
0
2,304
0
polarization groups is based on reports cf the outturn weight
polarization for each cargo
and
the quotas.
256,785
Virgin Islands
Other countries
0
'
Misc. (ewee pings,&c)
1
Total
677
Quantity Ch'g' Against Quota
a
Remaining
99.8 Degrees
...
.
.
SUGAR
Cuba...
BY
1939
JANUARY-MARCH,
"
40,500 '
2,525
43,025.
331,975
126,033
62,430
7,770
70,200
55,833
289
3,553
26,063
6,536
23,762
56,452
17,120
140,540
470.323
29,616
3,264
80,214
17,226
610,863
123,420
Hawaii
>
,
375,000
Puerto Rico..
PRODUCTION, AND DELIVERIES OF CANE AND
UNITED STATES REFINERS AND PROCESSORS,
2—STOCKSi
BEET
Balance
Charges
and Above
.
Revised.
Total
Polarizing
Less Than
Sugar
Quota
Compiled in the Sugar Division, from reports submitted on Forms SS-15A by sugar
refineries.
Sugar'
Polarizino
99.8 Degrees
1939
Area
TABLE
of direct consumption sugar entered against
'
...
(In Short Tons—96 Degree Equivalent)
0
277,179 1,052,340 1,070,430
of sugars into
Philippines
—
<
'
(In Short Tons, Raw Sugar Value)
Total
Domestic Beet
Refiners
'
Quotas for Full-Duty Countries
Factories
a
The 7,628 short tons, raw
1, 1939—j,
Initial stocks ol refined, Jan.
Production
358,137
1,060,561
....I..-
:
Deliveries
-----
-
Final stocks of refined, March 31, 1939
1,355,463
62,052
bl,049,593
months of the year
C180.163
369,105
-
1,237,352
...—
a
The refineries'
the amounts charged
and the amounts which may
of
to refined sugar produced during the years
raw sugar
•'
•
,
3—STOCKS,
CONSUMPTION
RECEIPTS,
SUGAR
DELIVERIES
AND
SPECIFIED
FROM
AREAS,
DIRECT"
Guatamala
Mexico—
1939
Nicaragua
(In Short Tons, Raw Sugar Value)
*
161,906
Source of
Jan. 1,
Supply
6,308,099
2,141»400
8,791,814
11,888,000
Puerto Rico
a7,787
76,702
1,765
47,582
Phillippines
6,994
8,555
66,418
v
0
Hawaii...1'
England..
17,720.
9,443
6,106
0
0
...
37,649,
>■
a85,106
64
1,144
134,990
108,079
108.988
281,649; Dominican Republic, 7,133,147; Dutch West Indies, 7; France, 187; Ger¬
many, 125; Haiti, Republic of, 985,833; Honduras, 3,671,753; Italy, 1,874; Japan,
4,288; Netherlands, 233,046; Salvador, 8,780,522; Venezuela, 310,209. 2,708 pounds
been imported from Sweden,"1,481 pounds from France, 30 pounds from
Chile. 1,880 pounds from Dominican Republic, and 153 pounds from Venezuela,
but under the provisions of Section 212 of the Sugar Act, referred to in footnote a,
these importations have not been charged against the quota for foreign countries
have
SS-15B and sS-3 by importers and distributors of
,
Includes sugar in bond and in
direct-consumption sugar,
customs'custody and control.
:
foreign country other than Cuba have not
for that country.
Argentina, 15,592; Australia, 218; Belgium, 314,817; Brazil, 1,280; British
Malaya, 28; Canada, 603,520; Colombia, 286; Costa Rica, 22,033; Czechoslovakia,
Compiled in the Sugar Division from reports and information submitted on Form
a
38,146,825
15,255,175"
Act of 1937, the first 10 short tons
b
56
82.077
484,814
been charged against the quota
0
322
0
Other foreign areas
Total
of sugar, raw value, imported from any
0
0
64
878
China and Hongkong
""lK 186
53,402,000
In accordance "with Section 212 of the Sugar
a
0
1,765
..."
Total
58,014
0
22,360,414
500,000
-------
543
375,102
375,102'
22,360,414
Unallotted reserve..
1939
Usage
0
144,085
10,933,214
— —
Quotas not used to date.b
on
Mar. 31.
or
Receipts
1939
Cuba....___
Stocks
;
'358,238
'
Deliveries
136,933
64,208
•
11,888,543
------ ... ——
United Kingdom..,
Slocks on
{Pounds)
171,258
6,452,184
—
Peru.
Remaining
a
{Pounds)
CPounds)
308,191
226,114
358,238
East" Indies—-—
Balance
Against
1939 Quotas
China and Hongkong.
Dutch
JANUARY"
OF
Charged
C\
_
Quota
,
MARCH,
January-April,
be admitted during the remainder of the year.
Area
delivered against sales for export.- The Department of
Commerce reports that exports of refined sugar amounted to 17,686 short tons, raw
value, during January, February, and March, 1939.
c.
Larger than actual deliveries by a small amount representing losses In transit,
through reprocessing, &c.
b Deliveries include sugar
•
in pounds, the 1939 quotas foi those countries,
against the quotas during the period
figures are converted to raw value by using the factor 1.060259.
which is the ratio of meltings
1937 and 1938.
TABLE
against the quotas for the individual full-duty countries.
The following table shows,
Compiled by the Sugar Division, from reports submitted on Forms SS-16A and
SS-11C by the sugar refineries and beet sugar factories.
value, charged against the quota for foreign
Cuba is the total of charges made during the first four
countries other than
-
other than Cuba.
TABLE 4—DELIVERIES OF DIRECT-CONSUMPTION SUGAR
,
MAINLAND
BY
Deliveries of direct-consumption
basis
of incomplete
sugar
CANE
MILLS
5—DISTRIBUTION
THE
TERRITORY
OF
OF
-
.
Florida mills, on the
by Louisiana and
amounted to 34,873 short tons,
reports,
January, February and March, 1939.
TABLE
.'
raw
value,
Sugar Consumption in 13 Principal European Coun¬
tries in First Seven Months of Current Crop Year
during
.
SUGAR
HAWAII
MARCH, 1939
FOR
AND
LOCAL
.PUERTO
1
CONSUMPTION
RICO
Increased
IN
JANUARY-
(Short Tons, Raw Value)
Territory of Hawaii,..
Puerto Rico
.1.........
4,522
12,105
1,490,730 Short Tons of Sugar Received from Offshore
Areas
During Four Months of 1939
The fourth
monthly report
on
the status.of. the 1939
Sugar stocks
sugar
quotas for the various sugar-producing areas supplying the
United States market was issued on May 4 by the Sugar
7.2% Above Last Season
4,138,000 tons
hand for these countries on April 1, 1939,
on
against 4,397,800 tcfns on the same
as
of 259,800 tons or
•
The estimated
approximately 5-9%.
European countries, according to advices
3,941,000
meet consumers' needs
3.3%.
includes
from all areas recorded as entered
or certified for
entry before May 1, 1939.
Statistics for
foreign countries other than Cuba also include certifications
for entry of sugar which was in transit on May 1, 1939.
The figures are subject to change after final outturn weight
and polarization data for all importations are available.
•
There were 161,967 short tons of sugar, raw value, charged
against the quota for the mainland cane area and 180,163
tons against that for the continental sugar beet area during
January, February and March this year.
Data for April
are not yet available.
The quantities charged against the off-shore areas during
the- first four months of the year and the balances remaining
are
as
follows:
sugar
received from F. O. Ljcht, the
in
the previous season,
an
compared with
increase of 131,000 acres, or
These countries produced 5,590,000 long tons of sugar last season.
The 13 countries included in the survey are
slovakia,
France,
Germany,
Holland,
Belgium, Bulgaria, Czecho¬
Hungary,
Irish Free State, Italy,
Poland, Roumania, Sweden and the United Kingdom.
Automobile
tons.
The report
for, the 13 principal
European sugar authority, is placed at 4,072,000 acres, as
acres
•
•
beet sowings for the current season
estimated, under the Sugar Act of 1937, to be required to
amounted to
date in 1938, a decrease
.
Division of the United States Department of Agriculture.
The sum of these quotas represents the quantity of sugar
during the current year.
The report
shows that the quantity of sugar charged against the quotas
for all offshore areas, including the full-duty countries, during
the first four months of the year, amounted to 1,490,730
short tons, raw value.
For the corresponding period last
year, charges against the off-short areas totaled 1,680,090
,
Consumption of sugar in the 13 principal European coun¬
tries during the first seven months of the current crop year,
September, 1938, through March, 1939, totaled 4,733,193
long tons, raw sugar value, as compared with 4,415,119
tons consumed during the similar period last season, an
increase of 318,074 tons or 7.2%, according to Lamborn &
Co., New York. The firm's announcement went on to say:
Output in April
Factory sales of automobiles manufactured in
the United
the
vehicles)
for April,
1939, consisted of 337,372 vehicles, of which
273,409 were passenger cars and 63,963 were commercial
cars, trucks and road tractors, as compared with 371,940
vehicles in March, 1939; 219,310 vehicles in April 1938, and
536,150 vehicles in April, 1937.
These statistics, comprising
States
United
data
(including foreign assemblies from parts made in
States
for
the
and
reported as complete units or
entire
industry,
were
Director William L. Austin, Bureau
released this week by
of the Census, Depart¬
ment of Commerce.
Statistics
for the
months of
1939
are
based
on
ceived from 73 manufacturers in the United States,
data re¬
22 mak¬
ing passenger cars and 62 making commercial cars, trucks
Volume
(11 of the 22 passenger car manufac¬
making commercial cars, trucks and road trac¬
It should be noted that those making both passenger
turers also
tors).
and
cars
been
commercial
included
in
the
trucks
cars,
number
road tractors have
and
shown
as
making passenger
commercial cars, trucks and road
tractors, respec¬
tively.
The figures for passenger cars include those for
taxicabs.
The figures for commercial cars, trucks
and
cars
or
road
include
tractors
fire apparatus,
those
for
funeral
ambulances,
cars,
street sweepers and buses, but the number
of special purpose vehicles is very small and hence a neg¬
ligible factor in any analysis for which the figures may be
Canadian
used.
Dominion
production
Bureau
Figures
and 1937
of
figures
are
supplied by
Statistics.
the
*
March, 1939, 1938
appeared in the April 29 issue of the "Chronicle,"
automobile
of
production in
2497/
page
NUMBER OF VEHICLES
(INCLUDING CHASSIS)
Year and
Month
Pas¬
Total
1Alt
Passenger
Trucks,
Vehicles)
.
Cars
<&c.
senger
Total
Cars
17,549
12,689
Comm'l
Cars
&
Trucks
1939
273,409
72,237
63,963
16,891
12,791
4,860
4,100
1,093,125
253,180
63,534
47,798
15,736
221,795
174,065
176,078
47,730
43,232
16,802
219,310
18,819
12,276
14,033
4,526
4,786
645,028
192,136
69,311
51,447
17,864
90,242
96,170
24,901
17,081
19,127
•5,774
536,150
403,879
439,980
.12,927
4,154
1,774.0«7
1/60,1A*
323.029
81.272
90.924
20,348
371,940
337,372
299,703
; 1,346,305
March:..-.-
April__--_._------
...
April....
Tot. 4
;
mos.
-----
end. Apr.
1938—.
Tot. 4
mos. end.
Apr.
837,164
•
1937—
-
.
April.——_
Tot.. 4
-
mos.
end. A nr.
Petroleum
494,121
;
and
Its Products—Higher Crude Demand
June—Michigan. Joins Oil Compact Group
—California
Adopts New Control Plan-—Crude
Seen for
Production Sharply Higher-—House
Extends Con-
nally Bill for Three Years
An
of
optimistic tone ruled the June market demand forecast
United States Bureau of Mines covering probable
daily average market demand for crude oil during the coming
the
month which showed
a
substantial increase
over
both the
current
i
period and the comparable month last year.
The Federal agency's regular monthly estimate placed
June market demand at a daily average of 3,491,000 barrels,
which is 2% better than the Bureau of Mines'May fore¬
cast and 4 % aihead of actual consumption during June last
year.
While the estimated runs to stills of 3,317,700 barrels
daily for June is 188,400 barrels higher than the actual dailyaverage for the like 1938 period, the estimate for crude oil
exports is materially less, the Bureau pointed out.
The first break in the non-member oil" producing States
eligible, for membership in the Interstate Oil Compact Com¬
mission group came on May 19 when Governor Lauren Dick¬
inson was authorized by the Michigan Legislature to join
Michigan to the group.
Michigan's decision to join the
group lifted its membership to seven of the major oil-produc¬
ing States and possibly foretold a general move which would
see California and other non-members
swing into line.
Two days after the Legislature had authorized joining the
Compact group, P. J. Hoffman, director of the Michigan
Conservation Department, named the following six members
of the Advisory Board created by the State's new oil con¬
servation. law.
Interstate
operators,
three-year terms,
W. P. Clarke, of Gulf Refining; two years,:E. F. Clagett, of
the Pure Oil Co.; one-year, Kurt H. Cousser, Socony-Vacuum
Oil Co.
For the independent operators, H. M. MeClure,
of Rex Oil & Gas, was named for three years; C. A. Smith
Jr.", of the Smith Petroleum Co., for two years, and Russel
Furbee, of the Gordon Oil Co., for one year,
California also made Oil industry news this week when it
was disclosed that a new; and uniform method of
prorating
its crude oil production has been adopted and would become
effective June 1.
The new method was authorized by the
Central Committee of California Oil Producers whose mem¬
bers ratified the proposal by a vote of two-to-one.
Under
the
setup, the formula provides for a graduated mini¬
allotment for each well in the State, depending upon its
new
mum
that the
potential production of
a
well is
greater than the minimum allotment allowed it on the basis
of its depth, the remainder of the well's
potential earns an
allotment at a gradually diminishing rate.
This sliding
scale, applicable to the remaining potential, is effective until
the. 250-barrel maximum is reached.
Under the program to
become effective June 1, a well of 2,000 feet or less would
need a potential of 1,335 barrels daily, or more, to earn the
maximum allotment of 250 barrels daily while a well 10,000
feet deep would need a potential of 845 barrels daily.
The announcement circulated by the
Kansas Corporation
Commission of the regular, monthly meeting to determine
probable market demand was indicated that Kansas might
follow the lead of issuing proration orders in the
and
bi-monthly
manner
quarterly
which has recently been adopted by
the Texas Railroad Commission since the Commission asked
for data on which to base orders for the months of June,
July and August. Under the Texas setup, quarterly pro¬
orders are issued during the low consumption season
while a shift to bi-monthly orders during the peak consuming
months makes allowances for supplemental orders to take
care of new wells.
Oklahoma, incidentally, probably will
hold to its 428,000 barrels quota during June.
Return of Texas to a six-day production week, after one
five-day week schedule, was the major factor in lifting the
Nation's daily average crude oil production during the week
ended May 20 by 35,900 barrels.
The mid-week report of
the American Petroleum Institute disclosed that production
for the third week of May had climbed to 3,438,40'j barrels,
as compared with the United States Bureau of Mines' May
.
March.
March-
In the event
ration
Canada (Production)
United States (Factory Sales)
3133
Chronicle
tractors
road
and
Financial
148
depth, with not less than 10 barrels daily to any well capable
of producing that much oil.
No well, regardless of size or
depth, is to be assigned an allotment greater than 250 barrels
daily as compared with the present maximum of 300 barrels.
No definite level was announced by the Committee since
there is still ample time before the effective date to work out
the figures.
Application of the new plan, however, is ex¬
pected to limit production to from 590,000 to 595,000
barrels daily which compares with the Committee's May
quota of 575,900 barrels maximum, plus an allowance of
2,000 barrels for new wells.
Under the plan, graduated
entailment, depending upon potential output and depth,
will be assigned all wells not coming under the 10-barrel
minimum
or
the 250-barrel maximum.
The minimum allot¬
market demand estimate of 3,425,000 barrels.
Rising 16,350 barrels, Texas production hit a total of
1,285,350 barrels while Oklahoma was not far behind with a
jump of 10,100 barrels to reach a daily average of 463,250
barrels.
An increase of 4,500 barrels in, the daily' average
production was shown in California where the total advanced
to 624,900 barrels.
Louisiana showed a decline of 2,250
barrels in its daily average which was off to 267,350 barrels
while Kansas was also lower, dipping 700 barrels to a daily
average Of 175,550 barrels.
Extension of the Connally hot-oil bill for a three-year
period from its expiration date at the close of next month
seems indicated by the week's developments.
The House
Interstate Commerce subcommittee approved a three-year
extension of the Act, and it is believed likely that with the
shortness of time before the Act expires, the Senate will
approve the same measure and send it to the White House
where President Roosevelt is expected to sign it immediately/
One of the reasons advanced by members of the committee
for failure to make the bill permanent, which has been asked
by Senator Connally, was the failure of Texas to make its oil
legislation permanent. •
A House subjudiciary subcommittee heard representatives
of the National Oil Marketers Association plead' for the
enactment of the Harrington bill which" provides for the
divorce of marketing of petroleum products from other
branches of the industry.
Paul E. Hadlick, Secretary and
General Counsel for the Association, told members of. the
subcommittee that the integrated companies, i. e.—those
producing, transporting and marketing oil, have for many
,
years
.
absorbed "huge losses" on their marketing operations
This, he said, "no doubt is an effort to gain control of market¬
they have pf production."
He also recommended
pipelines be separated from the production
and refining of,crude oil.
'
;
Members of the Independent Petroleum Association of
America, who will meet in Dallas on June 6, will* be afforded
an opportunity to vote upon the stand - that the association
is to take in regard to the question of pipe line divorcement
and separation of the marketing branch of the industry from
the refining and producing branches.
There are two meas¬
ures, along these lines .now before Congress, and the associa¬
tion seeks a definite answer from its membership on its feeling
ing
as
that control of
.
,
on
the two
total
find
some
questions.
.
#
Members of the organization, who
4,000, have been asked to vote by mail if they
it impossible to attend the meeting.
were no crdue oil price changes during the week.
There
Pricea of Typical Crude per
(All gravities where A, P
Barrel at Welle
I. degrees are not shown)
...
$1.05
—$2.00 Eldorado, Ark., 40...
1.05
1.25 Rusk, Texas, 40 and over..
1.02
Corning, Pa
1.02 Darst Creek
...........
.789
Illinois
1.25 Michigan crude....
1.22
Western Kentucky
1.20 8unburst, Mont
Mld-Cont't. Okla., 40 and above.. 1.10 Huntington, Calif., 30 and over— 1.22
Rodessa, Ark., 40 and above
1.25 Kettleman Hills, 89 and over...— 1.24
2.15
Smackover. Ark., 24 and over.....
.75 Petrolia. Canada
Bradford, Pa
Lima (Ohio Oil Co.)
.........
-
—.
REFINED PRODUCTS—INDIANA
STANDARD LIFTS GAS PRICE S
—PHILLY GAS PRICE "WAR ENDS—TEXAS BULK
PRICES ADVANCE—RISING REFINERY
DOWN
MOTOR
DEMAND
FUEL
GASOLINE
OPERATIONS HOLD
MARKET
WITHDRAWALS—JUNE
FOR GASOLINE
5%
ABOVE 1938
Widespread advances in tank-wagon prices of gasoline
and kerosene throughout the general territory served by the
Standard Oil Co. of Indiana developed this week as the retail
market reflected the broad gains in the Mid-Continent bulk
gasoline price structure during the past few weeks.
Standard of Indiana on May 20 announced that/effective
standard
ments set upon
May 23, it would advance its. tank-wagon prices on
barrels
and premium grades of gasoline to "normal" levels and
would lift the tank-wagon price of third-grade motor
the basis of well depth would provide for 11
daily for a Well 2,050 feet deep, graudating upward
to 50 barrels daily for a well 6,481 feet deep; 75 barrels for
8,558 feet; 100 barrels for 10,348 feet, and a maximim of
142 barrels for a well 12,954 feet deep.
1 cent a
fuel
affecting the Chicago area. The
also disclosed that it will advance to normal, .on
gallon, all
company
also
moves
Financial
3134
May 23, all subnormal tank-wagon prices on standard and
premium gasoline throughout Illinois and Indiana and also
advance its third-grade to normal, or to the limit of 1 cent a
gallon where the market is more than 1 cent a gallon under
normalcy. '
,
| The company also stated that kerosene is being advanced
on the same date to normal with a 1-cent advance provided
where subnormalcy exceeds that figure while tractor fuel was
advanced to normal
3^-cent a gallon higher in areas
the subnormal market figure was more than %-cent.
or
where
Two
days later, the same company announced that, effective
May 27, it would advance through Wisconsin all subnormal
tank-wagon prices on all three grades of gasoline to dealers
and tank consumers to normal or to the extent of %-cent a
gallon where the market was more than that figure below
"par."
Similar advances were made covering kerosene and
May 27,
Chronicle
144,143 barrels for the
California oil at Atlantic and Gulf Coast ports for the week
totaled 237,000 barrels, a daily average of 33,857 barrels
of 56,143 barrels for the week ended May 13
and 34,857 barrels daily for the four weeks ended May 20.
Reports received from refining companies owning 85.8% of the 4,268,000Receipts of
ended
20
May
compared with a daily average
daily
estimated
barrel
potential refining capacity of the United States
as a whole ran to stills, on a Bureau of Mines
the industry
that
indicate
barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week 84,294,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,139,000 barrels during the week.
basis, 3,460,000
DAILY AVERAGE
CRUDE OIL PRODUCTION
(Figures in Barrels)
V
a
tractor fuel.
Four
B.ofM.
than
Calcu¬
State
Week
Change
Weeks
lated
of
1,000
Philadelphia's 3,200-odd gasoline
stations participated in a general advance of 1 cent a gallon
in retail prices of gasoline to 17 cents for regular and 18 lA
cents,
taxes
included, for premium gasoline Monday.
Success of the move, made in an effort to end a long-drawn
price war, hinges on whether or not other retailers join the
advance initiated by the Philadelphia Association of Petrole¬
um Retailers whose membership totals 1,200 operators.
Cheering news also came from the East Texas area where
an increase of
%-uent a gallon was posted Wednesday for
all grades of gasoline by the McMurray Refining Co.
Under
the new price schedule, refinery dock prices, including Federal
and State taxes, are straight run 65 octane, 9% cents a gallon;
cracked, 65-68 octane, 9% cents a gallon; cracked, 68-70
octane, 10 cents a gallon and lead-treated gasoline, 70-72
octane, 10% cents a gallon.
Behind the move was the tight¬
ening of the market due to the withdrawal of crude which had
More
week ended May 13, and 207,821 barrels daily for
May 20.
the four weeks ended
Allowable
Ended
from
Ended
Ended
May 1
May 20
Previous
May 20
May 21
1939
Week
1939
1938
Require¬
~
ments
Week
(May)
f
been available at sub-market levels.
of Mines forecast domestic
demand for motor fuel during June at 50,600,000 barrels,
which is 5% above the actual demand for the corresponding
Bureau
May 20—Standard, of Indiana posted advances to normal
cent a gallon in areas where gasoline and kerosene
or
197,400
+ 300
East Central Texas...
91,800
372,350
+2,200
East Texas
+ 50
409,600
362,250
Southwest Texas—*<-
226,500
+ 1,150
202,050
212,350
+ 3,400
240,850
221,900
Coastal Texas—
Gulf
.08 M
New
Tide Water Oil Co
Shell Eastern....
.07 ^
Gulf
porta
.$.05
-.05^
.06H--07
Chicago
,__.$.07^
.07^
.05 M
04 J* .-05tf
Tulsa
+ 1,050
97,750
63,900
—3,000
60,600
14,700
+ 3,550
159,700
Illinois.
III -)
Eastern (not inch
102,900
_
50,000
Michigan
Wyoming..
64,200
—
Montana
....
Colorado..
16,100
5,200
....
■
d575,000
582,600
...
$.04
Angeles..
+ 5,700
+ 200
+ 450
14,450
3,550
13,350
3,600
""—50
110,650
110,050
99,950
2,813,500 + 31,400 2,882,700 2,479,150
696,600
624,900
614,800
+4,500
Total east of Calif.. 2,842,600
California.—
42,150
54,900
202,850 \ 142,700
101,000
54,000
63,250
49,100
59,250
3,600
cll7,100
.115,500
New Mexico
3,438,400 + 35,900 3,497.500 3,175,750
3,425,200
Note—The figures Indicated above
do not Include
might have been surreptitiously producedi
any estimate,
These are Bureau of Mines calculations of the requirements of
a
of any oil which
domestic crude oil
premises,outlined in its detailed forecast for the month of May.
be supplied either from stocks or from new production, con¬
from crude oil inventories must be deducted from the
Bureau's estimated requirements to determine the amount of new crude to be
based upon certain
As requirements may
withdrawals
templated
produced.
b Net dally
Shutdowns
are
average
basic allowable for the 31-day
»
'
Export allowance of 4,000 barrels included.'
c
RUNS
TO
STILLS
ENDED
<
MAY 20,
■.
*
PRODUCTION
AND
.
Oil Producers.
d Recommendation of Central Committee of California
CRUDE
1.
period beginning May
ordered for the first two Saturdays and all Sundays during May,
total of six shutdown days.
a
OF
WEEK
GASOLINE,
1939
(Figures In Thousands of Barrels of 42 Gallons Each)
Gasoline
Crude Runs
Daily Refining
Production
to Stills
<
Capacity
at
District
Reporting
Rale
Refineries
Daily
Percent
Inc. Natural
Average
Operaled
Blended
Percent
Potential
520
1,466
84,6
615
100.0
"...
149
85.9
107
Indiana, Illinois, Kentucky.
574
89.5
492
419
81.6
284
83.0
316
__
Appalachian
413
83.6
'95.7
«
1,960
'
c996
50.3
126
79.2
543
1,000
89.5
866
96.&
2.628
149
97.3
138
95.2
100
55.0
43
78.2
118
54.2
41
64.1
90.0
510
68.5
1,201
85.8
3,127
85.4
9.858
Inland Texas
California.
Reported
.
.03J4-.05
'
349
116
186
«
•
'
Estimated unreported....._
'
.
1,281.
333
,
1.
'
May 20, 1939
i New Orleans.$.05K-.05H
| Tulsa...
*
.04 -.04^
4,268
3,460
May 13, 1939.,
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I Los
253,700
55,200
215,600
♦Estimated total U. S.:
$.04H
268,000
267,350
54,627
.07
| North Texas.
2,250
263,634
52,900
Orleans-
(Bayonne)
77,100
176,600
—
Rocky Mountain
Other Cities—
Texas
New York—
75,400
192,600
261,600
Total Louisiana....
Texas Gulf
New York—
Warner-Quinlan..
184,100
North Louisiana & Arkansas
lifted H cent in the East
Stand. Oil N. J._$.06H
Socony-Vacuum.. .06
Richfield OIKCal.)
96,200
Louisiana Gulf
were
U. S. Gasoline (Above 65 Octane), Tank Car Lots, P.O.B. Refinery
.08 H
177,050
+ 550
194,000
Coastal Louisiana
Oklahoma, Kansas, Missouri
by the McMurray Refining Co.
*
"
—2,800
73,350
i
North Louisiana
East Coast.
-
18H cents, taxes included, for regular and premium grades, respectively.
New York—
•
+ 450
1,406,100 bl393200 1,285,350 + 16,350 1,371,550 1,193,650
Total Texas.
to 1,
from
May 22—Philadelphia gasoline prices were raised- 1 cent to 17 cents and
k
73,750
28,000
West Texas
r
West Central Texas...
prices were below 1 cent
under normal in its general area, effective May 23.
area
70,250
73,950
82,600
31,050
213,450
98,150
North Texas
Motor fuel exports were set at 4,300,000
barrels, the same figure as actual exports in June last year.
Representative price changes follow:
May 24—Refinery dock prices of gasoline
+ 1,300
Panhandle Texas
month last year.
Texas
174,350
+ 7,500
471,300
155,450
459,500
—700
'
Rising refinery operations held down the decline in stocks
during the week ended
May 20, the American Petroleum Institute's figures disclosed
Wednesday.
The increase in refinery operations lifted the
rate to 85.4% of capacity, highest in months, and 1.6 points
above the previous week.
Daily average runs of crude oil
to stills gained 60,000 barrels to hit a total of 3,460,000
barrels.
This figure is more than a quarter-million barrels
above the desired figure for this time of the year.
Inventories of finished and unfinished motor fuel, reflecting
the seasonal drain as consumption mounts, were off only
586,000 barrels during the May 20 period, totaling 84,294,000
barrels.
This is in striking contrast to the trend at this time
of the year, and is nearly a half-million barrels below the
"normal" decline for the spring.
Gasoline production was
off. 33,000 barrels during the week while stocks of gas and
fuel oils rose 1,288,000 barrels in their normal seasonal
expansion.
:
States
170,350
Arkansas
of finished and unfinished gasoline
The ^United
428,000
152,600
174,550
70,900
455,800
Kansas...:
463,250 + 10,100
82,800
31,250
Oklahoma...
4,268
3,400
11,139
11,172
a3,201
bl0,533
*U. S, B; of M. May 20 '38
Fuel Oil, F.O.B. Refinery or Terminal
*
N. Y.
(Bayonne)—
I California 24 plus D
Bunker C.-.._«—$1.05
"
$1.00-1.25
Diesel
1.651
$0.90
1.45
New Orleans C...
.
Phlla., Bunker C
|
•
a
week's
average,
„
May, 1938, dally average,
b This is
production based on the United States Bureau of Mines May, 1938 daily
c 12% reporting capacity did not report gasoline production.
Estimated, Bureau of Mines basis,
STOCKS OF
FINISHED
Gas Oil, F.O.B. Refinery or Terminal
N.
Y.
(Bayonne)—
27 plus
u:
$.04
I Chicago—
I
i
»
28-30©...,
$.053
FUEL
New York
s
Brooklyn
$.1951 Newark....
195
|
.
Stock of
$.17
176
$.1591 Buffalo
1851
|
Boston
*Not Including 2% city sales tax.
GASOLINE AND GAS AN*D
MAY 20, 1939
UNFINISHED
OIL, WEEK ENDED
$.02J*-,03
Tulsa
Gasoline, Service Station, Tax Included
•
AND
a
Chicago
-
Slocks of Gas
Finished and
Stocks of Residual
Oil
Fuel OU
and Distillates
Unfinished Gasoline
District
At Terms,
At Terms,
Total
Total
Finished
At
in Transit
At
Finished
and
Refineries
and in
Refineries
May 20 Gains 35,900 Barrels
The
daily
American
Petroleum
average gross
Institute
East Coast
estimates
that
the
crude oil production for the week ended
May 20, 1939, was 3,438,400 barrels.
This was a rise of
35,900 barrels from the output of the previous week, and
the current week's figure was above the 3,425,200 barrels
calculated by the United States Department of the
to
be the
total
of the
States
restrictions
imposed by
Interior
the various
May.
Daily average produc¬
tion for the four weeks ended May 20, 1939, is estimated
oil-producing
at
3,497,500
week
ther
ended
during
barrels.
The daily average output for the
May 21, 1938, totaled 3,175,750 barrels.
Fur¬
details
as
reported
by
the
Imports of petroleum for domestic
United
a
daily
States
use
ports for the week ended
average
of
213,571
barrels,
Institute follow:
May 20
totaled 1,495,000 barrels,
with
a
daily
Ind., 111., Ky
Okla., Kan., Mo
Inland Texas..
Texas Gulf
Louisiana Gulf
average
of
468
Rocky
2,181
3,167
3,905
2,345
2,159
21,533
3,594
14,312
7,388
1,642
10,754
2,533
20,235
3,295
13,570
7,108
1,378
9,268
No. La. & Arkansas
232
50
445
2,195
1,050
326
2,587
24
.
37
2,838
1,614
290
3,116
"""627
5,028
"""173
950
19
1,323
192
£34
247
10
563
1,705
101
584
1,623
14,046
15,249
8,607
"1,715
60,772
25,631
73,150
79,244
19,133
6,676
78,921
28,214
4,950
5,050
580
May 20, 1939...
78,100
84,294
al9,7l3
6,676
a81,191
13, 1939...
78,707
84,808
al9,769
6,224
a79,950
81,589
88,825
21,529
Mountain..
California.
.
Reported
Est. unreported
2,270
♦Est. total U. S.:
May
U.
and receipts in bond at principal
compared
Appalachian
and in
Pipe Lines
Pipe Lines
Unjin'd
Daily Average Crude Oil Production for Week Ended
in Transit
S.
B.
of
*
'A
Mines
♦May 20, 1938...
Estimated Bureau
28,214
28,563
of
Mines
basis,
a
>
*109,926
For comparability with last year
figures must be increased by stocks "At Terminals.
&c." in California district.
these
Volume
Financial
148
Record
Chronicle
ESTIMATED
New Gold Production Records Set in South Africa
(In Net Tons)
Russell,
report from Consul General H. E.
a
Commerce.
Week Ended
May 13,
'•
Every mine
the Witwatersrand,
on
well
as
Production of gold in the first quarter of 1939 totaled
ounces, or
163,200
of
compared with the preceding month.
as
ounces in excess
1939
1938
1939
1938
1929
c
c
Anthracite—
Tot.,incl.coll .fuel
a
1,463,000 1,477,000
820,000 20,907,000 17,077,000 26,919,000
187,500
.153,200
241,400
136,700
Dally average..
243,800
246,200
Comm'l produc'n b 1,390,000 1,403,000
779,000 19,861,000 16,223,000 24,981.000
Beehive Coke—
United States total
1,900
2,200
Daily average..
317
367
15,600
2,600
240,700
2,111
420,800
3,691
2,305,600
20,225
Includes washery and dredge coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
c Adjusted to make comparable the number
of working days in the three years.
a
operations,
Non-Ferrous
Metals—Good
Tonnage of Lead Sold
During Last Week—Copper and Zinc Inactive
3,093,652 fine
of that for the corresponding period of
1938, the official statistics show.
1
It is expected locally that weekly exports of gold
bullion during the next
approximate the output of the Band mines, according to
few months will
May 14,
gold producers of all kinds
as
the Band and in other Transvaal districts, reported increases
output during March
Pa.
May 6,
1939
According to the latest official figures, gold
amounted to 1,075,807
fine ounces and exceeded the previous high record of August,
1938, by 28,000 ounces.
The March, 1939, value of £7,960,972 (about $39,000,000) exceeded the previous record
of January, 1939, by nearly £250,000 ($1,250,000).
The
following is also from the Commerce Department's announce¬
Calendar Year to Date
•
output in March of the current year
ment:
AND
ANTHRACITE
PENNSYLVANIA
BEEHIVE COKE
Johannesburg, made public May 18 by the Department of
on
OF
production of gold in South African mines in March
is shown in
both
3135
PRODUCTION
the report.
"Metal and Mineral Markets'* in its issue of May 25 re¬
ported that except for
a
steady demand for lead, the market
for non-ferrous metals was quiet last week.
The situation
abroad showed little or no change, prices in London
being
unsettled most of the week.
Copper, lead, and zinc prices
unchanged here, with tin slightly lower than a week
The lead statistics for April revealed a small gain in
stocks, which exerted no influence on the views of sellers.
Steel operations expanded largely on the settlement of the
coal strike.
The publication further reported:
were
Manchurian
Government
Gold
Takes
Steps
Stimulate
to
Production
_The Government of Manchuria (Manchukuo) is taking
steps to stimulate production of gold during the current
according to
year,
General,
The
May 17.
The Department further reported:
budget for 1939 provides for payment of 1,800,000
subsidies
as
report from the American Consulate
a
Mukden, made public by the Department of Com¬
on
merce
for
gold exploration, the report said.
Government to'produce 25,000.000 yen worth
which is two and
year
To this end, the
Copper
..
5,789 tons, bringing the total for the month to date to 41,428 tons.
The price held at 10c., Connecticut Valley,
Consumers have their
the aim of the
It is
'
.
With the London market for copper unsettled most of the week,
buying
here was restricted to a minimum.
Domestic sales for the week amounted
to
($575,000)
yen
($7,125,000) of gold this*
half times the output of 1938.
a
ago.
curtailment in
was
announced
conda, in Butte.
oly, has been substantially increased.
production over the
new
capital is to be used to
to the
"
;
ground for any
news
that points to
During the last week it
thaj; work will be suspended at the Steward mine of Ana¬
capital of the Manchuria Gold Mining Co., its alluvial gold-mining monop¬
The
ears
domestic production of copper.
Some pf the smaller producers are expected to restrict
summer
months.
The feeling prevails that produc¬
increase the company's present small fleet of dredgers by six large dredgers
tion will be reduced
this year and 11 to be launched in 1940.
balance between output and consumption of copper.
The Manchuria Mining Co., a 50,000,000 yen ($14,250,000)
of the Manchuria
($1,710,000) of gold oh its concessions during 1939. according to the report
figures
Various
subsidiary
Heavy Industries Co., announced early this year that it
planning to produce from 5,000,000 yen ($1,425,000) to 6,000,000 yen
was
sufficiently In the
were
near
future to bring about
circulated privately in the industry during the week
showing "consumption" of copper by fabricating companies.
which
better
a
The figures
usually appear in these columns showed that fabricators shipped
products during April that contained 53,000 tons of copper against 58,000,
tons id March.
Fabricating companies reporting to the United States
Copper Association shipped the equivalent of 48,500 tons of copper in
Gas
April, against 52,350 tons in March.
Utility Revenues Gain for First Quarter
The export quotation showed little variation in the last week, our aver¬
Manufactured and natural gas utility revenues amounted
to
$248,449,900 for the first three months of 1939,
pared
with
$232,750,800
tov
the
corresponding
as
com¬
period
an
Paul
Ryan, Chief Statistician of the American Gas Asso¬
ciation.
announced
was
on
May 24 by
'■ V
same
was
an
$98,-
Lead
business.
for
revenues
The natural gas utili¬
of $149,454,500,
the first three months of
Total
sales
of
102,022,400,000
were
1938.
manufactured
cubic
9.1%
more
This compares with 4,856 tons in the previous seven-day period.
were
first
increase
an
quarter
5.3%.
of
"Natural gas
utility sales for the period amounted to 391,289,300,000 cubic feet, an increase of 9.9%.
Manufactured gas
sales for domestic
uses,
such
as
Natural
crease
of
„
gas
sales
for domestic purposes showed
10.7%, while industrial sales gained 9.0%.
■■
1939 amounted to 134,272 tons, which compares with 132,467 tons in
same period last year.
Re-exports from the United Kingdom in the
the
same
Armament activity is taking fairly large
period last year.
tities of lead,
according to
weekly coal report stated that total production of soft coal
May 13 is estimated at 1,100,000 net tons,
decrease of 1,652,000 tons from the preceding week.
activity tends to offeet this development.
was
Production
of lead
in
Spain is expected to increase this year.
share of Spain's surplus
a
The
week.
•
■
A
-
small tonnage
the price structure
have
expanded
on
reported that produc¬
Pennsylvania anthracite for the week ended May 13
is estimated at 1,463,000 tons, a reduction of 14,000 tons,
or less than 1%, from output in the week of
May 6.
In
comparison with the corresponding week of 1938 (May 14),
however, there was a gain of 78%.
tion of
STATES
PRODUCTION
OF
SOFT
business in
Galvanizing operations in the
here.
buying of consequence.
•
Week Ended
Bituminous Coal
a
of last week.
Calendar Year to Dale d
Metal for near-by
delivery still continues in a tight position.
held at 70% of capacity.
Chinese tin, 99%, was nominally as follows: May 18th, 46.850c.; 19th,
46.850c.; 20th, 46.850c.; 22d, 46.800c.; 23d, 46.700c:; 24th, 48.800c.
DAILY PRICES OF METALS
Electrolytic Cower
Domestic,
Refinery
c
1938
2,752
459
1939
1938
1929
5,023 119,329 116,453 194,854
837
("E. & M. J." QUOTATIONS)
Zinc
Lead
Straits Tin
Export,
Refinery
9.775
9.625
9.775
9.625
May 20
9.775
9.625
St. Louis
New York
New York
St. Louis
48.850
4.75
4.60
48.850
4.75
4.60
4.50
48.850
4.75
4.60
4.50
4.60
9.775
9.625
48.800
4.60
4.50
May 23
May 14
1,083
1,031
1.724
Includes for purposes of historical comparison and statistical convenience the
9.775
9.625
48.700
4.75
4.60
4.50
May 24
9.775
9.625
48.800
4.75
4.60
4.50
9.775
9.625
48.808
4.75
-
Average
refinery.
-
prices
ior
caienuar weth euueu
may
4.75
oic.
4.60
Dumwtiv
9.775c.; export copper, 9.675c.; Straits tin, 48.883c.; New York
Louis lead, 4.600c.; St. Louis zinc, 4.500c.; and sliver, 42.750c,
'The'above
quotations are "M. &M. M's" appraisal of the
markets based on sales reported by producers and agencies.
and
».h* host* nf
semi-anthracite, and anthracite outside of Pennsylvania,
c Revised.
d Sum of 19 full weeks ending May 13, 1939,
corresponding 19 weeks of 1938 and 1929.
4.50
wvi™
x.v.w.
lead,
4 750c ; St
production bf lignite,
b Subject to revision,
Call
Prices
averaged slightly lower during the week, reflecting a slightly easier tendency
Average
183
,
June and July delivery metal was fairly active on May 23.
May 18
a—
1,100
'
Business ih the tin trade was moderate over most
May 22
May 13) May 6
Total, including mine fuel.
Daily average
'
Tin
May 19
1939
Uniteil Kingdom
It was rumored that some
galvanized sheets has been placed in this country for account
of the British authorities.
COAL
(In Thousands ol Net Tons)
1939 b
third-
The price on Prinze Western continued
Tin plate operations
The United States Bureau of Mines
UNITED
;'
Government orders for air-raid protection shelters, which
has brought in some
abroad.
loaded from storage at the mines.
ESTIMATED
.
4)^c., St. Louis.
for
a
Zinc
Business booked in the common grades of zinc was on a modest scale
running at approximately 5,000,000
figures of current production include
A large
production will probably move Into Germany and
Italy, observers here believe.
.
tons
*
,
Industry of Spain is organizing the lead industry by
The Ministry of
bringing producers, manufacturers, and. traders together in a single group.
•
production
quan¬
London advices, but the decline in building
The trade was interested in the firmer market abroud,
but the advance in London was not sufficient to exert any influence on
The National Bituminous Coal Commission in its current
year ago,
'
during the last week, involving 2,790 tons, most of which was for
Weekly Coal Production Statistics
a
.
the contract
the American Smelting & Befining Co., and 4.60c., St.
"
quarter shipment to consumers.
in the week ended
was also
Jan-April period amounted to 2.850 tons this year, against 0,099 tons in
at
.
about in
were
the
in¬
an
Statistics for April
Imports of lead into the United Kingdom during the first four months
cook¬
ing, water heating, refrigeration, &c., were 0.7% above the
same
period of 1938.
Sales for house heating purposes
gained 12.6%, while commercial uses gained 5.5% and in¬
dustrial uses increased 13.4%.
buyers.
Quotations continued at 4.75c., New York, which
of
the
the leading
will not fall below the average of 38,000 tons maintained so far this year.
settling basis pf
than
,
for
gas
feet;
or
■
line with expectations of tjie tirade, and it is believed shipments during May
increase of 3.4% from the
period of the preceding year.
reported
yesterday's
range on
Storage-battery manufacturers,- pigment makers, and sheet lead and pipe
Louis.
ties
The
9.925c. to 9.975c., c.i.f. usual ports.
Demand for lead during the last week totaled 5,990 tons, a good week's
fabricators
The manufactured gas industry reported revenues of
995,400 for the first quarter,
for each day being 9.625c., f o.b. refinery.
business
of
1938,
increase of 6.7%, it
age
eash. New York or
St. Louis, as noted.
major United States
They are reduced to "
A11 nHtvtt at* In MnfA nor nnnnrl
1" "-1
Financial
3136
Chronicle
May
1939, $20.61 a Gross
May 23,
One week ago
One month ago.
One year ago
———
-
1936
Zinc
1932
3M
May 18.-!
40*
—
'
41*ii
41 *
...
24—
41*
3M
Spot
3M
Spot
225*
223
14»i«
47
226
14«i«
47*
47*
46*
226
223*
223*
223*
223*
14*
14*
14*,,
14*i«
14*u
14*
14*
225*
226
—
1930
3M
Spot
47*
41*
41H
41*
41*
41H
41 *
19-—
22.
23
{Bid)
1927
137i«
13*
''
•
13»u
One week
13*
13l*i#
One month ago—
are in pounds
1936
Ingot Production Rises With Ending of Anxiety
The "Iron
Age" in its issue of May 25 reported that as a
result of the settlement of the coal situation and the heavy
bookings of sheets and strip at reduced prices during the
past two weeks, steel operations have gained in some dis¬
tricts, bringing the rate for the industry as a whole to 48%,
a gain of
2^ points over last week.
»
There has been a resumption of activity at several blast
furnaces that were banked during the coal tie-up accom¬
panied by higher operations of by-products coke oven. The
"Iron Age" further stated;
The anxiety over coal supplies was ended with the signing of agreements
between the steel companies which own .coal mines and the United Mine
or
"
in the trade that
the
case
bookings
of automobile
were
nearly as large
as
was
those of last fall, and in
In
bought at the low prices which
Nov.
on
No.
1
1
melting steel
heavy
;
Low
Mar. 28
$14.08
Nov. 22
Mar,30
Dec. 21
Dec. 10
Mar. 13
11.00
June
12.92
Nov. 10
12.67
June
10.33
Apr. 29
9.50
Sept. 25
May 16
7
9
8
6.75
Jan.,
3
Jan. 12
Feb. 18
6.43
July
5
11.25
Dec.
9
Jan.
13-08
Nov. 22
Aug.
17
1938—
5
59.9%
Aug. 29. i. —44.0% Dec. 12.. ^-.57-6%
Sept. 6... —39.9% Dec. 19- —51.7%
Sept. 12— -.45.3%
Sept. 19— —47.3%
Sept. 26— —46.7%
Oct.
3
47.9%
Ocr. 10— —51.4%
Dec. 26„ —38.8%
1939—
Jan.
2
Jan.
9-
16
Jan.
Nov.
Nov.
on
1—47.8%
May
May
May 15
Feb.
Feb.
6- —53.4%
13
Feb.
20.. ...53.7%
Feb.
27
24— -53.7%
31— —56.8%
7
—61.0%
14— -62.6%
21— —61.9%
28— —60.7%
Nov.
3
54.7%
Apr. 10—52,1%
Apr. 17
50.9%
Apr. 24
48.6%
Apr.
30
Ox?t.
Nov.
Mar. 20——55.4%
Mar. 27
.56.1%
Jan.
17— —49.4% Jan.
Oct.
—51.7%
: ...,52.7%
Mar. 13— ..55.7%
23.. —51.2%
Oct.
Cleveland
of
1939—
Aug. 22— —42,8% Dec.
6
"Steel"
Mar.
52.8%
47.0%
8
45.4%
May 22—48.5%
55.8%
6„ —55.1%
the
of
in its summary
iron
and
May 22 stated:
Heavy buying of sheets and strip, induced by recent price slashing, is
expected to retard the -declining trend of steelmaking if not turn the rate
preceding six months.
turn from large expenditures in continuous mills should not even
pay
increased
operations
last
week,
points to 45%.
1*
A measure of
the
for the
picture also is the critical position of non-integrated, sheet mills which are
obliged to pay about as much for semi-finished steel as they have recently
sumers
obtained for their finished product.
has
.
producers
Some
upward,
moderately
although sharp reductions in a few districts lowered the national average
In this
actual cost of rolling the steel let alone return on the investment
During the past week the
17.54
and Chicago.
1938—
steel markets
The aftermath of the price debacle is bitter
chagrin among the steel
companies that two such periods of unbridled competition should have
occurred in about the same manner within eight months and that the re-
(
4
that
5.
22.4%
July 11.
32.3%
July 18
36.4%
July 25—..37.0%
Aug.
1
39.8%
Aug. 8—39.4%
Aug. 15—40.4%
prevailed for a brief period last October.
The extent of the bulge in sheet
production in that half-year period is shown by the fact that, the total
output was about 81% greater than that of the 1,011,682 tons turned Out
in the
Jan.
American
July
generally admitted
manufacturers they may bave been larger.
3,466,211 gross tons, much of which
Dec. 16
Iron and Steel Institute On May 22 an¬
telegraphic reports which it had received
indicated that the operating rate of steel companies having
96% of the steel capacity of the industry will be 48.5% of
capacity, for the week beginning: May 22, compared with
45.4% one week ago, 48.6% one month ago and 29.0% one
year ago.
This represents an increase of 3.1 points or 6.8%
from the estimate for the week ended May 15,1939.
Weekly
indicated rates of steel operations since May 9, 1938, follow:
The
nounced
i.26.2%
27.1%
June 20
-28.0%
June 27—28.7%
the six months ended March 31, total production of all grades Of sheets
was
—
June 13
increasing the rate of steel production during the next few months.
than one mill, but it is
1927.---
June
sus¬
Attempts to estimate the amount of tonnage that was booked during
the recent "bargain days" are made difficult by the fact that many buyers
more
15.90
-
-
fQltt.
"
played a part and will be increasingly important in
made commitments with
7
—
1930.
May
9
30.4%
May 16:—-30.7%
May 23—29.0%
May 31
26.1%
While the freer supply of coal has been the main influence in higher
taining
„•
1932--.
contracts, the
operations this week, the receipt of specifications against sheet and strip
commitments has
6
Jan.
May 14
*
previous
"union shop" clause which prevailed in contracts with commercial mine
having hefen omitted.
Dec.
-
—
—
1933.-..
'
owners
3
13.56
$15.29
—. 15.00
21.92
———
17.75
13.42
I.—-.—.
; 13.00
12.25
—
•
8.50
——
15.00
-----15.25
1934.—-
identical with those existing in
27
5
———————
1935.
Over Coal
on terms
Jan.
Jan.
High
1939
'
sterling per long ton (2,240 lb.).
1937.-
Workers
16.90
13.56
17.83
quotations at Pittsburgh, Philadelphia
14.331
11.25(
1938-.—.----
Steel
16
Aug. 11
(Based
ago----.------——-$14.08j
One year ago—
All
6
Feb.
18.73
Scrap
1939, $14.08 a Gross Ton
May 23.
13*
Prices for lead and zinc are the official buyers' prices for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers'
prices.
July
20.25
13»w
I3uu
Stee
$19.61
Jan.
19.71
———
—
13*
13*
14»is
...
Low
June 21
Mar. 9
Nov. 24
Nov. 5
May
1
Dec.
5
19.73
18.84
17.00
16.90
14.81
18.21
——
—- —
—
and
Buffalo,
Valley
Southern iron at Cincinnati.
———
—————-
1933.......
Electro.
Spot
May
May
May
May
Lead
average for basic Iron at Valley
and foundry Iron at Chicago,
Philadelphia,
—
1935-
Tin, Std.
Copper
on
furnace
$23.25
23.25
-
1937
1934
Copper, Std.
Based
Ton
$20.61
20.61
23.25
High
1938...
Dally London Prices
t
1939
27,
Pig Iron
Copper, lead and zinc quotations are based on sales for both'prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that la, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Deliv¬
ered prices In New England average 0.226c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business In copper sellers usually name a c.l.f. price—Hamburg,
Havre and Liverpool.
The c.l.f. basis commands a premium of 0.325c. per pound
above f.o.b. refinery quotation.
stability has returned to flat-rolled steel prices, but largely
same reason
that the fire goes out after the house burns down.
Con¬
already have covered future needs—some through the remainder
of the year—and are out of the
lifted.
'
-
market, hence the
' r.
pressure
.
.
for shaded prices
"
the transactions
Since business booked at the expense of prices merely has borrowed from
have apparently closed the
the future, no benefit from the standpoint of tonnage accrues to,mills over
insisting that specifications
the long term.
mills have been winding
that took place'during the buying wave and
door to further concessions.
Some mills are
up
•
In addition to'actual loss in dollar volume, this
against low-priced commitments shall be in their hands not later than June
30 for rolling at mill convenience, and in at least one instance, Oct. 31 has
of last fall's price collapse has
been set
repetition
ahd strip but other products as well.
as a
restrictions
deadline for shipments against the tonnage taken.
during the entire third quarter
do not need the steel
specifications
It these
as
now
long
as
as
many consumers and
third
distributors who
$1
a
market.
\
but have revised
ton,
quantity, deductions
so
commoner
grades of steel now have been established for
Announcements
quarter.
were
earlier than usual,
being timed to
quell the serious situation brought about by the chaotic sheet and strip
(the automobile industry for example) will delay
possible.
buyers regarding future stability of quotations, not only op, sheets
Prices'of all the
Net changes in quotations on
bars and flat-rolled, through re¬
visions in quantity deductions ahd
base prices, are slight compared with
official levels of
Following the announcement of new prices on hot foiled carbon and
alloy bars, the makers of cold finished bars have reduced the base quo¬
tations
among
adhered to, rolling of sheets and strip will be fairly heavy
are
further harmful effect in causing skepticism
Substantial increases
ever, over
that the net
a
few weeks ago.
the bargain figures temporarily in effect".
Business not influenced by price
are
shown, how¬
;
price to large buyers is unchanged.
Bolt and nut makers, who are large
users of .bars, have,.not announced
prices for the third quarter but are ex¬
lately, with steel consumption in some districts tending upward slightly.
pected to do
Sales
remain
shortly,
unchanged.
so
Pig iron prices for the third quarter are likely to
"
'
As business stands how: with the steel
companies, they have large
book¬
ago
of
out
despite
warehouse
are
considerations has been fairly steady
steady or
higher compared with
houses are revising their quotations to
ducers.
and
moderate amount of pipe business.
Wire products, heavy plates
and merchant bars are
slow, but it, is expected that bar orders will gain
before the end of June as large
buyers will get the benefit of a $1 a ton
lower price on this
quarter's purchases owing to the change in the base
than
price and the* elimination t)f
quantify deductions.
Fabricated structural steel let tings this week are low at
lpss than
tons, but new projects out for bids call for more than 20,000 tons.
upturn from 16,900 to 20,630, accounted for most of the latest rise.
forcing steel awards
to
are
upward of 10,000 tons and
new
13,006
Rein¬
.
motor
car
Ware¬
,
_
seasonal gain
month have made slightly better
Partly reflecting this situation,
compared with April.
assemblies last week showed an unexpected increase of nearly
The total of 80,145 compares with 46,810 a year ago.
8,000 units.
eral
Gen¬
Motors, boosting output from 27,120 to 31,885, and Ford, with an
ler increased
from 17,690
Chrys¬
17,900, but all others dropped from 10,665 to
to
9,730.
Motor companies are
projects are close
11,000 tons.
models.
A strike at the
!
Retail sales of automobiles $o far this
a
month
conform to changes made by pro¬
ings of sheets and strip, fair bookings of tin plate, structural steel, rein¬
forcing bars and some Unshipped tonnage Of rails and track accessories,
a
a
hesitancy occasioned by the break in mill prices.
some
proceeding steadily with tool and die work for 1940
Heavy shipments of steel for the
for a number of
weeks,
new cars
will not be required
factor that will prevent a sharp upturn imme¬
Briggs plants in the Detroit district, which has forced
70,000 automobile workers into idleness, will curtail assemblies this week
diately in production of the fiat-rolled products booked lately.
but in any event car
production would have been
week owing to holiday shutdowns in
several plants.
70%.
Scrap prices have strengthened 50c.
Cleveland, but
ton at
a
Tin plate specifications retain recent gains
greatly reduced next
Youngstown and 25c. at
or
track material.
Tin plate prices, while
price cutting, have been reaffirmed for third quarter.
Railroad steel markets
are
THE "IRON AGE" COMPOSITE PRICES
with production holding at
Demand shortly will reach its spring peak.
not included in the late
are
unchanged in the centers that are included in the "Iron
Age" scrap composite price, which remains at $14.08.
a
are
slow, with few inquiries active
Some shops
for equipment
closed during the coal mining suspension
reopening.
Great Britain is understood to have closed with mills in this country on
Finished
May 23, 1939, 2.236c.
One week ago
One month ago
One year ago,-
a
Lb.
2.236c.
1
Steel
Based on steel bars, beams, tank plates,
—2.286c.
,2.487c.
wire, rails, black pipe, sheets and hot
rolled strips. These products represent
85% of the United States output.
High
2.286c.
Jan.
3
2.236c,
May 16
1938
2.512c.
May 17
2.211c
.
Oct.
8
.
Mar.
2
1937
'—2.512c.
—
_
1935...
Mar.
9
2.249c,
2.249o.
Dec. 28
2.016o
2.062c.
_
1936
Oct.
1
2.056c
1.945c,
1934...;
„.2.118c.
Apr. 24
1933
,1.953c.
Oct.
3
1,792c
Sept.
6
1.870o
1932.
1930
1.915c.
—
1927
.........2.1920.
Jan.
7
1.962c
2.402c. "Jan.
4
2.212c
.
Mar. 10
.
Jan.
8
.
Jan.
2
May
2
.
.
.
.
Mar. 15
Oct.
Nov.
for 100,000 tons of galvanized corrugated sheets.
Of this
total, 40,000 tons is said to have* been placed with one producer and the
balance distributed among other interests.
29
1
While last week's drop in steelmaking
brought the rate to a new low for
the year to date, output continues well
Low
1939
.
its recent inquiry
above the 30% figure in effect a
year ago,
Several districts
were up
slightly, including gains of 2 points to
57% at Birmingham, 2* points to 37
at Buffalo, and
AH points to 50
at Cleveland.
,
Pittsburgh dropped 3 points to 33 and Chicago was down 1 point to 45*.
Sharpest declines
were
11 points to 53 at
Unchanged areas were east¬
59, New Engiancl at 45 and Youngs¬
8 points to 44 at Cincinnati:
Wheeling, and 12 points to 39 at St. Louis.
ern
Pennsylvania at 37* Detroit at
town at 42.
Volume
Financial
148
Chronicle
3137
A price reduction at Pittsburgh lowers the scrap
Scrap continues quiet.
composite 16 cents to $13.96, lowest since last October.
ingot production for the week ended May 22 is
placed at about 46% of capacity, according to the "Wall
Street Journal" of May 25.
This compares with 46>2%
in
the
previous week and 48% two weeks ago.
The
1939
Steel
S.
U.
and 46
is
X % two weeks
credited with 48 X %,
the
nearest
The
corresponding
week
of
Week with the
Excess
estimated
H
94
X
X
72 X
—
X
—2
+1
—1H
46
—1
67
—2
_.
previous
Federal
reserves
be
to
of
—
63
—
—1
39
—1
57H
—1H
46
42
35
+2
48
+3
43
+ 2X
—1
44X
—IX
42
—1
73 ^
—IX
79
—1
69
—1
95
—1
99X
—
92X
—
79
—3
82 X
80
—1M
87 X
—4
~IX
..
...
J
of
and related items
banks
condition
statement
leading cities shows
and
of
weekly
credited
in
to
of
following
domestic
follows:
were as
Commercial,
all
from
due
banks,
industrial
reporting member
decreased $22,000,000
Holdings
and at all
bonds
and
of
bought
advances
$
$
4,000,000
and
(not
including
13,000,000
'
-^2,000,000
2,576,000,000
Gold stock
+ 35,000,000
2,859,000,000
balances.
+2,000,000
+3,022,000,000
+158,000,000
+2.381,000,000
—20,000,000
+500,000,000
+ 92,000,000
10,097,000,000
„
—7,000,000
•
....
15,927,000,000
currency
reserve
—4,000,000
........
—5,000,000
Total Reserve bank credit
Money in circulation.
6,893,000,000
Treasury cash
2,646,000,000
-37,000,000
915,000,000
-12,000,000
Loans
bills
decreased
+ 14,000.000
+164,000,000
York
New
Holdings
by
York
+ 398,000,000
loans
of
CENTRAL RESERVE
CITIES
States
$21,000,000
"other. securities"
deposits—adjusted
New York City
$
$
$
$
:
7,940
7,857
7,500
Loans—total
2,795
2,720
2,957
.
$
1,985
535
A
summary of
decreased
,
1,832
1,372
1,369
,123
120
the principal assets
Assets—
•
.
Other
loans
495
111
111
42
40
........
383
notes
„
United States bonds
...
Loans
727
2,121
118
.
r
Other
loans
carrying
for
Other
Treasury bills
Treasury notes
vault
Liabilities—
Demand
12
13
M
210
m
„
J'
625j
...
871
302
818
Report
51
28
28
31
78
77
76
259
239
226
United
Balances with domestic banks..
389
394
500
49
49
51
134
1,446'
7,533
624
76
7,350
6,062
1,641
1,580
621
634
484
484
463
86
140
66
69
116
2,824
2,827
2,343
736
762
663
558
556
275
14
12
6
—
"338
318
16
"16
"19
1.486
1,486
1,488
263
263
Returns
Reserve
of
New York
245
were
for
Member Banks of the
System for
Federal
the Preceding Week
Program
Works
in
of
Switzerland,
International Settle¬
Bank for
the
ments, the principal matter considered was the report for
[President of the Bank. Regarding
the
advices under date of May 8 from Basle to the
"Times" said:
field
of
international
finance,
where
normal
credit
operations
the report declared, the Bank
providing facilities for com¬
and in many countries measures were
impeded by restrictions of all kinds,
International
Settlements assisted
in
mercial
Complete
Public
of
Effect
on
1938 of Dr. J. W. Beyen,
In
""
345
Capital account
+ 2,000,000
States
shareholders
the
the report,
deposits:
Other liabilities
+318,000,000
At the recent ninth annual meeting at Basle,
of
Liabilities—
Borrowings
—9,000,000
of Bank for International Settlements
—Report States That British Exchange Equaliza¬
tion
Fund
Lost £200,000 in
1938—Comment ii^
55
3
+ 958.000,000
Annual Meeting
117
57
—
+ 90,000,000
,
.
Cashin vault.....
banks
+44,000,000
6,690,000,000
633,000,000
2,000,000
Foreign banks
343
Domestic
—16,000,000
56
874
Foreign banks
—38,000,000
—2,000,000
589,000,000
16,681,000,000
Domestic banks-
Borrowings
+2,112,000,000
+38,000,000
5,247,000,000
...
....
'
212
+667,000,000
+300,000,000
+2,245,000,000
+40,000,000
+ 104,000,000
+356,000,000
—62,000,000
+ 15,000,000
—10,000,000
,
deposits—adjusted
J _!
145
Inter-bank
419,000,000
2,671,000,000
......
Balances with domestic banks....
899
-
3,228,000,000
8,352,000,000
65
139
+ 325,000,000
+ 21,000,000
2,031,000,000
68
48
—67,000,000
+ 15,000,000
by
Other securities
341
deposits...
2,030,000,000
6,862,000,000
.,...
Reserve with Fed. Res. banks
in
+ 1,000,000
—7,000,000
-10,000,000
-18,000,000
—1,000,000
-11,000,000
53,000,000
1.519,000,000
412,000,000
fully
589
deposits—adjusted
—48,000,000
—7,000,000
......
982
deposits
+ 2,000,000
loans
3,136
United States Govt,
+49,000,000
539,000,000
1,150,000,000
Loans to banks
1,032
1,096
Time
—75,000,000
—24,000,000
or
'68
624
2,972
—229,000,000
+ 6,000,000
United States Government deposits
Inter-bank deposits:
128
2,119]
—7,000,000
......
29
48
:
+ 930,000,000
—362,000,000
Real estate loans
4,881
Demand
purchasing
35
13
$
..
in
Time deposits
»
$
3,845,000.000
301,000,000
dealers
securities
1,102
Other assets—net
and
21
424
168)
722
,,
1,030
-
(—)
May 18, 1938
—39,000,000
securities
4,982
United States Government...
Reserve with Fed. Res. "banks..
Decrease
or
—110,000,000
paper...
brokers
359
84
.
386
.
to
Obligations fully guaranteed by
Other securities
of re¬
639,000,000
Open-market
86
204
199
165
Treasury
credited
8,046,000,000
15
447
199
...
New
21,609,000,000
356
purchasing or
bills
(+)
May 10, 1939
$
.
18
,
■
Treasury
in
and liabilities
Increase
May 17, 1939
352
1,546
134
565
"...
member
$62,000,000
542
•
535
and
securities..
reporting
decreased
.
Cash
$
,
1,986
*
banks
all
porting member banks, together with changes for the week
and the year ended May 17, 1939, follows:
guaranteed
United States Government
Chicago
Loans and investments—total..
carrying
increased
Government
at
Borrowings of weekly reporting member banks amounted to $2,000,000
on May 17.
v
Obligations
May 24 May 17 May 25 May 24 May 17 May 25
1939
1939
1939
1939
1938
1938
Real estate loans
City
Holdings of
and $90,000,000 at all reporting member banks.
Deposits
foreign banks decreased $7,000,000 in New York City.
to
United States bonds
(In Millions ol Dollars)-
Loans to brokers and dealers_.
York
City and at all reporting member banks.
cultural loans......
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Otber loans for
"
-
New
in
Commercial, Industrial and agri¬
System for the New York City member
banks and also for the Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
A.
'■
<
at
securities
in
$110,000,000 in New York City
$38,000,000 at all reporting member banks, and increased $29,000,000
Chicago district and $23,000,00Q in the San Franciseco district.
.Deposits credited to domestic banks increased $41,000,000 in New York
Reserve
Commercial,
industrial
agricultural loans
dealers
the
in
Loans
Below is the statement of the Board of Governors of the
Open market paper
$7,000,000
decreased
and
$18,000,000
United
and
Loans—total
Banks in New York City and
*
demand
Since
Chicago—Brokers'
Assets—
deposits
in
reporting member banks.
the
City
Loans and Investments—total
IN
in
'
,
Returns of Member
in
Holdings of United States Government
$11,000,000 at all
Non-member deposits and other Fed¬
eral Reserve accounts.
dealers
$38,000,000
brokers
in New York City.
Treasury
in
to
-268,000,000
812,000,000
Treasury deposits with F. R. bank..
$90,000,000
of
101
ended
increases of
City
*
$12,000,000 commitm'ts—May 24
Other Reserve bank credit.
and
securities,"
and
in
week
and
—5,000,000
v.
.
brokers
to
"other
agricultural
banks.
guaranteed
$9,000,000
Demand
1,000,000
2,564,000,000
U. S. Government securities
obligations
.
May 25, 1938
$
May 17, 1939
May 24,1939
.
.___
(—)
or Decrease
Since
loans
banks
decrease
a
reporting member banks.
decreased
banks.
(+)
in
holdings of
in
amounts
for the
changes
deposits—adjusted.
•
•
discounted
Loans to
1—
banks
member
reporting
principal
$24,000,000
$62,000,000
$104,000,000
an
May 24 will be
the
17: • Decreases
May
securities
May 24
on
approximately. $4,300,000,000,
Increase
Federal
—2
73
business May 17:
The
.
Member bank
X
'76
Federal Reserve System for the week ended with the close
pages 3174 and 3175.
#,
Changes in the amount of Reserve bank credit outstanding
Bills
X
1932 not available
Banks
Reserve
member
on
Bills
28 X
68H
1927
together with
years,
48X
43
1929
percentage of production
increase of $60,000,000 for the week.
The statement in full for the week ended
Treasury
+
.
accounts.
Industrial
89
X
—
changes, in points, from the week immediately preceding:
,
found
+2
X
1930
During the week ended May 24 member bank reserve
balances
increased
$92,000,000.
Additions
to
member
bank reserves arose from decreases of $20,000,000 in money
in circulation, $37,000,000 in Treasury cash, and $12,000,000
in Treasury deposits with Federal Reserve banks, and in¬
creases
of $35,000,000 in gold stock and $2,000,000 in
Treasury currency, offset in part by an increase of $14,000,000 in non-member deposits and other Federal Reserve
were
32
+
1928
The following table gives a comparison of the
with
...
1934
compared with 49% in the two preceding weeks.
the approximate
......
1935
1931
Leading independents are
ago.
42%, against
42
30 X
1936
in the week before
at
X
92X
1937
1933
42>£%
estimated
—
46
__
1938
"Journal" further reports:
Independents
U. S. Steel
Industry
Steel
taken
financial
and
transactions,
to. promote trade.
The
report
pointed
out
that
while the
-
Bank's business was
concerned
foreign exchange and gold for central
banks, it still must endeavor to promote as far as possible regular inter¬
course in currency, credit and trade among the world's nations.
'
In 1938, the report disclosed, the British Exchange Equalization Fund
mainly with purchases and sales of
explpained above, the statements of the New York and
As
Chicago member banks are given out
on
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and
the
£200,000, most of which probably found its
It added, however, that part of this gold since
been returned to France, especially in the last few months.
instead of being held until
lost
gold to the amount of
following Monday, before which time the statistics cov¬
way
to the United States.
covering
the
same
entire body
ering
the
cities
cannot
week,
of reporting member banks in 101
had
Dividend
be compiled.
In the
following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of
reporting member banks of the
The
meeting
elected
two
Galopin
of
new
the
of 6%
Voted
dividend of 6(/0, as in previous years.
It
Vice-Presidents, Kano of Japan's National Bank
voted
a
Belgian
National
Bank.
,
also
and
3138
Dr.
Beyen
the
end
like
to
announced
the
of
leave
Recent
reports
the
criticized
ments,
were
banks had
been
Walter
Funk,
sentative
It
vote
one
and
Germany's voting
President
of
the
Bank
he would
his
successor.
Austrian
taking
out
that
Settle¬
since
these
Czechoslovak
and
banks
remained unchanged.
power
Reichsbank,
the
was
German
repre¬
today.
week ended
States representative.
The "Times" account from Basle also stated that:
which
rise
of
began
in
the
among
measure
favorable
to
influences
achieved
recovery
manifest
itself
in
last
the
that
it
United
June,
profit
were
reduced
in
lines
many
of
The data
fol¬
was
this country,
addressed
annual
this
the
to
United
And
in
forth
sets
which
seek
measures
to
the
•'
"Herald Tribune"
tracing the
about
for
cause
the
in
case
1.
2
The
Bank
says
the
costs
of
decline
in
the
decline
business
in
1937.
It
prices
was
activity
out
too
that
high,
"With
a
chances
Pay Rise Cited
of
one
that
absorbed
the
of
did
main
the
of
the
in
appeared
realize
to
seem
doubt that the rise
no
causes
United States
not
by industry,
extensive
pursuit of
lasting
rent
rates,"
wage
the
of
precipitate
of
second
be
to
purchasing
a
an
purchasing
rose
half
aware
continues,
part of a
by
power
in
power
the
to
as
"it must
York
this
carrying out of
"The
be
not
a
as
as
out
Total for
■'
....
,
A. Total round-lot volume---B. Round-lot
of
line
stimulus
to
policy usually
a
scale,,
of
the most
members
Cent
a
to
but
a
322,630
-
/
657,300
Total
11.76
a
cur¬
200,470
155,040
2. Other transactions initiated on the floor—Bought
trade,"
for
\
334,670
—w
the
nor
with
registered—Bought-—
-
-
—
Total
355,510
-
6.36
as
3.
Other transactions initiated off
Sold
lest
the floor—Bought.
98,215
93,580
.
—
Total
3.43
191,795
dis¬
Total—Bought—
633,355
Bold
571,250
starting pubjiclydemand
consequent
Per
Week
2,793,860
(except
Sold
equilibrium in the
involves
the
and
—
account of
for
•
Transactions of specialists in stocks in which they are
1.
hands
policy of public works intensifies
large
a
transactions
—
■
transactions for odd-lot accounts of specialists and odd-
4.
such
on
(SHARES)
Week Ended May 6,1939
lot dealers):
even
substitute
return
,
ACCOUNT OF MEMBERS*
of
that
Sold.—
a
a
classification.
STOCK TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE FOR
"the
Government
be
helpful
framed
extensive
of
construction
classifications may total more than
received because, at times, a single report maykcarry
been
particularly
inauguration
the functions of the New York Stock Exchange
those of the specialist.^
have
the
Not
overriding
an
registered" are not strictly comparable with data
are
entries in more than one
equilibrium already existing.
,,
which they
Exchange perform
odd-lot dealer, as veil as
the individual'methods of application should be governed
consideration.
Care must be taken
by
the
financed
Curb
-
to
be
general endeavor to bring about
economic system;
"In stocks In
59
621
New York Curb Exchange the round-lot transactions of specialists
Bank,
would
early setback.
much
so
policy of public works
bank
the
says
unemployed
prices of finished articles."
"For
the
the
the
cheap-money policy succeeded in bringing about
a
46
230
——
similarly designated for the New York Stook Exchange, since specialists on the New
,
risk of
same
when costs
recovery
in
number
increasing
distribution
persistent
advance
greater
the public without the
99
Reports showing no transactions.
wage costs,
a
811
198
584
-
the number of reports
be
can
the
the Administration
but
gradual
more
were
1,076
—-------
Reports showing other transactions Initiated off the
Nate—On
in
danger involved
which in the leading industries amounted
to no less than 15% in a period of seven months and
exceeded the simul¬
taneous rise in the priceo of finished articles.
iu the sudden rise in
...
The number of reports in the various
at the outset that there
points
were
4.
year's
a
production
industrial
York
Curb
Exchange
Reports showing transactions as specialists
Reports showing other transactions initiated on the
floor...
*
previous
of last year the
principles which must guide those countries
business recovery through such expansionist
Gradual
»
in
the
was
New
213
received
Total number of reports
of
3.
as
York
Stock
the state of world trade and finance is
on
States,
economic
bring
New
floor
public work.
as
'
Exchange
country from the second half of 1937 to the middle
bank
classified as follows:
business.
the New York
the Bank's comment
report.
and t,he New York Curb Exchange by their respective
of
rates
May 17 said, in part:
Much of
published are based upon weekly reports filed with the New
These reports are
members.
Stating that copies of the Bank's annual report have just
reached
April 29 were given in the "Chronicle" of May 20,
The Commission, in making available the data
May 6, said:
York Stock Exchange
sharp
a
price of securities and the volume of production and
similar recoveries in various other countries, although
by
2978.
the
was
recovery,
by
the
lowed
the
on
for the week ended
This
accompanied
was
page
mentioned
States.
program
1936,
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer." The figures for the
Samuel
Welldon, Vice-President of the First National Bank of
Foremost
with its
to Congress in June,
embodied in its report
director
New York, was the United
large
weekly in accordance
published
being
Otto Niemeyer, Chairman of the Bank and
of the Bank of England, presided at the meeting.
Sir
A.
over
Czechoslovakia,
International
May 27, 1939
Exchange members' transactions of 1,310,623 shares was
21.33% of total trading of 3,072,990 shares. On the Curb
Exchange, member trading for their own account during the
week ended May 6 was 163,930 shares, or 17.72% of total
trading of 462,490 shares; this compares with a percentage
during the previous week of 19.51 % member trading during
that week having amounted to 211,950 shares and total
volume to 543,305 shares.
The data issued by the SEC is in the series of current figures
at
that
by
and
for
pointed
was
the
Germany,
resign
to
today
Austria
of
the
in
roundly.
but
suppressed,
that
banks
interest
intention
be taken regarding
effect
the
to
his
ago
the meeting
told
could
central
controlling
a
central
had
He
decision
a
by
months
several
year.
if
owned
have
would
current
earlier
newspaper
shares
the
Chronicle
Financial
for
Total
may easily lead to a rise in wages. As a natural recovery in the
building trade has proved to be a most reliable—not to
say indispensable—
C. Transactions
——
21.55
1,204,605
-
labor
^
element
may
in
effects
of
From
The
is
a
general
revival
be very detrimental in
the
immediate
of
business,
that
extra
it
may
employmnt in
increase
than
the
in
the
International
Settlements
spending $1,000,000,000
a
Based
the Bank said
on
statistics which
the trend
of
month
on
of Specialists
and
110,380
J. In round lots—Bought
.
Sold
beneficial
trade."
estimated
odd-lot accounts
odd-lot dealers:
building costs
offset
—
-
57,910
-
:
2.
In odd lots—Bought
today that the world
Sold
372,206
420,235
—
-
-
——
-
armaments.
defense expenditures,
Total
were
a
incomplete but nevertheless
resume
said
the
total
cost
of
1
————
792,441
...
STOCK TRANSACTIONS ON THE NEW YORK CURB
war
implements during 1938 was six times that of expenditures in 1928.
Citing Great Britain's 1939-40 defense budget of at least
£630,000,000,
Bank said that
jt represented approximately 14% of the national
ACCOUNT OF MEMBERS*
Week Ended May 6,
•
"Similar
,
(SHARES)
Bank's
tude
analysis
of
Total for
Week
*
proportions
said,
current
are
"and
armaments
found
give
in
an
some
other
indication
of
Total round-lot volume.
A.
countries
the
as
well,"
exceptional
magni¬
B. Round-lot transactions for account
1.
$35,000 of Kingdom of Norway Municipalities Bank
5%
Total....
Trading on New York Stock and New York
Exchanges During Week Ended May 6
An increase during the week ended
May 6 in trading in
the
New York Stock
Exchange for the account of
members, except odd-lot dealers, in relation to total
trading, was made known by the Securities and Exchange
Commission yesterday (May 26).
During the same week,
however, the percentage of trading by members of the New
York Curb Exchange for their own account
to total trans¬
below the previous week ended
April 29.
During the week ended May 6, according to the SEC, the
total round-lot volume of
trading for the account of members
of the Stock Exchange was
—
.;
1,204,605 shares, which was
the Exchange of 2,793,860
preceding week ended April 29 the Stock
on
-
13,160
14,900
11.92
25,580
-----—
Sold
Total
3.03
specialists—Bought—
2.77
82,530
81,400
163,930
Odd-lot transactions for account of
Sold
...
14,655
10,925
—
17.72
38,750
28,963
Total
67,713
'
*
The term
"members" Includes all Exchange members,
their firms and their
partners, including special partners.
Shares in members' transactions as per cent of twice total round-lot volume.
In calculating these
percentages the total of members' transactions Is compared with
a
twice the total round-lot volume
on
the Exchange for
the reason that the total of
members' transactions includes both purchases and sales
while the Exchange volume
Includes only sales.
Brazil
Begins
Payment
was
the
the floor—Bought
Total—Bought
Curb
all
on
Other transactions Initiated off the floor—Bought
Total4.
Member
In
110,290
,
Sold—
C.
shares.
54,715
55,575
28,060
3.
Co.,
21.55% of total transactions
—
—
•
Amsterdam, Holland, in Dutch guilders, at the respective
buying rates of such banking houses for dollar sight
exchange
on New York
City, at the time of presentation.
actions
-
2. Other transactions initiated
Sold
made at the New York office of the Bank
of the Manhattan
Co., successor fiscal agent, or, at the option of the
holder,
at the principal office of either
Hope & Co. or Warburg &
on
------
Dec. 1
The Kiftgdom of
Norway Municipalities Bank has drawn
by lot for redemption on Dec. 1, 1939, at 100 and accrued
interest, $35,000 principal amount of its guaranteed
5% sink¬
ing fund bonds of 1930, due June 1, 1970.
Payment will be
stocks
of members:
Transactions of specialists In stocks in which they are
Sold
on
a
462,490
registered—Bought-
Redemption
Per
Cent
the
expenditures."
Bonds of 1930 Drawn for
EXCHANGEJFOR
1939
the
income.
3.01
168,290
Total.
Basle, May 12, Associated Press advices said
Bank for
showed
an
more
for the
of
Blocked
Credits
Held
by
American Exporters
The Bank of Brazil on May 22 began payment of about
$26,000,000 toward the liquidation of blocked credits held
to the account of American
exporters, it is learned from Rio™
do Janeiro advices May 21 to the New York "Journal of
Commerce."
The
dispatch further said:
Volume
In
Financial
148
making the payments, the central bank will
granted by the United States
few months ago.
a
The additional require-
will be met from various foreign credits held
ments
Francisco Alves dos Santos, Director of
to
a
small commission
payments after the de¬
For American exporters not wishing
charge.
the commission, he said, it
pay
would
possible to obtain
be
60-day
exchange contracts.
Exporters wishing to cash their blocked milreis, it was stated, must give
notice to that
effect within 20 days.
central bank may give
Where notification is withheld, the
60-day exchange contracts.
Payments will be made by 12 commercial banks in the United States.
Instructions have been forwarded to them to make such payments to
ex¬
porters holding blocked Brazilian exchange.
Ambassador Jefferson Faffery declared yesterday that
dation of blocked funds
was one
the prompt liqui¬
of the results of the negotiations earlier
this
The trade agreement reached between the
and Brazil, referred to above, was reported in
of March 11, page
31.7% of
net proceeds, was for new
money uses.
Repayment of
and retirement of securities
accounted for $153,134,000, or
ness
Only $3,629,000,
Practically the entirety of
underwritten, $226,821,000,
underwriters.
United States
these columns
1410.
securities
proposed for sale
was
Offerings to the public characterized the bulk of
April financing, $177,319,000, or 75.2% of the
total, being so offered.
Offerings to security holders amounted to $58,174,000, or 24.7% of the
total, while offerings to all others were only $174,000, or
0.1% of the total.
Excluded from these statistics of effective
registration for April were
four reorganization and
exchange issues with an estimated value of $765»000.
One
long term secured
tee of the bond issue
by
bond
accounted
individual also
an
for
$714,000 of the total
$51,000.
registered,
was
assigned in this instance.
The guaran¬
value being
no
v
TYPES OF SECURITIES INCLUDED IN 33 REGISTRATION
STATEMENTS
FULLY EFFECTIVE DURING APRIL,
Gross Amount
1939
of Securities
Type of Security
,
On May 25 the Securities and Exchange Commission made
public a summary for the week ended May 20 of the corrected
figures on odd-lot stock transactions of odd-lot dealers and
specialists on the New York Stock Exchange, continuing a
series of current figures being published weekly by the Com¬
mission. The figures for the week ended May 13 were given
in these columns of May 20, page 2978.
The data published are based upon reports filed with the
Commission by odd-lot dealers and specialists.
by issuers
96.2% of the total, being offered through
or
offered through agents.
New York Stock Exchange During
May 20
/
on
66.7% of
be used for the purchase
high proportion reflected• the predominance of large
issues, which usually are underwritten.
Only $4,849,000, or 2.1%, was
to be offered
directly by issuers, and only $3,997,000, or 1.7%, was to be
THAT BECAME
Week Ended
was to
This
*
Odd-Lot Trading
1.6%,
or
indebted¬
of securities.
value and two voting trust certificates for the
other
between Brazilian authorities and the American State Department.
year
3139
net proceeds.
by the bank.
Exchange of the bank, yesterday
announced that the central bank would make spot
duction of
Chronicle
the $19,200,000 credit
use
No.
No. of Units
of
Issues
Long-term secured bonds
7
Face Ami.
or
Amount
'
118,600,000
$116991250
83,15*8*366
■
83,5*6*2",305
Short-term secured bonds*
7
Short-term unsecured bonds*
Face amount instalment certificates
......
*6
,
Total
27,9*0*0*362
4,783,229
77,534,441
*6
.....
Certifs. of participation, beneficial interest, &c_.
Warrants or rights
2*6*0*667
27
Preferred stock
Common stock
10,03*4* 012
1,7*65*796
53
......
$307754 148
ODD-LOT STOCK TRANSACTIONS OF ODD-LOT DEALERS AND SPECIAL¬
ISTS ON THE NEW YORK STOCK EXCHANGE WEEK ENDED MAY
Gross Amt. of Securities,
Less Securities Reserved
20,
•
•
SALES
Issuers
Proposed for Sale by
Type of Security
PURCHASES
{Customers' Orders to Buy)
Gross Amt. of Securities
for Conversion
1939
Per Cent
{Customers' Orders to Sell)
Per Cent
Gross
Trade Date
Gross
Amount
May 15
2,234
4,032
3,789
2,694
...
May 16..
May 17
May 18
Shares
....
May 19 and 20—
16,558
Shares
No. Ord.
$2,214,228
57,744
104,969
96,369
67,474
94,236
3,809
Total for week..
Value.
Value
60,836
105,504
$2,085,460
3,657
2,691
97,339
3,347,092
64,247
2,385,041
4,106
99,491
3,437,979
17,165
1938
$116991250
3,704,196
42.1
3.8
83,562*305
Long-term secured bonds
3*0*1
6*3*0
427,417 $14,959,768
Long-term unsecured bonds.
_
Apr.,
Apr.,
1939
1938
$115486250
49.0
4.1
82,6*2*5",805 3*5*1
6*6*9
Short-term unsecured bonds*.
Face amt. instalment certifs.
.
27,900*362
1*0*1
*2*6
2,6*19*,000
47,437,561
...
Common stock
17.1
22.8
34,936,428
Ctfs. of partic., ben. int., &c_
Warrants or rights
Registration of 53 New Issues Totaling $307,754,000
Under
Securities
Act
Became
Fully Effective
During April
Amount
Short-term secured bonds*...
Preferred stock
420,792 $16,277,301
Apr.,
'
2,694
4,017
3,695,192
3,605,473
2,845,165
3,917,243
Apr.,
1939
No. Ord.
1*1
*2*6
14.8
18.2
»■
7.7
1,7*65*796
8.2
0.1
$277657 268 100.0
Total
*0*6
100.0
$235667 483 100.0
100.0
.
The Securities and Exchange Commission announced on
May 25 that a sharp increase in the amount of securities
effectively registered under the Securities Act of 1933 was
shown for April, 1939 when registrations aggregated $307,754,000, according to an analysis prepared by the-Research
and Statistics Section of the Trading and
Exchange Divi¬
sion.
Of total securities registered during April, $235,667,000 was proposed for sale by issuers, which compares
with $62,280,000 in March, 1939 and $91,289,000 in
April,
1938.
The Commission's announcement went
Almost 95%
for sale
Steel
of the comparatively large amount of securities proposed
by issuers in April, 1939
of but
ities
to say:
on
five
for by the registered
was accounted
Indicated gross proceeds
companies.
for
secur¬
National
the
Corp. 3% bonds and the
to 2lA% serial notes yvere $64,500,000,
Z%% bonds $61,381,000, for the Texas Corp.
3% debentures $40,400,000, for the Eastman Kodak Co. common stock
*
Securities having maturity of three years or less are classified as
securities.
OF SECURITIES
TYPES
MENTS
FOR
BECAME
INCLUDED
IN
REORGANIZATION
FULLY EFFECTIVE
'short-term'
FOUR REGISTRATION STATE¬
AND
EXCHANGE ♦
DURING APRIL,
No.
Type of Security
ISSUES THAT
1939
of Approximate Market Value
Issues
April, 1939
Long-term secured bonds
April, 1938
$714,230
_
Short-term secured bonds.b
Long-term unsecured bonds
$251,052
Short-term unsecured bonds.b
Face amount instalment certificates
Preferred stock
.
Common stock
.
277,539
...
Certlfs. of participation, beneficial interest, &e__
Certificates of deposit
...
Voting trust certificates
50,360
for the Gatineau Power Co.
Total.
*
$28,699,000,
debentures
for the Commonwealth
and
Edison
Co.
3H%
convertible
$25,283,000.
c4
sents
market
actual
value
or
1-3 of face value where market
Corp. and the Eastman Kodak Co.—The largest group total was
for the manufacturing industries, namely
$138,124,000, or 58.6%
securities,
because of the sizable issues registered
viously
mentioned—the
Edison
Co.—the
„
*
Inasmuch
of fixed
during
interest
the
Gatineau
c
Includes
and
electric
Co.
utility,
gas
and
with
the
securities,
Gross
this
proceeds
of
class
fixed
$88,210,000,
or
14.8%.
or
35.1%
during April consisted
of security
predominated
interest
49,0%, and $82,626,000 of long term un¬
Common stock amounted to $34,936,000, or
.•
The amount of preferred stock registered
gating only $2,619,000, or 1.1%.
*
was
negligible,
aggre¬
issues with
that
53 securities
33 statements became effective during the month in the gross
$307,754,000 (exclusive of four reorganization and exchange
an
estimated value of $765,000).
Securities registered for the
account of others amounted to
$11,525,000 (of which $6,535,000 was pro¬
posed for sale), the remainder of $296,229,000 representing securities regis¬
tered for
was
not
the account of issuers.
Of this
amount,
however, $60,562,000
proposed for sale by issuers, this total being made
000 of securities
reserved
for
conversion,
meeting of the specialists of the New York Curb Ex¬
with
the
certain
specialists
routine
regulations
and
This meeting,
other meetings which
arrangements on the floor of the Exchange.
it
was
announced,
been called
have
similar to
was
from
time
significance of any kind.
time
to
said:
of the Exchange
and
had
no
unusual
The Public Relations Department
\
■
,
George P. Rea, President of the Exchange, spoke to the meeting urging
on
of
amount
A
„
The detailed breakdown of April registrations shows
registered
Companies
Whose Securities They Handle
change was held on May 18 for the purpose of discussing
bearing securities
aggregated $198,112,000, or 84.1% of the total, comprised of $115,486,000
bonds,
Closer Contact Between Themselves and
37.5%
of long term secured bonds, or
secured
t,
Commonwealth
for virtually all of the remaining amount.
bearing
month.
Repre¬
available,
one statement guaranteeing an issue of securities.
^
by issuers.
Similarly,
by the two utility companies pre¬
Power
all but one of the large registrations
as
a
not
Specialists of New York Curb Exchange Urged to Make
of the total amount of securities proposed for sale
of the total, accounted
was
b Securities having a maturity of three years or less are classified as "short-term"
Chiefly in reflection of the large issues registered by the three manu¬
companies enumerated above—the National Steel Corp., The
shown
$528,591
Refers to .securities to be issued in exchange tor existing securities,
facturing
Texas
$764,590
up of $30,097,$777,000 of securities reserved
closer
the
and
-
and
contact
between
cooperation
the
specialists
companies whose securities they handle on the floor
themselves
and
of the Exchange
suggested that further efforts be made to encourage a mutual rela¬
between the corporations and the specialists themselves.
Mr.
tionship
Rea
commented
regation of
and
assured
Commission
ter
was
on
recent
reference
in
the
press
to
the
matter
of
seg¬
specialists'
responsibilities and the conduct of their business,
them
in his contacts with the Securities and Exchange
that
Washington there
at
was
nothing to
indicate that this mat¬
receiving particular emphasis at the present time.
against the exercise of options, $1,309,000 of securities reserved for other
subsequent issuance, $28,344,000 of securities issued in exchange for other
securities and $35,000 of securities to be issued against claims.
total shown for securities issued in
almost
entirely
from one large
The large
exchange for other securities resulted
issue—$25,095,000 of 4J^%
Governors of New York Stock
Amendment
Baltimore.
After
at
these
deduction items
there remained
$235,667,000 of
proposed for sale by issuers, all but $545,000 of which
After
allowing
for
compensation to
was
securities
for going con¬
underwriters
and agents of
2.0% of gross proceeds, and other issuing and distributing
$4,679,000,
or
expenses of
$1,442,000, issuers expected
to
realize net
Exchange Adopt
Floor Alternates
The Board of Governors of the New York Stock
preferred stock of the Consolidated Gas Electric Light and Power Co. of
cerns.
on
cumulative
proceeds of $229,-
546,000.
the
its meeting
on
Exchange
May 24 adopted, subject to approval by
membership, an amendment to the section of the Con¬
which determines the conditions under which a
stitution
Governor
company
of
the
may
Exchange
be
or
an
officer
of
an
affiliate
permitted to have a floor alternate at
such times as his official duties prevent him from transact¬
.
Notwithstanding the high proportion of senior financing, which typically
been for refunding purposes, effected during
April, $72,729,000, or
has
ing
his usual business on the floor.
rmnncpmpnt
in
the
matter
continued:
The Exchange's
an-
Financial
3140
to
amendment
the
of
effect
The
missions
the Committee
to authorize
is
Ad¬
on
OR
1939
who is not a partner of a Governor or of an officer of
an
affiliated company to serve as a floor alternate for such Governor or
officer if he has no partner or no partner able to act as alternate.
of
tion
The
a
person
Constitutional provision limits floor alternates to partners
The Committee on Admissions, in proposing the amend¬
Board of Governors, stated that it is not the Committee's
use
the authority except in cases where granting of the
the
to
ment
intention
to
clearly justified.
In its opinion, the Committee
stated, the Chairman of the Board is the only Governor or officer of an
affiliate whose present duties might require him to request the privilege
alternate
of
present
lias
companies
time
the
of
none
Governors
officers
or
of
affiliated
alternate.
floor
a,
McC.
William
*.
President of the New York
Jr.,
Martin,
announced on May 24 that the manage¬
ment engineering firm of Stevenson, Jordan & Harrison,
of New York, had been engaged to make a management
study of the Exchange.
The work will be directed by
It. E. Case, a partner of the firm.
The study, which has
already begun, will include an analysis of budgetary con¬
trols and related matters.
The purpose of the study is to
Stock
discover
further
whether
improvements
in
management
organization are possible.
and
Exchange Committee Issues General
Whereby
Members
May
Participate
in
''Package Plans" of Stock Distribution
The
bers
following ruling, as to conditions under which mem¬
member firms of the New York Stock Exchange
and
be associated with so-called "Package Plans" of stock
distribution was issued by the Committee on Member Firms
may
May 19:
on
member
No
ship
in
or
member
or
distribution
the
following features:
At the time
1.
2.
There
3.
Not
each
in
charges,
%
1,674,028
106.79
2-9-33
827,769
94.93
1-20-32
1,028,102
66.02
59.967
7-2-32
540,720
76.15
68.8
Mich
First Nat. Bank in Sea Bright, N. J___
First Nat. Bank, Oxford, N. Y—
Peoples Nat. Bank, Pulaski, N. Y
1-17-33
90.1
86.4
reasonable
five shares
sponsor¬
'
•
be not less
For
of principal
the
firms
purposes
of
one
•
v
Commissions,
company
•
^
be
must
participate in the
a dealer basis.
be
"Unit,"
of such plans or
offering
taxes,
transfer-
Buch
of
"Units,!'
• ■
"Package"
or
the
in
or
mem¬
formation,
plans,
will
sponsorship
or
be
not
manage¬
in the distribution thereunder.
Clearing
House
At the regular monthly meeting on May 24 of the Clearing
House Committee, representing banks in the New York City
Clearing House Association, consideration was given to the
Quinn bill, now awaiting Governor Lehman's signature, per¬
mitting banks to close on Saturdays in July and August, and
its possible effect upon banking operations, relations with
customers, etc.
Regarding the Committee's action an
each
bank has
to
make its
own
decision, supported by
a
House Committee in communicating with the entire membership requesting
meet
before.
probably take two weeks before all the boards of directors
middle of June,
effective date of the
new
11-4-32
420,499
84.98
71.3
.
,
*
Clearing
House
.Transactions
Association
Fiscal
in
"
Year
•
♦
and
-
Maintenance
Intended
to
Credit
of
Clarify
by
and
on
Extension
Brokers—Regula¬
Liberalize Present
The Board of Governors of the Federal Reserve
System
May 14 that on May 22 there would be put
into effect a series of changes in regulations bearing on ex¬
tension and maintenance of credit by brokers, dealers and
members of national securities exchanges, designed to clarify
and liberalize provisions regarding bona fide cash and certain
other classes of transactions not included in margin ac¬
counts.
The announcement issued by the Board of Gov¬
ernors regarding the changes said:
may
on
The Board of Governors of the Federal Reserve System has
Dealers and Members of National Securities Exchanges," for the purpose
clarifying and liberalizing, with appropriate safeguards, provisions that
to
bona
fide
cash
of transactions
effected
not
are
other
in
certain
other
accounts.
The
to
margin
organizations
for
comment
last. November.
It
becomes
effective
May 22, 1939, in the form attached.
The
as
principal changes
made by
the amendment
may
be summarized
follows:
Cash Sales for Customers—When a
broker sells a security for a customer
in a special cash account, without first having
the
obtained the security from
the broker will no longer be required
customer,
by the regulation to
get the security within a period of seven days, or within any
period.
sale
Such
by
a customer in a
a
special cash account is forbidden.
0. D. Basis—When a broker buys a
customer in a special cash account and the transaction is
him promptly against payment, the
the
regulation
a
to
obtain
payment
period of seven days.
is fixed
other specified
sale cannot be a short sale, since the making of a short
a
the type in which the customer arranges to
but
have to be postponed until
and
securities
in
transactions
that
amendment, in tentative form, was submitted to securities exchanges and
can
which would be two weeks in advance of the
amended its
Regulation T, entitled "Extension and Maintenance of Credit by Brokers,
within
and, in consequence, definite action
about the
89.1
Cash Purchases for Customers on C ,
that they be advised of the decision of each bank.
will
88.95
91.15
of exchanges,
case
security for
resolution of the board of directors, under the terms of the bill, the Clearing
It
92.28
1,307.863
one day happened 'May 23, 1938,
and March 27, 1939 in the ease of
balances; May 9, 1938 was the corresponding date in the
Exchanges were made on
previous year, in both instances.
292 days in the year just ended and on 300 days in the year
'
announcement in the matter said:
as
1.236,431
2-17-30
transactions in
amount of
in the
of
Postpones Action on Bill
Permitting Banks to Close on Saturdays in July
and August—To await Members' Decisions
Inasmuch
92.34
10-30-44
$1,318,186,466,/respectively, in the preceding fiscal year.
The largest single day's exchanges occurred on Jul# 5, 1938,
and the largest balances on April 25, 1939; in the previods
year, both peaks were reached on June 3,1937.
The smallest
classes
York
94.85
of the Northern New Jersey Clearing
ended May 18, shows total
The annual report
relate
New
979,658
97.35
House Association for the year
sale of securities for non-members
or
"Group"
participation
a
transfer
execution by members
mere
1-8-34
2349.
Jersey
New
announced
:
on
of this rule, the
100.0
liquidation of National banks completed during March appeared
Reports
Smaller
Ended May 18
tions
distribution.
orders for the purchase
operating
are
deemed -to
not
may
99.95
110.6
Provisions
any
offering.
"Packages"
or
72.4
1-23-32
full to creditors.
and interest in
April 22, issue, page
Northern
$500.
than
the stock of
differentials,
80.02
105.26
agent elected to continue liquidation after payment by receiver
Reference to the
in our
97.95
533,828
1,041.340
of Rensselaer,
Shareholders'
x
915,571
10-5-31
Rensselaer,
First Nat. Bank, Crafton, Pa
First Nat. Bank & Tr. Co., Hamburg,
First Nat. Bank, Gaffney, S. C..—...
Farmers Nat. Bank, Gonzales, Texas.
diversification.
of
4-25-34
Federal Reserve Board Issues New Rules
charges in addition to the round-lot price of the included
in excess of 10% of such round-lot price.
This charge
odd-lot
Members
ment
must
6-18-34
245,189
305,232
Bank, Algonac,
Bank
85.7
plan -contains at least the
*
.
%
111.64
%
.
5-10-34
offering, the total price of the package to the
if any, and costs of
"Groups"
who
,
initial
such
unless such
to All
Lincoln, 111
Nokomis, 111
Oskaloosa Nat. Bank, Oskaloosa, Iowa
Farmers Nat. Bank in Vinton, Iowa_ _
"Package" plan
must not be
include
must
ber
than
The total
5.
*
of
be
must
less
included
4.
participate in the formation,
may
thereunder,
including charges,
investor,
shares
firm
management of a so-called "Unit" or "Group" or
or
Declared
to Total
Liabilities Claimants
exchanges for the period of $1,364,547,920 and balances of
$1,093,925,486, as compared with
$1,585,621,880 and
New York Stock
Rules
Dividend
bursertt't8
Lincoln Nat. Bank,
x
Exchange,
methods
Per Cent
Total Dis-
Including
Offsets
Nokomis Nat. Bank,
Nat.
Management Study of New Ycrk Stock Exchange to Be
Made—Will Include Analysis of Budgetary Controls
Per Cent
bursements
of
Failure
of Bank
Allowed
First Nat.
alternate.
the
At
is
privilege
floor
a
Total Dis¬
Date
Name and Location
present
Governors.
of
1939
NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
RESTORED TO SOLVENCY DURING THE MONTH OF APRIL,
INSOLVENT
subject to certain prescribed conditions, the designa¬
approve,
May 27,
Chronicle
broker will no longer be required by
(and
consequently to make delivery)
The time limit is not altogether removed,
The broker is not permitted, however, without
35 days.
at
of
have the security delivered to
/the permission of an appropriate committee of a national securities exchange,
give the customer more than seven days if the customer, for any reason
»to
law.
-
whatever, has failed to settle with him promptly in full on any cash transr
A similar bill is
now
before Governor James of
Pennsyl¬
having completed action on
vania for approval, the Senate
the measure on May 25.
action during the
broker
or
or
of
13 Receiverships of National
Completed During April
Banks
announcement further said:
ency,
aggregated
liabilities,
average
or
an
unsecured creditors
average
received
return
of 80.91%
dividends
depositors
Total dividends paid' and
of all receiverships from,March
April 30, 1939, amounted to $941,432,417-
Data
as
receiverships finally closed during the month
ber of
a
make
ner
in
a
a
of the trade.
Exchange to Another—A new provision has
national securities exchange to
enabling the borrower, in his capacity
making of a loan by one mem¬
another member for the purpose of
as
a
partner in a
member firm, to
Unless the loan is by one part¬
contribution of capital to his firm.
firm to another partner in the same
firm, however, it must be ap¬
proved, in accordance with conditions specified in the amendment,
appropriate
of the
committee
that if the firm is
amount of such
one
exchange,
that does any dealing
and
one
of these
by an
conditions
is
in securities for its own account,
of enabling the firm to increase the
dealing.
Stock
an
Dividends distributed to creditors of all active'receiverships during the
tion of
an
of
Money in the
Country
The
month of April, 1939, amounted to $3,551,630to
Member of
of total
amounting to
of 68.19% of their claims.
distributions
Loans by One
1,302 receiverships, exclusive of the 42 restored to solv¬
$559,887,557,
while
allowed, to depositors and other
seven-day limitation,
provided the transactions are in good faith for
the loan must not be for the purpose
Total disbursements, including offsets
creditors of these
general public, are relieved from the
any similar limitation,
•
from transactions and
prompt settlement in accordance with the ordinary usage
been added to the regulation to facilitate the
During the month of April, 1939, the liquidation of 13
receiverships was completed and the affairs thereof finally
closed, it was announed on May 17 by Preston Delano,
Comptroller of the Currency. This makes a total of 1,302
receiverships finally closed or restored to solvency since the
Banking Hobday of March, 1933.
The Comptroller's
,
Dealers—Cash transactions between
or
dealer and another, as distinguished
relations with the
Liquidation
preceding three months.
Cash Transactions Between Brokers
one
16," 1933, to
to results of liquida¬
are, as
follows:
Treasury Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and
agents.
The figures this time
Volume
are
Financial
148
Chronicle
for April 30,1939, and show that the
money
that date (including, of
in circulation
at
course, what is held in bank
vaults of member banks of the Federal Reserve
System) was
$6,905,036,746, as against $6,817,124,386 on Mar. 31, 1939,
and $6,397,263,256 on
April 30, 1938, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
of the World War, that
is, on June 30, 1914, the total was
only $3,459,434,174.
The following is the full statement:
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HOLC
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the Treasury Morgenthau, on
£ Home Owners' Loan Corporation, offered
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through the Federal Reserve Banks
p
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V/2% Bonds, Series M-1945-47, in Ex¬
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1939-49, Called
for
Redemption Aug. 1—Subscription Books Closed
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crwRtl wtth^h J^vac al elation. "Gold certificates" as herein used Includes
Trea8USerxr0f ,the Unlted States payable In gold certificates. Federal
tcserfe honl notes and
bank
National bank
o
$
3141
Series
B
demption
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to the holders of
2%%
bonds, 1939-49, of the Corporation, called for re¬
on Aug. 1, 1939, the
privilege of exchanging such
redeemabie bonds for
1
new
%% bonds, Series M-1945-47
ot the
Corporation.
The new bonds will be dated and bear
interest from June 1, 1939 and will
mature on June 1, 1947
but may be redeemed at
the option of the Corporation on
and after June 1, 1945.
Exchanges will be made at par and
aecrued interest to June
1, 1939 on the called bonds will be
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Department Circular No. 610
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Due June 1,
par and
1, 1945
1
and
1947
Accrued Interest
<r
Dec.
1
Offered only in Exchange for Home Owners'
Loan Corporation
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Public Debt
Redemption
on
Aug.
Series B,
1,
1939
Treasury Department,
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Service
Office of the Secretary,
•
Washington,May 22,1939
,;
I.
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M-1945-47
Option of the Corporation at
on
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HOME OWNERS' LOAN
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additional amount
an
May 24.
exchange offering, in which the HOLC offered
%% bonds, Series K-1940, due May 15, 1940, and
'-A%
bonds, Series L-1941, due May 15, 1941, for its
1%% bonds
fi ^®hies F-1939, maturing June 1,
was reported in our issues
of May 13,
page 2820 and May 20, page 2980.
Reference
t° the call for
redemption of the 2%% bonds, made May 18,.
was also made in our
issue of May 20, page 2980.
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maturing
exchanged at this time
subsequently be offered for cash. The tenders
ottering were invited on May 22 and Secretary
Morgen¬
announced that
evening that subscription books would
close at the close of business
A previous
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Corporation, invites subscription, at par, from the people of the
United
States for bonds of the HOLC,
designated lj^% bonds of Series
payment of which only HOLC Series B,
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1939-49, not tendered and accepted
II. Description
of
Bonds
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redemption given in such
case
of
manner
as
the
Corporation shall prescribe.
partial,redemption, the bonds to be redeemed
will be determined
exempt, both as to principal and interest, from all taxation (except
surtaxes,
estate, inheritance, and gift taxes) now or hereafter imposed
by the United
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any District, Territory, dependency, or possession
thereof, or
or
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an^ State, county, municipality, or local taxing authority.
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(1)
the
bonds
are
fully
and
unconditionally guaranteed
"
Gold
Federal Reserve notes in the amount of $8,346,079.
d Includes $1,800,000,000 Exchange Stabilization Fund and
$142,322,869 balance
of Increment resulting from reduction in weight of the gold dollar.
•
Includes $59,300,000 lawful money deposited as a reserve for Postal
4.
both
as
to
by the United States of America, which guaranty
is expressed on the face of each bond.
This total includes credits with
certificates in
These
interest and principal
'
the Treasurer of the United States payable In
Certificate Fund—Board of Governors, Federal
Reserve System, in the amount of $10,279,275,185, and (2) the redemption fund for
e
B,
2. These bonds are issued under the
authority of the Home Owners'
Loan Act of 1933, as amended, which provides that these
bonds shall be
•
b These amounts are not Included In the total, since the gold or sliver held as
security against gold and silver certificates and Treasury notes of 1890 la Included
under gold, standard silver dollars, and sliver bullion, respectively.
c
to
may
by such method as may be prescribed by the Corporation.
From the date
of redemption designated in
any such notice, interest on the bonds called
for redemption shall cease.
*.
1
Does not Include gold other than that held by the Treasury.
gold
as
The bonds will be dated June 1,
1939, and will bear interest from that
In
1
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conditions
•,
of
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bonds
The right is reserved
and
principal amount
They will mature June 1, 1947, but may be redeemed
of the HOLC on and after June 1, 1945, in whole or in
part,
par and accrued interest, on any interet day or
days, on 2 months' notice
1
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terms
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upon such
of the
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cash
The amount
becomes payable.
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be tendered.
may
M-1945-47,
1939-49, called
date at the rate of 1 ^ % per
annum, payable semiannually on Dec. 1, 1939,
on June 1 and Dec. 1 in each
year until the
CO
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for
1939,
bonds,
will be limited to the amount of HOLC
1939-49, tendered and accepted
%
the amount of bonds of Series
US
©
i-
4.
4.
4-
I
©
ft
I
©
©-©
O ©
©
to
4.
CO
B„
hereunder.
tk
,
J-d J— © 4. 4- J
"© "-4 "© "© V'-J l
Aug. 1,
be
prescribed by the HOLC with the approval of the
Secretary of the Treasury,
an additional amount of
bonds of Series M-1945-47
approximately equal
tor
©
CO
©
4.
on
offering under this circular
©
4»
©
redemption
...
Bearer bonds with interest coupons attached will be issued in
denomina¬
tions of $25,
registered
$1,000,
as
$50, $100, $500, $1,000, $5,000, $10,000 and $100,000. Bonds
to principal and interest will be issued in denominations of
$5,000,
$10,000 and
$100,000.
Provision
will
be
made
for
the
interchange of bonds of different denominations and of coupon and registered
bonds, and for the transfer of registered bonds, under rules and regulations
prescribed
by/the Corporation.
Saving's
III.
Subscription and Allotment
deposits.
1.
f The amount of
Subscription will be received at the Federal Reserve banks and branches
gold and sliver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the
Treasury
and
to arrive at the total amount of money in the United States.
generally may submit subscriptions for account of customers, but only the
& The money in circulation includes any
paper currency
held outside the
con¬
tinental limits of the United States.
as
a reserve for
United
States
notes and Treasury notes of 1890—$156,039,431 in gold bullion; (11) as
security for
Treasury notes of 1890—an equal dollar amount In standard silver dollars (these
are
being canceled and retired
receipt); (ill)
security for outstanding
silver certificates—silver in bullion and standard silver dollars of a
monetary value
equal to the face amount of such silver certificates; and (iv) as security for gold
on
notes are secured by the deposit with Federal Reserve agents of a like amount of
or of gold certificates and such discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1939, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
at any
2.
as
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first Hen on all the assets of the Issuing Federal Reserve bank.
Federal Reserve
gold certificates
to close
Treasury
Reserve
Federal
act as official
Note—There Is maintained in the Treasury—(1)
Dotes
the
at
Department,
banks and
agencies.
the books
the
Washington.
Treasury
Banking
Department
The Secretary of the Treasury
as to any or
all subscriptions
are
institutions
authorized
reserves
or classes of
to
the right
subscriptions
time without notice.
The
Secretary of the Treasury
reserves
the right to reject any sub¬
scription, in whole or in part, to allot less than the amount of bonds applied
for, to make allotments in full upon applications for smaller
to
make
reduced
amounts, or to
allotments
adopt
any or
upon,
or
to
reject,
all of said methods
or
full.
for
and
larger
such other methods of
allotment and classification of allotments as shall be deemed
in the
final.
amounts
applications
by him to be
public interest; and his action in any or all of these respects shall be
Subject to these reservations, all subscriptions will be allotted in
Allotment; notices will be sent out promptly upon allotment.
IV.
Payment at par
1.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
following morning.
1939, or on later allotment, and may be made
2%% bonds of Series B, 193^-49, which will be accepted
and should accompany the subscription.
Subject to the conditions
of the next succeeding section, containing instructions with respect to the
at par
bonds, accrued interest from Feb. 1, 1939, to June 1,
surrender of called
1939, ($9.116022 per
gain from the sale or
all taxation, except
bonds of Series B, 1939-49, in coupon
Treasury Decision 4550, ruling
for IIOLC bonds offered hereunder, should be
form tendered in payment
shall be allowed as a
of any
Aug, 1, 1939, and all coupons bearing subsequent data
bonds when surrendered, and if any such coupons
to the face amount
<
Treasury bills and govern the conditions of their
prescribe the terms of the
issue.
Facilities for transportation of bonds
be arranged between incorporated banks
and trust companies and the Federal Reserve banks, and holders may take
advantage of such arrangements when a vailable, utilizing such incorporated '
and risk of the holder.
No. 418, as amended, and this notice
Department Circular
Treasury
be accompanied by cash payment eques
of the missing coupons.
The bonds must be delivered
missing, the subscription must
at the expense
hereafter imposed by the United States or any of its
tax now or
possessions.'
should be attached to such
are
that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
deduction, or otherwise recognized, for the purposes
gift tax.)
presented and surrendered with the subscription to a Federal Reserve bank
or branch or to the Treasurer of the
United States, Washington, D. C*
Coupons dated
and any
other disposition thereof will also be exempt, from
estate and inheritance taxes.
(Attention is invited to
bills will be exempt, as to principal and interest,
The Treasury
Surrender of Called Bonds
Coupon bonds—IIOLC 2%%
1.
May 31, 1939.
$1,000) will be paid following acceptance of the bonds.
V.
the
follOAV as soon as possible thereafter, probably on
ceptable prices will
Payment
for bonds allotted hereunder must be made or com¬
pleted on or before June 1,
only inTIOLC
May 27,
Chronicle
Financial
3142
•
'•
.
by registered mail insured may
for HOLC bonds offered hereunder, should be
assigned by the registered payee or the assignee
hereafter set
thereof in one of the forms
Federal Reserve bank or branch or to the Trea¬
with the subscription to a
Division of Loans and Currency, Washington, D. C.
delivered at the expense and risk of the holder.
If the
Department,
sury
The bonds must be
if
be to
new
bonds of Series
on
♦
Roosevelt Urges Cooperation of Public and
President
M-1945,47 in the name
Private Power Interests
bonds in coupon form are desired, the assignment
Loan Corporation in payment for HOLC
"Home Owners'
President Roosevelt
M-1945-47 in coupon form to be delivered to__
yesterday (May 26) urged the
coopera¬
of public and private power interest in coordinating
facilities better to serve consumers and investors, in a memor¬
tion
of accrued interest on registered bonds will be drawn in
Checks in payment
other craft. Reference to the Senate passage of the
May 18 and House acceptance of Senate amendments
May 19 was made in our issue of May 20, page 2983.
should be to "Home Owners' Loan
Corporation in payment for HOLC bonds of Series
of
the
on
M-1945-47"; if the new bonds are desired regis¬
for HOLC bonds of Series
tered in another name, the assignment
should
bill
should be to "Home Owners' Loan Corporation in payment
the assignment
signed
have
to
many
the bonds surrendered,
bonds are desired registered in the same name as
new
reported
was
$773,049,151 Naval Appropriation Bill of 1940 on May 25.
This, measure, the largest in peace-time history, provides
funds, for the purchase of several hundred airplanes and to
start construction of two 45,000-ton battleships as well as
be presented and surrendered
forth, and thereafter should
Roosevelt
President
Registered bonds—HOLC 2ZA% bonds of Series B, 1939-49, in registered
2.
form tendered in payment
Naval
Roosevelt Signs $773,049,161
Appropriation Bill
President
banks and trust companies, as their agents.
accordance with the assignments.
andum which he sent to Chairman of the House and Senate
VI.
General
indicated by the Secretary of the Treasury
■
!
n
HENRY
..
1
•
'
,
•
possible cost."
on a new
for early agreement between the United States
St. Lawrence waterways treaty.
He suggested that early action on the
ment of
•
untapped
Power Authority's plan for develop¬
of the St. Lawrence and Niagara Rivers
power resources
through a State wide
and their coordination with existing private systems
MORGENTHAU, JR.,
transmission network would be of great value to
Secretary of the Treasury.
"
.
,
'
and Canada
the
Reserve
will be communicated promptly to the Federal
which
of expansion in order to make possible the widest possible use
program
He also expressed hope
time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing
families*,
a
of electricity at the lowest
bonds.
The Secretary of the Treasury may at any
offering,
iri
and they may issue interim receipts
full-paid subscriptions allotted,
2.
willingness of the private utilities to cooperate with the Government agencies
for bonds allotted, to make delivery of bonds
pending delivery of the definitive
"obviously drafted to test the
Roosevelt noted that the report was
Mr.
Reserve banks of the respective districts, to issue Allotment
notices, to receive payment
of the annual
said United
added:
copy
a
report of the New York State Power Authority,
Press advices of May 26 from Washington which
receive subscriptions, to make allotments on the
and up to the amounts
basis
to the Federal
with
Military Affairs Committees,
Federal Reserve banks are au¬
As fiscal agents of the United States,
1.
thorized and requested to
on
Provisions
the Nation.
He said that the development of the St. Lawrence resources
$397,220,000 Received to Offering of $100,-
Tenders of
000,000 of 91-Day Treasury Bills—$101,001,000
Mr.
tendered to the, offering of
$100,000,000, or thereabouts, of 91-day Treasury bills dated
May 24 and maturing Aug. 23, 1939, it was announced on
May 22 by Secretary of the Treasury Morgenthau.
Of this
amount, Secretary Morgenthau said, $101,001,000 was ac¬
cepted at an .average rate of 0.005%.
\
The tenders to the offering of Treasury bills were received
$397,220,000
Roosevelt
suggested
the
that
New
York
Power
Authority
pro¬
posals "may prove an important step toward securing the cooperation
cepted at Average Rate of 0.005%
A total of
of war."
case
Ac¬
would "be
important contribution toward eliminating possible power shortages in
an
of
private power interests in reducing the cost of electricity to the consuming
was
public."
•
-♦
'
♦
•
■
'
"
■
.
'A
President Roosevelt and President Somoza of Nicaragua
-
Sign Commercial Agreement—Export-Import Bank
to Grant $2,500,000 Credits
.
,
at the
A
Federal Reserve banks and the branches thereof up
(EST), May 22.
Reference to the offering ap¬
peared in our issue of May 20, page 2979. The following
regarding the accepted bids to the offering is from Secretary
Morgenthau's announcement of May 22:
Total applied for
$397,000,000-
,
Total accepted $101,001,000-
Range of accepted bids:
High
,
ioo
Low.
'
'
.
■
.
99 998 equivalent rate approximately 0
...
■
:'
008%
Somoza,
May 22 at
the Ex¬
port-Import Bank of Washington will extend to Nicaragua
$2,500,000 in credits to improve transportation facilities and
to set up a revolving fund for exchange purposes.
The
following regarding the program is from Washington ad¬
vices, on May 22, to the New York "Times":
Washington.
.
As
99.999 equivalent rate approximately 0 005%,
Average price
by
New Offering
of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills—To be Dated May 31, 1939
Tenders to
of
a new
offering of $100,000,000,
91-day Treasury bills
were
or
thereabouts,
received at the Federal Reserve
banks and the branches therof up to 2 p. m.
(EST), yester¬
In
its
day (May 26).
The tenders to the offering were invited
May 23 by Secretary of the Treasury Morgenthau.
The
bills were sold on a discount basis to the highest bidders.
They will be dated May 31 and will mature on Aug. 30,
1939; on the maturity date the face amount of the bills will
be payable without interest.
Their is a maturity of a similar
issue of bills on May 24 in amount of $100,782,000.
In his announcement of the offering Secretary Morgenthau
said:
commercial
(the bills)
of
will be issued in bearer form only, and in amounts of
$1,000,
$10,000,
$100,000,
$500,000,
and
$1,000,000
(maturity value).
No
tender
for
amount
tender must be in multiples of
less
than
$1,000.
$1,000
will be
considered.
and
set
up
Baiik
for
the
99.125.
on
agreement
White
another
with
House
Export-Import Bank,
investment of American capital
the
the
of
1918.
.
Roosevelt
a
board
study' the
to
east
coast
military
,
•
.
.
agreed:
of
army
feasibility
the
with
purposes
more
and
'
V
•.
and an officer of
trans-Niearaguan water¬
engineers
of
a
densely
with the
populated interior
for
Pacific coast.
the Export-Import
arid equipment "for
projects."
To make available
through the Export-Import Bank a revolving fund
up
to $500,000 to bridge seasonal deficiencies in export collections and
for
making prompt payments on its debt in this country as well as
prevent fluctuation of its currency in foreign exchange.
To consider the loan of American
agricultural exports for the study and
the
credits of
as
of
much
as
$2,000,000 through
in this country
purchase
construction
highways
and
of machinery
other productive
development
of non-competitive agricultural products, such as manilla
hemp and rubber, to complement production in the United States.
to
act
Guard,
detail
as
qualified
a
director
such
of
officer
establishment
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g.,
on
the
To
the
an
the
the
at
President
encourage
of
Nicaragua
corps
to link
To
They
denominations
to
medical
way
bonds
President
return,
send
released
Pierson,
to
of
terms
knowledge and to provide adequate'dollar exchange to holders
customs
To
.
on
its
the
letters
Lee
undertakes
and technical
of
the
in
Warren
Nicaragua
President of Nicaragua,
Under
forth
set
signed
(13% of the amount bid for at the low price was accepted)
signed by President Roosevelt and General
was
Anastasio
to 2 p. m.
the United States and
commercial agreement between
Nicaragua
of
officer
the
to
a
to
military
make
be
designated
academy of
certain
by
the
preliminary
the War
Department
Nicaraguan National
studies necessary for
military aviation school for Nicaragua.
An item regarding President Somoza's arrival in Wash¬
ington appeared in our issue of May 13, page 2836.
Fractions must not be used.
Tenders will be accepted without cash
and trust companies
ment
of
securities.
deposit from incorporated banks
and from responsible and recognized dealers in invest¬
10% of the face amount of Treasury bills applied for, unless the tenders
are
accompanied by an express guaranty of payment by an incorporated
bank
or
trust company
.
Immediately after the closing hour for receipt of tenders on May 26,
1939, all tenders received at the Federal Reserve Banks or branches
up to
thereof
the closing hour will be opened and public announcement of the ac¬
President Roosevelt Says Tax Discussions
Are Progressing
Tenders from others must be accompanied by a deposit
President
Roosevelt remarked that tax discussions
were
getting along very well when he was asked yesterday (May
26) to comment on congressional efforts to speed a limited
revision of corporate levies said Associated Press dispatches
from Washington May 26.
In part, the advices continued:
Volume
Financial
148
He did not reply directly when asked whether the
Chronicle
agreements
projected tax legislation
whether
two-year
would be confined to so-called nuisance and corporation taxes, or
instead that he had
which
He told his press conference
it would deal also with personal income taxes.
things were getting
better not go into details because
crat, of New York, providing Reconstruction Finance
loans
small
to
business
Mead 'forecast
Senator
men.
prompt
with
Administration's
Treasury, the
He said he had received statements favoring it from the
bill would place a $1,00"*,000 maximum on a loan.
flat
dividends, and the
basis
tional money retained.
improper
The
The
retained and 35% on any addi¬
President
Is
Roosevelt
of
Hull,
Opening
Hull
incident
the
to
of Foreign Trade Week,
opening
declared
pacific intercourse is still the ideal of most of the
world, and "is the dominant purpose of the foreign policy
States."
The celebrations in connection with
Foreign Trade Week, he said, were celebrations of peace,
since they promoted beneficial exchange of goods, traffic
of merchant ships on many seas,
of
ment
Mr.
commerce.
Hull
and the friendly develop¬
said
that
the
collection
of
reciprocal trade agreements concluded by the United States
signified that many nations were now actively cooperating
with
United
the
He added that
able
"in
policy of trade liberalism."
larger volume of foreign trade was prob¬
of the scaling down of artificial trade
a
result
a
as
States
and
in
are
a
barriers, and he declared against the isolationist viewpoint
with regard to foreign trade.
In presenting the President's,
remarks
of
it
as
marked
the
expansion
strengthens
will
with
trade
our
of
cooperating
Our
commerce.
faith
our
this
in
type
does mutually beneficial
contrast
of
to
inter¬
discriminatory trade
centralized
authority,
and
of
involving
practically
every
the rest of the world is
of
neces¬
not
deny this.
that
it.
of
this
from
isolation
ourselves
for
the
Others
fact
cherished
our
have
abandon
us
would
that
have
live
we
in
us
the
V
...
for
Some would
commerce.
arise
economic
our
only
domestic prosperity, and
sound
who
sustaining
of
out
effects
with
commerce
those
is
that
Is
our
This
us.
concern
make
of
economic
our
in
no
would
but -also
sustaining
stake
the
and
us
hollow ,the
to
concern
own
is
in
life
the
economic
for
have
the
would
and
world
swift
rest
disas¬
and
the
of
become
and
the
why
reason
policies
our
repeated
us
world.
intense.
more
the
declamations
need
be
not
world's
into
•
of
It
what
that
taken
economic
policies
them.
concern
other
these
is
facts
happens" abroad
in deciding
Recount
course.
President
Roosevelt Defends New Deal
Program—In
Address Before Retailers National Forum
Upholds
Spending-Lending Policy—Secretary Hopkins Also
Praises Administration Methods of
Aiding Recovery
President
Roosevelt, in
to
small
Forum,
business.
held
American
in
speech
a
May 22, declared that
on
Retail
intended
New
to
Addressing
Washington
continue the
Deal.
He listed
the
positive help
are a
the
under
Federation,
that
of the United
basis
the aims and principles of the New Deal
Roosevelt, in a message read at Washington
radio address on May 21 by Secretary of State Hull,
a
healthy
a
promoting
thriving
are
task
not
countries
Basic Policy
Read by Secretary
Foreign Trade Week—
President
in
the
large number of commercial nations,
a
inevitably the loss of hope for economic improvement by the people
countries would create the desperation
which induces men to
reckless leadership down the road to war.
stake
:
Isolation
these
cither
•
National
Decries
colonies.
from
follow
Peaceful Trade—Message Is
Mr.
forms
now
to
upon
struggle .everywhere
United States'
Says
mo6t
responsibilities
full
This
■
♦
benefit
much
secure
Kingdom
British
important
confirms
depending
results
And
blanches agreed that there would be
v
■
the
only trade
not
covers
and
agreements
United
ones,
are
actively
policy of trade liberalization.
a
agreement,
There
the
trous
tampering with the existing schedule of personal income tax rates.
v
in
experience
difficult
shirk
.
■
States
Such agreements
world and
Henry Morgenthau Jr., Secretary of the Treasury, said on
May 25 that the tax program agreed upon among the
Treasury, President Roosevelt and congressional leaders
would "definitely" contribute to recovery. '
The calling of a conference on tax revision by President
Roosevelt was referred to in these columns May 20, page
2982.
should
which
most
for the preservation of
the
congressional leaders
Mr. Doughton announced that the tax laws would not be thrown open to
general revision, and leaders in both
in¬
new
The
1, 1939,
Newfoundland
signifies that
the
sustained and
sary
The existing law provides that if tax avoidance
so
of
contributes
commercial
liberties.
,
said to have agreed to strengthen a present penalty tax on
the
countries
...
attempted through the retention of corporate surpluses, the Treasury
25% tax on the first $100,000
which
A
Will Strengthen Penalty Tax
accumulation of surpluses.
with
in
than
other
important
Turkey.
Jan.
the
strictest
control
of
exchange operations
phase of normal business relationships.
the elimination of the profits
To meet this condition, Senator Harrison and other
all
to
signed
and
on
with
industry
agreements
United
arrangements
18% tax rate.
closely-held corporations.
the
exports
have
we
Canada
also
and
the world
many
change.
provided it did not lead to individual tax dodging through the accumu¬
lation of surpluses in
the
in
countries
value
Trade under these agreements
operates in the sphere of private initiative,
free from regimentation.
It is conducted on a basis of equality—the
of
tax, which imposes varying rates accord¬
Roosevelt has said he would agree to
in
...
of
span
accumulated
...
ing to the amount of profits corporations distribute in
a
'
His
would involve complete elimi¬
Tax authorities predicted the new program
nation of the undistributed profits
the
to
greater
-
insurance system of home construction loans.
Federal Reserve Board and the Securities and Exchange Commission.
labor
much of
so
months
became effective
country but
including
about
Kingdom,
which
agreements.
The
Corporation insurance
approval of the program, similar to the Federal Housing
no
United
that
new
Mead, Demo¬
mittee, set next Wednesday for hearings on a bill by Senator
may levy a
the
with
said to be acceptable to Mr. Roosevelt.
that
report
to
exports
38%.
New York, Chairman of the Senate Banking Com¬
Senator Wagner, of
were
of
an
During the last 12
insurance for small
gratifying
61%
were
average
by
Agriculture,
The two-point program was
is
is
average
while
agreement,
businessmen.
tax
our
agreements
1934-35,
with
administration
corporate taxes,
supporters sought enactment of a new system of loan
substitution of
it
cause,
1937-38,
trade
period,
the House
Secretary Morgenthau will testify on taxes tomorrow before
Coupled with the proposed changes in
Mr.
have
creased
Ways and Means Committee.
bank
period,
we
sole
pre-agreement
along so nicely.
on
3143
the
are
Retailers
the
President
principles and
to
cease
of
the
that
said
objectives of
"radical" those who
as
ing that the Government
National
auspices
interfere
he
the
demand¬
are
with
the
eco¬
nomic system.
He stressed his intention to continue major
Administration policies, particularly that of deficit
spend¬
ing, but said that the Administration did not plan an in¬
definite continuance of deficits.
He also invited the retail¬
to
ers
cooperate with him in improving operating methods,
provided they first approve the purposes lying behind his
policies.
..
President's
The
address
followed
by
one
Secretary
of
Commerce Hopkins, who also declared that the New Deal's
philosophy
of
social
and
economic
reform
be
must
Secretary Hull expressed "great pleasure" in read¬
ing the message which, he said, "I have received from the
President with reference to the celebration of Foreign
Trade Week."
con¬
tinued at any cost.
also addressed the
his comments is made in another item in this issue.
Tomorrow,
Week,
of
and
The President's message follows:
May
22,
we
also
and
purpose
National
of
celebrating
are
Maritime
faith.
These
the
Day.
opening
For
celebrations
Foreign
of
this, is
us
have
to
<3°
with
The President's address was principally a defense of the
Trade
affirmation
an
Representative Joseph W. Martin, who
gathering, criticized the Administra¬
tion's spending-lending and labor policies, and reference to
works
of
the beneficial exchange of goods, traffic of merchant ships on'many
the friendly development of commerce.
Pacific intercourse is still
Administration's
able
to
seas,
the
ideal
of most
of the world.
poiicy of the United States.
change shall again
In
carrying
is
It
Our
the
dominant
hope and aims
purpose of
that
are
the foreign
peaceful
inter¬
provided
this
intention
we
have
a-right
to
breadth
expect
well
as
For
to
give;
as
nearly
expand
based
despite
By
the
on
general
To
vigorous
for
program
effective
of
means
you
who
Almost
countries
60%
with
effort
economic
of
effort
we
reciprocal
treatment,
has
of
which
can
engaged' in
of
means
equality
This
obstacles.
with
continued
of
We shall profit by doing
export.
have been
by
trade
barriers.
as
we
now
principle
trade
many
carried
years
foreign
our
upon
excessive
import as well
five
been
have
of
the
this
reduction
foreign
essential
of
is
now
agreements.
part
an
of
even
in
engaged
foreign
out¬
dxtend
I
commerce,
Hull's
the President's
speech,
message,
which
followed
embarked
in
efforts
negotiation
reading of
is given herewith, in part:
feel
/
Roosevelt's address-is given below;
of
of
on
your
is
Some
why
of
glue all
and
business
determines
and
for
want
to
devote
policy
in
relation
columnists and
the
the
about
on
anything
to
the
this
the
over
of
21
our
total
foreign
machines
to
five-year
trade
period,
agreements.
1934-39,
commerce.
have
resulted
These'" agreements
Without,
we
of
conduct
course,
in
the
'
these
URe
who
in
way
hotels
and
the
approximately 60%
implying that the
are
enlarge
without
By and
the
the
investors to
private
1929
put
up
regard
buildings
large,
you
told
us
to
of
practical
measure
storekeeping,
difference
Nation
the
consumer
the
between
Today in
apartment
power
heavy
They
industries,
these
to
of
and
between
industries
discussion
a
and
that
and
look
that we should
should
work
to
say
power
say
or
that
average
build
do
and
every¬
to
buildings and
new
consumer's
need
or
his
get
new
ability
machines.
that these
conditions
we
pay
were
were
houses which
to
to
of
power.
economists
purchasing
end.
wrong
money
the
experts
sound
the
are
and
eame
that
we
as
had
those
found
building luxurious office buildings,
consumers
did
not
need
and had
not
for.
1939 they tell you
trying to build
a
flow
red
difference
purchasing
high-geared
consumers'
get
the
will find
to end poverty when
and
purchasing
case
and
njillions of average
case
opportunity
to
some
problems from the
attention
just
our
my
living is
honorable
power
think too much
economic
of
your
for the necessities
prosperity.
I
fiscal
highbrow
and I
our
the
account books;
unemployment and
That
in
are
purchasing
consumer
black
volume—in
standard
Fed¬
democracy.
our
who
you
whose
Retail
The backbone
trying to satisfy is the same—in
of life make up your
families
success
For
both
are
we
business and mine.
your
small customers whose steady demand
American
the
kinship between
a
customers
many
thing
1934.
safeguard trade with countries with which
of
the
at
his
amen¬
am
Our
,
I
few luxuries
cordial
happy to have the opportunity again to participate in the nation¬
wide observance of Foreign Trade Week.
During the past year there has
been, I am convinced, a growth in appreciation
among our people of the
importance of foreign commerce to the economic life of our
country and
increased public support for the trade
agreements program upon which
we
of the
you
Secretary
was
undistributed
happy to speak at this jtirst Forum of the American
am
Government
greetings.
I
"I
eration.
more
promoting the general welfare.
are
:
The text of Mr.
successful,
trade
concluded
the United States
recovery in
agreements,
gratifyingly
total
our
we
make
trade
for
so.
vigorous effort'
a
the
repealed the $20,000,000 it raises annually
found in other channels, while provisions
made to prevent tax evasion through the corporate
were
of
from all groups in our own country.
Increased foreign trade yields
large dividends in terms of economic well-being and friendly relations with
but to secure it there must.be fair exchange.
We, must take
if
were
vision
other nations;
that
were
in revenue
system.
become the normal state of affairs.
out
profits tax
but he said that he
program,
revision
tax
peace:
that conditions
are
not
sound
the sort of houses and other things which
because
our
we
people
/
trying to make sure that our people have
for these things.
They were unrealistic and theoretical when they were prophesying their
new era in
1929—they are just as unrealistic and theoretical and wrong—
when they are prophesying national bankruptcy in 1939.
purchasing
this
translate
To
to
power
retail trade, the shelves of
of the
terms
into
That
heavy
them.
therefore, consumer buying power
analysis,
last
the
In
is the milk in
*
the cocoanut of all business.
Whether
much
the
the community
in
family
average
that
ill-housed,
ill-clad,
is
ill-fed.
That
earns.
homely way of pitting it, but it is an eternal truth. '
That is one
reason
why I have ;talked about the
population
got away
of
street
money
permanently from 5c. cotton and 10c. corn and 30c. wheat.
to the public works item.
He suggests that that can be cut
50%.
I happen to know that his community is working tooth and naiJ
to get a grant for a much needed new high school, or that his county
suffered severe property losses from recent floods.
I suggest that we
will start economy right there and not give the grants, defer building
the levee or the flood control dam for 20 or 30 years.
In every case I
find what I suspected.
His local Chamber of Com¬
big department store or do business in a small way
a small
town, your sales are dependent on how
are a
you
main
the
on
is
That
I
a
'
.
.
one-third
of
our
third—40,000,000
people—can buy very little at the stores.
Therefore, their local stores can
order very little at the factories.
Some of my friends laugh at me when I
the
and
wages.
But the little
they will sell more goods
understand and know
storekeeper
big
have
customers
their
if
laugh at efforts, to establish minimum
this,
stress
I
money.
more
and I
want,
think
have
I
shall
How
of
variety,'
political
the
in
even
in
as
Wall
halls of
You
Street,
the
is
gamble
to
eager
the safety of
and
Congress
the Nation and of
our
system of private enterprise-on nothing more than their person hunch that
if Government will just keep its hands off the.economic system customers
will
I
just happen.
the word "gamble" because there is
use
That
the
tax
a
who
school
other
the
of
with other
radical chances
Now the owner of a
long
chance
goes
out of
that
moral
we
hunch
because
New
bring
cannot
today
despite
are
We
take
to
people's,property and other people's lives.
make
break his personal
or
fortune.
he
right
branches of
the. three
run
gamble
to
with
the
Government
our
well-being
it is
no
Partisans
of
120,000,000
He
who
parents
will
to
Certainly that is not
pay.
already
are
starving
that
gamblers of business
theories
their
Not
that
into
untrammeled
an
following
and
1929
and
unchanged.
business
have
to
those
from
emerge
No business
is
view
that
than
in
why
it
with
big
man,
economic
our
little,
or
Government
collapsing
to
.
order
and
do.it.
ment
to
capital
build
to
provide
They
than
more
when
power
60c.
passes
We
also
better
er.c-ourage
better
they
what
use
for
farm
prices
the
Second,
capital
fails
stocks
such
wonder
if
and
bankers
and
have
you
and
provide
to protect
without
customers
legislation
as
thereby
legislation
conception
any
whom
economists
given month of the year?
I
the
of
talk
with
I. wonder if
variety of suggestions and
buy fewer goods at
investors
that
so
losing their savings
number
briefly
have
you
business
of
at length
or
in
men
in any
conception
any
they offer me?
panaceas
of
the<
I wonder if you know
large percentage of them who honestly and very naturally think
problems solely in terms of their own business?
I wonder if
very
be
will
you
saying
have
surprised if
me:-"Why,
to
given
me a
new
I
tell
that
you
,
President,
Mr.
perspective.
I
I
most
did
them
of
know
not
leave'my ^office
about
,
that.
You
thought of the problem in that
never
before."
way
I
sit
in
produce
him:
is
business
a
balance
to
who
man
Federal
the
thinks
budget
the
at
surest
way
to
eav
to
I
once.
"How?"
Sometimes
he
times
Then
is
Either
we
this,
cut
I
Navy.
desk
my
never
to.
seen
drawer
or
fat
a
read
change the subject,
not all
will
some
of
items
pounds
He
piece;
one
have to
out that
point
That is
the
10%
book,
of
Some¬
20%."
or
and
budget
job."
your
is
it
the
apparent at
Government
of
States.
tries
budget
from
has
he
"How should I know?
says:
"Cut the budget straight through
take
United
He
he
says:
I
that
cnce
the
office with
my
customers
cut
very
the
every
much
one
and
desk
the
it
but
is
item
more
a
I hold
an
him
"This
items.
than
says:
I
say:
20%
or
10%
half billion
and
it.
to
aggregate of hundreds of
10%
Therefore,
or,
if
not do
20%."
or
dollars for
"Don't
do
we
cut
the Army and
that
item—not
in
I
to shift
business
any
further burden to
of consumer taxes to the total is
leave the
if
that
I
,
tso-called
reduce
"
deterrent *' taxes
debt.
He
the
owns
item
some
of
billion
a
Government
dollars
bonds,
for
and
interest
rejects
the
on
any
cut
public
his
in
habit.
about the radicals who have
the conditions of 1929; about
performing a major operation by amputating present functions of govern¬
ment ; and about the efforts of some who would reduce corporation taxes
I
have
talked
the
hunch
that
and
add
to
with
we
at
you
ought
consumer
some
length
go'back
to
this
an
I
would
to
taxes.
Administration
indefinite
have
not
plans
you
show
says:
I
the
him
the
"No;
no
mention
the
billion
dollar
item
for
war
billion
He
readily
civil
service
dollars
for
running
This
the permanent
agrees
that
the
functions, of
less today than
postman
and
the
the conservative
attitude of
continuation
National
Debt
pensions.
•
regular Government departments—they cost
predecessor.
and
cut there."
that
any
The
I
believe
permanent part of our American system
of excess of out-go over cash receipts.
as
interest.
He
business
must find substitute taxes to lay on
we
,
But
him
on
business corporations.
That language is as plain as an old shoe.
Let me give you an example
of what I call making a mountain out of a mole hill.
There is a hulla¬
baloo for the repeal of the undistributed earnings tax.
You would think
that
this was the principal
deterrent to business today.
Yet it is a
simple fact that out of $1,100,000,000 paid to the Federal „ Government
by corporations, less than $20,000,000 comes to the Government from the
undistributed earnings tax—less than 2% of the total.
Let me proceed.
I am wholly willing to have this $20,000,000 tax,
less than
2% of the total, wholly repealed on two simple conditions,
which are based on principle.
•
" "
The first is that this $20,000,000 shall be raised by some other form
of tax against corporations and not against other groups of taxpayers—
and that it shall be raised in, such a way that it will be paid by the
28,000 bigger corporations, earning more than $25,000 a year, and not
by the 175,000 little corporations earning less than that sum.
The second condition is that in the repeal of this tax we 6hall not
return to the old tax evasion loophole by which a small group of very
rich people were able to leave their profits in closely held corporations,
thus avoiding the full
rates of the higher brackets on their personal
incomes.
Patriotic people will not want to go back to that pernicious
days."
show
plenty
proportion between these three groups
now.
we
'
these
'
•
seem
store.
your
to
want
means
corporations,
'
on
just wrhere it is
That
and
more
taxes ;
things
Remember, as business men and as retailers, that
consumers, like a sales tax, means that the consumers
further taxes
of taxes
to
national
of
■
labor
as
be your
legislation—such
for
The proportion
any
.
and bonds.
I
the
social
bad
be
would
it
can
the
of
'
high enough as it is.
Govern¬
counters
and the inheritance
taxes
,
like the
like the
and, finally, taxes on
Together they yield nearly $6,000,000,000.
sound business reasons two
taxes!
consumer
from
„
low-paid
you;
continue to
may
vyorthless
,
for
pay
customers
call
we
/•
.
money" from taxation than we are doing now.
raise less
private
over
income
taxes:
clear to me: *
First, especially in view of the unbalanced budget, we ought not to
Government
your
into
For good
;
to 'prevent
'
of America.
merchants
-1' '
•
principal categories—consumer taxes,
gasoline and liquor; personal taxes,
three
cigarettes and
.fall
on
corporations.
that risk.
runs
•
retail
Federal Taxes
about Federal
words
personal
patri¬
or
out of every dollar spent by the Federal
jobs,
.
o
7
*
-
few
taxes
in arithmetic rather
business,
for
jobs,
purchasing
up
For example,
to
customers
provide
to
impossible job.
gn
A
■.
social
and
fairly
can
,
.
provide
old people.
leaves
visitor
my
.
,
thought-—the conservative school—holds the
hunch.
in
not
so
put*
immediately preceding
years
intelligent nation should rest its faith
an
a
Today,
Uses
school of
our
that We must work out this problem for our
convinced, in nine cases out of 10, that
balancing the budget today, or even next year, is a pretty difficult if
setup
they
be extended rather than
to
"
otically ask his Government to.take a course of action that
That
if
say
but he realizes
right,
agree
And
good Americans and practical Americans believe
could repeat,the catastrophe of
we
system
and politics might
icans
telling
as
Yet that is what the
practice next year.
of you who are
one
alarming
as
provide their grandchildren with food in 1989.
radical
,
have
will
general practice.
eld age, given and accepted as a new
that over a period of years this support
reduced.
You and I and all Amer¬
of
support
dignified
for
have
will
actually constitute the
exceptions
few
American
a
not
are
America, I am proud of the fact that 95% of the
good, and that 95% of the people are properly on the rolls.
that" the American people cannot be fooled into believing
friend across the desk murmurs something about old age persions.
a-bit half-hearted about this, and he finally admits not only the
is
need
starving by telling them of an increased national debt which their grand¬
children
the
My
the starving
going around the country scaring parents who
are
I
do not
to
answer
are
know
And
alone
that in the sweet by-and-by business, left to itself, will give them
to say
dry-rot of
the United
purchasing
counties, in
3,100
projects
a
that
If
.
the United
never
power;
proved
Dealers.
ourselves
stand.
a
condemn
I
system of
more.
once
conservative
are
simply
we
millions of citizens starve,
If
Americans.
job.
happen"
may
make
I
visitor that never so
my
will
take the terrific risk of what would happen to the social
American democracy if we foisted on it an occasional basket
of groceries instead of the chance to work.
I well know the difficulties and the costs of a work policy.
I do not have to be told that 5% of the projects are of questionable
value^-I know it.
Or that 5% of the people on relief projects ought not
to be on the rolls—I know that too.
But when you think of nearly three
million men and women scattered over all the 48 States and all of the
and
know
private business may have the legal right to take
may
people who
the
You
business, the economic system is not endangered.
the
have
thought
because
conservatives
Customers
.
happen.
to
happened.
playing the "it
are
just
radicals in our midst,
they want to gamble on their own hunch
the
But
left
were
wildest-eyed
the
failures
In
customers
and how much
people
actually
are
of
power
many
These
"Old Dealers" dream about.
such as
system
buying
dole;
a
where
long as I am President of
millions of men and women to the
idleness on a dole; never condemn the business enterprise of
States to the loss of millions of dollars
worth of customer
tell
I
experience to support their theory.
'
In fact, modern experience denies their theory.
Between 1925 and 1933
abandoned practically all concern for business and put into
how
geography.
on
is
States
Government
effect
yelling their heads off to have those
are
newspapers
built with
them
put
modern
no
local
Federal assistance. And I say to him: "Consistency,
You believe with the United States Chamber of
Commerce
that Federal spending on public works should cease—except
in your own home town."
*
The item of funds for work relief: there my visitor-customer makes a
last stand.
He wants that cut, and cut hard.
•
•
We agree that
there are between three and four million American
workers
who, with their families, need work or money to keep alive.
I drive him to the inevitable admission that the only alternative is to
money?
more
community—as well
every
h'is
projects
thy name is
Legislatures.
school
That
in
the
them,
State
and
with
customers
more
thought is what I call the school of the gamblers..
them
of
some
some
produce
we
school of
One
come
merce,
your
help, to build up the purchasing power of the average of your customers.
find
care
(including Public Works Administration, reclamation and
flood control), work relief for the unemployed
(including Civilian Con¬
servation Corps), and assistance for our old people.
My visitor agrees with me that we are going through a transitional
period seeking the best way to maintain decent prices for the farm popula¬
tion of America, trying to make them better customers of business men—
and that even if we have not yet found the permanent solution we have
seriously overstacked.
were
take
to
works
public
You know what happens
storekeepers if they buy twice as much as the public can buy from
to
1929
in
industries
collectors.
to a few other big items—totaling over four billion
of four things—payments to agriculture, Federal
gets us down
dollars
The only people he would sever
cannot be curtailed.
payrolls are the tax
the
from
pay
service
forest
the
really need, and because we are
the
May 27,
Financial Chronicle
3144
under"
G-man
7
t
my
and
week
dedicated
is
by
the
opponents
merchandising horror about the national debt.
Debt
Let
Week
us
like
talk
a
National
about
the
of the Administration to
We are having a National
Week.
Clean-Up and Paint-Up
debt
in
business
men's
terms.
1
J
Volume
In the
be
must
A
Financial
148
first
place,
considered
relation
to
its
Government—loans
of
kinds
many
a pressing challenge by developing the most funda¬
mental economic and social reforms in the
history of the Nation.
With the under¬
lying principles of these basic reforms there can be no compromise.
To suggest
assets.
debt
by debts
offset
is
made
by
basis
business
a
on
to the
owed
3145
"This Administration met
deposit liability of a bank,
Nation's debt, like the
a
in
large part of the Government
Chronicle
that the laws which gave life to
these principles can be Improved is In no sense a
valid argument against the merit and need of
these reforms themselves.
"In the process of
improving such measures as the Social
the
•
Finance
Reconstruction
for
instance,
sound
the
as
Another
like
of
dams
of
and
levees, to
in
each
taxable
The
the
the bankers of the country.
debt is
which
will
part of the debt
themselves
which
Dam,
invested
interest,
and
principal
out,
pay
a
been
from
us
few
has
thing to
over
is investing
income
and,
therefore,
will
a
greater
property damage
by the saving
to
bigger
net
tomorrow
debt
create
it
down
that
is
1937
before I took office,
because
today
is
it
000,000.
got
Today
.000,000,000
it
the
expenditures
is
running
income
the
on
our
1938
rate
the
at
from
In
of
present
sufficient
will
be
actually
to
taxes
scale—and
present
reduce
danger
no
of
surplus
have, tried
to
production—the Nation is in
an
period
of
we
greater
And, when
on
Our
but
will
will
this
national
Nation
they
production
not
But
do
we
If
to
allow
done
poverty amidst
Don't
you
income
and
things
than
to
ing
have
play
and
for
that
national
that
owed
to
down
from
where
our
Government
people
conserving
property
and
from
miracle
occur—a
which
do
can
Let
if
counsel
are
the
to
If
in
have
too,
you,
our
make
of
taxation,
of
the
from
mysterious
some
spoken
for
to you
the
you
moment,
but
a
lend¬
do
and
I.
will
'
-
But
is
the
are
seek
the
of
one
in
is
extension
it
of
to you
came
a
common
working out
the
that
does
our
ideals
profits
by
ideal.
profits
°
It
its
the
.
your
of
.improve
New
lot
the
recovery
steps
Hopkins,
in
Federation
of
"fair
policies
ing
business
part
of
You
If
think,
is
alone,
that
It
to
open
fundamental
More
will
seeks
before the
for
in
today,
a
an
ideals
the
farmet,
benefits,
be
He
before
that
added
directed
a
that
toward
the
low income group,
very
the
yours
such
Mr.
President
sumption
by
in
the
to
buy
or
the
on
•
;
profits made:
whether articles of con¬
securities.
made
are
subversive to private capitalism.
men must
through
we can
build
a
sounder
Defends New Deal Reforms
'
tary
defending New Deal "reforms and Government spending,^' the Secre¬
said:
an
additional
Department of Justice of about $200,000
type
of legislation
additional large
is extended
sums
would
all other
to
have
to
forms
a
year—
of personal
be appropriated
*
to
the
.
consider the ultimate implications of legislation of this type.
■——<*-
President Roosevelt, yesterday (May 26) praised the Navy
for its work in rescuing 33 men from the sunken submarine
Squalus, saying that the Navy deserves great credit for con¬
rescue operations,, under difficult and trying cir¬
ducting the
The President also said that the
devices used
on
on
success
of the
the Squalus proved the worth of large
experimental work.
He also expressed regret
of the 26 men trapped in the flooded compart¬
ments of the submarine and observed that human ingenuity
at the death
was
.
pointed out that success of the Squalus rescue operation
due to the careful training given the rescue crew and the excellence
that the depth of 240 feet at which the Squalus lay was
He emphasized
■'
of
subjected to a severe test.
100 feet deeper than that of any American
submarine requiring rescue and
salvage operations in recent years.
A Congressional
drive for more diving bells was expected after the Navy
Department advised Chairman Walsh (Dem., Mass.) of the Senate Naval
Committee, that it has only five of the 18,000-pound rescue
Affairs
chambers.
_
Senate Passes Bill Establishing Administration
for Federal Courts
Bureau
•
or
Forward-looking business
support Government in eliminating them, so that
and stronger business structure."
In
States.
+
practice agreements.
so
carcass
vetoed
The President
assisting
*
forests, or
"Fourth, by abuse of monopoly position, whether acquired by franchise
"Profits
to
which continued:
food,
"Second, by exploitation of labor whether in wages, hours or conditions of work.
"Third, by wanton destruction of natural resources, whether soil, minerals or
trade
possible moment."
that
the diving bell that was
concentrate
sold,
be
had nut yet perfected a machine that was perfect; this was
reported in United Press advices from Washington May 26
purchas¬
essential basis for Increasing employment and private
Investment.
are
earliest
would
Roosevelt
expenditures
national
and
Hopkins said:
misrepresentation of things that
earliest
showed
cumstances.
business
"It has opposed and will continue to oppose
only those business
"First,
the
wondering if the Congress realizes that the logic of the situation
this
rescue
Roosevelt,
necessity of fair business
as an
at
for Those who Died
"Not only would this Increased income spell a more
comfortable and dignified
life for these families, but It would be reflected In
higher profits for you.
This
Administration recognizes, and always has recognized, the
profits
conditions
...
that the business technicians who
President Roosevelt Praises Navy for Work in Rescuing
Men from Submarine Squalus—Expresses Regrets
Retail
income
unable
will
constructive
new
*
to
funds
American
increase
increased
now
business
'
•
the Administration'
by
by
substantial
those
clothing and shelter they need.
In making it clear that the Administration
the
of
Forum
of
would^ "develop
that he had dis¬
approved a similar bill after the adjournment of the first
.session of the 75th Congress.
and indicating further
Secretary of Commerce
protection
job-
House
The President" indicated in his message
,
Government
opening session
promised
the
I am, therefore, disapproving this bill, with the hope that the Congress
your
and
"
expected. clarification of Administration
speech
Secretary said
must
and
consumer
am
will seriously
not
advice
your
'
of
of
Department of Justice.
spirit of criticism, not with a
assistance as American citizens
use
the
(or
property,
profits."
imperative.
power
worker
stress
here
way
tonight
is
the
speech
a
Commerce
income
of
will
Forum
Paving the
the
„
and
Speaker
that is, if the Act is to be properly enforced.
problems with goodwill and with the mainte¬
"reforms"
staff
,
Smith said
appropriation to the
at
peace.
Deal
to
Furthermore., if this Act should go into effect, it would mean
the
The address by Secretary Hopkins was
reported, In part,,
as follows in a
Washington dispatch, May 22, to the New
York "Journal of Commerce":'
Defending
the
improvement
.
letter
a
accompanying letter Director of the Budget
an
that
in
,
•
not in
at
of the several
other American—
Government.
your
.
request
which
created by this bill would rather definitely encroach on the police power
can
and
the
on
processes
neighbors.
that
simple plea for
of
both abroad
every
of
I
for
war
I
child
preservation
foregoes
aggression
thought
'
why I
big stick, but with
of
of
believes
in
nance
our
functions
same.
That
of
are
for«the
that
and
effort that
every
which
of
but
relates
believe
I
the part of individuals.
by the
making
the
the
on
acts
used
be
of industry
on
of same) in interstate or foreign com¬
by President Roosevelt on May 24 as an
.encroachment on the police power of the States.
The
President said that Congress had within recent years, with
his hearty ! approval "extended jurisdiction over serious
criminal offenses such as kidnapping and bank holdups"
and had enacted "the National Stolen Property Act, which
gives Federal jurisdiction in the case of major thefts, i.e.,
where the value of the property involved is $5,000 or more."
In his veto message he also said in part:
adminis¬
every
because
knowledge,
a
ills
(S-90) proposing' to make it a Federal offense
knowingly transport, stolen cattle, hogs, sheep, horses or
mules
and your
That
man,> woman
and
the
advice
dealing with particular phases of industrial problems
developing and carrying through new constructive work that will
by business men, directed toward improvement of business
merce was
■
is
in
me
business—so
ruled
who
men
or
own
it
peace
from
further
no
not
help—because
your
help
of
details
every
peace
armed
comes
your
are
fellow
cooperation
and
we
we
our
That
be
with
world
an
the part of groups,
more
destroy
of
that
rightly, of profits 'lin
so
the
today would
A bill
to
way a
policies,
our
your
•"
along
go
merely
peace
there
on
of relief,
seriously tonight,
preservation
peace—not
that
details
thinking of the well-being of
are
domestic
nations,
behind
lie
improved, then
Government.
country—that
home,
that
asked
diagnosing
Vetoes
Bill
Extending Federal
Petty Crimes—Calls "Cattle Rust¬
ling" Bill Encroachment on States' Police Power
providing work
welcome—doubly welcome in this Administration.
branch
I
be
can
In
Jurisdiction
our
purposes
operating methods
details
trative
of the
approve
you
our
he
for
sound economic
Government
President
You
cannot, expect this Administration to alter the principles
objectives for which we have struggled the last six years.
But
for
the
mechanics.
believe
which
staff
men
welcomed
resources
our
Government
and
people, in the hope that in
our
legacy
a
even
staff of experts to study
problems of American in¬
a
on
$225,000 would be spent on salaries in Secrtary of Commerce Harry Hopkins' office, $20,000 for contingent expenses
and $10,000 in travel.
unitedly to balance national
level
a
to
or
his
said
Mr.
The estimate
only experience under modern
have proved impossible?
keep saying: "Do not lose sight of the forest because of the trees."
us
always distinguish principles and objectives
from
details and
and
made
toward
his letter
conditions
things
deteriorated
a
to
amidst poverty.
poverty
to work
preserve
at
done
children
our
legacy of abundance
a
legacy of
a
better
is
to
D.
directed
the
and
conditions
I
President
Bankhead.
be
debt
.
the
do
skilled
give business
Smith
of
it
on
internal
to
government
Congress
asked
employed also would assist "Congress in drafting and considering legisla¬
tion1 affecting
business, in maintaining contact with various agencies
by the
interest
reasonable
the speculative hunch and withdraw
will
to
possible moment."
a
this:
not only
pay
'
miracle
appropriation
technically
Harold
work
burden
,
hand
out-got
investment,
capital and
our
and
The
to
up
the
remember
debt
have
A
democratic
but
it
be
to
about
tears
debt,
children
themselves.
a
and
plenty,
agree
crocodile
internal
an
our
Nation, their legacy will be not
of
a
trade
In
children.
our
hot
be
to
the
power
forward into
move
17,
making policies could be based.
employment.
the Government
pay
interest
impoverish
need
to
all
purchasing
with
meet
relief
the market—
overhanging
position to
greater
see
Nation.
that
pay
if
which
the
goods
consumer
excellent
.debt, after all, is
to
of
keep
and
week you
grandchildren
our
supplemental
develop
William B.
Today with
because
Commerce
recommendations
and
to
our
May
on
appropriation of $255,000 to provide the De¬
$80,-
appropriations.
just
make
The
to
back to $62,000,-
At
for $255,000 for
Department to
dustry and trade.
In reporting this, United Press Wash¬
ington advices of May 17 also stated:
:
government
$65,000,000,000.
of
and
,
it went
an
partment
idle labor to work,
national income was $39,000,000,000.
to $69,000,000,000.
up
Congress
Commerce
in
Roosevelt,
authorize
National
government.
for
Asks
Experts
Study Trade
like
government,
of
President
stream.
higher volume of business
a
yield
than
off
Roosevelt
Staff
They will pay for
floated
have
the
in order
a
President
control
had the courage to borrow idle capital and
put
The year
In
tradictory."
millions—pay
of
would
about
remember
like flood
works
in
eliminating annual
by
hundreds
otherwise
income
invested
heavy future losses.
years
into
which
be
has
run
very
year
values
next
save
business men,
has
duction and, on the
other, enhance opportunity of our humblest citizens to share
in the decent
way of life.
I believe these two objectives are in no sense con¬
Federally-owned enterprises,
in
years.
third
A
made by
portion of
Security Act, corporate
tax laws, farm legislation and
others, we must make certain, however, that the net
results of our efforts
will, on the.one hand, tend to increase employment and pro¬
These assets are just as
schedule.
on
Credit Administration,
Farm
the
and
being repaid
now
loans
Boulder
period
•
and
Corporation
May 19 passed a bill providing for the estab¬
administration office of the United States
Courts.
The bureau will be headed by a director, who will
receive an annual salary of $10,000, and an assistant director
at a salary of $7,5Q0.
They will be appointed by the
Supreme Court and will be subject to removal by this Court
The Senate
lishment
of
on
an
•
Financial
3146
by the Conference of Senior Circuit Judges.
Among the
the appointment of employees of
the bureau, examining the state of dockets, of various
courts, disbursements of moneys appropriated for operation
of courts and purchase of equipment and supplies.
Advices
May 17 to the New York "Times" said, in part:
or
duties of the Director are
Introduced in the Senate and House in
slight differences, due to the
sents
identical form, the bill now pre
action of the respective Judiciary Com¬
$1,218,666,514 Farm Bill to Conference
23 refused by a vote of 192 to 181 to
instruct its conferees on Senate amendments to the $1,218,666,514 Agricultural Appropriation Bill and sent the measure
to conference.
As the bill passed the Senate on May 12
(as noted in our May 13 issue, page 2827) its appropriations
were approximately $383,000,000 above those of the House
House Sends
The House on May
March 28, the Senate having voted
parity payments; $113,000,000 for
disposal of farm surpluses and $25,000,000 for farm tenants.
Regarding the House action, United Press Washington
advices of May 23 had the following to say:
of the administrative office would be
Under the House bill the director
appointed by and be subject to removal by the Supreme Court.
The
Senate bill would allow removal also by the Conference of Senior Circuit
Judges.
■
'
,;v
.
House Votes to Increase
of warnings from the economy bloc;
A. Woodrum, Democrat, of Virginia,
that such a move would make it useless for any member for the remainder
of the session "to get up here on the floor or anywhere else and
talk
The action
Members' Clerk Allowance at
Annual Cost of $657,000
crease
$5,000 to $6,500 thereby permitting the employment of an
additional clerk.
The bill, which would become effective
1, 1940, will, according to Representative Warren of
Carolina, cost annually $657,000.
An attempt to
North
get a roll-call vote on the proposal failed when only 35 mem¬
bers rose in support of the demand for the yeas and nays.
Under the rules it is necessary that one-fifth of the members
Speaker Bankhead announced the bill had
passed by a vote of 237 to 95., It now goes to the Senate.
record.
Passes Ship
Bill, Increasing Amount Maritime
Commission Can Loan in New Construction
Jlouse passed and sent to the Senate on May 15 a bill
permitting the Maritime Commission to lend up to 873^%
of the cost of constructing new ships to operate in domestic
and foreign trade, it is learned from an Associated Press
Washington dispatch of May 15, which went on to say:
commission can lend up to 75% of the cost cJ
Under present law, the
It also can grant construction and
operating subsidies for ships to be used between domestic and foreign ports.
operating subsidies are permitted, however, for ships in the domestic
•
'
service.
The House Merchant Marine Committee said it was desirable that "every
The committee
service, only 36
of
new
vessels."
Democrat, of Alabama,
years
Passes
'
Efforts to broaden
Transportation
Regulation
Bill
May 25 completed action on the WheelerTruman transportation regulation bill after a prolonged
fight over inclusion of water carriers and then turned to con¬
sideration of a measure to create a special court to handle
on
railroad bankruptcy cases.
Final vote on the major
transportation bill was 70 to 6.
legislation will finally be enacted is still subject
to question as House approval is still lacking.
However,
White House desire for enactment of rail legislation should
augment its chances.
As adopted by the Senate, the omnibus bill provides:
Whether the
1.
consolidation
Voluntary
by rail
plans
carriers
with the
Interstate
scrapped.
A revised rate-making rule to require the ICC to give consideration
2.
Present law
only to the effect of rates on carriers operating under them.
committee, in which he said:
ment to the
In
do
not
support1 such a contention.
They
altering gradually the powers and
their program is fully com¬
pleted, they will have institutions which are in effect banks, but com-.
peting without the came effective supervision in the banking field.
The intention of the framers of this bill was made clear in the original
measure as introduced in Congress last year.
That bill would have changed
the name of the associations to Federal Savings Associations.
Because of
the opposition this provision created it was eliminated in the legislation
as
introduced this year.
,There can be little doubt, however, that if this
bill is adopted it
will not be long before it is pointed "out that the
associations are primarily "savings"
rather than "loan" institutions* and
that therefore the name should be changed.1
*
They
know
problem
the
their
of
they cannot
indirectly by
When
institutions.
-
.
Mr.
referred
Benson
would
the
broaden
to
of the bill which
of savings and loan
the provisions
investment powers
mortgages of large
.securities legal for the
investment of fiduciary and trust funds, and the provisions
which would permit the Federal Home Loan Bank to make
associations to
include investment in
apartment bouses or hotels, and in
kind of first mort¬
conditions for the purpose of reporting later pn
from
the
carriers..''5.
.
Control
:
..
,
;-rr
.
over water
-
•»
carriers, except those in foreign commerce, by the
6.
,
,
An investigation of inter-territorial rates between the north and the
south.
7.
Air
exempted from provisions of the Act to remain under CAA super¬
vision.
'
,
-
,
~
Removal of the limitation on the ICC in establishing through routes.
The Senate passed the measure just after it rejected a proposal to insert
the bill
an
anti-basing point amendment offered by Senator Shipstead,
(Farmer-Labor. Minn.).
Introduction
issue of
April 1,
in
'
Senate
page
of above
bill
.
was
'
our
Senate Finance Committee Approves Resolution Passed
Limit
of
Yesterday (May 26) the Senate Finance Committee ap¬
proved the bill passed by the House on May 23 eliminating
the
$30,000,000,000 limitation on outstanding Federal
bonds.
The bill, which amends the Second Liberty Bond
Act, does not increase or authorize an increase in the in¬
debtedness of the
Government,
Representative Sabath
explained to the House on May 23; that limit is $45,000,000,000, of which only $30,000,000,000 may now be issued
in bonds.
From the "Congressional Record" we quote the
following from Representative Sabath's remarks:
At this time
we
have outstanding nearly $24,000,000,000 in bonds, per¬
mitting only an approximate $1,000,000,000 that can be issued.
In addition
that, we have $9,000,000,000 outstanding in short-term notes and this
as
I have stated and repeat, will permit the issuance of an additional
$15,000,000,000 worth of bonds, part of which can be used to take up shortterm notes,
although I hope this will not be necessary.
Savings
Federal
Loan Insurance Corpora¬
Insurance
changes that would give savings and loan
Corporation, as
associations the
character
of deposit institutions.
Referring to the provision which would permit savings
and loan associations to invest up to 30% of their assets
in
mortgages
Benson
sity
large
on
declared
for
other
this
that
apartment houses and hotels, Mr.
absolutely no public neces¬
"there is
provision.
Banks,
and
seeking
insurance companies
lending agencies are loaded with idle funds
just such mortgages."
"
-
.
permission to invest in any securities
legal investments for fiduciary and trust funds,"
Mr. Benson argued that since in most States fiduciaries are
°Qn the
"which
as
tlie
to
investment in
.
noted in
1887.—Ed.
by House Removing $30,000,000,000
Outstanding Federal Bonds
tion
,,
ICC, in addition to present supervision of rail and motor carriers.
carriers
Treasury in time of emergency,- and
of the Federal Savings and
name
Extension of ICC jurisdiction over issuance of securities to include all
4.
obtain funds
change the
permit the Federal Home Loan banks to
possible needed changes.
bill,
contend
gage,
into general transportation
to
of
result
the
not
measure
the contemplated creation of a third banking system
public need or' demand.
Even the sponsors of this
that a third banking system is necessary or
opinion,
our
A three-member transportation board to undertake extensive inquiries
3.
loan asso¬
of a general
plan to establish a third banking system in the United
States in addition to the alreadyexisting National and
State banking systems, members of the House Banking
and Currency Committee at Washington were told by Philip
A. Benson, President of the American Bankers Association.
Mr. Benson, who is President of the Dime Savings Bank
of Brooklyn, N. Y., made this assertion in a formal state¬
advances to member associations on any
requires ICC to consider alsp completitive forms of transportation.
in
the powers of savings and
provided in H. R. Bill 5535 are part
ciations as
desirable.
old in 1942.
Commerce Commission official merger plans
Democrat,
Democrat, of Georgia.
Opposition to Broadening of Powers of Federal Savings
and Loan Associations Voiced at Hearing Before
House
Committee—Philip A. Benson Says Bill
Would
Create
Third
Banking
System—P.
R.
Williams and Frank P. Powers Criticize Bill
characteristics
The Senate
They are Represen¬
of Missouri, and Representative
The third, Representative William
Lambertson, Republican, of Kansas, voted against the payments when the
issue was before the House in March.
Malcolm Tarver,
approach
Senate
named by Speaker William B., Bankhead,
favor the parity payments.
Cannon,
Clarence
tative
is
.
reported that of 511 American flag ships now in domestic
willbe less than 20
abandon
'
...
three conferees
of the
Two
inducement" consistent with the Merchant Marine Act "be offered to these
non-subsidized operators for the construction
record bill unless the upper body agreed to
by the Senate in the
the revisions.
The
ships intended for use in such trade.
and his group sought to instruct the House conferees in
the chamber separate votes on three changes made
Rep. Woodrum
such manner as to give
order to put the House
present support a roll-call request in
House
taken in the face
was
Representative Clifton
by
economy." ;
of Representatives on May 16 voted to in¬
the allowance for clerk hire for each member from
House
The
No
on
"
^
headed
on
approved
measure,
$225,000,000 for farm
mittees.
Jan.
May 27, 1939
Chronicle
score
of
are
permitted to invest only in the type of securities which are
legal for savings banks, "this provision would permit sav¬
ings and loan associations in most States to invest in any
provision
essential
"The effect of this
security which is legal for savings banks."
This
"represents, in my judgment, a change in the
character of the
institution," he said.
proposal would be to convert the old building
savings
and
institution."
loan
He
association
associated
into
with
a
this
general
and loan or
investment
provision
tlie
one
Associations to con¬
vert into mutual savings banks, and remarked that "this
provision is important as an illustration of what the bill
is trying to make possible.
It is particularly illuminating,"
he said, "as evidence of an intent that the Federal Savings
permitting Federal Savings and Loan
and
Loan
mutual
In
eral
Associations
shall
savings banks."
be
substantially the same as
'
discussing the provision which
would permit the Fed¬
Home Loan banks to obtain funds from
Mr. Benson suggested that
if the savings
the Treasury,
and loan associa-
Volume
tions
Financial
148
to be converted into banking institutions they
are
some
agency
similar
He
likewise
vision
I
over
not
am
Loan
Home
the
of
institutions.
Bank
System
if
the
restricted and
(So
there
that
given
be
is
the
that
are to
doubt
obtain
whether
transferred
to
of
Home
having
agency
Board
Bank
Loan
the
from
the changed type of
other
some
the
direct
money
supervision of
mentalities
are
If they are not to be
become equivalent to banks, then I should
grave
to
power
should
say
be
well
might
It
Treasury.
institution might well be
supervision
general
whether
instru¬
over
believe
be
desired.
to
Britain
their
effect
will
be
pronounced
very
that
building
For
loan
and
hundred
a
associations
both
years
they have been exceedingly useful
most
If
decidedly
Congress
it
had
contemplated
not
Congress
the
Federal
Deposit
the
Federal
Home
If
like nature.
have
names
brought
Insurance
Loan
in
field.
they
When
they
should
the
Federal
into
are
we
believe
banks,
would
interest.
Corporation
Bank
be
to
are
that
them
Great
country and
their
in
public
against
is
much
institutions
are
this
in
encouraged to trespass in the field of deposit banking, however,
that
or
He added:
We
functioning
institutions
loan
and
savings
restricted in their operations to their proper sphere.
know
lasting.
said:
whether this proposal is essential to the proper
sure
be
having super¬
placed under the jurisdiction of
3147
Chronicle
become
rather
Reserve
than
and
System
bring
them
into
System?
changed,
believe
we
that
the
character
true
or
Federal
•
Savings and Loan Associations should be recognized and the word
"savings" completely eliminated from their titles.
We believe it was a
Benson asserted that:
Mr.
The real function
of
building and loan associations has been the
encour¬
agement of investment in homes and the accumulation of savings for that
.They did not act
purpose.
investment
and
shareholders,
devices
and
funds
derived
were
either fully
paid
generally
were
deposit banks to receive savings for general
as
entirely
through
or
provided
except on adequate notice.
the
from
discourage
to
shares
of
sale
regular
at
payments
to
intervals,
withdrawal
funds
of
•
serious
mistake
tending
was
incorporated
loan
associations
letters
Let
in
the
titles.
on
signs, on
the
them
once
public when
Unfortunately,
capitalizing
illuminated
rechristen
us
mislead
to
into their
are
the
word
individual
"savings"
savings and
that word and playing it up in large
radio,
and
in
change
and
more
advertising.
newspaper
their
Federal
from
name
Savings and Loan Associations to Federal Building and Loan Associations.
,
Broadening of
Mr.
Benson
Federal
the
stated
that
"it
has
long been evident that
Savings and Loan Associations
tent to remain in the field for which
they
not
were
con¬
established"
were
and
the powers of the Federal Home Loan
System and the Federal Savings and Loan Associa¬
Bank
tions
as contemplated in H. R. Bill 5535 "might well defeat
the efforts of the FDIC to provide sound banking facilities
pointed out that in December, 1936, the Federal Home
Bank Board adopted a new type of charter for Fed¬
eral Savings and Loan Associations containing
provisions
in my
community," it was stated by Frank P. Powers,
President of the Minnesota Bankers Association and Presi¬
which
ment to
Loan
made
the
shares
the
"substantial
equivalent
of
de¬
posits."
This charter change, he declared, "is an essential
departure from the savings and loan plan as established by
Congress, and it
I
suggest,"
Board
he
between
Loan
Home
in
statute
Bank
changing the
shareholders
the
and
V.
.
It was not the intention of Congress that Federal Sav¬
ings and Loan Associations should be converted intd bank¬
of
deposit*
the
House
Banking and
B. A. Savings Division, in the course of a statement
he made on H. R. Bill 5535, which would broaden the
power
Federal
Savings and Loan Associations.
Mr.
Williams,
who is Vice-President of the Bank of America N. T. & S.
A.,
Calif., declared that "we need but glance at
the legislation which brought the Federal Home Loan Bank
Los Angeles,
and later the Home Owners' Loan
Savings
their
and
creation
loans
and
that
Associations
Loan
was
home
objective
for
the
banks
Corporation and Federal
into
being
know
to
that
definite purpose of home
that program and with
very
financing.
the
With
of
the
United
States
merged
the
Williams
Senate
referred
House
and
the
create
system of
the
committee
However,
tions
committees
petitive
before
Home
term
5535."
R.
Loan
"home
times
Mr.
Bank
Associations
are
their
to
as
loan"
since, including the bill
declared that the
enacted
as
1932
in
"loan
a
defines
made
by
a
member
or a non-member borrower
upon the security of a
home mortgage; and the term "home mortgage" as a "first
mortgage upon real estate, in fee simple, or leasehold under
a
renewable lease
there
is
located
families."
similar
for
a
not
less
than
dwelling
for
99
years,
upon
which
more
than
three
not
The Home Owners' Loan Act of 1933 contains
a
of a "home mortgage," he pointed out,
it stretches the provision from three to four
,'•
'
definition
except that
families.
.
..
•
The National Housing Act of 1934 which provided, among
other things, for the creation of the Federal Savings and
Loan
Insurance
Corporation,
was
described
as
an
to
encourage home loans and home financing and to give
relief to home owners and building and loan associations."
Referring to the substitution of the words "first mortgage"
the
words
Williams
We
"home
mortgage" in the proposed Act,
Mr.
declared:
believe
it
be
to
a
dangerous
procedure.
It
tends
to
completely
change the character of the institution.
Then
there
obligations"
trend
and
means
is
are
just
drifting
Mr.
a
to
as
vary
Williams
change
in
dangerous
second
the
be eligible
collateral.
in
its
section
This
where
is
we
apparently
potentialities.
"Other
find
of
"other
similar
obligations"
far afield from "home mortgages."
discussed
at
length the policies and prac¬
tices of Federal Savings and Loan Associations as reflected
in
advertising tending to interpret the. associations to the
public
as
banks of deposit, and went over the ground of the
plan evolved at the suggestion of the Governor of the Fed¬
eral
Home
Loan
Bank
System
for
committees to iron out complaints.
met
"with
some
success,"
he
said,
the
creation
of
local
These committees "have
"but
it
the
on
said his bank had
recommendation
of
The
making
local
50 and
mortgage
investors,
to
seek
invest the
loans
although
70 miles away.
local
to
and
in
the
borrowers
institu¬
same
com¬
and
Loan
Savings
and
selling
are
located
...
.
powers
of
these
associa¬
permitting them to purchase invest¬
you
investors
more
received
so
several
in
their principal offices
legal for trust funds, would surely
more
funds
where
Federal
community.
our
proposed in the bill before
as
ments which are
tions
entered
situation
a
different system but
broadening of the lending and. investment
tions,
is
entirely
an
for
their
investments
these associa¬
encourage
shares,
providing
since
they could
higher return than
a
possible.
Such a result, in the example which I have given you,
riiight weli defeat the efforts of the FDIC to provide sound banking facili¬
in my community.
>■
now
ties
is
too
Mr. Powers pointed out that the savings and loan associa¬
"a strong competitive advantage in the higher
of
they,,
permitted to offer
are
the investment
on
savings.
Banks are required by law or regulation to
certain reserves in cash,", lie said.
He further
maintain
stated:
Sound
banking
policy *also
the
requires
maintenance .of
secondary
a
reserve
in highly liquid securities,, usually United States Government obliga¬
tions.
There
is,
of
course,
present low interest rates
be reduced to
to
If the Federal
same
their
to
venture
the
on
cash
interest
their
in
reserves
reserves
cash
in the
ever
as
savings
on
Savings and Loan Associations
secondary
and
reserves,
with
Government obligations, only a slight
Thus the
practically the lowest rate
percentage of
maintain
I
return
no
on
the secondary reserves.
on
paid.
were
•
required
is
had
required to keep the
of banks and
liquid securities
same
the
return
deposits has
to
banks do,
as
that they; would be .unable to maintain the high dividend
which they now find it possible to pay on their shares.
rate
say
Mr. Powers suggested that the House committee
well
consider the advisability
and
supervision
of, these
"might
of continuing the chartering
associations under
their
present
supervisory authority or the transferring of these functions
to
one
of the existing
Federal
agencies charged
chartering and supervision of banks.
with
the
Such consideration is
particularly important at this time," he said, "in view of
change in the character of these associations
the apparent
which would be effected
by this bill."
'
"to
Act
encourage -improvement
in housing' standards and con¬
ditions, to provide a system of mutual mortgage insurance,
and for other purposes,'" he said.
"All through this chain
of legislation," he added, "it is clear that Congress intended
for
shares
in cities
rate of return
Williams
Act
mortgage
town
confronted with
now
have
to
Home-Loan
thousands of
H.
us,
Federal
the
used
in
tions have
hyphenated," he said, "and the hyphenated word
are
field
of
mortgage loan companies to ascertain their views, and gave
a tabulation
of the replies.
He emphasized that the ques-,
tionnaire used the compound words, "Home-Loan."
"The
words
are
in
the
the
on
we
operating under
reports
original bill
to
To illustrate his point he
another bank
were
banks, particularly that
part dealing with a "National Survey as to Need for This
Legislation."
He produced a questionnaire sent out by the
Secretary of Commerce to 8,000 banking institutions and
has been
state¬
the FDIC and the State Banking Department because the
"needs of the community were not sufficient to warant the
existence of two banking institutions.
He went on to say:
accord."
Mr.
a
Mr. Powers reminded
of
communities."
Cur¬
told by P. R. Williams, President of
was
the A.
of
Mora, Minn., in
May 20.
on
cial structure and better serve the financial needs of their
the Federal
spirit of the
relationship
Committee
committee
the program of the FDIC to correct the
over-banked situation in communities "by encouraging con¬
solidations and mergers of banks to strengthen their finan¬
associations."
rency
the
committee
"that
the
ing institutions
the
made without congressional approval.
was
said,
violated
fundamental
dent of the Kanabec State Bank of
early
to
United States Supreme Court Rules Salaries of Federal
Judges
The
Are
United
Subject
States
Federal
to
Supreme
Court,
Income
in
a
Tax
decision
on
May 22 held that the salaries of all Federal Judges appointed
after June 6, 1932 are taxable.
The Court, in its opinion de¬
livered by Justice Frankfurter, ruled that the Federal Gov¬
ernment can collect an income tax on the $12,500 salary
received in
1936 by Joseph W. Woodrough of Omaha, a
Judge of the Eighth Circuit Court.
As was noted in our April 8 issue, page 2052 the Supreme
Court on April 3 agreed to hear arguments in the case which
was based on an appeal by Government counsel from a ruling
of the Federal District Court in Nebraska that the imposition
of an income tax on the salary of Judge Woodrough was
unconstitutional.
Regarding the Supreme Court's con¬
clusions this week, Associated Press advices from Washington
May 22 said:
The Court ruled oh March
27 that
Federal and
than Federal Judges .have no constitutional
A
constitutional
"shall not
provision specified
State employees, other
immunity from income taxation.
that
the salary of Federal Judges
be diminished during their continuance in office."
"Congress," Justice Frankfurter, "has committed itself to the position
that
a
non-discriminatory
tax
laid generally
on
net incpme is
not,
when
3148
Financial
applied to the income of
the
to
/
inroads upon the independence of Judges who
took office after Congress had thus
spread.
has
"To
subject
them
to
on
Justice
Frankfurter
added,
Justice McReynolds did not participate in the decision.
No dissent
was
Washington May 22 the New York
In
"Times" stated:
been removed."
when the Woodrough case was
Black would be taxable.
was not present
"
argued.
Government's Right to Prosecute Conspiracy Charges
in Violation of
ruling involving
Justice of the
ruled that the Act had
"Times"),
States Supreme
United
than
the
was
scheduled
the
first
original
to
the
as
down
member
a
date.
the
Supreme
Court
-
transporting
Hook,
oil
the
from
Field
Conroe
Pa., between November,
in
1935, and
The Lower
Montgomery,
March,
Tex.,
1930.
a
T.
men,
"ap,offense against
tion
Congress
this
by
"an
line with
Allred-Powers
offense against
tion
1937,
14,
of
the
Act,
purpose."
Chief
Justice
John
argued
They
that
Justice
of.
prose¬
date.
Marshall,
cited
Marshall
held
1921
however,
the
original
accepted
the
expressed
contention
that
law
with
the
The
provision
accumulated
A
did
"Hot Oil" Act
one
expire
June
on
16,
instead
of
two,
Congress,
the amendment of June 14,
in
1937, to treat this Act precisely
in the same way as if
by its original terms it,was to expire on June 30,
1939," Justice Douglas said.
"Due to the
amendment,, the Act has
law was created;
kind, the original Act
new
nally
Act
question
"No
followed
there
that
none,
occurred
prior
to
repealed.
was
extended
Without
life.
Connally
There
Act.
•
hiatus
was
During
effect.
the
of
first
no
to
attention,
our
waive
to.
1937,
16,
No
any
Con¬
periods
in
v-
brought
proposed
June
ceased to be in
never
Act.
one
been
Congress
one
given
second
a
but
has
old
no
was
by
was
evidence
but
to
or
which
and
pardon
prosecuted
until
Rule
Case
on
Involving Definition of "Scotch" Whiskey
said:
Justice
refused
Irish
whiskey
The
a
rule
or
over
blend of
and
Hughes,
acting
grain alcohol
refusal
of
the
Federal
Scotch whiskey
and
Irish
The FAA
insisted
the
Supreme
Court
in
Jameson
Court
which
Co.,
it
in
effect
on
sent
originated.
declared
The high court held
last
a
that
statute
the
the
entire
Ireland
Alcohol
Administration
grain alcohol
as
"blended
a
blend
that
that
a
1937 law providing
case
centered
on
Marks,
to
the
President
had
steps
been
District
of
the
Federal
for
a
court.
to
from
a
not permissible in the
circumstances,
for direct appeals did not apply largely
rather
than
the.
FAA
control
Mr. Marks explained, the question as to whether it was
legal to blend Scotch malt whiskeys and Irish grain whiskeys as "blended
and
men.
the
rates
then
upheld the order.
that Secretary Wallace
fair hearing.
The Secretary subse¬
follow the procedure
soon.
But since the
the commission men contended they
however,
J
Secretary
"is
Wallace
free
now
determine
to
the
of
to
owes
found
those
Justices
proceedings
the
a
who
of
the
"The
the money
court
by
found
if
purpose,
use."
Justice
opinion,
and
the-
immediataely
Butler
wrote,
to
the
to
,
the restraining order
their
secure.
compliance
the
with
invalid.
the idea that the pledge was
withholding it for an¬
to support
justify
to
•-
•' ' '
"
administrative
courts
the
that
excuse
or
•»
,
emphasized
agency,"
end,
statute,
and
those
"Neither
and
so
he said,
far
the
means
words
"are
duties
their
as
be
should
construed
body
'
.
"Due
regard for
and
agencies
Act
and
Secretary,
in
"The
the
in
of
the
fund
by
proceeding with
due
of
The
end,
that
attain
the
an
or
responsibility to the
"and
the
effectuate
appropriate
the
policy of
which it has set
system
District
as
aim."
own
to
as
the other
be encouraged
Court
until
such
expedition, shall have entered
up,
time
as
final
a
proceedings pending before him.
District
of
Court will
thus
avoid
injustice and, with
before
it,
including
distribution
case
the
the
risk of
full
record
previously
page
the
process
as
Secretary's
by evidence,
the
an
pro¬
court
for its action and will be able to make its
accordingly."
was
using its
of
supported
findings
have the appropriate basis
order
the
of
words
to
common
continued,
manner
of
the
by
never
the court's
Stone
Mr.
such
facilitate administration
require retention
instiument
public,"
discretion
the
attain
to
i
,
the discharge of
the
to
its
by
to
as
so
be regarded
rightly
can
.
adopted
defined
are
intruder, to be tolerated if must be, but
exercise of
will
that
contended
invalid
that, in pursuance of
through coordinated action.
the
dis¬
decision.
cooperate.
"Court
the
Roberts
the
because made in
"the appellees immediately
been' adjudged
them
or
\
Stone
J.
in
.
contains nothing
other,
.
Owen
distributed
been
have
having
Act,", Justice
to
order
record
any
the
should1
order
in
,
dis¬
it' to
favor of the Government.
dissenting
the
wrote
'
,
distributing
participate
not
"
men.
deposited
should
and' ultimately
did
duty
avoiding unlawful
McReynolds and
Reed
discharge the
may
held that the Wallace order was .invalid and that the.
challenged
entitled
it
to it."
James C.
Stanley vF.
Butler,
Secretary's
for
the meantime,
Butler,
consequently
money
other
order that
in
Douglas ruled with the majority in
Justice
was
in
be entitled
to
Justice
requires the court to await
litigants and the public by
fund
Pierce
sented.
that "justice
•
referred
in
to
these columns
1713, and Oct. 15, 1938, page 2324.
Provision in National Fire Arms Act of 1934 Upheld by
United States Supreme Court—Bars from Inter¬
state
In
an
Commerce Sawed-off Shot Guns
opinion delivered
on
May 15 by Justice McReynolds
the United States
the Supreme Court
itself.
Accordingly,
Court
Court held,
believes, he wrote,
position of the
William
instituted
was
regulations
difference
Com¬
definition of Scotch whiskey,
back
case
direct appeal
the
$586,000.
said
Sept. 17, 1938,
of
District
Federal
said:
proper
the
Lionel
night
special three-judge Federal court
because
the
liquor should be labeled
rehearing of the issues involved in the lower
and
of
Northern
May 16 the New York "Journal
refusing to rule yesterday
The District
been invalidated,
the
to
the "outcome
ceedings
merce," in referring to the ruling,
the
in
Scotch whiskeys.
In its issue of
In
behalf
on
distilled
spirits.1
neutral
whiskey."
Irish
Evans
whether
arose
dispute
import
Scotch
Charles
to
the
the original proceedings so as to
is expected to announce a decision.
Stone
court
order
Chief
court,
of
The
litigants
Regarding the action of the United States Supreme Court
in declining to decide a case
involving Irish and Scotch
whiskeys, United Press accounts from Washington, May 15
by
representing
commission
the
have
we
•
ruling
a
hearing,
full
a
-
.
aided by the other in the attainment of the
to
"the
that
reasonable rate for the period antedating any order he may now make."
alien
United States Supreme Court Declines
to
Justice
prescribed
found
violations, which
not
were
have
we
subsequent thereto."
is
entitled
were
became
of
purpose
.
money,
given the commission men a
violation
the
was
by
quently reopened
"The
1937.
Contentions
beyond question that it
.
the
that
the Supreme
commission
only
was
of
requirement
farmers
1937.
until
ago
year
had not
there
never
noted
determination of the Secretary that
commission men immediately won a restraining order,
that the rate differential be impounded.
These funds
Supreme Court had
law
more
promulgated the original rate order in 1933 under
permitting him to fix maximum charges that commission men
for prior violations is automatically extended unless
specifies otherwise.
Holding that because of the
Justice Douglas's
clear
seems
Government's
com¬
invalid
Wallace
make.
Justice
resolution
held
one
majority opinion,
a
the
decision reversed
Missouri
charged
rates,
which. it
temporary Act cannot be punished after the expira¬
a
particular provision be made by law for the
a
congressional extension
"It
be
could
expiration
30
unless
Douglas,
extension
said
still
persons
June
to
'
Justice
he
down that
ruling by
a
lawyers.
the power to prosecute
an
extending the life of the law
not specifically set
in
was
the
pun-
a
,fo£ violations occurring before the original
This
•
did
year
cuted
June
on
statutory
stockyard
prescribed and
temporary Act cannot be punished after the expira¬
of the Act was June 16, 1936,
He held that a resolution by
date
writing
■
M. Kennedy, the district judge held,' could not be
further
by him, on the basis of voluminous evidence, were
of this court's decision that the Secretary had
the
original order had
These
which
because
western
for
may
-
Contention
Court'8
but
Secretary
Marcus
to
Stone,
prescribed
observe
between
Southern Texas Federal District Court decision
a
Secretary
prescribed by Secretary Wallace be returned immediately to the brokers.
on
indictment accusing Rene Allred and Neal Powers of illegally
an
Supreme
order by Secretary Wallace be deferred
reviewed that determination."
Court
as was noted in these columns April 22, page 2355.
Regarding the Supreme Court's ruling of May 15 on the
Connally Act, the'"Times" Washington account stated:
Justice Douglas reversed
15,
May
order, to replace
new
a
has twice sustained
Court
Today's
persons
The decision
F*
Harlan
to
never
April 17,
quashing
States
ago.
year
rates
failed
by Justice Douglas* who
of
a
enters
Secretary
reasonable;
Unbroken life of
expire.
expiration
to be handed
in
sworn
United
the
Washington,
impounded under an
fees
District
prolonged its
Act, he held, made possible the prosecution of
was
by
New
granted a request that the distribution of $586,000 in
court
Justice
Court,
expired because, he explained
never
congressional amendment
a
was
after
Order
of
'
the
until
(we quote from Washington advices, May 15, to the New
indicted
Be
to 1937.
This represented a victory for
in the long-litigated case, said Associated
from
accounts
mission
conspiracy charge under the Con¬
a
1933
from
The
nally "Hot Oil" Act, Justice Douglas, who recently became
the
to
Distribution
agencies incident to rates fixed by
said:
Its Life Was Continuous
it
15
May
on
Government
Press
Connally "Hot Oil" Act Upheld by
Supreme Court, Which Maintains
States
life just as
That
Issuance
Pending
decision
a
made
1
the
York
Men—Orders
Secretary
Funds
of
Wallace for handling livestock in the Kansas
City Stockyards, the court agreed to defer the distribution
of the $586,000 to the commission men until Secretary Wal¬
lace may pass anew on the reasonableness of charges they
Under the decision the salaries of Justices Reed, Frankfurter, Douglas and
Associate
Distribution
of
City Stock
of
of Agriculture
Justice McReynolds, who often
joins Mr. Butler in dissents, did not participate because he
an
Kansas
Favor
Wallace
commission
distinguished from others and that, through the Frankfurter opinion,
"another landmark has
a
down.
Court, in the matter of the claims of Middle Western cattle
Justice Butler, the single dissenter in this case, said that Judges' salaries
In
Matter
in
Deferred
...
Mr.
United
handed
Rate
Commission
announced.
are
decision
Supreme Court in
Case Decides in
States
Wallace
stitution and laws they are charged with administering."
In its account from
earlier
against an
Yards
burden of the Government whose Con¬
material
filed
United
function in Government does not generate an immunity from sharing with
the
A similar case
been
"is
merely to recognize that judges are also citizens, and that their particular
their fellow citizens
he said.
the ultimate disposition of this matter is wide¬
is now pending in Scotland, under which an appeal
of the Constitution.
...
tax,"
general
a
1939
Liquor trade interest in
taining the Government, is to trivialize the great historic experience
safeguard
has now been instructed to hear the case,
involved,
was
charged them with the common duties of
citizenship, by making them bear their aliquot share of the cost of main¬
which the framers passed the
May 27,
whiskey" was still undetermined.
The lower court, which refused
hear the case on its merits on the ground that no constitutional question
Scotch
Federal Judge, a diminution of his salary within
a
prohibition of the Constitution.
"To suggest that it makes
Chronicle
Supreme Court held as valid the section
of the 1934 National Firearms Act barring sawed-off shot¬
and
machine
interstate commerce unless
From Associated
Press advices from Washington, May 15, we quote:
guns
guns
from
registered with the Federal Government.
The
tional
challenge
was
right of the
based
on a
contention that the law violated a constitu¬
States to maintain
a
militia.
Justice McReynolds said
-
Volume
the
objection
place
no
Financial
148
"plainly untenable" and that
was
Chronicle
"eavved-off shotgun has
a
had cost
in military service."
charging
Jack
Miller
sawed-off
Lay ton
Frank
and
shotgun
with
The suit
Claremore,
from
violated
the
regulated
the
two
Second
militia,
contended
men
Amendment
being
of
the
right of the people to keep and bear
The
District
But
today
"We
and
with
in
down
the
the
written
ordinary
opinion
military
defense."
common
Indicting Messrs.
specifically
solemnly
Stevens
for
Court
with
he
that
.
Miller
the
described
as
Layton,
was
is
weapon
of
part
any
contribute
could
use
did not
the Government
sawed-off
a
"certain
a
its
firearm,
double-barraled
a
the
mention
Instead,
shotgun.
it
at
the
of
Canton
plants,
the
A decision
United
against the Government
States
versy which
Supreme Court
of
The
of
a
Monterey Brewing Co., which
1937
the
while
The
the
contro¬
a
was
adjudicated
owing the bank $384.
This
railroad
the
all
The
clined
to
claim
the
had
de¬
Of
give
on
the United States priority, but placed the
equality with other creditors.
No dissent to
an
earlier decision
announced
was
by the Supreme Court.
Case of
holders
have
National
of
of the
defiinct
in
occurred
thd
United
ruled
of
the
"actual
fraud,"
said
The
Washington
Street Journal" of May 16, from which we also quote:
"The
that
rule,"
the
officials
of
held
been
relation
The
that
court's
is
official
by
be
done
is
his
duty to exercise judgment
receivers
in
be
the
merely
of
motives
liable
down
H.
Bank
here,
The
the
the
in
administration
bank.
the
by
not.
receivers
a
in
of
Cooper,
/
suit
his
for
former
for
he
official
$100,000.
$15,000
when
it
,
discharged
only
an
in
of
the
Com¬
Currency and the
sale
was
of
a
piece of
allegedly
worth
V
„
of
Hosiery Workers (a Con¬
gress of Industrial Organizations affiliate)
filed a brief
with the Circuit Court of Appeals at
Philadelphia, May 23,.
asking that the judgment of $711,932 awarded the Apex
Hosiery Co. on April 3 against the union be set aside.
A
jury in the Federal District Court at Philadelphia on
April
3
returned
the union and its
a
verdict
for
$237,310 damages against
President, William Leader, as a result of
a
seven-week "sit-down" strike in the
the
Apex
patrick
Hosiery
Co.
in
Philadelphia plant of
Judge William H. Kirk-
1937.
ordered
the verdict fixed at triple the amount
jury, or $711,932, following motion by counsel
seeking treble damages under the Sherman Anti-Trust Act.
named by the
[The decision
April 8 last,
was
page
referred
to
at
length in
these columns
2053.]
The
Damages
as
Result of 1937 Strike
Republic Steel Corp., May 23, filed
a
age
Steel
$7,500,000 dam¬
suit against the Congress of Industrial
the
Organizations,
Organizing Committee, John L. Lewis,
Philip Murray and others as a result of the "little steel"
strike of 1937.
The company charges that its loss of busi¬
ness
and
Workers'
extraordinary expenses resulting from the strike
to
members
were
Tin. Workers
intended
was
of .the
North
of
of ingress
mass
from
highways
to
...
subjected
of
the
sym¬
thereby
.
.
gauntlet,
barrages
of
severe
and
number
large
a
.
run
to heavy
inflicted
which
persons
caused many
ways
and obstructed by
large number of
members, agents and
public
plants
were
missiles
these
that
caused
their
of
the
of
flow
the
and that the
commerce
(the defendants)
They
.
stop
the plants,
of
foreign
to
restraint of trade.
"They
hundred
to. the
during
collective bargaining
as
who
be blockaded
to
such
acts
of
at
stones,
extensive
said
em¬
of
numbers
of
cues,
stationed
persons
said plants to
of large
gathering
riots
and
which
in
and
sticks, clubs,
pipes, hatchets, knives and other dangerous
gas
"
a
patrolling in the
or
firearms,
be armed with
fired
.
armed
the
/
.
mobs
.
defendants
.
and
law enforcement
upon
which
.
their
officers who
,
.
pro¬
agents and
were
.
at
States
of
some
mail
said
entering
plants
in
and
leaving
or
intercepted
cases
some
the
of said plants by threatening
some
attempting to perform such service.
persons
"Tbey caused the bombardment of the homes of many of the employees
,
of
said
hurled
(or)
bricks;
■»
windows
through
children.
the
of
seme
with
plants,
were
.
.
employees
stones
.
They
.
'•
.
the
wives
their homes,
in
-.
in
instances
many
sleeping employees,
caused
be accosted
to
which
.
.
struck
and
elsewhere."
their
wives
children
and
on
the
streets,
of
or
"
F.
regional
Donovan,
Cleveland, said of the suits:
Girdler
Tom
Organizing
Personally,
Committee
a
Girdler
Tom
through.
I
here
to
wakes
worry
O.
C.
director
had to do something to try tp
building
about
what
the
he's
Steel
suicidal
policy
he's
been
following
Balint, President of the S. W. O. C. local in Re¬
will
night "(May
come
26).
Clevelanders
235
put
with
We're
'
answer
Friday
and
Workers
doing.
public's Corrigan-McKinney division, said:
Our
in
about permanent peace and harmony
the
to
up
W.
busy
too
am
contract to bring
.
Alex
S.
•
(Republic Board Chairman)
face.
his
save
from
a
on
meeting
mass
Republic
killed
the hospital
the job of building up my
18
of
lists.
of
our
I'm
*
all
men
Republic
in
going
lodges
that
strike
right
ahead
lodge to 100% membership.
Republic Steel Corp.'s Suit Seen as Reply to C. I. O.
Action in Filing Claims for $7,500,000 with NLRB
Congress
Organizations officials indicated
of Industrial
belief, May 23, that Republic Steel's suit for $7,500,000 dam¬
ages
against C. I. O. as a result of the "little steel" strike
was an attempt to offset the union's claim for an
in 1937
identical
amount
against the company
for back
wages
of
its members.
Neither
would
Republic Steel Corp. Names C. I. O. in $7,500,000 Suit—
Seeks
caused
intimidating
when
——*—-
Federation
C.
and
and
in
.
prepared to sign
.
American
.
William
judgment
defunct
Apex Hosiery Co. Decision Appealed—Union Seeks to
Set Aside Judgment of $711,932 Awarded
Company
Resulting from Sit-down Strike
The
violent
of
duties."
against Comptroller of the
for
.
and
accounting
Comptroller approved the
in
otherwise
or
shipments
"•
many
service
and
into
but
discretion."
accounting and
head
falls
one
which
"They caused the suspension and partial suspension of the United States
mail
has
:
■
with which
a
suit
a
and
it
so
he
if
ministerial
/
held
handed
was
Colonel Wade
of
property
because
may
fraud
National
mercial
action
an
to
is
And
acts.
it
He
opinion
brought
official
act
liable
duty.
of
their
of
respect
ruling continues:
he
event
The
in
damages
commotion
United
people require that due protection be accorded to
public officer is not liable to
a
the
which
to
"Nor
the
Government
where
error
the
of
its
enforcement
up
with
attempting to maintain the public peace and safety.
the opinion stated,, "grows out of the long recognized fact
interests
its
called to compel. Republic
O.
products out
.
sides
of
sympathizers attacked
:■
>/
...
near
riots "at
law
blowing
was
W.
strike
says:
.
other
bats, billiard
"Tbey
voked
court,
however, excepted
advices to the "Wall
the
plants
employees
and
caused great
weapons.
of
of the worst
killed
.
vicinity of
to
both
such
and
baseball
during
plants.
of
delivery
some
were,
upon
convicted
Steel
interstate
several
to
steel
.
Niles and
V
finished
for
said
employees
time
coal,
injuries
of
15.
that
individuals.
line
to
ployees.
stock¬
institutions for damages alleged
May
on
by
from
100
iron,
Defunct
sued
of
interfering
plants
Iron,
of
-
strike, the petition
of
•which
pursuit of their -official duties, the
Appeals for the District of Co¬
States- Court
lumbia
be
cannot
fired
mails,
says,
S.
guilty of conspiracy
were
egress
"They
banks
for
contract
scenes
alleged
the
and workers
having provoked
were
certain
at
and
destined
were
the
pathizers
Washington, D. C., Bank
Receivers
who
the petition
employees
upward
ing to United States Court of Appeals for District
in
asking to
blockading
the
persons
and
the
recognizing the
into
forcing
Columbia—Decision Given
47
Association
formations
Receivers of National Banks Cannot Be Sued, Accord¬
of
May 23
Massillon,
and
to
otherwise
and
include
products
and
to
ruling from the Ninth Federal Circuit Court.
a
The union
of the plants to. be surrounded and the public and private
Justice Reed delivered the decision, in response to a request
for
2053.]
alleged forced closing
property
Ten
attacked
obstructing
tracks
charges
defendants
Court
strike.
defendants with
company
raw
Canton
.
products
Federal. District
of
the
on
protecting
America.
The
California
sit*
seven-week
a
a
repre¬
Hosiery
of
battle between policemen and demonstrators.
a
The strike,
Amalgamated
by the Federal Housing Administrator, who then
.sought to collect from the assets of the bankrupt concern.
Southern
$711,932,
company's plants."
contract
a
for
agent
bank
in
page
Appeals there
been unable
had
with
.
defendants
sign
paid
was
sum
of
resulting from
steel"
sympathizers
.
strike.
to
bankrupt
a
suffered
Republic's plants were
charges the
destroying
Housing Administra¬
loan by the "California Bank" to the
Philadelphia, where
siege by strikers at Warren,
of
cost
"little
their
.
under
business
it
says
the
suit
and
and from
handed down by
May 13 in
on
they
officers
out of the Federal
grew
tion's insurance of
in
was
Court
Youngstown,
the
loss
for six weeks.
disorders
Ruling Against Government by United States Supreme
Court in Case Respecting Priority in Distribution
of Assets of
Bankrupt Company—Concerns Insurance by FHA of Bank Loan
business
bases its claims
operating
company
goods
12-gauge
proposed col-
a
Federation
American
the
of
Circuit
Corp.
Cleveland,
cost
strike,
The
was
barrel less than 18 inches in length."
a
plants
abnormal
to
in
"Chronicle," April 8,
Steel
some
and
firearm
shotgun having
that
or
.
established
judgment set aside.
Republic
Chicago plant during
the
loss
[See
The
said:
equipment
.
been
against
and
1937.
in
brief
a
plants were part of
to sign
company
jury awarded the Apex Hosiery Co.
damages,
damages
strike
filed
has
suit
have the
his
"Certainly it is not within judicial notice that this
of
for the
threefold
Workers
military service,
shotgun has any relation to
to
militia."
And
Cleveland.
bargaining contract with the S. W. O. C."
Federal District
the bench:
from
sawed-off
a
Federal District Court,
to and from the
commerce
precedent
senting
having relation
as
that
say
A
lawyers.
drawled
amendment
to
arms,
the
McReynolds
the
unable
are
agreed
Justice
construe
we
the
Court
the
free
a
in
conspiracy to compel the
lecetive
well
State,
shall not be infringed."
of
security
a
clauses
"A
reading:
Constitution
the
to
necessary
registration
the
that
filed
was
that "unlawful acts of force, intimidation, threats,
violence, destruction of property, injury to persons and ob¬
struction of
for
pro¬
as
almost 700
names
It says
said:
Attorneys
It
town, Warren, Niles, Canton and Masillon, all in Ohio, as
defendants.
Okla.,
to Siloam Springs, Ark., without registering under the Fire¬
arms Act, special
advices, May 15, to the New York "Times"
a
It asks threefold damages
individual strikers and union officers in Cleveland, Youngs-
Noting that the McReynolds ruling upset a verdict of the
Federal District Court, quashing an in¬
Western Arkansas
dictment
$2,500,000.
vided by the Clayton Anti-Trust Act.
*
transporting
it
3149
Philip Murray
Lee Pressman of the C. I. O.
the steel company's action, but
nor
comment directly on
pointed to the C. I. O. action filed in Cleveland, May 15,
said:
"Maybe there is a connection."
and
The
C. I.
wages
O. filed claims with the National Labor
Cleveland
in
May
15
for
gally discharged as a result of the steel strike in 1937.
company owes
time
Rela¬
$7,500,000 in hack
of 6,200 workers who, the union alleged, were ille¬
Board
tions
The
these workers, the C. I. O. claimed, for full
the NLRB order for reinstatement,
from the date of
issued in 1938, to
the present time.
The C. I. O. action in
Financial
3150
other
in
States.
and Prairie Pipe Line
Manufacturers and 31 Depart¬
Issued by SEC—Based on Census of
Stores
ment
American Listed Corporations
manufacturers
and 31
department stores with annual sales over $10,000,registered under the Securities Exchange Act of 1934,
were recently issued by the Securities and Exchange Com¬
mission.
These reports were the 12th and 13th respectively,
of a series based on a Works Progress Administration pro?
ject known as the Census of American Listed Corporations.
Issuance of a similar report on 10 manufacturers of office
machinery and equipment was noted in these columns of
April' 29, page 2505.
Regarding the latest report, the
000
SEC said:
approximately $6,000,000In connection with this consolidation, in favor
of which Petroleum Corp. of America voted its large blocks of Prairie and
Bancamerica-Blair Corporation received for "services"
$90,000 was ultimately paid over to Petroleum Corp.
describes in detail other transactions between the investment
company and Sinclair Consolidated Oil Corp., and divers ventures which
Petroleum Corp. of America was caused to undertake and which were in
furtherance of the plans of the Sinclair interests and their bankers.
Among
The report
aU companies in
data for each of the companies and also combined
eachi of the
Included in the date on indi¬
the names of the parents and sub-:
groups.
vidual companies are a general survey,
sixteen financial and operating ratios for each company,
each company, and individual
and surplus reconciliations.
salary data for
balance sheets, profit and loss statements
The combined data for each group as a whole
balance sheet, a profit and loss statement, a surplus reconcilia¬
tion , totals of selected expense items,
SEC
Issues Data
14
Chain
and 16 financial and operating ratios.
11 Container Manufacturers and
on
Food
Store
Corporations—Based
Corporations
on
Census of American Listed
loss of more than
Associated Oil Co. for the Sinclair interests,
$10,000,000 and
to secure
control of Tidewater
in which
Petroleum Corp. had a committment exceeding
suffered
of approximately
a loss
$2,000,000 without receiving
and closures other than paper or wood and on 14 corpora¬
tions operating chain grocery and food stores registered under
Securities
Exchange Act of 1934.
These reports are
based on a Works Progress Administration project known
as the Census of American Listed Corporations.
Requests
for copies of these reports; as well as requests for future
summaries, should be addressed to the Publications Unit,
"Securities and Exchange Commission, Washington, D. C.
The supply of summaries on all previous reports, except
meat packers, has been exhausted and are no longer available-for distribution.
■
v
SEC Regulations Seriously Ihipeding
sion and Recovery, Says John K.
The
regulations and restrictions imposed by the Securities
Exchange Acts have seriously impeded business expan¬
sion and recovery by increasing the liability to the issuing
company and to the underwriter in the sale of industrial
securities to the public, John K. Starkweather, partner in
the investment banking firm of Starkweather & Co., mem¬
bers of the New York Stock Exchange, told the New York
Financial Advertisers at a luncheon at the Lawyers Club on
May 24. '
■ '.V
Mr. Starkweather further said:
and
It is not
evidencing a growing
piace privately the securities they issue for new money or for
surprising that industrial companies are
inclination to
refunding purposes, in View of the difficulties and risks surrounding
under the Securities Act requirements.
sale of securities to the public
greatest difficulty in effecting
and
Commission
Exchange
ment trusts and investment
of the securities at
the
The
Washington and their eventual release for sale, during
that it may sell
which period of uncertainty the company has no assurance
its securities
or
will find a ready market.
that they
And there is to be
considered,"too, the great cost involved in the filing of voluminous registra¬
tion statements and preparation
In
of lengthy prospectuses.
.
.
concluding Mr. Starkweather stated:
need
a
constructive effort
on
on
May
18
companies which it has conducted
balancing the budget.
with
No business
private industry!
compete for long with the
can
endless resources of the Federal Government.
We need
reasonable
this
...
revision of the Securities Acts to allow business to pursue a
unmolested, and it is necessary that American business
course
And
honest.
to
a
be recognized and treated
men
The budget
We also need to stop governmental competi¬
curtailing Federal spending.
tion
Government toward
the part of the
be balanced under present conditions, but a start can be made by
fundamentally honest rather than dis¬
as
need, above all, the realization that business is important
we
Industrial recovery and progress is impossible on the
country.
theory that business success is unimportant to our country.
pursuant to Section 30 of the Public Utility Holding Company
these
-
public financing today lies in the extended
delay occasioned by the process of Federal investigation between the filing
cannot
transmitted to the Congress an additional section of Chapter
2 of Part Three of its over-all report on the study of invest¬
Act of 1935.
Starkweather-—
Urges Revision of Acts to Allow Business to Follow
Reasonable Course
We
Report on Investment Trust and
Investment Companies Sent to Congress-—Deals
with Petroleum Corp. of America and C. D. Kenyon
Group of Companies
,
Securities
Business Expan¬
,
Section of SEC
The
single share
■
stopping uncontrolled spending and
New
a
stock.
of Tidewater
.
The Securities and Exchange Commission recently issued
summaries of selected data on 11 manufacturers of containers
the
commitment in excess of $2,000,000 and sustained
$400,000, and the Mission Securities Syndicate designed
Corp. of America made a
a
sidiaries of each company , the. outstanding security issues of each company ,
a
the Rio Grande Oil Syndicate in which Petroleum
the ventures described is
.
It provides individual
include
stocks,
Sinclair
$700,000. of which
data of 8 cement
Summaries of selected
data for
Corp. of America exchanged its holdings in the
which had cost it approximately $65,000,000, for Con¬
Oil stock which shortly after the exchange had a market value of
three companies,
8 Cement
on
Co. were consolidated under the name Consolidated
Oil'Corp., and Petroleum
solidated
Reports
Sinclair Consolidated Oil Corp., Prairie Oil & Gas Co.,
In March 1932,
C. I. O. officials
Cleveland involves only workers in Ohio.
said similar suits would be filed for back wages of workers
May 27,
Chronicle
—♦
A
previous section of the report was given in
columns May 6, page 2674.
Part Three, according to
the SEC, deals primarily with the abuses and deficiencies in
the organization and operation of management investment
International
Briand
Conference
Reconstitute*
to
Treaty Suggested
President
to
Kellogg-
Roosevelt
The section of this chapter transmitted to the Congress today covers the
the Kelloggeffective method of main¬
taining World peace was suggested to President Roosevelt
on May 23 by the Right Rev. Ernest M. Stires, Bishop of
the Protestant Episcopal Diocese of Long Island, at the
Petroleum Corporation of America
72nd annual diocesan convention at the
companies.
The SEC
of the report said, in part:
summary
This section of Chaper ll sets forth in detail,
as
was
done in the first"
section of this chapter, the histories of additional investment companies.
and the co-called C. D. Kenyon group
of investment trusts and companies.
The Kenyon gro^p
Fund of America, Inc., United Standard Oil fund of
includes Investors
America, Inc„ Monthly
Income Shares, Inc. of New York, Monthly Income Shares, Inc. of New
Jersey, Harriman Investors Fund,
Sponsors,
Inc.,
United
Standard
Inc.,
Universal Shares, Ltd.,
Oil shares
Corp.,
Investment Shares,
Series D; Trustee Standard-Oil Shares, Series A;
Trustee Standard Oil Shares, Series B; Trusteed New York Bank Shares.
The Commission will shortly transmit to the
Congress histories of ad¬
said the New York
We
Inc.
discussing Petroleum Corp. of America, organised by Blair & Co.,
(later known
as
Bancamerica-Blair Corp.) which
indicates that the invstment
company was
Sinclair interests to extend their control
dustry and that, unknown
to the
was at
the time
one
Corp., the Commission's report
created primarily to assist the
over a
large section of the oil in¬
public which paid $110,000,000 for Petro¬
leum Corporation's securities, the investment
company's assets were used
chiefly in furtherance of the plans of the Sinclair interests and their bankers,
Bancamerica-Blair Corp.
In connection with the plan to extend the Sinclair
controlling influence
proud and
were
but
to
we
have
shreds,
never
made
from which the
a
a
has been torn
conference of the nations to
why that treaty should not be reestablished and made completely
■
world, and a few days
that his word is no longer of any value,
and no longer possesses the power to
international
obligations have
the extent to which an accredited leader
great nation may make'a solemn promise to the
later so utterly break that promise
and
call
all horrified at the extent to which international
become the merest scraps of paper;
a
method of international policy,
vigorous protest while that treaty
effective.'
of
Kellogg-Briand treaty with its
war as a
nor have we made an effort to
show cause
are
of the
hopeful
signatures of 60 nations outlawing
We
of the bankers for Sinclair Consolidated Oil
"Times" of May 24,
following parts of the Bishop's speech were taken:
ditional companies.
In
Cathedral of the
Incarnation in Garden City.
Bishop Stires suggestion was
made in an address in which he presented his annual report
United
National Associated
Dealers, Inc., and also includes the following fixed investment trusts:
American Composite Trust 8hares, Cumulative Series; Collateral Trustee
Shares, Series A; Trustee Standard Invstment Shares,jSer,C: Trustee Stand¬
ard
An international conference to reconstitute
Briand treaty or to propose a more
deceive.
In the midst of national
duplicity and treachery, can we not compel our country
to stand for truth and
honor, for justice and steadfastness in all of its re¬
lationships?
•
It is the right moment
reconstitute the
Our country
President should not delay
for proposing a conference to
Kellogg-Briand treaty or something similar and more effective.
can
most appropriately
take the lead and our,
in the oil
industry, the Commission described in detail the purchase from the
Rockefeller interests, shortly before the formation of Petroleum
Corp. of
America, by a syndicate consisting of Sinclair, the bankers and their as¬
sociates, of large blocks of stock of the Prairie Oil & Gas Co. and Prairie
Closer
Co-operation of Retailers with Government and
Urged at Final Session of National
Sponsored by American Retail Foundation
—Louis E. Kirstein Presents 10-Point Program
Consumers is
Pipe Line Co. for approximately $38,500,000.
After intensive operations
designed to stimulate public interest, raise or maintain the market price of
these Prairie stocks, the syndicate sold these blocks of stock to Petroleum
Corp, of America five days after its organization for
$46,600,000, thereby giving the syndicate
in
a
a gross
an
aggregate price of
profit of about $6,500,000
period of less than two months.
The report
then describes further purchases of the Prairie stocks by
Petroleum Corp. of America, including the acquisition of a block of 150,000
shares of Prairie Oil & Gas stock from Sinclair Consolidated Oil Corp*
$9,000,000, a price which
Simultaneously,
was
$750,000 higher than the market
Sinclair Consolidated
Oil Corp, purchased from
for
value.
Banc¬
america-Blair Corp. a large block of Petroleum Corporation's stock, whereby
Bancamerica-Blair Corp. made a profit of more than $200,000 and Sinclair
Consolidated
was
established
and dominant influence.
as
Petroleum Corporation's largest stockholder
Forum
A
10-point
program
calling for closer co-operation of retail
consumers was presented on
May 23 by Louis E. Kirstein, Chairman of the American
Retail FederatiQn, as that organization concluded its Na¬
tional Forum held at Washington on May 22 and 23.
Ad¬
dresses before the Forum by President Roosevelt and Secre¬
tary Hopkins are referred to in another item.
No formal
vote was taken on the proposals made by Mr. Kirstein,
but apparently they Were approved by most of those present,
trade
and it
with
was
Government and
announced that
agrfeed to the
program.
a
representative committee had
Volume
Financial
148*
Chronicle
In summarizing the proceedings on May 23, a Washington
dispatch of that date to the New York "Journal of Com¬
End of the two-day meeting came without a concerted move
record against
on
AAA, the undistributed profits tax, "the court packing" bill and the first
from certain
reorganization bill, said he voted for the second reorganization bill, but that
with the inferred
even its proponents
Urges
License
future sessions and closed with
in the future which
Bill
The concluding session of the Forum heard Senator O'Mahoney
Wyo.), Chairman of
licensing of corporations.
provide
an
escape
From the New York "Times"
garding Senator Clark's address:
Enactment of the legislation,
he said, would
W.
Rudin,
the
warned
Co.,
our
prople face about and return to
example of the "mushroom"
growth of governmental agencies, he said its members had not beien ap¬
until the beginning of the present session in January.
"Yet in that short space of time," he said, "the CAA has
delegates
roll in
that the future holds very little in store for any business,
"unless
take the following re¬
pointed until after Congress recessed last June and could not be confirmed
unemployment and farm problem and "create
President, Dowds-Rudin
we
as an
Citing the Civil Aeronautics Authority
enable
organizations" and
permanent basis of univeral prosperity."
John
realistic solution to the problem of bureau¬
cracy.
(Dem.,
from "discretionary Government control" and
"set them free" to solve the
a
no economy.
reorganization" would be pressed in
appeal for public support of "any bill"
centralization
the Government to "fix responsibility of these national
a
attempted
an
of his bill providing for Federal
the "monopoly committee", strike at
of government and business and urge
support
admitted it offered
He promised that a fight for "real
policies of the Administration.
O'Mahoney
often with "inexcusable waste of taxpayers' money
private industry."
Senator Clark, who opposed the National Recovery Administration, the
general indorsement of the New Deal that featured the meeting to place
themselves
business,
entering into
and in competition with taxpayers in
merce" said:
members of the group understood to be not in agreement
3151
large or small,
the old-fashioned principles of
excess
already
a pay¬
interstate Commerce Commission, which regulates all
of the
the railroads and its number of employees is well over the total of that of all
the airlines it is supposed to regulate."
:
honesty, self-reliance, thrift and hard work which have made our country
the wealthiest and greatest on earth."
'
"The example must be set by our political leaders, our servants
please, whom
•
if you
Wfinthrop W. Aldrich Warns Continued Spending and
have elected," the speaker declared in the only major
we
Unbalanced Budgets Threaten Financial ChaosBond Club of New York, He Urges
speech critical of the Administration.
He insisted that the fiscal policy of the Government must
a
basis" and budget balancing become
sane
a
Government competition with business ended.
"Purchasing
He declared that artifical
power
that is lasting must
come
The
lQ-point program
was
money," the speaker
•
.
Kirstein
by Mr.
proposed
as
number of retailers.
large
a
federation.did
not allow
Mr. Aldrich said that the immediate
European war has been greatly diminished in
recent weeks, and he added that it is far more important for
business and political leaders in this country to concentrate
upon domestic problems than "to go on worrying about
what is taking place in Europe."
Mr. Aldrich charged the
Administration with fostering conflicting policies in the
fields of domestic and foreign trade.
Discussing causes for
the stagnation of the stream of capital, Mr. Aldrich men¬
tioned the inequitable tax structure, Government competi¬
tion with the utilities and "the continued shocks and un¬
threat of
He
explained that the
by-laws of the
adoption of formal resolutions.
His program for the industry follows;
^
1. Recognize general responsibility for close, earnest and intelligent co¬
operation with Federal, State and local governments in striving for solution
of the major social and economic problems of the present day—recognize
a special responsibility to help in increasing the real income of the masses
of the people by doing everything possible to reduce distributive costs.
2. Recognize its concern with the standard of living of the population—
a carefully planned and explicit fiscal
policy with this reality in mind.
3
Support and cooperate with the current movement for a thorough¬
going investigation which will correlate Federal, State, and local taxation;
and which will have the effect of encouraging private investment and in¬
creasing purchasing power.
4. Recognize the Government's responsibility to provide for social security
both on humanitarian and economic grounds—urge early attention to a
thorough revision of the social security program.
5. Acknowledge the right of consumers to know what they are buying.
6. Recognize the right and necessity for equal opportunity for competition
ask the United States to formulate
.
j
a
certainties which have been the result of Government
We haVe in this country today, 4n the economic field, a radical conflict
between our foreign policies and
tude of conflicting policies
Recognize the growth of consumer cooperatives as a legitimate form
distribution—urge that governments refrain from subsidies, or
any other special privileges not available to all retailers.
8. Oppose all legislative and administrative barriers between States which
tend to impede the flow of goods in interstate commerce.
9.* Recognize the social and economic situation which confronts the
farmers of the nation—offer full cooperation in efforts to dispose of sur¬
pluses within the existing economic system through recognized distributive
On the other hand,
which have resulted in
the effect of which is to raise domestic prices,
On the
our
one
hand,
we
manufacturers and
have
desire
a
the part of those who are responsi¬
on
commerce
which
between definite
wavers
hostility and hdlf-hearted ap¬
This conflict of policy in some cases bears
facturers because they
domestic markets
,
hard upon certain manu¬
very
asked to make sacrifices in connection with their
are
in order to foster our export trade at the very time when
the domestic policies of their Government are making it
Bureaucracy and Deficits
Civil
such
Every effort
are
continued,
he
an opera
.
[he
"While"
"and
most
been
has
made to increase commercial loans and to en¬
The obstacles which exist have been stated
again.
time and time
I will not attempt at this time to enter
discussion, but will simply enumerate some of those which
are a
number of taxes which definitely inhibit the use of funds in
enterprise, and bring about expansion of employment
instance, there is the undistributed
profits tax.
with President Roosevelt at the present time that
unimportant, but I believe that Congress
The
than is
risks.
any case
the undistributed profits
If they are
If they are
tax.
"When capital gains are taxed at
successful, the Government makes most of the profit.
unsuccessful, the Government makes up some of the losses, and.
The modifica¬
but not
bearly enough.
The upper brackets of the surtax and income tax field are
obviously paralyzing so far as risk-taking activities are concerned.
We all remember the long discussion about Government competition with
the utilities.
We all remember the effect of the continued shocks and un¬
certainties which have been the result of Government policy.
The whole
more taxes must be seen
are
early in 1938 has made some difference
budgetary position of the Government is a source
Agricultural Adjustment Administration
elimin-1
investment of capital
substantial supplies of capital will not dare take
tion of the capital gains tax
.
.
"the
For
they cannot even carry over the losses into another year.
singer' of each other, and frequently pull in opposite
said]
is on its way to
capital gains ta$ is a greater inhibition to the
income tax rates, men with
expense must
in
most rapidly.
I personally do not agree
this tax is comparatively
;
ate it.,
Too many people, both in and out
Washington bureaus and agencies
and
in the
with which the bankers of this
risk-taking activities which are the kind of activities which create new
"Once established, a bureau is seldom abolished, even when its work is
'jealous as
directions.
one
generally recognjzed.
There
inevitable.
done,"
restated
into a lenghty
political party or adminis¬
Government, Senator Clark
vastly exceeded receipts that still
This problem is
capital investment.
courage
and
later be paid for with taxpayers' money.
so
why this money is not being used in capital expenditures and
country have been wrestling for the past four or five years.
"Today the people of the United States are staggering under the biggest
tax load the Nation has ever seen
; •
and yet expenditures in late
.
large amount of idle money in this country at the present time,
a
employment of labor.
one
public office, fail to realize that every penny of government
to
as
"The multiplication of bureaus has been at far greater pace than the'
growth and development of our country .
have
trade.
Temporary National Economic Committee and inquiry as to why there is
Explaining that his remarks applied not to
years
and
the President of the United States addressed to the
A short time ago,
Regulates
tration, but to a general trend in the Federal
as
regard to industry, commerce
Employees Than
Commerce,, said that the recently created Civil Aeronautics
Authority already had more employees than "all the airlines
it is suppoed to
regulate." One thousand persons attended
the luncheon meeting, at which Senator Clark said that the
problem of halting such multiplicity of government is the
greatest one facing the American people today.
He said,
according to the New York "Herald Tribune," that every
new bureau and agency created, spent a great deal of tax¬
payers' money, in direct violation of Federal law. In part,
the paper indicated, further quoted Senator Clark as follows:
of
difficult for them
One of the most vital needs of our
.
country today is the coordination of its foreign and domestic policies with
Federal bureaucracy and the rising cost of Government
were attacked on May 22 by Senator Bennett C. Clark of
Missouri who, in an address before the Brooklyn Chamber of
sooner or
profits in the domestic trade.
to earn
,
said:
business and
peasement.
of their own choosing—oppose discriminatory restrictions upon
employers in their relationships with their employees—oppose irresponsibil¬
ity in leadership, whether by employers or by labor organizations.
persons
Commerce
trade.
exporters and importers, to increase this
our
On the other hand, we have an atmosphere towards domestic
10. Recognize rthat employees have a right to bargain collectively with
their employers—oppose obstructions to the representation of employees by
Brooklyn "Chamber .of
have a multi¬
ble for fostering our foreign trade to cooperate in every way possible with
channels.
Aeronautics Authority Has More
we
variety of measures,
a
artificially to limit produc¬
tion, and, of necessity, to check exports.
.
All Lines It
seeks to lqwer
barfiers and to increase the volume of imports, in order that we may
increase the volume of our exports.
7.
On the one hand,
domestic policies.
our
have the reciprocal tariff policy of our Government, which
we
trad<B
of retail
-—Tells
policy."
Mr. Aldrich said in part:
-r-and be opposed to monopolistic and restrictive practices.
Senator Clark Against Federal
Less
Club of New York.
his own ex¬
pressions, which he hoped would be accepted as expressions of the views
Of
and
policy of continued spending and unbal¬
budgets threaten, unless they are checked,
such financial chaos "that complete internal regimentation
will be necessary," Winthrop W. Aldrich, Chairman of the
Board of Directors of the Chase National Bank of the City
of New York, said in an address on May 23 before the Bond
from private initiative
Kirstein Outlines Program
-
Problems
The New Deal
■
.
Domestic
to
anced Federal
.
and enterprise and not from spending the taxpayers'
Attention
Worry About European Affairs
spending stopped and
be successful and labeled price fixing "impractical as
never
price slashing is destructive."
'held.
More
reality; that private capital
must be given "real encouragement"; wasteful public
planning will
Addressing
"return to
who would like to make long run plans.
was
of grave disquiet to men
There is no more vital issue before
country than the assuring of the solvency
of our national Government
be on such a high level of
taxing the people to obtain money with which to retire a great deal of acreage
the
from cultivation, the
and the balancing of the budget, which ought not to
bring
more
Reclamation Service strode forward in its efforts to
expenditure that the taxes with which the budget is
land under cultivation."
Senator Clark said that even a President is
frequently "as powerless
Congress" to halt the bureaucratic and expensive trend.
economy from the
heavily on industrial activities.
as
I will not take your time to
Suggestions of
from the continued power
Chief Executive, he continued, often brought cries of
In
one
recent year,
In
addition,
either to
he said, the Agricultural Resettlement Bureau spent
he
asserted,
bureaucracy involved the Government
All of
us are
thoroughly aware of the brake
which that puts on investment for long-term.
lobbying for bureau perpetuation.
talk to
you
,
Act as it now
I will not take your time
about the Social Security Act and the desirability of
eliminating the reserve of
$3,500,000 for travel expenses and' $2,500,000 for telephone and telegraph
tolls.
«
point out to you the uncertainties that result
of the President to issue $3,000,000,000 of green¬
backs and to devalue the dollar.
opposition from his Cabinet members, and a horde of subordinates would
descend immediately on .Congress,
balanced weigh too
stands.
$47,000,000,000 which is provided for under that
for employment in
of the difficulty of balancing
I would like to speak to you about one aspect
retrenchment was
United States has had to take the
been Congress which has been the
It has been true always in the past where
difficulty.
lead
that
in
It has always
course.
asserted that "it is a most significant
unemployment has increased with the growing con¬
centration of economic and political power."
He further
fact that
The President, looking at the needs of the whole country,
has in the past
vetoed items designed to take funds from the Treasury for
trained
to
It has on
economy.
said:
is obviously
is
ment
situation where the executive branch of the Govern¬
•,
be solved by government alone because government
Effective employment for the masses is to be
enterprises so "that the primary problem before
but is preaching spending as an
is not
properly a producer.
found
only in productive
expect that Congress can initiate
ment,
This problem cannot
financing as a virtue, it is almost impossible
only not urging economy
not
economic necessity and deficit
to
business that the unemployment problem
of primary concern to
shall be solved.
rolling which leads to extravagance.
When you have a
increases, the market for business decreases so that it
As unemployment
Congress has never been
the contrary been accustomed to log¬
particular interests.
and
localities
particular
continued development of the unlimited resources
Senator O'Mahoney
being practiced that the President of the
spending body.
the
which lie all around us.
The situation as to this matter is one of extraordinary political
the budget.
May 27, 1939
Chronicle
Financial
3152
and carry out a program of retrench¬
: "
•
,
One of the things which the
business and government
ment may
business men of every locality should re¬
is to develop that inter-relation by which govern¬
provide the jobs which both business and
stimulate business to
maintain themselves.
government need to
•
*
,
member in this connection was referred to by the President in his speech
last night and
that is that there is constant pressure put upon Congress from
I can't think of any more useful
localities for additional Federal spending.
thing which could be done by a group of
than
of Federal
money
National Economy
Commenting on the fact that "this is Foreign Trade
Week", Louis H. Pink, New York State Superintendent of
Insurance, in addressing the annual convention of the New
York State Association of Local Agents at Syracuse, N. Y.,
Senator O'Mahoney in Address Before National Indus¬
trial Conference Board Proposes Program For Free
Enterprise—Stresses
Need
Only Such Regu¬
Is Necessary for Economic Freedom
Business
May 23, observed that "while our foreign business is
only about 10% of the industry of the country it is a very
important factor in our National economy not only directly
but also in the stimulation of the healthy growth of domes¬
on
of Government to Make Effective
lation
as
According to Senator Joseph C. O'Mahoney, "the greatest
need of the present hour is a new appraisal of elementary
facts with respect to the inter-relation of government and
business and the effect of both upon
people."
industry."
He added that "if the Nations of the world
permitted to trade with each other on fair' terms and
obtain those things which they need and sell those things
which they over-produce
.
.
.
the tramp of soldiers
would not resound through the world and our factories
would be turning out goods instead of munitions."
In part
Superintendent Pink added:
/
;
tic
were
"The first of
these facts," he contends, "is that both government and busi¬
ness are instituted to serve the public good.
Neither is an
end in itself,
both are instrumentalities for preserving the
prosperity and happiness of flesh-and-blood persons."
Senator O'Mahoney, who is Chairman of the Temporary
National Economic Committee, made these comments before
the National Industrial Conference Board, at its annual
meeting at the Waldorf-Astoria in New York City on May
24.
The subject of his address was "Government and the
Stimulation of Business Enterprises," and in stating that
Government is one organization speaking for all of the
people;
business is made up of numerous organizations speaking for
only parts of them."
He added "therefore government,
which represents all, must regulate business, which repre¬
sents only a part."
•
peace,
He continued:
/
The form which government
operate without government regulation.
producing the things of which millions are in dire need.
While
little
means
as
by the
is
is the
business.
be described
as
that
It is comparatively
There
On the
In
this
process,
steam
can
by the exercise of the
The whole
and
the
comes
seek
the
as
competition.
suppress
power to
can
The
electricity of the radius within which organized business
ble
we
find ourselves
to reestablish his individual economic
is
the
liberty.
result
of
the
.
-
.
.
„
business in foeign lands is that opportunity has
a
We
effort of
afford
cannot
be
to
upon
have rights which rise
superior to all
they create and that it is essential
effective such regulation as is neces¬
sary to maintain economic freedom.
Such a program," he
added, "would be based at least upon these principles:
Commerce and industry must be free from arbitrary restraints
by both
power.
No organization has the right to close the door
the freest possible interchange of
This will do more than anything else to insure
be better if the companies
own
business but when there is trouble those who are loudest in crying
*
often the first to
are
The trend
run
\
Legislature for help.
to the Insurance
It is the production and distribution of things which
are
in this country for some time has
been toward regulation.
The overwhelming sentiment of insurance
people in this State is that with
all its difficulties rate regulation is a great
boon to the industry and should
be preserved.
surance
ever
tices
It is, we believe, best in the long run not
open
obtain
decide whether the best interests
of the business and the country lie along
the line of regulation or whether
out of the small company
a
bigger and
a
Federal
decentralization of income, by which I
opportunity
to
every
mean a
better
by breaking down big business, but by
individual
and
by
building
up
small
The fact that corporations are not persons, but are economic institu¬
tions created
by law for the better utilization of collective
good must be recognized.
This would
mean
assets for the
public
the effective abandonment of
recognized abuses by which trade is restrained and the door of opportunity
closed to the rising generation.
5.
Government should undertake the encouragement of commerce and
the stimulation of production and distribution by wise tax policies
to reward
designed
enterprise and to provide opportunities for profit to those who
have the brains, the courage and the initiative to create
open
and free competition, trade war,
the crowding
and the survival of the big and strong.
Financial
\
new
opportunities
Policies
Criticized
by
Lammot
du
Pont—Spending Program, He Declares, Has Pro¬
duced
Not
Recovery
but
Paralysis—Calls for
Lifting of Present Tax Burdens
Federal
business.
4.
to
better market for the products
distribution of income among the masses, not by
taking wealth away from
preserving
should revert
When that
of the farm and of the factory.
any group or class or person, not
It is an opportune time
for the industry to review its position and
we
a
public.
competition is allowed to run riot companies fail,
If such commodities and goods are to be sold,
employment must be stabil¬
There must be
only for the in¬
When¬
rinsound prac¬
and in the end the public suffers not only from inability to
is due it from companies in liquidation but from selfish price
companies and the industry generally but for the
actually not necessary to life that supports the modern economic system
It must be made permanent rather than intermittent.
for
Department or to the
*
"
collect what
3.
It would obviously
would solve their own problems and police their
fixing which is the aftermath of competitive war.
is accomplished we shall have
We must
make for mutual understanding and durable friendly relations
The participation of labor in the production of
industry and commerce
must be increased.
This is because the modern economic system rests
upon
2.
ized.
selfish.
We must work for free and unimpeded in¬
world point of view.
of opportunity to any man.
luxury plane.
like as
interstate and interna¬
narrowly
Company officials and the producing forces are constantly crying out
f
forms of organization which
a
be more inclined to
.
Self-regulation by the insurance industry was pictured by
Superintendent Pink as the best safeguard from perils that
might threaten that industry.
In part he said:
may
for government to make
private and public
been
As the American market be¬
of foreign insurance business is nothing
the influence of our industry
as
relations.
self-rule
men
Europe.
between all peoples.
of
me," said Senator O'Mahoney, "that a sensi¬
for the reconstruction of free, independent
of the fact that
1.
more
goods, credit and ideas.
to
program
States did a
Because of unfavorable conditions and
against government interference or government control.
seems
between nations,
the life companies of the United
tercourse between states arid nations; for
perform
the operation
as
life companies have practically withdrawn from
outlet in other lands/
peace and
through
well
saturated it is likely that our companies will
an
adopt
regulate.
extension
as
hand, foreign companies do an extensive fire and casualty
other
Important
Government
perform that function and which
individual.
the whole turmoil in which
"It
time when
our
But the actual amount
operate has tended to destroy economic freedom in the modern world and
man
a
have not done
history of civilization has been the history of the development
for
was
greater and business more profitable here.
for big
briefly described
States,
only result in misunderstanding and eco¬
can
Recently there has been a considerable extension of the casualty busi¬
of American companies in other countries.
The main reason that we
tional
those practices which tend to
of freedom
and
ness
which is
easy
Each
The present tendency
Union and beyond its borders.
one
the World War
created.
only authority which
it only
harmful
and, indeed, business could not
That is why it has been the traditional policy of the people of America to
oppose
most
a
great deal of business in Europe.
may
Our industry knows
nomic loss.
the establish¬
There is freedom
that which is owned by one group and
same group.
insuranc#.
the welfare of its own policyholders but those
business in the United States.
Little business
but sell
of production, distribution and consump¬
National boundaries and while we supervise it through the in¬
State must consider not only
the door of opportunity is closed to new enterprise and unemploy¬
ment is
or
in every State of the
restraints of trade the purpose of which is to concentrate power over com¬
merce,
State
no
business, without proper government regulation, to harass, obstruct and
suppress
directly produce or distribute commodities
strumentality of 48 States, its scope is nation-wide and world-wide.
without the laws which fix responsibilities and
Big business may be described
even
not
encouraged and made possible by
tion is
Modern business divides itself readily into two categories—big and little.
managed by another.
do
we
credit and security, every phase
protect property rights.
owned and managed
underprivileged groups and by China, India and many
Nor would it be necessary to pay farmers for not
The whole investment structure
for business under government regulation
would collapse, for example,
destroy pigs and cotton and other essentials which are so much
needed by out own
nations of the world.
to erect economic barriers between the
Regulation
It would not be
problems would also be less difficult.
domestic
necessary to
.
within which business may control itself.
,
.
Our
regulation takes is of primary importance.
It should not be confused with control.
ment of rules
Superintendent of Insur¬
Trade Important Factor In
Foreign
Views
ance
further expenditures
in that locaility.
Independent
York State
Pink—New
locally and in Congress, from
asking for and urging upon the Federal Government
Industry Advocated By Louis H*
Regulation In
Self
business men in any given locality
discourage their representatives,
to
financial
were
severely
statement on May 24
policies
criticized by
addressed to
"Stockholders, employees and friends of E. I. du Pont de
Nemours & Co."
Asserting that true recovery can be
achieved only by the time-tested method of encouraging men
to work and capital to produce, the chemical company's
President called for an immediate lifting of present tax bur¬
dens, which, he declared, are confiscatory in their effect.
Our spending program, he added, has produced, not recovLammot du Pont in
a
Volume
Financial
148
In 1932 we were
the
In
1927
half times the
than three and a
more
Our total Federal expenditures,
This is twice
excluding Post Office expenses, for the
much
as
leading roads..
from the time of its creation in 1789 to the end of the fiscal year 1916—a
period of 127
years which included all of our wars
This astounding increase in the annual
during a time when
the
rate
prior to the World War.
provide
relief
and
accepted estimates show almost
1933.
And
wonder.
no
induce
to
as
the
But
recovery.
killed in rear-end collisions—but death from the
long strain
of battling against the troubled tides of modern railroad
30% of
of emer¬
practice."
commonly
From Mr. Speare's article
also quote:
people unemployed how as in
many
The very method adopted
The tremendous debt created and the
heavy tax
vented
the
development
capital goods
of the
obviously defeated its
industries
and
induce
to
necessary
creation
the
Since the fiscal year 1932 the national debt, including
Valley, has had
resuscitate the
to
of
the credit
"guaranteed" debt,
increased almost $25,000,000,000.
as
capital cannot be created.
physical breakdown from the anxieties growing out of'
a
collapse of his road.
head of the
Union Pacific, and since January, 1937, its Vice-Chairman,
passed away in his sleep in Washington, where he had spent many days of
Lasting confidence, necessary to free the capital goods industries and to
reemploy millions of people, cannot develop under such conditions.
'
Late in the Winter, Samuel T. Bledsoe,
President of the Atchison died quite unexpectedly after a hard fight over
legislative and labor problems.
A few days ago Carl R. Gray, for 17 years
enterprises.
new
;'
William P. Kinney, head of the Great
Northern, died late in 1938.
His anticipated successor, Duncan J.
Kerr, now chief executive of the Lehigh
burden required have pre¬
confidence
given in the Newark "News,"
as
we
end.
own
Mr. Speare calls attention to the fact that
high officials, the only tragedies of this sort remem¬
having been those of the early 1900s, when Presidents
Spencer of the Southern and Harahan of the Illinois were
14.5% in 1929.
These huge expenditures have been made largely in the name
gency—to
syndicate financial articles,
bered
All forms of government in the
United States for the past two years have been spending around
the national income, as compared with
A.
among
the Federal Govern¬
13 H % of the total national income produced, as against less
than 6% during the preceding ten years.
N.
the rails—for such" he goes on to
say "are uncommon
on
subnormal.
been
has
The result has been that during the last seven years
ment has spent
has taken place
of expenditure
income
national
average
of his N. A.
one
the Presidents of two of the
strongest railroads west of the
Mississippi and the Vice-Chairman of the third have died
sudden deaths in the past few months. "Not," he
says, "death
the National Government spent
as
on
Charles F. Speare points out the strains of railroad manage¬
ment as evidenced in the deaths of several executives of
from July 1, 1932 to June 30, 1939 wiU amount to more than
years
$53,000,000,000.
ManagementJ£Reflected irijf Recent'
F. Spearejj^ComDeaths of
Carl
R.
Gray, William P.
Executives—Charles
Kinney and Samuel T. Bledsoe
1927: but now our total
(excluding interest and debt retirement) are more than
figures.
seven
Rail
of
ments
justly appalled by the tremendous increase in Govern¬
1932 figures and
3153
of
Deaths
expenditures which had taken place since
annual expenditures
double
Strains
Mr. du Pont's statement fol¬
but paralysis and fear.
lows, in part: '
ery,
ment
Chronicle
New
effort to obtain support and action for his rilroad
legislative program.
Mr. Gray was only a few months
junior to Mr. Bledsoe.
Both had rail¬
Capital which remains available for use in new
•
enterprises is being paralyzed by fear and rapidly confiscated through the
road jobs in the Southwest when that section of the United States still had
heavy burden of taxes.
«
Our spending program
fear.
has produced, not recovery,
perpetuate
difficulties,
our
and
to
the
which bids fair to
Great
Mr. Kinney was a once-removed
Northern, and Mr.
in this way only can true recovery
Mr. Gray's longest term of office
be brought about ?
I
feel
that
Senators
your
Congressmen
and
well the importance of prompt action on this matter.
if such action is
consequences
,
the rank
consider
They know the dire
road
and
in
Mr.
Meyer
railroads
of
Balthasar
profit,
a
said
that
all
methods
present
May 22
on
Club in Chicago.
of
aiding
competition, which "would enable the railroads to
secure
larger proportion of the transportable freight than they
a
are
getting."
now
Nation
roads
as
economic
the
for
recovery
whole, he continued, would not profit the rail¬
a
unless
creased
Complete
"they
could
which
tbnnage
their
get
fair
is
recovery
share
expected
of
the
in¬
produce."
to
He added, in part:
One
of
the
ditcussions
strangest
■
be
of
the
things
those who
restored
then
by
financial
in
my experience is the glorification of
a considerable part of the more recent
to
seem
of
railroads.
our
them out of
entirely
of
means
it
with
will
in
innocent,
all
the
basic
the
mileage
railroad
nor
reorganizations.
Unless
attendant bitterness and
the
mileage will
support
it
compel
prosperity
The
by
large
proportion
being
driven
of
into
bonds
•
a
nor
the
existing
situation
stock,
which
that
in
turn
been
losing steadily in their position.
From carry¬
ing nearly all the freight of the country, they have fallen to
nearly one-
half.
That
fact
alone
would
to indicate that the
competitive basi6
been operating has not been fair to them unless as
agencies of transportation they have become so far inferior to
the highway
that they have been put out of the race.
As a layman I cannot see
why
as
a
matter of physical performance the railroads
should not be able to
which
on
hold
cpc-rate
that
on
that
able
the
to
is
enable
freight
their
of
the
the
as
fair
keystone
of
with
ground
their
you
who
would
the
holds
secure
now
represent, and
petition
riiall
on
have
a
it
fair
and
they
permitted
are
After
lines.
I
a
the
arch.
I
not
the
tonnage
railroads
unless
which recovery
interested
they
basis
are
entitled
with
every
nothing less.
in
same
thev
could
is expected
highways, waterways, pipeways and
consideration
to
it.
other.
But you
are
Each
So
far
for
is
as
the
agencies
entitled
I
not entitled
am
to
to
which
fair
concerned
more.
In
.
Mr. Gray
1914,
family, and for
the
railroads
com¬
you
East
came
.
per¬
There he first
many years was
their
.
assumption
took
•
many
Mr.
by the GovernmentTof
Gray to Washington
In this capacity, he
had
the
as
supreme
movement of traffic on about 400,000 miles of operated
end
of
Federal
a newspaper
authority, he returned to the Western
friend last
summer
at his home on the Maine
coast, Mr. Gray said, "Do you know that you had as much to do as anyone
with my becoming President of the Union Pacific ?"
Then he explained how,
on
an
inspection trip of the Western Maryland, the friend had
put the
question whether he expected to spend the rest of his days on a little one-
,
horse road, or seek some broader outlet for his abilities.
"I
fixed for life," said Mr.
was
Gray.
"I had
a
good income and had
had an active life.
I guess I was getting soft.
Your question started me
thinking, and when, shortly afterwards, the Union Pacific position was
offered,
I
was
ready to go
asked to consider the
The memoirs which Mr.
have been
its
in
on
and
one
most
up."
About
that time, too,
he
was
Presidency of the New York Central, for the Rocke¬
his devoted friends and
were
were
always seeking his advancement.
Gray was writing at the time of his death would
of the most valuable of all records of American railroading
romantic
and
tragic
His experience spanned the half-,
eras.
century between the creation of the Interstate Commerce Commission to
regulate the carriers that had had too free
such
a
hand in rate matters, no com¬
a
silk stocking investment clientele, and the immediate
the bigh cost of
as
trucks
motor
"strike"
of
and
On the day of
of his profession,
his
and
from
on
the Hill
death
from the
that the
to
of the Baltimore
&
for nearly 30 years, and of
the
"Why,"
of
number
pleaded
Mr.
by statute?"
85%
had
Willard,
•
whiph he had committed his service
Union Pacific
railroads
suppliant-before the Senate
the sequel of long days spent in an effort to effect
was
remedial legislation to
a
over
adjustment.
"could not this be fulfilled
Mr. Gray's
the
.
lines, the oldest and most honored
The bondholders
compromise
a
and
,
Commerce for the salvation
personal reputation.
to
waterways
Mr. Gray's burial in Baltimore, Daniel Willard, his in¬
RR„ the property he had presided
agreed
subsidized
had. the humiliating role of
Committee oh Interstate
Ohio
one
of management,
labor, the rising total of taxes, the competition
buses
investors against railroad securities.
timate friend and associate
on his retirement
Like Mr. Willard, he was confident
Presidency.
would
emerge
from this crisis and regain their former
prestige.
'
Scouted Government Ownership
He did not fear Government ownership.
"That," he said to this writer
few weeks before his death, "will never come in your
lifetime or in mine."
of the railroads has been taking lately
in the lives of men who are responsible for their financial
as
for their safe operation,
stability,
as
well
follows the earlier chapter, dating from 1933,
that involved the lingering sickness of once vigorous transportation systems
and default
on
about
$4,000,000,000 of their bonds.
Is it not
time for*>&
Congress to wake up and respond to the call for said to the carriers and not
waste so
are
and
The toll that the credit tragedy
equality
larger proportion of the transport¬
Complete economic recovery for
profit
the
Talking with
believe
cannot
believe
.
possibly have remained
Maryland.
to
getting.
increased
airways will naturally ask the
you
if
competitors.
produce.
Those of
authority over the
a
which
to
aie
whole
share
lost
today.
railroads
a
some
equality
than they
country
get
basis
a
regain
equality exists
Equality
would
and
own
,
•
-
possibilities
Maryland Railroad, whose official
chief aide of Director-General McAdoo.
seem
they have
their
war
control of the American
•*
railroad
where
current
on
would
.
became affiliated with the Rockefeller
from
of' reorganization
amount
Gray
•
.
no
a
the sale of, neither
have
Carl
Northern
of its
people
below expenses,
railroads
lived,
Great
spoke
sound financial structure.
petitors and
earnings exclusively; and when the
the wheels stop turning and the junk dealer
becomes the only successful doctor.
/
earnings fall
Hill
the
a
of diminishing prestige of the ICC and present problems
restored
•
changed,
from
live
to
to
1933,
losses.
the heads of
on
national
.
be
can
protect
country
will
and
'
conditions
future
of
appear
as
Prosperity cannot be found in heaping misfortune
most
There
think, what railroad prosperity could be most quickly
many railroads as possible into bankruptcy and
throwing
pulling
conditions
Island, with
recognized counsel in all railroad matters.
fellers
bankruptcy which has characterized
default in
the Presidency of the Western
to
the
secondary to the decisive factor of equality
are
Rock
sonnel had been depleted in favor of the Missouri Pacific.
Meyer,
H.
Commissioner, said
address before the Western Railway.
an
Mr.
with
years
seeking to enable them to maintain
earn
the
strong sentimental regard for the Southwestern
conservative management and with
a
Had
a
frequently since its
The outbreak of the
and
marriage with
Vice-Preskdent in charge of operations, and attached
Hill lines, then under the direct domination of James J.
the
He always retained
Hill.
not taken.
former Interstate Commerce
in
companionate
of senior
himself to
Equality of competition for the railroads is the foremost
to
a
had no natural corporate
compatibility. ■
Realizing its precarious future, he left the Frisco when he had attained
Equality of Competition Seen as Prime Factor in
Meeting Railroad Problems—B. H. Meyer for ICC
Addresses Western Railway Club
properties
...
with the St. Louis and San Fran¬
was
which it
•
their
.
Gray
.
and committed to
under
factor
Mr.
the Pacific Coast, but,
instead, finally exercised the better judgment of selling the western portion '
to the Atchison, which also was
building in that direction.
Later, under
B.F.Yoakum
Mr. Gray saw-it spread out and sprawl over Texas
welcome
will
when
and speculative promoters were
heading it toward
They know full
subject.
road
.
He witnessed, its development from the days when its ambitious
cisco.
quoted from a statement be issued April 8,
1932, in which he urged his readers to make known their
feelings to their Congressmen, pointing out that the ways and
means of curtailing governmental
expenditures are the re¬
sponsibility of Congress.
Then he closed his communica¬
tion with the following:
Personally,
.
of Mr. Gray on
successor
that
to
Longest Term
Is it not evident that
Mr. du Pont
your expression of opinion on this all-important
went
*
encouraging and fostering the free play of fundamental economic forces,
of encouraging men to work and capital to
produce ?
Kerr
become its head.
method of
time-tested
the
to
return
its territories.
but paralysis and
Is it not high time that we discard this program,
many
days in irrelevant and childish talk ?
It is of interest to record that the "newspaper, friend" with
whom Mr. Gray talked last Summer was Mr. Speare.
Mr
Grav's death on
2837.
'
May 9
•
.
.
was
noted in
•
our
May 13, issue,
page
r
■,
-
„
v
.
Financial
3154
Capital
Channels
Investment
into
Private
Says
Wallace
Secretary
Timid,
is
at Present
Responsibility
alleviating
Wallace
of Agriculture
Secretary
May 23
on
ridiculous as the
business
private funds again flow back into investment channels.
Speaking in Washington before the Retailers' National
Forum, sponsored by the American Retail Federation, Mr.
as
I
and
work at
to
,
is
new
set
The
timidity of capital resulting from these two
There
business
some
are
To
,
t
it
solicitous
the
and
the
of
It
past.
launching of
been
has not
it used
as
benefit
be
The
said:
the
toward
gene
too
on
for savings
for this are the slowing down of population growth,
Among the reasons
which have
made it possible to produce more consumption goods with a given amount
of capital goods.
This decrease in the demand for new capital is helping
the
held
to
in check.
recovery
leaders
industrial
The
changes
and technological
markets,
foreign
of
dwindling
that
the Economic Committee have
before
testifying
the capital market .to
draw upon idle savings of individuals as they have in the past.
As long as there are idle dollars, tve are going to have idle men.
The
real problem before the country, anct it
is a problem that is basic. to
producers as well as to distributors, is to get a much larger investment
of capital in desirable productive uses and for desirable social purposes.
shown
also
If
This
I
with
heart
that
sure
business
farmers
like
the
in
just
not when
starting,
When
power
capital
will be
is
more
the retailers will
When
and
„
taking
men
,
more
government
I .believe
the
serve
enjoy
cooperate
of
eager
together
what
to
is
purchasing
be unleashed
can
abundance
the
which
"
see
bility.
a
larger
that, international affairs permitting,
we
volume
wisely
are
Carey 'Jr. Urges Government and Business to
Cooperate in Increasing Employment and Pro¬
Commerce
of
United
Chamber
States
of the United
of
Get
to
Industry at
President of the Chamber of Com¬
States, in his first public address since
May 4, told
on
than 500 members of the
more
Merchants' Association of New
York
greatest job before business
at the present
City on May 18 that
Government
the
and
men
time is to get business going at full stride,
employment.
He said that with the
increase
national
debt
and
taxes
Actually,
the
employees
that
he
as
One of the
sion
work
business
intact
may
long
be
was
man
defers
possible,
ready
to
should
cutting
in
resume
the
full
need
his
hope,
no
apologist.
payroll
sometimes
hot
probably
needed
running
a
tp
meet
for relief.
loss,
paid ,out
operations
contributed
current
Add
to
to
more
put in to effect.
are
Gathering and making
business judgment
of
consensus
a
Chamber
recognizes
as
emphatically
add
to
for
sake.
criticism's
this.
fullest
demands
this
the
of
one
its
that
It
is
Chamber
the
not .concerned
national
happy
a
the
maintain
to
faith
which,
if
will
who
those
of
thinking.
What
in
our
We have already had
need
we
public
the
Continuous relief won't
Greater deficits won't do this.
such'loose
of
for
is
with
It is intent
resources
existence
Ceilings, floors and fences won't do this.
much
as
foremost
it.
obligation
an
the
extent
of
promise
attain
to
no
other
way
can
In
no
other
way
can
no
other way
on
a
can
employment be provided
the needy and
is
production.
more
for all those who seek
it.
disabled be assisted adequately.
the
the security for which we "are all striving be placed
reasonably enduring basis.
work
to
shoulder
it
that
to
that
shoulder,
Is
will
money
it
heritage less fine than
that
so
men
What sort of
Should
if
we
see
system,
to work?
go
are we
to
men
not
we
economic
our
can
men
received?
,we
honorable
all
master—frees
our
to work and
go
time for
not
openly and courageously?
Government-—not
our
stop borrowing from the future.
Let
pass
us
on
.
,
a
.
Secretary Wallace Asks Leaders of Industry, Agricul¬
ture, Labor, and Government to Unite in Revovery
Drive-—Addresses
B'nai
York
Now
City—Says
Get Together
to
B'rith
Meeting
Time
Is
for
the vast
to
maintenance
of
forlorn
the
tide
years of
turns.
products
that
hope,
depres¬
employees
their
sum
his
whose
living
by
standards.
New
on
May 21, in
address before the 87th annual convention qf the B'nai
B'rith
in
New
York City, asked leaders
recovery
program
that
of industry, agri¬
sponsored
(President Roosevelt.'
by
industry cannot
if
He
the country
is
split into militant groups, and said that the embattled spirit
prevailing in some quarters is a barrier in the path of
progress.
"This is a time," he said, "when those who love
their
country
marked that
standing
chart
must
one
a
advance
sane
course
ahead."
In
was the resolution on
the
last
few
months
preoccupied with the
cult
us
to
all
some
is
a
militant
quarters
time
people
their
One
tion
at
of
on
its
can
the
in
Europe that they have
evidences
of
passed
meeting.
a
time for
usual if the country is to be split up
embattled
together.
This
course
moderation
the
Fanners
is
as
heard.
by
that it
usual.
The
sane
feel
I
home.
at
as
groups.
chart
meeting.
United States have been so
found it diffi¬
people of the
affairs
ahead
go
themselves
must
re¬
agriculture which the United
be nothing but a barrier
agriculture
recent
on
moderates must ge
make
country
not
can
opposing
when
to
the
alarms
ahead with business
But business
into
war
keep their monds
to go
He
of the evidences of moderation and under¬
States Chamber of Commerce adopted at its recent
Mr. Wallace added:
than
business,
in
"Moderates"
for
culture, labor and Government to cooperate in the national
his
To
the
when
money
keep
dismissing
and
things usually overlooked is that in the worst
spent
at
he
as
manufacturers
government
effort
have
We
do
soaring to unprecedented heights,
and with millions still unemployed, it is evident that the
problem of ending the depression that began 10 years ago
has not been successfully handled.
Mr. Carey said, in part:
organization
the
the
declared
Says Main Aim Is
W. Gibson Carey Jr.,
to
a
the
the
to
hold
economic system."
going to
Full Stride
and
they
submitting
criticism
in
life.
us
Secretary of Agriculture Henry A. Wallace
duction—rHead
the
as
however,
want,
used,
make
of
G;
merce
do
prac¬
it will continue actively to discharge this responsi¬
am sure
developing
upon
business.
his election
done,
con¬
any
economic
or
furthering partisan political ambitions whatever they may be.
an
W.
I
I
interested
business, labor, agri¬
do
to
be
should
obligations.
not
and
changing
to
social,
of the American people.
full
to
cultural,
will have to,, be answered by the people
matter of fairness alone, but of pressing
before
Not
facts
it
-
from
contrary,
be criticized for is our insistence on new ideas
now
States.
such
progress
to pass, then
come
production
the
United
the
so
increasing,
is
masses
mass
to
are
questions
the
On
necessity, they should have at hand all the. facts.
available
move¬
Already we have
the powers conferred
furthermore, will support
our
being realistic and workable, before
The grave
may
supports
any
.
again.
chance
a
business" recovery
when
is
money
accomplished,
can
rejoice to see
the future.
When these things
the retailers of America
and
business.
do
is
people
afraid We may
am
opposing
adapt
to
measures
in
improvement
perfect.
is
the Chamber,
future,
sensible
In
will
United States
generosity and man's ingenuity have combined to bring about.
know
I
culture
truly be able to
American
nature's
widely spread.
I
What
It
definite.
\
system
our
advocated
have
we
the
In
and
In
"
employment
and
time
to
tical
and
involves
This
commissions.
that
hold
not
ditions.
In general, this
the country,,
positive
is
system.
direction, as is evidenced ,by
this
in
administrative
do
position
,
bubble is ready to burst.
boom
flowing
-
That's how America will make
invest
to
by private
or
recovery.
business
the
time
too
the
over
see
a
distribution
mass
the
all
investment
■
of
built up.
time
The
future.
to
was
by government,
or
back their faith in
get
men
would
Farmers
seek, capital
we
government.
the problem
of
That's how America
of recovery
measure
of
go, into
to
by private business
aid
the
the
is
am
the
the
be made either
must
business
need
longer
no
have
to
are
we
they
the commercial
of
expense
highly centralized autocratic government.
a
far
many
We
•.
the people of
of all
Chamber's
constitutional
American
.
,
the
at
parts of it.
It is concerned with
making the system of free enterprise work as efficiently as possible to the
in
the outlet
the banker
of
all are constituent
because
maximum
Since 1929
enterprises.
to be.
new
broad
as
interest of the
the
interest
the
or
It speaks for no one section of the country.
manufacturer at the expense of the
'corporation.
further
borrower,
the problem of putting capital
shown that
was
interests of the largest industrial
in its membership, as for the
many
commercial
cannot
retailer
between the present situation
the past, when the Nation
was going through a period of rapid expansion,
the savings of individuals
were drawn
upon by business leaders for the development of new products
that
source.
cannot
It
P'ronj their testimony we see the contrast
and
whatever the
of
segment
or
There
•
that end,
to
underlying
are
situations has thrown
"
.
.
,
of
part
business management in this country.
It has a direct
membership of three-quarters of a million.
By its very
be charged fairly with sectional or class bias.
It is just
for the interests of the country storekeeper, of whom there
as
to them.
capital have thrown more light on
of
work.
>
proposed
measures
.
,
tions
the
hearing on
large
responsible for the management of large aggrega¬
are
considerate
a
I think is one of the prime, functions of the Chamber of
States.
It is the representative organization of a
"
who
Business men
to
me,
the United
ment
relief.
bold
in
any
just this,
nature
few days, in the hearings of the Temporary National
Economic Committee, these and other significant facts' have been brought
out
do
and
the last
During
to
seems
on
Commerce of
unemployed
who shut their eyes' to these facts.
men
who have their eyes open
others
are
it
the welfare of the country at heart.
This implies a
the part of business to devote its efforts conscientiously
unselfishly to the promotion of the common good and to weigh dis¬
and
responsibility.
government an unusual
on
,
who has
responsibility
fears.
of
entitled,
everyone
methods are necessary.
The fact is that for 10 years capital has been shell-shocked as a . result
of the exploding of the boom of the '20's.
tinder ordinary circumstances
il would have recovered by this time, but the general world picture,
with war alarms being sounded in Europe almost every week, has generated
a
•
to
passionately
to put all of our
If
work.
it
,'
.
American system of private enterprise,
I have said before, is to
it does not work, it is the responsibility of business
imperative requirements, as
most
make that fact known 'to the American people and to
suggest what may be done.
To do less than this would be to shirk an
obvious and inescapable obligation.In discharging this obligation business
jobs.
regular
and
strike.
retain the present
to
are
first
management
until that time comes these more direct
But
sit-down
we
make
takes hold
private investment again
when
come
the volume required
flows in
capital
back
will
solution
real
as
any
the
Wallace said, in part:
The
"sit
Feeling
result, he added, capital is too timid.
a
keenly anxious to
not
in
He
remarked that under ordinary circumstances business would
have recovered by this time, "but the general world picture,
with war alarms being sounded in Europe almost every
week, has generated a new set of fears."
Air. Wauace
asserted that the timidity of capital has. thrown on Govern¬
ment an unusual responsibility.
He said that the problem
is to get "a much larger investment by capital in desirable
productive uses and for desirable social purposes."
Mr.
As
twenties.
who does not realize his stake in recovery or one
do his part.
Whether he "sits down" or
down," the drain upon his resources is the same.
he does on this subject, the business man will have no part
yet to meet one
employees
If
make and sell
to
eager
are
men
is
his
for 10 years capital has been "shellresult of the exploding of the boom of the
a
have
who
that
said
Wallace
shocked"
This statement is as utterly
industry wishes war. As a matter of fact,
more and to hire more men.
its own ends.
pull the house down to gain
belief that the
to
declared
when
general business recovery will be achieved only
that
steady employment and to develop
understanding.
is "on strike" and that it stands ready
said that business
been
has
It
to
loyalty based on
cooperation and
ment
conditions,
working
improve
to
Govern¬
on
done a small job indeed
all this industry
widespread effort
government, by comparison, has
the
is
fact
the distress of our people.
Furthermore,
record has developed concurrently with a tremendous and
in
Business
Capital
Upturn—Asserts
Hence Throws Unusual
The
Flow
Must
insure
to
May 27, 1939
Chronicle
is
prevails in
This
time for thoughtful
which
This is
a
time
a
when
those
who
love
ahead.
and
United
were
spirit
in the path of progress.
understanding
States
pleased
to
was
see
the
resolu¬
of Commerce
those business men
Chamber
Volume
Financial
148
Acknowledge that "farm purchasing
the
first
But
essentials
fanners
national
to
be
must be recognized as
power
Chronicle
one of
enterprise,
still
pleased
more
or a combination of both.
three-point program designed to turn "idle
savings ' into productive industrial channels.
Mr. Berle's
testimony and that of William R. White, New York State
Superintendent of Banks, on May 23 were summarized as
follows in a Washington dispatch May 23 to the New York
have
to
opinion on details,. but it
sponsored by President Roose¬
velt deserves all the cooperation that the whole country can give.
We
can
never
get full recovery unless everyone—including the leaders of
industry, the leaders of labor, the leaders of agriculture, and the leaders
of
Government—are willing to put their shoulders to the wheel.
Every one of the five groups now lacking opportunity will have a new
There
is
to
seems
chance
speed
always
when
we
these
"Journal of Commerce":
program
business
the
plants
could
to be done.
must
to
sure
the ability
both
use
America
which resides
in
practical
Six
and
enthusiasm
social
combine
in
world could not do the job
the
heads
our
be
to
and
It
seemed
land,
3.
if
as
Lord
Let
become
and
hath
hosts
Let
economic
emergency
people/fused
caught
sight
the vision
of
spoken
land.
of
Let
He
to
are
;
the
the
Retailers
a
.
and the resolutions
Forum
National
Party
of the
proposal
Secretary
Roosevelt and
the New
He
of
and
Congress
"If
running
is
welfare.
Opening
Martin
from
.
Administration
against
toward
is
Congress
business
freeing
well—-it
this
keep
can
the
in
overboard
interest
of
ip
of
policies,
Representative
1.
outlined
his
wet
will
,
of
simply
recovery
mark
But
party's
program
as
running
you
4.
for
from
away
the
"wasteful
reckless"
Repeal the President's
6.
Amend
7.
spending immediately.
*
„
'
•
9.
Rehabilitate the
markets
for
agricultural
of work¬
11.
Clarify
Federal rules
all
to be valid,
mechanism for
a
Essentials of such
a
and
experimental
"
regulations.
an
>
adequate supply of cash for "invest¬
the
of
country.
Such
cash
may
be
savings withdrawn
credit sujpply; or may be bank
non-commercial
well
as
as
commercial increases
in
legislation
not
na¬
or raise
a
nominal
them when it should
.
Provide selective interest rates.
4 or even 5% return
from
The bank might have reason to ask
a commercial
enterprise; but only one-eighth
Limit
use
of capital credit to projects
.
which actually do result in
Provide controls so that the currency arid credit created shall not, as
Provide control to be lodged in
a
non-political public board.
Berle told the committee that adoption of the entire three-point
would provide the elements for a modern financial tool kit.
.
.
.
and trustees,
Mr. White told the committee that there
are
threfe
possible methods of providing wider investment powers.
Formulation of statutory tests applicable to industrial corporations
could be invested„ in;
securities
(2) return to the principle of the
Massachusetts, "rule" which does not attempt to enumerate eligible securi¬
congressional
*
he
system,
Provide flexible interest rates—that is, lower interest rates to
Mr-
ties;
Subject reciprocal trade agreements to
12. Abandon
wealth
Provide for
whose
products.
railroads.
10.
moting recovery.
A bank today is
•
Make available at all times
banks
powers.
of Government competition with private business.
area
new
profit today has ceased'
a
In' his discussion of the limitations of investments suitable for savings
employers.
Develop
bank must make
crqdit and strict currency field.
program
discretionary monetary
com¬
no
proposals
quasi-public or-social, of the country.
1.
Define the
on
it mingles with the ordinary supply of currency and credit, produce inflation.
the Wagner Labor Act to clarify mutual obligations
8.
make
capital construction and in net additions to the tangible plant, ; private.,
grave
*
.
' 4. Revise all taxes deterring business expansion.
5.
a
5.
the United States out of war.
Curb
7.
to
of 1% from a nob-commercial enterprise, such as a hospital.
throwing
Repeal the undistributed profits tax,
and
3.
6.
follows:
Keep
and
comment
no
,
a
be discouraged.
which need to be
abdication—a
means
program—a
3.
ers
He also said he had
system of capital banks proposed, he explained, would do for the
the
2.
force other steps
restraints.
face of the many things
2.
•'
Government-sponsored capital banks but that he had
tional wealth.
■
responsibilities of the national welfare."
He
.
He replied that he knew of the
figure when construction is to be stimulated
session,
existing crippling
legislative
the
of
Administration
credit created for the purpose; or a combination of both.
a
"Early adjournment in the
done
•
from the ordinary currency and short-term
tough fight even to keep Congress in session.
Every
influence of the Administration is pressing for quick adjournment.
already
forthcoming from
"
asked at his press conference today whether a
ment" purposes, for the purpose of construction of net tangible additions
said:
we
be
was
quarters,
Deal, that
i
.
dissent
the
responsibilities
might
some
New
Lists Essentials of System
1.
to
the. grave
was
the
added, would be to:
is pressing for. quick adjournment
from
away
line
,
theory that
terin
Wash¬
its
of
The
bureau, from which we also quote:
charged that the Administration
national
1
of Commerce"
this
credit banks
belief in
to
Berle with
creating currency, he said, and receives this privilege from the Government.
Martin Jr. of Massachusetts, House
"Journal
York
to
country what the revised commercial banking system has done in the short-
party's policy of "constructive action," according to advices
ington
along
gave rise
of Mr.
except in an extremely limited sense.
Commerce
minority leader, criticized the Administration's business
policy, and presented a H2-point program outlining his,
to
only
Leading up to his recommendations to the committee, Mr. Berle said that
Hopkins defended the New Deal program before the Re¬
Joseph W.
given
which have been advanced for Government-insured loans by RFC for small
tailers' National Forum in Washington on May 22, Repre¬
sentative
being
was
established, consideration might be
were
shortly.
industry.
the
of
cor¬
medium of investment.
close association
ment to make.
;,
President
a
along this line might be looked for.
move
Constructive
Action
as
President Roosevelt
New
Criticizes
for
Program
consideration
highlight of his testimony and
because
idea
Deal—Outlines
that
Mr. Berle's suggestion of creating a system of capital
issue of May 6, page 2675.
our
however,
special list of trustees
a
given to stockk
out
under consideration are of "seasoned"
He said he would be opposed
adding stocks to the present list of legal investments, although he added
that if
it until this America has
America the land of equal
Republican Leader of House,
Representative Martin,
The securities
indicated,
the debenture issues of such corporations.
hold to
make
us
a bill to ensure loans for small business which would
pro¬
enterprises with just as good ■ access to the capital markets
as large corporations.
porations in the oil, food, tobacco and steel industries, he said.
the prophet
keep faith with the children of today, who
tomorrow.
Let us see the job through.
referred to in
were
While
Committee
*
broadening the list of securities eligible for investment by savings banks
sources
Before
wealth
create
the
banking facilities
and trustees.
it."
Let .us
The annual meeting of the Chamber
adopted
that
Earlier, William R. White, Superintendent of Banks of New York, tes¬
now being given by his office to
advisability
that threatened
themselves in a
•
/
us
of
women
necessarily must
promptly:
tified that consideration is
time when "they shall sit every man under his vine
a
lose that vision.
opportunity.
men
had
they
chosen
the
American
small
and to
fig tree;1 and none shall make them afraid; for the mouth
of
not
us
an
the
united effort.
his
under
the
of
it
Berle proposed
Passage of
vide
recognize
must
we
Nation,
our
Micah, who foresaw
and
Mr.
,
hearts.
our
chosen
a
the face of
in
ago,
a
because
2. Passage of a bill creating a public works finance
corporation with
suitably guarded rediscount privileges at Federal Reserve banks.
the divinity
in all human beings at birth.
We must foster that divinity
fashion—in terms of a purposeful interest in the general
is
life of
effort,
great
States
enterprise fails,
a subcommittee to study advisability of enacting
legislation providing for capital credit banks, whose business it would be
to provide capital for those
enterprises which need it,, when they need it,
and make that capital
equally available to the Government or to local
units for public work.
.
of
years
very
banking and economic
closed capital market will eventually
a
h Appointment of
,
welfare.
the
United
private
recommend
practical
without
And all the social enthusiasm in the
not do the job without a cooL understanding of what needs
In other words, we must balance our reason and our emotion—
All
be
must
If
of the
when
spirit of tolerance and justice.
we
analyzing the ills of the
Outlines His Program
knowledge.
world
long statement
a
lead to the Government coming into
ownership of most of the productive
at full
this country hum
of
In
system, in which he warned that
forward to make America the chosen land—the land of oppor¬
go
tunity—we
the
make
leaders
of
difference
a
more.
once
As
for
room
the national recovery
me
public enterprise,
He proposed a
recovery."
the business men
recognize that if capital is to come out of hiding and go into action
after its
10-year rest, the initiative and the constructive thought and
cooperative effort of the business men themselves are needed.
would
3155
obligations.
Mr- White estimated, that corporate trusteed, that is, trust companies and
.
clearly
(3) broadening, of the list of eligible securities of corporate interest-
bearing
inquiry.
helpful
in
pro¬
national banks exercising fiduciary powers in
New York administer in their
personal trust departments property in the neighborhood of $7,000,000,000,
'
of'
whiqh approximately 25%
may
be invested in legals.
In addition,
"mutual savings banks of the State have deposits of nearly $5,500,000,000,
A.
A,
Proposes Three-Point Plan
Berle
of
Movement
Investment
Testifies Before
Funds
to Stimulate
into Industry-
Committee
Conducting Monopoly
Inquiry—Edward Stettinius, Owen D. Young and
New
York
Bank Superintendent W.
R. White
Also Heard
none
of which may be invested except as prescribed by law.
We also quote
few
the last 17 years, Edward Stettinius,
corporation, said on May 17, in testifying
Temporary National Economic Committee,
occasions
in
Chairman of the
before
the
engaged in the investigation of monopolies.
A letter from
President Roosevelt, which was read at the opening phase
of the Committee's present
inquiry into the problem or sav¬
ings and investment, was quoted in our issue of May 20,
pages 2982.
Mr. Stettinius said that it will be some time
before the corporation again enters the capital- market
for new funds.
Owen D. Young, Chairman of General
Electric Co., who also testified on May 17, said that the
Federal Government should revise the tax structure.
Assistant Secretary of State A. A; Berle Jr.y testifying op
May 23, said that there is need for existence in this country
of a system of finance adapted to serve equally well private
a
Washington dispatch of May 17 to
At the afternoon session of the Committee, Owen D. Young, Chairman
of General Electric
States Steel Corp. under normal conditions
finances itself and has gone into the capital market on only a
The United
from
the New York "Herald Tribune," outlining the testimony of
Mr. Stettinius and Mr. Young:
Co., in the course of a long statement tracing the capital
history of his company,
defended utility holding companies.
He told the
Committee that "We must ever remember the service which they performed
in the
Mr.
revise
rapid expansion of electrical services tothe public."
Young told the Committee that the Federal Government should
the
tax
structure
toward industry.
fere
with
and
adopt
"decisive
measures
of helpfulness"
He emphasized that the Government should not inter¬
"individual leadership," asserting it has been
a
"tremendous
factor'' in the development of American industrial supremacy.
Mr. Young
condemned the undistributed profits and capital gains taxes,
declaring General Electric
could not have survived the 1893 panic if a capital
been in force. He termed speculation on the Stock
of the tax, as "only a flea bite in our national
economy."
He added: "The tax may kill the mosquito, but it also kills
the goose that laid the golden egg."
Mr. Stettinius described "modern steel and its uses" in an eight-page
gains levy then had
Exchange, the principal target
prepared statement.
He said that the steel industry has been revolu¬
cited as an example the improvements and
corporation has produced in the last two
tionized since the war years and
new
products which the Steel
decades.
.
There is
discussed with Committee members under question¬
Mr. Stettinius then
improvements
of financing
from
$500,000,000
that "big steel" had spent more than
The witness disclosed
of its
out
treasury
Hanson, general counsel for the Amer¬
Publishers Association, and Walter D.
Fuller, President of the Curtis PublisTiing Co., were among
other 'speakers at the convention.
The address of Mr.
Fuller is referred to in another item in this issue.
University; Elisha
$1,606,028,000-
issues of
that
steel" was able to finance its properties' expan¬
$1,222,256,649 was spent for plant and equipment in
total of
A
period, indicating that "big
internally.
modernization
and improvements
sion
adopted ten years ago, Mr. Stettinius
and Mounting Federal Taxes
Walter D. Fuller of Curtis Publishing
C0#.—Tells New Jersey Bankers Association Radical¬
ism Cannot Survive Prosperity—Sees Hope Ahead
Decried by
.
1936 and 1938 the modernization
>
.
1
expenditures totaled $300,000,000.
Budget
Unbalanced
said, but the depression temporarily
Between
for modernization.
000,000
+.
was
resumed in 1935 and the corporation spent $47,-
The plan was
halted it.
policy of the corporation
and
rehabilitation
The
Newspaper
ican
had retained profits allowances for deprecia¬
reduction in working capital and funds obtained through stock
1921 to 1938 the corporation
tion, net
Professor of Public Finance at Princeton
Dr. H. L. Lutz,
improvements.
Of this sum, the corporation took
about $270,000,000.
A statement showed that from
in the last ten years in
learned
repudiation. Let us learn the lesson France has
experimenting with her own version of the New Deal.
bankruptcy or
to
tions.
without effort, no security without struggle. The
safe way. Continual spending beyond income leads
progress
no
is seldom the
way
easy
counsel of the SEC, the methods
in plant expansion of facilities and new inven¬
R. Neliemkis, Jr., special
ing of Peter
May 27, 1939
Chronicle
Financial
3156
but thrives prin¬
cannot survive prosperity,
Radicalism
and pauperism, Walter D. Fuller, Presi¬
dent of the Curtis Publishing Co., said on May 19 in an
address before the New Jersey Bankers Association at
Atlantic City, N. J.
Mr. Fuller decried the existence of an
unbalanced Federal budget, and asserted that the country
"is going to be treated to another period of business harass¬
ment."
He added, however, that the public "is seriously
doubting the sophistry that all benefits flow from Govern¬
ment, and that business is only a necessary evil."
Mr.
cipally upon misery
Opposition to Further Government Lending to Busi¬
ness Voiced at
Annual Convention of New Jersey
Bankers Association—Delegates Also Opposed to
Other Government Policies—Extension of Saturday
Closings Also Declared Against
business" was voiced at the annual
Government lending to
New Jersey Bankers Association at At¬
of the
convention
extension of direct
"any-further
to
today
Opposition
voting unani¬
Atlantic City advices to
Philadelphia "Inquirer," from which we also quote:
'
N. J., on May 20, the delegates
lantic City,
the
banks
credit
the
meet
to
failed
have
been
has
public
the
said
resolution
Their
"the impression that
the country.
This has
given
needs
of
lending, direct to business
through independent Federal agencies.
But the vast majority of banks
throughout the country are not only willing, but anxious, to meet every
resulted
in
'
sound credit."
for
demand
reasonable
for further Government
proposal
a
,
that the Federal Reserve System and
Reconstruction Finance Corporation continue their present lending "only
to the extent that sound and reasonable local credit accommodation cannot
In
addition,
bankers urged
the
unanimous resolution the New Jersey bankers urged Presi¬
dent Roosevelt, Congress and New Jersey State and local officials to "heed
By another
"the
danger
growing
fiscal policy and confine public
continuing loose
of
spending to essentials."
eral,
State
American
and
local debt climb to heights never before reached in
Continued increase of this debt will inevitably under¬
in the integrity of public credit, and place a mortgage cm
history.
confidence
mine
generations that may exceed the capacity to pay."
struck at the proposal to reorganize the office
future
additional' resolution
An
existence in the rearrangement of
Comptroller of the Currency out of
of
combined Fed¬
pointed out that "the past year has seen our
Delegates
-
.Federal
,
bureaus.
be
banks."
National
State
the
preserving
system of State and
of the few in which
dual
is
Association
Jersey
(The
outnumber
.National
the delegates voted,
of. the National banking system,"
independent,
kept
one
committee
of
the
to
after
State
alive.
.
effect
in
..
and
August,
money
Legislation,
Field,
reported
Jersey
June
and
banks
bad
the
of
Committee
business
and
interests
.State
on
oppose
the
business in general.
under present conditions," he
said, "to jeopardize the banking business."
Joseph F. Hammond, Paterson, incoming President of the Association,
Saturday
bank
feel
"We
attacked
also
Another
extension
shutdown
that
of
This
that
and
the
Of
letting
Hammond declared
we
of
way
this
I
headed
not
are
recovery
am
informally approved,
due to expire this
estate where
collecting, rents
Mr.
Act,
emergency measure
possession of real
in
bank closing in his inauguration speech today.
report,
Stout
the
for
should be done
the Saturday
committee
six years.
as
nothing
in
are
unpaid.
properties
destruction.
certain.
have
upon
we
it results
say
believe
definitely
very
that
"
efforts
our
effect
and
the
American
people
be
can
depended,
Addressing the convention
on May 20, George D. Letterlionse, outgoing President, declared that "the time has come
reform
He went on to say that "the real
depression, now in its tenth year, is the Gov¬
ernment
theory
of deficit
spending—the ultra
modern
theory of buying prosperity by borrowing and spending.
to
cause
reforms."
,
of this
This theory has been tried at a cost of
six
precious
million
relief,
on
ministration,
over
$25,000,000,000 and
produced
two million
nine
over
has
and
years,
million
on
what?
of
confidence,
collector who
now
restrictive
taxes
more
labor conditions under the
from
has
legislation,
than
22c.
of
six
Works Progress Ad¬
unemployed."
the New York "Sun" further quoted him
Lack
Over
the
as
Advices
to
saying:
heavy
hand
of
the tax
dollar earned; uncertain
every
day to day—all have contributed to the low estate to which business
fallen.
great,
and
is the word
brought
lined
plenty,
and
and
the
struggling
out
brought
campaign slogan.
for
us
homely virtues which made
colonies
the
from
abundant
poverty
life
•
*
has
become almost
a
we
1
it
country
to
riches
became
a
have become stream¬
national
I
want
before
long
But frugality is out of style;
extravagance
and
our
policy."
the
.
even
more
direct
this country when the operation
65c. out of the income dollar.
similar expenses.
There was an
Federal, State and' local.
about
and
wages
for
went
taxes,
about
management
average
if
30c.
for adventure capital,
enough ,of • a cushion so that if a new
efficient machinery could be obtained, if
That
profit.
along,
came
was
-more
possibilities, or if expansion in.
there was adventure capital
on
hand without interfering with regular promotion and profits.
When
the venture worked out, all was well, and the firm grew and prospered.
And
do not overlook the
important fact that this expansion provided
jobs for many people, not only in the new enterprise itself but also in
branching
any
service
into other
out
of
one
lines.
"
with
that
have
income
dollar,
expansion
enough
This
even
or
margin
to
22c. and 33c. out of
between 2c. and 13c.
only
is
and
advertising
gentlemen know
today.
between
£c. to
there
that
so
adventure' capital,
You
same
from
risen
"
v
Materials, ttages and other
65c. out" of every income dollar.
But annual
situation
the
still take the
expenses
even
offered
plants
hundred directions'seemed wise,
a
Compare
profits.
profits
modest
for
*
fact, in many cases it isn't
In
enterprise.
new
left
•
I do that this is far from a safe
better than
assure
company
for
the company.
regardless of what may have been the
primary causes of the collapse in 1929.
The rate of taxation has reached
the point where it is smothering business, choking enterprise and stagnat¬
ing our whole incentive economy.
The rate of taxation has increased
faster than business and industry have been able, even with
mass pro¬
duction and other efficiencies, to turn out higher wages and lower prices
is
Until
vehicle
dollar
the
tax
a
increase
to
real
average
years
business
of
tax
depression today,
the
recent
fob
went
alone
of
of the workers.
come
since
and
taxation
collectors
wage
had
we
1900,
6.7%
when
of
State and
Federal,
happy
long and
a
5c.
the
way,
out of the
national
through the
firm's
average
income satisfied
all
local government.
1938 taxation took 22c. out
and you will quickly realize where
capital and upon normal business
Compare that figure with the fact that in
of
dollar
every
the
pressure
of
is
national
income,
investment
on
of
today.
Simply because taxation has
there
still
is
more
so
gotten out of hand in this country—and
of workers have ,been forced into
come—millions
to
destroyed, and
plenty.
that the whole force of business from the
idleness,-millions of dollars of purchasing power have been
there
is
This
Frugality
th£
advertising and
operation
Wagner Act, uncertainty of governmental actions
took
businesses
that
5c.
left
margin for
it, but
see
the
because of
.
covered: materials,
additional
product
■.'
the early 1900's in
time in
a
average
65c.
come
present-day taxation is
'
•
;
'
of
.
was
most
That
be.
1
'
.
would lihe tq
in
were
those remaining will
to finish the job."
cumulative
There
to
more
accumulated is now lying idle in the
foolhardy today as to try to run the
so
Few are so
country.
that.
than
taxes
obstacles
Many
"
will
legislative
any.
being in effect
down.'
"I
have been surmounted and
"Progress has been slower than
after
Bankers
run
taking office that
for
this
ever
money
gauntlet of tax-collectors.
But the stagnating effect
allows municipal tax collectors to take
taxes
the
opposed
year
of
greatest amount
of
of
gained and much to be lost, is the principal reason that
is little to be
That
Chairman
City,
larger
that
includp
to
as
as
investors
of
threat
the
eventually curing the mounting deficit have meant less an 1
available for investment.
'
you
gentlemen well know, together with the unwillingness
and business men to embark on new adventures when there
necessity of
of
so
'
purchasing power.
taxation and
Increased
owners
:
finally realize in this country, as we
we
of
loss
'
.
J.
New
deposits would revert
might be still
bank
their
...
July
in
September.
William
the
in
the legislative proposal to extend Saturday bank clos¬
opposed
already
though
years, "even
*
Another
ing,
seven
bill
escheat
the
"abandoned"
which
Legislature,, under
Jersey
condemned
One
reports.
num¬
friendly atti¬
through intelligent business action, stimulated by a
part of officials., -can America solve its present
the
on
When
banks
banks.).
Though there was no formal vote, evident approval also greeted a
ber
;
^
Bay
day problems.
will, that ingenuity in the
field of business and finance have made- it possible for this Nation to
keep abreast of the swelling tide of taxation as Government year after
year has spent more and more,
then we will be headed in the right
direction and out of this• 10-year-long depression.
'
0
In spite of those who would put-the burden of blame for our present
serious unemployment problem on the business men, the facts are that
increasing taxation has meant more and more unemployment with steady
tude
That,
"should
to
way;
had the business men not explored and developed the fields of
science, management, production and distribution, we would never have
attained the high state of civilization we know today.
; .
But for what the business men of American have done to improve the
standard of living and to provide more of the blessings of civilization
for everyone our democracy might not have withstood the critical tests of
past depressions or war crises.
Business
men—not politicians or office holders—have made America
less
Independent Systems
''The supervision
,
right here that had it not been for the business
men
of this country; had they not everlastingly pressed forward under
the stimulus of the incentive system which is the essence of the American
like
would
I
and only
obtained."
be
continued, in part:
Fuller
mously to this effect, according to
the strange
in
beginning
Selfishly,
and
that
ment
lift
any
spite
in
if
the
one
toward
of
phenomenon of
the
fact
prices and increase wages.
to increase buying power
living, but whether selfish or not, the facts are
cite example after example of this steady move¬
this country
it
is
purely
standard
of
us
of
can
want amidst
lower prices.
has
been
selfish
to
to
lower
endeavor
-
,
Volume
Financial
141
Chronicle
Inquiry by Temporary National Economic Committee
into Problem of Savings and Investment State¬
The
Obstacle
to
Confidence
in
F.
of
Profits—Views
Future
are
and
Committee
opened
in
another
the
there
Temporary
in
item
issue
this
we
the
the
of
Board
May 20,
of
the
Securities
hearings
Agriculture, and
and
from
The
of
begin
to
are
the Department
witnesses
which
should
be
not
taken
opinions
I
questions
the
which
The over-all
"WThy
drive
of
end
employment policy?
function
proper
debt
ernment
economic
the
It
■r.tion
its
shall
we
Are
different
from
to
testimony.
periods
price,
And
answer.
an
will
who
appear
has
it
is
"We have
got
industry
put, money into industry.
shift money
from
in
money
same
It's got to be made
in
fundamental
will
direct their
Sloan said.
„a
Talking
got
of
the
reduce
to
later,
reporters
to
barriers
that
been
have
had
erected
proposed
of
flexibility
"reconstruction
that capital
so
Earlier, Mr.
Sloan
tinue
to
such
expansion
expand
Nation's
He
would
flow
can
tax
our
but
against the expansion
freely
into
furnish
little
the
when
equipment
company
its
uses
is
replaced
Little
-
has
the
been
The
investment
of
"Our
B.
expand
its
earnings.
The
for
and .plants
lars
of
has
asked
'
.
or
.
tion
the
induce
Committee,
a
structure,
of
what
all
have
business
enterprises
$2^000,000,000
as
of
new
.
.
said,
Aircraft
of
York
Social
the
"Journal
Dr.
Lauchlin
Reserve
Security
Commerce"
of
who,
Currie,
Board's
through
Assistant
Division
charts
of
Re¬
figures,
and
income-producing
expenditures
in the past,
as
expenditures.%
income-producing
Dr.
emphasized. the
Hansen
credit;
'
are
importance
of
high
a
to employ¬
industry in its relation
and
industrial
on
loans
we
be
to
attacked
of
from
of savings
angles.
many
He
today
into capital
the problem,
to meet
panacea
no
by
partly
supporting,
and
public funds,
the
of
of
5;
the
Supplement
the
development
industries.
of
"
railroad
a
equipment
guaranteed
mortgages
Reform
the'
suggested
»
arid
products
the
■■■
said, and the problem
he
direct the flow
have and
of
growth
.
longer present,
no
prodigious
the
-
He said he knew
had
Reduction
3.
insured
tax
with
power
the
to
investment
private
#
to
purchase
'
•
a
on
•
selfrail
new
*
rate of
by
structure
financed
company,
interest allowed
Federal
encourage
with
Housing
residential
on
Administration.
private investment.
public
investment
«,
.
on
large
a
•
^
Average Cost of Distribution of Goods Greater Than
Production, According to Study by Twentieth
Century Fund
today's
"there
Corporation,
demonstrated
said
ability
America
to distribute
"it costs considerably
more
it does to
make
goods
than
on
thp
them,"
according to one of the central findings of a survey of the
distribution
of
costs
its
which
is
being completed
now
by
a
search
Figures from the staff's report submitted to the committee
May 14 by Evans Clark, Executive Director
that "about 59c. out of the consumer's
dollar goes for the services involved in distribution and
only 41c. for the services in production." ' The Fund's an¬
nouncement bearing 011 the study went on to say:
all
requirements
the
two
big-business
as
and
matter
a
men
entirely
of
part
of
as
from
policy."
its
greater
try to find
a
way
to
a
bring the three to¬
prosperity.
Electric
stimulus
left
of
the
Corporation, who suggested
over-hauling of the national
to
business
undistributed
recovery.
profits
Aboli¬
tax
and
changes in the capital gains taxes would stimulate the
profit motive, Mr. Sloan said, the "Herald Tribune" re¬
ported, and it added, in part:
.
H. Hansen, Pro¬
University and a
problem of simultaneously stagnant millions of dol¬
men and idle machines.
President Roosevelt
meet
thoroughgoing
as
Ex¬
covering
special research staff working under the supervision of the
Distribution Committee of the Twentieth Century Fund.
General
is
statistics
and
program:
Fostering
In
he
Sloan, said Washington advices May 18 to the New
Tribune,"
agreed
with
Owen
D.
Young
of
rotating
*
its
to
Committee
a
by
Securities
States for the period since
1922
Council
between
of
Establishment
Board.
"has
of
much
as
the
giving
corpora-
equipment.
scale.
as
made public
of the Fund, indicate
"Herald
May 17
tax
the
the
since
for
New
consumer
"props"
average
United
of
analysis
the United
year
the
,
Altman, of
an
General
•
.
history),"
unemployed
that
Chairman
on
with
Chairman
told
called
the
to
capital,
and
Mr.
York
Financing
company's
L.
if
been
employment
season.
and
by
the
modernized
.
We intend to continue this procedure
answer
gether
he
operations
Committee
an
prevails
Rentschler,
company,"
the
wage
......
outside financing."
no
situation
same
Outside
(of
period
substantially
Frederick
to
18-year
him
have
pointing out that
May 16, Dr. Alvin
Federal
industry.
construction
con¬
"
"In
Mr.
200,000
buildinghigh volume of public construction; foreign
4.
would
earnings:
own
asked
"We
equipment and lease it to the roads.
r
industry
for,
Utah,
of
stabilize
liquidating basis by Government funds,
-
purpose
"maximum
but indicated strongly that
.opportunity
in¬
industries.
the national income.
expansion.
new
enterprise."
new
the, automobile
that
income- increased,
for
provide
to
goods
capital
about
prosperity of the twenties* he Said, rested heavily
that'it
2.
"we've
that
meant
structure"
gains -tax
fi¬
asked.
new
employs
now
fi¬
Motors
replied.
the
if
from
SEC
.
General
he
that
Economy of Harvard
the
to utilize what
how
is
people can
so
hoard of idle savings and capital.
that
expanded, his
of
capital
predicted
national
as
present
said
the
one
plant
Statistics,
investments;
goods
"
eliminating
that
fact,"
replied,
markets
on
to
the
residential
automobile
■
He
in
outside
,
Nehemkis
come
special
little
;
•
employment.
Oscar
Advisory
testimony,
The
ment.
and
to
private enterprise."
especially
was
80%
national income of $100,000,000,000 will necessitate
his
'and
or
he
Motors
degree- of activity in the construction
Statemeent
said
of
must
Sloan
no
new
relationship
following
Sloan
Mr.
profit
than
Jr.,
"very
periods of relative prosperity in the future
1,
Explains
Mr.
Henderson
presented
followed
of
and
gross
In
"We
people
encourage
flexible
more
this
that offset savings and the gross national income prevails
that
thing to another."
one
of
Nehemkis,
Sloan,
?"
Democrat,
Dr.
who
the
was
These
and
of
He told the Committee that his studies reveal that if the
influence
these
you
industry," Mr.
make
to
Mr.
Political
of
make up
to
set
May 18, which also stated:
encourage
45%
sells
traced the trends of national income of the items which go
.
Gov¬
what
the
is
Is
„
We quote from Associated Press advices from
got to have more profit
to
•
capital
$19,000,000,000
Washington,
disclosed
Sloan
and less
;
Mr.
statement
Mr.
stabilize
was
advices
search
more
of the
industry."
R.
unit and tries to
hearing,"
of
He
"lack of confidence in the future profit-making possibilities
have
that,"
the
Director
Genelal Motors Corp., was beard by
the Committee on May 18, at which time he told it that1
the principal obstacle to putting idle capital to work was
of
Mr.
which
93%
years,
undertaken,
state,
orders
King,
to
purchase
tlie
ington
'
„
Sloan,
with
Board, outlined a five-point program to bring about an
adequate volume of capital goods expansion, which, he said,'
is "our problem in a nutshell."
In indicating this, Wash-,
we
propounded,
tp
before
nine
Peter
had
during the. auto slack
member
What is the
Under
What
Henderson
Mr.
H.
Commission,
fessor
investment?"
on
which
present
Have
lower
debt?
be absorbed?
of
rises
of
continue?
to
decline?
or
of
General
plan
to
upon
point
a
May 16, added in part:
under-investment ?
of
(private)
personal
savings
can
questions,
endeavor
stagnation
for
in
with
1922, disclosing that .in
full employ¬
stopped?
production,
mass
Motors,
about
cars;
last
resources
own
utilized,
witness
savings to
reached
automobiles
of
45,000 salaried employees;
a
last
at
profit of $2,300,000,000 in the sale
a
non-financial business enterprises in
t
?
likely
lag
economy
of
the
to
correct
that
has
workers
change
of these
challenging
Committee at
not had
we
be
look
'
its
a
integrated
an
The
of
this
resources
this
Is
American
in
we
of return
rate
these
"Why have
dynamic
questions that the witnesses
Mr.
is
of
William
had
consideration
scope
series
a
before
raised
lagged?
the
of
our
conditions
to
to
magnificent
our
Government
of
present
is
of
investment
new
the
to be
seems
utilization
forward
witnessed
Henderson
the
indicate
*To
refer
to
in
Motors
agreed
to
and
Senator
its inquiry.
question
has
'the
Has
Ueon
than
industry has
the corporation,
States, made
position
out
disclosed
Motors
in this country idle
continue to. have
we
money?"
better
no
Mr.
of
full
and
idle
and
do
can
outset
very
ment
"Why is it that
machines
idle
eighteen years
questioning
that's
em¬
way."
consumption
1
a
full
and
Fair
to
thinks
that
for
future
World's
money
how
is
.
General
in
Anybody
the
in
the
automobile
and
men
"The problem
.
are
earners
shall be discussing with you a
we
of
under
witness
relied
the
representing
as-
to
idle
put
about.
fundamental
that
.
years.
think
Sloan
•
.
the
out
.
this
trip
a
$17,000,000,000
that
dustries
of these facts by some
some
that
stockholders
to
18
itself
"I
SEC.
hearings,
of
»
on
bring
intelligent,
course
you
nances
New York)
State of
himself
to
he continued.
opportunities
and machine®"
money
declared.
he
opportunities
to
wonderful
the United
said,
At
single problem:
ox
'
/
be put
may
Today and throughout these hearings
men,
last
"Are
will
today
Banking of the
of
industry and finance.
interpretations
the
the
which
an
denied
than
more
counsel,
Exchange
on
of
nancing."
be concerned with
the problem of savings and investment.
The purpose of these hearings
is to present a factual picture of certain important phases of our econ¬
omy.
The facts will be brought out by witnesses from several branches of
the Government
(such as the Federal Reserve Board, the Department of
public
in
He
Special 'Counsel to
Commission's Investment
May 16; this statement follows.
and
of
income.
the
distributed
by Peter R. Nehemkis, Jr.,
Banking Section
The
in
the
columns
these
in
to
lots
affairs
pointing
cars
the
A statement incident to the hearings
2982.
page
issued
referred
was
"idle men,
Reviewing the financial history of General
The
The President's letter
was
Sloan
national
that
.
pools."
stagnant
and
give
in
stagnation,
United
the
of
should
exhibits
the
States
Steel Corp., Owen D. Young, Chairman of the Board of
the General Electric Co., and William R. White, New York
State Superintendent of Banks.
In this item, further be¬
low, we are referring to the testimony of Alfred P. Sloan
Jr., Chairman of the Board of General Motors Corp.
With
the opening of the hearings, President Roosevelt, in a letter
to Senator O'Malioney, Chairman of the Committee, asked
that the latter ascertain why "a large part of our vase
reservoir of
money
and savings have remained idle in
Stettinius, Chairman
America's
productive use,"
lots
not
are
Mr.
referring to some of
are
those heard during the course of the hearing—among them
A. A. Berle, Jr., Assistant Secretary of State, Edward R.
to
economic
our
ployment
the subject of savings and
on
on
before
lots
are
machines
manage
National Economic
investment, which
May 16, have continued the present week, and
hearings
taxes now?"
being matched with "idle opportunities,"
"There
B.
Rentschler, Lauchlin Currie and Prof. Hansen
The
have enough
we
Lack of
Capital to Work Is
Putting
budget should be balanced through a cut in expenditures, not an
in taxation.
Turning to his questioner, Mr. Sloan said: "Don't
increase
by SEC—Alfred P. Sloan Jr. Says Principal
ment
3157
The
changing role of distribution
in
our
economic system is underscored
American
In 1870,
among all gainfully employed workers, approximately 75% were employed
in agriculture, manufacturing and other production activities, while 25%
by
showing an increasing proportion of
employed in distribution as compared with production.
figures
workers
were
in
in
in
report
distribution
duction'had
the
the
distribution
other
and
service activities.
By
50%.
and service
1930
the workers in
pro¬
while the proportion of workers
activities had doubled, so that they constituted
dropped to 50% of the total,
<•
3158
Financial
Curing this
sumed
period the total volume of goods produced and
States increased more than nine times, while
same
the
in
increased
population
con¬
United
times.
three
1970
Since
the
number
of
the
persons
engaged in the production industries has less than trebled while those
engaged in distribution has increased nearly nine times.
"Taking these
figures at their face value," says the report, "it appears that there has
been
than
more
while
the
a
amount
has
industries
Willard L.
three-fold
increase
in
the
of
distributed
per
goods
increased
Commerce,
is
is
who
Commerce,
Distribution.
worker
the
in
acting
now
of
The factual
"But
Foreign and Domestic
Assistant to the Secretary of
Twentieth
findings of the
Century Fund's
which
survey,
Committee
were
on
gathered by
a
special research staff working under the committee's supervision, have
been summarized in a research report by Paul W. Stewart; who. directed,
distribution
the
Frederic Dewhurst, the Fund Economist.
Following the usual Fund procedure, the committee will review the' research
and
data
upon
agree
J.
and
survey,
a
of
program
recommendations
to
the
public
to
bring about increased efficiency in the field.
The research report, together
with the committee's recommendations, will be published next month
under
the
"Does Distribution
title,
has but recently reaffirmed its faith and democractlc
election, in which the people—making use
rights—asserted their unquestionable will," he declared.
our presence in the New York World's Fair has still another very
purpose.
It is a tangible reply to the policy which His Excellency
country
in
their
of
definite
Bureau of
Special
as
the
"Our
genuinely free
a
full
the Resident of the
the United States
Chairman
in the
enacted.
culture
worker,
slightly."
only
Cost
Too
the relations
to
here,
presence
Pennsylvania
has
'Good-Neighbor Policy,' which President Roosevelt
the international policy of his Administration."
proclaimed as
May 23 the Yugoslav pavilion was opened with an ad¬
by Constantino Fotitch, Yugoslav Minister to the
attended by about 400 persons.
Mayor LaGuardia, President Whalen and U. S. Commis¬
sioner Flynn also spoke at the opening.
The following is
On
dress
United States, in a ceremony
from Mr. Fotitch's remarks:
Much?"
In the
Building
New
at
York
World's Fair
Yugoslav section we have devoted special attention to the life of
and we feel sure that this will be the best promoter of the
friendship which Yugoslavia ap¬
preciates and values to the highest degree.
friendship between the two countries—a
our
Day.
The building is a replica of Independence Hall in
Philadelphia.
In an account of the proceedings the New
York "Times" of May 20 said:
•
social welfare, /development
Flanked by his Cabinet and 400 other Pennsylvanians who came from
gathered
on
special train and speaking to
a
a
crowd1 of several hundred
the north balcony and the promenade of the building below.
Governor Arthur H. James presented the building "to the nation and the
world at large," that all who cherish freedom might find new inspiration
for the protection of their liberty in tomorrow's world..
The dedication ceremonies,
Pennsylvania
the
held in midafternoon,
were
the climax of
Day at the Fair, beginning shortly after 11 o'clock with
After
a
reception in
Perylon Hall the party toured the grounds,
viewed the Fair's armed guard
detail
re¬
in the Court of States, visited the
Federal Building and the Summer City Hall in the Arrowbrook Country
Club, where they were received by Mayor La Guardia, attended
in
Perylon Hall
as
a
luncheon
the guests of Grover Whalen, President of the Fair
Corporation, then paraded to the Pennsylvania Building for the dedication
ceremonies.
,j| The Pennsylvania Building, the Governor said, is
spirit of
progress
emblem of that
and cooperation that has made America great and will
keep her in the vanguard
ment and
an
so
long
as
it is practiced by all—labor, govern¬
capital.
of
France,
Argentina
-
Chile,
»
Cuba,
Yugoslavia
The formal opening
of the French pavilion at the New
place on May 24 with the dedicatory
speech delivered by Count Rene Doynel de Saint-Quentin,
French Ambassador to the United States.
The Ambasssdor
spoke in French of the friendship existing between the two
Mayor Fiorello H. LaGuardia, who also spoke
anniversary of our republic is an
anniversary of the unity between France and America.
Others who spoke were Henri Bernstein, author; Marcel
Olivier, French High Commissioner to the Fair; Grover A.
Whalen, President of the Fair Corporation.
Francois de
Tessen, former French Minister of Foreign Affairs, and
Charles Spofford, Assistant United States Commissioner to
countries.
in French, said that every
the World's Fair.
Pedro
«
.
Martinez
Fraga, Cubap Ambassador to the
United States, speaking at the opening of the Cuban pavilion
at the Fair on May 20, said that "while we cannot bring our
friendly and happy relations more close, because that is im¬
possible,. that we can improve the economic ties between the
United States and Cuba is unquestionable."
Regarding the
ceremony, the New York "Herald-Tribune" of May 21 said:
J.
Garcia
M,
Montes,
Cuban
Secretary
of
Agriculture, spealdng
Spanish, said that economic factors prevented Cuba
more
extensive exhibition.
have over it
ever
a
"Our pavilion is
flag that today is
as
in
from sponsoring a
modest," he said,
"but we
close, or closer, if possible, than it
been to the Stars and Stripes."
Other
has
„
speakers at the cerernoriy, which also marked the 37th anniversary
of Cuban independence, were Dr. Luis Machado, Cuban Commissioner to
the Fair; Grover A. Whalen, President of the Fair Corporation, and
Edward
J. Flynn, United States Commissioner to the Fair.
The principal speaker at the dedication of the Chilean
pavilion on May 21 was Senator Rodolfo Michels, Chile's
Commissioner General to the Fair, who declared that by his
country's presence at the Fair "Chile accepts as a definite
fact and as a proof quite beyond the mere expression of words,
the great project of a united America, so appropriately de¬
scribed as the good-neighbor policy."
From the New York
"Times" of May 22 we take the following:
Senator
Michels, Alberto Cabero, Chilean Ambassador to the United
States, who formally declared the pavilion open; Grover A. Whalen, Presi¬
dent of the Fair Corporation, and
Charles M. Spoffard, Assistant United
States Commissioner General to the Fair, addressed several hundred guests
at the
wave.
opening exercises, which were broadcast to South America by short
Luis E. Nagel acted as master of ceremonies.
Recalling
losses in
the
earthquake disaster that recently
caused such
terrible
Chile, Senator Michels said that the presence of his country's
exhibit at the World of Tomorrow
neither "beaten
Confidence
beyond all, to the maintenance of peace,
opportunity to see the natural beauties
nor
was
tangible proof that her people were
disheartened by our misfortune."
that" Chile would
learn
lessons
and
'
and the glories of old Serbia, and
Croatia and Vojvodlna,
we
should like
to have everyone
feel invited to visit those places where they may be as¬
sured of finding a
heartiest welcome.
We have tried to give,to all a bit of
atmosphere of Yugoslavia, and to be known to you, without pretentions,
just
as we are.
.
,
the
opening of the Argentine pavilion on May 25
speakers from both countries emphasized the ties of friend¬
ship which bound the two democracies together.
Mayor
LaGuardia and Dr. Felipe A. Espil, Argentine Ambassador
to the United States, were the principal speakers.
The
Argentine Ambassador and his party received a 19-gun salute
on their arrival at the Fair grounds.
Other speakers included
J. A. de Marval, Argentine Commissioner General to the
Fair; Charles M. Spofford, representing Edward J. Flynn,
United States Commissioner General to the Fair, and Mr.
H.
C.
^
Elfast
Expelled from Membership in New York
Stock Exchange
Henry C. Elfast, a member of the New York Stock Ex¬
change and a partner of the former firm of Elfast, Frisk &
Co., was expelled on May 24 by the Board of Governors,
the charges against him, according to the announcement,
including one alleging failure to credit customers' accounts
with funds deposited by customers as margin.
The charges
were preferred against, Mr. Elfast on May 10 and, in order
to allow him time to answer the charges as provided in the
Exchange's Constitution, the hearing was set for May 24.
Prior to the hearing of the charges, the New York office of
the Securities and Exchange Commission and the New York
City office of the New York State Attorney-General were
informed of the circumstances surrounding the case as they
had been ascertained by the Exchange, says a statement
in which also says:
'
Mr. Elfast did not appear before the Board of Governors to answer the
charges.
was
The Board received testimony front its own accountants and
others to substantiate the charges.
The
following announcement was made to the members
Exchange by Edward E. Bartlett, Jr., Chairman of the
Board of Governors, at the opening of the Exchange on
May 25: .* ; '
;
1
of the
,
,
.
.
Charges and specifications having been preferred on May
against Henry C. Elfast,
in the former firm of
a
at a
meeting held
10,
on
considered by the Board of Governors
May 24, 1939.
The substance of the
charges and Specifications against Henry C.
Elfast
'■
was;
1.
1939,
member ,of the Exchange and $ general partner
Elfast, Frisk & Co., which dissolved on March 24,1939,
the charges and specifications were
That he has been guilty of conduct or
proceeding inconsistent with
just and equitable principles of trade in that, on various occasions, funds
deposited as margin by customers of the firm were not credited to the
customers'
accounts;
2. That on his application for membership he made a misstatement to
the Committee on Admissions in connection with the funds which were
advanced to him for the purchase price of the membership;
3. That in an answer to a financial questionaire of the Committee on
Member Firms he made misstatements as to a partner's account carried
the books of another banking or brokerage house and as to the capital
on
of the firm.
That he refused or failed to appear and testify before
Member Firms on various dates during April and May
4.
on
the Committee
of this year, as
required by the Committee; and
5.
That
Committee
he
refused
on
Member Firms
or
submit his books and records to the
required by the Committee.
failed to
as
Henry C. Elfast having been found guilty of the
tions , Henry C. Elfast
was
charges and specifica¬
expelled.
It is also stated in behalf of the Exchange:
Henry O. Elfast
was
elected
a
member of the Exchange on
and formed the firm of Elfast, Frisk &
Henry O. Elfast (Exchange
Walter R. Lindall.'
~
Committee
member), Arthur C. Frisk
.
The firm dissolved
on
on
March 24,
July 21,1938,
Co. on Aug. 12, 1938, the partners
of which firm were:
and
acquire experience of
incalculable value from "this exhibition of world genius and ability"
You will have the
of Yugoslavia: the Dalmatian sea-
Serbian and Montenegrin mountains, the plains of
coast, the Slovenian,
„
York World's Fair took
Dr.
of national economy, all demonstrating that
Yugoslavia of today is devoted to the moral and material advancement of
her life, and,
and
"
modest
life and activities; cultural advancement , hygiene,
Whalen.
Additional Foreign Buildings Dedicated at New York
World's Fair—Pavilions Formally Opened Included
Those
in all branches of national
At
arrival of the Governor and his party on their special train.
a
Yugoslavia has made since the great War.
We
realized in the cultural and material development
have shown the progress
Harrisburg on
the visitors, in
section we have endeavored to show to
but sincere way, the efforts
State's building at the World's Fair on May 19, Pennsylvania
.
their contribution to the
Yugoslav immigrants in America, showing
In
Governor Arthur H. James of Pennsylvania dedicated his
words, the great project of a United America, so
expression of
the mere
I mean that with her
Chile accepts as a definite fact and as a proof quite beyond
American progress,
of
United States has so inspiringly initiated with regard
which Latin-American countries.
appropriately described
the
Dedication
Michels. He said that his country wished to be an
significant stage of human development now being
expressed by Senator
active participant
distribution
per
Thorp, Director of Economic Research for Dun & Bradstreet
former Director of
and
output of goods
May 27,
Chronicle
1939, when the
Member Firms was being
instituted.
'
'
investigation of the
Volume
Financial
148
Celebration
of
National
Chronicle
This award
Foreign Trade Week—Secre¬
Address at World
Intention of Hie
was
replies to
Tinsley
a
lower rates
there is proper selection
of activities
a more
Secretary;
reasonable business basis.
If
that they are of genuine benefit to
so
neighbors, the risks will naturally be reduced, and interest rates and
intermediate costs
can
be
kept low,"
occasion.
,
own
Latin-American
laws and control their economic
nations
to
enterprise."
In a three-point program, Mr. Hopkins laid down
"Second," he said,
"the primary motivation of
production rather than finance.
our
own
interest
as
lies
■-
employment.
Similarly the interest
borrower
must
Ronald
long-range plan it
any
would
seem,
the
part
any one
our
New York
run
Is there
this would tend to promote our
friendly relations with another country?"
spokesman for the industry at the dinner was Graeme
K. Howard, Vice-Chairman of the National
Foreign Trade
Council, whose subject was "American Foreign Relations."
The Chairman was Winthrop W. Aldrich and the toastmaster
was Edward F. Stettinius, Jr., the
Honorary Chairman was
James A. Farrell, Chairman of the National
Foreign Trade
'
.
the gathering from Secretary of State Hull
read by Mr. Aldrich, Mr. Hull in his greetings
stating:
scale
•
as
of constructive development for trade
on an
on
who were also guests
the
.
.
In contrast
vancement
is
to this
with
the world is to
be
Foreign trade has
life which
serves
cecome more an economic process.
It'stands for
a
•
States and that it was
called that he had
in 1919,
It has become the
"not going to be easy to leave this country."
V
Upon his return he' noted that the relations between the two countries
"closer and more cordial than they had ever been before in history
method of international
were
\
the effort to reopen the channel of world trade which
except, of course,
for the short period during which we had been engaged
together in war."
reason
Anglo-American relations are even closer
significance.
who assured his hearers,
The
presentation of the Captain Robert Dollar Award
to
by the foreign trade organizations of the
United States, for his contribution to the advancement of
American foreign trade, was an outstanding event at the
World Trade dinner which was attended by about
1,500
foreign traders.
The presentation
of
a
gold plaque
other members
of
this committee
an
immemorial past."
His
were:
F.
E. O'Neil,
and
.
.
.
-
retirement would have taken effect normaUy at the end of last year,
according to Sir
made by the
Tinsley, President
Worcester, Mass.;
President, Fulton Iron Works Co., Inc., St. Louis, Mo.;
Samuel Broers, Vice-President and General. Manager, Fire¬
stone Tire & Rubber Export Co., Akron,
Ohio; J. A. H.
Kerr, Vice-President, Security First National Bank, Los
Angeles, Calif.; and A. D. Simpson, President, The National
Bank of Commerce, Houston, Texas.
A statement" issued
by the National Foreign Trade Council said:
them or to diplomats or
"I suggest to you
was
chairman of the award committee, John F.
of the Crompton & Knowles Loom Works,
today, according to Sir Ronald
however, that these more intimate relations were
members of Cabinets.
that our two countries are both carried along," Sir
Ronald said, "on a deep and mighty stream—a stream of common thought
and common ideals rising from the spring of a great tradition deriving from
not due to
James A. Farrell,
the
He re-
served here in the diplomatic corps first in 1905, again
and had returned as Ambassador in 1930.
Government for the past five years has been engaged is of
profound
For this
our
.
the orderly processes.
before going to the dinner that there were chances
had been 34 years since he first came to the United
Sir Ronald said it
averted there
must be a halting of the growth of both military and economic
armamept
and a restoration of confidence and goodwill among nations.
symbol of a free and peaceful world.
expressed the concern of himself and his men over the fate of the crew of the
United States submarine Squalus.
He said the British naval officers were
of rescue.
which humanity is now confronted.
If further economic decline throughout
>
pritish battleships visiting New York Harbor
at the dinner, Vice Admiral Sir Sidney Julius Meyrick,
greatly relieved to learn
compressed portrayal of scientific and cultural ad¬
the dark spector
also quote:
From the "Times" we
continuous and amazing progress of mankind in the realm of
applied science
and art.
.
*
Speaking for officers of the
international
part of New York's World Fair, serves to focus attention
Agree¬
expressed by Sir Ronald, notably the Ambassador's con¬
viction that the United States and Great Britain need no
treaties because they are bound by common ideals and
traditions that have sprung out of "an immemorial past."
A message to
The panorama
by Pilgrims of United States to Sir
Lindsay Retiring British Ambassador to
triumph in the nobler sense.
The dinner was held at the
Hotel Plaza in New York City, and according t6 the New
York "Times" Dr. Nicholas Murray Butler, President of
Columbia University and President of the Pilgrims of the
United States, who presided, voiced some of the sentiments
*
The
was
by foreign traders at
Speaking at a fare well; dinner tendered to him on May 23
by the Pilgrims of the United States Sir Ronald Lindsay,
retiring British Ambassador to the United States described
Secretary of State Cordell Hull's reciprocal trade agreement
made with the British last September as a "diplomatic
of elemental
subways operated by foreign interests ?
who believes that in the long
Council.
also made
ment—British Empire Day Observed at New York
World's Fair—Dedication of Australian Pavilion
be
wisdom that enterprises carried out in the Latin Americas should
inceasingly
be controlled by the nationals of the respective countries.
How would we
like to have
•.
United States—Commends Reciprocal Trade
centered in ecobomic benefit by improved productive capacity rather than
incidental financial gain.
s
"Third, in
the
♦——g.;;
every kind,, thus directly
of the
as
Dinner Tendered
Appropriate economic participation in the
transportation equipment and services of almost
Farrell
Ocean under steam by the SS.
were
'■••■■■v
provide the tools, the
Latin Americas would inevitably increase the sale of American machinery,
creating
Addresses
We shall be thinking primarily in terms
machinery, the technical skill.
Mr.
points of vantage at the Fair, the most important
being a series of 5 talks at the Goodrich Arena nightly, par¬
ticipated in by James S. Carson, William S. Swingle, Ken¬
neth H. Campbell, Harry Clark, George F. Vauer, and
Francis T. Cole, v
<
of our industrial enterprise, large and small, that can
to
many
degree commensurate
suggestions first the reduction of interest charges.
tribute
V.-"
:
Savannah.
with odt own economic interests, we must be prepared to take part in a longrange
unusual
most
of the Atlantic
passage
make their
development, Mr.1 Hopkins added that
if the United States was to share in this process "in a
a
Maritime Day was celebrated on May 22 in observance of
the 120th anniversary of the first successful round trip
As to Secretary Hopkins' further remarks, we
quote the
following from the New York "Times" of May 26:.
Recognizing the rights of the
constituted
foreign trade movement."
speakers included, besides Secretary Hopkins: Sir
Beale, British Commissioner General for the New
York World's Fair; Count Folke Bernadottei Commissioner
General for Sweden; Graeme K. Howard, Vice-Chairman,
National Foreign Trade Council; Thomas J. Watson, Presi¬
dent, International Chamber of Commerce; and David
Sarnoff, President, Radio Corporation of America.
J
In his address Mr. Howard. advocated a foreign policy
built for "the security, welfare and happiness of the 130,000,000 American people." He proposed a four-point pro¬
gram to guide the foreign policy of the United States. This
included the willingness to let other countries settle their
own problems, United States participation in world affairs
whenever "such action is clearly in her own self-interest,"
Government support and defense of American foreign trade,
and putting "our own house in order, to concentrate coura¬
geously and vigorously on the revival of our own domestic
economy." '
.vj/:-/
; ;
The World Trade Center was officially opened to the
public on May 21 by Francis B. Sayre, Assistant Secretary
of State, and Stephen F. Voorhees, Chairman of the Board
of Design of the World's Fair, Edgar W. Smith; Chairman
of the. Executive Committee of the World Trade Center;
James S. Carson, Chairman of the New York Foreign Trade
Week Committee, and Franklin D. Parker Jr., President of
the American Arbitration Association, will also speak on
charges, with commissions to brokers out of all proportion to the services
our
that
The result of the balloting, Mr.
remarkable unanimity of opinion and reflected
a
the part of the spokesmen of foreign trade throughout the
The
Hopkins said that policy of making available funds "at burdensome interest
they render, must be brought down to
"indicated
on
Louis
v
American nations to stimulate trade.
says,
dean of the
'J'.C-.V;
Latin
to
questionnaire sent out by the committee to all foreign trade
a
judgment
country
The Secretary also said the United States should extend greater credits
at
Dollar, and the presentation is made annually
organizations throughout the country.
of the United States, and which could be used advantageously by our in¬
.
1938,
by the
great pioneer in foreign trade,
The decision regarding this year's award has been made as the result of,
He said that the object of the search of the Commerce Department group
Credits
Captain Robert
The award is provided
a
during National Foreign Trade Week.
will be to find foreign products which do not compete unduly with products
Extend
family to perpetuate the memory of
the late
National Foreign Trade Week opened a week ago—on
Sunday, May 21—with one of the most comprehensive
programs planned for the greater New York area in recent
years.
Of the some 60 events taking place during the week,
many were centered at the World's Fair, although almost
50 addresses on various phases of foreign trade were delivered
by prominent exporters and importers to audiences all over
'.greater. New York."".;/■■■
'"V
The outstanding event of the week brought to New York,
Harry A. Hopkins, Secretary of Commerce, who made his
first public address on the subject of foreign trade since
becoming Secretary of Commerce, at the World Trade
dinner held at the Casino of Nations at the World's Fair on
Thursday evening May 25. In his address Secretary Hopkins
announced the intention of his Department to conduct,
through a group of foreign trade specialists, a study -to
determine ways of increasing the imports to the United
States of noncompetitive goods from countries, particularly
in Latin America, to which we export in competition with,
other manufacturing nations.
As to the Department's
plans, the New York "Journal of Commerce" of May 26 said:
;:V Would
The first recipient of this honor, for
the Secretary of State, Cordell Hull.
Dollar
Department to Further Increase Trade with Latin
America—Greetings from Secretary Hull—Other
Speakers
or consumers.
inaugurated at the National Foreign Trade Convention,
held at Cleveland, Ohio in 1937.
tary of Commerce Hopkins in
Trade
Dinner
Makes
Known
dustries
3159
was
Ronald, but for preparations for the visit of King George
VI
Queen Elizabeth.
After giving assurance that "your feelings will be
toward the gentleman and lady," Sir Ronald declared that "no man
warm
'
can
end his official
life in more happy fashion than by lending some last
personal service to such a King and to such a Queen."
Sir Ronald paid high tribute to Lord Lothian, who
succeed him.
had been named to
"•
marked at the Fair on May 24
official visit by Vice-Admiral Sir Sydney Meyrick,
Commander of the American and West Indies Squadron ofthe British Navy, and the dedication of the Australian pavil¬
ion.
L. R. MacGregor, Australian Commissioner to the
British Empire Day was
with
an
May
Chronicle
Financial
3160
(as was noted in our May 6 issue, page 2685),
believed he will remain at that post only during
velt on May 1
Fair, presided at the opening of his country's building.
He
presented to Theodore T. Hayes and Charles M. Spofford,
Assistant United States Commissioners to the Fair, a bound
and it is
the King and Queen.
the visit of
+
of the Constitution of the Commonwealth for transmis¬
sion to President Roosevelt.
The dedication of the British
copy
Queen Travel to Canada's West
Coast—Sovereign Makes Addresses at Several Halts
En Route—Stresses Unity of French and English-
British
pavilion on May 12 was reported in these columns May 20,
page 2995.
and
King
Roper
King
to
United
as
VI
by
Minister
to
week
to
George
States
Winnipeg He Says Old
New for Guidance
a
ago
Minister
States
United
Canada
to
as
George
having been noted in the item on page
the welcome accorded to the King and
Elizabeth incident to their visit to' Canada.
Mr.
2999
Queen
on
Canadian
in
with
the
Minister, the King requested Mr. Itoper to convey
President
assurances
the
States my sincere thanks
friendship and his good wishes
United
of the
"to the
for
of his
and welfare of the Canadian people,
reciprocate." The King likewise referred
to his coming visit to the United States, saying:
"I also
highly appreciate your references to our forthcoming visit
to your country.
The close friendship between my Canadian
people and their neighbors, to which the President refers,
makes
us
look
forward
to
the
visit
with
particular
for
the
happiness
which I cordially
pleasure."
the study by Lord Tweedsmuir. after the
Rideau Hall from! the Island Park Drive rail¬
way platform, where they stepped from the royal train at 11 a, m., E.D.T.
It was the first official function for the King in the capital.
Prime
Minister Mackenzie King, as Secretary of State for External Affairs, wit¬
nessed the ceremony with the American Legation staff.
■Mr. Itoper first paid his respects to His Majesty and then proceeded
to read the message.
The Kirig read his in reply.
'
Hie
Majesty
escorted to
waii
Minister joined'other foreign diplo¬
by the King.
The Queen received
Following the presentation the new
Ottawa
in
mats
Ministers'
the-
Mr.
I
at
reception given
a
wives.
'
Roper's address follows:
have
honor
the
to
in
place
.Whereby the President accredits
hands
the
President asks
that
I
•.
letter
Envoy Extraordinary and Minister
Canada.
me as
Plenipotentiary of the United States to
The
Majesty the
Your
of
to Your Majesty the assurances of his
convey
*
At his
of
recall
office
of
>
(
.
the
was
of deep
source
privilege of
the
was
satisfaction to
Mr., Armour, to
Government.
my
duties
his
assume
Envoy
as
Extraordinary and Minister Plenipotentiary of the United States to Canada
at
a
when
time
Jubilee
of
Late
His
gratification to
first
sojourn
of
which
King
George
V.
It
is
people ■ could not fail
Canadian subjects.
his
among
be conscious of the anticipation
to
^significant event has been awaited throughout the length
the President I
Your
Majesties'
keen
In
month..
•American
warmth
In
I
pleasure to
addition
the
welcome
to
Your
of
personal
will
States
feelings
of
the
neighbors will be reflected in the
accorded
be
the
United
Your
Majesties.
greatly
pleased
States
and Minister
exte,nd to
our
of America
the
appointing
behalf of
you on
of
United
the
President
States
people in Canada
my
the
a
to
thanks
you
for
happiness
'
to the
convey
the
President
of
assurances
welfare
and
and
Canada,
cordial welcome
vei'y
country.
Would
the
of
his
the
of
the
of
United
friendship and
Canadian
people,
his
States
good
which
I
sincere
my
wishes
for
cordially
the
recip¬
I
thank
predecessor,
in
for
you
bringing
Norman
the
Armour,
letter
who,
of
during
recall
of
his stay
distinguished
your
in
Canada,
held
was
It
is
pleasant
coincided
own
I
with
mission
the
recall
Silver
should
thank you
which
to
that
Jubilee
begin at this
I
also
close
The
neighbors,
to
visit
particular
I
with
trust
which
that
your
friendship
the
of
father.
my
I
Armour's
happy
am
for the
success
of
kenzie
It
is
your
on
journey
United States.
references to
between
President
our
It
privilege as
memorial
almost
is
Four
my
refers,
Canadian
makes
us
people
look
and
forward
your
their
to
the
term
office
will
be
marked
by
happiness
was
May 12,
welcomed
our
by Prime Minister
was nominated
and
peoples
"
in your capital city,
King to unyeil today,
your
spirit and sacrifice in the Great War.
Canada's
to
quarter
a
of
the Great
beginning of
since the
century
a
in
for
earlier
years
beautiful
the
work
had
father
my
of
which
art
I
have
unvailed
just
,
vivid
The time and the place of
I
into
today's ceremony are not without significance.
surprised that it has taken
not
am
many
to bring this memorial
years
On the battlefields of
being, and to give it this appropriate setting.
Europe and throughout the Dominion there are many memorials to Canada's
honored
dead.
memorial.
The
has
been
the
speaks
world
the
to
Canada's
of
One
sees
was
broken and freedom "threatened
«
•
the symbolism
of
V
in the fateful years
"
•
Nation's
'
•
Surmounting the arch,
Something
to the
of the Nation is here
more
even
profound.
It is the spontaneous
The
conscience.
•
•
is
of the memorial
chivalry is portrayed.
the
tc\ealed.
a
It depicts the zeal with which this country entered the
great war.
than
symbolism
glance the answer made by Canada when
•
at
Ite
heart.
It has been well named,
peace
conflict.
But
dedicated her national
capital, Canada
own
•
beautifully adapted to this great end.
world's
the
of
in her
Today,
V
memorial
soud
very
response
•
through "which the armed
forces of
the Nation
and. Freedom.
To win
freedom, Canada's eons'and daughters enrolled for
service during the Great War.
For the cause of peace and freedom 60,000
Canadians gave their lives, and a still larger number suffered impairment
of body or mind.
This sacrifice the national memorial holds in remem¬
pressing
are
onward,
and
secure
peace
brance for
to
our
own
the
are
and succeeding
memorial, however,
the past.
message
It has
which
a
does
message
called
forth
freedom
cannot
capitals,
can
be
enduring
Canada's
response.
Freedom
and for all countries, the
Not by chance do the
Bide by side.
appear
Peace and
It is well that we have, in one of the
and
peace,
Arriving at Toronto,
than commemorate a great event in
generations
for all
visible reminder .of
a
Peace
generations.
more
long be separated.
no
of
figures
so
great
a
truth.
Without freedom
without peace no. enduring freedom.
May 22, the Dionne quintuplets
on
The King earlier
Mitchell Hepburn of On¬
tario, and in reply made the following address:
presented to the King and
were
greeted
The
kind
by Prime
words
and
the
Queen.
Minister
loyal
assurances
to
which the
address
Legislative Assembly of the Province of Ontario gives expression
most,
gratifying,
Ontario
for
their
and
I
most
desire
to
friendlv
thank
the
by President Roose¬
impressed
with
the
are
welcome.
am
mugh touched by the allusions to my revered father, his
Majesty King George the Fifth, which are contained in your address.
The Queen
and I are charmed
by the beauty of your Province
much
from
Assembly and the people of
I
Mac¬
and
enduring expression has been given to the spirit of Canada.
the
of
-
succeeded to the throne.
For
many, the memories of the war will have always an immediate association
with his reign.
It has been given to me today to recall Canada's part in
the great conflict.
Fortunately,, my task is already largely performed,
was
forthcoming visit to
future.
memorial, the King said:
war
my
the noble
world
and mvself
its
without peace no enduring freedom."
delivered at the unveiling of Canada's
address,
national
your
pleasure.
Roper, who
King
mission
that
our
to convey to the Queen
and that the friendly ties and associations between
be further strengthened by your presence in Canada.
Mr.
"his
In
there
interest,
may
Mr.
time.
has requested you
highly appreciate
country.
of
beginning
warmly for the good wishes
the President
behalf of the people of the
on
the
fulfilling
enduring peace, and
crowning figures of Peace and
high esteem and regard.
in
engaged
are-now
consolidating
in
King,
This
rocate ?
You
Rea.
promise
that
addressing a large crowd at Ottawa, on
May 21, declared that "without freedom there can be no
deeper
to The position of Envoy Extraor¬
you
Plenipotentiary of
letter
fulfilled part of the Biblical promise and
to
sea
become the guardians of
to
The
voice
receive
to
from
of
part
"The Response."
looking forward
the
to
considerations,
Canadian
which
Majesties
reply King George said:
am
United
to
visit
people toward their
of
dinary
to
the
latter
soon
so
happy to
journey.
The President and the people of my country are likewise
next
am
the best wishes of the American people for the unqualified success
convey
with
equal"
of
source
a
mission in this capital will coincide with the
my
breadth of Canada, and at the request of
and
of
engaged in celebrating the Silver
were
reigning sovereign
a
this
peoples
Majesty
that
me
The American
with
British
all
,
have already
dominion
May 17,
on
govemm&fit from the
river to the ends of the earth, from the St. Lawrence to the Arctic snows.
The Queen and I are looking forward, with anticipation too great for
expression, to seeing all we. possibly can of this vast country.
Particularly
do we welcome the opportunity of greeting the men and women who are
its strength and stay, and of seeing something of the younger generation
the
War.
distinguished predecessor, Norman Armour, whose term of
my
Canada
in
It
"
„•
.
request, it is also my duty to deliver to Your Majesty the letter
Quebec,
said, in part:
Canada
in
You
obtained
friendship and genuine good wishes for the continued happiness and wellbeing of the Canadian people.'
.
responding to a speech by Prime Minister Mackenzie
In
King, at the Government luncheon in
the King
royal procession arrived at
.
people of the Province
of
Quebec, the Queen and myself pray that Providence may continue to
guide you safely through the future.
From
the Governor-General, Lord Tweedsmuir.
Canadian Press accounts from Ottawa we quote:
„-
expressing our sentiments of affection for the
In
ceremony,
of
study
them.
for
which was unprecedented in
took place at Ottawa in the Rideau Hall
The
Canadian history,
...
which the two great races dwell side by side
in this Province is an example to the entire world.
This harmony augurs
well for the future of Canada.
Canadians of French origin are proud,
and justly so, of their traditions, customs and language.
Associated with their compatriots of other origins, they are united in a
love for
Canada, loyalty to the crown, and devotion to the ideals of
democracy and liberty so dear to everyone living under the British flag.
The Queen and myself are delighted to be in Canada, and we assure
you we will cherish this visit to your historic city.
We thank you again
for your kind wishes and extend the sincere thanks of Princesses Elizabeth
and Margaret Rose for the kind thoughts and sentiments you
entertain
spirit of tolerance in
The
Accepting the credentials of
next month."
Stated
new
part:
'
people
United
an
to greet them. When he arrived at Quebec,
on May 17, the King addressed the Legislature in
French,
acclaiming the blend of Canada's two great races.
He said,
eager
persons
Majesty the assurances of his friendship and genuine good
fcishes for the continued happiness and well being of the
people," and he also said:
"The President and
of my country are
.
.
.
looking forward
keen pleasure to the visit of your Majesties to the
received.in
were
Roper stated that "the President asks that X convey to your
the
page 2900.
train they
official welcome, with thousands of
sphere was noted in these columns a week ago,
Wherever their Majesties alighted from their
VI—this
bearing
Their arrival in the Western Hemi¬
month.
next
States
which will terminate in the United
tour
American
their
King
to
Itoper
proceeded westward across Canada, continuing
week
this
presentation on May 19 of the credentials of Daniel C.
the
VI and Queen Elizabeth of Great Britain
King George
issue of
our
Dominion—In Speech at
World Must Now Look
to
Canada
Brief reference was made in
of
Elements
Speaking
C.
Daniel
Credentials
of
Presentation
1939
27,
vigorous
life
of
its
communities.
We
late
and
are
Volume
delighted
by
visit
our
this
to
capital,
your
city
a
than
in historic
rich
The
people
their
tion
behalf
On
of
affectionate
your
I
Queen,
desire
The
you most sincerely for
fail to tell our daughters
gives
tional
the
us
institutions.
We
*
In
,
for
hope
time
the
and guidance
institutions
supervision
May 24,
where
the
vising
fixed
and
of
aims
the
as
of operation,
by. The Christian
civilization, of Europe is now profoundly troubled and challenged
from,
within.
We are striving to restore its standards, though the task is long
and hard.
Asia, too,, is changing fast and its mind deeply disturbed.
Is not this a moment when the Old World, in its turn, might look for
hope and guidance to the achievements of the New?
to
sea
arid
/•■>
sea.
The
of
sense
French
culture
broader
Nor
race
freedom
is
the
that
consideration.
be
a
North
which
:
they
United
the
States
have
No
of
those
thank
man,
the peoples
faith
in
the
chief
ideals
of
God,
will
the
true
and
and
fair
play,
without
and
which
we
in
the
not
are
equal
from within.
and
material
happiness
by
or
•', '■/
v
end
Those things
It
is
The
is
also the
against
secure
attack
.
life
its
all
in
occasion
homes
myriad
dignity
that
an
Qheen Victoria's
reply by the
King at Manitoba to the address of welcome of Premierr
Bracken, in which the King said
The people of
■
ship,
well
Manitoba, .having united
be
the
:
^
many races
practice
May 25
over
the
on
SS.
-
an
portant cotton-exporting
in a common citizen¬
•
Until such an
tary declared, it was necessary
determina¬
of subsidizing exports
'
great dominion.
'*
"
.
of
tolerance
to the
building of this
and to help
0
■.
.
In
journey westward
my
country and
the
many
I have been
visible proofs
struck by the
of its
material
,1
•
; At Fort Garry, on May 24, the King was the' recipient
two elks heads and two beavers, presented by Patrick
Ashley Cooper, Governor of the Hudson's Bay Co., who had
journeyed from London to make the presentation.
for the United States to embark on a program
fair share of world markets
to regain this country's
1
\
.
..
V
|
fi
' ' '
.
'
•
.
4
'
•
_
♦
\
President Roosevelt Plans
progress.
of
reported to have dis¬
dispose of a record surplus.
.
immensity of the
and social
.
countries.
democratic
substantial
meeting appeared in
international agreement is put into operation, the Secre¬
and
in
>
of improving cotton prices and dividing world markets
equitably among all exporting nations.
Associated Press
advices from Little Rock, Ark., where Secretary Wallace
addressed a meeting of farmers, in reporting this, added:
A State Department inquiry regarding the desirability of an international
agreement, Mr. Wallace said, has .brought favorable replies from all im¬
measure
that
'
■
yesterday" (May 26) that the United States will call
international conference this summer or fall to seek ways
By their energy and
proud
;
Secretary of Agriculture Wallace is
tion
may
•
closed
principles has borne such splendid fruit.
they have contributed
Cruise Convention of
on
Secretary Wallace Indicates That World Cotton
Conference Will Be Called by United States
from
brief
a
with other agri¬
i
one
peoples and tp the world.
of
CCC, on the other
typically governmental and their coordination
.
freedom,
is
coordinating
way.'
400 bankers and their wives sailed for
Manhattan, flagship of the United
Lines;' for the 46th annual convention of the New
York State Bankers Association.
Business sessions of the
convention will be held oh board ship and there will be five
business sessions which will consist largely of informal round
table discussions under the leadership of the chairmen of the
On
but the
are
end
by adding to the spiritual
only
human
of
all,
for
measure
ideal.
the
or
are
The relation¬
of its present method
of Agriculture exercising a
the Secretary
May 30.
A previous reference to the
our May 20 issue, page 3001.
arbitrament
such
share with them,
May 24, which was both Empire Day and
was
with
New York State Bankers Association
in dominion over other peoples,
nor
empire can claim to be of service to its own
birthday,
FCA does not seem to be
be handled best by a continuation
Bankers Sail for Bermuda
guides the British Empire in all its ways today.
that
greateness of an empire consists.
peace
of
of
years,
of my empire and the people of the United' States.
reason
instrument—they
justice
conceive
again
ever
It is not in power or wealth alone,
that
dispose
to
:'
•.
The
„
had
interest during the past hundred
differences been resolved by force
threat.
between
can
During the convention there will also be two addresses,
one by Dr. John H. Williams, Vice-President of the Federal
Reserve Bank of New York, who will discuss current eco¬
nomic trends, and one by Roy A. Foulke, Manager, Special¬
ized Report Control Department, Dun & Bradstreet, who
will speak on "The Loaning Function of the Commercial
Bank."
The bankers will arrive back in New York on
pride
the
keep
can
and
one
are
;
and
which it inspires,
while yet combining to establish
and security than either could have achieved alone.
only chapter in North American history that deserves
Canada
has
controls
different types of organizations—involving among
Association's committees,
••
that
Canada
in
and
never
many
States
dangerous and disruptive force, but English
difference of aim
searching
but
\
may
have^ shown
distinctive
a
particular,
example,' in
one
Federal supervision
wholly governmental.
Super¬
cultural activities is logical and feasible.
Bermuda
America can offer
to other parts of the world.
A century ago, when Queen Victoria began
her, reign, a great constitutional struggle was in progress in the Canadian
Provinces, but soon, after that time the Provinces of Canada achieved
responsible self-government.
Freedom and responsibility led them gradually
to
compose their
differences and to cement this noble federation from
is
The FCA exercises a type of Federal
The activities and structure of the REA and of the
hand,
that tide of
FCA are ex¬
the supervision of the
complete identification with the Department.
ships involved
inspiration is no longer running as it did in times gone
There
and
organizations
it does
adapted to
to look
which led the
but
the world,
in
progress
the other
these agencies quite unlike the usual
over
supervision in only the broadest and most general
long period in history it was the mind of Europe
a
While the super¬
Furthermore, not all of the functions of the
corporations under
other things more than 8,000 corporations—the
•
For
and
clusively governmental in character.
Be said, in part:
march
the status of the
dictated by several considerations.
equally important relation to the work of the Treasury Department and
achievements of the New.
the
to
are
of the Federal Loan Agency.
.
'
for the Old World
arrived
has
transferred
Their work will be integrated with that of the other
agricultural land-use activities of the Federal Government, it also has an
Empire, he said that for several centuries Europe has
led the march and fixed the aims of progress in the world,
now
K
■.
-1
,
•
Week End at
.
Hyde Park, N. Y.
President Roosevelt
planned to leave Washington about
midnight last night (May 26) to spend an extended week end
at Hyde Park, N. Y,
It will be the President's last visit to
his home before King George VI and Queen Elizabeth arrive
Presi¬
Hyde Park as guests on June 10.. It is expected the
dent will return to the White House on the morning
in
FCA Will Not Become Integral Part of Department of
Agriculture,
Wallace Announces—To
Remain Autonomous Federal Agency When
Re¬
organization Plan No. 1 Becomes Effective—Status
of
Secretary
May 31.
Agriculture Henry A. Wallace,
of the President, issued a statement in
which he indicated the general
responsibility he will have
for the work of the Farm Credit Administration when Re¬
organization Plan No. 1 becomes effective.
The Secretary
explained that since the FCA supervises many different
types of organizations and not all of these functions are ex¬
clusively governmental in character, it does not seem adapted
to complete identification with the Department of Agri¬
culture.
The present method of operation will be con¬
tinued with the Secretary of Agriculture exercising only a
coordinating supervision.
The text of Reorganization Plan
No. 1 was given in our issue of April 29, page 2511.
Secre¬
tary Wallace's statement said, in part:
The Farm Credit Administration, including the Federal Farm
Mortgage
of
such
controls
will remain with the Governor of the FCA.
and
mous
It is through
procedures that the head of an agency discharges his
public responsibility.
Therefore, to this extent the FCA will be
an autono¬
Federal agency as heretofore.
However,
one
clear purpose of the President's reorganization plan is to
reduce the number of officials reporting
directly to the President.
Hence,
new
the
Morgenthau to Address Gradu¬
United States Coast Guard on
.
■-•
ensigns of the United States Coast Guard on May
climax of a four-day program for the Service's
graduating class.
The exercises will be held at the
29 in
53rd
United
Par¬
addition to the Secretary of the
Treasury will be Assistant Secretary Stephen B. Gibbons,
Rear Admiral R. R. Waesche, the Coast Guard's Com¬
mandant, and other officers of the Treasury Department and
the Coast Guard.
A number of prominent educators also
States Coast
Guard Academy at New London, Conn.
ticipating in the exercises in
will attend.
*
Credit Formed—
For Purpose of
Handling Finance
Bankers Association for Consumer
Banks
Form
National Group
Making
Personal
Loans
and
Credit
of the Bankers Association for Consumer
national trade association for banks making per¬
sonal loans and handling finance credit, was announced
on
May 23 at a meeting in Cleveland, concurrently with
the sending of announcements to 3,200 banks in New York,
Ohio and Pennsylvania and in various cities in other states,
Organization
Credit, a
frv,/,
the Governor of the FCA will report to the Secretary of Agriculture rather
of
of farm credit, for formation and execution
operating policies, for control of fiscal, personnel, legal, informational and
related affairs
'of
'■
;
■••'■'
May 29
Responsibility for carrying out the many Federal statutes which
form the basis for several types
:.
Secretary of theTreasury Henry Morgenthau Jr. will deliver
the commencement address and present commissions to 23
Corporation, will not become an integral part of the Department of Agri¬
culture.
Class
ating
On May 22 Secretary of
concurrence
'--v
Secretary of Treasury
REA and CCC
with the
be
Reorganiza¬
transferred by
also
These differences in responsibility of the Secretary and
ish
but
Corporation,
vision of credit facilities in the farm field is closely related to
subjects of tbe Brit¬
broadcast to the 400,000,000
was
.
King George at Winnipeg, on
address by
an
wbich
1
Credit
Agriculture.
agencies concerned
continue to bting
and prosperity to the people of Ontario.
peace
'
'
.
that Divine Providence, in its wisdom, may
pray
responsibility wiU therefore
Secretary's
Department agencies supervised by the Secretary of Agriculture.
their welfare.
utmost pleasure to be with you.
We regret that the
shortness of the time
at our disposal
will not permit us to see more
of the splendid natural resources of Ontario, or to visit your fine educa¬
It
Commodity
ment of
in
interest
The
by Reorganization Plan No. 2, will become operating parts of the Depart¬
thank
to
and I shall not
devotion,
of
President.
tion Plan No. 1, and the Rural Electrification Administration,
character.
the
of
expressions
your
have,
contribution to the
to the forma¬
significant
equally important one
an
the
An appropriate order to this effect will be issued.
Province' of the Dominion,
very
a
Canada and
of
its national
of
made
qualities,
progress
central
the
Ontario,
of
great
material
to
that heretofore exercised directly by the President.
memories.
by
3161
Chronicle
Financial
148
lflHor
/wifiiTms.fho reasons
fnr forminsr the
Association,
3162
Financial
primarily,
it
is
said,
because of
the
growing
entrance
Chronicle
firms
of
and
personal loans and the installment
financing of automobiles and major household appliances.
Article
The
groups,
into the
banks
letter
The
investigate
making automobile loans
find
to
the
for
need
a
central
a
loan
personal
point
practices,
the
of financing major appliances,
or
best and latest
forms
which
to
the
advisability
could
at
Chairman,
Co.,
Kenton
Cleveland,
Treasurer,
Bank
&
Trust
Co.,
Cravens,
Judd,
Vice-President
of
Cleveland
the
Rochester, N.
T.
Assistant
J.
W.
Corcoran,
J.
Assistant
Secretary,
Secretary,
Marine
Flynn, President, the Bank of Erie,
Colonial
The
formation
Trust
Erie,
of the Association
of representatives of
Co.,
Buffalo,
N.
at
Buffalo
on
Association
The
The
is
meeting
totaling
of
banks
issued
announcement
of
held
by
a
attended
was
by
$1,000,000,000,
representatives
located
and
of
banks
the
in
affiliated
to
act
as
a
coordinating body
associations.
President's report.
of
the
May
on
24
Arbitration
Committee
Committee, and,
Foreign
on
in
Business.
1935,
Secretary to
Coincident
with
the
reorganization of the Exchange's administration, in May of
last year, Mr.
Jacquin was appointed Manager of the
Division of Commissions and Quotations of the
Department
states
'
meeting
the
the
having
three
,
...
its
previous reference to the Association appeared in these
its
of
in
■
over
indicated/
and
approved the appointment by
President, of Max Jacquin as an
Assistant Secretary of the Exchange.
Mr. Jacquin was
first employed by the Exchange in June, 1929 as a commit¬
tee stenographer.
Five years later he was elected Secretary
are
outgrowth
an
states:
Buffalo
resources
22.
April
Affiliated Associations
Association
this
William McC. Martin, Jr.,
Y.
Headquarters
Pa..
number
a
to
The Board of Governors of the New York Stock Exchange
Trust
Pittsburgh.
meeting
in
Appointment of Max Jacquin as Assistant Secretary of
New York Stock Exchange
Approved
Lincoln Alliance
of the
Y.
Jr.,
Spettigue,
forth
groups
set
the
Trust
'
•
Assistant. Secretary
Pittsburgh, Pa.
J.
in
G.
D.
those
columns March 18, page 1582.
of:
'
Co.,
Secretary,
It.
O.
Leland
to
entitle
Report of the Treasurer.
Association recently
new
meeting in Buffalo, is composed
a
shall
methods.
and
A
The executive committee of the
chosen
charter
membership in the Association.
to
Presentation
its
send
comparable
are
Such
1939
affiliated associations and the individual members of such
as
A Committee on
between
of
Constitution.
the
of
qualifications
other
whose
III
membership
B.
shows
situation
desiring to
inquiries
of
says;
present
bank,
field
May 27,
of Member
Firms.
1
,
"
'
,
•
the
Among
ideas
operative
vention
to
feature
will
Mr.
methods
held
be
in
been
field
Park,
exhibit
named
Institute
the
in
E.
of
clearing
a
Pa.,
June
Chairman
23,
T.
Weir
of
is
and
used
co¬
President Roosevelt Nominates A. M. Dobie
con¬
a
25.
Attacks
on
the New Deal
tires from United States
by banks.
at
making for
as
that
to
which
to
of the American Iron and Steel Institute at the Hotel WaU
dorf-Astoria on May 25.
Leading in the assaults
on
the Administration, combined
with demands for the liberation of private enterprise as the
means for stimulation of
recovery, and amendment of
the Wagner Act, were Senator Millard E.
chief
Tydings of Mary¬
land, and Tom M. Girdler, retiring President of the Institute,
Republic Steel Corp.
•
The Institute membership's approval of the anti-New Deal
sentiments found affirmation in the election of E. T. Weir,
Chairman of the National Steel Corp., one of the most
aggressive opponents of President Roosevelt's policies, to
*"•
charging the Administration with responsibility for
stagnation of investment and emphasizing that "the
country's welfare depends upon the production of wealth"
Mr. Girdler declared "the New Deal
Customers'
The first annual
Men
serve
for
President,
a
June 5 at the Hotel New Yorker.
C.
Beeson,
Thomas
Kenneth
I.
Eastman
Meek,
Orvis
Walton,
J.
Secretary, Alfred L. Ferguson Jr.,
These
upon
action
Presentation
Presentation
Constitution
New
The
York
on
for
Association.
A.
The
following officers
S.
Dillon
Bios.
Co.
&
&
Co.
Bache & Co.
Estabrook &
the
a
name
permanent
of
the Association.
Constitution
and By-Laws
for
,
by the
Constitutional
providing for
issuance
City,
of
Committee
of
an
amendment
to
the
:
(
•
V
a
recent
press
Spain, sailed
17 for his
at San
of
the
W.
on
as
New Ambassador to Spain
WeddelU United
States Ambassador to
the United States liner Washington on May
post.
He will set up a temporary embassy
Sebastian pending final trapsfer of the headquarters
new
Spanish Government under General Francisco
Burgos to Madrid.
Mr. Weddell, who was
formerly United States Ambassador to Argentina, was nomi¬
nated by President Roosevelt on April 19, as was reported
in our April 22 issue,
page 2364.
new
Franco from
—
Thomas
R.
Amlie
•
t
Appointed
General
as
Assistant
Attorney
Thomas
R. Amlie, former Progressive Representative
Wisconsin, was appointed a Special Assistant Attorney
General on May 22 by Attorney General Frank Murphy.
He will receive a
salary of $4,600 a year and will be assigned
to the Lands Division of the
Department of Justice to handle
cases
arising in Wisconsin.
Mr. Amlie was nominated by
President Roosevelt last January as a member of the InterState Commerce Commission but the appointment was never
confirmed by the Senate; and on April 15 the President
withdrew the nomination at the request of Mr. Amlie, as
was indicated in these columns
April 22, page 2365.
Daniel
Daniel
W.
Bell
Assigned to New Treasury Post
former Acting Budget Director, was
May 12 by Secretary Morgenthau to the post
of liaison officer in financial matters between the Ireasury
and othr government offices.
Mr. Bell ranks formally as
an assistant
Secretary of the Treasury, said a Washington
dispatch to the New York "Times", which continued:
Bell,
on
Under his jurisdiction will be the Commissioner of Accounts and Deposits,
charters
consisting
Winship
A. W. Weddell Sails
Alexander
assigned
following:
question of the
adoption of
Judge Davis
Co.
Other business to be transacted at
the meeting includes the
the
the
nominees, together with committees, will be voted
at this meeting.
Further
Annual
one-year term:
Albert
Vice-President,
Treasurer,
First
June 5
on
Nominating Committee has selected
to
Hold
to
meeting of the Association of Customers'
on
April 29.
from
Meeting in New York
Men will be held
on
Judge of the United
Trenton, N. J., was
as
Winship, it was
conference of the President.
Admiral Leahy, who has already reached the statutory age
limit of 64, will probably assume his post some time in
August.
Governor Winship has sought to retire for some
time after serving on the Island since 1934. *
v
disclosed' at
the
of
at
of Puerto Rico to suceed Governor Blanton
"
+.
Appeals
Admjral William D. Leahy, retiring Chief of Naval Operatipns, has been selected by Presideut Roosevelt as Governor
After
Association
Governor
.
in its provisions and in its administration to all classes and
,
of
Admiral Leahy to Be New Governor of Puerto Rico—
President Roosevelt Announces Choice to Succeed
repeal of the Wagner
of workers, declared
national policy un¬
it must be equitable
philosophy is producing
poverty" by retarding normal industrial revival.
"What is needed is not the reform of this or,,that
policy or
measure, but a complete change of philosophy and view¬
point," he said.
"There is need for us to remind ourselves
repeatedly of the certain disaster toward which the Nation
is being led by forces now in control."
Among the dangers pointed to by Mr. Girdler as confront¬
ing the Nation was "uncontrolled inflation," arising from
present economic and financial policies.
He. assailed "the
squandering of billions upon billions of dollars in the efforts
to spend our
way out of the depression," and said the causes
of the failure or
recovery were to be found "chiefly in the
dizzy finance and the unsound economic policies of the pres¬
ent national Administration, which have
destroyed confi¬
dence created wide-spread uncertainties and made
long-term
planning impossible."
'
Court
nearly 23 years on the Federal bench, 4 years as District
Judge and nearly 19 years as Circuit Court Judge.
...;
groups."
Circuit
accepted by President Roosevelt
restoring confidence through cessation
business, tax revision and amendment of the
all
Appeals
stated in his letter to the President that he was over 70
years
old and was eligible for retirement under the provisions of
section 20 of the Judicial Code as amended.
He served
Mr. Girdler urged
aof attacks on
Wagner Act.
"The steel industry does not seek the
Act nor any weakening of the rights
thereip," Mr. Girdler said.
"Sound
questionably requires a labor law, but
Circuit Court of
Trenton, N. J.
The retirement of J. Warren Davis
States
and Chairman of the
succeed Mr. Girdler.
Federal
President Roosevelt on May 16 nominated Armistead M.
Dobie, Dean of the University of Virginia Law School, as
Federal Judge for the Western District of Virginia thus end¬
ing the controversy with the two Virginia Senators, Carter
Glass and Harry F. Byrd.- Mr. Roosevelt had
originally
named Floyd H. Roberts to the Judgeship but the Senate
last February voted 72 to 9 against confirmation, as was
reported in our P'eb. 11 issue, page 811.
The two Virginia
Senators had raised personal objections to the appointment
maintaining that Senators should be consulted in „Federal
appointments in their States. The new nomination was en¬
dorsed by both Senators.1
President—
mass poverty and
leading European
countries have succumbed marked the 48th general
meeting
dictatorship similar
to
Judgeship in Virginia—Judge J. Warren Davis Re¬
A
meeting.
New
as
24
forms
the
for
house
credit,
consumer
machines and
of
General
Elects
provide
to
Conneaut
unusual
an
has
plans
Retiring President Girdler Attacks New Deal
.
w
and
be
Flynn
Steel
organization's
of
to
at
groups,
least
in
20
cities
persons
or
districts
employed
outside
by
of
member
the Public Debt Commissioner, the Treasurer of the United States and the
"Baby Bond"
Division.
Volume
Senate
148
Financial
Confirms
Nomination
of
W.
Leiserson
M.
as
Member of
NLRB—Appointments of N. Armour as
Argentine Ambassador and E. H. Foley to Treasury
Post Also Approved
The Senate
M. Leiserson
as
member of the National Labor Relations
a
which
Donald
by President
made in
was
W.
Smith.
Roosevelt
Leiserson
Mr.
April 25; reference to
April 29 issue, page 2522.
our
The President's nominations of Norman Armour
bassador to Argentina and Edward H. Foley as
as
Am-1
Genera
Counsel of the Treasury Department were confirmed by the
Senate
May 17.
on
their nominations
In
issue of May 13, page 2838,
our
noted.
were
W. J. Cameron of the Ford Motor
Co., Dearborn, Mich.;
'Paul F.
Roosevelt
of
the
Nominates
Lewis
J.
David
David J. Lewis, former Representative from
nominated by President Roosevelt on May
as
member of the National Mediation Board.
He will succeed
William M. Leiserson, whose confirmation by the Senate
member of the National Labor Relations Board is noted
is
announced
the
and
the
general
address the
June 9
,
♦
the Plaza Bank of
of
manner
from
an
will
Association
re-elected
were
succeed
Manager,
Co.
Henry
John
eight
Directors
elected
Those
terms.
Central
Fletcher &
Samuel
President,
Federation
Merchants'
the
16,
May
year
President,
Sons.
&
Lowry,
President,
three
Fletcher,
Stein way
held
of
to
on
National
and
Mr.
June 6,
A
Mr.
and
bank
Citizens
Benson
Bank,
will
speak
Cameron
will
confer¬
management
St. Louis,
be
Mo., will be conducted in
forum with
open
being solicited
Other special conferences
attendance.
held
include
the
discussion
audits
and
accounting, bank
advertising, credits,
investment banking, savings banking, and
Harry R. Smith, Assistant Vice-President
business.
and
of America N.
T. & S. A., San Francisco, and
Institute, is the only candidate for
the presidency, and J. L.
Dart, Vice-President of the Florida
National Bank, Jacksonville, is the only candidate for Vice-
Vice-President
Council.
.
thews,
Carter,
are
Fulton
Monroe
candidates
National
County
Bank,
National
Bank
Bank,
Savings
National
National
First
five
for
the
Executive
are:
Seattle-First
First
Cashier
the
There
They
Secretary
Gormley,
of
Bank,
Atlanta,
Bank,
Seattle,
Philadelphia,
&
Trust
Wash.;
Pa.,
Co.,
Ga.;
Frank
Rochester,
and
Tulsa,
N.
E.
Y.;
Edward
Elmer-
Okla.
'
F.
Con¬
J.
H.
Mat¬
follock,
W.
,
were:
G." Edwards,
York.
members
of
York,
for
themselves
Charles
New
New
of
trust
nelly,
meeting
the
Cadman
operations, business development:
Garnett
Reelected
annual
the
of
session.
the bankers in
which
President.
Eight Directors of Merchants' Association of New York
the
among
led by W. L. Gregory, Vice-President and Cashier of
of the Bank
Tydings in the Democratic Senatorial
primary in Maryland.
Despite Administration support,
Mr. Lewis lost the nomination, as was reported in our issue
of Sept. 17, page 1717.
be
of the American
Rapids, Mich., June 5-9, it
Barlow, National President of
F.
sessions
Senator
E.
will
annual convention
Cashier
Mr.
investments and
At
Bankers Association,
by Milton
Institute
elsewhere in today's issue.
Mr. Lewis gave up his seat in
the House of Representatives last summer to run against
Millard
American Research Founda¬
Institute of Banking at Grand
ence,
Maryland,
24 to be a
was
a
American
leading speakers at the
Mankato, Minn.
Member of National Mediation Board
as
Cadman, director of the
tion, San Francisco, Calif., and Philip A. Benson, President
at
President
Rapids, Mich., June 5-9—
Cameron, P. F. Cadman, and P. A. Benson
Speak
W. J.
to
was
on
3163
Annual Convention of American
Institute of Banking
to
Be Held at Grand
May 19 confirmed the nomination of William
on
Board to succeed
named
Chronicle
Bank
John
&
Savings
Brown.
Lowry,
Trust
Bank
Co.
the
of
Hermann
Leidesdorf," S.
D.
Laurence
A.
of
General
Leidesdorf
Jeremiah
Inc.
City
Irion,
D.
&
Maguire,'
D.
Tanzer
Tanzer,
&
H. C. Sauvain to Instruct at A. B. A. Graduate School
of Banking at Rutgers
University
Dr. H. 0.
Sauvain, Professor of Finance
Stephen
F.
Voorhees,
Voorhees,
Foley
Walker,
and Director of
the Investment Research Bureau at Indiana
Smith.
&
Brien McMahon Resigns as Assistant Attorney General
of Department of Justice-—President Roosevelt Ex¬
Regret
presses
The resignation of Brien McMahon as Assistant Attorney
General in charge of Federal criminal proseculions was
University, has
accepted the
Mullaney.
in
appointment
as
an
instructor
investments
at the Graduate School of
Banking conducted by the Amer¬
ican Bankers Association at Rutgers
University, it is an¬
nounced by
Dr. Harold Stonier, director of the School.
Dr. Sauvain will instruct in the
The Bank's Investment
course
of "Investments IV—
Problems—Municipal Securities."
accepted by President Roosevelt
on May 17 "with feelings
Mr. McMahon resigned, effective
May 20, for the purpose of returning to the private practice
of law.
In accepting the resignation the President
praised
Mr. McMahon's energy, courage and careful
judgment both
as a lawyer and an administrator.
(
of most sincere
regret.-"
V."
V'New
York
Chapter,
American
Institute of
Banking—G. S. Rentschler Named Vice-Chairman
J.
of
Stewart
Baker,
Manhattan
the
Chairman
Co.,
has
of the Board of. the Bank
,
been elected
Chairman
the
of
Advisory Council of New York Chapter, American Institute
of Banking, to succeed Harry A. Ward, President of the
Irving Trust Co., it was announced May 19 by John A. Elbe,
Cashier of the Lincoln Savings Bank and President of New
York
Gordon
Chapter.
National
City
Council.
Bank,
S.
Rentschler,
In accordance with the
Rentschler will
succeed
the
to
President
of
the
Vice-Chairman
elected
was
of
rules of
the
Council, Mr.
chairmanship in 1941.
The
are
senior bankers representing the principal
em¬
ployees
York Chapter, American
Other members of the Council
ing.
banks whose
enrolled in the courses in banking and
are
invest¬
Institute of Bank¬
are:
Winthrop W. Aldrich, Chairman of the Board Chase National Bank.
Henry
Bruere,
J.
S.
*
Herbert
Sloan
President, Bowery
Savings
Bank.
Case, partner R. W. Pressprich & Co.
Colt,
President
Bankers Trust
Co.
'
"
,
Walter E.
E.
Frew, Chairman Of the Board Corn Exchange Bank Trust Co.
Gersten,7 President Public National Bank & Trust Co,
D. Gibson, President Manufacturers Trust Co.
Chester
Harvey
William
S.
George L.
Robert
Gray Jr.,
Harrison,
Louis
President
President
Hoguet,
Central
Emigrant
Frank
M.
Houston, President Chemical
Henry
R.
Kinsey, President
William
C.
Hanover
Federal Reserve
President
Bank
Bank
&
Trust
New
Co.
York
Savings
Trust
Savings
&
of
Industrial
Bank
Williamsburgh
Bank.
Co.
Bank.
Appointed Associate Educational Director
of American Institute of Banking
The
William A.
Irwin
has been named Associate Educational
Institute of Banking,
tional section of the American Bankers
the educa¬
Association, accord¬
to
Mr.
announcement
an
National
is
a
of the
result
mittee
of
of
the
issued
Educational
Irwin formerly
Director of the
Director
&C.
Board
of
Governors
of
the
Commodity Exchange,
.'
,
.—
Playing the role of George Washington for the 3,149th
time, Laurance H. Hart addressed a group of young coin
collectors
on
the
occasion
of
the
10th
anniversary of the
Ohase National Bank of New York Permanent Exhibit of
Moneys of the World celebrated this month.
Mr. Hart's
"career"-as impersonator of George Washington began at
the time of the Washington Bicentennial in 1932 when wide
search was made for a "duplicate" of the first president.
Since that time Mr. Hart has given his impersonation before
schools, colleges, clubs, and conventions throughout the
greater part of the country.:
The Chase money collection, numbering over 50,000 items
is one of the largest and most comprehensive exhibits in the
world of money of all types and ages, from barter.moneys of
early primitive peoples to scrip money issued in this country
during the past depression.
The collection, located at
46 Cedar St., New York City, in a building adjoining the
head office of the bank, is open to the public daily.
May
Director
15
by
of
Dr.
the
Harold
Institute.
had the title of Assistant Educational
Institute.
Graduate
action
He retains his title of Assistant
School of Banking., The
taken
American
by
the
change
Administrative Com¬
Bankers Association
meeting last month at Hot Springs, Va.
a
at
its
recent
regular meeting of the Board of Directors of The
National
Moore,
Director of the American
Stonier,
COMPANIES,
Inc., New York, at a special meeting held May 24, voted to
suspend trading in hides on Saturdays from July 1 to Sept. 2,
inclusive.
The Board had previously, at its regular
meeting
held on May 10, voted to suspend trading in rubber and all
metals on Saturdays from May 27 to Sept. 2, inclusive.
The
Exchange will therefore be open for trading only in hides on
Saturdays from May 27 to June 24, inclusive, and the Ex¬
change will be closed for all business on Saturdays from
July I to Sept. 2, inclusive.
At
ing
TRUST
Potter, Chairman of the Board Guaranty Trust Co.
W. A. Irwin
.
BANKS,
the
Advisory Council consists of 16 members, all of whom
ment with New
ABOUT
Arrangements were made May 26 for the sale, at $63,000,
of the Stock Exchange
membership of Henry C. Elfast.
The previous transaction was at the same
price, on May 16.
h
J. Stewart Baker Elected Chairman of Advisory Council
of
ITEMS
President.
first
Bank of New York on May 23, George S.
Vice-President, was appointed a ViceA graduate of Yale, class of 1927, Mr. Moore's
City
Assistant
business position was with the former
& Trust
Farmers Loan
Company, now the City Bank Farmers Trust Com¬
pany, which he entered September 1, 1927.
He was ap¬
pointed an Assistant Vice-President of The National City
Bank
on
November 7, 1934.
Guaranty Trust Company of New York announces the
appointment'of Alfred W. LeGassick as an Assistant Trust
Officer.
Financial
3164
Stock Ex¬
Freres & Co., died on May 19 at the
Doctors Hospital,
New York City, after a brief illness.
He was 48 years old.
A native of Idaho Falls, Idaho, Mr.
Ramsey studied at Pomona College and Cornell University,
from which he was graduated in 1914.
Prior to joining
George Ramsey,
partner In the New York
a
change firm of Lazard
Lazard Freres in 1935 he had been
Vice-President of Harris,
Vice-President and Director of Chasethe First Boston Corporation.
Forbes
& Co., and a
Harris
Forbes Corp. and
Chronicle
S.
May 20
celebrated the 10th anniversary of its establishment.
An
attractive booklet entitled "Ten Stirring Years in Yonkers"
has been issued by the institution to commemorate the occa¬
sion.
Beginning on May 20, 1929, with combined capital,
surplus, and undivided profits of $840,000 (all paid in) today
(March 29, 1939,) the Central National Bank has a capital
of $350,000, surplus of $400,000 and undivided profits of
$159,097; it has total deposits of $5,760,526, and total re¬
sources
of $6,762,517.
Enlarged banking quarters were
formally opened on Oct. 25 of last year.
The bank's per¬
sonnel is as follows: William W. Scrugham, Chairman of the
Board; Gerald S. Couzens, President; Harry A. Merritt,
Vice-President; Victor B. Hermans, Cashier; Francis J.
Keenan, Chester C. Slaybaugh, and Joseph J. Zacchio,
Assistant Cashiers, and Walter W. Simons, Trust Officer.
meeting of the
Vice-President since 1935 of the Union
a
director of the Union
regular
Board of Directors.
been President of the
Mr. Strickland has
Bower Roller Bearing Co. since 1932.
As of May 13, theXTennessee Valley Bank of Decatur,
Ala., with 13 brancheslinlthe State of Alabama, became a
national institution under the title of the State National Bank
of Decatur.
The new institution is capitalized at $250,000.
J.
of the
Cottingham is President, and J. S. Wyatt, Cashier
bank, whose branches are at Albertville, Athens,
new
Collings ville,
Courtland, Cullman, Falkville, Florence,
Haleyville, Huntsville, Leigh ton, Scottsboro, Sheffield, and
'
Tuscumbia.
THE
CURB
EXCHANGE
Price movements were generally toward higher
There
week.
to
was
some
strong and nu¬
tops were registered by the public
and industrial
specialties.
levels this
irregularity apparent at times due
profit taking but the market continued
merous new
Aviation shares
utility stocks
were
quiet during
of the week but improved later on. This was
of the mining and metal issues and oil stocks.
the fore part
true also
Public utilities led the modest upswing
session
Louis H. Gross, a
Strickland was^elected
A.
Guardian Trust Co. of Detroit, Mich., at a recent
T.
The Central National Bank of Yonkers, N. Y., on
May 27, 1939
on
during the 2 hour
Saturday, and while advances were apparent in
all sections of the list,
they
were
especially prominent in the
of preferred stocks. Industrial specialties were also
demand at higher prices and there was some attention
National Bank of Troy, N. Y., was advanced to the Presi¬
group
dency of the institution at a meeting of the directors on May
Mr. Gross, who succeeds the late Edward B. Wilson,
was born in Troy and received his education in the Troy
schools and Williams College.
in
22.
directed toward the oil shares which moved slightly
Aircraft issues
higher.
The
Girard Trust Co.
of
Philadelphia, Pa.,
announced the election of the following officers:
F. Lewis Barroll,
on
May 15
ing
Secretary-Treasurer; George H. Brown, Jr.,and Charles
J. Cullen, Real Estate Officers; T. Wesley Matthews and John M. Richards,
Assistant
Trust
G.
Secretaries;
Randle' Grimes and
Lewis
H.
Kirk, Assistant
Officers; William O. Master and George J. Stadtler, Jr., Assistant
Trust Investment Officers; F. W. Elliott Farr and S.'Powell Griffitts, As¬
sistant
J.
Statisticians;
Herbert Saurman, Jr., Assistant Office,Manager,
and John DeVenuto, Superintendent
Safe Deposit Department.
'
T. Nelson Strother, a Governor of the Baltimore Stock
Exchange and a member of the firm of Strother, Brogden &
Co., died on May 22 at his home in Ruxton, Md., at the age
of 76.
The following regarding his career is from the Balti¬
more "Sun" of May 24:
Mr.
firm
Strother, who retired from active business early this
taken
was
1862 and
the
over
Baltimore
to
came
by Baker, Watts & Co.,
seven
years
year
when his
born in Richmond, Va., in
was
later, obtaining his education in
public schools.
His first employment came in 1881 with Brown & Lowndes and from that
time
on
he
was
associated with stock and bond
brokerage business.
For
17 years he was connected with Wilson Colston Co., leaving that firm to
establish Strother, Brogden & Co.
Other business
positions which he had held included directorships of the
Georgia, Southern and Florida Railway and the Fairfield, Western Mary¬
land Dairy.
•'
..
•
Demand deposits of the Union Bank of Commerce of
Cleveland,' Ohio, have increased more than $1Q,000,000
over the amount deposited on the opening
day a year ago,
President Oscar L.
Cox announced May 24 at the bank's
meeting of shareholders.
Deposits amounted
to $13,786,184 on the opening day and on May 15, 1939,
were
$23,840,264.
An announcement in the matter con¬
tinued, in part:
/ /
first
annual
,
The bank's first two weeks of operation ending June 30,
shares
1938, showed
a
were
The transfers
dropped to approximately 31,000
Outstand¬
against 36,000 on the preceding Saturday.
among
the advances were Montgomery Ward A, 4%
points to 169%; American Superpower
pref., 1 point to 16;
Mining, 2 points to 66; Quaker Oats pref., 2 points
to 152, and Cities Service pref., 1 point to 48%.
Higher prices again prevailed on the New York Curb
Exchange on Monday. The best gains were registered by the
preferred stocks in the public utilities section, many of
which worked into new high ground for. the year.
The
aluminums were stronger and advancing prices were apparent
Newmont
the industrial specialties.
Aviation issues moved
and metal stocks climbed fractionally
higher.
Aluminium Ltd. was especially active and forged
ahead 4% points to 127%, Arkansas Power & Light moved
up to 90 with a gain of 6% points, Niles-Bement-Pond ad¬
vanced 2% points to 55, Utilities Power & Light pref. gained
1 % points &t 13% and Bell Aircraft 1 point to 23.
Other
advances were'Chicago Flexible Shaft, 4 points to 73, Childs
pref./l point to 46; Aluminum Co. of America, 1% points
to 97%; and Fisk Rubber pref., 1%, points to 81 %.
Industrial specialties assumed the market leadership on
Tuesday and a number of the more active issues moved to
higher levels. Public utilities also were in demand for a brief
period in the early dealings but interest waned as the day
progressed.
Aluminum stocks were stronger, mining and
metal shares were quiet and aviation issues showed little
change from the previous close. One of the strong stocks of
the day was Standard Steel Spring which worked into a new
top at 33 A and then slipped back to 33 and closed with a
net gain of 2A points.
Other advances were Childs pref. 3,
points to 49; Mead Johnson, 4 points to 147; Pittsburgh
& Lake Erie, 2 points to 50%; Aluminum Co. of America.
1% points to 98%; and Great Atlantic & Pacific lea Co. nv,
stock, 1% points to 86%.
New peaks were registered among the industrial specialties
and public utilities on Wednesday as Curb issues advanced
along a broad front.
Practically every group participated
in the general advance, the transfers climbing up to 112,900
shares with 773 issues traded in.
Of these, 601 closed on the
side of the advance, 65 declined and 107 were unchanged.
Prominent among the stocks closing on the side of the
advance were Aluminum Co. of America, 9% points to 108;
Fisk Rubber pref., 3 points to 85; Jones & Laughlin Steel,
4% points to 22%; Newmont Mining Co., 3 points to 69%;
Standard Steel Spring, 2 points to 34%; Pittsburgh Plate
Glass, 2 points to 98; and Aluminium Ltd., 5% pts. to 134.
The trend of prices continued to point upward on Thursday
and many of the market favorites worked into new high
ground. While most of the new tops for the year were regis¬
tered by the industrial specialties and public utilities, there
were a number of substantial gains ranging from 2 to 3 or
more points scattered through the list.
Aircraft shares were
in demand at higher prices and there was considerable
interest manifested in most of the active issues in this group
although the advances were less pronounced.
Oil stocks
continued quiet and mining and metal shares made ilttle
change.
The gains included among others Alabama Great
Southern 3 points to 70; Aluminum Co. of America 3 points
to 111; Pa. Salt 11 points to 151; United Gas pref. 2% points
to 90; Nehi Corp. 3 points to 57%; Pepperell Manufacturing
Co. 2 points to 69 and Lockheed Aircraft 1% points to 28%.
Stock movements were narrow and the volume of transfers
showed a decided decline on Friday, but the tone was fairly
strong and the gains exceeded the losses as the market
closed.
Public utilities and industrial specialties were active
among
ahead and the mining
#
loss of $33,533, reflecting non-recurring organization expense.
profit of $29,064
was
Operating
earned in the quarter ended Sept. 30, $34,984 in the
quarter ended Dec. 31, $34,002 in the first 1939 quarter, and $17,476 from
April 1 to May
amounted
to
15,
1939.
Depreciation, taxes, and preferred dividends
$16,272 for the opening two weeks, $25,767 for the quarter
ended Sept. 30, $25,530 for the quarter ended Dec. 31, $22,658 for the first
1939 quarter, and $11,336 from April 1 to May 15, 1939.
Loans and discounts increased from
day's business to $7,296,093
on
$4,330,233 at the end of the first
May 15, 1939.
In the
same
period, the
credit to the Ohio Superintendent of Banks, representing a 35% dividend
to former
to
depositors of the Union Trust Co.,
$136,694.
'
'
"
on
$13,606,793
securities,
Government
May
was
reduced from $38,081,239
,
^ Statement of condition
15,
1939,
showed
$7,296,093
$10,573,240
loans
and
cash,
discounts,
$7,980,428 total capital funds, and $32,131,258 total assets.
Arrangements
membership in
were
completed May 23 for the sale of
the Chicago
Stock
Exchange at $1,800,
$100 from the last previous sale of May 18.
Charles
Victor
Essroger,
Vice-President
of
the
a
up
First
National Bank of
Chicago, Chicago, 111., died at the Illinois
Central Hospital on May 23 following a heart attack which
occurred at the Flossmoor Country Club on
May 17. Mr.
Essroger, who
born in Chicago, Aug. 7, 1875, had been
nearly 48 years, becoming a
Senior Vice-President through a series of promotions.
He
was a veteran of the
Spanish-American War; Treasurer and
Director of the Chicago Board of Trade and Treasurer of the
was
connected with the bank for
Board of Trade
in
Clearinghouse Corporation.
His activities
banking and in the grain and packing industries' were
extensive.
higher.
in light demand, and food stocks were
Volume
though
Financial
148
Chronicle
smaller scale than during the preceding session.
were irregular, mining and metal shares were
slightly higher and oil issues showed small gains. As com¬
pared with Friday of last week, prices were generally higher,
on a
Aircraft stocks
TT
AT
Exports
.
United States of America£18 ,614,968
Africa-- £1,568,928
gsyPt—
Netherlands
Belgium
France
45 857
Switzerland
Poland
Other countries
—
_
Switzerland
Channel Islands
Other countries
/ £8,682,370
Tihe SS. Strathnaver which sailed from
,,
»
Sweden
2,009,552
92,212
6,947
__
7,000
18,586
103,777
1,268
85,807
530,757
28,865
7,090
11,260
Syria
4,304,468
431,543
.
France
,046,476
6
British India
""
18,777
42 2i3
_
Netherlands.
Belgium
Canada.
Canada..__
150,255
11,618
Peru
£25,455,854
Bombay
May 6 carries gold to
on
the value of about £278,500.
-The Southern Rhodesian gold output for March, 1939 amounted to
®unces as compared with 58,994 fine ounces for February, 1939
a
and 68,107 fine ounces for
March, 1938.
'.i
/.
silver
'
•
3
Continued buying by the Indian Bazaars and bear covering, carried prices
on
May 6 to 20%d. for cash and 20%»d. for two months' delivery; up
EXCHANGE
CURB
YORK
NEW
THE
Imports
__
Rhodesia
British East Africa
closing last night at 109% against
95% on Friday a week ago; Aluminium Ltd. at 132 against
123; American Gas & Electric at 34 against 32 %; Carrier
Corp. at 12% against 11 %; Childs Co. pref. at 51 against 45;
Cities Service at 6% against 6; Creole Petroleum at 21%
against 20%; Electric Bond & Share at 8% against 7%;
Fisk Rubber Corp. at 10% against 9; Gulf Oil Corp. at 33%
against 31%; Humble Oil (new) at 57% against 55%; Inter¬
national Petroleum at 25% against 25%; Lockheed Air¬
craft at 28% against 25; New Jersey Zinc at 54 against 53;
Niles-Bement-Pond at 58 against 52,. and United Shoe
Machinery at 81% against 80%.
TRANSACTIONS
.
KJ
of
Southern
Aluminum Co. of America
DAILY
3165
The following were the United
Kingdom imports and exports of gold,
registered from mid-day on May 1 to mid-day on May 8:
■
,
to that point sellers had been
Stocks
Bonds (.Par Value)
,
Week Ended
easier
Domestic
for the respective deliveries.
Foreign
Foreign
of
Shares)
May 26, 1939
Total
Corporate
Government
reluctant, but subsequently offerings appeared
volume and, with the Indian buying level lowered owing to an
tendency in Bombay, prices have reacted to 20%6d. and 19%d. for
fair
in
(Number
With the cash quotation closer to American buying parity the market
be steady at about the present level, but the undertone remanis
uncertain.
may
Saturday...
$6,000
$606,000
31,380
$616,000
$4,000
1,393,000
7,000
15,000
65,280
1,498,000
6,000
5,000
1,509,000
111,870
14,000
7,000
2,056,000
161,580
2,035,000
2,083,000
15,000
26,000
107,605
Monday
1,701,000
6,000
14,000
2,124,000
1,721,000
71,825
.....
Tuesday
:
Wednesday
Thursday
...
Friday.
Total
549,540
Sale
rather
at
1,371,000
Imports
Belgium.
British India...."
United States of America..
; £42,819'
1,616
__
—
12,892
a2,5J0
3,486
_____
Eire.
Other countries—-
Jan. 1 to May 26
Week Ended May 26
Exports
Hongkong
Australia
$9,419,000
$71,000
$54,000
$9,294,000
The following were the United Kingdom imports and exports of silver,
registered from mid-day on May 1 to mid-day on May 8:
;
Norway
Switzerland..
£89,000
8,890
2,895
;
...
Palestine
1,754
,
___
b39,7l0
..i__
Other countries--,—
4,750
New York Curb
'
1939
1938
626,490
17,052,001
17,116,396
$9,294,000
$6,687,000
$190,641,000
Exchange
1938
1939
,
£63 313
£146,999
Coin of legal tender in the United Kingdom,
b Coin not of legal tender in the United Kingdom.
a
Stocks—No. of shares.
549,540
:/■
Bonis
Domestic..
141,000
2,669,000
$9,419,000
Total
$6,923,000
$195,391,000
FOREIGN EXCHANGE
Pursuant to the
.3,078,000
2,081,000
95,000
"
.
Quotations during the week:
$132,991,000
"
54,000
71,000
Foreign government...
Foreign corporate.
•
IN
2,670,000
$138,739,000
May
May
May
4
20%d.
5-.i..20Kd.
6
20%d.
May 8 ——20 5-16d.
May
9
_20 3-16d.
May 10
-.20 l-16d.
RATES
requirements of Section 522 of the
Tariff
Average
1930, the Federal Reserve Bank is now cer ifying
Act of
give below
a
CERTIFIED
RATES
RESERVE
19%d.
Unit
as
FINANCIAL
Mon.,
Value in United States Money
May 23
May 24
May 25
Consols
May 26
2%%_
Holiday
British 3%%
*
Europe—
Belgium, belga.__w.
$
$
$
$
.170225
.170191
-.170208
.170197
.170208
.170213
Bulgarla,
.012125
.012075*
.012075*
.012125*
.012125*
.012125*
$
W. L
lev
>
Holiday
Holiday
.208943
.208950
.208950
.208950
.680763
4.681388
.681319
:.681597
.020550
.020550
.020580
.020550
.020566
.020550
States
Finland, markka....
Francei, franc..
.026484
.026488
.026489
.026488
Germany; reichsmark
.401178
.401131
.401061
.401050
.008566*
,.008555*
.008566*
.008564*
.008564*
.008564*
Hungary,
.195750*
.195750*
.195750*
.195750*
,195750*
May 26
20d.
20d.
148s.5%d. 148s.5%d,
£69%
£69%
.
£106%
£95 %
£95%
£108
£108
£95%
£108
.052600
.052603
.052603
.052603
.052603
.537350
.536311
.537255
.536666
.537161
.235178
.235190
.235181
.235185
.188160
.188120
.188120
.188100
.188080
.042472
.042472
.042475
.042475
.042472
.042452
Rumania
.007035*
.007035
.007125*
.007035*
.007035*
.007035*
.110225*
.110225*
64.64
42%
42%
64.64
64.64
/:
42%
42%
64.64
64.64
.235187
Poland, zloty
Portugal, escudo-...
.188190
(newly mined)
.536855
.235212
'42%
64.64'
,
U. S. Treasury
.052600
Netherlands, guilder.
Norway, krone.....
;
.195750*
Italy, lira.....
pengo....
leu
......
COURSE OF BANK CLEARINGS
Bank clearings
With
.110225*
.110225*
.110225*
.110225*
.241100
.241087,
.241103
.241109
.241118
.241100
.224958
.224955
.225252
.225186
.225205
.225266
.022650
.022720
.022720
.022680
.022720
.022720
Chefoo (yuan) dol'r
.159333
.159333*
.159333*
.159333*
.159333*
.159333*
Hankow (yuan) dol
.153916*
.153916*
.153916*
.153916*
.153916*
Shanghai (yuan) dol
.159812*
.159812*
.159812*
.159812*
.159812*
.159812*
Tientsin (yuan) dol
.157937*
.157937*
.157937*
.157937*
.157937*
•.157937*
Hongkong,
dollar-
.290281
.290281
.290359
.289968
.289968
.290125
British India, rupee..
.348546
Japan, yen..
Spain, peseta.;.
Sweden, krona
j.„.
Switzerland, franc...
Yugoslavia, dinar...
>
a
year ago.
this week will show an increase compared
Preliminary figures compiled by us based
telegraphic advices from the chief cities of the country
that for the week ended today (Saturday, May 27)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be 11.4% above
those for the corresponding week last year.
Our preliminary
total stands at $5,525,088,084, against $4,961,706,859 for
the same week in 1938.
"At this center there is a gain for the
week ended Friday of 14.9%.
Our comparative summary
upon
indicate
Asia—
China—
•
.153916*
.348457
.348565
.348637
.348756
.348768
.272800
.272816
.272801
.272742
.272757
.272742
Straits Settlem'ts, dol
*
Australasia—
.543500
.543312
.543312
.543062
.543312
.543500
Australia, pound
.728875
New Zealand, pound.
1
Fri.,
May 25
on
BarN.Y.(for'n) 42%
.401042
Greece, drachma....
'
Thurs.,
price of silver per; ounce (in cents) in the United
the same days have been:
The
Engl'd. pound sterl'g
4.681527
.026487
Wed.+
May 24
£94 %
£106%
.208921
.026486
Tues.,
£94%
1960-90.-'--.
4.680694
.401072
CABLE
a
a
a
a
krone
MARKET—PER
British 4%
.208943
Denmark,
recorded during the period
the lowest $4.68.
'
;.
,
Czechoslov'ia, koruna
...43 cents
9
20%d.
20 1-16d.
20 l-16d.
148s.5% d. 148s.5% d. 148s. 5d.
£68
£68%
£69%
20 1-16(1.
Silver, per oz__
Gold, p. fine oz. 148s.6d.
May 22
...43 cents
May 23
,
May 22
May 20
,
'
May 20
.43 cents
...43 cents
20.042d.T
7
Country and Monetary
..
___
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Rate for Cable Transfers in New York
Noon Buying
;
.*.43 cents
...43 cents
—
5____._____
6
8__
The
ACT OF 1930
1939, INCLUSIVE
1939, TO MAY 26,
MAY 20,
20%d,;
20.240d;.
ENGLISH
FEDERAL
BY
RANKS TO TREASURY UNDER TARIFF
May
May
May
May
20 3-16d.
rom
record for the week just passed:
EXCHANGE
FOREIGN
May 3
May 4_
20d.
20 l-16d.
20d.
.
(Per Ounce .999 Fine)
The highest rate of exchange on New York
May 4 to May 10,, 1939, was $4.68% and
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
YORK
IN NEW
LONDON
-Bar Silver per Oz. Std.Cash
'
•
2 Mos.
.743645* 3,743802* 3-744166* 3.743958*3.743125* 3.744062*
....
3.729250
3.728812
3.729000
3.729000
/•
3.729125
Africa—
4.631875
4.630000
.996191
.996542'
.996601
.996875
.999500
4.632500
41730104
Union South Africa, £ 4.630729
4.632125
peso
Mexico,
.999500
.999500
,999500
.200240*
.200240*
.200240*
.200240*
',200240*
.993671
.993710
.994062
.994179
.994375
.999500
....
peso.....^.
dollar.
Newfoundl'd,
Brazil, rnllrels...
Chile, neso—official..
peso
b
a
.312115#
Boston
.051733*
.051733*
.051733*
.051733*
.040000*
.040000*
.040000*
.040000*
.569800*
.569800*
.570600*
.570600*
.616007*
.616000*
.615985*
.051733*
.040000*
.570600#
.61598 5#
------- —
—-
the following from the weekly circular of
& Co. of London, written under date of
May 10, 1939:
GOLD
The Bank of England
gold
reserve
fine ounce on April 26.
In the open market about £2,080,000 of bar gold changed hands at the
daily fixing during the past week.
On occasions sales were made by the
authoririties and there were also sales of newly produced gold and resales
on Continent account.
Most of the offerings were secured for shipment
per
to New York.
i
-
_
—
Pittsburgh..
Eleven cities, five days..—-----—
days
May
4.
..._^J.148s.
5. ——148s.
6--..
148s.
8_
148s.
6d.
6d.
6d.
6d.
.
May 9
May 10
Acerage
week
+ 11.2
71,200,000
—1.0
101,644,000
87,839,968
—6.2
61,878,329
+ 14.0
67,073,138
45,046,110
+ 10.7
$3,772,562,920
$3,381,671,335
+ 11.6
756,677,150
620,905,880
+ 21.9
$4,529,240,070
$4,002,577,215
959,129,644
+ 13.2
$5,525,088,084
$4,961,706,859
+ 11.4
72,112,498
*•---*
.-•v*—- - -—- - r - - - - -
Other cities, five days.--.
64,821.339
70,500,000
100,580,000
82,429,689
995,848,014
-——- - - -
r- -.
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
—1.0
+ 6.2
+3.8
by the
cannot
them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
below, we are able to give final and complete
week previous—the week ended May 20.
increase of J.2.2%, the aggregate
of clearings for the whole country having amounted to
$5,504,472,599, against $4,905,568,817 in the same week
present further
for the
results
Quotations per Fine Ounce
May
"+9~2
furnish
against notes on May 3 was £226,160,-
005 at 148s. 5d. per fine ounce, as compared with £226,160,005 at 148s. 6d.
May
May
146,139,913
49,884,050
».
Total all cities for
reprint
285,000,000
71,216,777
City
San Francisco:
Total all cities, five
We
+ 12.9
227,491,898
—
St. Louis.
GOLD AND SILVER MARKETS
Samuel Montagu
256,824,423
„
-----_148s. 5%d.
148s. 5%d.
148s. 5.83d.
—
.
+ 14.9
70,511,753
Kansas
All cities, one day
THE ENGLISH
.
Cent
1938
$2,223,536,650
285,000,000
159,548,385
— - T- » - -
b Temporarily omitted.
No rates available,
1939
$2,553,955,345
.
'
-
-
Per
b
.051733*
.615964* '.615908*
peso
Nominal rates,
b
.312U15*
.569800*
export
*
.312095*
.040000*
"
Colombia,
.312110*
b
b
..
Uruguay,
.312090*
.312085*
peso
-
__
.996953
.999500
.200240*
.994453
South Amerlca-1-
Argentlna,
.
Chicago-- —
Philadelphia
-
.996250
-
Clearings—Returns by Telegraph
Week Ending May 27 .
New York...
North America—
Canada, dollar
Cuba,
for the week follows:
for that week there was an
Financial
3164
the New York Stock Ex¬
Freres & Co., died on May 19 at the
Doctors Hospital,
New York City, after a brief illness.
He was 48 years old.
A native of Idaho Falls, Idaho, Mr.
Ramsey studied at Pomona College and Cornell University,
from which he was graduated in 1914.
Prior to joining
George Ramsey,
Lazard Freres in 193o he had been Vice-President of Harris,
Co., and a Vice-President and Director of Chaseand the First Boston Corporation.
Forbes &
Forbes Corp.
Harris
May 20
celebrated the 10th anniversary of its establishment.
An
attractive booklet entitled "Ten Stirring Years in Yonkers"
has been issued by the institution to commemorate the occa¬
sion.
Beginning on May 20, 1929, with combined capital,
surplus, and undivided profits of $840,000 (all paid in) today
(March 29, 1939,) the Central National Bank has a capital
of $350,000, surplus of $400,000 and undivided profits of
$159,097; it has total deposits of $5,760,526, and total re¬
sources
of $6,762,517.
Enlarged banking quarters were
formally opened on Oct. 25 of last year.
The bank's per¬
follows: William W. Scrugham,
Chairman of the
Board; Gerald S. Couzens, President; Harry A. Merritt,
Vice-President; Victor B. Hermans, Cashier; Francis J.
Keenan, Chester C. Slaybaugh, and Joseph J. Zacehio,
Assistant Cashiers, and Walter W. Simons, Trust Officer.
sonnel is
as
Louis H. Gross, a Vice-President since 1935 of
the Union
N. Y., was advanced to the Presi¬
dency of the, institution at a meeting of the directors on May
22.
Mr. Gross, who succeeds the late Edward B. Wilson,
was born in Troy and received his education in the
Troy
schools and Williams College.
'
The Girard
Trust Co.
of
Philadelphia, Pa.,
following officers:
May 15
on
F. Lewis BarroU,
J.
of the
Cottingham is President, and J. S. Wyatt, Cashier
bank, whose branches are at Albertville, Athens,
new
Codingsville,
Courtland, Cullman, Falkville, Florence,
Haleyville, Huntsville, Leighton, Scottsboro, Sheffield, and
Tuscumbia.
Assistant
Trust
Secretaries;
G.
Officers; William O. Master and
John M. Richards,
H.
Lewis
Randle' Grimes and
Kirk, Assistant
George J. Stadtler, Jr., Assistant
1
THE
Price movements
week.
to
There
was
CURB
were
some
„,
,
generally toward higher levels this
irregularity apparent at times due
strong and nu¬
continued
tops were registered by the public
and industrial
the fore part
■.
EXCHANGE
profit taking but the market
merous new
Aviation shares
specialties.
utility stoelp
quiet during
were
of the week but improved later on. This was
mining and metal issues and oil stocks.
true also of the
Public utilities led the modest upswing
on
during the 2 hour
Saturday, and while advances were apparent in
all sections of the list,
group
they
were
especially prominent in the
Industrial specialties were also
higher prices and there was some attention
of preferred stocks.
in demand
at
directed toward the oil shares which moved
Aircraft issues
shares
ing
Secretary-Treasurer; George H. Brown, Jr., and Charles
J. Cullen, Real Estate Officers; T. Wesley Matthews and
director of the Union
regular
As of May 13, theJTennessee Valley Bank of Decatur,
Ala., with 13 brancheslinlthe State of Alabama, became a
national institution under the title of the State National Bank
of Decatur.
The new institution is capitalized at $250,000.
were
slightly higher.
in light demand, and food
stocks were
transfers dropped to approximately 31,000
against 36,000 on the preceding Saturday. Outstand¬
The
higher.
announced the election of the
a
meeting of the Board of Directors.
Mr. Strickland has
been President of the Bower Roller Bearing Co. since 1932.
session
National Bank of Troy,
was^elected
Guardian Trust Co. of Detroit, Mich., at a recent
T.
The Central National Bank of Yonkers, N. Y., on
Strickland
A.
S.
partner in
a
change firm of Lazard
May 27, 1939
Chronicle
among
the. advances were Montgomery Ward A, 434
points to 16934; American Superpower pref., 1
point to 16;
Mining, 2 points to 66; Quaker Oats pref., 2 points
to 152, and Cities Service pref., 1 point to 4834.
Higher prices again prevailed on the New York Curb
Exchange on Monday. The best gains were registered by the
preferred stocks in the public utilities section, many of
which worked into new high ground for the year.
The
aluminums were stronger and advancing prices were apparent
among the industrial specialties.
Aviation issues moved
ahead and the mining and metal stocks climbed fractionally
higher.
Aluminium Ltd. was especially active and forged
ahead 434 points to 12734> Arkansas Power & Light moved
up to 90 with a gain of 634 points, Niles-Bement-Pond ad¬
vanced 234 points to 55, Utilities Power & Light pref. gained
134 points at 1334 and Bell Aircraft. 1 point to 23.
Other
advances were Chicago Flexible Shaft, 4 points to 73, Childs
pref., 1 point to 46; Aluminum Co. of America, 134 points
to 9734; and Fisk Rubber pref., 134 points to 8134Industrial specialties assumed the market leadership on
Tuesday and a number of the more active issues moved to
higher levels. Public utilities also were in demand for a brief
period in the early dealings but interest waned as the day
progressed. ' Aluminum stocks were stronger, mining and
metal shares were quiet and aviation issues showed little
change from the previous close. One of the strong stoqks of
the day was Standard Steel Spring which worked into a new
top at 3334 and then slipped back to 33 and closed with a
net gain of 234 points.
Other advances were Childs pref. 3,
points to 49; Mead Johnson, 4 points to 147; Pittsburgh
& Lake Erie, 2 points to 5034; Aluminum Co. of America.
1,34 points to 9834; and Great Atlantic & Pacific Tea Co. nv,
stock, 134 points to 8634"
New peaks were registered among the industrial specialties
and public utilities on Wednesday as Curb issues advanced
along a broad front.
Practically every group participated
in the general advance, the transfers climbing up to 112,900
shares with 773 issues traded in.1 Of these 601 closed on the
Newmont
•
Trust Investment Officers; F. W. Elliott Farr and S. Powell Griffitts, As¬
sistant
Statisticians; J.
and John
/
Herbert
Saurman, Jr., Assistant Office Manager,
DeVenuto, Superintendent Safe Deposit Department.
T. Nelson Strother,
Governor of the Baltimore Stock
a
Exchange and a member of the firm of Strother, Brogden &
Co., died on May 22 at his home in Ruxton, Md., at the age
of 76.
The following regarding his career is from the Balti¬
more "Sun" of May 24:
Mr.
firm
Strother, who retired from active business early this
taken
was
1862 and
the
over
came
to
by Baker, Watts & Co.,
year
when his
born in Richmond, Va., in
was
Baltimore seven years later, obtaining his education in
public schools.
.
«
,
His first employment came in 1881 with Brown & Lowndes and from that
time
on
he
was
associated with stock and bond brokerage business.
For
17 years he was connected with Wilson Colston Co., leaying that firm to
establish Strother, Brogden & Co.
Other business positions which he had held included directorships of the
Georgia, Southern and Florida Railway and the Fairfield, Western Mary¬
land
i
Dairy.
■
Demand deposits of the Union Bank of Commerce of
Cleveland,' Ohio, have increased more than $10,000,000
over the amount deposited on the opening
day a year ago,
President Oscar L. Cox announced May 24 at the bank's
first annual meeting of shareholders.
Deposits amounted
to $13,786,184 on the opening day and on May 15, 1939,
were $23,840,264.
An announcement in the matter con¬
tinued, in part:
'
The bank's first two weeks of operation ending June 30,
1938, showed
a
.
loss of $33,533, reflecting non-recurring organization
profit of $29,064
Operating
expense.
earned in the quarter ended Sept. 30, $34,984 in the
was
quarter ended Dec. 31, $34,002 in the first 1939 quarter, and $17,476 from
April 1 to May
amounted
to
15,
Depreciation, taxes, and preferred dividends
1939.
$16,272 for the opening two weeks, $25,767 for the quarter
ended Sept. 30, $25,530 for the quarter ended Dec.
31, $22,658 for the first
1939 quarter, and $11,336 from April 1 to May 15, 1939.
Loans and discounts increased from
day's business to $7,296,093
on
May
i
$4,330,233 at the end of the first
In the same period, the'
15, 1939.
credit to the Ohio Superintendent of Banks, representing a 35%
to former
to
depositors of tjhe Union Trust Co.,
$136,694.
"
;
Statement
$13,606,793
of
condition
Government
on
May
15,
securities,
was
1939,
dividend
reduced from $38,081,239
showed
$7,296,093
$10,573,240
loans
and
cash,
discounts,
$7,980,428 total capital funds, and $32,131,258 total assets.
.
.
declined and 107 were unchanged.
stocks closing on the side of the
Aluminum Co. of America, 934 points to 108;
side of the advancq, 65
Prominent among the
advance
were
pref.,, 3 points to 85; Jones & Laughlin Steel,
434 points to 2234; Newmont Mining Co., 3 points to 6934;
Standard Steel Spring, 2 points to 3434; Pittsburgh Plate
Glass, 2 points to 98; and Aluminium Ltd., 534 Pts. to 134.
The trend of prices continued to point upward on Thursday
Fisk Rubber
many of the market favorites worked into new high
ground. While most of the new tops for the year were regis¬
tered by the industrial specialties and public utilities, there
were a number of substantial gains ranging from 2 to 3 or
more points scattered through the list.
Aircraft shares were
in demand at higher prices and there was considerable
interest manifested in most of the active issues in this group
and
Arrangements
completed May 23 for the sale of a
the Chicago Stock Exchange at $1,800, up
were
membership in
$100 from the last previous sale of May 18.
Charles
Victor
Essroger, Vice-President of the First
Chicago, Chicago, 111., died at the Illinois
Hospital on May 23 following a heart attack which
occurred at the Flossmoor Country Club on
May 17.
Mr.
Essroger, who was born in Chicago, Aug. 7, 1875, had been
connected with the bank for nearly 48 years, becoming a
Senior Vice-President through a series of promotions.
He
was a veteran of the
Spanish-American War; Treasurer and
Director of the Chicago Board of Trade and Treasurer of the
Board of Trade Clearinghouse Corporation.
His activities
in banking and in the grain and packing industries were
National Bank of
Central
extensive ^
although the advances were less pronounced.
Oil stocks
continued quiet and mining and metal shares made ilttle
change.
The gains included among others Alabama Great
Southern 3 points to 70; Aluminum Co. of America 3 points
to 111; Pa. Salt 11 points to 151; United Gas pref. 234 points
to 90; Nehi Corp. 3 points to 5734; Pepperell Manufacturing
Co. 2 points to 69 and Lockheed Aircraft 134 points to 28 34 ♦
Stock movements were narrow and the volume of transfers
showed
a
decided decline
on
Friday, but the tone was fairly
strong and the gains exceeded the losses as the market
closed.
Public utilities and industrial specialties were active
Volume
though
Financial
m
smaller scale than during the preceding session.
were irregular,
mining and metal shares were
slightly higher and oil issues showed small gains. As com¬
pared with Friday of last week, prices were generally higher,
on a
Aircraft stocks
Aluminum Co. of America closing last night at 109% against
95% on Friday a week ago; Aluminium Ltd. at 132 against
123; American Gas & Electric at 34 against 32%; Carrier
Corp. at 12% against 11%; Childs Co. pref. at 51 against 45;
Cities Service at 6% against 6; Creole Petroleum at 21%
against 20%; Electric Bond & Share at 8% against 7%;
Fisk Rubber Corp. at 10% against 9; Gulf Oil Corp. at 33%
against 31%; Humble Oil (new) at 57% against 55%; Inter¬
national Petroleum at 25% against 25%; Lockheed Air¬
craft at 28% against 25; New Jersey Zinc at 54 against 53;
Niles-Bement-Pond at 58 against 52, and United Shoe
Machinery at 81% against 80%.
:
Chronicle
The following
„
TRANSACTIONS
AT
THE
Imports
,
Union of South Africa
British East Africa
Egypt.
Peru
/
CNumber
Week Ended
Foreign
Foreign
of
Shares)
May 26, 1939
Domestic
Total
Corporate
Government
31,380
$606,000
$6,000
$4,000
$616,000
Monday.
71,825
15,000
1,393,000
65,280
1,371,000
1,498,000
7,000
Tuesday....
6,000
5,000
1,509,000
Saturday
i
111,870
2,035,000
14,000
7,000
2,056,000
Thursday.—
161,580
2,083,000
15,000
26,000
2,124,000
Friday
107,605
1,701,000
6,000
14,000
1,721,000
Wednesday
...
Total..
549,540
$71,000
$54,000
$9,294,000
$9,419,000
-
Belgium.
France
Switzerland
"I™
7,000
18,586
103,777
1,268
85,807
530,757
28,865
...
Belgium
;w
France
Sweden
Switzerland
Channel Islands
7,090
11,260
Other countries
£8,682,370
£25,455,854
The SS. Strathnaver which sailed from
Bombay on May 6 carries gold to
the value of about £278,500.
.The Southern Rhodesian gold
output for
March,
62«40§ ,5? ounces as compared with 58,994 fine
ounces for
and 68,107 fine
+
March, 1938.
1939
amounted to
ounces for February, 1939
SILVER
-+
Continued buying by the Indian Bazaars and bear covering, carried prices
® to 20 %d. for cash and 20%#d. for two months'delivery;
up
but subsequently offerings appeared
buying level lowered owing to an
easier tendency in
Bombay, prices have reacted to 20%d. and 19%d. for
for the respective deliveries.
With the cash quotation closer to American buying parity the market
may
be steady at about the present level, but the undertone remanis
that point sellers had been reluctant,
fair volume and, with the Indian
rather
uncertain.
*
The following were the United Kingdom imports and exports of silver,
registered from mid-day on May 1 to mid-day on May 8:
Imports
Exports
Hongkong
British India
£42,819
Australia
Belgium—
Eire.
—
—
....
8,890
Norway...
12,892
a2.500
3,486
_______
„
£89,000
—.
United States of America._
1,616
—
Jan. 1 to May 26
Week Ended May 26
at
Syria.
92,212
6,947
Other countries
Other countries...
Sale
British India.
Netherlands
2,009!552
Poland
in
Bonds (Par Value),
1A
Netherlands
FLu
to
Stocks
Exports
United States of America£18,614,968
Canada
;
6,046,476
£1,568,928
150,255
11,618
18,777
42,213
4,304,468
431,543
45,857
__
Southern Rhodesia
EXCHANGE
CURB
YORK
NEW
were the United Kingdom imports and exports of gold,
registered from mid-day on May 1 to mid-day on May 8:
,
DAILY
3165
1,754
2,895
Switzerland,...
....
b39,710
Palestine.
Other countries
4,750
....
New York Curb
£63,313
a Coin of
legal tender in the United Kingdom,
b Coin not of legal tender in the United Kingdom.
549,540
626,490
17,052,001
17,116,396
$6,687,000
141,000
$190,641,000
$132,991,000
2,081,000
3,078,000
71,000
95,000
2,669,000
2,670,000
$9,419,000
$6,923,000
$195,391,000
$138,739,000
'
Bonds
Domestic
—
Foreign government
Foreign corporate..•_„
Total
FOREIGN
EXCHANGE
RATES
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now cer ifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
W€
Pursuant to the
give below
a
Quotations during the week:
-Bar Silver per
Cash
May 4 —L
20j^d."
5
May
_20%d.
May 6. ——20%d.
8.
20 5-16d.
May
9
-.20 3-16d.
May
May 10.. ——20 l-16d.
Average
20.240dt.
MAY
20,
RESERVE
May
May
May
May
May
May
20 l-16d.
20 3-16d.
20%d.
'iv
20d.
19%d.
^
3
5—
43 cents
— —
6
8
9
.
.43 cents
—43 cents
..43
cents
;20.042d.1
FINANCIAL
MARKET—PER
Sat.,
Mon.,
Tues.,
period
CABLE
May 22
May 23
Thurs.
Wed.,
May 20
Value in United States Money
..43 cents
—
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Rate for Cable Transfers in New York
Noon Buying
..43 cents
...
4—
The
as
1939, INCLUSIVE
(Per Ounce .999 Fine)
2 Mos.
The highest rate of exchange on New York recorded during the
May 4 to May 10, 1939, was $4.68% and the lowest $4.68.
UNDER TARIFF ACT OF 1930
1939, TO MAY 26,
Oz. Std.-
20d„
rom
ENGLISH
FEDERAL
BY
CERTIFIED
RATES
BANKS TO TREASURY
1
IN NEW YORK
IN LONDON
;
record for the week just passed:
EXCHANGE
FOREIGN
May 24
Fri.,
i
May 26
May 25
20d.
20d.
Gold, p. fine oz. 148s.6d.
Country and Monetary
$
.170208
.170197
.170208
.170213
.012075*
.012125*
.012125*
.012125*
$
.170225
.170191
.012125*
Belgium, belga......
Bulgaria, lev
Czechoslov'ia. koruna
Denmark, krone
May 25
$
$
Europe—
.012075*
...
148s.5%d. 148s.5%d.
Holiday
£68
W. L
Holiday
Holiday
20 l-16d.
Silver, per oz__
May 24
May 23
May 22
May 20
20J^d.
20 1-16d.
20 l-16d.
148s.5%d. 148s.5%d. 148s.5d.
Consols
Unit
2%%_
British 3)4 %,
,
:
$
1
£68%
£69%
£69%
£69%
£94%
£94)4
£95%
£95%
£95%
£106%
£106)4
,
.
British 4%
1960-90—
£108
£108
£108
"
a
a
a
a
a
a
.208943
.208921
.208943
.208950
.208950
.208950
pound sterl'g 4.680763
.020550
Engi'd,
£146,999
%
$9,294,000
54,000
Stocks—No. of shares.
»
1939
1938
1939
Exchange
1938
4.680694
4.681527
4.681388
4.681319
.681597
.020550
.020580
.020550
.020566
.020550
.026484
.026486
.026487
.026489
.026488
.026488
BarN.Y.(for'n) 42%
U.
Finland, markka..—
France, franc
price of silver per ounce (in cents) in the United
States on the same days have been:
V
The
,
Germany, reichsmark
.401178
.401072
.401131
.401061
.401050
.401042
Greece, drachma
.008566*
.008555*
.008566*
.008564*
.008564*
.008564*
Hungary,
.195750*
.195750*
.195750*
.195750*
.195750*
.052600
.052603
.052603
.052603
.052603
.537350
.536311
.537255
.536666
.537161
.536855
.235212
.235178
-.235190
.235181
.235185
.188160
.188120
.188120
.188100
.188080
.042472
Rumania
42%
-
42%
•
42%
.235187
Poland, zloty
Portugal, escudo
.188190
"
.052600 v
Netherlands, guilder.
Norway, krone
42%
.195750*
Italy, lira....
42%
Treasury
S.
pengo—.
,
.042472
.042475
.042475
.042472
.042452
.007035*
.007035*
.007125*
.007035*
.007035*
.007035*
Spain, peseta..
Sweden, krona!,.
.110225*
.110225*
.110225*
.110225*
.110225*
,110225*
.241100
.241087
.241103
.241109
.241118
.241100
Switzerland, franc...
.224958,,'
.224955
.225252
.22518)3
.225205
.225266
Yugoslavia, dinar...
.022650
.022720
.022720
.022680
.022720
.022720
.159333*
.159333*
.159333*
.159333*
.153916*
.153916*
.159812*
.159812*
,153916* '
.159812*
.157937*
.157937*
.290125
leu
...
,
Asia-
China—
•
Chefoo (yuan) doi'r
Hankow (yuan) dol
.159333*
.159333*
.153916*
.153916*
.153916*
Shanghai (yuan) dol
.159812*
.159812*
.159812*
Tientsin (yuan) dol
.157937*
.157937*
.157937;*
.157937*
Hongkong,
dollar.
.290281
.290281
.290359
.289968
.289968
British India, rupee..
.348546
.348457
.348565
.348637
.348756
.348768
■i
.
Japan, yen*
.272800
.272816
.272801
.272742
.272757
.272742
Straits Settlem'ts, dol
.543500
.543312
.543312
.543062
.543312
3.728812
3.729250
3.729000
3.729000
COURSE OF
BANK
64.64
64.64.
CLEARINGS
this week will show an increase compared
with a year ago.
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the weekended today (Saturday, May 27)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be 11.4% above
those for the corresponding week last year.
Our preliminary
total stands at $5,525,088,084, against $4,961,706,859 for
the same week in 1938.
At this center there is a gain for the
week ended Friday of 14:9%.
Our comparative summary
Bank clearings
for the week follows:
.543500
3.728875
64.64
64.64
64.64
(newly mined) 64.64
..
3.729125
Australasia—
Australia, pound
North America-—
Cuba,
.996542
.996601
.996875
.999500
.999500
.999500
.999500
.200240*
.200240*
.200240*
.200240*
,200240*
.993671
.993710
.994062
.994179
.994375
.999500
peso—
Mexico,
.996191
.996250
Canada, dollar
peso
Newfoundl'd,
dollar.
,
.996953
.999500 '
.200240*
.994^53
South America—:
Argentina,
b
.312115*
b
b
.051733*
_
a
.051733*
.051733*
.051733*
.040000*
.040000*
.040000*
.040000*
.569800*
.569800*
.570600*
.570600*
.615964*
peso
peso
Nominal rates,
.051733*
.569800*
export
*
.312095*
.040000*
"
Uruguay,
.312110*
b
b
Brazil, mllreis
Chile, peso—official..
Colombia,
.312090*
.312085*
peso
.615908*
.616007*
.616000*
.615985*
No rates available,
.312115*
b
.051733*
.040000*
.57060o*
.61598 5*
.
New York.....i—
Chicago—
..... _ .
..—. ..
San Francisco-
May 10, 1939:
GOLD
The Bank of
England gold
reserve
against notes on May 3
was £226,160,-
005 at 148s. 5d. per fine ounce, as compared with £226,160,005 at 14Ss. 6d.
per fine ounce on April 26.
In the open market about £2,080,000 of bar gold changed hands at the
daily fixing during the past week.
On occasions sales were made by the
authoririties and there were also sales of newly produced gold and resales
on Continent account.
Most of the offerings were secured for shipment
to New York.
May
May
May
May
4_.
5
6—
8-
—
—
——1
—
.
-148s.
148s.
,_148s.
148s.
6d.
6d.
6d.
6d.
May
9..-;..
May 10.
Acerage^
A--148s. 5%d.
.
—
.148s. 5%d.
—148s.
5.83d.
"+9~2
+ 12.9
Pittsburgh....
Detroit.
—
-
-
64,821.339
+ 11.2
,71,200,000
^1.0
101,644,000
82,429,689
87,839,958
—6.2
70,511,753
61,878,329
+ 14.0
67,073,138
45,046,110
+ 10.7
$3,772,562,920
$3,381,671,335
+ 11.6
756,677,150
T
— .
— ..
-——
Eleven cities, five days..
—
.
Other cities, five days...
days
day
620,905,880
+ 21.9
$4,529,240,070
995,848,014
$4,002,577,215
+ 13.2
week
—
959,129,644
+3.8
$5,525,088,084
$4,961,706,859
+ 11.4
'
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
—1.0
+ 6.2
by the
cannot
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
below, we are able to give final and complete
week previous—the week ended May 20.
there was an increase of 12.2%, the aggregate
present further
for the
results
Quotations per Fine Ounce
146,139,913
+ 14.9
70,500.000
——.
GOLD AND SILVER MARKETS
the following from the weekly circular of
Co. of London, written under date of
'159,548,385
72,112,498
r
Total all cities for
reprint
285,000,000
100,580,000
City..
St- Louis:
b Temporarily omitted.
Samuel Montagu &
227,491,898
71,216.777
49,884,050
Kansas
Total all cities, five
We
i..- j ....—- —
$2,223,536,650
285,000,000
—
------
1938
$2,553,955,345
-
--
Philadelphia....—
Boston
Cent
1939
256,824,423
Week Ending May 27
-
All cities, one
THE ENGLISH
Per
Clearings—Returns by Telegraph
New Zealand, pound. 3.743645* 3.743802* 3.744166* 3.743958* 3.743125* 3.744062*
Africa—
4.632500
4.631875
4.630000 4.632125
Union South Africa, £ 4.630729 4.730104
for that week
clearings for the whole country having amounted to
$5,504,472,599, against $4,905,568,817 in the same week
of
/
Financial
3166
Chronicle
May 27,
Outside of this city there was an increase of 10.9%,
in 1938.
Week Ended May 20
this center having recorded a gain of
the cities according to the Federal Re¬
the bank clearings at
13.3%.
group
we
Clearings al—
Inc. or
1938
1939
districts in which they are located, and from this it
serve
that in the New York Reserve District (including
this city) the totals show an expansion of 12.9%, in the
Boston Reserve District of 12.2% and in the Philadelphia
Reserve District of 20.6%.
In the Cleveland Reserve
District there is an improvement of 0.2%, in the Richmond
Reserve District of 11.4% and in the Atlanta Reserve Dis¬
trict of 14.1%.
In the Chicago Reserve District the totals
are larger by 11.9%, in the St. Louis Reserve District by,
13.4% and in the Minneapolis Reserve District of 15.6%.
In the Kansas City Reserve District the totals show a gain
of 8.2%, in the Dallas Reserve District of 10.9% and in the
San Francisco Reserve District of 6.8%.
In the following we furnish a summary by Federal Reserve
%
Seventh Feder al Reserve D istrict
358,949
91,398,493
2,755,945
Mlch.-Ann Arbor
Detroit
1
Grand
Rapids.
Wayne
Indianapolis
South Bend
Terre Haute
Wis.—Milwaukee
la.—Ced.
Rapids
Des Moines
—
Chi cago
278,752
+28.8
73,562,948
2,234,848
1,376,653
1,112,606
16,421,000
1,167,570
+24.2
+ 56.9
4,048,136
+20.4
18,072,359
1,024,306
7,383,744
1,491,089
1,207,357
17,110,000
1,831,469
4,875,269
20,488,532
1,349,943
8,798,335
4,062,642
351,040
301,384,747
Lansing
Ind.—Ft.
+31.8
21,203,277
1,108,479
+ 19,2
8.210.678
281,038
322,539
119,365,587
3,039,637
1,966,830
1,056,186
17,822,000
1,574,698
4,048,715
+23.3
+ 8.3
+ 8.5
+ 4.2
+ 13.4
101,408.358
2,665,255
1,575,253
1,087,799
16,009,000
1,691,803
4,486,907
16,829,836
1,051,370
7,709,524
3,210,713
590,812
290,534,141
3,158,727
+28.6
570,188
277.961,850
—38.4
423,972
+ 8.4
320,108,669
958,813
+ 7.1
860,532
686,203
3,829,287
1,172,642
1,238,419
3,438,105
1,221,329
1,289,022
+ 11.4
4,217,441
—3.9
2,472,926
1,626,038
1,378,066
464,731,080
415,280,956
+ 11.9
509,682,771
456,172,170
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
+ 9.9
82,100,000
90,200,000
Sioux
City
111.—Bloomington
Chicago
1,026,922
Decatur.
Peoria...:
Rockford.
districts:
....
Springfield
SUMMARY
1936
1937
Dec.
appears
,
3,093,942
—4.0
855,444
1,281,273
OF BANK CLEARINGS
Total (18 cities)
inc.or
Week Ended May 20,1939
1939
2d
PhlladelphlalO
••
Cleveland..
5th
Richmond.. 6
6th
Chicago
St. Louis
9th
• •
##
Canada..
3,050,339,924
383,009,812
—
32 cities
90,700,000
37,346,466
30,645.675
+21.9
37,030,264
29,293,401
Tenn.—Memphis
18,355,098
15,886,191
+ 15,5
18,132,229
16,689,593
357,298,855
148,193,143
415,280,956
129,112,866
90,509,741
+ 15.6
106,200,157
+8.2
148,606,076
127,416,714
+ 10.9
223,404,790
+6.8
69,155,689
57,261,060
258,960,959
111.—Jacksonville
94,419,702
126,728,857
217,798,964
279,160,536
120,436,633
337,931,656
163,736,903
481,000
—2.5
641,000
515,000
Total (4 cities).
146,370,564
129,11?,866
+ 13.4
158,203,493
137,197,994
Ninth Federal
Reserve Dis
Minn.—Duluth..
3,188,598
68,525,496
141,647,748
456,172,170
'
158,203,493
137,197,994
5,504,472,599
4,905,568,817
5,257-,586,315
2,249,005,893
+ 12.2
+ 10.9
5,879,293,144
2,494,779,521
2,677,593,850
2,312,654,087
403,913;553
316,834,991
+27.5
389,977,181
now
add
our
Mont.
$
Reserve Dlst rict
—
Fall
603,729
+ 15.7
1,915,959
239,859,660
631,501
593,099
+ 6.5
626,531
437,962
733,847
2,745,039
1,582,551
+ 43.1
753,713
Springfield....
3,145,799
1,741,055
11,601,450
4,175,229
9,751,100
New Haven
R, I.—Providence
N.H.—Maftches'r
9,918,026
3,350,919
9,323,700
+ 12.1
747,370
431,041
541,243
1,689,760
"•
2,246,141
17.0'
13,556,309
4,429,543
11,316,100
618,359
+
+ 24.6
+4.6
+ 31.0
Feder al Reserve D istrict—New
Total
10,512,508
6,441,623
—9.3
+33.4
556,686
1,100,993
32,800,000
589,768
718,854
588,368
+ 22.2
3,009,693,078 2,656,562,924
+ 13.3
5,842,521
1,469,271
33,300,000
New York
.
Rochester
7,604,026
"
Syracuse
6,596,576
3,878,648
3,639,616
3,723,687
4,707,770
608,797
'
Westchester Co
4,054,724
Conn.—Stamford
Newark...^...
4,410,117
651,022
16,814,601
Northern N. J.
23,349,941
N. J.—Montclair
17,420,750
22,367,596
Total (13 cities) 3,112,343,389 2,757,148,468
Third Federal
+ 1.5
—5.6
+ 15.3
+ 6.6
+ 8.9
—6.3
+ 6.9
235,098,317
428,400
—3.5
19,722,926
33.362,002
+ 4.4
351,804
—0.5
+ 1.6
—20.9
512,981
426,187
1,512,590
371,000,000
1,453,818
2,430,633
1,158,713
N. J.—Trenton..
1,133,392
4,747,300
1,187,704
319,000,000
1,288,754
2,572,246
1,051,064
1,401,241
4,170,000
Total (10 cities)
400,276,158
331,836,729
„
2,743,003
937,632
York
.
Fourth
1,965,081
58,104,514
Cleveland
Columbus
96,702,013
*
1.503,711
55,435,497
109,465,750
9,901,600
1,837,929
Mansfield
Youngstown...
City
+4.1
108,022
126,230
+ 29.4
2,925,969
94,255,416
3,341,919
581,385
99,160
133,768
„
2,817,454
+ 9.0
"31,562,265
2,130,372
3,112,608
2,608,733
87,574,051
+ 7.6
104,606,559
87,185,763
+28.5
2,718,722
2,725,545
+ 9.3
603,905
505,905
580,511
2,600,969
531,863
618,071
—6.1
711,424
595,081
137,127,705
126,728,857
+ 8.2
148,606,076
127,416,714
29,587,600
1,157,705
—2.4
+ 21.3
+ 13.7
+ 6.6
—10.8
Reserve
—19.1
1,056,238
1,673,275
+ 13.8
2,332,300
+ 20.6
+ 30.7
+ 4.8
—11.7
District—Da lias—
1,480,229
+6.6
1,180,956
50,004,177
+ 13.6
52,389,203
946,223
44,649.889
7,294,352
+10.0
8,413,669
6,117,609
Galveston!
2,734,000
900,533
6,633,776
2,966,000
—7.8
2,279,000
1,100,495
—18.2
1,013,550
721,742
La.—Shre veport.
3,300,506
3,329,442
—0.9
3,879,311
2,879,597
Total (6 cities).
72,633,781
65,514,119
+ 10.9
69,155,689
57,261,060
_
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
SCO
_
Calif.—L'g Beach
Pasadena
•
+ 11.4
927,635
26,180,863
+ 20.6
34,379,948
18,527,573
Utah—S. L. City
+ 11.5
877,138
31,581,111
.
31,340,189
976,984
Ore.—Portland
San
Franci
1,946,000
34,951,705
Yakima._.T
400,000
516,580
-
13,494,888
+37.3
4,339,195
4,187,799
3,407,316
17,269,130
4,499,660
+ 2.8
3,968,794
138,103,000
2,483,609
+0.3
149,985,000
3,148,144
125,566.000
+2.1
3,503,262
Francisco
138,496,000
.
San Jose
2,536,227
41,523,300
+3.6
34,478,677
758,968
30,096,467
14,607.569
3,967,767
,
2,582,436
2,082,654
Santa Bamara.
1,443,301
1,212,750
+ 19.0
1,375,049
1,226,600
Stockton......
2,310,601
2,117,238
+ 9.1
2,450,007
1,866,118
238,665,959
223,404,790
+ 6.8
258,960,959
217,798,964
5,504,472,599
4,905.568,817
+ 12.2 5,879,293,144 5,257,586,315
Outside New York 2,494,779,521 2,249,005,893
+ 10.9 2,677,593,850 2,312,654,087
Grand
*400,000
304,968
1,250,832
346,000,000
total
(113
cities)
...
1,244,364
2,244,863
1,363,491
1,220,757.
2,753,000
383,009,812
357,298,855
Week Ended May 18
Clearings al—
i-
*
"
Inc. or
.
1938
1937
Dec.
1936
■
Canada-
$
/ %
%
,
$
$
Toronto...
Feder al Reserve D istrict-—Clev eland-
Cincinnati
as
+ 12.2
1939
Ohio—-Canton
Kans
Fort Worth
18,315,714.
*30,804,732
611,790
432,766
381,150
387,000,000
1,465,081
—
Total (10 cities)
439,480
Wllkes-Barre..
94,419,702
1,577,281
+12.9 3,326,209,235 3,050,339,924
301,405
Scranton
106,200,157
Wichita Falls..
4,907,332
1,336,537
1,159,891
40,200,000
31,282,851
762,768
722,104
725,603
527,137
3,201,699,294 2,944,932,228
7,644,445
6,637,621
4,861,093
3,919,788
3,199,062
2,440,117
4,777,475
4,290,409
350,152
Reading
+ 15.6
572,113
56,827,109
7,489,630
Chester.'
Lancaster.
90,509,741
639,012
+ 10.5
Dallas
9,220,100
600,106
„
279,462,171
Bethlehem 1...
Philadelphia...
2,529,372
—13.0
Eleventh Fede ral
Reserve Dls trict—Phila delphi
Pa.—Altoona
(10 cities)
Texas—Austin..
3,851,800
York-
Elmira
2,752,607
1,890,752
621,704
+ 10.0.
+ 12.2
Jamestown....
+ 34.1
85,771
1,90 lf 752
.
Colo.—Col. Spgs.
Pueblo...
2,836,267
1,730,225
448,689
Buffalo
2,088,762
117,608
2,223,489
28,114,777
1,721,770
3,140,488
30,637,840
_
Mo;—Kan. City.
St. Joseph....
412,337
786,799
3,051,161
218,241,979
Binghamton...
+ 4.7
2,730,914
Omaha.!
.
+2.7
587,769
N. Y.-—Albany..
+ 32.4
89,321
2,876,742
Kan.—Topeka.
202,450,633
631,634
+ 14.6
244,876,211
(12 cities)
Second
1936
_%
—21.4
Conn.—Hartford
+ 15.5
743,890
654,748
131,905
Wichita......
507,471
New Bedford..
Total
Boston
1937
Dec.
1,640,249
186,960,427
Worcester.....
1,994,366
Reserve Dis trict
Lincoln
398,679
Lowell
104,613,848
Hastings.
1,897,491
River
685,665
_
Billings.
Neb.—Fremont..
209,566,894
-
.
62,506,966
23,230,148
27,270,882
2,140,007
844,324
714,781
years:
Inc. or
1938
193Q
Portland
68,906,990
+ 10.9
,
detailed statement showing last week's
Clearings at—
Mass.—Boston.
+ 16.5
2,799,993
N. D.—Fargo
S. D.—A berdeen
Tenth Federal
Me.—Bangor
3,051,339
58,808,874
23,548.312
St. Paul
Helena
Week Ended May 20
Federal
3,570,566
•
364,717,726
figures for each city separately for the four
First
'trict—Minn eapolis
2,670,789
+ 19.4
26,124,623
2,304,364
985,109
Minneapolis
Total (7 cities).
We
x
•, x
469,000
117,001,593
509,682,771
x
x
...
Quincy
265,933,274
138,134,222
65,514,119
238,665,959
113 cities
Total
Outside N. Y. City-
3,326,209,235
+20.6
+0.2
+ 11.4
+ 14.1
+ 11.9
+13.4
72,633,781
11
12th San Fran... 10
+ 12.9
331.836,729
104,613,848
7
Minneapolis
2,757,148,468
137,127,705
«•
10th Kansas City 10
11th Dallas
6
235,098,317
146,370,564
• •
4
279,462,171
169,046,319
II
18
%
+ 12.2
134,200,541
••
M
Atlanta....10
7th
8th
218,241,979
279,587,044
7
102,400,060
Ky.—Louisville..
Mo.—St. Louis..
>
244,876,211
464,731,080
«•
4th
%
1936
400,276,158
t«
New York-13
3d
1937
3,112,343,389
12 cities
Boston
Dec.
S
t
Federal Reserve Dlsta.
1st
1938
171,421,780
110,791,201
+ 54.7
129,304,996
145,701,637
Montreal
109,758,517
95,696,503
+ 14.7
114,807,365
86,839,093
3,041,775
68,761,139
102,373,003
11,375,900
1,858,540
53,322,929
Winnipeg
40,478,255
31,720,229
+ 27.6
51,611,288
51,883,124
79,490,976
9,202,600
Vancouver.
17,204,193
14,257,881
+ 20.7
1*9,970,373
17,796,691
Ottawa..;
19,606,783
+ 7.6
—34.6
21,848,860
5,771,949
16,872,062
1,739,195
2,043,557
21,095,186
3,270,190
+ 9.3
2,795,140
2,328,050
118,275,477
9,453,300
+ 4.7
1,570,692
+ 17.0
2,026,551
99,705,035
+ 19.8
2,564,755
2,928,012
+ 9.0
146,887.072
Quebec
•
Total (7 cities).
,
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
108,648,484
279,587.044
'
3,471,679
279,160,536
Reserve Dist rict
377,700
2,578,000
37,408,994
344,007
C.-—Wash'b'n
23,546.599
Total (6 cities).
134,200.541
120,436,633
Md.—Baltimore.
1,173,356
69,115,892
265,933,274
+ 9.8
+ 8.1
+ 10.6
459,642
2,972,000
267,462
2,766,000
33,952,828
1,149,873
56,697,098
+ 9.0
37,660,131
1,268,265
69,144,373
26,629,811
22,168,332
+ 11.4
138,134,222
117,001,593
3,964,825
—1.5
3,293,548
17,837,881
51,600,000
+ 7.9
4,174,660
18,091,683
+ 24.0
59,800,000
873,045
+ 16.4
1,099,291
912,020
18,169,000
22,080,125
1,839,375
+ 5.2
2,667,709
Hamilton
4,893,876
4,925,464
-0.6
5,768,936
4,357,233
4,482,069
4,524,243
—0.9
5,878,429
St. John..
2,198,526
1,736,204
1,955,612
+ 12.4
2,108,240
6,607,344
1,914,353
Victoria
1,775,650
3,101,178
1,591,325
2,579,008
+ 9.1
London
337,931,656
-Rlchm ond—
2,385,000
33,821,115
1,115,142
61,168,011
21,603,358
Richmond
S. C.—Charleston
+ 0.2
Halifax
Calgary
Pa.—Pittsburgh.
2,427,423
4,996,814
2,440,290
+ 20.2
3.182,871
2,982,738
Edmonton
4,129,121
4,055,999
+ 1.8
4,454,703
3,838,763
Regina
3,489,885
+ 8.1
4,529,101
3.754,336
......
Brandon
313,686
3,227,520
358,244
—12.4
353,795
Lethbridge
431,219
415,010
+3.9
483,705
1,291,034
1,259,840
+ 2.5
Saskatoon
1,591,393
292,747
429,095
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta.
Macon
Fla.—Jack'nvllle.
Ala.—Blrm'ham.
18,954,000
21,386,018
Mobile
2,058,654
Miss.—Jackson..
.
Vicksburg.
La.—NewOrleans
x
114,123
37,528,476
727,862
+ 15.4
16.537,000
+ 14.6
+ 5.7
x
575,908
+ 25.0
890,387
+ 2.0
1.020,884
995,016
598,041
797,192
—25.0
849,613
1,313,095
582,627
595,921
169,046,319
148,193,143
584,281
+20.0
x
x
15,392,320
51,800,000
964,085
—2.2
700,806
526,998
203,217
197,682
+ 2.8
264,881
229,933
Peterborough
597,456
607,641
—1.7
697,648
Sherbrooke
638,098
748,627
—14.8
795,777
509,450
1,187,541
1,257,621
—5.6
1,311,585
1,181,027
2,887,823
—6.7
3,376,222
3,212,445
324,358
Kitchener.
...
Windsor
635,231
318,877
3,096,187
308,661
+ 3.3
368,600
17,553,000
Moncton
725,346
722,960
+0.3
865,936
18,132,665
Kingston.
593,006
624,123
—5.0
562,884
532,351
Chatham
543,970
516,306
+ 5.4
681,999
487,034
Sarnla
493,086
457,516
+ 7.8
556,316
499,356
Sudbury
953,916
1.036.293
—7.9
904,767
801,024
403,913,553
316,834,991
+ 27.5
389,977,181
364,717+26
748,127
1,460,203
x
—5.0
129,986
99,360
+8.5
37,440,763
Prince Albert
742,759
32,204,440
Total (32 cities)
Total (10 cities)
1,483,030
Medicine Hat
20,225,971
1,714,877
120,185
34,591,497
720,012
907,909
Fort William
New Westminster
Reserve Dlst rict—Atiant
3,905,538
19,243,077
64,000,000
1,016,521
839,912
Moose Jaw
1,630,438
743,424
Brantford
D.
+ 13.0
+14.1
163,736,903
141,647,748
*
Estimated.
xNo figures available.
Volume
Financial
148
3167
Chronicle
*
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Jan. 31,
1939, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
This statement of the
and net debt
on that date,
making comparison with the
CASH AVAILABLE TO
append a summary thereof,
date in 1938:
we
same
PAY
OBLIGATIONS
MATURING
Jan. 31,
Jan. 31,1938
$
1939
$
Add
or
Deduct—Excess
2,949,580,068
2,932,988,696
Balance end of month by dally statement*
+ 13,700,292
2,963,280,360
+
under disbursements on belated Items...
Deduct outstanding obligations:
Matured Interest obligations.......
15,250,083
2,948,238,779
or
on warrant
39,600,78n
46,738,855
594,078,236
3,485,135
630,423
....
Disbursing officers' checks
i
Discount accrued on War Savings certificates
Settlement
checks.......
~
Total
Balance, deficit (—) or surplus (+)
+
595,83%
Interest Jan.
Payable
Q.-M,
Loan—
3s of 1961
3e convertible bonds of 1946-1947.
Jan.
49,800,000
28,894,500
49,800,000
28,894,500
Q.-J.
31, 1938
$
.
held by the Treasury and reflected
and accrued Interest
thereon, held by the Treasury and reflected in the public debt.
d Figures as of Nov. 30, 1938—figures as of Jan. 31, 1939, are not available.
Offset by cash in designated depository banks and the accrued interest amounting to
$87,739,172.40, which Is secured by the pledge of collateral
as
provided in the Regu¬
lations of the Postal Savings System, having a face value of $87,42#,238.29, cash
in possession of System amounting to $65,784,503.26, Government and Government-
guaranteed securities with
0ther assets.
In
$1,120,713,630 held as investments, and
a face value of
circulation, exclusive of $10,441,639.33 redemption fund deposited
in the Treasury and $341,156,630 of their own Federal Reserve notes held by the
issuing banks.
The collateral security for Federal Reserve notes issued consists of
actual
$4,781,000,000 in gold certificates and in credits with the Treasurer of the United
States payable in gold certificates, and $3,880,000
f Includes only unmatured bonds issued and
face amount of commercial paper.
outstanding.
Funds have been de¬
posited with the Treasurer of the United States for payment of matured bonds which
have
not
been
presented
for redemption.
g Held by the Reconstruction Finance Corporation.
h Does not include $13,000,000 face amount
of Series "J" bonds and accrued
public debt.
interest thereon, held by the Treasury and reflected in the
i Does not include $10,000,000
31, 1939
are
Does not include $709,763,054.17 face amount of notes
c
565,764,206
644,932,649
2.303,306,130+2,397,516,154
$25,000,000
in the public debt.
522,001,80%
3,565,790
deducting amounts of funds deposited with the Treasurer of the United
b Notes in the face amount of
INTEREST-BEARING DEBT OUTSTANDING
TUle of
After
States to meet interest payments.
e
deficiency of receipts over
or
Includes only bonds issued and outstanding.
a
STATES
COMPLETE PUBLIC DEBT OF THE UNITED
face amount of First Series
notes and
accrued
interest thereon, held by the Treasury and reflected in the public debt.
J Bonds In the face amount of $272,500 are held by the Treasury and reflected
in
the
public debt.
Certificates of Indebtedness:
22,500,000
Special:—4s Adjusted Service Ctf. Fund—Ser. 1938
2Xs Unemployment Trust Fund—Series 1938.. 1,074,000,000
4Ho Treasury bonds of 1947-1952
A.-O,
758,945,800
4s Treasury bonds of 1944-1954
J.-D. 1,036,692,900
3tfs Treasury bonds of 1946-1956
M.-S.
489,080,100
3Hs Treasury bonds of 1943-47
J.-D.
454,135,200
3Xs Treasury bonds of 1940-1943
J.-D.
352,993,450
3Xs Treasury bonds of 1941-1943..
..M.-S.
544,870,050
3X8 Treasury bonds of 1946-1949...
J.-D.
818,627,000
3s Treasury bonds of 1951-1955
M.-S..
755,432,000
3X8 Treasury bonds of 1941
F.-A
4Xs-3Xs Treasury bonds of 1943-1945.
A.-o.
3Xs Treasury bonds of 1944-1946
......A.-O.
3s Treasury bonds of 1946-1948
—..J.-D.
3Xs Treasury bonds of 1949-1952
J.-D.
2X8 Treasury bonds of 1955-1960
.M.-S.
2X8 Treasury bonds Of 1945-1947
M.-S.
2X8 Treasury bonds of 1948-1951
M.-S.
2Xs Treasury bonds of 1961-1954.
......J.-D
2Xs Treasury bonds of 1956-1959
M.-S.
2X8 Treasury bonds of 1949-1953——......J.-D.
2X Treasury bonds of 1948
2Xs Treasury bonds of 1960-65—...
1947
C, 1937
C, 1938...
S. Savings bonds, series
_
D, 1939..1.—;
:
Unclassified sales
of 1945
4Xs Adjusted Service bonds, (Govt. Life Insurance
3s Adjusted Service bonds
981,837,550
Treasury notes
Treasury bills..
Aggregate of Interest-bearing debt.......
Bearing no Interest....
....
Matured, Interest ceased............
-
.......
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
'.V'
■■■
......
cl83,672,022
c340,772,636
c413,370,634
cl3,067,400
'..
cll5,590,010
340,739,450
39,107,057,448 36,893,508,228
424,650,210
466,312,515
109,391,985
98,735,070
—b37,337,793,513 35,061,039,660
-
of foreign governments or
other investments,
c Amounts issued and retired include
outstanding are stated at current redemption values.
accrued discount; amounts
LIABILITIES OF
CONTINGENT
THE. UNITED
STATES.
JAN.
31,
1939
•
'
Vernon,
$25,000
May 18—The United States National Bank of San Diego, San
Diego, Calif.
From $101,000 to $121,000; amount of increase..
20,000
May 19—Frederick County Natignal Bank of Frederick, Fred¬
erick, Md.
From $75,000 to $100,000; amount of increase
25,000
CHANGE
OF
TITLE
May 18—Knox National Bank in Mt. Vernon, Mount Vernon,
Ohio, to: "The First-Knox National Bank of Moun$ Vernon."
PREFERRED
Bank of San Diego, San
'
/
$50,000
rr:
AUCTION SALES
The following
securities
were
v
■
'
STOCK ISSUED
May 18—The United States National
Diego, Calif, (sold locally)—
■
sold at auction on Wednesday
of the current week:
v»
1
;
By Crockett & Co., Boston:
3 Eagle
a
Liability
Total
310
Stocks
.
391,878
206,174,000
1206,565,878
Fed. Farm Mtge. Corp.:
835,085,600
98,028,600
236,476,200
103,147,500
100,122,000
9,900,000
3% bonds of 194+49.
3X% bds. of 1944-64.
3% bonds of 1942-47.
2X%)>ds.of 1942-47.
1 X% bonds of 1939..
*1X% bonds 011939..
5,288,875
1,203,573
315,301
1,181,898
625,762
30,937
Co. common v. t. c
*1,382.759,900
2,713
1,391,406,248
.
,'
670,750
.
3,228
1,425,560
5,942
778,579,375
5,839,344
757,524
673,978
1,431,502
Home Owners' L'n Corp:
3% bds.', ser. A, '44-52
2X% bds., ser. B,
325,254,750
813+36
828,213,825
Reconstr'n Fin.
1,552,898
f2,887,635,825
1942-44
955,587,875
326,067,886
^829,766,723
h2
895,841,205
Corp.:
1
180,000
X% notes, ser. K___
X % notes, ser. N
Vs% notes, ser. P
297,439,000
Tenn. Valley Authority.
509,079,000
0)
U. S. Housing Authority
211,460,000
61,335
661,432
722,767
180,000
211,521,335
298,100.432
c509,801,767
103 & lnt
B....103 & lnt
52 & lnt
NOTICES
that Langill
their correspondent, and that a
direct private wire has been installed between the offices of the two firms
to facilitate the transaction of a general over-the-counter business between
the two cities.
Langill & Co. are members of the Chicago Stock Exchange
and the Chicago Board of Trade.
Pelz & Co. has branch ofices in Albany,
Rochester and Syracuse, and correspondents in Pittsburgh, Cleveland and
St. Louis, with direct private wire connections to these cities.
Broad Street, New York City, announce
Stock Exchange,
announce that Alfred W. Young has become associated with them in their
New York office in charge of the corporate bond trading department.
Mr.
Young was formerly with A. M. Kidder & Co. in charge of their bond trading
department, and prior to that was for more than a decade associated with
the bond department of Stone & Webster and Blodget, Inc.
—The Bond Club of Louisville, Louisville, Ky., will hold their outing on
June 14 at the Louisville Boat Club on Upper River Road.
There will be a soft ball game at 2:30, with dinner at 6:30.
&
Co., members of the New York
—Fahnestock & Co., members
other
(b)
Total, based on
5,005,046.602
REDEMPTION
and
become
of the New York Stock Exchange
that George S. Goodspeed has
Co-Manager of their New Haven cffice.
leading exchanges announce
associated with them as
U. S. Maritime Comm..
guarantees
5X
70
Percent
_
784,418,719
8,205,380
19X
of 134 So. La Salle Street,, is now
"^L-KeanT"Taylor
955,587,875
1939-49
1 X% bds.",ser.F," 1939
2X% bds., ser. G.
-.- — .
»•
•
& Gas Co. 5s, April, 1952, series A
Gas System, Inc., 5s, April 1952, series
Ry. 4s, July, 1956, series B._
CURRENT
Pelz & Co. of 50
Fed'l Housing Admin.:
debentures....
\
$1,000 Greenwich Water.&
$1,000 Pere Marquette
840,374,475
99,232,173
"236,791,501
104,329,398
100,747,762
9,930,937
8,646,348
754,810
......
—
,
v
Peoples Trust; $100
•..^.......-..-..$111 lot
70
t. c
Life Insurance Co.,.Par $100-......--.-... +
$1,000 Greenwich Water
& Co.,
debentures
400 Nevada Douglas Copper Co.,
S.
Bonds—
Commodity Credit Corp.:
X % notes,ser .C, 1939
par $5;
5 Newbury Street Garage common v.
S
U. S.~
$ per Share
..$15 lot
.
Building Trust, par $100-...-
First National Copper Co.,
1 Columbian National
Guaranteed by
4X
12X
10
Lock Co., par $25—
5 Regent
Interest
-
......
par
Detail
Principal
$ per Share
••
$50
Mfg. Co. 7% preferred, undeposited
By R. L. Day & Co., Boston:
Shares
U.
Amovnt of Contingent
•;./
Stocks
100 Farr Alpaca Co., par
$5; 200 Majestic Mines, par $5; 10 units First
Treasury 3s, June 15, 1948-.......- —
1 Columbian National Life Insurance Co., par $100
Compiled from Latest Reports Received by the Treasury
"
Amount
'
STOCK INCREASED
CAPITAL
COMMON
150 Massachusetts
2X%
!
,
25 Eastern
debt Jan. 31, 1939, on the basis of daily Treasury statements, was
$39,631,276,260.53, and the net amount of public debt redemption and receipts in
transit, &c., was $9,823,382.72.
b No reduction is made oh account of obligations
Total gross
3%
r,
■:
•
Shares
.
■:
——
Net debt
„
BANK
NEW
May 13—State National Bank of Decatur, Decatur, Ala,
Capi¬
tal stock consists of $250,000, all common stock....
$250,000
President, T. J. Cottingham; Cashier, J. S. Wyatt.
Conver¬
sion of Tennessee Valley Bank of Decatur, Ala., with 13
branches, all located in the State of Alabama, as follows:
Albertville, Marshall County; Athens, Limestone County;
Collinsville, De Kalb County; Courtland,* Lawrence County;
Cullman, Cullman County; Falkville, Morgan County; Flor;;
ence,
Lauderdale
County; Haleyville,
Winston County;
Huntsville, Madison County; Leighton, Colbert County;
Scottsboro, Jackson
County; Sheffield,
Colbert County; •
Tuscumbia, Colbert County.
May 17—Knox National Bank in Mt. Vernon, Mount
Ohio."
From $125,000 to $150,000; amount of increase.
»39,64J,099,643 37,458,555,814
add Treasury deficit ._+ 2,303,306,130+2,397,516,154
Deduct Treasury surplus or
a
BANKS
NATIONAL
The
1,786,150,050
540,843,550
500,157,957
500,157,956
J.-J.
117,776,160
118,065,420
...10,114,872,250 11,681,393,350
1,309,165,000
1,951,933,000
-
2Xb Postal Savings bonds
Total debt
1,035.874,400
491,375,100
2,611,095,150
1,214,428,950
1,223,496,350
1,626,687,650
295,016,700
......
Fund series 1946)
834,453,200
1,400,528,250
1,518,737,650
591,089,500
701.074,900
c.178,701,819
c329,ll 6,773
c432,183,247
c473,772,424
c21,249,88l
cl55,264,187
U. S. Savings bonds, serles B, 1936
.
818,627,000
755,434,500
918,780,600
866.397,200
U. S. Savings bonds, series A, 1935
U
352,993,450
544,870,050
834,453,200
J.-D,
M-S
—
2Xs Treasury bonds of 1950-52.
U. S. Savings bonds, series
U. S. Savings bonds, series
454,135,200
1,400,528,250
..._J.-D.
J. D.
2Xs Treasury bonds of 1958-63
2s Treasury bonds of
758,945,800
1,036,692,900
489,080,100
1,518,737,650
1,035,874,400
491,375,100
2,611,095,150
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,143,150
J.-D.
540,843,550
..M.-S.
450,978,400
2X8 Treasury bonds of 1945....
31,000,000
648,765,000
;
CALLS
AND
SINKING
FUND
NOTICES
On Credit of U. S.:
Postal Savings System:
Funds due depositors.
Tenn.
Valley Authority.
1,250,365,448
g3,000,000
34,664,865
31,438
dl
285,030,314
3,031,438
Total based on credit
of the United States
1,288,061,752
Other Obligations—
F
R. notes
found a list of bonds, notes and preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle :
Company and Issue—
1
oa?a
Aluminium, Ltd, 5% debentures.....
.............July 1
2414
American Ice Co. 5% debentures
June 1
2570
Below will be
Secretary of Agriculture.
(faceamt.)_.
e4.328.284.790
stocks of
3168
Financial
Company and Issue—
Date
,
♦Arkansas Louisiana Gas Co.
1st mtge. 4s
July
W. S. Barstow <fc Co., 6% s. f. gold debs
Bedford Pulp & Paper Co. 1st mtge. bonds
Beech Creek Coal & Coke Co. 1st mtge. 5s
1
June
i
..June
1
1
1
2892
1
2737
6
2892
27
3059
3059
2738
2421
27
1
15
40c
SIM
SIM
25c
_
$3M
Convertible preference (1935) (quar.)
Commonwealth & Southern Corp preferred
1
1474
3220
2583
2742
Consumers Power Co. $5 preferred
1
Commercial Investment Trust Corp. (quar.)
2*460
440
June
SIM
SIM
$1M
$1M
SIM
Aug.
July
July
July
July
15c
June
1179
2600
°
3082
2604
1975
.2605
2757
.
1977
Genera
General
1978
General
General
1661
General
3247
2609
;
50c
25c
—
2612
2921
3087
3249
Grant
show
the
Then
we
follow with
a
second table in which
News Department" in the week when declared.
The dividends announced this week are:
Nome of Company
Share
Steel, 7% preferred
Altoona & Logan Valley Ele trie Ry. Co
American Bank Note (no action)
Preferred (quar.)
American Can Co. preferred (quar.)...
l
.
.
75c
t25c
2c
25c
$1M
SIM
15 June
6
1 June
10
20c
.
_
American States Insurance Co. (Indianap., Ind.)
American Sumatra Tobacco
Corp.
Anaconda Copper Mining Co
a...;
1
6
June 27 June
14
Aug.
1 June 23
June 30 June 10
l()c
June
1 June 20
June 26 June 15
SIM
6Mc
18Mc
July
35c
June
16 June
1
25c
June
15 June
2
June
15 June
1
June 30 June
16
2 Mc
25c
t50c
•
S3
SIM
75c
SIM
75c
June
30
June
15
June
15
June
10
June
10
June
15
June
15
June 23
June 20
May 31 May 25
June
July
15 June
1
3 June 15
2
June 15 May 31
June 15 June
Tune 30 June
-
3
June 30 June 16
July
Aug.
July
July
July
15'June
3
1 June 16
l'June 20
liJune 14
l'June 14
.
July
June 12 June
June 301 June
J100
JIM
July
50c" July
25c
$1
40c
j,
20c
62 Kc
A
8
llJuly
75c
25c
5
9
SJJune 15
3June 15
June
7iMay 31
June 15 June
2
June 30 June 15
June 30 June 26
June
1 May 25
14 June
June
3
June 26 June 10
July
1 June 20
25c
June 26 June
June
15
15 June
1
10
$2
June 30 June
19
...
cum.
June
preferred (qqar.).__
25c
i
International Petroleum Co. (s.-a.):
Special
International Salt Co. (quar.)..,
International Silver Co., preferred
June
1 June 20
$1^
J75c
-
*25c
;
37 Mc
."
$2
75c
...M
15c
$1M
Light Co. 1st pref. B
1 May
1 June
19
15«
1 June
June
July
July
13
July
June
July
July
July
SI H
June
2
15 "
1 June
15
June
15 May 29
June
July
July
14 May 31
10 June
3
1 June 16
SIM
75c
37 Mc
12
*|c
25c
50c
June
1 June
19 June
June 30 June
June 24 May
June 24 May
13
3
12
31
31
15 May 31
Jdne 20 June
5
June
1 May 25
June
15c
May 15 May
9
1 June 19
July
1 June 19
July
1 June 16
July
1 June 17
July
May 31 May 22
25c
June 29 June
50c
June
S2M
S2M
Dec.
30c
Merck & Co
25c
Preferred (quar.)
Mesta Machine Co
SIM
25c
SI
Monsanto Chemical Co. (quar.)
$4H preferred A (s.-a.)
Preferred B (s.-a.)
Modine Mfg. Co
National Bond & Investment Co
25c
20c
SIM
5% preferred A
National Breweries, Ltd.
Preferred (quar.)
National Cash Register
50c
(quar.)
44c
25c
12Mc
SIM
...
National Oil Products (interim)
25c
National Sugar Refining Co
Natomas Co. (quar.)..
New England Fire Insurance
25c
20c
13c
(quar.)
(s.-a.)
New York & Harlem RR.
Preferred (quar.)
North American Co. (quar.)
6% preferred (quar.)
6% preferred (quar.).
5H% preferred (quar.).
_
S2M
S2M
-
30c
ȴso
71 Mc
9
15 June
1
1 Nov. 10
Dec.
1 Nov. 10
June 20 June 10
June 21 June 10
June 21 June
10
3 June 15
3 June 15
15 June 30
June 30 June 16
July
July
July
1 July 21
Aug.
June 30 June 20
1 June
July
6
1 June
July
5
July
July
July
July
July
July
July
I
15
1 June
June
1M %,
-
1
1
S3
,
....
May Hosiery Mills, class A (quar.)
Merchants Fire Insurance (Denver)
16 June
1
1
14
5c
25c
Class B
1 June
25c
.
Maryland Fund, Inc
K
June 15 June
June 15 June
5c
Lehn & Fink Products Corp
Lessing's, Inc
Libby, McNeil & Libby 6 % preferred
Liggett & Myers Tobacco, preferred (quar.)....
Lindsay Light & Chemical Co., preferred (quat.)
Lone Star Cement Corp
Louisville Gas & Electric Co. class A (quar.)
National Lead Co
Preferred B
16
16
1 June 15
July 10 June 22
June
1 May 19
SIM
SIM
Kings County Lighting 7 % pref. B (quar.)
6% preferred C (quar.).
5% preferred D (quar.)..
Lane-Wells Co
Master Electric Co
1 May
1 May
July
(C. E.) & Co
Kansas City Power &
Kerr Lake Mine Ltd
15 May 31
June
87Mc
....
.
7% preferred (quar.)
•_
:
Ingersoll Rand Co., 6% preferred (s.-a.)
Mid vale Co..
25c
_IIII
~~
10
Ij
June 30 June 15
JIM
Milnor, Inc. (irregular)
Mission Corp.
SIM
$2
July
July
June 21 June
1
7
July
July
tsiM
June 20 June
10c
7
15
3
1
1
1
3
3
15
15
JS1
„
June
56 Mc
;
1 June
1 June
July
July
July
July
July
5
15
ljJune
9
PJune 10
25c
June 15 June
July
July
July
July
SIM
25c
(quar.)__.
5
15 May 31
lOd.
Burry Biscuit Corp. 6% preferred (quar.)
10 June
June
S3M
50c
$1
25c
Traction, Light & Power, pref. (quar.)
Briggs & Stratton Corp
15 Junq
June 22 June
62c
....
Bell Telephone of Canada (quar.)
Bell Telephone of Penna., preferred
(quar.)
Bellows & Co., A (quar.)
Bristol Brass Corp. (quar.)
British-American Tobacco Co.
Budd Wheel Co. 7% preferred
15
25c
50c
(quar.)
Brazilian
June
9
75c
...
Bayuk Cigars, Inc
1st preferred (quar.)
Beatty Bros., 2d preferred (s.-a.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
Extra
.I
Belding-Corticelli, Ltd. (quar.)
Black & Decker Mfg. Co. common
(quar.)
Bornot, Inc., class A
Boston Woven Hose & Rubber Co.,
pref
1 Aug. 25
June 30 Jyme
July
1 June
25c
.
Basic Dolomite, Inc
Berghoff Brewing Corp. (quar.)
Bishop Oil Co. (quar.)
1 June 15
1 Tune 14*
9
1 June
9
1 June
June 20 May 31
12Mc
S2M
....
Constable Corp
Atchison Topeka & Santa Fe Ry.
preferred
Atlas Corp. common (quar.).
Atlas Press Co. (quar.)
Autocar Co., preferred (quar.)
Badger Paper Mills (irregular)
Bangor & Aroostook RR. Co. (quar.)
Preferred (quar.)„_,
Arnold
30c
25c
6
July
July
July
July
Sept.
July
July
l'June 12
June 15'June
8
SIM
Investment Corp. of Phil a.
June
t75c
$5 preferred (quar.)____
t62Mc
American Public Service 7% preferred.
tSIM
Amer. Radiator & Standard Sanitary, pref.
SIM
(qu.)
American Safety Razor (quar.)
30c
_,
15
6
25c
(W. T.)Co. (quar.)
Jamieson
15 June
25c
June 30 June
July
1 June
June 15 June
•SIM
SIM* July
ljJune
15c
1 June 16*
June
July
14
Aug. 31 Aug. 16
Nov.
1 Sept. 15J
25c
1 June 12
15c
Anferican Home Products Corp. (monthly)
American Power & Light Co. $6 pref.
(qu.).
Preferred
1 May 20
5
June 24 June 10
15 June
...
SIM
30 June
June
5c
7%
Holders
July
July
68Mc
10
May 24
Indiana Hydro-Electric Power Co.
SIM
American Cities Power & Light, class A (quar.)
Option dividend cash or class B stock.,
American Hawaiian Steamship
'
16
June
9
Illinois Bell Telephone
r__
American Chain & Cable
Preferred (quar.)
June
July
July
July
July
May 31
Idaho-Maryland Mines Corp. (mo.)
June
June
16
JIM
Class B (interim)
Hewitt Rubber Corp
Payable of Record
t75c
$1
June
7*
1 June 20
62 Mc
;
Hathaway Mfg. (irregular)(extra)
Hoskins Mfg. Co
Houdaille-Ifershey class A (quar.)
■*
When
15c
Alan Wood
16
3c
International Business Machine.
Acadia Sugar Refining (interim)
9
June
15c
-
Industrial Credit Corp. of Lynn
(quar.)
Per
15
23
23
June 30 June
1
Transport
Box Co. (s.-a.)
.'
Candy Corp., class A
Mills 6% preferred (quar.)...:
Railway Signal, preferred (quar.)
Re-Insurance (quar.)
Hecker Products
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the eonppany name in our "General Corporation and Investment
we
20
June 21 June
t7Mc
_
current week.
15
27
June 30 June
10c
Grumman Aircraft Engineering
Hamilton Watch Co..
■.
Hancock Oil Co. (Calif.) A & B (stock div.)
Harshaw Chemical Co. 7% preferred
(quar.)
are grouped in two separate
tables.
In the
bring together all the dividends announced the
June
July
July
May
June
July
June
July
May 31 May
May 31 May
July
20c
Preferred (quar.)
Dividends
May 20
50c
Greene Cananea Copper.
;
Group No. 1 Oil
Great Western Sugar Co., preferred (quar.)_.,___
Common (quar.)
:
•
'
1 May 25
June
50c
...
Preferred (quar.)
h
Glidden Co., preferred (quar.)
Globe Wernicke Co., preferred
(quar.)
3087
June
50c
American
Extra.
14
30c
:
Gillette Safety Razor
DIVIDENDS
we
15
75c
...
first
June 24 June
SIM
SIM
SIM
1977
3243
...
10
1 June 10*
15
1
Genera
May 25
May 25
June
June 29 June
15
SIM
JIM
—
2604
9
15
June 15
June
June 30 June
12Mc
Ml M
Ml M
Draper Corp. (quar.)
;—»
Driver-Harris Co. preferred (quar.)
Duquesne Light Co. 5% 1st preferred (quar.)..
846 S Broadway Co. (quar.)
....
3081
1655
3242
9
June
June 3u June
Engineers Public Service, $6 preferred (quar.)..
S5M preferred (quar.)...
.§5 preferred (quar.).Ex-Cell-O Corp
Exolon Co. (irregular)
,
Faiconbridge Nickel Mines..
,!
Falstaff Brewing Corp. (quar.)
....
Preferred (s.-a.).
;
J,
Famous Players Canadian (quar.)
First National Stores (quar.)
Gamewell Co., preferred (quar.)..j
Gannett Co., Inc., $6 con v. preferred
.'
2755
...>
June
July
25c
Electric Storage Battery Co
Preferred
"
2754
2912
10*
9
May 29
June 30
June 24 June
Electric Controller & Mfg
2753
2601
10#
June
15c
Cream (quar.):
Extra..
Electric Boat Co
June
June
•10c
—
'
9
50c
„
887
3078
2752
3079
June
2.5c
_
1176
—
\$1.
12Mc
Dominion Foundries & Steel, 6% pref. (quar.)
Dominion Textile Co. Ltd
...
2598
.
(quar.)
Detroit Harvester Co
Dixie Ice
1 May 24
5
60c
...
2751
'2596
1
15 June
July
July
July
_
Crowell Publishing
i
David & Frere Ltd., A (quar.).—....
Extra.
3073
3076
June
June
75c
—
......
3072
10
1
—
2274
2591
1811
20 June
9
—
3221
15 June 30
June
5 June
$4M preferred (quar.)
^
Continental Telep. Co. 7% partic. pref. (quar.).
6M% preferred (quar.)
L
1
Cook Paint & Varnish (quar.)
Preferred (quar.)
Creameries of America, Inc. (quar.)
Crown Cork International Corp. class A_„
3064
July
June 20 May 31
June 20 May 31
June 30 June
June 30 June
Consolidated Amusement, 6% preferred (quar.)
Consolidated Edison Co. N. Y. $5 preferred—
1
1
15
S1.C6M
2738
1
15
July
June 20 May 31
July 25 June 80
$1
$1.06 M
3060
3219
1
June
July
Aug.
June 26 June
City & Suburban Homes
Commercial Credit Co. (quar.)
Preferred (quar.)
1
5
Holders
When
Payable of Record
$10
20c
1
—June
Volume 147.
J30c
}75c
Chapman Valve Mfg. Co., 7% pref. (s.-a.)
15
-
x
Central Ohio Steel Products.
2579
....
wees:,
40c
•SI M
x%\y<
Cincinnati New Orleans & Texas Pacific
1
,
Announcements this
Share
—
2116
1
of Company
Buffalo, Niagara & Eastern Power, pref. (quar.)
First preferred (quar.)
Canada Cement Co., pref
Canada Northern Power Corp. (quar.)
7% preferred (quar.)
Carpenter Steel Co
Central & South West Utilities $7 pr. lien pref..
$6 prior lien preferred
3216
1
July 17
Kokenge Co. common stock
May 31
Kanawha Bridge & Terminal Co. bonds
l
June
1
Kaufmann Department Stores 7% preferred stock...;
June 30
Manila Gas Corp. 1st mtge. 6s
July
1
Marchant Calculating Machine Co. 7% pref. stock
June 30
(Conde) Nast Publications. Inc., 1st mtge. 5Ms
June 15
National Gypsum Co. 4M% s. f. debs
.....June
1
National Steel Corp. 1st mtge. 4s
June 26
New York City Omnibus Corp. prior lien bonds
July
1
Nord Railway Co. 6M% bonds
Oct.
1
Northeastern Water A Electric Co. coll. trust 6s
Aug.
1
Northern Oklahoma Gas Co. 1st mtge. 5s_.
June 15
Northwestern Utilities, Ltd., 1st mtge. 6s.
June
1
Pacific Lighting Corp. $6 pref. stock
...July 15
Paris Orleans RR. 5M% bonds
—;
;
Sept. 1
Paris-Orleans RR. 6% bonds
*
*
June
1
Pennsylvania Glass Sand Corp. 1st mtge. 4Ms
June
1
Phelps Dodge Corp. 3M% debentures
June 15
Pittsburgh, Youngstown & Ashtabula Ry. 1st mtge.
bonds
—May 31
Portland General Electric Co. 5% bonds
June
9
Power Securities Corp. coll. trust bonds__
..June
1
Prescott Gas & Electric Co. 1st mtge. 6s
June
2
Procter & Gamble Co. 5% preferred stock—
June 15
♦Roanoke Water Works Co. 1st mtge. 5s
July
1
Robertson Paper Box Co. 6% pref. stock
„
July 15
Safeway Stores, Inc., 10-year 4% debentures—
..June
1
San Jose Water Works 1st mtge. 3Ms--——
..June
1
Servel, Inc., 1st mtge. bonds
...July
1
Signal Oil & Gas Co. 6M% debentures.
June
1
Sherwin-Williams Co. 5% cum. pref. stk...
June
1
1st lien 5s, series A
May 29
1st lien 5s, series B
May 29
♦Socony-Vacuum Oil Co., Inc., 15-year 3Ms—
^..July 21
(A.) Stein & Co. 6M % preferred stock
July
1
Timken Detroit Axle Co. 7% preferred stock
June
1
♦Union Twist Drill Co. 7% preferred stock
July . 1
United Biscuit Co. of America 5% bonds
...June
1
Warner Brothers Pictures, Inc., 6% debs
June 29
Weston Electrical Instrument Corp. class A stock
July
1
Western United Gas & Electric Co. 6% pref. stock.!
July
1
6M% preferred stock
*,
July
1
♦White Sewing Machine Corp. 6% debentures..
June 16
♦
Per
2735
Julian &
-
May 27, 1939
Name
1947
2887
1795
2573
1
1
,
International Salt Co. 1st mtge. 5s
International Salt Co. 1st mtge. 5s
3212
2256
1
June
British Columbia Telephone Co. 1st mtge. 6s
.June
Bucyrus-Monighan Co. class A shares—...
July
Budd Realty Corp. 1st mtge. 6s
..June
♦Buffalo & Fort Erie Public Bridge Authority 1st lien 5s__July
Chippewa Power Co. 1st mtge. bonds
I
...June
Colgate-Palm oil ve-Peet Co. 6% pref. stock
Aug.
Colorado Central Power Co. 1st mtge. 5Ms—
June
Commercial Credit Co. 2*M% debentures
July
Commonwealth Edison Co. 1st mtge. 4s
June
1st mtge. 3 Ms
June
Connecticut Ry. & Lighting Co. 1st mtge. 4Ms..
July
Consolidated Laundries Corp., 6M% 10-year notes
June
Consolidated Oil Corp. 15-year con v. 3 Ms
June
Container Corp. of America 1st mtge. 6s
June
♦Continental Steel Corp. preferred stock
July
Crane Co. 3M% debs
:
June
Cuban Telephone Co. 1st mtge. bonds—
.Sept.
♦Empire Properties Corp. collateral trust bonds
July
Fairbanks Morse & Co. 4% s. f. debentures
June
Gatineau Power Co. 1st mtge. 5s
June
General Motors Acceptance Corp. 3% debentures.
Aug.
♦GeorgiarCarolina Power Co. 1st mtge. 5s...___
^iJuly
Chronicle
Page
1 June
1 June
15
15
1 June
1 June
15
10
25 June 30
1 June
10
1 June
10
Volume
143
Financial
Per
Name of Company
Share
Northern Ontario Power Co.
(quar.)
J60c
6% preferred (quar.)
tllH
Northern States Power Co.
(Wis.) preferred
Ohio Finance Co
40c
SIX
4
Oklahoma Gas & Electric,
7% pref (quar.)____
6% preferred (quar.)
Park & Tilford, Inc., pref. (quar.)
May 20
June
10
June
10
May 31
May 31
June
Tuly
July
July
July
July
$1
SIX
50c
30c
June
June
Tune
1
15
June
June
1
15
June
15
1 June 15
15 June 21
28 June
19
1 June.
1 June
1 Tune
1
5bc
iuly
luly
Tuly
50c
June 27 June
15
50c
June 27 June
1
9
31 He
37 He
IX %
IX %
,.
.
__
_
_
50c
37 He
$4
(initial)
9
Tune
9
Tune
9
1
June
15
June
June
1
Tune
30
2
June
July
.Tune
Tune
May 27
10
15
Tune
10c
May 26 May 25
25c
June 3b
June
15
July
July
June
10
June
10
June
May 25
37 He
12 He
93c
SI H
SI H
5c
15c
June
June
1
Aug.
July
5
June 21 June
15 June 15
lblMay 31
June
10c
Thermoid Co., convertible preferred
Thew Shovel Co., preferred (quar.)__^
Toronto Elevators 5X % preferred
(quar.)_
Truax-Tratr Coal, 6% pref. (quar.)__
June
June
30 June
June
66c
5H% preferred (quar.)
SIX
six
si x
;
Tuckett Tobacco Ltd., pref. (quar.)
Tyler Fixture Corp', (irregular)
;
12
15 June
10c
60c
SI %
Texon Oil & Land
June
June
20c
,
9
July
July
37 He
50c
75c
Sterchi Bros. Stores, 1st pref. (quar.)
20c
1 May 15
June 30 June 20
June 30 June 20
5
9
5
15 June
15 June
1
June
7 May 30
June
15 June
15 June
5
15 June 30
July
15c
May 31 May
1 May
June
1 May
Tuly
1 Tune
July
1 June
July
1 June
June
20c
Sept. 15 Sept.
5
25c
June
1
25c
25c
June 15 June
June 20 June "
10c
July
35c
Union Carbide & Carbon Corp__
Union Pacific RR. (quar.)
United Carbin Co. (quar.)
United-Carr Fastener Corp.
40c
5nc
^
SI H
1,
(quar.)
______
Quarterly
__'
Veeder-Root, Inc. (quar.)
__;
i
Wagner Electric Corp. (quar.)
;
Waldorf System, Inc.
£
Warren (S. D.) Co. (quar.)
Washington Water Power, preferred (quar.)
Waukesha Motor Co
Weston (Geo.) Ltd. (quar.)
•
„■
50c
SI H
25c
.___
20c
Wisconsin Power & Light, 6% preferred.
__
7% preferred_______
Service,, 7% pref
_____
Wisconsin Public
6 H %
preferred.
preferred
SIM
SIM
SI H
SIM
•
_
(Rudolph) Co
15c
Yale & Towne Mfg. Co
Youngstown Sheet & Tube Co., pref.
15c
_■
(quar.)__
SIM
22
22
22
2
5
15
15 June
5
15 June
1
1
1 June 20
June 26 June 16
lune 15 May«25
July
July
SI H
June
SI .31M June
•
6%
Woolf Bros., preferred (quar.)..
June
June
June
June
June
May
July
July
1 June
1 June
15 May
15 May
20 May
20 May
20 May
1 May
31 May
1 June
1 June
15
15
31
31
31
31
31
20
25
9
17
Below we 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.
,
Name of
Per
Company
Extra
25c
of Record
40c
__.
■:
10c
Preferred
(quar.)
(quar.)
Aero Supply Mfg., class A (quar.).
Aetna Ball Bearing.
Agnew-Surpass Shoe Stores pref. (quar.)
Agricultural Ins. Co. Watertown, N. Y.
tlX
...
Acme Steel Co.
June
1 May
June 30 June
June 30 June
July
25c
June
37Mc
July
25c
June
tlX
July
July
(quar.).
75c
Alabama Water Service Co., $6
pref. (quar.)
Alaska Pacific Salmon
tlX
50c
Allegheny Ludlum Steel
Allied Mills, Inc
$1H
75c
prer.
(quar.)'__
Allis-Chalmers Mfg. Co
25c
;
Alpha Portland Cement._:
25c
*
Aluminium Ltd., 6% cum. pref.
Aluminum Mfg. Co., Inc.
(irregular)
(quar.)
1.50
50c
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Arch Co. (quar.)
American Box Board (quar.)
7% cum. preferred (quar.)
Corp, partic.
Envelope Co. 7% pref. A (quar.)
7% preferred A
(quar.).
7% preferred A (quar..
[•.)American Felt Co., 6% preferred.
American Forging & Socket
American
American Fork <fc Hoe
American Gas & Electric Co. (quar.)
Preferred (quar.)
30 June
31 Dec.
15
1 May
1 May
19
18
18
June
1 May
1 May
June
1 May
Tune
15 June
1
June 15 June
1
June 30 June 15
June
$2
June
June
5c
15
15
June
25c
pre.
15
Sept. 30 Sept.15
Dec.
June
$1
$1H
15
$15*
$15*
$15*
t$lH
July
12 He
June
June
Sept.
Dec.
1 May
1 May
20
20
1 May 20*
1 May 25
1 Aug. 25
1 Nov. 25
1 June
1
1 May 20
15c
June
15 June
5
40c
June
15 May
16
tlX
Aug.
75c
June
62Hc
___,
American Hide & Leather preferred
Preferred (quar.)
15
June
31 Dec.
June
Corp., $3 pref. (quar.)
$2H preferred (quar.)
$2 preferred (quar.)
30 June
Sept. 30 Sept. 15
4c
American Cigarette & Cigar pref.
(quar.)
Dock.
Preferred (quar.)
American Electric Securities
American General
June
17Hc
15*%
American
50c
'
j.
t$2
75c
June
June
1
July
8
1 May 15
1 May 15
1 May 15
June
Jxine 15 June
June 15 June
7
7
1
June
1 May 20
15 May
1
1 May
8
June
15 June
1
June
1 May
15
June 30 June
15
25c
15c
June 30 June
15
June
12
15
15
1 May
June 30 June
June 30 June
July
June
12
25c
June
May
May
May
May
May
May
22
19
31
20
15
15
Bangor Hydro-Electric Co., 7% pref. (quar.)__
6% preferred (quar.)
June
June
June
June
June
10
June
10
June
15
June
May 18
June
25c
5% preferred (quar.)
Bigelow-Sanford Carpet preferred
Preferred (quar.)_
Birmingham Water Works Co., 6% pref. (qu.)_
Blue Ridge Co., $3 pref. (opt. cash or com.
stk.)
June
June
15c
Corp. (quar.)__>
July
July
30c
Bendix Aviation Corp
Beneficial Loan Society (Del.)
(quar.) —
Bethlehem Steel Corp. 7% pref.
(quar.)
$15*
tlX
606
Bank of America N T & S. A.
(quar.)___
Barlow & Seelig Mfg. class A
(quar.),
Belmont Radio
June
12Hc
$15*
25c
May
6
May 20
June
July
July
June
2
June
2
June
'
ttlX
six
SIX
June
May 15
May 15
June
June
75c
June
May
5
25c
______
,
July
July
July
June
15
July
July
May
June 15 May
June 30 May
June
July
15
15
16
25
31
$1
4
Class B (quar.)_______
62jS*c
,_
Borden Co., common (interim)
30c
Borne-Scrymser Co_
$1
$2H
Boston & Albany Railroad Co
Boston Electric Ry. Co. (quar.)________
Bower Roller Bearing Co
_
Brach (E. J.) & Sons (quar.)
Extra 1
;_>___
SIX
Bridgeport Gas Light Co. (quar.)_____
Bright (T. G.) & Co., Ltd., com- (quar.)
Preferred (quar.)
Bristol-Myers Co. (quar.)__
Brooklyn Edison Co. (quar.)
Brooklyn Telegraph & Messenger (quar.)
10
June
June
9
July
July
June
10
June
10,
—
June
June
16
June
May 31
May31
May 15
May 12
May 20
May 15
May 19
50c
7 He
June
June
May
June
:
May
—
June
_____ —._
June
—
Brunswick-Balke-Oollender Co.
_
50c
20c
Brown Fence & Wire_
Brown Shoe Co. (quar.)
June
1
30c
!__
June
5
Tune
May
July
Buckeye Pipe Line Co
Bucyrus Monighan, class A (final)
Called for redemption at $35 per share
June
16
15
June
May
May
May
Aug.
July 1. 1939.
"RnllfSplr
ft
Tnf*
Bulolo Gold
"
_
.
'
_
50c
,
Dredging"(interim)
$15*
Bunte Bros., 5% preferred (quar.)
5% preferred (quar.) —
5% preferred (quar.).
_____<
Burlington Steel, Ltd. (quar.)
...»—
,_
Burroughs Adding Machine Co
—
— — _ —
Butler Bros., preferred (quar.)—;
Butler Water Co.", 7% pref. (quar.)_
_______
Byers (A. M.) Co. 7% preferred.
;
Accum. & unpaid quar. div. due Feb. 1, 1934,
together with int. thereon at rate of 5%.
Cable & Wireless (Holding), Ltd.—
American deposit receipts for ordinary shs—
Calamba Sugar Estates (quar.)
j
Preferred (quar.)
California Art Tile Corp., class A pref.
—
(quar.)
Sugar Co., Ltd.—
Canada Wire & Cable, class A
Preferred (quar.)__;
June
SIX
SIX
SIX
June
26
Dec.
Nov. 24
June
15
10c
37 He
June
Apr.
29
Jqne
May 10
$15*
$2.21*
June
June
June
May 10
4%
40cr
35c
t40c
50c
1
May 31
July
1 June 15
July
1 June 15
June
1 May 15
June 20 June 10
'
37 He
—
June
1 May
37HC
37Hc
Sept.
1 Aug. 15
1 Nov. 15
1 May 20
30c
(quar.)___
Dec.
June
June
June
—
Class A (resumed)-Class A (quar.)
Sept.
11
19
24
July
15c
15
15 May 31
15 May 31
June
15 May 31
Sept. 15 Aug. 31
Dec. 15 Nov. 30
—
2d preferred (quar.)
-—.
Canadian Western Nat'l Gas Lt. Ht. & Power—
Dec.
"I!
10 June
June
$2 X
1 May
25c
American Chicle Co. (quar.)
Extra
June
Atlas Corp., preferred
(quar.).
75c
Atlas Powder Co
50c
Automotive Gear Works, Inc., cum. conv.
pref_ t82Hc
Baltimore Radio Show, Inc.
(quar.)
5c
6% preferred (quar.)
15c
June
$15*
$15*
$15*
(quar.)
50c
25c
SIX
June
50c
5
15 Dec.
SIX
-
50c
Class A (quar.
Canadian Canners, Ltd.. 1st pref.
15
Dec.
50c
15c
%
tlX
1 May 20
1 May 22
12 May 25
3 June
July
8
June 24 June
1
June
1 May 15
5
May 26
May 31 May
5
June
5
July
June 10
July
July 15 June 15
June 20
July
July
May 31
June
May 10
June 24
July
June 24
July
June
May 20
June
May 20
June
May 15
15c
_
Bohri Aluminum & Brass
Bon Ami class A (quar.)
Sept. 15 Sept.
$1
Associated Dry Goods Corp. 6% 1st pref
Associates Investment Co.
(quar.)__
5% preferred (quar.)
Atlanta Birmingham & Coast RE.—
5% preferred (semi-annual)
Atlantic Refining Co
New (quar.)
-*—
New (quar.) —;
New (quar.)
_____
Canada Vinegars, Ltd. (quar.)
50c
American Business Shares
(reduced)
American Capital Corp. prior pref.
June
50c
•
13
June
(s.-a.)
June
5
$15*
SIX
S2X
87 He
12 X
initial—quar.)
Canada & Dominion
13
1
15'June
$15*
;_
15
15 July
1
12 May 24
1 June 16
15 June
1
3 June 15
1 June 20
June
June
t$15*
Preferred (quar.)
Artloom Corp. 7% preferred
Asbestos Corp., Ltd. (new
Extra
June
June
tlX
tlX
tlX
_
California Ink Co.
Abbotts Dairies, Inc. (quar.)
Abbott Laboratories (quar.)
•
Holders
Share
June
60c
Anglo-Canadian Telep. Co., class A (quar.)__-._
Anheuser-Busch, Inc
Archer-Daniels-Midland Co
Arkansas-Missouri Power, 6% pref. (s-a)
Armstrong Cork Co. (interim)
5
June
June
20c
Preferred A (s.-a.).
Preferred B (s.-a..
_"
Tune
20c
(quar.)_____
___
15 May 31*
*ug. 31 Aug.
1
Tuly 13 June 22
une
May 26
June 15
July
10c
South Shore Utilities Assoc., preferred
(qu.)__
Southern Natural Gas (new)
Tap pan Stove Co
Tune 20
Tune 24
30c
Selby Shoe Co
Shell Transport & Trader (Amer.
shs.)
Skelly Oil Co., 6% cum. pref. (quar.)
Sloss-Sheffield Steel & Iron, pref.
(quar.)_
Sonotone Corp. (irregular)
Preferred (quar.).
Southland Rovalty Oil (quar.)
£
Wurlitzer
June
30c
cum. preferred
Extra.
Tuly
Tuly
Tuly
4uc
San Gabriel River Improvement
(mo.).
Scran ton Lace.
Securities Acceptance Corp. (quar.)__
6%
Sept. 20
May 15*
May 15
May 20
May 20
May 31
June
June
71
Amoskeag Co. (s.-a.)
Preferred (s.-a.)
Andian National Corp.
(semi-annual)
Extra
June 20
June
5<>c
American Thermos Bottle pref.
(quar.)
American Thread Co. pref.
(semi-annual.)
American Tobacco Co. com. & com. B
(quar.)__
1
Oct.
2oc
Antelope Copper Mines Ltd., Amer. shares
Rome Cable Corp.
Ruberoid Co
15 June
July
luly
Tune
tlx
$1H
Richardson Co
Roan
June
Holdeis
When
Payable of Record
20c
Sanitary—
Preferred (quar.)
American Smelting &
Refining Co
American Sugar Refining preferred
(quar.)
American Surety Co.
(semi-annual)
American Telep. &
Teleg. (quar.)
•
$19*
SIX
20c
7% preferred (quar.)
7% preferred (quar.)
American Radiator & Standard
15
$1H
$1H
Share
American Home Products
(monthly)
American Investment Co.
(111.) (quar.)
American Laundry
Machinery (quar.)
American Metal Co., Ltd.
pref. (quar.)
American Meter Co.. Inc
American National
Finance, pref
American Paper Goods
Co., 7- pref. (quar.)
June 30
June
July
July
$19*
SIX
Pennsylvania Glass Sand Corp.—
$7 cumulative preferred (quar.).
Pennsylvania Telep. Corp. 6% preferred (quar.)
Pennsylvania Water & Power (quar.)
Preferred (quar.)
Peoples Gas Light & Coke Co
Petroleum Corp. of America
Philadelphia Co., $6 pref
;
$5 preferred (quar.)
Philadelphia Electric Power, pref. (quar.)
Publication Corp., common
Non-voting, common
7% preferred (quar.)
:
Original preferred (quar.)
Public National Bank & Trust Co. (N.
Y.) (qu.)
Quarterly
;
Pure Oil Co., 5% preferred (quar.)
5X% preferred (quar.)
6% preferred (quar.)
Pyrene Mfg. Co
Quaker Oats Co. (quar.)
:_
Preferred (quar.)
Reading Co., 2d preferred (quar.)
Reliance Steel Corp., 6% conv. pref.
(quar.)
Rensselaer & Saratoga RR.
(s.-a.)__
Rheem Mfg.Co. (quar.)
:
Per
Name of Company
June 30
July
July
$1H
75c
3169
Holders
Payable of Record
June
1X%
_
6% preferred (quar.)
When
Chronicle
•
(quar.)_T___
July
July
15
15
June
6% preferred (quar.)
Canfield Oil Co., 7% pref. (quar.)
3 June
3 June
1 May
15
June 30 June 20
1 May 15
June
Carman & Co., class ACase (J. I.) Co. 7% preferred (quar.)
Catelli Food Products, Ltd
1 June 12
July
May 31 May 20
May 31 May 20
5% preferred (s.-a.)
Central Cold Storage (quar.)__
Central Illinois Light, 4H% pref. (quar.)
Central Illinois Public Service 6% preferred
$6 preferred- _______
Central Ohio Light & Power Co., $6 pref. (qu.)
Century Ribbon Mills, Inc.. 7% pref. (quar.).
Chartered Investors. Inc.. $5 pref. (quar.)
Chesapeake Corp. (liquidating)
♦
Chesapeake & Onio Ry
;
Preferred (quar.)
Chesebrough Mfg. Co. (quar.)
June
July
June
June
June
June
15 June
5
1 June 20
15 May 20
15 May 20
1 May 20
1
May 20
June
1
1 May
July
July
July
3 June
1 June
9
1 June
June 26 June
2
June 26 June
Extra
8
8
2
Chestnut Hill RR. Co. (quar.)
June
Chicago Corp., $3 pref
«Chicago Flexible Shaft (quar.)
*
June
1 May 15
June 30 June 20
Extra
June 30 June 20
Chicago Mail Order
Chicago Rivet & Machine
Chicago Yellow Cab Co. (quar.)
June
June
Preferred (quar.)
10
1
June
1 May,
15
June 30 June
15
May 19
June 15 May 22
1 June 20
July
June 12 May 15
1 June 15
July
Christiana Securities
City Ice & Fuel Co
1 May
15 May 27
June
Preferred (quar.)
Chrysler Corp. common (quar.)
Cincinnati Gas & Electric preferred (quar.).
Cincinnati New Orleans & Texas Pacific Ry.—
Preferred (quar.)
-
5 May 20
SIX
30c
tlX
June
1 May 25
Financial
3170
Per
Name of
Share
Company
Cincinnati Union Terminal 5% pref. (quar.)
8ept. 18
1-1-40 Dec.
June
1 May
Preferred (quar.)
June
--
1 May
1 May
June
Special guaranteed
(quar.)
Coca-Cola International Corp. (s.-a.)
Cjagg
\
Colgate-Palmoiive-Peet
—
pref. (quar.)
19
v
10
12
June
6
June
—-
June
May 19
June
May
(quar.).
Columbus & Xenia RR. (irregular)
Commonwealth Petroleum (initial)
Commonwealth Utilities, 7% prer. A (quar.)...
6% preferred B (quar.)
—
6X% preferred 0 (quar.)
Sept.
June
Compania Swift Internacional (quar.)...
Compo Shoe Machinery Corp. common
Accrued divs. in cash on $2 X cum. conv. pref.
stock from date of issuance, Apr. 6,1939, to
June 15, 1939--,
Confederation Amusement, 8% preferred
Congoleum-Nairn, Inc. (quar.)
—
Connecticut Light & Power (quar.)
5X% pref._(qu.).
Connecticut Power Co. (quar.)
onnectici
Connecticut River Power Co. 6% pref. (quar.)..
Consolidated Cigar Corp 7% pref (quar.)
Consolidated Biscuit Co
Aug. 15
May 15
June
May 15
June 15 June
5*
June
$2.
June
75c
SIX
62Xc
SIX
SIX
15c
15 June
5*
May 31 May 15
15 June
1
July
1 June
15
June
1 May 15
June
1 May
June
1 May
1 May
15
15
15
June 23 June
1
June
37 Xc
June
50c
June
May 12
25c
90c
June
15
June
15
SIX
July
July
July
June
15
30c
June
June
1
Consolidated Edison Co., N. Y., Inc——
Consolidated Film Industries, $2 preferred
Consolidated Gas Electric Light & Power
Preferred
(quar.)
Consolidated Investment Trust (quar.)
Consolidated Paper (quar.)
Continental Can Co., Inc.— V
"
25c,
—
SIX
$4X cumulative preferred (quar.)
Continental Oil
(Del.)
June 27 June
25c
July
July
20c
_
(quar.)
Copper weld Steel Co
Cosmos Imperial Mills 5% pref. (quar.)
Crane Co. 5% conv. pref. (quar.)
Cream-of-Wheat Corp
Creameries of America, Inc., pref. (quar.)
Creole Petroleum Corp
-
June
—
1
July
15 June 30
June
15 June
1
July
1 June
1 May
15 May
15 May
15 May
1 June
1 May
10
June
10
31
31
31*
25c
June
56 Xc
June
12Xc
Six
30c
SIX
July
June
16
May 31 May 18
May 31 May 18
52
June 30 June 20
;
(quar.).____.*
8% pref. (quar.)
Cuneo Press, Inc. pref. (quar.)
Curtis Publishing Co. preferred
Cushman's, Inc., 7% preferred
Daniels & Fisher Stores Co. (quar.)
Qti arterl y
■
.L,
Dayton Power & Light Co., 4X% pref, (qu.)_.
Deere & Co., preferred (quar.)..
SIX
50c
87Xc
5uc
50c
*.
June 15 June
| June
June
15 June
June
15c
June
1 May
15 June
75c
June
1 May
July
1 July
six
30c
Union
Stockyards pref. (quar.)
Detroit Gasket & Mfg. preferred (quar.)
Detroit Gray Iron Foundry (semi-annual),.—
June
1
June
1
2c
..
Devonian Oil Co
I
25c
25c
Dewey & Almy Chemical (irregular)
Preferred (quar.)___
Dexter Co,
Diamond Match Co.. common
—
....
o
Sept. 15 Sept.
5
1 May 20
35c
a
7% preferred (quar.)
1
June
SIX
Delaware Fund...;
13
May 31
May 15
J July
SIX
Dentists Supply (N. Y.) (quar.)
SIX
15
19
1
1
May" 15"
June 20 June 10
June 15 May 31
June 15 June
1
June
15 June
1
1 May
15
June
1 May
10
50c
Common..
Common
June
25c
Sept.
1 Aug. 10
1 Nov. 10
25c
June
1 May
$2
Dixie-Vortex Co., class A
Dr. Pepper Co. (increased quar.)
Dec.
Sept.
1 Aug. 10
3-1-40 2-10-40
75c
—
75c
75c
....
June
July
1 May
1 June
10
June
1 May
18
62m
c.
30c
Dome Mines, Ltd. (quar.)
Sept.
30c
Quarterly
Quarterly..—•_
Dec.
50c
Dominguez Oil Fields
Dominion Coal Co., 6% pref. (quar.)
Dominion Textile, Ltd. (quar.)
Preferred (quar.)__"
du Pont (E. I.) de Nemours (interim)
;
(quar.)
(quar.)
Debenture
SIX
SIX
June
June
1 May 20
1 May 20
Eastern Shore Public Service Co.—
6 preferred (quar.)
J6X preferred (quar.)
Eastman Kodak Co.
(quar.)
j
Preferred (quar.)
„
Edison Bros. Stores, Inc. (quar.).
June
July
July
June
5
June
5
June
May 10
May 10
25c
5% cum. preferred (quar.)
Electrographic Corp. (quar.)
Preferred (quar.)
Electrolux Corp
Elgin National Watch
...a
Elmira & Williamsport RR. (s.-a.)
Ely & Walker Dry Goods (quar.)
1st preferred (s.-a.)
2d preferred (s.-a.)
Empire Power Corp., $6 cum. pref
Participating stock
Emporium Capwell Corp..
4X% pref. A (quar.)
4X% preferred A (quar.)
4X% preferred A (quar.)
7% preferred (semi-ann.l
El Paso Electric Co. (Del.) 7% pref. A (quar.)..
El Paso Electric Co. (Texas) $6 pref. (quar.)
Equity Corp. $3 conv. pref. (quar.)
Erie & Pittsburgh RR. (quar.)
Fajardo Sugar Co. (Puerto Rico)
Plus a div. of 25c. a sh. rep. a distrib. out of
proportionate fnt. in div. of the Fajardo
Sugar Growers' Association.
Falstafr Brewing Corp. (quar.)...
Faultless Rubber Co. (quar.)
....
...
June
May 31
62 Xc
25c
June
SIX
June
30c
June
25c
June
May
May
May
May
May
SI.60
July
June 20
12Xc
June
July
July
May 20
July
3
July
3
June
June
S3X
53
SIX
June
31
24
24
15
31
50c
June
June
1
30c
56 Xc
July
July
June
17
June 22
56 Xc
Oct.
Sept. 21
56 Xc
S3X
Jan.
Dec.
Sept.
Sept. 13
SIX
SIX
July
July
June 30
May 15
May 31
May 15
75c
June
87Xc
June
25c
June
21
June 30
15c
25c
May 31 May 16
July
1 June 15
Shops. Inc. (irregular)
5% preferred (s.-a.)
Federal Compress & Warehouse (quar.)
25c
June 30 June
75c
40c
June 30 June
June
1 May
Federal Light & Traction pref. (quar.)..
SIX
1
June
1
6c
June
June
1
June
25c
June
May 15
May 20
SIX
June
1 May
13
16
18
IS*
June
87Xc
May
May
June
t25c
June
S2X
RR., pref. (semi-annuall
15
15
May 27
19
May 16
Aug.
Sept.
25c
June
—
2Xc
June
5c
Fulton Market Cold Storage, pref. (quar.)
Gatineau Power Co. (quar.)—
...
S2
20c
June
June
5% preferred (quar.)
5X% preferred (initial quar.)
Gaylord Container (quar.)
—
July
July
June
—
Free port Sulphur
Co. (quar.).
(quar.)
L
— —
—
...
June
1
June
June
1
June
May 20
June
25c
June
68 Xc
75c
June
June
June
50c
June
SIX
SIX
Preferred (quar.)—_—
General American Corp. (quar.)
June
May
May
May
May
July
Co., Inc., pref. (quar.) ______—
General Gas & Elec. Corp. (Del.), $5 pref. (qu.)
General Mills, Inc. common..
General Motors Corp
87 Xc
75c
—
$5 preferred (quar.)
General Shareholdings $6 preferred
$5 preferred (quar.)
Gibralter Corp. of Amer. 6% partic., pref
-
Glens Falls Insurance Co. (quar.)
Globe-Democrat Publishing Co. 7% pref—
Gold & Stock Telegraph Co. (quar.)..
Golden Cycle Corp. (quar.)
Goodyear Tire & Rubber Co. —
$5 conv. preferred (quar.)
Gorham Manufacturing Co. (quar.)
Gorton-Pow Fisheries Co. (quar.).Gossard (H. W.) Co. (interim)
Grand Union Co. $3 series conv. pref
10
June
June
15
June
15
June
24
June 20
Sept. 20
July
June
SIX
SIX
....
Oct.
40c
.—
June
May 20
July
June
June
June
15 May
SIX
...
15
30
May 31
15
15
$1
25c
June
15 May
15 June
25c
June
1,
75c
25c
(quar.)—
Great Northern Paper Co.
Green Mountain Power Corp., $6 pref
Gulf Power Co. $6 preferred (quar.)—
Gulf States Utilities $6 pref. (quar.)—
$5X preferred (quar.)
Hackensack Water (s.-a.)
Preferred A (quar.)—
Hale Bros. Stores (quar.)
Z
Hamilton Watch Co. 6% pref. (quar.)
Hammermill Paper Co., 4X% cum. pref. (qu.)
Hancock Oil of Calif., class A & B (quar.)..
Class A & B (extra)
Hanes (P. H.) Knitting com. & cl. B (quar.)
7% preferred (quar.)
Hanley (James) Co., 7% preferred (quar.)
Hanna (M. A.) Co
."
Preferred (quar.)
!
June 21
June
June
SIX
Preferred
July
25c
Great Atlantic & Pacific Tea
June
May
May
May
May
May
May
June
—
—
50c
Harbison-Walker Refractories Co
June
tsix
June
SIX
SIX
June
July
June
75c
43 Xc
June
June
June
SIX
1 May
1 May
June
June
SIX
June
15c
June
Six
July
50c
10c
1 May 15
1 May 20
1
May 20
1 May
20 July
June
Hecla Mining Co....
:
15
May 31 May 25
J60c
June 30 June
July
15
15*
15 June • 1
June 15 May 15
25c
:
Preferred
(quar.)
Hires (Chas, E.) Co. class A common (quar.)__.
Hobart Mfg. Co. class A (quar.)
Holophane Co., Inc.
Holt (Henry) & Co. class A
;
Home Fire & Marine Insurance (quar.)
Horn (A. O.) Co. 7% non-cum. pref. (quar.)
6% non-cum. preferred (quar.)
Horn «fe Hardart (N. Y.), pref. (qqar.).
Howley Gold Mines, Ltd
Hudson Bay Mining & Smelting Co., Ltd
Humble Oil & Refining (quar.)
Huntington Water Co., 7% pref. (quar.)
6% preferred (quar.)....
Illinois Central RR. (leased lines) (s.-a.)
Imperial Chemical Industries, ord. shs
Amer. dep. rec. for ord. shs. (final)
Imperial Lire Assurance (Can.) (quar.)
__
-
....
...
1
15 June
5
June 1
15c
-
Hiram Walker-Gooderham & Worts
15 June
June
25c
•
...
June
15c
40c
1.
Heyden Chemical Corp
Hibbard, Spencer, Bartlett & Co. (mo.)
June 30 June 20
June 15 May 26
June 15 May 26
SI
...
...
50c
June
1 May
15
June
June
1 May
1 May
19
25c
5
__
A (quar.)
15
1 May 12
15c
June
50c
June
15 June
8Xc
June
45c
June
1 May
1 May
June
June
t75c
37Xc
SIX
six
S2
5%
*13
Wi
}25c
Imperial Oil Ltd. (semi-annual)
May 23
37 Xc
,
cum. pref.
1 June
June
75c
10c
i
Heileman (G.) Brewing (quar.)
Hein-Werner Motor Parts (quar.)
Quarterly
Quarterly
6
6
1 May
SIX
...
Hazel-Atlas Glass Co
15
15
1 May 22
1 June 30
July
25c
.....
6% preferred (quar.)
Hart-Carter, conv. pref. (quar.)
Hawaiian Agricultural (monthly)...
Hayes Steel Products, preferred
15
May 19
1 June 25
June
87 Xc
16
1 May
June
15c
12
12
20
20
1
July
50c
25c
10
June 20
15 May 31
June
SIX
SIX
15
15 May 31
1 May 17
June 30 June
25c
....
Indianapolis Water Co., 5%
15
26
17
15
May 11
July 10
May 22
July
July
July
July
30c
50c
50c
i
Quarterly—
Aug.
June
Aug.
SIX
six
....—
June
June
SIX
SIX
Option dividend cash or stock.
Georgia Power Co., $6 pref. (quar.)
t3m
June
July
June
June
15
15
1 May 12
1 May
1
26 May 26
1
2 June
May 20
May 20
12
July
June
June
June
Apr. 20
Apr., 20
July
June
Oct.
Sept. 30
30
1-2-40 Dec: 30
June
June
May 16
May 16
July
June
10*
si
Ingersoll-Rand Co
...
International Cellucotton Products (quar.).
Extra
June
May
50c
June
May 16
37 Xc
July
July
June
12Xc
International Educational Publishing Co.—
$3.50 preferred
__u
International Harvester Co. (quar.)...
t30c
40c
July
July
8
20
June 20
May 23
June 20
Preferred (quar.)
International Nickel Co. Canada, Ltd
International Mining Co
SIX
J 50c
June
10c
June
May
5
May 31
May 31
International Ocean Telegraph Co. (quar.)
International Petroleum Co., Ltd. '(s.-a.) J——
SIX
July
June
X75c
June
J25c
June
60c
June
75c
June
June
30
International Safety Razor class A (quar.)
Interstate Natural Gas
Iron Fireman Mfg. Co. (quar.)
Quarterly
...
30c
June
30c
Special
1
•
Federal Bake
June 28
June
7% pref. A (quar.)..'.^.--
Fdrt Wayne & Jackson
June 23
June
15c
Inland Steel Co
SIX
SIX
SIX
SIX
20
May 15
5c
7% preferred (quar.)
Special
,2
(quar.)..
6% preferred (quar.
1 Aug. 18
1 Nov. 18
20 June 30
July
25c
May 31 May 18
38c
July
3 June 15
tsix
July
3 June 15
is lx July 15 June 30
June 14 May 22
six
SIX
July 25 July 10
'SIX
July 25 July 10
1 May 25
tSIX' June
June 30 June 20
SIX
Durham Hosiery Mills, 6% pref. A.
Early & Daniel Co., pref. (quar.)
East St. Louis & Interurban Water Co.—
7% preferred
12
12
June
June 20
June
Hazeltine Corp. (quar.)
20c
Participating preferred (s.-a.)
Participating preferred (s.-a.)..
Dictaphone Corp
;
Preferred (quar.)
Preferred
10 June
SIX
six
June
Crum & Forster Insurance Shares A & B—
Preferred (quar.)
Denver
3
1 June 16
1 June 15
50c
—
Crown Cork & Seal Co., Inc., pref. (quar.)
Crown Zellerbach Corp.;
Preferred
1 June 10
May 15
1
2.5c
;
Preferred
Extra
July
June
May 20
SIX
...
Continental Steel
June
30c
Continental Casualty Co. (quar.)
15 May 31
June
5
June
Fishman (M. H.) Co. (quar.)-------FitzSimons & Connell Dredge & Dock..,
Gibson Art Co. (quar.)
Consolidated Diversified Standard Securities—
15
July
General Cigar
25c
10
June
i%
87 Xc
50c
General Cigar Co
;—
Non-cum. preferred (semi-annual).—
Bank (Jersey City) (quar.)
(Toms River, N J.) (qu.).
(Ogden), A & B (s.-a)
Fiscal Fund (bank stock) (s.-a.)
Insurance stock (s.-a.)__First National
First Securit. Corp.
Frenkenmuth Brewing
Extra
6X % preferred C (quar.)
June
June
Ford Motor of Canada, A. & B. (quar.)—
10 May 19
June 10 May 25
June 30 June 15
June 15
July
June 15
July
June
June
t m June
First National Bank
June
..
Columbia Broadcasting, Inc., class A & B—...
Columbian Carbon Co., voting tr. ctfs. (quar.)..
June
June
15c
(Bait.), com. A & B (qu.)
A (quar.)..—
—
Co., 6% pref., ser. A..
Firestone Tire & Rubber
Florida Power Corp.
Holders
50c
25c
(quar.)
18
June 30 June 15
June
9 May 26
Colonial Finance preferred (quar.)
Colt's Patent Fire Arms (quar.)
May 19
7% preferred class
When
Payable of Record
25c
Finance Co. of Amer.
1,-;—
Collins & Aikrnan Corp
Share
Company
Corp.
13
10
June
July
July
Federal Mogul
Ferro-Enamel Corp.
Fifth Ave. Coach Co.
June 15 May 25
July
1 June 12
June 12
July
June 12
July
(qu.)_
Coast Counties Gas & Elec. Co., 6% pref.
Cocar-Cola Co
Ptr
Name of
18
15 May 29
June
Cleveland & Pittsburgh RR. 7% guaranteed...
Preferred
June
Oct.
5% preferred (auar.)
Clark Equipment Co
May 21, 1939
Folders
Payable of Record
July
5% preferred (quar.)
Class A
When
Chronicle
Sept.
May
May
May
May
May
Aug.
30c
Dec.
Nov. 10
SIX
June
May 15
July
July
June
15
10c
June
15
25c
June
SIX
100%
June
May 22
May 25
19
19
25
31
10
10
Iron wood & Bessemer Ry. & Light Co.—
7% preferred (quar.)
Irving Air Chute (quar.)
Extra
Jaeger Machine Co
Jantzen Knitting Mills pref. (quar.)
Jarvis (W. B.) Co. (stock dividend)
Jefferson Electric
Jewel Tea Co.. Inc
Johna-Manville Corp. 7% pref. (quar.)...
Joseph & Feiss Co. (initial)
Kansas Oklahoma & Gulf Ry.—
Series A and B preferred (s.-a.)
Series C preferred (s.-a.)
Katz Drug Co
Preferred (quar.)
Kaufmann Dept. Stores, 5% pref. (quar.).
Preferred (quar.)
Keith-Albee-Orpheum Corp., 7% pref
25c
June
June
1
25c
June
June
15
SI
June
June
6
Six
July
June
16
35c
June
June
1
S3
$2
June
May 23
Xitl
June
June
May 23
15 June
1
1 June 15
June 15 June
1
July
June 30 June
SIX
10
1 June
15
July
Volume
148
Financial
When
Per
Name of
Company
I p:
$15*
$15*
$15*
Keystone Steel & Wire
Kimberly-Clark Corp. (quar.)
June
June
June
July
July
July
June
13
June
May 18
July
June 20
$15*
June
May 16
30c
.Time
June
$1
2.35c
June
June 20
$1H
$15*
25c
(quar.),
.___
June
40c
June
Aug.
July
Milling, 7 % pref
June
June
June
5
June
June
5
June
t$3H
$15*
7% preferred (quar.)
June
Lake
Superior District Power 7% pref. (quar.)__
6% preferred (quar.)
(quar.)
25c
62 He
$1
June
July
July
June
14
June
May 31
May 15
June
June
40c
June
$1
June
$1
30c
30c
30c
25c
June
May
May
May
May
May
June
June
July
27
Oct.
27
June
May
May
May
May
May
May
May
May
31
31
31
31
24
24
6
10
June
15
1 June
15
25c
June
June
87 He
25c
June
$15*
10c
June
1
June
1
May 29
25c
June
$154
July
July
20c
$1.10
$1.10
$1.10
—
_
50c
6
_
16
16
67c
66c
5% refunding partic. preferred (quar.)___
$1H
June
25c
June
$1H
Sept.
Sept.
May
May
Aug.
Aug.
25c
Dec.
Dec.
5% refunding partic. preferred (quar.)
$15*
$2H
— — _
July
July
June
$1 H
June
10c
June
Extra
25c
5% refunding partic. preferred (quar.)
Extra..
$15*
pref. (quar.)
1
1st pref. (quar.)
!
Louisiana Land & Exploration Co.
4
v
(quar.)__
Ludlow Manufacturing Assoc—__
Lunkenheimer Co pref. (quar.)
$15*.
$15*
$15*
$15*
$3
435*c
435*c
43 He
50c
(quar.) — —
—
Lynchburg & Abingdon Telegraph (s.-a;)—
McClatchy Newspapers, 7% pref. (quar.)
7% preferred
7% preferred (quar
Mclntyre Porcupine Mines. Ltd. (quar.)
Macassa Mines, Ltd. (quar.)
(quar.j.
Extra
5c
'_
2Hc
Macy (R. H.) & Co. (quar.)...
Magma Copper Co
Mangin (I.) & Co., pref. (quar.)
Preferred (quar.)
50c
25c
$1H
$1H
Manhattan Shirt Co
Masonite Corp. (quar.)
Preferred (quar.)_
(quar.)
Preferred (quar.)
May Department Stores Co. common (q
.)—
Common (quar.)
May Hosiery Mills, pref. (quar.)__
Mead Corp., class A preferred (quar.)
!
Class B preferred (quar.)
Metal Textile Corp. common.
Participating preference (quar.),
Participating preference (extra)
Michigan Consol. Gas Col, 6% pref. (quar.)
Michigan Steel Tube Products
Mid-Continent Petroleum (interim)
_*
Middlesex Water Co. (quar.)..
Midland Grocery 6% preferred (s.-a.)
'
75c
75c
$1
10c
815*c
June
10c
June
$1H
June
15c
June
25c
June
May
June
May 25
June
$2
50c
45c
June
$15*
June
Morris Finance Co., class A com.
(quar.).
Class B common
(quar.)
(quar.)
(Philip) & Co., Ltd—
Preferred
5% conv. cum. pref. series A (quar.)__.
Motor Wheel Corp., common
(quar.)
15
June
16
June
16
June
16
15 May 31
1 May 25
May
May
May
May
20
20
20
20
June 20
June
June
June
July
June
May 20
May 20
June
12 June
1
July
June
1
15
15
June 15
June 15
May 10
June
9
June
16
May 31
May 31
July
1 July
1
Sept. 30 Sept. 30
2-2-40
2-2-40
June 30 June 15
June 30 June 15
June 30 June 15
1 May 15
10 May 20
June
June 15
July
June
1 May 26
June 15 June
3
June 15
July
June
May 26
25c
June
June
June
May 19
May 20
50c
June
June
July
June
16
June
May
May
May
May
May
31
6
15
15
15
June
15
____
6% preferred (monthly)
5% preferred (monthly)
Ohio Water Secvice Co., class A_
Okonite Co.pref.
(quar.) — — —
Omar, Inc., 6% preferred (quar.)
Omnibus Corp., pref. (quar.)
Oneida, Ltd
7% preferred (quar.)
Onomea Sugar Co
Ontario & Quebec Ry. Co. (semi-annual)
June
Preferred
June
im
June
June
5
June
June
70c
$t H
June
$1H
June 20 June
9
1 June 15
July
June 15 May 31
June 15 May 31
June
l85*c
43f&cC
$3
50c
15c
25c
50c
8c
—
May 18
50c
June
June
$1
15c
July
Parker Pen Co
25c
July
July
July
July
June
Parker Rust-Proof Co—
25c
June
—
Paramount Pictures, Inc
1st preferred (quar.)
2d preferred (quar.)____
20
1
1
June
$1H
"
_
May 31 May
June
1 May
May
June
May
June
May
June
May
June
May
May
May
June
July
June
May
'
2%
$}H
19
19
26
26
17
15
15
12
3
June 30
June
June
15
15
15
87 He
June
May
May
May
May
May
May
75c
50c
June
June
1
July
June
15
$15*
$15*
Preferred
(semi-annual)
Parkersburg Rig & Reel, pref. (quar.)__
Patterson-Sargent Co
Pender (David) Grocery class A (quar.)
Penick & Ford, Ltd., common—•_■
Peninsular Telephone (quarterly)
Preferred A (quar.)
-*
Penn State Water Corp., $7 pref. (quar.)
12
42 5*
-_.
(quar.)
May 15
50c
—
_
Aug.
Aug.
5
June
May 20
May 24
3
June
June
—
12Hc
—-
Penn Western Gas & Electric Co—
,
June
June
10
10
20
15
20
Liquidating div. of 1 sh. of Sioux City G. & E.
common
■
stock for each share of Penn W.
G. & E. held.
Pennsylvania Gas & Electric, 7% pref——.__
$7 preferred:
Pennsylvania Salt Mfg. (quar.)
•—«_>
Peoples Drug Stores (quar.)
,_
Special
Preferred (quar.)
Peoples Gas & Fuel Corp
Perron Gold Mines, Ltd. (quar.)
Pet Milk Co. (quar.)
—
Pfaudler Co., 6% preferred (quar.)
Phelps Dodge Corp.—
Philadelphia, Germantown & Norristown RR.—
—
1
—
—
— -—
t50c
June
T50c
$15*
June
25c
June
May 29
May 29
May 31
July
July
June
8
25c
June
8
$15*
June
June
1
20c
June
May 20
4c
June
June
25c
July
June
$1H
June
May 20
25c
1
10
June 10 May 24
$1H
adelphia"Suburba'n
June
$1H
June
May 12*
50c
87 He
June
May
June
May 18
60c
July
5 May 20
Water Co.—
Phillips Petroleum Co. (quar.)
Phoenix Hosiery Co. 7% pref
Piedmont Mfg. Co
40c
UOc
June
July
5
May 15
May 31
Crie—
Preferred (semi-annual)
(Semi-annual)
Pittsburgh Brewing, pref_
Pittsburgh Coke & Iron, pref. (quar.)
—
Pitts. Ft. W. A Chicago Ry. 7% pref. (quar.)__
7% preferred (quar.)
7% preferred (quar.).--Pittsburgh & Lake Erie RR
Pittsburgh Oil & Gas
Pittsburgh Plate Glass-— —
Pittsburgh Youngstown & Ashtabula Ry.—
Preferred
June
June
£
26
10
19
20
20
15c
1 May 22
1 June 15
July
July
15
May
May
May
May
May
87Hc
1 June 15
June
July
June
June
52
Preferred (quar.)
June
July
June
June
June
—
—
1
1
$15*
$1H
—
June
June
May 20
May 31
10c
_ _.
20
20
20
1
Nov.
$1H
—
8
23
29
(liquidating)
preferred (quar.)
(semi-annual)
Oshkosh B'Gosh, Inc. (quar.)_____.
$2 convertible preferred (quar.)
Otis Elevator Co. (quar.)
Preferred (quar.)
Oils & Industries, Inc., partic. pref.
Pacific & Atlantic Telegraph (s.-a.).
Pamour Porcupine Mines, Ltd
;
Paraffine Cos., Inc—
16
16
25
15
15
July
July
July
July
50c
Quarterly
June
Aug.
Nov.
25c
— _.
Debenture stocks
8
$3
8% preferred (quar.)
:
$2 non-cumulative
Midwest Oil Co. (semi-annual)
Milwaukee Gas Light Co., 7% pref. A
(quar.)__
Minneapolis Gas Light Co.—
6% preferred (quar.)___
5H% preferred (quar.)
$5.10 preferred (quar.)
$
5% preferred (quar.)
$5 preferred (quar.)
Minneapolis-Honeywell Regulator Co.—
4% preferred B (quar.)
Missouri Utilities Co., 7% pref.
(quar.)
Mock, Judson, Voehringer Co., Inc
7% cumulative preferred (quar.)
Montgomery Ward & Co
Class A (quar.)
Montreal Cotton (quar.)
7% preferred (quar.).
Moore (Wm. R.) Dry Goods (quar.).
June
Aug.
$15*
$1H
$1H
—
5
4
75c
'
Midland Steel Products
Monarch Machine Tool
Monroe Chemical Co., preferred
(quar.)
Monsanto Chemical Co., $4H class A
pref.(s-a)
17
1 May 10
10 May 20
1 May 20
June
June
U
17
15 May 31
June
1 May 12
June 15 May 29
Aug.
May
May
May
May
May
May
May
10 May
1 June 30
1 June 15
July
July
July
June
—
June
Sept.
1 May 19
1 June 16
1 May 16June
1 May 20
June 30 June
9
June 10 May 20
June 15 May 27
$2H
Ohio Power Co. 6% pref. (quar.)
Ohio Public Service Co. 7% pref. (monthly).—
Nov. 30 Nov. 29
1 May
1
June 15 May 31
June 30 June
June 30 June
June
2 May
1 May 20
1 May
I
15 May 31
June
1 May 15
June
1 May 15
June 15 May 31
June
$1
Ohio & Mississippi Telegraph Co__
Ohio Oil Co. preferred (quar.)___i
20
20
21
21
June
June
1
10
50c
50c
Ohio Confections, class A
July
1 June 15
May 31 May 30
Aug. 31 Aug. 30
June
1
1 June
Ogilvie Flour Mills, pref. (quar.) —*
Ohio Assoc. Telep., preferred (quar.)
1 Sept. 22
1-2-40 Dec. 23
Nov. 15 Nov.
1 June
1 June
Nova Scotia Light & Power pref. (quar.) —
Oahu Railway & Land Co. (monthly)_L
Oct.
Aug. 15 Aug.
16
May 31
May 25
1 June 15
June 14 May 26
June
1 May 12
June 21 June
9
June 15 June
5
$2
Norwich Pharmacal Co
1 May
6
1 June 21
June
$15*
__
$15*
$1
Northwestern Utilities, 6% preferred (quar.)
Northwestern Yeast Co.
May 17
15 June
1*
July
$15*
37Hc
s.
June
June
20c
25c
50c
50c
75c
Northwestern Public Service 7 % pref
6% preferred
Nov. 20
Nov. 20
:
13
May
July
$1H
North Central Texas Oil Co., Inc.,
com.(interim)
North River Insurance Co.
(N. Y.)
Northeastern Water & Electric $4 pref. (quar.)
Northern Pipe Line Co
Sept. 25 Sept. 25
^
Lockhart Power Co., 7% preferred (semi-ann.)_
Lionghorn Portland Cement Co.—
June
June
;
Norwalk Tire & Rubber
July
July
July
June
50c
Class A
June 30 June 20
$3H
12Hc
;.
_
25c
(guar.)
;
Noranda Mines, Ltd. (interim)
Norfolk & Western Railway (quar.)
10
June
10
May 31 May 31
Pipe Co. (monthly)
U
$15*
share of Niles-Bement-Pond stock held.
1900 Corp., class A (quar.)
1 May
1 May
15
31
June 15
June 15
June
pref. A (quar.)
Niles-Bement-Pond (stock dividend)
Div. of one sh. of U. Aircraft Corp. for each
9 Aug. 24
9 Nov. 24
Sept.
Dec. 28 Dec. 21
15 June 30
15 June 30
July
July
July
May
June
15c
__.
Dee
June
15
25c
—
Northwestern Telegraph (s.-a.)__
12
June
1 May 12"
June 15 June
2
June
1 May 20
35c
;
Preferred (quar.)
Niagara Shares (Md.)
June
30c
—
1
May 13
May 20
June
$1H
$15*
New York Mutual
Telegraph (s.-a.)
New York Power &
Light 7% pref. (quar.)
$6 preferred (quar.).
New York & Queens Electric,
Light & Power
10 May 24
Sept. 9 Aug. 24
Dec.
9 Aug. 24
June 10 May 24
50c
25c
20
31
June
50c
—_
20c
$15*
37 He
—
Newmont Mining Corp
1
Aug.
Nov.
37Hc
_
New Jersey Zinc
8
June
7Hc
(quar.)
Cordage Co., 7 % preferred (qu.)__
Newberry (J. J.) Co. (quar.)
5% pref. A (quar.)
New Castle (City
of) Water, pref. (quar.)
New England
Telep. & Teleg. (quar.)
15
June
25c
New Bedford
10
50c
_______
...
40c
$15*
Nebraska Power 7% pref.
(quar.)
6% preferred (quar.)__
Neisner Bros., Inc.
May 19
June
June
$15*
$15*
National Oats Co. (quar.)—
National Power & Light Co.
(quar.)
National Transit Co
4
15
May
25c
_
June
65c
,
Mathieson Alkali Works
Nov.
June
June
__
Preferred (quar.)...
Aug.
1
Nov.
17II
._
Loose-Wiles Biscuit Co. 5%
Lord & Taylor (quar.)__
May 15
May 15
Aug.
5
June
25c
_
June
June
$15*
$1H
Quarterly
Lang (John A.) & Sons, Ltd. (quar.),,
Lanston Monotype Machine
;
Lava Cap Gold Mining
Leath & Co. preferred (quar.)
Lehigh Portland Cement Co. 4% pref. (quar.).,
Leslie 8alt Co. (quar.)
Le Tourneau (R. G.), Inc
1
Lexington Utilities preferred
Lexington Water, preferred (quar.)
Libbey-Owens-Ford Glass
*__
Life Savers Corp
*
Liggett & Myers Tobacco (quar.)
Common B (quar.)
.Lily Tulip Corp
Lincoln National Life Insurance (quar.)
Quarterly
i
Lincoln Service Corp. (Wash., D. C.)
(quar.)
Extra,
6% preferred (quar.)
7% preferred (quar.)
Lincoln Stores, Inc. (quar.)_
7% preferred (quar.).
Lindsay Light & Chemical
:
Link Belt Co
(quar.__,
Preferred (quar.)
Liquid Carbonic Corp
;
Little Miami RR., original capital (quar.).
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Loblaw Groceterias, Ltd., A & B (quar.)___
Extra
May 15
May 15
June
Mines, Ltd. (quar.)
Monthly
50c
6c
:
National Biscuit Co. (quar.)
:_____
Preferred (quar.)
_r;
National Casualty (Detroit)
(quar.)
National Container
Corp. (Del.)
National Dairy Products
(quar.)
Preferred A & B (quar.)
National Grocers Co., $1H pref.
(quar.)
National Gypsum Corp. preferred
(quar.)
National Lead, preferred A (quar.)
National Life & Accident Insurance
(quar.)
17
15c
1 May 20
1
Sept. 28 Sept. 21
,6% preferred (quar.)
Cqmmon
15
15 June
June
1
June
1
June 30
June 28
Mutual System,
Inc., pref. (quar.)
May
9
July 20
20c
—
„
I_I___
Mutual Chemical Co. of
Amer., 6% pref. (quar.)
6% preferred (quar.)_
May
$15*
$1H
Extra
—__
June
June
—
___
2
1 May
June 20 May 25
15 May 15*
June 15 June
1
_
-
Class A & B (extra)
Murphy (G. C.) Co—
Muskogee Co
6% cum. pref. (quar.)_———II —II
Muskegon Motor Specialty class A
Muskegon Piston Ring
13
13
June
_
Land is Machine Co.
June
June
Co., 8% pref. (quar.)
10
May 31
25c
(guar.)
Lake of the Woods
Payable of Record
Mt. Diablo Oil
Mining & Development
Mountain Fuel Supply Co.
(irregular)
Mountain Producers
Corp. (s.-a.)
Muncie Water Works
2
July
June
Holders
When
Share
_______
Kresge Dept. Stores, 4% 1st pref. (quar.)_
Kreuger & Toll, Amer. ctfs. for part. debs_____
Liquidating dividend.
Kroger Grocery & Baking Co—
7% preferred (quar.)
6% preferred (quar.)
Kysor Heater Co. (quar.)
Morris
May 10*
15c
Klein
Preferred
Nov. 21
June
25c
Kingston Products 7% preferred (quar.)
(D. Emil) Co
Kobacker Stores, Inc., pref.
Kresge (S. S.) Co. (quar.)
Per
Name of Company
May 22
Aug. 22
Dec.
25c
Preferred
Lock Joint
Sept.
8Mc
__
Extra
Lake Shore
June
$1H
3171
Holders
Payable of Record
Share
7% special preferred (quar.),
7% special preferred (quar.)
Kendall Co.. partic. pref. A
(quar.)___„
Kennecott Copper Corp
Kerlyn Oil Co., class A (quar.)
Chronicle
(quar.)
Plymouth Oil Co. (quar.)
Extra (stock dividend)
June
July
1 May 15
1 Sept. 15
3 May 22
1 May 20
5 June 10
Oct.
4 Sept. 10
Oct.
June
June
1-4-40
12-10-39
19
June la May
June 15 June
July
1
1 June 10
June
1 May 20
June 30 May 29
June 30 May 29
Financial
3172
When
Pollock Paper & Box 7% preferred
m
Portland & Ogden RR. (irregular).Powdrell & Alexander (quar.)
Preferred Accident Insurance
Premier Gold Ming Co. (quar.)
Prentice-Hall, Inc. (quar.)
15 Dec.
June
15
July
15
1
June
1
(June
1
41 2-3c June
June 15
June 15
June 15
July
July
July
15
1
1
June 30
--
(quar.)..
June
19
19
24
5
31
15
15
15
Toledo Edison Co. 7%
1
1
18
June
15c
June
30c
June
$12*
$126
$12*
25c
July
$12*
June
D (quar.)
$12*
$12*
172*%
372*c
5% preferred E (quar.)
Paper Co., Ltd 6% pref. (quar.)i.
Rolls-Royce, Ltd., Am. dep. rec. (final)
Roxy Theatre, Inc., pref. (quar.)--
Rolland
June
June
1 May
July
8 May
1 May
1 May
1 May
1 May
June
50c
June
25c
June
62 2*c
iJune
Rqyalite Oil Co., Ltd. (s.-a.)
L
Rustless Iron & Steel pref. (quar.)--
$12*
.
July
1
May
.
'
-
-
June
10 May
1 May
25c
1
June
$12*
$12*
$12*
July
-
.
(quar.)
Secord (Laura) Candy Shops (quar.)
Selfridge Provincial Stores Am. dep. receipts
Shattuck (F. G.) Co. (quar.)
Sherwin-Williams & Co pref. (quar.)-;.
Sherwin-Williams (Canada) 7% preferred
Sherwood, Swan & Co., 6% pref. A (quar.)
.
'
20c
22*%
10c
$12*
June
18
16
2
July
15c
June
15 June
June
15 May 27
32*%
Siscoe Gold Mines
Smith-Alsop Paint & Varnish, 7% pref. (quar.)_
Soss Manufacturing Co. (quar.)
South Bend Lathe Works (quar.),
South Carolina Power Co., $6, 1st pref. (quar.)
Southeastern Greyhound Lines—■
6% conv. preferred (quar.)
872*c
122*c
30c
$12*
30c
May 29 May
June 15 May
June
1 May
Juno
1 May
June
24
27
20
15
15
15
July
1 May
1 June
June
Phosphate Corp
372*c
/" $1
:
1 May 15
15c
-
Southwestern Gas & Electric
Co., 7% pref. (qu.)
Southwestern Portland Cement, 8% pref. (qu.)-
UK
-
20c
$12*
20c
$12*
32*%
$12*
1
Standard Brands. Inc. pref.'(quar.)
Standard Cap & Seal Corp. (quar.)-_
June
July
15
15 June 14
June 20 June 10
1 June 20
July
June
15 June
1
15
Standard Dredging $1.60 pref. (quar.)
Standard Oil Co. of CaliforniaExtra i
'
__1_;
40c
June
1 May
June
1 May
1 May
40c
June
25c
-
June
5c
...
Standard OU Co. of Indiana (quar.)
Standard Oil Go. (Ky.), (quar.)
-----
•_
Jersey (s.-a.)
June
25c
June
25c
June
50c
June
15
20
15 May 15
15 May 15
15 May 15
15 May 31
15 May 16
2,2<>oths sh. of
cap. stk. for each sh. held in
addition to cash scrip for fractional shares.
Standard Oil Co. (Ohio), (quar.)
Preferred
(quar.)
50c
June
20c
June
1
June
122*c
Strawbridge & Clothier, prior pref. A
7% preferred
Stromberg Calrson Telep. Mfg., pref
Stuart (D. A.) Oil (quar.)
Sun Oil Co. (quar.)
Preferred (quar.)
.;
Sunset-McKee Salesbook Co., class A (quar.)
_
$12*
$1
1 May 26
May~15*
1 May 20
May 31 May 20
June
July
1 May
1 June
13
15
HP
20c
June
June
1 May 15
1 May 17
25c
June
15 May 25
$12*
June
372*c
1
May 10
Swift International Co. deposit ctfs
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
June
15 June
5
25c
(quar.)
Supersilk Hosiery Mills, 5% pref. (s.-a.)
Sutherland Paper Co
Swift & Co. (quar.)
:
June
15 June
5
$22*
July
30c
June
3 June 16
15 June
1
30c
July
1 June
1
50c
June
1 May
15
5c
50c
June 30 May 23
June 30 June 15
50c
June 30 June
June 30 June
15
Cl^ss A (quar.)
Extra
25c
June 30 June
15
Preferred (quar.)
Talcott (James), Inc__.
Preferred (quar.)
»
25c
$12*
10c
682*c
Aug.
July
July
15
1 June
15
June
15
July
1 May
1 June
1 May
1 June
15
June
15
10 June 20
15 June
1
June
15 June
1
1 June
15
58 l-3c June
58 l-3c July
—
$22*
t45c
M1«
-.
$12*
1c
!
July
July
15
'
•
1 June 15
July
Aug. 15 Aug.
5
lc
Dec.
June
20 May 31
50c
Sept
20
50c
Dec.
50c
July
20 Nov. 29
1 June 15
m
372*c
2%
$12*
32c
43 2*c
$12*
5c
25c
June
15 Dec.
July
1 May
17
June
June
9*
15 July
5
15 May 29
15 May 29
1 May 22
May 27 May 10
June *, 1 May 15
June
Aug.
29
July
Nov.
Oct.
28
Feb.
Jan.
29
July
July
June
June
May 20
June
May
June
May 18
June
June
Sept.
Sept.
1
Dec.
Dec.
1
July
June
15
June
May 15
May 15
1
June
June
(quar.)
5
Aug. 31
June 23 June
1
1?
1
-
July
June
June
June
_June
1
15|June
1
l'May 20
June 20 May
June
May
31
15
June 20 June
12
20 July
10
20 Oct
10
June 15 May 23
July
Oct.
...
-
June
June
-
1 May 20
1 May 18
June
1
June
-
1 May
1 May
May 15
15
15
May 31 May 15
Aug. 31 Aug. 15
June 15 May 27
June 15 May 27
June
-
-
Wesson Oil & Snowdrift Co., Inc.—
June
Coqv. preferred (quar.)
West Canada Hydro-Electric, preferred (quar.).
West Michigan Steel Foundries $12* pref. (quar.)
West Virginia Pulp & Paper Co_
West Virginia Water Service, $6 preferred
Western Auto Supply Co. (quar.)
Western Exploration Co. (quar.)
Westinghouse Electric & Mfg
June
June
1 May
1 May
15
20
July
July
1 M^y 15
1 June 10
1 June 15
June
1 May
June 20 June
18
15
May 29 May
May 29 May
-
Preferred
Nov.
9
9
July
1 Oct.
1 June
June
1
1 June
Preferred (quar.)
Will & Baumer Candle Co.. Inc pref. (quar.)
July
July
July
1 June
15
Williamsport Water Co., $6 pref. (quar.)
Wilson Products, Inc
Winsted Hosiery Co. (quar.)
June
1 May
20
June 10 May 31
1 July 15
Aug.
Westminister Paper Co. (semi-annual)
Weston Electrical Instrument class A
Westvaco Chlorine Products (quar.)
-
Whi taker Paper Co
-
Extra
Aug.
Quarterly
15
June
25c
;
Storkline Furniture Co.
Extra
July
15 May 31
15 June 30
95c
Sterling Products, Inc
Stix, Baer & Fuller
Class B
June
$12*
(quar.)
Standard Steel Spring
Standard Wholesale Phosphate & Acid Works._
25c
1 May
July
53c
common
Stock dividend
Common
14
1 May 19
June
9 May 25
1
June 15 June
June 20 June 10
May 31
June 30 May 31
June 15 June
5
June
—
June
40c
_
_
16
1 June
15 Dec.
June 30
1
50c
(Northam) Corp., $3 pref. (quar.)
Warren Foundry & Pipe
Washington Ry. & Electric Co., 5% pref. (s.-a.)
5% preferred (quar.)
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)_
Sept. 15 Sept. 14
Dec.
June
May 11
53c
Walgreen Co. 42*% pref. (quar.)__
Walker & Co., class A
15 May 31
June 30 June
9
2
1
50c
Preferred
15 May 20
June
$2
$2
$12*
(quarterly}
8% preferred
Spear & Co. $53* pref. (quar.)
Spencer Kellogg & Sons
Spiegel, Inc.. preferred (quar.)
Staley (A. E.) Mfg. Co
$5 cumul. preferred (quar.)
7% preferred (semi-ann.)
June
1 June
June 24 June
50c
Warren
6% preferred series B (quar.)
Southern Colorado Power, 7% preferred
Standard Oil Co. New
$12*
J6c
VIctor-Monogham Co., 7% preferred
Viking Pump Co. (special)
Preferred (quar.)
Virginia Coal & Iron Co. (quar.)_._
Virginia Electric & Power $6 pref. (quar.).
Vogt Manufacturing Corp
Vulcan Detinning Co.
Preferred (quar.)
5
Southern California Edison Co.—
Preferred (quar.)
1
25c
—
,
Extra
1 May 15
3 June 15
20c
Singer Mfg. Co. ord. reg. (final)
„
1
15 June
-
15
8 May 16
tt$12*
Simonds Saw & Steel:
17
39
Sept. 30
15 June
7 June
__
1 May
June 22 June
June
16
1
15
15
June
10c
Upper Michigan Power & Light—
6% preferred (quar.).
6% preferred (quar.)
<i
6% preferred (quar.)
J
Utah Power & Light, $6 preferred
$7 preferred
:
$f
Vanadium-Alloys Steel Co. (quar.)
Van Raalte Co., Inc
7% 1st preferred
Vaoor Car Heating Co., Inc., 7% pref. (quar.)7% preferred (quar.).
7% preferred (quar.)
Vermont & Boston Telegraph
Vick Chemical Co. (quar.)
Odt.
1 Sept. 15
Dec. 15
1-3-40
June
Oct.
$12*. July
Universal Insurance Co. (quar.)
May 31
1 May
1 June
15 June
May 31 May
1 May
1 July
Aug.
July 15 June
June
June
■
1 July 20*
15
June
16
1 June 20
75c
United States Tobacco Co., common
Preferred (quar.L
15
June
June
1 June 20
12*%
r Fa
United Wall Paper Factories, preferred (quar.)_.
Uni versa) Commodity Corp. (monthly)
10
622*c
1 May
July
July
$13*
15c
15c
—
1
75c
75c
1
12*
15 May 20
15 May 20
United States Pipe & Foundry Co. (quar.)
1*
15 June
May 26
June
U. S. Petroleum,
Common
20
15
31
31
31
June
"
Southern
».
_
-
20
Aug.
Sears, Roebuck & Co
8econd Investors Corp, (R. I.) $3 prior pref-
(quar.)
(quar.)
_
United States Ruboer Co. 8% 1st pref -_,__
United States Sugar Corp. preferred (quar.)—
25c
1
15 June
June
30c
15
15
$12*
16
15
1 May 15
1 May 15
June
25c
9
15 June
Fune
15
5 May
1 May
June
75c
—
A&B (s.-a.)
8
20
June
June
1 May
15 May 25
June 30 June
$12*
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
7% prior preferred (monthly)
7% prior preferred (monthly).
United New Jersey RR. & Canal (quar.)
United Public Utilities Corp., $3 preferred
$2 ?* preferred
"United States Gypsum Co. (quar.)
Preferred (quar.)
1.5
40c
June
1 June
11
9
25c
Quarterly------Quarterly
United States Playing Card
United States Plywood Corp., pref. (quar.)
'June 20 June
Sept. 20 Sept.
June
May
$12*
June
$3 July
June
July
$12*
May
372*c June
May
432*c June
June
July
June 15 May
June 15 May
$12*
June 15 May
$12*
June
1
May
30c
25c
(quar.)
Quarterly
St. Joseph Water Co., 6% pref. (quar.)
St. Louis Bridge Co., 6% 1st pref. (s.-a.)1
3% 2nd preferred (semi-annual)-,
San Jose Water Works (quar.)
Savannah Gas, 7% preferred (quar.)-.Schenley Distillers, pref. (quar.)
SchiffCo. (quar.).
J
7% preferred (quar.)
53* % preferred (quar.)
Scott Paper Co. (quar.)
$43* cum. preferred (quar.)
Seaboard Oil of Delaware (quar.)
June
25c
.
25c
St. Joseph Lead
July
25c
6% prior preferred (monthly)
1 June 20
June
$12*
United Light & Railways 6% pr.pref. (monthly)
12
12
15
18
18
15
15
15
$1
Sabins-Robbins Paper, pref. (quar.)
Safety Car Heating A Lighting Co
I
19
$12*
1H%
15
May 20
1 May
1 May
June
20c
United Gas Improvement (quar.)—
Preferred (quar.)
United Gold Equities of Canada
1 June 20
June 15 May 31
1
1 May 20
15 June
United Gas & Electric Corp., common
Preferred (quar.)
:
July
June
June
50c
------
15 May 26
1 June 30*
37 He
Rochester Button preferred (quar.).Rochester Gas & Elec., 6% pref. C &
June
Quarterly _•
United Dye wood Corp., pref. (quar.)
United Elastic Corp
United Gas Corp. $7 pref. (quar.).
-----United Gas & Electric Co., 5% pref. (s.-a.)—
15 May 31
1 May 20
June 30 June
50c
10c
15
15
20
20c
(quar.)<
7% preferred (quar.)
1 June 15
1 June 15
June 15 May 31
$12*
10c
$12*
50c
$12*
$12*
United Bond & Share Corp.. Ltd. (quar.)
7
1
1
llMay
June
l'May
June
1 _ _
May
June 15 May
58 l-3c June
June
50c
41 2-3c June
pref. (monthly)
United Amusement Corp.,
July
July
._
15 June
June
$12*
United Biscuit Co. of America (quar.)
31
8 May
15 June
June
25c
Preferred (quar.)_United Aircraft Corp.;
15 May 26
1 May* 15
June
June
12c
60c
Union Twist Drill
'
May 31 May
1
15 May 31
—
28c
.
.
Union Tank Car Co.
June
---
_
Extra
16
June 20
June 20
June 10 June
June 15 May
._
6% preferred (monthly)
5% preferred (monthly)
Trane Co. pref. (quar.) - -—
Troy A Green bush RR. Assoc. (s.-a.)
Underwood Elliott Fisher Co. (quar.)—
Union Gas Co. of Canada (quar.)
15
15
June 30 June
,
Timken Roller Bearing—
15
15
1
June
Rani or Brewing class A&B
Raybestos-Manhattan, Inc
Reading Co. 1st pref. (quar.)
Reed Drug Co..
Class A (quar.)
i,
Reeves (Daniel), Inc. (quar.).Opt. cash or 1 sh. of pref. for each $100 divs.
Preferred (quar.)—
Reinhardt Brewery Co., Ltd..,
Reliance Insurance Co. (s.-a.)_Reynolds Metals Co. 5H% conv. pref—
Rich Ice Cream pref. (quar.)
Risdon Mfg. Co., 7% pref. (quar.).
Robertson (H. H.) Co
(quar.)
,
16
June
June
-
Quaker Oats Co., preferred (quar.)
Quaker State Oil Refining Corp
—
May
May
May
July
May
May
May
May
May
May
May
June 15 May
June 30 June
—
Preferred
1
June
6% preferred (quar.)
:
Public Service Electric & Gas, 7% pref. (quar.)_
$5 preferred (quar.)
Pullman, Inc
Purity Bakeries Corp;
Preferred
1
June
Public Service Co. of N. J
Preferred
15 July
June
Holders
of Record
Tennessee Electric Power,
15
May 31 May 20
July
6% preferred (monthly)
;
Public Service of Oklahoma, 7% pref.
Servel, Inc
Telephone Bond & Share 7 % pref.
$3preferred
7.2% pref. (monthly)
6% preferred (quar.).---Terre Haute Water Works Corp., 7% pref. (qu.
Texas Gulf Producing (interim)
Texas Gulf Sulphur (quar.)_____Texas-New Mex. Utilities Co., 7% pref. (quar.)
Texas Pacific Coal & Oil Co. (quar.)
Tidewater Assoc. Oil, pref. (quar.)
(Quarterly)
Tilo Roofing Co. (quar.)
15 Sept. 15
Dec.
15 June
1
June 24 June 10
7% preferred (quar.)_.
8% preferred (quar.)_.
$5 preferred (quarterly)
__
Per
June
$3 preferred (quar.)
Procter & Gamble, 5% pref. (quar.)
Prosperity Co. preferred (quar.)
Public Finance Service, Inc., $6 pref. (quar.) —
Public Service Co. of Colorado 7% pref. (mo.)„
6% preferred (monthly)
5% preferred (monthly)
—
Public Service (N. J.), 6% pref. (monthly)—
Seeman Bros., Inc.
Sept
1939
27,
Share
Name of Company
15 June 15
June
(quar.)
7% preferred (quar.)
7% preferred (quar.)
May
Holders
Payable of Record.
Name of Company
Extra
Chronicle
Nov.
Extra
Wisconsin Hydro-Electric 6% pref
Wolverine Tube Co. pref. (quar.)
Woodward & Lathrop
Nov,
June
June
1 July
1 Oct.
15
15
1 Oct. 15
1 May 20
1 May 23
16
June 28 June 16
June
1 Apr. 24
June 22
May 16
May
8
17
17
1 May 20
June
————————————————————————————————-
8
July
July
Wright-Hargreaves Mines, Ltd. (quar.)
—
16
May 10
17
1 June 17
June 28 June
Preferred (quar.)
Woolworth (F. W.) Co. (quar.)
Wool worth & Co., Ltd., ordinary (interim)
Preferred (semi-annual)
Extra—
15
3 May
3 May
June
Wrigley (Wm.) Jr. (monthly)Monthly
Monthly
Monthly
Monthly
Yellow Truck & Coach Mfg. Co.—
7% cumulative preferred (quar.)
Youngs town Steel Door Co
July
Aug.
Sept.
Oct.
1 June 20
1 July 20
Aug. 19
Sept. 20
June 30 June
June
15
15 June
1
15
1 June
17
1 June
15
1 June
15
*
Transfer books not closed for this dividend.
.
»
.
•
*
:
t Oh account of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5% ©* the amount of such dividend will be made.
deduction of
Volume 148
Financial
Chronicle
Condition of theljFederal Reserve Bank of
New
The
following shows
3173
Weekly Return
York
Bank of New York at the
close of business May 24,
1939,
in comparison with the
previous week and the corresponding
date last year:
The
STATEMENT
$
OF
MEMBERS OF THE NEW YORK
CLEARING HOUSE
CLOSE OF BUSINESS
THURSDAY, MAY 23. 1939
AT
Redemption fund—F.
...
Total reserves
Bills discounted:
Bank of New
York
Secured by U. S. Govt,
obligations.
direct or fully guaranteed
Other bills discounted...
1,048,000
discounted........
996,000
199,000
3,208,000
;
Total U.S. Government
securities.
_
Total bills and securities..
191,191,000
346,716,000
207,948,000
721,957,000
745,855,000
726,711,000
Due from foreign banks
.......
Federal Reserve notes of other
banks...
Uncollected Items
.............
Bank premises
..........
Irving Trust Co..
Continental Bk & Tr Co.
Chase National Bank...
Fifth Avenue Bank
4,365,000
256,538,000
331,160,000
134,259,000
721,957,000
.......
First National
Bank....
2,292,000
218,000
•
256,538,000
331,160,000
134,259,000
Bonds..
Other assets......
402,000
726,379,000
61,000
3,412,000
148,137,000
8,975,000
V 15,338,000
'
Totals.
81,000
4,019,000
*
9,907,000
13,921,000
7,419,936,000 7,335,768,000 5,628,614,000
60,475,000
95,553,000
43,126,000
81,738,000
25,603,000
3,364,000
5,395,000
3,434,000
48,664,000
4,143,000
27,601,000
2,946,000
3,440,000
25,203,000
2,481,000
52,658,000
632,626,000
79,762.300
e936,833,000
13,214,000
2,424,600
9,253,300
28,266,700
8,369,500
9,497,500
519,013,000
per
10,168,000
46,557,000
166,492,000
5,323,000
109.583,000
352,601,000
90,807,000
official reports:
National, March 29, 1939; State, March,
29, 1939;
companies, March .29, 1939; v March
31, 1939.
trust
c
Total assets
As
Average
918,777.800 11,650,883,000
500,000
Public Nat Bk A Tr
Co.
149,658,000
Deposits,
Average
25,000,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Comm'l Nat Bk A Tr Co
752,711,000
60,000
3,191,000
172,194,000
8,975,000
15,000,000
100,270,000
Bankers Trust Co
Title Guar A Trust
Co..
Marine Midland Tr Co.
New York Trust Co
Time
Deposits,
13,746,900
175,561,000
26,257,900
438,998,000
1/61,383,100 al,777,440,000
56,144,300
578,241,000
182,956,700 61,683,570,000
45,626,700
564,239,000
71,537,000
C874,129,000
19,893,500
260,817,000
109,051,700
563,862,000
53,071,900
567,714,000
4,324,900
46,950,000
133,379,000 d2,486,128.000
3,830,300
48,458,000
90,000,000
42,243,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
Manufacturers Trust Co
Cent Hanover BkATr
Co
Corn Exch Bank Tr
Co.
1,890,000
,
3,208,000
...
w
248,000
1,328,000
218,000
Bills bought In open
market.:
Industrial advances
United States Government
securities:
Treasury notes
Treasury bills.....
748,000
280,000
>
Chem Bank A Trust
Co.
Guaranty Trust Co
Net Demand
Undivided
Capital
6,000,000
20,000,000
77,500,000
20,000,000
Bank of Manhattan
Co.
National City Bank
6,517,302,000 6,409,969,000 4,698,317,000
*Surplus and
Profits
•
Members
6,415,549,000 6,316,723,000 4,602,745,000
1,863,000
1,863,000
1,600,000
99,890.000
91,383,000
93,972,000
R. notes
Other cash t
Total bills
$
Clearing House
United States Treasury.*
„
$
hand and due from
on
City
weekly statement issued by the New York
City
on
Friday afternoon is given in full below:
ASSOCIATION
Assets—
York
Clearing House
May 24, 1939 May 17, 1939 May 25, 1938
Gold certificates
of the New
Clearing House
the condition of the Federal Reserve
Includes deposits in
foreign branches
$7,709,000;
d
$102,352,000;
e
as
follows:
a
$34,898,000.
$280,702,000; 6 $99,237,000;
Liabilities—
F. R. notes In actual circulation
Deposits—Member bank reserve acc't.
U. 8. Treasurer—General
account...
1,097,794,000 1,103,963,000
887,376,000
5,517,012,000 5,430,617,000 3,640,920,000
236,755,000
215,845,000
579,869,000
100,422,000
97,578,000
47,742,000
200,640,000
197,289,000
204,112,000
Foreign bank
Other deposits.....
Total deposits
THE LONDON STOCK
6,054,829,000 5,941,329,000 4,472,643.000
Deferred availability Items
146,532,000
....
Other liabilities Incl. accrued
dividends._
Total liabilities
169,831,000
1,680,000
1,771,000
Sat.,
Boots Pure Drugs.....
British Amer Tobaceo.
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
50,856,000
52,463,000
7,457,000
8,134,000
>---
....
50,875,000
52,463,000
7,457,000
8,170,000
;
Cable A Wire ordinary.
De
r51,943,000
7,744,000
9,756,000
.
Ratio
of
total
reserve
to
deposit
F. R. note liabilities combined
to
make
91.1%
91.0%
Imp Tob of G B A I...
87.7%
London Midland Ry...
Metal Box.....
524,000
Rand
ad-
vancea
2,263,000
2,273,000
f "Other cash" does not include Federal Reserve
notes
Reserve bank notes.
x
-
or
a
\
•
bank's
Holiday
„
Mines......
Rio Tlnto....
Roan Antelope Cop M.
Rolls Royoe
4,160,000
"
Royal Dutch Co
own
Federal
These
are certificates given
by the United States Treasury for the
gold taken
from the Reserve banks when the dollar
was, on Jan. 31, 1934, devalued from
100 cents to 69.00 cents, these
certificates being worth less to the
extent of the
difference, the difference Itself having been appropriated
as profit by the
Treasury
under the provisions of the Gold Reserve Act of
1934,
United
May 20
43/99/3
£51%
4/£16%
63/9
27/-
43/1%
99/3
£52%
4/£16%
64/4%
27/-
42/4%
99 /-•
£49%
4/£16% -
/7%
25/£6%
91/3
17/3
2/9
1 /21/6
130/6
£14%
77/£8%
£12%
15/105/£34
Shell Transport
Swedish Match B.
Unilever Ltd
over
Thurs.,
May 25
11/1%
Hudsons Bay Co
..
industrial
Co
Gaumont Pictures ord.
A—-
and
Contingent liability oh bills purchased
for foreign correspondents.........
Commitments
.
Electric A Musical Ind.
Ford Ltd
Total liabilities and capital accounts..
7,419,936,000 7,335,768,000 5,628,614,000
Wed.,
May 24
60
'
<
Beers.
Distillers
Tues.,
May 23
£16
Courtaulds 8 A Co
50,960,000
Mon.,
-41/9
100 /£4814
4/-
Canadian Marconi
'
CentralMln A Invest..
Cons Goldflelds of 8 A.
Capital Accounts—
*
Molasses......
■-
Vlckers
West
Wltwaterarand
Areas.
received by cable
as
May 22
,
May. 20
146,591,000
1,601,000
7,300,926,000 7,216,803,000 5,508,211,000
Capital paid In
EXCHANGE
Quotations of representative stocks
each day of the
past week:
82/6
25/6
35/9
24/9
19/,£5%
43/99/-
Fri.,
*
£51
4
2/9
1 /-.
21 IS
131/£15
77/3
£8%
£12%
19/7%
76/£8%
£12%
15/3
108/9
£35%
86/3
25/6
36/25/6
20/-
£5%
61/3
25/£6%
91/9
11/17/3
/£16%
61/10%
25 /3
£6%
92/3
11/3
17/6
2/9
1/-'
21/6
131/3
£15%
76/3
*8%
£12%
15/108/1%
£34%
83/25/36/3
25/6
19/1%
£5%
£5%
.
15/106/3
£34%
83/25/-'
35/9
24/9
19/-
*
£5
'
£6%
.
■
£6%
93/6
11/6
17/6,
2/9
1 /21 /6
133/£15%
77/£8%
£12%
15/108/9
£35%
85/6
25/6
36/25/9
94/9
•
11/3
17/3
2/9
H21/3
132/9
£16
:
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
items of the resources and liabilities of the
System, giving the principal
reporting member banks in 101 leading cities from which
These figures are
weekly returns are obtained.
always a week behind those for the Reserve banks themselves.
The comment of the Board
the Federal Reserve System
of Governor8 of
upon the figures for the latest week
appears in our department of "Current Events and
immediately preceding which we also give the figures of New York and
Discussions,
Chicago reporting member banks for a week later.
Commencing with the statement of May 19,
1937, various
changes were made In the breakdown of loans as
an announcement of the Federal
reported in this statement, which were
Reserve Bank of New York of
April 20,1937, as follows:
The changes in the report form are
confined to the classification
of loan3 and discounts.
This classification has been
(1) commercial, industrial and agricultural
changed primarily to show the
loans, and (2) loans (other than to brokers and
securities.
The revised form also eliminates the
dealers) for the purpose of
distinction between loans to
purchasing or carrying
brokers and dealers in securities located in
outside New York City.
New York City and those
Provision has been made also to
located
include "acceptances of own bank purchased or
cial paper bought in open market" under the
discounted" with "acceptances and
revised caption
commer¬
"open market paper," instead of in "all other loans," as
Subsequent to the above announcement, it was made
formerly.
known that the new items
would each be segregated as "on securities"
"commercial, industrial and agricultural loans" and
and "otherwise
"other loans,"
secured and unsecured.*'
A more detailed explanation of the
revisioris 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 ON MAY 17,1939 (In Millions of
Dollars
described In
amounts of
.
Federal Reserve Districts—
Total
Loans—total
Phila.
$
$
1,158
8.688
1,111
1,880
679
605
568
3,076
716
3,070
411
360
659
243
657
308
610
3,845
and agrlcul. loans
258
863
312
1,473
190
155
241
259
106
182
252
946
Cleveland Richmond
$
Atlanta
$
,
Chicago
St. Louis
%
$
$
Minneap. Kan. CUy
$
$
Dallas
San Fran.
$
$
2,169
301
securities..
Real estate loans
Loans to banks
61
501
127
189
77
22
10
153
7
3
3
309
24
30
166
639
Open market paper
Loans to brokers and dealers in secure.
Other loans for purchasing or
carrying
500
3
21
19
4
18
1
6
39
5
16
1
4
4
12
23
259
32
26
15
12
79
13
7
53
169
36
10
30
16
48
1
20
3
3
383
72
74
110
50
539
1,150
80
198
1
53
2
40
1
2
1,519
Other loans
Treasury bills
Treasury notes
120
473
92
195
3
168
412
•
101
49
7
24
60
49
46
1
178
guar,
Other securities
Reserve with Federal Reserve Banks.
-
Cash In vault
Balances with domestic banks
Other assets—net
8
144
43
.i
62
•780
41
217
171
34
6
30
392
1
5,862
2,031
3,228
8,352
by U. 8. Govt.
1
2,030
United States bonds
Obligations fully
New York
$
$
—
Commercial, Indus,
Boston
21,609
8,046
ASSETS
Loans and Investments—total
345
48
2,329
36
305
84
617
144
43
923
149
122
111
111
81
639
419
46
8
108
1,089
96
134
1,252
258
282
65
87
491
385
99
4,998
43
331
161
111
140
405
58
1,099
148
319
71
84
17
163
41
19
115
12
58
11
352
139
97
55
60
263
65
15
57
46
142
2,671
142
172
7
184
13
290
164
175
10
1,280
-
477
81
141
484
109
102
284
105
245
35
48
83
23
288
18
22
30
249
21
LIABILITIES
Demand
deposits—adjusted
16,681
Domestic banks
•
7,890
1,002
807
1,181
448
367
249
2,337
431
272
497
282
443
747
202
188
913
934
589
United States Government
deposits..
Inter-bank deposits:
1,074
5,247
Time deposits
16
191
105
118
144
53
136
42
28
40
116
20
1,075
2
23
34
110
255
995
298
122
1
208
13
286
6,690
273
Foreign banks
Borrowings
633
27
2
1
Other liabilities
781
Capital account
3,708
20
245
«
2,905
354
364
258
658
13
1
1
a
372
1
18
......
mmrnsmm
344
12
17
25
7
20
7
1,609
224
369
96
93
399
92
6
67
'
1
3
'
5
100
84
/
315
340
M*y 27> 1939
Weekly Return of the Board of Governors of the Federal Reserve System
The following was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, May 25,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
Financial Chronicle
3174
AND LIABILITIES OF THE FEDERAL
COMBINED RESOURCES
May 10,
May 3,
1939
1939
1939
Redemption fund (Federal
Other cash *.
—-
-
Total reserves.
•
10,639,417
360,682
12,943,003
12,836,950
11,060,201
1,062
1,834
5,661
1,490
1,488
3,007
3,063
2.552
3,322
8,668
7,823
363,506
13,567,619
13,491,047
13.420,95S
13,266,561
13,102,409
2,114
1,958
1,773
1,410
1,628
1,229
1,606
1,537
1,526
13,119,718
9,372
365,383
9,07<
359,825
13,597,485
1,668
1,946
guaranteed
Other bills discounted
Total bills discounted
9.603
Bills bought In open
3,038
560
561
561
561
534
562
,
562
562
13,478
13,879
16,771
12,810
13,291
14,005
12,796
12,811
13,894
12,825
911,090
1,170,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
470,816
911,090
1,176,109
470,816
911,090
1,176,109
476,816
911,090
1,176,109
476,816
1,191,905
714,857
2,664,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,680,906
2,580,888
2,581,518
2,589,988
2,580,878
2,581.903
2,580,987
2,581,459
2,581,022
2,581,456
—
securities—Bonds..
Treasury notes..
-
—
Government securities
Total U. S.
3.490
2,835
562
Industrial advances.
Treasury bills...
1.
561
market
United States Government
'
1.717
8,881
411,903
4,072
3,614
4,055
-------
•
3
12,423,718
9,602
403,630
12.716.719
9,444
376,246
12.572,718
8,785
381,058
13,198,718
Government obligations.
by U. S,
direct or fully
1938
t
S
.$
Bills discounted:
Secured
May 25,
29,
1939
12,876,718
13,222,730
2,207
1,848
Reserve notes)
1939
13,030,71C
8,34£
381,893
13,282,718
9,372
382,078
from U. 8. Treas. x.
$
Mar.
Apr. 5.
1939
Apr. 12,
,
13,674,168
Gold ctfs. on hand and due
CLOSE OF BUSINESS MAY 24, 1939,
Apr. 19,
1939
t
$
8
$
ASSETS
•
Apr. 26,
1939
$
May 17,
1939
(000) Omitted
Three Ciphers
RESERVE BANKS AT THE
May 24,
657,253
/
securities..
Total bills and
Gold held abroad
if
161
Uncollected Items
Bank
161
""101
19,450
683,343
18,991
549,526
42,549
51,619
premises
Other assets
Total assets..
42,552
52,171
United States
16,631.655
16,447.152
16.211,436
4,465,004
4,433,389
4,417,822
4,394,453
4,398,430
4,116,875
4,459,364
4,345,363
4,463,349
9.317,830
1,102,897
232,416
237,807
9,124,860
1,201,387
242,286
262,461
7,716,352
1,182,761
133,118
926,636
281,541
276,227
Deferred availability Items
.....
-
-
9,960,905
959,289
250,495
270,220
10,005,034
915,385
269,917
272,959
9,872,140
936,271
225,656
328,257
•
950,876
222,716
285,975
13,942,947
134,956
.149,152
27,264
32,985
134,926
149,152
27,264
32,758
135,031
149,152
133,575
27,264
27,683
33,047
38,951
16,447,152
10,211,436
16,111,152
*4.290,895
84.8%
84.7%
84.6%
82.5%
12,062
12,647
13,260
1,549
2,368
6,986
165
359
10.890,950
5,285
5,051
646,270
4,686
573,939
4,017
16,352,155
16,287,550
16.102,795
134,972
134,971
149,152
27,264
32,718
16,620,359
—
16,631,835
16,467,506
135,003
149,152
134,982
33,370
32,895
134,998
149,152
27,264
32,667
149,152
27,264
33,020
27,264
■
149,152
27,264
0
*32,968
16,965,093
16,976,149
16,811,924
16,794,871
16,690,511
16,631,655
85.4%
Total liabilities and capital accounts
85.3%
85.3%
85.2%
85.1%
84.9%
.
'
deposits and Federal
Reserve note
•
for
11,688
11,635
Industrial advances
11,659
11.749
11,722
11,686
,
5,110
147,739
1,460
f'
'
.
15,766,658
11.057,386
663*, 169
4,153
134,948
149,152
27,264
.
15,867,336
11,202,406
582,059
4,674
yOther capital accounts
.
534,887
11.332,133
618,943
4,519
Capital paid In.
Surplus (Section 7)..
Surplus (Section 13-b)
ft
586,372
3,929
11,362,324
556,182
16,450,790
253,844
10,830,994
11,446,909
688,655
-
\
9,286,075
11,474,546
CAPITAL ACCOUNTS
liabilities combined
Contingent liability on bills purchased
foreign correspondents
9,527,804
1,015,034
267,432
247,116
9,742,839
912,910
226,956
289,458
599,244
4,961
Including accrued dividends
—
9,902,809
11,569,775
...
Commitments to make
47,547
16,696,511
—
Ratio of total reserves to
20,427
44,695
16,794,871
—
-
Total liabilities
14,290,895
680,517
42,599
60,398
527,851
10,811,924
10,096,622
account
Total deposits
yOther liabilities
42,642
48,733
19,498
581,828
42,682
48,130
4,446,379
actual circulation
—
161
18,868
577,007
10,976,149
Treasurer—General account-
Foreign bank...
deposits
Other
161
21,334
648,928
42,640
50,162
16,111,152
LIABILITIES'
Deposits—Member bank-—reserve
""161
19,613
672,694
42,633
49,104
"
16,965,093
—
Federal Reserve notes In
"~162
20,976
19,638
609,905
42,549
50,694
53,092
.............
......
"*186
""160
""160
19,807
593,886
42,523
.....
banks
Federal Reserve notes of other banks
Due from foreign
12,016
'
.
0
Maturity Distribution uf Bills
Short-Term Securities—
and
321
2,280
2,007
'2.858
212
163
138
286
104
166
263
343
382
363
295
187
399
251
283
230
280
265
301
246
255
355
233
340
v
...
360
159
322
360
3,490
3,038
2,835
3,063
2,552
180
203
129
83
151
202
206
203
129
69
613
184
.
83
207
47
4,055
369
349
4,072
K
•
356
373
242
;
449
3,614
483
Total bills discounted.
1,561
1,916
2,364
2,732
discounted
discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted —
1-15 days bills
16-30 days bills
,
8*668
3,322
75
*
'
bought in
16-30 days bills bought In
81-60 days bills bought In
61-90 days bills bought In
Over 90 days bills bought
1-15 days bills
market
open market
open market
open market
In open market
70
open
23
28
47
159
206
267
152
106
69
143
74
285
74
214
662
562
560
561
561
562
562
561
561
1,685
1,670
2,358
2,405
1,635
2,359
•
1,629
1-15 days Industrial advances
16-30 days
""106
301
99
156
147
Industrial advances
1,017
985
<Jays Industrial advances
Over 90 days Industrial advances....
1,028
'
9,321
9,276
9.250
12325
12,796
12,810
104
109
174
249
204
200
721
715
704
721
10,318
10,372
10,422
12,811
13,291
13,478
13,879
13,894
72,518
91,685
186,113
367
229
10,944
'
10,432
13,735
150,623
2,130,139
Total U. S. Government securities..
2,564,015
252,711
185,125
167,163
232,997
121,500
89,348
192,168
158,680
72,518
2.092,199
2,097,319
2,139,209
1,809,087
2,113,049
123,000
2,117,199
2,564,015
2,564.015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,750,139
4,739,164
4,740,896
4,676,299
4,631,078
4,412,650
274,160
307,507
4,723,841
306,019
4,685,403
290,950
277,869
285,715
295,775
290,775
4,345,363
4,116,875
4,527,632
2,564,015
/
152,680
Held by Federal
Bank by F. R. Agent
Reserve Bank
4,746,943
300,564
4,750,545
287,196
4,446,379
4,463,349
4,459.364
'4,465,004
4,433,389
4,417,822
4,394,453
4,872,500
4,872,500
4,872,500
3,846
4,872,500
3,361
4,872,500
2,893
4,847,500
2,667
4,812,500
4,802,500
4,774,500
2,862
2,360
3,102
3,491
4,876,441
..
4,398,430
3,941
In aotual circulation
173,696
......
Federal Reserve Notes—
Issued to Federal Reserve
16,771
95,524
127,630
2,124,717
2,131,204
Total other securities
85,848
14,005
84,355
153,613
145,910
2,128,049
85,813
67,450
136,793
923
82,185
83,440
146,043
126,468
75,673
69,520
138,060
securities
securities
securities
61-90 days U. 8. Government securities
Over 90 days U. S. Government securities
1-15 days U. S. Government
86,005
85,813
85,440
75,673
134,293
137,405
16-30 days U. S. Government
31-60 days U. S. Government
274
267
.
'
,
534
1,472'
'
26,500
'
Total Industrial advances....
238
160
182
246
1,042
9,278
'
61-90
2,044
1,908
96
J
748
712
•
725
.
'
•-
743
31-60 days industrial advances
117
104.
335
""190
...
market.
Total bills bought In open
69
,
526
4,875,991
4,876,346
4,875,861
4,875,393
4,850,167
4,315,362
4,804,860
Collateral Held by Agent as Security for
Notes Issued to
Bant—
from U. S. Treas..
Gold ctfis. on hand and due
By eligible paper
United States Government
Total
collateral
•
"Other cash" does not
s
These are certificates
cents on Jan.
31, 1934, these certificates being worth less to
two (terns
50.06
under
of 1934,
4, 1939 two new Items appeared, "Other liabilities, Including accrued
corresponds exactly to the total of two Items formerly In the statement but not excluded, vis.:
4,540,339
the dollar was devalued from 100 cents to
having been appropriated as profit by the Treasury
the gold taken over from the Reserve banks when
the extent of the difference, the difference Itself
With the statement of Jan.
statement for May 25.
4.777.602
Include Federal Reserve notes.
given by the United States Treasury for
provision of the Gold Reserve Act
y
7,707
5,000
securities
1938 has been revised on the new basis
and Is shown accordingly.
dividends." and 'Other capital accounts." The total of these
"All other liabilities," and "Reserve for contingencies." The
Volume
.3175
Chronicle
Financial
148
(Concluded)
Weekly Return of the Board of Governors of the Federal Reserve System
Three Ciphers (000) Omitted
Federal Reserve Agent at—
□old
certificates
from
United
hand
on
and
%
$
%
%
Cleveland Richmond
PhUa:
New York
fiction
Total
ASSETS
i,
1939
EACH OP THE 12 PEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 24,
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF
Atlanta
$
..
Chicago
$
*V;
$
$
%
$
%
San Fran
Dallas
St. Louis Minneap. Kan. City
due
757.232
205,921
319,482
245,444
382
982
950
643
586
616
456
277
561
1,325
32,080
26,625
23,027
19,601
52,119
18,330
9,721
17,711
16,667
36,687
13,674,168
Other cash *
637,756
9,372
382,078
Treasury
Redemption fund—Fed. Res. notes.
770,082 6,517,302
670,218
815,873
369,536
280,597 2,303,194
335,882
255,621
337,470
223,149
795,244
80
31
56
53
26
445
239
417
106
476
295
470
2
16
16
218
599
46,954
60,613
24,573
36,346
46,916
19,021
40.209
.
Total reserves
788,266
316,936
739,731 6,415,549
731
1,863
99,890
29,620
13,282,718
States
345,559
260,353 2,250,489
Bills discounted:
"
Secured by U. S. Govt, obligations
direct or fully guaranteed
Other bills
303
73
148
115
40
25
43
204
22
35
25
347
1,328
328
352
137
75
25
42
218
57
24
20
71
2
1,694
3,208
2,568
1,172
793
456
5
798
256,538
331,160
134,259
73,522
90,042
102,026
44,123
116,233
47,123
-53,403
131,706
66,958
38,478
47,696
61,570
24,961
41,369
94,907
21,650
53,395
23,092
27,660
35,708
14,476
561
12,825
Total bills discounted..._
260
4,055
discounted-.-,,
.
Bills bought In open market
■
'
280
2,207
1,848
...
......
Industrial advances
1,048
87
.
'
116
,
52
:
364
■
41
J
67,984
87,759
35,579
911,090
Bonds..
1,176,109
Treasury notes
Treasury bills
476.816
...
,
V
-
76,830
99,176
2,564,015
191,322
721.957
206,907
253,398
134,227
116,422
287,127
124,173
77,844
132,140
102,283
216,215
2,581,456
193,405
726.711
209.860
253,930
135,775
117,372
287,729
124,205
78,750
132,850
103,193
217,676
161
Total U. 8. Govt, securities
12
61
16
15
7
5
20
2
2
5
5
3,412
148,137
8,975
16,338
897
1,364
1,899
2,274
1,900
1,382
498
41,260
4,657
69,655
5.9C5
49,094
2,595
5,795
3,333
2,275
2,288
30,010
3,196
4,554
20,280
2,058
2,367
1,199
15,158
1,615
1,618
22,049
1,244
2,023
931,462 1,152,587
562,239
424,953 2,689,048
493,698
353,863
507,398
'
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
191
19,807
593,886
42,523
53,092
Uncollected Items
Bank premises
Other assets
950
/
U. S. Government securities—
...
Total assets
56,891
2,926
3,451
16,965,093 1,026.958 7,419,936
2,796
86,061
3,927
5,321
27,146
2,485
11
1,995
28,145
3,200
4,619
352,161 1,050.790
LIABILITIES
4,446,379
379,806 1,097,794
316.005
415,687
191,500
148,753
988,423
180,274
136,182
169,835
75,867
347.253
Member bank—reserve account... 10,096,622
U. 8. Treasurer—General account.
915,385
477,827 5,517,012
236,765
62,092
100,422
20,275
463,415
46,123
27,315
249,484
131,684
1,699
4,909
5,742
8,689
183,621
46,370
8,166
2,097
566,468
6,476
234,870
44,674
8,166
5,451
181,557 1,342,163
186,349
44,675
9.856
34,073
4,350
7,658
219,308
42,016
8,166
200,640
529,213
71,269
26,188
11,097
565,073 6,054,829
542,304
637,767
307,607
243,746 1,566,935
274,399
193,329
296,399
30,907
24,906
31,394
142
268
P. R. notes In actual circulation
Deposits:
-
Foreign bank.
281,541
Other deposits
Total
276,227
——_
deposits..,.
•
11,569,775
.......
Deferred availability Items...
Other liabilities, incl. accrued dlvs
4,879
599,244
Total liabilities
67,794
457
134,948
149,152
2,874
33,370
Other capital accounts
48,221
19,700
88,621
28,410
465
138
197
472
123
139
281
899,244 1,120,125
547,466
412,396 2,644,451
483,206
344,776
497,422
12,057
13,652
13,696
14,323
13,679
22,666
3,983
4,685
1,007
3,480
5,074
4,983
3,293
4,516
5,630
4.416
713
1,429
6,823
645
2,913
3,153
1,001
4,247
3,613
1,142
1,279
2,020
974
424,953 2,689,048
493,698
353,863
79
698
190
507,398
:
634
50,856
52,463
7,457
8,234
9,397
10,083
27,264
—
66,206
508
>
1,474
2,049
Total liabilities and capital accounts 16,965,093 1,026,958 7,419,936
Commitments to make Indus, advs.
732 7.
2,263
11,635
1,698
1,423
562,239
1,042
931,462 1,152,587
1,478
1,546
150
41,319
20,330
19,016
240,254 '< 647,133
40,427
1,771
16,620,359 1,003,130 7,300,926
Capital Accounts—
Capital paid In
Surplus (Section 7)..
Surplus (Section 13-b)
12,108
49,427
16,126
146,532
4,961
44,316
341,169 1,026,048
10,564
9,966
2,121
2,092
4,010
3,892
1,266
1,824
352,161 1,050,790
2,923
.
•»>!
•
•"Other cash" does not Include Federal Reserve notes.
RESERVE
FEDERAL
j
.
Three Ciphers (000) Omitted
Federal Reserve Bank of—
NOTE
Boston
New York
PhUa
cievelnno
Richmond
Atlanta
Chicago
*
f
S
%
%
S
$
435,446
19,759
205,108
13,608
160,247 1,020,188
31,765
11,494
194,767
14,493
139,564
4,382
178,716
8,881
379,806 1,097,794
316,005
415,687
191,500
148,753
98,423
180,274
135,182
169,835
hand
75,867
439,500
215,000
303
116
196,000
75
25
96
469
294
462
196,025
143,596
180,469
85,794
434,462
352
132
420,332 1,211,285
4,876,441
439,616
345,303
169,132 1,035,075
215,352
;■
United States
Transactions
May 31 1939
7 1939........
Asked
0.05%
0,05%
0.05%
0.05%
0.05%
0.05%
0.05%
June 14 1939
June 21 1939...
June 28 1939
5 1939
12 1939
Bid
July 19
1939.......
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
July 26 1939
Aug.
i• lit
• i
i i
ii
•
2 1939
Aug.
9 1939
Aug. 16 1939—
Aug. 23 1939
"
mmnm
.mi*
•
at
Daily, Weekly and
Asked
Stock and Bond
THE
32ds of
vy-"./:
PARIS
Asked
2 H%
100.2
Sept.15 1939...
1H%
101.22
Maturity
eh
Rate
June
101 24
received by
Francs
7.700
Bfmque de Parte et Des Pays Baa
Banque de l'Union Parlslenne..
1,155
1,157
1,167
158
14,700
780
1,510
38
525
14,400
780
1>610
39
•
525
160
14,400
793
I'®3®
38
•
526
833
832
240
225
526
1,640
1,530
240
225
530
1,660
1,540
Pacific
....
Cle Dlstr d'Electrlcite—
Bid
.
Cle Generale
y
Asked
Transatlantlque B
'
Citroen B
15 1941..
1 H%
1H%
1)4 %
15 1941
Dec.
_
102.25
102.27
Coty 8 A
103.3
103.5
Courriere—
104.16
104.18
Credit
105.22
105.24
104.31
105.1
102.19
102.21
102.27
102.29
Dec. 15 1939...
1H%
101.26
101.28
Mar
Mar. 15 1940...
1H%
102.1
102.3
8ept.15 1942...
June IB 1940...
1)4%
102.3
102.5
Dec.
15 1940...
1)4%
102.13
102.15
June
15 1943...
2%
1 H%
IX %
Mar. 15 1941...
1)4%
102.23
102.25
Dec.
15 1943...
1X%
15 1942...
15 1942...
7,800'
833
240
225
523
1,640
1,520
343
Canadian
Canal de Sues cap.............
..
Francs
7,800
467
158
465
Commercial de France...
Credit Lyonnalae...
.......
Eaux dee Lyonnalae cap
.....
14,600
804
'^9
_40
;
835
240
222
530
1,670
1,540
652
1,160
658
1,160
NordRy
902
887
902
887
906
.893
901
898
OrieansJEty 6%
430
430
429
428
1-710
78.50
82.10
1-710
78.80
82.30
X'721
79.00
82.40
ll734
79.40
82.90
81.10
87.40
81.30
87.60
81.50
87.60
82.00
88.50
86.10
110.90
6,980
2,020
86.30
110.75
6.030
2.035
MM
1,366
67
69
1.525
634
68
68
1.527
639
M
548
,
64
86.50
110.90
6,130
2,055
1.377
68
69
87.00
111.60
6.210
2,050
1,390
;
71
68
Llquide
Lyon (P L
THE
BERLIN STOCK EXCHANGE
Closing prices of representative stocks
of the past week:
as
received by cable
May
May
20
22
Comroerz-und Privat-Bank A. G. 6%_.
May
May
May
23
24
25
26
Rentes 4X
•flemens & Halske (8%)
Vereinlgte Stahlwerke (6%)
150
178
191
102
%! 1932!
114
113
113
160
160
160
Rdnt Gobaln
122
*
105
105
SSSnW
111
122
ill
ill
Sodete
122
122
Sodete
105
105
150
150
149
150
178
178
178
178
192
191
190
102
102
101
105
105
105
178
1
I
188
189
j
101
101
*
150
B
C A 0
105
105
.105
.........
114
111
(7%)
1918
160
105
.
4X%. 1932. A
160
111
122
ftelchsbanks (8%)
I""-----"---"-
Perpetual 3%
114
105
Dresdner Bank f6%)
Rentes
Hollday
4%fl917—-
£52 6%7iW0-£?«JDutd*
Deutsche Bank (6%)
-Ill
Deutsche Relchsbahn (German Rys.pf.7%). 122
Farbenlndustrle I. G.
R^itee
Rentes 4%.
May
Per Cent of Par
'
Allgemelne Elektrlzltaets-Geeellschaft (6%)...
Berliner Kraft u. Llcbt (8%)
159
pShfnS
Rentes
each day
.....
M)_————
-
Francalae Ford
Generale Fondere......
Societe Lyonnalse
—Soclete Marseilles
Tublze Artificial Silk preferred..
Unlo
d'Electrldte
Wagon-LltS
-
>
538
63
,
1,544
640
Al
553
64
.
163
14,600
T,560
44
240
1,670
1,550
352
584
343
674
L'Alr
7,800
533
649
1,140
.......
348
681
^
470
163
670
du Nord
Littoral..
Energle Electrlque du
Francs
1,176
,
468
650
1,140
Eo«*le Elwrtrlque
Kuhlmsnn
cable
May 24 May 25 May 26
7.700
Comptolr Nationale d'Esoompte
June 15 1939...
BOURSE
May 20 May 22 May 23
Francs
Francs
Francs
.
Cle Generale d'Electrldte
Bid
'
mm
more
Int.
:f;||
;y'
'
May 26 -Vv'-
Int.
_;
the Nevjr'
.■ v- Y^X"
y|
Bank of France.....—
one or
.
Averages—See page 3191.
Quotations of representative stocks as
each day of the past week:
-*v"
Rate
;
on
the New York Stock Exchange, j
Yearly—See page 3191.,.Y;,\,X'Yl
'
'
•
after decimal point represent
Maturity
■'
'
Quotations for United States Treasury Notes—Friday,
;r
Y
Government
States
for discount at purchase.0
Bid
June
■
...•.
Securities
Stock Exchange—See following page.
United
Treasury Bills—Firday, May 26
York
Rates quoted are
-
V
434,00(1
85,500
180,000
143,500
169.000 1,035,000
:
Dec.
';
,
'
■>
■
345,000
4,872.500
420,000 1,210,000
332
3,941 C
1,285
Total collateral
es
.
0
'
IK
,,
Figu
347,263
and due
Eligible paper
point.
6,757
:
0
.-v
403,048
55,795
82,624
tf
on
1
V
333,058
17,053
Agent as security
from United States Treasury
a
I
402,452 1,191,725
22,646
93,931
for notes issued to bank:
July
fan Fran
Dallas
City
$
%
1
4,446,379
In actual circulation...
July
Kan.
Minneap
St. Lou
%
4,746,943
: 300,564
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Gold certificates
STATEMENT
..
Total
Federal Reserve notes:
Collateral held by
.,,,
1,545
639
kkq
559
65
1,160
"430
79.30
82.90
82.00
88.50
86.90
111.60
6,250
77
May 27,
3176
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless
the range for the year.
United States Government Securities
Below
furnish
the New York
on
Stock Exchange
Loan and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners'
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 3'2ds of a point.
'
we
a
'■
.
Dally Record of U. S. Bond trices May 20 May 22 May 2'A\May 24 May 25 May 26
Treasury
(High
121.20
121.22
121.24
121.20
121.20
121.22
121.23
121.20
121.27
121.20
121.22
121.24
121.20
Si .00
Total taut in
1
unlit...
(High
1 Low.
116.1
(Close
4S. 1944-64
]
116.1
116.1
116.1
116
116
116
116
116
116
108.28
108.30
*6
28
1
108.27
108.29
Total sales in SI.000 units...
50
Low.
104.7
104.7
107.2
107.3
106.29
106.28
106.31
106.30
106.29
107.1
107.2
106.29
106.31
20
11
106.9
106.9
106.6
2 Ha,
106.6
1950-52
(High
110.31
111.2
(Low.
110.31
111.1
111.2
110.31
Total tales in SI,000 units...
107.1
107.2
106.28
107.1
106.31
106.30
107.2
106.27
107.3
106.30
107.2
107.2
107.1
106.28
....
(Low.
2s, 1947
(close
1
3
(High
107
....
::::
Total sales in SI.000 units—
106.31
106.30
106.31
I Close
Low.
109.28
110
Close
109.28
110
Total talet in SI.000 units...
1
1
109.12
109.14
110.26
110i.24
110.25
110.26
110.27
110.29
8
34
354s. 1944-64
110.26
Close
4
I
,.
110
1
106.31
8
(High
(Low.
Total talet in SI.000 units..
109.28
High
Federal Farm Mortgage
110.29
107
Total tales in SI .000 units..
110.27
wmmm
—
109.12
Low.
109.12
109.13
109.12
109.14
109.13
(Close
109.12
109.13
109.12
109.14
109.15
Total tales in J1.000 units...
6
1
3
3
3
(High
111.11
111.10
111.12
111.11
111.12
111.11
(Low.
I
111.11
111.10
U1.10
111.12
111.9
111.12
111.9
(High
106.23
106.20
106.25
106.25
106.25
106.20
106.23
106.25
106.25
Low.
106.23
106.20
Close
106.23
106.20
106.23
106.23
(High
..(Low.
112.8
112.8
112.11
112.8
112.9
112.7
Total salts in SI.000 units^..
30
*1
8
2
112.8
112.8
112.8
112.8
112.8
112.7
I Close
(High
112.8
112.8
112.11
112.8
112.9
cioso
Total tales in
111.10
111.11
SI,000 units...
¥
2
1
111.11
27
SI,000 unlit...
1
2
113,17
113.18
111.12
53
3
(High
17
3s. 1942-47—
111.9
■
-
27,
2548, 1942-47
112.7
113.20
334s, 1949-62
106.13
106.13
(Close
Total sales in SI,000 units...
Home Owners'Loan
16
113.17
113.18
113.20
113.18
113.18
113.20
113.18
Total tales in SI,000 units...
50
25
25
(High
111,20
111.19
111.19
111.16
(Low.
111.19
111.19
111.16
(Close
111.18
111.19
111.19
111.16
SI,000 units...
4
109.11
109.10
109.11
109.12
109.10
109.10
109.9
109.10
109.8
109.10
109.10
109.11
109.8
Total sales in SI,000 units...
111.18
15
109.11
1944-62....(Low.
(Close
(t
3s, 1946-48
e
lose
15
106.13
Low.
...
1
113.18
2
113.17
(Low.
Total tales in
....
10~9~15
109.13
3s. 1944-49
(High
33*8, 1946-49
28
1
17
18
2
1
(High
| Low.
Total talet in
32
107.3
Total talet in Si ,000 units..
,
106.27
107.2
107.1
Low
(Close
-—
106.6
106.25
107.1
(High
1
24
70
18
Total talet in S1.000 unUs...
Low.
•
----
106.31
106.31
2Hs, 1949-63
106.9
•
•
106.27
106.31
Close
104.7
104.9
104.9
1
1
•
9
107
(High
104.9
1
1
1
108.29
108.27
1
1
108*29
108.27
High
3
1 Close
1
l
Cioae
2 Ha, 1948
(Close
334s, 1944-46..
Low.
116
116
116.1
Total talet in SI .000 unlit...
*
1
Close
(High
3>£s, 1943-45-...
1
1
Total talet in S1.000 unUs...
2Ks. 1945.
Total talet in Si,000 unlit...
3H». 1941
t
»
4
Low.
3Hs. 1943-47
1
108.29
115.31
116
i
108.30
108.28
115.31
Close
3 Hi. 1941-43-...
244
108.28
58
205
rs
210
7
116
116
(High
.107
116
116
3Hs, 1940-43
107
107.6
unlit...
116
5
Si,000 unlit...
Total talet in
107.5
109.7
115.31
(High
I Close
109.7
107.4
115.31
8
(Low.
IHt. 1946-66
109.7
107.4
107.2
High
Total tales in Si.000
116.3
107.8
107.2
107.5
116
116.1
107.4
107.6
107.7
106.29
107.2
116
116.1
3
Total tales in SI,000 unlit...
254s, 1960-65
121.27
115.31
•
2itMay 25|May 26
May 22 May 23 May
Low.
High
Treasury
5
116
Bond Prices.May 20
Close
121.27
-.--Low
(Close
.
4 MS. 1947-62
Daily Record of U. S.
N«
of the day.
they are the only transactions
account Is taken of such sales In computing
2
(High
,
38, series A,
109.11
3
9
4
10
101.27
101.28
101.24
100.15
100.13
101.22
(High
1939-49..(Low.
(Close
254s, series B,
2
101.23
101.12
101.24
101.22
100.14
100.13
101.24
100.15
100.13
J35
17
101.22
101.27
101,26
(High
112.3
112.1
112.2
112.2
Total tales in SI,000 units...
8
170
179
(Low.
3s, 1951-55
112.3
112.1
112
112.2
105.12
105.10
105.10
112.3
112.1
112.1
(High
..(Low.
105.12
105.10
105.9
I CJlosc?
105.12
105.10
105.9
Total talet la SI.000 units...
1
1
I Close
Total sales in
1
SI,000 units...
5
4
254s. 1942-44
112.2
1
Total taut in
109.13
109.7
109.9
109.7
109.7
109.8
109.7
109.9
109.2
109.4
IHlgh
109.13
109.4
Low.
1
109.4
109.10
109.10
109.7
109.9
109.2
Si,000 units J..
30
*3
35
33
32
109.26
109.28
109.26
109.26
109.25
109.25
109.27
Low.
109.27
109.26
109.28
109.25
109.27
109.23
(High
1HS, 1945-47 wl
Low.
109.23
(Close
:
Total sales in S1.000 units...
27
1
,
31
v
(High
<
234s. 1946-47
8
2
•
.
Total sales in SI,000 units...
109.26
j
7
109.22
109.22
109.22
(High
1HS. 1945-1947 wl
Low.
109.22
.
35
(High
109.26
Low.
109.26
109.22
109.22
Close
Total sales in SI.000 units..
109.26
109.22
109.22
3
25
1
108.30
108.29
108.31
108.30
108.27
108.31
108.30
108.27
2
*1
C10S6
Total salei in 11,000 units.i.
,
50
103.31
■
334s. 1948-61
■
109.1
2348. 1951-54
109
109.1
..(Low.
.....
Close
Total sales in SI.000 units.
109.3
108.31
(High
109
3
30
109.22
(High
108
108.2
108.2
Low.
108
108.1
108.1
108.1
108.1
5
63
High
107.8
107.11
107.15
-.....(Low.
(Close
107.8
107.10
107.11
107.8
107.11
107.11
5
73
s
Total sales in
above
t Cash sale.
includes only sales
registered bonds were:
table
Transactions in
of
coupon
107.30
Total talet in SI.000 units...
234s. 1968-63
Note—'The
t Deferred delivery sale,
107.30
108
Odd lot sales,
bonds.
26
107.30
(Close
234s. 1956 69
*
SI.060 units...
8
107.11
107.11
107.7
,
■
-
..
.
107.7
107.11
-'
26
107.11
107.10
107.6
107.10
No sales.
•
29
1
United States
Treasury Bills—See previous page.
United States
Treasury Notes, &c.—See previous page.
77
New York Stock Record
LOW
AND
Saturday
HIGH
SALE PRICES—PER
May 20
Monday
May 22
3 per share
3 per share
*57*4
*123
587fi
130
Wednesday
S per share
S per share
59
587g
SHARE, NOT PER
Tuesday
May 23
.
60
Thursday
May 24
60
60
60
*123
*36*2
*33l2
4234
128*? *123*2 128*2 *124
128t2
*36*2
4234
*36*2 4234 *36l2 4284
34*2
*33*2
*7*4
7%
*21
48*2
♦84
8%
*
3434
7
7*4
*2078
*2114
22
48
■
*32l2
7
2284
*21*4
1
35
227«
*2084
714
22
22
*21
48
7R
48
78
125
*84
7fi
%
*7*2
8*8
*6*8
*578
7
712
*6*4
7
*6
*10
11
1584
*52
1584
58*2
7%
75«
*15984 160%
10*2
1584
*54
*7%
%
77«
*6
7
10*2
16%
784
63%
32%
*12*4
6312
1634
16
63*2
I684
*12%
12*2
*50
52
•
*1*2
*12*4
63
1678
*12
50*2
*984
1078
16i8
163s
700
130
130
*37*2
4284
*37,
40
35
*33
35
""166
8
3,800
35
7%
21*2
*2034
49%
*84
8*4
77g
21*2
77g
2112
2134
*21
50»4
7g
51
61*2
21*2
2134
5234
8*4
*121
30
*75s
160
784
161
300
78
500
4,300
125
20
34
84
34
84
2,400
8%
8*8
3,200
6i2
6%
11*2
17
67g
67g
714
*6*2
7
*6i2
85g
712
7
11
11*2
1112
17
17*2
17
11*2
173s
12
33%
1178
1234
8%
*61*2
3234
33%
16
*15
16
8%
1%
*1*2
*1284
1278
883
65
784
784
162i2
*10%
12
11184
1214
83s
87g
64ig
64'8
34%
33
*15
16
83g
83g
165
165
12
12
12
12
1214
8%
12*4
12*4
8&S
12*4
884
64
64
*64
87g
65
34ig
347g
15*2
1%
15*2
*ll2
I84
1584
*1434
1578
16
16
64i4
65
6934
68
70
1714
17*2
177g
12*2
6414
16%
II84
II84
1214
12i2
50%
*50%
51l2
50
51
1214
51*2
125s
51*2
64*4
167g
17
17%
77g
167
1%
16
77g
164
134
3484
♦158s
1%
68*4
1778
12*4
J In receivership,
Abbott Laboratories
4H%
conv
400
400
1,100
5,900
400
2,700
700
3,000
20,200
300
16,700
Adams Express..
A dams-Mil lis
3 per share
63
Apr 11
120
Apr 10
No par
25
No par
No par
Corp
10
Air Reduction Ino
.No par
Air Way El Appliance.-No par
Alaska Juneau Gold Min.,.10
33*2 Apr 8
31*2 Mar 31
684 Apr 8
19*2 Apr 28
19*4 Apr
1
45*4 Apr 4
84 Jan 30
65g Apr 11
Apr 12
84 Apr 10
6% Apr 10
5 £Apr 8
% per share 3
64*4 Mar 15
130
MarlO
42*4 Mar 9
45
Jan 6
11
Jan 4
25
Mar 3
27*2 Jan
655s Jan
1*8 Jan
5
4
3
Jan
3
10
May 25
Albany A Susq RR Co
100
Allegheny Corp
No par
6H % Pf A with 330 war. 100
5H % Pf A with 340 war. 100
5H % Pi A without war. 100
32.50 prior conv pref.No par
117
9
Apr
19
Alghny Lud Stl Corp..No par
Alleghany&West Ry 6% gtdlOO
14
Apr
28*4 Jan
Allen Industries Inc
.1
Allied Chemical A Dye. No par
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied Stores Corp
No par
5% preferred
Allls-Chalmers Mfg
No par
100
15g
18*2
500
687g
2,900
Amerada
177g
12*2
1,200
Am Agric Chem (Del)
'1,600
200
a Def. delivery.
Range for Previous
Year 1938
Lowest
Highest
3 per share
100
Acme 8teei Co
16
100
of 100-Share Lou
No par
pref
54*2
*15
*52
36*4
Par
Address-Multlgr
"5", 500
8*4
161
On Basis
Lowest
'
Abraham & Straus
8%
*84
812
121
121
61*2
812
Bid and asked prloes; no sales on this day.
Shares
Range Since Jan. 1
YORK STOCK
EXCHANGE
Week
S ver share
58*?
12
1%
1-
8l2
124
7
1234
*1*2
*84
83g
*
684
15912 160%
*15
1
812
122
share
6O84
61%
128% 128*2
84
1284
784
63%
16
4912
77g
6%
65g
1112
16i8
11*2
33
21%
2is4
487g
84
11*4
3212
21U
*2114
487g
778
684
12lz
734
63%
*15
7%
a4
12l2
734
8*8
*
7%
*784
*6i4
*1084
*62
*84
8%
*
3534
2184
48*4
78
*8
8*2
125
*34
ver
NEW
for
thS
May 26
May 25
S
STOCKS
Sales
CENT
Friday
...100
Alpha Portland Cem. .No
Amalgam Leather Co Inc
6% conv preferred
Corp
1
50
No par
No par
American Bank Note
6% preferred
» New (took,
par
r
10
50
Cash sale,
x
5% Apr
52
8
8
8
Jan 19
684 Apr 11
151% Apr 10
10
Apr 10
9*2 Apr 10
6
Apr 11
54l2 Apr 11
28
Apr 8
1234 Apr 8
1*2 Apr 4
13*2 Apr 4
50
April
16
Apr 26
1034 April
50
May 24
Ex-div.
y
121
1*4 Jan
1478 Jan
138s Mar
1284 Jan
52
4
36*4
Jan 19
Oct
52
Jan
6*4 Mar
14*2 Mar
16% Mar
40
May
5g Mar
884 Mar
95
Apr
1284 July
24
Oct
Aug
677g Nov
15$ July
13% Feb
30
125
Dec
1%
Jan
78
Jan
Mar
17*4
Jan
5i2 June
7% June
145s Sept
28
May
17«8
Jan
7g Mar
6*4 June
4i2 Mar
4
3
124
Mar
13*8 Jan 21
7
Mar
21% Nov
2984 Nov
28
May
14*4 Aug
197
1284
Oct
Oct
8% Mar
147| July
4% Mar
4
lisg Jan
70
Oct
June
18
Jan
13% Jan
Nov
45
111* Jan
193
per than
61
12384
30*4 Mar
5
Mar
Feb
119% July
Highest
13*j Nov
38
Mar
Mar
34*4 Mar
11*4 Apr
1*4 Mar
483g Jan
197g Jan
23g Jan
70*8
5584
Oct
20
Oct
3*4
Oct
Oct
19
Jan 20
10
Mar
24
Jan
70
May 25
55
May
78
July
24*4 Jan
1784 Jan
3
3
22
Dec
10
Mar
28*2 Oct
23*g July
Jan
6
46*4
Apr
63
60
Ex-rights
5 Called for redemption.
Nov
Volume
LOW
AND
New York Stock
148
HIGH,
SALE
PRICES—PER
SHARE,
Record-Continued—PageT
Sales
CENT
NOT PER
for
Saturday
STOCKS
NEW YORK STOCK
Friday
the
EXCHANGE
May 24
Thursday
May 25
May 26
Week
8 per share
S per share
$ per share
Shares
Tuesday
May 23
Wednesday
May 20
Monday
May 22
% per share
$ per share
$ per share
512
512
Bis
6
*33% 34*4
34% 35
*126% 131*4 *126% 131
87
87
*87
88
171
171
*170
6
*35
173
19*4
*34
16U
20%
35i2
35
173
*118
120% *119% 120%
108
*101
15
15
6%
*6*4
7%
*884
*71
6%
*7%
*834
9%
72
*—
72
*3
3U
*3
5%
*4%
5%
16%
*102
5%
578
*5%
6
37
37
37
3734
*126% 129
*126% 129
88
89%
89% 90%
8934
175
175
172% 172% *171
21%
22% 22%
21% 2234
36%
*37% 38%
37% 38
17
16%
16%
173$
17%
1,600
2,000
108
*6%
""260
68%
3%
5%
""360
300
1,600
*33
*46%
*2%
22%
*4%
16%
6%
14%
6%
14%
33
46%
2%
22%
45%
2%
4%
*4%
2134
16%
17
14%
33%
4634
2%
22
4%
17%
4%
*6%
*13%
14%
4%
6%
14%
*14
14%
4%
33%
33
6%
14%
14%
4%
4%
634
14%
14%
33
4684
2%
4%
4%
17%
'
7
15%
16
15
7%
*14%
157
*150
13%
52%
*150
155
13
13%
52%
13%
*12
12%
29%
29%
41%
41%
137% 137%
157
*28
13%
*52%
13%
12%
*28
I
17 preferred..
400
47
47%'
1,400
American
2%
22%
2%
18%
13%
5
*21
156
*150
22%
.
5
5
5
18%
*51%
18%
12%
12%
234
28%
2%
28%
120
13%
14%
14%
*24%
4%
39%
34%
12%
„
53%
53%
13%
13
13%
13
13
1384
29
13%
*28
3,500
25
4%
6,000
35%
12%
155
22,400
47
Amer Macb A
U
6% conv preferred
American Seating Co...No par
67
67
67
*66
67
*66
.40
*148
151
*148
151
J *148
8,300
Preferred
*9%
22%
10%
12
22
22%
22%
24
24
247g
24
1034
11
11
11%
11%
12
11
*9
11
17%
88%
88%
9%
17%
89%
9%
18
89%
*17%
18%
*88
90
*17%
18
161%, 163%
78% 79
*16%
1734
161% 162%
78%
78%
80% 80%
*149
152
5%
9
5%
9%
*84%
*4%
86
4%
32
32
*43i
5
81
14934 152
152
5%
9%
*84%
4%
*32
23% 2334
*35% "39%
*19
19%
*113
114%
.
33
434
.152
9%
84%
4%
4%
33
7984
81%
.
5%
29
.23%
24%
23%
24%
*34
37
35
*4%
9%
934
10
34%
•
47g
5%
5
*25%
34
2434
3078
25%
100
American
300
1,000
6,100
700
2,700
3l", 200
77
*72%
*48'
77
*72%
51
51
*30%
32
*47%
*30%
77
51
32
91
93
93
94
*91
96
91
77
'80
36.50 conv preferred.No par
Andes Copper Mining...:.20
100
A P W
""560
600
2,000
'~4,900
700
300
10
*72%
*47%
77
*72%
51
51
*48
51
*34
35
*34
35
100
94
94
94
*94
95
*94
95
90
*93
96
*93
96
*93
,94%
95
95
27%
26%
27%
27
27%
60%
60%
61
18
18
*17% ,18%
*6%
8
*6%
8
734
12
12
12%
12% *12
19%
1934
19% 20%
1934
10934 *107% 10934 *108% 10934
*7%'
7%
7%
7%
7%
44%'. 44%
*44%
45
44%
18%
*6%
29%
64%
19
8
28%
60
2734
64%
12
12
13
*59
*1734
*6%
*11%
1934
*107%
7%
*43*8
18%
,
*47
51
*120
121
*4%
*2%
5%
3
2%
*2%
22
*19
51
*47
*47
51.
r
64
64
29%
28%
10
29%
16,100
6434
64%
64%
2,500
18%
19%
18%
*6%
*12%
20%
137g
2,800
8
13
7%
7%
*44
45
*44
*49
51
7%
51
'
45
52
7%
13%
""366
,20%
3,500
111
7%
200
7%
44%
2,200
52%
44%
*50
200
100
120
*4%,
,
5%
5%
5
5%
10%
5
*6%
684
23
*22
*
"""166
20
*1234
*7
*2684
13%
*20%
*112
*20
13%
7%
2834
13%
2034
72
13%
*7
*2684
71
72
13%
13%
784
*7%
30%
*99
122
*116
100
*99
122
*116
*8%
2284
19%
*52%
8%
74
23%
19%
54
48
48
*52%
8%
74%
23%
20
54%
*48
50
8%
*71%
22
1934
51% 54%
16%
16%
16%
105
105% *104% 106
*19% 20% *1934 20%
17
17
*16%
1684
52%
*16%
10
*16
*35
21%
♦
72
13%
734
13
14
14
14
734
7%
77g
778
*7%
8
300
30%
*27%
29%
27%
27%
14%
*27%
28
10
53%
10
20%
3934
21%
100
100
122
*119
100
70
14%
*99
*8%
8%
74%
23%
20%
*52% 54%
*48% 50
53%
5484
*16%
17%
105% 105%
*19% 20%
*16%
17%
8%
*71%
23
*20
*52%
*48%
80
3,100
49%
5634
16%
16%
10519
20%
16%
20%
17
10
10
10%
*16
20%
10%
*16%
10%
20%
*17
10%
20%
*35
3934
*35
39%
*35
393,
20%
22%
21%
23%
2234
6,900
Bayuk Cigars Inc
1st
T.966
j
49
49%
66% 5734
16«4 17
106% 106%
*20%
21
*17%
18
1034
11%
preferred
5
No par
---100
500
33,666
2,500
Belding-Heminway—..No par
Belgian Nat Rys part pref —
Bendlx Aviation
5
Beneficial Indus Loan..No par
priorpf32.50dlv ser'38No par
Best A Co
41,500
Bethlehem Steel (Del).No par
17%
17%
600
preferred
20
7% preferred
.....100
Btgelow-Sanf Carp Inc-No par
Black & Decker Mfg Co No par
Bia w-Knox Co........ No par
BloOmlngdale Brothers. No par
Blumentbal A Co pref
100
Boeing Airolane Co
...
108%'
107
*20%
17%
10%
21%
17%
11
*17
*36
39%
23%
200
400
3,200
20
3984
1,000
23%
t In receivership,
a
20,100
Def. delivery,
Jan
No par
5%
n
New stock,
r
Cash sale,
x
4
April
-
Jan 23
.
Apr 21
Mar 22
4
15
Apr 4
3% Jan 20
20% Mar 11
177
Jan
164
10
177
9
12*4 July
207, July
May
5% Feb
Jan
5% July
25% Feb
Mar
7
Jan
7% Nov
2% Mar
Jan
Jan
6% July
13% Mar
9a4 Jan 6
16% Mar 11
16
Nov
16%
83
Mar
5% Mar
15
Nov
2
2
Mar
34%May 26
12
Mar
47%May 26
3034 Mar
45% Deo
2%May 10
22%May 15
7% Jan 6
30% Jan 6
79% Jan 3
1% Oct
13% Nov
2% June
44
June
1534 Jan
10
Mar
57g Nov
36
Nov
4% Mar
5
20% July
8% July
12% Mar
30% Dec
79
Nov
17% July
2% Mar
5%
Jan
4% Jan 4
,40% Jan 6
124% Mar 20
Mar
45
Oot
99% Mar
122
Nov
z26
Jan
3
20
7
Feb
6
23
Jan
29% Jan
7% Oct
47% Nov
3% Mar
19
49% Mar 11
44% Mar 11
18% Jan 4
162
Mar
Mar
16% Mar
9
5
Mar
148'4 July
13% Mar
Jan
34% Mar 10
53% Jan »6
1371, Mar 21
103
67 May 24
151% Jan 18
130
41
Jan
453,
41% Nov
19% Oct
166% Jan
4
140
Dec
Apr
61*4
150
Dec
Jan
13% Feb 20
14% Feb 18
22% Jan 3
12
9178 Jan
18% Jan
82
19
June
31
19% Dec
9
Dec
12% Mar
4
170% Mar 11
111
Mar
87% Jan 19
89% Jan 16
58
8% Jan
88% Aug
58*4 Mar
130
153%May 26
Apr
91%
152
14% Jan 20
93% Mar 10
6% Jan 10
6
Mar
68
Apr
43% Jan 10
23% Mar
7%
Jan
7
36% 3an 5
547, Jan 4
2078May 4
114% Mar 21
15% Jan 15
2% Jan 9
29% Jan 6
121% Jan 4
103% Jan 10
4% Mar
25
.
Mar
21
May
29
Mar
10>4 Mar
97
Apr
10
Mar
2
Mar
20
116
Apr
July
82
Mar
37s Mar
28% Mar
Mar 31
65
Jan
4
50
58
'13
Jan
4
24% Mar
6% Mar
2% Mar
85
6% Jan
4
MarlS
10% Jan
5
Mar 11
16% Nov
Aug
7% July
91
3% Mar
5
Jan
33
Mar
72
Nov
3
4
Mar
May
Oct
Deo
9% Nov
378 Mar
5
Oot
Jan
117% Mar
120% Oct
150% Deo
Mar
„
Deo
40*4 Deo
11% Jan
15% Mar
6% Mar
5
Jan 23
24% Nov
Mar
Jan
45
„
9%
43
Nov
Oct
July,
42%
Oct
64% Oct
217, Aug
113% Oct
20% Oct
4% July
31% Aug
122% Oct
10378 Oct
7
July
72
Jan
94% Jan
59% Deo
13
Nov
9
Dec
70
Jan
6
78
Mar 15
x52
41
Apr 8
April
54% Mar 15
48
Dec
30
36
Feb 27
27
Mar
77% Deo
12% Nov
75
Aug
73% Sept
39% Nov
90
Jan
9
96
7
72
Mar
95
NOV
89% Apr 27
96% Mar 10
72
Jan
95
Nov
23% Apr 11
517, Apr 26
427s Jan
4
22% Mar
447, Nov
71
9
40
May
72
Jan
15
Apr
30% Jan
Mar
30
Dec
Apr
10
Apr
3
10% Mar 14
18
Mar 15
14
6
23% Jan 10
17%
1017,
5*4
38»4
8
8
8
18%May 2
104% Apr 12
7
April
43% Apr 8
10% Jan
Mar
Mar
51
May
3
110%May 24
87, Jan 5
4734 Mar 8
66*4 Jan 3
120
Apr
8
127
4% Apr 10
Jan 11
2% Apr.ll
2
Apr 13
20 May 17
4% Apr 10
9% Apr 11
4% Apr 10
5 t.Apr 10
19
Apr 11
6% Jan 5
4% Mar 10
378 Jan 6
30% Jan
878 Jan
17% Jan
8% Jan
10% Jan
30% Jan
67
.
>
Apr
8
87
Jan 11
lOTg Apr
8
8
21
Jan
5
13
Jan
33
1-en 28
4% Mar
Apr
Apr 11
Apr 10
April
Apr 10
Apr 10
28
19% Jan 4
22%May 24
114% Jan 16
21%May 26
100% Apr 25
3
29
113% Apr 28
7% Apr 10
125
70
Mar
Mar 22
16% Apr 11
177, Apr 11
48% Apr 6
46
Apr 26
51% Apr 11
15% Apr 10
99% Apr 11
1578 Apr 10
14
Apr 8
8% Apr 10
Mar 23
Jan
4
878 Jan 20
73% Jan 25
29% Jan 3
21% Mar 11
5278May 18
571, Mar 11
80
Jan
18
Jan 11
115
27
Jan
4
7
Feb 28
22% Jan
I784 Jan
3
4
19
Feb 23
35
Apr 18
44
Apr 11
34*4
Jan
Ex-div.
y
Ex-rights.
3
14% Jan
27% July
109% Aug
978 Jan
48% Aug
36
105
4%
Apr
Mar
Mar
Mar
2
68
Nov
Jan
126%
Deo
Apr
8
Nov
2% June
Mar
12% Mar
2% Mar
5
Mar
4
Mar
5% Mar
6%
Jan
6%
36*4
8%
17%
Deo
Dec
Deo
Dec
11
13*4
July
Jan
2484
Dec
36
July
82
Dec
98
July
12% Mar
23%
Oct
Mar
14
Oct
21% Mar
34
Nov
5
10% Mar
21% July
9
Mar
21
Nov
109
Apr
115
Jan
11% Mar
90% Apr
25
Apr
94% Apr
5% Mar
67
Sept
8% Mar
15% Mar
267g Mar
3934 May
1234 June
75
Mar
17% June
9*4 Mar
10% Mar
Feb 24
19
23% Mar 11
8% July
6% Mar
Mar
5
Apr 11
6
24%
a:12%
15%
110%
98
20
9% Nov
8% Mar
52
35 preferred w w.....No par
Beech Creek RR—
50
"""566
|
Apr 13
17
Beech-Nut Packing Co
Oot
July
67% Dec
21, Mar
4
Dec
20
207, Jan
23% Nov
35% Jan
58% Nov
25
Beatrice Creamery
58
20
24%
50
49%'
*17
.23%
10
-No par
49%
56%
*36
2334
Bid and asked prices: no sales on this day,
*27
*119% 122
*119% 122
8%
8%
8%
8%
8%'
74% *71% 74% *71% 74%
24%
237g
24%
23%
24%
20%
20% 20%
20% 20%;
*53
55
54
*53
55
Barker Brothers
5,800
200
101%
Corp
Barber Asphalt
BH% preferred..
Barnsdall Oil Co
122
54
105
101% *100
*27
*27
*71%
22%
20
Bangor & Aroostook———50
Conv 5% preferred...-.100
*70
*26
*26
*71%
*27
100
May
5% Jan
117
125
8O84 July
5% Apr 11
No par
0—13
Mar
11% Jan
10% Jan
73
Fe.-lOO
5% preferred..:
—100
Atlantic Coast Line RR—100
Atl G & W I SS Lines—No par
6% preferred.j....
100
Atlantic Refining.
26
4% conv prei series A.-.100
Atlas Corp
—- 5
6% preferred .....
-60
Atlas Powdfer—— No par
5% conVpreferred
100
Atlas Tack Corp
a-.No par
}Auburn Automobile—Nd par
Baltimore & Ohio
9
Apr
8% Feb
33% Apr 11
9% Apr 10
5% Apr 11
Atch Topeka & Santa
Baldwin Loco Works v t
Sept
Mar
14
7% Mar
2234 Apr
28% Mar
50
Armstrong Cork Co....No par
Arnold Constable Corp
5
Artloom Corp.
...No par
7% preferred...
-.100
Associated Dry Goods
1
6% 1st preferred.
100
7% 2d preferred..
-100
Assoc Investments Co ..No par
5% pref with warrants.. 100
35 pref without warrants 100
35 prior A..........No par
Aviation Corp. of Del (The) .3
Mar
Feb
Mar
3
May 9
3% Apr 10
33% Apr 11
,
Austin Nichols
Mar
9%
89%
88%
13%
4%
9
3
5
24
5
4
22
20
97
5
900
72
14
preferred..
27
4
Dec
21
..No par
100
4% preferred......—-.100
*70
70
pref
1,400
14
14
13%
13%
14%
13%
1334
14%
14%
2084 20%
21%
20% 22%
20% 2034
22%
21%. 22 I
114% *111% 114% *11134 114% *11134 114% *113% 114%
114% *112
21
20% 20% *20% 20%
20% 20%
2078
21
20%
21%
*26%
*116
5,400
,
100
100
7,500
20,300
,
72
30
300
*
10%
conv
6
Mar
117% Apr 27
•
*678
•„
20%
21
20% *21
10934 110% *109% 111% *109
7%
75
*117% 120
*117% 120
*117% 119
*117% 120
*4%
*4%
5%
.5%
5%
5%
*5%
5%
3
2 >8
2*
*2%
*2%
*2%
*2%
2%
*2%
*2%
2U
*2
2%
*2
2%
2%
*2%
*2%
2%
2%
22
20
20
20
20" *20
*19
22
*19% 22
5't
5%
5%
5%
5%
5%
5%
5%
5%
•' 5%
10%
11%
10%
11
10%
11%
11% 12% ;11% 12%
434
5
4%
<5%
4%,
5%
5%
5%
5%
5%
6%
6%
6%
*6%
6%
6%
678
6%
6%
*22
23
23
23
*2.2
23%
23%
23%
22% 22%
120
3,300
32
92%
$6
7%
32
27
Armour
Jan
12
1% Apr 11
..100
&Co(Del)pf7%gtd 100
Armour & Co of Illinois
55
24% Jan
115% Mar
122% Jan
Oct
Deo
57% Nov
23*4 Nov
3478
58
8% April
7% preferred
500
4
1
111
Archer Daniels Midl'd. No par
50
Jan
4
No par
Paper Co...
35
176% Nov
4
20% Apr 11
35
April
13% Apr
Anaconda W & Cable.-No par
AnchorHockGlass Corp No par
*72%
*48
*88
Anaconda
800
178% Feb 17
Jan
24
26
Copper Mining..50
5,400
'
32
& Smelt... 1
Lead
35 prior conv pref—
•
*72%
..No par
.100
PreferredAmer Zinc
Aug
105%
15% Mar
4% Mar 31
8% Apr 11
78
Apr 10
3% Apr 8
28% Apr 10
4% Apr 10
$6 1st preferred.....No par
30
Nov
70% Jan
160% Mar
12% Mar
72% Jan
147
100
10
Am Water Wks & Elec.No par
American Woolen
600
,5%
—.25
6% preferred
Am Type Foundries Inc
200
24%
24% 25
35
35%
37
37
36%
37%
19%
19% 20%
20
19% 20%
207g
113
114% *113
114% 11234 113- *113
114% *113
114%
*9
*9
10
*9
*9
10
*9
10%
10%
10%
10%
10%
*1% • 2%
*1%
2%
*1%
2%
*!%
2%
*178
2%
*178
2%
*24
26
*23% 25
*23% 25
*23% 25
*24
2434 2434
26%
120
*118
120
120
120
*118
*118
120% *118
1207« *118
12078
100
*98
98%
99
*9834
99%
99% 99%
99% 99%
99%
99%
4
4
4
4
4
4
4
3%
4
3%
4
4
36
36
36
36
*35% 36
*35%
36
36%
36%
.36% 36%
V
*40
65
*40
65
*40
65
*40
65
*40%
65
.*40% ,65 ;
35% 36%
35%
35%
36%
37%
36%
38%
38
38%
3878
3834!
*11%
11%
*11%
11%
11%
11%
11%
11% *11%
1184
11%
11%'
*7
*6%
7
634
634
*6%
7%
7%
'7%
7%
7%
7%
*81
94
94
*81
*81
94
81%" 81%
*81
95
*81
95,
7%
7%
7%
7%
8
7%
7%
7%
7%
734
8
7%
*47%
*30%
Common class B
4,100
19%
19
Telp & Teleg Co.__.100
Tobacco
...25
Amer
33%
'
.-100
-
Am Sumatra Tobacco.-No par
1,200
4%
*25
Preferred
9,700
10
4%
33%
No par
American Stove
American Sugar Refining.. 100
500
88
*85
4%
*33
5
978
86
4%
Co
100
700
12
19
89%
*17%
18%
162% 164%
80%
80%
81% 82
153
153%
*5%
578
6
86
4%
33%
American Stores.... ...No par
*18%
89%
154
5%
86
434
*26%
23%
*10%
Amer Steel Foundries..No par
35
19%
5%
9%
*85
33
4%
*434
*25
1734
79
11
18%
18%
89%
89%
*17%
18
163% 165%
80
80%
8134
82
*151% 153% *152
5%
33
434
29
*10
162% 16384
81
84%
9%
86
4%
*17%
81
*5%
9%
5%
29
*25
17%
17%
161% 163%
*78%
79
81
80%
'
17%
52
135
23% Mar
Apr
22%
35% Apr .10
.100
4,100
11
8
129% Feb 17
59% Apr 1.4
146%May 3
20% Apr 10
8% Apr 8
9
Apr 1
15% Apr 11
7518 Mar 7
14% Apr 8
148
Apr 10
73
Apr 11
75% Apr 11
26
15~d66
24%
3
14% July
6% Mar
114
12% Apr 10
April
x27
100
6% preferred
100% Jan
Highest
share $ per share
11% Apr 10
10% Apr 10
Ship Building Co.No par
Amer Smelting & Refg.No par
American Snuff
4
4
6
per
50
—100
Amer
151
100
*
25
4bi% conv pref
900
67
151
17%
100
1,200
*65
12
San'y.No par
American Rolling Mill
Apr
Apr 8
i0% Apr 8
152 May 15
American Safety Razor.. 18.50
*148
88
32
28
Preferred-.
29
Jan 14
3% Apr 10
No par
Am Rad & Stand
I
23
...No par
700
67
*9
26%May 17
117% Apr 20
100
American News Co ....No par
Amer Power & Light ...No par
36 preferred
$5 preferred.
8
Apr 11
Apr 8
2% Apr 11
par
900
151
17%
Fdy Co.-No
~6~,666
*65
88
14% Apr
Amer Mach & Metals.-No par
Amer Metal Co Ltd
No par
14%
*148
*
par
...
13%
13
151
10
.100
Corp...No
8
Mar 31
Apr 8
Apr 11
Jan 24
14% Jan 23
4% Apr 8
No par
6% non-cum pref..
,
2%
25%
41%
1%
...50
53%
*140
21%
Apr
American Locomotive. .No par
Preferred
100
2,400
3,500
40
68
21%
9*4
Apr 10
April
Home Products... 1
Amer Internat
100
150
*65
21%
.934
5
12
13%
12%
53%
13%
100
8
10
14%
53%
14%
53
1,600
120
*150
155
400
54
4
Apr
10
American Ice
18
2,800
1,200
1,000
7,200
22
Apr
2
No par
6% preferred
1,100
Jan
May
6
12% Apr 10
American Hide & Leather... 1
47
5,300
8
$
54% Jan
134
72
...No par
$6 preferred
Amer Hawaiian SS Co.
share
Feb 11
164
1
No par
17 2d preferred A
1,300
1,800
28% 29
41%
4134
41%
42%
42% 43%
4234 43%
137
137
*136% 137% *136% 137% *136% 137%
40% 41%
137% 137%
American Express Co—_ 100
For'n Power
No par
Amer &
5,300
2%
21%
4%
*27%
29
"2",566
5
Lowest
per
2% Apr 1
4%M ay 26
Encaustic Tiling..l
46%
434
16%
51%
61
100
American
2%
22
10
—
Apr
5% Apr 8
5% Apr 10
6% Apr 11
Amer European Sees...2Vo par
46%
2%
14
Corp.-26
Crystal Sugar.-
6% 1st. preferred
2%
13%
12%
No par
Comm'l Alcohol
American
4634
13%
53%
13%
12%
29%
*13%
12%
Am
4%
34%
434
Apr 8
13% Apr 8
May 8
109% Apr 20
Aliegh Co NJ 25
American Colortype Co
10
4%
34%
4%
32
100
100
American Chicle
3434
*150
1334
53
52%
13%
*150
5% preferred
500
7%;
16
100
Am Chain & Cable Inc.No par
34
50
50
*48
49%
61%
*5134
54
12% 12%
12%
12%
1234
1234' 1234
127g
13%
*12%
234
*2l2
234
*2%
*2%
234
*2%
234
27% 27%
*27% 27%
27% 27%
27% 28%
28%
2834
*115
124% *115
124% *120
124% *120
124% *120
124%
25
25
2484 25
*24% 25
*24% 25
*24% 25
4% < .4%
438
4%
4%
4%
4%
"4%
4%
484
36
37
36% 36%
3634 37
37% 37%
39% 3934
32
*32
33
33
32%
35
3l®4 32%
34%
35%
11%
11%
11%
U34
11%
11%
11%
12%
12%
1234
49%
American Car & Fdy..No par
600
14%!
7%
15%
*14%
3% Apr 8
31% Apr 1
April
83% Apr 11
167% Mar 3
17% Apr 11
25
Preferred
i
125
100
34
*33
4684
2%
22%
4%
17%
52%
,12%
284
22
7%
15
14%
4%
1
par
—100
Preferred
290
70
3%
3%
3%
3%
3%
*4%
5%
4%
5%
*4%
500
*160
500
*160
*160
500
*160% 500
*160% 500
*160% 500
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
?%
17
17
17
*16%
17%
17%
17%
18%
1734
18%
18%
19%
6%
*1334
*14%
4%
Corp
Fdy.iVo
pre!
Highest
3 per share
Am Coal Co of
7%
9%
7%
9%
*67%
*3%
4%
73s
9%
67
Bosch
conv
American Can
*
7
*6%
BH%
500
3,200
15
6%
7%
9%
9
68
5,200
125% *121% 125%
6%
7%
8%
66%
834
American
Am Brake Shoe &
Range for Previous
Year 1938
of 10O-Shore Lots
Lowest
300
110
15
6%
*7
*102
110
*102
3,000
Range Since Jan. 1
On Basis
Par
100
15
70
3%
*4%
6
37
129
12034 12034 *120
6%
7%
70
3%
*4%
20%
36%
15
*6%
*684
8%
9%
70
108
120% 120%
7%
86%
*169
16%
*102
6%
129
2034
3584
16
16%
108
6
35
173
20%
3584
35
15%
*102
*6%
36
20%
1934
18%
6
*126% 130
87% 87%
3177
13%
Apr
19% Dec
102
Dec
9
July
83
Jan
30% Dec
21
Dec
50
Nov
787, Dec
18% Nov
1147, Nov
29% Oct
24% Nov
193, Nov
21% Oct
May
1
Oct
30% Mar
117
55
Sept
35%
1 Called tor redemption.
July
Dec
,
I
New York Stock Record—Continued—Page 3
3178
SALE PRICES—PER
HIGH
LOW AND
SHARE,
NOT PER
CENT
Monday
Tuesday
Wednesday
May 20
May 22
May 23
May 24
$ per share
$ per share
$ per share
21
21
110
110
110
110
56
56
56
2114
*20i4
*10938 no
5512
57
*55
$
20*4
*2014
per
NEW YORK
May 25
Week
$ per share
$ per share
Shares
21% 22
10934110
57
56%
21
*1093g 110
56%
56%
18%
19%
21% 22
*109% 110
56% 56*4
1812
1934
*17*4
18
18
19
19
19
19%
19%
197g
20%
20%
20%
20%
23i2
23
235g
22*4
24%
24%
*1*4
25%
*6%
24%
2
*1*4
2
*1*4
2
2
2
*2234
2334
2312
23l2
2414
24%
24%
*6l2
684
6i2
6l2
*6U
934
19i2
634
6%
25%
6%
*1*4
20
193g
*36
10
95g
95g
9%
20%
3634
19%
*36
3634
46*4
1%
4634
4712
1*8
*1U
9%
914
8%
117g
117g
1184
*1112
1U
1%
9
9
9
9
1%
11*4
lli2
11«4
113g
11*4
*1%
*1%
9%
1%
12
12
395g
40%
40
40
39%
39%
217g
22
22%
24%
*347g
347g
12
*12
123g
12%
34%
12%
23%
35%
12%
243g
36
778
8
8
96
96
96
3%
27
*263g
434
26*4
334
27
26
19
*2534
4%
36%
3%
35s
19
13
1312
13%
14
13
13
127g
13%
13%
13%
*1*8
1%
*914
10
*13g
*20
234
634
20
*20%
27g
27g
33i2
35
*1%
1*4
95g
934
9%
678
203g
678
20%
*l3g
*834
67g
278
812
83g
83g
34
934
20
203g
234
1%
*914
*634
658
658
34%
34
8i2
8%
13i2
17i2
13i2
*1234
52
17%
*5012
52
%
512
1
78
1
5l2
5%
IOI4
10%
*10%
1412
1434
47l2
*4514
17
h
5%
10%
*4514
.
9
175g
52
*27%
19%
13%
14%
137g
134
*1%
*9%
10
7
20
20
3
*3
9
*8%
9
39%
14
14
18
17%
*50%
1
"
7,900
*45%
47%
45%
45%
4534
4534
4
37g
*30%
4
3134
37g
*30%
4%
32
31*4
31
5
.
5
*412
5
*434
5
40
*38i2
40
*38%
40
*38%
40
*80
81
*80
81
80
80
*1412
155g
*14
16
*79%
14%
81
1434
6%
4%
31
534
534
40
*38%
*79%
*14%
534
*64
69
*64
*20l2
21
*20%
2%
2*4
69
21
*20%
234
21
111
*484
"534
*4
47g
*4lg
412
*4%
*45g
*8514
5ig
*438
*85%
95
534
.*4
■
38
*97
99U
*20ig
2034
*9
9l2
21*4
3112
31*4
*88
**8
*1%
8,700
xv
*8
16%
*9%
10
20%
21%
33%
33%
88%
38
2%
*8834
*85%
38%
8
734
8%
2634
28%
28%
99%
99%
99
2034
2034
21
38%
8%
3g
*158
88%
lli2
*%
*9%
20%
21
34
3334
337g
89
*%
*1*4
%
2%
21%
*88%
*%
%
•2%
11%
*1%
11%
11%
%
%
*%
»g
h
%
%
%
%
%
%
%
%
400
1%
1%
13%
*134
13%
2,800
1%
h
17«
*1*4
17g
12%
12%
12%
12%
13
3334
3334
*33%
35
48
*46
48
'
*33
3334
3334
*33%
3384
*4434
46%
*4434
48 P
*45
4734
*3g
*%
12
%
%
*%
*45
1
*5g
»
*%
%
*84
1
*s4
\
"
*%
#5g
9
*8
9
*idi8
10%
10l2
1012
*10%
*912
978
9%
978
10%
11%
10%
32
*25
7S
*8
*25
*25
32
70
*68
70
3
*234
395s
40U
28*4
-
1434
40%
28
28%
*124% 125%
*6078
147g
1434
*104
62
15
20
13%
4
334
13%
384
*478
6
*478
6
*47g
*4
478
*4
478
*4
1958
20%
1934
1934
1978
84
8U2
83
1958
197g
*83
6
47g
20
197g
86
*26
3012
*26
30i2
*27
934
30%
6
6ig
6
6%
6
6%
934
88
85
85
*85
79
*7512
79
*75%
45l2
46
1012
103s
U4
13g
U4
56i2
57
57
2778
28
2778
*
934
934
46
*72
-
m,
24,
*76
40%
29%
28%
62
*60%
14%
15%
104
25%
2634
•
24
78
28%
*72
¥l
293g
27
.
2
Mar
99*4 Apr
6i8 Dec
4
3
Mar
3U Mar
88
26U Mar
5
Aug
13
Jan
4
4i2 Mar
4
1712 Mar
Sept
19ig Dec
72i2 July
28
Jan
5*8 July
111% Nov
14
July
8%
Jan
67g July
104
Apr
Oct
Oct
59%
12i2
3934
*18
25
*18
15
15
4%
6
*5%
6
20
19%
14%
*4
4%
20%
20%
1934
85
79
46%
'
-
1,200
20%
9,400
400
30
-
Molybdenum..No
Cluett Peabody A Co. .No
70
Nov
76
Mar
J)
106
Apr
115
Aug
par
par
■
•
2U4 April
Jan
58
7
62
Mar
1U2 Apr 10
1
16}4 Mar
Collins A Alkman.....No par
6% conv preferred
100
Colonial Beacon Oil Co .No par
No par
8
20% Apr
100
18
8
Apr
May 20
8
Apr 1
4% Mar 31
llig Apr
3
4
May 16
14
Apr 10
14
April
April
73
7% April
233s Apr 8
5% Apr 10
Jan
Feb
Dec
lOig Mar
4
105
1017g Feb
Jan
1314 Mar
87*4 June
3934 Oct
10712 Nov
5
9ig Mar
314 Mar
414 Mar
108
23*4 Jan
Jan
95r Jan
20
4
3
7
4
712 Jan 4
20i4May 25
203gMay 25
93
Jan 3
15% Jan
June
Apr
1312 Mar
13
Mar
53*4
Apr
9
4
6
Mar
74i2 Jan
3
91
62i2 Jan 13
38% Apr 10
83
Feb
8
57
Jan
3
23
Mar
109% Mar 20
84
Mar
% conv preferred
100
Comm'l InveBt Trust..No par
$4.25 conv pf ser '35-No par
Commercial Solvents..No par
Commonw'lth A Sou_.No par
$6 preferred serles.—No par
30,000
Commonwealth Edison Co..25
n
New stock,
r
Cash sale,
z
10512 Apr
42
Apr
6
8
Apr 14
106
3012 Mar
9
60
110
Feb
9
Mar 14
Jan
31% Mar
3
90
Feb 14
Jan
93s Apr 10
13*4 Feb 25
57g Mar
U4 Mar 31
45*4 Jan 3
1255s Apr 10
6
647g Mar 9
28U Mar 11
1
Mar
25
Mar
Ex-dlv.
1
v
Nov
36% Jan 6
May 15
20 May 23
May 11
6% preferred
Commercial Credit
10
129
142*4 Aug
25i2 Dec
5i8 Mar
57
May
50
May
100
60U Nov
25*4 July
10512 Mar
5712 July
7% Mar
78
May
preferred.No par
Columbia Gas A Elec..No par
6% preferred series A
100
conv
30i2 Nov
76
111
2
Jan
Oct
45
,
32i2 Mar
6
No par
2712
67U July
Marl6
135
133
19,200
2,900
■
11
15U Mar
5i2 Nov
44
2
60i8 Jan 5
3034 Mar 15
45%May
5
15,300
a Def. delivery,
36% APr
10*8 Mar
'29% Mar 10
78
Mar 13
Jan
6%
r
3
April
300
$ In reoelvershlp.
Jan
114
2734
,
7434 Jan 23
Mar 11
127%
100
3,200
100'
20% April
42
414 Jan
No par
Colgate-Palmollve-Peet No par
6% preferred
100
4 H
Jan
4
60
Climax
200
Oct
13i2
Feb
Clev Graph Bronze Co (The). 1
Clev A Pitts RR Co 7% gtd. 50
$2.76
51
88i2 Nov
Feb
100
6,300
1478May 23
7*4 Sept
8514 Mar
69
11,000
10,700
Mar
9
Jan 11
115
100
109%
Mar
3
4% 2d preferred
400
8
12
Jan
2ig Jan
1234 Jan
1914 July
13i2 Nov
Feb
Jan
t c
Dec
July
26
4% 1st preferred
5,200
%
Nov
1%
3
314 Mar
25
May
36% Mar
33
47
Dec
478
20%
79
1
5
39*4 Nov
Dec
Dec
14
60
"68
v
Mar
514 July
Dec
1934
80
111
Class a
Jan
Mar
67g Mar
Jan
6
4734
% Apr
Jan
Mar
Colo Fuel A Iron Corp.No par
88
2
*4 Feb* 6
,
17g
1*4
Mar
Colorado A Southern
50
48*4
48*4 49%
50%
50%
50%
*107% 110
*10738 110
*10738 110
*107% 110
105g
10%
11%
11%
1034
1038
10%
1078
11%
11*
1%
1%
1%
1%
13g
1%
13g
I12
58
58
59%
5834
58%
58%
58%
5934
50%
28
28
28
28
28%
28%
28%
28%
28%
.
375g June
4
5s
2
280
108
Bid and asked prices; no sales on this day.
22
4818 Mar 11
1
3i2 Jan
Jan
Dec
Dec
4
64
*25%
6%
*106
44% Apr
% Apr
Jan
Jan
1
14 Nov
3
4
1
Jan
59
27
106
U2 Apr
i2 Jan
lis Jan
1U
63a
1578 July
3
Columbia Plct
106
i2 Mar
2014 Jan 4
3878 Mar 14
1
14 Apr
% Apr
Feb
July
Mar 11
900
88
2i4 Sept
8% Mar
Jan
li4
4
May 23
500
47%
4
89
68
20%
*75%
58 Jan
8
5
8
22
21
10
11
CCC AStLoulsP.yCo6% pref 100
Clev El Ilium $4.60 pf.No par
(The)
Dec
3% Jan 5
1312 Mar 11
8
9i2 Apr
Apr
Feb 10
Coca-Cola Co
Apr
ig
112 Mar
% Aug
96
10
•
70
-
4
1
90
79
2
5g Jan 14
334 Jan
8
8
10
88
Mar
90
6
89
47%
June
Jan
10
*75%
47%
Dec
22
May
90
6%
20
9
2% Apr
10
6%
*84%
i4M8y
l%May 19
6
8
52
900
4
*20
Jan 24
15
200
15%
20%
1284 July
48i2 Mar
38i2 Jan
Feb 26
40*8 Mar
79
5
26
6%
.p. -
11,200
25
*4
June
11
z25% Mar
100
Preferred
*5%
478
20%
20
27
4534
29
4
33% Nov
100
•.
Special gtd 4% stock
5,200
40%
No par
100
Coluinb Br'd Sys Inc cl a.2.50
Class B
2.60
Columbian Carbon v t c No par
934
*75%
*106
'
*88
90
27
-
240
26%
May
Jan
i4 Apr 21
U2 Apr 10
Mar
June
18
30
6% Apr 11
Oct
106
94
3
102
17U Apr 10
April
46
Mar 21
Apr 20
183g Apr 11
98
No par
"
2,300
*4
934
•.
26%
4
79
6
City Ice A Fuel
'
28%
*130
27%
14%
*86
300
78
*107% 10734 *107% 107*4
4
*4
•
125% 125% 125% 126%
62
*61%
61% 61%
147g
15%
14%
15%
106
10434 10434 *104
14%
*5%
10
20
,*44
_
40%
60
*1133| 115
2334 2334
*130
124% 124%
87
'2,650
Chrysler Corp
68
*44
39%
46
«.
94%
14
68
*68
*11334 115
78
6%
84%
*105*4
48%
48*4
«
94
13%
93,400
15,700
70%
Clark Equipment.
22
20
13
69%
1334
■
500
*18
20
13
*384
93%
31
par
...
20%
107
*12
71%
1
Chicago Yellow Cab...No
Chickasba Cotton Oil—
10
Childs Co
No par
Chile Copper Co
i
26
20
107
4
103g
187s Dec
3
U2 Jan
958 Mar
1438 Jan
1318 Jan
20%
70
25
255s
2534
10734 *104% 107
14
48l4
Mar
4712 Jan
8
7i2 Apr 11
10
Apr 5
7
Apr 8
25
Apr 8
53% April
9
Apr 8
20%
104
18
108
5i2 Jan
100
6 H % preferred
City Investing Co....
City Stores
105^8
104
18
48U
514 Jan
178 Jan
100
*130
*130
«
*13
48
22i2 Jan 11
Ul%May 19
912 Jan 6
a4 Apr 10
3%
*44
25
♦107U 108
46
100
*3
70
107
*106
96
7212 Mar 14
'
52"8 Jan
Apr
*52
*68
2558
106
26&8 NOV
8
32
3
70
10734
106
Mar
8
preferred...No par
60
21%
39%
*25
conv
3
*72
104
453s
July
Dec
July
Apr 10
Apr
*52
78
1043g 10438
4412
Aug
58
1065g
9
33
10
3
24%
62
*85
120
125s Dec
2214 Apr
par
60
*20
77
*%
.
69%
13%
..
94
*234
19
*43%
9
92%
70%
1434
*73
*44
*60
*7512
31
*2238
2734
934
*25
*68
125
1934
32
113% 113% *113% 115
24
24% .*23
*223g
125
*95S
900
19
113l2 113%
*12412 I2584
61U 6U4
14&8
1434
*82
300
10%
*52
*68
1978
11
10%
96
19
1934
9
11
60
19
*334
*8
10
9312
20
2558
IO712 July
82
6% preferred...
34
11%
9212
93%
%
*8
13%
z93%
*1814
*107
Jan
19's Jan
7% preferred
rlO
1478
*52
S3
1
*7g
*11
66*4
3
1
100
Pr pf (S2.60) cum dlv No par
JChlc Rock Isl A Pacific—.100
300
%
10%
675s
60
Preferred
100
35
11%
13
*130
Nov
2212 Nov
4i2 Jan
243g Jan
95 May 25
Jan 12
86
100
Chicago Pneumat Tool.No
47%
*%
10%
663g
*52
200
*8
13
*234
-
Jan
July
8*4 Aug
89
98% Jan
295« Mar
100% Jan
10718 Jan
8
27
4% preferred
.100
Chicago Mail Order Go.™__6
tChio Mil St P A Pac„No par
5% preferred.
,-100
JChlcago A North West'n.100
400
*1012
67l2
3
-
1
88
26
6% preferred.
100
JChicago Great Western.. 100
—
100
'
2
*47
%
*%
■—
200
%
2%
*33
^%
*%
13%
W
_*
%
'8%
65i8
12%
*234
28
.
i2
1
*7g
78
28
8ig
42
45
2i2 Mar
62% Mar
5i2 Mar 11
95
Feb 24
Preferred series A———100
400
%
2
;i%
6
No par
Chesapeake A Ohio Ry
1,900
*%
2
*11%
%
Checker Cab
tChlc A East 111 Ry Co
*1%
11%
%
3s
2
1214
*33
*130
18ig Apr 8
23g Apr 10
Oct
12% June
Mar 11
55
Jan
34% Mar
63i2 Apr
20% Jan
37g Jan
94%Mar
122U Mar
6I2 Apr
100
.....No par
Chesapeake Corp
38
2%
12l2
3g
Common.-.
300
*%
*134
*%
*134
403g
10312
13%
April
Cham Pap A Fib Co 6 % pf. 100
1,400
8,800
89
38
1%
1214
40*4
38i2
Mar 22
6% prior preferred
100
97g
2%
l?g
-
2l2
109
Cerro de Pasco Copper .No par
50
68
-
1
Apr 6
Apr 11
April
Apr
1
Mar 27
Apr 10
Apr
412 Mar
Feb 18
85
Apr 20
64
1,200
*%
«.
6I4 Jan
1378 Apr
Apr 8
Apr 17
Certain-Teed Products
21
*.%
*
.
Apr 14
310
99
b8
*44
77
10
3,300
*98
58
*11312 115
*2214 2414
*7212 78
73g Jan 9
42i2 Feb 17
84
2,400
*20%
%
'
4%May 19
38^2 Mar 31
100
8%
21%
*12
60
Mar
May
No par
38l2
29
99%
,
*88
89
*%
*1*4
11%
*134
*11
38
933s
— •
29
5S
93
46i2 Nov
5
21
Central 111 Lt 4 H % pref—.100
40
95
8%
.
'29%
34
*52
37»2
3
34% Mar 11
66
1
Jan
Aug
45%May 25
110
Central Foundry Co..—
July
8
8
100
Co..
22
4
38%
*9
88l2
*11
6638
121S
6
1
-
Jan
29^4 Apr
38
20%
32%
*%
12
.1
10
Mar
3% Apr
44
3i2 April
*12
653g
100
26
No par
312 Apr
2134
32%
*1*4
32
Boa Ry Co
2 >8
.
2012 Aug
21ig July
4
*%
*25
anada
13
177g Jan
15*8 Nov
44i2 Nov
6% Mar
858 May
12ig Mar
Century Ribbon. Mllls.No par
Preferred
—*—100
95
414 Mar
9% Apr 11
12
Apr 11
Central Violeta Sugar Co—19
%
*%
%
*1*4
*
2i2
1034
Central RR of New Jersey-100
99%
3158
*8
9
Mar
200
3g
34
*8
1
U2 Mar
Jan
858 Jan
17*4 Jan
20*8 Jan 18
400
20%
9%
*20%
32
214
38
2i8
**8
51
95
37%
28
9%
20i2
*l8
1
24%
Mar
4%
"
1218
15ig Mar
46
4%
99%
*1*4
%
1918 Mar
Sl^May
48% Mar
4%
*85%
Dec
163s Aug
2214 July
312 Jan
1
60
4%
-
29
6*4 Mar
14% Mar
Jan
Oct
534
f.
Jan
Oct
July
Mar
5%
95
758
50
*
547g
5*4
39
Mar
7% prior preferred
Celotex Corp,——
600
^
-
15% Mar
13% Mar
J53g Feb
Apr 10
"£% preferred
100
Central Aguirre Assoc .No par
210
3,700
534
Mar
Mar
Oct
100i2 Nov
7ij Dec
314 Mar
3
Oct
13ig
Apr
62
Jan
14i2
6
1
—..100
Caterpillar Tractor
No par
5% preferred
—100
Celanese Corp of Amer.No par
2,700
*4
Jan
75
55g Jan
3414 Mar
30
41
57g Mar
Mar
8
6
6512 Jan
21% Apr 10
16
April
1U2 Apr 10
11% Apr 10
4%
5%
13i8 Jan
100
8
*4
5*4
4%
10% Mar
27*4 May
5% Mar
147gMar 16
20
Case (J 1)
300
3
*16*4 Mar
Apr 29
Jan
1314 Jan
Carpenter Steel Co—
Carriers A General Corp
5,000
20%
1
14*4 Nov
46i4 Nov
233g Oct
Nov
41%May
Preferred
111
2%
5% Mar
36
8
*4%
*85%
4%
20%
9i2
.
20%
1
2*4
25i2 Apr 11
11% Apr 8
13% Apr 10
Carolina Clinch A Ohio Ry 100
1,500
12%
12
243gMay 25
29% Apr 11
Apr
3% Mar
43% Mar
94®4 Apr 11
4
Apr 8
3
Dec
llg Mar
11
July
July
S3 preferred A
30
69
111
Apr
43
Jan 20
IOI2 Apr
1378 Mar
1
1
8
8
10
3
8
*4%
*5
*4%
75g
38
2%
3
37%
*9
11
21
2%
*11034
*26%
2%
12
.
,
20%
2%
20%
7
Feb
'
*1914
31*4
*88
88i2
*i8
*1*4
*60
----
5
3734
69
2034
*20%
*19
*60
27l2
69%
7%
27l2
99U
27
12%
1234
37%
784
36*4
712
27l8
7l2
95
69
27g
*11034
4%
618
*3714
■
*64
534
*4is
*4%
*85i4
123g
12%
*20%
27g
27g
111
111
111
69
*64
234
*111
1134
9% Apr
37*8 Aug
40% Aug
Mar
5
Capital Admin class A
81
'
12
1134
115s
1138
Apr
13% Apr
31*8 Jan
Dec
10
Canadian Pacific Ry,—
800
1112
27
2
18
28
Oct
8*g Aug
16
24
Cannon Mills
2 34
2 34
3
3
25g
25g
2%
2%
*27g
27g
*234
27g
81
76
82
82
76
76% 76%
7434
7434
*7412
82% 83
♦113
115
*113
115
*113
115
115
*113
*11212 115
*11234 115
45
44
44%
43l2
44%
4578
45%
4334 4334
4334
44%
45%
106
106
106
106
105% 105% *105% 106%
*10514 106U *105% 106%
19
17
18%
17%
177S
17%
17*8
1734
18%
1678
18%
18%
a 94%
95
95
95
95
94%
9412 94l2 a94%
9458 a945g 94%
1112
'
1% Apr
Sis Apr
7% Apr
28
53g Mar
12*4 Mar
165s Mar
23g Mar
40
*79%
*14%
15%
157g Jan
317g Jan 6
39% Jan 3
48%May 25
23*4 Mar
600
534
*38%
81
Mar
1% Dec
4
187g Apr 11
2% Apr 10
7
April
(
400
15,
Mar
4
3
30
6
100
15%
1434
14
7«4 Feb 27
Jan
Oct
Dee
S2% Dec
14i4 July
195g Jan
36*« Oct
4*4 Jan
Byron Jackson Co.....No par
California Packing
No par
20
4%
31
47i2
2>4 Mar 8
27*4 Mar 30
Apr 8
Apr 10
Apr 10
Apr 8
Apr 10
31
Apr 12
41®4 Apr 14
Campbell W A C Fdy..No par
Canada Dry Ginger Ale—--5
57«
11%
1678
16%
li2
19%
5%
814
16%
2,400
1,300
12,900
47%
15%
16
May
16% Mar
% Feb 15
5 ' Apr
8
4%
*30%
15%
June
32
--1
Calumet A Hecla Cons Cop__5
*45
15
9
21*8 Mar 10
1834 April
Jan 24
28,900
*11
1434
Jan
16% Jan 12
30i2
107
5*8 May
No par
Participating preferred—100
m
1
1434
40
121* Jan 30
59%May 13
193s Mar 14
51
share
per
15% Mar
Apr
6% preferred
Callahan Zinc Lead
m.
3
82
110
Jan 23
Byers Co (AM)
900
534
28i2 Jan
Feb 18
104
9% Jan
5°7 conv preferred---
2,800
1%
5%
1134
16%
534
14
18
52
1%
6
Highest
\
5% Apr 10
640
52
I6I4 Apr
I per share
.....
6i2Mar 31
1
—
Butte Copper A Zinc
900
38%
$ per share
share
per
10
400
38
.
$
Lowest
tBush Term Bldgdep7% pflOO
Bush TerminalButler Bros.
1,800
3%
Year 1938
Highest
1834 Jan
23g Jan
10 May
Burroughs Add Macb—No par
1,600
20*4
-1
Burlington Mills Corp
70
7
11
4
Bullard Co
200
10
7%
No par
No par
....No par
Bulova Watch
1,400
2,800
5*4
378
*30
7%
Budd Wheel
900
14
10%
4
28
19%
534
31*4
Budd
450
13%
1%
10%
4
3,900
19*4
14%
1334
1%
7% preferred
4,700
700
4%
——-5
100
(E G) Mfg
NO pat
preferred----—*---100
Bucyrus-Erle Co
70
,
39
17%
*50%
13%
*30'4
*4l2
*3812
4,600
5
4%
4
11
55g
8%
98
;
38
28
38
18
1
'
5%
4
*8%
38
*50%
13%
17%
*5012
14i2
*171g
*5012
7g
5i2
*1014
14i2
*13
61%
*1212
8%
*96%
3
3%
9
1334
20*4
20%
347g
13%
17%
3434
13
7%
7
3
27g
8%
40
24%
38
13%
1%
*9%
19
19
1134
36%
8%
14%
13i4
15g
1%
9%
23%
98
19%
13
19%
13*4
19%
13i2
*13
39
48
40
13
3%
27%
19%
.*1858
1312
21%
*35
35%
8%
*96%
4%
3734
96%
34
34
3312
*312
34
3l2
8%
96
434
4*4
4*4
434
33%
35g
26
'8%
8
*8512
1034
1134
*5
Borg-Warner Corp
200
Boston & Maine RR
100
1,600* Bower Roller Bearing Co—-17
1,200 Brewing Corp of Amsrlca—3
6,400 Bridgeport Brass Co,..No par
9,800
Briggs Manufacturing-No par
400
Brlggs A Stratton
No par
1,000 Bristol-Myers Co
5
300
Brooklyn & Queens Tf.No par
1,400
$6 preferred——..No par
2,100 Bklyn-Manh Transit—No P<*r
600
$6 preferred series A.No pa
27,800 Brooklyn Union Gas—No par
200
Brown Shoe Co
-No par
Bruns-Balke-Collender.No par
4,700
67g
*38%
*47%
*1%
9%
9%
36
4%
26
38
483g
22
34
*312
38
48
1
Bond Stores Inc
Borden co (The)
7,900
17g
21
21%
37
48
117g
734
96t2
*45g
20*4
36*4
47%
40i2
1178
36
3334
21%
3634
5
No par
No par
Class B
1,500
9,400
25*4
10%
2112
2212
7*4
11
10%
*3412
217g
*3412
*9512
634
48
48
9
*40
40
40
10%
20
20
*36
477«
1%
9*4
934
1%
25%
6*4
2%
25%
Bohn Aluminum A Brass
Bon Ami class A
360
25
18i2
Par
50
21
22*4
21%
24%
2034
2314
Lowest
800
19
19*4
227g
*17ig
Range for Previous
On Basis of 100-Share Lots
STOCK
EXCHANGE
the
Friday
May 26
.
share
20%
Thursday
Range Since Jan. 1
STOCKS
Sales
for
Saturday
May 27, 1939
2ig Feb
Ex-rights.
22 ig Mar
6U2 Nov
17
Nov
104U
Dec
29
Feb
237g Nov
884 Jan
11*4
10
Jan
June
22*4 July
22% July
98i2 July
19
83
Oct
70
Oct
597g Nov
108i2 Nov
64
112i2
Nov
Oct
12U July
2U Oct
5584
28
f Called for redemption.
■
Nov
35*8 July
97g Oct
=
Oct
May
Volume 148
New York Stock
LOWAND HIGH
SALE
Saturday
Monday
May 20
May 22
$ per share
*6*4
*634
22i2
*634
Thursday
May 24
May 25
5 per share
7ig
23
*22i4
NOT PER
Wednesday
per share
7i8
22I2
SHARE,
23
23i2
*4
6
*4
6
*434
6
*5
7
23i2
*5i4
*5
7
5
5
*5
19U
7>8
*84i2
20%
718
87
2012
2112
7ig
21
22%
7i8
2H2
7,800
200
10
87
*85
87
85
85
*8412
87.
ll2
*1J4
3012
30
10 ig
1018
30 %
303g
30 %
*7
1^2
1018
106
106
57g
7l2
73g
*134
15
15
*H4-
2
234
99
4'>g
22t4
99X4
*29
2978
*10'2
*23l2
*3012
11%
24l2
37
*31
32
11
■
lllg
1534
I6I4
16!4
1634
163g
1612
2,400
5,400
13g
1%
1'4
97i2
3634
13g
114
l-3g
2,100
9612
600
9634
36
36
*32
97l2
f31i4
434
28
67
237g
100
100
*29
30
*11
lll2
25
Ills
11
lli4'
78h
78i2
28i4
*78
29%
67
*6312
68
.4
*334
4i2
*37g
4l2
*334
4l2
4
*35g
378
*37g
4
*378
4
37g
Crosley Corp (The)
25l4
6,900
38
3214
700
11
lUg
8134
29i4
30
5,500
68
69
*66
6934
410
4
"
*334
334
60
59
*58
65
1134
*105g
1134
*10l2
11*4
*1034
lllg
4i2
*1034
43g
43g
Ah
4314
*4312
4i2
4i2
45
44i2
44i2
412
44i2
4314
'5i4
,
412
*45l2
512
25i2
53g
25i2
*80
6
253g
90
51
51
25l2
90
*51
15i4
*5
*16>4
1634
578
*1614
'
19
19i8
187g
*25
2538
2514
*13l2
14'2
14'2
16l2
167g
1612
5'g
5i8
17
5
1634
5i8
*5
6ig
•
16
17
57g
36,900
265g
17,400
55
55
I6I4
534
16i2
17
*16
6
*6
2514
17
* 1734
1712
5
5U
5l4
20
1097g llOlg
205g
25l2
20 5g
17,000
253g
2534
1,500
1434
14
14
18'g
51"
1714
177g
*51.4
53g
*5g
jis
*%
lis
*58
11S
*%
llg
*5g
llg
*34
.llg
*116"g 116'g *115
120
*11578 119i2 *115
119i2 *117
119i2 *117
H9I4
'23i2 -23I2
24i2 24i2
25
25
2478 25
*25l4
26i4
32
32
32l2
*42l2
*534
32i2
3214
44
6
43
*41l2
43l2
*512
*17i2
6
I8I4
*80
83
*80
83
*934
*33'4
*13l2
10
*9l2
33U
*1334
10
I8I4
.
512
I8I4
I8I4
*80
32i4
43ig
3214
43
6
18i4
18i4
83
18V
*8e
934
,
43
6
51 o
*9l2
3214
83
934
.
3234
42i4
63g
18i2
8234
1,500
4158
4178
800
6I2
185S
1,300
42l4
63g
*6X4
18l2
18i2
8234
10
34i4
32ig
32lg
70
*80
10
3414
14i2
934
3314
71
*934
200
Oct
60
Nov
..
.10
Mar
Feb
4
Apr 8
*>8 Apr 28
Apr 13
18ig Apr 10
Apr 3
39
Apr 12
5x4 Apr 1
28
Corp-Seagr's Ltd. No par
5% pref with warrants.. 100
15'2 Apr 10
7934 Jan 23
Dunhlll International
100
Duplan Silk
8% preferred
.
122
116i2
27
27
*1
l'g
3334
*38
3334
39
*106
225g
2634
lis
*1
3312
9lg
71l2
10712
9i4
107
7l7g
*70
80
*7434
79
83
*8034-
*78
*li2
1
*234
*112
1%
39
3414
*38
22
H2
2934
11%
23g
814
28
24
28
347g
35
39
38
38
79
*76
84
84
1
15s
112
3
234
112
234
*li2
*234
3
112
ih
*1%
1%
lh
1J2
7%
ll2
*434
178
4i2
26
25l2
1412
26
90
*8814
*H4
*3l4
I8I4
5
7h
183g
*114
*334
112
1I2
412
412
412
*24
2614
25l2
257g
*24l4
257g
25l2
*1312
1412
*14
14l2
26%
25i2
1412
4
112
89
89
90
105
*90
105
Hg
34X2
34i2
*37i2
39
IO6X4 107
93g
934
3,000
*89
8
1812
*l's
*334
1
1
1,300
lh
400
*25s
314
*112
15g
5
5
1,100
8
8
700
105
*7g
1
*23l2
*8512
24
33
86l4
33
*17
•
24I4
*90
*7g
24
*851S
33
*17
1
%
24
*24l2
*85is
86I4
3314
2312
33
*17
%
86I4
5I2
15
25i4
*147g
3314
2414
78
%
*85lg
33i8
86I4
337g
*17
20
Bid and asked prices; no sales on this
day.
4% 1st preferred
4% 2d preferred—
Eureka Vacuum Cleaner
Evans Products Co...
100
100
28
1,500
25X4
153g
2514
28X4
2514
Fairbanks Co 8% pref
100
Fairbanks Morse A Co.No par
300
Fajardo Sug Co of Pr Rico..20
15
15'
500
Federal Light A Traction—15
2,800
34
7S
7g
1,000
25X2
*8534
335g
25I2
86-34
600
34
20
*17
20
t In receivership,
a Vet.
100
Federal Mln A Smelting Co 100
Preferred
100
1,600
253g
863g
337g
86X4
335g
3
$6 preferred
Federal Motor Truck..No par
J Federal Screw Works. No
Federal
'
4
Jan 25
Apr 13
62i2 Apr
655g Apr
69
8
par
7g Apr 10
114 Apr 13
Apr 10
1*8 Apr 10
Jan
3
April
1414 April
1
April
234 Apr 10
24
April
20
Apr 10
11
Apr 11
Jan 24
85
Apr 5
1013g Apr 13
27* Apr 10
li4May 24
34May 25
1834 Apr 11
500
3,700
Fidel Phen Fire Isn N Y..2.50
n
New stock,
r
Cash sale,
jt
83
Apr 1
2734 Apr 11
1634 April
Ex-div.
y
2
1638 Jan
Feb
Dec
Dec
1938
12
Dec
Oct
Jan
15434
Dec
Jan 20
8
Jan
18
Mar
2184 Mar
x2 Mar
17
Feb
33
,
Apr
94i2 Apr
212 Mar
38X2 Mar
40
Mar
40
Mar
li4
li2 Dec
234 Mar
3
Jan
li2
Jan
24i2 Jan
2X4 Jan 20
0i2 Feb 27
437g Jan
29i2 Jan
4
1088 Mar
4
5
90
May 23
110
Maris
1018s Apr 13
Jan
6
37g Jan
7
15g
Dec
Dec
46 '2
Oct
4134 July
35
Nov
234 Nov
297g Nov
45'8 Nov
llli2 Dec
10i2 Oct
71
72X2
79i2
27g
Oct
Dec
Oqt
Jan
0l4
Jan
834
Jan
Jan 19
6'2
Jan
2'g Mar
5*s Mar
6
Deo
Oct
is4 Jan
13
1514
4
23g Jan
6i2 Jan
253g Dec
5*8 July
36'4 Dec
14
22iz Mar
6
Jan 20
Mar
Dec
8'4 Nov
0'g Mar
Jan 30
Mar
Mar
6
173g
2i8 Sept
1178 Mar 10
78
Jan
138i2 Nov
120i2 Dec
118i2 Dec
Mar
13'4 Mar
4
305gMar 3
134 Jan 6
36„ Mar 13
4334 Jan 7
111
Apr
Nov
Jan
2
3igMar 6
123g Jan 19
41i2 Jan 20
38
Mar
10i2 Mar
4
38X2 Mar 10
80
Water Serv A.No par
Filene's (Wm) Sons Co.No par
115
90i2 Mar
MarlO
33g Jan
86
2
81
8
8
Federated Dept Stores. No par
Fed Dept Stores AM% pf.100
delivery,
134 May
8i2 Mar
Apr
102
5
18igMar
Apr 11
6
Exchange Buffet Corp .No par
40
28
-38
4
100
Corp
5g Apr
.
5
400
Ex-Cell-O
Jan 23
2012 Apr 11
1834 Apr 8
23i2 Apr 11
..5
2,100
34
*17
Equitable Office Bldg_.No par
J Erie Railroad
100
4i2
25i2
25
No par
187g
17s
90
25
No par
w..No par
1834
*1'8
*334
4i2
*96i2 105
25
w
1514 Apr 11
li4 Apr 8
22i4 Apr 11
8i2 Apr 10
ICC zl03i8Mar22
1
7
Apr 8
28
2712
28
*8912
91
*89i2
91
*971g 105
*95
105
*10U2 102
*10H2 10178 *10112 10134 *10112 10134 ♦1015s
10134 *10112 1015s
*3
3
3i8
3ig
*3i8
314
314
3i4
33g
3i2
33g
3i2
1~8
134
2
l7g
13g
134
1h
114
13g
ix2
134
17g
*90
—
$6 preferred
200
5
8I4
19i4
17g
Corp._-.60
Engineers Public Service
300
lh
»
$6 preferred....
No par
Elec Storage Battery..No par
Elk Horn Coal Corp—No par
El Paso Natural Gas
r_3
141
Dec
28.
5
100
SO84
Jan
173
28
..
3
2,300
1,100
Mar
157
3
277g
243g
*112
31
8778
183i2 Feb 8
27igMar 10
May
27X4
243g
lh
3
5
175
4
No par
$5 conv preferred
27ig July
Jan
Jan
Nov
6I4 A pr 10
2*4
Mar 29
187
Electric Power A Light.No par
$7 preferred...
..No par
3
Dec
25X2 Oct
347g Aug
Mar
12U2 Mar
9,900
7,700
1J2
*234
Jan
35
12
5
8X4
$5J£ preferred
17
2884 June
3
15634 Jan
1
77g
500
9
Jan
186'g Jan
Apr
2
""206
11
23i2 Nov
91ig Nov
1381a Apr 26
.100
Manufacturing Co
Electric Auto-Lite (The)
Electric Boat.
78Xg
Mar
Mar
4
Elec A Mus Ind Am shares...
87
Oct
Oct
Oct
Jan
4
900
-
Dec
5
122 May 19
118l2 Feb 27
4
1214 Apr 11
14,600
*75
42
13034
109i2
11134
1334
3'4
15,000
*82I2
Jan
Dec
Jan 16
Jan
11712 Jan 26
6% cum preferred
5'% preferred
4078
303g
Jan 25
Eastman Kodak (N J).No par
450
Jan
II
Jan 18
11514 Jan
EndlcottxJohnson
Mar
IH4 Jan 6
19x4 Jan 13
142
884 Nov
2x2 Jan
115ig
65i8 June
8i2 Sept
12
1214
25S
17.500
1
135
Dec
Mar
4
1214
3514
22i4
3378
78&g
Nov
Mar
2034
31i2
Mar 11
115
3014
73
93S Jan
20i2Mar
Jan
17
25
Jan 16
Apr 12
120i4 Apr 11
13034 Jan 26
III4
*2h
73
44
25
25ig
84 Nov
May 25
Apr 14
293g
100
33
884 July
17x4 Dec
1114 July
IIH4 Deo
25x4 Feb
70
3238 Jan 11
MarlO
Eltlngon Schild
*1
4
_
10
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc...!
1
Eastern Rolling Mllls.^
.5
90
Jan
Jan
Feb 25
Dec
2914 Nov
Mar
7I2 Mar
10
Eaton
1
5
1,000
4,600
9
Jan
108
2,300
79
112
2h
*112
478
120
15'4 Mar
100
6% non-voting deb-100
$4.50 preferred
No par
•
102x2 Jan
1334 May
1934 Mar
9
No par
-
4,400
87
1*2
1
Mar 31
15g
1
8
*1'4
73
6
par
223g
*75
45g
1714
73
Douglas Aircraft......No
1X2
*84
*714
1714
179
22
1
45g
1714
l7s
178
•
80
734
16l2
163
85
4%
17
16 li2
*7g
*714
17
IO6I4 1073g
95g
97g
Apr 10
300
28
3434
Mar 31
10
700
23,900
8
*1
llg
9^8'
97g
7178. 7234
1
8
30
Du P de Nem (E I) A Co...20
1211-2
2412
28l2
llg
1073g 1073g
*81
162
17512 177
22
223g
11?
H2
29i4 30Jg
1H2
1134
2i2
2I2
26*4
23i2
2812
9ig
7l7g
*75
5
161
107i2
1
734
434
175l4
*1
84
*4i2
*13l2
*87l4
9i8
34l2
225g
27Jg
1
*714
*24
3334
*38
9
*7514
*314
25i2
1
*69
*8034
.
27
1
'
39
225g
27
33l2
*38
107i2 *106
87g
*70
*2012
434
934May 18
No par
12"; 800
11612 Ilex?
1534
16
45g
434
116
10l8
161
-
225g
2634
I21l2 *121
155g
Ah
,
22t4
116
'
15%
'
22i4
*121
..No par
Doehler Die Casting Co No par
Dome Mines Ltd...
No par
Jan 26
87
Mar
0i4 June
Aug
73g
Jan
412 Mar
1314 Mar
_
Jan
56
13X4 Mar
87g Jan
2514
8X4
li2
1231?
June
18
24i2 Jan
6h Jan
17i2 Mar 10
24
103
No par
35
May
May 26
55
May
43g Mar
Jan
26
Apr 18
IH4 Apr 10
12i2 Apr 11
600
*12114 122l2 *121
122
122
122
122
11534 11534 *116
116l2 *116
11612 *116
1312
14
*14
14l8
1412
15j8
1478
4I4
4I4
*414
412
41$
4i4
4l2
156'4 156U
15514 1567g
15734 158h
159
*175l2 177
17512 175l2 *170
17514 *170
20
207g
*2012 21
203s 203g
21
1%
1%
H4
1-%
1%
1%
,13g
28
-2834
2734 287g
2838 2918
'2834
1018
IOI4
IOI4
10i2
IOI4
113s
11*4
*2-'%
2i2
2l2
2l2
238
23g
23g
7-%
7%
7i2
75g
7h
7127i2
2534 26i4
2434 26i4
26
25i2 26
48
111
Apr 11
1534 Apr 10
.No par
Class A
215g July
8I4 Aug
6>4 Jan
23
Distil
Dlxle-Vortex Co
87
12
Jan
107
...20
*1H8
H'2
lix2
*95g
10 34
*95g
1Q34
114
*11014 114
*111
114
*111
114
*111
114
*111
114
14314 1443g
14314 1447g
144U 14434
14412 14534
14514 146
14514 146
137
*13612 137l4
137
*136% 1373g
137lS. 1371g al37
137
137
137
*110
Mar
68i2 May
16
Jan 24
No
*11
3
65i2May
ISh Apr 10
45g Apr 12
16
April
45g Apr 8
30)8 Jan 26
56
April
10l2
11
*9i2 ,.1034
May
83
101i2 April
1,100
-
5
Jan
48i8
par
7lg
94i2 Jan
13i2 Feb
614 July
Apr
6i2 Mar
Jan 21
84
No par
113
7h
70
Jan
6
8
Dresser Mfg Co
73g
443g
96
7314 Apr
Dow Chemical Co
11334 114
73g
16ig Nov
92i2 Nov
Mar
19X4 Mar
28I4 Nov
600
697g
115
*67g
68
314 Mar
23,800
67i4
114
800
Nov.
3738 Nov
7i2 Mar
125g Mar
707g
11412
7*4
32
*33i2
*1412
3158
69l2
15
40
7i2 Jan
1,300
1412
10&8 July
4384 Nov
22x4 Mar
29
Apr
25i2 Apr
Jan 10
Oct
28i4 Jan
3134
34
1412
42i2
117X4 Nov
29i2 Nov
I914 Apr 11
260
33
32
215g Apr
514 Mar
Oct
638 Nov
4784 Jan
8
Apr
iox2
34i2
15
34
33
33
3314
1412
14
14
1412
*3H2 32
3H2 32
32ig 32i8
6212 6212
66
6314
6734
67i2
1145s H45g *111
115
*111
114
*6i2
67g
634
634
*634
714
*10i2
11
10i2
1012 *10i2
11.
*9
' 10
*9l2
10
10
10
Jan
Dec
234 Mar
Apr 29
91
May 17
3
6% partlc preferred
25
Diamond T Motor Car Co...2
100
Mar
56
7034
177
Apr 5
1058 April
37g Apr 1
38
Apr 14
4i2 Apr 11
...No par
Devoe & Raynolds A
Diamond Match
400
83
13
49
tDenv & R G West 6% pf. 100
Detroit Edison
..100
*325g
33
162
4014 Feb 28
37i2 Mar
143s Jan
8
Apr
45
Dlesel-Wemmer-Gllbert.
330
Apr
Apr
Apr
Jan
41i2 Jan
April
10
60
1,400
25l2
40
253
Jan
100
"""166
2512
Mar
Mar 10
Mar 10
"
Delaware & Hudson
100
Delaware Lack & Western..60
.
10
Mar
No par
Preferred
600
21i4 Mar
19
No par
Deere & Co.i
7,800
7g May
Jan
Jan
3184 Mar
6
Davega Stores Corp.....
5
Conv 5% preferred
.25
Davison Chemical Co (The).l
Dayton Pow & Lt 4^ % pf 100
100
20
Nov
1
$8 preferred
900
June
117g July
36i2 Nov
3i2 Dec
3584 July
29i2 Nov
2114 Mar
Jan 16
2914
57i2
6678
17684
658
49
116
1
Cutler-Hammer Inc
200
63g
4
3'11 j
234 July
103i2 July
June
85
3l2 Apr
Class A
600
6
Jan
6
Jan
65
Cushman's Sons 7% pref.. 100
30
107
103g Jan
3534 Mar
75
Apr 14
24i2 Apr 8
100
Curiiss-Wrlght
2,000
534
I6I4
110
20
1,400
11514 Jan 18
Jan
9
Curtis Pub Co (The)...No
par
Preferred
No par
90
6
1434
47
263g
110
*14
"i;i66
1784 Oct
2678 July
8h Mar
110
Cuba RR 6% preferred--.100
Cuban-American Sugar
Preferred.,
Cudahy Packing
80
*80
....
*5l2
20
984 May
8
28
of America.. 100
Preferred
1,600
1U2
4X2
534
27
90
*5112
....
*13%
17'g
5ig
46i2
26i4
*80
15%
15%
512
5i2
*16i4
17
6U
6i4
10934 no
19i2 20i2
2514
2514
5ig
' 1634
1634' 1634
63g
6
614
110 7g *110
11078
195g
193s
195g
2514
2514 25l4
14%
*13l2
1434
*6
*6
63g
10934 110
*110
6
90
*5112
15i4
45i2
57g
26%
*80
....
15i4
5'g
5'g
45i2
26l2
90
*51i2
15
*47g
58
6'g
263g
*80
...
15
5ig
60
57g
2534
*80
■
*147g
4
*59
*1012
43g
Crucible Steel
200
9538 Nov
22i8Mar
7i2 Apr 11
20i4 Apr 8
35 May
4
No par
Jan
Jan
Apr
38
Apr
Jan
5&g
78
93
Apr 12
2658 Jan 3
..100
Crown Zellerbach Corp......5
$5 conv preferred
No par
70
378
627g
21
No par
No par
Pref ex-warrants
2,400
*79ig
2914
Apr 21
37g Jan 26
Crown Cork & Seal
No par
$2.25 conv pref w w..iVo par
100
313g
171
25
5% conv preferred
Cream of Wheat ctfs
300
Jan 26
5478 Apt 19
7i2
Mar
22
65i2 Mar
36i2 Mar
49
IO84 July
10
Jan
1618 Apr 11
Oct
Jan 10
Mar
1
Crane Co
300
25
4
5
Oct
Nov
7*8
Mar
Oct
Dec
97i8 Mar 28
16i2 Jan 3
29ig Apr 11
15g Apr 10
2 li8 Apr 11
1
Coty Inc
200
Ah
60
2,300
16,600
lix2
1134
60
300
H3g
37g
Insurance...$2.50
104
2i2 Sept
214 Mar
15
8
30
627g
4-">8
3,206
3
44
Apr
Oil of Del
7
6
100
5
Steel Corp .No par
Corn Exch Bank Trust
Co.20
Corn Products
Refining
25
Preferred
..100
406
8134
30 3g
*79
8134
28i2
1,700
6
334 Jan
8
Apr
Diamond Fibre.5
100
*35
lllg
6,300
9x4 Jan
314 Jan
32x2 Apr 11
1
;
8878 Apr
27g Mar
H4 Mar
88
28g
1214
3414
Mar
Jan
Apr
Motors
17
6
Deo
867g Aug
,
4i2 Mar
MarlO
2
111
30
32i2
*234
28U
11*4
8,200
Mar
76
Jan
1
7?a Mar 10
H4 Apr 10
No par
*98
25&g
3212
Continental
Continental
Continental
Continental
Continental
35
Apr
71
l07i2Mar
93g Apr 10
20
$4.50 preferred
Feb 27
Mar
2ig Jan
12ig Mar 10
lli2 Apr 10
....100
Continental Can Inc--^
19,600
3,400
245g
*1012
4014
*35
77i2
Ills
235g
8% preferred
1
434 Apr 11
7
Apr 11
158 Apr 8
134 Apr 11
9
Apr 11
9312 Apr 27
No par
Dec
5
55
85
No par
Mar
4
9i8 Aug
2984 Deo
884 Oct
1478 July
263g Nov
103g Nov
Mar
6
Jan
88
5
15
10i2 Sept
4>4 Mar
4
par
Class B_...
100
8
73
8I4 Apr 11
27
Apr 11
IOD4 Jan 4
378 Apr
5
2512 Jan 3
878 Feb 28
79i2 Apr 18
Apr
1
Jan
Highest
share $ per share
Mar 31
6
100
li4 Apr
Lowest
per
►
8h Feb
303jj
6
484 Apr 17
Consumers P Co$4.50 pflVo par
Container Corp of America. 20
Continental Bak Co cl A No par
4,200
6034
61-r'g
17314 17314
434
434
47g
23l4
3712
*62
99
9612
6112
6212
17234 17234
40i4
32
*63
*98
36U
37
36
3714
37X4
11434 11434 *11414 115
*1143g 115
6
6
6
6ig
634
7l4
3314
3334
3334
34
345g
3434
2ig
23g
2!4
23g
2X4
23g
22 ig
23
231s
2334
23ig
23i2
2H2 22 ig
22 ig
22l4
22l2
22Xg
55
*54%
55l2
55l2
55ig
5534
3134
27
99
6
Apr 11
Mar
18ig April
558 Apr 10
Consol RR of Cuba
6% pf.100
Consol Coal Co (Del) v t
C..25
5% preferred v t c_
100
"""266
3ig
13i2
lllg
37
68
2
*25g
6
100
Consol Laundries
Corp
Consol Oil Corp
12,400
1034
3134
*61
1118
77i2
77l2
6l4
778
*11
13l2
*98
*30
27
3ig
*11
.
*3114
Ills
77i2
26i2
*6ig
734
*134
2
*25g
.
,
*9812.
*11
*134
3
60i4
61'8
6012
607g
6OI4
61
172l2 172l2 *171
17234 *17H2 17234
4%
412
*43g
4l2
4l2
434
2H2 2214
22
2l5g 22
23%
*98i2 99i2
98i2
98i2
9912 9912
*29
297g *2878 297g
297g 30
*10i2
1V2
*1058
lli2
lli2
11'2
*24
24i2
2438 24--%
23i2 25l2
172l2
*22
77g
1312
*95
•
*4X4
63g
734
11
H4
95
36
36l2
36
3&I4
36i2
*11334 H434 *114i8 11434 *114
11434
*534
6
*534
57g
512
57g
33
33 ig
32l2 33
3314
3314
2i8
2)g
2ig
2i4
2ig • 2ig
22
22ig 22i4
22l4
22ig 22ig
21
*2034 2l3g
2114
*2012 2ll2
*54
*5414 ' 55
55
55.
55
*5934' 60 h
6i4
10l2
36l4
*171
6'g
Apr
19
...1
$2 partlc pref
No par
Consol Edison of NY ..No
par
$5 preferred
No
1,600
3,500
$ per share
5
1
6Prior pref w w
Consol Film Industries
26,500
99
155g
ll4
95
103g
313g
3134
10634 107
3134
107
Range for Previous
Year 1938
Highest
$ per share
No par
7% preferred
140
H2
103g
*9814
1034
153s
95
3114
Corp
Consolidated Cigar
""306
10
107
2
3
*ll4
H2
10
734
*11
13s
93
"
7i2
*134
13i2
15l2
*1U
96
7i2
*9734
*10l4
1034
15
1%
*94
6
*11
1312
9878
103g
6
*134
234
3
*98
'
73S
2
*234
1012
6
7i4
♦lSg
303g
31%
1067g 107
*106i2 10678
57g
7l2
*11
10I2
21l2
7
*934
10012
223g
81
*84i2
*li4
*98
70
22
1*2
3
7
Conde Nast Pub Inc.-.JVo
par
Congoleum-Nairn Inc..No par
Congress Cigar
No par
Conn Ry & Ltg
4^ % pref.100
Consol Aircraft
6
*5
7
1014
2
700
*514
*75
8412
1312
23i2
*23
6
7
81
*9l2
534
Par
J
200
*75
83l2
*114
*134
*234
7ig
81
7»8
112
*11
*6i2
*75
10l2
106
Lowest
81
*7
*95g
3018
534
73g
EXCHANGE
*75
*ll4
106
the
81
*634
*75
3179
Range Since Jan. 1
On Basis of 100-Share Lots
Shares
634
6
4
Week
S per share
634
6'2
20
75
STOCKS
NEW YORK STOCK
Friday
May 26
$ per share
7is
2312
*5
19l2
*634
Sales
_
634
*4
75
Record-Continued—Page
CENT
for
Tuesday
May 23
$ per share
7ig
23
■"2134
PRICES—PER
0
Oct
5x4 Mar
10ig Apr
li8 Mar
16
Oct
25
Dec
3i2 Mar
19i2 May
22i2 May
678 Mar
67
Apr
52i2 Apr
90i2 Feb
2ig Mar
178 Mar
1
Sept
25g Nov
IH4
43
35S4
Jan
Dec
Oct
16'2 Oct
84i2 Nov
133
Nov
99i2 May
57g Aug
Ah July
2ig July
20ig Mar 11
8 9«4 Feb
0
12<4 Mar
29
6778
35
MarlO
22i2 Mar
908g Oct
36'2 Nov
19
Mar 17
15
25
Ex-rights.
Jan
June
^ Called for redemption.
Oct
Oct
If^=
New York Stock Record—Continued—Page 5
3180
LOW
AND
Monday
Tuesday
May 20
May 22
May 23
19
19%
19%
193s
1934
19*4
10434
♦103% 10434 *104
103% 104
19%
44
44%
44%
19%
19%
29i2
17%
19
*28%
19%
18
*27%
17%
2
2
27
27
*107
—
1634
*212
2%
*8is
*1012
17
*66
*
*8%
2034
2034
*134
*23s
2
2%
834
11
100
*4%
1534
*14%
50
*47%
6
6
*0
*85
100
45
*4%
100
*85
45
44
45
44%
*8%
8:
838
834
*137
141
3
*278
3
*2%
10
10i2
10%
10%
2034
*27g
*20
55
*45
55
*45
55
20
20
20
20
*120
124
124
♦120
*120
337g
43%
20%
43
*124% 1243s
*8
5
8
1
*109
*16%
1634
*78
*15%
*87
89
*87
%
16%
78
89
7g
227g
17%
16%
6%
*47%
9%
*63
.
16%
8,200
%
1,000
*52
12
49%
9%
6%
^9%
19%
63S
19%
13
12
'
0%
20%
*55
17
:■
*35
17
9%
v
278
3
2%
*2
*72
*2
2%
7884
2%
*72
78%
*73%
16%
16%
63
1534
63
04
26%
267g
9.4
94
16%
16%
01
*60
26%
26%
96%
*94
96%
3%
♦3
3%
3%
25%
75
*70
*34
5%
*1
26%
39
*1
13%
12
29%
24%
J 334
*42
19
26%
*27
*12
18%
12%
1
*%
*12
14
*70
1%
1
12
30%
24%
24%
14%
19%
*26%
*137
*42
32%
32%
*27
13%
*24
24%
147g
20%
14%
20
♦137
42
50
32%
32%
19%
19%
36", 500
12%
1%
*%
1%
.♦%
1%
%
%
*%
1%!
100
|
*12
14
*35
40
117S
*11%
11%
*15
16%
*15
16%
2%
*98% 100
*2%
99
20%
140
6
80
2%
,
11%
*15
4
13%
*97%
Great Northern pref
11%
11%
16%
*98% 100
97%
97%
20
20
20
140
*137
140
6.
6
*75
76
2%
*104
104% 104% *103% 105
12
12
12
12%
12%
*30
31%
100
40
*35
40
40
*15
99
80
31%
.
1134
17
*15
100
*99
98
6%
*75
2%
20%
140
98%
20%
20%
|*137
6%'
140
6%
,
76
77
2%
*106
110
12%
12%
6%
76
2%
2%
104% 106
12%
98%
,
12%
4
16% Jan
9
8
99% Feb
54
Mar 14
8
8
Apr 20
100
% Apr
1
4% Apr 8
78 Apr 10
11
Apr 10
10
Apr 8
24% Jan 27
2278 Jan 23
12% Apr 8
16% Apr 8
24
Apr 10
133
Apr 14
Mar
98
June
9
Mar
6% June
46%
Dec
5
Mar
1% Mar
4
2% Sept
60% Apr
4
74% Mar 16
38% Jan 3
109% Jan
Jan
80
Mar
10
Mar
32
June
15% Mar
69% June
1% Jan
,2% Mar
52% Mar
% Mar
77g Jan
2% Mar
1% Jan
1
Mar
15% Mar
8
Mar
20
Jan
_
i31% Mar 13
24%May 23
16% Jan 5
31% Jan 4
28
Mar 11
139
Mar
50
Jan
9% Mar
12% Mar
23% Apr
Apr
122
35
Apr
Jan
10% May
19
Apr
20
1
8
Apr 10
18% Feb
8% preferred
% Apr
9
100
6%
6
Apr
July
12
Mar
Water
3
Mar
22
Jan
8
Mar
24
2
32%May
24
30
Nov
32
Jan
5
35% Mar
30
Apr
Apr
35
June
5
Mar
.25
'
5% Jan
Apr 19
Apr 12
Hanna (M A) Co J5 pf. No par
96
May 19
12%May 15
17% Mar 10
103% Mar 28
103
Mar 17
17
Apr 10
Apr 20
Printing..,.
10
preferred
Harbison-Walk Refrac. No par
preferred
100
Corp of Amer class A... 1
8
Apr 11
130
478 Feb
3
6H% preferred w w
100
71
Jan 19
"900
Hayes Body Corp.
Hazel-Atlas Glass Co.
....2
2
Apr 10
,.25
93
April
Hecker Prod Corp...1
Helme (G W)
25
8% Apr 10
12
Mar
Nov
4
15
Mar
138% Jan 11
120
Apr
32
Jan
50% Mar
5
1% June
4
76% June
127gMay 25
5% Mar
81
May
4% Jan
106
Jan
115
*106
115
Feb 20
117
Mar 24
165
165
*165
166
40
100
159
Jan 21
105
Feb 17
140
Jan
13
13
13
200
Hercules Motors
No par
10
Apr 10
17
Jan
5
10
Mar
67
67
67
3,500
Hercules Powder
No par
63
Apr
8
86
Jan
3
42% Mar
135% Mar
6
*59%
61
*108% 110
*15
17%
*58
60%
*108% 110
*15
17%
*36
37%
36%
36%
107%
107% 107% *107
8%
*738
*7%
8%
1134
1134
11%
11%
*58
61
*58
*108% 110
109
109
*108
15
15
*14
16
16
36%
36%
107% 108
*7%
*11%
8%
12
37
*107
*7%
1178
60 78
37%
38%
108% *107
8%
1178
8
*11%
110
38%
17%
400
38%
1,300
8%
400
62%
31
31
31
12%
12%
12
12%
J5 conv
5,400
68
68
68%
68%
500
63
62%
62%
62%
30%
30%
30%
30%
10%
11
11%
11%
30%
12%
*30%
10%
*2912
10%
67
*66
67%
66
66
♦29%
10%
30 %
67
*66%
68
>108
110
*107% 109% *107% 109% *107% 110
6
5%
5%
5%
5%
5%
578
*534
45
*42
42
42
42%
42% 42% *43%
*1%
1%
1%
1%
1%
*1%
1%
*1%
*3%
5%
*3%
5%
31%
31%
5%
*3%
108% 108%
6
45
>108% 109
5,100
600
98
^
No par
preferred
Homestake
100
Mining
12.50
Houdallle-Herehey cl A.No
Class B
par
No par
Household Fin com stk.No par
200
5% preferred
100
Houston Oil of Texas
6%
6%
2,200
46%
900
Howe Sound Co
1%
*1%
1%
100
Hudson
4
*3%
4
4
4
*4%
5%
100
5%
31%
4,900
*1%
preferred
45%
6%
45
10
Holly Sugar Corp
62
62%
61%
Apr 27
Hollander A Sons (A)
63%
62
62%
Jan 28
104
Holland Furnace (Del)
30
7%
62
54
No par
preferred
200
12
12
11%
conv
Hlnde & Dauch Paper Co.. 10
108%
*7%
8%
$4
200
*14%
38%
108% *107
No par
Hershey Chocolate
108% 108%
17%
A
v
t c..2/
.5
Manhattan
100
preferred
100
31%
31%
31%
31%
5%
5
5
5
5
5%
o;31%
5%
31%
5%
5%
*5%
5%
1,900
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
13s
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
2,000
Hupp Motor Car Corp
11%
11%
11%
11%
11%
1178
11%
12%
12%
12%
12%
12%
10,500
20%
20
20
42
43
43%
31
31
*17
20
*42"
43%
0%
6%
•
*17
20
41%
41%
*5%
6%
31
*18
21
*19
42
42
42
*5%
6%
Bid and asked prices; no sales on
dS
6%
this day.
7
*6%
7
*19
*43%
-
21
46
80
*6%
7
Illinois
110
J In receivership.
100
a Def. delivery,
1
Central
100
6% preferred series A
Leased lines 4%
RR Sec ctfs series A
n
New stock,
r
128% Apr 10
100
...100
1000
Cash sale,
z
14% Apr 17
31%May 1
105% Mar 18
7% Apr 10
10% Apr 1
95
May 10
60% Mar 31
27
Apr 8
8% Apr 10
61
Apr 8
103
Apr 21
478 Apr 10
40
Apr 10
1% Apr 3
3
Apr
6
25% Apr 11
4% Apr 8
1
Apr 8
9% Apr 10
16% Apr 8
38% Apr 10
-
Ex-dlv.
A D
y
111
61
126%
Jan
Mar
Mar 10
40
7
80
Mar
15
Sept
109% Feb
19
Jan
51
Jan
17
Jan
110
Jan
98
Jan
5% Mar
11% Mar
15%
11%June
Jan
104% Jan 12
66%May 11
30% Mar
17%
Jan
70% Jan
109% Mar
8%
Jan
55% Mar
9
3
3
16
6
9
102
49
Mar
13
Jan
4
1.1%
Ex-rights.
111
Dec
161
Dec
20%
Oct
87
Dec
135%
Dec
60
Oct
105% Dec
21% Nov
52% Oct
118
Aug
13% July
25% Jan
Aug
35%
Oct
18%
Oct
6
Mar
46%
Jan
72% Nov
Jan
105% Nov
9% July
■1,83%
Mar
5
23% Mar
Mar
3
Oct
Dec
11% Nov
May
May
Jan
111
60
1
35
Jan
6%
108
3
4
Nov
Apr
17% Mar
9
35% Jan 10
87g Jan 5
2% Jan 3
20% Jan
Dec
75
Mar
48%
Jan 20
1%
5% Jan
34% July
140
4% June
7% Mar 10
79
Mar 11
*106
100
Jan
Nov
115
preferred
21%
101
100
165
cum
13% Nov
June
165
110
.Nov
83
*105
Preferred
6% July
88% June
165
6%
Jan
8
15
140
Oct
Jan
Apr
115
131
28
May
3
165
131
1%
11
*12
130% 131
Oct
29
♦105
130% 130%
JaD
Dec
50
25
preferred
13
130% 130%
32
142
Dec
165
68
68%
69%
131% 131% *130% 134%
*58
60%' *60
01
July
24% Dec
15% Nov
30% Dec
13
7g Mar
115
68%
30
22
*123s
68
Oct
Feb
*164
67%
Jan
2% July
14% Nov
22% Nov
7%
*110
67
2
8%
7% Mar
13
66
Dec
6% Nov
72% Dec
12% Jan
165
6734
108
21% Mar
115
*12%
Nov
26% Oct
68% Dec
38% Dec
June
*12
12%
85
July
50
*164
12%
Feb
15% July
28% Nov
*110
12%
61
13% Mar
99
Hat
June
27% Nov
11% Feb
34% Mar
5
100
Hall
20% Nov
100
100
Gulf Mooile & Northern.. 100
Hackensack
Apr
NOV
16% Nov
'
1% Jan
No par
May 24
10
600
34
Mar
8% Mar
14% May
28% Nov
51% Jan
3% July
3% Jan
1
..10
preferred...
Guaatanamo Sugar,
6%
22,400
13
July
Apr
14% April
10
Apr 8
5H%
6%
400
15% Mar
2% July
26% Oct
41% Nov
Mar
Grejbound Corp (The).No par
Hamilton Watch Co...No par
"""600
95
Mar
13
40
1
7% preferred class A
70
Sept
1
13% Mar
37
24% Jan
5
Nov
2% July
27% Nov
z85
Mar 13
27g Jan
110
7
32
GreeD (H L) Co Inc
Dec
5
24% Jan 26
Green Bay & West RR.„—100
Apr
12% Mar
July
9% July
12% July
67
4
34%May 25
~
MOO
101%
1%
45
37% June
3% Mar 14
79
Mar
53% Nov
124% Nov
3
27% Mar 10
8% Jan 3
Apr
42
100
97
100
17
*99
2034
2%,
2%
105
*103% 104
12%
12%
12%
11%
11%
12%
*15
*137
2%
4,
100
Preferred
"2,200
*30
31%
20
*75
4%
14
*35
12
16%
S78
15
*3%
*13%
14
*137
5%
*12%
15
4
4
14%
*30
*98% 100
15
*35
15
*3%
14
*12
20
preferred
Great Western Sugar..No par
30
14
4
15% Jan
4
Apr
72
Gt Nor Iron Ore Pro p. No par
700
40
238
,
*12%
*35
*75
38
12%
14
0
5
Jan ,4
Greene Cananea Copper.. 100
5,900
33%
*27
38
10
61
33%
34%
19%
40
80
*42
61
33%
*27
5%
30
12%
*34%
1178
*75
2,100
19%
3178
*534
14,000
19%
*30
*19%
21%
12%
31%
*134
21%
26%
26%
26%
145
138% *138
18%
*12%
*30
5"8
26%
*42
34
4,100
41
Apr 10
3
No par
10
Grant (W T)
Jan
90
-100
Granite City Steel
100
18%
12%
*3
20%
42
14%
14%
21%
3
32% Jan
17%May
21% April
par
13 conv pref series...No par
900
18%
*12%
31%
140
14%
20%
No
1
14%
24%
5
92% Apr
1% Jan
13% Apr 11
No par
$5 conv preferred
Gotham Silk Hose
1
5
700
6
Jan
20% Jan
May 17
53
5% preferred
...No par
Goodyear Tire A Rubb.No par
Grand Union (The) Co..
1,900
Mar
1% Jan 20
Jan 26
70
No par
Goodrich Co (B F)
500
12%
6% Mar
47
Preferred
31% .31%
24%
4
3
24% Jan
Granby-Conso )M S & P
*24
21% Mar
5
28
2% Jan 23
1% Apr 10
1
Aug
Feb 28
34
(The)
125
67g Jan
No par
No par
Graham-Paige Motors—
14
12%
44
1,800
12%
4
*534
*24
14
No par
No par
"Y,806
1%
*1%"
..100
Goebel Brewing Co
.
,6
12%
14
31%
*19%
14%
12%
31%
400
%
:
Corp. No par
Jan
118
Dec
1078 Jan
110
Oct
Nov
79
25% Mar
11178 Apr
38
Mar 31
1%
50
Jan
51% Mar 9
125% Mar 1 1
_
40% Nov
117% Nov
Mar
50%
4\4% conv preferred,..-50
(Adolf)
1
300
.
18%
,
*3
*134
.
138
32
*12%
99
21%
26%
145
*27
4
100
,1478
32
14
*96
-
20%
26%
145
13%
75
%"
6
1%
29,500
3%
*70
%
1,200
99%
*3%
6
5%
1%
14%
12%
31-
.
12%
29%
13%
*3
*98% 100
%
1
12
•
*99
75
*70
%
6%
*13
-
75
%
57g
30%
32
1778
12%
*78
3%
14",600
28%
11%
50
32%
*27
32
18%
*12
27%
297g
136
*42
32%
28%
3%
13
26%
136
50
32%
27%
*1
24%
14%
20%
14
1978
27%
95%
3%
Corp——20
Gold & Stock Telegraph Co 100
17%
98%
Jan
9
% Apr 19
Apr 27
19% Apr 11
16
Apr 8
15
Apr 28
9% Apr 11
10%May 11
98% Mar 28
15% Apr 11
5% Apr 10
Gobel
900
68
13%
12
*24
26%
17%
68
30
30
139
17%
07%
1%
*11%
29%
*23%
1384
19%
26%
17%
67
%
5%
*11%
*136
17%
65%
*3
127
May
108%
25
Mar
May
13% Jan 3
66% Mar ll
Glidden Co
78%
65
578
34
5%
*74
55
84
7% Apr 11
Apr 17
14% Mar 31
MOO
"
2%
*2%
2%
78%
3
Jan
52
2,300
17%
20%
95%
75
*70
84
2%
22% Mar
108% June
% Mar
15
Gillette Safety Razor.-No par
3
*74
1% Jan
3
$6 preferred
Nov
44%May
117% Apr
Jan
100
87
3
Jan
7
General Tire & Rubber Co—6
58%
Oct
5% July
19% Oct
38% Nov
Feb
90
$5 conv preferred
Dec
11% July
Nov
8
Glmbel Brothers
59%
136
Nov
Apr 15
400
Sept
9% Nov
48
Apr
2,300
52
102% Dec
27% Mar
44%
Mar 24
4,500
0«t
Jan
1
0% preferred—
Dec
19% Nov
28
4% Apr 10
Gen Railway Signal
Gen Theatre Eq
July
8%
138
36% Apr 11
8
28
Apr 4
Gen Time Instru Corp. No par
9%
3
2%
78%
1
..No par
500
52
17%
Mar
25% Jan
130% Mar 31
121% Apr
Printing Ink.,
$6 preferred
"7",800
12
*36
Mar
35
14
1,400
97%
20%
6%
3
11
Jan
105
400
16%
.
3%
*3%
5%
%
534
1%
*13
*13
.
75
*70
2%
*72
General
13
39
Jan
75
18
97
.
July
Apr
117
No par
Common
16%
9%
35
72% Jan 26
10
16%
6%
8
5% Mar
Oct
5% July
2078 Mar
39
General Refractories...No par
52
Jan
Jan
% Apr 10
$5 preferred
No par
Gen Outdoor Adv A...No par
General Telephone
3
17
--100
preferred
6%
2% Mar
4% Jan
36% Jan 27
Gen Steel Cast J6 pref. No par
9%
1
Mar
6% Mar
Apr
115
Apr 10
114
No par
General Motors Corp
29
Mar
Mar
Mar
18
I734 Apr
43
{6 conv pref seriei A .No par
General Mills
900
12
11
June
4% Mar
82
60% Jan
148
Mar 31
9
No par
540
*57
3%
No par
$4 50 preferred
1,700
*36
39
3%
7834
167g
61
*93
3
2%
2% Apr
....No par
General Foods
Gen Gas & Elec A
20
20%
8
Jan 18
■
25%
97% *-.—
Apr
Jan
Sept
48
Jan
9
Mar
4% Mar
13
103% Mar
8% Apr 10
100
12%
12
40
52
Jan 26
134
No par
No par
20
20%
96
No par
6% preferred
100
Gen Realty & Utilities
1
16 preferred
No par
•
*234
50
preferred
l9%May 12
Inc..,--No par
7% preferred
100 xl25 May 16
31
Apr 11
Genera) Electric
No par
•
9% Mar
.
Nov
18
Mar
85
18% Jan
Gen Public Service,—No par
"ll",300
7„
17
58
17%
*57%
Container Corp.... 5
13% Apr 10
47% Mar 22
5%May 17
3%
2% Mar
10
7% Jan
25%
25%
19%
10%
12
Jan
Mar
3«4 Apr 10
Class A
10
89
*16%
51%
51
9%
.58%
17%
18
%
-
14
100
94
Inc.,—3
900
1%
*87
1
6%
6%
51
9%
38
.
20%
*50
16%
16%
10%
.11%
97%
56
*34
16%
11%
19
6%
56
39
24%
10%
50%
9%
16%
*35
3
6%
56
16%
10%
38
*16%
18
*12
*49%
9%
,
%
Jan
9% Apr 11
Apr 22
10
5%
1% Mar
Jan
300
4
110
17%
89
*87
1
700
87g
4
91
2% Mar
2% Jan
13
General Cigar
1,400
*8%
17%
25
*11
19%
100
5
*1
89
97%
187g
49%
9%
*54
50
*
36
5
*109
1% Apr 10
Apr 10
8%May 17
No par
General Cable—
170
*33
478
8%
1
18
12
12
■
97%
700
109
17
11%
72,100
1
17
900
123% 123%
109
17%
50
55
May
2%
1
No par
Gen Am Transportation
5
General Baking
6
J8 1st preferred—...No par
Genera) Bronze...,—
-5
300
83%
84
120% 120%
44%
45%
1
24%
16%
*10%
18%
6%
51
3
11
*
1878
*35
16%
12
12
97%
18%
16%
10%
17%
11%
834
«
58",300
36
%
%
110
17
18%
24%
17%
24
1778
47g
8%
Sept
7% cum preferred
437g 44
44
115%
115% *113
36
*33
47g
78
*16%
17
35
*87
%
17
2234
~
35%
36%
%
84
32
preferred
by, % conv
600
"1466
124
*120
124
43%
10%
6,100
22
*120
197s Mar
Gen Amer In vesture.-.No par
57
*21
44
1
"""206
23%
*45
21
43
*109
*87
89
78
17
17%
*11%
*22%
57
a2l
47g
8%
1034
16%
2234
*
227g
*45
20%
124
35
900
3
11%
35%
1
*15%
1634
17
11%
*27g
11%
35%
110
*7g
1
22%
♦10%
3
55
*%
4%
8%
*8
110
*7%
*109
110
*78
4%
"Y.OIO
8%
.
142
22
21%
Jan
16 preferred
47
.8%
11%
115% 115% *113
35
*32
478
4!%
83g
*109
46%
83%
35
*32
35
*478
82
700
11
3
30
(Robert)
Gar Wood Industries
""260
*137
*51
53
>
82
4384
*33
3
48%
8%
142
34%
34
*46
*6%
67g
*87% 100
47%
6%
55
*52
55
*51% 55
83%
83% 83%
83% 83%
120
120
120
120
120
120
*119% 120
44%
45%
4384
45%
43%
44%
427g
44%
124% 124% ♦1237g 124% al23% 124
124% 124%
*51
52%
82%
120
120
8%
*137
1078
♦120
•
-
50%
82%
6%
18% Apr 26
Co..
Gameweil Co (The)
Gay lord
Mar
Nov
Gannet Co conv |0 pref No par
15%
Mar
68
150
*15
11
50
Apr
400
"""600
Mar
25
9%
4%
Mar
Jan
4%
Jan
11%
4%
18
85
Oct
21
55
Gair Co
4%
*87% 100
40
46%
14% Apr 11
Gabriel Co (The) cl A ..No par
13
Oct
37% Nov
109% Nov
29% Oct
35% Jan
108% Jan
29% Jan
Dec
39%
3% Jan
100
100
1% Mar
31%
90% Jan
400
*8%
3% Jan
8
21
Apr 14
103% Apr 6
Mar
2
2%
*98
Jan
20
43% Nov
1% Apr 10
35
May 11
2
*10%
12
36
Oct
Nov
24% Mar
10% Mar
19%June
15
Apr
67
21%
Inc
6
share
10
No par
Free port Sulphur
1,100
31% Jan
Apr
per
20%
10U
10
Francisco Sugar Co
3%
48% Feb
Highest
I
No par
pi-100
-•>
17 conv preferred
2%
15%
47%
141
21%
34%
*%
8s
*15
Foster-Wheeler
50
8
8
1% Apr
100
414 % conv pref
Apr
Apr
16% Mar
Apr
76
104%May
May 12
17
S per share
share
2.5% Mar
per
Jan 16
25
J Follansbee Brothers..No par
Food Machinery Corp
100
*21%
*17g
2
100
4%
50
20%
43%
43%
43%
43%
43%
115%
115% 115% *114% 115% *114
%
4%
1534
*45
124
33%
343g
333s
11%
*98
.4,300
No par
No par
A .No par
F"k'n Simon&Co lric 7%
2%
9
9
9
Florshelm Shoe class
38
*32
21%
*17g
*2%
12
*278
2034
33%
134
2%
10%
3
10%
20
20%
2034
'
*2%
3%
38
21
100
*137
*45
*2%
*32
'
8%
10%
21%
1934
3%
6%
6%
*87% 100
45
45%
8%
8
44%
141
*137
141
19
70%
*4734
'
*8%
*137
18%
(The)
Fllntkote Co
100
Stores..-No par
Florence Stove Co
20
69%
*15
100
900
19%
4%
1534
50
0%
300
70
*11
4%
2
18%
♦98
11%
100
1534
*475%
534
634
*85
11%
*98
434
*14%
60
*47%
*8%
9
11
2%
834
400
1,300
29%
70
38
20%
134
5,500
107% 107%
*107%
6% preferred series A...
First National
9
Apr 10
17%
99%
38%
16%
Rubber... 10
Firestone Tire &
500
1,900
2
18%
*32
2,400
*28%
2%
29
29
70
*2%
'3%
38
2
2%
*98
4%
*14%
♦31
20%
I84
*230.
11
*414
*2%
3%
36
20%
9
108
17
70
100
*98
i_—
17
*66
*2
2%
29
2834
17
*31
20%
2
2%
*1%
18
108
73
*2%
3i4
*1912
29%
17
38
*31
*107%
2034
*2
2%
28
28
...
1934
29%
*17
18
*66
17
73
M~
*66
28%
*1%
2%
27%
*178
27
*107
20
♦17
207g
Lowest
Highest
% per share
Par
Shares
20%
207g
104% 104% *104% 105
46
46
45%
45%
20% 21%
20% 21
29% 29%
29% 29%
18
18%
18% *18
20%
Lowest
Week
$ ver share
$ per share
20%
104% 10434
45
457g
44%
28%
29%
*17
44%
44%
19%
May 25
EXCHANGE
the
Friday
May 20
Thursday
$ per share
i per share
$ per share
$ per share
Wednesday
May 24
Range for Previous
Year 1938
On Basis of IOO-Share Lots
STOCK
NEW YORK
for
Saturday
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
May 27, 1939
20% Mar
Mar
5
53% Jan
3% July
9% July
35% Nov
10
Jan
% June
2%
Oct
6% Mar
12
Apr
20%
35%
Dec
23
44
3%
Mar
Apr
11%
1 Called tor redemption.
Dec
Nov
Dec
Volume
LOW
AND
New York Stock
148
HIGH
Record-Continued-Page
6
3181
PRICES—PER
Tuesday
Wednesday
May 20
May 22
May 23
May 24
$ per share
$ per share
$ per share
$ per share
*5%
*1834
19'4
18%
*95%
98i2
97
61%
6%
*149%
6%
76U
77
10
1012
10%
5
5
5
634
6%
6%
24
24
24%
25
*94%
95
95
95
*2%
8%
.
*134
*18%
2%
8%
2
2%
8%
27g
87g
*1%
19
174
58%
58%
160% 160*2 *159
27g
834
1%
58%
58%
59%
160*2 *159
160%
478
4?g
4%
27g
3*4
3*8
3*4
6'%
6'%
6%
6%
47%
*125
48
136
8*8
47%
*125
4%
4?g
150
150
140
6% preferred
Inland Steel
No par
7534
76%
76
76%
2,300
11%
11%
11%
11%
5,100
5%
634
26
26
95
95
26
6%
58%
174
5934
60
160'
160% *158%
*3%
3%
67g
6%
,
3%
*7
7
47%
48%
49
*125
5%
*125
136
*2%
21
*19
174
5,300
1%
100
1300
178
*174'
500
8,000
59%
59%
60%
160%
160% *160
5%
5%
5%
3%
*3%
7%
9
Inter Paper & Power Co
47g
47g
54%
*31%
57
33
33
300
32
*32.
32%
500
International
24
200
International Sliver
93%
7%
100
*4%
5
52 34
54
53%
54*2
53%
54%
54t2
54%
54
5434
32*2
32%
32%
33
33
33
4%
5%
*32
33%
*31%
31%
31%
32
32
*31%
32
32
*20
23%
*20%
22
22
*22%
24
♦23%
*80
88
*80
88
*85%
87%
*86
90
90
6%
7
7%
7%
7%
"10
6%
7%
*9%
*78%
*7%
10%
10%
10%
10%
107g
107g
11
3,500
2,500
81
81
81
83
83
82
82
30
*7%
♦20
20%
9
20%
.
634
*7*8
♦32
7
7%
*10
10%
*78%
82
*8
9%
♦78%
9
*20
*7*2
*20
20'%
*123
124
68%
*125
*123
76
*74
*74
68*2
68%
1277g*125
*37
*38
39
*6%
7
*6%
18
*8%
*15
*8%
10*2
22
82
8%
20*2
124
7%
9
*123
76
124
*74%
68%
69
7%
7%
,734
*20
*123
76
69
*119
7
121
6%
♦14
18%
♦8%
10%
98
*85
98
*85
10%
"98
*13%
14*2
13%
*13
13%
*85
98
13%
*85
73
98
*85
98
*834
*85
*9%
10%
6%
6%
6%
80*2
*79%
31*8
31%
30%
31%
10%
*10%
10%
26
26
2
2
26
2
14*2
15
25%
*25%
25*8
9%
24%
300
26%
*25"
26%
26%
27%
27%
2
2
2
2
16
16
16
"
*16%
2S34
237g
23%
4%
4%
25%
*25%
2534
25-%
4%
25%
25%
.9%
17
16%
17%
16%
4%
4%
25
30
30%
*1%
2
21%
11%
11%
11%,
11%
29*2
29*2
*28%
41%
42%
*4*2
47g
37%
33
14'%
14%
*106
108
8
8%
44
44
234
*18%
*107
234
19*g
109
22%
*152
22%
154
17%
■
*28
15%
10
1%
4%
700
4%
200
207g
32
33
7,200
*20
21
300
*115
116
70
4
4
4%
%
*%
1,000
400
%
*
2
*1%
1%
100
22%
22%
11%
2234
4,900
11%
11%
700
*28%
29%
29%
29%
29%
297g
30
30%
800
42%
2978
43%
43%
43%
43
44%
45
46
45%
46
4%
4%
*4%
4%
4%
37%
3-7%
37%
*37%
37%
180
2.
-
4%
37%
101
101
101%
101
101
101
*176
180
*176
100% 100%
*174
101
101
100% 100%
*1®4"
16%
*16%
16%
1634
1634
*23%
247g
*23%
24%
25
25
32
*14%
*14
42%
*106
77g
44
*2%,
18%
109
10%
900
Lima,Locomotive Wks.No par
33
32%
33
15%
15%
*15%
15%
43%
43%
44%
15%
44%
7%
234
234
*18%
19
108 ' 108
18%
42
*
28%
*130
2034
35%
*14%
*25
1%
•
*5%
*17
1034
♦117S
1%
4%
4%
4%
4%
4%
4%
♦4%
11%
11%
11%
11%
34%
34%
33%
34
2%
*37%
347g
2%
4-%
2
45
.
,
45%
27g
45%
*106% 108
*106%
|*106% 108
8% 1
7%
8%
8%'
8%
8%
108
4434
19%
1%
26%
15%
•
109
10%
12%
26%
26%
32%
35%
*1178
1%
Lily Tulip Cup Corp...No par
15
44%
6%
200
32%
1534
8%
18
100
17
*16%
15
20%
*17%
4,900
180
17
14%
43
15
103
180
180-
*1634
25%
32
*106
35
102
Liggett A Myers Tobacco..25
Scries B
25
Preferred
—100
14%
44%
2%
19
47
*107% 109
22%
23
47%
19
2%
19
46%
2-%
,
1,000
1534
700
15%
45%
600
4,600
9%
Loew's
Loft
...No par
Inc
Inc
pref erred... ..No par
......No par
Lone Star Cement Corp No par
4,800
*2%
2%
19%
800
lx>ng Bell Lumber A ...No par
500
Loose-Wlies
*19
*108
*152
*152
109
80
153%
19
19
18%
*18%
*18%
42
42%
43
43%
*43% 44.
29
28%
*28%
29
*28%
*28%
131% *130
13U2 *130
131% *130
131%
23
2034
2234 ,23
20%
2234
22%
36
35%
36%
35%
36%
3534
35%
15
1434
15
15%
15%
14% 14%
26
26
26
*27
29
*26%
28%
1%
*1%
1%
*1%
1%
*1%
1%
6%
5%
6%
*5%
6%
*5%
6%
18/
18
18
17%
18
1734
17%
1034
10%
10%
10%
10%
10%
10%
*11%
1234
1234
12%
12%
*12%
12%
1%
1%
1%
*1%
1%
1%
1%
4%
4%
4%
4%
4%
4%
*4%
4%
4%
4%
4%
4%
434
4%
12
12%
1134
12%
12%
12%
12%
18%
Liquid Carbon'lc Corp..No par
47%
27g
19
*107% 109
23
1
23
154
*
4734
40
154
...No par
Link Belt Co
Lion Oil Refining Co
$6.50
44",400
3,700
154
...
108
22%
.
*14%
600
14%
43
130
800
102
32
108
20%
38
102
14%
32
15
147g
22%
22%
22,% 22%
154
153% 153% *150
*28%
*37
227g
18%
it"
25
Biscuit
.'..100
10
100
preferred
Lorlllard (P) Co..
7% preferred
5%
700
Louisville Gas A EI A..No par
1,000
Nashville..--100
MacAndrews A Forbes
10
100
Louisville A
20
3,400
3,600
6%
Inc...No par
Garden...No par
Madison Sq
100
Magma Copper,.
Manatl Sugar Co
35%
2
35
35%
2%
35%
2%
36%
100
2,800
200
400
1,500
210
4,700
35%
2%
35%
39,500
1
Martin (Glenn
Martin-Parry Corp
41%
1,800
Masonlte Corp
25
2534
2,700
Mathleson Alkali
*170
175
♦170
175
♦170
175
*170
47%
48
48
*4%
5
30
30
30
30
*30
*27%
30
*27%
30
*98
99
98
98
99
*98%
99
99
99
*13
13%
13
13%
13
13
*13
13%
13%
14
12%
12%
►99% 104
12
12%
12%
1234
13%
12%
*99
12%
101
30%
♦98%
*99% 102%
12%
*99% 102%
♦Bid and asked prices: no sales on this day.
*99% 102%
"l",406
500
t Ln receivership.
2
300
140
1,100
5,600
Def. delivery,
9
113%
132
58
Jan
Apr
12% Mar
118
11% Jan
Mar
5% Mar
12
Jan
12
Jan
4984
19% Jan
12184 Jan 20
23
Mar
122
Jan 10
64
Apr
44% Mar
Jan
Mar
Jan 18
8
10% Mar
8
3
Mar
Jan 11
80
Jan
5
J3
3
Apr
6
8
Jan 27
3% Apr
1
25
Jan 26
17
Apr
113
Apr 10
36% Apr 10
4% Apr 11
3484 Apr 6
97% Apr 11
99% Apr 11
1717g May 10
15
Apr 10
21
Apr 10
31% Apr 11
14%May 20
1384 May 17
35
Apr 10
105
Apr 10
Mar 31
41% Apr 11
2% Apr 10
17
Apr 10
105
9
Mar
95
4
3
3
5% Jan
% Jan
3
19% Mar
678 Mar
1984 Mar
23% Mar
6%
3
Dec
Jan 10
25
Mar
106% Mar 14
81
Mar
40
IO784 Mar 14
180
81% Mar
157
May 26
47
Apr
14% Mar
20% Mar
1784 Jan 20
40% Jan 5
29
Mar 13
Mar
1534May 24
19
Jan
54% Jan
12% Mar
5
4
33
•
Mar
'
108
Mar 20
62
Jan
5
4% Jan
22% Mar
4
84 Mar
2% Mar
14S4 Mar
1
92
June
1384
125
Mar
4
20% Mar 13
36% Apr
8
58
Mar
Jan
8
33
Jan
5
131
Mar
^9
Jan
4
3O84
Mar
26
9
2488 Feb 25
109
Dec
99
11% Jan 19
156%May 13
31% Apr 11
13
Apr 10
25% Apr 11
1
Apr
4
Dec
17g Mar
Jan
6% Jan
Jan
Mar
8g
27«4 Jan 5
12% Mar 10
3284 Mar 13
5684 Mar 13
3
2
10% Mar
13% Mar
8
8
Feb
Mar
8% Mar
MarlO
19% Apr
147% Jan
1534 Jan
Apr 25
Mar
15
3% May
6
Mar 31
8
35% Mar 10
Mar
Mar
12% Mar
Jan
Jan
28
22
13% Jan 20
23% Jan 20
18% Mar
5%
Mar
15% Mar
2% Mar
25%May 25
25
23
6
19
Feb
1% Mar
12% Jan
23% Mar 29
5% Jan 16
x27% Jan 19
118
9*8 Apr 10
19
27%May 26
284 Mar 24
8
1% Apr 10
2038 Mar 31
Mar
26% May
6% Mar
40% Mar
Jan 24
3% Apr 10
%May 3
.
Apr
4«4 Mar
1434 Mar
92
8
11
8
11
10
10
8
Apr
12% Mar
2978 Apr
22
Mar
116% Mar
16
Mar
247g Mar
43% Feb
19% Jan
10
3812 Jan
134 Jan
18% Mar
7% Mar
7% preferred
100
May Department Stores... 10
Maytag Co.
No par
$3 preferred w w
No par
$6 1st cum pref.
No par
MoCall Corp
No par
1
McCrory 8tores Corp
6% conv preferred
n
New Stock,
r
1
Apr
4% Apr 10
4
May
1
984 Apr 10
34% Apr 10
1,800
40
25%
4934
Mar
79% Mar 16
105
443g Jan
Apr
No par
No par
Wks.No par
2%
40
4%
4%
29% 29%
*98% 100
*13
13%
1234
12%
*99% 102%
125
Feb
63
26% Mar 17
25
49%
Mar
June
95
7% Apr 10
5% Apr 10
1
L) Co..
39%
4%
8
16
4% Mar
Mar
»4
Mar
9
25
49%
10»4 Jan 5
20% Mar 20
2% Mar
39
4%
Feb
6% Mar
63
138s Mar
25
49%
6
3
Mar 31
ll%May
2%
38%
4%
9% Feb 28
Jan
Mar
Apr
Apr
38%
49%
9% Jan 19
1484
June
12
5
2434
49%
4%
28
46% Mar
6% Feb
10
100
25
Exploration.. 1
Marine Midland Corp
5
Market 8t Ry 6% pr pref. 100
Marshall Field A Co...No par
2412
48%
4%
2% Mar
28% Mar
19% Mar
Mar 24
83
Jan
4% Mar
18% Mar
81
Modified 5% guar
*3734
48%
*4%
367g Mar
132
Manhattan Shirt—
Maracalbo Oil
25
4%
3
2
5»4 Mar
38
48%
May
1434 Jan
5184 Jan
May
2%
♦4%
5534 Jan
138
19
25
175
9%
478
11%
6
Apr
37%
*170
Mar
684 Mar
Jan
Apr
2%
175
2
8%
9
25
175
484 Jan 12
6
38%
■170
1647g
3% Mar
.No par
Bros
25
2%
70
Mar
5
t Manhattan Ry 7% guar.100
Ma ridel
"""260
10
;
May
8% Jan
Dec
20
Macy (R H) Go
600
48
141
66% Mar
378
Dec
124
•
9
162% Mar 23
16% Nov
10% May
No par
Inc
186
16% Jan 20
No par
preferred
Mack Trucks
Mar
11
14
5
38%
xl30
100
13% Apr 11
Lehigh Portland Cement...26
4% conv preferred
..100
Lehigh Valley RR..
..50
Lehigh Valley Coal....No par
6% conv pref erred... j... 60
Lehman Corp (The)
...1
Lehn A Fink Prod Corp....6
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
Life Savers ( orp
6
29
Mar 13
7
No par
37%
4%
Mar
99% Jan 17
Apr 27
20% April
No par
Lee Rubber A 11re..
15
Mar
4
Feb
24
100
101% 101%
10134 102%
*14%
32
500
1
preferred..;
Jan 27
884 Apr
20
Apr
184 Apr
30
Apr
12% Apr
20
Apr
4% Apr
par
47g
*178
180
16%
5,500
6%
27% Jan 4
19534 Mar 13
79%May 26
Kress (S H) A Co
No par
Kroger Grocery A Bak .No par
Laclede Gas Lt Co 8t Louis 100
Lambert Co (The)
Lane Bryant
Mar
28
par
*45g
4%
«
55 prior preferred...No par
Kresge (S S) Co.
;
.10
Kresge Dept Stores....No par
150
16%
4%.
3234
►115% 116
3%
%
1634
*134
22%
11%
11%
*4
16%
*16%
11%
1%
10
31
21
%
240
22
*1%
*5%
1234
%
13,100
9»4
*20%
32%
116
3%
4
200
25%
*8
113s
1%
*1%
31%
20%
*115
25%
25
21
28%
*1178
4%
25%
25%
984
1%
*26%
6%
*3%
25%
11%
27%
18
16% "16*4
16%
16%
300
21%
130
21%
9%
7,700
5
1%
2
21%
42
28%
347g
*5%
•'
9%
24
21%
*11%
*1%
207g
42
34 %
*17%
*•%
43
28%
20%
115
*3%
%
18
*14%
*1%
3%
*%
18
*20%
*26
3%
17%
*130
30%
20%
115
21
*32
9%
"l7% "180
5
2
12% Apr 11
85
Apr 25
...No par
preferred.
6% Mar
4
96
97
1
Keystone 8teel & W Co.No
Kimberly-Clark
....No
Kinney (G R) Co
4
4
3% Jan
35% Jan 21
31% Mar 9
4
8% A pr 24
.1
100
B.___
2
4% Jan
1534 Jan
Feb 10
11
Kendall Co 56 pt pf A..No par
Kennecott Copper
No par
58
23%
23
500
1,200
Class
*26
*26
*4%
*15%
25
*8
20%
1%
40
4%
16
23%
*4%
115
27
1%
*25
*25%
24%
%
*42
2
Stores
97g Nov
34% Nov
98
Apr
6% July
Mar 10
6% Apr 11
Apr J1
100
....100
Kayser (J) A Co...
6
Kelth-Albee-Orpheum pf._100
Kelsey Hayes Wh'l conv cl A. 1
1,400
11%
9%
3%
*137g
15
42%. 42*2
"MOO
7%
*1034
*3%
25
10%
7%
11
47g
*23*2
10%
7%
11
*3%
16*2
98
10%
7%
1034
16%
4%
180
*85
98
800
1434
14%
City Southern
preferred
6% conv preferred
10%
17
*16%
14%
100
Kaufmann Dept
10
23
*%
*174
98
19,900
*15%
*98% 100%
100% 101%
11
*85
Kansas
4%
79%
*14%
3%
*37
*9
98
No par
Kan City P A L pf ser B No par
600
7%
18%
'
33%
*13%
■
*6%
*15%
7%
32%
17
30
*119% 121
18%
10%
Mar
June
May 26
68
Apr 14
65% Apr 8
122% Apr 3
35
Apr 8
13
Apr 10
117% Jan 27
No par
;
Preferred
79 %
16%
115
Jones A Laughlln St'l pref. 100
Kalamazoo Stove & Furn._ _10
600
797g
*15%
*20
""600
Jewel Tea Inc
15
80
6
120
1
Johns-Manvllle.
10%
7
preferred
100
6,600
33%
16*8
30%
20%
56
1
76
8
Apr 20
95
57
8% Apr 10
77% Jan 9
8
Apr 11
18
Apr 4
No par
76
28% Jan
34
6% Apr 11
6% Apr 11
Foreign share ctfs...No par
Interstate Dept Stores .No par
Preferred
100
74
19% Oct
6% Nov
2% Mar
31%May 19
19
Apr 10
par
76. "
7% Mar
3% Apr
1
9
Jan
100
Cash sale,
x
2
23
May 12
April
I84 Jan
5% Jan
8% Mar
15% Feb 17
39% Feb 24
5% Jan 3
57% Jan 8
36
Jan
4
Jan
6
175
Feb 14
4084 Apr
8
52
Mar 11
164
4
Apr 10
28i2 Jan 30
93
Jan
3
10% Apr 11
934 Jan 26
88
Jan 13
Ex-dlv.
Dec
5%May 25
84
,
119%
9% Mar
' Jan 12
39% Jan
29
60
No
Jan 11
634 Apr 11
26% Apr 11
3% Jan 23
100
76
32%
*8%
*13%
115
*85
10%
4234 Apr 11
134
No par
Inter Telep 4 Teleg
124
*123
Shoe
preferred
75%
*79%
17
115
10
7%
April
April
8
334 Apr 10
2% Apr 8
5% Apr 11
.15
Island Creek C oal
79%
*1%
25
*20
124
48
5% conv pref
100
Internat Rys of Cent Am.. 100
5% preferred
100
International Salt
No par
Intertype Corp
20%
*25
26
25
*29%
9
*77g
*20%
20%
32%
11
4%
*25
5
9
7%
31%
23
*4%
16*8
*3%
7%
*10%
15
227g
4%
*15
8
26,000
*79%
*25
23
*8*2
7%
79%
31
*25
14%
*4%
7%
31%
*79%
80
227g
14%
98
634
*79%
*85
13%
*85
9%
6%
*9
10%
13%
9%
*15
98
,
9%
...
738
6%
18%
6%
2
*87
90
'*119% 121
6%
9%
*25
73%
*15%
6%
*24*2
*75%'
75%
*119% 121
7
18%
'
*85
*10
*7%
*20%
*123
124
*74%
69
7%
734
7%
24
24%
127?g *125% 127% *125% 127% *126% 1277g *127
127%
45
39
*37
42
43
40
*39
41
447g
*15%
16
15%
I57g
15%
15%
15%
*15%
15%
1584' *15% 16
*119
121
1*119
121
*15
*31%
Apr
8
8
8
10
8
8
1
10
8
8
157% Apr
100
32%
33%
5%
Nov
1
Preferred
'34%
31%
5
95
Int Nickel of Canada._No par
33
30%
5
66% June
No par
Internat'l Mining Corp
33%
31%
5
4
5
Int Mercantile Marine.No par
If
►5
29%
Bept
94% Jan
17% Jan
155
100
Hydro-Elec 8ys class A_25
15,100
14,500
3,940
3,310
30%
146
2% Apr
7S4 Apr
1% Apr
16
Apr
Preferred
9%
9%
Feb
No par
136
*125
135
No par
Agricultural..No par
Prior preferred
100
Int Business Machines.No par
16,900
49%
48%
49%
136
8
Internat
9
8%
Feb
Interlake
9%
8%
151
67
90
8%
8*2
Mar
l47%May 11
100
1,100
1,400
3038 Aug
60
6% preferred
Intercont l Rubber
Internat*I Harvester
4
14% Mar
3
4% Apr
17% Apr
Int
6
29% Jan 16
Highest
share $ per share
Mar
10% July
Jan
t Interboro Rap Transit... 100
Interchemlcal Corp..
No par
j.
Jan
per
119
Inspiration Cons Copper___20
Insuranshares Ctfs Inc
1
Iron
8
5
3
Apr
Apr
9% Apr
4% Apr
300
7%
4% Apr 10
100
3,700
3%
7%
8%
5%
>
300
9%
*1%
*19%
100
2%
9%
1%
20
1,100
95
20%
9%
172
900
600
26
4
234
8*4
30
5%
6%
*5
5%
634
134
3%
48%
149
149
5%
136
86
9%
4%
47%
1634 Apr 10
No par
234
4%
3%
*125
No par
Ingersoll Rand
*94
6%
48
136
Industrial Rayon
600
lu
Lowest
5 per share
1,000
1,400
Indian Refining
Range for Previous
Year 1938
Highest
share
per
20
1%
20
$
Par
103
*684
*19%
20
9
171
19%
171
7%
Lowest
Shares
*99
7
7
2%
8%
*1%
171
$ per share
per share
1934
95
2%
8%
*1%
19
♦171
*94
*2%
*18%
19
58
95
2
171
171
95
Week
100% 101
67g
6%
7
19%
19%
19%
98
98
96%
148% 149% *147% 149
75*2
76
75%
77
10%
10%
10%
11
5
*47g
5%
4%
6%
6%
6%
♦25
26
2534
26%
10%
*4%
*612
May 25
May 26
$
*6%
77
Friday
|
96*4
*149%
76%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Thursday
,
*19
lf%
,97
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
Monday
Sales
for
SALE
Saturday
6% Mar 10
36% Mar 10
101
Feb 14
17% Jan 20
14% Mar 16
101% Mar 15
tEx-rlghta.
Mar
1% Mar
4% Sept
Dec
6% Mar
6%
14% Mar
2% May
25
Mar
19*4 Mar
156
Aug
28% Mar
3% Mar
16% June
75
Apr
884 Mar
6
Mar
61
Mar
^Called for redemption.
Jan
New York Stock Record—Continued—Page 7
3182
May 27,
AND
Tuesday
May 20
May 22
May 23
$ per share
9 per share
$ per share
$ per share
Monday
17^8
7*2
17%
17%
*7%
7%
53i2
53%
5334
537S
10%
*53%
*10%
7%
9934
10%
7%
7%
*9012
*54%
*50
9934
8i2
62
571g
*50
*53
54
*53
54
♦88s
♦5412
*4
*21
19
19%
7%
55%
*7%
55%
113g
10%
8%
94%
8%
26
*52%
*4
26%
27
73s
7%
*7%
7%
13%
*21%
2212
23
13%
23%
59
5834
5834
59
59%
*110
112
112
112
52%
*45
57%
*45
57%
55
57%
4%
*55%
*4
4%
4%
227g
227g
23
15%
27%
27
7%
7%
13%
*12%
28%
7%
4%
4%
4%
44%
44%
*11%
,11%
11%
44%
11%
13s
1%
*1%
1%
1%
1%
*1%
434
434
434
434
4%
4%
%
%
%
*19
%
*%
1
1
*1234
13l2
9534
9534
*116
96
*1
1%
13
96%
48
*32
36
*32
37
32l2
*30%
32%
11
11%
1334
13%
20%
*19%
*4%
'
1934
1934
4%
*4%
4%
34
*31
34
*30
*414
1%
1%
1%
5%
5%
%
*%
5%
%
*31
*45
*110
5
11%
58
534
534
*447S
6%
4534
6%
400
1%-
1,600
*110% 111
5%
5%
57g
5
*447g
6%
20%
20
20
19
20%
*18%
20%'
330
11
11
11%
11%
11%
10%
12%
*11%
12%
1,600
2,600
National Acme
9,500
National
45%
67g
*44%
6%
47%
*44%
18%
7%
1434
15
15%
113
112
11%
11
*94
11%, 11%
95
96
*94
20
20
170
*166
19%
19%
♦478
25%
*1034
19%
*166
*166
170
*143
14478 *143
*17
17
17
5%
25%
147g
18
20
20
20
20
19
19%
18%
18%
3,100
9%
9%
9%
700
5%,
5%
21
17
17%
1134
41%
*10%
1134
11%
11%
11%
*40
40
40
*37%
40%
*37%
40%
*40
49
*40
49
*40
49
*40
*35
10%
10%
*30 v
*35
107
11%
11%
11%
36
36
36
15%
15%
15
15%
34,100
13%
14
22%
13%
22%
36%
2%
5%
14%
14%
14%
14%
14%
14%
14%
2,200
Central....No par
N. Y. Chic & St Louis Co. 100
23
23%
24
23%
24%
36%
36%
36%
36%
37%
2
2
3
*1%
3
*6
' 5%
6%
*5%
6%
*114
116
*114
116
114
6,200
6% preferred series A—.100
2,500
NYC Omnibus Corp..No par
New York Dock._No par
21
*112%
*52%
13%
21%
*35%"
*1%
534
*114
113%
*115
2%
2%
*%
%
*%
10%
*70%
%
%
3g
10%
75
10%
*70%
10%
75
10%
"
57
54%
%
%
2%
5
*%
10%
75
%
2%
*2%
178
180
*175
111
*110% 115
*57
54%
55
'*%
2.%
2%
*52
%
8%
7%
*18%
15%
111
15%
86%
8%
7%
184
20%
20%
20%
57%
57
54%
54%
15%
16%
*84%
8%
86%
*71%
10%
185
*110% 115
200
.5,200
72
76
.
500
110% 110%
21%
22
57
57%
57%
58
58%
57%
5734
54%
54%
55%
16%
55%
55%
55
55
"
*33
21%
*42
*4
16%
9
21%
3%
13
18
*130
8%
*33
21%
*42%
*115
56%
*4
3%
13
111
6%
18%
140
9%
40
21%
45
...
112
*5%
18
*130
87g
*32
*21%
*42%
*115
56%
56
4%
*4
3%
13
434
434
434
10%
*10%
112
6%
18%
9
40
*35
22%
45
...
57
4:
338
338
14%
5
5
10%
30%
30%
30%
47
47
10%
30%
47%
*10%
30
*10%
10%
10%
*10%
*126
11
129%
*f52
155
*
20
Jan
Mar
Mar
22% July
17% Nov
8
Mar
4
Mar
26
_
Mar
9% Apr
~
3484 Mar
_
95
Apr
4
Mar
155
155
*152
154%
*17%
56
20
126
7%
21%
16%
21%
21%
21%
3,700
4,200
16%
113% 113%
16%
16%
2,800
113% 113%
6
Preferred
9
9'
3,200
*35
40
*22%
22%
*42%
45
40
*35
45
*22%
22%
*42%
22%
40
45
*115
....
57%
4%
3%
58
4%
*3%
*12
14
*4%
5
10%
31
48
11%
*10%
30%
47%
*10%
*126
126
155
*17%
100
2,300
"""460
*115
60%
61%
4%
3%
4%
*3%
63%
5,500
4%
400
3%
20
..No
54
7% Mar
29
15% Mar 15
14% Jan 3
8% Mar
14% Nov
5
Jan 17
Mar
6
15% Mar
28% Mar 11
175
150
Jan
10% May
7
65
Mar
20
Sept
3% Mar
3% Mar
Jan
28% Jan
17% Mar
4
18% Jan 10
16% Jan
106
100
No par
6% preferred
100
Otis Steel............No par
35.50 conv 1st pref ..No par
Outboard Marine & Mfg
5
Outlet Co
No par
Preferred
100
Owens-Illlnols Class
C..$2.50
Pacific Amer Fisheries Inc...5
Pacific Coast
10
14
*11%
14
30
1st preferred
5
*4%
5
20
2d preferred
10%
*10%
10%
31%
30%
30%
4*200
47%
47
47%
1,500
11%
11
11
200
129% *126
129%
40
*153
156%
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
Pacific Ltg Corp
No par
Pacific Mills
No par
60
155
20
*17%
{ In receivership.,
IU2
Apr
4
4
Mar
25
Pacific Telep & Teleg
Feb
145
6
17% Mar
delivery,
Oct
July
June
178%
127
June
145i2 Sept
2834 Nov
95g Oct
8I84 Nov
13% Mar
Mar
5
4484 Mar
Oct
43%May 25
2% Apr 11
50% Apr
70
Feb
75
9%May
8
18% Apr 11
73% Mar 14
32
Apr 8
25
May 23
110
107
8% Apr 8
Apr 28
12% Apr 8
10% Apr 10
18% Apr 8
30
Apr 8
134May 20
27
5% Apr
8
Jan 17
111
12i2 Sept
2i2 May
4% Jan
11% Feb
7% Mar
May 25
14% June
75
Mar 22
58
Apr
40
Marli
28
Mar
Jan
Nov
40
Jan
Mar
10
Mar
19% July
48i2 Nov
2I84 Nov
7
Mar
23
38i4
18
Mar
3734 July
2
Mar
514 Mar
6
101
118% Mar
120
Mar
7
62
Mar
8
4
5
Apr
8
8
Jan
3
1
June
7g
Dec
2% Mar
5
16% Jan
Jan 25
,
Apr 12
18% Apr 11
54'4 Apr 17
53%May 8
12% Apr 11
82
Jan
3
x2
Jan
90
June
198
Jan
Mar
110
Dec
26i8
4584 Apr
57i2 Dec
57g Mar
75
June
32% Jan 18
434 Jap 4
3934 Jan 19
10% Jan 5
Jan 23
Apr
1
3% Apr 11
2% Apr 10
11% Apr 8
3% Apr 10
934 Apr 8
111X2 Sept
13% Mar
122
45
30 x4
Apr
10
Mar
Nov
Nov
22% Aug
52
Oct
Apr
40
Mar
5X2 Dec
212 Mar
5
10i2 Mar
6
Jan
4
3% Mar
Mar 10
14% Mar 11
131
Mar 16
May 22
Ex-rights.
60
115
2
3
Jan
Nov
15% Nov
Apr
Jan
3% Jan
Nov
115
16
7% Mar
10
29l2
147
3914 Apr
Jan
116% Mar 25
70
Jan 3
155
y
Jan
6% Mar
54% Jan
22% Jan
257g
Ex-dlv.
Feb
Apr
Jan 30
April
Jan
327g
Mar
4
49
8
147g
4
8% Jan
27% Jan
12% Mar 14
3484 Mar 10
9% Apr
Nov
Sept
878 Sept
83x2
113%May 25
41
8
Sept
5
"41
19% Nov
27% Apr 10
Apr
35
1% Mar
12% Mar
712 Mar
Jan
8
Dec
19is May
15
Apr
Jan
103
3
7% Apr 10
50
Dec
14i2 July
6
Apr
30
10
24
26
May
93%
Jan
144
Mar
Apr
Jan
Jan
25
20
Oct
20% Mar
30
May 26
42%
16%
40%
114%
Dec
13% Mar
Feb 24
16% Apr 11
135
,Mar
92i2 Sept
104
7i2 July
ix2 Jan
16% Dec
38
107% Mar 13
234 Apr 10
32% Apr 1
6312 Nov
234 Jan
100
4
1434 Jan
Jan
IIB4 Mar
Apr
120
133
6% Mar
7% Apr 10
5
65%May 24
1984 Jan 3
88% Mar 27
484 Mar
4
102% Jan
30
89% Mar 2
195% MarlO
112 May 11
26% Feb 27
58%May 25
Jan
Apr
54
1% Jan
4% Jan
Mar
434
110
Apr 28
61
Dec
12% Mar
.
May 16
119
71
IO884 Nov
20
23% Jan
38
Jan
48% Feb 25
3«4 Feb 28
Jan
Jan
July
97g Mar
47% Jan
22% Jan
9
4ig
12% Aug
26
99x3 Apr
6
17% Jan
Apr 10
*
I684
31
Feb
17
r Cash sale.
207g July
July
Feb
146
New stock,
Oct
Nov
July
100
n
30
82
100
preferred
Oct
634 July
154
27% Jan
114
6%
113%
1078
MarlO
27% Jan 3
170
Apr 12
Pac Tin Corp (sp stk).No par
20
a Def.
No par
No par
Oct
30
6% Apr 10
6% preferred A..
25i2
23
15% Apr 8
12% Apr 10
Otis Elevator
Oct
Nov
94i2 Nov
16i2 July
115% Nov
4
8
5
Dec
Nov
11% Sept
106% Mar
105% Mar
6% Feb 17
>
19
Jan
Nov
30% July
Mar 27
114
14%
28
16818
July
12% Mar
5
3
16% Mar 10
117% Jan
12%
Dec
par
Oppenhelm Coll & Co—No par
Oct
Dec
IOI4 July
37% Mar
684 Mar
Jan
20.
Oliver Farm Equip
No par
Omnibus Corp (The)vtc No par
30
19%
60
Ohio Oil Co
200
135
Bid and asked prices; no sales on this day.
7%
135
*4%
*10%
30%
7%
1
50
.100
North'n States Pow Co 35 pf. 1
Northwestern Telegraph
50
Norwalk Tire & Rubber No par
10
136% *128% 135
9%
9%
9%
4%
*3%
14
900
6
153% 153%
*17%
20
*124
20
22%
*42%
*115
"""120
19
*11
126
Northern Central Ry Co
Northern Pacific.
6%
48
126
North Amer Aviation...•_
12", 000
15X2 July
62%
IIOI4
Dec
70
50
Jan
18
106
..50
Oct
8X4 July
64%
55
168
5&% pref series
32
Jan
100
6% preferred series
Oct
40i2 Nov
59% Jan
100
10
54%
38% Aug
11% Mar
9% Jan 20
8
Apr
...100
Western
North American Co
1,000
7%
*5%
*19%
preferred
Adjust 4% preferred
117% Sept
May 22
834 Apr
7%
Jan
Dec
10% Mar
5
9% Mar
2% Apr 10
38May 23
Norfolk &
3%
20i2 Nov
110
22% May
'Mar
.25
81% Jan
15% Jan
preferred
100
{N Y Ontario A Western. .100
Corp partstk-.l
lli2 July
2% Jan
4
51
8
N Y 8hlpbldg
2,200
25,400
19%
6%
19
47%
11%
129%
*17%
18%
9
47
*17%
*6
*130
14%
*47
.
*112% 113%
140
30
*10%
7
16%
4%
*4%
7
19%
56%
*2%
7
14,900
,
19%
45
*11%
86%
8%
16
...
56
16%
*84%
15%
40
*115
7%
15%
,
19%
140
*8%
8%
16%
18%
9
Mar 13
8
6% Apr
% Mar 27
50
22
19
18%
Mar
Jan
Apr 25
634 Apr
59
100
130
*181% 187%
21%
15%
*5%
Conv
2%
%
113S
21%
19
111
800
2%
10%
20%
15%
6%
...No par
..50
{N Y N H & Hartford
;'*%
11
75
*70%
*182% 186
*110% 111
75
*179
19
111
preferred
900
%
11
7%
21%
*5%
*130
7
5%
N Y & Harlem
10% preferred
50
N Y Lack & West Ry Co.. 100
3
2%
%
..No par
York
.
90
110
55
*%
16
16
16%
16%
16%
*84
*84
87
*84
87
86%
9
8%
9
8%
8%
8%
9%
*108
109
*107% 110
*107% 110
*108% 111
*10712 110
*108% 109
*30
*30
*30 3g
*31
30%
32
32
30%
30%
30%
32
31%
3%
*3%
3%
*3%
3%
3%
3.%
3%
3%
3%
3%
3%
*35
*35
*35
39
*35
39
39%
39%
38%
39%
39% *35
15%
*85
20
N. Y. Air Brake
New
Jan
25
"
,111
20%
900
*115
...
*52
54
*51
55%
10%
*70%
"
11%
36
,
*1%
5%
*115
*53
60
36%
116
*115
....
22
%
2%
%
*54
1
34%
*115
a57
....100
14%
6
117
20%
No par
5% pref series A
Newport Industries.
10%
.
6,700
Newberry Co (J J)
33
*5%
20%
20
14%
*114
175
.
10%
6%
173
"""360
31
*534
111% 111%
38
*100% 107
14
*113% 117
*2%
Wk % conv serial pref...100
83
38
...1
10%
3
'■
*78
Neisner Bros Inc
31
36%
60
83
36%
1,000
25
No par
No par
10%
*1%
...
36%
*100% 107
24%
Natomas Co...
14%
35%
*53
*78
10%
25
National Tea Co
32
134
35
*10%
24%
20
100
14
10%
ls4
21%
Mar 25
14% Apr 11
10
*77
14%
1334
217g
35%
*13%
Jan 14
135
40
83
11%
165
100
...40
•37
*31
33
14%
..100
preferred B
5K% prior preferred... 100
6% prior preferred
100
24
83
Apr 21
18% Mar 31
32
24%
2
9% Apr 10
300
*23
36%
Jan 20
600
23%
*77
Feb
109
12%
41%
23%
*34%
111
preferred A
100
111
_
26% Jan
1284Mar
*37%
3
10%
May
16% Apr 10
8% Mar 31
12% Jan 13
*12%
45
Mar
67
1578 Mar
12%
*2%
10
~
94% Mar 27
23% Mar 9
40%
45
Dec
Dec
6
10% Apr 26
12%
*10%
Jan
%
90%May 4
17% Apr 25
40%
3
'100% 107
Apr 24
Jan
25% Jan
23% Jan 24
160
National Supply (The) Pa.. 10
43%
8
14% Apr 8
9% Apr 10
7% Apr 11
National Steel
*2%
Jan
3%
1%
110%May 25
9% Jan 5
5% Apr 10
National Pow & Lt_._.No par
43%
Mar
7%
44%
14%
64%
Mar 31
45
3,600
3
83
4% Apr
5,800
10%
24%
36%
4% Apr 10
Apr 8
934 Apr 12
50
Apr 8
106% Apr 14
2,800
49
Oct
17%
434 Mar
.
16% Mar 11
8%
3
72%
Jan
19
6%
preferred
Mar
1% Mar
30
86
..25
July
37% Mar 13
Gpysum Co.
-.1
34.60 conv. preferred. No par
National Lead
10
Corp:
Mar
934 Jan
Apr 11
23% Apr 10
11% Apr 4
Nat Mall & St'l Cast Co No par
4
10% May
39
6134
*10%
107
30
Oct
NoV
July
35
MarlO
1
92
8
14% Jan
2% Jan
2% Jan
17% Jan
111
Jan
Apr *117
49%
100
6% Jan
54
Oct
Jan
Apr
76
4
Feb 28
May
10
1,100
30% Nov
684 Mar
54% Mar 10
7%
170
14%
227g
15% June
5
122%May 24
No par
Nat
12% Mar
4
121
8%
*35
37
109
21%
200
7,600
47x2 July
3
Jan
85% Jan
30
•
7% Nov
4
112
1
4% Jan 13
Nat Enam & Stamping.No par
.
Dec
2634 Mar
115% Mar 14
Apr
4% Apr 11
preferred
Dec
16%
3% Mar
29
8
No par
Nat Distillers Prod
30
June
Apr 10
60%
10%
3
~6~, 600
97
6%
..100
100
May
11
Jan
8%
8%
*10%
*2%
5,300
1
14
111
61%
61
8%
10%
3
12
*94
100
14%
12%
*12%
*77
83
*75
*100
7%
61
„
8%
14%
12%
97
800
5%
26%
*4%
26
*10%
*2%
10%
23%
10%
23
1134
60
8%
5%
*5%
'5%
26%
*100% 107
3
*234
7%
7%
5934
8
6%
15%
144% 144% *142% 145
18%
18%
18%
18%
7%
7%
7%
7%
*11%
7l2
5934
15%
21
20%
21%
*166
*166
170
7%
59%
7%
7% pref class B
Nat Dept Store
11%
7%
5934
8%
60%
8
7% pref class A
40
*4%
7%
5934
*77g
7%
"90
26
1447s 1447g
Co
Nat Dairy Products—No par
20,900
5%
170
166
No par
Register
16
*95
144%
17%
Cash
112
*12%
20%
20%
Nat
National Cylinder Gas
113
97
11%
5% pref series A w w-...100
Nat Bond & Share Corp newNo
112
5%
*94
pref...—
100
Nat Bond & Invest Co.No par
113
25%
1478
11%
*10%
10
Biscuit..-
cum
112
5%
14%
11%
5
Corp
Nat Aviation
113
15%
25%
5%
25%
700
—1
*110
170
*17
9%
Nashv Chatt <fc St Louis—100
113
112
97
1447g *143
100
19
*110
5%
5%
""460
19
9%
Nash-Kelvlnator Corp——..5
7%
18%
9%
112
112.
95
5%
25%
147g
..
15%
15%
*112% 113
15%
*4%
25%
*10%
11%
*47S
*25%
'*12%
9%
113
*110
113
5%
18%
•
~*8~766
19
19%
18%
*9.
934
*111
5%
*5
*19
19%
18%
*9
Myers (F & E) Bros..-No par
47%
7
7
2,600
9
9% Apr 10
Apr 10
37 conv
6%
*1734
112
♦111
Co...
1
Co class B
1
preferred—No par
Munslngwear Inc.-.-.No par
Murphy Co (G C)_.—No par
5% preferred;
100
Murray Corp of America—.10
3
16% Apr 11
Mull Ins Mfg
45%
11
18%
9%
9%
1434
15
112% 112%
1,600
1,800
Nov
Mar 13
10
—.5
6%
19%
11
6%
50
Oct
73
57% July
39% Jan
12% Jan
16% Jan
Apr 10
Apr
Jan
Apr
32%
Nov
15% July
80
6% Jan
17
30
No par
Mueller Brass
10
Apr
Apr
28% Jan
8
Mar 22
Motor Wheel
""766
Apr
Feb
40% Apr 11
33
Apr 28
Motor Products Corp ..NO par
550
50
118
1,200
5
6
115
1,800
95
67%May'25
No par
Essex
Apr
684 Mar
68
No par
Morris &
70
Mar'10
Jan 19
preferred.
Morrell (J) & Co
"150
Mar•27
10% Apr 11
8534 Apr 10
10
Montg Ward & Co. Inc.No par
*44%
19%
19
48,500
5378 Oct
2618 Jan
11% Nov
Apr 11
Preferred series B
34.50
Mar
35% Mar
13% May
55
1
5% conv preferred——100
Mohawk Carpet Mills..—20
Monsanto Chemical Co
5
12
8
4
Apr 10
% Apr 14
7% preferred series A—.100
{Missouri Pacific
100
4534
*44
6%
20%
18%
70
39
10
10
10
10%
9%
9%
9%
9%
10%
10%
10%
26
26
26%
26%
2534
26%
26%
2578
26
27%
26% 27
*163
*163
170
*162% 170
170
*162% 170
*162% 170
*162% 170
12
12'
*12
12%
*12%
12%
12%
12%
12%
12%
*11%
12
*91
95
*91
95
*91%
9ti%
92%
92% *92% 95
*92% 95
19
60
preferred
5%
19%
1078
5,400
36.50
5%
5%
107S
*17
5%
*%
36% 37
*11%
11%
11%
*11%
57%
58
59%
59%
111
110% 110% *110
5%
6
5%
5%
111
111
*110
57%
5
35
34%
*11%
11%
121
5%
*115% 118
*115% 118
122% 122% *121% 123
50
51%
50%
51%
*32
33
*32% 33
32
32
32%
32%
11%
11%
.11%
11%
13%
13%
13%
13%
20%
21
20%
21
20%
5
4%
58
*110
No par
500
33
*56
Mo-Kan-Texas RR
600
20
34
*11
400
1%
13%
11%
1%
13%
117g
58%
No par
10
98
11%
*11
Mission Corp..
share
96
8
Jan 16
per
2012 Nov
12% July
:
Mar 10
5
3%
40%
10%
1%
Mollne Power lmpt-.-l
500
12%
*13%
Minn
200
97
34
*56%
•
1,400
4%
12%
1%
Mar
7034 Jan
110
B...100
4% conv pref series
45
45
13%
32%
11%
8% cum 1st pref...
100
Minn-Honeywell Regu.No par
60
98
*31%
58
180
2,600
13%
*32
58
*10%
Midland Steel Prod
Jan
7
Apr 28
18% Apr 8
101
April
55
April
No par
700
10
Highest
10
3% Apr 10
18% Apr 4
13% Jan 25
25
Apr 8
6% Apr 10
11% Apr 10
5
5
:
share 9
10*4 Jan 5
69% Mar 10
18% Jan 3
46
Petroleum.. 10
Mesta Machine Co
per
51
1
60
-
5% conv 1st pref
Copper
97%
118
Mengel Co (The)
Mld-Contlnent
1%
13%
118
No par
Miami
96%
122% 122%
477g
50%
35.50 pref ser B w w.No par
Melville Shoe
2,100
13%
1%
7% Apr
60
Lowest
\
22% Jan 21
Jan 27
88
No par
2,800
"i',500
96%
1%
preferred
conv
Mead Corp...
Merch & M'n Trans Co No par
18
*11%
13%
20%
434
41%
13%
13%
21
484
13%
4%
-4%
30%
11%
30%
Ills " 11%
150
7%
47%
11%
37
*32
200
14
%
13
96%
96
*30l2
500
4%
*12%
15
47g
1%
*12%
*""166
23
11%
*1
*116% 118
121% 121% *121% 122%
47% 48%
467g
48%
121
473s
*4%
*116% 118
118
121
1%
*1234
*4%
23
.5
10
1
100
Stores
$6 preferred series A.No par
29
14
7%
13%
*38
4%
23
8%
McGraw-Hill Pub Co.-No par
6%
57
8%
5534
11%
4%
*38
""906
62
44%
.
8%
*58
11%
414
4414
*11
McLellan
*93
11%
*4
*38
McKeesport Tin Plate
2,600
*28% 29%
7% ' 8
*13%
14
23
24
24
23%
23%
23%
23%
110
109
109
*108
108%
108% 109
60%
59%
60%
60%
62
62% 64%
112
*110
112
*110
112
*110
112
.
109
109
109
110
110
*105
Mclntyre Porcupine Mines.
3,800
8%
99%
62
13%
13%
23%
.
1,600
11
8%
99%
9
*12
26%
7%
13%
56
10%
100
Highest
$ per share
15% Apr 28
6% Apr 10
49% Apr 11
8% Apr 11
7
Apr 8
1
Co
Elec
McGraw
56
54
18
133s
11%
8%
Lowest
19%
7%
2,100
Range j or Previous
Year 1938
3 per share
Par
19%
*7%
52%
22%
*12
19%
7%
56%
Friday
*58
8%
*58
4%
22%
2l7g
*93
i
62
8%
57%
5334
5334
18
*26
26*2
*93
8%
62
4%
2178
10%
8%
62
57%
*12
54
9934
*8%
*58
*4
18
Week
Shares
18
8%
♦93
8%
*8%
414
2178
*12
*93
May 26
$ per share
*7%
8
10ig
7*8
*10
May 25
9 per share
7%
54%
1078
7%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Thursday
18
1734
*7I4
STOCKS
NEW YORK STOCK
the
SALE PRICES—PER SHARE, NOT PER CENT
HIGH
Wednesday
May 24
*17%
Sales
for
LOW
Saturday
1939
7
9X4 Mar
*2284 Mar
32% Mar
9X4 Mar
76'4 Nov
11% Jan
5%
Jan
21% Nov
9x2 July
15% July
30
43%
Nov
Dec
1978 July
Apr
121
*13212 Mar
17% Dec
149
Nov
30
June
87
^Called for redemption.
Dec
Volume 148
LOW
AND
New York Stock
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued—Page
NOT PER CENT
Sales
STOCKS
for
Monday
Tuesday
May 23
Wednesday
Thursday
May 22
May 24
May 25
Friday
May 26
Week
$ per share
$ per share
S per share
$ per share
$ per share
$ per share
Shares
*978
3%
io
10
3-%
12%
12%
12%
oh
12
*978
3%
*5%
5%
*5%
7s
*41
102
834
*8312
*934
87l2
*17
19%
10
9%
84
41
1434
1434
*15%
17j
178
9%
*9%
9%
*9%
50l2
50%
83
83
10
*1
52%
83%
3%r
116
*32%
*2
41%
9%
9%
*50%
8334
10%
9%
10%
10
10%
54
*50%
52%
8334
3%
30
1034
*1034
26
26
2534
19%
*17%
20
20
20
19
*17%
7%
7%
8%
8%
7
7
7
7
3234
43%
43%
3134
31%
32%
*41
43%
*40%
43%
78
*20
31
35%
35%
3%
7%
26
*42
4434
34%
*2%
*42%
*6%
*24%
*36%
3i8
44
*90
115
*3
*90
*15
16
*5
58
27
*1278
15h
9
*19
21%
*834
91g
%.%
*20% 20%
♦7%
9
9%*
138
9I2
1%
*3g
734
*7%
734
8%
*22% 25
5534 5534
1127s 113%
36
36%
*108
108%
16
*14%
*23
5534
113
3578
108%
*121%
142
16034
116% all5
7%
*137
7%
7%
*23%
*13%
15%
834
21%
834
*%
20%
20%
9
*7%
6%
*75
60%
*6-V
*6%
*8
812
734
1*4
1434
*43
21
10
*9
10
80
934
%
20%
*8%
10
267g
734
*11%
*80
Q
12%
6%
6%
90
61%
61%
11%
*6%
*634
74%
14%
*11%
15%
12%
4,600
12%
75
15%
12%
634
"""900
*11%
6%
*73%
1434'
*11%
74%
1434
*80
90
*80
90
*80
64
63
63
2
2
2
62%
18%
9%
15
1134
12%
22
22
11%
68
17%
'*3%
*39
17%
3%
-
49
*7
*64
*64%
1%
8
*43
51
*45
47
*45
47
12%
22%
*17%
*3%
*7
*18
9%
*15%
12%
*22%
*17%
22%
19%
3%
*39
8%
8
*9
10
*8%
12%
12
*7
,
*64%
68
66
66
66
1%
1%
1%
16
51
50
51
49
47
49
16
*48
1,500
200
12%
23%
19%
3%
*48%
11
11
11%
11%
11
11%
12
12
22
22
*21%
23
23
23
*23
26
*60
70
*2334
*60
70
*72
70
65
65
*62
70
*62
50
*42
50
*42
50
42%
42%
*42%
50
*42
50
82
82
*8%
*79
*6%
6%
6%
37%
37%
37%
*53
56
*_
*53
*6%
*14
*20%
*7g
31%
*h
8%
14%
22
86
6%
3734
56
*3%
"*7% "7%
9
77g
*6%
*14
22%
....
1
32%
%
*1
1%
1
2%
9
*134
*3%
383s
99
99
*99
>108% 109
*3%
734
*7
*34
*32
*%
*109
37%
1
1
*82
86
*53
*82
6%
6%
37
9%
37%
56
1434
*14%
22
1%
33
33%
1%
34
%
%
3g
%
1
1%
*134
2%
*3%
39%
9
1
*1
1%
2%
9
38%
40
12%
12
38%
100
109%
9934100
109% 109%
114% *113
114%
12
12%
12%
Bid and asked prices; no sales on this day.
*%
*%
34
83
Jan 23
72
Apr 12
1034 Jan 26
5% Mar
2% Jan
1% Mar
34 Jan 17
4% Mar
1334 Mar
39% Mar
114
Nov
25
Mar
Feb 27
86% Mar
123%May 19
10178 Apr
138
Mar 13
112
Apr
161 „May 17
117% Jan 19
132
Mar
112
Jan
3938 Jan
11% Jan
21% May
8% May
81
Apr
74% June
;
90% Mar 29
81% Jan 3
16% Mar 11
7
Mar
9
June
11% Apr 29
5% Apr 10
13
63% Apr 10
67% Jan
37% Mar
1% Apr
16% Apr
2% Jan
22% Jan
184 Sept
Mar 11
8% Jan
4
484 Mar
60%
8
1234 Mar 31
17
Apr 11
April
3
Apr
1434 June
Jan
Jan
Jan
Jan
8% May
65%May
Mar
1038 June
18
6
934 Jan
Mar
13% June
234 Mar
Mar 20
9% Jan
6% Apr
9
Apr
10*4 Apr 10
18
„
Mar 13
6% Feb 11
54
47% Feb
7
17
23%
183s
25%
21%
Jan
34% Mar
6
Apr
6
•
5% Mar
'9
11% Jan 12
17% Jan 6
75% Mar 15
49% May
72
40
Apr
1
Dec
June
9% Mar
Jan
42
71
Jan
38
10
22
....100
100
65
May 10
77% Mar 15
65
41
May 11
54
45
Deo
10
Sept
2,200
Class
7%
5
A
preferred
H%
preferred
Ruberold Co
1,300
Reynolds Metals Co
10
Common
Rltter
60
April
1
Mar 31
Apr
Apr 11
9% Apr 11
Apr 11
Mar 15
5
778 Mar
17% Mar
Jan 18
85
5% Apr 10
35% Apr 11
11% Jan
5
45
Jan
4
54
58
Jan 31
Mar
8
%
1%
1%
*134
2%
*3%
9
39% 40%
9934 100
Dental
Mfg
2,400
3,000
1,600
210
114
114
114
70
13
300
16,600
160
delivery.
(The)
1434 Jan
4
Mar 13
No par
6%May 2
13% Mar 31
18% Apr 11
100
---10
JSt Louis-San Francisco—.100
0% preferred
100
jSt Louis Southwestern...100
5% pieferred
-.100
Safeway Stores
No par
5% preferred
100
8% preferred
100
7% preferred
100
Savage Arms Corp
No par
JRutland RR 7% pref
Joseph Lead
St
»
New stock,
r
Cash sale.
*
Apr
77%
Dec
4% Mar
3384 Mar
51%
Jan
6
6% Apr 11
No par
May
20% Jan
40% Jan
7% Apr 10
7834 Jan 4
No par
Roan Antelope Copper Mines.
100
1%
a Def.
% Oct
484 Mar
14% Jan
14% Jan
43% Jan
6778Mar 14
11984 Feb 27
38% Mar 11
70'
...6
1,400
%
t In receivership,
8
Apr
Mar
1684 Jan
Rhine Westphalia Elec A Pow.
8%
34
*11%
7
Mar
8
43
110
12%
8
115% Mar 7
23
April
Dec
15
Feb 27
109
Mar
%
22% Jan
9
May
6
-
0% conv preferred.,
100
6% conv prior pref ser A. 100
Revere Copper A Brass
5
110
12%
4
23
Jan
Jan 20
11% May
39% Mar
40%
9934
9934
109% 110
114
8
20% Apr
11% Apr
Jan
134 Jan
25% Jan
8
*%
Jan
12% Apr 10
.
6,300
15%
22%
3134
Jan 14
Rensselaer A Sara RR Co.. 100
JReo Motor Car..
Richfie'd Oil Corp
*7
1%
Jan
Republic Steei Corp—No par
3,100
5,900
*1434
22%
32%
%
Maris
31% Apr
4?8 May
7% Mar
14,900
26,100
5534
*3%
8%
warrants..25
7
37%
8
*!•%
*12
*53
1
100
15%
22%
22%
8%
112
5
86
*1434
*3%
*12
37%
60
100
..No par
5H% conv preferred ...100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
1434
22
9
38%
*83%
6%
6% Apr 10
7% Apr 1
18
Apr 10
50% Apr 14
3% Mar
Jan 12
14
81
10% Apr
Remington-Rand.._i..
50
*7
*7
2%
*99%
7%
37%
5534
4% 2d preferred
Silk Hosiery
20
9%
8
9
*3%
3834
86
9%
Jan
2434
36%
1584
3g
1% Apr 10
%May
60
Real
400
*3%
8%
8
*1«4
100
934
12%
26
8%
¥
21
6%
37%
*53
*3%
"
9
11434 11434
•
56
9
834
2%
109% *109
113% 113% *113
12%
6%
37%
*53
21
1
*3%
3734
*6%
*14
32%
86
37
23%
1
*134
*79
77g
8%
1434
31%
%
8%
8%
" Apr
8
8% Apr 10
15% May 24
Reliable Stores Corp...No par
Reliance Mfg Co
-10
300
70
*41.%
.
Apr
60
Oct
July
3% Mar
42
April
25
4% 1st preferred....
Jan
39
Apr
9% Jan
% Apr 28
17% Apr 11
6% Apr 14
Rels (Robt) A Co 1st pref. 100
3,000
20%
Mar
Apr 25
.......
preferred j
Jan
Mar
June
148
Manhattan.No par
1
Ino
5
Apr 11
129
par
Mar
4
No par
Reading.
200
300
5l
11
87S
52
2
30%
14
26
May 25
4484May 26
10
55
28
*8%
Raybestos
Rayonler
•
15
145
Jan
1st pref.-No par
June
4% Mar
Sept
27% Mar
32
173
115
''
400
200
conv
Preferred with
1%
16%
11
1134
2,100
83.60
4
23
3
29
18% Dec
Apr 10
—100
Preferred
66
*20%
preferred
Jan
41
100
i
7
32% Mar
4384 Jan
3%MaJ
45% Mar
8% Mar
67
100
...
JRadlo-'Keith-OrpheumNo
68
"
1%
16%
100
9%
16
10
12%
*64%
*64
16
2,600
8
68
preferred
preferred...
% Mar
75% Mar
114
1
20% Jan
7% Jan 11
Jan
103
5% conv preferred
100
Puiity Bakeries
No par
Quaker Stato Oil Ref Corp.. 10
Radio Corp of Amer...No par
~2,500
8%
11%
5
60
No par
preferred.
—100
Pub Ser El A Gas pf 85.No par
Pullman Inc
1..,
No par
Pure Oil (The)
....No par
49
*7
1st pref
55 preferred B
<,
19%
3%
49
20,100
2%
18%
*7
10
1134
1%
15%
,
*39
8%
*7
*8%
1134
15%
1%
15
6%
7%
8%
6%
6%
9%
15%
12%
conv
5% pf (ser of Feb 1'29). 100
Pub Serv Corp of N J.-No par
85 preferred
No par
90
63
62
6%
15%
10
11%
1%
75%
14%
19%
9%
8
„*8
7,200
75
9
8%
5%
5% conv 2d pref..
6
Mar
5
.No par
Procter & Gamble
85
15%
19%
3%
10,800
*81
*17%
50
190
% Jan
103% Mar
154
Apr 27
No par
B
Apr
Apr
2% Mar
Mar 27
Mar 31
7
No par
Pressed Steoi Car Cq Inc
100
100
85
2
66
47
138
Ber conv
Poor & Co class B
,
1%
4
4
Porto Rlc-Am Tob cl A-No par
200
*81
2
'22
*39
51
138
150
500
8
6
7% Apr 10
Apr 4
12%May 22
20
May 3
5
Jan
Mar
60
166
100
.*■
434
90
.
Plymouth Oil Co.....
~6~300
-7,300
Apr 18
22
Class
86
6%
23
5
100
37%
37%
108% 108%
122% 122%
3
Jan
6% Apr 11
No par
100
1134
*9
*15
19%
4
*81
31% Apr 10
2% Jan 9
8% Mar
734 Mar
2%May 26
4
Jan
2% Apr
12
Apr
Pond Creek Pocahontas No par
6,500
37%
37%
*107% 108%
123
*12134 12234
138% *137
138%
60
36
loo
834
24%
108
Feb 16
35% Mar 27
2,500
*8%
24%
80
Feb 27
%
25
20%
26
30
82%May 19
May 19
5
Pittston Co (The)
56%' 5634
56%
5634
*115
120
114% 115
19%
9%
16%
,*17%
50
15%
*24
56%
114%
37%
2
1%
*21%
*16%
3%
8%
734
26
17% Mar
Feb 17
75
..100
100
„
90
19%
834
8% Mar 14
4434 Jan 5
7
Hosiery
Mar
47
8
220
161
*158
160
160
160
159% 159%
116% *114% 116% *115
116% *114% 116%
27
26% 26%
27% i27%
27%
27%
28%
7%
7%
734
7%
"7%
734
7%
734
12%
6%
16%
•
Mar
22% Mar
I84 Mar
8
Apr
Jan
3g
9
110
Mar 16
1% Apr
£20%
21%
17
Mar
Mar 10
Apr 20
614 1st
10
120% ,Deo
14% Mar
19% Mar
36
prior pref 100
Pittsburgh A West Va
100
*%
9
Mar 15
2438 Jan
32
May 24
116% Mar 14
40% Feb 6
3% Jan 24
10
3
*8%
9%
20%
9
16% Mar
124
Dec
2% Mar
10% Mar
8
Mar 23
6% prof class A.
6
Mar
19
50
*%
9%
*%
20%
*7%
161
*64
*45
21
*113
*63%
47
*45
20%
5% Jan
33
1%
Jan 18
Pittsburgh Steel Co....No par
7% pref class B
100
40
1% Jan 16
7%Maj 19
534 Apr 10
28% Apr 11
3
110
8%
68
1%
14%
20%
15%
8%
66
*43
2lf2
25
8%
*64
1*4
15
*19
*8%
8%
8%
>
*63%
51
*13%
8%
8%
10
'
25
15
8%
11%
68
24
14%
734
7%
*7%
8%
*8%
25
*24
*22% 25
56%
56%
56%
56%
113% £113% 113% 114
36%
36%
35%
36%
108%
108% 108% 108
122
*121
122% 122
139% *137
139% *137,
7-%
*8
66
'8
24
15
100
113s
*64
500
8
26%
Mar
884 Mar
17
60
Pitts Screw & Holt
2,400
11%
*64
8%
8
*23%
*13%
Mar
55
6% Mar
1738 Mar
25
%
22
*634
2,200
1%
10
*11%
5%
10%
22
*6%
6%
41
1
15
lOo
Pltt3 Coke A Iron Corp No par
$5 conv preferred
No par
Pitts it W A Ch 7% gtd pf 100
....
*%
12%
*3%
*168
*1%
11%
*39
173
6%
100
3
Mar 14
88
Mar 10
Pittsburgh Coal of Pa
6% preferred
100
6
1184 Mar
57% Jan
3% Mar
Jan I
MarlO
Pirelli Co of Italy "Am shares"
Pitts C C & St L RR CO... 100
54
10%
2
*16%
>169
15
*5
*52%
%
<60%
50
15
6
58
1%
1%
*17%
*39
*5
3%
10%
60
12
22
193s
4
*52%
3%
*%
2
*11%
*21%
*16%
*3%
534
58
3%
15
90
"""266
4
41
No par
Preferred
415
Mar
1% Mar
Jan
34
Pillsbury Flour Mills
.4434
*90
13
8
8
800
*1%
60%
Q
4434
31% Mar
8
Pierce Oil 8% conv pref...100
%
14%
*15
16
534
*53%
6
*42
115
3%
*14%
171
25%
1% Mar
Jan
Apr
100
1%
75%
19%
9
4434
*90
3%
7%
26
Mar
Apr
126
Phoenix
10%
14%
16%
4434
115
*7
preferred
conv
Mar
0% Mar
16
15
Phillips Jones Corp. ..No par
7% preferred...
100
Phillips Petroleum.... No par
"KI60
7%
26
7% Apr
65
21
pref series A...100
"""26
934
*74%
*17%
834
36
3%
44
*1%
*%
143g
*15
3534
*2%
*42%
3%
44
%
73%
l7*
36%
May 10
584 Mar
100
Phila & Read C & I....No par
Philip Morris A Co Ltd!. ..10
100
1%
73%
14%
*11%
6%
334
31
934
73%
*80
25%
86
5%
*%
7%
86
100
5,700
*3%
100
preferred
tPMla Rapid Trans Co
7% pi ef erred
133
*9%
*81
14%
87%
87
*1%
'
86
123g
63s
*7
'
%
*81
*11
800
*128
2
Phelps-Dodge Corp
—25
Philadelphia Co 6% pref.-.50
20
*20
*2%
7%
'5%
%
3%
*42io,
*3%.
*14%
%
86
*14%
3%
*42%
250
31
3534
26
77g
27
*19
;%
-
115
26
"5%
3%
44
,
300
2%
3%
8734
133
*20
35%
*2%
*42%
7%
*25
,
*168
5%
9%
16034 161
7h
534
58
*167
9%
*1%
*%
7%
*7%
*137
267g
*5
334
31
3434
*90
3%
16%
*53%
5%
534
*7%
8
*23% 26%
12%. 12%
*18
21%
*834
9%
*%
%
20% 20%
*7%
9
*113
115
*3
534
58
*5
*158
4434
*90
3%
'
*121% 123
*42
115
*167
534
24%
4434
*53%
*55g
*7i2
*23i2
1
26
*14%
534
*53%
*165
*2%
42%
*6%
7
87
*20
35%
3%
,42%
7%
24%
81%
*3%
*%
Apr 17
30% Apr 11
Pet Milk
;;
No par
Petroleum Corp of Amer
5
Pfelffer Brewing Co. --No par
300
8
Mar
4
2% Feb 25
8
Feb
Sept
8884 June
100
pieferred.
600
%
'128
*3%
31
3434
87
134
*129
4
*20
44
*3
3%
85%
131
*3%
prior
5%
11,700
2
%
Pere Marquette
"""406
Apr
Apr 11
1534 Apr 10
111
5%
7%
3334
3%
50
24
170
43%
12
122
par
par
480
2
*1%
*3
%
200
*79
81%
2
3%
:
100
8
33%
43%
ffo
RR
6H% conv preferred... 100
Peonies GL&C (Chic)...100
Peoria dr Eastern
100
900
19
8
*7
33%
79
*1%
*3%
%
85%
%
,85
*126
31
73%
78
1%
3%
35%
*2I2
*42%
*6i2
*24l2
19
7%
7
•
3%
*%
*20
19%
pref
1
29
Mar
11
Mar
6% Nov
5
4
2% Jan
Apr 11
conv
10
Highest
share
3% Mar
1534 Dec
Jan
19
Apr 11
Peoples Drug Stores..-No
10
-
26
1734
*17%
/31
3%
116
25
17%
19
*
86
*114
24
7%
*678
131
116
116
11%
-
3
19
Pennsylvania
700
35%
3%
11%
2534
*
No par
Jan
Jan
43
534 Apr 10
9
Apr 10
48
Apr 10
74
Apr 10
3, Apr. 3
conv
87
15,100
33
*2%
"Va
*3%
*31
*3434
178
84'8
33
Cement
26
1% Apr 4
Apr 11
11% Apr 10
1% Jan 26
10
per
Feb 14
14% Jan
107% Jan
1358 Jan
36
par
Corp
104
Apr 14
pref ser A...No par
Penn G1 Sand Corp v t o No
par
17
14%
2%
378
*126
18%
Penn-Dlxle
....
17%
34%
*17%
%
*1234
*121%
18%
*31%
116
34
200
2%
1034
*134
3%
32
500
14%
18
18%
31
18
..1
Penney (J C).........No
Penn Coal «S- Coke
Apr 10
734 Apr 11
l
par
5,600
25%
3%
*22
80
10
par
1%
3%
24%
..100
Patlno Mines &
EntcrprNo par
Penlck & Ford
No
100
87%
1
34%
*3%
85h
54
86
2%
10%
i"s
132
1,400
34%
17
80
*%.
3%
24%
14%
*13%
*121%
*114
378
*3%
23,200
10%
*2%
10%
.
24
*7%.
8%
*678
7
31%
32%
43% 43%
*
116
*8%
19
3%
30
2%
'
84i2
200
10%
May 10
678 Apr 10
Parke Davl« & Co
No par
Parker Rust Proof Co
2.50
Par melee Trans porta'n. No
par
Pathe Film Corp
No
700
1%
1%
24
*1234
*121%
17%
3378
7
*127
16%
8534
*r
1%
*22
*2
3s
85
84%
*3%
24
*33
*7%
*634
30'8
■*u
*51
54
*1
1%
*114
*18
80
10
16
% Apr
100
1
6% 2d preferred
Park & Tdford Inc
Park Utah CM
1,600
2
40%
*15%
1%
9%
*9%
41%
*1%
"l7%
2%
19
*81
4034
15%
2
34
19
2634
41%
15%
9%
29%
*17%
*1%
*3%
41%
15%
*1%
116
44
1,200
~2~9()6
17%
17%
*2
313S
1034
19%
*17
134
1478
*8% , 11%
*23% 25
*16% ' 19
*43i8
*10%
1%
3%
30
11%
23i2
*
600
1%
*33
8
100
*89
5
11% Jan 6
434 Jan 3
Jan 4
Jan 20
163g
634
1%
60%
41% Apr 14
.100
Lowest
per share
Apr
10% Apr
5% Apr
No par
4% conv preferred
Paramount Pictures Inc
6% 1st preferred
15,200
1%
*1234
*121%
___•
*9%
23%
*17%
.
9
88%
1034
19%
10%
Parafflne Co Inc
5
9% May
3
Range for Previous
Year 1938
Highest
5 per share
Panhandle Prod & Ref new__l
101%
9%
*17
""906
50
1%
*114
3378
2l2
'
5%
%
*42%
1%
10
*21
1478
*29
*114
19%
2
83%
24
17
17h
*29
10%
100
'
3%
24
*2234
1478
*1234
*121%
*1234
*121%
17%
3,500
*97
101%
Par
Pac Western Oil
Corp
10
Packard Motor Car
.No Par
Pan Amer
Airways Corp
5
Pan-Amer Petrol &
Transp..5
12,300
s4
50
9%
87%
9%
10
*1
3i4
*21
101%
♦17
3%
12%
34
*97
834
10
3%
12%
*5%
3%
*44
Lowest
*9%
41%
15%
*50
1%
%
46
87
93g
*1
5%
EXCHANGE
1%
10
82
12%
*5%
3%
19%
15%
*178
9%
3%
12%
5%
10%
*41
10
*50
i
1%
*3%
41
10
85
1%
1%
9
87g
*9%
12%
*43%
*17
1534
*134
10
*97
87%
1%
41
45
101%
8%
*83%
*934
97g
41
84
*4278
19%
1%
5%
*97
87%
*17
1h
12%
34
834
*9%
3%
12%
*5%
%
3%
12
101%
8%
*83%
97g
*53g
45
*4278
*97
8%
*1%
3%
84
45
*97
97g
3%
the
3183
Range Since Jan. 1
On Basis of 100-Share Lots
NEW YORK STOCK
Saturday
May 20
8
84 Apr 8
27% Apr 11
% Apr 5
1
Apr 4
184May 3
3%May 6
2734 Apr 11
82% Jan 4
96
104%
Jan
3
Jan 11
1034 Apr 11
Ex-div.
y
Aug
5
Mar
10% Jan
9% Jan
16% Jan
7% Apr
14% Mar
34
13
Jan
1% Jan
4684 Jan
38
a4 Jan
2
Jan
3% Jan
4
Apr 28
40%May 25
May 18
May 25
H434May 20
18% Jan 3
Mar
84
Dec
25% May
Dec
1% Mar
184 Dec
378 Dec
12
Mar
100
58
Mar
110
08
Mar
79
Mar
Ex-rlghts.
884 Mar
T Called for redemption
New York Stock
3184
LOW
SALE PRICES—PER
HIGH
AND
SHARE, NOT PER CENT
Range Since Jan. 1
STOCKS
Sales
.for
Tuesday
Monday
Saturday
Wednesday
May 24.
May 20
May 22
May 23
$ per share
$ per share
13
13%
$ per share
13%
13%
13
13
70%
%
5%
%
70%
*%
71
*70
%
5%
5%
*4%
49% *48% 49%
*477g
*114% 116
*11334 116
%
%
%
%
1%
1%
*1%
*1%
♦18
18%
18% *18
3
3
*2%
*2%
72% 73%
72«4
73%
14%
14%
14%
14%
*70
12%
*44%
447*
9%
37%
9%
37
37
11%
11
11
46
*44%
9%
*8%
,
*36
•
11%
106% *105% 106%
*105
5%
5%
%
*1%
88
1%
%
1%
I984
18%
*2%
733*
27*
75%
*2%
75%
76%
1434
15%
15%
15%
12
12%
56%
4%
44%
*9
*55
13
13
*54%
4%
45
37
*37
37%
-
.
^
1,100
100
60
4%
4%
45%
45%
500
9%
37%
9%
37%
11
11
11%
11%
11%
11%
10584 10584 *105% 106% *105% 106%
37
-
19,900
4,900
13%
*56
4%
9%
37%
9%
3
13
13%
-
2,800
76%
15% *15%
45
4478
4,500
-
75
60
4%
447*
9%
9%
27*
60
4%
50
%
*1%
1834
*2%
19
1484
4%
44%
600
%
*1%
18%
Schenley Distillers Corp
5H% preferred
{Schulte Retail Stores
8% preferred
Scott Paper Co
No
$4.50 preferred
No
{Seaboard Air Line
No
4-2% preferred
Seaboard OU Co of Del-No
1,100
1%
%
19
3
5%
50%
117%
*5%
50%
*116
Par
1,700
1,500
1,100
%
5034
117
74
*55
4%
%
50
117
12
54%
4%
5%
50
*2%
73%
14%
54%
137*
71
117
%
*11%
137*
71
50
18
12%
137*
*115
1%
Week
Shares
71
%
984
37%
800
11%
4,900
11%
106
1,400
•
40
106
200
*
*5%
6
22%
22%
21%
3
584
227*
*2%
*2%
6*4
18%
18
*1834
*9284
19«4
19%
*9284
*70%
*66
75
105
105
3
18
*18
93
5%
22%
*2%
♦17%
6
6
6
23%
23%
24%
3
3
18
18
20
20%
20%
20%
*17%
20%
93
93
93
93
93
*93
*5%
237*
*284
*17%
20%
.
3
18
20%
18%
2084
93%
75
104
*13%
1434
*13%
14%
*11%
12
*11%
12
3
*2%
93
-
*15%
41%
15%
42
15%
46%
II84
*45
11%
*66%
21%
66%
21%
6%
6%
*105
109 ;
3
14%
17%
25%
497*
43%
42%
*25%
74%
*13%
*11%
80
*74
75
*72
80
20
105
105
105
105
105
460
14%
14
14
*14
15
12
12
12
*12%
18%
13%
4
*51
52
*126%
7«4
25%
7%
*24
*2
29
*26%
5%
*4%
*5%
*35%
45
45
46%
12
117*
67%
U84
"67
*21%
*13%
14%
25%
14%
1784
25«4
173*
25%
247*
25%
25%
8
75%
*784
17«*
257*
25%
497*
427*
25%
75%
77*
4%
♦37*
4
*14
17
*45
497*
42%
25%
74%
417*
25%
74
784
*37*
10
.
*45
42%
*24
10%
10%
6%
6%
6%
.
2
121?
*2584
2
12%
28
*77*
*13%
*12%
18%
117*
17*
19%
*37*
27%
7%
7%
*13
•
*24%
75%
8
•
10%
10%
8%
2
2
2%
12%
12%
12%
*25%
*734
27%
8%
*26%
*784
27
27
27
5%
35%
5%
4%
53*
534
4%
5%
*35%
5%
35%
4%
*5%
5
5
*5
47*
484
38
484
38%
38%
13
*13
' 1984
*18
1934
4
2734
37*
2734
77*
7%
77*
7%
*7%
*
13
*334
34
5%
434
387*
37*
2784
7%
7%
14%
*37*
27%
60%
4
34
7%
*58%
*3%
*34
35%
60%
4
39%
234
3
3
17
17
17
17
*134
2%
3%
30
2%
10%
*134
19% -19%
2%
2%
9%
9%
20
*9
12
12
12,
*93
12«4
94%
1234
36
36
.
,
*5l«
8%
*5%
2%
*73
*3%
5%
12%
*2
94
*93%
*1284
35%
5%
13
*1234
35%
5%
8%
6%
*5%
2%
*3
*93
8%
80
*184
8%
6%
*2%
*73
2%
80
36%
584
8%
*5%
2%
*73
31
*2984
*2%
31
28%
9%
2%
46%
*24
28
8%
*8
*45
9%
2%
2%
8%
3
3
17«4
18%
*1%
2%
*3
3%
45
92%
91
*83
83%
*82
*20%
20«4
35%
9%
36%
20%
36%
9»4
9%
17%
17%
*116% 118% *116%
58% 58%
5834
17%
*14%
5,400
8,700
9,700
&
1834
2%
3%
21,100
18,000
9,700
100
■«
94%
94%
9,100
500
11,100
1,100
400
100
534
8%
57*
8%
6
6%
6%
2%
*73
80
500
100
2%
3%
23
2%
50
2,800
160
'
-
-
200
2,900.
300
Transcont'l A West Air Inc..5
Transue A WUllams St'lNo par
2%
4,100
2%
*73
80
20%
2034
93
83%
*2%
2%
46%
46%
8%
71
73%
113% 113%
71
47
8%
74
113% 114
31
*2%
2%
27%
9%
9%
2%
48
8%
73%
2%
48%
834
74%
*114
1634
114%
1634
1634
94
93
94%
9634
97%
83%
21
37%
10
83%
2034
83%
8334
21%
84
17%
94
31
50
800
2%
27%
984
27*
31
500
50
884
8%
74
7434
114
114%
16% 167*
97
96%
*84
20
3,600
par
2
No par
Truax Traer Coal
Tniscon Steel......
4,100
2
74
No par
..10
3
Tri-Contlnental'Corp..No
$6 preferred
300
22
2%
*25%
17
17
83%
*20%
2%
31
9%
2%
134 Apr 10
7% Apr 10
11% April
87
Apr 11
10®4 Apr 10
34% Apr 11
5%May 10
6% Apr 10
5% Apr 10
10
300
8%
9%
Apr 10
3,400
*7%
217*
9%
par
6%
87*
9
1% Jan 17
Mar 22
8%
1,600
2,300
Union Pacific
84%
500
20%
22
22% *20«4 22%
37
37%
37% 38%
38%
39%
38% 39
984
934
97*
10%
10%
10%
10%
10%
18
18
17% *17%
18
17%
17%
*18
18%
118% *116% 118% *116% II812 *116% 118% *116% 118%
62
59%
60% 60% *59
62
61%
61% 61%
15%
♦14%
15% *14%
15%
157*
157* *15% 16%
900
19,300
8,500
1,100
«.
.100
4% preferred
Union Tank Car
.100
No par
United Aircraft Corp
Un Air Lines Transport
United Biscuit.
Preferred
600
United Carbon
100
United Carr Fast
5
—5
No par
100
No par
Corp.No
par
106%
Oct
Jar
484
12%
2%
147*
18%
Mar
9%
Jan
101
Jan
Jan
Jan
Jan
Jan 19
*84
Feb 21
Mar
Apr
Mar
Mar
Apr
Oct
July
35% Nov
3% Jan
24% Nov
3484 Jan
98
Nov
46
Mar
122
7
91
May
105
Oct
19% Jan 5
17% M ar 11
13
Apr
24
Aug
10
Mar
19%May 26
13% Jan 4
83g Mar
IO84 Mar
Jan 10
1% Mar
15% Dec
105
3
Mar
20%May
141
Feb
1
4
Oct
19% Aug
15
Nov
163s
Jan
3%
Jan
28
Jan
Jan
141
Nov
27% Mar 11
21% Jan 4
23% Jan 4
33% Jan 4
39% Mar 4
4% Mar 14
19% Mar
9% Mar
25
July
66%May 26
29
Mar
Mar
Mar
11
July
19% Dec
15% Mar
24
Mar
128
3334 Dec
40% Nov
17% June
2% Sept
5
9
4
48
Mar 15
16%
75%
30%
7%
Mar
Mar
9
8
Mar 10
Jan 3
May
5% Jan
10% Jan
20% Feb
24% Jan
30% Mar
29% Jan
50% Mar
53% Jan
3334 Jan
76 May
23
20
20
6
19
14
5
9
3
Jan
23% Dec
8% Mar
33g Jan
21% Jan 3
47% Feb 18
18% Mar 14
22%
5% Mar
2
66
784 Mar
29
Mar
6% Mar
48% May
12% Mar
6% Mar
94
*Mar
2
Mar
4% Mar
10% Sept
13
Mar
25% Mar
24% Mar
32% Apr
3934 Mar
17% Mar
27
4
4
7%Marll
42% Jan 24
6% Mar 11
6% jan 3
48% Jan
4
46
Oct
JaD
4% July
49% Dec
17% Nov
45% Dec
157* Dec
70% July
31
July
9% Jan
107% Feb
6% Jan
11% Jan
23
July
28
July
347* July
35f* Jan
50% Nov
58%
34%
71%
12%
July
Nov
Nov
Jan
9
7
Jan 10
Mar
2
37g Jan 10
28% Jan 3
384 Jan 4
15% Jan 3
14% Mar 10
96
F6b
9
13% Jan
54% Jan
3
3
7«4 Jan 10
10% Jan
107* J n
4
88
3
15'
Mar
22% Mar
484 Mar
3% May
5
Mar
34
Apr
4% Mat
378 Mar
32% Mar
Dec
Jan
9%
128
Oct
,14% Mar
43% Oct
4% Aug
23% Nov
32
July
15% Aug
21
Nov
29>4 Oct
10% Nov
8%
9%
Jan
Oct
49% Nov
5% June
8
Jan
49% Aug
57* Dec
Oct
Mar
38
Mar
12% Aug
11% Feb
26
July
13
Mar
15
Mar
63% June
27* Apr
35
Apr
2% Mar
15
Mar
1
Mar
3%
8%
1%
534
Mar
Mar
Mar
Mar
10% Mar
77% Apr
8
Mar
31% Mar
5% Dec
4
Mar
47* Apr
2% Mar
Jan
Apr 10
I84 Mar
884 Mar
177g Mar
6% June
11
7
4'i Jan 10
3
Mar
6*4 Mar
May 17
4% Feb
June
26
Jan
22% Jan
21 Mar 16
60
May
5
2% Mar
Jan
32% Jan
10% Jan
9
6
.
14
13
19
10% Jan
8% Jan
584
Mar
119% Feb
8% Dec
17% Mar
11% Jan
38% Jan
3% Jan
22% Jan
30% Mar
10% Jan
197* Jan
28% Mar
49
45
Jan
127% Jan
Mar 31
Jan
77
June
25% Oct
6O84 Oct
57* July
56
Jan
6% July
I884 Nov
2% Jan
5% July
287* Nov
4
19
July
July
15% July
98
July
19% Nov
55% Nov
123*
Jan
10%
Oct
12% Nov
47* July
91
26% Jan
34% Jan
3% Jan
25% Mar
2% Mar
38
July
6
Jan
30
Jan
16
Mar
44
Jan
12% Jan
4% Jan
6
Mar
13% Nov
Jan
41
Mar 28
44
Apr 27
6®4 Apr 10
65% Apr 8
113%May 17
l6%May 2
81% April
78
Apr 13
20% Mar 28
33
April
7% Apr 11
15% Feb 24
112% Mar 13
52
Apr 8
13% Apr 11
47* Jan
66
1% Mar
12% Jan
90% Jan
114%May 26
1984 Jan 6
104
Mar
89
Mar
4
8
23% Jan 5
42% Feb 25
13% Mar
18
4
Mar 31
118%May 8
65% Mar 10
20
Mar 13
Mar
7% Mar
67
Mar
17% Mar
55% Mar
59%
20
Apr
Mar
19% Mar
5
Mar
14
Sept
100%
Jan
39
Jan
12% Apr
6%
Nov
1334 Jan
3% Mar
5% Mar
16% Mar
Apr
2
No par
Under Elliott Fisher Co No par
Union El Co of Mo $5 pf No par
Union OH of California
25
Mar
April
1% Apr 8
Ulen A Co
160
Mar
93
Nov
Nov
17% April
7% Apr 11
1
Union Bag A Paper—.No par
Union Carbide A Carb- No par
10
Feb
Nov
28
..No par
1,600
2,300
5,100
13,200
?
32%
3%
2184
29%
95%
Nov
70% Nov
9%
49%
12%
288*
188*
37%May 25
15% Jan
107
23
16% Apr 11
Twin City Rap Trans. -No par
Preferred
—100
Twin Coach Co.
Aug
684 Mar
20% Apr
Oct
July
3
Apr 10
6
20th Cen Fox Film Corp No par
$1.50 preferred
36
11>4 Feb 24
21
8
3
Thompson-Starrett Co .No par
$3.50 cum preferred.No par
Tlmken Detroit Axle
50% Feb 16
40
Apr
17
8%
*6
3
Jan 28
25
Thompson Prods Inc..No
Mar
14
100
..1
Thompson (JR)
Mar
3
3% Apr 11
32% Apr 11
2% Apr 10
$3 div conv preferred.—10
Third. Avenue Ry.-.
.100
Transamerlca Corp
*8
*26
Preferred..-..
Thermoid Co
3,600
8%
2%
No par
534
*7%
2734
56J
Timken Roller Bearlng.No par
8%
21%
31
The Fair
300
*7%
*29«4
2%
*25%
9%
2%
46%
8%
4% AprTO
Apr 8
4
1634 Apr
-..—No par
3,100
2,100
384
3
Texas; A Pacific Ry Co——100
14
*3%
3
1
94
384
22
8
1
*
Texas Gulf Sulphur....No par
Texas Pacific Coal A Oil—10
417*
57*
.
*3%
21%
25
Tide Water Associated OU.. 10
$4.50 conv pref
No par
3%
22
Apr
•
•
19
3%
21
8
Apr 10
Apr 8
8
Apr 4
17
Apr 10
2584 April
$3.60 conv pref-.—-No par
100
45% Mar
5
Jan
18
Oct
65% Deo
Apr
2
Texas Gulf Produc'g CoNo par
Tatcher Mfg
10
Jan 11
73g Jftn
5%
80%
312 Mar
Apr
Symington-Gould Corp w w.l
Texas Pacific Land Trust
Mar
9% Mar
8% Mar
10
Swift International Ltd...
Tennessee Corp.
Texas Corp (The)-.-.l
47
Jan 10
Jan 6
17% Nov
35% Apr 26
4% Jan 26
4
Apr 8
35
Apr 8
3% Apr 10
26% Apr 10
7% Apr 10
«% April
1134 Apr 10
1,100
16,800
1,200
2,200
1,900
2,700
Jan
6% Mar
25
—25
—1
%
1% Mar
15% Mar
234 Dec
17% Jan
22
100
10
Sweets Co of Amer (The)—.50
Without warrants
69
5
5
Jan 5
Jan 6
Mar 13
8
46
Sutherland Paper Co...
—
*4 Jan
Jan
2%
22%
3%
77%
183g
2134
Mar
8
12012 Jan 27
7% Apr 11
Superior Steel
Swift A Co
3
3434 Mar
112% Dec
8% Apr
.50
5
—.5
397*
3%
137*
41
_
Mar 17
5% Apr 10
1
.—1100
Sunshine Mining Co
10
Superheater Co (The)--No par
Superior Oil
1
5034May 25
3% Apr
.
No par
-——
Jan
Feb
I84 Nov
10% Nov
507* Oct
11384 Deo
7* Jan
3
July
27% Feb
3
10
12% Jan 6
6% Jan
5H% preferred...
Telautograph Corp
4
*91
137*
—25
110
200
40%
57*
834
6%
2%
Standard OU of Kansas—-10
27%
85
June
% Sept
10% Jan 25
117
106
13% Apr 10
25% April
23% Apr 11
46
Apr 28
4178May 22
20% Apr 8
65
Apr 11
7
Apr 8
Standard OU of Indiana—.25
6% preferred.
4
2% Apr 1
4% Apr 11
10
Apr 11
Standard OU of Calif ..No par
Bun OU
Jan
6%May 23
3,200
13%
18% Apr 11
6
Apr 8
{Stand Gas A EI Co—No par
$4 preferred
—.No par
$6 cum prior pref
No par
$7 cum prior pref— -No par
Studebaker Corp (The)
4
9
10%
39
98
Apr
Talcott Inc (James)
12%
13%
■
3,300
1,000
2,200
12%
37%
534
8%
30
*9%
94
Square D Co class B—
1
Standard Brands
No par
$4.50 preferred
No par
Stokely Bros A Co Inc
1
Stone A Webster——No par
60%
*2
94*
60
Standard Oil of N J.
Apr
April
42
Apr 17
9% Apr 11
$3 conv preferred A-No par
Spiegel inc..
2
Conv $4.50 pref.-.--No par
400
I984
*3
127*
37%
4
11
Starrett Co (The) L S—No par
14%
*1%
2%
10%
12%
8
36
SterUng Products Inc.-----10
Stewart-Warner
——5
77*
3
*2
14% Apr
1
(The) vtc
1334 Sept
62
Jan 20
8% Feb
1
Splcer Mfg Co—-—No par
S perry Corp
100
8%
*17
10%
12%
434 Apr
1
1,600
2,500
29%
*34
12%
«
•
Mar 22
2% Jan 25
35% Jan 17
134 Apr 10
Spalding (A G) A Bros-No par
1st preferred
100
Sparks Withlngton——No par
;
8
Apr 11
Apr 11
Apr
400
3%
8%
*91
900
5%
*17%
*58%
*334
10
2%
6,400
5
2234
80
2,100
38
*77*
734
*13%
23
2%
500
34
MobUe & Ohio stk tr ctfs 100
Apr 17
Jan 24
534
3%
73
73% 73%
7334
*113% 114
*113% 114
16%
16%
17% 17%
*14%115%
397*
41
23%
10%
11%
15%
600
8%
8%
47
4
127
6
Apr 11
5
29
22%
*73
15,500
6%
3%
'
8%
8%
7%
12
2%
*24
73*
.
*9
6
900
*
27
6%
*484
*5%
*35%
2134
2%
2%
240
4
397*
'8%
*2984
*2%
28%
*
8
27
4
4%
29%
8%
734
*34
*3
60
21,900
40%
1434
27*
21,200
4,300
68
*5
1934
60%
17
68
47*
397*
*12%
13
25
4
14
Spencer KeUogg A Sons No par
5
*17%
*58%
*384
*34
200
18
47*
1434
*58%
*384
6%
900
44%
18%
46%
1234
17%
*45%
12%
41
19%
60%
37%
584
30
2«4
47*
40
Sugar—No par
8% preferred
100
Southern Calif Edison..—25
Southern Pacific Co-..—.100
Southern Ry
No par
6% preferred
100
So Porto Rico
Spear A Co—
43%
36
1% Apr
South Am Gold & Platinum. .1
100
*16
684
12% Apr 8
10% April
Snider packing Corp. - -No par
Socony Vacuum OU Co Inc. 15
1,260
2,000
*6%
#%
5%
*14
2%
25
5
No par
-Wo.---.
2%
27%
,
*17%
20%
2934
*2%
*2%
28%
*134
20
*85*
4
2%
80
5
5%
40%
3%
20%
19%
*7
*3%
5
35%
28%
784
7%
17
3%
8%
19%
584
36'
4
12%
93%
*9
3
684
5%
10
*11«4
2%
3
234
17
6%
*484
38%
»
27
6%
5%
Apr
—-No par
No par
$3.50 conv pref ser A-No par
Sbattuck (Frank G)-.-No par
28
Jan 6
Sheaffer (W A) Pen Co-No par
10%May 17
Shell XJnlon Oil..-—-No par
6M % conv preferred— - -100 101 May 1
434 Apr ll
Sliver King Coalition Mines—5'
17% Apr 10
Simmons Co.
No par
2% Apr 10
Simms Petroleum
10
16% Apr 11
Slmonds Saw & Steel-No par
18% Apr 8
Skelly OU Co
25
92
Apr 8
6% preferred
100
70
April
Sloss Sheffield Steel & Iron. 100
Jan 18
$6 preferred
No par 101
11% April
Smith (A O) Corp
10
11% Apr 20
Smith & Cor Typewr.-No par
$5 conv pref
Sharpe A Dohrae
66%
2%
15%
.
27
5%
484
5%
35%
384
*2
2%
13
Apr
8
8
Feb 21
Apr 10
April
10% Apr II
54%May 22
3%May 8
43%May 13
8
April
-1
Sharon Steel Corp
4
1
Highest
$ per share $ per share
17% Mar I
75% Mar 15
% Apr 25
1
par
Servel Inc
Jan
16%
2%
60%
11%
100
22%
37%
4%
67*
7%
67*
7,
*5034 52%
*5034 517*
127% 127% *126% 127%
8
8
77*
77*
27% 28
*27% 277*
2%
2%
2%
2%
14
1334 *13%
13%
27
27%
27% 27%
*734
*7«4
8%
8%
18
18
18%
18%
2734
8%
27
30
2,100
26,800
24,600
15,900
334 Apr 10
Apr 8
45
113
Lowest
% per share
Apr 14
% Apr 10
par
26%
13%
.
6%l
5%
*4%
3%
*3
4
11%
140
23
23% *22% 23%
6%
6%
6%
6%
106
105% 105% *105
3%
3%
3%
3%
7
7
7%
7%
15% 15% *13% 15%
19
18%
"18%
19%
26
26%
2534 26%
25%
25%
24% 25%
*
*
497*
497g
43% 447*
"437* 44%
25
*24%
25% *24
75% 75%
*75% 76
8%
8%
8%
8%
4
4
*37*
37*
11
11%
11%
11%
18
*58%
*19%
*3%
19
26%
25%
497*
44%
25%
76%
8%
18
1934* *ig
3%
<
"43"
15
18
60%
34
*'
3%
7%
177*
*5814
*2»4
25
6%
19%
4%
64%
67%
107
17*
*35
46%
1234
18
*18
34
3%
684
14%
17%
2584
12%
67%
27
5
3834
4%
27%
7%
7%
13%
*106
*45
1284
67»4
22%
7,700
23,500
1,400
1,600
12%
Sears Roebuck &
Highest
share
1134 Apr 10
67
No par
Co—No par
Seagrave Corp
per
par
par
22
4434
18
17%
200
$
6
100
1
100
26%
13%
15%
18
43%
100
15%
13%
19%
140
6%
*15
18
43%
177*
46%
18
5
*434
6%
6%
106
6%
6%
7
6%
51
51
♦51
517*1 *51
52%
127% 127% *126% 127% *126% 127%
8
77*
77*
734
77*
77*
25
25
26
26%
*24% 25%
35%
*47*
213*
67*
6
38
16
3%
684
*
.
*15
67%
21«4
3
8%
1.8
27%
5%
484
18
42%
*684
15%
3%
6%
3%
6%
2%
12%
12%
*27%
8%
42%
1584
6
4
6»4
15%
41%
1534
106
.10%
6%
6%
6%
6
74%
8%
*8
217*
*584
105% 105%
26%
10%
12
67
*21%
25%
*45
47
11%
66%
6%
14%
I684
25%
2434
6%
15%
42%
15«4
*45
3
6%
•
*584
16%
413*
1584
6%
16%
400
93
*74
117*
*5%
500
300
1,900
105
16%
1134
*1%
6,300
105
19
16
18
17
17%
16%
16%
12
12
12
117*
117*
12%
12%
117*
2
2
17*
1%
17*
17*
1%
17*
*17*
19
18
18
18
18
1784 *17%
17%
*1734
19%
*139
140
*136
140
140
*138
140% *136% 140% *138
*26
26%
2584 26
2584 26
26%
2584 26
26%
14
12% 127*
1284
13%
13%
12% 13%
1234 13«4
14%
1484
15«4
14%
15%
15%
157*
137*
14% 15
20
20
20%
20% 21%
21%
207* 22%
217* 2234
*30
*35
37% *30
37% *30
37% *30
37%
37%
4%
4%
4%
4%
4%
4%
4%
4%
4%
*4%
65
58
61
58
58
59% 60
59% 61
607*
2
*2
2
*2
2%
2%
2%
2%
2%
2%
16
800
6
24%
3%
18%
20%
72
71
105
105
*5%
22%
584
23
Range for Precious
Year 1938
100-Share Lott
Lowest
May 26
1334
1939
EXCHANGE
$ per share
71
%
50
18
60%
4%
13«4
70'4
On Baeit of
NEW YORK STOCK
the
Friday
share
per
116
*1%
*53%
*4%
13%
7034
%
5%
%
5%
49%
116
*11%
$
$ per share
71
%
*4%
Thursday
May 25
May 27,
Record—Continued^Page 9
Jan
15% Nov
28% Nov
6
Oct
70% Nov
16% Aug
907* Nov
221* July
99% Nov
83% Nov
23% Jan
43% Dec
13% Nov
20
Nov
118% Aug
73% Nov
20% Nov
ft
*
Bid and
asked prices: no sales on this day.
{In receivership,
a
Def. deUvery.
n
New stock.
rCash sale,
t
Ex-dlv
v
Ex-rights.
1 CaUed for redemption.
*1
BESS!
Volume
LOW
AND
New York Stock
148
HIGH
SALE PRICES—PER
Record-Concluded—Pageio
Monday
May 20
May 22
$ per share
2%
33%
*534
$
2%
May 24
May 25
May 26
$ per share
$ per share
Shares
2%
34
534
5
2%
2i2
34l8
34
55«
534
47s
2%
77%
12%
478
4
4
438
2912
29l2
*29
7634
7714
12%
7714
7738
12%
1234
62i2
12i2
*60
63
*4
*60
*7*8
8
*4%
47a
*4i2
6I4
*74%
6%
803S
*6i2
634
803S
*74i2
1
84
3,300
534
400
78
77%
1234
8
8%
4%
4%
634
634
7%
803s
*74%
80%
80%
*8%
4%
*34
7g
34
s4
*34
634
634
634
6«4
6%
634
6%
634
*638
718
*6l2
*82%
7
7
7%
*80 %
83 7s
*81i2 83i2
*17514 177
♦17514 177
*438
478
45S
434
*2514
*1514
29
*37a
4
*2514
15*4
*7
15U
*3%
7%
50
*43%
3934
*334
37s
37iS
29
1514
7i8
83%
175% 175%
37%
4%
*25%
29
1538
*25%
15%
4
4
*15%
4
*3%
738
*7%
7%
334
3%
3%
3834
41%
40%
5012
*49
50%
*6358
65
*635s
65
465s
45%
46%
10234 103%
10134 103
106
3638
*4434
45
2U
*4434
*2
2i8
2%
2%
*612
6*4
*65s
634
6%
6%
634
♦1%
*46%
1%
*134
1%
1%
1%
*134
*46i2
50%
93g
77
*74%
9%
77
*55
64
55
93s
*160%
36%
45
45
45
64
*57%
51
*9
*47%
9%
*74%
160% 160% *160%
64
*60
U S Distrib Corp
Conv preferred
500
U S Freight
No par
87%
1,300
86
1,000
16%
"i",66o
4%
4%
700
7%
1,800
7%
50
200
3%
1,700
40%
42% 178,000
107
108
8,800
51
52
600
65
*64
66", 800
49
48
107%
z36
36%
1,900
45
244%
45
*2%
1%
51%
9%
76%
2%
2%
900
6%
6%
*1%
1%
300
f *50
51
51
53%
50
60
60
100
—
*160%
,64
100
Stockyards Corp
pref A
2
46
No par
Apr
May 11
No par
69
Apr 10
ferred...
.'.100
157
Unlveisal
65
40
pr
Jan
4
Mar
•
45%
Jan
z44% Mar
x55
38
Mar
8
Oct
July
66% Nov
109% Nov
72*4 Oct
Mar
3
70% Mar
71% Nov
121
Oct
30
June
1% Mar
40
Apr
3
Dec
584 July
7% Nov
10% July
3% July
47% Sept
-
62
Deo
15
Nov
80
Dec
66% Mar 15
12% Jan 21
37
3
48
Mar
134
May
159%
D(0
8334 Jan
3
162
Feb 28
78
Feb 25
Jan
21
Nov
7
29% Mar
45% Apr 10
Universal Pictures 1st pref. 100
71
49%
91'4 May
8% Mar
2% Mar
6
9
I.eal Tob
Universal-Cyclops Steel Corp 1
6
7% Oct
13% Nov
Mar
3634May 25
46
Apr 13
3% Jan 20
1% Apr 10
200
8
Jan
Mar 27
70
Apr 10
63gMay
3
Jan
30% Nov
21% Mar
2% Mar
120% Mar 11
Apr 10
2
1
.No par
400
8%
50
68
43-% Feb 16
26
Conv pief (70a
20
2
Mar 13
65%
Jan 23
33
.No par
10%
65
64
63
4
35%
13% Mar
3% Mar
5% Mar
5234 Jan
111% Mar
43%May 18
98%May 19
<..No par
United Stores class A..No pa
conv
9
3
6% Mar 10
31% Apr 11
86% Apr 11
48% Apr 11
10% July
June
24
Jan
5%
49
7% preferred
*6
Nov
Jan 18
2534 Mar
13% Apr 11
3% Apr 11
6
A pr 11
3% Apr 11
..
V S Tobacco
100
Nov
173
4% Mar
10% Jan
61% Feb
77
9%
*9%
77 j" *74%
*160%
115
102% Mar
4
32
•
9%
76%
55 ~ Mar
9
Jan
Ayr 10
Prefer ed...
United
4
Mar
7%
Apr 10
10
U 8 Steel Corp..
2,700
1%
2%
Jan
180
Apr 25
8% 1st preferred.
290
6%
2%
634
2
23
113
8
Apr
35
U 8 Smelt"ng Ref & Mm
5,700
36%
4
No par
Preferred.
106
12% Nov
46
U 8 Rubber
65
4834
9% July
684 Mar
20
U S Realty & Imp
Jan
3% Mar
No par
Prior preferred
1%
Dec
4
-.100
Partlc A conv cl A
Dec
3
5
U S Pipe & Foundry
3g
Nov
87%
May
May 20
Oct
13
Apr
4%
62
7% Jan
No par
3,900
334
8
8%
10% Jan
U S Industrial Alcohol-TV# par
(
4
10% Aug
Mar 31
50
42'%
42
42%
108%
20
U S Leather
Jan
1
%May 15
100
5 34 % conv pref
Mar
11
Nov
114
Sept
5% Apr 10
77
Apr 10
167
Apr 29
100
preferred
6
3
87% Mar
534 Mar 31
75% Apr 17
5
6
Jan
8% July
39% Oct
67% Aug
12% Nov
Mar
5
Jan
80%
884 Mar
Jan
7%
100
U S Hoffman Mach Corp
31
16%
*46
7%
Mar
1038 Mar
April
No par
U S Gypsum
30
5
100
8
4
No par
490
3634
45
*46%
1,300
7%
106%
47%
106
36%
*1601,8 16434
—
*57
36'%
45
*74i2
36%
2%
%
634
*
45
36%
*9
7614
51
*63%
4734
10234 105
36%
200
52
107
65
1,300
*34
42%
4
50%
7%
81%
*7
46
108%
50%
*63%
45%
363s
*9
7%
6% Apr
50
ll558May 24
8
6
Apr
Oct
•
7%
Mar
78% Mar 11
xl3% Feb 27
8
11
-.10
7%
*25%
46
62% Apr
111% Jan
3
share
Oct
10% July
21% Mar
81%
5
41%
Feb 11
United Paperboard.
4%
7%
3%
38
39%
103% 105%
3%
*49
*74i2
75g
74
6% Jan 4
33% Jan 12
600
*175% 177
52
April
3% Apr 11
400
Foreign Secur
4%
38
4% June
2534 Apr 11
No par
$6 first preferred.,
per
Mar
60
5
*6
7% Ma. 10
834 Jan 5
l
Mar
6
$5 preferred
No par
United Mer & Manu Inc vtc.l
USA
2
22
__5
__100
United Electric Coal Cos
8%
8%
Highest
share
per
4% Mar
60
Apr
United Gas Improv't-.iVo par
*4%
Lowest
1
384 Feb 6
39% Mar 14
4% Mar 31
200
8%
434
734
80%
%
634
7%
88%
41
-
10
9,500
16%
4%
40%
*44
65
*2
16
4
40%
49
4418
16
..5
United Dyewood Corp
Preferred
2,900
300
Apr 10
30% Apr 10
434 Jan 26
77%
77
31
46
49
4518
*25%
40%
*63%
4414
30
2
par
United Eng <fc Fdy
United Fruit
5
5
30
2,100
4%
30
% per share
No par
1234
12%
*115% 116
*175% 177
4%
46
46
40l2
334
3%
36i2 <5834
102
10478
40
101l2 102
86%
177
434
*43%
10234
83
177
*4%
7
4018
101
-
63
4%
*29
117
*115
6%
6%
634
*61
63
4%
29%
7734
12%
4%
29%
478
*438
1
6%
*5
*61
No
United Drug Inc
6
5%
4%
Corp
83 preferred
6%
63
United
5,000
5%
30
77%
6i2
*74l2
478
11,200
6
12%
1234
1155s 115%
1153s 1153s *11512 H57g
8
*758
*758
8
2%
35
34%
5%
*4
29
35%
Highest
$ per share
Par
Range for Previous
Year 1938
Lots
Lowest
6%
5%
29
2%
2%
35%
2%
35
*5
62
*11434 117
%
2%
34
63%
4%
*4
Range Since Jan. 1
On Basis of 100-Share
Week,
$ per share
29%
77%
125S
63%
*29
EXCHANGE
May 23
5
6
5%
STOCKS
NEW YORK STOCK
Friday
Thursday
t
the
NOT PER CENT
SHARE,
Wednesday
$ per share
share
23s
33i2
534
3378
*5
Tuesday
Sales
for
Saturday
3185
Feb
7% June
83
27% Mar
De
"
.
12
*%
*18i2
25
*18'4
19%
2978
*28%
*
80
23
23
278
2U2
*20i2
*278
114% 114l2
*178
*6
*71
*6
*21
2i8
72
89%
5
*li2
17*4
*8634
1%
534
17*4
89
*40
41
*20
2014
*912
nh
1134
i78
33
478
*31
478
%
*18%
20
20%
4012
*20%
*9%
*134
73
1%
3
3%
22%
400
22%
*2%
22%
1%
120
*72%
*1%
1%
*1%
534
5%
17%
5%
17%
5%
5%
89
5%
*88
5%
4034
4034
20-%
*9% * 11%
2
*1%
31
31
1,100
1%
*1%
5%
5%
"moo
*17%
18%
500
*89
89%
5%
2,700
5%
200
X4034
41%
40%
41
*19%
19%
19%
19%
6% preferred..
100
NO par
11
.11%
*1%
5
51
*47
10
2
" 10
*1%
38
5%
*29%
5
10%
2
35
5%
51%
51%
234
*47
*2%
2%
2%
3%
3
3
13%
*10%
13%
13%
1334
13
13
51
51
2,200
100
125
100
5% preferred A........100
5%, preferred B
100
Waldorf System
...No par
Walgreen Co....
No par
4(4 % pref with warrants 100
1
5
*50
8,000
52%
3
3,700
13
800
par
31
-.5
No par
$3.85 conv pref
36
-*53s
*26%
14
27%
*27
28
18
18
18
*17%
18%
100
Waukesha Motor Co..
247g
2%
*2*%
*2%
25
2%
25
2%
25
25%
*25%
26
900
Wayne Pump Co
*2%
*4%
•»%
*2%
*4%
2%
6
2%
38
5
2%
*4%
234
5
92%
Warren Fdy & Pipe._.iiVo par
Wells Fargo &
1%
94
95
5
2%
*5
%
*%
1
%
19%
*19%
20%
18%
19%
89%
90%
89
91
126
126
%
*%
1
18%.
19%
18%
18%
*%
%
19
,
1
19s
120
126
19%
19%
20%
91
129
134
19%
21%
94%
97
*2%
2%
300
58
*5%
5%
38
2,000
%
%
20%
5,200
21%
20%
9434
96%
132%
95%
*129
14%
*,13%
14%
*13%
14%
15
*38
38%
*38
38%
*38
*38
19%
19%
30%
30%
19%
19%
19%
38%
19%
3034
30%
*30
31
31
31
60
*26
60
"*26
60
*26
110
*76
110
*76
110
*76
*26
60
*26
*75
110
*76
18%
18%
*1S34
19%
*19%
10%
18%
,*18%
18%
%
15
.
38%
*38
38%
Weston
19%
19%
""506
30%
*30
31%
700
60
*26
60
110
*76
110
19%
20
19%
19%
19%
*61
95
*61
95
95
*61
95
*60
95
*60
95
47
47
*43
47
*43
46%
*43
46%
*44
10%
*10%
10%
10%
10%
*10%
*10%
47%
10%
9-%
9%
9%
9%
9%
9%
9%
9%
5%
4,800
5%
9%
*4%
1%
1%
1%
1,500
9%
9%
9
*61
'
5
5
4%
5
*4%
1%
1%
1%
1%
*13s
1%
*1%
1%
*18%
19%
183s
18%
*18%
18%
19%
19%
*4%
3%
3%
*1%
2
*3%
3%
3%
*36
3%
38
♦110%
*16%
43%
13%
Te%
44
13%
*45
3
1%
*3%
3%
*36%
*110-%
4%
1%
3%
1%
1%
*3%
334
3%
3%
3%
36%
37
16
16%
44
13%
3%
3%
3%
43%
13%
*36%
*110%
*16%
44
13%
5
17
~
44%
1%
13%
1%
1%
1%
1%
2,600
3%
*3%
3%
3%
3%
300
2,400
*36%
36%
3%
37%
*37%
37%
600
17
17%
17%
"l7%
17%
45%
45%
45%
14%
45%
17%
46%
23,700
14%
45%
2,400
13%
14'%
25
25
37
*33
36
95
101
103
*22%
23
*79%
80%
*22%
24
97% 102%
*40
25
25%
3534
80%
80
80
*22%
24
23%
23%
14
15%
14-%
14%
14%
14%
13%
109% *107% 109%
109% *107
109% *106
12
12
12
12%
11%
*11%
11%
11%
33
33%
33%
35%
32% 33
32% 34
14
77
77
*73
77
19%
18%
19%
*18%
19%
*15%
*2%
16%
15%
16
•
2%
*73
*2%
15%
2%
2%
16
2%
Bid and asked prices; no sales on
*73
19%
16%
2%
*45%
43"
*41
45
100
25%
35%
*24
27
20C
*34
40
100
106
104
104
320
900
23%
700
80%
80%
80%
23% *23%
23%
15%
16%
15%
16%
106% 107% *105% 109%
12%
12%
12%
12%
35
36%
34% 30%
*73
77
78
*73
20%
21
20%
21
16%
16%
16%
16%
16%
2%
2%
2%
J In receivership.
53,900
70
1,400
32,200
78
20%
this day.
600
80
*106
*18%
43
103
*79%
*73
14%
*45%
45"
♦24%
80%
♦110%
44%
*33
*79%
36%
*110%
97
95
600
'
3%
37
*23
37
*90
3%
2%
2%
Jan
9
Jan
% Apr 21
1%
Jan
«4
16%
18%
82%
.
126
...—50
"2",000
2,400
1,300
a Def. delivery,
Apr
Apr
24% Jan
3ia4 Jan
10% Mar
1584 Mar
120
Oct
144
9% Mar
31% Mar
21
Oct
39
Dec
10
Mar
20% July
20
Mar
31% Dec
60
Jan 12
*60
Mar
60
6
75
Feb 20
65
Apr
90
Apr
6
Apr
3134 Jan
pref...No par
9% Apr 25
7
Apr 10
Mar
Jan
14% Mar
3284 Nov
.
Jan 27
75
Mar
95
Jan
60
45% Apr 20
(The S 8)20
Co.
1
Rock Min Spr Co No par
4
80
Jan 27
80
Jan
42
May
61
Nov
4
12% Mar 10
Jan
4
Jan
4
I84 Jan
1334
Dec
15% July
6% Mar
5
Sept
15% July
10%
11
Jan
3
1% Mar
3
Jan
Mar
9
8*4 Mar
24%
Oct
1
384 Mar
9
1% Mar
1% Apr 10
3% Feb
6% Feb
8
8
1% June
3% June
5
5
3
Mar
32
Mar
3% Apr
8
l%May
Mach...No pat
preferred
No par
Oil A Gas
5
White Sewing
1
14
$4 conv
Apr 10
2% Apr
"Willys-Overland Motors
1
6% conv preferred
10
Wilson A Co Inc
No par
$6 preferred
100
Wisconsin Elee Pr 6% pref. 100
Woodward Iron Co
10
Woolworth (F W) Co
10
Worthlnpton PAM(De!)No par
Preferred A /%
100
6% preferred B
100
Prior pref 4*4% series...
10
Prior pf 4(4% conv sertee 10
Wright Aeronautical. ..No par
Wrlgley (Win) Jr (Del).No par
Yale A Towne Mfg Co
26
Yellow Truck A Coach cl B
1
Preferred
-100
Young Spring A Wire..No par
Youngs town 8 A T
No par
534% preferred
100
Youngst'wn Steel Door.No par
Zenith Radio Corp....No par
Zonlte Products Corp..
1
33% Nor
124% Nov
Mar
Mar 27
15% Apr 10
Wbite Motor
3% July
34% July
22% Jan 4
z32% Jan 13
8
15% Apr
White Dent'l Mfg
3
Apr
8
3% Apr 10
35% Apr
8
105% Apr 20
15
Apr 10
4134 Apr 11
...
7
23
Jan
49% Jan
5fl
108% Jan 12
25% Jan 4
103
5
4
36
42
50%
Jan
23% Jan
10% Apr 11
May 17
66
MarlO
43
May 25
65
Jan 18
24
Apr 26
60
31% Apr 19
85
Apr 10
Oct
10% Mar
Jan
11% Mar
7084
Mar
Oct
38
Jan
4
27
53
Jan
5
120'
Jan
3
28% Mar
55% Mar
Mar
3% Aug
3%
0%
6%
60%
1O084
27%
63%
27%
72%
75%
48%
65%
121%
Oct
Jan
July
Jan
Dec
Nov
Nov
Nov
July
Nor
Nov
Nov
Dec
Mar 31
80%May 25
01% Mar
78
Dec
22%May 16
33% Mar 13
July
21% Jan
Jan
Jan
39
11% Apr 11
98
April
934 Apr 10
30
April
2O84
8%
Mar
109
75
.
-
x
6184 Mar
103
38%May 16
Mar
74
r Cash sale,
Mar
20% Jan
534% conv preferred.... 100
Wheeling Steel Corp.-.N# par
Preferred
...—100
New stock,
Jan
145
3
50
n
8
Apr 11
May 20
z29
Wilcox
1% Jan
8
8
30
W hite
8
Apr
Jan
10% Apr
Prod..iVo par
Mar
% Mar
84 Dec
84
37
100
1,700
3%
*33
25
*32
*3
500
3%
*40
*22
21%
22
3%
*45
45"
3%
20%
3%
1%
*3%
3%
44"
*40
1%
20
3%
3%
*110%
_
*45
*45
45~"
*40
*4%
4%
No par
$5 conv prior
Dec
2% Mar
-
10C
26%
3
5% conv preferred
L E Ry Co
"""loo
*10%
46%
10%
*43
10%
*10%
Nov
119% Nov
Jan
Wheel A
"l",706
126
Jan
F-lec Inatrum'i.Ab) par
Westvaeo Cblor
Mar
Jan
12% May
8
Class A
20%
Mar
4%
preferred..
100
74
110
111%
2'% Apr 10
6%
140
82% July
102% Jan
103% Deo
97«4 Jan
82% May
3% Apr 10
Western
.
Oct
Jan
July
......100
Pacific
Western
1
Apr
1%
39
100
4% 2d preferred
%t
30%
98% Mar 14
124% Mar 10
70
4%
....100
Maryland
Western
Wcstlnghouse El A Mfg....50
*19%
•
9
31% Mar
2,000
128
132%
*14% .15.
Mar
20% Apr 11
Co... 10
11,210
21%
96%
Jan
Mar 10
.
11684 Apr
preferred..
100
UnloD Telegraph. 100
Westlngh'se 'Air Brake.JVc par
400
79
88
Apr 10
6% picferred
West Penn Power 7% pref. 100 xl20% Jan 4
114% Jan 24
6% preferred
.100
100
%
*13%
84 Sept
107
3%
1% Mar
25% Mar
71
Apr
8
58% Apr 25
%4 conv preferred....No par
0%
Mar
Apr
19%
14%
2
6
28% Jan
7
Apr 11
1
38%
Jan
95
20
*38
34% Nov
85
%
*%
*13%
Mar
100
..100
20%
129
Oct
17
A...No par
19%
•
1
*%
91%
90%
*127
38
Deb
Nov
7% preferred...,
"
*u
8
17% Apr 10
Snowdrift No par
Western Auto Supply
4% July
I684 July
25
West Penn El class
170
Mar
31
270
3,300
Aug
Mar
I84 Mar
5
Dec
310
20
45
20
Mar
400
430
July
11
94
96
July
July
8
10% Mar
63%
95
3
4
61
6% Apr 27
*61%
122% 122% *122
122%
116
| 116% 116%
28%
29%
2834 29
4
Mar
Mar
24% Jan
32% Jan
3% Jan
"400
Wesson Oil A
NCT
20% Deo
19% July
Mar
384 Mar
Jan
Jan
64
' Mar
3184 Mar 14
20%
116
Mar
4% Mar
2
13%May 24
20%
94
105
74
Mar 13
1
1
Co..:
3%
Feb
8% July
20% Jan
87% Dec
10% July
23
Mar 21
66
*103% 105
94
104
2%
5
|v *25»
*61%
No par
1st preferred
3
8
5
Webster Elseniohr—..No par
*1
3%
Dec
684 Mar
19% Apr 8
14% Apr 11
20% Apr 11
1% Apr 10
1
100
1%
1%
1334 June
8
Mar
6%
6% Apr 11
5
$1
14
Feb
134 Apr
tWnrren Bros
.....No par
$3 convertible pvet..No par
5
2% Jan
44
Apr 10
Warner Bros Pictures
14
20%
63%
3
Mar 13
Jan
9% Jan
May 22
4
28
*1
90
100
*9
*20%
3
85
No par
7% preferred—
*17
*1
*1
*1
1%
13g
1%
138
2012
*20%
21% *20% 21
20% 20%
61
61
60%
*6038 61% *6038
60%
*
61
*92%
92%
925s 92%
92%
93
92%
93
104
105
10314 103% *103% 104
10334 104
94
94%
94%
9412
9434
9434
94%
94%
123%
12212 12212 *122
123% *122
123% *122
11534 11534| *115% 116
11534 11534 *115% 116
28
2778
28%
28%
28%' 28% 2834
28%
2
4% July
17«4 May
*2634
*1%
2012
Oct
Jan
1% Mar
5084 Jan
18
2%
Dec
Mar
14% Mar
2734
*2%',
77%
119%
2%
37
203& Jan
*17
2%
Mar
116% July
4
Jan
Jan
Jan
Feb
1
7% Feb 16
Jan
4%
15%
3
18%
3
32%
120%
Mar
3% Jan
5% Apr 11
Oct
Jan
116% Nov
6% Mar
100
Jan
15% Apr 10
Jan
Deo
5%
Apr
8% Apr 11
134 Apr 11
*26
*2%
Mar
1%
19% Apr 28
18
2434
2%
Maris
I84
1% Apr 14
1% Mar 20
No par
Preferred
Ward Baking Co cl A.No
28
*2%
Mar 16
105
Nov
26%
13% Sept
284 Mar
15% Mar
Walk(H)Good & W Ltd No par
*17%
24%
25
2i2
77
131
7
67
30
*26
*2i8
9
Jan 11
42
June
Apr 10
18
24%
Jan
8
113
Apr 10
27
*5%
36% Nov
June
30% Mar
97
Jan
2884 Oct
28% Nov
11% Mar
14% Mar
4
*17
*5%
Mar
37
*26
*5%
16
.L.-No par
20
2%
12%
8
120
Feb 14
Jan
4
Feb 18
2% Mar
2
Mar
4
31% Jan
117
64% Apr 12
Railway
Walworth Co
""366
5%
May
Jan
4%
Apr 21
13s Apr 12
5% Apr 6
116
2
31%
25% Feb 18
10
8
Apr 10
17
..100
preferred
5%
Class B
*1%
31%
.
6
May 25
42% Mar 13
113
Virginia Ry Co 6% pref...100
Vulcan Detinnlng
..100
100
300
*31%
6
115.
2% Apr
Preferred
42
*2l2
*514" 11
No par
J Wabash
20%
*10*2
*46
60
74%
20
278
2%
*11
Va CaioJlna Chem
10
5%
1314
51
*46
"18% "Apr
phem Works..
7
41%
*10
5
4%
5-%
1%
1%
5%
18
89%
Jan
1%
% June
40
5
Victor
120
2
17%
34% Apr 11
7
*74%
Mar 24
35% Mar
25
Apr 10
110% Apr 26
6
5
...
Virginia Iron Coal & Coke. 100
*1%
5%
89
75%
1%
17%
100
7% 1st preferred
Vick Chemical Co
400
1%
534
*1%
30%
Va El & Pow J6 pref
*1
1%
Apr 10
Van Raalte Co Inc
*119
1%
16
10
*1
"Tig
20
30
*2
7%
*7
Feb 23
2%
*114% 115
2%
*116
17
*116
*114% 115
*119
1%
*20%
2
"TlOO
*17%
5
5
1%
1%
20%
11%
-
24%
*2
100
r
3
Vlcksb'g 8brev & Pac Ry Co 100
80
24%
73
*1
*
80
Jan
84
Corp of Am .No par
Vandlum
60
200
24%
2%
7%
120
72%
39%
*21%
115
*6
300
39%
3
3%
22%
*115
31%
*110% 119
24%
24
8
4034
31
31
*_-..
~3", 300
% Jan 16
No par
Preferred...
20%
39%
Sales
Vadsco
22
20%
31%
115
*39%
500
1
*%
*18%
32
115
80
120
%
19%
20%
*31
*119
5%
5
*2
*1
15g
5*8
*8778
2%
*1%
72%
"Tig
534
17i2
3%
*119
138
6
*534
2%
*6
8%
120
*115
*1
1%
1%
*112
23%
22
21
71
*17
—
*114
""lis
*158
23
2%
*119
n
—
22
76
,
19
80
3
2ig
*115
♦119
19
~23~
23
21
83s
120
19
%
*18% ' 22
11412 11434 *114% 115
2ig
*115
22
*
80
23
27s
*18%
19i4
%
%
2978 *28% 29%
29% 31
11334 11334 *11334 115
*11334 115
*39%
39%
3914
39%
*39%
39%
397s
*.„_
25
*1S12
19i8
»28i2
*11034 11334
*3914
%
%
5
114% Feb 17
21% Jan 5
55% Jan
71
9% Mar
24
Mar
21%
Oct
Oct
25% Aug
57% Nov
74
May
5
85
Jan
62% Mar
86% Nov
17
Apr
8
31% Jan
11% Mar
31%
12
Apr 11
22% Jan
8
3% Jan
'
2% Apr
Ex-dlv.
y
Ex-rlghts.
9
284
Dec
Mar
25% July
Jan
584 Mar
Called for redemption.
3186
May 27,
Record—New York Stock
Bond
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and interest"—except for income and defaulted bonds.
|
week's range, unless they are the
in the week in which they occur.
Cash and deferred delivery sales are disregarded in the
only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
No account is taken of such sales in computing the range for the year.
Friday
Week's
Last
BONDS
Range or
f Sale
Friday's
sr
K,0,
N. Y. STOCK EXCHANGE
Week Ended May 26
Price
'
Bid
dk
Low
Jan. 1
No.
Low
A
O
Treasury 4s
J
D
1947-1952
..--1944-1954
1946-1956
3%s—
1940-1943
3%s
.1941-1943
3%s
..1943-1947
3%s
1041
3%s
1943-1945
334s
1944-1946
3Ha..
1946-1949
3%S—..1949-1962
3s..*
...1946-1948
3a
1951-1955
2 He
..1965-1960
2%s
1946-1947
2%0
1948-1961
2%s
1961-1964
2%s
1966-1969
2%s
..1968-1963
........ 1960-1966
Treasury 3 %s
Treasury
J
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
121.20
8
M
106.6
14
28
114.17116.2
116.1
8
113.10116.3
104.9
5
104.7
105.8
106.27
106.6
106.9
2
106.6
111.2
4
109.30111.2
♦Chilean Cons Munic 7s
107
9
106.26 107 12
♦Chinese (Hukuang Ry) 5s
O
110.24
110.29
46
111.9
111.12
127
112.7
112.7
112.11
25
109.11112.16
102
D
113.18 113.17
113.20
D
111.16 111.16
111.20
14
108.19111.29
112.2
112
112.3
35
107.4
8
109.2
109.2
109.13
M
8
M
Foreign
8
1Q9.23 109.23
109.28
71
S
109.22 109.22
109.26
79
D
108.27 108.27
109.3
62
M
M
J
&
112.10
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927—.1947
Copenhagen (City) 5a...—..1952
25 year gold 4%s
..1953
J*Cordoba (City) 7a unstampedl957
f*7s stamped
1957
Cordoba (Prov) Argentina 7s.. 1942
104.12109.13
107
110.5
105.19109.27
109.6
104
107.30 107.30
108.2
102
103.4
D
107.7
107.6
107.15
180
102.20107.15
J
D
107
106.29
107.8
756
108.2
34
106.6
109.1
59
106.1
108.29
Cuba (Republic) 5a of 1904
107.3
107.2
175
67
102
105.24
110
2
External 5s of 1914
102.13107.3
102.16107 2
107.9
16
106.25 106.20
106.25
56
106
106.27
106.13 106.13
106.13
15
105.3
106.26109.17
100.13102.22
104.1 105.12
MN
109.8
109.12
28
F
A
100.13 100.13
101.28
417
J
J
105.9
105.12
33
109.8
105.9
A
26
23%
Sinking fund 8s
27
25
Akershus (King of Norway) 4s. 1968 M 8
*89%
93%
14%
14%
14%
14%
13%
13%
90
♦Antloqula (Dept) coll 7s A...1946 J
J
26
14 H
14
♦External s f 7s series B_.
1945
14 %
14
♦External s f 7s series C
1945
14
♦External s f 7s series D
seriesr1957
Antwerp (City) external 6s....1968
Argentine (National Government)—
92
~94%
8 f external 4 %a
1971 M N
8 f extl conv loaB 4s Feb....1972 F A
87%
8 f extl conv loan 4s Apr....1972 A
O
1
1956 J
1967 M S
External g 4%s of 1928—...1956 MN
♦Austrian (Govt's) s f 7s
J
1957 J
79 X
79 H
1966 J
External 30-year s f 7s
1956 J
101%
97
35
94%
87%
92
76
47
75%
79%
79%
♦German Rep extl 7s stamped.1949
95
95%
95%
103%
103%
89%
10%
17%
M
A
A
Canada (Dom of) 30-7T 4s.... 1960 A O
6s
..1952 MN
102
22
14
21
19%
,
17%
17%
16
16%
96%
89
97
89
100
97
95
95%
100
♦7s assented
57%
51%
65%
80%
25
26
22%
105
99
5
99%
55%
1
105
99
122
101%
108
105
9
53%
68
70
30%
100
...
105
102%
60
62%
100% 103%
20
73%
66%
30
5
18
75
32
9
29
76
99%
97%
99%
93
105
A
O
90%
89%
J
7%s unstamped
104
98
41
92% 101
90%
92
78%
69%
6
65
71
71
1
65
'
70
97%
71%
71%
69%
68
*18
71
65
2
71
71%
66%
10
""8
68
65
#6
70
70
*69%
71
22%
*86
16
19
19
19
14%
21
105% 107
105%
18%
108 •
100
96
96%
105%
18%
1949 J
D
lie"
1949
109
16%
19
105
109„
104%
109
1941
External 7s stamped
7s unstamped
100%
97%
69%
J
104%
104
119
119%
113% 125
103% 105
.
*103%
♦5%a of 1930 stamped
.1965 J
♦6 %s unstamped
1965
♦5%a stamp(Canad'n Holder) *65
D
105
♦(Cons Agric Loan) 6%s
1958 J D
♦Greek Government s f ser 7S..1964 MN
1968 F
116%
17%
18%
25%
24%
33%
20%
27%
22%
27%
24%
29%
*24
Haiti (Republic) s f 6s ser A...1952
♦Hamburg (State) 6s
....1946
♦Heidelberg (German) extl 7%s *60
Helslngfors (City) ext 6%a
1960
Hungarian Cons Municipal Loan—
23%
*15%
*12%
*102%
16%
80
*76%
23
22%
21%
98%
98%
71
* 79
102
♦7%s secured s f g...
♦7s secured s f g
15%
10%
»
23%
j
10%
10%
j
*10%
12%
7%
9%
9%
8%
32%
111%
111%
108%
108%
101%
101%
100%
98%
15%
104
102%
55
10%
1960 M N
Extl sinking fund 6%s__.2—1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 a O
30
63%
74
1
10
101% 103
'52
76%
54%
75
46%
44
a62%
46%
40
38
78%
77
78%
59
75
59
59
60%
70
55
65%
25
38%
*26%
(Province) 7%s 1950 J
d
111%
111%
♦Medellin (Colombia) 6%s
1954 J
Mendoza (Prov) 4s read).—..1954 J
d
104
♦Mexican Irrigat'on gtd
4%s..l943 MN
♦4%s stmp assented
1943 M N
♦Mexico (US) extl 6a of 1899 £.1945 Q J
i
28
55
•'
,85%
16%
.....
23
21%
*23%
f 7s.
„
33
18%
113
60
*17
105%
103%
102%
19%
1947 f
8%
22%
13
a62%
A
s
11
11
10
39
*
*103
63%
a62%
7%
26%
*10%
*29
25
18%
18
105
102
1946 j
♦Leiprig (Germany)
54%
16%
16
102%
1945 j
♦Lower Austria
11%
'
♦Hungarian Land M Inst 7%s.l961 MN
♦Sinking fund 7%s ser B
1961 MN
♦Hungary (Kingdom of) 7%s..l944 f A
Extended at 4%s to.,......1979 F a
29
110%
110%
103%
104%
22
23%
13
18%
111 %
27
16
19%
*23'
A
13%
,ni%
14%
17%
18%
1968
19
18%
17%
*34%
*26%
1964
♦6a part paid
21%
18
20%
"21% -"21%
.
♦7s part paid
♦Sink fund secured 6s
15,
19%
*15
A"o
42
%
19%
17
32%
25
13%
14
10%
14%
70
14
d
72%
64
72%
%
*%
1%
""i"%"
%
%"
1%
%
„■
*%
1%
1%
""i%
%
1%
1%
i%
1%
1%
22
*27
30
26
32
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
1946 Q
*14
*22%
25
21
27
♦4s of 1904...
1954 J
d
*18%
30
18
""*%
24%
27%
23%
18%
♦Assenting 4s of 1904
♦Assenting 4a of 1910 large
♦Assenting 4s of 1910 small
1954 J
d
1%
i%
i%
(large) *33 j
J
*1%
2%
j
J
44%
49%
59
11%
12
21
12
6
1960
15 1960 A
O
23%
...1960
18
29
14
14
14
10 X
9%
13%
10%
23
14%
17
10%
16
13%
8
12
10%
10
9
14
28
O
O
A
9%
12%
A
9%
J
J
O
1963 MN
12
8%
12
8%
14
14~"
12%
8%
12%
8%
12%
*10
10%
8%
11%
8%
11%
13
9%
14
1
14
9%
*10
*13%
9%
~~9%
D
12%
D
9%
12%
9%
J
D
1961 J
D
*12%
*9%
15
12
10
8
rl7
1967 J
1961
21
23%
*18
1942 MN
1957 J
40
12
28
18%
18
15 1960 J
page 3191.
96%
29
38%
101%
1962 A
see
94%
47%
32
55%
54
102 X
♦External sinking fund"6s__.1963 MN
For footnotes
24
26%
27%
27
76%
73%'
"52
65
1960 M S
♦6b Assented
Sept 1961 M S
♦External sinking fund 68...1962 A O
♦6%s assented
86
101%
D
47
55%
105%
103%
♦Extl sinking fund
6s..Sept 1961 M S
1926,
55
J
Irish Free State extl s f 5a
Jan 1961
♦6 Hb assented
♦Sink fund 6%a of
84
*101%
D
Italy (Kingdom of) extl 7s....1951 J d
Italian Cred Consortium 7s ser B '47 M S
Italian Public Utility extl 7s...1952 j
J
Japanese Govt 30-yr s f 6 %8...1954 f A
Jan 1961
♦6s assented..
♦Chile Mtge BankT6%s
26
99
54%
Feb 1961
♦6s assented
"88%
86%
*55
A
64
103
1960
♦6s assented
86
105"
64
103%
♦Extl sinking fund 6s—Feb 1961
f 6s
"88%
A
44%
44%
44%
52%
53%
"l"05%
♦External sinking fund 68—1960 A
s
24%
*25%
1954 J
♦6s assented
19%
69
54%
54%
53%
55%
40%
52%
54%
A
...1942 M N
♦6s assented
9%
*60
54 H
1967 J
♦Farm Loan s f 6s. .Oct
♦6s Oct coupon on#
♦Chile (Rep)—Extl s f 7s
23%
51%
8%
1944 J
30-year 3s
25
3
69
10%
10%
1961 J
♦Carlsbad (City) 8s
♦Cent Agile Bank( Ger) 7s
♦Farm Loan s! 6s.. July
♦6s July coupon on
♦Ry ref extl
112
17%
J
M N
F
111
17%
J
...Aug 15 1946
2
26
99% 108
13
O
1984 J
20%
100% 108
11%
9%
9%
8
F
1967 J
10-year 2%s
25-year 3%s_..
7-year 2%s
16
99
19%
106%
102%
17%
D
1975 M N
f 7s
86
21%
D
1961
s
33
17%
A
I960 J
♦Stabilisation loan 7Ha...—1968
97%
13%
17 %
1977 M 8
♦Secured
9%
17 %
1962 J
8%
Bulgaria (Kingdom of)—
12
16%
1968 F
f 4 %s-4 %b
external s f $ bonds
9%
9%
20%
...1957 M 8
s
100
*20
External
External
11
is
27
21
♦6b stamped
,
-79
19%
Buenos Aires (Prov of)
»
35
26%
♦7s unstamped
1949
German Prov & Communal Bks
13%
16
101%
'im
...1962 J
4%s-4%s—.—1976
External re-adj 4%s-4%s—.1976
26
26%
26
49%
Estonia (Republic of) 7s
J
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) a f 6%a_..1953 MN
French Republic 7 %s stamped. 1941 J D
87%
79%
79%
101%
101%
106
I960 A
s f
10%
9%
10%
10%
85%
95%
111 %
..
f 4%-4%8__
25%,
"26"
J
1948
1967
89%
83%
*12%
J
♦External sinking fund 8 3
1958
♦Braxll (U 8 of) external 8s
1941 i
♦External s f 6 Ha of 1926—1957 A
♦External 31 8 Hb of 1927—1967 A
s
21
28
♦EI Salvador 8a ctfs of dep
11
14
101
1945 F A
—.1949 M 8
External s f 6s
Refunding
26%
26%
Gorman Govt International—
1948 M N
s f 6s
19%
19%
20
95
5%s 2d Beries
—.1969 A O
♦Dresden (City) external 7s...1945 MN
158
13%
20-year
8%
16
26%
Dominican Rep Cuat Ad 6%s..1942 M S
1st ser 6 %s of 1926
1940 A O
92
♦External sec s f 7s 3d
13%
13%
♦Budapest (City of) 6s
7
13
19%
A
..1942
94%
13%
13%
Sinking fund gold 6s
16%
14%
16%
14%
14%
8%
11%
25%
O
90%
13 %
♦External sec s f 7s 2d series. 1957
Brisbane (City) s f 6s
11
13
15
F
O
93%
87%
79%
1946
♦External s f 7s 1st series. ...1957
♦7s (Central Ry)
High
35
J
.1961
14%
14%
14%
13%
13%
13%
96%
14%
14%
s f 6%s
11
A
..1956
Apr 15 1962 A
External g 4%s
26%
94%
14%
(Germany)
D
MN
..1962
ser B
Denmark 20-year extl 6s
External gold 5%s
27
*25 X
♦Berlin
26%
2d series sink fund 5%s
1940 A O
Customs Admins 5%s 2d ser.1961 M S
5%s 1st Beries
1969 A O
O
Belgium 26-yr extl 6%s
Low
106.13
1947 F
♦Bavaria (Free State) 6 Ha
J
1949 F
A
ser
Czechoslovak (Rep of) 8s
106.26109.18
109.15
J
..1948 A
External 6s of 1927
9%
12%
9%
11%
F
1949
%s external debt
1977
Sinking fund 5%s...Jan 15 1953
♦Public wka 5%a_—June 30 1945
Municipal-
30-year 6s
12%
*17%
19%
A
External loan 4%b ser C
110
M 8
16 1942-1947 J
...
F
4
105.24
♦Gtd sink fund 6s
Australia
No,
12%
9%
11%
O
M N
1951 MN
1944 M S
♦Costa Rica (Rep of) 7s
108.29
♦Gtd sink fund 6s
4%s
High
Jan. 1
102.20107.10
108.30
Agricultural Mtge Bank (Colombia)
8 f external
Since
©
(S3 CO
.26
♦6e extl sf gold of 1927. Jan 1981 J
♦Colombia Mtge Bank 6%8—1947 A
113.20
J
M S
1942-1944
Govt
126
109.2
1960 M S
1951 J D
♦Cologne (City) Germany 6 %s.l950 M S
Colombia (Republic of)—
♦6s of 1928
Oct 1961 A
109.22111.15
...
2 lis series G
Range
o
Asked
&
9%
12%
MN
♦6s assented.—————.1962
109.22110.29
111.9
D
1 1942-1947
Home Owners' Loan Corp—
3s series A....May
1 1944-1952
f2%s series B._Aug 1 1939-1949
12%
9%
A
1962 MN
106.30
o
Mar
1961 A
.>..1961
110.31
108.28
1946 J D
108.27
1948 M S
Treasury 2 Ha
1949-1953 J D 106.27 106.25
Treasury 2%s
1950-1962 M S 106.28 106.27
♦105.20
Treasury 2s
1947 J D
Federal Farm Mortgage Corp—
3 lis..
109.28
Mar 15 1944-1964 M 8
3s
....May 15 1944-1949 MN 109.15 109.12
...Jan
.
♦6s assented
♦Guar sink fund 6s.
J
Treasury 2%8
2%s
Chile Mtge Bank (Concluded)
♦Guar sink fund 6s
F
Treasury
Treasury 2%s
3s
Bid
Low
118.26121.27
116.3
104.7
D
121.27
115.31
116
115.31
8
M
Treasury
Price
Foreign Govt. & Mun. (Con.)
Treasury 4%s
Treasury
Friday's
High
U. S. Government
Treasury
Range or
Sale
N. Y. STOCK EXCHANGE
Week Ended May 26
Week's
Last
BON DS
Since
Asked
High
Friday
v
Range
Is
-
16
18%
16%
18%
16%
18%
16%
18%
16%
18%
16%
18%
16%
|*Treas 6s of '13
assent
%
f ♦Small
Milan (City, Italy) extl
6%s
Minaa Geraes (State)—
♦Sec extl
a
♦Sec extl
a
f 6%a
f 6%a.
External
a
(State)
1959 M S
11%
D
*53
1959 MN
extl 5s. .1957 f A
52%
98
52%
"i
99%
18
16
15%
54
45%
52%
94% 101%
93
101%
100% 104%
100% 106%
98%
98%
9
a
103%
103%
16
1944 F
a
103%
104%
104
104%
103%
103%
6
101
101%
55
94% 103%
100
74
94
External sink fund 4 %a
1956 M S
1965 a
o
ioi%
4s a f ext loan
1963 f
A
99%
11%
14%
16%
extl a 15a.._1970 J
D
7%
14%
4% a...
Municipal Bank
7%
48
56
56%
O
External
8%
7%
1943 F
16
f
39
Apr 1958 a
Norway 20-year extl 6s
20-year external 6s
s
%
1%
1
1%
1%
1%
"i% "~i%
—1952 a O
1952 j
f 5s
%
%
%
1958 M S
♦Montevideo (City) 7s
♦6a series A
New So Wales
J
98
99%
103
9
98% 105
101%
99% 104
Volume
148
New York Bond
N,
Last
Y. 8TOCK EXCHANGE
Week
Ended
May
Ranoe or
Sale
26
Bid
Price
High
♦Nuremburg (City) extl 6s
1962 F
Oriental Devel ?uar 68
Extl deb6%8.__
1953 M S
Oslo
1955 A
O
100
1953 J
D
*100
b f
A
♦Panama (Rep) extl 5%s
♦Extl 8 f 6s 8er A
1963 MN
-1947 M S
•'
4Ms assented
4)48 assented
D
O
b f
A
A
26
13%
12%
12%
38%
A
8%
32%
42
9%
9%
15
♦Ref A gen 5s series F
17%
♦Certificates of deposit..
♦Convertible 4 %s
I960 FA
♦Certificates of deposit...
"n%
30
23
18%
14%
70
105%
19%
19%
102% 106%
105%
101
18%
14
107
30
31%
"12%
6%
14%
10%
6%
13%
12%
12
11%
12
11%
11%
11%
11%
D
O
7%
6%
53
A
15%
15%
14%
14%
7%
7%
43%
69%
J
J
1945 J
O
19%
D
Sydney (City)
18
7%
15
-
.—
14%
32
25%
25
29
A
101
'101%
J
f 6%s_——1971 J
Tokyo City 5s loan of 1912
1952 M S
External 8 f 6 Ha guar
1961 A O
51
51%
39%
40%
55%
55%
1979 MN
3%-4%-4«i«s extl
,—1978 J
3)4s extl readjustment-*,
D
1978 F
conv
41
J
54%
49
50%
58
43
48
42%
49
40
45%
37
"37"
28
36
43
13
35
42%
37%
45
37
*37"
17%
17,%
1
35%
37%
14%
1958 F
A
30%
30%
9
22
34
—1958 F
A
24
24%
7
31
56
57
5
16%
54%
36%
♦Warsaw (City) external 7s
4)4s assented
Yokohama (City) extl 68—1961 J
AND
D
57
51
18%
60
COMPANIES
'
.46%
m;d
10-year deb 4)4s stamped—1946 F
Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st
D
o
—1943
Albany Perfor Wrap Pap 6s.—1948
Q
6s with warr assented
1948
"9
53
1
104
100% 107
49%
66%
107
"12
108%
104
106
106
*37 %
40
32%
45
32
39%
75
75
72
80
A
77
75
77
68
85%
D
67%
64
67%
57
75%
34%
38
28%
22%
48%
41%
49%
60
1950
5s
♦5s stamped
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s..N
Allied Stores Corp deb 4)4s
4)4s debentures
Allls-Chalmers Mfg conv 4a
♦Alplne-Montan Steel 7s
O
1950
O
1998
O
1942 M
O
1951 F
A
1952 M S
—1955 M
2030 M
S
Amer IG Chem conv 5)48
1949 MN
1953 J
Am Internat Corp conv 6 )4s—1949 J
Amer Telep A Teleg—
*93
89%
110
62%
D
1944 J
D
—1955 MN
1961 A O
1st g 4%s series JJ
{♦Boston A N Y Air Line 1st 4a 1955 F
con
'55
103% 106%
106%
95
93
89
89%
88%
110
110%
*31%
58%
*103
163"
102%
-—1941 J
Debenture gold 5s
-—1950 J D
1st lien A ret 5s series B
1957 MN
Buffalo Gen Elec 4%s series B.1981 F A
Buff Nlag Elec 3%s series
C—1967 J D
♦Buff Roch A Pitts consol
4%s.l967 MN
O
Canadian Nat gold 4%s
.1957 J
Guaranteed gold 5s.-—July 1969 J
Guaranteed gold 5s
Oct 1969 A
O
76%
Guaranteed gold 5s_—
1970 F
Guar gold 4%s—..June 15 1955 J
D
1956 F
89%
111%
111%
111%
112
110%
"92%
112
103'
104
104
110
110
94%
106% 112
30
35
62%
100
243
40
48%
62%
102%
103
"67
102
102%
100% 103%
102%
103
16
98% 104%
103%
"33%
32
*4%
*60%
37
J
.
ser
Carriers A Geo Corp deb 5s w
Cart A Adir 1st gu gold 4s
w
{♦Central of Ga 1st
D
40%
40
10
8%
18
75
35
41
55
90%
92
29
89%
99%
96%
119%
.
124
l2ei*
41
23
90
82%
100%
113%
2
112
114%
92%
47
89
84%
40%
16
81%
40%
107"
.
75
92%
113%
90%
83%
84
2
113% 116%
113% 116%
117% 120
117% 119%
116% 118%
114
116%
112% 115%
93%
/ 73%
74%
93%
106
D
1948 J
D
107
*90
3
16
1
40
105
94
*
100%
94%
43%
107%
62
82
97
*12
14
12%
31%
19%
6%
12%
31%
7%
3%
3%
7%
*3%
15
*7
M
S
Central Foundry mtge 6s.----.1941
Gen mortgage 5a
1941 M S
Cent Hud G A E 1st A ref 3 %s.l965 M S
F
A
Cent Illinois Light 3%s.—
1966 A
1961 J
4s
J
1987 J
19s
26
1
30%
42
20
98
Central Steel 1st g s f 8s
90
92%
96%
Certaln-teed Prod 5%s A
81
96
99%
99%
99
98%
98%
98
98%
108%
93%
90%
97%
97%
90
109%
109
93%
93%
5
68
97%
1
11
90
101%
101%
11
103%
101%
105% 110
86%
94
87%
95
91
97%
91%
1
89
113
99
10
96
103%
98% 102%
111
111
9
108
111
110%
110%
5
107
110%
6%
7%
109%
104%
A
7
95'
42
109%
109%
104
105
1
76
'26%
18%
18%
109%
14%
109%
"28% "26
20
15
19
10
109%
15
67
65%
67%
65%
170
65%
"45"
43%
45%
104
1
2%
5%
8
92
63
*111%
J
O
2%
3%
7%
10
107
>
.
'
75
109% 111%
102% 105
110% 111%
24 ■*
39%
28
15%
13%
107
64%
64
40%
24
110
77%
72%
63%
Central RR A Bkg of Ga¬
MN
bs extended to May 1 1942..
1941 M N
1948 M S
Champion Paper A Fibre—
8 f deb 4%s (1935 Issue)
1950
8 f deb 4%s (1938 Issue).—1950
M
72
73%
*103
104%
S
Ches A Ohio gen g 4 %s
1992 M S
Ref A imp mtge 3 %s ser D..1996 M N
Ref A lmpt M 3 %s ser E
1996 F A
115
101%
102
125%
99%
123%
125%
99%
99%
98%
99
Craig Valley 1st 5s
May 1940 J
Potts Creek Branch 1st 4s.-.1946 J
J
♦
J
*106"
1989 J
J
115%
R A A Dlv 1st con g 4s
s
J
——1989 J
1941 M 8
♦Chio A Alton RR ret g 3s
1949 A O
2d consol gold 4s
52
55
115
73%
S
M
*51
115
99%
109
115
,23
70
100%
100%
118%
95%
95%
104%
65
115%
86
102%/
102%
125%
100
99%
105
109
115%
114" 117%
104% 111
*108%
*
4
111
110
6%
3
*52
J
1987 J
95
3
*90
O
32
'
4
♦Mid Ga A At Dlv pur m 6s. 1947
♦Mobile Dlv 1st g 59...—...1946
gu
•
'
31%
7%
3%
*3%
"~7%
♦Chatt Dlv pur money g 4s..l961
♦Mac A Nor Dlv 1st g 6s
1946
Cent 111 Elec A Gas 1st 6s—.1951
92
43
87
.
*4%
-.1945 MN
O
85
51
"86%
"86%
g 5s._Nov 1945 FA
24%
1946 J
1944 J
*108
1944 J
96
*93%
"94%
96%
80%
79
85
86
89%
97
Warm Spring V
1st
Chic Burl A Q—111 Dlv 3%s—1949 J
Illinois Division 4s
1949 J
General
89%
55
57%
54
71%
1st A ret 4 %s
65%
64%
66%
64%
79
1st A ret 6s series A
.Oct 1952 MN
58%
56
58%
55
72
.
series B
8%
98%
J
102%
F
A
9
99%
103
8%
14%
97% 100%
100% 103%
97
94
86
86
85%
91
92
91
97
A
—1971 F
1977
109%
J
1958 M 8
4s
76%
57
May 11945 MN
113%
92
A
1947 J
♦Consol gold 6s
36
3191.
104
47
♦Ref A gen 5%s series B....1959 A
♦Ref A gen 5s series C_._—1959
95
For footnotes see page
93
92
1960 MN
1981 F
Celotex Corp deb 4%s w w
♦Cent Branch U P 1st g 4s
36
L A N coll gold 4s
106% 111%
103% 112
95
72%
6
J
23%
80%
92
86
D
1960 J
-.1949 J
A 1952 J
J
10-year coll tr 5s
45
40
52
11
Deo 1 1964 J
Coll trust gold 58
Collateral trust 4 %s
{♦Car Cent 1st guar 4s
Caro Clinch A Ohio 1st 6s
Ark A Mem Bridge A Term 58.1964 M S
Armour A Co (Del) 4s series B.1955 F A
Atl Coast Line 1st cons 4s July 1952 M 8
General unified 4 Ha A
1964 J D
37
49
A
Rocky Mtn Dlv 1st 4s.-—-1965 J
Trans-Con Short L 1st 4s
1958 J
Cal-Arlz 1st A *ef 4)4s A
1962 M
35
80%
98%
O
103
64
98%
124
1946 M S
J
1944 J
Coll trust 4 %s
5s equip trust ctfs
...
1955 J
47
107% 110%
68
82%
67
70
-
115%
Through Short L 1st gu 4s.—1954 A
Guaranteed g 5s
1960 F
I860 J
106% 107%
24
39%
25
40%
23
37%
5%
10%
5
123
Cent Pacific 1st ref gu gold 4s—1949 F
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 )4s A
1st 30-year 6s series B
5%
123%
99% 107
1948 J
6%
115"
104% 106
Conv 4s of 1905
Conv gold 4s of 1910..
Conv neb 4 )4a
33
*5%
13
12
1955 J
100% 105%
96% 102%
26%
25%
5%
15
120
Conv gold 4s of 1909
"34~"
118
106
1995 M N
27%
108%
110
116
107
Stamped 4s.
108
110%
.
117%
115%
114%
105%
109%
93%
93%
30
120
ii$"
105%
1995 Nov
32
'
94%
32
A
Guaranteed gold 4%s..Sept 1951 M S
J
Canadian Northern deb 6 %s—1946 J
J
Canadian Pac Ry 4% deb stk perpet J
105%
Adjustment gold 4s_
26%
105
*109%
A
106%
110%
102% 111%
♦Anglo-Chilean Nitrate—
J
"45
13
.15
O
28
19
40
4
86%
92%
6
94
95
"89%
5
2
41
76
106"
1995 A
39
38%
*40
29
26
105
1957 J
78%
41
116%
105
C (Del)
82
116
Central N Y Power 3%s.——.1962 A
ser
33%
32%
31%
6%
62%
110%
119%
105
f 4s
101%
114
115%
114
s
148
115%
118%
119%
110%
1st m
105
116
109%
Atchison Top A Santa Fe—
General 4s
"74
107%
76%
38%
21%
21
115%
119%
3)48 debentures
24%
"20% "28"
J
♦Central of N J gen g 6s
♦General 4s
■;
Jan
"3
J
111'*mI12%
1967
116% 119
129% 133%
52
105% 110%
1995 Q
16
'
165
4s.,
47
"98%
_
124
g
52
117%
133%
110
110%
37
--—1955
Bush Term Bldgs 5s gu
1960
Calif-Oregon Power 4s
1966
Canada Sou cons gu 5s A——1962 A
110%
S f Income deb
44
108%
98%
101%
80
6%
61%
—1952
112
{Ann Arbor 1st
34%
47%
29
J
111 "32
J
33
90
100%
31
gtd 5s.l941 MN
Bklyn Union El 1st g 5s
1950 F A
Bklyn Un Gas 1st cons g 5s
1945 MN
1st lien A ref 6s series A——1947 MN
10.9%
109%
Amer Wat Wka A Elec 6s ser A. 1975 M N
Anaconda Cop Mln s f deb 4 )4s 1950 A O
78
104%
A
111%
Am Type Founders conv deb.-1950 J
1
87%
*107%
32%
31%
33%
32%
1967 M S
109%
D
102
107
107%
104%
101%
Cons mtge 3%s series E
1966
3%s conv debs
-—1952
20-year sinking fund 6%s_—1943 MN
3)48 debentures
1961 A O
-.1966 J
16
*27
{♦Ceflt New Eng 1st
J
104
*
S
Am A Foreign Pow deb 6s_a.
American Ice s f deb 5s.—
26
*50%
105%
S
1950 A
*—...
"28"
38
38
*36%
—1949
Coll A conv 6s
conv
67
104
105%
■
O
♦Coll A
107
53,
42%
101
100
2
*107%
O
Alb A Susq 1st guar 3 %s
1946
Alleghany Corp coll trust 58—1944
24
101%
106%
53
D
D
A 5s.
102%
*
A
1943
cons
1st cons 4s series B
47
44%
102%
1948 M S
.1947
♦Berlin Elec El A Undergr 6
%s 1956
Beth Steel cons M
4%s ser D—1960
Guaranteed gold 4 %s
{(♦Abltlbl Pow & Paper 1st 6s. 1953 J
5
51
INDUSTRIAL
Adams Express coll tr g 4s
Coll trust 4s of 1907
45
5
1
Bush Terminal 1st 4s
Consol 6s
41
*46
10
2
43%
41%
*41 %
29
37%
133
♦Certificates of deposit
{|*Burl C R A Nor 1st A col 15s 1934 AO
♦Certificates of deposit
40
41%
Venetian Prov Mtge Bank 7s..1952 A O
♦Vienna (City of) 6s
1962 MN
RAILROAD
37%
103
40
A
1984 J
94
49%
29
43
52%
37%
23%
1st 58 stamped
14%
55%
52%
44%
44%
27%
Bklyn Qu Co A Sub
28
25%
43
11
"27%
Big Sandy 1st 4s
Boston A Maine 1st 5s A C
1st M 5s series II
14%
9%
23%
33
18
35
41%
10
64
27%
30
43
23%
130
27%
30
25
3«-4-4%s ($ bonds of '37)
external readjustment
1979 MN
3)4-4-4)4% (J bonds of '37)
16
11%
11%
...1955
25%
"47%
23%
23%
23%
6%8—.1959
15%
25%
47%
16%
19
*103
20%
*42%
21
20%
117
133%
3%s..l943
19%
"47%
16%
20%
*30
117
20%
1964 MN
16
10
*87
28
*47
24%
14
50
*
18
55%
23%
24%
17%
20%
20%
87%
21%
25
♦Uruguay (Republic) extl 8s_—1946 F A
♦External s f 68.——-—I960 MN
16%
18%
48
103
103%
21
s
43
20%
45
21%
~25"
21
36%
J
1941 J
Bklyn Edison cons mtge 3%S—1966 MN
Bklyn Manhat Transit 4%s_—1966 MN
A
45
63
50
3"j
Brooklyn City RR 1st Be
*25
1955 F
24
15%
7
6%
17%
20%
22%
27%
26%
*24%
*24%
D
11
12
11%
11
10%
27
62
16%
50
1960
20%
11%
D
4-4)4-4)4% extl read).
l8t A ref 5s series C
19
*10%
10%
49
47%
11%
11%
4a stamped
1951
Battle Creek A Stur 1st
gu 3s..1989
Beech Creek ext 1st
g 3 %s
1951
Bell Telep of Pa 5s series
B.—1948
21%
14
62%
11
.1951
Belvldere Delaware
14
102
48%
61
♦Berlin City Elec Co deb 6
%s—1951
♦Deb sinking fund
14%
14%
72
100
111
43
1959
21
6%
60
"l2
61
"20%
Bangor A Aroostook 1st 5s.—.1943
15
6%
61%
61%
35
of deposit
Toledo Cin Dlv ref 4s A
15
11%
10%
59%
100%
25
20%
20%
♦Certificates
21
10%
20
19%
19%
19%
19%
19%
19%
19%
19%
10%
10%
1941 MN
Certlflcates of deposit
♦8'western Dlv 1st mtge 58—1950
♦Debenture 6s
—1940 A
external conversion
PLEA wVa Sys ref 4s
20
*10%.
62
102% 106%
3
57
"20%
m"s
1996
*19%
J
m"s
2000
21
....
17
21
56%
20%
deposit...
*15
1968 J
f 6s
♦Ref A gen 5s series D
cons
106%
58
"20%
6s series C. ....1995
of deposit
of
52
61%
♦Certificates
♦Certificates
6
20%
}"d
25%
gen
37%
61
*45
deposit
22
11%
1968 J
s
of
41%
11 %
4)4s assented
—1958 J
♦Slleslan Landowners Assn 6s—1947 F
♦External
♦Certificates
50
♦Ref A
44
26%
61
50
11
1956 M S
He
„
33%
5
100%
61
1995 JD
34
"27
High
11
32%
21
160%
deposit
30%
"l6%
O
♦Sinking fund g 6)4a
..1946 J D
Serbs Croats A Slovenes (Kingdom)
♦8a secured extl-—1962 MN
♦7s series B Bee extl
;
1962 MN
s f 5
of
33
50
*30
D
—1950 J
Taiwan Elec Pow
♦Certificates
♦Ref & gen 5s series A
Con ref 4s
1936 J
__
8%
105
105 X
San Paulo (State of)—
♦Silesia (Prov of) extl 7s
2
105
—1967 MN
f 7s.--—
143
47
„
18%
18%
MN
a
8%
t
J"j
♦Secured
28
47%
O
1963
♦Saxon State Mtge Inst 7b
J
37%
1960 M S
Sao Paulo (City of,
Brazil)—
♦8s extl secured s f
—1952
♦8a external
1941 J
Low
41
105%
"21"
J
11
251
NO.
Jan. 1
KQ
"ei"
J
4%sl939 J
Since
£3
32
Baldwin Loco Works 6s
atmpd.1940 MN
Bait A Ohio 1st mtge
g 4s.July 1948 A O
♦1st mtge g 5s
July 1948 A O
10%
tfe
40
S
Austin A N W 1st gu
g 5s
11%
1962 A
♦Roumania (Kingdom of) 7b...1959 F
♦February 1937 coupon paid
♦7s extl water loan
♦6s extl dollar loan
1959 J
1953 M
Atlant'c Refln'ng deb 3s
{}♦ Auburn Auto conv deb
40%
J
13%
1967 J
|*8a extl loaD of 1921
J
68
1968 M N
f
1948 J
1948 J
67%
*33
Rome (City) extl 6)4a
a
52%
48%
97% 103
*10%
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A
♦6s extl b f g
.1968 J
♦6)4s extl secured
Second mortgage 4a
Atl Gulf A W I SS coll tr
5a
5%
*39
1953 F
(City) 6a
Atl A Dan let
g 4s
Ranoe
Asked
High
Bid
Low
19%
57
50
10%
Range or
Friday's
Sale
Price
High
16
52%
43%
38%
Week's
Last
si
26
*25
(City of) 8a.—1946
♦7a extl loan of 1926
♦7s municipal loan
May
14
"59%
iox
O
6)4a_
Ended
56
1966
♦Rhine-Main-Danube 7s A
Week
10
1968
♦Rio de Janeiro
Low
1
99% 102
102
10%
~50"
Queensland (State) extl 8 f 78..1941 A
25-year external 6a
-.1947 F
♦Saarbruecken
15
BONDS
N. Y. STOCK EXCHANGE
Since
Jan.
10%
O
see
100%
1961
6a
3187
9%
38 X
1952 A
♦Extl
49%
8
*65%
58%
58 X
Prague (Greater City) 7%s
1952 MN
♦Prussia (Free State) extl 6)48.1951 M S
♦External
18
.....
1958
♦Porto Alegre (City of) 8
♦Extl loan 7 Ha
1
18
53%
49%
1959 M S
♦Nat Loan extl 8 f 6s 1st Ber._1960 J
♦Nat Loan extl s f 6s 2d ser__1961 A
♦Poland (Rep of) gold 6s
1940
♦Stabilization loan a f 7s
1947
♦External sink fund g 88
1950
No.
18
1963 MN
♦Stamped.
♦Peraambuco (State of) 7s
♦Peru (Rep of) external 7s
§1
cq c<j
53
53
1958 M N
4%s
2
Friday
Range
Friday's
A
Asked
Low
(City)
Record—Continued—Page
Week's
Friday
BONDS
"91%
100
94%
99%
New York Bond Record—Continued—Page 3
3188
Friday
Week's
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Week Ended May 26
Sale
Friday's
104%
gold 6a
1982
{♦Chicago Great West 1st 4s—.1959
{♦Chic Ind A Loulav ref 6a
1947
♦
Refunding C 6a series B
1947
♦Refunding 4a series C
1947
♦let A gen 6a series A
'—1968
♦1st A gen 6a aeries B—May 1966
Chic Ind A Sou 60-year 4a
1956
Chic L 8 A East lat 4 %s
-1969
MN
M
J
J
'I'm
17%
*10%
j
3%
4
*3%
J
*63%
J
D
*111%
{Chic Milwaukee A St Paul—
♦Gen 4s aeries A—--May 1 1989
.
70
21
111
22%
22%
6%
2
_-.-j.--.1987
1987
4a
♦General
♦Gen 414 a atpd Fed lnc tax--1987 M N
♦Gan 6a atpd Fed lnc tax—-1987 M N
May 1 2037
♦l«t A ref 4%s stpd-May 1 2037
♦
lat A ref 4%b ser C-May 1 2037
♦Conv 4%s series A
1941
X(♦Chicago Railways 1st 6s stpd
♦lat ref g 6s
Aug 193* 25% part
paid
{♦Chic R 1 A Pac Ry gen 4a_.
♦Certificates of deposit
(♦Refunding
D
7%
6%
D
7%
3H
6%
3%
A
J
12%
AO
"~5%
gu
6a
Es<t Ry Minn
Ed El 111 (N Y) 1st cons g
16
5%
11
5%
11
91
3%
1951
D
34
16
5%
2%
2
5%
5s stamped
Erie A Pitts g gr
D
'*62%
75
-
.
.
D
*49%
58
m
+
m
J
D
57 H
56
{♦Erie RR 1st owi g 4s
18%
16%
♦
♦Conv 4s series A
9
♦Series.B
4%
8 H
♦Gen
5
9%
♦
ltd A Imp.
5s of 1927
8
♦
Ref A lmpt
2%
4%
♦Erie A Jersey 1st s
6« of 1930
f 6s
eenv
83%
♦Geneesee
65
65
♦N Y A
\
60
63%
4s series
49
60%
6
104
107
107
109%
105% 108%
108
108%
108
108%
M S
106
104%
106
9
J
4a— 1952 J
1962 M S
let A ref M 4Hs series D
1943 A O
Chllda Co, deb 6s
1952 MN
{♦Choc Okla A Gulf cons 5s__.
1966 F A
Cincinnati Gas A Elec 3%s
90
86%
89%
69%
90
40
86%
97
90%
15
88
96%
72
77
64
79
{Florida East Coast lst4%s
12%
12%
4
12%
15
110%
.*111%
110%
3
1st mtge
1967 J
3 Ha
89%
71%
12%
110%
D
100% 106
108%
6a
A
108%
108%
O
♦Certificates
F
A
107
108%
MN
A
O
*50
*50
J
75,
67
63%
77
Fort 8t U D Co 1st g 4%s
90
77
85
Francisco Sugar coll trust 6s..-1956
103
46%
56%
58
70
99%
J
J
58
58
M N
*63
67
63%
M S
*99
99%
93%
96
1942
1948
1950
Gen 4 He series A
1977
Gen A ref mtge 4 Mb series B.1981
Cleve Short Line lat gu 4%s.—1961
Cleve Union Term gu 6%s
1972
A
*83
"48%
J
48%
46%
J
{(♦Proof of claim filed by owner.
(Amended) 1st cons 2-4a
1982
109%
*88
ids"
•
90
52
109
108
108
{(♦Proof of claim filed by owner
J
*107%
42
17%
J
F
16
F
90
'
A
13
A
*106%
105
*107
1Q7H
"9"
A
O
86%
86%
87
A
O
78.
78
79%
75
.—.1977
.1946
A
o
72%
"68
J
D
6s—1943
♦6s Income mtge."—
1970
Colo A South 4Ha series A....1980
F
A
A
O
1st
s
f 4 Mb series
C_
4s
Coal River Ry lat gu
82%
MN
34
Columbia G A E deb 6a. ..May 1952 MN
15 1952 A
15 1981 J
Columbus A H V 1st ext g 4s— 1948 A
104"
34%
64
101%
102%
176
102
102
1,02%
O
Apr
Debenture 5s
—Jan
1955 F
Columbus A Tol 1st ext 4a
4s
1965
Commercial Credit deb 3%s_—1951
Columbus Ry Pow A Lt
12Mb
1942
debentures
162%
A
A
O
D
50
»
2
22
102%
207
113%
1
108%
109"
165""
M N
79%
102% 104
48
65%
33%
47
92% 102%
94
102%
92% 102%
109% 113%
109% 111%
13
107%
110%
105%
105
101 *32
105%
18
103
101*32
'
101%
24
101*m 103%
Commonwealth Edison Co—
1981
—1965
1968
1st mtge g
4a aeries F
list mtge 3%s series H
^ 1st mtge 3 Ha series I
M
A
S
104*32
,
105»i«
123
105*»i 108%
104*32
104*i«
69
104*,i 110%
3 Ha (int waived to
J
D
110%
110%
111%
48
1968 J
Conv debs 3 H«
J
112%
111%
112%
343
107%
111%
105% 112%
and Including
112%
May 15. 1939)
..1958
Conn A Pasaump River 1st 4s—1943
—
1961
4 Ha
1961
Conn Rlv Pow a f 3Ha A
1961
Consol Edison (N Y) deb 3HS-1946
*108%
107%
103%
103%
104% 112%
89%
89%
110%
112%
108
98
lo9
107% 110%
103% 107
106%
106
108
106""
1958
105%
105%
106%
105
108
108
1956
8 Mb debentures-
182
106
107%
108%
105% 108%
—1948
3 Mb debentures
112%
*111%
guar
3 Mb debentures
111%
*88
Conn Ry A L 1st A ref 4 Ha
Stamped
105*32
105*32
O
108
♦Consolidated Hydro-Eleo Works
1956 J
1951 J
D
105%
{♦Consol Ry non-conv deb 4s—1954 J
J
9
1955 J
J
*9
1955 A
O
18
10%
of Upper Wuertemberg 7s
Consol Oil
conv
deb 8 Ha
♦Debenture 4s
a
8
25
105%
9
*9
*9
50
53
1st mtge 3 Ha
1st mtge 3 Hs
15-year deb 5s.—
conv
106%
2
109%
109%
15
110
110%
M N
"111%
111%
111%
17
108%
108%
109%
44
D
104%
103%
104%
11
98
96%
D
109%
108
109%
105%
105%
106%
24
—1950 M N
105%
105%
106
33%
32%
33%
21
38
37%
38%
18
42%
42%
6
1942 J
D
J
D
Dayton Pow A Lt lat A ref 3 Ha 1960 A
O
108%
108%
1943 MN
58%
54%
Del A Hudson 1st A refit
For footnotes see paare
19
A
J
1951 F
Cuba RR 1st 5s g
1952 J
J
7 Ha aeries A extended to 1946J
6s series B extended to 1946—-
Cuba Nor Ry 1st 5Hs
98
66
2%8_. —1948
Crown Cork A Seal s f 4s
106%
109%
10
D
3191.
35
D
.....
102
103%
7
40
48
15
22%
22
..
«...
.
.
421
211
11%
...
'
11%
21%
18%
18
10
31
7%
14
10
121
41
12
39
46%
J
38
38
9
37
MN
*85
94
45%
90
J
J
9%
41
S
F
A
82%
J
L
•
...
14
7%
'
87
.
*60%
M
—
38
85%
2
106
106
102
102%
12
M
S
M
*
*98%
M
t><
102%
102%
1
M
8
103%
103%
1C
102
D
"98"
A
O
104%
J
J
J
D
J
.....
59%
107
104
100% 102%
101
98
100% 102%
101
103%
2
98%
87%
104%
06
36%
1
35
40
60%
22
58
65%
10
9%
17%
5%
10
6%
6%
*
102% 104%
66
7
6%
M N
85%
67
.
....
98
98
104%
36%
58%
MN
*2
8
10%
13%
M N
5%
-
F
A
35
109%
59
16
1
11
139
34%
39
32%
•40%
45%
38
107% 110%
52%
70%
103%
Gotham Silk Hosiery deb 6s w w '46 M S
J D
Gouv A Oswegatchie 1st 6s
1942
Grand R A I ext 1st gu g 4 %s._1941 J1 J
J
D
Grays Point Term
1944
F
i960 J
r1973
1976
105% 107%
99% 101%
48%
71%
10
12%
45
98
104
103%
279
98
84%
85
2
83
103%
90%
78%
—
i03%
*78% "80%
106%
105%
9
100% 100%
04%
72
*60
90%
69
88
84%
16
81
76
77
3
75
78
30
74
95
165
88
88
.
74%
95
91%
84%
82%
84%
94
78%
68%
70%
49
66
Feb
O
60
*57
*5%
....
53
5%
5%
103
*103
M N
78
101%
94
89%
89%
103%
94
81%
55
73
1
73
81
73
73
72%
5
09
79
90
*60
1st ref A Term M 5s stamped 1952
92%
1961
1966
♦Harpen MlDlng 6s.
1949
Hocking Val 1st cons g 4%s.—1999
Hoe (R) A Co 1st mtge.......1944
~IH"
106%
106%
*
7%
103%
73
O
Gulf A Ship Island RR—
Gulf States 8teel s f 4 %s
Gulf States Utll 4s series C
106%
8
"79"
"78%
78
A
'
*OU
"76%
A
18
37
369
82%
Gen mtge 4 sseries H
.1946 J
Gen mtge 8%s series I......1967 J
Feb
Green Bay A West deb ctfs A
62%
46 '
59%
1021*itl07 %
13
15
90%
General 4%s series E—1.1977 J
General mtge 4s series O
1946 J
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s._
1940
Gulf Mob A Nor 1st 5%s B...1950
1st mtge 5s series C
1950
123% 123%
102% 105
95
104%
49% 59
104
J
J
2%
102%
101%
*
General 6s series C.
General 4%s series p
14%
♦104%
J
Great Northern 4%s series A.-1961 J
General 5 %s series B
1952 J
37
40%
106%
A
54
58%
85
lstgu 5s...1947
"92% ""3
10
109%
39
39
2
120
122
20
91
92
90 %
.
100% 110
38
39
_
{(♦Housatonic Ry
5s... 1937
cons g
lstg 58-..
Hudson A Manhat 1st 5s
M N
1949
ser A
1967 F
A
♦Adjustment Income 5s.Feb 1967 A
Illinois Bell Telp 3%s ser B..1970 A
Illinois Central 1st gold 4s
1951 J
101%
1951
1st gold 3s sterling
1951
106
49
30
47
13%
13%
111%
112
14
25
24
112%
*85
.....
*85%
.....
♦
07
25%
101
28%
43%
11%
111
87
.....
*85%
S
117% 122
124
*126%
"49"
A
M
12
34
101
35
33
35
10
74%
32%
31
31
101'*«
...1951 J
1st gold 3%s
83%
77
38%
102%
36%
126%
51%
15%
112%
91
85
.....
.....
75
.....
.....
51%
14
40%
03
51
48%
51
40
47
62
43%
43%
43%
49
48
..1955 M N
Collateral trust gold 4s..
56
A
45
..1952
A
Purchased lines 3 Hs
Collateral trust gold 4s.
J
...1952 J
..1953 M N
Aug 1
1966
1950
Litchfield Dlv 1st gold 3s—1951
Louisv Dlv A Term g 8%S—1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s.—1951
Gold 3 mb
1951
Springfield Dlv 1st g 3%s—1951
Western Lines 1st g 4s
1951
F
"50%
O
1955 M N
Refunding 4s
Refunding 6s
40-year 4%s
Cairo Bridge gold 4s
73%
74%
Houston Oil sink fund 5%s A.1940 MN
Hudson Coal 1st s f 6s ser A... 1962 J D
M N
Hudson Co Gas
1st gold 3 %s
104% 106%
37
29%
103%
34
101%
*37%
1
1
1H
2%
100% 102
39
46%
48
..
....
105%
54%
*12
1956
Gt Cons E! Pow (Japan) 7a
1st A gen a f 6%s
1
—
105%
*10%
5s Oct 1 '46
1st mtge4%s—
-
....
103%
""58%
1
t
53
102 »i«
*9916ia
1939
{(♦Ga Caro A Nor 1st ext 68—1934
♦Good Hope Steel A Ir sec 7s..1945
Goodrich (B F) conv deb 6s
1945
Extended
105% 109%
102% 106%
10216ie
105%
1951
cons
..
53%
60
51%
1
2
.
1
*52%
1
-
.
98
*51 %
1
,
104%
J
1948
12
100
126%
D
1945
J
1940
15-year 3%s deb
...
—
43%
MN
(Germany) 7s
♦Sinking fund deb 6%s
♦20-year sfdeb6s
53
96
104
98
Gen Pub Serv deb 5%s
——
2%
*100%
*40%
J
J
*125%
104%
44%
106% 111
100% 109%
107% 110%
107% 111%
103% 109%
100
105%
2%
J
9%
28
108%
M N
1966
1948 J
.....1943 J
Crane Co s f deb 3 Ha
22%
100% 105%
9
M N
1967
1970
1st mtge 8 Ha
Container Corp 1st 6s
11
10%
J
100
11%
J
1960 J
f 5a
Consumers Power 3%s.May 1 1965 MN
1st mtge 8 Ha
May 11985 MN
Continental Oil
*21 %
104%
,.1956 J
♦Debenture 4s
♦Debenture 4s
Consolidation Coal
J
.....
IS
9
O
A
85
106% 106%
113%
*111%
J
J
82%
72%
*105%
*103%
49%
33%
O
Debenture 5s
.
102
72%
....
39
A
J
D
{♦Ga A Ala Ry 1st
J
O
-.1973
Colo Fuel A Iron Co gen s f
.
65
65
....
14
MN
Gen Steel Cast 6%s with warr.1949
79% -89%
85 •
91%
1st a f series B guar
.
144-
105% 109%
106
107%
1
13%
13%
13%
♦
A
J
108" 108"
108%
A
A
106%
92%
85%
139
22
42%
17%
Gen Cable 1st s f 5%s A—1947 J
J
♦Gen Elec
111%
A
J
.
41
J
2%
1941
1[Gen Motors Accept Corp deb 8s. '46
MN
Series D 3 He guar.
103
6
102%
*102%
J
Gas A EI of Berg Co cons g 6a_. 1949
Gen Amer Investors deb 6s A—1952 F
106% 106%
O
Series A 4mb guar..—
Series C 3mb guar..—:
112%
63%
2
J
J
67
J
lit
5
95%
102%
6%
63
D
O
19
38
....
108%
107%
64%
107%
O
A
J
145
*141%
1952
63
D
A
12%
....
106%
'87%
87
J
»f deposit
Fonda Johns A Glov 4 %a
106
J
J
15
106%
M N
J
1959
100% 103
J
J
25
106% 108%
105
108%
10
112%
1974 M S
♦1st A ref 6s ser es. A
*42
'
42
25*
98% 103
5
108%
*14%
110%
•Certificates of deposit..
L gen 4s—1993
General 6e series B
—1993
Ref A lmpt 4%s series E—1977
Cln Wabash A M Dlv let 48.1991
St L Dlv let coll tr g 4s
1990
Spr A Qol Dlv let g 4s—,.-1940
W W Val Dlv 1st g 4s.1940
Cleve Elec Ilium 1st M 3%s—1965
Cleve A Pgb gen gu 4 mb ser B.1942
Series B 3 Mb guar
1942
Cieve Cln Chlo A St
40
....
no%
J
J
1942
ser es
*110
Cln Leb A Nor Is* con gu 4s...
3 m ser D . 1971 MN
J
Clearfield A Mah 1st gu 5s—, 1943 J
Cln Un Term 1st gu
111% 112%
110% 112
....
54
O
J
lat Hen 6s stamped
110%
110% 111%
Internationa
*100
1942 M N
32
,
......
*20
110% 113
A
1942
30-year deb 6s series B—
1964
Flrestope Tire A, Rubber 3%s.l948
{♦Fla Cent A Pennln 6s.
1943
1951
112
*40
32
32
7
106%
1st Hen b t Sb stamped.——.1942
18
108%
guaranteed,
3
111%
*111%
6%
3%
....
32
111%
106%
1956
J
8 Mb
4%
32
D
1954
Ernesto Breda 7s.
J
Chic A West Indiana con
10%
J
60%
43
5
0%
5%
5
12
—193*
1963 J
-"ries D
series E
3
10
J*..
Erie RR ext 1st 4s„1947
(♦3d mtge 4%s
1963 J
lat mtge 4s
*3%
12
6%
35
1st » f 6S..1967
River
105%
108%
let mtgt 8%»
3%
101
J
15%
14%
3%
100%
1967
1976
1955
O
105%
9%
....
111%
D
4a—..199*
-——-1953
195 J
D
—19S3
1944 A
—.
4
7%
1
9%
3%
3%
5%
""3%
105% 107%
105% 107%
41
9%
8%
106% 108
2
....
9%
9%
2
107
...
High
Low
MN
prior.-1996
Fairbanks Morse deb 4s
,
J
Federal Light A Traction 1st 5s 1942
Chicago Union Station—
Guaranteed 4a
—
D
1st consol gen lien g
4
50
.
S
J
6S—1995
11
57%
49
5
57
.'
*77%
J
J
50
•
11
70
84
M S
M
lstg 5s
El Paso A S W 1st 6s
4
6
5%
6
2%
45
10%
....
6%
106%
J
1962
1941
1965
1965
3%s ser B—1940
1940
46
.*4%
J
J
Elgin Jollet A East
12%
109
104 H
O
Lite conv 4s
Electric Auto
5%
2%
A
A
E st T Va A Oa Dlv
11
12%
5
5
F
Nor Dlv 1st 4S..1948
1st 5s
1956
16%
19
20
.
108
6
16
5%
47
5%
MS
5S--1960
Deo 1 I960
-
4%S—1961
Dow Chemical deb 3s
---1951
Dul MlssabeAIr Range Ry 3%sl962
{(♦Dul Sou Shore A Atl g 5s.-1937
Duuuesne Light 1st M 3%s_—1965
12
35
2
105%
107%
106%
A
1995
♦Second gold 4s
7%
11%
J
F
Detroit Term A Tunnel
11
57
No.
108%
J
J
G—1966
7%
*44
J
6s.—1995
Gen a ref mtge
20
7%
*10%
Chic T H A So'eastern 1st
lnc
3 %s ser
♦Detroit A Mac 1st lien g
10
15
High
108%
104%
107%
106%
106%
*104%
{♦Des MAH Dodge 4s ctfs—1935
M 8
{♦Des Plains Val 1st gu 4 %s—1947
F A
Detroit F lison Co 4 %s ser D—1961
A O
Gen A ref M 4s ser F. —1965
10%
....
MN
B.-.Apr 1978
♦Ref A Imp* 5s ser
J
MN
♦Assented GubJ to plan)
Series C 3 %s
F
J
MN
June 15 1051
4a.-——1951
8 Ha
16%
10
10
3%
1960
,
16
J
1936
1955
(♦Consol gold 4%e
{♦Den A R G Wee* ;en 5s. Aug
29
28 H
12
10%
2
10%
11%
J
28%
3%
9%
....
16%
M N
1988
Ch St L A Naw Orleans 6a
Gold
7
J
deposit
Memphis Dlv 1st g
11%
2
2
7%
deposit-----(♦Secured 4 Ha aeries A
1952
Certificates of
110
I)
MN
♦Certificates of
♦
6%
J
1934
♦Conv g 4 mb
62
12
10%
—- —
gold 4s
19%
19%
*9%
*12%
6%
—...
..
1
3
2%
11
M N
1987
1936
stamped.
(♦Secured 6 mb
♦4 mb
29
11
*11
5«—1951
Stamped as to Penna tax
1951
{(♦Den A R G 1st cons f 4s
1936
27
18%
7%
11
11%
18
23
10%
M N
♦Stpd 4a non-p Fed inc tax
19%
18
22%
2
2
11
75
H2%
19«9
-—????
1st mortgage 4 %s
6
63%
mmm-
J
Den Gas A El 1st A ref s f
5%
3
....
24
M N
11%
3%
....
21
23
M N
15
11%
21%
21
23%
3 %•—1987
24%
13%
1
21%
♦Gen g 3 %s
7
9%
9%
112%
♦Gen 4 %s series
series B-.May 1 1989
C—-May 1 1989
♦Gen 4%s aeries E—May 1 1989
♦Gen 4 %s series F
May 1 1989
{♦Chic M!lw St P A Pac 6s A..1976
♦Conv adj 6s
Jan 1 2000
86%
15%
....
11%
*3%
J
32
mmmm
11%
*8
MN
J
15
21
J
Since
Jan. 1
Asked
Low
1st A ref 4 %s
Range
Friday's
Bid
&
Price
1st 4 %s—1971
Del Power A Light
22%
81%
....
18%
*9
J
J
101
12%
12%
85
*84
5
J
J
1
2
Range or
Sale
N. Y. STOCK EXCHANGE
Week Ended May 26
High
97
*13
Chicago A Erie 1st
{♦Chic A No Weat gen g
Low
48
15%
13%
15%
no.
High
Low
MN
Jan
Asked
Last
BONDS
Range
Since
*100%
O
A
.2
<fc
Rid
Price
{(♦Chicago A East 111 1st 6a—.1934
{♦CAE HI Ry gen 5a
1961
♦Certificate# of deposit
f
May 27, 1939
Week's
Friday
5
42%
52
49
28
44%
09%
52%
56
17
52
41%
45%
187
71
*
56%
81%
83%
90
*
39
81%
*80
63
63
65
50
*46
♦
75%
♦II—-
85
1
1
1
1
1
1
...
63
46%
.....
60
65
46%
.....
63
1
1
_
*
"69%
"60% "ei"
WtiAW
Volume
New York Bond
148
Week
Ended
Bid
Price
No.
Low
N. Y
1
D
474
454
48
106
1963
D
44 4
424
45
64
1940
O
1037ji
103'ji
♦Ilseder Stsel Corp 6s
1948
Ind Bloom A West 1st ext 4s..1940
A
O
High
1961 F
34s series D
{Interboro Rap Tran 1st 5s
(♦10-year
♦1st 6s Berles
A__July
Merc
1944 A
O
A
Ref 8 f 6s series A
1947 J
43
584
584
2
51
66
{(•Met West 81 de El (Chic) 4s_1938
80
80 4
6
79
894
♦Mex Internat 1st 4s
asstd
♦4s (Sept 1914
1st 4s.. 1959 J
Laughlln Steel 44s A..1961
Kanawha A Mich 1st gu g 4s.. 1990
{(♦K C Ft 8 A M Ry ret g 4s..1936
Kan
"82 "
814
84
49
72 4
20
20
87
584
34
484
60 4
984
25
93
92
10
82 4
94 4
$♦5111 A No 1st
83
5
76 4
83 4
•'
884
954
714
♦Con ext 4 48..
t* Mil Spar A N W 1st
814
98
4
*954
614
64 4
66
684
654
684
180
56
1
2
2
2
91
914
924
111
99
100
95
8
8
7
4
J
*66
*23
25
23
32
104
*234
104
73
84
284
44
174
314
34
8
J
M N
64
64
14
14
14
*4
14
24
3
g4s Intgu *38 J
1933 J
J
con
64
74
10
84
J
54
44
44
10
4
64
11
6
9
72 4
♦26-year 6 4s
8
64
684
22
56
714
•1st A ref 6 4s series B
*
1074 1094
107
36 4
M.*
*164
warr (par $926)-.1943
Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4 4s... 1961
Stamped
1961
164 '174
Plain
8
J
J
*
"77"
O
A
*854
J
Kresge Foundation coll tr 4s..1945 J
2
08
2
103
1
95
98
100 4
1014
1054
1034
105
1054
7
1024
1034
29
b
J
20
20
20
1
19
34
O
9
63
8
24
99
♦Ref A Impt 44a
53
554
25
45
58 4
524
17
504
*43 V
43
45 4
41
504
67
O
67
90
J
744
....
1
854
25
1981 F
894
53 4
A
63 4
Monongahela
3
894
894
cons
♦General
cons
♦5s assented
40
Leh Val Term Ry 1st gu g 5e
5s assented
Lex A East
1st 60-yr 6s gu
Llgget A Myers Tobacco 7s
6s
:
Lion Oil Ref
conv
Liquid Carbonic 4s
174
22 4
294
274
194
34
45
65
45
964
8
70
934
704
1004
974
72 4
79
674
674
664
s f
6s series A
1094
94
94
1955
"234
*
42
41
43
20
41
1956 M N
414
39
42
66
39
Constr M 4 4s series B
1955 M N
Mountain States TAT 348—1968 J D
374
374
384
37
6
'
1094
48
2000
109"
Mutual Fuel Gas 1st gu g 5s._.1947 MN
Mut Un Tel gtd 6a ext at 5 %..1941 MN
22
Nash Chatt A 8t L 4s
A
1978 F
164
24
18
22'
Nassau Elec gu g 4s stpd
Nat Acme 4 4s extended to
1951 J
1946 J
24
2
22
1
364
2
30
494
Nat Dairy Prod deb 34
36
1
35
36
Nat
444
8
40
66
/
,
Gypsum 44s
8 f
ser
J
*684
434
414
13
214
134
154
15
15
1
134
38
14
21
18
18
1
16
22 4
164
164
1
154
*41
.
55
57
MN
1064
1064
1064
debs....I960
MN
106
1054
106
128
100
1074
1074
107
1104
108
107
107
*106
102
D
4,
103
*49
50 4
1074
1074
68
68
17
127
18
1274 130
v
...
"48
984
1164
1294
99
103'
4
*4
*4
4
4
"in
4
14
14
*4
*4
4
14
4
14
•
on
*26
♦4s April 1914 coupon on
.1951
»4s April 1914 coupon off...1951
♦Assent warr A rets No 4
on
*61
g
4s
1954 MN
1948 J
D
J
*20
J
21
664
1084
68
1st g 4 4s series B
1961 MN
N J Junction RR guar 1st 4s._1986 F A
N J Pow A Light let 448
1960 A O
New Orl Great Nor 6s A
87
1944 A
O
1951 F
A
A..1969 J
J
844
Louisiana Gas A Elec 34s
1966 M S
Louis A Jeff Bridge Co gu 4s..l945 M 8
1104
6s
Louisiana A Ark 1st 5s
ser
1284
1284
1294
1264
1264
5
19
1940
85
45
110 4
1094
26
*1084
100
2003
93
91
109
93
19
2003
85
844
854
55
2003
80
80
80
1st A ref
2003
75
764
Paducab A Mem Div 4s
1946
8
Mob A
M
J
J
♦
1955 MN
Lower Austria Hydro El 6 48.1944 F
A
844
83 4
844
*674
1054
794
*1054
.
For footnotes
see
page 3191,
994
93 4
89 4
13
74
35
*
854
974 101
....
82 4
65
88
1114
77
104
1054
22
1054
*234
"
A
91
84 4
110
—
101
80
MM*...
S
Montg 1st g 44s
1945
South Ry Joint Monon 4s...1952
99
8
100
*994
St Louis Dlv 2d gold 3s.....1980 M
Atl Knox A Cin Dlv 4s
1274 1294
1264
754
904
108
1104
1224
1054 1084
100
994
1st A ref 4 48 series C
1st A ref 4s series D
34s series E
X
""4 ""a
60
1224
*24"
124"
20
1264
1264
1274
1264
274
274
1244 1284
,1234 128
1064 1094
21
20
1064
108"
1083 J
J
684
704
N O A N E 1st ref A Imp 4
65
75
4s A 1952 J
J
54
55
50
694
O
1955 J
J
1st A ref 5s series B.
105
102
105
1054
102
1054
654
674
58
27
'"674
29
23
744
344
28
30
244
37
1044
105
1044
D
New Orleans Term 1st gu 4s...1953 J
244
A
O
1954 A
O
314
33
♦1st 6s series C
84
Louisville A Nashville RR—
Unified gold 4s
1st A ref 6s series B
"14
*1244
1264
1264
4
4
864
80
85
84
New Orl Pub Serv 1st 5s ser A..I952 A
Lorillard (P) Co deb 7s
D
62
814
*40
{♦New England RR guar 6s... 1945 J
♦Consol guar 4s
1945 J
New England Tel A Tel 6s A..1962 J
Newark Consol Gas cons 6s
49
804
4
.
{♦Naugatuck RR 1st
104
11
8
46
1024 1064
1044 108
*4
5
....
150
102
off-1957
"5
-
844
*
96 4
-
914
844
8
112
68
*824
8
M
129
*99
1949 M
1284
1284
1284
57
"~2
72
294
coupon on..1957
coupon
{♦Assent warr A rets No 4
'
61
116
25
102
w W..1951
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien 4 4a—
58
56
116
434
*102
♦4s April 1914 coupon on....1977
♦4s April 1914 coupon off...1977
224
38
100
97
69
*4
*4
♦44s July 1914
♦4 4s July 1914
22
16
.
74
♦Assent warr A rets No 4 on '67
52
214
*40
Lone Star Gas 34s debs
1953 F A
♦Long Dock Co 34s ext to...19.50 A O
Long Island unified 4s
1949 M 8
1949
134
144
_
49
1094
1164
National Rys of Mexico—
52
454
7
154
debe__1947 J
Guar ref gold 4a.
4s stamped..—
45
9
"ia"
1951 F
1952 J
2
454
454
154
144
O
64
114
*994
D
5
454
.1941 A
.
374
1044
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A
22
45 4
164
1104
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1955
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434
154
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94
*
—1955
36
~
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100 4 1034
36
J
108
234
364
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45
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.
107
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1943
25
244
56
24
Little Miami gen 4s series A...1962 M N
Loews Inc 8 f deb 3 4s._
1946 F A
Lombard Elec 7s series A
15
23
*164
48
91
39
20
22
deb 44s...1952 A
conv
184
25
274
f 4 4s se»1es C...1955
18
24
1965 A
1944 A
65
192
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164
17 4
34
22
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214
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65
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s
314
....
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124
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"70*"
1084
s
37
22
2003
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1084
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23
22
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6s
214
204
100
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37
22
2003 IVIN
.....
44
124
15
107 4
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20
1964
2003 MN
4s
214
194
1004
64 4
*23
III—I
2003 MN
4
57
2
1965
274
64
*30
6s...1964 F" A
♦4s assented
♦4 4s assented.
134
*644
♦4 4s Jan 1914 coupon on...1957
♦General
8
*124
1960
j
6s debentures.....
844
10
*33.
"""
4s....2003 IVIN
124
24
13
134
ser A *60 MN
West Penn Pub Serv
514
6
53
1974 FA
cone g
124
3
13
134
Monongahela Ry 1st M 4s
52
214
48
524
!..1944
4 4s assented
134
Montana Power 1st A ret 848.1966
Montreal Tram 1st A ref 6s
1941
Lehigh Val Coal Co—
1940 J
1940 J
124
1
134
124
*124
(♦Secured 6% notes
1938 M S
Mohawk A Malone1st gu g 48.1991 M S
75
84
"4
-
65
24
53 4
~J~j
124
24
MN
g 6s..1947 F A
1977 M S
♦Montgomery Div 1st
58 4
61
63
444
■/.
7
42
47
854
♦Certificates of deposit
1974
♦She 6% notes extend to....1943
204
64
214
204
3
95
$MoblIe A Ohio RR—
/
1st mtge 4 4s
FA
*
214
124
,.13
134
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(♦Mo Pac 3d 7s ext at 4%.July 1938
914
*
1954
174
124
124
.1980 A
134
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,1964
124
12 H
♦Certificates of deposit.
♦1st A ref 68 series I
794
.43
A
14
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102 4
9
15
134
108 4
...
514
"34 "22
34
134
1978
.1978 M N
24
684
70
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!l949
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100
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134
8
♦Certificates of deposit
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98
,134
134
I
1976 M
1044
„
84
1077 M 8
4s.
52
.....
1954 F
A....1965|F A
♦1st A ref 5s series G
GeD A ref
4 4s
1978 J
A....Jan 1967 A
29
624
1942
1976 Dec
J
Lehigh C A Nav s f 4 48 A
1954 J
Cons sink fund 44s ser C
J
1954 J
Lehigh A New Eng RR 4s A...1965 A O
Lehigh A N Y 1st gu g 4s
1945 M S
♦Certificates of deposit
324
114
1997
♦1st A ref a f 6s
37 4
174
90
♦1st mtge income reg
n
194
26
884
1941
♦Certificates of deposit
99
174
224
184
170
18
644
'
3% to._1947
♦Certificates of deposit
354
194
J
554
1942
f 5e_.
354
224
34
J
1962 J
1962 J
A
ser
114
Lake Erie A Western RR—
♦5s Ctfs of deposit...!
17
894
1960
2d gold 6s
166 4
88 4
"IOI4
1953
Lake 8b A Mich Bo g 3 4s
Lautaro Nitrate Co Ltd—
70
D
♦Certificates of deposit
1064
98
(♦Laclede Gas Light ref A ext6sl939
Coll tr 6s series B
62
♦1st A ref 6s series F
.....
79
874
1044
1064
•»
1959 M 8
;
♦General
77
72
.....
163
1044
A
Coll tr 6s series A
1
*166
J
34e collateral trust notes...1947 F
{♦Krsuger A Toll secured 6s
Coll A ref 64s series C
Coll A ref 648 series D
70
$*MoPac 1st Aref5sser
85
A
F
J
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1964 J
Kinney (G R) 6 4s ext to.....1941 J
D
Koppers Co 4s series A
1951 M N
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J
♦Certificates of deposit
90
*55
15
''
J
J
4
14
664
Prior lien 4 4s series D
-
77
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J
1961
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1961
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1997
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Kings Co Lighting 1st 5a
:._1954
*
24
14
66
B
ser
2
14
664
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100
1074
106
10
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924
1064
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series
24
J
27
03 4
13
98
98
40-year 4b
*8
8
1
20
19
27
M
M-K-T RR pr lien 6s
36
304
2
164
1049 M
:
1978 J
$♦ Mo-IU RR 1st 5s series A...1959 J
Mo Kan A Tex 1st gold 4s
1900 J
103 4
50
8
....1940 M
♦Ref A ext 60-yr 6a ser A... 1962 Q
65
22
42 4
F
1934
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11
26
76 4
144
D
1047 M
674
1094
94
1930 J
4s
gu
74
1054
72 4
—
124
65
24
14
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754
124
J
105
994
*41
J
109
89.4
"904 *97"
D
I* 1st cons 5s gu as to Int...1938 J
♦1st A ref 6s series A
1946 J
*1054
12
944
364
35
J
4
88
854
D
84
4
"30" "36"
994
23 4
1943 M N
Keith (B F)
4
33
79
J
102
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244
684
54 4
1044
1104 1U4
8
5
O
39
101 4
100
2
1980 J
1st 6s
gu
1104
4
;
stmp (par $926)..1943 M N
Lpb Val Harbor Term
1104
254
684
strap (par *645)..1943
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104
84
w
f 6s.
1034
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72
104
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ctfs,.
{(♦M 8t P A 88 M
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294
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w
8
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494
84
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834
25
w
s
82 4
81
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81
884
S
{♦Mllw A State Line 1st 34I..1941 J
96 4
47 4
444
95
O
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6s 1937 extended at
ext 4
244
*63
D
1940 J
Line 4s
26 4
23
*864
A
Apr 1950 J
1960 J
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♦Karstadt (Rudolph)
Ity Air
178
174
S
1977 M
....
33 4
35
A
1950 A
Kansas City Term 1st 4s
454
324
724
614
23
*29
254
City Sou 1st gold 3s
Kansas Gas A
434
444
67
39 4
58 4
90 4
"l6
1977 M
High
1054 107
37
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1951 M S
1st gold 3 48
1952 M N
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J
C....1979 J
t*M!d of N J 1st ext 68
1940 A O
75 4
6
46
49
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S
A
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"23
314
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100
53
_
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deposit
Ref A Impt 6s
<
94
*
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4
94
10
90 4
D
M
2
10
S
Prankl A Clear
12
coupon)
F
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1966 J
Michigan Central Detroit A Bay
204
974
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A
Jones A
9
56 4
84
J
M
13
24
2
A
{♦Iowa Central Ry 1st A ref 4s. 1961
994 103
104
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'
8
1947 F
21
103
474
30
J
1945 M N
Ed 1st 4 4s series D...1968 M 8
W8t 8ew A D 5 4s
1950 A O
68
94
444
S
warr..
63 4
102
47
J
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No.
18
107
30
O
*9
M N
1972
Int Telep A Teleg deb g 4 4s.. 1952 J
Debenture 5s
1955 F
James
48—1941
Jan. 1
734
M N
J
f 6s-.... 1947 A
a
27
94
J
M
..1956
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Metrop
Metrop
M
Since
Asked
High
1064
42
J
A...April 1940 Q
12
O
1941
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Mead Corp
52
J
Internat Paper 5s ser A A B
Marlon Steam Shovel
Marktt St Ry 7s aer
68
60
J
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70
66
35
O
1956 J
ser
1094
56
59
J
1952 A
B
106
65
644
32 4
103
1952 J
Internat Hydro El deb 6s
Int
M N
A
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13
64
804
O
1956 J
♦Adjustment 6s
109
60
S
1947 A
Int Agrlc Corp 6s stamped..,.. 1942
set
104 4
97 4
584
M
notes...1932
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{♦Int-Grt Nor 1st 6s
90
—
A
*654
D
13
—
93
62
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♦Second 4s
2013
Manila Elec RR A Lt ■ f
6s... 1953
Manila RR (8outh Lines)
4s...1959
{♦Man G B A N W 1st 3
104
O
95
104
Feb 1 1957 M N
8 f
{♦Manhat Ry (N Y) cons 4s..1990 A
♦Certificates of deposit
70 4
8
•
*60
♦Certificates of deposit
Interlake
95
66
1074
~~6§"
1932 AO
7%
conv
414
,
70
924
93
Certificates of deposit
(♦10-year 6s
32
99
*104
J
Manatl 8ugar 4s
1037« 105
Range
Friday's
Bid
Low
s f deb 5s. 1951 MN
Maine Central RR 4s ser A... 1946 J
D
Gen mtge 4 4s aeries A
D
1960 J
604
664
20
*74
A
1966 J
Inland Steel
404
2
*55
J
43
12
384
*
J
1950
J
{♦Ind A Louisville let gu 4s
1956
Ind Union Ry 3 4s series B..1986 M 8
l'J48 J
103su
38
Ind III A Iowa 1st g 4s
Rayon 4 4s
Range or
Sale
Price
McCrory Stores Corp
1963
Industr'a!
Week's
Last
STOCK EXCHANGE
Ended May 26
Week
111 Cent and Chic St L A N
1st A ref 4 4s series C
Illinois Steel deb 4 4s
3189
BONDS
Since
Jan.
QQ
High
Low
Joint 1st ref 6s series A
4
Friday
Range
£2
Friday's
Asked
A
Sale
26
May
•5
Range or
Last
N. Y. STOCK EXCHANGE
Record—Continued—Page
Week's
Friday
BONOS
1956 F
A
*274
35
♦1st 44s series D
1956 A
F
*27
30
24 4
24
♦1st 548 series A
1964 OA
29
20
244
{{♦N O Tex A Mex n-« Ino 5a..1936
♦1st 6s series B
♦Certificates of deposit...
♦Certificates of deposit
"30
*26
*27
23
35
364
354
394
344
I
New York Bond Record—Continued—Page 5
3190
BONDS
N
Last
Y. STOCK EXCHANGE
Week Ended May 26
Range or
Friday's
Sale
Price
Bid
A
Low
Newport A C Bdge gen gu
N Y Cent RR 4a series A
J
4 Xs. .1046
56 X
Asked
High
57
50)4
.1946 A
O
72 X
72
No.
A
O
49)4
46)4
A
O
53 X
51
IVIN
59 X
67
.2013
series A
.2013
series C
.1952
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.1997
Y Cent A Hud River 3 Xb
J
J
78
"49)4
A
Lake Shore coll gold 314s.. 1998
.1998
Mich Cent coll gold 3 He
Ref A impt 4 He »er
Pa Ohio A Det 1st A ref 4Xs
62 X
51
09X
50
77 X
65
79
77
2013
70
84 X
76)4
85 X
62 X
70
4X0 series B
1981
Pennsylvania PAL 1st 4X8—1981
Pennsylvania RR cons g 4s
1943
Consol gold 4s...
...1948
4s sterl stpd dollar.May 11948
Gen mtge 3Xs series C
1970
Consol sinking fund 4X8
1960
59
5954
~59~
1974 A O
68)4
47 X
39
71X
69)4
83X
1978 M S
2
4954
111
45 X
60
14
59 X
59
59
5
56
52
50
54
4s collateral trust.——. 1046 F
1st mtge 314s
48
44)4
48
214
A
70
70)4
5
05
extended to... 1947
80
81
8
1941
56
57
7
60
1953
10554
♦107)4
11
104
106
General 4X8 series
107
107
1953
1061
.107)4
51
Conv 6% notes..........— 1947
1965
N Y Edison 3lis ser D
1066
1st lien A ref 3 lis ser E
100)4
50
RR
N Y Gas El Lt H A Pow g 5s.. 1948
Purchase money gold 4s.... 1949
49
49
58
109)4
110
14
111
109)4
UIH
111)4
48
Peoria A Pekin Un 1st
107 X 110
107 X 111)4
Pere
N Y A Erie—See Erie
D
F
A
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gold 3*48——2000 WIN
125)4
117)4
125)4
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N Y A Harlem
N Y. Lack A West
4s ser A....1973
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100)4
51)4
53
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4J4s series B
....
1973
♦NYLEAW Coal A RR 5Xs '42 WIN
53
*50)4'
*20 X
♦Conv debenture
♦Conv debenture
3)48..-.--1956
6s.....—1948
1940
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A
1927 ..1967
1992
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10
10
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8
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O
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J
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—
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2047 Q
2047
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2047
Ref A lmpt 6s series C
:2047
Ref A lmpt 5s series D
.2047
Northern States Power 8 Xs_—1957
Northwestern Teleg 4)4s ext. .1944
...
...
*38
9754
1054
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J
J
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110
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112
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38
J
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1950 J
71
71
106
1942
40 X
40 X
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109X
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..
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45)4
16
42
64
38
107'
X
110
f
7s.'
,
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:
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Richfield Oil Corp—
6X
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4
41
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5
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88
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4
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24
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99
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1955 A
35
91
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91
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51
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28
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J
1997 J
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J
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Potomac Elec Pow 1st M 3X8.1900
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1
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105 X
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08—1942
....
•
108X 108 X
104 X
105
D
4X8.1956 J
..1940 J
10454
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110
103 X 105 X
113 X
112X
112X
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53
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118X
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81X
67
Richm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s
Gen mtge 3Xs series 1
con
"33"
32
1977 MS
1962 M S
16
46
32
44
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5
15 X
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1967 M S
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1948 A O
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"l949 J* J
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10X
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1965
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{♦Rio Grande West 1st gold 4s.l939
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103 X 105 X
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J
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Safeway Stores s f deb 4s— 1947 J D
Saguenay Pow Ltd 1st M 4X8.1906 A O
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J
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105 X
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4
106 X
11
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2d gold 6s
*60
J
1990 J
i960 A O
St Louis Iron Mtn A Southern—
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1933 MN
104X 106X
105 X 107
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1942 J
D
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1944 J
D
103
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1963 F
103)4
102)4
95
90
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6s stamped
conv
112 X
89 X
F
53X
109
Pat A Passaic G A E cons 6s... 1949 Wl 8
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106
J
60 X
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53
99
14
1
O
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96
Pitts Va A Char 1st 4s guar. —1943 MN
Pitts A W Va 1st 4 Xs ser A. -1958 J D
41
108 X
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4
7
10X
5
105 X
9
109
D
3
16
17
91X
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197
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42
9X
95
105 x
O
4354
100
Paramount Pictures deb 6s... .1955 J
,1947 Wl 8
8)4s conv debentures
For footnotes see page 3191.
D
1975 A
4354
106
A
.1970 J
-1977 J
85
107)4
J
11X
3X
98 X 105
109 X 112X
106X 106 X
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68
£..
109
10754
3X
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116X
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Revere Cop A Br 1st mtge
6)4
108)4
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Porto Rico Am Tob
107
138
4Xs—- —1964 MN
J
104
2
105
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*116X
ser A.
1948
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1902
1st gen 58 series C
..—1974
1st 4 Xs series D..
1977
108
110
108 X 113
104
109 X
112X
A
O
71
100 x 115
105 X
A
1st mtge 4Xa series B
-1959 A
1st mtge 4Xs series C—__ —1960 A
67 X
108 X
*108 X
*108
.1057 MN
Rand deb 4X0 W w.1956 M S
Rensselaer A Saratoga 6s gu
1941 MN
Republic Steel Corp 4Xs ser B.1901 F A
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107)4
1952 WIN
guar
76
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60
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108)4
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cons
59
54
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95
D
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.1953 J
103
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.1938 J
1944 A
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.1949 F
65X
100
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.1955 F
1st M s f g 3s loan ctfs
...
Series F 4s guar goldSeries G 4s guar..—...
72
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12
97
112X
10X
.1945 MN
43
110
i
Paducah A 111 1st s f g 4)4s.... .1955 J
Parmelee Trans deb 6s
Series D 4s guar..
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39
109)4
J
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Ref mtge 3)4s series C .... .1966 J
106
D
60
44
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J
D
2
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1st A ref mtge 8)4s ser I.... 1966 J D
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1
107
41)4
42)4
:
45
J
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107
53
J
J
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J
{♦Radlo-Keltb-Orph pt pd ctfs
for deb 6s A com stk
(05% pd)—
107
109X
109 X
A
104 X 100
103 X 100
-
178
F
{♦Providence Sec guar deb 4s—1057 MN
{♦Providence Term 1st 4s
.1960 M S
Purity Bakeries s f deb 5s
J
1948 J
105X 107X
110
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64
60
118 X 123 X
50
123)4
106
106
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Ontario Power N F 1st g 5s... .1943 F A 112«m 112?»J! 112*«a
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110
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11654
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... .1946 J
117)4
118)4
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111X
109
110
O
Pitts C C C A St L 4Xs A— —1040
o
Series B 4Xs guar.
-1942
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.1942 M N
Port Gen Elec 1st 4Xs
1st 5s 1935 extended to..
4
17
1974
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81
20
96 X
115X 117W
112X 116X
48
68X
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103 X 106 X
33
52 X
56
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45
6
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106
40
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61
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129
117
116X
50X
49
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89 X
74X
61
96 X
81X
.1949 M S
J
101X 105X
5X 12X
6X
9 •.
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1943
68
J
Pacific Coast Co 1st g 5s
1946
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42
1
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{(♦Philippine Ry 1st s f 4s
1937 J
Phillips Petrol conv 3s
1948 M S
MN
Pirelli Co (Italy) conv 7s
1952
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104X
86
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J
95X 100
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79
24
83
79 X
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90
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50 X
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15
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95 X
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19
89
95 X
81X
93
1
5
81X
83
J
93
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"IS
112
J
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"~2
95 X
105
sec 6s series A
—.1967 J D
Phlla Electric 1st A ref 3X8—1967 M S
J
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77
62
44 X
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72
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....
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45
112X
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8X
17 X
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100
42)4
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4s debentures.....
.1946 J
27 X
112X H2X
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43)4
J
16
104
1
*50
J
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Ohio Edison 1st mtge 4s..... .1965 MN
1st mtge 4s
.196/ M S
......
17X
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J
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A
80
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Norf A W Ry 1st cons g 4s..__1996 OA
North Amer Co deb 3Xs—.1949 F A
debenture 3Xs—
j
1954 F A
debenture 4s
—1
1959 F A
North Cent gen A ref 5s
..1974 Wl 8
Gen A ref 4)4s series A...r_1974 Wl 8
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1936 A sub coupons..1945 A O
♦Oct 1938 A sub coupons.... 1946 AO
Ctfs of deposit stamped
♦Apr *33 to Oct *34 coups. 1945
♦Apr *33 to Apr'38 coups.. 1946
Ref A lmpt 4 )4s series A
75X
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J
1
12
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.
11
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N Y Steam Corp 3)4s
...1963
{(♦N Y Susq & West 1st ref 6s 1937
(♦2d gold 4 )4s.
—
1937
♦General gold 6s....——1940
♦Terminal 1st gold 5s ......1943
N Y Telep 1st A gen s f 4)4s...1939
Ref mtge 3)is ser B
.1907
N Y Trap Rock 1st 6s..
1946
6s stamped...
.1946
{(♦NY Westch A Bost 1st 4Xs *46
Niagara Falls Power 3)4s—..1966
Niag Lock A O Pow 1st 6s A..1966
Niagara Share (Mo) deb 6)48.1950
YNord Ry ext sink fund 6)4s—1950
{(♦Norfolk South 1st A ref 68.1961
♦Certificates of deposit.
58 X
♦Conv deb 0s
11
J
J
A
1942
General 4Xs series D
61
50
"IT" "13""
5
112
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A
Jan. 1
81
1977 J
1981 J
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i
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70
13
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1980 M S
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9954
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{♦N Y Providence A Boston 4s
17 X
09 X 102
48X 63
60-
70
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116X 117X
54
70
"OO"
MS
{♦Harlem R A Pt Ches 1st 4s 1964 WIN
{♦N Y Ont A West ret g 4s
6
1956
ir
97 X
95 X
104X
108X
111X
1st g
33
♦Debenture 4s....—.—-.1957 WIN
♦1st A ref 4)48 ser of
123 X 126
12
25
100)4
♦45 '
i
Imp 6s 1943 J
N Y A Long Branch gen 4s
1941 M S
♦N Y LEA W Dock A
{(♦N Y A N E (Bost Term) 48.1939
{♦N Y N H A H n-C deb 4s
1947
♦Non-conv debenture 3Xs—1947
♦Non-conv debenture 3 X®—1954
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s....1956
24
15
♦12
100)4
8
125)4
11754
5X8—1974
Marquette 1st ser A 58—.1950
1st 4a series B
J
No.
97 X
95 X
104X
1984
——1952
E
"_97X
J
O
Peop Gas L A C 1st cons 6s
1943 A O
Refunding gold 5s.———1947 M S
Peoria A Eastern 1st cons 4s—1940 A O
♦Income 4s
April 1990 Apr
59X
5
D
Gen mtge 4Xs series
Conv deb 3Xs—
72)4
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52)4
50)4
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100
98X
A
1970
.1981
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77 X
3-year 0% notes—
N Y Connect 1st gu 414s A....
1st guar 6s series B
N Y Dock 1st gold 4s....—..
O
Since
©
05 CO
*106 X
J
—1968
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A
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A
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77
47
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A.1977
82 X
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83
7654
.1942
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71
186
99 X
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A
Low
Penn-Dlxle Cement 1st 6s A—1941 M S
D
Penn Glass Sand 1st M 4X8—1960 J
73)4
•
Bid
Range
or
Friday's
Price
26
May
High
60)4
42
54
10-year 3X® sec s f
Low
67
49)4
Ref A lmpt 6s
Week Ended
Range
Sale
EXCHANGE
N. Y. STOCK
109 X 110
"74
73
Bet A lmpt 4 He
N
Since
Week's
Last
BONDS
Range
Jan. 1
fiJOQ
111
♦110
.1098 F
May 27, 1939
Friday
Week's
Friday
103)4
104)4
t.0
57X
90X 102
82 X
89
98X 102 X
45
58
123 X 125
45
61
101X 103
101X 103 X
102)4
103)4
99 X 103
98 X 103X
102)4
103
98 X 103 X
103
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{♦St L Peor A N W 1st gu 5s.—1048 J
St L Rocky Mt A P 6s sptd
1956 J
{♦St L-San Fran pr lien 4s A—1950 J
1950
♦Certificates of deposit...—
♦Con M 4Xs series A
..1978 M~S
♦Ctfs of deposit
stamped......
{8t L SW 1st 4s bond ctfs
.1989 MN
♦2d 4s lnc bond ctfs...Nov 1989 J
(♦1st terminal A unifying Ss.1952 J
♦Gen A ref g 5s series A
1990 J
8X
8X
8X
8
J~~j
52
65 X
1
51X
64
12X
52X
7X
17 X
13X
14X
14
14
13X
18
56 X
J
♦Certificates of deposit
24
56 X
*13
J
J
60 X
56 X
♦Certificates of deposit
♦Prior lien 5s series B
89
57 X
8X
8X
58 X
56 X
3
7X
7X
8X
8X
55
8
8X
25
7X
7X
8
8X
28
7X
9
22
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53
7X
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58 X
7
54 X
8
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58
58
27
27
J
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J
16
16X
J
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10
"l5
16
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14
65
35X
23X
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Volume
New York Bond
148
BONDS
N.
Y.
8TOCK
Week
Last
EXCHANGE
Ended
Ranoe or
Sale
?!
May 26
Friday's
&
Asked
Bid
Price
D
t Pacific ext gu 4b (large).'—1940 J
St Paul Un Dep 6s guar
1972 J
J
1943 J
O
♦Stamped
J
b f 6 Ha series B
♦Stamped
Scioto V A N E 1st gu 4s
1935 F
M
S
*3
1952
I960
o
South A North Ala RR gu 5S..1963
South Bell Tel A Tel 3Ha
1962
Southern Colo Power 6s A
Southern Kraft Corp 4Hs
Southern Natural Gas—
102*»32
San Ftsb Term 1st 4s
93%
44
104%
21
92
40
42%
40%
45%
187
40
40%
188
39
57%
37%
67%
288
37%
57%
90
51
68
34
82
93
40
52%
54%
83 H
82
84%
62%
82
64
48%
1956
64
69
62%
*60
150
55%
A
D
2%s
.1953 J
A
J
J
J
J
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...
48
108%
5
5
16
15%
105%
105%
105%
106
91%
61%
57
76%
58
80%
80
60%
74
62
103
104%
22
68
105%
106%
14
106
127%
127%
2
125
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103%
105%
76
80
:
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105
86
101% 103
"58
101»i«
1
115
6
1Q6%
108
19
108""
84%
85
13
1C4%
105%
.1943
106
369
84%
118
117"
117%
.1977
94% 101
101*i« 102%
113% 115%
103
79
Western Union
":44
D
81
19
78%
89
81
2
79%
89
9
10%
97%
44
56
10%
97
141
97%
.10%
107
25
107
106%
78%
39
37%
7%
87%
105
f 7a
13%
22
53
87
1
85
54%
{I^Unlon Elev Ry (Chic) 58—1945
106%
99%
126%
106%
106%
*24%
...
-
*24%
Union Oil of Calif 6s series A...1942
A
*73
108
108
O
3 Ha debentures
J
..1952
Union Pac RR 1st A Id gr 4s.-.1947
J
1st Hen A ref 4s
June 2008 M S
1st lien A ref 5s
June 2008 ¥ 8
34-year 3 Ha deb
1970 A O
35-year 3 Ha debenture
1971 MN
United Biscuit of Am deb 5s—1950 A O
United Clgar-Whelan Sts 5a...1952 A O
United Drug Co (Del) 6s
1953 M 8
U N J RR a Canal gen 4s
*10%
20
26
26
11
108%
9%* 13
29
114%
113%
114%
76
108
109
60
ii §%
112
112%
4
99%
131
99%
99
98
71%
85
106% 110
114%
106%
111%
104%
110
94
97%
76%
99
93
108
4
2
75%
*109
76%
35
110
116%
"26
105%
38%
*37%
105%
38%
"62
"46"
85%
98%
86%
99%
98%
99%
68%
108
68
67%
68%
25
100— 100%
1947
68%
100%
10
107%
4
Va A Southwest 1st gu 5s.
1st cons 5s
69
24%
1977 j
J
8
ser D
j
15
16
57%
59%
60
M
10
62%
62%
88
21%
50%
64
-
-
-
49
*42%
94
.
m
M
D
MM
O
94
*.
+
101%
8%
1
103%
13
92
»
-
-
M
M
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92
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-
-
110
110
j
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—
M
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-
MM
106%
106
during
the
107% 110%
5
140
100
107
range:
7
4%
5%
106% 110%
-
29
105%
MN
11%
9%
4%
2
102%
113
7
6%
....
105%
1961
110
-
1
1948 M s
transacted
-
10%
100% 103%
88% 97%
20
D
{♦Wor A Conn East 1st 4%s..l943 J
Youngstown Sheet A Tube—
1st mtge a f 4s ser C
-
M
110
M
6
10
O
~
101% 101%
7%
6%
*4%
97
90%
1
8%
91%
59
52%
104% 104%
109% 111%
103
M
22%
42%
61
101%
*.
M
M
67%
17%
45
—-
6%
5%
5%
110%
-
57
3
49
93
8%
J
-
85
*112%
A
Wisconsin Elec Power 3%s....1968 A
Wisconsin Public Service 4s
1961 J
sales
13
*105%
1949 M s
4s
59%,
21%
-
107
76%
89%
95
82%
104% 107.%
14% 23%
13%
23%
55%
66%
68
57%
5
15
50
.1940 M n
*.
45
107
14%
13%
1966 M S
F
84%
83
j
M
110% 112%
98
106%
62%
j
2361 J
81
62%
S
119% 122
105
15
d
J
9
15
107%
77%
15
J
Cash
112%
84%
1946 M
38
122
111%
106%
J
e
123% 127
105% 109%
80%
S
100*»«101%
127" ""5
121
O
1960 j
41
9%
110
103% 107%
current week and not Included in the yearly
'
"
"
.
•
No sales.
r
'
Cash sale; only transaction during current week,
30
118%
during current week,
•
'
not
r&t© of $4 S484
T The following Is a list of the New York Stock Exchange bond Issues which have
been called in their entirety:
Commercial Credit 2%s 1942, July 6 at 101.
\
Commonwealth Edison 4s 1981. June 27 at 105.
*
.
3%s series H 1965, June 27 at 104.
General Motors Accept. 3s 1946, Aug. 1 at
Home Owners' 2%k 1949, Aug. 1 at 100.
102%.
NordRys6%s 1950. Oct. 1 at 102.
Paris Orleans 5%s 1968, Sept. 1 at 100.
U 8 Pipe & Fdy 3%s 1946, May 20 at 102.
Warner Bros. Pict 6s 1939, June 29 at 100.
*,
.
'
'
'
-
.
..
'
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies,
♦
s
Friday's'bld and asked price.
Bonds selling flat.
No sales transacted during
Deferred delivery sales transacted
current week.
during the current week and not Included in
the yearly range:
,
Transactions
the
at
New
York
Stock
Exchange,
Daily, Weekly and Yearly
Stocks,
Week Ended
May
28(,1939
Railroad dk
Number of
Shares
Miscell.
State,
Municipal A
United
For'n Bonds
,
Bonds
Bonds
"
Total
,
States
193,280
$2,173,000
3,676,000
$260,000
723,000
423,130
4,104,000
,931,000
Wednesday
1,013,780
5,249,000
768,000
Thursday
1,010,450
.§,084,000
942,000
4,145,000
798,000
$25,431,000
$4,422,000
Saturday
'...
417,160
Tuesday.^..
......
,
623,870
Friday...
.
Bond
Sales•
$109,000
$2,542,000
738,000
710,000
5,137,000
5,745,000
491,000
6,508,000
330,000
503,000
7,356,000
5,446,000
$2,881,000
$32,734,000
•
1
■<#
3,681,670
Total........
Week Ended May 26
Sales at
Jan. 1 to May 26
New York Stock
10
83
in"
1938
.
1939
3,128,120
95,149,755
92,176,303
$2,881,000
$1,451,000
$38,926,000
$67,835,000
Bonds
Government
50
4,422,000
3,987,000
109,325,000
104,406,000
25,431,000
19,894,000
548,556,000
545,666,000
$32,734.000
$25.332,000
$696,807,000
$717,907,000
Railroad and industrial
Total
50
93
66
65%
99%
69%
69%
Stock and Bond
Below
96
are
the
daily closing
stocks and bonds listed
on
Averages
averages
compiled by Dow, Jones & Co.:
103%
106% 106%
20
83
54
22
42%
54
of representative
the New York Stock Exchange
.%
Bonds
Stocks
1%
10
I
*55
1938
3,681,670
State and foreign
50%
90
99%
93%
4
1939
Exchange
Stocks—No. of shares.
106% 106%
1%
*30
54
Odd lot sale,
n
106
36
108%
110%
110%
S
«
a Deferred
delivery sale; only
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
transaction
81
110%
37
1%
*%
J
2003 J
..1958 A
67
109
109%
*106
1946 M
♦Certificates of deposit
|*8up A Dul dlv A term 1st 4s '36 MN
♦Certificates of deposit
99 V
35%
83%
'
S
O
gu 6s. 1942 J
Wilson A Co 1st M 4s series A. 1955 j
Conv deb 3%s
1947 A
114%
104
'*107%
J
J
Va Elec A Pow 3%sser B.
.1968 M
Va Iron Coal A Coke 1st
g 5...1949 M
67
108%
111%
tf*Wllkes-Barre A East
as
|»VeraCruz AP 1st gu4H8—1934 J
J
I^July coupon off
67
l27~"
121
j
1943 A
White Sew Mach deb 6s
109
116%
99%
109%
71% 83%
109
29%
28%
86%
99%
99%
Vanadium Corp of Am conv 5s.1941 A O
Vandalia cons g 4s series A
1955 F A
Cons s f 4s series B
1957 MN
40
107
72
,
93
107%
71%
*37%
1959
47
40
40
109%
102
1944
{{♦Utl\ Pow A Light 5Ha
^Debenture 5s
35
89% 101%
23%
25
104uie 104%
105%
38%
United Stockyards 4Ha w W..1951
Utah Lt A Trac 1st A ref 5s...1944
S
d
1952 A
RR 1st COQ801 4s..
"98" 166"
76
109
108
♦Sink fund deb 6 Ha ser A...1947
Utah Power a Light 1st 5s
•
108%
J
U S Steel Corp 3 H a debs
1948
♦Un Steel Works Corp 6 Ha A..1951
♦Sec sf 6Hs series C
1951
:
109%
1952 j
2361 J
Wheeling A L E Ry 4a
60%
123% 125%
104% 109
30
114%
1944 M 8
f {♦United Rys St L 1st g 4s...1934 j
JU S Pipe a Fdy conv deb 3Hal946
90%
79
41
*25
d
i960 M
65%
*
A
J
80
88
*
d
...1951 j
90%
15
*125%
D
1945 M S
1962 J
74
5
MM----
Teleg g 4%s__1950 MN
Monday.......
s
(Mo) 3Ha
1
20
88%
45%
98
107
58
55%
*
♦Tyrol Hydro-Eleo Pow 7Ha..1955 MN
Ujigawa Elec Power
14
100%
88
1966 J
Wheeling Steel 4 %g series A...1966
46%
58
54%
O
Trenton G A El 1st g 6s.
1949 M 8
Trl-Cont Corp 5s conv deb A..1953 J
J
Union Electric
.
6%
13
104% 107%
56
66%
13
74
100%
44 ?i
8
62
74
_
100%
S
E.1963 M
ser
Registered
89
87
54%
D
1942 M S
1952 F
f 6s
s
West Shore 1st 4s guar.
96% 100%
100%
42
43%
Tokyo Elec Light Co Ltd—
Toronto Ham A Buff 1st g 4s..1946 J
s
M
♦Westphalia Un El Power 6s..1953
113% 118%.
.81
100%
1st 6s dollar series
...1953
Tol A Ohio Cent ref A imp 3Ha 1960
Tol St Louis A West 1st 4s
1950 A
28
■
.
1948 M s
25-year gold 5a..
30-year 5s.
95
80%
.1964
J
105%
6%
O
1939 M
West N Y A Pa gen gold 4s.
{♦Western Pac 1st 6a ser A
♦5s assented
-
'I)
2
80%
J
12%
1941
Western Maryland 1st 4s
1st A ref 5%s series A
104% 108%
81
"8l"~
.1980
O
5
Warren RR 1st ref gu
g 3%s__2000 F A
Washington Cent 1st gold 4s. .1948 Q M
108
'
t
1952 J
55
1955 A
t Warner Bros PIct deb 6s
6s debentures
{♦Warren Bros Co deb 6s
.
107%
127%
•
100%
1937 J
5%
59
Conv 'deb
112%
104% 108%
106% 109%
105%
100
Jan 1960 A
g 5s.
6
105
6s debentures
110
105%
114%
J
O
59%
Winston-Salem S B 1st 4s.
12%
18%
104% 105%
103% 106%
4
lOHie
.2000
13
105%
72%
37
105%
105%
166"
1960 J
Tide Water Asso Oil 3 Ha
17s
112%
108%
6
d
♦
Third Ave Ry 1st ref 4s
Tol W V A Ohio 4s series C
21
107%
10
{♦Wis Cent 50-yr 1st gen 4s...1949 j
72
57
.1944
.1979
Gen A ref 5s series D...
Tex Pac Mo Pao Ter 6 Ha A.
63
.1939
Gen refund a f g 4s
.1953
Texarkana A Ft S gu 6H8 A.. 1950
Texas Corp deb 3 Ha
.1951
Texas A N O con gold 6a
Texas A Pacific 1st gold 6a._
44
"~ri
23
6%
6%
6%
,
S
.1947
Term Assn of St L 1st g 4 %8.
lst cons gold 5s
112
J
MN
...
77
168
108%
108%
J
.1961 J
65
130
78
65
1951
Studebaker Corp conv deb 6s .1945
Swift A Co 1st M 3%s
1950
Tenn Coal Iron A RR gen 6s.. 1951
Tenn Cop A Chem deb 6a B__ .1944
82%
51%
65%
69%
65%
1996
Standard Oil N J deb 3s
Gen A ref 5s series B
Gen A ref 6s series C
80%
51H
61%
355
54 H
1956
104%
58%
43
42%
1994
108
101
43%
63 H
♦{Spokane Internat 1st g 6s.. .1955 J
Staley (A E) Mfg 1st M 4s... 1946 F
sec a
12
42 %
J
So'western Bell Tel 3 Ha ser B. .1964
1st A ref 3s series C
.1968
8o'western Gas A El 4s ser D. 1960 MN
♦Guar
104%
106
41
1956
....
♦AdJ income 6s
{§*Third Ave RR 1st
103%
108% 110%
100
104%
90%
95
42%
42%
7%
6%
O
106% 110
.1955
Devel A gen 6 Ha
Mem Dlv 1st g 6s
St Louis Div 1st g 4s...
ser
3
43
.1965
Southern Ry 1st cons g 5s—.
Devel A gen 4s serleB A
Devel A gen 6a
Tenn Elec Pow 1st 6s
no"
109%
93
43
6%
6%
O
117%
107
45%
1950 A O
4s
82
91
99%
102% 105
102«»al07%
115
104%
1969 MN
So Pac RR 1st ref guar
1st 4s stamped
59
2
43 H
1981 M N
1946 J
20
75%
21%
109%
1st mtge pipe line 4 Ha
O
.1051
So Pac coll 4s (Cent Pao coll)..1949
D
let 4 Ha (Oregon Lines) A...1977 M S
Gold 4 Ha
1968 M S
10-year secured 3
62
109%
93
40%
6%
7%
A
1980 A
West Va Pulp A Paper
4%s
55
58
14
*41
-
S
1976 F
1st mtge 3%s series 1
103% 106
71
"25
-
52%
17%
17%
13
11
1
1978 A
Walker (Hiram) GAW deb
4%s 1945 j
Walworth Co 1st M 4s
1955 A
West Penn Power 1st 5s
106%
107
«.
11
Westchester Ltg 5s stpd gtd___1950 j
Gen mtge 3 %a
1967 j
4
*115
M
15
11
MM
17
54
41
48
*12
„
S
107
56%
103
O
M
106% 108%
105%
1022»32
j
1941 A
1941
*109%
105%
56 h
4
4s_.1939
25
*50
*108
5
21
18
*
J
5
97%
J
J
A
2%
65~~
17%
16
j
1941 j
High
105% 108%
35
49%
15
28%
24%
28
A
12
*19%
1946
Gold 4 Ha—
3
104%
...1954 J
g
Low
1939 j
2%
:
21
1945 F
12
64.
45
39%
35
17
1945 F
39
97%
A
Wash Term 1st gu
3%s
let 40-year guar 4s
2%
104
No
108%
39%
Wash Water Power
6%
2%
*61 %
High
107%
Since
Jan. 1
10%
2%
105%
Bonds Sold
11
2%
104%
Gold 4 Ha
12
12
Asked
5
64
~2H
Range
&
3%
5%
"48
A
1947
3%
5%
o
..1961 M 3
1965 F
8
6%
o
Southern Calif Gas 4 Ha
1st mtge A ref 4s_,
4
3%
5
J
Socony-Vacuum Oil 3 Ha
2%
5h
O
1951
2
5%
♦Siemens A Halske deb 6Ha—1951 M S
♦Silesia Elec Corp 6 Ha
..1946 F A
Sllesian-Am Corp coll tr 7s
A
1941
Skelly Oil deb 4s
116% 116%
10%
19%
8%
17%
...1939 F
♦Ref A gen 5s series B
♦Ref A gen 4%s series C
♦Ref A gen 6s series D
32%
60
4
6 %
D
Simmons Co deb 4s
38
2%
2%
3%
A
1952 j
112%
110%
"15%
19%
20
10
or
Friday's
Bid
S
IV1N
{♦Wabash Ry ref A gen 5%a A. 1975 M
110
30
9
2 %
105% 106%
15
1939
♦Omaha Dlv 1st g 3%s
♦Toledo A Chic Div g 4s
109
25
"ll"
*10
J*DesMoines Div lBt
68%
25
*115
m"s
50
5
Range
Sale
Price
Low
1966 M
♦1st Hen g term 4s
♦Det A Chic Ext 1st 5s
96
98%
114% 118
30
30
10
♦Certificates of deposit
{{♦Atl A Birm 1st gu 4s
1933 m s
{♦Seaboard AU Fla 6s A ctfs—1935 F A
1961
18
9
32%
17
*25
O
1959 A
Shell Union Oil deb 3 Ha
Shinyetsu El Pow 1st 6 Ha
3
"30"
I{♦Seaboard Air Line 1st g 4s..1950 A O
|*Gold 4s stamped
1950 A O
♦Adjustment 6s
Oct 1949 F A
♦Series B certificates
18
18
O
1945
2
17
1989 MN
♦Certificates of deposit
♦1st cons 6s series A
4
Last
Inter s Period
May 26
VlrglDian Ry 3%s series A
{§♦ Wabash RR 1st gold 6s
S»2d gold 6s
6%
3%
32
111%
17
O
A
^Refunding 4s
106%
109
106%
87%
3%
37
109
J
1946 A
51%
Week Ended
Week's
High
87
23
111%
San Diego Conaol G A E 4s
1965 MN
Santa Fe Pres A Pben 1st 6a—1942 m s
{♦Schulco Co guar 6 Ha
J
1946 J
♦Guar
1
1
5
50
50%
Low
116%
116
N. Y. STOCK EXCHANGE
Jan. 1
10
97
97
J
..1963 A
No,
5%
5%
116
3191
bonds
Since
§§
3%
3%
J
6
Friday
Range
Is
87
87
J
A
St Paul Minn A Man—
8 A A Ar Paaa 1st gu g 4a
San Antonio Pub Serv 4s
High
Low
St Paul A Duluth 1st con
g 4s._1968 J
{♦St Paul E Gr Trk let 4 Ha—1947 J
{♦St Paul A K C Sh Lgu4%8._1941 F
Record—Concluded—Page
Week's
Friday
107%
27%
111"
72
10
*
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
72
54
10
30
Indus
Date
35
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
!Total
63
136.09
May 25
May 24.
May 23.
May 22.
>*555c
.
27.78
23.54
107.13
93.56
46.77
108.32
88.95
135.53
27.68
23.44
45.41
107.12
93.38
46.41
108.40
88.83
135.04
27.60
23.54
45.31
107.18
93.10
45.89
108.35
88.63
131.77
26.90
22.82
44.15
107.06
92.73
45.19
108.18
88.29
132.45
27.05
22.89
44.37
106.83
92.41
45.34
108.14
88.18
131.22
May 26.
1
26.49
22.69
43.87
106.82
92.50
45.31
108.04
88.17
45.59
Exchange—Weekly and Yearly Record
New York Curb
3192
May 27, 1939
the week's range unless they are the only transactions of the week and when selling outside
shown In a footnote In the week In which tbey occur.
No account «s taken of such sales In computing the range for the year.
NOTICE—Cash and deferred delivery sales are disregarded In
weekly range are
of the regular
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (May 20, 1939) and ending the present Friday (May 26, 1939).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered.
In the following
week
Par
Price
for
of Pries
Low
High
Sale
STOCKS
Weet
Low
Shares
16
May
Purchase
1
1
—
com—1
7%
| Air Investors common—*
Conv preferred.—
*
1%
1%
3%
Mfg common. 6
A ins worth
Air Associates Inc
5%
6%
18%
3%
500
4
6%
7%
New class B
1
1,100
500
100
18
71%
Jan
%
Apr
May,
85%
89
81%
200
71
Jan
94%
Mar
80
150
62%
Jan
86%
Mar
1%
Mar
Mar
2
Jan
1%
Jan
%
Jan
%
Jan
8%
Apr
9
7%
Jan
7%
1
100
•
10
Class A conv com
26
Aluminum Co common..*
Mar
17
109%
113%
preference
100
Aluminum Goods Mfg...*
Aluminum Industries com*
Aluminum Ltd common.*
0%
95
113%
111% 114
May
90
5,6-50
Apr
Jan
131
Jan
115%
110%
500
Jan
18%
Jan
Mar
Apr
137%
3,400
104
Mar
141
Jan
111
108
Jan
111
May
16%
Apr
28
1%
Mar
3%
Jan
60%
Jan
Brill Corp class
6%
Apr
9%
Jan
2
Apr
2%
Mar
%
Jan
18
Jan
Apr
23
Feb
67
Feb
75
Mar
1
Jan
23%
28
Co com.l
5,200
20
50
200
6%
6%
•
300
1%
1%
50
46
May
A
13 preferred
%
—
*
$6 60 prior pref
Centrifugal Corp.. 1
Am Cities Power A Lt—
1 %
26
30%
Class A
1%
27
Jan
35
Mar
25%
Apr
34
Mar
1%
Apr
300
22
a,.
A Hoe com..*
■7J66
»i«
»n
100
%
50
8%
34
com.—*
96 preferred..
*
American General Corp 10c
$2 preferred
1
$2.60 preferred.
1
Amer Hard Rubber Co..60
Amer Gas A Elec
3,800
35
32%
113%?
113
4%
3%
450
1,100
31
28%
27%
150
4%
9%
7%
12,500
May
May
""3% "8%
""566
7
Apr
;
32
""3%
*0
68
68
Jan
3%
Apr
68
May
»i»
""160
Apr
1
Apr
2
1%
1%
Apr
21%
Apr
28%
100
11%
200
9%
Jan
Apr
600
29%
20%
20%
Apr
21
28%
11%
11%
Jan
.*
"22%
22%
22%
*
Apr
Amer Tobacco—
British
ord bearer£1
reg—..£1
Amer dep rets
British Celanese Ltd—
26
26
25
23%
Feb
13%
13%
14
200
7%
4%
Mar
3%
2%
*
fBrown Co 0% pref...100
com.l
Brown Fence A Wire
Brown Forman Distillery. 1
$0
"3%
Brown Rubber Co com...1
Apr
3%
1,200
1%
"3% "3%
"900
"2%
32%
21%
22
105% 106
11%
11%
""150
27%
Jan
19%
Apr
*
preferred
Apr
20
*
Class A pref—
Feb
»it
re«..10s
Am dep rets ord
British Col Power cl A
Apr
Apr
May
9
May
Jan
Cable Elec Prod cem—50c
900
60c
300
%
Jan
3%
Feb
16%
Feb
29%
800
20%
65
50
7%
28%
15
900
Jan
66
16
70
Apr
9
Jan
4%
Jan
6% May
%
Apr
Feb
77%
16%
1,300
13
Apr
27
3%
300
""2% "2%
"166
3%
Jan
2%
5%
4%
Ashland OH & Ref Co-
1%
Jan
Capital
Feb
Apr
4%
100
20
5%
50
1,700
1%
Apr
Jan
112
Jan
200
3%
3,200
7%
800
5%
Jan
90
94%
80
78%
Apr
5%
5%
100
4%
4%
2,400
1%
Apr
5
Apr
4%
Apr
Feb
Apr
May
7%
6%
Mar
Feb
Jan
♦
B
10
Mar
3%
"""166
%
3%
Feb
1
com
preferred
'"600
*it
3%
Apr
*12 &
Jan
%
Apr
60
99
90
11%
12%
85
40
97%
89
97%
•
78
Jan
4,300
10
Apr
Feb
5%
Feb
9
•
Products
Apr
24 %
Carrier Corp common
1
Carter (J W) Co common. 1
Casco
%
20% May
Carnation Co common...*
$0
Apr
"366
Carolina P A L $7 pref.—*
7%
Apr
%
5
4
Carnegie Metals
Elec Industries
8
1%
City Products...*
25c
*
Class
19% May
4% May
1%
1
Apr
94%
,
Marconi
Apr
3%
3%
Apr
2
Mar
%
May
1,100
4%
Carman A Co class A
%
3%
5%
Carlb Syndicate
Jan
108%
Amer deposit rots....£1
11
*
non-voting
3%
.
10
*16
B
Canadian
2,500
%
7
94%
6
200
19%
Am dep 5%%
Apr
14
3
10
Feb
3%
Apr
10
3%
Arkansas P A L $7 pref--*
1
Jan
1%
100
Apr
Canadian Indus Alcohol A*
Jan
U%
102
4%
Cndn Colonial Airways... 1
Mar
67
111
900
1% May
1%
Apr
Canadian Car A Fdy pfd 25
100
11%
1,400
Cables A Wireless Ltd—
Feb
400
111
—
Apr
4,700
%
22
6%
55
6%
3%
2%
Vot trust ctfs
32%
prefshs£l
Calamba Sugar Estate..20
Camden Fire Ins Assoc...6
%
70%
6
%
jArcuturus Radio Tube.. 1
Arkansas Nat Gas com...*
Common class A.
*
Apr
17
Castle (A M) common..10
Catalln Corp of Amer
1
1,900
,3
2%
May
,
.....
2%
Apr
Celanese Corp of America
,
Jan
500
%
5%
Jan
Jan
Jan
ii«
Jan
ij,
Jan
1st preferred
%
Jan
%
Jan
Cent Hud G A E
%
.1
%
%
*
7%
8
Option warrants
Assoc laundries of Amer.*
Jan
1%
11'
,
Mar
o._...._.*
Assoc Tel A Tel class A..*
2%
2%
25
2% May
"2%"May
96 %
4
7,600
18
3%
18
60
Atlantic Rayon Corp
Atlas Corp warrants
1
%
1,000
Atlas Plywood Corp
Austin Silver Mines
.*
13%
14%
600
1
%
%
Automatic Products
5
2%
2%
20C
Automatic Voting Mach.. *
7%
7%
100
Avery (BF)
25
25
Warrants
Aviation A Trans Corp... 1
Axton-Flsher Tobacco—
2%
10
common
Babcock A Wilcox Co
2%
3,100
44
45%
60
17%
*
19,%
500
5|%
3,300
Baldwin Locomotive—
Puroh warrants for com
6%
30
7% preferred
2%
4%
Baldwin Rubber Co com.l
6%
Bardstown Distill Inc...
»16
Barium Stainless Steel..
6%
%
700
l
90
Apr
190
85
Apr
100
85
Jan
1%
1,000
1
May
May
Cent States Elec
Apr
4%
31%
Jan
0%
preferred.
7%
preferred.
1
Jan
%
.100
%
Feb
Apr
4%
Mar
25%
Jan
%
Apr
%
Jan
Centrifugal
1%
Jan
3
Apr
6%
8%
Jan
4%
Jan
16%
Feb
Apr
Apr
15
Apr
14% May
% May
2%
Apr
Strip
Pipe
Co.
Jan
48%
May
Apr
29%
Jan
Cities Service common
4
Apr
5
9
Jan
Mar
Apr
7%
Feb
114
71%
6
6%
47
49%
*
49%
Preferred B
62
4
4,200
1,300
100
4
Preferred BB
Cities 8erv P A L $7 pref
$6 preferred
Jan
City Auto Stamping..
*
City A Suburban Homes 10
Clark Controller Co
Mar
4%
Claude Neon Lights Inc.. 1
4%
69
65%
Jan
65%
4%
4%
1
17
2
Jan
35
May
Apr
60
Jan
Cleveland Elec Blum
40
Feb
6
Jan
Cleveland Tractor com.. *
Cllnchfleld Coal Corp..100
5
May
2%
%
*
13
Jan
Club Alum Utensil Co
3,100
6%
Jan
11%
Feb
Cockshutt Plow Co
20%
Apr
36%
Jan
6%
7%
3,100
Cohn & Rosenberger Inc.*
Colon Development ord
Feb
Apr
10%
Jan
164
100
Jan
175
Mar
oom„
6% conv preferred
Mar
Feb
10
53%
Jan
4%
May
Jan
Jan
Jan
16
%
Apr
Apr
4,600
34%
Jan
40
400
5
100
4
Apr
Apr
300
1%
2%
*
2,800
38%
*
8%
24%
Mar
300
Clayton A Lambert Mfg..*
7%
43%
3%
1%
8%
Jan
22%
May
55
50
17
%
2
11
Apr
Apr
5%
4%
Jan
3%
Jan
Apr
%
34%
80
64
6%
7%
550
400
51
45
6
10%
1
Apr
5%
51
Jan
7%
73%
10
Mar
24
114
100
May
1
110
1
1%
30
Jan
Apr
200
37
Mar
22%
Apr
5%
Chicago Rivet A Mach...4
Apr
May
4
Mfg.
25
Chicago Flexible Shaft Co 5
Jan
Feb
Jan
Apr
3%
a:12
Chesebrough
1%
4
15
14
15%
'"800
—6
Chief Consol Mining..
Chi Ids Co preferred
35%
3%
Corp..:
10
Cherry-Burrell common..5
1%
20
Apr
2%
3%
CharIs
4
1
Apr
4%
*
Mar
200
Apr
7%
Conv preferred
100
Cenv pref opt ser *29.100
300
3%
•
Chamberlin Metal Weather
3%
%
13
250
3%
%
2%
100
Jan
700
""166
1
com
4%
3%
Apr
99%
1
Mar
100
100
6%
98
9%
Beaunlt Mills Inc com.. 10
400
7% pfd 100
Cent A South West Utll 60c
1*16
4,300
,8%
7%
Cent Pow A Lt
Feb
4
Beech Aircraft Corp
30
94
Apr
8%
7%
Jan
100
98
Basic Dolomite Inc com..l
5%
13%
68
1,900
(L) Co com...*
500
93
Barlow A Seellg Mfg A...6
Bath Iron Works Corp..^l
h
100
Cent Maine Pow 7% p2100
Cent N Y Pow 5% pref. 100
Mar
Bell Aircraft Corp com
Feb
14%
%
7%
%
48
55
14%
1,400
1
Apr
70
55
*
Preferred
250
19
18
18
Jan
2%
6
25
3% May
Apr
2%
17
2,200
"16
76
Apr
68
Atlantic Coast Line Co..60
Apr
175
85%
♦
com
Cent Ohio Steel Prod
&
«Coast RR Co pref... 100
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
90%
90%
"20% "20%
7% 1st partlc pref... 100
Celluloid Corp common. 15
$7 dlv preferred——...*
300
...1
$5 preferred
Bell Tel of Canada
Jan
4%
3%
3%
Burma Corp Am dep rets..,
Burry Biscuit Corp..12 %c
15%
6%
Apex Elec Mfg Co com
*
Appalachian El Pow pref *
Bell anca Aircraft com
7%
2,800
Bunker Hill A Sullivan 2.50
800
7%
Wupperman__l
$1.60 oonv pref
400
4%
9%
Jan
70%
7% 1st pref vtc
10%
Mar
%
com*
7% 1st preferred
10%
10%
18
65
6
*
Baumann
Apr
18
28%
29
10
American Thread pref
Class A
12%
17
Apr
Apr
Apr
Apr
May
0% preferred w w
0% preferred xw.
150
16%
Jan
29%
*
,
Apr
Mar
Apr
Atlanta Birmingham
Jan
1 %
31%
Mar
$0 series preferred
v t
3%
300
10%
67%
%
%
1st $0 preferred..
Common
200
1%
Jan
1%
Class A
Jan
3%
*
:
Jan
Jan
Jan
1
*
Common.
10
Mar
27
Apr
Amer 8eal-Kap com.....2
vv
Apr
15
5
50
Buff Nlag A East Pr pref 25
$5 1st preferred
*
9%
Assoc Gas A Elec—
2%
17%
1%
Buckeye Pipe Line
25%
25
Preferred...
Apr
10
19%
Bruce (E L) Co com
Jan
116
100
Amer Potash A Chemical.*
Associated
Mar
...100
Art Metal Works com
Registered
Apr
4%
3%
British Amer Oil coupon..*
Jan
13
Anchor Post Fence
Apr
600
5%
rl5
rl5
1%
•
....
Mar
15%
Am Superpower Corp
A
Class
Mar
500
American Republics
rl5~~
100
....
4%
600
Amer Meter Co
Apr
%
28%
31%
17
Amer Maracalbo Co..
A
Jan
15%
Preferred
13%
600
19%
preferred...
100
common...*
May
10%
Angostura
Class
3%
24
14%
Amer Mfg Co common
175
1
5%
5%
Brillo Mfg Co
112%
com...*
Macy__.20
preferred
40%
Jan
Apr
15
6%
26%
28%
250
25
24%
Amer Invest of 111
0%
Feb
Apr
8
34
B—*
B———*
Apr
Apr
Amer Lt A Trac com...25
Amer Laundry
Jan
il*
Apr
18%
Mar
28%
Apr
May
9%
Jan
2%
26
Apr
9%
"23% "22% ~23%
10
Class B n-v
Fork
30
1%
525
A. 10
Amer Foreign Pow warr...
Amer
Jan
300
30%
29%
28%
"in
1
Class B_
2%
5%
100
%
Bridgeport Gas Light Co. *
Bridgeport Machine
Preferred..
Am dep rets
Class A with warrants.26
Amer Cyanamld class
1,200
1%
1%
%
300
%
%
Jan
Mar
1,700
14
Aeronautical.-.I
Brewster
7%
American Capital-
Amer
5%
10%
Bright Star Elec class
Apr
27%
1
50
May
13
60
9%
10%
—
Mar
4%
common..—10c
Common class B
10c
500
15
5%
*
common...——*
common...—1
Bliss A Laughlln com
5
Blue Ridge Corp com—-.1
$3 opt conv pref
*
Blumenthal (8). A Co.—.*
Bobark (H C) Co com...*
7% 1st preferred
100
Borne Scrymser Co
25
Bourjots Inc..
—-*
Bowman-Btltmore com
*
.*
7% 1st preferred
100
2d preferred
—-*
Brazilian Tr Lt A Pow... *
Breeze Corp
1
3
May
Apr
Mar
%
%
300
z34
Bliss (E W)
14
American Book Co.— .100
Class
%
%
Blauner's
100
4%
Low
Shares
*
52 50 conv pref..
400
16
Range Since Jan. 1,
for
Wert
%
%
Blrdsboro Steel Foundry
A Machine Co com
111
Airlines Inc.. 10
American Beverage com..
Range
15
*
123
132
Price
warrants.——
Blckfords Inc com
4%
16
16%
-.100
Amer Bo* Board
Jan
si"
Products com
American
Jan
2%
71%
com
preferred
Jan
11
66%
*
Allied Internal Invest com*
$3 conv pref
*
0%
Jan
125
Alles A Fisher Inc com.
Allied
Jan
8%
7i %
Southern—60
Ala Power $7 pre!
*
Sfl preferred
*
Alabama Of
Invest
6
Apr
•11
60
Jan
20%
Apr
Apr
6%
Apr
6%
1% Apr
14% May
Warrants
Alliance
Feb
of Prices
Low
High
1
Berkey A Gay Furniture.
,
New class A...
.
{Continued)
High
May
xlb
Co new com. 10
Supply Mfg—
"
Par
Weet's
Sale
STOCKS
Acme Wire
Aero
Salts
last
Range Since Jan. 1, 1939
Wetl's Range
Last
Friday
Sales
Friday
2%
5
Jan
Apr
7%
2%
2%
2%
500
Jan
1H
Apr
4%
£1
Feb
♦
For footnotes see page
Apr
123
Mar
Colorado Fuel A Iron
"566
4
Apr
32
100
16
Jan
35
Mar
78
79
400
70
Apr
41
41
100
27
Jan
42%
Mar
Colt's Patent Fire Arms. 25
Columbia Gas A Elec—
Conv 6% preferred..100
Benson A Hedges com...*
Conv pref
118%
32
73
74%
300
55%
Jan
121% 121%
Bell Tel of Pa 6%% pf.100
41
3197.
25
warr.
"5%
"4% "5%
1939
New York Curb
Volume
Friday
STOCKS
Last
Par
Columbia Oil 4k Gas
Week's
Sale
(Continued)
of Prices
Low
High
Price
1
Exchange—Continued—Page
Sales
3%
Range
2%
3%
Friday
Range Since Jan. 1, 1939
for
STOCKS
Week
Columbia Pictures Corp..*
2%
4%
Apr
14
Jan
11
Par
Jan
Jan
(Phila.).l
Flsk Rubber Corp
10
16
W arrants
'
•«
..1
30
26 %
Community Water Serv__l
%
he
Jan
Apr
Am
Mar
10
A
S3 preferred
1
6
5
5%
Consol G E L P Bn't com
4% % series B pref..-100
Consol Gas Utl'ir.es
1
5
200
6%
75%
116H 116%
5%
74%
4,100
2,000
MIn 4
8%
Mmei» Ltd-6
Retail
Rores
'38 A
40
40%
2,150
1
3
3
1,000
90
90
30
-.10
Consol steel Corp com
*
Cont G 4 K 1% prior of 100
Conilnental Oil of Mex__l
Coot Roll 4 Steel Fdy...*
Consol Royalty Oil
1%
—
4%
—
preferred
$4
3%
4%
600
*
Cuneo Press Inc
100
—
6%
92%
Mar
Genera'
Mar
Jan
Jan
9%
Apr
Jan
20
Mar
$6
Jan
800
10%
Mar
Mar
General Shareholders
Apr
5%
14%
Jan
3%
Feb
""ioo
90
\8%
10
leh
19k May
23
15 %
Jan
26
1%
Jan
25
Apr
Apr
7%
6%
May
4%
23%
9%
%
Jan
$6 conv pref w w_.
Mar
1%
1%
52
52
29
Jan
43
Apr
83
Mar
Jan
16
Mar
Apr
89%
Mar
3
Jan
1%
Apr
3
Feb
9%
Apr
%
Apr
1H
Feb
Jan
17%
Feb
Apr
%
Jan
Gilchrist Co
Jan
1
100
4%
Jan
55%
May
he
7
3
55%
3%
53%
400
55%
1,250
2%
109
109
410
"1%
"5% "1%
"Soo
46%
Jan
5
13%
14
400
Apr
"966
"~90
27
%
Apr
S3
5
$5 preferred
8%
14%
1%
80 %
Apr
52%
Jan
100
10
95%
Jan
100 %
Mar
93
425
21%
'25% ~25%
92%
V t c agreement extend
65
28
4%
4%
4%
5%
5,000
he
•
"11". "if
15
50
15
May
22
22
.100
18
Apr
12 %
.975
69%
Jan
94% May
124%
Mar
132
May
33
Apr
39
Feb
5
Apr
1%
7%
94%
85
94%
1st preferred
100
Paper.....25
Apr
Jan
Gull
Jan
29%
Apr
10
.Mar
Jan
25%
Apr
■
1"A
May
Mar
Corp
$8 preferred
Hall Lamp
"15% "17%
"33%
~32% "33%
L800
—
Co—
*
Haloid Co.!
;
200
Mar
1
*
1
Hartman Tobacco Co
Jan
Harvard Brewing Co
1
1%
Jan
Hat Corp 01 Am cl B
Jan
64
Apr
73%
20 %
May
Mar
Jan
1%
1%
2%
10
1%
2%
3
6
1
Sulphur....*
Duro-Test Corp com
6%
8%
Apr
1%
Mar
25
66
66
Durham Hosiery cl B com *
64
Jan
72
Mar
200
1
Mar
2
Jan
5%
Jan
7
Jan
1,000
9%
2%
5
900
Mar
7%
1,600
May
Apr
14%
Jan
East Gas 4 Fuel Assoc—
Common...
1
1%
100
18%
18%
130
8%
800
7
16%
10
Jan
Apr
109
May
1
29%
30
2%
1,000
Feb
Jan
6%
Mar
23
Mar
Apr
30
Mar
"6% "7%
~2~666
'
5%
May
22%
6%
Apr
9%
Jan
3%
3%
3%
Apr
15%
3%
Feb
4
Feb
6%
Apr
7%
Jan
'""266
7%
300
6%
Apr
9%
Jan
50
23%
Apr
Jan
26%
26%
Jan
7
Mar
30
Apr
45
Mar
6%
25
36
35
30
•
200
"5% "5%
"266
14%
14%
200
12
12%
200
15
Apr
12 %
8
11%
100
10%
Jan
Horder's Ino
....—*
11%
2%
2%
15%
600
2%
Apr
Apr
Jan
Hormel (Geo A) A Co com*
1
"i'% "i%
1
"""IOO
Jan
3%
7%
8%
32,100
*
•
■53%
53%,
53%
500
50
63%
62%
64
1,500
59
1
1%
1%
1%
2,100
x
1%
1%
200
Elec Power Assoc com
A
1
Elec P 4 L 2d pref A
*
Electrographlc Corp
Electrol Inc v t
3%
1
c
Apr
72%
Mar
1%
1% May
xl% May
3%
3%
May
May
Jan
Apr
Mar
%
Jan
Jan
5%
5
Jan
May
10%
Jan
1%
18*4
Apr
1%
Jan
Apr
21%
Mar
Jan
70%
Mar
51%
Feb
71
Mar
Hydrade Food Prod
5
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co
*
60
Dlv arrear ctfs
Feb
71
Mar
57
60%
150
62
Feb
73
Mar
60
61
100
54%
Feb
74
Mar
21 %
Feb
24%
Mar
Imperial Chem Indus..£l
Imperial Oil (Can) coup..*
Registered
*
66
7%
7%
300
#i«
2,200
7it
%
24%
1
5%
Eureka Pipe Line com..60
15%
25
300
6
1,400
16%
200
Apr
6
%
23$*
5
10%
Jan
700
%
28%
Jan
May
24 %
3
Mar
Apr
39%
Jan
Apr
110%
Mar
108%
9%
Jan
Apr
12
Apr
69%
5%
Jan
53
3%
May
Feb
Apr
»u
Apr
7%
200
5%
8%
Mar
9
1
8%
Jan
Indiana Pipe Line
Jan
Jan
Jan
Jan
JaD
9
4%
Mar
Apr
2%
Jan
Apr
%
%
Apr
4
""ioo
12
Mar
29%
Mar
Apr
4%
Jan
Jan
1%
1%
2%
2%
3
600
2%
16 %
18
2,600
14%
Apr
600
8 %
Mar
6%
Feb
54 %
Mar
,
1%
20
17
3%
16%
16%
3%
25
May
7%
600
1,900
5%
14H
Apr
Apr
17
16%
16%
16%
100
15%
Apr
15
Apr
16%
16%
31
31
100
28
Apr
32
7
Indiana Service 0% pi. 100
Jan
Feb
7%
Feb
Feb
Mar
Feb
Imperial Tobacco 01 Great
Mar
Apr
Mar
15^ May
*i«
100
He
20
Britain A Ireland
£1
10
Jan
preferred
100
Indpls P4L8H% Pf-.IOO
10
Feb
Indian Ter
8%
23%
8%
Jan
May
10%
11%
1,400
9%
Jan
8%
200
22%
300
8
Apr
2%
34%
9%
Imperial Tobacco of Can.6
Apr
he
11%
Jan
Mar
12
61 %
7%
1
3%
3%
Illuminating Shares A..
60
1
50
'3~7<)6
3%
40
European Electric Corp—
Option warrants
Falstaff
110
50
"55k "57k"
7%
58%
1
Falrchlld Aviation
57%
7% oref stamped—100
6% conv preferred
Equip..6
Equity Corp common..10c
110
37%
7% pref unstamped-.100
Hydro Electric Securities.*
57%
Emsco Derrick 4
Feb
Jan
1
Common
57%
Empire Power part stock. *
Mar
Jan
fHuylers of Del Ino—
29%
37%
Hussmann-Llgonler Co...*
3
200
37%
Hummel-Ross Fibre Corp 6
63
1%
100
100
100
100
Esquire-Coronet
*
%
8%
23%
5
Humble Oil A Ref...
%
10
16
pref..
Hubbell (Harvey) Ino
9
8
100
Jan
Feb
300
Empire Dlst El 0% pf 100
Empire Gai 4 Fuel Co—
preferred....
12%
65
"IOO
3%
xlO
6%
*
Apr
1
xio
1
Mar
C) Co com..
Hard art
Apr
6%
15
Option warrants
Elec Shovel Coal 14 prel— *
2
Horn (A
Horn A
Feb
60
Apr
Jan
.
Feb
Apr
Feb
"14%
Jan
41%
3%
1%
Jan
10
13%
19%
19%
3%
17%
18%
Mar
Jan
"l'% "7%
25
Hoe (R) A
Mar
Jan
24
7%
Apr
Apr
Mar
2%
100
Apr
Apr
Jan
1% May
Apr
14 %
Mar
Apr
5%
150
65
Mar
Jan
1034
15%
Mar
21
600
25
Hewitt Rubber common..6
Jan
Jan
Apr
4
23
30
1%
Preferred ex-war
Jan
ii*
Apr
4
%
Hecla Mining Co
Heyden Chemical
.10
Hires (Ohas E) Co cl A_._*
Jan
Feb
1*
500
preferred...60
25c
Helena Rubensteln
*
Class A—£......
*
He'ler Co common
2
Preferred w w
...25
Apr
Jan
Jan
%
300
50
Elec Bond 4 Share com..6
Brewing
May
100
.2
preferred
preferred
104
11%
Economy Grocery Stores.*
0% preferred
&%% preferred
Jan
Apr
Jan
"12"
"12
A.—*
$0 preferred series B—*
Easy Washing Mach B—*
$7 preferred series
Elgin Nat Watch Co
40
Co daob A...10
Holllnger Consol G M...6
Holophane Co common..*
Holt (Henry) A Co cl A..*
Eastern States Corp—
preferred
preferred
conv
Apr
%
Eastern Malleable Iron. .26
Electric Corp
Jan
Apr
1%
25%
12%
Apr
6
7
13%
1%
7%
prior preferred .100
preferred
—100
4 %%
Bros Stores
com.l
Haverty Furniture cv pfd_*
Hazeltlne Corp
.*
Hearn Dept Store com...6
6%
%
63
26
Hartford Rayon v t c
7%
Eagle Picher Lead
Hartford Elec Light
Feb
12%
Jan
Jan
8%
1%
Mar
9%
22%
103%
1%
5
5%
*30
Jan
Apr
29%
95%
"1,560
Apr
14%
200
1
25
Gulf States Util $6.60 pref
OU
"17%
5%
7%
2%
%
5%
21%
Apr
preferred
100
Dublliejr Condenser Corp.l
Feb
Apr
Non-vot com stock....*
18%
Apr
Mar
Jan
Apr
Guardian Investors
10
22%
7%
5
Jan
'266
Jan
18
8%
Jan
62
14
Jan
15
100
Apr
,
60
13
Feb
2%
Apr
15
100
2%
2%
31%
*
Feb
•is
9
May
8%
98%
5
Grocery Sts Prod com..25c
Grumman Aircraft fingr
"366
Jan
11
Feb
Mar
9
Jan
Jan
Feb
5
1%
Apr
Jan
5%
33
Gray Manufacturing Co. 10
Great Atl A Pao Tea—
Apr
r30
Mar
h«
600
Feb
May
Grand Rapids Varnish..
1%
Co
Apr
Apr
Mar
36
'
6
Jan
500
Apr
Apr
Jan
Apr
94%
Greenfield Tap A Die---
7
May
7
37
5%
3%
Gt Northern
20%
3%
82
Feb
22
Mar
400
Jan
Apr
3%
1%
*
Mar
14
Jan
30
"ii
Inc class A.....*
$3 preieried
Gorham Mfg Co—
15%
25
Mar
6%
Feb
2%
Mar
Mar
90
82
hi
Jan
,
37
Jan
30
Mines..1
13 %
100
Jan
May
7
6%
27
Apr
Apr
79 %
6
Mar
9
Feb
Feb
Apr
46%
*
preferred
27
Apr
2%
Mar
62%
Class B.
Apr
Apr
Feb
Apr
May
21 %
4%
Mar
7
%
82
100
100
52
150
...
Gorham
Apr
71
Apr
30
*
Jan
Feb
Jan
Apr
4
93
•
Preferred.....
Mar
Feb
Jan
100
Gilbert (A C) common...*
*7
Jan
Jan
i|«
Jan
70
1
oom...
18%
17%
Jan
Apr
1%
100
Mar
May
%
52%
%
Hamilton Bridge Co com.*
Duke Power Co
52
100
preferred
Qoldfield Consol
:4%
20%
10
10
\4%
Jan
Jan
Jan
50%
100
24
1%
21%
4%
Jan
67
1%
1%
25%
Mar
33%
Georgia Power $0 pref...*
Feb
36
8%
14%
'i'%
19
31
Gen Water CAE
.
7%
7%
1%
8H
Jan
Jan
66
%
100
Apr
9
23 %
25
110
Jan
Apr
14%
14
10
Apr
108
Mar
preferred A
ed
Mar
10%
Feb
6
109
2
42 %
10
Godchaux Sugars class A.
14
Apr
Jan
May
Apr
52%
Glen Alden Coal
100
Apr
50%
2"
400
Apr
Mar
Jan
%
*
300
1%
Mar
16 %
11
Gen Telephone $3 pref..
General Tire A Rubber¬
""466
9%
Mar
9%
1%
4u
1
15
Mar
Cornmon
si«
9%
Apr
Corp-
"i'% "2"
Corp
conv
Jan
2,700
Gen Outdoor Adv 0% pUOO
Apr
Corp.-.5
Driver Harris Co
S3
17
19%
Jan
>•<
Mar
10
Dominion Textile Co
7%
8%
550
17%
•
4%
*
Dominion Steel 4 Coal B 26
•Class
preferred
17%
oom..l
30
Mar
Warrants
200
reg._£l
$5
1%
Gen Flreprooflng oom....*
Gen Gas A El 6% pref R
Tnvestmeht oom. 1
Feb
Mar
%
400
1
.10
Am dep rets ord
Elsler
6%
Gen Rayon Co A stock.:.*
Dobeckmun Go common. 1
Edison
600
Amer dep rets ord reg.£l
Apr
"5% "5%
Dlvco-Twln Truck
6%
7
17%
1%
86 %
*
15%
3%
Distillers Co Ltd
.
Mar
100
Alloys Co
3,300
Diamond Shoe Corp com
Duval Texas
preferred
5%
1
Detroit Steel Products...*
Draper
1%
10%
General
14H
Jan
100
12 Mi
Jan
13%
Jan
23
1%
com
Jan
.....
23
1%
17%
Jan
Detroit Paper Prod
Doral nlon Bridge
5'",
Co
21%
6% pref w w
20
Detroit Gray Iron Fdy—1
Det Mich Stove Co oom..1
preferred
Apr
Apr
Gen Elctrlc Co Ltd—
Jan
Mar
Power
5%
7% pref 100
Derby Oil 4 Ref Corp com*
A oonv preferred.,
*
Detroit Gasket 4 Mfg—1
com
16%
19%
83
9
1
Stores
Distilled Liquors
1%
20%
Dennisoa Mfg
7%
Jan
5%
1
Delay
2,600
18%
34
10
36
Decca Records com
Mar
pref.*
v
21H
Dayton Rubber Mfg new.l
A
4%
prafarred--.100
55%
Davenport Hosiery Mills.*
De Vllblss Co
conv
Jan
-.5
Petroleum com...6
Jan
*
stock......
conv
4%
Feb
4
Cuban Tobacco oom ▼ t c. *
Clara
Gatlneau
$3
Apr
*
10
preferred—
Darby
Gamcweli Co 16 c
Apr
26
preferred
Jan
4%
"5% "5%
Internal A..*
Crystal Oil Rel com
6%%
Jan
1
8%
52%
%
Drug Co com.-.26c
Curtis Mf* Co (Mo)
Jan
6
19%
100
1
Preferred
3 %
Gen Pub Serv $6 pref....*
Crowley. Miiner 4 Co. — *
Crowa Cent Petrol (Md)
6%
60
92
2
6% cobr preferred
60
Ltd...——£1
Co
Jan
1.200
4
23
1
Fuller (Geo A) Co com
Apr
74
—6
Crocker wheeler Elee—..*
9%
17
.16
Co
700
—
Creole Petroleum
Crown Cork
panic pref
"ioo
Courtaulds
Crown
Feb
Com
Fruehauf Trailer
5%
Cos den Petroleum oom—1
Brewing
Mar
May
116%
1%
500
....
14 %
Apr
Apr
b
......
Apr
5
1%
8%
$3 prioi preference.—.*
Croft
Common...
Mar
3
50%
18
5%
Copper Ranee Co
— *
Cod per weld steel
5
Corroon 4 Reynolds
Common
-——1
A
May
1%
Feb
275
4
19%
6
8%
5%
*
T
preferred
200
Mar
73
64 %
Froedtert Grain A Malt-
38%
%
Cooper Bes»-»uier com—
Sfl
Fox (Peter) Braw Co
Jan
Apr
2%
Mar
90
71
6%
Jan
Feb
May
86
4
100 trca
—.
8%
80%
116%
84
Varnlsb.
Paint 4
Coot
1%
dep rots
6%
37
Jan
71
12%
Apr
225
•
Apr
%
80
preferred.-.—-100
Consol
4%
4%
B
mer
Apr
Jan
37
Biscuit Co
Copper Mines
Consol
dep rets ord reg...£l
Class
Consol
Mar
Apr
6%
85
Ford Motor Co Ltd—
Conn Ca« 4 Coke 8tcur
Consol
9,100
High
68
Apr
Ford Motor of Franca—
%
1,000
1
10%
Low
60
8%
Ford Motor of Can cl A..*
Apr
24
9
30
63
Jan
Apr
325
27
64
Range Since Jan. 1, 1939
for
81 %
Jan
Feb
H
25
30
10%
100
Florida P A Lt7 pref....*
Ford Hotels Co Inc
*
Mar
36%
29H
Apr
20
Range
64
_
•n
1
»u May
13%
30
Community Pub Service 2fi
Compo Shoe Mach—
V t e ext to 1946
100
%
Community P A L $6 pref •
Apr
900
%
i#
Commonw Dlstrlbut
preferred
of Prices
I Week
Low
High Shares
Price
Fire Association
Common wealth * Southern
Sales
Week's
Sale
High
Low
1
Last
(Continued)
Shares
4,200
3193-
2
•if
6%
10
9%
7%
6%
10%
11
Feb
Jan
7
5%
May
20
5%
May
10%
180
5%
Apr
12%
200
108
Jan
Jan
Jan
25
100H
Apr
New non-voting class A. 1
1%
1%
100
»*i«
Apr
1%
Apr
1
1%
1%
500
105
105
Ilium Oil-
7%
19%
Apr
Fansteel Metallurgical.
4%
Jan
Fedders Mfg Co
5
Apr
7
Jan
35
May
35
May
Apr
22
Mar
Insurance Co of No Am. 10
Feb
International Cigar Maob *
Jan
Internal Hydro Eleo—
3%
Fanny Farmer Candy ooml
21%
Fed Compress 4 W'house25
Ferro Enamel Corp
Flat Amer dep rights
Fldeilo Brewery
16%
16
9%
1
17%
1,900
9%
100
2,800
14%
7
Jan
May
he
Jan
9%
he
Mar
Mar
New class
B
%
Mar
1%
May
fit
Apr
%
Mar
8%
Industrial Finance—
V iocommon
1
7% preferred
100
Pref
$3.60 series
10
Apr
68%
Mar
500
20%
Apr
24%
Mar
16%
200
12
Apr
21 %
Mar
"2% "2%
M00
2
22%
16
60
66
1,450
hi
A stock
purch warrants.
I atl Industries Ino..
1
For footnotes
see
page
3197.
2%
Jan
Apr
59
64
21%
66
Mar
%
Jan
Mar
4%
Jan
New York Curb Exchange—Continued—Page 3
3194
Last
STOCKS
Week's Range
Sale
(Continued)
Par
Price
for
Range Since Jan. 1, 1939
Internat Metal Indue A
Internal Paper A Pow warr
2 46
International Petroleum..*
25 %
2%
2,100
5%
1%
25%
1,200
22 %
2
25%
Registered
Mar
Apr
546
Apr
Apr
2%
%
Apr
446* Jan
Jan
Mar
100
Mar
27 46
27
Apr
6%
Razor B_»
Pai
High
24%
International Products.
Internat Safety
Jan
346 May
%
Feb
International Utility—
10
Mar
Price
$2,50
Common..
Week's
Tool..*
12
1,500
946
700
346
Mar
100
500
1446
m
Apr
2
146
Mar
146
Apr
%
Jan
11
Jan
Moody Investors part pf.*
34
Apr
1546
3846
May
50
Mar
Warrants series of 1940-.
>J2
{Moore (Tom) Distillery. 1
Mtge Bank of Col Am shs..
Mountain City Cop com 6c
446
10
546
Vitamin... 1
International
3
Interstate Home Equip..1
5%
5%
May
200
2%
Apr
446
2,100
3%
6
*«
4%
10%
Apr
6
Feb
May
Interstate Hosiery Mills
Interstate Power $7 prel
Apr
3%
%
Apr
1
%
c._*
16%
%
16%
17%
17%
,600
"~2% "~2% ~~3%
"2~206
2%
1,100
1%
Apr
Irving Air Chute........1
Italian Superpower A
*
Jacobs (F L) Co
Jeannette Glass Co
400
100
Mar
746
Apr
Investors Royalty
Iron Fireman Mfg v t
1446
Feb
—*
1%
1%
preferred
6% preferred
7% preferred
100
100
—100
Jones A Laughlln Steel. 100
101
Mar
Mar
Mar
Apr
hi
Jan
Jan
Feb
446
246
21%
Jan
220
78
Jan
Kansas G A E 7% pref.
100
Kennedy's Inc
..5
Kimberly-Clark 6% pf-100
108%
Apr
Mar
11846
Apr
046
6%
Apr
9
Feb
10846
46
110
107% 108%
105
716
83
40
63
64
20
38
Kir by Petroleum
718
46
200
1%
1%
2%
2%
100
May
Jan
Mar
41
1,700
Lakey Foundry A Mach.l
3%
2%
3%
39
3246
2
2,200
Mar
Mar
Jan
1246
Apr
May
6146
Mar
Mar
5046
Jan
May
7
Apr
Jan
Mar
346
67
Jan
05
Lane Wells Co com....,
1046
Apr
1146
Feb
"
Apr
Langendorf Utd Bakeries—
Class A
*
Lehigh Coal A Nav
♦
~~7% "~7%
2%
Develop...26
2%
%
Le Tourneau (R Q) Ino..l
Line Material Co..
6
30%
Leonard Oil
25
1*746
May
Apr
11
May
2
Apr
9%
preferred
26
Lit Brothers common...
6
Lockheed Aircraft
28%
Lone Star Gas Corp....
0%
"
Feb
Jan
15
Jan
Feb
23
Feb
N Y City Omnibus
24
Jan
22
10
Apr
1346
Mar
146
Feb
Apr
3^46
Feb
746
Apr
946
Jan
26
9746
26
19J6
r
Jan
N Y Merchandise—
1%
%
Manatl Sugar opt warr...
Mangel Stores.
Jan
Jan
30
Mar
Common.
Apr
Mar
Feb
Apr
"is
Jan
%
1%
Jan
Apr
Mar
Mar
98
hi
Feb
Margay Oil Corp
20
200
20
100
~~2~% "~2%
1
"200
2%
Massey Harris common..*
Master Electric Go
..1
34
Jan
246
46
146
31
Mar
Mar
Feb
Mar
2046
Mar
546
Feb
646
May
2%
1Q0
"17%
"250
Apr
246
2
17
Mar
May
5
Jan
Feb
2 46
May
446
"if
May Hosiery Mills Ino—
$4 preferred
._*
Apr
746
Jan
1446
Apr
1846
Jan
1%
147"
Memphis Nat Gas com...6
Memphis P A L $7 pref..*
Mercantile Stores com...*
146
146
1046
1046
14546 147-
600
9
175
125
4
600
80
2046
4%
4
"62""
02
$2
conv
25
246
600
3546
10
Mid vale
dlv shs
Midwest Oil Co..
o
Mar
15
Mar
7246
Mar
May
6646
7146
700
55
Apr
10
104
Apr
111
Mar
2046 May
1H46 May
8
Jan
"~606
1046
Apr
14
Mar
1,250
4646
Apr
6246
Jan
200
146
5746
146
Jan
Apr
80
Jan
Mar
27
Jan
Apr
2
Jan
X72
800
146
146
100
2646
150
2746
150
146
Apr
Jan
2646
15
113
11346
102
23 46
104
Apr
Jan
x7%
2746
Jan
107
2746 May
27
Mar
9
Mar
Jan
11346 May
99
Apr
104
6
Apr
1346
Jan
4
19.
Jan
16
Apr
446
2246
Mar
Feb
Mar
Mar
May
.646
6 46
83
1946
50
7 46
5,900
546
Apr
100
x77%
Apr
946
9146
Apr
82
85
66
Niagara
,
hi
Jan
hi
Mar
Feb
146
146
200
146
Apr
2
456
5
700
346
Apr
646
Mar
52 46
58
TjOO
Jan
Share—
Class B common......5
Class A preferred
*
6
Noma Electric...
Mar
9046
Mar
4146
Apr
6446
Mar
646
Apr
746
146
100
NIles-Bement-Pond
May
May
146
546
Mar
Mar
Apr
146
6546
2246
Feb
2146
Feb
87
'58
Nineteen HundredCorp B 1
"156
146
"766
446
1
—
446
100
Common
1
$0 preferred
*
North Amer Rayon cl A..*
Class B common
*
1,46
146
5546
1746
146
61
1746
1646
4346
300
61
1646
0% prior preferred
60
No Am Utility Securities.*
Nor Central Texas Oil...6
4346
4
Feb
149
Mar
Jan
4
Feb
2046
Feb
546
Jan
Apr
346
Apr
Apr
46
28
May
58
Apr
hi
Apr
Apr
Jan
46
Jan
77
Jan
3246
1
Mar
646
Jan
46
May
246 May
36
May
95
Feb
"u May
com
100
Engineering..*
Novadel-Agene Corp....*
Ohio Brass Co cl B com
*
46
1646
10846
50
0% conv prior pref.. 100
Oldetyme Distillers
..1
Omar. Inc
105
Pacific G A E 0% 1st pf.25
33
Jan
2946
hi
Mar
546% 1st preferred...26
^Pacific Ltg $0 pref
,_*
4
300
246
Jan
346
Apr
546
Mar
100
46
546
Apr
1
Mar
Apr
846
Feb
common
Apr
346
Feb
12
9946
50
""7 46 ""if"
"§66
9946
Jan
93
Jan
60c
7
Apr
Apr
12
46
10
Mar
146
49%
Miss River Power pref. 100
Missouri Pub Serv com..*
Apr
1546
109
146
846
12
146
Jan
Jan
Jan
Jan
Mar
Jan
50
8346
""346 ""346"
1,350
100
""400
37
Jan
80
Apr
115
4846
8346
Jan
11546
Feb
Feb
4
Mar
346"
5046
Mar
90
Mar
For footnotes see page 3197/
1
1,400
1746
150
1646
104
16
100
107
,
9746
50
11346 114
10846
107
Apr
20
Apr
May
10546
11246
Feb
Jan
Mar
Jan
20
11146
Feb
11446
Apr
40
10446
Jan
11146
Mar
1 346
4146
Apr
105
Mar
10046 105
3,000
,/
846
846
Apr
Apr
300
35
Apr
125
9646
Apr
Jan
946
1346 May
43 46
Mar
105
May
146
146
300
1
Apr
146
Jan
746
200
5
Jan
May
Apr
MM
Apr
746
446
946
10646
1,700
3146
Apr
3346
500
2846
Jan
30
175
10446
Apr
6846
Jan
546
32 46
33
2946
10646 10646
2946
Apr
Pacific P A L 7% pref.. 100
Pacific Public Serv
*
10846
85
Mar
Mar
Mm
Jan
Mm
746
Mm
•
20
Jan
2146
Mar
Page-Hershey Tubes oom.*
Pantepeo Oil of Venezuela-
99
Jan
10146
Mm
Apr
746
346
Jan
Mar
$1.30 1st preferred
546
Paramount Motors Corp.l
Parker Pen Co
*
3246
May
*
American shares..
246
Mar
3246
8
Pacific Can Co
Jan
100
2046
*
Jan
500
Jan
246
.1
Securities
Mar
7
146
46
46
May
Apr
1246
3946
8
8
6
97
com. 16
246
346
Feb
Apr
5
Feb
46
646
9446
10046
Mar
Apr
646
100
Apr
346
Apr
8746
20
15
108
3%
6
81
•""190
Feb
24
Ohio Power 0% pref—.100
Ohio P S 7% 1st pref—.100
546
Jan
46
"
100
May
Jan
100
107
Oklahoma Nat Gas
$3 preferred
Jan
246
"IOO
Feb
4
""800
103
400
46
146
1746
30 46
Ohio Edison $6 pref
*
Ohio Oil 0% pref—....100
0% 1st preferred
Ollstocks Ltd common
Jan
47
Apr
May
1246
1756
46
4
Apr
Jan
Jan
""846 ""946"
9
"32
1
"11
Apr
4246 May
50
10
546
400
Mar
15
100
1
Northwest
Overseas
1346
•
Northern Sts Pow cl A..25
9946 May
53
100
446
246
Jan
Apr
25
650
hi
246
17
European Oil
46
46
92
Mar
Minnesota Min A Mfg.._*
Minnesota P A L 7% pf 100
Apr
Jan
5446
146
5246
146
546
JCanada..*
a!*
40
Feb
1146
.9946
46
Piping A Sup...*
Mining Corp
Mar
150
,66
7u
*
Mid-West Abrasive
Midwest
Feb
Jan
"ii'% "1246"
54
1
5%
*
Co
Mar
12
98
Jan
pref
non-cum
Apr
Feb
Jan
%
90
Feb
10.OOO
Midland Steel Products-
$2
11346
Apr
Jan
7% preferred
Northern Pipe Line
46
»
c
Jan
3946
Apr
Jan
Apr
Middle States Petrol—
t c
102**
Apr
246
9346
io
t
10
4
Nor
86
100
"ifl
2
1
Middle West Corp oom
Midland Oil Corp—
Jan
246
Apr
*
Preferred
Jan
100
5446
*
Gas A Oil
v
46
62
3546
26c
Steel Tube.-2.60
Sugar Co
*
\
446
700
46
Bumper Corp__l
Class A
100
27
%
Partlclpat preferred-.lfi
Metropolitan Edison—
Class B
346
346
1
$0 preferred
Mexico-Ohio Oil
46
200
Feb
14
99
...
046% A preferred...100
Mesabi Iron Co.
Metal Textile Corp
Mar
5
Jan
1
99
3%
~99~~
100
Merchants A Mfg ol A...1
Participating preferred.*
Merrltt Chapman A Scott *
Warrants
Feb
446
Nor Ind Pub Ser 6% pf.100
*
Apr
146
1546
446
Apr
Apr
5346
McColl-Frontenac Oil—
Mead Johnson A Co
Jan
Apr
446
Class B opt warrants
Feb
15
*
6% preferred.
100
McCord Rad A Mfg B...*
McWllllams Dredging...*
Feb
246
Nor Arper Lt A Power—
6%
6%
...*
Marlon Steam Shovel
Mass Util Assoc v t o
19
Mar
846
46
Class A opt warrants
Mar
Nlplsslng Mines
20
546
Jan
5046
7846
546
546
111
10
146
Manlschewltz (B) com...*
Mapes Consol Mfg Co...*
Marconi Intl Marine
Communica'ns ord reg £1
Jan
18
,7146
5% 1st pref........100
5% 2d preferred
100
25
Jan
Mar
Niagara Hudson Power-
8946
100
13
Jan
Jan
Apr
346
N Y Water Serv 0% pf.100
160
%
146
6046
746
146
New York Transit Co——5
Mar
146
Jan
*
Apr
3646
•
Jan
9,800
May
1046
1
146
1
preferred
conv
preferred
N Y Shipbuilding Corp—
Founders shares
746
2%
44
10
35
Apr
2346
1
Jan
Apr
12
N Y Pr A Lt 7% pref-100
Apr
Lynch Corp common....6
Malestlo Radio A Tel
Jan
546
hi
Jan
446
446
N Y A Honduras Roaario 10
Jan
Apr
»ii
546
Apr
400
49
2646
146
1
Mar
—
446
Ludlow Valve Mfg. Co...*
Mar
May
25
1,500
100
Jan
40
8546
7846
46
Warrants
$0
6
Apr
246
.
"566
846
11346 11346
*
Jan
46
900
1,500
100
•
N Y Auction Co com
Mar
346
100
346
346
Jan
1346
Apr
69
925
82
New Process Co..,
17
22%
1%
1%
5% ">6%
96% 98
iiooo
246
2846
May
"3546 "3646
12
25
Apr
.1,300
23
Apr
Jan
746 May
May
1146
800
Newmont Mining Corp. 10
21,300
26
5
400
1,400
Jan
446
New Mex A Aria Land—1
9%
195
43
3346
646
1246
x8
$2 preferred
*
New England Tel A Tel 100
11% Mar
1846 May
146
Apr
2346 May
Lucky Tiger Comb G M.10
Michigan
Michigan
Michigan
Michigan
100
May
34
29%
1
30%
Packing..
Louisiana Land A Ezplor.l
Louisiana P A L $6 pre!..*
$6
preferred
New Jersey Zinc
350
28
Jan
350
41
646
H
New Idea Ino common—*
11%
30%
38
hi
*
Jan
11%
21%
9%
%
7% preferred
....100
0% pref class B.....100
Mar
—100
preferred
Jan
Long Island Lighting-
Loudon
7%
346
46
1%
Common
1246
Nevada Calif Eleo com. 100
New Engl Pow Assoo
846
500
B
Locke Steel Chain.
Jan
10
46
New Haven Clock Co
Apr
8
Feb
Nestle Le Mur Co cl A.
Feb
1%
Loblaw Groceterias cl A.
Class
22
2i)0
946
*
22
9%
Ltpton (Thos J) class A—.1
0%
%
300
1,500
Jan
Feb
400
,.*
Nat Union Radio Corp—1
46
Apr
746, Feb
400
"
h«
Apr
946
46
"ioo
2%
34
15%
50
17%' 17%
10%
10%
......
46
Nat Tunnel A Mines
0%
Class B
Feb
1146
National Tea 546 % pref. 10
National Transit
12.50
Lane Bryant 7% pref.. 100
Lefcourt Realty common. 1
Conv preferred
*
46
200
45
42
946
2.800
7
1146
046
National Sugar Refining.*
Mar
%
Apr
12
Feb
46
41
46
1146
{Nebel (Oscar) Co com
*
Nebraska Pow 7% pref. 100
Nehl Corp common
»
1st preferred
Nelson (Herman) Corp..
Neptune Meter class A— *
41 %
546
1146
Apr
Jan
Lake Shores Mines Ltd..I
600
7 46
50
Jan
73
70
May
8
47
246
Feb
41
May
■70%
Apr
45
Apr
64
39
746
Mar
946
46
Conv part preferred—.*
National Steel Car Ltd—.*
Navarro Oh Co
1
Mar
May
May
Jan
Kreuger Brewing Co
Mar
7
04
10
Lackawanna RR (N J) .100
Mar
10
1446
7
346
346
Apr
1146
4 46
130
Apr
69'
346
9
300
Apr
50
*
*
Mar
12
.
Apr
1
...
1546
11%
746
746
Nat Service common.:
Kresge Dept Stores
Mar
Jan
946
400
Nat Rubber Mach
9%
4% conv 1st pref..-.100
1346
National Refining com
Apr
Kress (S H) special pref. 10
Mar
Jan
May
Mar
60
46
May
846
59
Mar
546
83
1346
59
546
7946
Jan
Koppers Co 6% pref...100
Jan
8146
Apr
Apr
*
446
46
36-46
Apr
Kobacker Stores Inc
1,000
Nat Mfg A Stores com—*
4
7%
200
Jan
5>6
National P A L $6 pre!— *
1 46
11%
646
National Oil Products
11%
11%
Apr
13
*
National City Lines com.l
$3 conv pref
50
National Container (Del).l
National Fuel Gas....—*
Klrki'd Lake G M Co Ltd 1
11%
2.700
National Candy Co.
Klein (D Emil) Co oom..*
Klelnert (I B) Rubber ColO
.1
Jan
546
6 46
346
146
Knott Corp common
Jan
46
Apr
Jan
Apr
;
146
2%
600
2846
Apr
Jan
56
1
1
Jan
4
82%
Kingston Products
Jan
20
200
1
Breweries
39
Mar
300
20
Apr
hi
346-, 446
Nat Auto Fibre com...
9046 May
10146 May
10546 May
22%
11246
Kings Co Ltd 7% pi B 100
6% preferred D
100
Kingsbury
Jan
17
3,200
27%
117% 118%
4%
4%
6%
6%
Ken-Rad Tube A Lamp A *
86%
200
105% 105%
"21
6746
Mar
546
346
100
*
0% pref
Nachman-Sprlngfllled
Jan
12246
Muskegon Piston Ring.246
Muskogee Co com
_..*
14%
Mar
646
2446
46
Murray Ohio Mfg, Co.
Mar
1946
2146
4.50
Julian A Kokenge com.
50
246
17046 May
32
May
600
27
46
Nat Bellas Hess com—,..1
95% 96%
100% 101%
2946
Jan
Jan
646
46
Apr
Jersey Central Pow A Lt—
646%
100
Apr
Feb
Mar
346
Jan
152
{Mountain States Pw com*
Mountain Sts Tel A Tel 100
Feb
15
hi
17%
■
Mountain Producers
27
""400
32
32
100
Feb
100
146
171
546
23
Apr
546
200
Montreal
1446
Apr
4
'l68~
170
%
14%
ht
High
Low
Util—10
Ward A—*
Lt Ht A Pow..*
Montgomery
36%
200
Shares
20
146
%
U%
H
Range Since Jan. 1, 1939
for
Week
High
1146
346
Monogram Pictures com.l
Monroe Loan 80c A
1
80%
preferred
Range
of Prices
Low
20
346
1
Molybdenum Corp
Monarch Machine
*
*
$1.76
$3.60 prior pref
1939
Sales
Mock. Jud, Voehrlnger—
Montana Dakota
Class A
Class B
Salt
(1Continued)
Low
Shares
HiQh
Last
STOCKS
Week
of Prices
Low
May 27,
Friday
Sales
Friday
646
12,400
346
346
100
11
10
"""266
*
3846
*
856
3846
9
100
200
$2,80 preferred
$5 preferred
*
*
Apr
16
Jan
Apr
14
Mm
Mar
•20
Mar
35
Apr
846
34
34
25
31
3946
Feb
"
53
346
Apr
12
Jan
746
29
Peninsular Telephone com*
Preferred
loo
Penn Edison Co—
Penn Gas A Elec class A._*
Mar
15
Parkersburg Rig A Reel._l
Patchogue-PlymouthMllls*
Pender (D) Grocery A
Class B
446
346
3246
May
Apr
34
May
Jan
58
May
Jan
May
546
Feb
Volume
New York Curb
148
Week's Range
for
of Prices
Penn Me* Fuel Co
Corp
High
1
1%
*
*
preferred
Penn Salt Mfg Co
103%
102% 103%
70
140
75
7%
Peppereil Mfg Co
100
67
69
Per sect Circle Co
*
25
25
Pharls Tire & Rubber
1
May
May
$3 conv pref
*
Simmons H'ware <fc Paint.*
Jan
103%
Apr
167
Jan
Feb
16
Jan
74
Jan
84%
Mar
58
Apr
75
Mar
23%
Apr
27
Feb
Apr
Feb
5
Apr
May
118%
Feb
Apr
30%
Jan
2,100
30%
"""75
29%
3
5%
pref 25
Phillips Packing Co.
*
Phoenix Securities—
3%
1,100
2%
JaD
2%
Apr
5%
600
1
4 %
3%
4%
1,700
10
Pierce Governor common.*
20 %
19%
20%
150
Jan
29
Apr
18%
Feb
Mar
Mar
8%
50%
7
1,200
6%
Apr
12%
Jan
Southern Union Gas.
10
47%
Apr
64%
Jan
6%
96
99
6
Apr
8
Jan
90
Apr
117
Mar
Southland Royalty Co
South Penn Oil
Mar
9%
Jan
8
Feb
300
8
1 %
1 %
1,500
hi
~4%
hi
100
4%
4%
1,200
200
19%
Feb
2%
Jan
Apr
•u
Jan
Feb
Apr
Apr
12
Mar
Apr
May
102
Apr
23
4%
2%
Apr
Jan
he
3%
3%
5%
i09"
47%
50%
Apr
Jan
17%
Apr
Jan
5%
8%
Apr
Apr
Feb
7%
Mar
Mar
105%
Apr
109% May
105""
40
45%
49
18%
1
60
Mar
Standard Silver Lead
Mar
Standard Steel Spring
Standard Tube cl B
5
6%
"V
115
Standard
Wholesale
99%
Mar
100%
Mar
%
Jan
Jan
58%
Mar
Stein (A) A Co common..
Jan
25%
Mar
Sterchi Bros Stores
Feb
240
6%
Apr
123
•u
Sterling
com
Corp
18%
12%
Mar
Inc
Stetson (J B) Co
Mar
Stinnes
Feb
•i»
Feh
(Hugo)
Stroock (S) Co
13%
12
38
50
Apr
21
Jan
35%
150
14%
38
Apr
41
Mar
Sunray Drug Co
Sunray OU
5%%
2%
Jan
Apr
5
Jan
Superior OU Co (Calif)..26
Jan
Superior Port Cement
Apr
Jan
5
"
%
12%
Mar
%
Jan
"766
%
Mar
1 %
Apr
Jan
5
„
Jan
4
Jan
conv
"166
*
Swan Finch OU Corp
15
Taggart Corp com
1
Tampa Electrio Co com..*
Tastyeast Inc class A—1
Taylor DlstUling Co
1
'""306
|
"30 " " |
Apr
Texon Oil A Laud Co—-2
""3%
Jan
Thew Shovel Co bom
5
12%
1
Tishman Realty A Constr*
Tobacco AUied Stocks—.*
11%
Tobacco Prod Exports...*
Tobacco Secur Tr—
4%
""2%* "2%
'""366
'"he """%"
Jan
"366
1 %
Apr
2%
Mar
4%
Apr
6%
Mar
%
Apr
%
Jan
37
Mar
A Pf
45
4%
8%
8
38%
2%
1,200
50
2%
%
54
*
Ltd—*
f2 conv pref A
60
St Regis Paper com......5
7% preferred..
—100
100
4%
8%
38%
.
%.
54
,
100
3%
7
6%
12%
44%
Apr
2%
Feb
%
Jan
Jan
Apr
Apr
49
3%
St Lawrence Corp
71
Apr
'Apr
35%
600
25
43
Feb
3
Mar
Jan
Mar
Jan
Def registered 6s
Jan
Mar
4%
Jan
Lux
Trans
Plct
Common
275
5
% May
8
Apr
1
Jan
9 %
Jan
6%
9%
Jan
Mar
7%
"""206
38
2,600
Mar
50
2%
38
2
37
May
3%
59%
Jan
Feb
Class
10%
700
*
19%
21
500
21
Apr
Apr
1%
Jan
Tung-Sol Lamp Works
80c div. preferred.
1
9%
—5
9%
1'
10%
Corp com 1
Jan
1
Jan
9%
18%
114%
17
Jan
May
Apr
May
Jan
11%
27%
114%
22%
Jan
Mar
Apr
Jan
—
Series B pref
Union
200
Securities Corp general.—*
31
*
Apr
Feb
32%
Feb
United
1*n
Jan
7
8%
Mar
6%
7%
1,000
4%
Jan
13%
13%
13%
500
12%
Feb
%
6
6
%
6
i\t May
100
100
%
4%
52
25
"54"
Allotment certificates—
"58%
"250
Apr
May
May
54
May
15
Apr
1
Jan
9%
69%
70
Jan
Mar
Mar
%
Apr
%
%
£1
1
Jan
•i« May
Feb
$0 1st preferred
*
preferred
Shawlnlgan Wat A Pow..*
19%
7%
3%
Apr
9%
Jan
6,800
2%
Mar
5%
Jan
16%
17
21666
95
300
,101% 101%
2%
3%
10%
12%
11%
11%
60
1,30p
,450
800
4%
600
69%
4%
375
105
105
10C
com..25
5%
6%
1,000
5%
Apr
9
Jan
19%
20%
400
18%
Apr
22%
10% preferred
—10
United Shipyards oi A—1
91
550
83
Apr
113%
115%
3197.
113% 113%
50
108 %
Apr
10%
113%
Sherwin-Williams of Can.*
Apr
14
Mar
Mar
««Jan
Feb
3%
'"*8%
-
Jan
Apr
14
Mar
69%.
Jan
94
Jan
2% May
8%
Apr
Apr
10
Jan
22%
Jan
99
Feb
Feb
101%
4
Jan
Mar
15%
15%
Jan
2
Feb
Jan
62
•
Jan
Mar
5%
Mar
Mar '15
Feb
1%
4%
Mar
Apr
81
63
Apr
98%
Apr
105%
Apr
111
Mar
Jan
%~
Feb
Jan
Feb
Apr
1%
3%
600
1 %
Apr
2%
Jan
600
2%
Apr
5%
Jan
300
% May
7% May
7
Apr
»u
T% " 8%"
""666
2%
""266
;
7
Apr
3%
Jan
7%
5%
Jan
M ar
>3%
Mar
Jan
3%
1
100
"800
Jan
Mar
2
Mar
Apr
"13""
Jan
13%
38%
Apr
2
'300
""l"4% "l5%
8
Apr
19%
""13"
Mar
%
1%
'""3%
%
11
Apr
13%
Mar
Jan
Mar
1%
3%
3%
100
Apr
3
Mar
12%
Jan
16
May
2%
Jan
3%
Apr
38
2T666
%
%
Feb
%
Mar
13
87
86
1%
1%
25
500
90
%
%
%
4,700
2
86
1%
13
23
86
42%
1%
•if
7
Jan
Jan
Mar
Jan
Jan
Mar
Jan
3%
92%
Mar
%
Apr
Apr
Mar
"if
Feb
Jan
86%
74
2,900
130
Mar
1%
2%
4%
Apr
7
80
1
Feb
1%
1,900
1%
Apr
3
1%
2,200
1%
Apr
2%
Jan
25%
4.300
Apr
Feb
36%
Mar
23
Mar
Jan
73%
Mar
Apr
6%
Mar
19
20%
69%
5%
5%
United Profit Sharing—25c
Mar
"11
%
*
7%
3%
6
Mar
Feb
Jan
United Molasses Co—
dep rets ord reg—
United N J RR A Canal 100
100
36%
%
700
Products.—*
88
Mining. .6
3%
6%
Jan
28% May
% May
30%
%
Option warrants
United G A E 7% pref. 100
United Lt A Pow com A.*
Common class B——*
$3
5%
%"
.*
United Gas Corp com
1
1st $7 pref non-voting.*
Am
1
*
Mar
Corp warrants..
United Milk
Selfridge Prov Stores—
14%
5%
29%
United Elastic Corp
800
Mar
Apr
105%
*105""
*
Mar
%
42
Apr
2%
"
Investment com..*
May
Jan
Jan
Feb
3
*
-
he
%
•
Apr
Mar
*
13%
1%
1%
5%
45%
200
*
%
200
Mar
Apr
3%
he
%
Warrants
7%
16,«
6%
Scullin Steel Co com..—*
28
Jan
30
14%
1%
Sts.l
Union Traction
Co——50
United Chemicals oom—.»
$3 cum A part pref
*
Un Clgar-Whelan Sts.-lOc
Jan
Feb
11%
3%,
68
Union Premier Foods
21
7%
38%
4%
UnexceUed Mfg Co—...10
Union Gas of Canada
Jan
,
Apr
100
-1
Ulen A Co ser A pref
17
4
Apr
Apr
4%
--1
A..
Apr
IH
"""206
Tnina Pork Stores Inc.
2
Jan
"40% "41%
Tri-Continehtal warrants
*
Tubize ChatUlon Corp.. 1
Jan
Feb
2
Screen—
....-1
Transweetern Oil Co.... 10
Feb
6%
3
60
Todd Shipyards
-
%
65
Mar
8%
5%
—
Corp—
Toledo Edison 6% pref. 100
7% preferred A.
100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
Feb
4%
35
"I'soo
£1
Ordinary reg—
.
Jan
"II %""Jiin
3%
93
15
Feb
Apr
4%
3
'
112
2%
Apr
400
Apr
Apr
4%
2%
Apr
2% "Mar
14
13
Mar
Apr
Jan
40%
4%
16%
24%
13%
Jan
""
94
Apr
Apr
Jan
4%
41%j
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref—100
Apr
2%
10
Technicolor Inc common.*
9»
May
2%
31
Jan
1%
"li"
May
<7%
,
"T% "2" ""406
Feb
24%
"10"
11
i6
May
"""206
5
6%
May
13%
Jan
he
36
100
104
«ie
Feb
5%
3%,
102
112
Safety Car Heat A Lt
For footnotes see page
4%
Apr
May
Apr
1%
28
.Feb
%
'
100
3%
'(
96
1,200
99%
"if" """660
3%
100
*
6% cum pref ser AAA 100
"16"
"""666
*
$3.30 A part
Class B com
Jan
% .'Feb
800
4
"2%
7
Jan
Apr
9%
2%
33%
2%
60
pref..
Apr
25
%
Apr
Apr
14
*
*
1
1
:j
%
15%
Jan
Apr
iilooo
.*
SulUvan Machinery
14%
Apr
6
Jan
Mar
6%
2
1
_*
158%
148% May
16 \ Mar
9%
Apr
37%
10%
May
700
8%.
Sterling Brewers Inc—1
4%
108
40
Feb
1%
*
Mar
Jan
Feb
1%
"29% "66""
"35%
11
May
Jan
12
Jan
105%
Apr
6% 1st preferred.—.50
6% 2d preferred
20
Sterling Aluminum Prod.l
5
Apr
21%
Jan
8%
.
Starrett (The) Corp v t o.l
Steel Co of Can Ltd
*
May
Apr
Apr
8.
21
"8%
phate & Acid Wks Inc 20
Jan
r,
Jan
Mar
18%
10%
Apr
17
102
""%
Jan
12
Phos
Jan
6%
"266
""6%
,117
151% 152
117
100
Feb
6
"600
1
Jan
■
4
»
18%
1
35
14
100
4
18%
18%
100
7%
*
34%
350
4
7%'
800
_*
Preferred
Jan
101
425
17%
49
Ryerson A Hay nee com__l
Sherwin-Williams
1
%«
*
Denn
Standard Pow A Lt-,_
Common class B
Apr
93
104%
Royal Typewriter...—.-*
Russeks Fifth Ave
2%
Rustless Iron A Steel.—1
Shattuck
(Neb>——25
Standard OU (Ohio) com 25
5% preferred
.100
44%
25
17% '18%
OU
26
325
28%
Roy allte Oil Co Ltd ——*
.
Jan
Apr
107
10
28%
*
_
Jan
2%
12%
May
Standard Products Co
1
Seversky Aircraft Corp—1
23 %
9%
104
i09"
20
Seton Leather oommon.
Apr
1%
7%
100%
Jan
May
20
1
$1.60 conv preferred..20
„
Mar
«i»
3
Corp—
Standard Invest $5% pref*
Standard OU (Ky)
10
Jan
Jan
Jan
Feb
94%
Mar
Mar
Mar
Standard
Mar
19%
17%
14
%
Mar
6%
34%
Mar
5
"900
'"*5% "~5%"
—5
Amer dep rets reg
"366
"i6%
Mar
%
3
200
rctsord reg—£1
Sentry Safety Control
Serrick Corp (The)
16%
Mar
3%
Mar
Apr
%
10%
'u
Rolls Royce Ltd—
stock
1%
pre/erred..—.10
Common
TUo Roofing Inc
15.50 prior stock
Apr
Mar
Feb
2%
14
Jan
2%
Jan
500
Roeser A Pendleton Inc..*
Selby Shoe Co
*
Selected Industries Inc—
Common
1
200
2%
Apr
7
100
he
%
Segal Lock A Hardware—1
Selberilng Rubber com—*
Apr
18%. Feb
7
7*7% "~7%
99%
Convertible
Conv
Standard Dredging
Feb
40
Mar
May
27%
hi
2%
*
Standard Brewing Co.—.*
Standard Cap & Seal oom. 1
Mar
101%
16%
I %
6% pref D
.——100
Rochester Tel 6% % prf 100
Seeman Bros Inc
"400
Apr
Mar
5%
"28% "29%
*29%
Stahl-Meyer Inc
3
1%
10
£1
Am dep rets ord bearer £1
*
Spencer Shoe Co
*i6
36
Voting trust ctfs
1
RochesterGAE10% pf C100
Water
500
1%
Spanish & Gen Corp—
Am dep rets ord reg
8
1% May
9
19
1%
1%
5
25
1% May
3%
Southwest Pa Pipe Line. 10
7%
Jan
Apr
1
,
%
100
.25
300
7%
1
1%
*
Preferred A
900
99
%
1
Rio Graade Valley Gas Co-
Scranton
28%
1%
4
"6%
Radiator,
—25
Elec $0 pref—
Lace common..»
Spring Brook
Service pref
*
29%
Jan
55
§ Reynolds Investing—-.1
Rice Stix Dry Goods
*
ScovUl Mfg—
Jan
27%
152
Reliance Elec A Eng'g—5
1
28%
800
Jan
preferred
2%
Salt Dome Oil Co
200
28%
1%
Jan
Relter-Foster Oil——50c
Scranton
28%
42%
Co,
♦
(Daniel) common.*
Scranton
29
28%
42%
Reed Roller Bit
Savoy Oil Co—
Bchlff Co common...
29%
25
Jan
Jan
43
Apr
41
'
Ryan Consol Petrol
43%
Southern Pipe Line...10
Raytheon Mfg com
Red Bank Oil Co.—...
12.50 conv pref
Apr
Feb
*
50c
Co
Apr
40
25
0% prior lien pref...100
7% prior lien pref... 100
J 1.20 conv pref
Feb
Mar
Mar
Jan
100
200
42
I Pub Utll Secur 17 pt pL-*
Rossia International
1%
1%
43%
29%
-
148
preferred—_..*
*
Samson United
1%
42%
100
preferred
Root Petroleum
1
Jan
South New Engl Tel...100
*
Roosevelt Field Inc
Jan
Mar
1%
5%
2%
Apr
Southern Colo Pow cl A.25
Public Service of Okla—
Am dep
3%
200
Jan
*
Rome Cable Corp com—5
Apr
Mar
300
1%
Mar
6% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
Richmond
1%
1%
3%
2%
1%
92
2%
Public Service of Colorado-
Reeves
84%
2%
6% original preferred.25
6% preferred B
25
Apr
May
20
7%
Am—1
Corp.—
25c
Prosperity Co class B
*
*
92
Apr
Producers
:
90
4%
Apr
Pressed Metals of
S3 conv preferred
Jan
Jan
Jan
3%
5%
1st preferred
100
Pratt & Lambert Co
*
Premier Gold Mining—.1
Prentice-Hall Inc com
*
Common
Jan
219
2%
*
*
16 preferred
*
Puget Sound Pulp A Tim.*
Pyle-Natlona! Co oom—5
Pyrene Manufacturing..10
Quaker Oats common
*
6% preferred.100
Quebec Power Co
•-*
Ry A Light Secur com...*
Railway A Utll Invest A..1
Raymond Concrete Pile—
Feb
3
Apr
%
2,400
10
Puget Sound P A L—
$5 preferred.—
2%
Apr
170
2,600
6%
J0
Apr
1
30
7%
.....
Polaris Mining
$7 prior
South Coast Corp com
Southern Calif Edison—
1%
100
179
1
Jan
Pleasant Valley Wine Co.l
preferred
178
1,200
1%
1%
1%
2%
7%
16
Boss Mfg com
1%
1%
1%
1
100
7
50%
Prudential Investors——•*
Jan
2%
1
Gas
Feb
2%
Forglngs
Co—„25c
Potrero Sugar common—5
Powdrell A Alexander
6
Power Corp of Canada.—*
ht
13%
7%
Pittsburgh <fc Lake Erie.60
Inc
Feb
Apr
5% % pref series C
6%
Apr
10
Pitts Bess <fc L E RR
Pneumatic Scale com
he
9%
Smith (H) Paper Mills... '
Solar Mfg. Co
]
Sonotone Corp.—
]
7%
Pittsburgh Plate Glass. .25
High
*
Amer dep rets ord reg_£l
Sioux City G & E 7% pf 100
Skinner Organ
"
*
60
Pittsburgh Metallurgical 10
Low
26
Simplicity Pattern com
Singer Mfg Co
Singer Mfg Co Ltd-—
Postage
Meter
Pro*ldence
May
16
1
Pioneer Gold Mines Ltd..]
Plough
Jan
10%
7%
7
8%
5%
30
Pbiladelpbla Co common.*
Pittsburgh
Jan
92%
100
Range Since Jan. 1, 1939
Shares
Simmons-Boardman Pub—
118
8%
Phila Elec Pow 8%
Pltney-Bowes
Line stamped
Bile* Co common
Jan
135
Phila Elec Co *6 pref.:..*
Pines Wlnterfront Co
Feb
9%
107%
75
78%
.
Apr
2%
Apr
350
151
77%
Common
2
Apr
15
60
Pennsylvania Sugar com 20
Pa Water & Power Co
*
Conv $3 pref series A.
Apr
98
475
Price
Shreveport El Dorado Pipe
1%
5%
1,600
107
1%
7%
100 % 107 %
7,400
7
Penn Cent Airlines com__l
Pa Pr & Lt $7 pref
Week
2
2.50
com
for
of Prices
Low
High
Par
Mar
Apr
X
Week's Range
Sale
High
Low
Shares
1
Penn Traffic Co
Pennroad
Law
Last
Jan. 1, 1939
Week
Price
Sales
STOCKS
(Continued)
Range Since
T.ast
Sale
Par
3195
Friday
Sales
Friday
STOCKS
(Continued)
$6
Exchange—Continued—Page 4
Class B
200
5
237
Jan
242
Feb
"266
%
Mar
*u
Jan
10%
10%
1,000
9%
Mar
10%
Apr
1%
1%
200
1%
Jan
1%
Apr
New York Curb Exchange—Continued—Page 5
3196
Last
Par
United Shoe Much com.26
Preferred
........25
of Prices
Pries
81H
Rangs Sine* Jan. 1.1939
Week
High Shares
Low
79%
42%
43
1,400
72
120
81H
.1
3
1*
*
U 8 Playing Card......10
54
36
42
36
V 8 Plywood
12
1354
54
U B and Int'l Securities.
H
1st pre? with warr
U 8 Lines pref
1
4 54
H
56%
100
154
1H
"V
6H
"6H
*,«
United wall Paper
.2
Universal Coneol Oil....10
»
1H
15
3H
3H
15
3654
1654
Mar
Jan
21
Feb
27 H
Mar
254
1H
Apr
454
254
Jan
(B^lt) 3 Ha scr N...1971
Consol Gas (Bait City)—
Jan
Jan
3H
654
Mar
».»
Feb
Feb
Apr
100
""so
100
1H
14H
1,500
3H
200
3
100
12
Apr
46 H
7
lUtll Pow A Lt common..1
~~20d'
H
12H
Van Norman Macb Tool.6
16
6
1
34
M*r
Feb
45
1,000
Apr
.
112H
Elec Power A Light 5s.2030
74%
Feb
54
Jan
Elmlra Wat Lt A RR 5s
Jan
El Paso Elec 6s A
Apr
Jan
Empfrs Dist El 5s
Apr
Apr
Jan
Ercole
20
Mar
;*
Feb
Erie Lighting 5s
Mar
♦First Bohemian Glass7s'57
754
Feb
9
Feb
Florida Power 4s ser C 1966
Florida Power A Lt 5s. 1954
4
Apr
554
Apr
7454 May
Apr
Feb
is
12
200
54
Apr
8H
Jan
3H
1
Apr
254
Apr
2H May
94 H
96
60
West Va Coal A Coke
*
1
1
1
200
Western Air Express
Western Maryland Ry
1
3H
3H
3H
100
86
Jan
54
2H
Apr
Mar
754.
"it
74
54 May
1H
Apr
654 Mar
1
Mar
Jan
1H
12
Feb
6H
5
354
97
Feb
Weetmoreb nd Inc
454
Jan
854 May
400
654
Jan
554 May
Williams (R C) & Co.
*
Williams OU-O-Mat H»..*
Wilson-Jones Co
*
4H
4H
4H
200
"300
Wtllson Products Inc
1
Wlsoonsln P A L 7% pf 100
Wolverine PortlCement.10
Woodley
2
com
Petroleum.....l
5
554
554
400
554
5 54
200
454
154
Apr
Apr
7
Apr
7H
8254
254
454
5
Mar
Apr
Apr
Apr
rMay
6
Mar
May
6c
14%
15
1,100
8H
1
8
854
3,400
1
1,000
1st A ref 5s
1st A ref 6s.......1968
1st A ref 4Hs—— .1967
TAluminium Ltd 6s.. 1948
Amer G A EI debt 6s..2028
Am Pow A Lt deb 6s—2016
103 H
98 H
1554
Mar
754
Apr
H May
854
Mar
Jan.
9754
92 H
106 H
1st mtge 4a
;
1963
Debentures i%9
1948
Appalao Power Deb 6s 2024
Ark-Loulslana Gas 4s.1951
Arkansas Pr A Lt 6s-.1966
Associated Eleo 4Hs—1953
90 H
10434
10154
♦Hamburg Elee 7s
107 H May
08
Jan
10554 May
96
Jan
104
67,000
98 H 191,000
2.000
103 54
108
79,000
92 H
74,000
105
24,000
101 54
2,000
87
Jan
10354 May
81H
Jan
Mar
9854 May
10354 May
10654 May
8354
Apr
104
Apr
9954
Apr
106 H
102
Mar
10754
Apr
111
Mar
106
Apr
107 H
Mar
10654
Jan
Jan
Mar
Jan
123
Conv deb 4Hs—
1949
Conv deb 6s
..I960
Debenture 5s......1968
Conv deb 5 Ha
1977
Assoc TAT deb 6 Hs.A'65
Atlanta Gas Lt 4Hs—1955
Atlantic City Elec 354s *64
Avery A Sons (B P)—
1st M 6s series A_<._1956
1st M 6s series B
1957
6a series O
...1960
Bethlehem Steel 6s
1998
Birmingham Elee 4 Hal 968
Birmingham Gas 6s
1969
103
102
103
9,000
10454.106
.100,000
41,000
57
42
3954
6554
*3754
3754
4054
38 H
57
38 H
3954
~8034
10554
17,000
Mar
Feb
42
2754
Jan
42 H
Mar
Jan
Mar
Jan
4754
4454
Jan
59
Mar
29,000
1,000
29H
40
19,000
102 H
Jan
104
Apr
1,000
89
Apr
95
85
Feb
9454 102,000
82 H
Apr
*92
6354
30
•33,000
32,000
11,000
6» series B
72 H
.
Jan
Mar
Mar
81H Mar
10654 May
10854 May
92
May
88H
87
Mar
10254
97 H
Jan
Apr
105
96 54
Jan
106 H
May
Mar
108H 108 H
22.000
10854 May
12354
125 H
122 H 123 H
125
126
14,000
7,000
1,000
45,000
36,000
120
Apr
123
Mar
142
142
90 54
97 H
8154
83
HO'te
110*i» 11054
103 H
103 H 10354
~9754
96
9754
i04H 10454
10054 10054
105 H 106 H
89
104 H
91H
10354 10454
Cent States Biec 6s...l948
40H
39 H
40 H
6Hs ex-warrants...1964
Cent States PAL 6Hs '63
"67 54
3954
6554
4154
6754
Chicago A Illinois Midland
Ry 4Hs A
.1966
Ohio Jet Ry A Union Stock
101H 102 H
18,000
11,000
8,000
95,000
10,000
Jan
Jan
11054
12354 Mar
126H Mar
148 H
Jan
97 H Mar
86 54
Apr
9754 May
10554 May
108 54
"9754
11654
14054
Apr
86
Jan
69H
Jan
81
Jan
Mar
101 %
103
165"
94%
103
6Hs series C___
81H
7554
70
76
45%
,1952
*66 H
1957
Debenture 68—1952
Interstate Public Service—
fis series D——1956
4Hsserie8 F
—1958
Iowa-Neb LAP 5s
1957
6a series B
—
—
ww
mrm.~m.rn.
1961
94^
88 %
*102 H
Iowa Pow A Lt 4Hs—1958
Iowa Pub Serv 5s
.1957
3197
Apr
Jan
5554
Jan
78 H
Feb
7254
Jan
8154
Apr
Apr
9054
Mar
Feb
58
Jan
Jan
75
Jan
93
May
10554 May
Mar
70H
3,000
7,000
H
51
3,000
7,000
8,000
100 % 101 %
Apr
May
29
Jan
72
Jan
87
Jan
91
Mar
65 54
107J4
47
Mar
45
Apr
Apr
Apr
May
36
.98
26
26%
4j,000
"2:666
5,000
Apr
1834
94H
101H
10154
108J4
Mar
7254
•
109 H
Jam
Mar
52 H
Jan
.53
Jan
50
Feb
10154
Mar
26
May
Jan
26H
Mar
Jan
101 %
May
Apr
10354
Jan
103
Apr
111
Jan
Apr
May
"64"
64
66
69
Jan
60
1,000
Apr
Apr
66 H
65
"MOO
107 54
75,000
104M 105H
101H 103 H 70,000
99 H 100 H 278,000
94 %
92 %
43,000
10154
9554
9454
85H
Apr
Apr
35,000
7,000
9654
Apr
103
99 H
Apr
104
49,000
15,000
15,000
4,000
85
Apr
05
101% 103
95
95
10654
61
19,000
24,000
11,000
81H
79%
109H 109M
5,000
Jan
Jan
Mar
Feb
110H
Feb
10554 May
10354 May
101
Mar
9454 May
86
Jan
95
104
Apr
May
May
May
May
107
10854 May
5054
Apr
49
Apr
68
Apr
10854 May
Jan
11034
Jan
63
Mar
6254
8354
Mar
110
Jan
May
Apr
52 H
36 54
Apr
54
Mar
4154
Apr
55 H
Mar
,6954
3654
4354
4554
50
,63 H
4354
55
Apr
46 :
33,000
38H
Jan
9554
8854
64,000
82
Jan
44
94
8754
66 H 175,000
102 H 10254
102
10254
107
108
105 H
45
44%
J63H
"3:066
70
Jan
Feb
49
Mar
9554 May
May
77
Jan
8854
9854
Jan
10234
98
Jan
10254 May
Jan
108
Apr
10554 May
52%
Jan
63,000
5,000
6,000
14,000
10554
18,000
11,000
10354
3954
Apr
5954
Feb
80
31
Apr
44
Mar
Mar
M
'+>
~
m.
12,000
3754
3954
41
4154
8,000
103 H 10354
27,000
10354
33,000
Feb
Mar
■
Jan
Jacksonville Gas—
fis stamped
.....1942
Jan
47
107
105H
May
Jan
10654
Mar
10854
Jan
108
Mar
123
38
Jersey Central Pow A Lt—
6a aeries B.
1947
103 h
4 Hs series C
..1961
Kansas Elee Pow 3 Hs.1966
Kansas Gas A Eleo 6s.2022
105 h
10554 10554
108
+105
*122
125
103 54 10334
1947
.
rn.~m.~m.
------
20,000
Feb
119
Apr
101H
Apr
May
10354 May
8954
Apr
Apr
98
May
106
May
Kentucky Utilities Co—
1st mtge fis ser H—.1961
6 Hs series D
1948
6 Hs series F
1955
fis series I
196ft
Lake Sup Diet Pow 3 Hs '66
Lehigh Pow Seeur 6s..2028
♦Leonard Tiets 7Hs—1946
98
105
101H
97%
'llb%
Lexington Utilities fis.1952 *103 H
Llbby McN A Lfbby fis '42 103 H
Long Island Ltg 6s—.1946
99 Ji
-
Louisiana Pow A Lt 6s 1967
Mansfield Mln A Smelt—
Mar
70 H
"KOOO
105
108
Iaaroo Hydro Elee 78.1952
Iaotta Fraschlnl 7s___1942
Italian Suoerpower fis. 1963
Mar
4454
Jan
76
J46
...1957
46
Jan
65
90
39
141 "
1955
7s series E..
7s series F
46H
Feb
9754
International Power Ueo—
Jan
102 H
12:666
45
60
♦Indianapolis Gas fit A1952
Indpls Pow A Lt 3 Ha. 1968
Jan
Apr
90
60
"68 H
109 % 109
94
1963
32
98
Mar
Apr
Apr
25H
68H
163
108 H 108 H
62 H
60
35
13,000
May
99H
Jan
103H 103 H
6s stamped
4s series G
1965
*26
10254 10354
10354 103 H
QQ
9934
105
51H
101%
8854
Apr
Jan
100
107
23,000
Jan
H
95
102 H
1Q5H
105h
"4:660
51H
1,000
Jan
Mar
Jan
10154 May
9754 May
10754 May
110H
Feb
30
Mar
103 %
105
May
Feb
9954
May
10754
Apr
28 H
82
Jan
Jan
Jan
103 H
Jan
30 H May
10554 May
91
45
9554
"2:606
2.000
May
Apr
92
Jan
82
Apr
109 h
3,000
105 H
Apr
110 h 11054
9,000
107 H
Jan
108
iib%
9354
Jan
11,000
39,000
27,000
*95
96
10134 10134
82
101
22
*30 H
105
...1943
Memphis Comml Appeal—
Deb 4Hs
1952
Memphis P A L fis A..1948
Mengel Co eonv 4HS.1947
98
97,000
9554
8,000
10454 10554
100
12.00C
10154
95 H
9754 133.000
5,000
10754 10754
110
11034 44,000
10654 107
♦7s without warr'ts.1941
Mar
10054
Jan
73
109H 110
1950
Marlon Res Pow 4Hs_1954
McCord Rad A Mfg
6954
Apr
95
Jan
163
.1967
Mar
Jan
92
95H
"ll%
5s
Indiana Service fis
1st lien A ref fis
Apr
6554
May
105H 105 % 161,000
19.000
69
66
105
9854
84,000
Mar
95
87
106%
115H
10454 May
Feb
20
96,000
Indiana Hydro Else 5« 1958
Indiana' A Mich Eleo fis 'fifi
10354 May
8,000
1,000
1,000
5054
7554
76
104H
Jan
22;d66
94
Apr
52
5OH
7554
Apr
Mar
93
91 %
"95"
Apr
104H
99
Apr
89J4
90 H
77
—.1951
81
Apr
Mar
40
~
103 H
101
103
J*n
108 %
87 H
81
81
1101M 103
110 % 111
100 H
110*i6 May
2,000
50H
Jan
Apr
107H
.90
70,000
25
121
100% 101
101% 103
1st A ref fis ser C.._ 1956
St deb 5Hs—May 1957
8,000
103
Jan
86
120
Metropolitan Ed 4a E.1971
—1940
11254 May
$154 Mar
112
May
Jan
104H
103
May
Apr
93
37 H
Idaho Power 334s——.1967
Hi Pr A Lt 1st 6s ser A.1953
70,000
89,000
25,000
47,000
91H
4,000
63"6O6
95
50 H
....1949
Kansas Power fis
92 H
Cedar Rapids M A P 6s '63
Cent Ohio Lt A Pr 6S..1960
Cent Power 6s ser D..1967
Cent Pow A Lt 1st 68.1966
page
Jan
8054
10654
see
Feb
May
7754
a93
Mar
106
105 H 10554
10854 108 H
a 93
12354
105
Jan
45
100 34
1966
Jan
May
102
45
Carolina Pr A Lt 6s___ 1968
6s series B
11854
101H
4154
31
3854
42
Broad River Pow 5s—1964
Canada Northern Pr 6s '63
Canadian Pac Ry 6s..1942
|*Chlo Ry« 6s ctfii
1927
Cincinnati St Ry 6Hs A *62
34,000
9',001
10,000
10554
6s with warrants... 1947
6s without warrantsl947
Baldwin Looom Works—
♦Convertible 6s....I960
Bell Telep of Canada—
10954 109 K
106 H 100 54
122 H 123
.
45
51
1935
Interstate Power 5s.
Associated Gas A El Co—
Conv deb 4Hs C...1048
109%
Guardian Investors 5s. 1948
Hall Print 6s stpd—1947
5s series O
10954
9654
Jan
Jan
99 H
99
90
6Hs series B..—...1953
Appalachian Elec Power—
For footnotes
(Adolf) 4 Hs—1941
64
13,000
5,000
103 % 104
103 54
103
103 54
107 H
Amer Radiator 4 Ha—1947
Amer Seating 6s stp—1946
Yards 6s
Gobel
♦Hungarian Ital Bk 7Hs'63
Hygrade Food 6s A...1949
Jan
Jan
10454 10554
Feb
66 %
125
111
102
105
...1956
1H
Apr
15
5,000
17,000
85
99H 100 H 490,000
I
6Hs ex-warrants... 1943
Houston Lt A Pr 3 Ha. 1966
$27,000
107
Apr
39 H
6,000
99 H
94 H
—I
Jan
9254 May
2H Feb
854
Jan
Alabama Power Co—
107
Apr
9%
1H
Feb
H
8.C00
98%
Houston Gulf Gas 6S..1943
Sold
107
Mar
H
17.000
H
119
105H
Jan
Bonds
1st A ref 6s.......1946
1st A ref 6a
1961
Feb
172
Indiana Electrle Corp—
6 s series A.._^
1947
BONDS
10,
.
83
90%
Jan
IK
Apr
45 H
107H 108
Jan
'
54
4%
4H
Apr
1st A ref fiHsser B.1954
6% preferred...
£1
Wright Hargreaves, Ltd—*
Yukon-Pacific Mining Co.5
Jan
10,000
102
3
Apr
12
10854
10754
654
Woolworth (P W) Ltd—Amer dep rets
Jan
2,000
'10
654
106H
12,000
♦Hamburg El Underground
A St Ry 6Hs—
1938
Heller (W E) 4s w w ..1946
9
"(l663
103H 103 H
102% 103
"93"
Grocery Store Prod 6S.1945
Guantanamo A West 6s '58
754
106 54
184 H
191H
Gt Nor Pow 6s stpd..1950
Jan
6
Jan
Jan
Apr
Jan
99
1965
Jan
Feb
5 54
Jan
08*
1)7
Apr
Apr
...1953
Glen Alden Coal 4s
60H
10
"754 "m
6
.....
May
Feb
Mar
Mar
92H
66 H
100 %
Gen Pub UtU 6 Ha A. 1956
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
Apr
15
8H
56 %
68
9134
108H
104 H
109 H
General Bronze 6a
1940
General Pub Serv 5s.; 1953
♦Gesfurel 6s
Jan
Apr
8H
1,000
19.000
4H
4H
H
99 H
stamped. 1944
Mar
1H
25
1
J*n
14,000
72.00C
"qk"
Georgia Power ref 5s..1967
Georgia Pow 4 Lt 6s..1978
Jan
*
Weyenberg Shoe Mfg
Wolverine Tube,
5s ex-warr
10
*
APr
Apr
96 H
Gary Electric A Gas—
32
.*
Vot tr ctfs oom
79H
112H 112H
70%
74%
111H 112
85
Banks 6s- 6s stpd.—1961
Mar
,
Western Tab A Stat—
Westmoreland Coal Co
58H
,
Apr
Grand Trunk West 4a.1950
100
Jan
Finland Residential Mtge
Mar
9
Bros-Brower._l
Jan
128 H
Jan
107H
Federal Wat Serv 6Hs 1954
Apr
200
ll;000
103
125
140 H
..1967
Jan
Jan
28
53
9it
Mar
100H May
53%
1953
Jan
*
Wichita River Oil
6
He series A-
Jan
Apr
200
Feb
lllH
Elec Mfg—
Apr
454
Went worth Mfg......1.26
West Texas UtII $0 pref..*
3
March!
•1$
734
Apr
637000
56
554
754
109 H
103
1952
16*
38 H
400
5,000
61*4
.1950
1054
Clase B
7% let preferred
Edison E) III (Bost) 3 Hs 65
1H
Waltt A Bond class A....*
Wellington OH Co
Feb
'11
50
»"ie
Mar
62
H
1H
60%
61 H
3,300
454
12
87
131
129
30,000
63
89*4 123,000
61H
86
4H
Eastern Gas A Fuel is. 1956
Apr
Apr
1
6
Mar
22,000
60,000
34,000
...
111H 111H
4H
Mar
54
Mar
154
Welsbaum
Mar
Mar
.
4H
♦Certificates of deposit
54
100
Wayne Knitting Mills.
77
86
8654
73 H
82H
84H
1128 H 129 H
4H
Jan
Feb
154
254
Mar
Wahl Co common....
Walker Mining Co
Mar
80 H 350 000
107H 108
Mar
60
300
4
Wagner Baking v t e...
108
♦6HS—.Aug
'ix
6
*
Mar
77
80 H
94 H
95H
1105 * 105H
95H
I 1952
♦Certlfleatcs of deposit
♦Deb 7s —..auk I 1962
Jan
"11
200
46
Mar
7834
66
30.000
Detroit Internal Bridge—
19
23 H
%
Va Pub Serv 7% pref..100
73
62
1944
054
2354
Venesuela Met Oil Co..10
.......
854
Delaware EJ Pow 6 His. 1959
Denver Gas A Elec 5s. 1949
Cuban Tobacco As
1H
1,400
-.5
Vogt Manufacturing..
Waco Aircraft Co
Oudahv Paekirur tHs.lOftfi
May
20
7% preferred.......100
Vaispar Corp oom....... 1
.
it*
154
154
hi
High
84
1,000
74 % 198,000
106**31106«»
f Cuban Telephone 7 H«_'41
54
1H
1
Class B
62 H
89 H
6s ser A stamped... 1943
ContI Gas A El 6s -1968
Jan
Jan
Conv preferred
Lots
79
1100 H 101H
1127
128H
1939
Jan
Apr
Jan
42
111H
1964
1654 May
154 May
200
...—
Gen mtge 4 Hs
Consol Gas Utll Co—
Jan
Jan
1H
42 H
Jan
6s.
..1961
Apr
Apr
'"166
Mar
Conn Lt A Pr 7s A
Apr
47H
350
"\%"\%
Jan
l'M
Jan
200
Utility A (nd Corp com..6
7% preferred
Apr
H
H
May
Apr
13H
45
84H
I Rangs Sines Jan. 1, 1939
Consol Gas El Lt A Power
"5354 "6754
_
80 H
Jan
Utah Radio Products....)
.
80
1949
Community Pr A Lt 6s '67
• Hs
Apr
6
Utab Pow A L» 17 pref
73 H
1069
6s
Cities Serv PALS Hs. 1952
154
Universal Products Co...*
Utility Equities Corp....*
$5 60 priority stock....*
Debenture
71H
71H
72 H
76 H
77H
73
Jan
2H
15H
15
15
74 H
Feb
6
Utah-Idaho Sugar
Jan
79
Apr
1054
Universal Pictures com..
Petroleum
Jan
28 H
50c
Universal Corp v t c
1
Universal Insurance.....8
Venesueian
Mar
4H
6H
50
""200
pref
4454
Apr
79
196«
Conv deb 5s
1960
Debenture 5s——1958
a ties Service 6s
700
•
oodt
conv
Jan
Apr
Price
Apr
50
.....
....
1st pref.......
United Stores » t c..
94
85 H
300
154
U 8 Radiator com...
United Verde Exten
Week
l'it
1354
U 8 Rubber Reclaiming.
U 8 Stores Corp com
for
of Prices
Low
High
Par
Jan
H
400
Week's Range
Sale
High
Apr
3
1,000
Last
H
154
20
$ I % eonv pref
<7
law
254
United Specialties com
U 8 Foil Co class B...
BONDS
(Continued)
Week's Range
Sal*
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
May 27, 1939
66
Feb
96 H May
102
May
91H Mar
May
11054 May
109 %
New York Curb
Volume 148
Friday
Last
West's Range
for
Sale
of Prices
Low
High
BONDS
Jan. 1, 1939
Wee t
Par
Price
Mllw Gaa Light 4%s..l007
99%
1978
3,000
93 %
Jan
Mar
Texas Power & Lt 5S..1956
106%
1,000
58 H
May
66 H
Mar
99%
93 H
Apr
Apr
Apr
Jan
Jan
Apr
101%
Mar
"98 H
96 H
101%
Mar
6s series A
2022
Tide Water Power 5s..1979
Tleti (L) see Leonard
106%
May
Twin City Rap Tr 5Hs '52
62%
99 %
100
Feb
May
41
110
May
87
Mar
105
93%
100
Miss River Pow 1st 5s.l951
97 H
14,000
102%
93%
80,000
82 H
150,000
88 H
10,000
108 H
73 H
99
100
108% 108%
108%
Missouri Pub Serv 58.1960
47,000
106%
91%
85
83%
13,000
85
98 %
Jan
5 He
1944
1,000
100% 100%
-
..
*
92
-
«
93
Nat Pow 4 Lt 68 A...202B
108%
108
2030
102%
110
110%
2022
6s series A
78
Navada-Callf Elee 5s.1956
Jan
93
May
98
Jan
109 H
92 H
Jan
103 H
33
Apr
------
Conv 6a 4th stamp. 1950
United Eleo N J 4a.—1949
United El Serv 7s
Apr
107H
Jan
111 H
May
6,000
115%
Jan
121%
Jari
103 H
96
6,000
75%
May
89 H
Mar
118H
78% 121,000
1.000
Jan
120%
Jan
NBGaikEl Asan 5s 1947
67%
62%
67%
38.000
72%
Mar
5f
1948
67%
64
67%
10.000
54
Jan
72
Mar
Conv deb 5s..
1950
67%
62%
67%
53,000
54 H
Jan
72H
6%s
5Hs
Jan
87 H
Apr
95H
90
Apr
98%
Mar
J
-
94%
93%
94% 124.000
97%
96%
98%
109
Feb
5t
99 %
Feb
89 H
2.00C
102 H
Jan
80
80
1,000
98%
...
101%
Apr
104
15.00C
100% 101%
99%
—
40,000
104
100%
1942
stamped
♦Tnoome 6s series A. 1949
N V Central Elec 5H» 1950
99%
99
Feb
H May
♦Ext 4H> stamped. 1950
N Y P 4 L Corp 1st 4
....
%s'67
106%
103%
N If StaH K4Q 4 Hi 1980
N Y 4 Weateh'r Ltg 4s 2004
*54
0s series A—
—1973
A
5H* series
Nor
toat'l
100
1956
...
UtU brta,
98
53
1948
Va Pub Serv 5Hb A—1946
1st ref 6s series B...1950
99
5s series
1969
D—
1970
Hs series E
.1945
Ohio Public Serv 4S...1962
109% May
107 H May
Jau
57H
6s ooav debs
Mar
Jan
107
3,000
104%
Apr
106 H
24.000
102
Apr
104%
2.00C
104
Feb
108
Apr
102 %
Jan
109% May
109% May
50,000
Okla Power 4 Water 5s '48
101
Pactfle Coast Power 5s '40
102%
102% 102%
1941
'112%
112%
97 %
108
108 %
May
Mar
104%
98
10 2%
Paelfle Invest 5s ser A.1948
Pacific Ltg 4 Pow 5s..1942
•
-
<.
5s..1955
Park Lexington 3s
1964
Penn Cent L 4 P 4HS-1977
Pacific Pow 4 Ltg
1979
1st 5s
Penn Electric 4s F
Apr
92
(
—
-
-
-
*11%
ser
D ctfs of dep.1946
May
♦7s 2d
ser
ctfs of dep.'57
Apr
♦7s 3d
ser
ctfs of dep.'57
*11%
♦Baden 7s.
18%
*11%
12
14%
—1961
113H
Jan
76
Jan
87%
37 H
Mar
Feb
19
♦Bogota (City) 8s ctfs. 1946
Jan
Apr
♦Caldaa 7%s ctfs of dep.'46
*11%
Mar
♦Cauca
♦7s ctfs of dep. .—1948
14 H
*11%
106
May
107
May
♦7H» ctfs of dep. —1946
Cent Bk of German State A
*11%
♦Prov Banks 6s B—1951
*21%
.1952
99
Jan
106 H
105 H
1.00C
106H
Jan
Jan
109H
Mar
105 H
108
102 H
May
105
106
108 H
Jan
Mar
91%
97%
92%
Apr
Apr
111H
Apr
97%
.
May
Feb
19%
Feb
22
Mar
"85%"
Apr
Danish
1955
6Hs
91
1963
5B
♦External 6Hs.——1952
Mar
108
64
Jan
80
107
Jan
109 H
Feb
♦Maranhao
108 H
Jan
109 %
Jan
Mar
♦Hanover (Prov) iHs.1949
May
♦Lima
*44%
------
*69
49
------
22
22
151
.....-
152
Jan
6,000
V
100 H
Jan
1,000
103% 104%
104%
39 H
20 %
Feb
45
152
6% perpetual certificates
1966
34,000
107% 108%
89% >90%
107%
89%
146
Apr
152H
1950
86
85%
86%
1st 4 ref 4 Hs ser D. 1950
83
81%
83
5,000
106 H
72,000
75 %
Jan
92
36,000
65,000
72
Jan
70 %
Jan
Queens Boro Gas 4 Eleo—
6Hs series A.......1952
Corp 6 Hs. 1953
91
87%
*22
Safe Harbor Water 4Hs '79
♦Schulte Real Est 6s.. 1951
109
Southeast P 4 L 6s
136
*24
------
-
-
-
37,000
25
3 Hs
Ref M Sks.May
-
*22
-
100
100%'
48
49
12,000
------
136
.....
25
101%
49
■"
Apr
103
------
.
2,000
------
Jau
9
*25%
3j0
25%
*24
*12%
32
28
26
17
.1946
*24
32
*24
32
*24
32 *
*87
94
*11%
Mar
♦7s ctfs of dep
May
Jan
Mtge Bk of Denmark 6s '72
♦Parana (State) 7s...1958
16%
134
20 H
Jan
Feb
"il6" "Feb
18 H
May
Feb
136
Apr
Mar
23
Apr
31H
Jan
100
May
103%
10,000
48
May
65
107
-
«
Apr
102 %
May
103% 104
10,000
-
106
105%
Mar
105%
83
17,000
103 H
♦7s
Mar
108 %
Apr
Jan
106 %
22.000
111 %
May
109% 110%
10 000
108%
Jan
111%
May
103%
------
6,000
56,000
1948
1948
1951
64%
-
—---
-
65
111
Jan
112H
Feb
♦ Friday's bid and asked price.
Feb
105%
Jan
♦
Mar
11,000
104
19.00C
102
May
Feb
Apr
52 H
103% 103%
39%
102%
81
92
7,000
10,000
104 H
103%
Mar
Apr
Jan
108
May
Apr
70
Mar
Mar
61,000
54 H
Apr
70 %
38,000
55
Apr
70%
Apr
70
Mar
1,000
54
Apr
69 H
Mar
7,000
87
Jan
96 H
70 %
Mar
65
23,000
65
64%
Standard Invests 5Hs 1939
------
Standard Pow 4 Lt 08.1957
65
95
95
53 H
(Hugo) Corp—
stamped 4s
1940
4s
1946
60%
65%
30,000
22%
22%
3,000
19
May
35
50
Apr
64
Apr
50
Jan
45%
103%
35
2,000
100
Tennessee Elec Pow 5s 1956
100
12,000
88 H
Jan
8,000
'38%
Apr
44%
45%
Jan
May
14%
102% 103% 113,000
'
11%
1,000
Jan
May
14%.
Jan
97
Apr
100%
Feb
53%
Jan
103
% May
year's range, n U nder
not Included In yearr
No sales were transacted during current
'
week.
t
,
Curb bond Issues which have been
„
.
called
103.
1 at 105.
July 15 at $105, and dividends.
Servel 5s 1948, July 1 at 105.
Telep 7%s 1941, Sept.
e
Cash sales transacted during
the current week and not
yearly range:
Rutland RR. 4%s stamped, May
y
Mar
34
52
34
Texas Elee Service 5s.1960
Feb
Mar
Aluminium Ltd 5s 1948, July 1 at
Jan
*49
Ternl Hydro-El 6HS..1953
52
Mar
%
Pacific Ltg. $6 pref.,
Included In weekly or
26 at 9.
Under-the-rule sales transacted during
the current week and not
Included In
weekly or yearly range:
JSo
Stinnes
2d stamped
Mar
14%
%
flat.
receivership.
following is a list of the New York
Cuban
Mar
A pr
64%
61%
Bonds being traded
^Tbe
Mar
54
60%
64%
"im'O
8%
8%
Mar
15
In tbelr entirety:
Feb
55
64%
60%
11%
%
47
S Reported In
Jan
104%
94 H
73,000
60%
64%
"e'ooo
56
value,
a Deferred delivery gales not Included In
not Included In year's range,
r Cash sales
Ex-dlvldend
103 H
1957
♦Starrett Corp Ino 5s. 1950
x
23,000
6s gold debs
•
No par
range,
13,000
53,000
65
5%
%
the rule sales
43%
90%
9,000
96%
Jan
Jan
Jan
Jan
May
111%
107% 108
91%
-
103% 104%
104%
•
May
109% 109%
41%
11
%
%
1949
—1901
♦Santiago 7s
«»
Apr
8%
*49%
11%
11%
— <*•»
Apr
90
11
♦Santa Fe 7s stamped. 1945
•
-
4,000
1921
♦5 Hs
mmmm
.
Mar
96
106 H
111
16
.Feb
Jan
43
1951
Apr
Jan
26
Apr
Apr
103 H
Jan
-
Apr
11%
Feb
Apr
Jan
—
Mar
26
Apr
-
94%
-
"25%" Jan "26%
Jan
Jan
-
76H
»—
Jan
Mar
12%
♦Russian Govt OHs.—1919
Mar
-
102
78%
Feb
26%
11%
12H
ds Janeiro 0HS.1959
♦Rio
Apr
27
105 %
96
*24
♦6Hs ctfs of dep... 1947
35
108%
"2^666
Mtge Bank of Columbia—
Mar
•
83
111
*25%
91
12,000
78
------
'47
♦Issue of Oct 1927
Jan
29,000
Debenture 6s. Deo 11966
2d
9
1954
86
53,000
-
—
93%
So'west Pub Serv 6s.. 1945
6s
Mar
90 H
103% 104%
So'weat Pow 4 Lt 6s..2022
Debenture
Mar
Mar
♦7s ctfs of dep. Oct '47
Standard Gas 4 Elec—
Conv 6s (stpd)
Mar
13
15
♦Mtge Bk of Chile 68.1931
109%
S'western Assoc Tel 6s 1961
(stpd)
Apr
20
May
10
Mar
105% 106% 117,000
78
96
1st 4 ref mtge 4s... 1960
6s
22
Apr
10
15'
♦
S'western Lt 4 Pow 5s 1957
J&n
14
17
Jan
108% May
106%
Sou Counties Gas 4 Hs 1968
Sou Indiana Ry 4s
Feb
Jan
Apr
102% 103
103%
1945
1 1960
'60
Mar
Feb
63 H
102% 103%
*10 5%!
------
2025
Ref M 3%s B.July 1
Mar
20
10
♦7s ctfs of dep. May
Sou Calif Edison Ltd—
Debenture
20
Apr
16%
1,000
15
15
*11%
Mar
------
108% 109
*18%
20
------
Sorlpp (E W) Co 5HS.1943
Roullln Steel 3s
...1951
"[Scrvel Ine 5e
.1948
Shawiaigan W 4 P 4 He '67
1st 4H» series B....1968
1st 4 Hs series D..:. 1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 68.1957
7,000
4,000
13%
*11%
15
195)
28
91
*29%
------
♦Ruhr Housing 6HS..1958
|*St L Gas 4 Coke 68.1947
Sas Joaquin L 4 P 6s B *52
♦Saxon Pub Wks 6s.1.1937
24% May
Apr
16%
35%
6%
11%
1958
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
.
Puget Sound P 4 L 5 HS *49
♦Ruhr Gas
Jan
96%
15
18
7s...
♦6%s ctfs of dep
Mar
Feb
23
Pub Serv of Oklahoma—
1st 4 ref 5s ser C
(City) Peru 0Hs *58
♦7s ctfs of dep
May
105%
Public Servioe ol N J—
4s series A
Jan
"166"
Apr
8.5
♦7s ctfs of dep.—..1947
4,000
------
♦Prussian Elestrlo 6s. .1954
*20%
18%
*10
♦Medeliln 7s stamped. 1951
107% 108
PowerCorp(Can)4HsB
7a.._1939
62,000
*109% 110
Potrero Sug 7s stmpd.1947
♦Hanover (City)
20
1961
Hs series F
♦Secured 6s
Feb
99
Jan
Potomac Edlaon 6s R.1950
4
12,000
24%
19%
20
25
18%
13
24%
19%
*18%
....1947
Mar
Jan
17 H
„
Mar
Danzig Port A Waterways
♦German Con Munlo 7s '47
80
Jan
17
91
91
Jan
74
Mar
12
30
Feb
78
16%
Jan
10
*11
90%
*85
51
Portland Gas 4 Coke 6s '40
1,000
30
80
H
Mar
*22
Apr
-
Feb
15
*22
Apr
95%
19
Mar
(Dept of)
76
103
May
♦6s ctfs of dep..Oct '61
38
------
17%
15
6,000
Feb
6,000
------
Mar
Mar
Mar
14,000
------
11
11
25%
80
22
Mar
25%
Cundlnamarca
98% May
il3H
11%
Jan
45
*19%
Jan
"24% "Mar
Apr
♦6%s ctfs of dep.—1959
95
*103
105
*96%
97%
Apr
Jan
21%
78%
J-- —
Jan
27
22
43
mtm
28%
Jan
30
30
80
6s..1949
1948
Feb
*21%
45
Coal
Feb
11%
Pledm't Hydro El 6Hs '60
Pittsburgh Steel 6s
Jan
94%
Columbia (Republic of)—
Jan
2,000
1948
7s
♦0s series A
Mar
2,000
Valley
Pblla Rapid Transit 6s 1962
Pittsburgh
94
Apr
18
18
May
♦Pomeranian Eleo 6s..1953
r«b
Apr
86%
♦6s ctfs of dep.-July '01
May
Jan
112%
105%
87
Bogota (see Mtge Bank oi>
Mar
76,000
97%
98% 133,000
36,000
112% 112%
Jan
102%
8%
19
20
ctfs of dep. '67
ser
32
112%
91H
98%
Jas
May
18
94
100 %
Pblla Elec Pow 5Hs—1972
*11 %
C ctfs of dep. 1946
114
19,000
97%
106%
.106%
13%
B ctfs of dep. 1945
ser
Apr
89
17,000
1981
*12%
ser
Mar
112%
105%
.1961
Mar
63
Apr
Jan
of) Co¬
18
18
18
18
18
106%
4s series D
105% May
114% May
102% May
24%
*24
Apr '48
(Dept
May
al06%al06%
Mar
lumbia—
104 H
------
May
108
100%' Jan
29
A ctfs of dep. 1945
Antloqula
104H
108% 108%
Feb
109
26
♦6s ctfs of dep
'47
Jan
$107
.108
102% 102%
50
May
31W
25%
20,000
91%
29
-29
♦7s 1st
105
4s series B
5,000
*24
♦7b ctfs of dep. Jan
♦78
106
B
1968
Peoples Gas L 4 Coke—
4,000
♦68 ctfs of dep.—Aug '47
May
105%
4 Hi series
%
91 %
29
Jan
1954
Jan
Apr
Mar
26H
Jan
3,000
Jan
99
106
93~6OO
29
♦7s
106%
D
Apr 1940
97
Penn Pub Serv 6s G..1947
6s series
91%
88 H
*25 H
*24
♦7s
1960
Penn Water 4 Pow 6s.l940
90
5,000
*24
ser
B..1959
Deb 5Hs series
55
*25 H
♦7s
Penn Ohio Edison—
6s series A
110%
91 H
1947
Jan
Jan
May
104
1.000
98
106% 107
..1962
96%
93%
May
Jan
1.00C
91
■-
Jan
82
16,000
1,000
99
104
87
1,000
213,000
97%
104
103%
May
2,000
102% 104% 102,000
98%
99
105H
*11%
*11%
*11%
104
1,000
Apr
109
55,000
,23 %
53 H
♦7s ctfs of dep. Apr *46
♦20-year 7s_...Jsn 1947
Mar
101 H
Jan
92
May
89%
Agricultural Mtge Bk (Coll
Jan
105
Jan
*112% 112%
84%
86% 149,000
3,000
37%
37%
97
MUNICIPALITIES—
Mar
106%
91 %
-
-
-.
1071
5s series H
W
86%
94%
Apr
GOVERNMENT
FOREIGN
AND
Mar
101H
7,000
81
Apr
19%
107%
104%
55
1937
Stamped 5s___
Jan
3,000
112%
Apr
91
105% 105%
114% 114%
10 2% 102%
Tiik*
May
12,000
'
X
68%
81%
104 %
Elec 5a... 2010
West Texas Utll 6s A 1957
Pacific Gas 4 Elec Co—
1st 6s series B
112
109
'
West Penn Traction 5s '00
♦20-year 7s
63,000
103% 105
99% 101
May
20 H
104%
Jan
105% 105%
May
20 H
109
Jan
105
116
"
Mar
108 H
105%
1961
1946
Okla Nat uas 4Hs
Jan
72
Mar
58
Apr
21,000
Feb
/
105
107
2,000
May
90
105
47
80,000
107%
Apr
105
104%
108% 109%
93 H
1954
I ♦York Rys Co 5s
1,000
102%
deb
Apr
May
4,000
108% 109
Mar
Mar
78%
107H
106
101
102%
.j
82%
104%
106 H
108
106% 108
N'westerb Pub Serv 6a 1957
Of rt#n Om 5«
Apr
4.00C
65,000
105
104% 104%
......
31.000
88 %
*106
105% 105%
......
N'western Elee 6s stmpd'45
79
107H
100 "
106
..1966
96 %
1946
May
Apr
Mar
Hotel—
Wash Ry A Eleo 4a.__1951
Indiana P 8—
5s series C._
4
6s
106 %
95%
80%
4.000
115H 116
75 %
4,000
81
88 H
25,000
92
95 %
26.000
97
97 H
101,000
99
93 H
43,000
96 %
93 H
2,000
93%
97
103%
104% May
16,000
Apr
19,000
Wise Pow A Lt 4s:...1906
108
Ne Indiana G 4 E 6s..1952
Northern
56,000
33,000
100%
101% 104%
,r0%
53
Hs'47
Jan
68
77 H
Wheeling Eleo Co 5s._194i
113H
Jan
27
Mar
Mar
No Amer Lt 4 Power—
No Boston Ltg Prop3
52
27%
76%
92
1944
West Penn
6,000
Jan
Mar
118
Apr
Mar
85
81
4 Hs
lncoms
Jan
40%
107
—.1952
Utafc Pow A Lt 6s A—2022
♦6s
116%
Apr
Mar
Jan
May
26%
88%
Yadkin Rlvsr Power 6s '41
50
52%
(Me)—
Jan
Jan
112%
1,000
56
63%
Apr
23
79
Jan
104 H
.
.....
Nippon El Pow 6 Hi--195*
May
99
50,000
103% 103%
*105%
113%
113% 113%
1954
5s.^
Debenture
105%
Jan
31
35
15%
107
West Newspaper Un 0s '44
72,000
105% 105%
50%
35
86 H
109
May
98% May
5,000
47 H
47
77
1959
Waldorf-Astoria
9,000
Feb
Jan
79
51,000
41
105 H
New Yerk Pean 4 Oblo—
May
110
*25
Wash Water Power 5s 1900
66,000
New Orieans Pub Serv
107
Jan
*25
1974
0s series A
Mar
----
.....
63 H
38 %
8,000
117% 117%
(Del) 5Hs '52
United Lt A Rys
Mar
107 %
*109%
1961
New Eng Pew Assn 58.1948
Debenture 5 Ha
1954
60 H
1945
Un Lt A Rys
May
55
99%
86%
"47"
United Lt A Pow 6s...1975
May
May
119% 119%
New Eng Power 3%s
1956
♦1st s f 0s
May
May
38
53,000
111
75%
New Amsterdam Gas 5s '48
77
59,000
110
Ulen Co—
Feb
101%
51,000
38%
121% 121%
103% 103%
Nelsner Bros Realty 6s '48
Jan
92,000
109%
*37%
•
5,000
101% 102%
Deb 5s series B.
|*Nat Pub Serv 5a ctto 1978
Nebraska Power 4%i.l981
100
Jan
Jan
103
98 H
109
♦United Industrial 6 Ha '41
Montana Dakota Power—
60,000
106% 107
High
Low
%
Low
44,000
1939
Range Since Jan. I,
for
Weel
of Prices
High
Price
60%
100% 101%
101%
1957
Nassau * Suffolk Ltg 5s '45
Week's Range
Sale
Par
95%
98%
1955
Mississippi Power 5s..1955
Miss Power A Lt 5f
$
95%
96%
Mldlamd Valley RR 6s 1S43
let A ret 6s
Last
{Concluded)
High
Low
60%
Middle States Pet 0%s '45
Minn PA L 4 He
Sales
Friday
Range Since
BONDS
{Continued)
3197
Exchange—Concluded—Page 6
Sales
z
n
sftlcs#
Deferred delivery sales
transacted during the current week
weekly or yearly range:
and not Included
*
TSTri
Abbreviations
"v t
certificates of deposit; "cons," consolidated:
"conv," convertible; "M," mortgage; "p-v." non-voting stock;
"w 1," when Issued; "w w. with warrants: x-w
Used Above—'"cod",
"cum," cumulative:
c," voting trust certificates;
without warrants.
3198
Financial
Chronicle
May 27,
1939
Other Stock Exchanges
Baltimore Stock
Exchange
CHICAGO
May 20 to May 26, both inclusive, compiled from official sales lists
Friday
Sales
Last
Week's
Sale
Par
Stocks—
Arundel Corp
Range
of Prices
High
Price
Low
for
Range Since Jan. 1, 1939
Low
High
*
20%
20%
20%
210
35c
35c
37c
47
1.30
291
75%
116% 117%
298
71
Jan
348
116
......*
1.30
1.25
74%
74%
1st pref v t c
117
4%% pref B
-100
Davison Cbem Co com. 100
0
6
5
Preferred...
15
24%
Mar
1.20
5
Houston OH preferred.. 100
21%
2.10
Principal Exchanges
Teletype
Trading Dept. CGO. 405-406
Municipal Dept. CGO. 521
Jan
Apr
Bell System
80%
Mar
May
117%
May
Apr
8%
Jan
4
Apr
Apr
6%
15%
May
Apr
128%
Mar
12%
60
100
112
S.
10
La
9%
7
com
75c
75c
1.00
1.00
235
MononWPennP87% pref25
MtVer-WoodbMUis
100
cm
Preferred—
20%
m
100
North Amer Oil Co com.. 1
—
4.
•.«.«*«.
25
Jan
Jan
27%
1.00
35%
Jan
45
10%
Apr
14%
1.30
650
1.Q0
Feb
1.30
May
22c
25c
1,100
79
21%
Jan
30c
Jan
16%
15
Feb
Apr
84%
23%
31
Jan
Asbestos Mfg Co com
Bait Transit 4s flat.—1975
A 5s flat
1975
B 6s
24%
1976
Finance Co of Amer 4% '47
24# $36,000
23%
27%
28
28
85
85
Apr
Apr
May
22%
2,500
83%
1,000
100% 100%
100%
Barber Co (W H) com
Mar
96
25% May
28% May
86%
100%
Jan
Stocks—
Par
6%
40c
pref
non-cura
1%
50
1st preferred...
40c
IX
13 X
50
Amer Tel A Tel
100
Blgelow-San Carpet preflOO
Boston A Albany
.J00
103 %
161
23%
1
10%
Co
6
100
144 %
100
49%
Elevated
Prior preferred
Low
—
Burte Bros
Class D 1st pref.
.100
Boston Personal Prop Tr. *
Boston A Providence
100
.25
Century Shares Trust.... 1
Copper Range...
...25
50
165%
142
47%
1%
Jan
2
15
Mar
12
147%
10
1st preferred
100
Preferred B
Adjustment
100
»
Inc..
National Ser Co
1%
Jan
1%
Common
1
8%
Jan
1,596
Apr
84%
Mar
6%
450
2%
100
2%
Jan
50
18%
Jan
15,600
25%
Apr
Jan
1%
4%
Apr
23
1%
*
8%
Apr
(New)
May
5%
Apr
25
Jan
Apr
7
12%
Jan
Jan
77
Feb
20
New
Mar
700
3
Apr
4%
May
25
7%
Mar
Ian
24
32%
Mar
Apr
1%
Feb
7
Jan
5%
Apr
8
27
..100
110
240
25
—
21%
17
13%
<
6%
Mar
Diamond T Mot Car com.2
2%
6%
Mar
5%
6%
7
7
Mar
22%
Jan
Dodge Mfg Corp com
*
Eddy Paper Corp (The)..*
6% May
Elec Household Utll cap.5
Elgin Natl Watch Co... 15
3%
Jan
275
4c
Apr
50
1%
Feb
2
Jan
31
112%
11
15
103%
72
42
Apr
May
5c
Mar
Feb
Jan
9%
9%
11%
660
24
25
403
15%
Apr
1% May
24%
3
Mar
8%
Apr
11
8%
Apr
17%
_
Jan
Feb
28%
Mar
55
17
Feb
24%
Apr
728
71%
Apr
85%
Jan
...25
42 %
42%
42%
200
41%
Apr
Apr
Apr
44%
Mar
22%
80c
70c
80c
1,105
50c
6
5%
6
105
2%
2%
3
225
5%
1%
24
20
9%
7%
Jan
2%
Feb
Jan
1%
Jan
Apr
16%
"18%
18%
•
12%
Jan
Jan
3%
Mar
Mar
,
5%
May
4
Apr
6
Apr
9%
6
Apr
8%
100
2%
13%
11%
Apr
338
40%
Apr
60
.400
1%
Apr
*.
-
-
—
-
Jan
43%
320
36%
Jan
44
45%
2,080
51%
Mar
25
37%
5%
Apr
6%
-
12
Apr
8%
Jan
50
10
Apr
13%
21%
Apr
37%
Jan
18%
8%
Apr
Apr
27%
Feb
„
12%
May
597
May
"
Jan
HlbbSpenc Bartlettcom.25
5
Jan
8%
8%
200
6%
Jan
9
Mar
8%
s—
5
8%
-10
com
Jan
Jan
43%
1,250
Illinois Brick Co
2%
Mar
43%
"44%
12
Illinois Central RR
Mar
47
11%
Feb
Jan
4%
3
14
1,150
Feb
43%
300
23%
24%
2S%
Apr
Apr
17%
24%
21%
Mar
May
75
23%
cl B—*
4
300
com>_.»
Great Lakes D <fe D com..*
Hall Printing Co com... 10
7%
3%
Apr
Apr
350
28
com
May
'
25%
Gcodyear T & Rub
19
3%
■
Jab
Feb
19
2%
Jan
14%
150
27%
—
Apr
100
26%
2%
May
17%
44%
•
Mar
17
37%
23%
13%
------
73
Apr
Jan
3,000
3
Jan
May
May
200
18%
Apr
Mar
19
19
108%
1%
9
4
2%
Jan
15%
10%
Houdallle-Hershey
Jan
875
25%
3% 1
Heileman Brew Co G cap. 1
Heln Werner Mot Parts..3
Feb
Jan
50
350
2%
20%
10%
com
Mar
23
Apr
50
150
*
Harnischfeger Corp
85c May
5%
150
6%
10%
Goldblatt Bros Inc
Jan
19
2%
General Motors Corp... 10
Gillette Safety Razor pref. *
Jan
2%
""3%
..
Feb
13
.
5%
General Amer Transp com5
General Finance Corp coml
General Foods com
;.*
Mar
Jan
"
2%
Fairbanks Morse com
*
Four-Wheel Drive Auto. 10
Gardner Denver Co com
*
Jan
58
Mar
Mar
102%
21%
376
51
17
Jan
17
28%
15%
.
%
9%
20
23%
51
Jan
81
9
150
7
Apr
9
May
50
35
v t c__*
35
10%
12%
1,075
1%
"12%
1%
100
5
50
Jan
34%
8%
Jan
37
Jan
Apr
17%
Jan
1%
Apr
2%
Jan
*
Hupp Motors
1
com
10
4%
4%
4%
150
4
Apr
12%
11%
12%
654
9%
Apr
6%
20%
Jan
100
18%
100
17
Apr
22%
Jan
60%
584
49%
Apr
66
"25%
18%
57%
23%
25%
1,800
18
Apr
26
18
18
.50
17
Apr
19%
1948
86
86
$5,000
80
Apr
87
May
1948
89
92
3,600
International Harvest com*
Jarvis (W B) Co cap
1
Jefferson Elec Co com—— *
80
Apr
92
May
Katz Drug Co com
Jan
Mar
Jan
Jan
4%
4%
700
3%
Apr
5
Mar
7%
7%
900
5
Feb
7%
Mar
36%
33%
36%
88
86
88
1
Kellogg Switchboard com. *
Kentucky Utll Jr cum pf_50
0% preferred
100
Kerlyn Oi. Co com A
5
Kingsbury Brewing cap.. 1
May 26, both inclusive, compiled from official sales lists
""7%
3%
170
29
Jan
40%
130
69%
Jan
88
May
3%
250
2%
Apr
4
Apr
Mar
Shares
High
250
%
Apr
1%
1%
Apr
%
2%
Jan
*
2%
900
2%
Apr
3%
Feb
4%
2%
3%
4%
150
Llbby McNeill & Libby..*
Low
%
5
Leath&Cocom
Range Since Jan. 1, 1939
%
La Salle Ext Univ com
Sales
100
4
Apr
6%
Jan
2%
14%
2%
14%
50
2
Mar
5%
Jan
1%
15%
25
Lincoln
*
Lion Oil Refg Co com
58%
61%
600
8%
8%
50
5%
6%
2%
300
5%
350
1%
8
150
6
50
16
53%
8
Apr
Jan
64%
9
*
Mar
Loudon Packing com
*
Mar
Liquid Carbonic
Lynch Corp com
*
1%
15%
5
25
May
Apr
9%
Jan
3
Jan
Apr
8%
«%
May
Mar
com..
McCord Rad & Mfg A...*
-
McWilliam Dredge com
Manhattan-Dearborn
■
19%
Jan
Jan
Printing—
Common
Abbott Laboratories—
%
11%
108% 108%
■
Jan
For footnotes see page 3201.
Mar
4% May
1% May
240
%
2
1.00
17%
Mar
.6%
7
10%
.
20%
1.50
7%
Feb
3%
25
Apr
5
70
t
*
"13%
14%
17%
-4%
1%
Deere & Co com...
*
Dexter Qo (The) com....5
Mar
1"_25
1%
■
•
Dayton Rubber Mfg com.*
Decker & Cohn com.... 10
Mar
Bearing com__l
9%
May
9
400
032
Jan
24
Allied Products—
Class A...
4%
Cudahy Packing Co preflOO "51"
Cunningham Drug Sts.2%
Mar
May
2
Jan
Apr
300
8
7%
2%
35c
Advanced Alum Castings.5
6
Jan
'
Preferred..^
Jan
Jan
50c
Common (new)
*
Adams (J D) Mfg com
*
Adams Oil <fc Gas Co com. *
"7%
Apr
9%
High
5
4%
1,303
Low
10
%
20
10
Price
28%
10%
5%
53%
Continental Steel—
Mar
50
Par
25
27%
28%
—
22
for
Week
2%
..1
com
Com part Avtc
50
Common part B v t c—. *
Container Corp of Amer. 20
Chicago Stock Exchange
Aetna Ball
capital
Crane Co com..
1
5%
105
700
6%
2%
25
Consolidated OH Corp...*.
Consumers v t c pt pref. -50
•
223
350
•6%
?
Compressed Ind Gases cap5
Mar
16
642
...10
common
%
Commonwealth Edison—
16%
60
179
%
"76"
Club Aluminum Utensil._*
Coleman Lamp & Stovecm*
Jan
60
1
*
-
Cities Service Co—
Jan
23
May
3%
"
'
•*
.
Feb
79%
Stocks—
Mar
70%
30
Range
78%
65%
150
of Prices
Jan
Chrysler Corp common..6
850
Week's
62
Jan
.
1,810
Sale
750
74
Feb
23
9
41c
Last
Mar
May
18
6%
Friday
38%
1
Indep Pneum Tool
to
Jan
150
9%
Eastern Mass St Ry—
May 20
2%
8%
21
4%s
16%
Apr
Apr
Jan
Bonds—
Series A
6%
Jan
1%
33%
2%
Apr
1IT
Series B 5s
33%
Mar
Apr
15
350
34
70
*
1%
33%
Apr
2%
45
30
2,650
■
15%
i%
3%
16%
1%
3%
— «,«• «.
n.
6
2%
24
Jan
5
95c
Utah Metal A Tunnel Co.l
Waldorf System
*
Warren Bros
.._*
Warren (S D) Co....... *
Feb
40
Corp. 25
6% cum pref
1%
50
10%
18%
1%
9%
25 X
6
Apr
100
95c
*
Apr
1
%
10%
5
4
1,950
6
116
22%
110% 111%
•
*
com..;
Preferred
Consol Biscuit
'*?6%
19
Cent States P & L pref...*
Chicago Corp common...*
Mar
*
Union Twist Drill Co
United Shoe Mach
200
1%
6
349
4%
1%
Jan
100
Torrlngton Co (The)
1%
8%
212
24
5c
"11%
4%
1
"~4%
Jan
Chic Yellow Cab Co Inc..*
65
'73%
x5
*
Jan
Chic Rivet & Mach cap..4
155
8
1%
28%
,,_*
%
Feb
586
18%
5c
Stone A Webster
Jan
Mar
5%
IX
%
Mar
■
4%
1%
25
600
5
10
16%
1%
%
^
Jan
2%
160
18 X
Feb
12%
Jan
5%
.5b
75%
May
105
1%
1%
28%
Pennsylvania RR.
Qulncy Mining Co
Shawmut Assn T C.
Apr
May
1%
38c
64%
1%
.1%
5%
"40c
560
10%
1%
2.50
72%
25
100
11
'
Butte...
Old Colony RR
Pacific Mills Co
15
300
27%
42
Jan
Chic Flexible Shaft com..5
Chic & N W Ry com...100
1%
12
6%
22%
19
Jan
25
11134
12%
Mar
l
North
Jan
10
3%
3%
431
28%
New England Tel A Tel' 100
New River 6% cum preflOO
Mar
16%
23%
—
Feb
Chain Belt Co
212
1%
1%
2%
National Tunnel A Mines. *
N. Eng Gas A El Assn
pfd *
com
23%
Apr
9%
Mar
28%
]
Apr
Apr
16
18%
10
11%
6
18%
Apr
100
Mar
Jan
2%
Jan
Mar
Apr
Apr
t c. 1
May
9
55
4%
100
v
^
Jan
11%
108
18%
Mergenthaler Linotype...*
Narragansett Racing Assn
^
17%
Feb
6
4%
•« +
«,
Apr
9
1,100
'
Convertible preferred..*
Central 8 W
4*
9%
80
500
'
%
18
4-
Jan
Jan
20
Common.
69%
30
May
23%
Jan
80
6%
13
6%
20%
Apr
45
».*
Mass Utilities Assoc
13
11%
6%
Jan
20%
100
150
Isle Royal Copper Co.—15
Me Cent—
100
11%
10
17
50
50
5%
Gillette Safety Razor
*
Hathaway Bakeries pref..*
18
9%
„^„
.10
Jan
80
220
Georgian Ind (The)
Class A pref...
Gilchrist Co
18
20%
48
20%
20 X
Mar
32
104
5%
20%
Employers Group..
General Capital Corp....*
20%
Apr
1,240
48
23
3%
Apr
20
300
Jan
103
6
.
May
48
23
"l"x
10%
5%
104
1%
70
Jan
Apr
*
"
23
7%
2%
13%
100
*
2%
72 X
Jan
2,950
Jan
Prior lien preferred
1%
100
29%
Preferred
1%
17%
.7%
Mar
89%
Jan
17 X
Apr
Mar
East Gas A Fuel Assn—
4%% prior pref
100
0% pref erred.... ...100
Eastern Mass St Ry—
16%
Mar
6
4
Jan
5,300
•
16
6
6%
56
655
"4 %
Apr
146
320
10
4%
Jan
38%
7%
IX
Mar
600
169
17%
11
Mar
639 zl27
6%
1%
12
10%
13%
11%
7%
10
49%
144%
17%
*
Jan
Apr
Apr
20%
10%
5
19%
20%
Cent 111 Pub Ser $6 pref..*
Central Illinois Secur com 1
Mar
82
70% May
7%
"~ix
Feb
170
Apr
Apr
67^.
314
Apr
6%
24%
20%
20%
10%
11%
7%
20%
10%
20
Castle & Co (A M>com_.10
Central Cold Stor com..20
May
Jan
60c
*
2,029
76
Jan
17%
Brown-Durrell Co com...*
Eastern SS LinesCommon
15%
22%
com
6% conv pref
32c
280
74%
100
Class B 1st yref std.. 100
Class D 1st pref stpd.100
Calumet A Hecla
5
Brach & Sons (E J) cap,
*
Brown Fence & Wire cl A. *
High
Apr
Apr
100
Class A 1st pref std
9%
15%
Jan
Jan
14%
Jan
350
24%
10%
4%
15%
4%
24%
Feb
6
22%
Butler Brothers
tfi
2
76
Boston
'■
13
100
%
8%
4
Jan
8
5%
1
(New) common..
Range Since Jan. 1,1939
Shares
13%
72 X
74
Boston Edison Co
Boston Herald Traveler—*
Boston A Maine—
40c
Apr
Apr
350
CampbellWyantACanFdy*
*
May
200
5
6%
Borg Warner Corp—
American Pneumatic Ser
Common
%
4%
2%
9%
Binks Mfg Co cap.
Week
Price
Jan
70
13%
Bruce Co (E L) com
for
of Prices
Low
High
Jan
36
163
8%
Berghoff Brewing
Mar
May
1
Apr
1,000
12%
7%
Mar
Mar
%
14
Jan
May
May
30
5%
2%
14
*
77
170%
%
708
Apr
2%
1
—
47%
147%
3%
%
Belmont Radio Corp
Bendix Aviation com
Sales
Week's Range
Sale
100
2%
Belden Mfg Co com......10
May 20 to May 26, both inclusive, compiled from official sales lists
Last
200
Barlow & Seellg A com—5
Exchange
Friday
5%
%
32%
3%
5
Aviation Corp (Del).
3
Aviation & Trans C cap.]
Mar
Bliss & Laughlln Inc com.5
Boston Stock
%
32%
%
Apr
Jan
59
750
4%
1
28 %
310
77
164%
Bastlan-Blesslng Co com.*
19%
16,500
73
High
Low
130
34%
161
Range Since Jan. 1, 1939
Shares
High
Automatic Washer com..3
Apr
Mar
33%
"77"
Associates Invest Co com.*
t,
Bonds—
Low
32%
Armour <fc Co common...5
Mar
73
31
2,034
33
33
20c
2.00
Week
Amer Tel & Tel Co cap. 100
Jan
Jan
for
of Prices
Price
Par
Allls-Chalmers Mfg Co.—*
Amer Pub Service pref. 100
Mar
13
78%
33
Stocks (Continued)
1.00 May
83
20
21
Western National Bank.20
Feb
683
•
Penna Water & Power com*
...2
1.40
Apr
75c
May
13%
1.25
Sales
Week's Range
Sale
May
30
m
Owlngs Mills Distillery...1
1.10
1.10
71c
21%
13
..
m
CHICAGO
Friday
Apr
36
m
„
100
New Amsterdam Casualty b
Fidelity Ac Guar.
Apr
May
10
27%
10
100
485
100
May
16%
1,613
100
Salle St.,
May
Last
5
1
Maryland & Pa RR
IT 8
;
9%
21%
20%
Humphreys Mfg Co prf 100
Mar Tex Oil
"
9%
■
Members
Jan
Finance Co of Am A com.6
Class B.
Unlisted
Paul
R Davis & 6a
Mar
65c
5%
25
122% 123%
Apr
30c
100
15
15
„.l
Fidelity & Deposit...—20
20%
200
5
Eastern Sugar Assoc com. 1
SECURITIES
and
Week
Shares
Bait Transit Co com v t c.*
Consol Gas E L & Pow—.*
Listed,
Marshall Field
com
12%
Apr
20
Jan
1
Apr
1%
Jan
100
14
May
25
May
18%
33%
Jan
50
100
6
6
55
100
5
Apr
8
Jan
10%
10%
50
16%
%
%
%
250
10%
%
May
com*
Apr
%
*
12%
12%
12%
2,600
9%
Apr
*
15
Jan
Jan
Jan"
Feb
Volume
148
Financial
Friday
Last
(Concluded!)
Merch & Mfrs Sec
Par
Range
of Prices
com
Price
A.l
Low
4 *
Range Since Jan. I. 1939
for
Week
High
Low
Shares
4
4*
1,100
*
27
27 *
70
1
3%
3
5
7
6*
3*
7%
3,800
*
2*
2*
3*
550
6% prior Hen pref__.100
5%
4%
5 y8
950
*
Vs
1,950
~l%
4%
%
1,800
1,450
2*
10*
5%
1
2*
10*
47
51
Prior preferred
Mlckelberry's Food
Middle West
Corp
com.
cap
3199
Sales
Week's
Sale
Stocks
Chronicle
2%
5%
5*
28*
Ohio Listed and Unlisted Securities
jan
Mar
26
2,250
High
Apr
3%
Feb
Apr
4%
8*
Mar
5*
Members Cleveland Stock Exchange
Jan
Apr
Mar
Midland United Co—
Conv preferred
2% May
Midland Utll—
6%
preferred A
100
7% prior lien pref___100
7% preferred.A
Miller & Hart
100
conv
Minn Brew Co
pref—*
1
com.
%
%
%
Feb
Jan
Feb
%
GILLIS Ki RUSSELLco.
5* May
1
Jan
Apr
5*
Apr
1*
Union Commerci
Apr
Bidding, Cleveland
20
2
Jan
3
Feb
50
7%
Jan
11
May
800
40*
Apr
54*
Mar
250
41%
Mar
55*
May
Friday
Mar
Last
Week's Range
for
Mar
Sale
of Prices
Week.
Telephone: OHerry 5050
A. T. & T. OLEV. 565 & 566
Montgomery Ward—
Common
51
Mountain States Pw prf 100
54
53
55
32
32
40
1
1
430
17
17
20 *
21
*
7%
Nachman-Springfield com*
National Battery Co pref. *
Nat'l Repub Inv Tr pref..*
National Standard
com.
Noblitt-Sparks Ind
com..5
10
21
North Amer Car com...20
2*
-
7% preferred
19*
Apr
27
Par
Cleve Cliffs Iron pref.
*
Cliffs Corp vtc...
*
13*
14*
Colonial Finance
1
11
11
250
14%
Jan
116
116
11
Mar
Dow
Chemical, pref
Apr
18
Feb
%
Apr
Jan
335
15%
May
X
24%
Jan
Goodyear T & R
31%
164
30%
Apr
40%
Feb
Hanna M A §5
25
8%
%
7%
Apr
16*
Jan
Mar
Apr
*
14*
Interiake Steamship
Kelley Isl Lime & Tran
*
Jan
20
110
14
152
200
550
»
50
100
152
%
108%
80
100
27%
200
1%
22%
27
9
9%
76%
1%
1,635
10%
50
18
18
200
10
8%
8%
11%
Sterling Brewers Inc
Stewart-Warner
*
1
National Ref Pr pfd 6%__*
Mar
10
Mar
Mar
May
Apr
Seiberling Rubber
88
Apr
90
10
Apr
16*
Mar
1%
100
1%
Apr
2*
100
9
Apr
13*
8% preferred
White Motor.
2%
Apr
3*
700
23 *
Apr
11
11
800
10*
May
10Q
2%
Apr
100
7
Apr
5%
Jan
7
Apr
29*
12*
2*
12*
6*
10*
Apr
28*
5
Sunstrand Mach Tool
Swift International
2%
7%
2%
8%
10
5%
5%
9
com5
9
Swift & Co...
..25
Trane Co (The) common.2
Union Carb & Carbon cap *
*18 *
United Air Lines Tr cap. 5
U 8 Gypsum Co com...20
Utah Radio Products com *
"10%
17%
50
350
27
18%
279
25*
17
Apr
19*
700
11*
834
66
Apr
Apr
15*
90*
10%
100
*
7%
Apr
74
77%
Apr
1%
100
1%
Apr
2*
%
500
*
70*
126
Apr
1,050
15*
Apr
1*
18*
Mar
185
16*
441
24*
119*
10
83*
80*
Apr
Apr
800
3%
Apr
3
Apr
20
97
'.
90
4%
3%
4%
3%
50
80
80%
155
15%
16%
2,500
112% 112%
112% 112%
Sale
Jan
Stocks-^
Par
105
Apr
20,000
109
Jan
112* -May
112* May
Price
CNO&TP pref
Cincinnati Street.
...
6*
.—5
*
— —
of Prices
Low
High
.
.
Gfay Iron
Det-Mich Stove com
General Finance
Hobart A
25
192
21
21
1,395
17
8% preferred
Playing Card
Apr
May
_
.
coin
2%
2
1
1,320
9
Apr
17
Feb
46c
Apr
76c" Jan
440
1*
20*
.2*
Apr
2*
Jan
Apr
23*
Kresge (S S) com
Lakey Fdy & Mach
com..
.10
23*
.
.
67c
70c
15c
23C
Micromatic Hone com.—1
Mid-West Abrasive com50c
Murray Corp com... —10
40
106
25*
475
40
1,326
2
254
168
Jan
34*
20*
Apr
97
Apr
*
50*
20
Apr
27*
Feb
25* May
May
Packard Motor Car com.. *
Jan
216
Mar
Jan
27*
6
Apr
* May
57*
Apr
225
Mar
37* May
8
Feb
Exchange
Par
of Prices
Low
Apr
Apr
8
4
6
150
35c
35c
533
4
104
5*
32c
2*
610
2
Jan
Jan
,
50c
2*
2%
99c
1*
550
95c
Apr
1.75
Jan
"5%
5*
6
1,876
4*
Apr
8*
Jan
3*
Apr
Apr
2*
2*
3*
41*
965
3
1,268
36
15*
858
*
6*
1*
3*
41
Parker Wolverine com
Penin Metal Prod com
—
...
Pfeiffer Brewing com
1
7
*
Reo Motor com
5
Rickel (H W) com
*
Apex Electric Mfg
*
Brewing Corp of Amer...6
City Ice & Fuel
*
Preferred
Clark Controller
High
6*
7
all* all*
Range Since Jan. 1, 1939
Shares
Low
100
6%
High
100
1
For footnotes see page 3201.
40
11*
Apr
Apr
a6*
"13*
a6*
60
6*
Mar
12
14*
2,189
9
a93* a93*
2
90
Apr
May
120
17
Apr
17
17
Jan
1*
'"l%
10
1
Stearns
1*
7
472
1,070
540
6
4*
Mar
Jan
8*
Feb
Apr
Apr
Apr
2*
Jan
IX
Feb
3%
Mar
1*
1*
300
1
3*
1*
300
8
2* Apr
1* May
200
Jan
43*
.18
Apr
Apr
3*
2
com..*
7
12*
5*
1*
Mar
Jan
(Fred'k) pref—100
24*
221
23
Apr
25*
Jan
1*
500
2*
100
Jan
97
1*
96*
Apr
97
"i%
1*
24*
1*
Feb
5
Apr
4
Apr
4*
13*
281
630
10*
2*
1,645
2*
Apr
Apr
18*
2*
3*
Jan
32c
33c
500
32c
Mar
55c
Jan
Sheller
-
4
100
2%
-
1
Tivoll Brewing com
13*
2*
13
(May
*
2*
2*
290
*
2*
3
200
2
Apr
2* May
3*
United Shirt Dist com
Akron Brass Mfg
,Mar
Jan,
May
Tom Moore Dist com —__1
Week
Price
Jan
14*
Timken-Det Axle com... 10
for
Sale
Mar
30c
41
*
Standard Tube B com
Sales
Week's Range
Jan
96c
Apr
4
'
May 20 to May 26, both inclusive, compiled from official sales lists
Last
6
Jan
Mar
12c
Parker Rust-Proof com 2.50
Parke Davis com
Scotten-Dillon com
Friday
6
10
Jan
Jan
Jan
41
101
—
2*
3*
14,709
*
"..—.
1.25
67c May
700
23c
Jan
Apr
311
"67c
Mar
27*
765
3*
1
.
May
11
23*
1
com
com
14*
25
'Preferred.
23
2*
1
Apr
Cleveland Stock
2*
1,700
May
121
407
8
51*
Mar
1*.
9*
35
10
37*
Apr
2
54c
7*
274
220
38
2,755
12*
95
6*
Jan
Mar
Jan
2,413
1*
......
Jan
36
May
2*
47c
com—1
1
com
88
220
19*
Apr
11*
75c
—
Hurd Lock & Mfg
Mich Steel Tube Prod.2.50
8
1*
May
Mar
Mich Sugar com...
"37*
225
Jan
Mar
2*
13
Jan
10
16
Apr
May
10
23*
Apr
Apr
3
100
Apr
75c
113
56*
May
2
107* May
55*
Jan
13*
10
Jan
56*
•
2*
Apr
1% 'Apr
10* Mar
450
Jan
Apr
Apr
12
s
2
Apr
Jan
Feb
Feb
145
Jan
*
305
1,776
1*
300
Apr
2.50
-
Apr
300
2
101
400
123'
Jan
1*
1*
1*
9*
75e
McClanahan Oil
7
25
101*
2
Masco Screw Prod
Mar
40
200
1.00
12
Jan
May
6
100
17* May
2
109*
25*
14*
Jan
Mar
12
103*
*
May
Jan
"76c
_—*
5
„
.
Mar
Mar
13
2*
44*
Jan
1*.
84*
14*
15
2*
44*
2*
Apr
Apr
100
735
19*
Jan
550
14*
2*
Mar
31*
18*
250
19
1*
17*
1
.....
com..
Jan
•8
"2
9
400
Jan
7*
27*
85c May
56*
Jan
3* May
Hoover Ball & Bear com. 10
Mar
28
8*
9*
80c
2*
10
com
Mar
6
27
76c
115* 117
1*
IX
1
1
River Raisin Paper
Stocks—
17*
40c
Apr
Apr
11*
300
2,506
14
1
.
89
*
266
86c
11%
_
Goebel Brewing
17*
8*
94*
13*
71*
14*
17*
11*
17*
518
_*
Wurlitzer
15
99
101*
11*
94
May
Apr
5
350
2
50
TJ S
High
10
107* 107*
3*
119
1,375
>225
113
Little Miami Guar
Magna vox
Low
,
28
,
High
Apr
1*
2
Kroger..
Proctor & Gamble
16*
Low
25c
Hosklns Mfg com
Shares
100
Range Since Jan. 1. 1939
200
1*
com
Hall Lamp com
Week
High
for
Shares
6*
14*
76c
*
com
General Motors
6
*
„
Sales
1*
Federal Mogul com..
Frankenmuth Brew
Range Since Jan. 1, 1939
for
of Prices
Low
16*
10
*
Week
1*
113
Formica Insulation
Gibson Art
May
1
100
Eagle-Picher
9*
1
5
*
Det Paper Prod com
Sales
Week's Range
100
Cincinnati Telephone...50
Jan
May
Apr
30
3*
13
..5
com
Det Steel Corp com
Kingston Prod
107*
4*
6*
25
65*
..
50
...
Mar
30
28c
85c
_
Ex-Cell-O Aircraft coin.. _3
8*
_
Feb
13*
19*
—
Brlggs Mfg com..
Burroughs Add Mach
Graham-Paige
—
91
27*
3*
1
com
Bower Roller
Det
Teletype: OIN 68
Friday
Churngold
Jan
Apr
DETROIT
27c
Detroit Edison com—_ 100
Cincinnati Stock Exchange
Cin Adver Prod
Cin Gas& Elec pref ....100
18
Jan
260
2*
«9*
09*
a33* 033*
—1
Chrysler Corp com
r
5
Consolidated Paper com. 10
Cunningham Drug com2.50
May 26, both inclusive, compiled from official sale? lists
100
Mar
'
Auto City Brew com
Fruehauf Trailer
Amer Laundry Mach._.20
50
55
2*
Friday
Week's Range
Last
Jan
80* May
Jan
22*
Apr
Apr
12
$5,000
Telephone: Main 4884
Champ Paper pref
8
Detroit Stock Exchange
May
5*
5*
BUILDING, CINCINNATI, O.
.
Jan
Jan
May 20 to May 26, both inclusive, compiled from official sales lists
Jan
90
Jan
74*
Jan
Member*
Cincinnati Stock Exchange
New York Stock Exchange
Sale
/
6*
Telephone: Randolph 5530
•
Feb
W. D. GRADISON & CO.
Price
12*
8*
35
Jan
30
10* Feb
2* May
12
Buhl Building
•
Det & Cleve Nav com—10
Par
2*' Mar
30* Mar
Jan
Cincinnati Listed and Unlisted Securities
Stocks-
Feb
48
Feb
Apr
April
7
172
.
Jan
8
50
117
12
"2%
30
70
a7
Jan
New York Curb Associate
Baldwin Rubber
Last
Mar
May
1*
Jan
Chicago Stock Exchange
_
to
15*
Mar
15*
374
Brown McLaren
May 20
Mar
Feb
700
*
1%
Jan
1%
18%
,
Bonds—
DIXIE TERMINAL
17*
Members
Jan
86%
90
112*
Apr
32
50
8%
62
30
.
25
358
34
Atlas Forge
Commonw'lth Ed 3*8, '58
Stamped
:
14
Jan
190
1%
X
88%
ie*
Jan
300
1*
30*
a9%
a20* a23*
"70*
*
Mar
1,509
13*
112*
17
"so*
14*
Apr
Detroit Stock Exchange
Jan
4*
Zenith Radio Corp com..*
Apr
3
Jan
14 J*
18X
Wrlgley (Wm) Jr (Del)..*
12
Mar
Watling, Lerchen & Co.
Feb
1%
Wlscon Bankshares cohL_*
Woodall Indust com
..2
80
41
New York Stock Exchange
Mar
74%
"
Western Un Teleg com. 100
W'house EI <fc Mfg com..50
Wieboldt Stores pr pref..*
14*
a6*
Jan
Feb
9%
82%
18*
150
Feb
Mar
101*
Jan
Jan
Mar
13
7
*
Mar
Jan
Mar
72%
Utility <fc Ind Corp com..6
Conv pref....i
Walgreen Co common
•
9%
26 %
15
26*
34
Feb
100
101
3%
31* Mar
97* May
Jan
9%
3
25%
12*
120
32*
33*
Thompson Products, Inc.*
Union Metals Mfg
Van Dorn Iron Works
Jan
33
30*
a9*
*
Mar
107*
17
120
8*
_**
Mar
Jan
Mar
26*
34*
1*
...
Mar
10*
20
104
20* May
75
97*
Packer Corp
Jan
15*
100
28
1*
Nineteen Hundred Corp A*
Otis Steel*
Richman Bros...
9%
com.l
com.
118*
Jan
20* May
200
alO* alO*
32
32,
*
Jan
3
2%
24%
24 *
11
Mar
Mi
*
National Tile
1%
25
Jan
115
3*
14*
3*
National Acme
Jan
565
12 %
.1
of Ind
Stein & Co (A) com..
Jan
12
12*
*
Youngstown Sheet & Talc-*
Standard Oil
22*
Apr
Apr
34
34*
*
Lamson & Sessions..
Medusa Portland Cem
Jan
10
90
*
Jan
50
90
Conv preferred.
20
Standard Gas & Eleci.com.*
Apr
27*
97*
prd__*
cum
77*
Apr
16%
150
107% 107%
.*
2*
32*
Apr
Apr
8
Mar
20*
20*
al9* a20*
al6* al8
*
11
7%
Apr
60%
1% May
300
72%
1*
10%
8X
Jan
*
.25
.
157
May
May
May
8%
1X
Feb
123
Apr
150
10
9%
9%
IX
1
Southwest Lt & Pow pref.*
Spiegel Inc com..
2
12
61
Jan
Apr
14
May
10*
20
40%
20*
47*
100
Jan
112* 117
com *
So Bend Lathe Works
cap 5
High
43
25
%
Slvyer Steel Castings
961
Jan
8%
Southw't G <fc E 7% pref 100
Lotb
570
Feb
%
76;
44*
3
9*
Serrick Corp class B com.l
Signode Steel Strap com. .*
43
9
33
Sangamo Electric Co com.*
Range Since Jan. 1, 1939
Shares
Feb
15%
4
—100
Reliance Mfg Co com...10
High
Jan
Mar
1,000
"l§*
116 *
Low
Apr
42 %
*
Preferred
Price
2%
*
Schwitzer Cummins cap..!
Sears Roebuck & Co com.*
(Concluded)
6%
7X
com
Stocks
Jan
100
*
Quaker Oats Co common.*
Storkllne Furniture
Apr
16*
1
Sales
950
.1
Standard Dredge—
Common
16
400
34*
%
18%
13
Peoples G Lt&Coke cap 100
Poor & Co class B
*
Potter Co (The) com
l
Rollins Hosiery Mills
Apr
200
18
42
13*
...100
Pressed Steel Car
Process Corp com
8
Jan
Eaton Mfg
General Tire & Rubber
Goodrich B F
42
Peabody Coal Co
com B. .*
Penn RR capital.50
Apr
30%
%
7%
17
N'West Utll prior lien.. 100
6
50
.2%
2%
7%
Northwest Bancorp com..*
Northwest Eng Co com..*
<
7%
Universal Cooler B
*
*
1*
1%
100
1*
2*
Union Investment com
—
4
Jan
Jan
Jan
Mar
Feb
7* Feb
13*
Jan
7*
Jan
14* May
*
1*
1*
3*
Jan
Warner Aircraft com
1
97c
94c
1.00
880
94c
May
1.50
Mar
90
May
Wolverine Brew com——1
16c
15c
16c
600
15c
Jan
25c
Mar
20
Mar
A*
5*
600
5
Apr
7*
Feb
Walker & Co A
B
23
23
23
100
2
1,573
26
23
Jan
1* May
May
'
Wolverine Tube
com...
1.2
3200
Financial
Chronicle
May 27, 1939
Philadelphia Stock Exchange
May 20 to May 26, both inclusive, compiled from official sales lists
Wm.Cavalier&Co.
Last
JLos
Par
Stocks—
San Francisco Stock Exchange
Los Angeles
100
American Tel & Tel
Teletype L.A. 290
Bell Tel Co of Pa
pref
-
G) MfgCo
Chrysler Corp
.100
*
5
Electric Stor Battery.. 100
Angeles Stock Exchange
Saks
Stocks—
Bandlol
Par
Petroleum
Bolsa-Chlca Oil A
Price
Co...l
5%
10
Low
'
6
com._
Byron Jackson Co..
Chrysler
6
5
Corp
,
Consolidated Oil Corp—
Consolidated Steel Corp..*
Preferred
..*
7 56
v t c.
_
1
Douglas Aircraft Co......*
Electrlcl Products Corp..4
Emsco Derrick & Equip..5
Exeter (HI Co A
*
Goodyear Tire A Rubber.*
Hancock Oil Co A
com
*
3%
May
Apr
691
61
7
654
Jan
Jan
9%
Mar
s%
60%
Feb
5%
May
Apr
70 %
Feb
11%
10%
Apr
Apr
Jan
1.403
40c
Apr
200
9%
37%
May
67 %c
11
51%
9%
42%
1,070
1,800
1.16
1.15
Apr
6%
Apr
120
a5%
6
270
1.20
a5%
144
1,142
454
5854
2354
3654
254
356
654
354
1%
50
354
754
834
754
154
4
154
1054
1854
143 54 144
18%
1,647
2956
154
2%
Oil
.'....10c
Co
2c
24%
Apr
38
33
Apr
42%
92 %c
Apr
1.40
7
Feb
•
2c
2c
40
1,000
2c
8%
Jari
May
22%
317
IK
*
Jan
Mar
May
60c
Apr
5%
Los Angesles Investm't.-lO
4%
4%
4%
190
3%
1
45c
42c
45c
300
42c
_...l
2%
2%
2%
1,500
2%
1
6c
6c
3,000
6c
Apr
Apr
,._1
55c
60c
600
55c
May
5%
200
6% 1st pref
...
Pacific Indemnity Co
Pacific Lighting com
$0 preferred
32%
31%
10
*
Pacific Public Serv 1st prf *
Pacific Western OH Corp 10
1056
30%
32%
'
25
*
5
5%
10
31%
47
47%
106%
106%
o21 %
c21 %
9%
9%
Richfield Oil Corp com
Tacony-Palmyra Bridge.
Transit Invest Corp pref..
37%
3554
54
3754
70
3354
Apr
37
United Corp com
*
Preferred
—_—*
2%
2 54
3554
254
3554
United GasImprovcom..*
12%
1254
13
-
Preferred.....—
10
1
453
8
EI & Peoples tr ctfs 4s. 1945
00
00
Stocks—
Par
7%
Jan
12%
Mar
33%
32%
Mar
Lone Star Gas Go
Mar
15%
38%
Apr
108%
Jan
20
May
9%
21
May
10%
Jan
Mar
..*
llenner Co
Weber Shwcse & Fix 1st pf*
Wellington Oil Co of Del.. 1
15%
Gold
10
a8%
Black Mommoth ConsollOc
22c
Cardinal Gold.......... 1
Imperial Development.25c
8c
lo
lc
26
May
714
'
Mar
1354
<3254
"Jan
11
24%
Unlisted—
Apr
10
23
Jan
27%
40%
Apr
43
1.403
28%
Apr
29%
Pennroad Corp v t c
Mar
1,129
27%
Jan
28%
Mar
32
88
Mar
Mar
33
10%
Apr
21%
1.000
25%
May
30%
100
35%
Apr
May
9
Jan
Mar
80c,,
Jan
Apr
3
Feb
51H
Apr
45%
7%
1,296
16%
12%
May
19%
Apr
16%
100
60c
1 %
Jap
1%
100
121
25%
Apr
22 % May
33%
Mar
100
26%
Jan
404
18
Apr
31%
Jan
179
83%
Apr
118%
Jan
Apr
2%
Jan
20%
1954
96%
89%
96%
1%
.1
123
1%
1%
■
Tulsa. Okla.
.
FRANCIS, BRO. & CO.
ESTABLISHED
1877
INVESTMENT SECURITIES
Mar
124
'
■
4
Mar
2%
FOURTH AND
Jan
6
May
Apr
5
Jan
50
8%
Apr
9,000
,1954 c
Mar
2,000
15,000
7c
Jan
10c
JaD
2c
STREETS
MEMBERS
New York Stock Exchange
Chicago Stock Exchange
■„
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
Chicago Board of Trade
St. Louis Stock Exchange
St. Louis Merchants Exchange
N. Y. Coffee A Sugar Exchange
Jan
lc
OLIVE
LOUIS
ST.
Mar
10
•Jan
30o
Telephone: CHestnut 5370
Jan
Teletype: St. L 193
"
St. Louis Stock Exchange
Jan
179
149%
Borg-Warner Corp......5
Canadian Pacific Ry
25
Caterpillar Tractor Co
*
Columbia Gas A Elec....*
*
Friday
Jan
Last
Week's Range
for
8%
Jan
Sak
Week
Mar
29%
Feb
of Prices
Low
High
Mar
31
Jan
745
24%
55
45%
45%
45%
540
a6
<26
a6
19%
21%
3%
240
a4%
Curtlss-Wrlght Corp
Class A...
Electric Power A Light
General Electric Co
6
i
*
*
Mat
38%
May
a4
1?
1
165%
Anr
5
24%
*
035%
a43%
*
17%
Intl Nickel Co of Canada.
International Tel A Tel... *
al0% all %
1%
1%
5%
6
a25% a.26%
7%
,8%
a33% a.35%
a43% a44%
17%
17%
U17% a48%
7%
7%
43
30
5%
Stocks—
Par
American Inv
Apr
5%
Jan
Apr
52%
Mar
8%
Feb
12%
Feb
Chic A Sou Air L pref-^.10
2%
Feb
a47% a51
50
10%
200
1.25
Apr
Brown Shoe
7%
Jan
Jar
27%
Jan
Dr. Pepper common..
7%
Apr
12%
Jan
224
34%
Apr
44%
Jan
44
60
24
'
Mar
91
37%
Jan
250
16%
May
24%
60
45%
Apr
55%
Jan
170
6%
Apr
9%
Feb
May
Jan
Hussman-Llgonier
*
*
Paramount Pictures Inc._l
45
1514
350
14
a9%
Radio Corp of Amer
a.9%
6%
Radlo-Keith-Orpheum
02%
Republic Steel Corp.
*
Seaboard Oil Co of Del...*
*
14%
018%
a76
Socony-Vacuum OH Co.. 15
Southern Ry Co
Standard Brands, Inc
Standard Oil Co (N J)...25
Studebaker Corp
1
Swift A Co
25
Corp ^he)_.____25
Aircraft Corp.
United Corp (The) (Del).
United States Rubber Co 10
Corp
072% a76%
a 11% a 12%
15%
15%
6%
6%
042% a44%
6%
6%
017% al7%
a39% a.39%
37%
37%
Warner Bros Pictures.
3301.
Jan
.
*
Common
32%
145
31
May
9%
Apr
32%
46
Jan
58
50c
May
7
550
25c
10
Apr
12
Feb
5
85
May
86
Mar
54
54
25
46%
Apr
57
Mar
31
32
36
31
May
35
14
32
75
14
50
14
May
15
Apr
35
25
33%
Jan
35
May
9
35
9
148
11
205
10
22
100
Apr
8%
Mar
Rice-Stix D G 1st pref. .100
2%
Mar
St Louis Bk Bldg eqpt com*
St Louis P S pref A...
*
Jan
1156
85
10%
Jan
Mar
May
11%
24
13%
May
Apt
27
11
Mar
Mar
75
6%
Jan
Mar
34%
188
10
Jan
Apr
9
24
Feb
4%
1%
May
Mo Portl'd Cement com.25
Midwest Pipe Line
*
1914
26%
20
8
Nat Bearing Metals com.
Nat'l Candy common
Apr
May
5%
20
837
9
3%
562
8%
9%
9
19%
10
3%
58
"35
'12%
50
May
29%
35
157
Jan
Jan
2%
8%
*
:
May
30%
30
28%
*
Knapp Monarch pref
May
36
50
2%
•
85
*
*
com
34
25c
10
com
High
Feb
27
57%
9
29%
100
428
6%
105
6%
105
2%
2%
1%
2
7c
2%
7c
46
175
May
Mar
10%
Mar
11%
Mar
8%.
Apr
11%
Mar
»
Apr
29
Jan
6
Apr
10
Feb
10054
Apr
9
Apr
2
May
1%
May
Jan
108%
2% May
Feb
2%
390
14%
Apr
110
Mar
20%
Mar
114
16%
69%
Jan
74%
Jan
137
11%
Apr
Jan
15%
May
13%
23%
7%
Jan
Sieloff Packing com
*
Sterling Alum common._.l
60
Jan
Scullln Steel warrants
80c
80c
20
80c
Title Insurance Corp com25
10
10
20
10
May
24
23%
25
100
28
28
$6,000
27
48%
48%
48%
2,000
48
28%
29%
28%
5,000
24%
Jan
31%
Mar
19,000
24%
Jan
31%
Mar
230
430
6
17
44%
220
5%
50
17%
37%
34%
23
200
a.2 %
25
37%
47%
41%
49
5%
1,468
5
50%
22%
.
200
a2 %
49
see page
a9%
6%
a2%
14%
al956
Apr
Apr
Apr
Jan
com.
Huttlg SAD pref
Hyde Park Brew com
Internat'l Shoe
*
31
Low
80
36
2%
8%
Range Since Jen. 1, 1939
Shares
34
32
36
Griesedieck-W Brew com-*
Hamilton Br'n Shoe com.*
6
685
400
352
15
34
*
common
Coca-Cola Bottling com._l
Columbia Brew com_____5
16%
16%
a20% a21%
3%
3%
New York Central RR.__*
Nor American Aviation.. 1
Price
Century Electric Co....10
Apr
May
*
common
Johnson-S-S Shoe
Montgomery Ward A Co.*
Sales
Jan
23
50
a4
alOK
May 20 to May 26, both inclusive, compiled from official sales lists
535
24%
Commonwealth A South..*
250
60c
29%
22%
2154
Mar
Jan
For footnotes
,
Mar
1,502
1854
U S Steel
Jan
1%
Alton, 111.
Mar
53%
United
Jan
Jan
Apr
Texas
5%
,
Jah
1,667
Apr
Sears Roebuck A Co
Apr
Jan
1154
Co
4
Jan
May
35%
American
Feb
Jan
100
North
11%
72%
9%
Feb
31
Apr
300
12%
12%
12%
42%
42%
42%
Amer Tel A Tel Co
100 al63% al6l%al65
Anaconda Copper......60
24%
23%
24%
Aviation Corp (The) (Del)3
a5%
o5%
a5%
Bendlx Aviation Corp....6
23
22% 23
Refg...*
Packard Motor Car Co
Apr
I
*
Unlisted—
General Foods Corp.
Goodrich (R F) Co
Apr
Feb
7%
.
Amer Smelting A
Solvents
6%
57%
3%
3%
60c
Mar
Amer Rad A Std SanI
Commercial
55
Jan
80%
100
.
50
570
Jan
9%
317
200
a8%
Feb
Jan
6
8c
14%
Apr
7%
.
22c 23 %c
Apr
4%
Feb
3
a8%
1154
402
5%
3
8c
40
5%
3%
1,300
Mining—
Alaska-Juneau
Feb
5%
May
6
*
3
6%
8%
,
Mar
4%
29
15%
Apr
3
Jan
29%
5%
17
5%
116%
3%
25
41
195
Apr
600
6%
5%
Apr
Apr
Westinghouse Air Brake
*
Westlnghouse El A Mfg.50
75
16%
Jan
5
1%
90%
Jan
185
41
12%
16
10%
1,248
5%
16%
15%
56%
Apr
1,310
Apr
Feb
Jan
Apr
7%
1%
6%
39
Jan
35
98%
5%
...1
..
27%
1%
22%
10
Hick
Apr
100
6%
13%
29%
20
Lots
98%
Vanadium Alloy Steel _.__*
250
Mar
14%
1,170
1
United Eng A Foundry...5
10c
41
8
5
Jan
43
Transamerlca Corp
2
Union Oil of Calif......25
Universal Consol Oil....10
122
4%
Jan
.
954
Range Since Jan. 1, 1939
for
9%
3%
26%
25%
Jan
10
Week
Shares
8
30C
43
Standard Oil Co of Calif..*
Superior OH Co (The)...25
Jan
61
Apr
.
*
28%
a33%
13%
654
8,000
oc\
9%
Apr
26
33%
1354
26%
May
25
8
18c
43
a
11654
Apr
8%
5%
60
8
2%
5%
Pacific Co... 100
Jan
8
38%
5%
Natl Flreprooflng Corp.
*
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt..*
Pittsburgh Steel Foundry. *
105
25
Southern
Feb
11154
87
17%
8%
Mountain Fuel Supply..10
25
100
Price
~9%
Apr
60
v
5%
6 54% preferred C....25
So Call! Gas 0 % pref A.. 25
1354
65
Range
13%
Mar
4%
29%
28%
a33%
13%
26%
Apr
Saks
13%
Mar
Original pref....
preferred B__
Feb
1054
Pittsburgh Stock Exchange
Jan
33%
8%
4%
10c
Feb
3854
May 20 to May 26, both inclusive, compiled from official sales lists
6%
48%
8%
454
5%
„
354
Jan
2
Bonds—
6%
Jan
510
10c
Mar
Apr
3154
854
Columbia Gas A Electric.*
Jan
677
26%
Feb
7,437
*
Jan
43
2,500
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
154
Jan
54
Jan
16 54
25
554
11454 U554
*
Westmoreland Coal.
Jan
27%
20c
28%
Mar
5054 Mar-
17%
100
2%
a28%
all%
954
Jan
Feb
AHegheny Ludlum feteel..*
Armstrong Cork Co
..*
Byers (A M) com
...»
Clark (D L) Candy Co...*
319
20c
Shell Union Oil Corp.....*
Signal Oil & Gas Co A...,»
Mar
Apr
85c
Jan
a38%a40%
a28% a28%
a 11% a 11%
28
2854
454
154
3
May
Apr
31%
2%
a39%
Mar
May
2954
954
Apr
240
8
Safeway Stores Inc...
*
Security Co units ben Int..
Apr
Mar
3054
254
654
4%
28
20c
Ryan Aeronautical Co...l
Jan
Feb
43 54
9%
799
393
2%
Roberts Public Markets..2
165
11954
75
Copperweld Steel.....-.10
Follansbee BrOs pref
100
Koppers G A Coke pref. 100
1054
1
*
Apr
907
854
954
10c
Jan
31
32%
31%
47%
106%
a21%
9%
1
com
Rice Ranch Oil Co
Jan
2454
Apr
249
10
Shamrock Oil A Gas..
Republic Pete Co
Feb
Feb
Mascot Oil Co
31
254
5054
854
......
of Prices
Low
High
2%
4%
28%
2%
*
Feb
4954
*
*
Week's
36 H
2%
Clay Products
Jan
Apr
Mar
Mar
30
Last
Apr
25%
2%
Bacific
Jan
554
554
Apr
1554
850
Friaa y
Apr
28%
Pacific Finance Corp comlO
Bacific Gas & Elec com..25
Jan
Mar
136
256
356
Jan
Feb
Lockheed Aircraft Corp..J
Oceanic Oil Co....
Apr
Jan
Mar
115
481
Feb
4C
Los An* Industries Inc...2
Menasco Mfg Co
Nordon Corp Ltd
3054
5154
354
50%
Scott Paper
Feb
Jan
7
Apr
1,100
.
Apr
27
3054
354
Jan
Mar
121
11854 119
30
854
8454
Apr
Apr
1
4,024
Sale
Jade
308
•
124
Jan
100
a 5%
11754
Mar
2054
Mar
673
Holly Development Co-_.l
254
250
325
Feb
17054
May
Apr
-
Hudson Motor Car Co...*
+
11
4554
254
2654
42J4
50
7% preferred
.50
Philadelphia Traction... 50
Salt Dome Oil Corp
-.1
4
1254
Apr
Apr
Apr
Apr
Apr
Mar
9
6%
6%
41%
83%
9%
Mar
400
7%
7%
a27% a28
754
027%
42%
Feb
7%
205
45
6%
16
Apr
179
45c
11
Jan
2 c»May
Apr
344
7
10%
Penna Salt M anuf ac
.
650
43 56
,
8
2c May
15
Feb
200
43c
11
Gladdlng-McBean & Co..*
Golden State Co
Mar
5%
10
7
45
10
com
1%
157
al3% al3%
69%
70%
7%
7%
Pennsylvania RR
1
50
815
2854
6654
------
Phlla Rapid Transit-...50
1.100
1,000
45c
.1
com
Mtzslmmons Stores A.
General Motors
High
854
14854
454
7154
454
7%
Natl Power & Light
Pennroad Corp v t c.
Phlla Elec Power pref—25
May
2c
7
High
6%
8%
5%
a62% a70%
10
10%
10 56
Low
Jan
5
5%
a70%
Low
757
120% 122%
4%
Phila Electric of Pa $5 pfd *
3%
8%
,
Creameries of Amer
1939
500
6
2c
a!3%
.*
Shares
5%
3%
3
On
Range Since Jan. 1,
for
Week
High
5%
3
Broadway Dept Store
*
Buckeye Union OH v t c._l
Range
of Prices
122
Lehigh Coal & Navigation *
Lehigh Valley
50
May 20 to May 26, both inclusive, compiled from official sales lists
Week's
164%
-10
General Motors
Sale
Range Since Jan. 1, 1939
for
Week
Shares
High
9%
12
10154 16554
13%
13%
—
10
Budd (E
Last
Low
Price
*
American Stores
Barber Co
Los
of Prices
Chicago Board of Trade
Angeles Stock Exchange
623 W. 6th St.
Week's Range
Sale
MEMBERS
Neu> York Stock Exchange
Saks
Friday<
821
310
2%
35
45%
4
Apr
Apr
Apr
Apr
25
Jan
Jan
8H
Mar
Common
1%
100
17%
May
May
47%
Jan
41%
Feb
3%
51%
Feb
tScullIn Steel 3s:
69
Jan
fUnited RaUways 4s. .1934
73%
Feb
85
Mar
30%
7%
37
28
JaD
35
Mar
7%
5%
tClty A Suburban 5s C-Ds.
Jan
15c
10
5%
170
50
35
5c
7%
4%
21%
Jan
May
8%
Apr
6%
Jan
May
1%
Jan
13
Apr
Jan
32%
Mar
May
30 %
Mar
May
60
Jan
Apr
7%
Apr
77
30
Scruggs-V B 1st pref...100
Preferred
86
77
*
May
May
Apr
6%
Jan
Wagner Electric
com
15
Apr
Bonds—
4s,
C-Ds
1941
28
Mar
Volume
Financial
148
Chronicle
3201
Friday
Sales
Last
Orders
open
solicited
Pacific
on
until 5:30 P. M.
Coast
Stock
which
Exchanges,
Eastern Standard Time
Stocks
are
_]
Dumbarton Bridge
10
*
35
35
30c
Francisco and
a8%
36
225
6
6
1,100
7%
Last
Week's Rangt
Sale
Stocks—
Par
Price
Anglo Amer Mln Corp
1
Anglo Calif Natl Bank..20
for
Range Since Jan. 1, 1939
Week
of Prices
Low
Shares
High
Low
High
17c
19c
1,600
17c
May
8%
4%
200
8%
May
Associated Ins Fund Inc 10
8%
4%
300
4
Apr
5%
5
5%
976
4% May
7%
Engine.5
Bank of California N A..80
Bishop Oil Corp
127
5
Byron Jackson Co
♦
Calamba Sugar com.
17
California Ink Co. capital *
Calif Packing Corp com..*
Carson Hill Gold cap
36
18
38c
1
Caterpillar Tractor com..*
Preferred
36
20
r-100
45%
105
Central Eureka Mining..1
18
1
45
190
160
2
800
2.00 May
3.25 May
14
796
12
17
17
290
14%
Apr
18%
Jan
36
135
35
Feb
36%
Feb
124
Apr
May
980
13%
Apr
38c
300
30c
Jan
45%
717
40%
Apr
10
102%
Apr
18
38c
105
Mar
127
2
13%
30c
10% May
105
Jan
May
19
Mar
45c
Mar
54%
Mar
107
Jan
3%
65%
3%
700
3%
Jan
70%
1,635
55%
Apr
85
Mar
Clorox Chemical Co....10
41
41
385
35
Jan
41
106
106
10
105
Apr
108
22
22
150
19%
Jan
25%
17
157
16%
Apr
19%
Jan
5%
Standard Brands Inc
Studebaker Corp com
28%
Jan
8%
Mar
165
13%
Apr
19%
25
110
20%
120
3
Jan
Apr
25% May
3%
11%
4%
Jan
20
11
Mar
16%
Feb
11%
21
5%
Apr
8%
Jan
200
4%
Apr
6
Feb
5%
170
4
Jan
20
20
May
*
Petroleum Co
~39~~
Jan
27%
200
27%
Jar
28% May
266
28%
6
Jar
May
5%
May
8
May
65
17
Apr
17
740
35
Jan
42%
Feb
2% May
3%
May
10
6%
100
20
17
39
2%
39%
2%
2%
15% May
23%
8
17
Guaranty Co pref
*
United Aircraft Corp
cap.5
United Corp of Del
*
82
7% Feb
25% May
Jan
26%
702
06%
8
8
Title
U S
22%
06%
6%
1
...
Feb
5
28%
29%
*
Sun McKee Slbk Co B
100
Mar
Mar
29%
7% Mar
8% May
8
May
Apr
Apr
75c
Feb
1,665
44%
May
5
4%
5%
480
4%
69%
6%
Mar
4%
4%
4%
150
4
Api
May
1
60c
United States steel com..*
Warner Bros Pictures
6
West Coast Life Insur
5
Mar
4
6%
Apr
19
Mar
17
Apr
5%
26%
28%
29%
26
Feb
3%
315
18%
26
52%
200
26
*
Jan
7
5
25
Mar
37c
4
Schumach Wall Bd pref-.*
May
Csr Cos G & E 1st pref.100
a6%
658
50%
Shasta Water Co com..
80 Calif Edison com
5%% preferred
6% preferred
Jan
2,400
6%
22%
May
m
20
Radio Corp of America... »
Riverside Cement Co A. *
Schumach Wall Bd com..*
Feb
Atlas Imp Diesel
Pioneer Mill Co
Jan
160
12c
a6%
...*
com
2.50
lie
a6%
Motor
9%
Apr
11c May
44%
Api
21c
1.50
6%
16%
24%
3%
11%
Jan
Apr
Apr
210
560
4
Jan
Jan
7
6
21c
1.75
50
Packard
Sales
12%
42%
Apr
Apr
21c
North American Aviation 1
Oahu Sugar Co Ltd
cap_20
May 20 to May 26, both inclusive, compiled from official sales lists
Apr
Feb
Feb
6
1.60
1.70
Nash-Kelvlnator Corp...5
Francisco Stock Exchange
30c
31%
610
7%
Feb
8
>20
«8%
Italo Pet Corp of Am com. 1
Italo Pet of Amer pref
1
M J <fc M M Cons
1
Los Angeles
30c
AfT
31
600
36
Mines..1
Jan
Apr
7%
37%
4%
20
30c
Montgomery Ward & Co *
Mountain City Copper
5
Friday
High
Low
1,100
35
30c
Inter Tel & Tel Co com...*
Cortlandt 7-4150
San
Range Since Jan. 1, 1939
Shares
6
5%
Elec Bond & Share Co...5
General Electric Co
•
Idaho-Maryland
Broadway, New York
Wire to own offices In San
Week
Price
Par
CurtiHS-Wright Corp...
Domlnguez Oil Co
Members New York Stock Exchange
Private
for
of Prices
Low
High
(2 P. M. Saturdays)
Schwabacher & Go.
111
(Concluded)
Week's Range
Sale
60c
48%
54c
950
60c
49
44%
Jan
Mar
Chrysler Corp
Cons Aircraft
com
Corp com._l
A.____.".*
Cons Chem Ind
Creame. ies of Am Inc vtc. 1
Crown ZellerDach
6
com
Preferred
.——...*
Doernbecher Mfg Co
El Dorado Oil Works
11
.....
5
1,822
11
11%
1,719
9
Apr
14%
77%
79%
240
77
Apr
91
(ww)
50
9%
15%
9'
"•
Preferred
7%
200
Apr
10%
40
31
Jan
35% May
10
37
Jan
41
85%
"~6 %
30
79%
Apr
5%
38%
May
9%
Jan
Apr
61%
Mar
Apr
8%,
1,308
395
6%
30
160
5%
Apr
7%
8%
2,531
6
Apr
42%
19%-
150
37
Mar
250
17%
Apr
1.20
900
95c
Apr
21%
1.40
275
18%
May
23%
10
12%
Feb
19
19
'17
17
.
50c
Langendorf Utd Bk A...*
17%
18
300
Langendorf Utd Bak B
10%
11
409
*
50
225
50c
40
41%
41%
LeTourneau (R G) Inc...l
33%
30
34
Lockheed Aircraft Corp.-l
28 %
26
28%
890
60c
421
15
Ltd-..__2>£:
Magnln & Co, (I) com
60c
11
*
Magnin & Co (I) pref ..100
Meier & Frank Co Inc
10
Menasco Mfg Co com... J1
National Auto Fibres
105;
5
1
com
N a to mas Co
*
14%
9%
2.90
9%
2.85
3,392
105
10
15
908
120
9%
No Amer Invest 6% prf 100
2.90
1,360
6%
7%
1,750
10%
10%
305
26%
7
10%
26%
40
100
"25%
25%
26%
N American Oil Cons
10
9%
10
9%
24%
10
Occidental Insur Co
5%% pref.
Occidental Petroleum.
1
Oliver Utd Filters A
*
Paauhau Sugar Plant...15
Pacific Can Co
,'..*
com
Pacific Coast Aggregates 10
Pacific Gas A Eieo com..25
Corp
16 dividend.
9%
160
20
5%
10
•
471
1.85
~30%
1.95
2,005
31%
3,403
Jan
Mar
42% May
17
Mar
Jan
Feb
May
55c
Mar
20% May
12% Mar
43% Mar
38%
Jan
22
Apr
34
May
22%
Apr
37%
Mar
Apr
67c
May
16%
108%
16%
10%
Mar
11%
9
Apr
Jan
2,65« Apr
5
9%
6%
Feb
Jan
Apr
9%
Jan
May
11%
Mar
34
Jan
25%
25%
9%
Mar
31
Mar
Feb
11%
Mar
23%
Jan
28
Mar
Apr
19c
12c May
18%
5
8
Jan
Feb
21
Jan
Jan
6%
Feb
1,40
27%
Apr
10% May
2.40
Jan
Apr
34%
31%
Feb
Jan
29%
323%
29%
2,009
25
923
28%
Jan
29%
Mar
47%
47
47%
549
41%
Feb
49%
Mar
106%
106
106%
90
104%
Apr
*
Pacific Pub Service
1st preferred
5%
20%
com.
,.1
*
Pacific Tel A Tel com'.. 100
Preferred..
100
,RE4R Co Ltd pref.
Rayonier Incorp com
i
6
943
112
20%
128
127
128
153
152
153
33
35
100
"3% May
18%
Apr
110
114
20
90
*■
32%
109
Jan
7%
21%
129
Jan
Mar
147
Apr
Feb
154
May
32
May
60
May
182
8%
Apr
16%
Jan
Republic Petroleum com.l
Rheem Mfg Co
]
2.45
2.45
200
2.25
Apr
3%
Jan
13%
13%
8%
14.
930
Richfield Oil Corp com
•
Ryan Aeronautical Co.—1
"~5%
10%
6%
5%
Safe Stores Inc
..„.*
com.
40
Schlesinger Co B F com..*
7% pref
Shell Union Oil
25
2.00
*"i%
11%
com
Signal Oil A Gas Co A
5
So Calif Gas pref ser A..25
33%
Southern Pacific Co
13%
44%
.100
Sperry Corp partic.. _.__1
Spring Valley Co Ttd....*
Standard Oil Co of Calif..*
8uper Mold Corp cap
10
35%
Tide Wat Ass'd Oil com. 10
Transamerlca Corp
2
40
740
202
2.00
'•'•4%''1 5
11%
11%
200
156
Jan
May
Apr
Apr
y
40
2.00
6
Jan
May
Jan
12%
310
11
Apr
19%
33%
12%
43%
4%
33%
30
25 %
35
5%
32
Jan
33% May
1,768
10%
Apr
21%
Jan
44%
420
39%
Jan
Feb
4%
26%
4%
Apr
3,078
25%
Apr
46%
5%
29%
35%
366
21
Jan
12%
53%
245
11%
5,582
470
22c
1,000
857
Universal Consol Oil
10
2.15
16
1,059
2.15
1,110
May
5%
May
21c
May
55c
16% May
19%
12
17
Apr
2.10 May
Mar
Mar
35% May
14% May
Jan
7%
Jan
Jan
Mar
4.00 May
.5
7%
May
9
Jan
20
29%
30
120
25
Jan
30
May
20
20
50
20
May
36%
Mar
12
150
"20"
Am Rad A St Sntry
*
American Tel A Tel Co. 100
Amer Toll Bridge (Del)__l
164%
Yellow Checker Cab
ser
140
7%
6%
Unlisted—
Anaconda
Copper Min__50
Anglo Nat Corp A com
»
Ark Nat'l Gas Corp A
*
12%
Bendix
Aviation
*
Consolidated Oil Corp
*
17
Mar
Apr
170
Mar
38c
Jan
1,585
24%
24%
9%
24%
390
21%
105
a2%
9%
a2%
27%
27%
100
5%
5%
1.50
8% May
3% May
27% May
4%
Apr
2
264
24
762
1
Commercial Solvents
Apr
147%
53c
1%
24
Bunker Hill A Sullivan 2.50
Calwa Co common
10
Cities Service Co com. .10
Claude Neon Lights com.l
110
490
50c
3
Corp...5
12»%
12%
161% 164%
50c
Atch Top A Santa Fe._100
Aviation Corp of Del
Blair A Co Inc cap
23
75
all% all%
1.00
a6%
30
1.00
«5%
%
35
94
a6%
%
"11%
Wells
11%
11%
ol %
aS
200
'
100
60
1%
18
Apr
Apr
67c
36
11%
Mar
Jan
May
3% May
variation,
increased, and
(industrial
declined slightly.
(car loadings)
factor
index
one
held even, while the others
(bank debits)
one
production and department store sales)
April Far Western Business Reversed Downward Trend
of First Quarter, According to Bank of America
(California)"
The
downward
the first
.
business
Far Western
trend of
ing to Bank of America's
released
May
A gain of 2%
partment.
"Business Review"
research de¬
(California)
the bank's analysis and
19 by
March and about 1% over
over
February is shown by the bank's index of western business,
attained
which
in
of its computed normal trend value
73.4%
Compared with the same month a year ago, the
gain is 8.7%.
The bank's announcement further stated :
April.
According
fields
and
wholesale
and
for
the
first
a
month
cities
four
year
residential
in
18
in
5.4%
adjusted
improvement
months
ago
over
to
and
of
10 years.
past
year
virtually
covers
all
data are available.
the
With
ago.
■
basis,
production
same
months
West,
were,
increased
two
judged
high in April over
permits
gained 37% over April, 1938; 6%
yeap
average
Far
new
a
in securities and
trading
a
14.7%,
18.4%,,
has averaged 9% higher than
the
over
in
leading cities, attained
the
power
this
7%
construction
April
daily
a
Electric
ago.
year
a
period
New
issued
loadings,
car
thap
like
April
trade, wage and salary payments,
farmers, gained
to
Western
a
the
debits, which reflect changes in the value of transactions in retail
payments
higher
review,
the
to
Western business activity for which
of Far
Bank
valued
over
at
years
ago.
by ^permits
any
similar
$10,577,000, these
April, 1937, and 77%
over
April, .1930.
♦
Committee
of
Life
.
Insurance
Sales
Research
Bureau
Studying Conservation
of an actively functioning Conservation
recently announced by John Marshall Holcombe Jr., Manager of the Life Insurance Sales Research
Bureau of Hartford, Conn.
Organized last fall, the com¬
mittee is currently engaged in several projects of presentday, practical interest to Research Bureau member com¬
panies.
The Chairman is Henry Bossert, Jr., Manager,
Agency Research Department of the Provident Mutual.
The
Committee will consider and investigate important
phases of the business which come within the sphere of con¬
servation, and it is expected that the results of its studies
will be of interest to all companies.
The Bureau's an¬
The
existence
Committee
was
nouncement went on to say:
The appointment
of such a committee from
among
the Bureau member¬
ship is an indication of the interest which companies are taking in the im¬
portant subject of conservation.
It Is felt that this procedure will be ex¬
Member companies In the
tremely helpful in dealing
Jan
Bureau have been asked by
Jan
experience any plans or problems which may be particularly appropriate
Feb
Mar
1.00 May
1.25
Feb
for the Committee to
with the subject.
the Committee to contribute out of their own
study further.
Of the several projects which are already under way,
9
Feb
will
Mar
1%
Jan
11% May
7%
Apr
for Oct. 31,
13%
Jan
undoubtedly some
Feb
9%
%
in
Jan
14%
May
noted
quarter of this year was reversed in April, accord¬
8%
3%
29%
6
April at
preliminary level of 97% as against a March figure of
86.4% and against 91.9% in April, 1938.
Comparing April,
1939, with the preceding month and allowing for seasonal
36%
Apr
Apr
11%
Fargo index, measuring California
the 1923-25 average, stood in
a
Jan
17%
2.15
The
Jan
21c
Agricultural
Francisco.
business in terms of
Jan
13%
32
14
'
•
•
Jan
May
12
"~5%
.
Jan
7%
11% May
16%
15%
1
4%
10%
26
1
Preferred
1.75
14
Apr
235
25
Victor Equip Co com
30
Apr
Mar
28%
Treadwell Yukon Ltd
Union Oil Co of Calif
Walalua
5
28%
12%
*
Sound view Pulp com
39
883
Ex-rights.
in California during March and April
advanced slightly, after dropping rather sharply in January
and February, according to the current "Business Outlook"
released by Wells Fargo Bank & Union Trust Co., San
Jan
9%
1,036
cisco
Mar
9%
8%
y
Business activity
Mar
1
5%
Ex-divldend.
Business
Activity Advanced Slightly in
April, According to Wells Fargo Bank, San Fran¬
Feb
30%
32%
29%
.
x
t In default.
California
Mar
Apr
11
102%
32 %
com..
Listed,
Jan
50c
400
20
5%
10
'
15c
80
Jan
25
6% 1st pref
6Hi% 1st pref..
Pacific Light
24%
15c
20
40
645
•
9%
8%
Feb
May
8% ' Jan
319
12%
40c
,
Mar
Mar
100
__10
March Calcul Machine
34
1.10
1
Honolulu Oil Corp cap...*
Honolulu Plantation Co. 20
Magna vox Co
Jan
6%
8%
Hawaiian Pine Co Ltd...*
Preferred..
28%
42%
19%
*
com
5
\
6%
Hancock Oil Co of Calif A *
Hunt Brothers
230
5%
45
6%
Jan
May
235
83%
5%
Gladding McBean & Co..*
Holly Development.
6%
Feb
40
83
Cash sale—Not Included In range for year,
Jan
d Deferred delivery.
b Ex-stock dividend,
r
5
Mar
41%
Odd lot sales.
a
f
Jan
18
Jan
35%
43%
*
Golden State Co Ltd
17
Jan
40
7
Fund Ins Co..26
Corp com..*
May
14
35%
30
•No par value.
Feb
35%
40
General MetalsCorp cap2 %
General Motors com
10
General Paint
Jan
Jan
4%
Feb
8%
870
39
3%
359
15
38%
9%
20
Fireman's Fund Indem. JO
Fireman
2/0
39
Emsco Der & Equip Co. .5
Ewa Plantation cap
4
3%
Jan
Feb
5%
15 %
Emporium Capweil Corp
Pref
5%
4%
be ready for presentation at
Nov. 1 and 2 of this
the Bureau's Annual Meeting scheduled
year.
It is anticipated that the material
developed by the Committee will be of real practical value.
3202
Financial
Chronicle
May 27, 1939
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, May 26,
Bid
province ol Alberta—
Provlnoe of Ontario—
Ask
Bid
6s
Jan
1 1948
62
64
68
Oct
43*8
Oct
1 1960
58
593*
6a
Sept 15 1943
43*8
68
May
1 1969
10434 10534
4e
June
1 1902
109
1 1953
10034 10134
43*8-——Jan
15 1906
110
Oct
43*8
1 1941
92
94
15 1964
92
94
43*8
2 J 969
92
94
48
Aug
June
68—
Dec
Prov of New Brunswick—
4 Mb
Apr
43*8
Apr
15 1900
15 1901
2 1950
no
110 H
1958
108
109
Feb
4348
1
May
1 1961
inn
6s
Province of Nova Scotia—
43*S
Sept
16 1952
109
110
53*8
Nov
Mar
1 1900
116
118
43*8
Oct
15 1946
1 1951
08.
Sept
...
15 1942
-Deo
15 1944
..July
1 19*4
43*8
6s
—
88?*
113
Sept
1 1940
Deo
43*8
89*4
.
Mar
156
10
6
May
'10
Jan
99
May
102
Mar
9
10
600
9
May
10
103*
Quebec
*
80
1053*
Power
*
12*4
105
2*4
50
8*4
—-
preferred
40
12*4
17 3*
173*
Saguenay Power pref—100
11
40
*
100
79
Ask
July
92*4
93?*
1 1954
91H
92 3*
1 I960
84
84 Vs
552
10
1,100
1
173*
1053*
20
250
Government Guaranteed Bonds
Sept
June 16 1955
Bid
114?* 11534
117*4 1183*
115J* 11634
6b
Jul j
1 I960
1 1057
1 1969
68
Oct
1 1969
6b.
Feb
1 1970
43*8
Feb
115 J* 11634
63*b
-July
Jan
1234
Apr
19*4
Jan
May
573*
Jan
May
40
143*
'12*4
16
Jan
Jan
19
Mar
Apr
1033*
107
Apr
365
2**
Apr
8
Apr
4**
153*
25
18
Jan
20
20
120
Jan
120
110
116
116
Jan
Jan
Mar
Jan
23
25
21
Apr
42
19*4
19*4
20*4
1,853
183*
Apr
22 3*
*
73*
73*
73*
25
7**
Jan
9
Jan
May
106
May
Apr
12
Jan
St Lawrence Paper
pref .100
Simon (H) A Sons
Preferred!
—
-
j.—
-
-
106
1.100
106
10*4
Southern Canada Power..*
Viau Biscuit
Ask
Canadian Northern Ry—
1 1951
43*8
Mar
315
378
07
Apr
Apr
73 3*
May
7
2*4
50
3**
23*
Feb
3
74
73
-
—
— -
4
2
*
*4
1 1940
14
14
14
Winnipeg Electric A
1.55
1.55
1.60
21
7*4
7*4
5
*
..-..100
Preferred.
Mar
773*
663*
140
723*
69
43*
103*
220
74
73
*
102
Jan
43*
*
25
-
50
13
10*4
Wabasso Cotton.—-—.*
Ask
4*48
934
162
8*4
8
20
Preferred
Canadian National Ry—
Mar
2*4
2**
20
Steel Co of Canada
1133*
Bid
Jan
20
United Steel Corp
Dominion
Mar
2934
Shawlnlgan W A Power--*
5s...
10034 100*4
82
Apr
250
St Law Flour Mills pref, 100
4 Ha
Apr
23
6
78
Bid
753*
70
125
99
St Lawrence Flour Mills.. *
Ask
74*4
2,824
79*4
223*
157
83
Canadian Pacific Ry—
debentures.
High
May
28
157
Low
17
6
A
4s perpetual
90
99
St Lawrence Corp
Bid
7934
Range Since Jan. 1, 1939
Shares
16
273*
79*4
Placer Development...—
Railway Bonds
Canadian Pacific Ry—
16
16
80
78
High
Ontario Steel Products—*
Preferred
June 16 1943
58
Low
Ottawa Lt Ht A Pow prflOO
Price Bros A Co Ltd
Prov of Saskatchewan—
1073* 109
for
Price
Power Corp of Canada—*
1103*
109
Par
Week
Ogtlvle Flour Mills
Preferred———-.100
Province ot Quebeo—
..Mar
(Concluded)
of Prices
Niagara Wire Weaving...*
Noranda Mines Ltd——*
110
Province of Manitoba—
5b
Stocks
Week's Range
Sale
115
12 1949
J*ly
Sales
Last
Ask
11034 110 **
115 H
121 Hi 123
Prov of British Columbia—
5b
1 1942
Exchange
Friday
140
12
Mar
Jan
Jan
Jan
Apr
7
143*
Mar
Mar
1.50
234
Jan
10
May
Mar
12334 123*4
Banks—
Grand Trunk Pacific Ry—
4a
Jan
1 1962
165
-.100
115?* 11634
,
3a
Jan
1 1962
1
165
162
Mar
1673*
Feb
1673* 1673*
21034 213
46
160
Apr
178
Jan
35
203
Mar
222
100
300
300
64
300
Apr
310
..100
186
187
97
178
Apr
193
May
Toronto,. —......100
4 3*8.. ....July
247
247
2
247
May
250
May
Canadlenne
1093* 11034
100
1003*
11934 119*4
11934 119*4
-100
Commerce.—-
-.100
Montreal
Nova Scotia
Royal.—
Montreal Stock
Exchange
Last
Price
Week's Range
for
High
Last
Shares
Low
High
Par
Acme Glove Works Ltd..*
3
3
4
Agnew-Surpass Shoe
*
Alberta Pac Grain pref. 100
934
934
934
Algoma Steel Corp,—---*
-
100
Asbestos Corp..
Breweries
14
Apr
14
Apr
63*
513*
Apr
.14
Jan
Apr
69
Jan
19
Apr
2834
Jan
Beauharnois Pow Corp...*
Brewers A Dlst of Vane.
5
033*
22
223*
1634
Bell Telephone—.
100
Brazilian Tr Lt & Power.*
British Col Power Corp a_»
4,738
•
110
6
,
r-
25
15
Jan
.1
112
May
360
1634
110
6
Apr
166
Jan
..
1753* 176
10
103*
176
10**
203*
634
600
2.299
73*
670
150
253*
26 3*
3
8*4
175
24
510
23
70
73
120
7
Apr
10**
100
"933*
--..50
6% preferred
Canadian Car & Foundry.*
25
Preferred
Preferred 7% l
Cndn Fairbanks pref
.
Class B
Dryden Paper
Gatlneau Power.
*
200
36
Mar
Jan
112
Jan
1.10
5
15
15
23
Apr
73*
85c
Jan
50c
Mar
43*
Apr
Feb
Jan
Jan
8**
Apr
64
50c
4
1.80
Apr
18
801
1
50p
434
Jan
May
1.10
Mar
75c
Mar
10
Jan
Mar
City Gas A Electric Corp. *
15
310
15c
Apr
1.10
Jan
Commercial Alcohols Ltd. *
1.70
1.60
1.70
1,060
1.50
Jan
2.50
Feb
1.75
1,247
1.70
May
2**
Jan
43*
33*
434
2,033
4*4
Jan
5**
103*
Jan
Consol Paper Corp Ltd.—*
Cub Aircraft
Jan
Jan
David & Frere Ltee A
Apr
33*
1.00 May
113* May
7*4
18
3.50
J&n
Jan
81*
May
19 3*
May
20
203*
21
998
16
2,675
101
331
13*4
100
102
102
5
~2~66
1.60
,
Jan
*
3**
*
B
95
3
3
53*
53*
120
53*
May
3*4
4
230
334
Apr
Mar
Donnacona Paper B
105
Mar
102
Mar
European Electric Corp, 10
Fairchlld Aircraft Ltd
6
163*
Jan
23*
Feb'
Fleet
*
63*
1.25
Apr
23*
Jan
Ford Motor of Can A
*
1934
3**
Apr
63*
Jan
Fraser
*
534
37*4
21**
Apr
83*
Jan
May
6134
40
5
193*
2634
183*
160
2634
18
110
162
4,409
Companies Ltd
Voting trust ctfs
*
103*
92
3
37
9
160
15
Jan
75c.
108
Jan
115
26
150
Jan
162
4,701
83*
—
Massey-Harrls5%'cmpf 100
12 3*
Jan
Apr
734
May
Jan
65
Mar
153
May
Page-Hersey Tubes Ltd..*
Power Corp of Canada—
Apr
7
130
103*
314
300
3*4
93*
Apr
35
75c
Apr
1.25
Mar
7
Apr
11*4
Jan
Mar
Walkervllle Brewery,
._*
Wklker-Good A Worts (H)*
75
143*
143*
135
91
92
382
6
634
15
11*4
Jan
16 3*
88
JaD
933*
2*4
Jan
6
Mar
Jan
Feb
Mar
*
6
405
5
Apr
8
67
66
67
15
66
Mar
82
Jan
58
57
58
61
55}*
573*
Quebec Tel A Pow A
—
20
Apr
Apr
37
105
293*
87
,6'
8
15
1.50
60
6
:
1.35
53*
Feb
Jan
Apr
94
.
Jan
Jan
0034
Apr
83
Jan
35*
15
,
Jan
Mar
1.50 Mar
63*
Jan
9734
22
97
Apr
104
Jan
1033*
102*4 1033*
55
101
Jan
105
Jan
"i'.io
1093* HO
•
1.10
1.10
97
97
73*
_*
$i cum pref
83* May
25
73*
■
20
20
5
33
63*
Feb
434
Jan
107
Jan
73*
Mar
43*
Mar
May
109
50
1.00
Jan
1.40
Jan
41
41**
275
38*4
Apr
503*
Jan
19*4
19*4
230
193*
Apr
203*
Jan
32c
32c
2,250
10c
*
Jan
100
Goodyear T pref inc '27.50
6^ cum 1st pref
100
Provincial Transport Co_ *
Jan
Feb
*
Sou Canada Power.—.100
760
Apr
3
13
75c
1.50
Jan
Apr
87
Melchera Distillers Ltd pf*
Jan
May
4
33*
Jan
Mar
9
9*4
McCoil-Fron 0 % cm pf. 100
Melchers Distilleries Ltd.*
55
2
35
37
Mar
Apr
Jan
33*
11*4
115
10
5
Apr
150
75c
MacLaren.Power A Paper *
73*
8
10
Pdlp Co.... *
Mar
153
73*
fc.10
203*
695
4**
470
'
Apr
225
75
3
•
243*
65
.
934
20
20
434
73*
9
80
'
"143*
""934
2
5
103*
Mar
12
62
75
"m
14*4
173*
31
2
155
334
Jan
73* May
to
12
62
'
10**
23**
"83*
(Can) Ltd A._*
155
62
Apr
Apr
83*
Intl Paints 5% cum pref.20
Lake St John PAP
*
7
Jan
6
Hydro-Electric Securities.*
Lake Suphite
Jan
6
17
Intl Paints
Feb
May
325
Mar
18*4
53*
1,043
Mar
Jan
Jan
5
63*
27
•
Mar
17
Apr
1934
63*'
Jan
JaD
3
Jan
183*
85
115*
43*
Jan
Ltd
50
500
162
103*
,
Aircraft
105
16
00
110
7
"3*4
33*
13*
55
23**
113*
983*
34
175
113*
3**.
630
18
1834
Jan
Apr
Apr
1.10
113*
1.50
23**
40
"183*
103*
98
1.00
*
2.00
1.50
495
.100
Rights
General Steel Wares
Cndn Vickers Ltd
1
'
*
323*
107
Mar
73*
*
Preferred
_
Feb
123*
283*
18
634
Electrolux Corp
i
Enamel & Heating Prod,.*
Foundation Co of Canada •
.
Apr
Jan
May
102
53*
38*4
*
—1
Feb
193*
11
26*4
Apr
2,307
100
....
Mar
8**
25
•
Mar
Jan
434
Jan
Apr
634
*
Preferred
Cndn Pow A Paper Inv.
500
295
Feb
14*4
1,080
*
Dominion Textile.
Cndn Marconi Co
Jan
2,065
100
Dom Tar & Chem
Jan
80
1.30
193*
Jan
43*
534
233*
Jan
89
43*
*
Cndn General Invests....*
28
9
..100
Dominion Glass pref
1.25
18*4
8**
*
Apr
93*
*
Dominion Stores Ltd
pref
67
3.25
38
33*
Dominion Steel A Coal B 26
Brew,
70
2134
640
43*
25
Canadian
35
1113*
213*
May
153*
*
Dominion Glass
Jan
2234
33*
1.25 May
3
Jan
933*
25
Dominion Bridge
Dominion Coal pref
43*
Apr
9
....*
Crown Cork & Seal Co—_•
Distillers Seagrams
*
27
Apr
8*4
16
Consol Mining & Smelting 6
35
3634
1113* 1113*
Can Nor Pow 7% cm pf 100
Canadian Breweries Ltd.".*
Mar
93*
100
—
1,396
455
17
9
101
Canadian Pacific Ry
Cockshutt Plow
2234
12
*
2*4
1.70
1.75
*
Canadian Indus Alcohol--*
High
May
143*
100
Canadian Celanese—
Low
50c
92
Can North Power Corp..-*
Canada Steamship (new).*
405
27**
Mar
24
Preferred
4*4
12
28
24
•
4**
26*4
Jan
14
Canada Cement
4*4
12
May
1,895
634
464
27
2 3*
16
8
43*
Brit Amer Oil Co Ltd
221*
15*4
634
434
25
Canada A Dom Sug (new) *
Canada Malting Co Ltd..*
Feb
16
8
4**
.
4*4
2
British ColumblaPackera. *
Mar
Building Products A (new)*
BUolo Gold Dredging
634
517
434
2
Jan
12**
23*
...100
1,975
Feb
Jan
3
Calgary Power.
_
55
Feb
163*
115
*
BruckBilk Mills.
Range Since Jan. 1, 1939
Shares
55
50
Bathurst P A P Co Ltd B .*
62
634
Price
Abltlbl Pow A
10
633*
*
Apr
Jan
Week
Jan
14
93*
100
Preferred
Bathuret Power & Paper A*
5
10
for
of Prices
Low
High
Paper Co.-»
0% cum pref
100
22
Preferred——
Associated
10
Mar
Week's Range
Sale
-
Stocks—
14
Sales
Friday
Range Since Jan. 1,1939
Week
of Prices
Low
Feb
May 20 to May 26, both inclusive, compiled from official sales lists
Sales
Sals
Par
Stocks-
Jan
•
Montreal Curb Market
*
May 20 to May 26, both inclusive, compiled from official sales lists
Friday
213
Preferred
Gurd (Charles)
Gypsum Lime A Alabas..*
Preferred
100
Hlllcrest Collieries
Howard Smith Paper
Preferred.
Hudson Bay Mining
100
*
M assey-Harrls
May
1.00
1.15
360
1.00
~30~"
143*
11
73*
*
4934
"15*4"
100
16
163*
73*
48
30
Jan
32
983
260
10
Jan
133*
9234
30
88
313*
16**
16**
685
253*
5,199
1,917
73*
60
493*
1,601
4H
8c
Apr
14c
Feb
500
5c
Apr
10c
Jan
4c
4c
1,000
4c
Mar
8c
Mar
2,000
70c
Apr
1.00
Jan
*4734
19c
Feb
143*
Apr
173*
16**
Mar
Capttol-Rouyn Gold,
Cartier-Malartlc Gold
1
2**c
2**C
1.000
13*c
Apr
33*c
Feb
Mar
1
3c
3c
6.000
23*c
Feb
6c
Jan
22c 22*4c
2 900
15c May
22c May
183*c 1934c
2,300
183*c May
20c May
7**
19
75
1334
Mar
May
Jan
May
Apr
56**
Jan
Apr
27*4
Jan
77
Jan
Mar
Apr
Jan
Apr
43*
53*
7**
24
Feb
Apr
Feb
173*
115
133*
73*
734
Mar
Century Mining
Cent Cadillac (new)
1
Cons Chibougamau Gold.l
Dome Mines Ltd
—*
32c
Duparquet Mining Co..-1
2 3*c
2
3*c
2**c
33,000
2.33
16c
16c
16c
31?4c 323*c
2.10
Apr
2.80
1.04
Apr
2.35
Jan
Apr
6.00
Mar
2c0
20c
1,000
16c
Apr
25c
Mar
30c
30c
500
22c
Apr
44c
Jan
534c
6c
30,000
3c
Apr
63*c
Feb
7c
1,500
5c
Apr
10c
Jan
Jan
1.74
Mar
Apr
503*
Jan
Jan
Franco© ur Gold
*
"~20c
Inspiration Mln A Dev__.l
30c
6c
7c
May
100
5
100
Apr
100
Apr
Apr
32
Mar
Kirkland Lake Gold
1
1.40
Apr
43
Mar
Lake Shore Mines Ltd
1
40 3*
45
106
413*
Jan
.5
47&
1.300
433*
May
61
Jan
1
Feb
4434
•
Jan
4.50
35
293*
383*
Jan
Jan
8c
210
May
1,976
29c
33 3*
1,850
35
2,210
Apr
20.900
100
41
Apr
5.00
35
32
,
2c
1.40
1.35
*
39*4
39*4
15c May
31
2.72
2.70
1
Falconbrldge Nickel
Joliet-Quebec
J.M Consolidated Gold
636
1.35
1
Eldorado Gold M Ltd
Jan
Mar
800
5.00
East Malartlc Mines
Jan
45
..25
Jan
200
6c
100
403*
28
200
10c
6c
35
National Bfewerles
15 May
1234c May
17c
10c
1
153*
11
525
1,000
76c
112
1,110
83*c
70c
20
63*
83*c
17c
83*c
*
May
140
4*4
Feb
Cndn Malartlc Gold
42*4
43*
Jan
16*4c
Jan
223*
355
15c
Jan
353*
7
123*
Apr
10c
Apr
25
15*4
9c
3,500
Big Missouri Mines Corp 1
Bob jo Mines Ltd
1
Bouscadlllac Gold
Jan
Apr
10,500
Brazil Gold & Diamond. .1
931
115
1
50c
30o
11c
143*c 143*c
32c
.....1
Feb
19
163*
Jan
Mar
Gold Mines
94
•
69
6
National Steel Car Corp;. *
20
14**
11
34
123*
100
»
30
253*
115
32
143*
10*4
9234
313*
19
...3
»
30
Mar
69
"253*
100
Montreal Cottons pref. 100
Mont L H A P Consol
*
Preferred
Beaufor Gold
33*
McColl-Frontenac Oil
Montreal Cottons
Jan
615
,£l
Lake of the Woods
Secord
6
43*
pf Canada.—_»
Preferred
Apr
43*
100
Internat Pet Co Ltd
Laura
Arntfield Gold
43*
1634
16**
Intl Power pref
Jan
5
Imperial OH Ltd
»
Imperial Tobacco of Can.6
Intl Nickel
1
63*
120
"31*4
Intl Bronze Powders
*
Aram
53*
»
Preferred.
Alder mac Copper Corp
Jan
53*
*
Mines—
Jan
6
Apr
53*
....
Hamilton Bridge
5*4
413*
No par value.
"
1.40
42
100
257
1.20
34
Jan
Volume
Financial
148
3203
Chronicle
r:—=55
Canadian
Markets—Listed and Unlisted
Montreal Curb Market
Toronto Stock
of Prices
Low
High
Sale
Par
(Concluded)
Stocks
Lebel-Orz
_
Price
for
Perron Gold—
..1
San Antonio Gold
Dorval Slscoe
Duquesne Mines...
Apr
4c
May
Apr
-
-
1.83
4,300
1.45
Jan
1.91
Mar
4.95
500
4.60
Apr
6.60
Mar
1.75
1.75
400
1.60
Apr
2.08
Jan
1.50
J.'u
1.50
100
1.30
Apr
1.65
Mar
Apr
1.44
Jan
1.65
Jan
1.00
1.00
300
Slscoe Gold Mines Ltd. ..1
1.30
1.18
1.33
8,552
96c
50c
42c
50c
9,250
40o
Apr
♦
53c
48c
53c
16,520
460
—
-
III
-
83c
83c
83c
1.03
Jan
*
*
Anglo Canadian Oil—_
19
2.33
2.73
1.40
1,31
1.41
5X
5H
160
6
6
5X
English Electric B
1.
■Equitable Life
III
Calmont Oil Ltd
Jan
4c
4Hc
5,500
Feb
SHc
8 He
500
8c May
13c
Jan
26
26
33
Jan
18 H
19 H
1,582
16 X
Apr
23 H
Jan
9Hc
9 He
700
9Hc
Apr
14He
18c
23c
4,300
15o
Apr
25o
Jan
71
11
Jan
16M
Mar
87
'Apr
Mar
Jan
4.60
31c
Falconbrldge
Fernland Gold.
;
Mar
65C
5.70
Apr
8.10
Apr
18Hc
Jan
Apr
8.85
Mar
Firestone Petroleum.
Jan
8Ho
19H
Feb
v22c
8.15
1,395
1.00
1.10
2,400
9c
Jan
15 Xc
Jan
19 He
20c
300
80c
Apr
1.51
Gatineau Power.
tiy.
14
14H
90
91
....
Jan
1.08
Jan
75c
3.70
1.00
Apr
31 X
Apr
1.72
44H
Jan
Jan
May 20 to May 26, both inclusive,
Sale
Price
Par
Stocks—
7 »A
Jan
llHc
Feb
2Hc
2 He
4,000
2Mc
Jan
4c
Mar
34c 36He
18,083
20o
Feb
15c
Mar
»
«
Low
Shares
High
7Hc
18,200
68
68
69
90
66
Apr
78
58
•57
58
30
55
Jan
58
Acme Gas
-
"""35c
Preferred
1100
....
11c
99c
1.10
6Hc
6 He
3c
3c
""58c
53c
58c
-.n
8c
8C
900
4 Ho
Jan
4c
May
Apr
13Hc
2,000
7c
Jan
3H
25
3H
Apr
6H
Jan
12H
12 H
100
10 H
Apr
53c
50c
54c
6,300
40o
Mar
64c
4H
4
4H
2,660
3H
Apr
6H
Jan
lc
lc
11,000
lc May
3Hc
Jan
2Mc
3Hc
7,500
2Hc May
6c
Jan
1.17
1.05
1.18
14,775
7c
16c
6Hc
7c
5,000
16c
17c
2,100
16c
Apr
14 He
—I
6Hc
...l
w—
890
13 %
Apr
15
Jan
2,450
1.98
Jan
3.75
Jan
Apr
'm
•+ M
*
24c
Jan
31c
Mar
1,615
25H
Apr
35 X
Jan
Huron & Erie
65
69
33
64H
Feb
70H
Mar
Jan
20% pref
9
9
15
8X
Jan
9H
Jan
Feb
Apr
17HC
Feb'
7
202 H
5 He
Apr
lOHc
Feb
16
16
16 H
8,751
16H
Apr
17H
Feb
16H
16H
16 K
686
15
Apr
Apr
16 H
Jan
38c
Mar
6Hc
72c
8c
May
23c
Apr
Jan
70
Apr
J
5
104
Feb
Apr
56 H
106
5,835
-42K
25H
25 H
25 H
45c
855
22M
Apr
27 H
Jan
45c
500
45c
Apr
70c
Jan
1.20
1.20
200
1.18
Apr
1.26
Apr
17c
1,000
1,000
5,865
16 He May
3c May
ll'Hc
Jan
13Hc
Jan
35
Mar
E
14c
6.200
12c
May
30c
Jan
Jack Waite..
6H
10
5H
Apr
8X
Jan
Jacola Mines.
11c
Mar
32c
4,425
1.00
Apr
1.40
4H
4H
175H 176
21c 21 He
7,000
lOHc
12c
10H
11H
Brewers & Distillers..
200
4H
f4H
720
21H
22 X
2,331
19H
26
11
21X
39c
34c
37c
*
19HC 20Hc
12
12H
19 He
...1
*
Buffalo-Canadian
"~2H
2X
15 K
Building Products (new).* !; 16
Bunker Hill
*
Burlington Steel..
-
w
_
J.
,
2.10
2.10
33c
Calgary <fc Edmonton. ...»
30Hc
3H
Oils
*
Canada Bread
«
«.«.
-
^
«.
1150
♦
Malting.....
"35"
1100
Canada Steamsh ips
_
_
.
._.*
*
*1
9H
Breweries pref. *
"20
168 H
Cndn Bk of Commerce.100
*
Canadian Can
J
B
...
,
II2U
17
"2I66
Cndn Indus Alcohol A
Maiartlc
Oil.
...
82c
*
♦
.
Apr
10
30 He
32
Canadian Wirebound. III*
B.
Jan
Macassa Mines
Castle-Trethewey
Mar
'
3
16 H
19
6
May
8
May
21H
465
19 H
16
100
14H'
2.00
445
1.50
5,600
69c
50
13H
15
113
35
3H
4H
1,106
3H
245
Central Patricia
Central Porcupine
Chemical Research
2.43
...1
—.1
27Hc
...1
Apr
May
Apr
May
May
34 X
12
H
2.75
1.03
20
122
Jan
«
Jan
Jan
^
Commonwealth Petroleum*
Mines
Bakeries
Chibougamau.
Smelters.
Gas
Petroleum
*
*
Jan
1.50
2.33
2.45
2,445
2.05
Apr
2.75
Jan
61
Omega Gold..
9c
Apr
200
78 H
2,677
80
1.41 May
70
Apr
25c
1.80
82
Jan
Mar
Mar
—-
6c
Feb
3.00
3.00
160
38c
3,300
37c
32c
96 H
99
3.05
3.15
1,785
5Hc
6c
800
129
1.50
Jan
23c May
53c
Jan
3.00 May
52He
Jan
Apr
104 H
2.76
Apr
4.75
Jan
4Hc
Apr
7c
Jan
Apr
7Hc
Feb
94
3Hc
Jan
4c
4c
Gold
3Hc
3Hc
3Hc
3,000
3c
Apr
7Xo
44c
43c
47c
21,891
35c
Apr
61c
1.83
1.76
1.83
3,750
1.45
Jan
1.94
Mar
4.80
4.80
4.95
4.50
Apr
5.60
Jan
2.50
2.50
2.50
9,925
2,306
2.25
Apr
1.85
1.70
1.85
6,250
1.18
9/8
160
20c
1,100
Jan
Perron
Gold—.....
Apr
20H
Mar
Gold
Mar
Power
Jan
34
Mar
Prairie Royalties
May
75
May
210H
600
1.50
Jan
Jan
Paulore
Powell Rou
Apr
10c
1.45
9c
Partanen Mai
Jan
Pioneer
200
Apr
Mar
Jan
8
Jan
2He
Mar
Jan
15 H
Api
4c
16c
75
16c
3Hc
12,050
3,900
6c
Pamtepec
60c
30 H
22c
3.05
Porcupine
182 H
75
79H
Jan
47 H
96 H
*
Apr
520
1.50
(■
Apr
'
21 He
Jan
Apr
345
May
13H
61H
51Ho
Jan
27c
75
25
Apr
May
1.73
9 He
32
May
9H
43 H
Apr
May
1,200
75
23
70
880
91c
Pamour
27c
Jan
25c
Page-Hersey
1.74
6»X'
400
Jan
17
Apr
23,980
Jan
Apr
4X
36c
36c
Apr
Jan
100
1.11
8H
1.26
20c
28c
6,000
204
20 He
3c
Mar
1.07
30c
,
12
47
8c
125
25
12
44 H
Jan
17,080
35c
llHc HHc
17H
18H
204
24
12
40
1.10
Jan
14
5 H
Apr
Mar
Gold.
Apr
32
204
5
89c
Jan
5
May
-
5
■
11c 11 He
1.10
35
3.35
21Hc
37 X
175
-
Jan
36H
38
460
Apr
Jan
5,470
18 X
Jan
1.45
875
5,050
2.01
Feb
40 H
*
2.05
1.35
'1.12
38
2,825
55c
38 H
Dominion Anglo pref.. .100
Dominion Bank
.100
Jan
2.48
85c
115
75c
2.35
Jan
182
Apr
Apr
2.48
Apr
39H
28c
38c
May
36c May
5
180
1,900
70c
50c
May
*
45c
8.85
700
15c
182
May
Apr
700
1,000
29 He
Jan
20c
8.00
20,150
15c
*
1.32
Mar
1,500
*
Okalta Oil
190
Apr
6c
8.85
O'Brlon
2,559
1.03
8.75
Jan
1.50
Mar
49 X
8.85
Feb
15
59
931
13,275
North Empire.
Feb
15c
Apr
Jan
Mar
94
Apr
36c
1.43
56 X
Feb
83
Mar
12c
Jan
.87 H
20
Jan
Mar
38c
70c
1.95
,7H
3Hc
1.39
May
60
Feb
500
Jan
1.39
Apr
6H
1,315
May
500
29 H
365
4c
6c
1.50
230
6
42c
62c
1.50
37
4c
8bc
3,135
1,065
34
41c
27Hc
6H
7H
42c
900
25c
Apr
Jan
46,276
—
2,100
15c
100
Noranda
1.10
15
15
'
Normetal
25c
4H
7
20c
*
Jan
1.05
nil
Nickel Mines nil
Distillers Seagrams...
Dome Mines (new)
2.39
Apr
6
25c
1.50
Coniagas..
Apr
70c
36c
*
Cockshutt
20H
2.10
62c
n«^
I
Mines.
May
200
1,200
62c
*
Commoil
490
Mar
10c
72c
1.00
Mar
1.01
5
16
9c
9Hc
27He 27Hc
Jan
4X
1.25
»
Newbec Mines
2.30
Mar
1.65
1.10
K
Apr
16
Apr
May
'
1.30
May
3H
6X
70c May
11MC
Preferred........ 5 3
National Steel Car.
6H
Jan
2H
1.35
*
Naybob Gold
Jan
43c
Jan
1.00
11c
National Grocers...
Jan
Apr
Jan
1.26
Morrls-Klrkland
Jan
3
55c
44c
*
May
3H
Mar
24
I
16
1.10
Chestervllle-Larder Lake.i
Chromium
18
106
May
J.n
30o
7
»
Jan
J an
3.20
69
56
*
Jan
7H
5.90
Apr
19HC
Mar
18
Apr
1.70
1.30
Mar
4»i
3.85
70c
87
5
Mar
179
50
1,50
82c
Apr
May
May
1,455
20
23
Jan
10,075
7,550
6
3
Jan
72c
i-.
1
4H
37
23
5H
1.50
4H
♦
Jan
Mar
64c
4H
3
Jan
26
5H
1.25
»
2 25
-
Carlboo
1.50
Apr
'»■
21,100
81,440
3
Mar
Apr
77c
260
22
3
Mar
2.63
25c
330
♦
May
18
9H
Apr
22
— —-
-
17H
386
6
22 H
21
23M
70c
3
Maple Leaf Milling......
35 H
152
20 H
9
3.60
24
Maiartlc Gold.
1.80 rJan
159
85c
Apr
23H
_...■
Mar
10H
23
Apr
78c
3.00
22
*
Jan
Apr
.60
63c
2.60
74c
2.86
2.80
Apr
,133
Jan
7,850
5,000
78c
Apr
7H
17
8X0
44c
1.00
3
3HC May
39c
125
168 H 168H
4,900
43c
401
19
Jan
3Hc
Jan
May
Jan
3Hc
4.95
i.
14H
Feb
Jan
2.15
140 X
Feb
1.70 May
55 X
54c
1.95
10H
May
55
Apr
85o
4.85
Jan
Mar
13 H
2.15
Jan
6.85
Apr
4.90
5H
Jan
Feb
7c
Mar
Jan
65c
50 H
5.50
May
Mar
56
9c
32X" Mar
875
59c
12H
May
.
10 X
HHc
3H May
Feb
670
2,000
3,300
Apr
1.81
Feb
Mar
8,600
1,040
31c
12
May
5Hc
475
3H
4H
*
Mar
1.85
112
113
.100
17
Jan
73c
1.75
Jan
•
1
2.99
Mar
5c
Jan
14
9H
1.30
15
15
C P R
Wineries
15H
16
Preferred..
Canadian Dredge
Canadian
1..
Mar
2.08
Apr
30.c May
1.15
Feb
70c
26c
HH
3Hc
...
Leitch Gold.
9H
6
9H
20 H
Lebel Oro..
1.70
16H
6
---*
Can Car & Foundry..
Canadian
145
3
3
.
Canadian Can A
H
Jan
Mar
6
55
8Hc
12
May
Jan
68c
Jan
7
10
55
31c
Jan
80
270
6.20
11H
75c
Apr
14H
41 H
6.15
34o
......
33c
10H
2Ho
•
8 He
41H
Mar
1.47
600
6.20
(new).
Lava Cap..
9
18,400
Lapa Cadillac
Laura Secord
Apr
49
35 H
Jan
Mar
Apr
45
7%
1.10
Breweries..
Canadian
305
34 H
145
Preferred
Canadian
2,600
3H
50
14%
Canada North Power. HI*
Canada Permanent
500
33c
•;
7H
Canada Cement
15
2.10
49 H
*
Canada Bread B
500
10
Mar
27
5c
42,695
33c
1.49
------
18c
1,000
6c
10
5%
23H
Jan
1.85
33c
1.40
8Hc
41H
„_j.
li/Tfnctci
'
Mar
May
Apr
HnM
1.70
,
40
9
33c
Lake Shore.....
T.omarmo
Feb
9
1.49
28c
325
360
HM | Jan
May
4
j.
Klrkland-Hudson
22-
12 X
7H
14,000
4,800
16
6c
6c
-._*
2%
1,045
22c
6Hc
1.80
Laguna
26
...
Buffalo-Ankerite
Feb
Apr
May
4H
'
Brown Oil..-.
Apr
18
18
III 1
Bro ulan-Porcupine
9c
9H
10,960
3,610
Kerr-Addison
4Hc
5Hc
-----
Klrkland Lake...
10 H
*
Pqwer A
Jan
22 X
♦
Brit Col
Feb
Mar
30o
18
"ion
Ills
British American Oil..
6
175H
10H
Brantford Cordage pref. 25
*
Jan
Jan
165
4Hc
6Hc
*
Apr
2H
166
'
— -
17c
17c
15
•
—.i
—i
4Hc
Jan
21c
Jan
49 H
Jan
2,800
Jan
47 H
20
,
Mar
May
49 X
110
17c
91H
107
Mar
Feb
*
International Nickel
34 %
12c
Davies
5
L
HH
Denison
25
5
*
1.21
7X
•
5
75
Feb
14c
Jan
106
Mar
'
3'X
215
75
310
--_*
'
Jan
,
106
252
...I
Brazilian Traction
220
1.18
lioo "l7 1%
Klrkland
Mar
■
3
♦
Intl Metal A
Jan
Biltmore..
Consumers
210H 210H
)
Feb
Big Missouri
Consolidated
)
Jan
38c
)
300
.
■
Coniarum
1
239
1.21
8c
1.52
6H
Beaubarnois-.
Bell Telephone Co
Cons
Jan
6,950
31H
8c
3
17c
*
Beattie Gold.
Consol
26He
35c
31H
Jan
...1
Bear Exploration
Canadian
1,500
29HC
Jan
17c
8c
35c
Apr
18c
Jan
31X
65
9
Mar
203
Jan
1
2 He May
5
Jan
Hudson Bay Mln & Sm.
35
6H
„
35o
Howey Gold
300
31
.
10c
Homestead Oil
250
34 H
55
Apr
Jan
300
—
*
(^Preferred
2.20
X,
6c May
Jan
14H
12c
«.
50
Barkers pref.
Base Metals
Canada"
2.13
49
Jan
Jan
52c
,67
245
—
.100
Bank of Toronto
Calmont
14H
2.20
Jan
14 H
"
Bank of Nova Scotia.. .100
Bidgood
24
»
Jan
9He
8,600
210
210
Montreal.... .100
Bathurst Power A
28c
26 He
28c
1
Cons
Bankfield
14c 14HC
Apr
;
t
L
Barker.
17
82c
1,600
IIIi
Ashley.
Jan
5c
9 He
3,500
15,400
14,900
1,000
1,000
49,500
Arntfield Gold
Astoria Que
Apr
51
25
10c
Apr
6H
45
10c
Anglo-Can Hold Dev.
Augite-Porcuplne Gold —iJ
Bagarnac._ .—1
4c
Apr
29 He
12,700
65
65
1.03
Amm Gold Mines.... ...1
Bank of
35c
9H
""65
Jan
Mar
4He
Mar
14
6
9H
30 He
Ill*
13Hc
3H
Jan
Feb
14
_
Jan
9Hc
2o
2HC
Copper,
21X
Apr
500
2Hc
Algoma Steel.
2H
Mar
4Hc
14
Aldermac
Mar
405
1,000
Alberta Pac Grain pref 100
Ma!
5c
__
Jan
50c
4H
7Hc
Afton Mines Ltd—.. ...1
40c May
4Hc
-
....
Halcrow-Swazey
4
400
4H
-
Jan
6Hc
Gypsum Lime & Alabas:.
7 He
— m
*
Jan
60c
4,600
7c
Granada Mines
Week
60
55
55
100
preferred
6%
28c
10,500
42c
5c
Jan
37c May
21c
40c
3Hc
Abitibi
5
19c
Range Since Jan. 1, 1939
for
of Prices
High
Low,
May
40
Gold Eagle.
Sales
reek'S Range
270
33,400
21c
compiled from official sales lists
Last
Mar
5H
7 He
12H
Exchange
Friday
6
Jan
Feb
41HC
Goodyear Tire
Preferred
Toronto Stock
94
5H
36Hc
Gold Belt...__._.____5(
•
«
Jan
6HC
Jan
37
Mar
5H
Jan
Jan
May
2)4
30
4H
4
*
24
7Hc
2Hc
General Steel Wares...
Jan
38c
2.00
190
1.08
36 H
36 H
Royallte Oil Co
65c
100
7,675
1,000
113
6.00
Apr
Jan
25
25
91
8.00
_%
Okalta Oils Ltd
Mar
17c
3.55
32c May
Feb
8
Apr
Apr
6,300
.
Jan
8H May
4o
6.80
1,000
5
Mar
2.36
4c
Apr
38c
May
Feb
Apr
33c
279
Apr
5X
8Ho
10c
2.22
Apr
1.05
May
4.00
38c
Mar
4c
2.80
33C
Mar
13c
4.50
400
2.14
Mar
27c
19
1,455
2.2C
9Ho
202
10
'
Feb
Apr
14c
6X
500
5,200
...
Home Oil Co
7 He
510
14c
Dajhousie Oil Co..
5H
17c 18Hc
7Hc
Aprr
5c
2.70
East Maiartlc
Eldorado
•
440
12HC 13Hc
He
Mar
4c
4.10
1.07
*
7
5.15
1.01
„
Apr
1
7Hc
4H
Oil—
Anaconda Oil Co Ltd..
4H
22 H
Mar
7.50
50
4c
3.30
8.15
May
5.00
6.50
13Hc
7%
21X
13c
6.80
"l
Jan
4c
4.10
14c
Jan
1,241
5.15
3.25
3.30
..1
12H
...1
18Hc
Feb
Apr
2,100
5,500
2,700
57,460
6,250
5c
5c
1
East Crest Oil
Feb
7H
4)4
22 H
Mar
Teck-Hughes Gold Ltd. -.1
..1
25
Dominion Steel B
May
Jan
74c
78o
1,250
pref-
"
Apr
-.1
..1
Wright Hargreaves
5
Jan
2.82
94c
Wood Cad
5
Jan
900
2,000
2.44
1.72
_.l
Walte-Amulet
5
4.80
1.95
3.15
5Mc
Jan
4.90
.-1
Sylvanlte Gold
Dom Tar.
160
1,300
3.05
1.83
Powell-Rouyn Gold
Thompson Cad
7H
Jan
2.25
Pickle Crow Gd M Ltd. —1
Sullivan Consolidated..
6X
3.35
r
Stadacona (new)
7H
Mar
4Hc
2.43
3.05
.".1
Sladen Mai
Dom Stores
60c
1,000
..1
Pandora Cad
Sherrltt-Gordon.
1,745
Apr
1.07
33c
Pamour-Porcuplne
.
11H
25c May
3,800
25c
30
10H
.25
Domlnlon Foundry.
Mar
33c
25
May
15H
11H
Jan
68 X
1.31
280
18 H
Apr
25
25
5.80
Jan
56 H
1.29
Feb
19
25
20
22 H
Apr
High
150
18
25
4.10
54 H
1.27
Low
22 H
Dominion Coal
2,740
8c
-
Shares
18
Jan
4.95
4c May
56 H
New True Fissure,
Week
25
2,300
62)4
McKenzie-Red Lake— ..1
for
of Prices
Low
High
Price
Par
1, 1939
Range Since Jan.
Week's Range
22 H
4c
4.85
4.90
Mclntyre-Poreuplne— -.5
O'Brien Gold
High
Low
Shares
Stocks (Continued)
4c
..1
Macassa Mines
Jan. 1, 1939
Week
1
_
Sales
Last
Sale
Range Since
Week's Range
Last
Exchange
Friday
Sales
Friday
Mar
*
Corp
No par value.
--
9H
9X
2,0c
3,000
2.70
Mar
Jan
Jan
Apr
2.45
Jan
9
Apr
12H
Mar
17c
Apr
24c
Jan
Stock
Toronto
Week's Range
Last
*
Pressed Metals...
«.
•
-
Gold.
...i
...
1.50
5214c
Riverside Silk-
1.39
51c
1-1
Royal Bank
Royallte Oil
...
53c
1
10.4c
1,500
4414
Jan
normal
lie
914c
Apr
1514c
Feb
Apr
1.45
Jan
6.60
1,119
5.60
Jan
7.20
Mar
85
314
Apr
Apr
1.55
104c
1014c
11c
1.10
1.05
1.10
'. 6.55
84
1.31
Slscoe Gold..
»
714c
49c 5414c
544c
.
'.100
•
50c
514c
Lake...—.... ...1
Stadacona
Preferred
1.33
43c
50c
1
Bladen Malartlc
mm m
i..*
-
*.
•
Straw Lake Beach....
Sturgeon River Gold.. IIA
■
Sudbury Basin.
Sudbury Contact
Sullivan...
"
7354
7014
6c
7c
12c
13c
2.20
Mar
Apr
Apr
271*
Jan
74
414c
11c
1.80
Apr
Apr
Apr
12c
600
77 J*.
of ccal
seas
still
Jan
7c
Apr
Mar
1414c
1.01
Apr
3.55
Jan
4.10
4.20
4.005
10
3.80
Apr
1.85
914
1.86
1114
424'
3214
80
mm
12
4214
~"~23c
23o
200
1.74
10
42
'
80
the
in
loadings
arid
'
.
.
domestic
during April
exports
being
Jan
higher,
$7>979,000.
and
$6,955,000
More than
$5,000,000
Jan
40C
as
trend
a
in
$51,248,000
worth of
monetary gold went cut of the country during the month.
the like
1938
"
period.
non¬
None went in
„
Jan
Feb
9Q
May
recent
*
in value from
rose
a
Dominion
a
with newsprint leading and non-monetarv
to $55,811,000,
1938,
conditions
car
Feb
20c May
5
.
Contributing-to
exports.
many
railway
161*
Apr
1,000
23c
prices.
April,
for
economic
in
46
Mar
60
maintained
geld and unmanufactured nickel in second and third places.
Newsprint
shipments, however, were somewhat lower than in April, 1938, the figures
Jan
Mar
2.30
Apr
100
12
fh
on
increased
been
Canada's
•
Jan
4.70
11
814 May
not
attached to the effect oh general business of the
armaments in the United; Kingdom, which is
best customer
improvement
have
wholesale
Feb
70c
2.78
expenditures
Canada's
whole
Jan
2,130
8c
have
in respect to the outlook for over¬
Canada to that country,
from
statistical
Jan
244c
3.00
States
Canadian cattle for the second quarter of the year was
trade, significance is
enormous
Jan
Mar
2.125
Toronto General Trust .100
1
15
6614
3.25
80c 8414 c
80
m
*
—
Feb
914
11.50
;
Jan
1.03
United
exhausted early in May.
One interesting development is that, as a result
the United States, there has been a return movement
Jan
Mar
the
which was expected to benefit Canadian exports, the
catile from that country has -been strong and the export
of the coal strike in
Jan
13c
4.20
Hughes........ ...*
III*
Tip Top Tailors
Preferred...
1.65
80c
conditions; in
business
for
demand
Mar
3.15
8c
Teck
Toburn
90
The Bank further
improvement
quota assigned to
Ffeb
65
200
8414 c
no
purchases of seasonal goods."
While
the
Mar
5
Apr
45c
15
Mar
Mar
1.14
3.25
l
i
Toronto Elevators
96c
25
•
2,15
mmm»mm
1.70
41c
Apr
54c May
60,800
5,700
IIIi
..... ...
78
Mar
17c
Jan
90c
393
»
Sylvanlte Gold...
Towagmac..
20
72
6c
Apr
'
20
a.
734
Preferred...
192
Jan
10c
16.985
15,600
2,500
32,425
7014
Steel of Canada
1.18
92c
35
84
83
1.17
.
1.55
4,
4
Simpsons pref
Slave
95c
1.00
6.60
issued
Montreal,
of
said, in part:
1.00
3,200
3,160
6,100
1,600
8,921
.50c
.1
Jan
Apt
Apr
.1.1
—
May
32
San Antonio.......— —.1
Sherrltt-Gordon.
Mar
46c
28
114c
178
Sand River Gold
Slgman Mines, Quebec
Preferred. .........
-6!4c May
59
Sheep Creek..,
...
Apr
Bank
spectacular ad¬
vances, with the arrival of warmer weather retail trade
has been picking up and the public is now making its
285
•
1014c
1.48
St Anthony......
Mar
the
there have been
"Although
May 23.
3714
37
374
20c
6
50
6c
187
187
187
*
Feb
of
Mar
1.76
2214
29,875
5,300
6c
.100
.....
.....
May
Apr
101*
1.17
40
1.50
its own, according to the monthly
Summary"
"Business
Jan
than hold
better
what
2.40
during the past month has done some
Canadian business
High
Apr
1.80
1,200
28
28
28
...»
RoclieLL
1.95
714
7
«.
"111
Low
Shares
High
1.90
1.94
.A
Preston E Dome
Reno
Low
Range Since Jan. 1, 1939
for
Week
of Prices
Sale
Premier
April, According to Bank of Montreal
Sales
Price
Par
(Concluded)
Stocks
Continued at Steady Level During
Canadian Business
Exchange
Friday
May 27, 1939
Chronicle
Financial
3204
1
TJcbi Gbld.
Union
1.33
1.16
1.13
8,860
131*
131*
2914
131*
965
11
27
28
...3
*
Gas..
...
Ilfeo
United Fuel A
United Oils.-...
.
..
30
8c
*
:::*
United Steel..
30
Jan
14
May
38
Feb
Apr
May
—At the annual meeting and dinner of the Senior Margin Clerks' Section
8c
500
445
3H
Apr.
4.30
Apr
5.80
Jan
48c
Mar
1.00
Jan
5,50
Apr
Apr
8.25
Jan
Rogers Mallory, of Post & Flagg, was elected Vice-President; Michael J.
514
Jan
Ryan, of Hayden, Stone & Co.; and Harry Ranft, of Dyer, Hudson & Co.,
2014
Jan
were
15c
Feb
8c May
Jan
1514c
7
of the Association of Stock Exchange Firms held
Jan
4.90
4.85
4.90
642
i
55c
55c
55c
000
6.40
6.95
8,481
4014
19?*
411*
1,330
President,
'
Vulcan Oils
Walte
...
Amulet
0.85
...*
.
in*
Walkers
1914
....
nil
Wendlgo
Westflank
.......
._.*
Jan
1914
814c May
9c
9c
9c
1,000
<214
214
25
2
Mar
55
15
Apr
lioo
Preferred
38
478
20
24
*
Western Canada Flour
.
41
"*
Preferred..
20
20
4c
500
111* -1114
316
4c
......
24
Jan
814c
Jan
1214
4c May
was
reelected
L.
of
Thursday evening at the
Rothschild & Co., formerly
F.
and
Treasurer
Secretary,
respectively,
and
...
....
Preferred..
..
ill*
*
lido
86
*
Winnipeg Electric A..
Preferred....,..—. lioo
25
88
1.26
1.25
85
10
Apr
Jan
together with Roy D. Corney,
the Executive Committee
2.12
Berkley
7
11
Mar
1314c
12c
1314C
4,500
9c
May
Apr
1814c
of Thomsow&
8.10
8.10
8.15
5,885
7.30
Apr
8.90
Mar
"
,
created
a
Exchange—Curb Section
Sale
Beath(A)..
Low
*
114
BruckSHk
IIIi
.mm
mm.
114 c
3
—...
3
3
—
.-.
,
'
*
Consolidated Paper
Consol Sand pref.
lioo
414
lioo
Dominion Bridge
27
1.25
31
*
Honey Dew.....
Mandy
Ontario Silknlt
m
Feb
—The Board of Directors of
Jan
1114
35
11
Apr
14
Mar
banking firm with offices in Chicago, St. Louis and Cleveland, has
1-.05
350
85c May
Mar
nounced
940
314 May
681* May
75
155
231*
371*
Jan
Chatham Phenix Corp. before its absorption in 1931
200
1.00
6.00
Jan
and,
Jan
President of the Bowten Machinery Co., Rockford, 111.
41*
681*
25
1.15
Jan
71*
Pend Oreille
_
.
..
_—
...
I
.100
Rogers Majestlo A-.... ...*
"
Sbawlnigan
*
Supertpst ord
*
1.25
31
60
15c
L100
15c
3114
14c
24
20
10c
20c
32
135
Apr
Apr
Apr
35
May
65c
Mr.
Jan
Apr
17c
Jan
32
Apr
291*
lf*c May
5
7H
May
15
Jan
MO
1.50
2,500
1.28
Apr
Mar
1.95
Jan
m
m
mmm
.mm
m
14c
121
500
21*
21*
1914 "20
25
1.75
May
121
1«K
14c
m
121
mm*
mmmmm
19J4
36
.
1,000
36
He
36
Jan
Industrial and Public Utility
Abltlbi P A Papotfs 5s 1053
Alberta Pao Grain 6s..1946
Beaubarnois Pr Corp 5s '73
Bell Tel Co of Can 58.1055
Brown Co 1st 5His....1946
Burns 4k Co 5s
...1958
-
-
-
10814 1081*
bonds
104
35
Montreal Island Pr 514s '57
40
48
103
101
102
94
95
Montreal Tramway 6s 1941
Power Corp. of Can 4 4s'59
1
1957
Price Brothers 1st 5s.. 1957
60
97
99
fundamental
principle underlying both groups is that of.thrift, and both face the common
are
long term commitments have been able
to obtain the best terms in
by
the mortgage market.
The mortgage operation results of both groups are tabulated under various
Mortgage Commission of the State of New York, has joined J. Arthur
Warner & Co., where he will head
a
new
department to represent banks,
attorneys, certificate holders and property owners on matters pertaining
to guaranteed first mortgages
in connection with reorganization proceedings.
Prior to his association with the Mortgage Commission, where
he handled
103
Manager of the New York Guaranteed Mortgage Protection Corporation,
105
884
894
85
4s...1957
83
100
106
which
was
formed by a special Act of the New
Assistant
York State Legislature in
1933, and subsequently superceded by the Mortgage Commission.
4 4 s series B_.
1966
Sbawlnigan W A P 44s '67
Smith H Pa Mills 44s '61
1064
105J* 1064
1034 1034
Eastern Dairies 6s_.._ 1949
39
4014
103
104
Eraser Co 6s
Jan 11950
Gatlneau Power 348.1969
Gt Lakes Pap Co 1st 6s '55
Int Pr 4k Pap of Nfld 5s '68
89
91
981*
98J4
United Grain Grow 6s. 1948
89
80
United Seeurs Ltd 54s '62
654
67
101
Lake St John Pr 4k Pap Co
«4»
...1961
72
75
4-5s series A
1965
1024
694
70
1951
34
3514
4-58
1965
—Charles O'Brien Murphy, who has been connected with the trading
department of J. B. Boucher & Co., and formerly in charge of the trading
department of Express Exchange, has become associated with the trading
90
79
book by Dr. Franz W. Rosenfeld, written
reorganizations involving many millions of dollars, Mr. Roth was
Saguenay Power 41*8 A '66
59
No par value.
new
95
JDonnaoona Paper Co—
4s
1956
East Kootenay Pow 7s 1942
•
on
The analysis is especially interesting, since the
1024 103
Provincial Pap Ltd 614s '47
37
Assistant Vice-President.
—George Murray Roth, formerly head of the Contact Department of
104
1973
10414 10514
9514
961*
101
10214
German, and based
the
1044
1956
107
94
as an
-^"Competition Between Life Insurance Companies and Banking In¬
u
headings.
50
3 4s
Canada Bread 6s.....1941
Canada North Pow 5s. 1953
Canadian Inter Pap 6s 1949
36
yice-
He has been with his present company since 1931, serving as
Assistant Buyer and later
panies whose investments
3*s
deb
ment field.
■taking distant maturities
Ask
Montreal L H A P—
conv
was
„
requirement of safety and dependable earnings.
Thus both become com¬
petitive also in the investment field.
Dr. Rosenfeld found that life com¬
87
2nd
,
Jan
3814
91
business,
i
graduate of the United States Naval Academy, spent
381*
34 J*
90
executive of the
by Stifel, Nicolaus,
actual studies of results obtained by both groups
1041* 104H
Consol Pap Corp—
6Hs ex-stock
.1961
Dom Gas 4k Eleo 6 4s. 1945
with, the investment
an
a
Apr
87
Deo
was
in Switzerland.
5J48 series B
.1952
Maple Leaf MUllng—
21*8 to '38-5 4s to '49
5s
expert,
in
Calgary Power Co 5s..1960
Canadian Lt A Pow 5s 1949
Canadian Vlckers Co 6s '47
a
connection
stitutions" is the title of
Manitoba Power 514s. 1961
81
Ketcham,
insurance investment
Mar
Bid
47
79
an
his
to
Apr
Ask
461*
106
an¬
Bowep and Tuthill Ketcham, of the
Jan
125
Closing bid and asked quotations, Friday, May 26
Bid
W.
214
22 K
Feb
35
.39
114c
Frank
May
115
10
of
four years in the United States Navy, leaving in 1920 to enter the invest¬
Jan
714
14c
election
Bowen,
prior
Mr.
May
3i*c
714
1.44
...1
Robt Simpson pref.
27
the
Chicago office, to the positions of Vice-Presidents.
Jan
m
•
Stifel, Nicolaus & Co., Inc., an investment
4
15c
...
to better serve the
May
20c
mm
32
in*
pref... lioo
Robb-Montbray.
301*
20c
mm*,
Montreal L H 4 P;
Oils Selections
2014
us
3
'
Hamilton Bridge..... III*
Preferred..
work, thus enabling
50
3
1114
90c
314
681*
our
expression of the Section's appreciation of his work over the past two years,
Mar
314c
our
Mr. Grant, the retiring President, was presented with a gold watch as an
■
*
Canada Vinegars
Canadian Marconi—— nil
Exchange and the Federal Reserve
firms and the public." .1
High
■
114 May
l!*c May
1,000
,
course of
interests of
Low
40
114
114c
—
Brett-Trethewey
our
meetings in order that
problems, and in conjunction with the whole¬
develop in the
Range Since Jan. 1# 1939
for
Shares
High
our
many
Bank of New York, we have made great strides in solving problems which
Week
of Prices
.
Price
Par
the need for
than ever before and
inception," he said, "we have held
could better discuss
we
Sales
Week's Range
Last
Stocks—
our
hearted support of the New York Stock
May 20 to May 26, both inclusive, compiled from official sales lists
Friday
greater responsibility
organization has made itself more and more Apparent."
"Since
Toronto Stock
Cording,
Paine, Webber & Co., and Max Rosenberg, of Ira Haupt & Co,
Margin Department of Stock Exchange firms in the past few years "has
Jan
*
Wright Hargreaves
F.
Upon his election to the presidency, Mr. Burkly said that the work of the
Mar
...i
Wood-Cad lilac 1
of
Feb
95
May
1.25 May
5
7
7
9H
Vice-
,
McKinnon; William M. Vaughn Jr., of Jackson & Curtis; Carl F.
Westons
a
elected President to succeed Charles J. Grant.
Blumenthal, of Abbott, Proctor & Paine, was elected Assistant Secretary:
Charles H. Nylander, of James B. Colgate & Co. was elected to serve on
Jan
2%
Burkly,
Albert
Savarin,
»
Ventures
NOTICES
CURRENT
1.65
Mar
414
8c
4
414
•
1.03
Winnipeg Eleo 44s.—I960
/Flat price.
n
series B
Nominal.
50
department of Kobbe, Gearhart & Parsly, Inc.
—Eugene C. Stevenson has been elected
&
Co., Inc.
Walter C.
Simmons has
a
Director of Smith, Frizzelle
been appointed Manager of their
Trading Department and Robert Z. Block has joined the Trading De¬
4
partment.
51
—Martin A. Negersmith will shortly
join the* firm of Alexander Eisemann
& Co., members New York Stock Exchange, as co-manager
office.
of their Fordham
Volume
Quotations
Bid
o3s
a3s
03 Ha Nov
1 1960
o3*sJan 16 1976
a 4a
May 1 1957
25*
27
123*
Bensonhurat National...50
75
100
11*
13*
Chase
33*
a4tf8 Nov
15
123* 124*
109
a4*8 Mar
1
124* 125*
115
04*8 May 1
"78.
1981
1957
1957
1963
1965——
1967
1 1958
.,
114* 115*
<24*8 Nov
1
—
114*
115*
117* 118*
a4*8 Mar
1
May 1 1977
Oct
1 1980
118* 119*
118* 119*
o4*s July
04*8 Dec
-
1
13.55
Commercial National..100
Penn
35*
161
10
Peoples National
167
9
11
60
Exchange
47
54
28*
121*
Fifth
121
122
First National of N Y—100 1750
1755
Merchants
103
Trade
123* 124*
100
17*
730
700
100
Bank
24
14*
Sterling Nat Bank A Tr 25
Avenue
30*
22
.25
Public National
120*
o4*8 Dec 16 1971
119* 120*
1 1960.
1 1962..
1 1964
<24*8 June 1
124
123
1 1977
.
May 1 1959
a4*s Mar
45
12 *
National Safety Bank.12*
122* 123*
«4*s Jan
Nov
a4*s Mar
41
National City
a4*s Feb 15 1976
a 4s
fl4*s Sept
National Bronx Bank...50
45
122
a4*s Apr 15 1972
105
a 4s
«4s
19
40
a4*8 June 1 1974
1 1968
a 4s
..
Ask
17*
Bank of Yorktown..66 2-3
114
c3 *8 Mar
Bid
Par
Ask
Bank of Manhattan Co. 10
108
1 1954
Bid
Par
120* 121
121* 122*
a4*8 Apr
108* 109*
108* 109*
108* 109
o3*sJuly 1 1975
o3*s May 1 1954
I
Ask
Bid
104
1 1979
Feb
New York Bank Stocks
City Bonds
Ask
100* 101*
100* 101*
1 1977
Jan
Over-the-Counter Securities—Friday May 26
on
New York
3205
Chronicle
Financial
148
97
...12*
Bank
125
124
124* 125*
125* 126*
128* 130
1 1979—
NEW YORK BANK, TRUST CO.
119* 120*
and INSURANCE STOCKS
New York State Bonds
Bid
62 05
less
62.10
less
1
Highway
62.30
5s Jan A Mar 1964 to '71
mm
143*
134
141
Teletype N Y-l-1248 and 1-1249
System
....
New York Trust
115
Bid
Par
V
Bronx
108* 109*
1942-1960. i
Gen A ref 3d ser 3 *s '76
105* 106*
Gen A ref 4tb ser 3s 1976
101* 102*
Gen A ref 3*8
105
1977
George Washington Bridge
4*8 ser B 1940-53.MAN
20
48*
50
56
..25
9
11
12*
1952
4*8 July
68
Apr
Feb
Corn Exch Bk A Tr
20
56
57
10
13*
14*
116
..
1941
5s
114* 116*
...
'
109
July 1948 opt 1243-
ASSOCIATION
FIRE
1
4*
to o
•
—100
i5^
90
80
-100 1595
1645
in'.
PHILADELPHIA
Members Philadelphia Stock
109* 109*
113* 113*
1945. -MAN
3 *8 1955 opt
48 1946 opt 1944—
JAJ
Exchange
BUILDING, PHILADELPHIA, PA.
A. T. & T. Tel.—Phla 220
Ask
Bid
Ask
108* 108*
AMERICA
NORTH
N. Y. Tel.—Rector 2-3300
"
308* 108*
OF
vclgvn$t (go.
^.%
STOCK EXCHANGE
Bid
55
111
Established 1895
111* 112*
Conversion 3s 1947
Federal Land &ank Bonds
1945
JAJ
3s 1956 opt 1946
JAJ
3s 1956 opt 1946—MAN
OF
(gen.
111* 112
U 8 conversion 3s 1946
3s 1955 opt
.......
United States
INSURANCE COMPANY
117* 119*
111
112*
110
116* 119
53
\'
'
Hawaii 4*8 Oct 1956
42*
40*
108
INSURANCE ASSOCIATION
FIRE
CAMDEN
123* 125
4*8 July 1952—
103
Title Guarantee A Tr
Under writers
.....
Govt of Puerto Rico—
111* 112*
»
—20
—25
—
We Maintain Trading Markets
U 8 Panama 3s June 11961
'
101
1952
6*8 Aug
•'
114
i...
1955
58
v
30
14
A sk
Bid
Ask
■
■
—20
Preferred...
Empire
111
15(0
27
—25
New York
Continental Bank A Tr.10
1.15%
11*
10*
10
—100 1500
Manufacturers
50*
...60
United States Insular Bonds
Philippine Government—
4*s Oct
1959..
—
97* 100*
Chemical Bank A Trust. 10
Inland Terminal 4*8 ser D
1939-1941.—.....MAS 6
1942-1960..-—.
MAS 110
274
County
Kings
Colonial Trust..
105*
205
269
Irving
Clinton Trust—
106* 107*
Bid
5
79
Central Hanover
0 90%
MAS 6.
MAS 110* 111*
1939-1941...
106* 107
4
74
195
... ..100
Guaranty
57*
7
4 s*
Bid
Par
..100
Fulton
Lawyers
Holland Tunnel 4*s ser E
Gen A ref 4s Mar 1 1975.
Gen A ref 2d eer 3*8 '65
55*
10
....
Companies
Ask
422
412
100
County
Brooklyn
A«i
Bid
Port of New York—
100
Bankers
Bonds
Ask
Bid
Tel. BArclay 7-3500
•
Philadelphia
....
Bank of New York
Port of New York Authority
—
....
134
'60 to '67
Barge C T 4s Jan '42 A '46.
Barge C T 4*8 Jan 1 1945.
Canal Imp 4s J A J
mm+m
«
Wilmington
....
Bell
Improvement—
1958 to '67
4s Mar A Sept
mm-.
143*
Can A High Imp 4*8 1965
mm
61 30
4*s April 1940 to 1949—
Canal A Highway—
Highway Imp 4*8 Sept '63
Canal Imp 4*b Jan 1964..
120 Broadway, New York
World War Bonus—
1
38 1981-,.
Laird, Bissell & Meeds
Ask
Bid
Ask
38 1974
Insurance
108* 108*
rt*
Companies
Bid
rut
A 8k
tnu
U1
Ask
.
Aetna Cas A Surety.. -10
Aetna
Aetna
Joint Stock Land Bank Bonds
3s
Atlantic
4*8-.
100
-
BurllDgton 6b
Central Illinois 6h
....
Chicago 4*8 and 4*c.w..
5s and 5*s..
Dallas 38.........
5s.'..
-10
26
f'22
/21*
26
23*
5
/3*
5
/3*
101* 102*
First Trust of Chicago—
4*8
4*8
.
— — —
—
Midwest 68.......
92
...
99
4*8
68
23*
25*
Mercb A Mfrs Fire New'k 6
8
9
50*
52*
Merchants (Providence)..5
3
4*
32*
34*
100
51
<
/21 *
4* and 5s...
100
Southern Minnesota 5s..
/12*
...
National Casualty
Baltimore American- .2*
'
6*
Bankers A Shippers... -25
87*
23*
117
Carolina
-10
25
City of New York
-10
21*
27*
26*
23
New
28*
New York Fire
98
101*
4*8
Virginian
1 *
48
Employers Re-Insurance 10
2*
—
87
Federal
-10
41
120
101
101
5
9*
42*
5
120
124
-25
113
116*
Pacific Fire
Bid
100
65
75
—.100
Atlantic
50
<60
110
Dallas
Moines
First Carollnas
100
New York...
North
120
38
Bid
Ask
12
15
100
65
75
65
Carolina..!
100
5
San Antonio.
—
..
Virginia..
Virginia-Carolina..
.
Fremont.
1
2*
Lincoln
2
27
90
100
100
Potomac
**
22
.100
Pennsylvania
40
60
Denver
De«
Par
..100
Ask
Par
6
16*
19
Providence-Washington. 10
32*
34*
7*
8*
26*
9*
Firemen's of Newark. —5
Accident
10*
Reinsurance Corp
(N Y).2
...5
28*
30
40*
42*
Revere
Georgia Home
.. -10
Gibraltar Fire A Marine.10
22
24
Rhode
23
25
8t Paul Fire A
38*
40*
11*
22*
Seaboard Fire A Marine—6
Seaboard
76
80
6
>
1*
2
...5
Globe A Republic
—5
Globe A Rutgers Fire.
2d
10
85
—
15
10*
20
-
•
25
10
(Paul) Fire
23*
-6
219
25
3
Marine.62*
Island—
<
4*
224
8
6*
10
29
31
.10
29
31
Surety
Security New Haven
114
117
-15
67*
70*
Springfield Fire A Mar..26
—5
preferred
25*
27
390
440
..100
460
470
11*
22 *
24
Travelers.
-10
26
27*
76*
U 8 Fidelity A
74*
54
56
U 8 Guarantee
30*
32*
Westchester
Great Amer Indemnity —.1
-10
Hanover
—
Hartford Fire
Hartford Steamboller. -10
—.5
Home...
2*
Stuyvesant. —————6
Sun Life Assurance
100
-10
Great American..
Halifax
4
100
Glens Falls Fire
78*
Preferred
Republic (Texas)—„
Atlanta
74*
10
64*
85
General Reinsurance Corp 5
Joint Stock Land Bank Stocks
27*
Nationai.25
Northwestern
83
Fireman's Fd of San Fr.25
Franklin Fire.—
93
26*
2.60
River
Phoenix
123
90
12.60
Northern
14*
33*
47*
16*
4*
62*
-10
Fire Assn of PblJa
Hampshire Fire...10
North
50
8*
5
Excess
100
8*
123
31*
45*
15*
3*
10
New Brunswick..
Northeastern
33
31
-2*
Eagle Fire
99
3s..—......
30*
61*
13
14
99* 102
5s.—
7*
New Amsterdam Cas—.2
614
604
.100
Fidelity A Dep of Md. -20
97
59*
2
National Union Fire.—20
—
Fire
'
101
*28 *
10
21*
Camden
101*
10
National Fire..
National Liberty
19*
Boston
101
101
7*
91
-.6
101
84
6s
Union of Detroit 4*s_.
94
99
45
Merch Fire Assur com—.5
-10
101
Iowa of Sioux City 4 *s._.
Lafayette 6a
42
42
-10
99* 102
Ohio-Pennsylvania 5s
Oregon-Washington 6s
Southwest
56*
Automobile
Continental Casualty. —6
mm
53*
12*
,
American Reserve
San Antonio 3s
mm
4
Mass Bonding A Ins..12*
14
American Surety—— -25
102
■
3
3
1
40
Connecticut Gen Life. -10
-
9*
2*
—.5
Lincoln Fire
Maryland Casualty
102
100
—
8*
101*
105* 107*
107* 109
•
Jersey Insurance of N Y—.
Knickerbocker
;
5
23*
22*
2*
19*
66*
41*
10*
99
North Carolina 3s
St Louis
66
100
-
Potomac 3s
101
10
101
New Orleans 5s.
New York 6s
100
100* 102
Ins Co of North Amer
100
Montgomery 3s
Pennsylvania 3*8
100
32*
6*
Re-Insurance. 10
American
Pacific Coast of Portland 5b
100* 102*
86
5*8
American of Newark.. -2*
101
85
'v...'
95
17*
21
-10
101
;
84
Fremont 4*8...
American Home...
Phoenix
100
100
-
4*8---.
Fletcner 3*8
94
1*
10
22*
Equitable- —.5
/46
100
.
—
—
American
91
5*s
Ask
90
4*8
Lincoln
68
99
First Texas of Houston 5s.
Illinois
101*
99* 100*
Denver 3s
First Carollnae
Bid
,
/22
—,
—
fifl.
Ask
10
Homestead Fire
78
75
Agricultural
American Alllanoe
Bid
47*
30*
Ltftf.—.—... -10
Home Fire Security
49*
110
106
-10
...
9*
,
Guar Co-2
3*
22
20*
4
51*
53*
10
55*
2.50
32*
58*
34*
U 8 Fire
Fire
Federal Intermediate Credit Bank Debentures
Bid
Bid
Ask
6.25%
15 1939 6 .25%
15 1939 6.25%
1% due-
.Sept
15 1939 6.25%
.Oct.
16 1939 6 .25%
1% due
1% due
.Nov
Dec
Jan
Feb
Mar
Apr
Ask
11939 6.30%
2 1940 6 .30%
11940 6 .30%
1 1940 6 .35%
1 1940 6 .35%
Surety Guaranteed Mortgage Bonds and Debentures
1 1939 6 .25%
.June
.July
.Aug
15 1939
1 %
due
1% due
Bid
Arundel Bond Corp 2-5s '53
84
'53
Debenture
3-6s
1953
84
67
Bid
Ask
Harris Trust A Savings. 100
100
197
207
280
290
1945
Northern Trust Co
540
555
100
Interstate Deb Corp 2~5s'65
1953
Inc 2-58
m m m m
mm
m mm
mm
mm mm
mm mm
100
74*
205
77
211
SAN
Bk of Amer N T A S A 12 *
32*
34*
82
...1953
,
««•».''
1953
50
53
Potomac Deb Corp 3-6s *53
48
61
52
1953
94
3208.
ture
—......
f21
/21
Nat Cons Bd Corp 2-5s
82
Nat Deben Corp
49
'63
3-68.1953
Corp 3-6s
90
1953
....
Potomac Realty Atlantio
Central Funding
series A A D
page
2-5s
3-6s
Nat Bondholders part ctfs
FRANCISCO—
series B A C
For footnotes see
Issues)
Potomac Cons Deb Corp—
Potomac Maryland Deben¬
A Trust—-33 1-3
National—
94
Potomac Franklin Deb Co
48*
Continental Illinois Natl
First
1954
Corp (all
3-6s
55
80
57*
Md
Mortgage Bond Co of
Ask
Corp—
1954
Series A 3-6s
Empire Properties Corp—
2-3s
Par
Ask
American National Bank
Bank
Nat Union Mtge
Potomac Bond
Chicago & San Francisco Banks
A Trust
•
Series B 2-5s
54*
Cont'l Inv DebCorp3-6s *53
Bid
mm'm
Associated Mtge Cos Inc—
Cont'I Inv Bd Corp 2-52 '53
Par
Bid
Ask
56
Arundel Deb Corp 3-6s
—
mm mm m.
mm
mm
mm
»
.mm
mm
mm
mm
....
Deb Corp 3-6s
Realty Bond A Mortgage
deb
3-6s
49
1953
1953
Unified Deben Corp 5s 1956
'
58
47*
•.
.
49*
Financial
iK 3206
Ouotations
May 27, 1939
Chronicle
Over-the-Counter Securities—Friday May 26 —Continued
on
DEALERS
Guaranteed Railroad Stocks
railroad bonds
3oscpb Walkers Sons
Robert L. Whit taker & Co.
Mtmktrs \rw
York Stotk Excbang*
Dealers in
120 Broadway
Members Philadelphia Stock Exchange
Tel. RE
WALNUT ST.,
1420
ctor
PHILADELPHIA
-
Kingsley—0782—Bell Teletype Phil. 377
GUARANTIED
NEW YORK
-
'
2-6600
STOCKS
Direct Wire to DeHaven & Townsend, Phil.
vSlncel855J
^SBSssssssssassssr
Railroad Bonds
Guaranteed Railroad Stocks
Akron
Dividend
1(M)
(Delaware A Hudson).—
Allegheny A Western (Buff Roch A Pitts)
50
Beech Creek (New York Central)
;
—
Boston A Albany (New York Central)
Boston A Providence (New Haven)
———
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A O L)—
Cleve Clnn Chicago A St Louis pref (N Y Central) -100
Cleveland A Pittsburgh (Pennsylvania)
73
120
10.50
-124*4
56
60
2.00
26*4
8.75
*71*4
29*4
74,
8.50
8
6.00
12
3.00
69*4
76
78
47
49
2.00
44*4
46*4
6.50
.KM)
(N Y Central)
47*4
82
65*4
3.50
—
Fort Wayne A Jackson pref
45
79*4
2.00
Delaware (Pennsylvania)
53
56*4
155
149
..100
Georgia RR A Banking (L A N-A C L)
KM)
Lackawanna RR of N J (Del Lack A Western)—
4.00
40
.KM)
50.00
9.00
650
,
Michigan Central (New York Central).,—
Morris A Essex (Del Lack A Western)—
3.875
100
(Pennsylvania)
Oiwego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)-.—
Northern Central
31*4
34
52*4
55*4
85
87
4.50
35
1.50
42
3.00
50
50
82
38
-
•
Pittsburgh Fort Wayne A Chicago (Penn.) pref— —100
7.00
168*4
Pgh Ygtn A Ashtabula pref (Peiin)
140
-
-
172
7.00
146
6.64
65*4
KM)
6.00
134*4
KM)
Hudson)--—
(Terminal RR)
3.00
Rensselaer A Saratoga (Delaware A
St Louis Bridge 1st pref
preferred
Tunnel RR St Louis (Terminal RR)
Second
68*4
139
6.00
134
10.00
238
6.00
-100
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Pacific (Illinois Central)- -100
5.00
57
62
5.00
55*4
59
242
6.00
58
62
3.50
25*4
28*4
3.00
51*4
54*4
—
—
-v.—
4s—
York A Harlem 3*4s
York Philadelphia A Norfolk 4s
York A Putnam 4s. ——
——s
Orleans Great Northern Income 5s.-
52.00
1.25
Niew Orl Tex A Mex 4*48—
Baltimore A Ohio 4*4s—
54.40
3.75
New York Central 4*4s
■
54.00
52.75
68
54.40
68
3.75
54.75
—
Boston A Maine 4*4s—
4.00
54.75
Chicago
36*4
64
62
'
107
65
71
46
48
108*4
—
65
47*4
49*4
91*4
93
43*4
65*4
68*4
45*4
48"
45
'
99
100
100
102
'96
97
44
,47
Philadelphia A Reading Terminal 5s
..1941
1947
———.1961
1947
1942
1967
-.1957
1946
1951
.1940
1968
1954
.1990
16*4
103*4
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
4*48
;
—
—
64
4s.
Buffalo 4s
Railroad A Canal 3*4s
88
•78
104"
;
99*4
109
107*4
98
106
72
67"
69*4
35
38
51
——
Pittsburgh 4s
106
98
——
4*4s—
70"
,
117
—
Washington County Ry. 3 *4s
West Virginia A
80
53
—
.
1,00
A
54.00
3.25
DEALERS
54.25
4 Ha
5s
3.25
54.00
St. Louis
4.00
2.00
51.50
—
York
New
4.00
54.75
-
3*48 Dec 1 1936-1944..
6s
—-
49
:
34*4
mx
Vermont Valley
3.00
107
2032
1947
1939
New
Vicksburgh Bridge 1st 4-6s
Atlantic Coast Line 4*4s.
40
85
46
1959
*—.1991
i—1940
2000
1948
1993
Memphis Union Station 5s
Mohawk A Malone 4s
United New Jersey
Ask
35
82*4
111*3
Toledo Terminal 4*4s
Bid
76
101
62*4
Toledo Peoria A Western
Ask
34*4
1945
Florida 5s
Toronto Hamilton A
Bid
67
100
1962
1945
Providence A Worcester 4s
Equipment Bonds
36
34
99*4
1961
1995
1951
—.I960
1960
—
Terre Haute A Peoria 5s
Railroad
36
Central—Louisville Dlv. A Terminal 3*4s—
1953
Indiana Illinois A Iowa 4s. —
—
1950
Jamestown Franklin A Clearfield 4s
.
———.'.1959
Kansas Oklahoma A Gulf os
.1978
Lehigh Valley 4*4s
1940
Macon Dublin A Savannah 5s
-.1947
Norwich A Worcester
-.50
(Penn-Readlng)
72*4
32**
—-_
Pennsylvania A New York Canal 5s—
—50
Preferred
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore
51
70
Illinois
New
44*4
50
36
1965
Duluth Mlssabe A Iron
New
\
41*4
income 6s
Range 1st 3*4s
100*4
1956
1951
1961
-—
Southern 4s.
Chicago St. Louis A New Orleans 5s
Chicago Stock Yards 5s_. ———Cincinnati Indianapolis A Western 5s—
Cleveland Short Line 4Ha.—---—
Cleveland Terminal A Valley 4s.
Connecting Railway of Philadelphia 4s_
Cuba RR. Improvement A equipment 5s
New
Canal (Pennsylvania)— —100
-100
(D L A W)
99 H
1957
1955
New London Northern
67
Utica Chenango A Susquehanna
United New Jersey RR A
Clearfield 4s
32*4
33
/30
1944
_
A Pittsburgh 4*4s registered
Georgia Southern A
44
'
Cambria A
—
—
Florida Southern 4s——
4.00
—
—
...
Buffalo Rochester
Denver A Salt Lake
42*4
800
6.00
—50
(D L A W)—
New York Lackawanna A Western
4s
------Baltimore A Ohio 4*4s.---——--—:
Boston A Albany 4*4s
—
Boston A Maine 5s—
—
Atlantic Coast Line
Chicago Indiana A
5.00
stock
-
-
/30
1945
1945
——1939
1939
1943
-.--1940
and Youngstown 5*48
41^3
5.00
—
Betterment
Asked
70 *4
6.00
(Illinois Central)
Albany A Susquehanna
Canton
6s
Bid
Par in Dollars
Alabama A Vlcksburg
Asked
Bid
(Guarantor in Parentheses)
3.50
PUBLIC UTILITY STOCKS
New York New Haven A
52.50
Canadian National 4*4s_
2.00
Hartford
2.00
52.40
4
Ha
2,00
Cent RR New Jersey 4*4s
54.50
54 25
3.50
Northern Pacific 4Ha
52.25
1.50
Pennsylvania RR 4*4s——
52.50
Canadian Pacific 4*4s
51.50
1.00
2.30
i.75
3.75
6s—
-
5s—
Chesapeake A Ohio—
52.20
5s
Chicago A Nor West 4*4s
0.50
54.50
—
1.50
51.25
4*4s
3.75
54.50
1937-49
July
95*4
4.40
54.60
2.00
2.25
52.25
1.75
52.25
1.75
54.50
4.00
4.00
Alabama Power $7 pref—♦
88*4
90
Missouri Kan Pipe Line..5
54,00
3.25
Arkansas Pr A Lt 7%
93
95
Monongahela
54,00
3.25
Associated
52.50
2.00
Original preferred
*
1*4
2*4
52.75
4*4s
4,40
....
4s.
...
,4.40
54.50
4.00
51.75
1.00
5*4a
Southern
4*48
St Louis Southwestern 6s
51.50
1.00
Hocking Valley 6s
•,
Illinois Central 4*4s—
51.25
52.75
2.00
Internat Great Nor 4*4s.
54.00
3.00
2.50
5s
2.50
,
—
4*4s
53.50
53.50
i._
2.00
$6.50 preferred-
♦
3*4
3%
4*4
7% preferred
5*4
Nassau A Suf Ltg
P-ciflc4*4s
Southern Ry 4*4s
Long Island 4*4s.
6s
Texas Pacific 4s
54.25
—_
54.25
5*4s
Missouri Pacific 4*4s
6s
52.65
2.00
1.00
Buffalo Niagara A Electern.
'
' '
$1.60
51.50
1.00
62.75
1.50
64.75
4.00
64.75
4.00
preferred
------
3.00
...
5*48——
Bid
Commodity Credit Corp
H % notes Nov 2 1939.
25
Bid
100.13 100.15
way
Federal Farm Mtge Corp
Sept
1*4*
108 H
109*4
3*48 revenue
1 1939
1944 b
1.75
less
1949 6
2.30
less
1
Fed'l Home Loan Banks
Is
July
2s
Dec
2s
Apr
Federal
Natl.
100.2
1939
100.5
102.14 102.18
1 1943
103.3
103.7
102.1
102.5
H % notes July 201941
H%
Nov 1 1941
H%
Jan 15 1942
Mtge Assn
2s May 16 1943—
Call Novl6'39 at 101
101.7
4s
101.7
101.9
101.6
101.8
Ha
May 15
1940
100.7
Ha.
May 15
1941
s
100.19 100.21
.
New York Power A Light—
Ouoan Atlantic Sugar.-7*4
Eastern Sugar Assoc
Preferred
1
.—_1
For footnotes see page 3208.
|
7x\
4*4
14*4l
Ask
9
cum
54*4
103*4 104*4
less
Par
1
102.16 102.18
Bid
|
29*4
$7 preferred
Corp..1
4*41
111
112*4
113*4 115
91*4
Ohio Public Service—
30*4
Okla G A E 7% pref—100
Pacific Pr A Lt 7% pf —100
110
25*4
Penn Pow A Lt $7 pref-
106*4 107*4
25
26*4
*
25*4
27
Queens Borough G A E—
6% preferred
100
*
108*4
*
27*4
101*4 103
100
190
7% preferred
—
107*4 109
R9
*
25*4
100
113
114*4
5
1
Republic Natural Gas
112
84*4
27*4
6*4
Rochester Gas A Elec—
Interstate Power $7 pref. *
Jer Cent P A L 7% pf__ 100
105
106*4
116
119
99*4 101*4
100
Sierra Pacific Power com.*
Sioux City G A E $7 pf.100
Southern Calif Edison—
Interstate Natural
Gas..*
25*4
27*4
3*4
6% preferred D
20 *4
21*4
93
95*4
25
29*4
30*4
92*4
94*4
Kings Co Ltg 7% pref. 100
82*4
84*4
6% pref series B
Tennessee Elec Power—
25*4
26*4
30
31
6% preferred—
100
7% preferred
100
Texas Pow A Lt 7% pf-100
100
5% conv partlc pref—50
Memphis Pr A Lt $7 pref. *
Mississippi Power $6 pref *
$7 preferred
West Indies Sugar
103*4 105
*
*
Ohio Edison $6 pref
24
preferred
preferred
68*4
108*4 109*4
Ohio Power 6% pref—100
preferred
cum
66*4
pref—100
(Minn) 5% pref--—--*
6% preferred
7% preferred
Savannah Sug Ref com.—l
1
7%
Power—
Kan Gas A El 7% pref. 100
3.40
5*4
16
105
112*4 114
States
Long Island Lighting—
6% preferred
100
1H% notes Feb 1 1944
I
103
*
preferred—100
5H
Mass Utilities Associates—
Bid
109*4
$6 cum preferred
(Del)
4*4
50*4
116
7% preferred
Sugar Stocks
Par
108
91
98*4 100
Dallas Pr A Lt 7% pref. 100
$7
f revenue '77.AAO
4s serial revenue..1968 b
U 8 Housing Authority—
100.9
98*4
91*4
Idaho Power—
111*4 112*4
4s serial revenue—1942 6
1.25 less H
Home Owners' Loan Corp
22*4
Northern
90
$6.50
101.9
Trlborough Bridge—
101.14 101.18
Call Jan 3 '40 at 102
7% pref—100
$6 preferred
l^s Jan 3 1944—
29
43
101'
.—100
cum
56*4
22
112*4 114*4
28
88*4
100
$6
Corp—
54*4
20
100
7% pf 100
42
New Eng G A E
98*4
100
Derby Gas A El $7 pref—*
Federal Water Serv Corp—
Reconstruction Finance
Mountain States Power—.
5*<% pf-*
Co— '
1
3 Ha revenue
100.20 100.22
7% preferred
7% preferred
27*4
$7 prior Hen pref
*
New Orl Pub Serv $7 pf—*
Continental Gas A El—
Authority 3 Ha '68
6*4
Penn
pref..—25
7% cum
89
*
.
Consumers Power $5 pref*
Ask
New York City Park¬
97 "
—4—*
Consol Elec A Gas $6 pref *
Consol Traction (N J) .100
Ask
78"
Central Maine Power—
Cent Pr A Lt
Miscellaneous Bonds
6*4
Ask
New Eng Pub Serv
21*4
Carolina Power A Light—
6% preferred
West
Nebraska Pow 7% pref-100
118
76
Bid
Par
Pub Serv 7%
Birmingham Elec $7 pref. *
52.00
1 '
$7 preferred
3.00
54.00
pref *
Stocks
Ask
Electric
$6 preferred
,
Bid
Atlantic City El 6% pref.*
Western Maryland 4*4s
Western Pacific 5s J-
3.50
54.00
A
2 00
3.50
»
Gas
52.65
;
1
Cruttenden & Co., Chicago
Public Utility
$7 preferred
Virginia Ry4*4s
Maine Central 6s_
Direct wire to Fuller,
Par
0.25
6s—;
Bell Teletype: N". Y. 1-1043
Hanover 2-3888
St Louis-San Francisco—
54,60
,
'
52.35
54.50
5s
96*4
54.60
Great Northern 4*4s
STREET, NEW YORK
4.75
Trustees' ctfs 3*4s
68...k
WALL
52.75
Reading Co 4*4 s
Denver A R G West 4*48.
Incorporated
64
Dec 1 1937-50
Pere Marquette
Pacific—
5*48
Erie RR4*40
A
2*4s series G non-call
4.75
55.25
5s
Chicago R 1 A
Jan
3.75
55.25
6s
Chic Mllw A St Paul 4*4s
Bishop Reilly & Co.
4s series E due
*
Mississippi P A L $6 pref.*
Miss Rlv Pow 6% pref. 100
32
34
98*4 100
79*4
76*4
80
82*4
77*4
79*4
114*4 115*4
Toledo Edison 7% pf A.
93*4
95
101*4 102*4
110
100
111*4
United Gas A El (Conn)—
7% preferred
Utah Pow A Lt $7
Virginian Ry
100
pref—*
100
■
84*4
*55 *4
140
86*4
57
150
Volume
Financial
148
Quotations
Public
Bid
Chronicle
Over-the-Counter Securities—Friday May 26—Continued
on
Utility Bonds
WE
Bid
Ask
Amer Gas A Power 3-5s '53
424*
44 4*
Amer Utility
80
814*
624*
I
MAINTAIN
Ask
Assoc Gas & Elec
57 H
81
101
Corp—
Income deb 34*s
1978
32
Income deb 3?*s
1978
Income deb 4s
1978
324*
34?*
354*
Income deb 44*s
Conv deb 4s
1978
38
594*
Conv
deb
1973
1938
1014*
115
64
66
.1966
1104* 1114*
704*
76
Conv deb 54*s__.—1973
8s without warrants. 1940
67
80
97'
1973
UNLISTED
GOODBODY & CO.
Main Office
100
IN
Members N. Y. Stock Exchange and other Principal Stock and
Commodity Exchanges
1074* 1084*
[ountaln States Power—
1st 6s
MARKETS
Jersey City Office
Broadway
921 Bergen Avenue
Tel. Journal Sq. 2-4400
New York City,
Te! REctor 2-5485
694*
44*8.r_.1973
Conv deb 6s
Missouri Pr A Lt 34*8-1966
TRADING
83
1014*
39
324*
334*
ACTIVE
Investment Trust Issues
634*
Serv 6a. 1964
Associated Electric 5s_1961
3207
Teletype JCY 1518
99
34*s.
Private Wire System
724*
..1965
4s.
Assoc Gas A Elec Co—
102
75"
1024*
Investing Companies
[or States Power (Wise)—
Cons rer deb 44*s._1958
34
36
Sink fund lnc 44*s„1983
32
34
Sink fund lnc 5S....1983
34
36
8 f lnc 44*8-54*8—.1986
33
Sink fund lnc 5-6s_.1986
35
Connecting Branch Offices in leading Cities
62
1964
34*s
5s..1951
Old Dominion par
Parr Shoals Power 5s..1952
3 4*s
1968
964*
974*
82?*
1st lien coll trust 6s. 1946
1968
Cent Maine Pr 4s
ser
G '60
1084* 1094*
n
Cities Service deb 5S..1903
714*
934*
A
1962
504*
Collino 6s (w-s)
794*
504*
52
St Joseph Ry Lt
48
504*
1084* 1094*
1954
34*s'66
Dallas Pow A Lt 34*8.1967
Dallas By A Term 6s.1951
1104*
744*
714*
Federated Utll 54*8—1957
764*
Inland Gas Corp 64*8.1938
494*
105
Series K-I
14.48
4?*
54*
Series K-2
3.90
4.40
Manhattan Bond Fund lnc
6.81
\ 7.52
.13
.28
Maryland Fund Inc—10c
4.91
5.44
23.85
25.51
1
19.99
12?*
134*
Mutual Invest Fund
10
10.40
21.49
11.37
Nation Wide Securities—
1
47
3.75
4.10
23.37
9.67
10.46
3.22
Mass Investors Trust
25.13
1
484*
Series AA
Common
r
25c
7
M
N Y Stocks Ino—
3.50
6
''
2.38
3.49
.
Voting shares
National Investors Corp.l
New England Fund
1
m
-
1.22
1.35
5.56
5.92
11.87
12.79
74
93?*
Agriculture
7.41
2.26
Automobile
4.74
5.15
Series A A mod
1
2.66
Aviation
9.39
10.15
Series ACC mod..
1
♦Crum A Foretef com...10
954*
2.26
2.66
8.31
8.99
Building supplies
6.79
7.35
Electrical equipment
Insurance stock
6.62
7.17
9.23
Machinery..
6.78
9.98
7.34
Metals
7.76
8.40
Oils
7.34
7.95
Railroad equipment
Steel
6.26
6.79
6.86
7.43
76
Texas Public Serv 5S-.1961
1
Accumulative series...1
34*8—1968
108?* 1094*
♦8% preferred
1957
5s..
Wisconsin G A E 34*8.1966
Wis Mich Pow 34*s,r-1961
100
244*
1184*
264*
m
♦Common B share...10
126
♦7% preferred
100
Cumulative Trust Shares. *
QO
904*
1094* 1094*
30
„
•«_,
1124*
■m
15.38
ser A1
w
-
16.63
2.61
«-■»
m
2.16
M
Series 1955
3.55
3.50
D...
...1
2.70
Series 1966-
1
2.65
Series 1958—-
1
2.40
5.45
Dividend Shares
6.10
1.16
1.26
17.12
18.39
Quarterly lnc Shares.-10c
26.80
28.82
6% deb series A
Representative TrustShsie
Republio Invest Fund.25c
25c
8.02
474*
No Amer Tr Shares 1053.♦
2.93
C
—
No Amer Bond Trust ctfs.
1.59
Deposited Bank Shs
CORPORATION
~
4.60
Delaware Fund.....
1094* 110
32
Deposited Insur Shs ser Bl
Diversified Trustee Shares
BOND
Bank stock
-----
♦Crum A Forster insurance
We specialize in:
PRUDENCE
10.17
Series S-4
15.58
Deposited Insur Shs A...1
Kan Pow A Lt 1st, 4 4*s '65
13.50
Series S-3
64*
3.57
15.87
10.57
14.89
11.26
9.54
Series S 2
♦Continental Shares pflOO
Corporate Trust Shares-.!
105?*
Sou Cities Utll 5s A..1958
Western Pub Serv 54*8 '60
274*
294*
1094* 110
14.52
5
Commonwealth Invest— 1
Heat A Pow
105
—
52
26.79
21.00
Series B-3__
5?*
Ino
Century Shares Trust-
78?*
/43™
29.96
23.03
15.94
Series B-l
14.49
Fund
Chemical Fund
Utlca Gas A Electric Co
Ry 5s...1952
10.64
4?*
Canadian Inv Fund Ltd._l
44*8
1947
Sioux City G A E 48—1966
Toledo Edison
Havana Elec
Ask
9.97
Series B-2__
Corp
Bullock Fund Ltd
73?*
Tel Bond A Share 5S..1958
764*
Invest
Bid
1
Keystone Custodian Funds
Broad St Invest Co Ino_.5
804*
51?*
1962
B
Crescent Public Service—
.46
Investors Fund C
British Type Invest A...1
1094* 1104*
...1951
Collateral 5s
3.29
.40
Boston
Pub Serv of Northern 111
1968
254*
2.98
Basic Industry Shares..10
Republic Service-
1962
Cumberl'd Co PAL
1114*
734*
914*
Cons Cities Lt Pow A Trac
6s series
2184* 2214*
1968
64*8—1948
234*
Bankers Nat
149J*
2037
Pub Utll Cons
2
3.54
♦Class A—.
..2037
Par
12.05
3.19
Am Insurance Stock Corp*
Assoc. Stand Oil Shares..2
204*
1st mtge 34*8
1st mtge 34*8
Income 54*s with stk '52
5s
/184*
1st A ref 5e__
1024* 1034*
Central Public Utility-
Consol E A G 6c
,..1950
1st A ref 8s.*.
874*
Central Illinois Pub Serv
lstmtge3?*s
864*
lblic Serv Eleo A Gas—
6s..
Ask
11.53
Amer Business Shares....
Amer Gen Equities lnc 26c
Portland Electric Power—
804*
844*
Central Gas & Elec—•
1st lien coll tr 54*8.1946
844*
Bid
Adminls'd Fund 2nd Ino.*
Affiliated Fund Inc... 14*
♦Amerex Holding Corp..*
102;
Peoples Light A Power—
1st lien 3-6s
1961
109
Cent Ark Pub Serv 5s. 1948
Par
1094* 1094*
674*
694*
37"
Blackstone Valley Gas
A Electric
1094* 110
137
".43
13.32
14.67
9.29
10.17
Plymouth Fund Inc—lOc
'
Collateral
PRUDENCE
Eaton A Howard Manage¬
ment Fund series A-l...
Issues
COMPANY,
INC.
Equit Iuy Corp (Mass)..6
Equity Corp $3 conv pref 1
Specific Property Issues
Fidelity Fund Inc.
Ask for Quotation List PRU.
First Mutual Trust Fund-
;
*,
»
♦Putnam (Geo) Fund
25
254*
17.71
19.06
6.72
Bank stock series...10c
Members New York Stock Exchange & Other
40
Wall
Telephone WHitehall 4-6300
PHILADELPHIA, PA.
Sovereign
7.32
4.86
5.56
Fundamental Tr Shares A2
ATLANTIC CITY, N. J.
.25
9.14
9.96
4.11
.64
"".70
♦
14.53
15.40
lnc _60c
.49
Investors
Spencer Trask Fund
8.05
Standard Utilities
4.10
4.40
♦State St Invest Corp... *
75
16.32
17.67
Super Cof p of Am Tr ShsA
3.39
AA
m
mmrn»'mm
.53
77 4*
2.38
mmm~mmmrnmmm*
•
4.40
B
10.00
.23
Selected Income Shares...
3.57
9.16
Fundamental Invest Ihc.2
Bell System Teletype NY 1-2033
LEBANON, PA.
2.75
3.21
Foreign Bd Associates lnc
Foundation Trust Shs A.l
Street, New York
2.49
Insurance stk series. 10c
Fixed Trust Shares A.-.10
Exchanges
104
9.50
Selected Amer Shares..24*
Fiscal Fund Ino—
NEWBURGER, LOEB & CO.
1O0
7.44
:
3.55
ci:;.:...:::::.::::::
6.56
D..1
6.56
29.44
31.66
4.77
5.20
Supervised Shares
Agricultural shares
5.48
5.97
'
Trustee Stand Invest Shs—
General Capital
Corp...
General Investors Trust.*
9.61
3
10.45
Group Securities-
Real Estate Bonds and Title Co.
Mortgage Certificates
Alden Apt 1st mtge 3s. 1957
Ask
/314*
11
Beacon Hotel lnc 4s. 1-1958
B'way Barclay lnc 2s..1956
/22
Bid
Automobile shares..
234*
B'way A 41st Street—
1st leasehold 34*-5s 1944
324*
65
68
......1948
Ask
Chemical shares
2s
N Y Majestic
1957
3s
9
Chanln Bldg 1st mtge 4s '45
48
Chesebrough Bldg 1st 6s '48
484*
494*
N Y Title A Mtge
Colonade Construction¬
34
1948
37
1950
28
Dorset 1st A fixed 2s__1957
.
Hotel units
BH
39
Deb 5s 1952 legended...
50 Bway Bldg 1st 3s lnc '46
64*
/174*
41
4s '49
1958
1939
56
3.97
5.63
6
B
4.84
3.64
2.18
Voting shares
.93
Wellington Fund....-
13.23
1
14.55
5.53
.15
.35
16.96
Inveatm't Banking Corp
Blair A Co
♦Central Nat
■
2.07
Bank Group shares
1.11
1.22
1.29
1.42
Pomeroy lnc
15
10
24*
26
1'
♦
♦Schoelkopf, Hutton A
«
14*
23
Corp cl A.r*
♦Class B
♦First Boston Corp,
Institutional Securities Ltd
Insurance Group Shares
/44*
2d
mtge 6s
—1951
103 E 57th St 1st de—1941
20"
28
2
164*
,
10c
com
\
4*
14*
,
Sec s f ctfs
44*s (w-s) '58
49
Telephone and Telegraph Stocks
/194*
47
49
394*
424*
Prudenpe Secur' Co—.
54*8 stamped
36
38
40
43
22
23
5s
374*
1941
/34*
1944
28
lst 64*8
Fuller Bldg deb 6s
Income
...1943
Rlttenhouse Plaza (Phlla)
24*8
1958
Roxy Theatre—
50
1948
Office Bldg-
Am Dlst Teleg
1961
564*
58
Realty Assoc Sec Corp—
Bldg—
stamped
Fox Thea A
4.44
15.77
v
1st leasehold 3s. Jan 1 '52
1400 Broadway
!54*
"
4s)..1949
40 Wall St Corp 6s
42 Bway 1st 6s.
.'89
U S El Lt A Pr Shares A..
Investors.
Incorporated
venue—
Film Center Bldg 1st
".62
.84
5.08
♦Independence Trust Shs.
454*
165 Bway Bldg 1st 54*s '51
52d A Madison Off Bldg—
4s
54
434*
Ollcrom Corp v t c
41
6 4*8 (stamped
.56
1 Park Avenue—
Eqult Off Bldg deb 5s. 1952
1st
35
30
Eaaterp Ambassador
500 Fifth A
4.90
♦Huron Holding Corp..
534*
33
54*8 series F-l
254*
1
.5.17
.....
Tobacco shares.
64*8 series Q
Court A Remsen St Off Bid
1st 34*s
;...
Series B
*
v
Trusteed Industry Shares.
6.51
,
64*
514*
54*8 series G-2
5.38
Trusteed Amer Bank Shs B
5.98
,
Steel shares
Co—
54*a series BK
2.35
6.82
RR equipment shares...
24
Corp—
4s with stock strap..1956
/7K
46 4*
•.
23
2.40
1
6.61
5.34
Petroleum shares.
....1955
1
Series D_____
3.33
Mining shares....
704*
Series C
Trustee Stand Oil Shs A.l
4.71
6.07
4.32
3.05
Merchandise shares....
674*
N Y Athletic Club—
Brooklyn Fox Corp—
ist 4s (w-s)
.....1945
6.82
Investing shares
Metropol Playhouseslnc—
S f deb 5s
8.11
6.27
Food shares
984* 101,
34
Broadway Motors Bldg4-6s
1948
6s.
4.79
7.46
Building shares....
Metropolitan Chain Prop—
12"
4.39
Aviation shares
Bid
1st mtge 4s..
1957
Par
(N J) com.*
100
Preferred-...
454*
Savoy Plaza Corp—
3s with stock.
31
1st 24*-4s (w-s)
1949
Graybar Bldglst lshld 6s'46
364*
724*
734*
Harrlman Bldg 1st 6s. 1951
23
25
384*
Ask
954*
par
New York Mutual Tel.100
174
177
Pac A Atl Telegraph
121
123
Peninsular Telep com
Bid
Emp A Bay State Tel-.lOO
Franklin Telegraph....100
41
25
*
15
14
324*
100
110
100
Preferred A
60
113
38
67
69
Gen Telep Allied
5
>
91
Canada...100
Bell Telep of Pa pref—100
Cuban Telep 7% pref..100
Bell Telep of
434*
Bid
1144* 1164*
Rochester
So A Atl Telegraph
*
Telegraph...100
101
60
Mtn States Tel A Tel-.lOO
/284*
294*
/174*
125
129
25
15
Sou New Eng Telep...100
1524*
Wisconsin Telep 7% pf.100
1184*
65
$6
1956
Telephone—
36.50 1st pref
25
Corp—
preferred
1024*
184*
Sherneth Corp—
1st 54*8 (w-s)
Hearst Brisbane Prop 6s '42
464*
48
1956
60 Park Place (Newark)lst 34*8
1947
Hotel St George 4s
464*
48
Int Ocean
61 Broadway Bldg—
1950
Lefcourt Manhattan Bldg
1st 4-58
1948
Lefcourt State Bldg—
1st lease 4-64*8
1948
Lewis Morris Apt Bldg—
1st 4s
1951
Lexington Hotel unite
Lincoln
56
1st 6s.
38
34
36
28
31
3s with stock
52
Syracuse Hotel (Syracuse)
39
Textile Bldg—
1st 6s
1st 3s
524*
544*
684*
70
1955
Par
1
1958
34
42 4*
48
53
95
964*
42
Wall A Beaver St
3s
Ludwlg Baumann—
1st 5s (Bklyn)
1st 5s (L I)
1st 44*8
1947
1951
52
65
55
1950
15
Corp—
w-s..
14*
1951
174*
184*
1948
73
76
2
Miller (I) Sons common..5
2
3
100
87
20
Ask
24
7% preferred
7% preferred
100
Diamond Shoe pref
100
Flshman (M H) Co lnc—*
Kress (SH) 6%
pref
For footnotes see page
7% preferred..
7
114*
3208.
9
12
100
67
24*
50
21
pref—100
75
4
25
99
84*% preferred
Reeves (Daniel)
107
Westlnghouse Bldg—
1st mtge 4s
Bid
Ko backer Stores
/G Foods lnc common ♦
Bohack (HC) common...»
B
Walbrldge Bldg (Buffalo)—
40
8
6
364*
41
1947
Par
Ask
♦
Berland Shoe Stores
1st 54*8
1939
2 Park Ave Bldg 1st 4-5*'46
London Terrace Apts—
1st A gen 3s w-s
.1952
Bid
694*
Trinity Bldgs Corp—
1963
Corp
Chain Store Stocks
616 Madison Ave—
59
Building—
Income 54*8 w-s
Loew's Theatre Rlty
34
1950
1957
34*8 with stock
United Cigar-Whelan Stores
$5 preferred
♦
15?*
174*
May 27, 1939
Chronicle
Financial
3208
Securities—Friday May 26—Concluded
Quotations on Over-the-Counter
Industrial Stocks and Bonds
Alabama
American
Domestic
and
Out-of-Town)
Public Utility
Bonds
Stocks
Railroad Bonds
Bonds
Foreign Government
Bonds
Public Utility
Canadian
Railroad Stocks
Industrial Bonds
Real Estate Bonds
Industrial Stocks
Real Estate
Stocks
Investing Company
Stocks
Securities
.
Title Guarantee and Safe Deposit
Bank Securi¬
Joint Stock Land
Land
Trust and
Stocks
ties
U. S. Government
Mill Stocks
Securities
U. S. Territorial Bonds
Mining Stocks
Petroleum Heat A Power,
21 H
23
Pilgrim
17
monthly and
sells for $12.50 per year.
Your subscription should be sent to
Dept. B, W;m. B. Dana Co., 25 Spruce St., New York City.
,
Falrchlld Eng
*
A Alrpl—1
*
30
*
Foundation Co For aha...*
American shares
-*
Oarlock Packing com
*
Gen Fire Extinguisher...*
Gen Machinery Corp com*
Good Humor Corp
1
Graton A Knight com
*
Preferred...
....100
Great Lakes 88 Co com..*
Great Northern Paper..26
Bake Shops
Federal
Preferred
Foha Oil Co...
Foreign Stocks,
Bonds and Coupons
Inactive Exchanges
Corp
6
Interstate Bakeries $5 pref.
Klldun Mining Corp.
1
Harrlsburg Steel
& CO., INC.
brauni
52 William St.,
King Seeley Corp com—1
Landers Frary A Clark..25
Tel. HAnover 2-5422
N. Y.
Lawrence Portl Cement
100,
Foreign Unlisted Dollar
Bid
—1946
Anhalt 7a to..
1946
Antloquls 8a
-1947
1948
Barranqullia ,s'36-40-46-48
Bavaria 6 Ha to
1945
Bank of Colombia 7 %
7a
119
/37
/26
/26
/23
/19H
Bonds
—_
...
...
...
...
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 Ha '32
Hungarian Discount A Ex
change Bank 7s
1936
Jugoslavia 5a funding. 1956
Jugoslavia 2d series 6s. 1956
Koholyt 6 Hs
1943
Land M Bk Warsaw 8s '41
53
56
53
56
Bogota (Colombia) 6 Ha '47
J14
/18H
19%
Leipzig O'land Pr 6Hs '46
/21
/37
/22
-1946
/16%
17%
Leipzig Trade Fair 78.1953
/21
8a. 1947
,.-1958
1969
1940
f84
34
134
134
13 4
119
122
3*4
Luneberg Power Light A
Water 7a...
1948
/10H
Bavarian
Palatinlte Cons
1945
Cities 7a to.
88
Bolivia (Republic)
7a
7a
6a.
.
6a..1953
Brazil funding 5s..1931-51
Brazil funding scrip..
Bremen (Germany) 7a. 1935
Brandenburg Elec
1940
6s
1962
-
Brown Coal Ind
—1953
Buenos Aires scrip
Bur me later A Wain 6a. 1940
Munic Bk Hessen 7s to '45
8s.
1947
Bank—
Madgeburg 6s...-.1934
1968
1953
Budapest 7a.
1946
(A
1234
(C A
/44
/112
1962
National Hungarian A Ind
Mtge 7s
j——1948
17 %
mH
17H
/1H
3H
11
Stromberg-Carison Tel Mfg
22
Sylvanla Indus Corp
30 *4
m
1952
/36
/48
,.——1956
51
Panama
.1936-1937
6%
Coupons
/8
/63%
1968
Protestant Cburoh (Ger¬
Porto Alegre 7s.
1959
/16
16%
Dortmund Mun Utll 6s%'48
•
Time Inc
•
23H
26 H
Trlco Products Corp
27 %
30%
Tublze Chatlllon cum
2*4
/9%
1967
7a
1967
7s Income...
Mtge 7a.'63
1946
5s
'38
—1941
6s
1933
/9%
/19H
R C Church Welfare 7a
'46
41
1948
8s ctfs of deposit. 1948
P4
5l"
9%
39 H
11%
15*4
Preferred
124
14
4H
5*4
3%
5*4
$3
100
preferred
*
wick wire Spencer Steel..*
cum
33
38
Wilcox A Glbba com
27*4
W JR The Goodwill Sta
36
39
Worcester Salt
4H
5*4
34 H
11H
13%
92
95%
2*4
1%
24 4
22
4%
50
54
'
10
7
6
23%
100
25%
42 H
46%
*
3*4
.—100
31%
4%
33%
f42
f3 44
York Ice Machinery..
7%
16%
15%
105
West Dairies Inc com v t e 1
26
preferred.
364
,4
Bonds—
74
84
24 H
26 4
Amer Writ Paper 6s__ 1961
17
Brown Co 5 Ha aer A—1946
15
Carrier Corp 4 Ha
1948
3%
lb *4
Crown Cork A Seal 4%* "48
88
Crucible
Steel
98 H
99
61178—1—1937
Deep Rock
Haytlan Corp 8s
1938
McKesson A Rob 5Hs 1950
Distillers
26
14H
99
1945
f7 3 4 -754
f\6*4 184
694
f274
1949
.70
29%
102 *4 103
Radiator 5s.....1946
f 154
100 *4
1948
27 *4
18%
101
30%
1945
3s.—
108% 109 H
1959
Mfg 6 Ha
Texas Corp
35*4
82 H
Products—
Old Bell Coal Inc 6s
Scoviii
'
84
44 H
100%
Nflt steel Corp 3*—— 1965
Nat
112
com...*
100
80
America
of
Conv deb 3Ha
103
103 H 103%
Woodward Iron—
f;
'
h
17
19
1st 6s
1962
105%
28*4
25*4
2d conv Income 5s..1962
102 H
Bid
Ask
New York Wat Serv 5a *51
96
100
Newport Water Go 5a 1953
101
105
Ohio Cities Water 5%a '53
/9 *4
Ore-Wash Wat Serv 5a 1957
/29%
31
6
/16
Mtge Bk
9%
1956
5s
2d series 5s
..1956
Wka
1957
1953
12
69
100
104
mmm
108
109%
—
mmm
"
,
103
59
101
1946
65
69
Pittsburgh Sub Wat 5s '58
102
1946
694
74%
Plamfleld Union Wat 58 '61
107
Richmond W W Co 5s. 1957
105%
5a.1938
100%
Pinellas Water Co 5%s.
Community Water Service
5 He aeries B..t.
100
Connellaville Water 5a 1939
Rocb A L Ont Wat
104%
'
m
'
mmm
Water A Gas
104%
102
1962
St Joseph
Wat 4jb aer A 66
Water Co
101%
1954
102
1958
Scranton-8prlng Brook
103%
...1952
4 %a.
'«* «*
—
Water Servlde 5s.
---
1961
1967
B 1961
South Bay Cons Wat 6a '50
Bprlngf City Wat 4a A '66
1st A ref 68 A
105
—1962
Indianapolis Water
106%
Scranton Gas A
1964
5a series B J
Sbenango Val 4s ser
—
108%
107
1966
102 4 103%
814
86%
83
88
'
101%
74
101%
m
---
B *66
1949
5s. 1958
101
Union Water Serv
5%a '51
103
105
4a..1961
105
106
Terre Haute Water 6s
6a series A
105%
1967
105%
105
106%
Middlesex Wat Co 6Hs '57
107
108%
•»
«•
103%
%
W Va Water Serv
Water Co—
1950
5s
1951
Western N Y
99
5s series B
1950
102%
Morgantown Water 5a 1985
105%
95
1st mtge
Monongahela Valley Water
5Hs
103%
«.
96% 100
Monmouth Conaol W 5s *66
Muncle Water Works 5s '65
94
98
99
101
%S
1950
Westmoreland Water 5# '52
1st mtge 5
105%
101
102%
Wichita Watsr—
/21
Water 5a. 1950
5a aeries
6s
New RocheiJe Water—
53
56
53
56
B
1956
i960
1949
_
series C
*
58 series B
1951
90
5Hs
1951
95
6a series
95
100
W
A
msport Water
6a—1952
101%
mmm
105%
105%
103% 106
/19H
/65
69~~
/17
17%
*
No
/ Flat
par
price
dlvldend
a
value,
a
6 Basis price,
Interchangeable.
z Nominal
quotation,
to i When
d Coupon,
w-s With
Issued,
e Ex-Interest.
stock, z Ex-
Ex-Hquldatlng dividend.
Kingdom of Great
100%
U r uguay co n verslo n scrl p—
35
Unterelbe Electric 6s. .1953
101%
t Now
lyted
on
New
York
Stock
Exchange.
f21
.1938
/25
1939
Bousing A Real Imp 7a '46
95
Vesten Elec Ry 7a
1947
/19
Wurtemberg 7s to
1945
«.
79
Texarkana Wat 1st
102
99
1958
Joplln W W Co 5a
New Jersey
/19
1947
Britain & Ireland4s_1990
26 H
102%
101
1948
1948
Phlla Suburb Wat 4a.. 1965
105%
Long Island Wat 5H8.1955
/17
1955
United
70
101
1948
101%
Kokomo W W Co 5a. .1958
34
/18
63
1954
5a
Tolima 7a
/30
100% 101%
Indianapolis W W Securs—
10
To bo Electric 7a
1948
94%
1st co nso 1 5s
Prior lien 5a
1957
1st mtge 3 Ha
Jugoslavia
Stettin Pub Utll 7s.—1946
—
89%
lat oonsol 4a
'*
9*4
State
4%a._1966
1st A ref 5s——1950
101% 103
...1941
5s series B
Slem A Halske deb 6s.2930 /435
/23
92
103%
Peoria Water Works Co—
Cheater Wat Serv 4%8 '58
5a..
19H
1951
6s—1947
87
107 "
101
Penna State Water—
Huntington Water—
/18
67
1954
Ohio Water Service 5s.1958
106% 108
104
103
5s series A...
/9%
/21
6Ha
Ireland—
..100
West Va Pulp A Pap com.*
preferred
7%
105%
1
/18H
Santa Fe 7s
Saxon 8tate Mtge
See United Kingdom
Hamburg Electric 6s
Welch Grape Juice com..6
2
'6s series A
/10H
Saxon Pub Works 7a..1945
/19
ft 4
Hansa SS 6s
preferred
1H
37 H
6a series B
Sao Paulo (Brazil) 6s__ 1943
150
1954
Haiti 68.,
43
conv
8*4
%
3
99
5s
—1947
stamped. 1942
8%
1946
Han Water
43%
42 H
City Water (Chattanooga)
Santa Catharlna (Brazil)
r7H
Conversion Office
6a
41H
*
$3
City of New Castle Water
/5
8a
Building & Land
Guatemala 8a—.
«
Veeder-Root Inc corr_
11
Calif Water Service 4a 1961
/20
/II
4s scrip
/7H
/17
German Central Bank
8s
74
103% 104%
Santander (Colom) 7s. 1948
Funding 3a
14
6*4
100
101
/19
6a.'47
/17
139
German scrip
24
4
Butler Water Co 5s...1957
/17
'46
Salvador 7%._
.1957
7a ctfa of deposit. 1957
German Atl Cable 78—1945
1938
75 H
1H
Warren (Northam)—
25
10
1
/60
/20
Rom Cath Church 6 Ha
Saarbruecken M Bk
145
Agricultural 6s
67 H
United Piece Dye Worka.*
105%
/19
/19
/20
/20
1945
1948
34%
Preferred—
7*4
6H
20
23
6s
/19
/19
French Nat Mall SS 6a '52
bank 6 Ha
32*4
103%
/24
/20
6s '36
1941
Rhine Westph Elec 7%
/18
Frankfurt 7s to
162
3H
2 *4
12*4
*
2
14
•
pf.10
67
64
104
Casket
4*4
3*4
158
Ask
Bid
101% 102
Greenwich
Westphalia 6a '33
many) 7s
Rio de Janeiro 6%
1966
_
United Artists Theatcom. *
100
Ring_2%
preferred
♦
33
Water Bonds
/19
7 Ha Income
common.
Tennessee Products
29
50
m
5% scrip...
Prov Bk
1953
Steel
57 H
26
.*
♦
7% preferred
44
194
Taylor Wharton Iron A
55
Mock Judson A Voehrlnger
/20
Panama City 6Ha.
/25
Prov Bk Westphalia
6Ha
1H
H
3H
18H
22
115
New Britain Machine
/19H
1-9
Hanover
9
20
28 *4
lat ooll trust
Oberpfala Elec 7a..—1946
26
European Mortgage A In
vestment 7 Ha
1966
36 H
100
Preferred
/19H
._
,19
Electric Pr (Ger'y) 6 Ha '50
34 H
Nat
National
/7H
...1945
7s to
/17
East Prussian Pow 6s. 1953
Stanley Works Inc.....26
Minn & Ont Pap 6s
Nat Paper A Type
P4
1947
4s-.——J-
/25
1945
33 H
154
Oldenburg-Free 8tate—
/17 '
Duisburg 7% to
30 H
26
/85
39
.1949
1945
54
20
standard Screw.
14 *4
Muskegon Piston
/99
Costa Rica Pao Ry 7 Ha'49
Duesseldorf 7a to
3%
2H
6H
4%
25
/85
North German Lloyd 6b '47
/6%
Costa Rica funding 5a. '51
Cuhdlnamarca 6 Ha
-
4H
8*4
54
1
1*4
Nat Central Savings Bk of
55
5s
47
44
180
177
Corp..*
Ohio Valley Water 5a.
4s—1946-1947
D) 48... 1948-1949
A B)
/50
&
Solar Aircraft
/22
Cordoba 7a stamped..1937
Britain
"ikenandoa Rayon
3H
37 *4
/20
Poland 3s
Colombia 4s
Great
6H
2%
1st 5a series C_.
Chtlean Nitrate 5s
1
H
5
..
134
100
City Savings Bank
Gray (Austria)
Singer Manufacturing..100
singer Mfg Ltd.....
Nat Bank Panama—
German Central Bk
German
16 *4
1*4
Central German Power
German
14%
36%
/19H
Nassau Landbank 6 He '38
18
/23
7s...1947
Cailao (Peru) 7 Ha
1944
Cauca Valley 7 Ha
1946
47
Recklinghausen 78—1947
Call (Colombia)
Farmers Natl
3*4
21*4
21 H
Municipal Gas A Elec Corp
/16%
see
2*4
/19H
116
Caldas (Colombia) 7 Ha *46
Ceara (Brazil)
11H
204
/20
—1945
Munich 7s to
Hungary 7 Hs
Central Agrlc
*
Manufacturing..26
.,..-—*
Corp...!
/35
Montevideo scrip
136
123
Corp—
8%s__
Mannheim A Palat 78.1941
Merldlonale Elec 7a.—1957
23
Hungarian Bank—
7 Ha
Manufacturing
Remington Arms com
Scovili
3*4
44
Kingdom
British see United
British
Pollak
63
8*4
24 H
6% preferred
7
34
15
36
McKesson A
/7H
2*4
57 H
24
Preferred
~%
1H
5H
9*4
-.100
Marlln Rockwell
H
1
Exploration
Robblns..—5
13 conv preferred
*
Merck Co Inc common. .1
Ask
/7H
PH
1
31
Macfadden Pub common.*
Bid
Ask
7% pref
Conversion
24
*
Co.,
Long Bell Lumber..
Ley (Fred T) A
$5 preferred
Film
Petroleum
1H
pf. *
Domestic Finance cum
and Quotation Record Is published
99 H
93 H
Douglas (W L) Shoe—
Conv prior pref
The Bank
Pathe
33 4
Malie
Draper Corp
10
16
31%
Hardware
17H
16
8H
89 H
American Mfg
Canadian
Federal Land Bank
Insurance
Amer
65
14H
*
—
25
Products—*
5% pref 100
Andlan National Corp.— *
Art Metal Construction. 10
Bankers lDdus Service A.*
Burdlnes Inc common
1
Cessna Aircraft
-1
Cbic Burl A Qujncy—100
Chilton Co common
10
Columbia Baking com.—*
SI cum preferred
*
Crowell Publishing com..*
Dennlson Mfg class A. — 10
Dentist's Supply com...10
Devoe A Raynolds B com •
Dictaphone Corp
*
Dixon (Joaj Crucible—100
American
Domestic (New York
pref
cum
2H
I
Pan Amer Match Corp..25
12
American Hard Rubber—
8%
Norwich Pharmacal
Ohio Match Co
11%
10
Ask
55
100
6% conv pref
American Enka Corp..
Municipal Bonds—
Banks and Trust Companies-
10*4
9%
A com..
Cynamld—
Amer Bernberg
~
will probably find them in
our monthly Bank and Quotation Record.
In this publi¬
cation quotations are carried for all active over-the-counter
stocks and bonds.
The classes of securities covered are:
in~which you have interest, you
Bid
100
New Haven Clock-
36
32
American Arch
Par
Preferred 6H%
2*4
1%
*
Mills Inc
Ask
bid
Par
Quoted Here
If You Don't Find the Securities
/19
/19H
X Now selling on New York Curb Exchange.
a
Quotation not furnished by sponsor
oF Issuer
,
'
'
™
,
Volume
Financial
141
Chronicle
General Corporation
3209
and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
OF
REGISTRATION
it
are
always
as near
to
Abitibi Power & Paper Co.,
following additional registration statements (Nos. 4040
to 4051 inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
Philadelphia
Fairfax
voting trustee' (2-4044,
Form
Sa
es of newsprint and
pulp
Sales of power. i—
a
of
5%
bonds
of Roland
Electric
Park
&
and $6,895,000 will be deposited with the trustee under
mortgage.
Of the amount so deposited, it is stated,
Sayles
common
a
Mutual
Fund,
Proceeds
Inc.
will
(2-4046,
Form A-2)
be
used
for
R. H. Loomis is President of the company.
Loomis
has been named underwriter.
Filed May 19, 1939.
$2,987,169
355,315
229,683
3,114
48,000
48,000
436,248
151,734
5,986
6,851
25,000
48,000
48,000
13,494
25,922
21,664
12,237
2,706
11,312
24,737
53,185
3,202
2,101
and dividends received
Cost of obtaining special reports under
authority of court
Expenses of liquidator
Exp.
Bal.
a
Incl.
admins., superintendence and
-
.
Cash
126,070
•••/
'
-
boats under
by
Contingent
curr. assets.
3,575,831
6,299,321
..
2.653,475
69,450
in
by
shs.
of
of
,
of
•
*
.
,
t;
1
6%
wholly
1,500,635
1,500,635
46,186,156
common
on
the
This
with 20 cents paid on Dec. 1, last; 10 cents paid on June 1, 1938;
20 cents paid on Dec. 1, 1937, and 10 cents per share distributed on March
Amt.
avail,
&
•
j—A
'
940,845
.
bond
during
Insurance
Co.
19,894,049
Watertown,
N.
Y.—
327,039
27,830
206,553
8,460,776
.
326,972
38,337
237,198
123.891,061
estate
123,087.257
and
Prepaid expenses
Total--.
Total.
123,891,061 .123,087,257
Bondholders' Protective Committee Urges Deposit of Bonds—
Herbert J.
a
Corp., Meriden, Conn.—Receivership Lifted
U. S. District Judge Carroll C. Kincks at a hearing in New Haven.
May 19, lifted the receivership corporation has been in since September, 1938.
Harold W. Harwell, who has been Receiver, was elected President and a
director effective upon termination of the receivership.—V. 147, p. 2672.
Chairman of the bondholders' protective com¬
United States bond¬
deposit their bonds in order to insure early construc¬
their behalf in the long-delayed effort to reorganize the com-
Symington,
mittee for the first mortgage bonds, has sent a letter to
holders urging them to
Pa"]viany
to
regular dividend of 75 cents a share on the
capital stock, payable July 1 to holders of record June 20.
Officers of the company are: H.
E. Machold, Chairman of Board;
H. R. Waite, President; J. Q. Adams, S. A. Upham, E. J.
Dickey, A. C.
Wallace, Vice-Presidents; W. A. Seaver, Vice-Pres. & Sec.; H. F. Water¬
man, R. 'A. Parkinson, G. G. Inglehart, Secretaries; H. W. Tomlinson,
Treasurer; K. E. Chapman, A. L. Hollenbeck, Asst. Secretaries.—V. 148,
p. 871.
»
8,259,032
int.
19,907,560
office bldgs
tive action on
of
Dividend—
Air Devices
4,453,957
receiv¬
ership period
concess.
Chattels & equip
Supply Mfg. Co., Inc.—Listing, &c.—
The new class A and B capital stock, par $1, has been admitted to
listing
and registration on the New York Curb Exchange,
replacing the old class
A and B capital stock, no par.—V. 148, p. 3051.
The directors have declared
4,488,091
to¬
deprec.
x Represented by 1,088,117 shares of no par value (including 95 shares
deposited for exchange of shares of subsidiary companies).
1, 1937.—V. 148, p. 2251.
Agricultural
34,881,800
18,964,035
from operat'ns
of
compares
Aero
34,881,'800
18,964,935
pref.
Common stock
wards
under
ber owned (net)
Real
interim dividend of 15 cents per share
stock, par $5, payable June 1 to holders of record May 20.
17,636
1,000,000
freel'd tim¬
&
1629.
17,636
1,000,000
to receivership
&
court-.
Timoer
tax
Nominal surplus
of period priqr
(net)__ 46,032,633
authority
cum.
1,300
1,877,050
pref.
stock.__
x
waterpowers,
townsites
for
cum.
stock...
in mills
bldgs.
1,300
1,877,050
_
to
rebates...-
600,000
7%
owned
*
prior.
accr.
Res.
600,000
shs.
corporat'ns
not
48,267,000
int.
Sept. 10,'32
'■
ft
H.
G,
in
Invests,
common
and
43,563,193
Int.
■
Mead Co
Invests,
750,003
23,705
Dec. 1,1931
42,508,189
rec.
purch.
mtge.
gold bonds-" 48,267,000
coupons due
(excl. of G. H;
Mead Co.) net
Invest,
749,857
1st
Unpaid
subs,
strue.
an
5%
whly
owned
928,920
incurr.
Res. for conting.
94,695
62,205
Invests, in & ad¬
vances to
57,160
750,000
prior to receiv¬
ership
for
.
r
-
res
creditors'
claims
with
bondholders
Abbott Laboratories—-Extra Dividend—
Acadia Sugar Refining Co., Ltd.—Interim Dividend—
Gen.
4,814,742
70,450
Invests, in bds
trustee
2,600,000
for
construction
repre¬
Inventories
,
con¬
on
tracts
1,495,306
Rec. from oth.
Deposits
4,000,000
cured)
Liab.
2,001,290
..
Boats under con¬
Directors have declared
■
for newspr't
sented
96,121
7.64,053
Receiver's cer¬
tificates (se¬
531,623
449,749
G.
••
subs,
72,237
504,962
—
accts.
payable
& equip., rys.,
p.
payable
Sundry
H. Mead Co
shipments
*
$
of Receiver:
reserves
from
1937
Wages accr. &
336,286
customers',
less
»
J
Sundry liabilities
Accts. to rec.,
Rec:
,
1938
Liabilities-
hand
on
per
4,488,091
1937
cur-
& on deposit
Thompson AutQmatic Submachine Gun is in use by the United
Navy and Marine Corps, the United States Coast Guard, the
Bureau of Investigation^ the Department of Justice and
by- various State
and municipal law enforcement agencies.
It has recently become standard
equipment in the United States Army for use in the mechanized forces of
the cavalry.
Sales have also been made to various foreign governments.
share in addi¬
as
-
rent assets:
.
The
extra dividend of 10 cents per
1932,
10,
-
$
Reciever's
States
an
Sept.
to
Balance Sheet Dec. 31
1938
Assets—
tion of submachine guns.
Directors have declared
$4,453,957
34,133
surplus
for period prior
balance sheet at Dec. 31,1938--:
N. Y. has filed a registration statement
covering 300,000 shares of $1 par
capital stock, which will be publicly offered at $2.75 per share.
Russell
Maguire & Co., Inc., are named as the underwriters.
Thompson Automatic Arms Corp., formed under Delaware laws in
March, 1939, proposes to acquire the assets of the Auto-Ordnance Corp.,
developers and distributors of the Thompson Automatic Submachine Gun,
familiarly known as the "tommy gun." Auto-Ordnance has been in business
since 1921 and is without competition in the United States in the distribu¬
tion to the regular quarterly dividend of 40 cents per share on the
stock, both payable June 30 to holders of record June 13.*—V. 148,
$2,185,189
but before providing
exps,,
Sundry adjustments
Nominal
Thompson Automatic Arms Corp. (2-4051, Form A-l), of New York,
The last previous list of registration statements was
given
our issue of May 22,
page 3051.
gen.
b Amount provided for depreciation
•
'
in
•
$2,983,256 b$4,838,965
•
Proceeds will be used for
H.
of
Nominal surplus for period prior to Sept. 10,1932, as per balance
sheet at Dec. 31,1937
—1
Transportation Corp. and for airplane con¬
struction, development,experimental work and plant improvement.
George
C. Moseley is President of the company.
No underwriter named.
Filed
May 23, 1939.
M.
depreciation
Statement of Nominal Surplus for the Period Prior to Receivership as Shown by
Balance Sheet as at Dec. 31, 1938 »
American
Corp. giving Thompson Automatic Arms Corp. 100% control.
Thompson is President of the company.
Filed May 23, 1939.
for
(including provisions shown on books of subsidiary companies) was $1,785,000 in 1937 and $1,785,000 in 1938.
Barkley Grow Aircraft Corp. (2-4050, Form A-l), of Detroit, Mich., has
a registration statement
covering 170,000 shares of $1 par common
stock.
The stock will first be offered to stockholders at $2.50 per share and
the unsubscribed portion may be sold to General American Transportation
Corp. or any other persons at prices to be determined by the board of
Proceeds of this issue will be used to purchase the interest of the Estate
of Thomas Fortune Ryan in certain indebtedness of the Auto-Ordnance
48,000
CY90.000
_
available
for depreciation and bond interest,
(2-4048, Form AO-1), of Vancouver,
price not less than book value.
48",666
mills & properties & towards bond
filed
a
.
.
stock of Provincial
common
interest
,
General
on
Paper, Ltd
Sayles & Co., Inc.
the public at the market.
It is estimated that about 430,000 shares will
be distributed as finders' fees.
Kressly & Campbell, et al, are named as
to
Ripley reorganization plan.._
re
Divs.
B. C., Canada has filed a registration statement covering 2,100,000 shares
par common to be issued to A. B. Trites in exchange for mineral
properties and water rights.
Qf the total, 1,670,000 shares are to be
resold at 27 cents a share and
approximately 300,000 are to be offered to
debt
2,706
~8~,666
Prov. for legal and audit expenses
Paid to receiver in respect of renumer.
Prov. for U. S. Fed. inc. taxes on int.
$2,919,178
" 46,217
21,774
40,919
187,619
191,290
re: bondholders' meeting
Prov. for bad & doubtful accts. receiv.
of $1
directors but at
tributary thereto
on
Expenses
purposes.
principal underwriters.
Proceeds will be used for the account of selling stockholders.
Perry F.
Knight is President of the company.' Filed May 20, 1939.,
Institutional Securities, Ltd. (2-4049, Form A-l), of Jersey City,
N. J., has filed a registration statement covering 400,000 aviation group
shares and 400,000 stock and bond
group shares.
Blocks of 10 shares
minimum will be offered first at $12.50 a block and then all
remaining shares
at the market.
Proceeds will be used for investment purposes. -Emlen S.
Hare is President of the company. * Hares, Ltd. has been named under¬
writers.
Filed May 20, 1939.
-
receivers' ctfs. and overdraft
Cost of issue of receiver's report
Mississippi Valley Barge Line Co. (2-4047, Form A2) of St. Louis,
Mo. has filed a registration statement covering 266,667 shares of $1 par
common
held by Atlas Corp. parent company.
Offering will be made
for the account of Atlas Corp..
L. W. Childress is President of the com¬
pany.
Underwriter is to be named by amendment.
Filed May 20, 1939
Spud Valley Gold Mines, Ltd.
$5,524,645
concessions
of Boston,
investment
'
Int.
registration statement covering 50,000 shares of no par
stock.
$5,441,195
59,185
24,265
—
The balance of the proceeds will be used for other corporate purposes.
White, Weld & Co. will be the principal underwritersj
The price at
which the bonds are to be offered to the
public, the names of other under¬
writers and redemption provisions are to be furnished
by amendment to
the registration statement.
value
$3,417,470
87,955
3,196
_
a
Mass. has filed
United States funds
Total.
$3,508,620
Int. on contr. covering purch. of shs.
of Thunder Bay Paper
Co.," Ltd
Cost of carrying ilde mills and timber
Co.,
Water
1936
$14,730,770 $21,754,781 $14,974,886
11,370,546
16,300,309
12,052,486
Cr57,246
13,276
.3,221
costs
on
but exclusive of
1937
$14,109,004 $21,150,077 $14,662,752
621,766
604,704
312,134
_
Sundry minor operating profits.
Consolidated Gas Co.
Loomis
_
Interest and discount earned
applied to the payment at or before maturity on July 1,
like principal amount of consolidated 1st mortgage 5% bonds of
of Baltimore City, and $3,495,000 will be used to
reimburse the company for capital expenditures made since Sept. 1, 1936.
1939 of
_
Balance.i—
,
Consolidated Gas Electric Light & Power Co. of Baltimore (2-4045,
A-2) has filed a registration statement covering $7,000,000 of 1st
refunding mortgage sinking fund 3% bonds, series P, due June 1, 1969.
$105,000 of the proceeds from the sale of the bonds will be used to reim¬
burse the company's treasury for the
acquisition and retirement of a like
Form
of
Operating
Discount
New York, N. Y. has filed a registration statement covering voting trust
certificates for 17,853 shares of no par common stock.
George E. Roose¬
velt, et al, are voting trustees.
Filed May 18, 1939.
principal amount
due Feb. 1, 1937,
the 1st refunding
$3,400,000 will be
1938
Total
F-l)
Ltd.—Earnings—-
results of wholly owned subsidiaries,
Provincial Paper, Ltd.]
Calendar Years—
approximately $23,646,668.
Corp.,
possible.
as
[Including also the
ACT
The
The amount involved is
companies in exact alphabetical order.
arrange
alphabetical position
UNDER
STATEMENTS
SECURITIES
possible
is not always
efforts have been made with representatives of junior
effect a compromise looking toward the ultimate
security
goal of a sound and
constructive reorganization," says Mr. Symington.
"After seven years
these efforts have been unsuccessful and the committee is convinced there
are
now
no
available means of removing Abitibi from receivership and of
placing it, effectively capitalized, on a competitive basis within the industry,
other than by a sale and purchase by the bondholders."
In explanation of the plan recently adopted by the committee, Mr.
Symington said that all securities of the new company to be formed will be
distributed to assenting bondholders except those issued for cash require¬
which they will have the first right to subscribe at the public
ments and to
offering price.
The plan provides that the securities for account of assent¬
be issued in the first instance in the form of certificates
ing bondholders may
interest, but this will not interfere with the distribution,
through the escrow agent, of any dividends that may be paid by the new
of
beneficial
company or any
cash arising through exercise of stock purchase warrants.
Financial
3210
the new company but
price of Abitibi assets
and prior charges.
What this share will be will depend upon
the amount paid for the assets and the extent to such expenses and prior
charges.—V. 148, p. 2883.
Those'who do not assent will receive no securities in
will receive their distributive share of the purchase
after expenses
Akron Canton & Youngstown
'
April—
Ry.—Earnings—
1937
1938
1939
1936
$143,556
32,268
1,123
Net after rents
From Jan. 1—
$119,832
16,384
def9,542
$181,154
, 61,838
27,585
$183,426
67,013
36,137
640,759
180,581
56,493
Gross from railway
Net from railway
499,499
72,983
def37,918
781,594
301,499
143,174
731,167
278,012
159,420
Gross from railway
Net from railway
Net after rents
148, p. 2569.
—V.
Alabama Great Southern
RR.—Earnings—
Net from railway
Net after rents
_
1936
$521,682
87,892
$646,983
199,832
134,540
1,966,840
284,132
278,363
2,509,238
747,935
474,657
1,969,951
455,762
231,886
$523,591
103,834
$611,246
192,927
136,596
,
1937
1938
1939
April—
Gross from railway
129,827
66,417
From Jan. 1—
2,382,797
671.752
467,900
Gross from railway
Net from railway.
—
Net after rents.
—V. 148, p.
2569.
Lm
Co.—Earnings—
Alabama Power
1939—Month—1938
1939—12 Mos.—1938
$1,616,986 $20,619,101 $19,901,550
702.374
680,084
9,344,409
8,898,918
,
217,690
217,690
2,612,280
2,693,816
Period End. Apr. 30—
$1,715,459
Gross revenue
Oper. expenses & taxes..
Prov. for depreciation._
""$795^395
$719,212
401,230
$8,662,411
4,874,103
$8,317,816
4.800.463
income..$390,617
preferred stock.
" 195,178
$317,982
$3,788,308
Net
2.342,138
$122,804
$1,446,170
capital stock subscribed, preferred stock ($7) allotment certificates, $480.
Notes—On May 15, 1939, the notes payable to banks and Electric Bond
Sc Share Co. in the amounts of $21,200,000 and $5,300,000, respectively,
were reduced by a payment of $2,500,000, which reduces this indebtedness
to $19,200,000 and $4,800,000, respectively.
The notes payable to banks
due Oct. 26, 1939, bear interest at the rate of 4% per annum to Oct. 26.
1938, and 4%% per annum thereafter.
Pursuant to agreements entered
into between Electric Bond & Share Co. and the respective banks holding
the company's notes due Oct. 26, 1939, Electric Bond & Share Co. has
agreed with the banks, among other things, not to accept any payment on
account of interest on the note of American & Foreign Power Co., Inc.,
dated Feb. 14, 1935, due Oct. 26, 1938, in the reduced principal amount of
$4,800,000, in excess of 4% per annum for the year ended Oct. 26, 1938,
and 4H% per annum for the year ending Oct. 26, 1939, and not to accept
any payment on account of interest or principal on said note unless pro¬
portionate payments with respect to such interest and (or) principal are
simultaneously made on the notes payable to banks due Oct. 26, 1939.
Under the terms of the extension agreements whereby the maturity dates
of the notes payable to banks due Oct. 26, 1938, were extended to Oct. 26,
1939, American & Foreign Power Co., Inc., agreed to apply ratably to the
reduction of said notes so much of the net proceeds of the sale of any secur¬
ities or capital assets by the company or any of its direct or indirect subs,
(other than intercompany sales) as could be made legally available which
(1) should be in excess of a reasonable allowance for working funds and
necessary construction of additions, betterments or improvements of or to
existing plants or systems, (2) shall not be used to pay at maturity any
existing debts (or renewals) and (3) can be transferred into United States
dollars without unreasonable expenses for such transfer.
Until the afore¬
mentioned notes are paid, the 7% note payable due Nov. 15, 1938, in the
principal amount of $35,000,000, is presently subordinated to the notes
payable to banks due Oct. 26, 1939, the note payable to Electric Bond &
Share Co. due Oct. 26, 1938, and the gold debentures, 5% series due 2030.
By reason of the foregoing, the notes payable to Electric Bond & Share
Co., which bear due dates of Oct. 26, 1938, and Nov. 15, 1938, respectively
are nevertheless shown as payable Oct. 26, 1939.—V. 148, p. 2732.
2,342,138
$195,439
purchase 6,649,994.8 shares of common stock for $25 per share (one share of
second preferred stock, series A ($7), acceptable, in lieu of cash, with war¬
rants for four shares, in full payment for four shares of common stock);
$3,517,353
195,178
"$1,175,215
Gross income...
404,778
Int. & other fixed chgs..
Divs.
'
1939
27,
May
Chronicle
on
Balancei...
...
Alexander & Baldwin, Ltd.—To Pay
Directors have declared
$1.50 Dividend—
22,737,288
4,155,278
4,291,237
4,047,457
10,606,713
9,880,350
9,140,761
9,808,138
10,229,336
-
Taxes....
— — -
income....1.
Operating
Other Income.
American Bank Note Co.—No Common Dividend—
Directors at their meeting held May 24 took no action on payment of a
dividend on the common shares at this time.
Regular quarterly dividend
of 10 cents per share was paid on April 1, last.—V. 148, p. 2732.
*
-
Preferred stock dividends—i
Balanceof income for com. stocks.
Net oper. revenues...
Operating income.-..
Other income (net)
— .—
,
$9,508,315
3,388,688
Other income
1
5,406,794
Total income
(net)
deductions^
Preferred stock dividends
.......
Taxes and expenses
$4,639,844 $17,951,719 $18,796,201
8,233
.20,330
50,059
$4,604,015
87,545
.
......$10,229,739 $11,410,773
2,466,767
3,054,542
1,987,736
1,910,050
55,631
68,398
companies
Pref. stock divs. from sub. cos—
Interest from sub.
$59,718,590 $61,997,073
36,373,237 37,794,078
$4,608,065
4,050
$9,508,315
.$10,229,739 $11,410,773
American Gas & Electric Co.—
for common stocks
of sub. cos. owned by American
Balance of income,
Gas & Electric Co
Rent fr. lse. of pits, (nt.)
.$25,529,881 $27,312,025 $25,858,486
10,208,057
10,886,853
11,335,776
5,092,085
5,014,399
5,014,392
Total income.
Interest and other deductions
Co., Inc. (& Subs.)—Earns.
9,676,447
.$25,493,126 $27,151,101 $25,393,032
36,755
160,924 ° 465,452
■
Comparative Statement of Consolidated Income (Before Exchange Adjustments)
Period End. March 31—. 1939—3 Mos.-—1938
1939—12 Mos.—1938
5,393,634
22,062,293
22,439,118
Depreciation..
Operation
1
Operating revenues
$14,851,460 $14,941,517
Oper. exp., incl. taxes..
8,997,817
9,080,008
Property retirement re•
serve appropriations..
1,245,578
1,221,665
al936
1937
1938
$72,502,373 $74,289,313 $70,319,990
Maintenance..
stock, payable June 15 to holders of record June 5.
This compares with
'50 cents paid on May 15, last: $1.50 paid on March 1, last; $3 paid on Dec.
15, 1938; $1.50 paid on Sept. 15, 1938; $2.25 paid on June 15 and March 15,
1938; a dividend of $8.25 paid on Dec. 15, 1937, and a regular quarterly
dividend of $2.25 paid on Sept. 15, 1927.—V. 148, p. 2883.
American & Foreign Power
v
Subsidiary Cos. Consolidated—
Total operating revenues
dividend of $1.50 per share on the capital
a
Co, (& Subs.)—Earnings—
American Gas & Electric
Calendar Years—■
—V. 148, p. 2569.
$4,631,611 $17,931,389 $18,746,142
214,130
791,072
924,417
Interest and other
carried
Balance
to
1,910,050
301,432
$14,739,873 $16,443,763 $15,108,484
573,565
745,299
629,727
2,035,992
2,050,241
2,561,376
2,133,738
2,133,738
2,133,738
consolidated
$9,996,578 $11,514,484
$9,783,644
.6,272,719
7,839,717
6,269,810
$2.23
$2.56
$2.18
a Restated
for comparative purposes.
Interest and other deductions
(subsidiary companies consolidated) restated to include an additional charge
at the rate of $100,000 per annum for amortization of debt discount and
earned surplus
Common fetock dividends
$18,722,461 $19,670,559
$4,691,560
$4,845,741
Int. to pub. & othr. deds.
770,037
978,743
3,409,818
Less int. chd. toconstrn.
36,543
29,474
131,544
$949,269
$3,278,274
Gross income....
Net interest to
&
Earnings per share of common
3,921,356
*
83,500
public
$733,494
otijer deductions-
$3,958,066
Balance.....
Calendar
595,593
648,881
$3,362,473
Balance
$3,247,591
2,424,965
97,827
nority interests
b Net equity
$3,264,646
American dc Foreign Power Co., Inc.
b Net equity
$3,264,646
....
'
$13,019,222 $13,180,676
6,225
Total..
$3,271,202
145,261
298,972
$12,661,560 $12,881,704
54,665
54,271
$3,234,806 $12,716,225 $12,935,975
137,529
530,925
624,557
Balance
__
deductions
Bal., before exchange
adjustments.,
$1,571,629
$3,097,277 $12,185,300 $12,311,418
1,541,188
6,253,166
6,349,150
refunds—
.—
and unamortized
discount and expense on bonds retired—;
Interest after refunding on bonds called for redemp.
250,000
Expenses re Federal income tax
Refunding
premium
expenses,
$1,556,089
$5,932,134
$5,962,268
Full diyidend requirements applicable to the respective periods whether
earned or unearned, b Of American & Foreign Power Co., Inc. in income of
subsidiaries (not all of which is available in United States currency)—before
a
exchange adjustments.
„<
•
192,993
23,814
deposits in closed banks.
Miscellaneous debits
Period End. Mar. 31—
1939—3 Mos.—1938
$1,830,318
6,556
Other.,
$2,289,237
6,225
1939—12 Mos.—1938
$8,485,103 $10,033,890
54,665
54,271
$2,295,462
137,529
1,541,188
$8,539,768 $10,088,161
530,925
624,557
6,253,166
6,349,150
(before exeh. ad¬
justments)
$137,301
Earned Surplus for
'
$616,745
$1,755,677
$3,114,454
12 Months Ended March 31, 1939
Earned surplus, April 1,
1938, $25,134,059; balance from statement of
1939, before exchange adjust¬
ments
($1,755,677, less exchange adjustments, (net, $485),
$1,755,191;
miscellaneous adjustments, $1,148; earned surplus, March 31, 1939, $26,.
income for the 12 months ended March 31,
o90,o9o.
Consolidated Balance Sheet Dec.
Balance Sheet March 31, 1939
cash
in
banks,
on
securities
demand,
and
(Company Only)
advances, subs.,
United States currency,
&c. a$518,440,555;
$7,613,008, foreign
subs.
§43.003, others $7,650; interest and dividend receivable (subsidiaries),
("urrency at current rate of exchange $11,773; accounts receivable,
$1,276,047; other current assets, $2,520; unamortized debt discount and
expense, $6,796,107; sundry debits, $15,820; total, $534,206,485.
Liabilities—Capital stock
(no par),
a$393,940,452; 5%
debentures,
series due 2030, $50,000,000; notes payable: Banks
(due Oct. 26, 1939
$21,200,000, EI. Bond & Share Co. (Oct. 26, 1939) $5,300,000, Elec. Bond
& Share
Co. (Oct. 26, 1939) $35,000,000; accounts payable: subsidiaries
$8,273, others $45,497; accrued accounts, $1,776,809; deferred credit,
$45,053; earned surplus, $26,890,398; total, $534,206,485.
company's valuations of securities acquired
costs, less credits for net proceeds, in
lieu of cost, of investments disposed of where individual costs are not de¬
terminable because of group valuations of investments, and therefore does
not purport to represent present realizable,
b Preferred ($7), cumulative,
478,995 shares; $6 preferred, cumulative, 387,025 shares (incl. scrip equiva¬
lent to 4.65 shs.); 2nd preferred, series A ($7), cumulative, 2,599,111 shs.;
common,
2,075,738 shs.; option warrants (without expiration date) to
a
for
Ledger value—based
securities issued
and
on
on
al937
1938
A 8S.6t8~~~~*
Constr.
Invest.
&
Amer.Gas&EI.
.
4,250,469
incl..lime
35,791,309
82,156
Special deposits.
Working funds.
416,315
Municipal scrip.
3,738
40,000,000
Subs, long-term
."
debt.188,824,000 148,220.900
111,064
Accts. payable._
4,073,895
5,534,547"
19,567,047
153,165
422,343
15,779
due2028
investments..
3,512,247
37,068
Accounts recelv.
9,311,826
6,121,836
173,490
543,882
Customers' deps
2,029,391
9,774,464
3,209,414
543,147
2,076,802
10,715,613
Divs. declared on
88,829
26,050
1,500,244
11,756.764
banks
stricted
123,412
lialflls.
346,293
238,566
liabs.
217,921
100,419
243,921
accrd.
Oth. defd. creds.
of
378,711
426,928
3,967,356
872,118
2,959,021
1,252,187
cos.
48,698,239
excess
Total
a
523,009,523 489,237,503
Restated for comparative purposes,
inirDotmn-nf In
oiiKo
AAncAlifl'itflH
Total
48,698,239
23,727,723
1,037,032
23,534,730
73,060,897
73,009,258
of
Capital surplus.
Earned surplus.
Avar
44,827.377
pref.
stock
b Net
100,059
33,428,385
33,428,385
stock. 44,827,377
equity
cash
54,631,315
169,349
stock
Common
Subs.
Retirement work
in progress
58,639,874
in aid
construct'n
$6 pref.
re¬
deps.
Oth. pref. debits
4,063
ium on debt—
Contribs.
70,896
prem¬
Reserves
closed
&
2,023,813
on
123,412
1,042,846
14,965,648
(not curr.)
dlsct. & exp__
in
divs.
pref. stock—
Oth.
curr.
and
Unamort.
accts.
Unamortiz. debt
Cash
accrued
Interest
Contract,
and
accrued assets
rec.
Taxes accrued-.
805,076
Prepayments
curr.
.
173,494
Accrd.
12,330
13,893
5,738,490
597,778
Mat'ls & supplies
&
4,648,156
61,169
9,610,303
(subs.
consol.)..
Other
•
(subs, not con¬
solidated)
pref. stock—
Notes receivable
Notes
30,000,000
-
payable
Accts.
Temporary cash
Accts.rec.
,
debs.
5%
Co.
fund
accounts
Cash
$
$
423,071,983
3,073,456
2,024,089
_
"
al937
1938
Liabilities—
'
contrs.
31
*
$
S
Utility plant.. .439,457,237
not
Assets—Investment
/
year—earned surplus
•
deposits..
Bal.
—
19,5o5
7,839,717
—$73 ,060,897a$73,009,258
a Adjusted for comparative purposes to show as of Dec.
31 the full de¬
clared liability for the quarterly dividend on American Gas & Electric Co.
preferred stock, payable Feb. 1, which it had been the company's practice
to accrue on a monthly basis, two-thirds prior to Dec. 31 and one-third in
the month of January preceding the payment date.
uncompleted
Total....
$1,836,874
Expenses, incl. taxes...
145,261
Int. & deductions.'1,554,312
— — _
_ —
,
\36,830
6,272,719
;
Common stock dividends
.
Income—From subs
-
—.
250,575
on
Comparative Statement of Income and Summary of Earned Surplus.
•
(Company Only)
.
38,321
3,498,612
694,841
Losses due to floods
Balance end of
j
18,440
-_-.|84,031,281 $81 ,156,852
Total
Losses
to int.
$3,125,941
pub. &c. deducts,. 1,554,312
&c.
Int. to
appl.
625,662
42,622
Miscellaneous credits.
'
Transfer to capital surplus—sub. company
Expenses, incl. taxes.
11,514,484
1,223,642
,
'
$3,228,581
6,556
Other income...
357,662
19,010
$3,228,581 $12,661,560 $12,881,704
$67,774,623
Balance beginning
Income for year
2,652,027
Portion applicable to mi¬
v
1937
1938
Years—
of year (adjusted).
$73,009,258
after pref. dividends
9,996,578
Federal income tax refunds._r—
«
______
Reserves no longer required
563,105
Rate case expenses—adjust. of amortization ______
41,182
Discount on bonds reacquired and canceled
378,536
a
a" Preferred dividends to
"public
'
*
Comparative Statement of Consolidated Earned Surplus
expense.
$3,837,856
$3,896,472 $15,444,187 $15,832,703
stock. .
-
523,009,523 489,237,503
b In assets of subs,
Vft
1,037,032
consolidated
of fiflTOGd SUfullIS.
Volume
Financial
148
Comparative Statement of Income and Surplus (Parent Co.)
Calendar Years—*
Income from subs, consolidated—
Dividends
on common
Dividends
on
on
—I—II„
bonds and advances
$9,276,784
1,910,050
2,507,288
547,254
20,973
preferred stocks
Interest on bonds
Interest on advances
Income from subs, not consolidated—
Dividends on common stock
Interest
$7,488,090
1,987,736
1,508,259
958,507
stocks
16,250
20,973
—.
Total from subsidiaries
..—$11,963,566 $14,278,600
34,658
31,174
Other income
Total income
$11,998,224 $14,309,774
Taxes and expenses (net)
Interest on debentures
Amortization of debt discount and expense
J3alancecarried to surplus,
Earned surplus beginning of year.
Miscellaneous credits..
Total.......——
573,565
1,986,111
49,881
,
745,299
2,000,000
50,241
$9,388,667 $11,514,233
_b43,308,313 b41,767,300
22,845
235
_
______.$52,719,824 $53,281,768
——
American Colortype Co.—Personnel-
al937
1938
At the annual meeting of stockholders which was concluded on May
unamortized discount and expense
debentures retired.
:•
Miscellaneous debits
;
Dividends on preferred stock...—
Dividends pn common stock
—
1,722,406
18,609
2,133,738
6,272,719
...
a recess Monday
(May 15) afternoon to permit the counting of proxies,
10 members of the company's board of directors were reelected to serve
during the coming year and two nominees of the stockholders' proxy com¬
mittee were also elected to the board.
Differences previously existing
between the management and the stockholders' proxy committee as to the
membership of the board of directors were composed as a result of the repre¬
on the board by the committee.
Directors elected for the coming year include George W. Reynolds of
Glen Ridge, N. J.; Charles R. Freaerickson of Coshocton, Ohio; Edwin
Lennox of Chicago, 111* Thomas C. Murphy of Red Oak, Iowa; Dudley R.
Morean of Montclair, N. J.; Richard S. Hamilton of filoomfield, N. J.;
Waldron M. Ward of Newark, N. J.; George O. Hirst of Glen Ridge, N. J.;
Arthur R. Gabriel of New York, N. Y.; Edmund P. Kreutzinger of Mont¬
clair, N. J.; Edmund B. Osborne Jr., of New York City, and Henry F.
Scheetze Jr. of Pittsburgh, Pa.
The board.of directors at its,organization meeting held May 17, elected
the following officers:
1
G. W. Reynolds, Chairman of the Board: E. Lenox, President; C, R.
Frederickson, Executive Vice-President and Treasurer; D. R. Morean,
Vice-President; R. S. Hamilton, Secretary and Assistant Treasurer, and
Benjamin W. Brown, Assistant Secretary.—V. 148, p. 2414.
sentation obtained
Earned surplus end of year...——..—$42,572,352 $43,308,313
a
Restated
for
comparative purposes,
b Adjusted for comparative
Dec. 31 the full declared liability for the quarterly
preferred dividend, payable Feb. 1, which it had been the companys' prac¬
tice to accrue on a monthly
basis, two-thirds prior to Dec. 31 and one-third
purposes to show as of
in the month of
American-Hawaiian SS. Co, (& Sub.)—Earnings—
...
2,133,738
7,839,717
January preceding the payment date.
Period End. Apr. 30—
1938
Investments
Cash
a 1937
s
Inci.
-
time
Accts.
deposits—,.— 26,235,719
3,000
Working funds.
Accts. receiv...
Int.
receiv.
Profit
on
Accrd.
from subs,
int.
488,080
250,000
Divs. declared
Accrued taxes.
con¬
448,102
432,582
244,596
disct. & exp__
3,366,183
12,501
4,538,471
_
13,577
„
I
Be¬
$3,839,737
71,293
1935
i 1,297:575
234,890
$5,003,082
4,526,216
$4,950,233
4,582,542
$3,911,030
3,499,359
$3,532,464
<3,076,621
819,672
$367,691
1,047,599
$411,672
1,051,279
$455,843
880,954
$1,296,539
$1,415,289
$1,462,950
$1,336,797
209~396
_
221*766
163,725
20,960
173,260
a3,937
151,240
a54
88,731
13,013
140,624
2,282
59.893
$892,922
784,433
$1,038*346
978,842
$1,210,440
1,074,383
$1,120,985
975,019
$108,489
1,000,000
$0.89
$59,504
1,000,000
$1.04
$136,057
1,000,000
$1.21
$145,966
.1,000,000
$1.12
__.
_
Gross income.
Contingent liabs
1,403",381
1,399,995
33,428,885
44,827,377
1,037,032
43,308,313
Reserves
.154,388,526 165,345,191
z
$4,870,966
79,267
Interest, &c
Depreciation
1937
1936
..
...
;
Federal taxes
Other corporate taxes-■
Net profit..
Common dividends.
...
—
Federal income tax.
$476,866
i
expenses
Other income
b $6 pref. stock.
Total
13,871
46,632
curr, and
accrd. 11a. lis.
33,428,385
b Com.stock... 44.827,377
Capital surplus. 1,037,032
Earned surplus. 42,572,352
Other defd.chgs.
x$188,731
1938
$4,821,882
181,200
I......
Royalties, &c
402,590
60,059
$211,854
American Machine & Foundry Co. (& Subs.)- -Earns;
Mfg. costs and
Other
debt
x$23,679
533,434
on
preferred stock
solidated
$127,451
333,333
533,434
300,898
.
$86,833
on
long-tertn debt
323,576
....
$98,295
71,389
$497,406
285,552
;
Net profit.....
Sales
_
advances
Pref. divs. receiv
11,462
$42,254
75,223
9,291
sale of securities
on
Calendar Years—
13,106
28,098
8,474
x Indicates loss,
y Before depreciation and
fore Federal income taxes.—V. 148, p. 2570.
40,000,000
-18,805
$488,933
500
$198,840
Total
$41,754
362
profit..
Provision for deprecia'n.
payable
(subs, cohsol.)
13,014,215
8,473 Accounts payable
(others)
212,053
bonds, notes &
Unamort.
$
.123,999,443 146.637,737 5% debs.due2028 30,000,000
-
*1937
$
$198,478
.
z
1938
Liabilities—
$
$1,624,296
1,425,818
Net profit from oper.
Other income..........
y
1939—4 Mos.—1938
$5,810,602
$4,885,880
5,321,669
4,799,047
1939—Month—1938
$1,307,391
1,265,637
Operating earnings
Operating expenses-
Balance Sheet Dec. 31 {Company Only)
Assets—
16
after
Premium and
on
3211
Chronicle
154.388,526 165,345,191
Total
a Restated for
comparative purposes,
b Represented by: preferred stock
no par value $6 cumul. dividends
(entitied to preference over common
stock, on case of liquidation, to $100 per share, and accrued dividends) held
by public, 355,623 shares; and common stock, no par value, held by public,
4,482,737 31-50 shares, v <
Surplus
_
...
Shs.com. stk,outstand'g-
Earnings
per
share
a
Including $35 in 1937 and $24 in 1936: Federal surtax on
profits.
...
Consolidated Balance Sheet Dec. 31
undistributed
„
SEC Approves
Utility Unit-
system.
The corporation was incorporated in New York, Dec. 18, 1937, for the
of rendering services to the American Gas & Electric Co.
It was
organized on a departmental basis and renders extensive management,
supervisory and engineering services to all the operating electric utility
companies in the system and some services to non-utility subsidiaries of the
American Gas & Electric Co.—V. 148, p. 2884.
w
Assets—
Market,
Accts. receivable..
Notes
purpose
Gross
_
.1938
$768,873
81,180
'39
$752,853
33,764
...
expenses
Unconditional interest.
Conditional interests
$719,089
374,753
322,967
.
51,426
Profit
on
$21,369
reacquired
1937
$686,918
34,387
.
1936
$555,666
21,069
Slip stitching ma¬
chines
238,759
i——
Stock in American
.
'
"
1
$534,596
380,038
400,804
Patents, pkt. rts.,
licenses, &c.—
$246,247
517,427
Deferred
y
$46,533
Land and bldgs.
2,149,958
$21,369
$46,533
$109,751 prof$271,180
Pro fdrma after giving effect to adjustments from plan of recapitaliza¬
tion of Birmingham Gas Co. consummated Feb., 17, 1939.
1939
Gross revenues
-
$713,354
$890,296
81,734
39,747
$631,620
346,446
371,870
$850,549
365,860
388,989
def$86,696
*
_
1938
$95,700
-----
Operating expenses.
Gross income
Unconditional interest.
Conditional interest
Net income.*—
;
Balance Sheet
Mar. 31 '39 Dec. 31 '38
Assets—
Invest,
in
$
sub.
Long-term debt.—10,432,000 10,432,000
affil. companies. 13,255,910
Notes & accrd. int.
thereon
Liabilities—
$
&
Mar. 31'39 Dec. 31 '38
$
S
13,396;060 Accrd.
int.
on
debs:
lic
338,700
Invest, in affil. cos 2,096,758
Other investment2,436
Special dep. with
742.920
2.096,758
2,436
.1,045,428
Ctfs. of iudebt. &
accrued
interest
int.
2,061,209
3,364,318
debture Issues..
Cash in bank.
346
346
17,354
13,013
Dividend receiv...
21,000
Sund. prepd. exps.
75
960,737
Notes payable
Accounts payable.
435,000
40,000
25,488
26,713
1938
$2,162,086
1,720,513
1937
1936
1935
$3,663,368
2,610,653-
$3,791,047
2,679,992
$3,060,093
2,111,557
$441,572
63,755
$1,052,714
74,237
$1,111,055
119,384
$948,536
129,449
$505,327
$1,126,951
711,901
Operating profit—_.sur$206,573
Profit on retire, of bds__
16,833
871,598
$1,230,439
882,501
$1,077,985
721,671
— _.
— -
Cross profit on sales..
Other
iricome--
s.-.-'—-
Gross income.-
Sell., adm., gen. exp., &c
funded debt
56,460
1,161
189,637
Other accrd. liabs.
Com .stk. ($1 par)
Bond interest
y
1,002,592
189,637
1,002,592
568,295
Dividends.----
15,732,580 16,251,835
Total
15,732,580 16,251,835
—
quired).
Pro Forma Balance Sheet Jan. 31, 1939
y
———
See
-
1938
$169,349
d Notes and trade
accepts.
;
58,982
"
15,241
Cr50,960
$182,469
164,043
$156,539
$181,349
136,717
Realized on sale of certain fixed assets
,
...
,
undistnbuted profits (none re¬
Other accruals
388,134
397,798
Deps. with ins .cos.
Inventories
32,105
940,871
423,485 Res. for prior yrs.'
Fed. inc.taxes..
380,927
Adv.pay.on contr.
33,954 Conv. 4% debs1,289,772 Notes pay. 1939—
Res. tor contlng's-
Stocks, bonds and
667
mortgages..—Ore reserve
Liabilities—
1937
$259,007 Notes payable
Accounts payable-
accr'd
Int. receivable—
a
x
Balance Sheet Dec. 31
-
&to secure bids.
(Giving effect to adjustments resulting from the plan of recapitalization of
Birmingham Gas Co. as consummated on Feb. 17, 1939)
Assets—Investment in subsidiary and affiliated companies, $13,277,517;
notes and accrued interest thereon, receivable from subsidiaries, $338,570;
investments in affiliated companies, $2,096,758; other investment, $2,436;
special deposit with trustee under debenture issues, $346; cash in bank,
$21,730; sundry prepaid expenses, $225;total, $15,737,583.
Liabilities—Long-term debt, $10,432,000; certificates of indebtedness and
accrued interest thereon, $2,045,022; cumulative conditional interest on
secured debentures, $923,097: notes payable, $600,000; accounts payable,
$18,792; other accrued liabilities, $1,505; common stock ($1 par), $189,637;
capital surplus,' $1,002,592; earned. surplus, $524,937; total, $15,737,583,
—V. 147, p. 2858.
.• '
"
$356,314
1,550
$357,864
102,291
.
j
None considered necessary,
d Accts. receiv'le-
Total
$347,938
$347,938
110,942
41,291
5,100
8,135
during year.
Note—No deduction made for surtax on
151,146
_
•
— -
Assets—
Earned surplus
31,633
,
Extraordinary profit — 0300,967
Net profit.
_loss$601,499
Cash
Capital surplus
$255,353
$255,353
115,055
34,720
Prof., incl. bds. repur .loss$l89,740
Depr. & depl. of ore res.
79,158
Accrued interest on
""300
After reserves for deprecia¬
Incy-—Annual Report-
American Machine & Metals,
x
seed, debs
on
y
1938 and $1,472,890 in 1937.—V. 147,, p. 1182.
Calendar Years—
Net sales
Cost of sales
Cumul. conditional
trustee under de-
Represented by 1,000,000 no par shares,
x
.
thereon—.
Total—*—17,910,863 17,872,151
.17,910,803 17,872,151
Prem. paid on bds. red.Prov. for Fed. inc. tax..
in hands of pub¬
receiv.
from subs
70,637
charges-
tion of $1,562,768 in
Earnings for the 12 Months Ended March 31
»
2,.458,631
54,833
equipment
Totfl
x
163,669
163,668
$652,531
370.671
'391,612
$109,751
$687,694
346,057
388,169
sees
Net. loss
7,000,000
9,570,523
-
Accts. receiv. from
&
Balance, deficits
58,906
271,456
Reserve for special
contingencies-..
Mach. & F. Co.
Gross income.
652,426
85,477
<fc other taxes...
...
———Years Ended Dec. 31-
Jan.
revenues
Operating
485,244
239,634
7,000,000
35,062 x Common stock.
Earned surplus— 9,740,931
12,686
Notes & ac ts. re¬
ceiv., not curr't.
'
13 408
6,110
Inventories
2,050,303
2,112,518
Inv. inaffil. cos...11,467,043 11,437,326
Co.—Earnings—*
xYear End.
31,
$
418,841
Accr'd Fed'l, State
.
141,318
9,963
18,112
Accts. rec. affil.cos
1937
•'■
officers & empj.
'American Gas & Power
Period—
„
receivable
'
359,676
-
and accept-
ances
$
283,189 Accounts payable
426,307 Loans payable to
banks.---.....
720,121
460,028
420,080
817,793
securities
Liabilities—
$
$
Cash
1938
"1937
1938
,
,
The Securities and Exchange Commission on May 15 granted an order
approving the organization of the American Gas & Electric Service Corp.
as
a subsidiary service
company for the American Gas & Electric Co.
7,668
and
mineral rights—
15,252
b Fixed assets..—
850,565
Deferred charges-
29,694
104,716
951,640
40,168
c
Capital stock—
1938
$330,000
110,771
78,772
4,937
1,773
628,000
37", 121
1,532,965
Capital surplus—
028,932
Earned surplus
def528,835
1937
$330,000
89,745
108,341
1,440
2,070
090,500
30,000
49,681
1,532,965
583,932
72,663
Goodwill, patents,
Ac————
Total——
—
—$2,824,437 $3,491,337
Total
.—.$2,824,437 $3,491,337
b After depreciation of $548,508 In 1938 and $571,990
in 1937.
c Represented by 306,593 shares (no par).
d After reserve for
doubtful accounts.—V. 147, P. 3149.
a
After depletion,
Financial
3212
Hide & Leather Co.—Pref. Accruals Paid Up
18 declared a dividend of $2.75 per share on the 6%
cumulative preferred stock, par $50, payable June 15 to holders of record
June 7.
This payment consists of back dividends of $2 per share thus
paying up all accruals and the regular quarterly dividend of 75 cents ordin¬
Chronicle
May 27, 1939
General Balance Sheet Dec. 31
American
arily due at this time.
Directors stated that the dividends are
Arcts. receivable-_
Corp.—Acquisition—
The new ownership will continue
1st of 29.
The
J>resent management policies and expects to current line, will be confined to
products, as with the add pew products to the present,
new
children aged four months to six years.
H. W. Roden, President and General Manager of Harold
the feeding of
and
a
former Vice-President, director
H. Clapp, Inc.,
and advertising manager of Johnson
& Johnson, continues as operating head of the concern.
The company will
also retain its other executives, including E. J. Fitzi)atrick, Vice-President
Roehl, Vice-President and Assistant Sales Manarger; R. B, Thomas, Treasurer, and R. A. Reinecke, Secretary.—V. 148,
p.
i792.
»
and Sales Manager; W. J.
American Power &
Accrued Interest..
26
$5,287,301 $5,284,0541
Total...
bonds due June
Engine Building Co. stock, 93,845 shares (61.59% of total capital stock) at
$1; Cramp-Morris Industrials, Inc., stock, 131,427 shares
nominal value,
(87.62% of total capital stock) at nominal value, $1; Harriman Building
shares, $197.
Corp. common stock, 77.78
pledged to
secure notes payable,
c Wm. Cramp &
Co. after reserve of $319,339 in 1938 and
d Represented by 591,271 no par shares.—V, 146, p.
b These securities are
Ship & Engine Building
Sons'
$290,912 in 1937.
3001.
,
Founders, Inc.—Earnings—
American Type
1939
$6,180,353
Gross income...
$9,360,600
$9,361,300 $35,583,483 $37,735,323
J5,984,663
0330,576
190,720
Balance.
$5,432,717 $19,927,653 $22,081,236
1,792,914
7,171,707
7,171,623
$5,311,713
1.792,933
19,383
20,461
________
of Amer.
Power & Light Co.0
63,907
equity
in income of subs...
Amer. Pow.
76,735
loss$227,159
Shares of capital stock (par
$3,620,420 $12,692,039 $14,832,878
$3,498,319
19,857
19,366
^
-
,,
75,076
„
,
„
,
«
,
59,944
'
r
-
-
$3,639,786 $12,767,115 $14,892,822
96,530
426,567
398,617
725,323
2,906,613
2,910,842
$2,817,933
$2,687,434
The directors have declared
$6
$5
$9,433,935 $11,583,363
>
dividend of 75 cents per share on the no
dividend of 62 K cents per share on the no
pref. stock and a
pref. stock, both payable July 1 to holders of record June 9.
paid on April 1 and Jan. 2, last and on Oct. 1, 1938.
Dividends of SI .12^ and 93 % cents per share, respectively, were paid on
the $6 and $5 stocks on July 1 and April 1,1938, and on Dec. 20,1937.
See,
V. 146, p. 1389 for record of previous dividend payments.—V. 148, p. 2885.'
cum.
American Public Service Co. (&
Subs.)—Earnings—
3 Months Ended March 31—
Operating revenues
,
1939
,
1938
.
$1,256,451
819,349
$1,275,826
$437,102
b
'
income
826,813
$473,015
282,173
19,805
3,747
4,825
$459,441
274,956
19,266
3,739
Other income deductions.
Dividends
at cumulative rate for the period on
preferred stock of West Texas Utilities Co. held
by public
6,214
-
.
'
70,542
.
Net income
71,662
$84,723
Income Account
3 Months Ended March 31'—
'
$90,802
xl938
$64,107
ferred
charges.
of
Public
19,990
1,382
1 otal.....
Amortization of profit
sidiary
on
.
$85,800
2,136
"■
After
$83,613
1,393
368
556
$80,911
Accumulated Dividend—
cumulations
on
dividend of $1.50 per share on account of ac¬
the 7 % cumulative preferred
stock, par $100, payable June
16, 1937.
147,
p.
3149; V. 148,
p.
....
.$9,783,768 $9,625,506
reserve
Water Works
Week End—
5,680,963
Capital surplus
1,711,741
$9,783,768 $9,625,506
Total....
Inc.—Weekly
1937
38,313,000
38,666,000
39,542,000
37,701,000
1936
50,513,000
50,876,000
51,191,000
50,723,000
45,791,000
44,433,000
44,766,000
44,605,000
'
37,100,000
37,658,000
38,207,000
38,269,000
Arkansas Louisiana Gas Co.—-Bonds Called—
$100,000 first mortgage bonds 4% series due 1951 have been
redemption on July 1 at 101 and accrued interest. Payment will
Co. of N. Y.—V.Y48, p. 871. ;
:
be made at the Guaranty Trust
Arkansas-Missouri
Power Corp.—Earnings—
Period Ended March 31—
Operating revenues
Oper. expenses and taxes
1939—3 Mos —1938
12 A/os—1939
$291,408
$289,119
$1,313,141
:
„
Interest and other deductions!
Net income...
accounts
p.
970,406
$551,213
308
$342,734
27,307
$62,277
36,346
$5<1,522
3c5,409
$370,041
146,115
$62,029
...
herein.—V. 148,
229,906
229,378
248
Net operating income
Other income (net)
of
the
■
..
$25,931
subsidiary company
$23,113
$223,926
not consolidated
are
3053.
Arkansas Power & Light Co.—Earnings—
Operating
revenues.....
Oper, exps.,incl. taxes..
Prop, retire.res. approp.
1939—Month-*-1938
$714,264
$651,199
397,524
344,239
93,000
96,000
1939—1,2 Mos.t-193,8
$9,109,343
4,873,193
4,779,141
1.273,599
1,067,746
$9,362,386
$210,960
$3,215,594
$3,262,456
1,229
$210,960
1,020
$3,215,594
14,139
$3,227,092
9,650
$224,969
146,385
$211,980
146,385
9,519
Cr260
10,692
$3,229,733
1,756,624
116,551
$223,740
Rent from lease of plant
(net)
Operating income
Other income (net).....
Gross income
Int.
on
mortgage bonds.
$223,740
Crl.010
Cr6,409
$3,236,742
1,809,973
117,086
014,208
$55,913
preferred stocks for the
unpaid
$1,362,967
$1,323,891
Other int. & deductions.
Int.
Dr35.364
......
chgd. to constr'n..
x
income.
$69,325
Dividends applicable to
distributed.
At that time directors decided to pay dividends semi-annually
instead of quarterly.—V. 147, p. 3302.
American Ship &. Commerce Corp.—Annual
Report—
1938
1937
1936
1935
$19,871
226,910
10,450
$19,590
224,836
3,500
$19,547
223,945
6,600
'*• 221,856
$257,231
$247,926
$250,092
$245,787
$21,230
2,700
x
Dividends
$1,265,687.
or
accumulated
and unpaid to
949,265
949,265
$413,702
Balance
a
paid on Dec. 15, last, this latter being the first dividend paid since
March 15, 1938 when a regular quarterly dividend of 2 cents
per share was
5,680,963
1,671,741
660,102
A total of
was
Net loss
,
369,673
& Electric Co.,
1938
1939
April 29
39,179,000
May 6
39,367,000
May 13 ....39.154,000
May 20
43,269,000
—V.148, p.3052.
period, whether paid
Extraordinary charges..
965,400
of $178,433 in
dividend of 3 cents per share on the common
stock, payable June 15 to holders of record June 1. A dividend of five cents
Interest charges
....
2253.
American Toll Bridge Co.—To Pay 3-Cent Dividend—
Calendar Years—
General expenses
72,678
938,500
sink.
Comparative table of weekly output of electric energy for the last five
follows;
Net
Directors have declared
convi
years
a
20 to holders of record May 31.
Dividends of $2.50 was paid on Dec. 20,
last and last Previous payment was $1.75
per share made on Dec.
—V.
75,000
Output of electric energy of the electric properties of American Water
subsequently
to March 31,
1938, increasing
dividend income anplicaale to the 3 months ended that
date, has been given
effect to in this column.
P* Directors have declared
inc.
payable..—
15-yr.
lbKiioo
91,000
payable.
Fed.
for
tax
Cap. stk. ($10 par)
99,189
129,125
Net oper. revenues
made
Contract
752
$79,220
adjustment
..
79,084
inc.
for depreciation of
Note—The
4,075
W Net income.
400,000
fund debs
Period End. Apr. 30-—
Total income..
50,286
Accrd. int. on debs
..
Fed.
(est.)
Works and Electric Co .for the week ending May 20,1939, totaled 43,269,000
kilowatt hours, an increase of 14.8% over the output of 37,7Q1,000 kilowatt
hours for the corresponding week of 1938.
320
General and miscellaneous expenses
Taxes, other than income
Income taxes
124,006
5,089
9,776
J.
for
Res.
_
American
i
sale of bonds of sub¬
company...
Other dividends and interest
152,729
&c_
Res.
1939 and $171,541 in 1938.
b After re¬
$984,032 in 1939 and $812,985 in 1938.
c Less
$446,003 for depreciation in 1939 and $405,258 in 1938.—V. 148, p. 430.
a
serve
1,382
Service
Co. of Oklahoma...
$295,331
Earned surplus...
$62,240
19,990
stock
91,983
Gross income
1939
"
Utilities Co
common
2,331,980
53,619
79,893
supplies, &c., de¬
of Company Only
Income—Dividends pn pref. stock of West Texas
on
2,524,201
ship'g
&
called for
Interest on long-term debt...
Amortization of bond discount and expense
General interest.
;
92,875
&c.
Prepd. taxes & ins.
Factory
1938
1939
$349,298
payable.
Acer .salaries,taxes,
tax
Land, bldg., maEquipment,
Accounts
Notes pay. to bank
$884,187
2,973,457
2,691,675
381,075
Accta.& notes rec
cb'y, equip.,&c.
24,001
Net operating
income..jT..
Other income (net)i
Liabilities—
1938
1939
$627,833
3,379,413
Inventories..!
2,656,897
Mtges.rec. (less res)
236,025
Typograph. library
real est. &c.,inv.
96,764
$449,013
22,338
expenses and taxes....;
Dividends
profits.
Consolidated Balance Sheet March 31
a
cum.
Gross
495,116
$1.04
depreciation of $253,076 in 1939,
Output—
:
amounts were
Operating
568,096
$0.26
•
$228,119 for 1938 and $199,153 for 1937.
No provision has been made for Federal surtax on undistributed
of sub. cos..—
Accumulated Dividends—
Like
$514,964
568,096
Nil
$10)
share on capital stock—
Notes—The income account includes
1
con-
which one of the subsidiaries had been engaged
regarding a rate reduction, for which a reserve had been provided by
appropriations from surplus, was decided against the company in Nov.,
1938.
An adjustment was charged against operating revenues in Dec.,
1938 to remove from revenues for the year 1938 the amount of the rate
reduction applicable to the first 11 months of the year.
For the 12 months
ended Jan. 31, 1939, this adjustment has the effect of removing from operat¬
ing revenues $58,265 more than the amount applicable to that period.
Operating revenues for the 12 months ended Jan. 31, 1938 in the above
statement includes $611,850 of revenues of such subsidiary in litigation
during the period, for which a reserve was provided.
par
per
Assets—
Note—Litigation in
par
income
Earnings
c
earned surplus.
$145,139
debentures.
Gash
$3,518,176
Expenses, incl. taxes...
106,425
Interest and other deduc.
724,317
sol.
on
Federal and foreign income tax
a
Total..
•
30,000
$782,912
102,635
17,167
123,147
25,000
71,987
21,274
33,886
2,489
...
$3,620,420 $12,692,039 $14,832,878
$3,498,319
-■
Balance carried to
$320,443
93,635
13,456
38,214
income.
Total
'
tfe Light—
income of subsidiaries
$610,696
172,217
,
Net equity of American
Power & Light Co. in
Other income
$136,006
184,438
;—;
...
Miscellaneous deductions..
Net
Pref. divs. to public
Portion applic. to min¬
4,897,826
2,374,263
Selling and general expenses..
Interest
16,029,041
0373,211
1937
$7,882,785
5,102,408
2,326,044
Cost of goods sold.....
Discounts allowed
4,028,343
Cr99,760
1938
$7,564,458
4,319,840
2,148,755
Years Ended March 31—
Other income (net)
4,051,179
Cr2,292
$5,287,301 $5,284,054
Total
& Sons' Ship & Engine Building Co. gen. mtge. 6%
1, 1930, at cost of $1,958,600; Wm. Cramp & Sons' Ship &
Cramp
Wm.
a
3,323,839
26
(net)
Othbr income
Interest to public & other
deductions
879,462
687,929
cos..al,958.799 al,958,799
Furn. & fixt.
$9,287,996 $35,435,624 $37,511,308
73,304
147,859
224,015
Net
430,698
Net sales
$9,327,596
33,004
ority interests
1,106,372
[Including Wholly-Owned Subsidiaries]
Subsidiaries'—'
Int. charged to constr..
to
d Capital account.
at
Capital stk., 7,019 shares.-- 3,323,839
1939—12 Mos.— 1938
Operating revenues
$25,080,966 $25,320 ,S21 $97,098,238 $98,550,714
Oper. exps., incl. taxes. 13,202,864
13,447,801
52,017,675
52,108,120
Property retire. & depl.
reserve appropriations
2,550,506 . 2,585,024
9,644,939
8,931,286
Net oper. revenues..,
1937
1938
payable
others, secured.$3,741,000 $3,707,000
Accounts payable.
9,231
9,663
cost;
Light Co. (& Subs.)—Earnings—
1939—3 Mos.—1938
Period End. Jan. 31—
Line
Am.
Inv. in affil.
Harold H. Clapp, Inc., pioneer and one of the leaders in the strained and
chopped baby foods industry, has been sold by Johnson & Johnson, phar¬
maceutical manufacturers, to this corporation, makers of drug and grocery
products, it was announced on May 23.
receivable
Notes
Liabilities—
Notes
b Inv. in Hamburg
made payable June 15, rather than
June 30, to insure the receipt of the payment by all the stockholders prior to
June 30, the end of the company's fiscal year.—V. 148, p. 2570.
American Home Products
$4,433
202
1
Cash............
c
1937
$1,376
13
1
1938
Assets—
Directors on May
$374,626
April 30, 1939, amounted to
share on the $7 pre¬
1,
Latest dividends, amounting to $1.75 a
ferred stock and $1.50 a share on $6 preferred stock, were paid on April
1939.
Dividends on these stocks are cumulative.—V. 148, p. 2571.
Associated Gas & Electric Co.—Weekly
For the week ended May
Output—
19, Associated Gas & Electric System reports
of 88,755,036 units (kwh.).
This is an increase of 6,912,225 units or 8.4% above production of 81,842,811 units for a year ago.
Gross output, including sales to other utilities, amounted to 99,893,182
units for the current week.—V. 148, p. 3053.
net electric output
Volume
148
Financial
Artloom Corp.—Annual
Calendar Years—
Gross profit on sales
Report-
1938
1937
1936
x$430,271
317,092
68,628
66,590
48,977
48,048
97,160
24,058
83,027
x$454,580
286,886
48,007
4,236
63,011
Locomotive
Subsidiary Cos., including the Midvale Co., was announced
on May
23, as $2,641,764, as compared with $1,863,003 for April, 1938.
Tbe month's bookings brought the total for the consolidated group for
the first four months of
1939 to $24,270,797, as compared with $10,667,080
Works and
..
in
the same period last
year.
C°nsolidated shipments,
,
168,
Loss
Other
$126,462
$141,587
36,768
Dr387
income
as
$89,694
7,233
Federal taxes, &c
Net loss
Dividend
$15,461,159 for the
pref. stock.
$154,722 prof$14,430
38,756
40,873
31,318
Deficit
$128,245
$26,443
with
All
prof$43,318
42,833
sur$485
$193,478
Balance Sheet Dec. 31
Assets—
1938
1937
Patents, &c
Cash
1
Notes
\
receivable../
Investments
investments.
1,500,000
300,000
65,243
1
1,054,279
884,162
27,576
12,244
15,689
1,379
_
3,017
74,700
25,689
.
UCUULLIUH
18,769
tures.
of pref. stock...
120,976
102,406
Earned surplus..".
119,692
606,638
Dr632,300
pref. stock.
Total...
w*
VI
P
Trr
1
Oper. exps. (incl.
in
!.50
__
Other income....
Pref.
UU
$171,419
BCl 1C5
XV
/Q
$177,081
dllU
Q /Q
UtJUCU'"
at the full stipulated
1939—4 Mos.—1938
12,414,185
$2,771,676
364,030
1,413,989
1,574,158
$211,050
51,922
.
-
Gross income
Interest
Other
I, last, this latter being the first
1938 when a dividend
on
$288,403
71,315
$1,000,196
236,413
$1,197,518
281,076
$159,128
Dr4,935
$217,088
Drl4 ,709
$763,783
Dr27,616
$916,442
Dr67,790
$736,167
$848,652
239,470
6,455
—V.
Statement accompanying the current dividend announcement said that
'while undivided net profits are determined at the
present time for only
the first 10 months of that fiscal
year, they seem clearly sufficient to protect
this payment.
Of course, it cannot be known at this time what will be the
undivided net profit for the entire fiscal
year on which further preferred
dividends for that year depends,"
148,
p.
.
$154,193
62,782
2,652
$202,379
59,935
1,220
251,923
10,937
$88,759
funded debt.
deductions..
Net income.
dividend paid on the preferred shares since
Feb. I,
.
$70,876
J JLlLd C&t
1939—Month—1938
$548,352
$652,433
....
on May 23 declared a dividend
of $2.50 per share on the 5%
non-cumulative preferred stock, payable
Aug. I to holders of record June
23.
A dividend of $l was paid on Feb.
Officer—
1U1
m
Operating income.
W Directors
New
AJJctlAt3
•
AtOO
Atchison Topeka & Santa Fe Ry.—To
Pay
Dividend—•.
of $2.50 per share was distributed.
JO
Net rev. from opers.
Tax accruals
1937.
in
354,425
337,302
$3,367,218 $3,339,621
After depreciation of •aJ.L|AAtl01«7 AAA A *7
$1,214,319 in 1938 and *4pAfX|
QO
CtiiU
$1,171,383
k-rr OAfl AAA
Represented by 200,000 no-par shares.—V. 148, p. 2733.
x
"
y
$3,367,219 $3,339,6211
119,692
483,097
»
$548,981
.
$190,915
The approximate interest for the 4
months,
Period End. April 30—
Gross oper. revenues
reduct. in stated
Total
$199,371
22,290
$548,697 '
357,792
Bangor & Aroostook RR.—-Earnings-
Surp. arising from
Treas.
$196,190
24,770
«
rates, is $31,660.—V. 148, p. 2415.
purch. & retire't
value
5.274
$76,606
5,730
$58,873
9,610
26,860
1,550
$194,555
4,816
'
'
Net income.
Surp. arising from
$75,056
$65,409
6,536
_
93,792'
$63,642
1,767
,
$168,849
93,472
Fixed charges.
"V.663
26,036
Misc. curr. liab
4,341
...
Deferred cherges.
Miscell. assets....
$157,114
Gross income
Accrd. wages, &c_
U. S. & Pa. taxes..
433,993
revenues
Operating income
Non-operating income.
12,422
Reserves
1,705
Inventories..
Common stock..
balance
on
Co.—Earnings—
Taxes
Cust. accts.—cred.
203,323
988
.....
Accrued interest
42,806
415,356f
..
1937
Notes payable
compared with
including
Period End. Apr. 30—
$444,900 $1,173,200
1,500,000
390,000
Accounts payable.
214,526
y
1
77,025
....
A cctsreceivable
Preferred stock
as
Midvale,
$30,281,147 as compared with $13,401,321 on Jan. 1,1939 and
$19,098,956 on April 30, 1938.
figures are without intercompany elimihations.—V. 148,
p. 2887.
Net oper.
1938
Liabilities—
Land, bldgs..ma¬
chinery, &c
$1,779,037 $1,752,940
1939,
[Including Baltimore Coach Co.]
1939—Month—1938
1939—4 Mos.—1938
Operating revenues.....
$986,365
$1,018,288
$3,864,664
$3,906,125
Operating expenses.....
829,251
849,439
3,315,967
3,357,145
After discovmts and bad debts.
y After deducting cost of sales amount¬
ing to $1,638,725 in 1938 and $1,773,576 in 1937.
x
30,
four months of 1938.
consolidated unfilled orders
Baltimore Transit
*■
x
f
April
Consolidated ship¬
$7,587,635
first
amounted to
$141,974 prof$29,136 prof$64,822
12,748
14,706
21,504
$96,927
on
including Midvale, in April aggregated $1,907,-
compared with $4,943,436 in April of last year.
ments for the first four
months of 1939 were
prof$6,094 prof$52,440
23,042
12,382
On
Total loss
Works—Bookings—
The dollar value of orders taken in
April by the Baldwin
1935
y$370,269
366.648
Idle plant expense
Liquidation losses
3213
Baldwin Locomotive
y$340,494
282,760
Expenses.
Depreciation
Inventory adjustments.
Chronicle
$141,224
$473,307
....
$602,727
f
2572.
Bangor Gas Light Co.—Earnings—
Calendar Years—
Operating
Operating
revenues
1938
...
Net operating income.
.
Non-operating
Fred G. Gurley was elected Vice-President and
geeral executive assistant
Engel, President.—V,. 148, p. 2571.
1937
$144,015
101,828
...
expenses
$136,092'
107,610
$42,187
570
inqome..
$28,482
1,197
$42,757
17,097
7,769
$29,679
16,083
6,529
to E. J.
Gross
Interest deductions
Provision for retirements and replacements..
Interest to American Gas & Power Co., on notes
Atlantic Coast Line RR.—Bonds Authorized—
The Interstate Commerce Commission on
May .17 authorized the com¬
pany to procure the authentication and delivery of not
exceeding
payable
$1,314,000
of general unified
mortgage 50-year series A
4M% gold bonds to reimburse
the treasury for expenditures made in
retiring a like amount of first mortgage
5% bonds of the Norfolk & Carolina RR.—V. 148,
Atlantic Seaboard
p.
2886.
Corp.—Proposed Sale of Investments■—
Corp. is
the issue and sale of its
common
stock and
6%
Electric Corp.
Amere Gas Utilities Co. filed a declaration
covering the reclassification
of its common stock and the sale of shares
of its common stock and
notes to Columbia Gas & Electric
Corp.
Virginia Gas Distribution Corp. filed
6%'
declaration with respect to the
reclassification of its common stock and the
salg of shares of its common
stock and 6% notes to Columbia Gas & Electric
Corp.Columbia Gas & Electric Corp. filed an
application for approval of its
acquisition from Atlantic Seaboard Corp. of shares of common stock of
Amere Gas Utilities Co., Virginia Gas
Distribution Corp. and Virginia Gas
Transmission Corp.
It filed an application for approval of its acquisitions
(1) from Atlantic Seaboard Corp. and shares of common stock and
6%
notes of that company; (2) from Amere Gas Utilities
Co. of shares of com¬
mon stock and
6% notes of that company; (3) from Virginia Gas Distribu¬
tion Corp. of shares of coihmon stock and
6% notes of that company,
and (4) from Virginia Gas Transmission
Corp. of shares of common stock
a
and 6 % notes of that company.
o
It is stated that Atlantic Seaboard Corp. will file an
application for an
order of the Commission declaring that upon the consummation of
the pro¬
posed sale it will cease to be a holding
company.
directors
have declared a dividend of 50 cents
per share on the
stock, no par value, payable June 26 to holders of record June 15.
Dec. 21, last; 50 cents paid on Oct. 25 and
on Aug. 25, 1938; $1.30
paid on Dec. 21,1937, and 50 cents paid on Oct. 25,
Aug. 35, June 25, 1937, and on Oct. 23, 1936, this last being the first
payment made since Dec. 15, 1935, when a similar dividend was
paid.
—V. 147, p. 3302.
This compares with $1 paid on
RR.—Earnings
Period End. April 30—
1939—Month—1938
1939—4 Mos.—1938
$8,639,919
$8,441,522 $39,568,464 $34,413,244
817,720
852,453
3,024,200
3,307,721
253,881
257,839
982,941
1,033,317
141,121
138,055
490,923
379,622
354,589
365,030
1,454,715
1,422,199
Mail
revenues
Express revenues
All other oper. revenues_
Ry.
$10,207,230 $10,054,899 $45,521,243 $40,556,103
1,172,7§4
835,565
3,857,844
4,065,029
2,518,480
2,252,574
10,325,415
9,713,245
400,387
373,841
1,498,055
1,490,414
Transp.—rail line
4,276,163
4,255,180
17,724,561
17,775,106
Miscell. operations
107,162
125,534
408,901
492,099
General expenses
456,583
402,911
1,989,674
1,700,793
Transp. for investment.
Cr369
Cr4,728
Cr4,220
oper. revenues
Maint. of way & structs.
Maint. of equipment
Traffic.
Net
rev.
from ry.opers $1,276,030
Railway tax accruals
Equip/rents (net)l
Joint facil.rents (net)
857,789
.
256,496,
150,701'
$1,809,294
889,421
232,984
192,204
$9,721,521
3,496,017
733,036
524,756
$5,323,637
3,631,497
700,712
699,681
$494,685
$4,967,712
$291,747
■
Net ry. oper. income..
—V. 148, p. 3053.
$11,044
1939
1938
$145,123
102,769
Net operating income.
$140,142
111,581
$42,354
1,810
Non-operating income.
$28,561
1,197
'
Gross
income.
$44,164
24,244
6,776
Interest deductions..
Provision for retirements and replacements
Net income
$13,144
.
.
$29,758
23,371
8,158
■
def.$1,771
Balance Sheet March 31,1939
Assets—Property, plant, and equipment, $1,166,992; investments, $571;
cash, $3,039; accounts receivable (net), $38,913; merchandise, materials
and supplies, $22,934; insurance deposits, $444; prepaid
expenses, $1,763;
other deferred charges, $1,132; total, $1,235,790.
Liabilities—Long-term debt, $300,000; notes payable to affiliated com¬
pany—American Gas & Power Co., including accrued interest thereon,
$132,205; consumers' meter and extension deposits, $1,837; notes payable,
banks, $43,000; accounts payable, $25,369; accrued taxes, $4,099; other
current liabilities, $683: reserves, $20,666; capital stock ($100
par), $600,000;
earned surplus, $107,931; total, $1,235,790.—V. 147, p. 2860.
Bankers Securities
Corp., Philadelphia-—Not Connected
with Bankers Securities Co., Inc., of
Washington—
We wish to call attention to the fact that the Bankers Securities
Corp.,
(1315 Walnut St.), Philadelphia has absolutely no connection with Bankers
Securities Co., Inc. with offices at 1422 K Street, N. W., Washington, D. C.
The latter is a registered dealer pursuant to Section 15 of the Securities Act
of 1934 and is at the present time under investigation by the SEC (see
details under that company.)-r-V. 148, p. 723.
Bankers
Securities
Co.,
Inc.,
Washington,
D.
C.—
The Securities and
common
Freight revenues
Passenger revenues
$17
SEC Hearings on Revocation of Registration to Be Held June 1—
Badger Paper Mills, Inc.—Dividend Reduced—
Baltimore & Ohio
7,050
"~7
$10,841
......
Gross operating revenues:
Operating expenses
wholly-owned subsidiary
The declarations and applications con¬
notes to Columbia Gas &
The
»
--
a
Atlantic Seaboard Corp. filed an application for
approval of the sale of
common stocks of Amere Gas Utilities Co. and
Virginia Gas Distribu¬
tion Corp. to Columbia Gas & Electric
Corp.
It filed an application for
approval of the acquisition and retirement of $1,295,000
6% income de¬
mand notes to be received as a
capital contribution from the parent com¬
pany.
It also filed a declaration covering the proposed increase of author¬
and
7,050
—
Earnings for 12 Months Ended March 31
the
stock
—
i
of Columbia Gas & Electric
Corp.
sisted of the following:
*
common
*
...
Net income
The Securities Mand Exchange Commission announced
May 22 that a
series of declarations and
applications (File 43-206) had been filed under
the Holding Company Act in connection with the
proposed sale by Atlantic
Seaboard Corp. of its investments in its
subsidiary companies to Columbia
Gas & Electric Corp.
Atlantic Seaboard
ized
income
Exchange Commission on May 15 set June 1 for a
hearing to determine whether the registration of the company, should be
revoked.
In announcing the hearing the Commission made known that it
had reasonable grounds to believe that the registrant had violated various
sections of the Securities Act in the sale of securities by use of the mails
and other means of transportation in interstate commerce.
The following is from a SEC release, dated May 15:
Bankers Securities Co., Inc. (with offices at 1422 K St. N.W., Washing¬
ton, D. C.) was organized in Delaware and is registered as a dealer pursuant
to Section 15 of the Securities Exchange Act of 1934.
Bankers Credit & Acceptance Corp. is a corporation organized in Dela¬
ware (and referred to as issuer.)
Samuel Robert Smith is President of registrant and Secretary-Treasurer
of issuer.
May 13, 1936 a registration statement, pursuant to the provisions of
10,000 shares
7% cumulative preferred stock, and 10,000 shares of common stock of
issuer.
Issuer had previously entered into a written contract for the sale
by registrant of the above securities to the public in units of one share of
preferred stock and one share of common stock at the price of $25 per unit.
Under the terms of this contract issuer was to receive $20 per unit or a total
of $200,000 and registrant was to retain $5 per unit or a total of $50,000.
On May 13, 1938 a prospectus was filed as an exhibit to said registration
statement, and on May 28,1938 an amended prospectus was filed containing
the following provision:
"The company" (issuer) "estimates that it will require at least $40,000
working capital to enable it to properly begin business. While the procees
derived from the sale of the securities covered by this prospectus will not be
escrowed or trusteed, the company will not disburse any of the proceeds
thus received from the sale of its preferred and common shares unless and
until it has received a minimum of $40,000 from the sale of its said securities.
In the event the co. fails to obtain said minimum of $40,000 from the sale
of its securities within 90 days from the effective date of this registration
statement covering this issue the company will refund to the subscribers
On
the Securities Act of 1933, was filed with the Commission for
of
;
Financial
3214
received by the company from such subscriptions, or
$20 per unit, said units consisting of one share of preferred stock, par $20,
and one share of common stock, no par, offered to the public at $25 per
unit. Subscriptions to this offering will be so conditionally accepted."
At a later date, Sept. 17, 1938, following some of the sales hereinafter
described, an amendment was filed amending the registration statement
and the above quoted provision of the prospectus or May 28, 1938, as
Barkey Grow
the full net amount
follows:
"The company
estimates that it will require at least $40,000 working
begin business.
capital to enable it to properly
accepted.1'
See list given on
•
•
grounds to believe that:
During the month of August 1938, registr .nt sold a resident of Washing¬
ton, D. C. four units of the above stock by means of the representation that
was a good investment and the representation that a 7% dividend would
be received from the preferred stock beginning three months from the date
of purchase.
Registrant omitted to disclose to the purchaser that issuer
would not begin business unless $40,000 were received from the sale of its
securities.
Registrant delivered these securities to the purchaser by mail
and did not furnish.purchaser with a prospectus meeting the requirements
The Commission has reasonable
of Section 10 of the Securities Act of 1933.
already obtained from the saie of this issue of securities in large part had
been disposed of.
Registrant delivered 20 units of these securities to the
purchaser by mail under letter of transmittal dated Aug. 31, 1938, which
was received during the latter part of September or the early part of October,
1938.
As of the date of the receipt by the purchaser of these securities,
registrant had not furnished this purchaser with a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933 and did not furnish
such a prospectus until December, 1938.
[Several other instances of the sale of units are cited by the SEC., the
registrant in ail cases not complying with the requirements of the Security
Act.]
of its securities were
loaned to
registrant and as of Feb. 28, 1939 registrant owed to issuer $10,220. $11 r
975 were obtained from the public by registrant through the sale of such
Of this amount $9,580 should have
securities.
been paid by registrant to
issuer arid not disbursed by issuer until a minimum of $40,000 had been
received by issuer from the sale of its securities.
Although the required
minimum
issuer
had
never
been received by
issuer prior to Feb. 28, 1939, the
and notes or .accounts
of that date had on hand only $1,584 in cash,
receivable from registrant which registrant was at
unable to pay.
as
t^e time and still is
The Commission further has reasonable grounds to believe that registrant
has willfully violated Section 5 (b) (1) of the Securities Act of 1933 in that
registrant during the period from June 12, 1938 to March 15, 1939 directly
or indirectly made use of means and instruments of transportation and
communication in interstate commerce and of the mails to carry or transmit
prospectuses relating to issuer's securities
Act of 1933 when such prospectuses did
Section 10 of said Act.
registered under the Securities
not meet the requirements of
The Commission further has reasonable grounds to believe that registrant
has willfully violated Section 5 (b) (2) of the Securities Act of 1933' in that
registrant during the period from June 12, 1938 to March 15, 1939 directy
or indirectly caused to be carried through the mails and in interstate com¬
merce issuer's securities, registered under the Securities Act of 1933, for the
purpose of sale and for delivery after sale without said securities being
accompanied or preceded by a prospfectus meeting the requirements of
Section 10 of said Act.
registrant
Securities
of means and in¬
The Commission further has reasonable grounds to believe that
has willfully violated the provisions of Section 17 (a) (2) of the
Act of 1933 in the sale of securities of issuer by the use
struments
of transportation
and communication in interstate commerce
and by the use of the mails in that registrant directly or indirectly has
obtained money and property by means of untrue statements of material
facts and by means of omissions to state material facts necessary in order
to make the statements made in the light of the circumstances under which
they were made not misleading.
The Commission further has reasonable grounds to believe that registrant
has willfully violated the provisions of Section 17 (a) (3) of the Securities
Act of 1933 in the sale of securities of issuer by the use of means and in¬
struments of transportation and communication in interstate commerce
and by the use of the mails in that registrant directly ot indirectly has
engaged in transactions, practices, and a course of business which would
operate and did operate as a fraud and deceit upon purchasers.
The Commission further has reasonable grounds to believe that it is in
the public interest to revoke registration, and that it is in the public interest
to suspend registration pending final determination upon revocation.
It is ordered that proceedings be held to determine whether the regis¬
tration of Bankers Securities Co., Inc., a corporation, should be revoked,
and to determine whether this registration, pending final determination,
should be suspended, pursuant to the provisions of Section 15 (b) of the
Securities Exchange Act of 1934.—V. 148, p. 3053.
Basic
cents
cents
March 15, 1938, and previously regular quarterly dividends of 20
share were distributed.
In addition, an extra dividend of five
was paid on Dec. 15, 1937—V. 148, p. 1947.
per
Beech-Nut
dividends have been
A special dividend
$1
was
paid
Bendix
on
Dec.
dividend of 25 cents per share in
$852,959
137,768
$1,647,453
202,593
$1,955,085
a371,469
$990,727
135,405
$1,583,617
$855,151
$1,887,524
Total income
264,230
154
Divs.
$1,444,815
and accrued
paid
483",085
quarterly dividend of $1 per share on the common
July 1 to holders of record June 10.
Similar extra
paid in each of the 10 preceding quarters.
of 50 cents was paid on Dec. 15, last, and a special of
15, 1937—V. 148, p. 2415.
Appliances, Inc.—Bonds Sold—Burr &
Co., Inc., announced May 20 that the new issue of $625,000
five-year 5% conv. debentures has been sold.
The de¬
bentures, which were offered at 100% and accrued interest,
are
convertible into common stock any time up to and
incl. May 1,1944, on the basis of 400 sharOs of common stock
for each $1,000 debenture.
Manufacturers Trust Co. is trustee, paying agent, withholding agent,
egistrar and conversion agent for $625,000 5-year 5% convertible debenures dated May 1, 1939.
See V. 148, p. 2734.
486.651
643",468
661,570
567,051
472,188
2,025
716,580
188,859
$478,486
$391,023
$467,960
C'rl6,080
def$52,315
Dr58,263
90
stocks of subs.
'
dividendsdividends
Beatrice pref.
Common
Surplus for year
.'—- Net loss on disposal of
assets of disc'd plants.
Portion of sub. loss as¬
Adjustments
172
44
$1,623,141
Net income
-
114,695'
90
signed to min. int
Reduct. of res. losses On
closed banks
Cr20,000
12,512
2,076,31'5
...
•
Prior years taxes
1,592",186
1,702",764
$2,474,825 $2,076,315
$2.49
•_
" $2.53'
undistributed profits.
.,592,186
2,474,825
Previous surplus
$2,838,616
'
$3.01
Profit & loss surplus—
Earned
common
on
Includes surtax on
a
•'
a
$
pref. stock.. 9,661,700
Common stk. (par
9,661,700
9,451,000
9,451,000
446,201
36,853
478,538
193,923
193,355
1 2,213,519
142,068
136,362
Accounts payable.
Accrued wages...
_
ment for sale.--
($25)
Cash-
5,461,355
4,687,891
b Accts.¬es rec
3,175,821
3,373,542
43,051
Prov.forFed.tax_
219,768
449,670
surrender of
5,688
4$,510
137,294
61,058 Capital surplus
108,788 Earned surplus... 2,838,616
43,726
157,053
Interest.
'
12,262
1,855,344
67,703
Due fr. employees.
105,816
Due-fpoeuot hers
Prov.
10,663
1,697,533
Inventories
_-
Dep. in dosed bks.
8,123
138,277
179,232
investm'ts
Deferred charges..
social
for
security tax..._
2,474,826
24,408
9,709
Adv. to officers...
375",424
5,374
Minority
life insurance—
■
.
Deferred income.-
139,696
161,968
unsecured
27.952
do¬
mestic taxes—
Inv. & adv. affil.co
10,666
146,533
178,530
„
23,312,194 22,869,264
Total
..23,312,194 22,869,264
1939 and $17,264,927 in 1938.
doubtful accounts of $334,900 in 1939 and
1162.
depreciation of $17,469,937 in
After
a
for
Provision
Customers rec. un-
Total...
$
$
Liabilities—
Cum
equipment.
11,854,817
Real est. & equlp-
Miscell.
1938
1939
1938
$
bldgs. and
Land,
Cash
$0.41
Consolidated Balance Sheet Feb. 28
1939
Assets—
b After deducting reserve for
$351,000 in 1938.—V. 148, p.
B/G Foods, Inc.—Earnings—
Years Ended Dec., 31—
$3,382,971
1,425,456
$1,987,719
1,879,922
$1,957,516
1,826,526
l'_,—$107,797
$130,990
Cost of sales
-
Gross profit on sales.
Operating & administrative expenses
Net profit from
1938
„
$3,348,464
1,360,745
Net sales
operations...
—
Other income and credits, less other
Drl,025
1,345
$106,772
charges
$132,335
-
Net profit before provision for income taxes
Provision for Federal and State income taxes.
Includes
x
Note—The
x30,28o
21,400
$102,050
approximately $4,000 for surtax on undistributed profits.
net profit shown above for 1938 is after deducting provisions for
$85,372
Net profit........
depreciation and amortization in the total amount of
$107,409.
•
Earnings for 16 Weeks Ended
«
Apr..21. '39 Apr. 22, '38 Apr. 23,'37
$998,534 $1,067,667 $1,033,995
396,791
429,100
429,778
16 Weeks Ended—
Net sales (inci. sales tax)
.
1
Cost of sales
$601,743
558,808
Net profit.
3,761
$69,192
3,079
$41,286
2,599
$66,113
2,578
$43,884
8,800
$68,691
13,950
$35,158
Total income,
Prov.—State & Fed. income taxes
1,181
8,850
Profit
Other income..
535.025
$45,047
$44,008
-
$604,217
593.520
*$41,753
2,255
Net profit from operations.
Other charges
...
$638,567
$42,934
Gross profit from sales.
Operating expense
$35,084
$54,741
Condensed Balance Sheet
Assets—
onhand...
Accts.
Notes pay.
„
$255,359
$275, 719
Accounts
(net of
rec.
699
reserve)
Inventories
"
7.726
84 ,488
Other
6,,795
3,967
...
454 310
2,107
1
1
$844,368
$831,817
lease¬
holds, &c
x
expenses
473,725
1 621
Goodwill,
5,052
80,770
standing.,-----
6,226
charges.
assets
Deferred
112,174
5,474
89,579
Acfcrued taxes and
...
Fixed assets
108,409
payable.
Meal coupons out-
82,707
20, 735
...
Prepaid Insur. and
rents
Apr,21 '39 Dec. 31 '38
Liabilities—
(due in
$2,000
$1,500
one year)
Apr. 21 •39 Dec. 31 '38
Cash In banks and
for
Reserves
—
con-
„
39,945
tingencies...
Res. for self-ins..
Capital stock and
Preferred stock, $502,800; common
26,468
608,268
Total...
596,545
$844,368
surplus...
$831,817
stock, $107,981.—V.
148,"p. 1794.
Birmingham Electric Co .—Earnings—
Period End. Apr. 30—
Operating revenues
Oper. exps., incl. taxes.
of
1939—Month—1938
$619,576
483,364
$610,691
468,968
1939—12 Mos.—1938
$7,649,837
$7,505,577
5,734,508
5,740,178
limited-term
310
311
3,730
3,725
retirement re¬
appropriations.
50,000
50,000
600,000
640,000
Net oper. revenues _j_
$85,902
$91,412
$1,161,669
409
303
4,342
$1,271,604
6,658
$86,311
45,750
$91,715
45,750
4,605
$1,166,011
$1,278,262
549,000
52,865
549,000
51.964
$35,960
$41,360
Dividends applicable to pref. stocks for the
period, whether paid or unpaid
$564,146
$677,298
429,174
429,174
investments
ad¬
Home
1,054,853
115,911
Federal taxes
Property
dition to the regular
stock, both payable
1,031,467
$1,839,174
Minority interest
Amort,
extra
1,031,171
$1,465,408
182,045
168,171
Other income.
Packing Co.—Extra Dividend—
an
1,096,374
-
Total
on
'36
$59,324,236 $64,223,669 $59,667,156 $57,117,065
56,508,509 61,727,091 56,796,514 55.209,253
$1,719,353
a
Directors have declared
exps...
Depreciation..
dividend of 6 M cents per share on the common
stock, payable June 15 to holders of record June 1.
This compares with
12cents paid on March 15, last; 10 cents paid on Dec. 15, last; 15 cents
paid
-
admin",
Selling &
Dolomite, Inc.—Dividend Halved—
Directors have declared
Feb. 28, *39 Feb. 28, *38 Feb. 28, '37 Feb. 29,
Years Ended—
Net sales
.
During the latter part of August, 1938 registrant sold another resident of
Washington, D. C. 140 units of the above stock for a purchase price of
$3,500, and thereafter sold to this purchaser 40 additional units for a pur¬
chase price of $1,000, by means of (a) the representation that an investment
in the securities of this issuer would be perfectly safe, (b) the representation
that any money invested by this purchaser would be returned to her upon
request at any time without any deduction of any kind, (c) the representtion that dividends of 7 % on the preferred stock would be paid commencing
not later than three months from August, 1938.
Registrant omitted to
disclose to this purchaser that issuer would not begin business unless $40,000
were received from the sale of its securities, omitted further to disclose
to this purchaser that in the event $40,000 were not obtained by issuer,
purchaser would be entitled only to the return of four-fifths of the amount
invested, and omitted further to disclose to such purchaser that funds
of this department.—V. 144, p. 3487.
Co.—Annual Report—
Beatrice Creamery
,
Funds received by issuer from the sale
Aircraft Corp.—Registers with SEC—
first page
While the proceeds derived
covered by this prospectus will not be es¬
crowed or trusteed, the company will not disburse any of the proceeds thus
received from the sale of its preferred and common snares unless and until
it has received a minimum of $40,000 from the sale of its said securities.
This $40,000 of net proceeds was to be subscribed to within 90 days from the
effective date of the original registration. At the termination of this 90-day
period on Sept. 16, 1938, the registrant had issued only 34 shares of cumu¬
lative preferred and 34 shares of common stock which have been fully paid,
and in addition thereto, holds subscriptions for 121 shares of cumulative
preferred and 121 shares of common stock not fully paid at the filing date
of this amendment. The registrant has requested an extension beyond the
90-day period, to six months from the effective date of this amendment , to
obtain the balance of the $40,000 net proceeds from additional sales and
subscriptions of its securities. In the event the company fails to obtain said
minimum of $40,000 from the sale of its said securities within the extension
period of six months from the effective date of this amendment to the
registration statement, the compnay will refund to stockholders and sub¬
scribers the full net amount received by the company from such sales and
subscriptions, or $20 per unit, said units consisting of one share of preferred
stock, par value $20 and one share of common stock, no par value, offered
to the public at $25 per unit.
Subscriptions to this offering will be so con¬
from the sale of the securities
ditionally
May 27,
Chronicle
serve
_
Other income (net)
Gross income
Interest
on
mtge. bonds
.
Other int. and deduct'ns
Net income
x
4,601
$248,124
x Dividends
accumulated and unpaid to April 30, 1939, amounted to
$250,352.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on April 1, 1939.
Dividends on these stocks are cumulative.—V. 148, p. 2573.
Balance
i
$134,972
Volume
Financial
148
Bessemer & Lake Erie
April—
Gross from
$374,444
def7,564
def78,773
1,817,237
def279,930
def335,874
1,288,247
def391,916
def486,677
3,942,731
1,247.018
1,165,680
From J an. 1—
Net after rents
$983,862
311,567
308,644
$1,347,705
defl09,359
Gross from railway
Net from railway
—V.
1936
1937
1938
def134 978
Net from railway
Net after rents
616,708
515,241
2,514,814
200,837
306,182
148, p. 2734.
Birmingham Gas Co.—Earnings
Jan. 31, *39
Gross oper. revenues
(incl.
net
J.)
Opers.
$2,075,509
$2,185,904
1,248,445
1,208,012
74,604
205,452
$2,070,314
$1,988,679
69,355
191,808
50,393
$660,901
9,250
$656,283
9,236
$657,403
15,042
$519,502
11,121
Other income
$665,520
361,231
$672,444
Interest deductions.
$670,151
323,670
$530,623
388,137
Loss
_
____
Prov.
for
_
retirements
381,647
&
'
replacements
Amort. of disc. & exp_
_
150,000
3,439
_
220,897
6,703
.
199,007
7,632
$63,197
183,858
5,597
32,681
35,279
332,573
1,249
277,192
2,000
249,213
Prov. for doubtful accts.
Prov. for res. on flying
income
Non-oper. Income.
Net oper.
91,753
279,430
admin.
&
expenses.
1,120,975
79,855 :
213,201
Taxes
def$64,153
*318
boat invest
488,068
129,988
Depreciation
Operating profit
Profit
Discount
$193,042
$114,834
reacquired
(net)
3,443
_
$193,042
_______
_
$63,197
$114,834
def $60,709
a$330,361
65,423
2,046
18,526
39,010
31,277
v
2,443
343
838
1,780
3,438
loss$554,958
'
but not received)
65,204
x Pro forma.
Feb. 17, 1939.
65,205
$311,683
$168,364
a$333,800
$0.51
$0.32
"
$128,4c2
.
1938
$2,120,240
1,146,721
77,634
212,617
___
Net operating income....____
_
$707,127
13,979
$705,228
355,194
178,163
4,757
£
$2,173,436
1,177,368
81,146
207,794
$683,266
21,962
______
_
$721,106
392,360
208,488
6,436
________
Non-operating income......
....
...
Interest deductions.
z
;
Prov. for retirements and replacements—...—_
Amortization of debt discount and expense
...
Balance-
$167,114
Interest
on
indebtedness
Power Co., accrued
Net Income
of
Balance of net income
on account
».
of
Notes
rec.
&
Liabilities—
198,123
572,254
873,965
.
2,750,130
6,410,467
7,950
22,138
Def. develop, costs
Fixed assets (net).
2,109,511
1,992,762
Deferred charges..
40,050
36,203
Prov.
7,645
i
$179,026
20,100
Balance Sheet
'
,
.
1
•
397,500
39,054
Capital stock—. 3,603,332
Notes
and 1,636 shares as at
6,458
To be issued
67,469
485,100
39,054
3,470,242
8,180
4,044,341
-
8,304,759
Dec. 31,
Total.—
314,731
1937.—V. 147,
— —
3151.
p.
;
•
Boston Fund, Inc.—Earnings3 Months Ended
April 30, 1939
(Exclusive of gains or losses on investment
Incorne-^-Dividends.
securities)
^-.r
—
—
Total...
.
$38,608
393
—
———-—
5,915,000
188,201
186,720
payable for
(non-eur.)
298,201
Notes pay. other..
7,391
4,404
.
- -— ---
- ■
Accounts, payable.
of
net,
«-
$39,001
8,238
Total,
a
________
A.
...
Undivided earnings, Feb. I,
!
$30,763
«*«»«»«•
-»
proceeds from sales and repurchases of capital
participation in undivided earnings.
6,537
stock representing
12,149
6% note due Oct.l,
101.245
..
ISfctJ income
Portion
283,805/
j*
Expenses
6,140,000
—
...
1939..'
sales contr
1,239,059
meter
101,372
(net)..
$
.
eqpt.
Mdse., materials &
on
Reserves
—11,024,132 8,304,759
a To be issued for shares of capital stock of United Aircraft & Transport
Corp. upon presentation for exchange, 1,291H shares as at Dec. 31, 1938,
Total.........11.024,132
Mar.31/39 Dec.Sl.'ZS
deposits
2,367
•
Liabilities—
Consumers'
......
Federal
for
PaidTin surplue— 4,357,459
Earned (deficit)..
872,369
Interest.
Long-term dt. mat.
Long-term debt
219,021
42,285
term
on
contract..
income taxes
Adv.
statement of Income
22,489
prior year accruals
365,745
...
sales
39,584
931,204
current)
.
Deposits
(non-
Investments, &c_.
54,950
5,217
225,916
Accr. wages, taxes,
&c_
ress, lessres....
rec.
$
336,381
less res
Contracts in prog¬
Notes
1937
'
$
Note pay.—bank¬
2,786,268
notes pay.—trade
1,117
Accounts payable
294,916
2,423,792
accounts
Inventories..
$179,026'
$207,614
-
A/ar.31,'39 Dec.31,'38
Assets—
$
$
Prop.,
plant
&
.
equipment...... 10,203,578 15,556,643
Investment.
6,020
1,333,410
Cash.....
125,066
37,615
Special deposit.
4,255
4,255
Notes receivable!.
1,8061
Accts. rec.
65,205
$216,017
8,402
;
$3.50 preferred stock.
on
$113,821
48,903
.
>
......
Preferred dividend
&
Gas
American
Nil
1938
1937
$
.576,729
a
Gross income
Received
Nil
_
1938
Assets—
Cash
1939
Operating revenues
'
Operations (incl. mdse. & jovving-net loss)
Maintenance
Taxes...
I
.
Consolidated Balance Sheet Dec. 31
$4,519
Giving effect to plan of recapitalization as consummated on
'
Earnings for 12 Months Ended March 31
■
on
_
Loss.
65,229
$180,038
$193,042
share
per
capital stock
a
Net income
x
$258,957
2,367
\
Net profit
indebt. of Amer.
Gas & Pow. Co. (accr.
x
23,432
$382,434
28", 442
Sundry
on
-
86,153
a$351,010
20,649
Prov. for Federal surtax.
Earnings
Balance
.
83,501
$232,923
26,034
on
securities
Int.
104,901
loss$523,804
plant
on mtge. on
abandoned 1930
Prov. for Fed.normal tax
3,500
$359,002
loss$548,086V
24,280
Interest paid
Balance.
$1,236,517
1,213,382
$2,292,772
1,664,473
$5,545,439
4,655,962
develop¬
&
gen.
1,122,706
78,862
213,041
Maintenance
1935
1936
1937
1938
$2,006,345
1,606,234
ment expenses
Selling,
loss
from M. &
Boeing Airplane Co. (& Subs.)- -Earnings-
Engineering
1936
1937
1938
May 25.
Calendar Years—
Gross sales, less discts.,
returns & allowances.
Cost of sales
Year End. Dec. 31
xYear. End.
Period—
Like amohnt was paid on Dec. 12 and Sept.
10, last a dividend of $2 was paid on Dec. 20, 1937; one of $1 was paid on
Dec. 18. 1936 and on July 31, 1936.
A dividend of 50 cents was paid on
Feb. 1, 1935, and one of 25 cents per share was distributed on Jan. 12,1933,
prior to which dividends were paid in full up to and including Dec 31,
1937.—V. 147, p. 3448.
to holders of record
RR.—Earnings
1939
$427 632
railway
3215
Chronicle
,
1
$37,300
41,906
—
1939..—
-
-
53,411
"
supplies
Insur.
deposits...
Prepaid
■
Accr. int.
43,938
expenses.
on
113,838
count & expense
70,281
69,928
Other del. charges
23,521
285,853
123,229
debt..
•
10,876
....
46,817
iiabs...
47,170
49,305
Deferred credits..
133,706
136,901
$3.50
1,642,622
cumv
ser.
cum.
1st
stk.
1,596,897
207,627
833.298
114,327
129.299
paid-in
surplus
Total.........10,871,034 17,503,165
Arising from reduction in value of first preferred stock $6 series,
ing from reduction in value of preferred and common stock.
a
b Aris¬
consummated on Feb. 17, 1939
Assets—Property, plant, equipment, &c., $10,188,282; miscellaneous
investments, $6,020; cash,
$73,170; special deposit, $4,255; accounts
receivable (net), $293,441; notes receivable, $1,976; merchandise, material
and supplies, $95,309; insurance deposits, $4,404; prepaid taxes, insurance,
interest, &c., $50,507; unamortized debt discount and expense, $69,641;
other deferred changes, $8,962; miscellaneous items in suspense, $11,874;
total, $lu,807,842.
A
Liabilities-—Long-term debt, $6,149,000; consumers' meter deposits,
$186,963;
note matured Oct. 1,1932, $1,000; 6% note due Oct. 1,1939,
$50,602; notes payable (other), $18,472; accounts payable, $275,549; accrued
interest, $88,348; accrued taxes, $55,141; miscellaneous current liabilities,
$9,636; deferred credits, $135,319; reserves, $1,610,021; $3.50 cumulative
prior preferred (par $50) stock, $1,415,191; 1st preferred cumulative ($6
series, par $10) stock, $14,790; common (par $2) stock, $449,823; capital
surplus arising from reduction in value of 1st preferred stock, $6 series,
$133,114; capital surplus (paid-in), $176,624; earned surplus (from Jan. 1,
1939>, $38,248; total, $10,807,842. 1
Initial
Preferred Dividend—
an
p.
:
;
'
initial dividend of
87M cents per share on
1 to holders of record May 20.—V. 148,'
Ry.—Earnings—
1939
of April—
receipts
$2,177,788
Total operating expenses.
Federal, State and municipal tax accruals.
Subway, tunnel and rapid transit line
on
7,407
$154,106
$190,012
1,522,104
136,688
103,259
233,062
e29,374
rentals
bonds
Miscellaneous items.
—
Excess of cost of service over receipts
1938
$2,189,674
1,573,256
132,511
103,259
233,072
-329,374
8,214
Rent for leased roads
Interest
13,148
—V. 148, p. 2888.
a dividend of 50 cents per share on account of
$2 cum. class A stock, no par value, payable May 31
Directors have declared
7,397
42,062
(excl.
_
of
37,144
——
—
1,500,015
—
undivided
—
c2,518,496
Total.!.....-.--...-.- $4,106,378 . Total.... — —
$4,106,378
a Cost $4,660,638.
b Authorized 1,000,000 shares par $5 each: outstand¬
ing (less 570 sjhares in treasury) 300,003 shares,
c Equal to $13.52 per
share on 300,003 shares of outstanding capital stock.—V. 148, p. 1163.
Boston & Maine
Period End. Apr.
30—
RR.—Earnings—
"
1939—Month—-1938
1939—4 Mo.?.—1938
$3,588,833
$3,208,685 $14,756,436 $12,783,172
2,729,007
2,642,041 11,017,736 10,738,993
_
rents—Dr—.
Net ry. oper.
.
income.
..
.
_
-
$3,738,700
1,214,958
889,980
80,036
$2,044,179
1,243,015
$332,288
'• 92,786
$51,025
80,543
$1,553,726
404,828
$4,231
403,600
$425,074
.
$566,644
322,198
183,066
10,355
$131,568
623,657
$191,741
Equip,
$859,826
"303,911
210,211
13,416
616,815
Net oper. revenue..
Taxes.
$492,089
761,646
35,287
$1,958,554
$407,831
2,469,913
2,487,973
$511,359
$2,080,142
31
.
Abandonment—
The
Commission on May 15 issued a certificate
Interstate Commerce
permitting abandonment by the road of a branch line of railroad extending
Elmwood to Coolridge Crossing, approximately two miles, all in
Hillsborough County, N. H.—V. 148, p. 2573.
from
Botany Worsted
Mills—Annual Report—
1938
1937
$11,151,066 $13,517,599
Calendar Years—
Net sales
-
-
11,505,535
306,141
261,964
—
Packing & shipping & transportation expenses
Selling & sample expenses
Commissions paid to f actor.
225,141
Social security taxes.
Depreciation
Provision for extraordinary losses
Net loss for year,
x
Indicates loss.,
x$ 191,816
40,661
70,303
...
$443,001
370,819
179,116
x$121,513
342,170
138,082
—
229,150
—
_ _
....
194,987
$402,338
...
Profit before other charges. &c.
Other charges
...
227,476
9£'8<??
Prof it from operations
Other income
£49,295
8I?'§9£
Administrative & general expenses..
Boronotj Inc.—Accumulated Dividend—accumulations on the
reac¬
payable—14c. a
Undivided earnings.._
of goods sold
Extraordinary charges
Month
Total
Distribution
cSt
2888.
Boston Elevated
$1,264
stock
share
delivered).
Operating revenues.....
Operating expenses
...
Pro Forma Balance Sheet Jan. 31, 1939
Directors have declared
capital
earnings)—
297,849
9,563
Capital surplus...
as
3,600
(securities
(par
Cap.
[Giving effect to plan of recapitalization
brokers
for
quired but not yet recelv..
b Capital stock
•
Total.........10,871,034 17,503,165
Due from
168,880
.
Due
Surplus
400,000
452,857
a86,067 b6,300,000
surp.
Cash.._—....h......
Divs. and interest receivable-
pref.
Com. (par $2) stk.
$37,144
30, 1939
Accrued expenses
$3,920,750
_
1,440,478
$10)..!
Earned
$79,206
42,062
Liabilities-
Assets—
Securities, at market quota¬
sold but not yet
prior
pf. stk.(par $50)
$6
--
-v
Balance Sheet April
;
tions
8,403
pref. stock.
Reserves
.
a
Accr.divs.on $3.50
curr.
share
66,891
81,541
.....
Accrued taxes
Oth.
a
Undivided earnings/April 30, 1939
Accr. int. on other
97,464
the preferred stock, payable June
Total....
Distribution- -14c.
long-
term debt..
Unamort. debt dis¬
"7,125
17,119,
226,150
427,001
$336,085
$1,254,917
Financial
3216
May 27, 1939
Chronicle
Balance Sheet Dec. 31
Comparative Balance Sheet Dec. 31
Liabilities—
%
$
88,752
security
73,752
3,596,770
Investm'ts at cost.
85,016
Inventories..----
619,903
In
Invest.
85,016
31,250
31,250
Notes
payable
87,572
1,687
176,336
2,260 Deferred credit—
2,073
United States.-
24,211
621
115,886
—
Long-term
of
Bank
in
payable..
Due employees—
Accrued liabilities.
Inc.-.-——-
Cash
3,872,226
6,409
3;661,127
4,864
for losses on
Trade marks, trade
names, &c-----
Res.
Property
Res. against loss on
-
- -
— -
-
5,144
5,362
.11,969,751 12,090,568
Adv. on wool fu-
account recelv
wool
.
16,073
48,459
tures
Deferred charges. -
a
49~234
b
5,903
__
commltm's
1,762,630
Class A stock— 1,176,345
Class B stock
50,000
9,855,384
Operating deficit.. 1,591,003
c
..16,833,472
Total-*
16.761,321'
Total-
—
c
.
Bush Term. Bldg.
Co.
clalns,
&c.,
in disputePrepaid Ins., taxes,
180,643
&c., expenses. ..
Goodwill
72,156
42,239
1
1
119,300
1,762,630
1,176,345
50,000
9,855,383
1,254,917
par value,
prosecution in this
held under $2,500 bail each by United States
Commissioner Garrett W. Cotter pending a hearing on June 2.
The men
were arrested- on warrants obtained by John T.
Cahill, IUnited States
Attorney, after consultation with James J. Caffrey, regional administrator
defendants
The
were
of the SEC.
439,577
def42,124
def220,447
410,854
def67,949
def240,375
* ,
that the defendants perjured themselves before
Charles T, Murphy, Attorney fdr the SEC, at a hearing oil April 8 to
determine whether Section 9 (A) (2) had been violated.
This section
prohibits the effecting of a series of transactions creating actual or apparent
activity in a security and influencing its price.—V. 148, p. 1795.
—
-
-
-
Canadian National
Brooklyn-Manhattan Transit System—Earnings—
Net
Taxes
revenue
on oper
from oper
props
.
Operating income.
1939—Month—1938
1939—10 Mos.—1938
$4,138,367
$4,126,343 $40,457,349 $41,144,910
2,886,678
2,940,414
28,641,118
29,115,755
$710,283
59,587
Total income deductions
inc.
carried
$6,580,837770,512
$6,772,388
804,314
$682,763
686,640
$7,351,449
6,909,106
$7,576,702
6,879,321
$74,853
Gross income
$610,740
72,023
$769,870
695,017
...
Net non-operating inc.- "
Curr.
$1,185,929 $11,816,231 $12,029,155
575,189
5,235,294
5,256,767
$1,251,689
541,406
x$3,877
$442,343
$697,381
1939
Gross revenues
I
$67,903
x$3,8?7
$442,343
$697,381
declared an extra dividend of one cent per share in addi¬
quarterly dividend of four cents per share on the common stock,
both payable July 3 to holders of record June 8.
Like amounts were paid
on April 1, last and previously regular quarterly dividends 2 ^ cents per
share were distributed.
In addition, extra dividends of 1XA cents were
a
paid in each quarter of
1938.—Y. 148, p. 1164.
.
.
„
$915,094
333,113
_•
Total income deductions
to
income
$8,791,635
3,237,082
$9,066,744
$505,709
69,657
$5,554,553
$5,786,094
776,832
$639,426
577,766
$575,366
573,491
$6,303,136
5,749,674
$6,562,926
$61,660
Net mwoHbper. income.--
$866,857
361,148
$581,981
57,445
on oper. props
Operating income,
Curr.
$l-,875
$553,462
$826,943
748,583
3,280,650
5,735,983
carried
surplus..
-V. 148, p. 2889.
Net revenue from oper
Taxes on oper. props....
income
Net non-oper. income..
1.255,237
1.255,237
Balance.
$1,197,195
$1,223,792
_
2574.
$4,853,626
2,300,000
74,597
"
$2,479,029
*
.
holders of record May 25.—V. 148, p. 725.
Corp. of America—Bank Loans—
The corporation on
April 21 increased its bank loans to $6,200,000 when
it issued $1,200,000 of 3M% notes to two banks.
The new notes mature $120,000 annually from Jan. 1,
1944 and the balance of $600,000 mature on Jan. 1, 1945.
Central Arizona
Light & Power Co .—Earnings—
Amort,
of
1939—Month—1938
1939—12 Mos.—1938
$324,906 .
$320,870
$4,164,510 $4,049,017
216,195
222,142
2,745,190
2,749,800
limited-term
investments
Prop. retire, res.
approps
15,000
34,960
427,300
35,221
354,700
$80,815
10,197
$957,060
•72,522
$909,296
$91,012
18,958
1,166
01,053
$1,029,582
$1,051,151
227,500
9,800
2,913
2,913
22,000
:
Gross income...
Int. on mtge. bonds.
$128,761
138,674
134,513
$1,262,673
1,373,793
$1,230,219
1,359,781
$83,880
18,958
Other interest
Int. charged to construct
■
703
227,500
9,782
02,787
$795,087
Net income..
$64,219
$71,941
Di vs. applic. to pref. stocks for the period, whether
x$5,752
x$lll,120
x$l 29,562
Erie
Bridge
Authority—-
'
Years Ended Dec. 31—
Revenue from rentals, transp.,
1938
Ac., services
Operation and maintenance expenses.
$2,790,583
$1,119,460
6,000
537,341
50,005
413,116
4,754
Balance
...
Other taxes
funded debt
Other interest charges
Loss on sale of equipment
$2,891,251
1,555,072
$1,336,179
6,000
538,622
47,063
423,461
3,008
212
243",374
Depreciation
239,564
30,000
11,697
x20,000
indebtedness to Bush Terminal Build¬
to April 30,1937-
15-year 6% income note
Reserve against inter-co. advances to Bush Term.
RR. and Exhibition Building, Inc
Provision for flood damage
Legal and professional services in connection with
on
reorganization
Net loss
Since April 30, 1937.
—
..I.
by
1938
*
$732,050,
281,445
§4,986
*
*
bJ»8oi
104,606
—;
Net earnings
*
Funded debt and general interestAmortization of debt discount and expense
Net income applicable to common stock
held
Subs.)- -Earnings
*$*9
—
$197,132
72,471
2,221
of sub-
$700,402
283,522
82,691
63,146
108,869
,
$162,174
78,306
1,576
4,854
Preferred stock dividends of subsidiary companies.
Provision for income taxes
Net income
Preferred stock dividend requirement
147, p. 1185.
Cr 517
10,138
20,700
10,138
15,100
586,747
public.
$57,570
46,192
46,192
—V.
Central Illinois Light
Period End. Apr. 30—
Gross
revenue
Oper.
exps.
Co.—Earnings-—
1939—12\Mos.—1938
$§-795,104 $8,719,840
1939—Month—1938
$706,964
$783,945
442,216
413,974
5,021,074
deprec'n..
90,000
82,600
1,020,800
991,200
Gross income
Int. & other fixed chges.
$251,729
66,595
$210,390, $2,753,230
64)969
771,593
$2,840,729
770,242
Net income
,
Divs. on preferred stock
Amortiz. of pref.stk. exp
$185,134
41,800
$1,981,637
15,951
$145,421
41,800
15,951
501,607
191,405
$2,070,487
501,608
191,405
$127,383
$87,670
$1,288,624
$1,377,474
Provision
and taxes
for
4,887,912
22,355
20,000
21,370
;
..
108,054
$700,705
"
Operation expense
sidiary
1,671,123
Provision for bad debts.
Real estate taxes
3 Months Ended March 31—
Total gross earnings
Maintenance..—
1937
03,908
$817,759
—V. 148, p. 2574.
State, local, &c. taxes
Provision for depreciation
Co.—Earnings—
■
108,054
-
1
Central Electric & Telephone Co. (&
bonds, series A due Jan. 1,1954
141,855
$687,033
paid or unpaid.
Balance
Public
1940 to Jan. 1,
The proceeds of
$1,200,000 less expenses, together with $1,208,107 of other funds held by
the company were used to pay in full a mortgage given by the company to
the Cielluloid Corp., an affiliate, dated Sept. 17, 1934.
The mortgage
bearing interest at 4% and outstanding in the amount of $1,193,589 on
Dec. 31, is no longer outstanding.
The $5,000,000 of bank notes previously outstanding were increased from
$4,500,000 on Sept. 1, 1938, and placed on a serial maturity basis.
These
notes bear interest at 3H% and mature serially in-amounts of $1,250,000
on Sept. 1, 1940, through 1943.—V. 14:8, p. 2889.
$151,867
Fort
.
Directors have declared an interim dividend of 15% on the class A and B
$1,079,113
151,106
$13,193
$4,830,238
23,388
02,434.,
$1,116,400
146,273
.
Bush Terminal
x
$2,452,432
$114,058
14,703
William Timpson has been elected a director to succeed V, H. Owen,
retired.—V. 147, p. 3055.
;
„
$155,846
$180,886
Dividends applicable to preferred stocks for the
period, whether paid or unpaid—-
chgd. to construct'n
82
California Packing Corp.—New Director—
Interest
Net income
$83,798
Buffalo, N. Y—V. 138, p. 3264.
on
$4,825,518
2,300,000
75,520
Net oper. revenues...
A total of $394,000 first lien 5% 20-year
Co.
$378,519
191,667
5,966
„
5,300
Other income (net).....
have been called for redemption on July 1 at 101H and accrued Interest.
Payment.will be made at the Manufacturers and Traders Trust Co.,
ings
191,667
$3,055,229
1,976,116
Bonds Called—
Interest
$352,813
$3,114,612
1,998,212
surplus.
on
Gross income.—_—
Int. on mtge. bonds
Other int. & deductions-
.
Indicates deficit.—Y. 148, p. 2416.
Interest
22,780
_
137,268
14,599
—..
&
$4,802,738
508
_
-
Current income carried
Buffalo
$378,011
_
$328,099
214,041
Total income deduct'ns.
to
$352,160
653
$345,561
208,293
Operating'
x
Net oper. revenues...
Other iricome (net)
- -
April 30—
Operating revenues
Oper. exps., incl. taxes.
Period End. April 30—_ 1939—M<mfh-4938_ 1939—10 Mos.—1938
Total operating revenues $1,775,907
$1,760,573 $17,105,818 $17,233,707
Total oper. expenses—_
1,432,474- 13,991,206
14,178,478
1,430,346
Gross income
"936,417
494,257
90,000
Period End.
Brooklyn & Queens Transit System—Earnings—
'
1939—12 Mos.—1938
$964,742 $11,913,589 $12,158,490
496,731
6,030,851
6,208,252
90,000
1,080,000
1,120,000
Operating revenues..
Oper. exps;, incl. taxes..
Prop, retire, res. approp
Celanese
1 939—10 Mos. -1938
$2,377,692 $23,462,997 $24,035;104
1,510,835
14,671,362
14,968,360
$2,372,955
1,457,861
from oper
Gross income.
Co.—Earnings—
1939—Month—1938
April ZD—r
shares payable June 26 to
[Excluding Brooklyn & Queens Transit System]
Taxes
,115
Quartz Mining Co., Ltd.—Extra Div.—
Cariboo Gold
Carreras, Ltd.—Dividends—
Period End. April 30— 1939—Month—1938
revenue
$3,225,174
Directors have
-V. 148, p.
Indicates deficit.
Net
Increase
1938
-
$3,913,289
—
—V. 148, p. 3055.
Int.
6,950
,
Bhl. to B.-M. T. Sys._
Total oper. revenues
Total oper. expenses.
.447,497
def70,472
def231,569
to
surplus....
Accruing to min. int. of
B. & Q. T. Corp—..
x
480.361
3,046
defl77,410"
the Week Ended May 21
•
Period End.
[Including Brooklyn & Queens Transit System]
Total operating revenues
Total operating expenses
$116,022
def20,670
def68,419
Ry.—Earnings-
Earnings of the System for
Carolina Power & Light
Period End. April 30—
$133,680
20,765
def25,061
'
Gross from railway
tion to
The complaint charged
$91,678
def20,399
def61,828
From Jan. 1—
1936
1937
$102,847
def9,096
def52,149
—V. 148, p. 2574.
Federal district of witnesses accused of
perjury in hearings before the Securities and Exchange Commission was
revealed May 20 with the arrest of Joseph J. Mascuch, President and
director of the corporation, and Douglas C. Hoff, his alleged associate in
a supposed scheme to create a fictitious market in the company's Work.
first
-
433
1938
1939
April—
Gross from railway—...
Net from railway
Net after rents
p.
New England—Earnings-
Canadian National Lines in
Net from railway
Corporations, Inc.—SEC Charges Perjury—
Breeze
Total— _r__l8,405,506 18.768.847
,
note.—V. 148,
Included accrued interest on
x
Net after rents..
The
490,304
1,717.010
1,400,000
518,460
700,000
4,568,998
107,076
6,120
■
—16,833,472 16,761,321
b Shares of $5
Represented by shares of 810 par Value,
Shares of $1 par value.—V. 147, p. 2523.
a
62,682
71,091
supplies..
oper.
520,000
550,000
644,070
1,347,211
6% cum. pref.stk. 1,400,000
Com. stk. (par $1)
518,460
Capital reserve
700,000
Capital surplus... 4,592,217
Earned surplus... def59,392
Reserves
Total—18,405,566 18,788,8471
Preferred stock-
Capital surplus -.
6% Income note
due 1952..
Current liabilities.
and
Maintenance
3
2,366,000
6,381.000
Bush Ter. Bldg.
x
1,346,744
167,480
559,098
133,149
band
Acc'ts <fc notes rec.
security
taxes
8,088
8,088
receivable—
& Sons,
Stoehr
Properties,
facili¬
ties & equip
17 ,168.743 10,931,337
218.365
220,685
Investm'ts & ad vs.
on
1937
$
lstmtge. 4s, 1952. 2,332,000
Cons.M 5s, 1955. 6,381,000
Cash in banks and
224,122
and State
social
wholly
owned sub
Note
Federal
1938
Liabilities—
$
Assets—
23,205
1,121,297
55,319 Prop, taxes pay.
—incl. aecr. int.
167,683
3,855,194
Account payable—
trade creditors
Cash.res. for social
Accounts recelv—
$
395,726
1937
1938
1937
$
Notes payable—.
140,998
556,043
908,125
Cash
1938
1937
1938
Assets—
$185,129
prof$2,822
Balance.
-V. 148, p. 2736.
Volume
Financial
148
Central Illinois Electric & Gas
3217
payable June 30 to holders of record
Co.—Financing Plans—
The Securities and
pany
Chronicle
June 20.
on
Like amounts were paid
March 31 last.
See also V. 148, p. 1164, for detailed record of previous
dividend payments.—V.
148, p. 2116.
on
Exchange Commission announced May 25 that com¬
had filed an application (File 32-146) under the Holding Company
an exemption from the
necessity of filing a declaration in connection
Act for
Chicago Rock Island
with the proposed issue and sale of
$14,750,000 first mortgage bonds, due
1964, and $3,000,000 serial notes.
The proceeds from the sale of the securities will be used as follows:
To redeem $13,909,000 5% first
and
refunding mbrtgage bonds, due
1951; to redeem $746,000 o% first and refunding mortgage bonds, due
1952; to redeem $2,000,000 3 % % collateral notes, and for capital additions
and improvements to the
property and facilities of the company at Rockford, Illinois.
•
.
Ry.
oper. expenses
Indicates deficit.
x
Ry.—Earnings—
& Gulf Ry.)
1939—Month—1938
1939—4 Mos.—1938
$5,807,818
$5,746,880 $23,718,351 $23,760,261
5,117,112
5.484,175
21,088,144
20,038,433
Net rev. from ry.
oper.
Net ry. oper. income
It is stated that a registration statement under the Securities Act of 1933
with respect to the new issues of bonds and notes is now in the
process of
& Pacific
(Including Chicago Rock Island
n
Period End. Apr. 30—
Total ry. oper. revenue.
$690,706
x$230,396
V.
148,
$262,705
x$678,990
$3,679,918
$290,050
$2,672,117
x$924.444
2891.
p.
preparation.
The company is a
Chicago Springfield & St. Louis Ry.—Committee—
subsidiary in the Central Public Utility Corp. holding
148, p. 2890.
The prior lien
company system.—V.
Central Indiana Power Co. (&
Sub.)—Earnings—
1939—12 Mos.—1938
4,341,689
$5,135,*93
4,174,606
Net oper. income
Other miscell. inc. (net).
$322,218
JDr3,526
$1,028,533
Dr9,052
$961,188
1,404
$318,692
215,091
$1,019,481
638,283
$962,592
655,163
$344,258
Dr5,268
Gross income.
$338,990
213,364
Interest and other deduc.
Net income
$125,626
—Y. 148, p. 2575.
The
directors
stock,
have
declared
par
Central RR. of New
April-—
of
25
cents
Jersey
:.
1937
_
'
10,336,668
2,411,306
136,091
1936
9,353,688
2,379,878
179,816
G.
...
,
,
...
....
long-term debt
__
Amortization of bond discount and expense
General interest (net)
Other income deductions
!
Provision for dividends on preferred stocks of sub¬
$2,622,827
6,336
..^
__r
not
Cliffs
"
$2,594,658
1,161,245
126.762
23,882
15,513
616,740
154,881
—
$494,682
Total
on
Earned surplus April 30, 1939
61
61
bonds
30
3,513
$315,532
4.658
$322,114
3,050
2,631
2.091
9,607
Consolidated Balance Sheet
30
3,681
4,138
Apr. 30,'39 0c*. 31,'38
Assets—
___.
1,591,014
Marketable secure.
$298,636
33,788
Notes A loans rec.11,031,927
Repossessed autos.
on
notes
payable to subsidiary companies
Misc.
8,250
;
$298,636
Sundry
Accumulated Dividends—
deps,,
Accrd. taxes A int.
49,416
Ac.,
reserve
Fed.inc.taxes est-
11,870
92,768
A due bills..—
72,327
1,606
2,061
,
an
amounts were paid on March 27, last.
See V. 148, p. 1021
record of previous dividend payments.—V. 148, p. 2115.
for detailed
Gross from railway
Net from railway
Net after rents
1938
14,218
bldg.,
'($100
A
automobiles, Ac.
188,718
165,.814
Prepd.int. A exps.
27,053
22,866
31,330,174
9,754,925
Net after rents.
Directors
6,250,450
1936
$7,309,517 $10,030,234
2,191,956
4,094,855
1,218,788
2,736,107
$9,862,357
4,187,146
3,055,285
30,786,638
9.459,941
5,962,488
41,170.205
18,021,664
14,664,880
42,655,895
18,380,183
13,322,877
Approved—
The Interstate Commerce Commission approved the
applications of Earle
Bailie, Ralph C. Gifford, Walter S. McLucas, and John L. Dickinson to
become directors of this railroad and the New York Chicago & St. Louis
At the
same
time John M. Miller Jr.
was
authorized to hold the position
Chicago & St. Louis RR.—V. 148,
Chicago & Illinois Midland Ry.1939
$307,648
88,251
April—
2890.
Earnings—
1938
1938
1937
64,986
$249,283
62,650
33,956
1936
$267,767
86,884
73,938
1,204,187
337,544
1,126,592
292,713
1,385,400
1,147,603
532,211
374,296
368,703
307,284
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 148, p. 2576.
p.
$267,844
68,718
46,588
Gross from railway
Net from railway
254,892.
'
200,160
.
,
Chicago Flexible Shaft Co .—Extra Dividend—:
.
Directors have declared
tion to
a
an
extra dividend of 25 cents per share in addi¬
quarterly dividend of $1.25 per share on the common stock, both
—
—
545,544
511,269
2,675,100
2,675,100
cum.
par).
—
..
Com. stk. ($1 par)
207,473
206,981
Earned surplus
1,136,705
1.172,090
1.114,106
1,162,742
Capital surplus...
19,959
Treasury stock..
Drl6,736
y
Total
y
—..
—
13,099,385
Total.
10,466,715
1,465 common shares at cost.—V
.....
19,959
Drl6,736
-.13,099.385 10,466,715
148, p. 126.
output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended May 20, 1939 was 131,669,000
compared with 121,803,000 kwh. in the corresponding period last
year, an increase of 8.1%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
company
kwh.
Kilowatt-Hour Output\tput—
1938
1939
Week Ended—
May 20
May 13
May
6
-
Apr. 29
—V.
131.669,000
129,679,000
130,073.000
132,779,000
121,803,000
121,043,000
119,814,000
119,104,000
Per Cent
Increase
8.1
7.1
8.6
11.5
148, p. 3059.
Commonwealth Investment
Railroad.
of director of the New York
finance
charges.—
Pref.
The electricity
1937
From Jan. 1—
Gross from railway..
Net from railway
10,628
117,410
Commonwealth Edison Co.—Weekly Output—
Chesapeake & Ohio Ry.- -Earnings—
1939
$4,377,236
defl 15,447
def601,427
3,733
123,773
______
realized
40,441
dividend of 50 cents per share; in
addition to the regular quarterly dividend of $1 per share on the common
stock, par $25, both payable June 26 to holders of record June 2.
Like
Aprll—
plan
Reserves——.——
'
extra
82.635
131,799
Defd. income—un¬
Chesebrough Mfg. Co. Consolidated—Extra Div.—
The directors have declared
1
82,815
139,422
Pays, by employees
understk. purch.
less
eqpt.
$
••
4,334,492
75,166
41,163
Dealers partic.,res.
& '
.—_
furn.,
6,854,288
Paid-ii) surplus
Said June 20 to and on Dec. 20, Get. 20, July 20 and April 20, 1938. See
Similar amounts were paid on
larch 20, last, holders of record May 31.
also V. 146, p. 3663.—V. 148, P. 2417.
8,617,707
claims,
Ld. A office
,
105,802
less
notes
accts.,
The directors have declared dividends as payments against arrears of
$1.75 per share oh the prior lien preferred stqck, $7 dividend series, and
$1.50 per share on the prior lien preferred stock, $6 dividend series, to be
Accounts payable-
72,327
invests,
reserve——
$304,584
Notes payable
102,659
Stock subscriptions
Net income..
$
1,433,297
33,788
9,854
Real estate loans._
$312,834
Apr. 30/39 Oct.31/38
Liabilities—
$.
8
-
Cash
at cost——_
consolidated
$1,136,705
$0.90
-
Earns, per share on 207,743 shares common stock (par
$318,509
preferred stocks..
Total...
General and administrative expenses—___..
Taxes.
;____
;
Income taxes
:
Interest
$1,313,006
73,565
102.736
Dividends paid: Qn preferred stock.
On common stock
1938
$311,759
Interest
41,598
$198,900
1,114,106
Earned surplus balance at Oct. 31,1938.
Income—From subsidiary companies consolidated-
Other income..
$240,498
Net income
Earnings of the Company for the 3 Months Ended March 31
on
«
...
Estimated Federal income tax
Note—Consolidated net income amounting to approximately $139,000
and $95,000 for the 1939 and 1938 periods, respectively, was not available
for distribution to Central & South West Utilities Co. because of prior years'
dividend arrearages on the preferred stocks of certain subsidiary companies.
1939
Subs.)—Earnings—
Profit _'
155,835
$570,621
__
-
Earnings for 6 Months Ended April 30, 1939
or
-
Net income
Corp.—May Change Par Value—
Special stockholders meeting has been called for June 8 to approve chang¬
ing common shares of company to par value of $5 from a no par basis.
By terms of the voting trust certificates issued under voting trust agree¬
ment of June 19, 1929, holders of such certificates,
representing the 533,860
common shares of Cliffs
Corp. which are subject to the voting trust, will be
entitled on June 18, 1939, to receive share certificates
representing such
shares in plaee of the voting trust certificates.
Under present Revenue Act a change of the shares of the Cliffs Corp. to
$5 par value will result in substantial savings in stock transfer taxes to share¬
holders who may subsequently transfer their shares, and will materially
reduce liability of the corporation for such taxes upon the termination of
the voting trust, according to statement by trustees.—V. 148, p. 2116.
Colonial Finance Co. (&
paid
Liquidate—
on a plan of liquidation.
Until this
had operated freight and passenger steamers on the
Great Lakes since 1892.
$2,574,374
20,285
$2,629,164
1,127,735
120,545
23.303
19,361
the company
G. A. Tomlinson, President, told stockholders in a letter that it had been
impossible to operate the Cleveland-Buffalo division at a profit since the
steamer City of Buffalo was destroyed by fire last year.—V.
144, p. 3169.
sidiary companies held by the public—
Dividends paid or declared
of dividend requirements
Balance
Turteltaub.
Cleveland & Buffalo Transit Co.—To
$7,363,628
4.789,254
612,718
___
J.
The stockholders will vote May 26
1938
$7,509,874
4,887,046
and taxes.
Lohn
a
1939
revenues.
Dividends
Sundheim and
the Exchange that, at a meeting of the board
May 17,' 1939, the following Officers were elected:
Chairman of the Board, Albert M. Greenfield; Pres., Saul
Cohn; ExecVice-Pres. & Treas., William D. Gordon; Sec., Louis N. Batoff; Asst.
Treas.,
Irwin S. Joseph and Asst.
Sec., Hugo D. Walz.—V. 148, p. 2891.
Earns.
Subs.)
New York Stock Exchange that, at a meeting
May 17, 1939, the following were elected directors for
Company has also advised
10,457,560
2,448,905
496,116
11,150,694
3,316,775
1,102,300
stockholders
of directors
3056.
Net operating income
Other income (net)
•
5,165,738
1,928,970
1,473,463
Alfred Blasband, Saul Cohn, William D.
Gordon/Albert M. Greenfield,
Grosscup, George H. Johnson, Joseph H. Loveman, Ernest W.
Niver, Paul H. Saunders, Harry W. Schacter, Herbert J. Schwartz, Harry
$2,725,172
693,623
178,589
$3,217,315
1,189,504
598,467
3 Months Ended March 31—
declared
5.849,321
2,206,944
1,658,301
Walter T.
-Earnings
$2,275,971
596,421
15,864
Central & South West Utilities Co. (&
income
4,707.567
1,302,629
1,009,449
5,790,219
2,147,862
1.564.700
the ensuing year:
year
Net from railway
Net after rents
on
$1,347,352
520,490
391,834
City Stores Co.—Personnel—
<
1938
$2,743,276
708,212
105,198
_
Net after rents
From Jan. 1—
Gross from railway
Gross
$1,546,401
670,102
506,495
Company has notified the
of the
per
1, last; dividends of 25 cents paid on
1939
Gross from railway
Net from railway
Interest
1936
369,078
274.851
—V. 148, p. 2577.
Dividend-—
Co.—Smaller
dividend
the $1 par stock.—Y. 148, p. 2417.
expenses
1937
$1,205,655
356,071
...
Net from railway
Net after rents
,
Operating
Operating
1938
$1,424,206
515,499
From Jan. 1—
Gross from railway.
Dec. 1, Sept. 1 and March 10, 1938; 35 cents paid on Nov. 1 and on Aug. 1,
1937 25 cents paid on May 1 and Feb. 1, 1937; an extra dividend of 25
cents and a regular dividends of 35 cents paid on Nov. 1, 1936 and a divi¬
dend of 25 cents paid on Aug. 1, 1936, this latter being the initial dividend
—V. 148, p.
1939
Net after rents
share on the
$1, payable June 15 to holders of record June 1.
This
a
compares with 30 cents paid on March
on
Warren is
Duncan Wood
,
Central Ohio Steel Products
common
H.
Cincinnati New Orleans & Texas Pac.
Ry.—Earnings—
April—
Gross from railway
Net from railway._____
$307,528
$381,198
$103,601
committee, of which George E.
138, p. 3350.
Period End. Apr. 30— 1939—4 Mos.—1938
Operating revenues.... $1,880,226
$1,704,722
Oper. expenses and taxes
1,535,968
1,382,504
$5,370,222
bondholders'
v-/nairman, has announced that Leonard A. Wales and
have been added as members of the
committee.—V.
Co.—Changes in Portfolio—
has increased its holdings of common
preferred stocks.
This is revealed in an analysis of the company's
investment portfolio, as of April 30, compared with the end or 1938. Since a
year ago there has been a substantial increase in bond holdings as well as
preferred stocks.
Cash and government bonds were reduced during the period.
Portfolio classification of the company's investments shows as of April 30,
last, common stocks represented 61.5%; preferreds, 21.6%; bonds, 12.3%;
cash and governments, 4.6%.
As of Dec. 31, last, commons were 59.9%;
preferreds, 20.3%; bonds, 12.1 %; cash and governments, 7.7%. On April 30
a
year ago these figures stood at commons,
62.2%; preferreds, 14.2%;
bonds, 8%; cash and governments, 15.6%.—V. 148, p. 2420.
Since the first of the year company
and
Commonwealth Petroleum Co.—Initial Dividend—
Directors have declared an initial
common
1458.
dividend of two cents per share on the
July 15.—Y. 133, p.
shares payable June 30 to holders of record
May 27, 1939
Chronicle
Financial
3218
Consolidated Balance Sheet Dec.
Connecticut Light
& Power Co.—Earnings—
1939
1938
pref.
$3,632,758
Ended April 30—
Surplus after charges, taxes and
12 Months
dend requirements
number of common
outstanding
„
—
_1C
1,148.100
$3.23
Earnings per share
—V. 148. p. 2578.
1,148,153
1,148,161
$3.16
$3.36
and
exp. in process of amort.
Def. chgs. & prepd. accts.
3,290,997,455
1,038,754,770
1.146,006,338
78,774,587
.
—
interurban
Street and
„
•
Total
Wholesale*--
Mln. com. stock
6,473,000,958
599,066,244
payable.
Accounts
or
1,494
*
To other
7
.
1938
Residential
Space heating--.
a
2,813,643,700
15,235
12,305,831'.
1,009,533
4,796,616
4,202,853
10,614,843
5,122,864
676,814
61,724,281
1,677,146
2,076,198
3,496,503
5,440,640
658,569
55,362,602
1,924,146
1,918,812
.1,544,585
c6,403,540
544,439
50,226,489
1,489,490
1,749,476
574,098
459,714
127,782
21,895,682
399,572
1.151,927
15,399,160
'* 1,170,342
5,726,891
798,867
liabilities
69,251,294
1,642,183
2,114,810
2,484,772
reserve—_
and
>;
513,504
pref. stock-.v
127,782
27,662,330
surplus
of no par
After deducting
Represented by 1,500,000 shares
of
no
2,859,846
8,925,321
1,173,802,555
value, b Represented by 33,673,328
amounts deposited for interest and
—-.1,213,866,439 1,194,040,376 1,162,848,900
Total—
value,
par
c
dividends payable.
253,730
2,825,036,700
—--
Earned
shares
255,800
930,899
4,797,823
5,119,799
10,531,643
Capital surplus———
1937
1938
•
—
Contribution for ext.
Year
1937
5,882,301,500
35,672,300
780,382
4,896,420
5,408,702
5,897,475
11,978,950
Contingency reserve.
Customers at End of
5,990,462,400
— --- — -
150,000,000
168,366,640
224,229,381
* ' 247,348
51,874,500
448,845,500
—265,475
Casualty & insur. reserve
Other reserves.-.1
-
1,343.983 1,283,443
130
118
Gas Sales in Cubic
Feet
182,631
51,874,500
477,071,800
150,000,000
168,366,640
224,729,294
244,615
51,874,500
462,188,200
680,440
payable.....
Mlscell. current
6,342,457,743 7,072,067,202 1,344,113 1,283,561
electric companies, municipal distribution systems and rural
cooperatives.
168,366,640
225,896,481
pref. divs. accr'd
Int. and
—
"
10,392,457
4,276,833
— —
Accrued taxes.-
prem. on
Total_-_
150,000,000
Dec.
ing subsequent to
31, 1936, 1935...
3,276
197,166
7
& surp.
Prop. pur. obliga's, &c—
Deferred liabilities..
Depreciation
20,050,013
---
19,341,000
19,011,111
8,257,287
23,432,959
called for red. or matur¬
1
11,542,023
5,746,163,255
596,294,488
railways
693,000
16,342,500
...
13,764,829
25,536,111
13,100,628
150,000,000
168,366,640
226,649,239
172,125
51,874,500
483,647,800
'--
stock..;
Cos.—Pref. stock.
Corporate funded debt—
Subsid. cos.' funded debtFunded debt of sub. cos.
1,138,345 1,081,500
1,429
2,198,214
16,133,604
500,000
1 ,213,866,439 1,194,040,376 1.162,848,900 1,173,802,555
stock.—
b Common
Subsid.
1937
3,188
201,014
4,189,415,250
1,059,124,824
1,302,796.835
lighting
81,702,118
20,604,048
Liabilities—
,
1938
1937
1938
receivable.
supplies—-
Total
Preferred
a
Customers at End of
Year
Electric KilowaU Hour
Sales
•
Munic. street
Accts. & notes
Materials and
22,281,580
7,078,685
19.903,356
15,280,621
19,443.254
2,055,000
20,829,334
18,230,619
10,816,356
deposit
ctfs. of
Bank
3,846,656
38,358,946
22,184,831
10,970,671
20,786,113
9,405,576
--------
$
3,858.522
1,684,675
_
U. S. Govt, securities.
follows:
eet and customers, are as
Industrial
Commercial
Residential-
Cash...
1935
,057.374,166 1.045,358,686
3,882,888
9,447,334
3,957,332
4,692,657
special deps.
Sink, fund &
Debt discount, prem.
Commonwealth & Southern Corp.—Annual Report—
Corporate Income—The total income for the corporation for the year 1938
amounted to $9,887,292, as compared with $11,368,993 for 1937, a decrease
of $1,481,701.
Of the total income, $76,135 was largely from interest on
U. S. Government obligations and the balance of $9,811,156 was received
from the subsidiary companies, of which $7,244,844 was from dividends
and $2,566,311 from interest on bonds, notes and loans.
After deduction
of $3 937,824 for expenses, taxes and inerest, the net income amounted to
$5,949,467, equivalent to $3.97 per share on its outstanding preferred stock,
as compared with $7,257,384 and $4.84 per share, respectively, in 1937.
Four dividend payments of 75 cents per share, totaling $3, were made
during the year on the corporation's $6 cumulative preferred stock, leaving
accumulated and unpaid at Dec. 31, 1938 $12 per share, or $18,000,000,
which must be provided for before any distribution can be made on the
common stock.
:•
•
'
Service Rendered—Comparative figures showing principal services ren¬
dered by the system, as measured by kilowatt hour sales, gas sales in cubic
,
$
equip--l,103,650,196 1,079,872,462 ]
Property, plant &
Invest, in and advances to
affiliated & other cos__
$3,864,710
$3,715,277
shares
Average
1937
$
jL&SCtrS*"-*1"
1936
$
1938
1937
31
13,432
15,036
286,673
282,198
Capital—Additions to the utility plant account during the year
amounted to $37,328,416, of which $35,285,135 was electric, $912,681 was
gas, $887,953 was transportation and $242,646 was general and miscel¬
laneous.
Of tlie total electric additions, $56,586 was for hydro generating
plants, $10,526,376 for steam generating plants, $1,634,531 for substations,
$3,330,006 for transmission facilities, $15,441,328 for distribution facilities
and $4,296,308 for purchase of property and miscellaneous.
The electric generating capacity pf the system in the north was enlarged
by 65,000 kilowatts during the year 1938 or early in 1939 by the completion
of various additions to steam-electric generating stations.
Major Additions During 1938—Purchase of the property of the Citizens
Light & Power Co., serving the larger part of Lenawee County, including
the City of Adrian, and part of Monroe County, by the Consumers Power
Co., which added approximately 13,000 electric customers to the system.
Purchase of the electric distribution system of the Suburban Electric
Utilities Co., serving principally the Villages of Williamsfield, Laura and
Dunlap, 111., and about 275 square miles of rural terrtiory lying northwest
of the City of Peoria, in Peoria and Knox counties, by the Central Illinois
Light Co., which added 1,250 electric customers to the system.
Completion of construction of a 154,000-volt transmission line from
Centerville to Columbia, Tenn., a distance of 27 miles.
Also installation
of 44,000-volt connection at Columbia from the substation of the Tennessee
Valley Authority to the Tennessee Electric Power Co.'s substation, a dis¬
tance of approximately 3 H miles.
These expenditures were made by the
for Years Ended Dec. 31 (Company
1938
1937
1936
Income Account
Only)
Income from sub; cos.—
commercial- 4,883,749,400
Indus. &
Total
15,638
5,544,864,500
13,699,248,500 14,240,809,700.
-
$7,244,845
$8,787,482
$6,272,976
$7,464,909
2,566,311
76,136
2,508,224
73,287
2,404,852
82,603
2,0l'7,236
$9,887,292 $11,368,994
543,116
468,608
321,073
a569,365
3,073,635
3,073,635
$8,760,431
500,417
a320,339
$9,630,405
3,077,819
86,284
3,076,485
$7,257,385
6,284,767
$4,861,856
6,098,562
$5,923,694
4,673,318
$14,755,473 $13,542,152 $10,960,418
4,498,568
4,498,672
4,498,732
c237,475
d531,387
b Paym't in settlement of
177,082
Federal income taxes-
$10,597,012
common
Int.
1
stocks
notes
loans
—
Inc. from outside sources
Total income
...
General expenses
Taxes
Interest
.
Net inc. carr'd tosurpl
Previous surplus.
dividends
Refund of Fed. taxes.
Balance Sheet Dec. 31
1938
Gross Earnings—
$
Sub.oper.cos.—-Electric 119,211,104
Gas
11,987,597
Transportation
12,310,222
Water, ice, heating &
miscellaneous
2,177,988
1937
.
$
Due from subs.
y
$
366,735,451
'
8,656,000
companies
Govt,
curities,
int.
on
se^
"4,697,000
6,547,000
&c._
1,002,929
285,952
9,492
45,652
payable__
18,172
127,782
9,972,421
127", 782
long-term
Divs.
dt-
Capital surplus.
Earned surplus.
Total
.
—
—
.381,657,890 380,905,099
Total
Consolidated Earnings
for the Month of April and 12
Period End. Apr. ZD—
revenue
Oper, exps. & taxes..__
deprecia'n
1939—Month—1938
12,903,660
6,547,545
y
Represented by
,
,
12,951,710
12,886,984
97,267,862
10,081,988
11,891,030
2,409,156
2,503,868
228,359
550,751
597,806
77,589
80,656
83,948
446,599
203,638
1,444,454 \
1,339,716
16,735,690
16,337,135
4,419,687
3,346,292
54,123,702
40,372,720
52,995,919
39,629,243
1,073,394
749,794
13,750,982
8,997,490
774,244
_
4,911.661
3,387,622
1,524,039
749,795
reserve.
Gross income
Int. & other fixed chgs._
Net
y
income.
Divs.
on
pref. stock
323,600
4,753,492
^Balance
x
Includes provision for Federal surtax on
,
13,366,676
8,997,386
145,992,859 148,856,073
48,425,847
Operating expenses.
48,782,472
135,354,886 122,182,637
44,931,516
10,700,290
9,758,481
incl.Fed.inc. tax. 19,715,551 yl8,764,823 yl5,973,521
9,562,303
Maintenance-
Taxes,
Provision for deprec. and
39,357,077
7,874,839
14,112.535
15,774,989
11,848,199
10,378,805
as
earnings
52,023,467
54,833.499
52,843.169
50,459,380
kwh.
1938,
1939,
For the four months
unfund.
dt. of corp. & its subs. 24,436,422
Divs. on pref. stocks of
subsidiary companies. 13,219,842
Amort, of debt ciscount
1,488,920
and expense
Misc.,incl. amort.of pref.
stock prem., discount,
commission & expenses
Int. charged to construe .
Net
x
Divs.
income
on
i
pref. stock
24,063.425
24,426,883
26,006,532
13,582,307
14.144,325
14,247,539
1,458,351
1,252,593
1,098,548
1,576,998
1,239,083
Cr634,504
116,662
0447,105
18,191
0318,228
11,864,746
15,124,836
4,498,672
13,349,811
'"4,498,568
9,406,798
4,498,450
4,908,348
7,366,014 ' 10,626,164 • 8.851,242
y Includes provision
Applicable to Commonwealth & Southern Corp.
Surplus
x
for Federal surtax on
as
ended
2,789,887,587
period in
April 30,
compared with 8,099,001,530 kwh. for
April 30, 1939, the output was
compared with 2,444,397,247 kwh. for the corresponding
increase of 14.13%.
Total output for the year ended
an
was 8,134,612,840 kwh. as
the year ended April 30, 1938, an increase of 0.44%.
Gas output of the system for the month of April was
1,367,/02,800 cubic
as compared with 1,188,998,000 cubic feet for April. 1938, an increase
15.03%.
For the four months ended April 30, 1939, the output was
6,274,956,500 cubic feet as compared with 5,571,422,000 cubic feet for
the corresponding period in 1938, an increase of 12.63%.
Total output for
the year ended April 30, 1939, was 15,196,156,600 cubic feet as compared
with 15,116,352,700 cubic feet for the year ended April 30, 1938, an increase
of 0.53%.
feet
Cr563,462
4,498,732
1,
Monthly Output—
16,265,691
Net
at
Electric output of the system for the month of April was 677,718,870 kwh.
compared with 585,352,087 kwh. for April, 1938, an increase of 15.78%.
retirement reserve
Int. on fund. &
4,369,290
undistributed profits for 1937.
Reflects deduction for full preferred stock dividend requirement
the rate of $6 per share per annum.
Dividends were paid in full to Jan.
1935, and at the rate of $3 per share per annum since that date.
y
Total income.
r
11,832,569 149,918,136 147,728,666
6,073,1-66
79.058,743 x78,395,612
2,291,520
120,783,693 108,478,090
■
Months Ended April 30
1939—12 Mos.—1938
Provision for
$
10,804,189
8,806,005
381,657.890 380,905,099
x Represented by 33,673,328 shares of no par value,
1,500,000 shares of no par value.
'
Gross
1,002,929
681,590
Accrued taxes..
Misc. curr. liab.
8,003,244
7,450.658
Cash.-u
S.
914,435
924,781
receivable &c.
U.
168,366,640
x Com. stock-_.l68,366,640
51,874,500
Long-term debt. 51,874,500
Accrued
Acer. int. & divs.
150,000,000 150,000,000
Pref. stock
1935
$
1937
$
Liabilities—
$
$
358,634,420
& retirement
1936
12,080,107
—
Non-oper. revenues.Other income.
...
Jnv. in sub. cos
Years Ended Dec. 31
Income Account for
1938
;
'
42,000 shs.
the year the cor¬
poration filed the necessary documents for the completion of the registra¬
tion under the above Act and submitted all the required data on the service
organization, The Commonwealth & Southern Corp., New York.
On
Dec. 27, 1938, the service company was approved by the Securities and Ex¬
change Commission as a mutual service company under the provisions of *
Consolidated
(Company Only)
1937
*
1938
Assets—
—
•
$6,098,562
$6,284,767
$8,806,005
a Including provision for Federal surtax on undistributed profits,
b Of
predecessor companies, applicable to prior years, including interest thereon,
c Write-down of investment in a subsidiary company, representing losses
of a subsidiary land company since date or acquisition arising principally
from sale of capital assets,
d Write-down of investment in a subsidiary
company in connection with the abandonment during the year of the rail¬
way property of a subsidiary transportation company.
Company Act of 1935—During
the above Act.
,4,498,450
,
28,839
Surplus, bal. Dec. 31- $9,972,421
miscellaneous sales of property, &c.»
$13,550,681, making net additions for the year
'
"
Financial—The large construction projects undertaken by the companies
in the northern territory for the past four years have been financed prin¬
cipally by security issues sold by the respective subsidiaries.
The follow¬
ing securities were issued and sold during 1938:
Southern Indiana Gas & Electric Co. 1st mtge. bonds, 3M%
series of 1937, due 1961, in reimbursement of capital expend's$800,000
Consumers Power Co. 1 st mtge. bonds 3 H % series due (Nov. 1)
1966, to refund $8,168,000 1st mtge. 4s due 1944, and balance
of $2,000,000 was used in part for the purchase of the physical
properties of Citizens Light & Power Co
10,168,000
Pennsylvania Power Co. $5 preferred stock (no par), to refund all
outstanding 33,582 shs. $6 and $6.60 preferred stock on
March 1, 1939, and 8,418 shs. to reimburse the company's
treasury in part for additions and improvements to utility
-
543,943
Cr21'8,229
__
Misc. surp. cred. (net)
abandonments and
Utility Holding
.
148,259
Direct surplus items
during 1938 amounted to
of $23 777 734.
Public
$5,949,468
8,806,005
Balance
Cum. pref.
Electric Power Co.
•
Completion of construction of a 154,000-volt transmission line of the
Alabama Power Co. from Mitchell Dam to West Mobile, Ala., a distance
of 182 miles, and the construction of a 22,000-kilovolt-ampere substation
at South Mobile, together with other necessary equipment to control this
plant
'
bonds,
on
and
Tennessee
Retirements,
1935
•
Dividends on pref. and
Fixed,
undistributed profits.
of
Accumulated Dividend—
The directors on May 22 declared a dividend of 75 cents per share on the
preferred stock, $6 series, payable July 1 to holders of record June 9.
A
payment of like amount (which is one-half of the regular rate) was made in
each of the 16 preceding quarters.—V. 148, p. 2578.
Volume
Financial
148
Consolidated Biscuit
Chronicle
Co.—Earnings—
Years Ended Dec. 31—
1937
1938
Gross profit on sales
Period End. Apr. 30—
$1,111,515
618,456
$493,059
58,471
expenses
$707,639
498.476
$328,285
77,270
82,277
40,476
Operating
re venues.
__
_
Other
Gross
income.
Income charges.
Provision for depreciation
first mortgage bonds
Other interest
Interest
on
$283,944
193,800
$94,602
129,200
$0.88
on
Earns, per sh. on 323,000 shs. cap. stk. (no par)..
Months Ended March 31—
Net profit
x
Earnings
y
$0.14
x
contra), $38,417; due from officers, employees and sundry debtors, $25,211;
cash surrender value of life insurance, $13,260; other assets (salvaged equip¬
ment and securities owned), $1,775; plant property (incl. leasehold im¬
of $48,451)
(net), $908,445; trade names and goodwill, $1;
prepaid insurance premiums and othgr expenses, $14,619; unamortized
bond discount and expense, $52,579; total, $2,037,959.
provements
Liabilities—Accounts payable, $90,249; sinking fund requirement due
April 1, 1939, $38,314; accrued expenses, $123,233; 1st mtge. 5Yi% sink¬
ing fund bonds, $607,000; reserve for contingencies, $8,412; capital stock
(par $1), $323,000; earned surplus (per accompanying statement), $486,974;
paid-in surplus (amount unchanged in 1938), $360,777; total, $2,037,959.
148, p.
1165.
,
Output—
;
Edison
;
Co.
of
<
,
New
York, Inc.—Weekly
Edison
Consolidated
week of 1938,
,
Co
of New York announced production of the
the week ending May 21, amounting to
compared with 118,500,000 kwh for the corresponding
increase of 12.1%.—V. 148, p. 3059.
an
Consolidated
Gas
Electric
Light
&
Co.
Power
of
Baltimore—Listing, &c.—The 4Yi% cumul. preferred stock, series B, par $100, has been admitted
to
listing and registration
the New York Curb Exchange.
on
Registers with SEC—
*./
See list given on first page of this
Consumers Power
department.—V. 148,
Gross income-
Int. & other fixed chges.
1,772,441
390,000
1
Net income
Dividends
$1,194,712
405,985
$788,726
285,389
65,278
pref. stock
on
Amortiz. of pref. stk. exp
&
%
Balance
■
-
■
-
'
1,518,139
335,500
•
.
''
/
Continental Steel
$45,792
103,901
103,901
$84,385
$58,109
paid
on
Frere, Ltd.—Extra Dividend—
stock, both payable June 30 to holders of record June 15.
Similar amounts
were paid on March
31. last, and on Dec. 31 and Sept. 30, 1938.—V. 148,
p.
1320.
•
..
,
Delaware & Hudson RR.April—
■
Net from
railway
railway
Net after rents.
From Jan. 1—
1937
1936
$2,529,558
373,564
752,401
$1,983,638
208,483.
66.675
206,190
578,724
6,609,388
1,063,165
7,844,581
2,265,722
1,603,380'
Net after rents
148,
1938
418,666
Gross from railway
Net
from
railway^
—V.
-Earnings$1,664,755
1939
$1,998,023
596,435
;
Gross from
9,017,394
2,191,282
1,529,241
425,074
8,009,844
1,006,407
583,947
2581.
p.
Dennison Mfg. Co.—Plan
Approved—
The special meeting of the stockholders held May 23
approved the diecplan for recapitalization of 1939 and all steps necessary to carry out
the plan.
Subsequent to the vote of the stockholders, the directors de¬
clared the plan operative.
The stockholders' vote in approval of the plan was substantially in excess
of the legal requirements for all classes of stock.
The following percentage
of each class of stock approved the plan: 86.8 debenture, 85.9 preferred,
83.6 class A, 100.0 management.
1939—12 Mos.—1938
$38,090,846 $37,738,715
20,176,773
19,527,277
4,244,000
4,026,000
$746,203
285,389
65,278
•
-
$8,939,852
3,424,822
783,339
$9,749,425
3,413,375
783,339
.
$395,536
-
.
$4,731,691
$5,552,711
Corp.—To Retire Preferred Shares—
Corporation will retire 4,031 shares of $100 par preferred stock
dividends accrued to that date.—V. 148, p. 3060.
at 110 plus
Holders
of interim
optional receipts* and employee stock,
though not
entitled to vote, have expressed their written approval of the plan by
and 96.8%, respectively.
■
The stockholders' meeting has been adjourned to June 20 to enable the
directors to take certain legal steps necessary after the approval of the plan.
The directors hope it will be possible to declare the plan consummated
of July 1, 1939.
The stockholders who have agreed to deposit; their
by signing the proxy, consent and agreement are urged to make such
deposit immediately in order that the plan may be consummated.
The
deposits should be effected as follows:
.»
Holders of preferred and class A stock and interim optional receipts who
on
July I"
have already agreed to make deposits by signing the proxy, consent and
agreement should execute the transmittal letter and send it, together with
their certificates for such stock and interim optional receipts to the com-'
pany, in care of the Old Colony Trust Co., 17 Court St., Boston.
Upon deposit of stock certificates or interim optional receipts, trans¬
ferable certificates of deposit therefor, issued by the company and counter¬
signed by the Old Colony Trust Co. as transfer agent, will be delivered to
or upon order of the depositors.
No transfer stamps or endorsements will
be required on deposited stock certificates or interim optional receipts if
deposited by the holder in whose name they stand; and if certificates of
deposit are to be issued in the same name.
'
When the plan is declared consummated, the certificates of deposit must
be returned to the Old Colony Trust Co., which will issue the new stock
and cash, or stock alone, as specified by the plan.
The directors have determined that deposits under the plan must be made
on or before the close of business on July 1.
Comparative Income Account for Calendar Years
,
1937
1938
Continental
Operating
Interest
.
1939
*
1938
x$75,378
_
Balance Jan. l____-__
Total./.
$77,236
2,441
Amortiz. of debt discount and expense
$19,208
163,650
$28,881
161,268
$182,858
$190,149
8,750
13,406
■
8,750
"13,406
500
8,750
13,406
6 Vt % preferred stock dividends
Miscell. debits to surplus
"
Balance, March 31-----
14,664
31,250
2,441
500
$191,659
7% preferred$tockdividends....
$169,502
$160,202
in
«
Crown Cork International
Net earnings
1938.—V. 148,
Corp.—25-Cent Class A Div.
The directors have declared a dividend of 25 cents per share on account
on the $1
cum. class A stock, no par value, payable
of accumulations
July 1 to holders of record June 10.
Like amount was paid on April 1 and
Jan. 3, last, Oct. 1, July 1, and Jan. 3,1938; a dividend of 75 cents was paid
Oct. 1, 1937; 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 on April 1,1931.—V. 148,
p. 435.
on
Co. of
America—Listing—
Exchange has authorized the listing of $10,000,000
10-year sinking fund 4>£% debentures, series A, dated Aug. 1, 1938, due
Aug. 1, 1948 —V. 148, p. 2120.
.
Accident res've approp-_
Net oper. revenues
4,701
$222,901
1939—12 Mos—1938
$6,709,618
$6,568,997
3,680,654
3,405,874
380,916
588,196
5,451
$218,114
$2,648,048
58
246
518
$222,901
$218,172
46,667
42,387
46,667
38,727
$2,648,294
560,000
485,111
$2,569,994
606,917
356,502
Other income
Gross income
Int.
x
20,667
___—
on mortgage bonds.
Other int. & deduc'ns.
income
$133,847
$132,778
Dividends applicable to preferred stocks for the
period, whether paid or unpaid.
$1,603,183
$2,569,476
$1;606,575
Total
507,386
507,386
$1,099,189
Includes amount required to amortize debt discount and expense over
the life of the outstanding debt plus an additional amortization of $37,000
x
and $32,500 for the respective one month periods and $420,000 and $292,000
for the respective 12 month periods covered by this statement.—Y. 148,
p. 2580.
'
•
„
$124,260
*
216,814
$238,650
surplus..-
$238,650
$341,075
'
Comparative Consolidated Balance Sheet Dec. 31
.
Liabilities—
$
"$
.
641,343
i
,645,933
Trade notes&acfits.
rec.
(less res.).- 1,874,003
&c— 2,500,684
Raw mat'ls,
119,286
bldgs.
3,929,199
4,064,741
1,025,430
171,133
62,032
and
equip, (net)
1,023,942
205,512
Total
10,412,764 10,738,582
$
$
Notes pay. (suo.).
Accounts payable.
32:131
409,717
30,000
,
385,719
Acer, wages, taxes,
&
other exps
170,093
68,708
176,630
Capital stock.;
*8,579,550
Capital surplus..737,285
Earned surplus.-.
238,650
..
Prqv.fortaxes (est.)
176,053
62,028
Investments
Land,
1,779,225
2,870,803
& ac¬
.
1937
1938
1937
1938
Assets—
Cash
Minority
Interest.
Total
-
170,610
149,058
190,142
8,583,750
888,228
341,075
10,412.764 10,738,582
Represented by (1) 39,289 shs. 8% cum. deb. stock (par $100), $3,928,900; (2) 25,634 shs. 7% cum. pref. stock (par $100), $2,563,400; (3) 91,532
shs. 7% non-cum. pref. stock (pzr $10), $915,320; (4) 77,397 shs. manage¬
ment stock (par $10), $773,970; (5) 25,312 shs. employee stock (par $10),
$253,120, and (6) interim optional receipts for management and employee
stock exchangeable for class A stock, or, if held until specified conditions
permit, for pref. stock, aggregate par value, $144,840.—V. 148, p. 2120.
x
Detroit & Mackinac
1937
Net after rents
due Dec.
$62,460
11,125
4.698
$77,948
22,620
14,867
217,300
27.678
def607
Gross^roSTrafcay
Net from railway
214,971
267.535
def6,089
20,028
64.283
j
32,921
1, 1938, on the mortgage 4%
will be paid beginning June 1, 1939.
The interest due June 1, 1939, on
also be paid on that
1938
$53,266
3,630
def3,763
Net from railway
The interest
Ry.—Earnings—
1939
April—
Net after rents
$1,095,797
Balance
$759,641
392,890
25,676
Gross from railway
Net
91,249
"
Drl53,337
surplus.-.
Parent co., accum. since Dec. 31, 1932
Equity in earned surplus of subsidiaries accumulated since acquisition—
Deferred charges..
Co.—Earnings—
1939—Month—1938
$514,655
$516,110
287.053
277,329
$399,625
314,312
— _
capital
Earned surplus at end of period:
Goodwill, pats.,&C
Period End. Apr. 30—
Operating revenues
Oper.exps., incl. taxes..
Prop, retire, res. approp.
216,814
Preferred stock
counts receiv
The New York Stock
Dallas Power & Light
,—
surplus—
Other notes
Crucible Steel
212,717
124,260
1932
Equity in earned surplus of subsidiaries accumu¬
lated since acquisition—
Dividends—Debenture stock.—
$455,675
$58,550
—
Earned surplus, beginning of period:
Parent co., accum. since Dec. 31,
Total
$464,290
8,615*
$45,039
lossl3,512
$167,493
1638.
p.
Earnings after depreciation.-1
Earnings applicable tb minority interest--
$898,546
434,256
$473,353
428,315
•,
depreciation.—--r-.
Portion of dividends paid out of
Including other income of $154 in 1939 and $1,787
x
1937
x$71,079
18,180
31,250
2,441
12,881
31,250
...
funded debt.
Net income..
Provision for
$28,806
162,853
—.....
expenses
on
Earnings before provision for depreciation
Telephone CoEarnings—
3 Months Ended March 31—
Gross earnings.
91.6%
.
stock
•.
.
$19,516
the
as
3060.
$1,138,661 $13,670,073 $14,185,439
' 392,458
4,730,220
-4,436,014
y
$438;059
...
—V. 148, p. 2579.'
p.
Co.—Earnings—
Period End. April 30— 1939—Month—1938
Gross revenue........^ $3,357,152
$2,992,300
Oper.exps. and taxes.__
Provision for deprec-—1
$1,417
unpaid.
tors'
electric plants of its system for
132,900.000 kwh
$1,805
preferred stock for
or
.
.
.
$357,008
285,614
25,602
deficit-
David &
on
hand and in
banks, $488,405; customers' accounts
(net), $201,474; inventories, $293,774; sinking fund for retire¬
bonds (incl. amount to be deposited April 1, 1939, per
Consolidated
$327,000
282,180
25,304
Directors have declared an extra dividend of 10 cents
per share in addi¬
tion to the regular quarterly dividend of 15 cents
per share on the class A
1938
ment of 1st mtge.
—V.
$27,020
23,561
2,042
and unpaid to April 30, 1939, amounted to
Latest dividend amounting to $1.75 a share on 7% pref. stock
Nov. 1, 1933.
Dividends on this stock are cumulative.—
V. 148, p. 2580.
Assets—Cash
receivable
$27,279
23,515
1,959
Dividends accumulated
was
'
Condensed Balance Sheet Dec. 31,
$337,654
19,354
$571,456.
depreciation and estimated Federal income taxes,
y On
323,000 shares common stock, no par.
z aBefore undistributed profits tax
and before refund of processing taxes in mount of $9,780.
.
$306,444
20,556
income.
Dividends applicable to
•Balance,
After interest,
x
$25,104
1,916
mortgage bonds.
deductions
period, whether paid
1937
z$89,516. loss$64,265
$0.27
Nil
$46,974
share
per
x
1938
1939
$25,904
1,375
$0.29
Net
3
523,717
186,063
Gross income
Other
18,778
14,500
Provision for Federal income tax (estimated)
Net income for the year
dividends paid
492,507
186,063
Operating income
Int.
Cash
40,609
15,505
_
Other income
381
15,923
58,851
$259,951
189,871
29,471
41,409
15,505
res. approp
Net oper. revenues
Rent for lease of plant.
119,122
.
Amort, of bond discount & exp., incl. balance appl.
to bonds purchased for treasury
$262,476
195,218
25,849
Oper. exps., incl. taxes._
Prop, retire't
Net profit on sales
income
1939—12 Mos.—1938
$3,074,709
$3,012,679
2,329,232
2,308,308
252,970
180,654
1939—Month—1938
$209,163
$551,530
64,673
93,336
34,801
Selling, general and administrative
3219
Dallas Ry. & Terminal Co
.-Earnings-—
1936
$50,542
7.698
12,110
176,184
,,511
defl 1,490
bonds, due 1995,
the 4% first lien bonds, due 1995, will
date.—V. 148, p. 2894.
Financial
3220
Detroit Toledo & Ironton
Net
1936
1937
$677,183
58,943
$677,783
346,845
220,562
1,751.607
620,804
374,222
3,125,127
1,734,766
1,165,738
2,9z2,727
1,606,071
1,136,808
104,415
333,617
224,475
1—
Gross from railway
2,307,641
1,074,280
728,040
.
Net from railway
Net after rents
_
stock, and the regular quarterly dividend of $1.25 a share on the $5 conv.
pref. stock, both payable June 15 to holders of record June 1.
The last
previous payment of 30 cents a share on the common.on Dec. 15, 1938, was
the only dividend paid on the common stock during 1938.
Commenting on the current dividend payments, Bradley Dewey, Presi¬
dent of the company, states:
"Although it is not the company's policy to publish
earnings reports
mpre often than once every six months, it may be observed that results
have been materially better than in the same period last year and that earn¬
ings thus far in 1939 are sufficient to cover a full year's dividend require¬
ments on our preferred stock."—V. 148, p. 878.
.
,
Doehler Die Casting
Co.—Personnel—
Company has notified the New York Stock Exchange that the following
were
elected:
H. H. Doehler, Chairman of the Board: L; H.
Pillion, Vice-Chairman of the Board; Chas. Pack, President; F. J. Koegler,
1st Vice-President; Wm. G. Gutmueller, Vice-President; A. G. Gutmueller,
Vice-President; K. R. Zabriskie, Vice-President; R. Bernhard, Treasurer,
F. Knoebel. Secretary.—V. 148, p. 2122.
officers
Duquesne Light Co.—Earnings—
"
Year Ended March 31—
revenues
*
i
_
—-
,---—
Net operating revenues
-----
721
2,171,693
1,912,700
1,691,200
—...—$11,812,341 $12,868,120
180,100
179,785
:
Rents for iease of electric proper ties
Net operating income
Merchandising, jobbing & contract work (net)
$11,632,241
5,054
revenues
-—
Gross income
on
$ 12,688,33 5
2,923
93,665
296,072
4,984
w---———
2,450,000
130,813
2,450,000
315,947
OV46.109
500,000
130,427
$9,375,254
13,764,924
$9,663,916
14,615,967
;
315,941
Crl 14,991
— -
Appropriation for special reserve.
Miscellaneous deductions.
Crl25,000
-----
-
.
Net income.
Earned surplus, beginning of period
Total-..-
237,556 '
Drll,338
-----$12,032,016 $13,014,181
—
—
funded debt
Amortization of debt,discount and expense
Other interest (net)
...
-$23,140,178 $24,279,883
1,375,000
1,375,000
6,996,691
8,611,312
Federal income tax deficiencies together with interest and expenses thereon—prior years
3,438,871
480,708
Pennsylvania corporate net income tax—prior year
Miscellaneous direct items (net)
47,939
----15,060
/
4,061,770
2.927,463
4,037,874
2,974,330
639,800
654,145
Debt discount and expense
1,356
;
—
1,627
$210,411
$0.85
$2,427,745
$9.85
Minority interest
dividend requirements.
prior pref. stock
Note—No provision has been
V.
148,
made for surtax
on
undistributed profits.—
2583.
p.
Eastern Mfg.
Co.—Reorganization Progressing—
Special charges aggregating $3,124,810 have been deducted from the
in connection with its reorganization when a group
of attorneys presented in Federal Court, Portland, Me., details for carry¬
ing out its plan of reorganization under the Bankruptcy Act. The charges
were recommended by the present management, it was stated, and represent
in one case a write-off totaling $1,106,102 described by the auditing firm
as
"elimination of write-ups of timberlands recorded on the books of
prcd6C6ssor compHBics."
Offsetting those charges is the creation of a new surplus account of
$3,725,123 arising from the exchange of securities under the plan of re¬
organization.
After deducting the deficit incurred by the write-down, the
new company began 1939 with a surplus of $1,226,183.
Other developments in the recommendations included a change of name
to Eastern Corp. from Eastern Manufacturing Co.; new by-laws under
which it will operate; an indenture for the mortgage bonds to be outstanding,
and provisions governing the issuance of the new preferred and common
assets of the company
stocks.
In connection with filing of reorganization details, it was learned that
the five trustees who will elect three-fourths of the new board of directors
the company have been selected as follows:
Lloyd D. Brace,
Vice-President, First National Bank of Boston; Sherman N. Shumway,
Bangor banker; Henry J. Wheelwright, Banor banker; Harold Lee Berry,
Portland banker; and D. Samuel Gottesman, New York attorney.
The report of the company for the calendar year ended Dec. 31, showed
gross sales (on the old basis) for the 12 months of $6,381,414, of which 42%
was for the account of one customer.
After allowing for all charges, includ¬
ing bond interest which was not paid and Federal income taxes, the balance
available for the preferred and common stocks was $338,083.
The 1937
income was $319,347 on the same basis.
The corporation filed a petition for reorganization under Section 77-B
of the Bankruptcy Act in Dec., 1937.
A plan of reorganization was ap¬
proved by creditors and confirmed in Federal Court by Judge John A.
Peters March 7, last.—V. 148, p. 1639.
to operate
96,704
*
revenues
Miscellaneous income (net)....--.
Interest
2,433,491
879
2,239,510
■
1.
Provision for Federal and State income taxes
Interest
2,085,342
3,020,847
_
—
Amortization of leaseholds
8,739,309
2,292,603
9,097,967
—_ — _
Maintenance and repairs
Approriation for retirement reserve
____
1938
1939
$29,948,086 $30,418,637
...
Operation expense _
Dividend
Depreciation and depletion
Earned per share of 4M%
Dewey & Almy Chemical Co.—Dividends—
•Directors have declared a dividend of 25 cents a share on the common
Taxes.
1939
1938
$8,221,868 $10,597,775
381,068
502,054
Federal income taxes (estimated)
Net income available for
—V. 148, P. 2581.
Operating
Associates—Earnings■—
12 Months Ended April 30—
Total consolidated income
Interest
after rents
From Jan.
1938
$367,235
$508,813
182.470
113.471
-
May 27, 1939
Eastern Gas & Fuel
RR.—Earnings—
1939
1
April—
Gross from railway
Net from railway
Chronicle
Eastern Massachusetts
Street
Ry. Co.—To Pay SI .50
Prejerred Dividend—
a dividend of $1.50 per share on the first
pre¬
A, payable June 15 to holders of record June 1.
A
paid on March 15 andjDec. 22, last, this latter being the
first dividend paid since Nov. 15, 1930.
After the current dividend arrear¬
ages on the preferred stock will amount to $46.50 per share.-—V. 148, p. 2583;
Trustees have declared
ferred
stock, series
like amount
was
Ebasco Services
Inc.—Weekly Input
.
For the week ended May 18, 1939 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as com¬
pared with the corresponding week during 1938, was as follows:
h
5% cumul. 1st preferred dividends
Common
dividends
—
...
,
Earned surplus, end of period...148. p. 2583.
$11,314,556 $13,764,924
—V.
1
Operating Subsidiaries of—
1939
American Power & Light Cd-_ 110,890,000
Electric Power & Light Corp.. 54,511,000
National Power & Light CP.__ 79,573,000
—V.
Amendments to
ty is given to reduce the capital and to purchase its own shares.
A communication to the General Assembly sets forth that the company
operated at a loss for eight years and that "consequently the present situa¬
tion may call for some rorm of reorganization."
The present management took over after a proxy battle in
a request
East Missouri Power
Period End. Mar. 31—
$14,654
37
$15,381
$58,165
29
150
$14,691
2,986
$15,411
$58,315
2,988
11.998
14,089
$11,705
$12,423
$46,317
$40,525
151,091
$197,548
143,670
*
Net oper. income
Other income
Gross income.
Int. & other deductions.
Net income
Pref. stock dividends
1,487
Balance
147,
$10,935
p.
$53,878
736
>
$54,614
'
1,487
$10,218
■
V. 148, p. 2424; V.
5,950
5,950
$40,367
$34,575
3609.
East Sixty-third Realties, Inc.—Trustee—.
Colonial
Trust
Co.
has
been
first mortgage certificates of
Eastern Air
appointed trustee for $550,000 par value
company.
#
,
Earnings for 3 Month ft Ended March 31, 1939'
-
,
administrative.
...
Taxes (social security, property and franchise)
Net
income
1
$314,752
3,310
;
Total income.
Miscellaneous
$318,061
14,936
70,000
deductions
Provision for Federal income taxes
x
General
and
$233,126
1
administrative
expense
Assets—
Mar. 31 '39
Dec. 31 '38
Cash in banks and
hand
Accounts
includes
$30,000
1938
1937
1936
$1—03,927
$1,650,488
597,876
*
133.065
585,638
37,858
325,980
449,400
7,9.33,851
5,911,780
1,856,686
.1,314,093
•
—
5,538,968
1,598,570
887,167
railway
Net from railway.
3,463,871
311,844
def96,226
2,674,549
1,579,547
Empire Properties Corp.—Tenders—
Corporation is inviting sealed tenders of its collateral trust bonds due
Jan. 1, 1945, in an amount sufficient to exhaust the sum of $250,000 which
is to be made available through the sale of the company's Sherman Avenue
Apartments at 165 Sherman Ave., New York. The purchase of these bonds
is subject to the condition that the company complete this sale, pursuant,
to existing contract, for $250,000 in cash.
Tenders will be received on or
before July 5, 1939, by Manufacturers Trust Co., trustee, and the com¬
pany reserves the right to reject any and all tenders, in whole or in part.
The company announced that an ^affiliated company owns and is offering
to it at prices ranging up to 57, an amount of bonds sufficient to exhaust
the sum presently available.
Such bonds will be purchased to the extent
that sufficient acceptable tenders are not received.
This will be the first sale of one of the properties constituting underlying
security for these bonds which were originally issued in the amount of
$3,000,000 in June, 1936, under an adjustment plan.—V. 143, p. 108.
C. W. Kellogg on May 25 resigned as Chairman of the Board, effective
June 7, to devote his entire time to the work of the Edison Electric Institute
of whicb he is President.
Mr. Kellogg will remain as a member of the
Board and will also continue
provision
for
as
a
director of centain subsidiary companies
of the Engineers Co., so that his advice and counsel,, based on his long ex¬
perience and knowledge of these properties, will Jje retained.
No successor
to Mr. Kellogg will b3 chosen.
At the same meeting of the board, T. J. Hanlon, Jr. was elected a director
of the company to fill a vacancy.
Mr. Hanlon has been Vice President of
the Engineers Co. since 1931.—V. 148, p. 2896.
"
,
Erie
RR.—Earnings—
April—
Gross from railway
Net from railway.
,
'
(Including Chicago & Erie RR.)
1939
1938
1937
$6,076,115
$5,323,642
$7,557,939
1,574,179
825,427
2,400,515
1936
774,411
17,358
1,535,295
24,493,277
5,980,492
2,823,145
Net after rents
$6,671,080
1,996,831
1,226,702
21,045,535
28,927,449
9,073,732
5,730,163
26,012,510
7,101,069
4,607,927
From Jan. 1—
Gross from railway
Net
after rents
3,034,532
def251,850
—V. 148, P. 2741.
Fall River Gas Works
rec.
Liabilities—
Mar. 31'39
Trade accts. pay..
$1,509,389 $1,283,214
from
operation
653,529
67,388
1,524,254
494,077
67,423
1,339,177
Spare parts & sup¬
173,565
Goodwill
299,996
98,936
187,939
122,173
299,995
$252,074
Accrued liabilities.
103,497
Prepaid transport'n
240,539
234,735
79,789
Reserve for contgs.
30,000
Cap. stk. (par $1). 2,088,330
Capital surplus...
788,705
47,010
Res.
—
for
65,000
overhaul
surplus.._
revenues
Maintenance
Taxes
Net oper. revenues
-...$4,327,053 $3,793,998
Total
$20,411
457,772
2,083" 330
Balance
Retire,
reserve
$15,619
783,705
Interest charges.
...$4,327,053 $3,793,998
Dividends declared
—V. 148, p. 2584.
'
$20,411
5,000
$15,619
$10,619
788
Gross income
224,646
1939—12 Mos—1938
$895,701
495,673
55,902
161.438
$889,994
502,986
57,118
L51/755
$182,687
$178,134
68
$15,411
accruals.
Net income
—V. 148, p. 2265.
Co.—Earnings—
1939—Month—1938
$79,968
$76,392
41,161
42,500
4,195
5,118
14,199
13,154
Non-oper. income—net-
flying equip.
Earned
Period End. April 30—
Operating
Operation.
118,750
171,393
of
plies, at cost—
Deferred charges..
$351,775
Dec. 31'38
Prov. for Fed. inc.
taxes
Investments
Property and equip
Total
Earnings—
$886,483
for contingencies.
Balance Sheet
on
From Jan.
Gross from
Net from railway
Net income for the period.
reserve
x96,517
26,627
operating income
Miscellaneous
1939
$1,208,318
230,583
86,935
■
Dec. 5,
Engineers Public Service Co.—Chairman Resigns—
,
Lines, Inc.-—Earnings—
Operating re venues
$1,935,920
Conducting transportation expenses
812,447
Maintenance and repairs (incl. provisions for overhaul of flying"
equipment $85,097)
J
-i
299,361
Depreciation (incl. provision for obsolescence of spare parts
$19,648)----.—169,973
Selling and advertising.
216,245
General and
'
railway
Net from railway
r 1
Previous
on
1939—12 Mos—1938
$209,257
.
7.7
—V. 148, p. 2895.
$48,674
33,293
$51,240
36,586
;
Elgin Joliet & Eastern Ry.^Iprijf
Gross from
Net after rents
Co.—Earnings—
Pet.
9.0
10.9
dividend of 30 cents per share on the common
payable June 21
Net after rents
1937.
Em¬
from the company to accept a 10%
1939—3 Mos.—1938
Operating revenues
Oper.exps. & taxes-....
$3,
a
to holders of record June 7.
Dec. 8, last; Dec. 8, 1937 and
1936, this last being the initial distribution.—V. 148, p. 2123,
par
dividends were 60 cents paid on
chapter of the company have been passed by the
Connecticut General Assembly under suspension of rules, which provide
for a board of directors of 11 members against seven as at present. 1 Author-
Increase
Amount
9,170,000
5,379,000
5,693,000
Electric Boat Co.—Smaller Dividend—
Directors have declared
the
ployees are now considering
wage cut.—V. 148, p. 2122.
1938
101,720,000
49,132,000
73,880,000
148, p. 3061.
stock,
Eagle Lock Co.—Afay Reorganize—.
.
968
1D4U622,
5,000
$9,651
117
$182,755
60,000
$178,251
60,000
$122,755
11,517
$118,251
12,858
$111,237
95,962
$105,393
105,890
„
Volume
Essex
Financial
148
Co.—$1.50 Dividend-—
*.
"
Directors have declared a dividend of $1.50 per share on the common
stock, payable June 1 to holders of record May 18.
A dividend of $2 per
share was last paid on Dec. 1,1938.—V—145, p. 3344.
Federal
Light & Traction Co. (& Subs.)—Earnings—
Operating revenue
Oper. exps.,
maint.
xl939—12 Mos.—1938x
$9,433,299
$9,670,519
declares.
The letter contains a summary of some of the reasons why the committee
believes the plan to be unfair to first mortgage bondholders. One reason set
6,267,598
6,060,535
forth is that their fixed interest bonds are to be turned into income bonds
under which, by reason of sinking fund provisions, interest, even if fully
145,931
584,911
587,492
$692,020
Dr9,328
$2,818,010
2,480
$2,785,272
17,377
1939—3 Mos.—1938x
$2,726,676
$2,526,106
1,744,674
1,688,154
154,597
&
taxes
_
for retirements
&
depreciation.
Operating income
Other income
Gross income
$832,166
$682,692
$2,820,490
$2,802,649
Int., discount &
charges of sub.
cos
115,692
110,028
432,670
Pref. divs. of sub.
cos
45,999
46,180
456,738
184,105
172,951
185,059
716.557
733,339
$497,523
$341,426
66,561
$1,463,090
266,244
$1,451,786
266,244
$274,865
$1,196,846
$1,185,542
$0.52
$2.28
$2.26
other
Int., discount & other
chgs. of Fed. Light &
Traction Co
.
Net income
Preferred dividends
sh.
per
on
66,561
•
Bal. to earned surplus
Earns,
constituted, is put into effect, George Armsby, Chairman of the First
Mortgage Bondholders Committee, states in a letter to the bondholders.
Since only two interests are involved in the proposed reorganization,
namely, the first mortgage bondholders, the senior interest and secondly,
the Starrett Corp., the junior interest, there seems to be no necessity for
such a complicated plan
involving four classes of securities, the letter
$827,405
4,762
Period End. Mar. 31—
Prov.
3221
Chronicle
$430,962
184,854
'
com.
stock
$0.82
\
earned, need not be fully paid.
Furthermore, it was said, a substantial
Part of the interest requirements on the new bonds is non-cumulative.
No interest payment is to be made before May 1, 1940 at the earliest,"
the letter states, "notwithstanding that interest on the present first mortgage
bonds was fully earned during the year 1938 (before deductions for depre¬
ciation and amortization) and notwithstanding that the plan states that as
Aprii 28» 1939 the corporation had cash
$525,000.
"Sinking fund provisions permit
made to Dec. 31«
Includes the portion of profit and loss adjustments
1938 applicable to the period.—V. 148, p. 1476.
x
on
hand in the amount of over
portion of earnings which should be
available for interest to be used for the purchase of bonds at depressed
prices. By thus lowering the amount of interest actually paid or payable,
it helps to insure that depressed prices in the new bonds will prevail.
"Practical control, approximately 48% of voting control, is assured to
the Starrett Corp, through issuance of voting preferred stock and common
stock.
Unless unanimously organized, the most that bondholders could
hope for would be to elect a minority and possibly a very small minority of
the board of directors through cumulative voting."
Other members of the committee are C. Kenneth Baxter, Lauren Carroll
and John H. G. Pell.
Cadwalader, Wickersham & Taft are Counsel, and
Raymond A. Kelley of One Wall St., is Secretary.—V. 148, p. 3064.
a
Gaylord Container Corp.—Listing Acquisition-—
The
Federal Screw Works—Files Petition Under Chandler Act
The company has filed a petition for arrangement of its unsecured
funded debt in U. 8. District Court, Detroit, under the Chandler Act.
William G. Lewis has been appointed a supervisory
receiver.
"
Attorneys for the company presented a recapitalization plan that has
worked out by interests representing a majority of the company's
notes.
It provides for scaling down of present common stock by issuance
of one new share for five old snares; for issuance in exchange for each $1,000
of principal and interest on present 63^% notes, due Sept. 1, 1939, of $500
in new 5% first mortgage bonds, maturing March 1,1949, and 70 shares of
new common stock, and for issuance to each share of new common stock
rights to purchase on or before March 1, 1949, 23^ shares at $8 each,
been
proceeds to be used for retirement of first mortgage indebtedness and
working cB'pitB'l
,B
^
for
capitalization consists of $1,737,000 Of 6M% notes and
199,375 (no par) common shares.
Giving effect to the recapitalization
plan, there will be outstanding $868,500 of 5% first mortgage bonds and
161,465 shares of common stock, par value of which is to be determined.
An amount equal to 30% of annual earnings is to be paid into a sinking
fund to provide for reirement of first mortgage bonds.
■
Walter M. Robinson, Fred L. Day, Ralph W. Ballantine and Stuart R.
Brookes have been added to the board of directors to represent noteholders.
Also representing the noteholders are Henry Verdelin and James R. Buck,
who with Frank M. Edgar, Earl W. Stewart, W. Tom Zur Schmiede and
Ray Potter have been directors previous to the present proceedings.—
v. 148, p. 3062.
■'
The
present
^
New York Stock Exchange has authorized the listing of 10,000
shares 5H% cumulative convertible preferred stock ($50 par)
official notice of issuance; and 20,000 additional shares common stock
($5 par) upon official notice of issuance in conversion of the 5H% cum.
conv. pref. stock; making the total amount applied for to date:
106,983
shares of 5H% cum. conv. pref. stock, 819,221 shares common stock.
Directors, at a meeting held May 17, authorized the issuance of 10,000
shares of preferred stock in payment of the purchase price, to wit, $500,000,
of certain property acquired as of Jan. 1,1938, from Great Southern Lumber
Co., Inc.
This property consisted principally of (a) the electrical dis¬
tribution system in Bogalusa, La.; (b) certain real property and the im¬
provements thereon located in or near that city, upon part of which there
has been erected a hospital, store building, and 706 houses, chiefly occupied
by employees of the company; and (c) all of the issued and outstanding
stock of Bogalusa Stores Co:, which is engaged in a general mercantile
business in Bogalusa, La.
Under the contract of purchase, company had
additional
upon
the option until Jan. 2, 1939 to make payment in cash, notes, or in shares
of preferred stock.
The time within which the company had to elect the
mode of payment was extended from time to time, decision to make pay¬
ment by the issuance of 10,000 shares of the 5 A % cumulative convertible
preferred stock, being made at the meeting on May 17, 1939.
3 Months Ended March 31—1
Profit before deprec., amortiz.,
Insurance
Fire
of
Co.
N.
Company has notified the New York Stock Exchange that William S.
Gray Jr., has been elected a director of the company to fill the vacancy
by the resignation of Mr. Gayer G. Dominick.—V. 148, p. 581.
caused
Vet
General Reinsurance
railway-.
Net aUer rents
From Jan.
-
5,210,215
2,363,534
1936
1937
$1,013,352
4,743,207
1939
$904,682
328,119
190,723
348,173
192,106
1—
from
railway
Net from railway
Net
1938
»$1,303,505
629,723
410,013
4,671,989
1*913,749
Net from
Gross
Directors
$996,203
V 342,853
175,324
p
April—
Gross from railway
1,716,369
1,292,745
after rents
—V. 148, P. 2584.
V
t
Florida Power &
Period End. April 30—
Operating revenues
the
$273,116
68,214
outstanding
$0.38
$0.11
,
.
-;,
,
1
,
Corp.—-Extra Dividend—
May 23 declared an extra dividend of 25 cents per share in
dividend of like amount (or a total of 50 cents per share) on
on
a
capital
stock,
Like amounts
were
both payable June 15 to holders of record June 8.
paid on March 15 last, Dec. 14, Sept. 15 and June 15,
1938 and previously regular quarterly dividends of 50 cents per
distributed.—V. 148, p. 1323.
4,033,753
1,541,953
1,043,280
1.918,284
1,334,617
::V
V.V-
addition to
$475,250
139,217
186
62,732
$123,892
66,747
.
profit..
Dividends paid on preferred stock
Earnings per share of com. stock
(539,221 shares)
z
—V. 148, p. 3064.
Florida East Coast Ry.—Earnings.
$309,099
152,980
5,003
27,224
Depreciation, depletion and amortization..
Interest charges.
Y.—New
1938
,
&
charges
Provision for Federal & State income taxes
.
Fidelity-Phenix
Director—
1939
int.
Federal & State income taxes.
share were
Georgia-Carolina Power Co.-—Bonds Called—
A total of $56,500 first mortgage
5% 40-year sinking fund gold bonds,
have been called for redemption on July 1 at 105 and
Payment will be made at thO Central Hanover Bank &
Trust Co.—V. 147, p. 3309.
,
,>
■'
due July 1, 1952
accrued interest.
...
Light Co.—Earnings—
.
1939—Month—1938
1939—12 Mos. -1938
$1,341,792
$1,475,098 $14,223,122 $1 L ,440,726
Georgia & Florida RR.—Earnings—
'
Deduct
rate
reduction
r-
345,229
58,504
reserve..
Balance
$1,341,792
Oper; exps., incl. taxes
699,187
Prop, retire, res. appr ops
116,666
__
■
$1,416,594 $13,877,893 $13,816,048
706,139
7,296,179
7,760,900
83,333
1,333,333,
866,667
-Jan.
—Week Ended May 14—
1939
1938
.
624,678
$36.4,984
$18,275
$16,250
...
1 to May 14
■
1938
1939
-
Operating revs. (est.)
—V. 148, p. 3065.
'
■
„•
$368,396
'
Georgia Power Co.—Earnings—
/
»
'
$627,122
$5,248,381
$525,939
1939—Month—1938
1939—12 Mos.—1938
$2,551,277
$2,322,843 $29,718,980 $28,767,168
Oper. expenses and taxes
1,218,384
1,146,417
15,016,346 14,933,294
Prov. for deprec
270,000
230,000
2,927,500
2,760,000
221
221
2,650
2,650
Operating income.
Other income (net)
$526,160
12,915
$627,343
11,662
$5,251,031
547,623
>,191,1'31
$539,075
216,667
110,000
22,171
$639,005
216,667
110,000
20,604
$5,798,654
$5,738,815
2,600,000
1,320,000
243,741
...
Gross income
Int.
rntge. bonds
Interest on debentures..
on
Other int. & deductiohs.
'
'
Gross
547,684
,
.
2,600,000
1,320,000
246,974
Apr. 30—
Period End.
$5,188,481
Net oper. revenues...
Rent from lease of plant.
revenue
„
Dividends
.
on
pref. stock
$521,191
245,862
$387,610
245,862
$5,202,940
2,950,350
$4,488,621
$275,329
Net income.
$141,748
$2,252,590
$1,538,271
j,
t
•
■
;
Balance
Net income
$291,734
$190,237
for the period,
$1,631,680
$1,575,074
1,153,008
1,153,008
$478,672
applic. to pref. stocks
whether paid or unpaid.
Divs,
$422,066
148, p. 2588.
—V.
Earnings—
Giddings & Lewis Machine Tool Co.
1938
1937
$2,258,246
$1,573,083
1,166,376
41,958
Years Ended Dec. 31—
Balance.---.......,.
Dividends accumulated and unpaid to April 30,
1939, amounted to
$6,078,434.
Latest dividends, amounting to $1.31 a share on $7 pref. stock
and $1.13 a share on $6 pref. stock, were paid on April 1, 1939.
Dividends
on these stocks are cumulative.—V. 148, p. 2584.
v
■ '
x
Follansbee
Consummation
Brothers
or
Co.—Security Dealers Ask Either
Withdrawal of Plan—
'
\
Schloss & Co. (brokers), New York, have sent a letter to the trustee,
(John Follansbee) regarding the situation which prevails in Open contracts
on "new when-issued securities" of the reorganized company.
The letter
follows:
Net
sales._r — -j
1
Operating charges, incl. selling, adm. & gen. exp__
DepreciationNet income from sales
Non-operating income ....
Total income
reorganization plan for the company, dated Aug. 31, 1936 with
and confirmed on July 30, 1937, has not been declared
amendments,
1,752,891
48,234
"
$457,122
—
4,704
...
...
*
T
Interest paid.
......
....
$461,826
1,794
Bond issue expense written off....
_
$364,749
7,223
$371,972
-9,181
4,747
"""759
_
447
515
75,503
24,813
Non-operating real estate arid machinery expense..
Loss on disposal Of fixed assets.
Federal income tax—
.1
;—
Wisconsin State income and surtaxes
_
"The
2,950,350
•
.
x
$946,426 $11,775,134 $11,073,874
558,815
6,572,195
6,585,253
Gross income.....
$1,062,893
Int. & other fixed charges
541,702
91,178
16,965
1,133
Adjustment of prior years' taxes (credit)
operative.
"We have open on our books at present, several contracts made in the
new when issued securities of Follansbee Steel Co., in the aforementioned
$359,575
100,000
Net income
Dividends
Our contracts are only a very small portion of the many such con¬
tracts today outstanding throughout the country.
After a thorough in¬
vestigation, it appears obvious to all parties concerned, that this afore¬
mentioned plan will never become operative, and these contracts remain
open with their carrying charges and expenses continuing to accrue each
Earnings per share.
month.
U. S. Treasury
plan.
"We
appeal to
you, as
can
:•
be stricken from our records.
"As
we
feel that due to various regulations the above matter may not be
control, we are forwarding to the Securities and Exchange
a copy of this letter, in the hope that if they see the ridiculous
position, we, as well as other people are placed in, that the SEC will make an
effort to work out with you a solution to this situation.
"In view of the apparent hopelessness of the situation as it stands today,
together with the ridiculous position in which many brokers are placed,we
feel that action, whether favorable or unfavorable to the plan should be
taken immediately."—Y. 148, p. 2268.
within
Forty Wall Street Corp.—Committee Opposed to Plan—
First mortgage bondholders would lose a lien with respect to one-half of
their securities if the plan of reorganization of the corporation, as now
$139,173
-
bonds—at
1937
$56,385
99,000
cost.
99,000
41,046
70,399
392,435
291,939
72,594
64,755
962
trade
Com. stock (par $2)
life of officers
surplus...
Capital surplus...
1937
$72,100
$36,721
129,458
135,783
200,000
527,751
339,928
200,000
268,182
339,928
1,421
Cash value of ins.
on
liabilities...
Earned
Inventories
1938
Liabilities—
Accts. pay.—trade
Acer,
Acc'ts receivable—
your
Commission,
$249,454
100,000
$2.49
Comparative Balance Sheet Dec. 31
1938
Assets—
Cash
trustee, to either have the plan consummated and
securities issued, or officially and finally called off and canceled, in
order that these old contracts which apparently can never be consummated,
new
$3.59
Surp. arising from
revalua'n of fixed
assets
..... .
—
.......
263,968
Ad vs. for travel ex¬
pense,
cers
&c.—offi¬
& empl's—
Int. accr. on U. 8.
Treasury bonds.
x
109
109
Plant & equip't.
472,313
51,605
637,464
Deferred charges..
Total
x
23.110
$1,269,237 $1,244,582
After reserve for depreciation
—V.
148, p. 3065.
Total .........11,269,237
$1,244,582
of,.$558,467 in 1938 and $425,420 in 1937.
Net from railway
Net after rents..;
From Jan. 1—
3,222
defl9,277
6 Months Ended
1936
$206,384
35,768
12,220
$182,656
22,418
186
Cost of goods
Net after rents..
859,702
198,900
76,607
.
929,323
248,737
156,652
743,423
94,945
9,111
218.364
F.) Goodrich Co.—Negotiations for Refunding—-
Net income
after June 1,
Net after rents.
Tl-
deposit &
on
1937
$2,347,473
1936
$2,213,368
def60,952
def248,726
687,225
371,968
651,595
454,231
7,045,192
1,122,675
330,849
5,528,169
defl06,959
def871,093
8,735,451
2,457,751
1,284,952
7,909,061
1,947,731
1,292,230
Net after rents
_
3,770
4,649
34,755
231,791
232,827
Fed. inc. tax pay.
20,465
Accruals
19,201
45
31
Eq. notes & trade
Contain¬
Vendors'
returnable.
ers
_
Notes
y
Property
strue.
Amt.
1
_i._
Uncompleted
148, p. 2588.
Mtges. payable. 1.
5,513
1,090,328
—
3,337
25,619
Sugar Co.—Common Dividend Reduced—
stock, no par value, payable July 3 to holders of record June 15.
Pre¬
viously regular quarterly dividends of 60 cents per share were distributed.
addition, special dividend of 90 cents was paid on Feb. 4, 1938.—
Grocery Stores Products Co.—Rights—
offered right to subscribe
additional share (par 25 cents) for each four shares or
Rights will expire June 20, 1939.
Stock of the
was quoted "ex" rights on May 26.—V. 148, p. 2428.
thereof held.
Groton
& Stonington Traction
257,000
355.354
$1,715,635 $1,733,152
Total
reserve
result of action brought by New Haven & Snore Line
Co. (& Subs.)—Earnings—
Havana Electric Ry.
"
1936
1935
$2,206,948
2,300,416
$2,351,654
2,456,643
$2,560,716
2,512,176
a$93,468
2,735
'a$104,989
$48,539
479
642
96,000
a$90,733
754,033
246,000
a$104,510
720,883
96,000
$49,182
696,570
96,000
$717,975
$1,090,766
$921,393
$743,389
1937
1938
Calendar Years—
..
$2,106,4632,088,161
Gross oper. revenue
Co.—Sale, &c.—
Ry., Inc., of
Henry L. Bailey Jr., was appointed receiver of the
Groton & Stonington Traction Co. by the Superior Court for New London
County, Conn., on Sept. 16, 1938. On Dec. 16, 1938 the Court approved an
offer from New Haven & Shore Line Ry. Co., Inc., of $90,000 for all of
the assets of the corporation. The sale was consummated on Jan. 27, 1939.
as a
257,000
for doubtful accounts and notes receivable of $43,876 in
$42,784 in 1938.
y After reserve for depreciation of $370,081
in 1939 and $306,556 in 1938.—V. 148, p
733
After
x
Holders of capital stock of record May 29 will be
company
544,900
454,470
surplus.__
Earned surplus
$1,715,635 $1,733,1521
Total
15,000
lbb'oOO
544,900
1939 and
•
at $2 a share to one
fraction
1
190,000
187,500
new
59,613
—
In
148, P. 2898.
1
74,841
patents.
Deferred charges..
the common
on
Com. stk. ($1 par)
Paid-in
Trademarks and
Great Western
Directors have declared a dividend of 50 cents per share on
rec.
Preferred stock---
con¬
12.723
26,795
,
pref. stock Issue.
1,118.412
job orders
35,604
..
13,294
current
current.!—
Investments
10~064
10,779
Notes payable, not
receivable,
hot
.
accepts, payable
4,475
Beverage tax pay.
Dep. on containers
Inventories
,
1—
Gross from railway
Net from railway
232,475
stamps on hand.
1938
$1,380,876
230,712
193,330
receivable
182,345
9,402
1938
$55,000
34,215
$59,524
Accts: and notes
x
1939
$35,286
Notes payable....
Accounts payable.
$111,973
hand
on
Federal revenue
1939
$1,649,470
April—
2,590
Liabilities—
1938
1939
Assets—
Cash
.
Grand Trunk Western RR.—Earnings—
Gross from railway
Net from railway
$24,792 loss$114,296
—
5% cum. con v. pref. stock
Consolidated Balance Sheet March 31
This firm was a member of the syn¬
negotiations for the new financing.
dicate which originally offered the convertible 6s in 1930.
The 6s are callable at any time on 60 days' notice at 103
next.—V. 148. p. 1642.
$1,110
115,407
$65,553
32,213
8,547
income
Income charges
Provision for income taxes.
Dividend paid on
lo8s$5,382
6,492
4,722
Other income credits
43,183
2588.
Gross
V
62,577
$60,831
operations..
Profit from
124,698
negotiating with an investment banking house looking
toward the sale of new securities to redeem its convtrtible debenture 6s of
1945.
There are about $18,500,000 of the debentures outstanding, repre¬
senting the balance of $30,000,000 of these bonds originally offered in
'May, 1930.
It is understood that Goldman, Sachs & Co. is the firm involved in the
—V.
sold—
795,523
The company is
From Jan.
1938
$668,825
378,226
225,904
70,077
General and administrative expenses.
Net from railway
(B.
1939
$739,974
398.202
March 31—
Selling and delivery expenses,
*
Gross from railway
—V. 148, p.
$156,880
$193,284
40,117
4,141
(Del.) (& Subs.)—Earnings-
Harvard Brewing Co.
Georgia Southern & Florida Ry.—Earnings—
1939
1938
1937
April—
Gross from railway
1939
27,
May
Chronicle
Financial
3222
$18,302
Operating income
Other income..
...
New London, Conn.,
1938 New Haven <fc
Shore Line Ry. Co., Inc., turned over to the receiver in payment of the
property $186,500 worth of Groton & Stonington Traction Co. bonds at
$35 per $100 ($65,275), 1,020 shares of the common stock of New Haven
& Shore Line Ry. Co., Inc., at $17.50 per share ($17,850), and cash of
$6,875, total, $90,000.
The total bonds outstanding were $237,500.
It
will be noted that New Haven & Shore Line Ry. Co., Inc., owned $186,500.
Under the terms of the order the owners of the outstanding $51,000 had the
Under
the terms of the
Court Order of Dec.
Interest, &c
Depreciation
16,
option of receiving two shares (2) of New Haven & Shore Line Ry. Co. stock
bonds, or $35 in cash for each $100 face value of
bonds.
To provide for this optional arrangement, the purchaser deposited
in addition to its stock $17,850 in cash.
The final outcome was that the owners of $8,500 of bonds elected to take
for each $100 face value of
Net loss,
a
Loss.
Consolidated Balance Sheet Dec. 31
Notes
demand deposits
Other
curr.
atlva
shares) and the owners of $42,500 of bonds elected to take cash
850 shares of stock and $2,975 in cash were returned to New
Haven & Shore Line Ry. Co., Inc.
'
The Receiver has not yet been discharged.
It is expected that he will
render his final report to the Court within a month.—V. 133, p. 1452.
of
de
vana
Gulf Mobile & Northern
Gross from
railway.
Net from railway
Net
after
.
rents
From Jan. 1—
Gross from railway
$567,966
187,178
100,195
1936
$605,594
233,358
^115,144
306,740
165,542
•
Net from railway
Net after rents
....
2,154.813
671,369
332,949
—V. 148, p. 2898.
Gulf Power
$538,404
162,034
62,445
•
2.187,725
605,664
2,568,880
953,730
192,584
2,252,493
767.882
355,899
460,320
'
.
Period End. April 30—
Gross revenue.........
Oper. exps. & taxas
Provision for deprec'n..
Grossincome..
v
N
1939—Month—1938
$150,311
$141,716
97,698
90,486
14,583
11,292
1,993
4,648
500
1939—12 Mos.—1938
$1,779,444
$1,699,601
1,156,416
1,119,087
**
188,167
140,707
Int. & other fixed chgs.
$39,938
20,519
$434,861
240,684
$439,806
233,588
Net income.........
Divs. on pref, stock
$18,039
5,584
$19,420
5,584
$194,177
67,014
$206,218
67,014
$12,454
$13,835
$127,163
$139,204
—V. 148, p. 2744.
payable
13,484
17,334
April—
16,972
6% cum. pref. stk.
($100 par).....
no par
shares)..
1939
1936
1937
1938
$114,649
$122,652
17,035
defl2,160
$163,215
18,828
def7,944
45,254
16,125
$149,340
32,708
6,460
402,351
33,575
def68,724
448,583
39,897
def71,731
562,915
114,984
2,651
507,983
92,197
def5,879
From Jan. 1—
—V.
148, p. 2588.
Deficit...Total
....24,013,857 24,102,9121
reserve
Co.—Considering Refunding—
D. C. Barnes, President of Engineers Public Service Co. states that Gulf
States Utilities Co., a subsidiary, is considering the refunding of its 1st
refunding bonds, 4% due 1966, outstanding in the principal
$27,300,000.—Y. 148, p. 2898.
mortgage and
amount of
Hamilton-Brown Shoe Co.—To File Plan—
Federal Judge George H. Moore at St. Louis has instructed the trustees
to prepare
and file a reorganization plan by June 10 and set June 24 for
hearing objections to the plan.
The Court authorized the trustees to apply
to Reconstruction Finance
Corporation
or
other parties for a loan of $600,000
for which trustee certificates would be issued
to continue
a
operations of the business.
as
security.
Funds
are
needed
The Court took under advisement
petition of National Labor Relations Board which seeks to make trustees
defendants in
5.000,000
7,953,830
6,317,201
7,953,830
5,599,226
.....24,013,857 24,102,912
Total
for depreciation, obsolescence, &c., of $231,776 in 1938
1937.
c
After
Haverhill Gas Light
Period End. April 30—
Operating revenues
Operation
Maintenance
Taxes
:
Balance.
reserve
for depreciation.—V. 148, p, 2270.
Co.—Earnings1939—12 Mos.—1938
$570,832
$552,919
371,839
360,340
30,657
29,614
88,402
86,825
1939—Month- -1938
$42,779
29,721
7,131
$44,920
28,470
2,210
7,524
$3,653
$6,716
2,274
,
"
$79,934
$76,140
76
78
reserve
$6,716
2,917
$76,216
$80,012
35,000
/ 35,000
$786
$3,799
181
$41,216
1,234
$45,012
58
accruals.
Gross income
$3,653
2,917
$678
Retire,
$3,619
$39,982
39,312
$42,804
44,226
Interest charges
•
2,208
—V. 148, p. 2588.
Hayes Body Corp.—Listing of Additional Stock—
New
York
Stock
Exchange has authorized the listing of 129,767
agreement, and 9,767 shares for which an option has been granted to'
A. W. Porter, Inc., to purchase for cash, making the total listing applied
for to date 500,000 shares.
•
,
The listing of the foregoing 120,000 shares was applied, for upon official
notice of issuance and sale by the corporation to the underwriter at a price
of $2.50 per share, for resale to the public at a price equivalent to the
.
market price of the stcckthen prevailing upon the New York Stock Ex¬
change plus an amount equal to the regular brokerage commission estab¬
lished by the Exchange.
Listing of the 9.767 shares was applied for
upon
Gulf States Utilities
5,000,000
($2 par) common stock as follows:
120,000 shares pursuant to a
firm commitment by A. W. Porter, Inc., to purchase for cash, under an
RR;—Earnings—
Gross from railway.....
Gross from railway.....
14,407
shares
Net from railway..
Net after rents
Net from railwayNet after rents........
198,277
Deferred income..
18,200
Com. stk. (200;000
The
Gulf & Ship Island
971,743
867,684
current)
Accounts
(not current)...
Insur., taxes, &c.,
paid In advance.
Other assets......
Dividends declared.
'
4,648
1,993
11.901,450 11,901.450
Notes payable (not
237
Fixed assets..- .23,695,457 23,790,219
S. A.
debt
Non-oper. inc.-1—net
' '
$38,030
19,991
Balance..
69,968
de
Obre.
Co.,
(contra)
Funded
Net oper. revenues
Co.—Earnings—
Om.
&
de la Hav. Elec.
Ry.
and $231,129 in
1937
$725,743
1938
c
91,951
2,446,359
255,081
79,234
Ry.
y
Co., 8. A. (contra)
b After
RR.—Earnings-
19.39
April—
de
Omni¬
Elec.
llabils.
curr.
Emp.
Investment.
capital
stock, no par value payable June 30 to holders of record June 9.
This
compares with $50 paid on March 31 last and on Dec. 29, 1938; $100 paid
on Sept. 30, and June 30, 1938; $50 paid on March 31, 1938; $100 paid on
Jan. 3, 1938; divs. of $50 per sh. paid on Sept. 30, 1937, and in each of the
four preceding quarters," and dividends of $100 per share previously dis¬
tributed each three months.
In addition, an extra dividend of $100 was
paid on Sept. 29, 1934; an extra of $200 paid on Dec. 31,1932, and an extra
of $150 per share was paid on Sept. 30, 1932.—V. 147, p. 3458.
Other
Obreros de la Ha¬
t
Group No. One Oil Corp.—To Pay $100 Dividend—
64,323
62,653
Cooper-
de Empl.
bus
799,564
pay.
Coop,
assets.
Funds oh dep. for
acct.
$
(curr.)
1,101,900
18,758 Accounts payaole.
104,170
5,400 Int. due & unpaid. 3,068,931
185,021 Accrued liabilities.
246,726
25,687
7,816
188,066
b Mat'ls & suppl's
1937
1938
Liabilities—
S
Accts. receivable.,
($14,875).
The directors have declared a dividend of $100 per share on the
1937
1938
Assets—
Cash on hand and
stock (170
.
$18,302
640,277
Total income.
Wagner Act case in connection with company's plant at
Poplar Bluff, Mo.
The case was proceeding prior to company entering
bankruptcy.—V. 148, p. 2428.
a
Hathaway Mfg. Co.—Dividend. Doubled—
official notice of issuance to the underwriter at $2.50 per share upon
exercise of an option.
The underwriter and selling group, in order to
stabilize the offering price during the distribution, may make purchases
and sales of the stock in the open market or otherwise.
Underwriting
these shares
are
Agreement—The
underwriting
agreement
to be sold to the underwriter contains a
under
which
firm commitment
by the underwriter to purchase, and by the corporation to sell, 120,000
shares at a price of $2.50 per share.
It further provides for the granting
of an option by the corporation to the underwriter to purchase an additional
9,767 shares at $2.50 per share, exercisable in whole or in part at any
time prior to Oct. 1, 1939.
The obligation under this contract is subject
to the corporation's obtaining effective registration of this issue under the
Securities Act of 1933 as amended, and under the Securities and Exchange
Act of 1934 as amended, and a listing of these
shares upon the New York
Stock Exchange on or before May 31, 1939.
The agreement further pro¬
that within 15 days after effective registration and listing of these
vides
shares (on or before May 31, 1939) the underwriter will take down and
pay for 50,000 of the shares; and within 60 days after registration and
listing have become effective the underwriter will take down and pay for
Directors have declared a dividend of $1 per share on the common stock,
payable June 1 to holders of record May 25.
Dividends of 50 cents was
paid on March 1, last and a dividend of $2 per share was paid on Dec. 1
the remaining 70,000 shares, at an aggregate price of $300,000.
The
underwriter also agrees that at the time it takes down and pays for the
first block of 50,000 shares it will have deposited collateral with Marine
Midland Trust Co., New York, which will thereupon guarantee to the
last.—V. 148. p.1325.
corporation and the Reconstruction Finance Corporation that, in
case
the
..
Vohune
Financial
148
underwriter does not take down and pay for the
the banking institution
shares,
will take down
shares or whatever portion of them may not
supplemental indenture covering the first mortgage bonds has! been
approved by the company and by the trustee for the bonds. The lien of the
mortgage has not been affected in any respect save by the elimination of the
stock of the British company.—V. 148, p. 2588.
A
second block of 70,000
and pay for the 70,000
taken down by the
have been
underwriter, at the contract price of $2.50.
If the underwriter purchases these 120,000 shares
the contract further
should
within five years from the date of this
Period End. April 30—
$452,645
314,353
Net rev. from transp..
Rev. other than transp.
$34,351
3,982
$41,466
1,610
$138,292
8,214
from opers__
$38,333
11,193
1,458
18,813
$43,077
11,003
1,667
,16,971
$146,506
44,828
5,833
74,288
$150,981
44,105
6,667
67,886
23
625
138
894
$20,908
$31,292
Net
from the purchase
underwriting agreement
or any subsequent modification thereof but not under any future financing
undertaken by the underwriter for the corporation.
Under these contracts
Walter E. Schott is also granted the option, at any time before public
offering of the shares, to purchase from the underwriter at $2.50 per share
Depreciation...
Profit and loss
Net
commitment
for investment and
Co.
Trust
Directors have declared
stock, no par value, payable
This will be the first dividend paid on
a
Houston
stock of the corporation.
provides that the underwriter shall pay to Soucy, Swart¬
10% of the net profits which may accrue
to the underwriter through any future financing done for the corporation
within a period of five years.
\
•■ ■
'
Application of Proceeds—On March 15,1939, the RFC granted the applica¬
tion of the corporation for a loan of $450,000 conditioned upon receipt by
the corporation of at least $300,000 of additional working capital from the
issuance of additional shares of stock.
The corporaton proposes to apply
the proceeds of the present sale of common stock, together with the proceeds
120,000 Shs.
Proceeds of present
sale of stock plus RFC
$55,900; estimated expense for
(legal, auditing, &c., expenses,
any underwriters' commission),
Additional working capital to
sale of securities
but not including
$17,300
•
...
Loss for period
Sept. 30'38
$9,665
$8,630
38,480
Accounts
Acc'ts receivable.
property.
Surplus
Chattel
34,085
287,270
66,525
1,259,265
1,258,178
293,803
.
Investments
b Plant
payable....
$92,110
payable.
138,296
Mortgage payable.. e237,500
566
Notes rec
Inventories
.
d
mtge.
under def'd pay¬
68,643
Deferred charges.
Other assets
25,802
ment plan
c
21,621
.
Capital stock...
Surplus
Total.
....
20,883
740,172
582,993
Local taxes payable
1
.$1,776,130 $1,722,339
Charter Extended 30 Years-—
^
annual meeting of stockholders it was voted
from May 26, 1940.
The meeting was
journed until June 5.—V. 148, p. 1170.
.
At the adjourned
President,
.
again ad¬
Period End- Apr.
1939—Month-
30—
provides for the issuance of not more than $990,000
bonds, $2,000,000 new 50-year debentures and
of con¬
400,000
($1 par) common stock.
..
.
Under the plan, holders of each $1,000 of old debentures will receive
$333.33 in bonds, $666.67 in new debentures, and 33 1-3 shares of common
stOCk,
• ••.' »„
June 23 has been set as the date for bearing on the fairness of the plan.
—V. 148, p. 439.
.«
,
shares
„
■
.
$440,391
225,793
37,500
$5,831,216
2,918,908
Net oper. revenues...
$176,737
$177,098
300
$2,462,308
13,573
$2,350,630
748
$177,485
$177,398
56,250
5,217
$2,475,881
675,000
117,055
$2,351,506
687,244
(net).
Other inconje
582.
.
Gross income..
Int.
Hecla Mining
1939
a$438,245
Depreciation
Depletion of ore
1938
1937
a$485,935 a$l,151,363
273,573
b43.305
330,825
Operating
expenses—
Taxes accrued.
bl09,225
38,412
79,614
36,834
66,404
119,660
1936
$499,939
211,070
13,960
24,438
73,812
$52,004
$519,585
$176,660
$0.05
loss$21,834
Net profit
364,480
37,440
b26,016
bodies-
Net income.-.—..-- '
$112,317
$115,931
preferred stocks for the
period, whether paid or unpaid.
...
$1,684,423
$1,592,167
414,342
414,342
Balance
$1,270,081
$1,177,825
Dividends applicable to
-
—V.
a
in
b Contains no
2589.
Central RR .—Reconstruction Loan—
The Interstate
to
of the time of payment, for terms of hot more than
to the road from the Reconstruction
aggregate amount of $17,427,000 on
1939, and $17,748,000 on June 1, 1939.
$0.51
$0.17
May 31.
Earnings of System
1939
April-—
1938
of $11,263 in 1939, $16,919 in 1938 and $212,199
provision for undistributed profits tax.—V. 148,
Co.—British Unit Plan Effective—
disposition of the proceeds of
the sale last September
Ltd., to R. W. Crabtree & Sons, Ltd., has been declared
effective by directors of R. Hoe & Co. on consent of more than two-thirds
of the principal amount of first mortgage bonds outstanding.
Of the net
proceeds of roughly $2,000,000, 60% will be used for debt retirement and
40% for working capital. Not all of this $2,000,000 will be available im¬
mediately.
1937
1936
$8,865,469
2,154,097
1,110,881
Net from railway.
Net after rents..
$7,997,004'
1,802,362
731,759
2,120,520
961,609
$8,783,747
1,861,342
788,702
35,188,996
8,188,659
4,321,320
Gross from rail way.
Net from railway
Net after rents
33,525,158
8,003,523
3,922,759
38,130.444
8,590,186
4,029,860
35,689,019
7.915,257
4,048,594
_
$9,373,098
Earnings of Company Only
1939
April—
Plan of company for
;
May 19 found the company
financial reorganization in the public interest and
Commerce Commission on
be in need of
five years, of $35,170,000 of the loans
Finance Corporation, maturing in the
882.
(R.) Hoe &
p.
Illinois
Gross from railway
Nil
Includes other income
1937.
page
148,
—
'
Earns, per
*
876
108,158
Cr36,063
constr'n...
From uan. 1—•
sh. on 1,000
000 shs. cap. stk. outstanding (par $0.25)..
$5,593,078
2,802,948
439,500
approved an extension
Co,—Earnings-
Quar. End. Mar. 31-
56,250
8,918
450,000
Cr597
not
Gross income
mortgage bonds.
Int. chgd. to
-
.
on
,
Other int. & deductions.
,
Hecker Products Corp.—Dividend Increased—
Directors on May 24 declared a dividend of 40 cents per share on the
new $1 par common shares payable June 14 to holders of record June 3.
Regular quarterly dividend of 15 cents was paid on May l, last.—-V. 148,
p.
1939—12 Mos.—1938
$475,534
261,297
37,500
company.
The plan
-1938
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
dated May 10, has
the reorganization, it was
& Lebett, counsel for the
vertible 4% secured
told stockholders that the company's retail
Idaho Power Co.—Earnings-
to extend
modified arrangement for corporation,
received the approval of all committees active in
announced May 19 by Wise, Shepard, Houghton
Director, &c.—
sponding period of 1938.
Stocks of new cars in dealers' hands, he said,
were 27 lA% smaller than on the same date last year, sO that any further
sales increases should be quickly reflected in increased factory shipments.
The used car situation, Mr. Barit said, was well in hand.—V. 148, p. 3067.
America—Plan Approved—-
Haytian Corp. of
The second
:
-"v.
$421,748
April were approixmately 30% greater than in April of last year
and that sales in the first two weeks of May were 32 % above the corre¬
depreciation of $1,666,399 in. 1939 and $1,640,£91 in 1938.
c Authorized, 500,000 shs., $2 par; issued, 370,233 shs., less capital stock
owned by subsidiary company (147 shs. at par),
d On sales, e $100,000
current and $137,500 not current.
;
.
.
•
$326,196
sales in
b After
'the charter for 30 years
$95,520
5%.—V. 148, p. 2589.
Behn was elected a director.
Secretary.
A. E. Barit,
$1,776,130 $1,722,339
Total.....
$730,640
1,152,388
of the company, held May 20.
Mr. Behn was one of the early
pioneers in the motor field, having entered the industry in 1902, and was for
many years actively associated with Hudson.
,
»
Stockholders also reelected the following directors:
S. G. Baits, A. E.
Barit, C. K. Chapin, A. Hood, H. M. Northrup, C. A. Oostdyk, C. D'.
Sterling and I. B. Swegles.
The following officers were reelected: A. E.
Barit, President and General Manager; S. G. Baits, First Vice-President
and Assistant General Manager; I. B. Swegles, Vice-President in Charge of
Manufacturing; C. A. Oostdyk, Vice-President in Charge of Purchasing;
A. Hood, Treasurer; C. D. Sterling, Secretary; and E. Cody, Assistant
46,446
20,883
740,172
503,121
50,000
1
$806,438
>1,132,634
Hudson Motor Car Co.—New
45,833
12,000
50,000
plant property.
Patents..
287,768
$72,015
Inc. interest on adj. inc. bonds at
Guido G.
on
44,048
$683,084
47,556
\
At the 30th annual meeting of stockholders
225,169
mach'y & equip.
Cust'8 deposits.
Accrued liabilities.
idle
and
Feb. 28 *39 Sept. 30*38
$48,842
Notes
25,932
Cash...
43,874
$192,248
Deficit..
x
Liabilities—
Feb. 28 '39
Assets—
$83,977
— —
—
1,799,849
$762,564
$209,594
281,609
Income charges
x
Consolidated Balance Sheet
v
.
•
1,763,511
,
$180,394
11,854
."
Gross income
1,483
1939—4 Mos.—1938
$2,526,075
$2,482,934
.
$198,962
10,632
__
bonds has been
RR.—Earning
...V
Operating income..
Non-oper. income
$82,494
.........
—...
-
-
Texas—Offering Postponed—
1939—Month—1938
$635,977
$614,918
437,015
434,524
30—
Oper. exps. and taxes
22,513
Income credits
$2,543.950
:
.
Period End. Apr.
59,132
'
Other income charges.
—
2589.
Gross oper. revenue
$59,981
...
315,078
$2,731,239
underwriters, who have announced that the offering of the
postponed until after Memorial Day.—V. 148, p. 2898.
533,198
—
—
----
962,500
154,776
315,078
Hudson & Manhattan
manufacturing exps..
19.956
The filing of an amendment to the registration statement coveringl$10,000,000 15-year 4%% sinking fund debentures, delayed its effective date,
according to Mackubin, Legg & Co. and Whitaker & Co., the principal
$532,349
Loss from operations
$2,859,028
$243,868
stocks for the
.
—V. 148, p.
1939
—
Gross loss
Balance.
$435,617
material,productive labor and
Selling and administrative expenses
$3,046,317
,
period, whether paid or unpaid
_n
be utilized to finance
and payrolls
$411,200
Productive
,!$3,976,304
$261,860
Net income..
338,800
Months Ended Feb. 28,
{54,116,617
962,500
157,800
Houston Oil Co. of
338,800
Gross sales, less returns
$337,000
80,208
12,924
Dividends applicable to preferred
v
increased material inventories
Earnings for 5
on mtge. bonds.
Other int. & deductions.
$774,417
banks, $28,100; payment
S54,147,705
18,912
$335,686
80,208
13,618
.
Interest
„
notes, $237,500; pay¬
of taxes,
Payment of mortgage
ment of notes to
$335,730
1,270
1$3,956,348
838
Gross income
■
$750,000
$450,000™
Less:
$354,848
Net oper. revenues
129,767 Shs.
loan of
$903,051 $11,744,762 $11,032,680
5,421,725
455,146
6,109,732
1,654,607
112,175
1,487,325
•
Other income
Maximum
1939—12 Mos.—1938
_
$952,995
505,030
93,117
_
The contract also
.
1939—Month—1908
Apr. 30—
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
swelter & Co. an amount equal to
Minimum
Lighting & Power Co.—Earnings—
Period End.
agreed to pay to Soucy, Swartswelter & Co. as a finder's fee, an amount
equal to 10% of the net underwriting profits which may accrue to the
of the RFC loan as follows:
June 26 to holders of record June 15.
the B shares since Dec. 15,1937 when
regular quarterly distribution of 37 lA cents per share was made.—V. 148,
p. 3066.
pledged with Marine Midland
underwriter's guaranty to the
purchase and sale of the
interim dividend of 25 cents per share on the
an
class B
corporation and the RFC.
On Dec. 21, 1938, the underwriter entered into a contract with Soucy,
Swartswelter &. Co. of Boston, under the terms of which the underwriter
underwriter from the
$13,435
$6,869
revenue
$144,057
ir 6,924
Houdaille-Hershey Corp.—Class B Dividends Resumed—
option to purchase
derived from the purchase and sale
part of the collateral to be
of New York pursuant to the
—
*
—V. 148, p. 2745.
by the underwriter shall be proportionately reduced.
Under the terms
of the above contract of April 8, 1939, Walter E. Schott further agreed
a
.
Replacements.
30% of those
provide
rev.
Taxes assign, tory.oper.
Interest.
any number of shares he may desire, but not exceeding
shares which the underwriter has agreed to purchase by firm
to
expenses
_
30% of the net proceeds derived by the underwriter
such stock his share of the net proceeds
$439,633
295,575
$116,439
74,972
from transp..
rev.
Operating
and sale of the stock of the corporation under the
from the corporation, which shares will be purchased
not for resale.
But if Walter E. Schott exercises this
1939—4 Mos.—1938
1939—Month—1938
$110,083
75,732
Gross
be
to
Transit Co., Ltd.- -Earnings—
Honolulu Rapid
the corporation require any additional financing
agreement, the underwriter shall
given a period of 30 days within which to agree to undertake such
financing, and if the underwriter does not within that period decide to
do so the corporation shall be free to make arrangements for such financing
with others upon substantially the same terms.
Underwriter's Contracts—On Nov. 26, 1938 and April 8, 1939, the under¬
writer entered into contracts with Walter E. Schott of Cincinnati, Ohio,
under the terms of which Walter E. Schott is to receive an amount equal
provides that,
3223
Chronicle
Gross from railway
Net from railway
Net after rents
....
1938
$6,924,484
1,498,684
637,318
1937
1936
^0,780,755
7,067,274
3,956,568
§'772,689
3,325,934
$7,934,358
1,606,188
672,210
$7,719,368
1,609,512
748,540
32,813,725
$7,860,248
1,939,234
1,082,290
31,353,388
6,830,081
3,778,189
of R. Hoe & Co.,
The total mortgage
Jan. 1,1939, was $3,514,000,
bonds, $262,000 of first purchase
second purchase money mortgage
Net from railway
Net after rents
—V. 148, p.
debt of the company on
consisting of $3,171,000
money mortgage
Gross from railway
bonds.
2745, 2589.
Indiana
of firfet mortgage
bonds and $81,000 of
Hydro-Electric Power Co.—Accumulated Div.—
share on account
par $100, payable
directors have declared a dividend of $1.75 per
accumulation51 on the 7% cumulative preferred stock,
The
of
-
6,869,924
3,171,332
Financial
3224
Chronicle
Indiana &
Corporation
corporation which had been
for two weeks.—V. 148, p.
Investors Distribution Shares, Inc.—Stock Offered— *
through a group of investment dealers, was made May
Burris & Co. of 1,000,000 shares of capital stock.
Initial
offering price is $6.67 per share and thereafter will be based on the market
22 by Smith,
Plans are under way for the sale of $22,500,000 314% bonds due in 30
years.
It is the present plan to place the issue privately around 103, the
proceeds to be used entirely for refunding purposes.
It will be some weeks, however, before the financing will be completed.
To date approval has been received from the Indiana P. S. Commission
and similar approval is being awaited from the Michigan Commission, after
which permission has to be sought of the Securities and Exchange Com¬
mission under the Public Utility Act of 1935.—V. 148, p. 1171.
value of the
_—
Net oper. income
Other income (net)
--
Directors
$1,108,450
468,862
5,268
$3,945,222
1,568,537
20,632
21,567
9,540
5,816
170,196
4,263
5.512
24,444
19,946
86,643
43,637
33,772
$795,900
_
$597,395
$2,140,469
$1,774,178
Amort, of debt discount
and expense
Taxes assumed
_
int
on
Miscell. income deduct.
H. P.
Smith, Burris & Co.
Principal officers are Mr. Smith, President; Mr.
Hayden, Vice-President and Mr. Erzberger, Secretary and Treasurer.
Company is expected to operate as a mutual investment company under
the provisions of the Revenue Act of 1938.
Major emphasis in the selection
of securities for its portfolio is to be given to income, with secondary con¬
sideration being accorded to appreciation possibilities.
One of the principal
features of the company is that It is required by charter to pay a stipulated
cash distribution to shareholders every three months.
The company has engaged independent investment counsel to supervise
its portfolio, the C. W. Young Management Corp. of New York.
The
Continental Illinois Bank & Trust Co. of Chicago has been appointed
custodian of cash and securities, as well as tranfer agent and dividend dis¬
bursing agent.
$3,834,313
.1,875,450
21,629
54,439
funded debt....
on
965
include Elmer W. Erzberger of Smith,
Hayden of H. P. Hayden & Co.; Leslie E. Mickle,
of the new company
Burris & Co.;
$3,776,830
57,482
$1,107,485
$1,218,348
348,750
9,484
Gross income.
Int.
Other interest
$3,924,888
20,334
$1,197,111
21,237
is believed to be the first regular dis¬
of investment company in this country with fully redeemable
Vice-President of Domestic Finance Corp.; Andrew J. Dallstream of the
law firm of Pam, Hurd & Reichmann of Chicago; and Cedric H. Smith of
1939—3 Mos.—1938
1939—12 Mos.—1938
$3,197,324
$3,079,989 $11,283,266 $11,368,291
2,000,213
1,972.504
7,358.378
7,591,461
.
company's assets.
Recently organized, the company
tribution type
shares.
Indianapolis Power & Light Co. (& Subs.)—•Earnings—
Period End. Mar. 31—
adjourned until June 2 has again been postponed
2429.
Public offering,
Michigan Electric Co.—Proposed Financing—
Operating revenues
Oper. exps. & taxes.
May 27,
International Utilities Corp.—Meeting Adjourned—
has advised Montreal Curb that annual meeting of the
A similar payment was made in
dividend of $4.37^ per share was
paid on Dec. 15,1936, and dividends of 873-3 cents per share were paid each
quarter from June 15, 1933, to and incl. Sept. 15, 1936.
Prior to June 15,
1933, the company paid regular quarterly dividends of $1.75 per share.
—V. 148, p. 196.2.
15 to holders of record May 13.
each of the nine preceding quarters; a
June
Iowa-Nebraska Light & Power
Co.—Hearing Set—
A hearing
Consol. net income
—V. 148, p. 3067.
has been set for June 2 in the Securities and Exchange Commis¬
Washington offices on the declaration filed by company under the
Holding Company Act with respect to the proposed issue and sale of 20,000
shares common stock ($100 par), $2,000,000 2%% secured promissory
sion's
*
Indianapolis Water Co.—Earnings12 Months Ended April 30—
Gross
Oper., maintenance & retire, or deprec
810,124
All Federal and local taxes
584,686
Net income..
*
$1,183,378
483,945
123,781
$623,049
$575,652
Jacksonville Gas
Calendar Years—
Operating
Operating
$1,358,266
666,556
116,046
$575,664
Balance available for dividends
—V. 148, p. 2429.
1937
$2,653,274
888,888
406,120
$1,231,955
483,945
124,961
—
Interest charges
Other deductions
and the issue of $3,000,000 5% first lien and refunding mortgage
bonds, series C, due March 1, 1969.—V. 148, p. 3069.
notes,
1938
$2,592,231
813,210
595,642
1939
$2,626,765
•
revenues
Co.—Earnings—
■"
expenses
Gross income.
Insull Utility Investments,
Co.
Inc.—Payment to Creditors—
$1,670<933 on the 14,700 claims against the company.
The payment
represents a distribution of 3 3-3 % on the claims filed in the bankruptcy case.
was
Period End. Mar. 31—
System
1939—3 Mos.—1938
(&
Subs.)—
indebtedness
Power
(accrued
3,177
Operating
1939
1938
352,884
$591,430
356,075
$230,622
13,145
$235,354
8,053
$243,767
$243,407
125,333
80,537
46,393
3,177
—
Net operating income
Non-operating income.
.
Gross income
Interest deductions.
Other income
Cumulative conditional interest—bonds.'
Provision for retirements and replacements
.
Total revenue.____..$17,202,212
incl.
exps.,
Maintenance.,
Taxes
(other
come taxes)
.
$16,175,044 $65,105,409 $65,445,448
pur-
chased power
*
than
2,161,458
Net income from oper.
on funded debt and
'
$9,047,962
2,003,146
8,054,351
7,633,063
58,424,684 $32,750,318 $33,171,786
2,814,554
2/883,973
11,370,947
11,626,175
398,520
398,520
1.594.080
1,594,080
258,415
230,749
1,012,863
961,932
1,528,746
873,047
1,449,314
611,156
c5,604,361
'2,664,107
c5,«16,237
2,303,107
1,705,515
other debt of subs
on
1,705,739
d6,891,871
d7,429,904
debs, of Internal.
Hydro-Elec. System..
Amortization of debt dis¬
count and expense.
,
_
*
_
Prov. for deprec. charged
against operations
Prov. for income taxes.,
x
.
_
Received
403,612
403,629
1,545,037
550,723
421,354
337,352
1,291,742
1,331,910
18,911
7,225
11,686
$397,027
$763,623
of prior year accruals.
on account
$625,287'
Directors
on May 15 declared a dividend of 25 cents per share (not 50
erroneously stated in last week's "Chronicle," page 3070) on the
stock, no par value, payable Jqne 1 to holders of record May 22.
A dividend of 50 cents was paid on Nov. 23 last, this latter being the first
common dividend paid sii ce Nov, 24, 1937, when $1.25 per share was dis¬
tributed
Dividends of 25 cents per share were paid on Sept. 1, Jirne 1, and
common
'
1,225
■
.
March 1, 1937.—V. 147, p. 2868.
$1,856,492
a Includes
$637,022 of expenses resulting from hurricane and flood
damages in September, 1938.
i
•
b Includes $219,900 which was credited back to operating expenses
representing a special reserve provided during the first quarter of 1937
because of "better than normal" water conditions.
c Additional provisions for depreciation were
charged directly to surplus
by subsidiary in the amount of $1,750,000 during these periods.
d Include deductions for dividends of 5% preferred stock of Gatineau
Power Co. amounting to $609,785 during the year ended March 31, 1939,
and $152,446 during the year ended March 31, 1938,
Dividends on these
shares became cumulative Jan. 1, 1938. *
Stockholders voted to fix the number of directors at
seven
Stockholders
£t a recent special meeting approved an extraordinary
canceling authorized class B shares $1 par, 36,369 shares of
outstanding and authorizing $2,500,000,..series C 5% cumu¬
lative preferred stock. The new issue represents 87,739*shares of £1 sterling
par and one share of par value of 14s. 7d.
The new issue carries the same
rights, privileges and responsibilities as vested in the old stock.—V. 148,
p.' 2901.
:
'
which
were
•
Johnson & Johnson—-Sells
Kansas Electric Power Co.
Period End. Mar. 31—
profit on sales.
Selling and general expenses
Int.
other deductions.
Net income
Net profit on sales
income and
deductions—net
Provision for Federal income taxes
come.
Balance Sheet
$219,859
156,082
205,311
Inventories
Cash surrender val. of life ins.
assets
3,509
xl36,385
charges,
incl.
Accounts
Accrued
Pref. stock dividends.
__
Balance
tools and molds
23,779
Period End.
$106,851
16,388
taxes
Apr. 30—
Operating revenues
Oper. exps., incl. taxes._
1,935
payable
$699,521
304
2,230
$717,588
1,089
$170,756
53,564
$701,751,
215,548
$718,678
236,498
$116,908
44,682
$117,192
44,682
$486,203
178,729
$482,180
178,729
$72,510
5307,474
$303,451
$168,059
51,151
,
Res. for Fed. inc. taxes, 1939.
Common stock ($1 par)
3,119
414,126
131,241
surplus
investments
__
Operating surplus
71,264
1
$744,924
p.
Total...
$744,924
Net oper.
."
The directors have declared
accumulations
the 7%
a
dividend of $2 per share
pref. stock,
on
account
of
$100, payable July 1 to
paid on April 1, last and
compares with $8 paid on Dec. 28, last; $2 paid on April 1, 1938; Dec. 27,
Oct. 1 and on July 1, 1937; $4 paid May 1, 1937, and on Dec. 15, 1936,
and a dividend of $1 paid on Oct. 1, 1935.
See also V. 143, p. 3845, for
on
holders of record June
cum.
13.
Like amount
par
was
detailed record of dividend payments.—V. 148, p. 1644.
1939—12 Mos.—1938
$6,245,573
$6,236,805
3,337,111
3,382,565
55,000
6,727
$175,777'
55,000
981
660,000
620,000
536
$2,187,513
6,763
$2,287,481
Dr67
$176,610
60,000
15,000
9,201
Cr2,076
$2,194,276
720,000
180,000
109,938
Cr35,188
$2,303,435
720,000
180,000
106,031
Cr7,230
Net income.
$91,284
$94,485
Dividends applicable to preierred stocks for the
period, whether paid or unpaid
$1,219,526
$1,304,634
on
mortgage bonds.
Jnt.
Co.—Accumulated Dividend—
$502,771
271,697
$175,710
60,000
15,000
9,426
revenues
Gross income
Int.
3914.
International Silver
$509,229
277,995
457
Property retirement re¬
serve appropriations
Other income (net)
Total
1939—Month—1938
Amortiz. of limited-term
Other accruals.
Paid-in
dies,
Pats., trade-marks & goodwill-
147,
$170,452
547
Kansas Gas & Electric Co .—Earnings—
April 30, 1939
Liabilities—
«
Receivables
-V.
$167,512
$17,673
Assets—
Deferred
$2,4SS,337
1,770,749
-Y. 148, p. 2431.
L
Cash...
Plant
$57,784
36,992
3,119
:
$*>,542,094
1,842,573
■
257,024
Other
$637,484
467.031
$72,225
»
Gross income:
$314,808
1939—12 Mos.—1938
$663,617
496,104
______
x_
Earnings—
1939—3 Mos.—1938
Operating revenues
Oper. exps. & taxes
Net oper. income
Other income (net)
Earnings for 9 Months Ended April 30, 1939
Gross
Subsidiary—
See American Home Products Corp. above.—V. 146, p. 3505.
at the ad¬
Inc.—jEarnings—
Ltd.—Stock Increase Voted—
resolution
,
International Industries,
.
Jamaica Public Service Co.,
„•
.Directorate Fixed at Seven Members—
journed annual meeting held May 17.
Chester S. Colson and Herbert
Weaver were newly elected to the board, but Victor M. Drury was not
reelected.—V. 148, p. 3067.
Net
1,187
.'
.
__
Netprofit
„
.
def.$5,679
cents as
paid on pf. stks. of sub
Minority interest in net
earnings of subsidiaries
Other Charges against in¬
of subsidiaries
$9,852
1,314
Jaeger Machine Co .-^-Correction—Dividend Halved-—
c
Divs. not being currently
come
Net income
Balance Sheet March 31,1939
pref. & cl. A stocks
of subsidiaries
74,763
42,286
3,177
Assets—Property .plant and equipment, $6,404,579; investments, $78,120;
cash, $25,229; accounts receivable (net), $135,974; merchandise, materials
and supplies, $83,299; insurance deposits, $1,829; special deposit, $734;
prepaid expenses, $6,464; other deferred charges, $2,150; total, $6,738,379.
Liabilities—Long-term debt, $5,330,306; cumulative conditional interest
accrued on first mortgage bonds, $327,429; Consumers' meter and extension
deposits and interest accrued thereon, $94,339; accounts payable, $59,522;
accrued unconditional interest on bonds, $37,640; accrued taxes, $25,068;
other accrued liabilities, $2,777; reserves, $358,866; capital stock ($1 par),
$50,196; capital surplus, $526,286; deficit, $74,051; total, $6,738,379.—V.
147, p. 2868.
Divs. being currently pd.
on
Int. of indebtedness of A. G. & P. Co., accrued..
in¬
Int.
Int.
x
120,042
^
-
4,875,474 a20,327.289 b20,654,455
871,739
a3,973,451
3,986,144
5,126,600
866,192
..
$8,351
$583.507
—
expenses..
Operating revenue.
Oper.
3;177
$3,763
Gross operating revenues
1939—12 Mos.—1938
$16,519,510 $15,495,233 $62,241,250 $62,276,799
(net)682,702
679,810
2,864,159
3,168,649
of
12 Months Ended March 31—
made.
Hydro-Electric
$242,237
206,945
46,819
197,290
43,890
Net loss..
The referee stated he hopes to close the bankruptcy case before the end
of the year and at the time distribute any balance of funds that may remain.
The equity case will not be closed until 1943.—V. 148, p. 2590.
International
-•
but not received).
Referee in Bankruptcy Garfield Charles has mailed checks aggregating
Previously a payment of 4%
—
certificates
on
$234,146
8,091
i__
Provision for retirements and replacements
Interest receivable from American Gas &
See list given on first page of this department.—V. 148, p. 1809.
1937
$587,920
353,774
$234,241
—
Interest deductions
Ltd.—Registers with SEC—
}/%
$229,662
4,580
•
Net operating income
Non-operating income
v;
Institutional Securities,
...
1938
$582,273
352,611
'
revenues
on debenture bonds
Other int. and deduc'ns.
Int. charged to construe.
Balance
-V. 148, p. 2747.
_
$176,074
15,954
520,784
520,784
$698,742
$783,850
Volume
Financial
148
Kansas City Public Service
Chronicle
The
Lock Co. manufactures a complete line of furniture,
cabinet, refrigerator and stove-trim hardware as well as a complete line of
screws and bolts—a total of
some 12,000 different items.
The company
Co.—Deposits—
The bondholders have received
a notice dated
May 16 stating that holders
of the outstanding bonds have now approved the
pending plan of capital readjustment.
With the next bond interest instalment date less than six weeks away
and earnings still far short of interest
requirements, a final effort will be
of approximately 77 H %
made to consummate the plan, since it is
sincerely felt that it
advantage of the bondholders so to do.
Accordingly, approvals will be accepted to the close of
June 1 and, on the basis of those in hand at that
to the
has
Kansas
The
is distinctly
Knudsen Creamery Co.—Accumulated Dividend—
Directors have declared
a dividend of 37 M cents per share on account of
on the $1.50 class A
cumulative and participating shares,
value, payable May 25 to holders of record May 15.
Similar amount
nOI? Feb- 25 last' on Dec- 20, Nov. 25, Aug. 25, May 25 and Feb.
25,1938.
See also V. 148, p. 129.—V.
148, p. 1173.
accumulations
no
City Southern Ry.—Listing—
New
York
Stock Exchange
has authorized the listing of common
(1) 300,000 shares in exchange, share for share,
(par $100) now listed and outstanding
(2) 110,000 shares in exchange for 160,000 shares of common stock of
Louisiana & Arkansas Railway pursuant to the
plan for the unification of
Kansas City Southern Ry. and Louisiana & Arkansas
Ry., dated Sept. 12,
1938, upon official notice of issuance; and (3) certificates for 100,000 shares
to be delivered to an escrow
agent and held in escrow for (a) issuance to such
holders of L&A preferred stock, 6% series
(all of which shall also have been
placed in escrow), who shall from time to time exercise their option, pursuant
to the plan, to receive 2H shares of common stock of the company in ex¬
change for each share of L&A preferred stock, 6% series, so exchanged, or
(b) cancellation and surrender to the company (1) upon any purchase by it
from time to time of all or any of the L&A
preferred stock pursuant to the
plan or. (2) upon the expiration of a three-year period, upon official notice
(no par)
follows:
as
par
Kresge Department Stores, Inc.—Personnel—
for 300,000 shares of common stock
of issuance.
total
assets of
approximately $5,000,000, against which there is out¬
standing a 6% bond issue amounting to $665,000 and two preferred stocs:
totaling approximately $1,000,000.
Current annual sales volume
is around
$4,000,000.—V. 148. p. 3070.
issues
business on
time, the Reconstruction
Finance Corporation will be notified of the situation and the plan adopted
or abandoned as the facts then
warrant—V. 148, p. 3070.
stock
3225
National
Company has notified the New York Stock Exchange that, at the annual
meeting of stockholders held May 16, 1939, the
following directors were
elected for the ensuing
A. C. Steinbach, J. J.
year: S. S. Kresge, A. F. Egner, H. E. Barnes,
Hasley, H. C. Baldwin and A. B. Shipman.
Company also advised the Exchange that, at a subsequent meeting of the
board of directors, the
following officers were unanimously elected for the
ensuing year: S. S. Kresge, President; A. F. Egner, 1st
V.-P.; J. J. Hasley,
2d V.-P.; H. E.
Barnes, Treas. and Compt.; A. B. Shipman, Sec.; F. J.
Fitzpatrick, Asst. Sec.; A, R. McGuirk, Asst. Treas.; W. F. Hisey, Asst.
Treas., and S. Marks, Asst. Sec.—V. 147, p. 2248.,
'
Kysor Heater Co.—Extra Dividend—
:
;
Directors have declared an extra dividend of 20 cents per share in addi¬
regular quarterly dividend of 15 cents per share on the common
stock, both payable June 15 to holders of record June 5.
An extra of 10
•
tion to the
New President—
7'
■
7
..
cents was paid on Dec.
15, last; one of 50 cents was
one of 15 cents was
paid on Sept. 15, 1937.—V.
Harvey C. Couch, Chairman and second largest stockholder in the com¬
May 23 elected President of the carrierHe succeeds C. E.
Johnston, who resigned at the end of 1938 to become President of the
Western Association of Railway Executives.—V.
148, p. 3070.
and
pany, was on
Kansas Power Co.
Period End. Mar. 31—
La France
1939—3
Mos.—1938
$384,397
$390,318
283,934 298,163
Net oper. income.
Other income (net)
$100,463
2
1939—12 Mos.—1938
$1,671,245
$92,155
24
$467,044
638
$521,327
.902
$92,179
78,682
$467,683
314,628.
$522,230
313,160
$13,497
29,885
$153,054
119,540
$209,070
119,540
x$16,388
$33,514
$89,530
1,149,918
pensate the
i
Gross income.
$100,465
77,768
Int. & other deductions.-
Net
income..$22,697
Pref. stock dividends...
29,885.
Balance
x
*
x$7,188
Indicates deficit.—V. 147, p. 3460.
not to
Period End. Mar. 31—
$192,501
149,909
the
Net operating
incomes"
$42,592
5
$35,624
275
$164,767
u-
Dr252
Gross income....
Int. & other deductions.
$42,598
36,713
$35,899
37,970
$164,515
147,454
$174,171
150,796
x
$5,885
Indicates loss.—V.
147, p. 3460.
"
v
■
x$2,071
•
$17,060
'
k
■
"
1939-t3 Mos.—1938
$2,426,050
$2,233,209
1,446,100
1,468,339
Operating revenues
Oper. exps. and taxes...
Net oper. income
v.
.
r
,
■
l'.;
;
Divs.
39,614
$790,771
552,011
$3,662,663
2,179,177
$3,400,948
2,197,091
$238,760
$1,483,486
.
r
$1,203,857
'
•
114,016
114,016
94,671
94,671
378,686
$30,072
$648,734
1939—3 Mos.—1938
Net oper, income....
$1,760,686
1,165,696
$776,358
Dr326
Other income (net).....
$594,990
17,289
(,
'456,066
456,066
Gross income
$776,031
384,953
and other deduct—
Net income
p.
Kerr
$2,863,742
1,574,079
$2,688,180
1,591,097
$1,289,663
456,066
$1,097,083
94,671
378,686
$6,149
•
$454,911$262,331
.
Mines, Ltd.—Five-Cent Dividend—
a
•
dividend of five cents per share, on the common
Like amount was paid
12 Months Ended March 31—.
<
,1939
75,713
37,161
106,721
$355,275
44,098
expenses
$399,373
200,000
7,782
6,372
$451,253
200,000
28,499
6,372
$216,382
33,429
$182,953
$1,308,717
665,326
...
68,521
Provision for retirements
Federal income taxes
Other taxes
Operating income
Other income
;
...
Gross income
long-term debt
—
Other interest
Amortization of debt discount and expense.
Balance of income
on
$418,647
32,606
$151,790
.
1938
$1,352,188
624,429
59,142
99,268
37,014
113,687
$185,220
33,429
•
revenues—
Maintenance
Dividends
preferred stock
Balance
Keystone Steel & Wire Co.—Acquisition—
The company has acquired a controlling interest in the common stock
of the National Lock Co. of Rockford, 111., it was announced by W. H.
President
of
$3,783,640
211,616
"
Cr266
120
$3,592,408
$3,575,328
51,859
$4.25
52,737
$4.54
$3,572,289
■
52,853
$4.17
;
/V
Consolidated Balance Sheet "
Assets—.
''
Cash
Feb. 28 *39
—
Notes & accts.
Inventories.
Investments
rec,
.....
457,800
y
•
Feb. 28 '39
Feb. 28*38
$142,827
Capital stock..... 5,185,060
Surplus.
3,457,464
5,185,960
3,592,408
— — .
$159,285
459,350
30,935
910,569
.....
Fixed assets....
r
Liabilities—
Current liabilities.
$1,027,747
1,285,112
1,239,268
1,387,162
1,400,773
Deterred charges.,
x
Feb. 28 '38,
$811/815
32,095
905,220
Rights,
franch.
pats. & impts...
TotaL.
—
3,901,957
3,873,200
.1 ...$8,785,351
$8,937,652
I
Total.
—
......$8,785,351 .$8,937,652
x After
deducting reserve for depreciation of $2,393,982 in 1939 and
$2,330,367 in 1938.
y After amortization of $2,038,164 in 1939and$l ,975,256 in 1938.—V. 146, p. 3341*.
>
Lehigh & New England RR.—Earnings—
April—
1939
-
Gross from railway
Net from railway
Net after rents
....
$398,571
176.783
137,005
•
n
1938
1937
$276,487
,64,605
55,712
$443,450
193,097
150,436
1,027,679
174,626
56,589
1,328,220
361,269
290,938
1936
$375,231
135,818
107,627
From Jan. 1—
Gross from railway..1,256,940
Net from railway
416,421
Net after rents....
339,387
—V. 148, p. 2592.
"A;-;'
..
1,276,658
311,898
250,923
a
,
—V. 148, p. 1173.
Sommer,
263,806
378,686
456,066
Keystone Public Service Co. (& Subs.)—Earnings—
on
$3,839,253
209,024
$3,457,464
:
'
$182,390
Directors have declared
Interest
$3,801,431
_
expense
$2,554,280
133,900
25,668
94,671
"
•
$2,838,075"
stock, payable June 16 to holders of record June 2.
on Aug. 15, 1938—V. 147, p. 2091.
Operating
Operating
—
from investments of $76,490, total income
1939—12 Mos.—1938
$7,495,586
$7,061,713
4,657,511
4,507,433
$214,837
114,016
114,016
*
—...
1646.
Lake
$612,279
397,441
$391,078
6% pref. stock.
Divs. on 7% junior pref.
stock..^;—
on
148,
_
standing ($100 par)...
51,851
Earnings per share$1.36
.
i
—
Balance—,,
$3,664,867
207,402
improvements $63,136, of $749,496 less selling and administrative
of $739,514, income from operations $9,981 add interest and returns
$86,472, provision for income
taxes $15,511, net earnings (as above), $70,960;'
;
•
$369,105
Operating revenues—. $1,929,008
Oper. exps: and taxes...
1,152,650
—V.
—.
and
378,686
$236,263
.......
Period End. Mar. 31—
Divs.
.
After depreciation and taxes,
y Including wholly-owned subsidiaries,
z. Arrived at as follows:
gross profit for fiscal year after provision for mis¬
cellaneous taxes, $88,100, depreciation $85,586 and amortization of patents
.
,
Earnings of the Company for 3 and 12 Months Ended March 31
Int.
.—
_
3,563,084
x
'
......
Balance
Total
Dividends
P. & L. surplus.
7% junior pref.
stock.....
a—
•
$3,238,203
"
,
Feb. 29 '36
$220,566
.
162,744
$981,824
536,874
.......
on
$8,986,040
5,747,837
>$3,623,049,
.__
on 6% pref. stock
Kentucky Utilities
Co—
yFeb. 28 '39 yFeb. 28 '38 yFeb. 28 '37
z$70,960
$220,374
>
$239,565
Adj. applic. to prior yrs.
1,498
5,657
21,160
Foreign exch. adjust..—
73
Previous surplus........ 3,592,408
3,575,328
3,578.528
Shares capital stock out_
Net Incoiiie.
of
;
'
$764,870
25,902
Int. and other deductions
Divs.
[Including Wholly Owned Subsidiaries]
x
$444,951
Grojss income—
Monotype Machine Co. (& Subs.)—Earnings
'
1939—12 Mos—1938
$9,452,778
5,829,729
on
Adjustments
$979,950
1,875
Other income (net).—_
of dividends in preferred stock
par
paid
Lanston
$23,374
Kentucky Utilities Co. (& Subs.)—Earnings—
Period End. Mar. 31—
payment
Years Ended—
Net earnings..
..
-
' '-v'
•
for the
a dividend of 25 cents per share on the common
$1, payable June 15 to holders of record May 29.
Like amount
March 15 last and compares with 20 cents paid on Dec. 20
last and 30 cents paid on Nov. 1 last and on
July 30, 1938, this latter being
the first dividend paid on the $1 par shares.—V. 148, p. 2748.
stock,
$172,876
1,295
Net income
and
Directors have declared
$666,240
■
493,364
was
Other income (net)
class
Lane-Wells Co.—25-Cent Dividend—
Jos.—1938
$695,789
531,022
'142,094
preferred
during the existence of the RFC loan which would run for 10 years.
Federal Judge Kirkpatrick, who has charge of the reorganization pro¬
ceedings, began taking evidence of "fairness" of the plan preparatory to
deciding whether it is "worth considering" and should be submitted to the
SEC for review.—V. 148, p. 2592.
1939—12
$177,718
.
However, the Securities and Exchange Commission objected to the plan
as modified,
its counsel insisting that the "premium" to the bond¬
holders should be at least 50% of the new issue and insisting that control of
the company should be taken
away from common stockholders and given to
even
-
1939—3 Mos.—1938
bondholders for the loss of accumulated interest and assurance
Textiles, Ltd.,
pledge the stock of its Canadian subsidiary, La France
with the Reconstruction Finance
Corporation for a loan.
Kentucky Power & Light Co.—Earnings—
Operating revenues
Oper. expenses & taxes__
Plan—
on
textiles,
$1,664,687
1,197,643
.
on Dec. 20, 1937
147, p. 3162.
The company and its
subsidiary, Pendleton Mfg. Co., manufacturers of
on May 17 acceded to five of the amendments
suggested by J.
Harris Warthman, its trustee, to
the plan the companies presented for their
reorganization several weeks ago.
The major ones were the giving of a
bonus of 20 shares of new common stock for each $500 new bond to com¬
(& Sub.)—Earnings—
Operating revenues
Oper. expenses & taxes—
Industries—Hearing
paid
Lehigh Valley Coal Co .—Listing—
The New York Stock Exchange has authorized the listing of $9,494,500
1st & ref. mtge. sinking fund gold bonds, 5% series of 1924, as follows:
$494,500 due Feb. 1,1944 (stamped); $3,000,000 due Feb. 1,1954 (stamped)
$3,000,000 due Feb. 1, 1964 (stamped); $3,000,000 due Feb. 1, 1974
(stamped), and $1,953,000 secured 6% notes class A, due Jan. 1. 1943
(stamped), pursuant to a plan of the company dated Jan. 4,1939.—V. 148,
p. 2901.
Lehigh Valley RR.—Gets Consolidation of Suits—
Supreme Court Justice Valente on May 22, granted a motion of attorneys
actions brought by bondholders to compel
for the road to consolidate 91
payment of principal on $8,500,000 of Pennsylvania & New York Canal &
RR. consol. mtge. bonds which matured April 1, 1939, and which are
guaranteed by the Lehigh Valley RR.
The plaintiffs are dissenters from the Lehigh's plan for adjusting its
capital structure without the necessity of bankruptcy proceedings.
The
plan called for the extension of the April 1 maturity for a period of 10 years.
Of the suits, 89 were begun in the local municipal courts. 1 in city court
and 1 in the Supreme Court.
The effect of the court decision will be to enable the company to prosecute
one action as a test caase in the Supreme Court, and the company has inndicated it proposes to carry the action to the highest courts.—V. 148,
p. 2592.
Keystone.
The acquisition was made for cash
been in process of adjudication
through settlement of litigation which
has
in the Federal and circuit courts of
Illinois for several years.
Cost of the acquisition cannot be disclosed at
the present time, Mr. Sommer said, but it can be stated that purchase was
made on a very advantageous basis.
_,
„
Lessing's, Inc.—Common Dividend Resumed—
Directors have declared a dividend of five cents per share on the common
stock, payable June 10 to holders of record June 3.
This will be the first
dividend paid since Sept. 10, 1938 when a regular quarterly distribution
of like amount was
made.—V. 148, p. 3071.
Financial
3226
1939—12 Mos.—1938
1939—3 Mos —1938
Period, End. Mar. 31—
$133,385
9,330
$572,558
18,485
$514,138
$150,205
71,294
$142,715
73,436
$591,043
282,457
$557,263
279,415
Other income.
$78,911
$69,278
40,232
$308,587
159,911
$277,848
Depreciation and
39.988
$38,923
income
(net)
Net oper.
$1,767,416
1,253,278
$146,639
3,566
Other income
$1,833,779
1,261,221
$29,047
$148,676
lease rentals, taxes,
Geophysical & adminis. exps.,
leases abandoned, &c__
deductions.
Net
income
Pref. stock
dividends—
Balance
—V.
148,
Lexington Water Power
1939
393,346
23,474
188,000
88,985
313,575
Provision for retirements
18,502
277,982
*—..
Other taxes.
$848,506
14,139
$228 143
$0.08
income......
Gross
income
----
...
Interest on 1st mortgage
bonds
—
long-term debt;
Other interest
—
—
Amortization of debt discount
and expense
$945,675
569,084
205,734
39,130
37,446
^
Investments
22,577
22,577
—
Long-term debt.
4,9.53,625
4,953,625
Common stock..
a
Operating revenues. i__ .
Oper. exps., inCl. taxes
Prop, retire, res. approp.
mortgage
on
14,921,100
_ 14,432,600
.
247,118
1,542
30,150
730
Special deposits-..
Cash (inei. work'g
to parent co--._
bonds.
30,000
410
174,7?3
Accounts payable.
(contra)
Mat'ls & stipplies.
3,364
3,842
Def'd debit items.
885,540
943,842
153,469
1,266
Res. & miscel. un¬
adjusted credits. 1,998,620
1,732,268
304,500
156,657
304,500
Capital surplus
Earned surplus
70,452
"Chronicle"
ended Dec. 31, 1938, appeared in the
Libby,McNeill & Libby— To Pay $3 Preferred
declared a dividend of $3 per share on the
stock, payable July 1 to holders of record June 16. Previous
also $3 and was made on July 1, 1938.—V. 148, p. 3071.
Directors have
Dividend—
6 % preferred
payment was
1938
Calendar Years—•
profit after deduct¬
goods sold. $2,220,070
1936
1935
.
Taxes
1,508,841
1,182,959
1,099,312
-
1,539,843
$680,227
56,891
$628,474
6,602-
$713,119
3,531
$560,789
$737,118
49,111
$635,076
45,708
172,797
$716,650
52,958
146,627
$564,387
23,225
152,056
•Total income.....—
Misc. deduct, from
inc..
203,306
Depreciation
•
10,315
206,028
43,295
.
3,598
12,074
45,000
83,279
9,631
65,455
9,706
Federal surtax
$3,932,910
Gross income
Common dividends
270,093
_
def$45,031
Balance, surplus.
189,539
$1.18
(nopar)..
Earnings per share
Shs.com. stk.
$412,081
331,693
$291,626
$57,100
189,539
$1.80
$80,388
189,539
$2.17
$11,144
189,539
$1.54
°
Consolidated Balance Sheet Dec.
1938
Assets—
$121,180
$664,819
Cash.
539,749
434,124
873,345
1,549,668
13,327
receivable (net).
13,327
Investments
...
on
preferred stock of Louisville Gas
held by public—Cash.
Electric Co. (Ky.)
Misoell. assets....
110,431
1,397,835
96,153
Deferred charges..
97,860
Reserve
for
Notes
Trust
&
—
and February,
1937.
•
"
common
shares
1938
$10,765,392 $10,999,279
1939
and
goodwill
(non-current)...
30,802
Common stock..
1,014,000
Initial <fe cap. surp.
405,350
1,249,778
x
trademarks
—
Total...-
$3,695,437 $3,686,405
Total...-.
of $933.-
Sooh—t
suit of Loft, Inc., against Charesl G.
— —
-
$4,192,944
37,000
24,044
17,907
deductions.r
$2,954,823
1,155,282,
874,718
$2,611,067
...
period
56,000
reserve for doubtful accounts
of over-accrual for city, State and
county taxes for prior years
Dividend received on deposit in closed bank previously written off
_
Other income
1937
1936
TotaL.
$3,086,270
88,247
$3,285,184
52,031
$3,142,877
59,901
.
30,295
$3,869,645
1,595,000
......2.
Interest income
—
(net)
Total income
Depletion
Leases canceled & surren¬
dered
5,329
238
739
Light Co.—Earnings—
328,209
56,888
8,447
45,701
11,421
377,369
58,030
170,334
75,000
181,372
43,819
8,068
391,931
$1,901,298
1,497,750
$973,135
299,900
$0.32
599,886
264,793
16,000
for year... $1,326,604
Dividends paid
1,339,610
Earns .per sh .on cap .stk.
$0.44
194,627
218,000
148,875
$1,727,336
1,493,551
$0.57
1935
$736,045
$742,640
605,066
$747,769
605,556
563,873
$161,124
7,139
$137,574
13,189
$142,212
$172,171
10,266
7,172
Interest deductions
276,286
189,352
'• 146,000
1936
1937
1938
$168,263
50,959
$150,763
50,597
$152,479
56.224
$179,343
65,732
45,062
38,461
600
600
31,976
1,177
37.487
4,063
$71,642
$61,105
$63,100
$72,060
1,522
1,530
19,830
$64,631
$91,890
revenues
$1,884,118
354,373
Operating expenses
Gen. & admin, expenses.
Prov. for Fed. inc. tax..
Prov. for contingencies..
27,315
$744,717
583,594
Gross oper.
1,706
$3,204,722
384,197
20,507
$3,829,540
1,595,000
1,051,943
Non-operating income..
1,281
$3,343,824
433,030
Lowell Gas
Operating expenses
$3,237,360
40,977
-
_
'
585,367
Net profit
period
Calendar Years—•
53,127
56,450
48
Land & lease expenses..
Depreciation
804,42 ^
25,175
$1,445,042 $1,155,282
Note—Provision made by the company for Federal and State income
taxes for the year 1937 was reduced as a result of deductions made for
losses resulting from the flood in Louisville during January and February,
Earned surplus, end of
$1,830,252
Profit on sale of interest
in leases
s.
17,000
Miscellaneous direct items
1935
6,345
.
-
Adjustment
1937.—V. 148, p. 2749.
Exploration Co.—Earnings1938
Oil and gas net revenue .
38,744
37,000
1
Fur trapping revenue.
lb0,197
capital expenditures. _
...
Louisiana Land &
'9§R'f£R
80,157
312,500
Common dividends
Year s End. Dec. Zl—
$4,551,622
250,000
Preferred dividends
Mutual Fund, Inc.—-Registers with SEC—
of this department.—V. 148, p. 1811.
226,250
Dr2,725
_
Grace Co. to regain
Loomis Sayles
.
160,227
—
for entry
See list given on first page
'
1 '930,450
funded debt
Adjustment of
Guth and the
91 % of the stock of Pepsi-Cola Co. was noticed May 17
and settlement in the Delaware Supreme Court.
A final decree
is therefore expected to be fothcoming shortly.
On April 11 the Supreme Court confirmed a decision by the Chancery
Court last September giving this stock to Loft,, Inc.—V. 148, p. 2592.
$4,328,097
2,514
Gross income..
'Net income
1,092,692
281,634
$3,983,868
206,562
'
...
;.. J.
Amortization of debt discount and expense
Miscellaneous
572,124
l ,l»i ,uuu
.■1,426
.
Net operating income.
Dividends from affiliated company.
3,542,306
3,293,761
595,602
.1,181,0UU
•
1.426
1,127,581
582,154
...
Earned surplus, beginning of
Represented by 189,539 no-par shares,
y After depreciation
406 in 1937 and $1,072,325 in 1938.—V. 147, p. 3766.
The final decree in the
1,014,000
405,350
1,294,810
$3,695,437 $3,686,405,
x
Loft, Inc.—Decree Seen
Taxes
Amortization of contractual
Earned surplus...
Pats.,
Operating revenues
Operation expense
i
Maintenance and repairs.
Appropriation for retirement reserve
Amortization of limited-term in vestments
on
-Earns.
(Ky.) (& Subs.)-
Louisville Gas & Electric Co,
Other interest (net)
—
Amortization of flood and rehabilitation expense.
notes
.
a dividend of 12 XA cents per share on the class
payable June 24 to holders of record May 31. This com¬
pares with dividends of 37% cents per share paid on March 25, last and
Sept. 25, 1938 and each three months previously.—V. 148, p. 2593.
Directors have declared
Interest
125,053
.
Smaller Class B Dividend—
•
26", 607
82,878
400,000
1,354,920
$1,207,397 $1,610,442
Note—Provision made by Louisville Gas & Electric Co. (Ky.) for Federal
and State income taxes for the year 1937 was reduced as a result of deduc¬
tions made for losses resulting from the flood in Louisville during January
Miscellaneous incomes.
Fed'l
pay". (1941)."
deed
500,000
5,989
33,410
(Current)
Accrued expenses .
74.117
1,395,903
&c_
1,354,920
_
Net income....
$320,586
$273,230
200,000
$4,533,645
1,030,450
160,117
30,121
291,667
37,000
18,927
expenditures. _
Provision for Federal and State income taxes
notes
and State taxes.
Maeh'y, equip.,
160,227
83,812
250,000
37,000
24,659
—
...
funded debt..
1937
1938
payable.
payable
deed
Trust
Mdse. inventory__r
y
Accounts
Notes
tr'de
accept. & acc'ts
Notes, drafts,
280,482
31
Liabilities—
1937
$4,148,464
1,030,450
—
Other interest (net)..
62,480
$341,409
284,309
$225,062
surplus
226,250
Dr826
— _ _
:-
Year Ended March 31
Net inc. to
$4,308,220
213,125
2,430
611,624
Amortization of debt discount and expense—a—
B
discarded
losses
..._•
Res. for Fed. inc. tax...
Hurricane
1,154,659
561,206
1,200,000
1,426
1,122,754
299,301
1,426
—
State income taxes.
operating income
Dividends from affiliated company.'
Miscellaneous income
L.
$1,660,101
$11,132,723
3,639,816
1,200,000
—
-
on
^
596,914
„
Interest
1938
i939
Appropriation for retirement reserve.,.,
Amortization of limited-term investments—
Dividends
$1,896,078
Operating income
Miscellaneous income—
expenses
$704,650
..$10,910,496
3,412,963
Operating revenues
Operation expense
Maintenance and repairs
Amortization of contractual capital
Miscellaneous deductions
$2,137,315
selling & other
'
Amortization of flood and rehabilitation expense.
Lily-Tulip Cup Corp. (& Subs.)—Earnings1937
1937
356,532
$649,567
(Del.) (& Subs. )—Earns.
Louisville Gas & Electric Co.
Year Ended Feb. 28—
-
736.—V. 148, p. 736, 586.
machinery
356,532
Net
Represented by 198,145 no par shares.
Earnings for the year
$1,061,182
$1,006,099.
—
Provision for Federal &
Obsolescence,
Cr8,881
.....
..23,010,716 23,230,360
Total
.23,010,716 23,230,360
Admin.,
25,231
$1,993,148
875,564
56,402
$75,090
;
Balance
148, p. 2593-
247,118
127,422'
.167,306
103,721
9,403
Miscell. accruals..
ing cost of
14,605
$1,935,035
875.527
62,290
—V.
30,150
1,777
Taxes accrued....
Gross
3,487
$146,567
72,963
5,204
$68,400
Dividends applicable to preferred stock for the
period, whether paid or unpaid..—
income
$1,967,917
$1,920,430
$143,080
,
constr'n—
719,139
824,133
Demand note pay.
223,818
funds).....
a
566
.
$153,360
72,960
5,310
deductions.
Matured bond int.
Accts. receivable..
of Feb. 4, page
61,500
$152,794
Notes & accts. pay.
Deposits for xnat'd
bd. int.: (contra)
Total
346,953
59,000
386,753
Net oper. revenues
Other income (net)
Int.
1939—12 Mos.—-1938
$7,251,777
$7,590,909
4,613,347
4,930,992
718,000
692,000
1939—Month—1938
$601,047
$549,033
30—•
Int. chgd. to
Earnings—
Light Co.-
Louisiana Power &
Period End. Apr.
Net
$
$
Liabilities
&C..21,842,761 21,836,305
1937
.
$0.15
31,1938
$1,055,-
Other int. &
1938
^
Assets'""
$94,281
$22,556
1937
81,900
Assets—Cash, $1,241,426; accounts receivable, $471,710; fee lands and
(net), $7,488,809; fixed assets (less reserve for depreciation of $70,011)
$289,251; deferred charges, $100,139; total, $9,591,334.
Liabilities—Accounts payable, $124,563; accrued taxes, $212,493; re¬
serve
for contingencies, $176,000; capital stock
(par $1), $3,000,000;
capital surplus, $5,260,261; earned surplus (since Sept. 30, 1934),
309; company's own capital stock (24,747 shares at cost), Dr.$237,293;
total, $9,591,334—V. 147, p. 3767.
•4,442
31
Dec.
Balance Sheet
1938
$453 000
200
leases
Gross income.
Balance of income.
Plant, prop.,
Earnings per share
$941,234
$862,645
563,173
189,942
50,761
36,214
Operating income.
Interest on other
1938
$1,948,615
403,942
13,383
188,000
Operating revenue—electric—_
Operating expenses.—
Federal income taxes—
-
$1,750,315
-
Maintenance—
Other
$116,934
Earnings—
Co.
March 31—
$534,900
160,914
Balance Sheet Dec.
12 Months Ended
$534,700
$294,644
66.501
depletion.
262,200
$257,520
$257,520
37,124
43,125
1964.
p.
$796,900
223,565
—
.
Profit
Gross income
Int. & other
$843,900
47,000
$481,085
$436,701
303,317
1938
128,124
Operating expenses.
$463,931
317,292
Operating revenues
Oper. exps. and taxes
1939
$609,209
Ended March 31-
3 Months
Co. (& Subs.)- -Earnings—
Lexington Utilities
*
May 27, 1939
Chronicle
Net oper. income
replacements
Amort, of dt. disc. & exp
Balance
112", 790
Int.
on
indebt. of Amer.
Util. Assoc. (accr. but
,
not
$0.63
_.
Prov. for retirements and
•
received)
Net
income for year
transf'd to surplus..
$71,642
$62,627
,
Volume
148
Financial
12 Months Ended March 31Gross operating revenues
Operating
1939
1937
1938
$749,112
571,615
$748,323
615,353
$177,497
17,251
$145,430
12,710
$132,970
9,064
$194,748
42,750
11,303
45,585
$158,140
42,750
9,582
42,136
$142,035
42,750
11,243
30,355
600
__
$745,608
600,178
600
600
Crl,145
expenses
Crl,526
$64,217
121,924
$58,613
Chronicle
3227
189 shares (316 shares in
1938) of old class A common stock, not yet con¬
verted; 360 shares (363 shares in 1938) of new common stock to be issued in
connection with the conversion of 240 shares
(242 shares in 1938) of old
A 6% pref. stock and 17 shares of
new common stock to be issued in
connection with the conversion of 33
scrip certificates.
c Less reserve
for depreciation, plus subsequent additions at cost.—V.
148,
p. 2902.
series
Net operating income.
Non-operating
income..
Gross income
Interest
on
long-term debt
interest
on
other debt
____
Prov, for retirements & replacements.
Amort, of debt discount & expense
'
Int. of indebtedness of Amer. Utilities
Associates
Net income
Dividends
on
$94,510
30,481
stock.
common
Balance Sheet March 31, 1939
Assets—Property, plane & equipment, $3,610,072; investment in capital
$4,760; long-term appliance contracts, $32,846;
cash, $10,799; accounts receivable (net), $132 925; merchandise, materials
and supplies,
$134,806; insurance deposits, $4,225; prepaid expenses,
$7,057; unamortized debt discount and expense, $11,659; other deferred
charges, $23,736; total, $3,972,885.
V
McKeesport Tin Plate Corp.—Earnings—
Years Ended Dec. 31—
Gross profit
Selling, general and administrative expenses
Provision for doubtful notes and accounts
Net loss
Other income
stock of affiliated company,
Liabilities—Long-term debt, $950,000; consumers'
$46,224; notes payable, $92,500; accounts
meter & extension
payable, $75,384;
obligations assumed, $226;
accrued interest on long-term debt, $3,562; accrued interest on other debt,
$599; accrhed taxes, $35,642; other current liabilities, $4,330; unadjusted
credits, $2,890;* reserves, $786,298; capital stock ($25 par), $1,524,050;
earned surplus, $451,180, total, $3,972,885.—V.
147, p. 3019.
authorized instalments
on
serial
on
Loyalsock RR.—Abandonment—
MacAndrews & Forbes Co.—Earnings—Calendar Years—
Gross
bl938
'
bl937
bl936
1935
$5,537,983
4,411,634
$5,368,331
4,232,619
$1,126,349
122,467
$1,135,712
90,687
...$5,480,398
$5,644,868
4,535,232 ! 4,573,013
profit....,
Other income
$945,167
116,842
J.
Sell.,admin. &
;
$1,071,854
130,900
146,000
150,000
$1,226,399
221,535
148,000
$886,283
2,522,103
$881,644
$856,863
2,519,618
607,788
.
$1,202,754
170,472
$3,253,170
Federal taxes..
$1,062,009
214,066
124,000
$723,943
2,529,227
gen. exp.
$3,408,386
119,424
759,735
$3,401,262
119,424
759,735
$2,525,958
$2,529,227
$2,522,103
Net income
Prior earned surplus.c
$490,305prof$907,895
119,424
Shares
stock
com.
$1,248,816
217,172
out-
303,894 '
303,894
.
$2.38
16,
1937
were
$3,398,777
119,424
759,735
at
or
$803,000.
..
Tin Plate Co. Jan. 1 to
compensation of $19,185 to officers
and employees.
1
e There have been
charged to operations for the year 1938
and local taxes in the total amount of
amount to
y',';'.
.
y.y'y-^'V
■
■V-V;'
&
1938
Liabilities—
$
2,138,918
Notes
1,729,214
accts.
rec., trade....
Inventories...^..
b
3,358,341
4,833,277
&
3,349,342
6,778,314
202,838
758,845
176,959
plant
equipment...13,063,848 12,455,119
Patents
1
191,296
1938
Assets—
U. S. Govt,
1937
1938
$
5
1,480,981
accrued expenses
Stocks and bonds.
199,285
Notes & accts. rec.
572,864
739,109
201,463
409,175
Inventories.....'.' 3,233,199
3,033,536
'
Stock allotment to
employees..
57,933
maeh'y & equip. 2,343,372
a
45,909
2,255,481
Land,
buildings,
Prepaid
expenses
.
87,524
_
432,937
274,486
181,803
payable
compens'n
Common
stock
126,415, Capital surplus
Earned surplus
2,030,323.
able,
bank..
"
..
\ 59,105
48,360
insur..-
7,275,840'
Earned surplus
3,967,975
Paid-in surplus6,848,582
cTreas. stock
Total
24,899,374'
....24,577,065
500,000
.
Res. for workmen's
7,275,840
4,734,858
6,848,582
Dr2,72S
;
Total.........24,577,065 24,899,374
284,056
333,750
The committee representing preference stockholders, of which
George
Armsby is Chairman, and Ellis G. Potter, Vice-Chairman, has been per¬
mitted to intervene in the proceedings before Judge Alfred C. Coxe in the
Federal Court.—V. 148, p. 2594.
employm't
Preferred stock.__
Goodwill, tr.-mks.,
brands,
add'l
._r
363,792
McKesson & Robbins, Inc.—Committee to Intervene—
eral taxes
Res. for
6,000,000
$
392,619
Provision for Fed¬
Dividends
debt
Dividend payable.
Unsc'd notes pay¬
a Less
reserve for doubtful notes and accounts
and discounts and al¬
lowances of $440,803 in 1938 and $135,978 in 1937.
b After reserve for
depreciation of $12,003,186 in 1938 and $12,230,757 in 1937.
c 88 shares
at cost.—V. 148, p. 2594.
"
1937
Liabilities—
25,943
Com.stk.(par $10)
Accts. payable and
oblig's
Funded
compen.
.
1,591,834
.........
16,705
Federal
and State taxes.
X
220,998
4,750,000
143,638
195,378
28,180
209,081
add'l
•*;
$
Accrued liabilities.
Misc. accts. pay'le
219,128
303,894
$2.44
Consolidated Balance Sheet Dec. 31
Cash
1937
bank.
pay.
187,307
Est.
(at cost).
Property,
Notes
$
Accts. pay., trade.
Investments & ad¬
vances
V
1937
\
Cash
a
Balance Sheet Dec. 31
1938
v-';
.
$2,519,618
-
.
'
.
Federal, State,
$.399,723.
The amount of depre¬
was $482,681.
For Federal income tax purposes the
be claimed is estimated at $703,000.
"
ciation provided for
believed to be required, for Federal surtax
undistributed profits.
on
in¬
c Does
not include earnings of
McKeesport
March 16, 1937.
d Includes extra
.
303,893
$2.51
$2.52
the
and
ventories produced thereafter include an applicable
portion of such charges.
b The amount of
depreciation charged to operations was $425,142.
For Federal income tax
purposes the amount to be claimed is estimated
a Includes
depreciation: 1938, $85,222; 1937, $67,203; 1936, $67,748, and
1935, $112,040.
b Consolidated figures.
•
Note—No provision made
65,080
42,361
42,799
......
labor and expense normals at the can manu¬
reviewed and revised, resulting in a reduction of
book inventories of finished
goods and goods in procass 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
management expenses as elements of cost of
2,541,914
y
standing (p^r $10)...
Earned per share
146,500
42,432
$679,238prof$757,655
of March
Deferred charges..
Profit & loss surplus..
zi—
_
Net loss...
facturing division
Other assets
Total surplus
Preferred dividends
Common dividends..,
...
$534,753 prof $792,223
44,447
115,672
%
_
Assets—
Total income
245,097
...
As
$2,486,885
dl,694,661
1,859,950
manufacture,
The Interstate Commerce Commission
May 15 issued a certificate per¬
mitting abandonment by the company, and abandonment of operation by
the Lehigh Valley RR., lessee, of a line of railroad
extending from Splash
Dam, to Lopez, approximately 12.96 miles, all in Luzerne, Wyoming and
Sullivan counties, Pa.-—V. 79, p. 152.
"
Sales (net)
a Cost of
goods sold
$1,570,303
—
Other expenses.:.
Provision for Federal normal income tax.
a
cl937
$11,944,526 $16,666,098
el0,374,222 abl4lt9,213
Total loss
Interest
deposits,
balance due
1938
Sales, less discounts, returns and allowances
Cost of goods sold,
operating expenses and dep
29,515
1,990,400
3,038,940
1,670,584
2,525,958
Magma Copper Co.—Earnings—
60,490
1,990,400
[Including Magma Arizona RR. Co.]
3,038.940
1,664,616
2,529,227
2,030,323
Calendar Years—
1938
Sales of copper
Cost of sales, &c
1937
$2,493,717 *$4,224,485
1,975,536
2,756,399
A..
General, selling, admin.
expenses, taxes, <fec
1
1936
$2,958,403
1,788,242
QQ K
$2,699,049
1,908,930
"
Total......... 10,104,305
10,334,417
10,104,305 10,^334,417
Total.
After allowance for depreciation of $2,965,313 in 1937 and
$2,950,840
in 1938.—V, 148, p. 885.
'
:
'
a
;
McLellan Stores
"
Period—
-
;
Net sales
Railway
—
_
oper.
Rate....
20,315,284
19,446,889
*■-■
Com. shs. out.
$1,298,923
$1,493,364
$1,677,022
$1,554,474
294,828
266,472
227,717
'
3,129
123,000
4,337
62,881
15,635
11,963
156,576
$860,788
179,970
439,881
733,185
$0.93
$1,131,318
179,985
439,878
733,188
$1,226,376
180,000
696,475
733,195
l,176,757
$1.43
Net profit for period..
Preferred dividends
Common dividends
8hs.com.stk. (par$l)__
share
150,000
.
■
-
"
$1.30
•
733,205
Total.....
•
hand,
inven.
Liabilities—
1938
in
banks & in trans
Mdse.
1939
;-
4,383,668 $1,289,729
3,834,404
.:
Accrued expenses.
•
3,349,172
Miscell. notes and
rec.,
reserve
less
'..
53,834
54,619
30,907
surance co
61,511
Reserve
accts.
rec.,
7,844
1
Furn. & flxts
Invest,
in
1
1
1,370,883
Prepaid ins..taxes,
storesuppl., &c.
10,000
re¬
tort
pay.
current)
(par $100)
2,999,500
2,999,500
Com.stk.(par $1)
Capital surplus.
733,186
775,823
226,188
A-
1937
24,070
8,348
45,097
26,739
2,040
14,381
$37,824
2,497,396
Loss for year
Previous earned deficit..
541
20,124
6,903
78,900
expenses
Depletion & depreciation
2,490,453
$13,803
2,476,650
...
8,669
$2,497,396
$2,490,453
$2 ,476,650
ten off
—
-
Deficit, Dec. 31
—
$2,535,219
763,000
$4,647
2,094,085
369,249
Consolidated Balance Sheet Dec. 31
1938
Assets—
2,246.525
2,005,950
Contingent asset..
1937
$239,193
428
$285,973
1,555
121,749
114,668
Accts. receivable..
3,266
7,582
361
596
$364,996
$410,375
b The outstanding common stock is shown upon the batis of
treating as
189 shares (316 shares in 1938) of new common stock for
409
Includes profit on sale of oil royalties, &c. of $21,358 in 1936, $37,164
1937 and $33,899 in 1938.
Prop., plant & eq.
a
though issued.
$12,361
4,533
12,066
a
in
Deferred charges..
Total...
$6,944
Property abandoned
Pre-oper. expenses -writ¬
Cash
$7,641,2621
1935
a$29,898
796
$8,373,389 $7,641,262
$8,373,389
1936
a$71,368
573
The outstanding preferred stock is shoWn upon the basis of
treating as
though issued, 240 shares (242 shares in 1938) of new preferred stock for
240 shares (242 shares in 1938) of old series A 6% preferred stock.
Total.
.
a$68,678
21,050
Earned surp. since
Jan.1,1935
'
Exploration Corp. (& Subs.)—Earnings
Other deductions
459
__
V:
foreign exchange
Administrative
6% cum.conv.pf
b
163,911
on
733,187
Prepaid rents
stock
.$4,080,000 $4,080,000
Accts. pay.,
229,261
298,945
Accrued taxes
142,688
99,671
Fed'! tax reserve..,
96,860
111.926
Capital surplus._A 2,922,601
2.922,601
Earned Surplus... 1,260,336
1,240,155
1938
164,066
a
;
1937
b Capital stock.
Total...v.....$8,731,746 $8,753,299
b Represented by shares of $10 par value.—V. 148.
'<
Total income....
22,000
30,907
155,142
Reserve for contlng
'
—
10,500
tnon-
Res.for insurance.
1,077,723
lease¬
hold improve'ts.
scrip
for
..
...
Maracaibo Oil
Loss
(non-current)
1
172,995
1,401,477
1.441,720
Leasehold valuat'ns
917
10,000
for
Accts.
88,863
value)....
c
64,648
'
$8,731,746 $8,753,299
After depreciation,
2432.:
'
.
.1938
Consolidated Income Account for Calendar Years
Mortgages payable
5,198
Securities (nominal
Real estate
23,000
367,582
128,788
claims
less
reserve
332,045
Fed.
tirement..
and
nctes
.
$455,403
894
for
Income tax.;
Res.
1938
$960,579
payable..
gages
Reserve
Claims with fire in¬
Other
1939
Accounts payable.
Notes
and
mort-
and
mdse. in transit.
accts.
p.
Liabilities—
.881.223
924,972
Deferred charges..
a
on
"
......
•
Comparative Balance Sheet Jan. 31
Assets—
'
1937
railroad,
equipments, &c.$2,211,599 $2,283,378
Cash..'.
1,701>, 693
620,449
Accts. receivable..
115,988
1,209,527
Inventories
1,582,979
1,170,386
Marketable securs. 2,184,315
2,518,135
Investments
10,200
10,200
Including $109,042, social security taxes.
Cifsh
'
1938
Mines,
$1.37
:
$277,989 def$150,303
408,000 »
408,000
$3.18
$1.63
408,000
$3.57
Consolidated Balance Sheet Dec. 31
■
Assets—
a
__
Miscell. other charges.__
Prov.for Fed. inc. taxes.
$665,697
816,000
($2.00)
$334,332
($2.75)
$1.60
on com.
*
312,007
$1,297,989
1,020,000
($2.50)
07,148.
,
Including $693 in 1937 and $500 in 1936 undistributed profits tax—
y
railroad.
leasehold improvem'ts
Prov.fordeprec.& consol.
of invent
per
(par $10)
share
& amort, of invest, in
a
$1,456,332
1,122,000
$42,346
408,000
Dividends...
Surplus
20,983,145 a21,121,923
Deprec. of bldgs. & fixts".
Earnings
$654,346
612,000
($1.50)
yll3,162
85,359
074,176
77,626
02,703
38,315
08,039
yll 1,926
inc. (net).
Net income.........
Earns, per
Gross income
03,703
76,936
81,627
Op 15,469
,
Cost ofsaies, sell, and adminis, exps., int., &c.,
less other income..
86,247
0178,381
Other deductions
Res. for Federal taxes..
Co.—Earnings—
Feb. 1,*38 to Feb. 1,*37 to Feb. 1,'36 to Jan. 1,'35 to
Jan. 31, '39 Jan. 31, '38 Jan. 31, '37 Jan. 31, '36
a$22,282,068 $22,615,287 $21,992,306 $21,001,363
•
77,825
Cr287,222
Int. and other income._
Total...
x
-
...
Liabilities—
Capital stock
$1)
1938
1937
(par
$330,000
1,191
$330,000
Accounts payableAccrued acctS710
x
Surplus
Total.....
33,095
$364,996
8,266
1,190
A
70,919
$410,375
Capital surplus $2,568,315, less earned deficit of $2,535,220 ($2,497,396
147, p. 3313.
in 1937).—V.
Financial
3228
Maine Central
Period End. Apr.
Operating
Operating
Chronicle
Massachusetts Utilities Associates—Annual
RR.—Earnings—
1939—4 Mos.—1938
$4,139,625
$3,978,816
2,995,921
3,088,110
1939—Month—1938
$920,630
725,622
30—
$942,481
704,402
revenues
expenses
May 27, 1939
Income Account for Calendar Years
1937
1936
1935
$1,778,025
52,759
$1,797,814
13,659
$1,721,275
18,627
$1,728,889
28,694
$1,830,783
92,330
$1,811,474
70,009
$1,739,902
b29,500
$1,757,584
5,647
168,997
201,550
198,346
195,967
4,572
103,781
6,039
130,275
8,095
83,830
8,414
54,910
$1,461,102
$1,403,600
$1,420,130
$1,462,755
1,447,631
1,447,609
a$27,501
$15,146
Dividends
Interest
Equipment rents—Dr. .
Joint facil. rents—Dr—
Net ry. oper. income-
$195,008, <$1,143,704
$238,079
67,502
24,828
Net operating revenue1
T&X0S
m
—
27,025
$117,724
m
$67,468
30,691
$98,159
$890,706
266,729
137,874
269,021
138,294
100,151
$154,146
—
75,514
24,923
27,103
36,422
jmmm
Total income
Taxes..
110.030
Int.
$636,238
141,549
$376,073
132,621
Net
$777,787
$508,694
General expense
Divs. rec. in Feb.,
amortiz. of debt
&
discount & expense—
Other income
Gross income
Deductions
Indicates deficit.—V.
679,338
x$214,400
Assoc. paid or declared
72,960
498,784
1936
$2,761,942
78,745
537,259
$1,251,850
93,506
$2,269,499
14,878
354,000
$1,959,626
18,825
306,690
$1,345,356
41,170
192,000
$1,900,620
1,611,414
$1,634,111
1,356,980
$1,112,186
1,102,546
$2,145,939
80,185
123,560
$872;485
9,662
....
Total income
-
Other expenses & deduc.
Federal taxes.
139,975
Net profits
$/22,MS
Common dividends
678,490
,
$44,358
Shs.com.stk.out.(par $1)
Earned per share
$289,207
$277,131
339,245
$2.13
Surplus.
339,245
339,245
$5.60
•
$9,640
364,145
$3.05
$4.81
Consolidated Balance Sheet Dec. 31
Assets—
Prop. & plant
—.
Marketable secur.
Goodwill, &.c.
z
Other
1,347,893
1,347,892
y
Common stock..
Accts. pay.,
Ac...
and other taxes.
Reserves
1
-
1
Capital surplus...
823,100
7,043
Earned surplus...
Total...
6,480
$7,570,216 $7,781,292
Calendar Years—
Net sales
..$12,417,417
Profit from operations $3,066,932
Otherincome
39,389
105,706
105,706
6,529,647
468,227
164,288
receivable..
64,749
189,730
Int. receivable..-.
5,915
Divs.
-
178,267
160,000
6,129,097
653,855
1935
$6,219,774
Gross income
$3,106,322
Income deductions—._
168,567
588,400
x5,268,713
1,808,167
.
A, 5%, due
April 1, 1949...
361,913
Accounts payable-
3,364
1,544
Unamort. debt dis¬
,243,323
"199,287
shares.".——. 1,161,235
1,161,235
count & expense
$2,349,355
$951,061
90,808
$1,041,870
259,218
50,000
$1,144,858
loss$51,411
28,364
3,366,000
361,910
18,555
Notes pay. to bank
500,000
Eng. Pow. Assoc
Accrued interest..
250,000
...
42,075
—_
Provision for taxes
107,769
67,086
9,416,271
1,397,189
9,416,271
Surplus
Includes
Total
....46,021,255 45,537,612
Total
763,966
...46,021,255 45,537,612
1,000 shares.
Consolidated Statement of Earnings Years Ended Dec. 31
1938
—
.
Gas
.
—.
•
1937
1936
1935
$7,398,415
2,090,699
109,790
$7,538,501
» 2,087,750
120,545
$8,167,338
2,196,016
$7,828,112
2,194,498
5,584
410,824
Gross oper. re venue—
Electric
25,906
530,671
22,362
465,635
92,931
Non-operating revenueInterest.......
Other...
"
30,591
411,350
Total oper. revenue..$10,015,312 $10,303,373 $10,944,283 $10,464,552
2,731,331
2,632,158
Operating" expenses
2,585,012
2,719,128
_____
3,094,693
463,108
782,316
1,312,578
3.153,819
577,893
729,316
1,349,272
dividends$1,777,605
161,276
Other interest
26,587
Other charges.:
5,572
Minority pref. divs., &c_
16,272
$1,761,742
192,071
35,219
6,543
47,916
$1,947,653
202,362
28,725
8,916
236,909
$1,924,620
Net consol. earnings.. $1,567,896
Pref. divs. of Mass. Util.
$1,479,993
$1,470,741
$1,441,865
1,447,638
1,447.631
1,447,609
$32,355
$23,109
def$5,744
Maintenance.
Depreciation
Taxes................
Net
3,308,418
510,099
815,909
1,273,346
3,512,271 *
631,424
811,011
1,322,796
before int.,
earns,
and
$732,652 def$318,364
17,000
Investments res've
loss$23,047
295,317
$130,069 depreciation of plant and equipment,
y Includes
Federal surtax of approximately $8,000 on undistributed profits.
x
ser.
Notes pay. to New
pref'd
on
Int. & amort, of bds. disc
Net income
Sinking fund debs,
Pref. div. declared
Purchased power & gas.
$1,667,219
285,360
y237,000
1,780,249
4,000,000
"45,521
.
Fed'l income tax (est.)-.
1,780,249
(non-current)
Sinking fund depos
$1,756,756
$1,586,866
80,352
par)
Notes pay. to bank
3,250
392,587
160,000
6,129,097
609,497
1936
6,252,490
$
&
Prepaid interest..
Miscellaneous
1937
$7,839,356
1937
$
cum.
partic. pref. stk.28,954,500 28,954,500
Common stock ($1
.
7,375,792
investments
--....$7,570,216 $7,781,292
Total
.
9,350,484
expenses.
•
Association
Cash
a
Cost of goods sold (incl.
selling, admin. & general
pref. shs. of
New Engl. Pow.
Conv. 5%
Other accrufed exps
Co.—Earnings—
* 1938
6%
Other
1937
depreciation of $3,817,240 in 1938 and $3,997,662 In 1937.
y Represented by 364,145 shares, $1 par.
z Includes 24,900 shares in treas¬
ury at cost of $412,693.—V. 147, p. 3768.
(Glenn L.) Martin
a
1938
Liabilities—
$364,145
125.965
After
x
$
(Company Only )
1937
%
subs--—36,596,308 37,137,402
Accrd. Fed. Income
821,116
.
assets
Deferred charges..
1938
Assets—
Invest, in
Discount,
1938
$364,145
84,851
Liabilities—
1937-.
1938
$1,543,265 $1,525,167
Cash & ctfs. of dep. 2,239,390
1,904,877
Notes & accts. rec.
301,938
193,222
Inventories
1,310,134
1,979,988
X
a$44,038
Balance Sheet Dec. 31
$1,791,674
125,218
414,606
140,604
471,840
1,447,638 *
b Including surtax of $2,600;
Deficit,
1935
$1,831,454
128,172
$792,299
Gross profits
Other income
$13,453
a
"
$2,443,899
1937
1,447,649
Balance for surplus...
(& Subs.)—Earnings-
from op. cos $1,364,043
-
Pref. divs. of Mass. Util.
1938
earns,
29,889
1934.
Net income..
Consolidated Income Account for Calendar Years
Depreciation
Selling and admin, exps.
1935
723.094
$98,449
•
148, p. 2749.
Marlin-Rockwell Corp.
Gross
debs.
on
& accr. as inc. in
170,981
$x72,822
171,953
x$17,807
x
premium
reacquired
(rentals, in¬
terest, &c.)
Net income
Report—
(Company Only)
1938
*
211,078
21,-283
32,814
217,580
Balance Sheet
Mar 31
A
of 6
" *}
®
Cash.-
;39 Dec 31 '38
#
3,889,530
4,006,057.
Due from agent for
sales of cap
Advs.
*2,520
Accts. receivable..
Accrued liabilities.
176,861
5,518",217
185,928
Pats.,
copyrights
Total
2.520
Plants &
Cap. stk. ($1 par). 1,092,308
Capital Burplu8._.10,612,993
1,092,182
10,610,699
2,300,786
After
reserve
1938 —V.
148,
pf.
53,037
95,014
7,384,528
securs.
shs.
7,384,932
in
.....17,538,606 15,271,531
2277.
1938
1937
$113,446
and taxes
$427,687
338,591
$89,096
295,000
1,513,194
512,184
Accrued taxes.....
353,418
1,926,380
$113,141
59,895
6,674
6,131
Cr651
$89,846
59,895
2.438
52,525
350,425
108,124
•
Accruals
750,000
Notes payable..—
80,152
154,044
Consumers' depo3.
457,141
445,934
361,913
361,910
Div. decl.on Mass.
Util.
;—bl ,456,038
1,480,989
rec.
61,858
62,388
372,519
45,146
46,447
243,323
483,823
Divs.
shares
declared
minority shs.
on
of
subsidiaries
45,521
34
•
Res. & subp. cred. 16,648,244
insurance,
and other exps-T
Associates
preferred
449,833
'
Unadjusted debits
Disct.
'
606,028
3,366,000
534,342
4,000,000
Accts. & notes rep.
from
customers
Prepaid
1,780,249
186,771
Accounts payable.
Materials & suppls
Sink. fund deposits
$480,161
366,715
revenues
1,780,249
shs.,
com.
105,706
savings
and others
&
Long-term debt.__
105,706,
Declared divs.
Pref.
held by public—
accounts
Total
Com. stk. ($1 par)
of
Nptes receivable.
Cash..'.
Maryland Light & Power Cok—Earnings-—
expenses
8%
$
5% cum. <fc
partic. pref. stk.28,954,500 28,954,500
in progress
Investment
Depos.
560,262
Conv.
1937
$
Liabilities—
$
oroperties42,911,434 42,342,332
New Engl: Pow.
Calendar Years—
Operating
Operating
1938
1937
S
'
'Association
for depreciation of $1,323,839 in 1939 and $1,283,529 in
p.
"
Construction work
a
14,378
.....17,538,606 15,271,531
$120,247*
<•
1938,
A SSCjS
120.847
.
...
Deferred charges..
x
15,427
trademarks
and
Other assets
Bal. for consol. surpl.
889,733
and
equipment
1,447,649
Consolidated Balance Sheet Dec. 31
828,054
1,075,018
4,779,579
Life insurance._
plant
287,483
Surp, from oper'ns 2,983,282
Cash surr. value-
Assoc. paid Or declared
under
182,336
15,680
120,847
867,110
Inventorles
714,799
10,000
6,247,833
$
72,802
Sub. to cap. stock.
rec'd
terms of cc ntr'ts
5,370,352
Adv. to ventors...
946,949
payable...
27,000
stk.
receivable
Prop,
$
Accounts payable-
Wages
Sub. to cap. stock
a
'Mar.31 '39 Dec, 31 *38
Liabilities—
Cap.
surp.
Consol.
of subs..
earn. surp.
105,906
1,975,286
4,857
16,598,952
104,7932,067,531
Mass.
on
•
Operating income.
Other income (net).
Gross income
Interest
750
L__
.'..1
long-term debt
on
Other interest
i.
;
Amortization of debt discount and expense
Interest charged to construction..
Net income.
$41,091
,»
6,131
Cr2,171
$23,553
Balance Sheet Dec, 31, 1938
Assets—Fixed capital,
$2,333,346; miscellaneous investments,
$170;
deposits for matured bond interest (contra), $31,199; cash (including work¬
ing funds), $10,658; accounts receivable, $31,451; materials, supplies and
merchandise, $2,064; deferred debit items, $69,107; total, $2,477,994.
Liabilities—$6 cumul. pref. stock (10,000 no par shares), $294,000;
common stock
(7,300 no par shares), $112,250; long-term debt, $1,089,000;
accounts payable to parent company, $117,203; matured bond interest
(contra), $31,199; notes payable, $13,500; taxes accrued, $11,055; interest
accrued, $4,673: miscellaneous accruals, $319; consumers' service deposits,
$13,495; reserves, $181,015; contributions for extensions, $20,280; capital
surplus, $569,473; earned surplus, $20,532; total, $2,477,994.
Earnings for the 12 Months Ended March 31
1939
Operating
Operating
revenues
1938
Util. Assoc. pref.
1,161,235
1,161,235
55,388^,172
56,033,645
shares...Total..
a
-
$1,000 shares,
Total.55,388,172. 56,033,645
b Accounts only.—V. 148, p. 1812.
May Department Stores Co. (&
—
.
Maint of repairs.
Taxes
545.783
464,110
74,349
Investments
considered
to be worthless
on
long-term debt
Amortization of debt discount and expense
Interest charged to construction......
Balance of income.
-V.
147, P. 3164.
$44,244
$98,104
59,895
3,953
6,131
Cr2,171
$30,295
625,000
a
22,702
281,455
356,691
355,350
436.374
320,595
525.408
615,130
7,000
41,053
55,500
23,000
443,171
30,615
19", 600
$4,917,771
4.613,903
$5,070,458
4,306,318
$3,463,154
2,276,225
$764,140
1,230,396
$1,186,929
1,230,414
$4.12
$2.81
See
See
a
Prems. exps. & unamort.
discount incident to re¬
Other income (net).
Other interest
53,222
864,000
Prov. for decline in value
of sundry investments
to f urn., fixtures, &c
Miscellaneous charges
Interest
$5,096,843
Federal income taxes
a8,116
Prov. for Fed. surtax
Prov. for exc. prof, tax..
735
$7,149,043
891,500
$6,689,871
$97,369
$116,622
59,895
7,003
6,131
Cr651
720,250
$4,482,290
614,553
$5,221,926
810,000
$116,787
Drl65
.547
84,075,225
$6,445,398
703,645
$6,681,755
44,963
Federal income taxes
242,220
17,768
37,433
94,585,042
724,425
$4,859,530
a362,396
Other taxes
expenses
.
710,975
Net profits
Other income
$440,301
Provision for retirements
1937
'
1936
$101754,866 $89,277,765
1,612,606]
1,841,647
759,382,,
Deprec. & amortization.
$491,269
261,576
21,917
40,427
2,765
47,797
Maintenance
Subs.)—Earnings—
Years End. Jan. 31—
1939
1938
Net sales.
....$98,411,263 $107030,180
Cost of goods sold, &c._ 90,486,593
97,479,061
45,308
demption of bonds
Int. «& amort, of disct. &
exps. on mtge.
indebt.
Net cost of minor add'ns
_
_
Net profit.
Common dividends
Balance, surplus.
bCap.shs.outst.(par$10)
Earned per share
a
$3,809,877
2,768,345
$1,041,532
1,230,396
$3.09
„
$303,868
1,230,396
,
$3.99
,
After deducting net loss from land, buildings and leaseholds not used in
$16,803 in 1938 and $22,489 and investments considered
tore operations of
Volume 148
Financial
Chronicle
worthless and net loss from sale of Investments and fixed assets of $57,397
in 1938 and $363 in 1939.
The 1939 figure includes non-recufring income
(refund of services purchased) amounting to $278,242.
Consolidated Income Account for Calendar Years
b Less shares in
[Incl. affil.
treasury.
3229
Middle States Petroleum Corp.—Earnings—
cos.
consolidated, but excluding Louisiana & North West RR.l
Consolidated Balance Sheet Jan. 31
1939
$
1939
8,071,433
364,689
Cust.
2,803,203
2,797,544
326,250
316,250
287,749
214,332
278,676
Sundry creditors..
Reserves
327,954
314~,86l
Long-term debt
5,135,600
Cap.stk. (par $10)13,673,520
5,790,862
370,564
5,461,850
Acer, liabilities...
Mtge. instal.
and
notes
accts.
recelvablel0,778,526 11,939,051
13,040,802 14,324,384
399,368
73,704
Other assets
1,062,988
1,198,485
y Fixed assets
24,890,164 25,228,160
Deterred charges..
620,484
760,643
Goodwill,
trade Inventories
&c—_.
1
pay.
within 1 year
Res. for outstand'g
coupons
1
Earned
13,673,520
surplus.-.26,413,188 25,371,656
10,037,854
Capital surplus...10,037,854
Treas.stk., 136,956 •_
shs., at
Total....^....59,228,456 59,685,854
x
Includes
accrued
interest,
y
par...Drl,369,560Z)r1369,560
___.r59,228,456 59,685,854
Total
After
depreciation
Operating
and
amortization.
Note—Of the 56,000 shares of capital stock reserved in 1926 for sale to
employees, there remain 30,426 shares available for subscription at $55 per
hares.—V. 147, p. 1784.
Prop, retire,
res. approp.
504,942
$1,325,635
439,108
$1,164,336
380,514
$1,030,645
I
12,363
a 122,044
$886,527
5,838
2,746
$783,822
28,265
16,121
$1,165,052
109,938
$828,208
126,198
109,807
103,051
240,498
264,615
$895,111
118,773
4,625
88,619
95,969
277,467
218,475
38,062
50,854
27,191
11,156
*154,654
Miscellaneous
$1,109,356
107,645
5,257
Taxes
128,086
Administrative expenses112,066
Depl. & amort, of leaseh187,946
Deprec. of phys. equip.
226,338
Abandonment and other
_
Interest on funded debt.
Other interest
2,846
_
leasehold expenses
Miscellaneous,
12,998
1935
456
73,744
93,252
263,378
267,442
charges
Net income
$329,022
$296,234
$40,329 loss$23,454
Prop, of consol. net inc.:
Minority int., oil cos. prof42,197
prof38,787
prof20,031 prof 14,580
Corporation (net)....
286,825
257.445
Prof20,297
loss38,034
a
Including $146,343 ($111,515 in 1937) net profit on sales of assets.
Consolidated Balance Sheet Dec. 31
[Excluding Louisiana & North West RR.l
1939—12 Mos.—1938
$8,712,319
$8,934,766
5,731,433
5,591,593
744,479
740,287
1939—Month—1938
$664,715
$755,595
443,511
475,027
61,773
62,835
..
1936
$1,535,587
Net inc. from oper
Interest and discount
Memphis Power & Light Co.^—jEarnings—
Period End. April 30—
Operating revenues...
Oper. exps., incl. taxes—
1937
$1,478,241
534,695
$943,546
expenses
Inc. from all sources.
trading stamps &
Oth. curr. assets.,
names,
$
1,726,086
2,455,484
Accounts payable.
hand
U. S. Govt, oblig-
1938
$
Liabilities—
'
Cash in banks and
on
1938
1938
$
Assets—
Gross income from oper.
Assets—
1938
Cash
Liabilities—
1937
$114,123
127,682
$117,170
107,310
2,227
86,124
5,807
129,064
Oirprop.& welLeq-. 3,667,785
1938
1937
Int. on fund. debt-
$52,631
$53,833
Sink. fund cash
5,800
162,106
2,432
Accts.
rec. & accr.
Special deposits.
—
Miscell. assets and
claims.
Investments
Notes payable.—
Accts. pay. & accr.
liabilities—
.
149,218
Net oper. revenues...
Other income (net).....
$159,431
2,299
$217,733
3,789
41,729
Gross income.
Int. on mtge. bohds....
$161,730
61,448
3 ,050
$221,522
61,448
3,201
$2,278,136
737,375
39,245
$2,651,479
$156,873,
$1,501,516
$1,874,820
394,876
394,876
Minority ints., cap¬
$1,479,944
Res. for declaration
_
.
Other int. & deducts
^
Net income
$97,232
..
Dividends applicable to preferred stocks for the
period, whether paid
unpaid.
or
$2,602,886
48,593
$2,236,407
737,375
'
39,284
....
Misc. prop. &eq_.
Mat'ls & supplies
63,252
115,545
.
111,800
Prepaid items and
deterred
ft
llnwArl
57,714
5,239
86,427
1,613,600
9,349
5,080 Def. liab.
.
$1,106,640
378,404
.
x
Mesabi Iron
Co.—Special Meeting—To Liquidate Debts—
Company has issued a circular to stockholders calling a special meeting
on June 28, to present to the stockholders for their
approval an agreement
which, under present economic conditions, is considered by officials of the
company to be the only way in which Mesabi can liquidate its present debts
'Total.........$4,234,834 $3,727,209
on
crude concentrated
ore
Receipts and Expenses—The following is a summary statement of receipts
ended Dec. 31, 1938 and for the period
from Jan. 1,1925 (approximate date of shutdown) to March 31,1939, viz:
Year.Ended Jan. 1, '25
Dec. 31, '38 Mar. 31 '39
Receipts—Sale of capital stock—
196,567 shares at $2 per "share
"
$393,134
122,855 shares at $1 per share.—
t..
122,855
Sale of products, &c_
253,867
Notes payable (no. interest has been paid on these
notes)
$22,000
180,730
Sale of equipment
V. 6,166
118,906
Miscellaneous receipts
348
36*676
'
....
......
— ——.—
Total receipts.
—
—
—
—
—
—
$28,514
...
$1,106,168
11,463
15,978
255,103
i•
.
jLusurauce, taxes <tuu utaer operating
Notes paid with interest thereon
Excess receipts over disbursements.
on hand Jan. 1, 1925
Cash on hand Jan. 1; 1938—
401,521
,
'
449,073
$471
6,639
$1,073
Cash
on
4,460
'
-
-
Cash
hand Dec. 31,1938
Casjfci on hand March 31, 1939-
$5,533
/Transfer Agent—
*
$7,110
............
No interest has been paid on the present indebtedness
it has been accrued on the company's books.
-
•
.
of.the company but
Operating profit....
Other income..
.
Manufacturers Trust Co. is transfer agent and dividend disbursing agent
for
1,105,689 shares of common stock of company.—V.-144,
p.
2135.
..
.
—
.$4,234,834 $3,727,209
Total
....
...
f
.
1936
1935
$3,777,137
541,046
$2,732,205
510,185
DrzQS,024
$3,236,091
.
x91,487
$2,222,020
54,663
$2,393,560
$3,687,43?
$3,327,578
$2,276,683
452,109
...
$3,750,460
444,571
324,287
*597,768
416,426
291,115
y460,000
367,357
$2,320,811
759,400
$2,160,036
759,400
115,800
Depreciation..
Profit-sharing fund.
Federal taxes (est.)
Net
1937
$4,334,1/83
583,722
$2,337,787
55,773
.
....
130,092
*360.786
income
$1,450,573
Preferred dividends
759,400
$2 non-cum. pf. stk. div.
57,900
275, oo5
234,915
Surplus., j
Earns.persh.oncom.stk.
—.
1,057,118
115,800
998,389
$1,634,326
949,250
28,950
58,729
$398,358
Common dividends
$388,494
$6 15
$286,447
$5 47
$597,397
$3 23
$2 45
Less other deductions,
y Including provision for $52,000 for surtax
on undistributed profits,
z Less interest earned and profit on sale of se¬
curities.
* $338,005 for normal income tax in 1938 ($482,000 in 1937),
x
$63,000 for surtax on undistributed profits in 1937., Additional assess¬
ments and under-provision (est.) for prior years of $22,786 in 1938 ($52,786
in 1937).
,
'
Consolidated Balance Sheet Dec. 31
.
Assets—
a
Land,
$
c
5,691,175
U. S. Govt, secure.
450,223
Accts. receivable..
1,834,681
1,460,122
Securs,
self-risk
indus'l
78,603
Insurance plan..
$
9,693
2,423,250
563,158
194,211
Sundry account®..
30,025
Accrued tiaxes
413,000
75.5S9 Contingent reserve
600,000
9,693
2,423,250
372,460
390,448
1,000,523
1,337,758
2,079,671
e
Non-cum. $2 div.
d Common stock..
Accounts payable.
Accrued payrolls..
642",800
600,000
10,632
26,568
1,790,349
198,757
3,063,382
2,665,004
Treasury stock..Dr989,114
Dr989,U4
Total ——16,000,586
251,983
15,807,542
plus
b
1,816,164
193,998
16,000,586 15,807,542
Tbtal
stock
9,693,000
cum.
Profit and loss sur7
closed
banks, after res.
Deferred charges..
1937
$
pref. 8%
9.693,000
4,754,970
4,270,320
in
Misc. assets, &c..
Patents & g'dwill.
First
stock
& accrued int...
Deposit
Liabilities—
$
machinery, &c.„ 4,486,044
Inventories,
dep. under
.
1938
buildings,
"Cash.—
.
1937
1938
.
b Consists of 2,005 shares of 8% pref., 39,030
7,410 common shares,
c Represented by 96,930
shares ($100 par), including shares in treasury,
d Represented by 242,325
no par
shares, including shares in treasury,
e Represented by 96,930
no par shares, including shares in treasury.—V. 148, p. 2594.
a
After depreciation,
Shares of $2 stock and
Minneapolis Gas Light Co.- -Earnings—
Calendar Years—
Gross operating revenues
'
—
Consolidated Income Account for Calendar Years
\
and disbursements for the year
*
Total
1938
Manufacturing profit— $2,793,419
Expenses—i
455,632
processed will be paid to the Dunka Mesaba
Security Co., fee owners of the ore properties.
Mesabi 'Iron Co. has a
20% interest in this company through ownership of 200 shares pledged as
collateral under the above mentioned loans.
Reserve has also agreed to
pay to Mesabi 33 1-3% of the net profits derived from the operation of the
properties, and to provide funds for the modernization, expansion and
erection of new plants when it is deemed economically feasible to do so.
No contributions to these funds will be required from Mesabi Iron Co.
In consideration of this, Mesabi Iron will assign its lease on the ore proper¬
ties and lease its own properties to the Reserve Mining Co.
277,743
1,035,580
Midland Steel Products Co.—Annual Report—
.
ton
Net worth-——
x
299,954 shares class A, no par, and 895,529 shares class B, no par»
outstanding (represented by voting trust certificates issued and to beissued)*
—V. 148, p. 1484. .
and continue to maintain its interest in the ore lands and in its own proper¬
ties.
The circular points out that the company owes at the present time
approximately $258,000 and that shut-down expenses amounting to about
$30,000 annually will increase this debt tb $288,000 by March 1, 1940.
A
ma jor part of this indebtedness will fall
dqe and become payable on March 1,
1940.
The failure to meet these obligations and provide further money for
expenses would mean the loss of the company's principal asset, which con¬
sists mainly of a lease on the ore lands and aM20% interest in the fee to these
lands through its ownership of Dunka Mesaba Security Co. stock which
has been pledged against the loans.
It is also stated that the management, being cognizant of this precarious
condition of the company, made an agreement in the form of an option to
the Reserve Mining Co. whose
organizers are officers in the firm of Oglebay,
Norton & Co. of Cleveland, Ohio.
Under the option, if executed, the
Reserve Mining Co. agrees to pay to the Mesabi Iron Co. an amount suffi¬
cient tb liquidate the company's liabilities, and to maintain the ore lands
and properties until such a time as it may be expectedly profitable to operate
them.
The lease on the iron ore properties is to be amended so that a
royalty of either 25c. per ton on concentrated ore produced or 8 l-3c. per
351,943
31,903,
7,407
of dividends.
-V. 148, p. 3073.
58,688
& credits
Res. for conting. &
recfelv. expenses.
ital and surplus.
Balance.
101,024
277,743
1,353,608
Llabs. not currents
1,656,400
92,344
liabilities-
Miscell.
Funded debt—...
charges
152,685
Receiv'ship claims
3,096,831
61,366
139,094
.
1938
,
„
1936
1937
'
1935
675,548
546,506
530,511
$1,624,919
—
$4,737,992
$1,544,308
$1,450,804
$1,553,522
2,339,443
178,691
$4,455,681
2,260,425
-
$5,018,563
2,432,365
227,258
734,023
Operations—.....
Maintenance
.
197,944
$4,563,615
2,296,285
183*296
Taxes—Local, State and
Federal
Mesta Machine Co.—Dividend Halved—
Directors have declared
a
dividend of 25 cents per share on the common
Mexican
Gross income....
Interest
deductions....
Gross
earns,
Mar.
31—
from oper..
Net earnings
1939—Month—1938
replacements
...
and expense
1939—3 Mos.—1938
$595,102
522,708
$746,559
526,112
$1,854,814
1,533*292
$2,338,318
1,615,405
$72,394
$220,447
$321,522
$722,913
No Interest Payment—
Company is informing holders of 5% 2d mtge. 50-year bonds and deben¬
tures that interest instalment due June 1, next, cannot be paid owing to
severe decline in company's earnings.
As the first mortgage bonds mature
on Feb. 1 next, meetings of the holders of all the company's bonds will be
convened in due course.—V, 148, p. 2750.
»
Int.
Drl',808
$1,551,714
490,523
256,649
247,878
243,087
227,483
93.595
77.931
64,074
$760,195
$671,430
$769,632
on
Michigan Consolidated Gas Co.—Listing—
The New York Stock Exchange has authorized the listing of $34,000*000
*irst mortgage bonds, 4% series dtie 1963 (due ,Sept. 1, 1963), which are
issued and outstanding.—V. 148, p. 3073.
indebtedness of
Am. G. & P. Co. (ac¬
Dividends
on
pref. stocks
93,948
95,514
$766,944
129,003
$854,143
137,988
81,753
87.872
96.302
108,901
$698,699
_
Net income
93,948
$909,455
crued but not receiv.)
$628,283
$498,282
$475,863
93,814
87,182
71,972
45,941
$604,885
$541,101
$426,310
$429,922
Income payable on parti¬
cipation units
Participation
rendered
fund
14,098
$1,464,903
472,452
Amort, of debt discount
Light & Power Co.* Ltd.—Earnings—
Oper. exps. and deprec..
26,596
$1,570,905
469,237
Provision for retire, and
(Canadian Currency)
Period End.
17,409
94,395
Non-operating income-
$1,642,327
475,776
$815,607
stock, par $5, payable July 1 to holders of record June 16.
This compares
with dividends of 50 cents paid in each of the four preceding quarters and
previously regular quarterly dividends of $1 per share were distributed.
See also V. 144, p. 3508, for detailed record of previous dividend payments.
—V. 148, p. 1330.
172,359
-
«.
«-
<# #.
$769,632
184,867
units sur¬
sinking
to
depositary for
retirement
Net income for com.
stock and surplus..
Financial
3230
4939
$5,205,57J
3,519,39i
$4,879,718
3,291,580
$1,686,185
$1,588,138
40,313
15,398
$1,726,498
475,859
258,838
Amort, of debt discount & expense (less premiums)
86,521
Amortization of preferred stock expense
7,914
x Interest
on
indebtedness of American Gas &
Power Co
93,948
$1,603,536
470,981
249,844
86,072
7,778
$991,314
$882,810
136,457
86,655
.
Net operating income
Non-operating income
Gross income
—.
.
1938
„
Interest deductions
Provision for retirements and replacements
Net income
128,077
80,386
preferred stocks
Income payments on participation units
Dividends
x
93,948
on
$659,697
29,250
$782,851
Net income after pref. divs. & income payments.
Received on account of prior year accruals
32,391
from:
Associated Oil Co
Tide
Water
Oil Corp
14,406
---------
—
stock of Skelly
Loss on sale of common
$
25,957,767
1,997,601
equipment
Investments
Cash
231,490
559,863
-
Accts. receiv.
•
Federal normal inc. tax.
Prov. for surtax on
(net)
supplies
25,912,772
& extens. depos.
1,974,114
199,649 Accounts payable447,393 Acer. Int. on fund.
*
undistrib. profits.
deposits
Insurance
'
Spl. depositor $6
1st preferred stk.
(contra).'..-.-J
630:
18,281
1st
116,842
112,290
expense
90,351
92,329
Rate litigation exp.
67,929
70,683
5,501
9,885
7,152
Improvements..
Other def. charges
.
45,362
2,251
10,613
Oil producing lease
9,460
A equipment...
Federal
40,000
26,000
226,130
5,025
for
tax on Income.,
Earned surplus...
302,702
Corp—"—..
122.675
y
1,185,267
1,313,159
Dr3,267
Z>r329,600
Cap. stk. purch.
for retirement..
5,790
3,660
497
15,028,464
15,013,944
Prepaid exps., Ac.
630
630
-.
Total..
5.800
15,724
2,661,631
2.613,270
stk.,
($100 par) 2,256,900
x
i__
Total... J
15,028,464 15,013,944
Represented by 1,379,545 (1,399,345 in 1937) no par shares,
in 1937) shares.
y
Cost
of 300 (16,400
pref.
cum.
-
2,256,900
1,595,755
1,595,755
stock.
2,200,000
Common
a
5,010
1,940
divs
Capital stock...13,795,450 13,993,450
x
Furn. & fixtures..
$5inc.partic.units
leaseh'd
Unamort.
Unadjusted credits
1st
3,663,522
Prov.
...
of Pac. Western
Oil
...
Reserves
expense..
exch.
9,192,184
on
depos.
not
(contra)
Pref. stk. selling «fc
9,835,022
3,748,868
held
Invest, in com. stk.
745,048
pref. stock $6
red.
conv.
gas
3,674
5,000
Fed. inc. tax with¬
Invest, in com. stk.
series, called for
988,177
966,538
count & expense
S
capital
stock tax
Invest. In com. stk.
15,393
10,610
8,669
Other curr. llabs..
Unamort. debt dis¬
Natural
838
pref.
stocks
Prepaid expenses.
39,240
15,928
659,014
Acer. dlvs. on
630
Inv'try of crude oil
of Skelly
Accrued taxes
•
7,387
of Tide Waters
156,960
debt
red.
for
called
77,673
254,231
Fed.
Acer.
Accounts receiv'le.
4,074
Accounts payable.
2,029,275
898,832
1937
$
Liabilities—
'
$
S
Cash in banks.
1938
1937
1938
Acer. int. on other
7,970
1,920
4,000
Does not include
Assets—
11,772,000
76,725
273,326
debt
370,248
390,961
;
---
"
21,997
3,999
$677,834
$1,427,829 x$1,807,686
629,705
1,379.245
1,745,506
$1,239,234 after deducting Federal stock transfer tax
of $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
share), over the amount at which such shares were carried on the books
($9,303 per share).
x
$
$
Long-term debt..r 11,772,000
Consumers' meters
Mdse., materails &
8,198
39,114
Oil Co
Provision for
$789,686
105,933
$1,967,233
133,550
$1,541,411
66,270
Total income
Expenses
838,585
5,250
'
oil (net)
Sales of crude
$789,686
$1,123,397
Balance Sheet Dec. 31
Liabilities—
&
plant
$946,498
567,657
12,850
Skelly Oil Co
Pacific Western
jl/ar.31,'39 Dec 31/38
Dec. 31,'38
$
Assets—
Prop.,
1936
1937
1938
Calendar Years—
Dividends received
Balance Sheet
Mar. 31/39
1939
Corp.—Earnings-
Mission.
31
Earnings for 12 Months Ended March
Operating revenues..
Operating expenses
May 27,
Chronicle
Earned surplus
b Excess of
Liquid*n
llq'd'n
2,200,000
261,865
320,534
57,791
62,271
of
value
25-Cent Common Dividend—
„
.
declared a dividend of 25 cents per share on the common
value, payable June 29 to holders of record June 9.
This
compares with $1 paid on June 29, 1938; 25 cents paid on Dec. 24, 1937;
$1 on June 15, 1937, and an initial dividend of 45 cents per share paid On
Dec. 18, 1936—V. 147, p. 3313.
•
Directors have
stock,
no
par
.
partic. units out¬
jDrl,973,808Z>r2,003,465
Capital surplus. .10,308,667
10,308,667
standing
Mississippi Power Co.—Earnings—
Period End.
.....30,417,058 30,225,351
Total
a
....30,417,058 30,225,351
Total
Represented by 44,000 no par shares, b Over cost value of participation
reacquired.—V. 147, p. 2870.
units
.■
Oper. expenses & taxes._
Provision for deprec
1939— Month—1938
$290,985
$288,894
177,403
184,353
23,333
15,000
1939—12 Mos —1938
$3,555,276
$3,537,044
2,269,353
2,252,652
313,333
204,000
.
Milnor, Inc.—To Pay 15-Cent Dividend-—
Directors have declared a dividend of 15 cents per share on
stock,
April 30—
Grossrevenue...
to holders
payable May 31
of record May 22.
with 10 cents paid on March 10. last; 15 cents paid on Jan.
'
\
the capital
This compares
3 last; 10 cents
48,090
$972,590
594,095
'
$1,080,392
615,044
-$465,348
$42,158
21,088
pref. stock
on
$37,799
$378,495
21,088
253,062
253,062
$21,070
Net income
Dividends
Sept. 1, last; 35 cents on May 31, 1938
10 cents on March 1, 1938;
15 cents on Dec. 1, 1937; 10 cents on Sept. 1 and May 29, 1937; 30 cents
$89,541
51,741
$90,249
Gross income.
Int. & other fixed charg.
$16,711
$125,433
$212,286
on
Balance.
May 20, 1937, and 10 cents paid on March 5, 1937, and on Dec. 12,
1936, this last being the first dividend paid since March 1, 1934, when
dividend of $1.15 per share was distributed.—Y. 148, p. J.484.
on
-V. 148, P.,2751;
a
Minneapolis Brewing Co.—To Pay 25-Cent Dividend—■.
"Directors have declared a dividend of 25 cents per share on the common
stock, par $1, payable June 10 to holders of record June 1.
Similar pay¬
ments were made on Nov. 25 and on Aug. 10, last, and on Dec. 7, 1936 and
Oct. 9, 1936, this last being the first dividend paid since the company was
organized on May 23, 1933.—V. 147, p. 1642.
,
*' •
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.
(Excluding Wisconsin Central Ry.)
'•
1939—Month—1938 1939—4 Mos.—1938
Freight revenue:
$882,665
$862,209 $3,136,597
$3,190,044
Passenger revenue
45,517
44,446
180,331
194,068
All other revenue—
•
92,693
-104,934
359,722
400,540
Period End. April 30—
Mississippi Power & Light Co.—Earnings—
Period End. Apr. Z02Operating revenues..
Oper. exps., incl. taxes..
Property retirement re¬
serve appropriations.
...
492,782
Transportation expenses
General expenses
$1,011,589
159,677
$3,676,650
221,820
33,455
498,278
•
•
134,845
2,031,567
204,583
42,461
50,846
749,300
914,795
$3,784,652
600,427
943,283
132,397
2,059,557
192,760
x$143;772
378,287
$55,897
79,529
x$358,440
368,501
$111,093
21,996
13,407
$23,632
28,834
13,741
$726,941
59,426
52,719
$522,059,
$146,496
13,495
$66,207
14,647
$839,086
48,336
Hire of equipment
Rental of terminals
Net loss after rents
Other income (net)..
Loss before interest._
Int. beingaccr'd & paid.
Int. on bonds, notes,
<
,
681,633
$1,598,194
$115,682
$1,493,205
$1,596,999
1,878
$133,001
3,160
$51,560
"3,749
$790,750
13,994
$608,729
16,274
83.807
1,195
$120,532"
123
_
iT.
168
1,754
$120,655
1
mortgage bonds-
Dividends
$115,850
$1,598,877
817,700
8,570
$1,494,959
817,700
'
76,886
$39,138
$600,373
$696,761
68,142
68,142 "
8,255
'■
$44,258
applicable
preferred stock
to
x
accumulated
unpaid to April .30,
and
403,608
403,608
$293,153
$196,765
.....6.
Dividends
84,416
for
the period, whether paid or unpaid
1939, amounted to
$622,229, after giving effect to a dividend of $1.50 a share on $6
stock declared for payment on May 1, 1939.
Dividends on this
cumulative.—V.
148, p. 2595.
Mississippi Valley Barge Line Co.—-Registers with
See list given on first page of this
Period End. Mar.
543,807
529,004
2,176,521
$584,313
$2,981,265
$2,739,425
(Including Wisconsin Central Ry.) ■
.
1939
1938 1937...
$1,906,029
$1,821,278
$2,321,333
153,178
155,559
607,197
defl22,926
defl39,982
325,627
SEC—
■■
1939—3 Mos.r-A 938
$67,933
46,257
expenses Ataxes..
•«
$60,803
J
39,278
,1939—12 Mos.—1938
$264,788
$263,209
170,200
178,447
2,114,422
$679,968
31—.
revenues
..
department.—V, 129, p. 2399.
Missouri Edison Co.—Earnings—
Operating
preferred
stock are
>
54,957
Oper.
$1,976,707
advances, &c__.
$21,676
$21,525
$86,341
67
69
264
$93,009
1,556
Int. & other deductions.
$21,743
10,352
$21,594
10,573
$86,605
41,969
$94,565
42,816
Net income.
Pref. stock dividends.
$11,391
3,216
$11,020
3,216
$44,636
12,866
$51,749
$31,770
$38,883
Net oper. income.
Net deficit..
x
733.333
$1,493,205
Net income
$660,823
52,094
x$19,605
Net loss after taxes
60,000
$115,682
Balance
91,488
Net railway revenues.
63,333
Other int. & deductions.
x
$7,115,287
4,835;460
3
Gross income.
on
1939—12 Mos.—1938
$7,382,659
5,156,121
$120,532
Operating income
Other income (net)
'
Taxes.
1939—Month—1938
$571,357
$600,416
395,675
416,551
(net)
Int.
$1,020,876
Maint. of way & struc..
228,269
Maint. of equipment
232,753
Traffic expenses
35,830
revenues
•>
Net oper. revenues
Rent for lease of plant
,
Total
_
Other income
.
Indicates loss.
April—
Gross from
Net from
railway
railway
Net after rents
Gross income
.
1936
329,157
62,398
__
From Jan: 1—
'
12,866
'
Gross from railway.....
Net from railway..
7,136,067
6,908,187
286,778
108,045
def794,210def1,102,989
Net after rents..
<
8,118,595
1,103,646
99,901
7,437,680
679,109
def38/,387
Balance.
■
$8,174
$7,803
,
—V. 148, p. 2433.
Missouri-Kansas Pipe Line
—V. 148, p. 3075.
Co.—To Distribute Rights—
Period End. April 30— 1939—Month—1938
1939—12 Mos.—1938
Operating revenues
$495,617
$485,620
$6,675,123
$6,232,302
Oper. exps., incl. taxes._
230,964
219,532
3,052,989
2,819,181
An order has been issued by Chancellor Harrington at Wilmington, Del.,
directing Columbia Oil & Gasoline Corp., Columbia Gas & Electric Corp.
and Panhandle Eastern Pipe Line Co. to appear June 7 to show cause why
a plan for distribution of subscription rights to 80,000 shares of Panhandle
stock among Missouri-Kansas Pipe Line Co. (Mokan) stockholders should
Amort,
not be approved.
Minnesota Power &
of
Light Co.—Earnings—
limited-term
investments
Prop, retire,
571
561
41,667
res. approps
41,667
6,814
550,000
The petition of Henry T. Bush
three corporations
claimed
8,973
526,667
said
and C. Ray Phillips, (Mokan) receivers,
to have an interest in the mode of
distribution.
The petition for appearance was filed by the receivers.
the Panhandle stock was ordered in the adjudication of the
.
Net oper. revenues
$222,415
$223,860
$2,856,307
$3,086,494
7
95
947
4,239
Other income
Gross income
$222,422
135,010
Int.
on mtge. bonds
Other int. & deductions.
Int. charged to construct
Net income
x
5,855
CY67
$223,955
135,797
6,109
Cr57
$3,090,733
1,634,180
71,835
03,906
$82,106
$81,624
$2,857,254
1,624,730
70,549
Crl,641
$1,163,616
$1,388,624
Dividends applicable to preferred stocks for the
period, whether paid
Balance
or
unpaid
990,835
_
990,784
$172,781
$397,840
x Dividends
accumulated and unpaid to April 30, 1939, amounted to
$309,658.
Latest dividends, amounting to $1.75 a share on 7% preferred
stock, $1.50 a share on 6% preferred stock, and $1.50 a share on $6 preferred
stock, were paid on April 1, 1939.
Dividends on these stocks are Cumu¬
lative.—V. 148, p. 2751.
ship in court of chancery which has been of more
—V. 148, p. 2433.
'
Distribution of
Mokan receiver¬
than five years standing.
Missouri-Kansas-Texas Lines—Earnings—
Period End. Apr. 30—
Operating
Operating
revenues
expenses
Inc. avail, for fixed chgs.
Fixed charges
Defioit after fix. chgs..
—V. 148, p. 2595.
1939—Month—1938
$2,091,394
$2,208,687
1,840,971
33,610
366,054
1,876,924
defl26,605
355,239
$332,444
$481,844
1939—4 Mos.—1938
$8,714,667
$8,590,067
7,309,959
7,470.477
142,992 defl57,757
1,455,613
1,421,123
$1,312,623
$1,578,881
Monon Coal Co.—New Director—
Joseph W. Burden, New York, has been elected to the board of directors
146, p. 3810.
of this company.—V.
Volume
Montana-Dakota
Utilities
Co.—Bonds
Offered—Public
offering of $9,000,000 1st mtge. sinking fund bonds, 4^%
series due 1954, was ma4e May 23 through an underwriting
group headed by Blyth* & Co., Inc., and Merrill Lynch
& Co., Inc.
The bonds are priced at 101% and accrued
interest.
Simultaneous issuance to banks of $2,100,000 of
4M% serial promissory notes was made.
Other members of the underwriting group are:
Kidder,
Peabody & Co.; W. E. Hutton & Co.; E. H. Rollins &
Sons, Inc.; The Wisconsin Co.; Wells-Dickey Co.; ThrallWest Co.; Whiting, Weeks & Stubbs, Inc.; Stifel, Nicolaus
& Co., Inc.; Kalman & Co.; Equitable Securities Corp.;
Laurence M. Marks & Co., and The Illinois Co. of Chicago.
Dated May 1, 1939; due May 1, 1954.
Not in excess of $20,000,000 of
the bonds may be outstanding under the indenture at any one time.
In¬
terest payable May 1 and Nov. 1.
Coupon bonds in denom. of $1,000
registerable as to principal only.
Redeemable (otherwise than for the
sinking fund), at option of company in whole on any day prior to maturity,
or in part by lot on the first day of any month, on at least 30 days' notice,
at following percentages of the principal amount thereof; 105% if red. on or
before May 1, 1940; 104H%*if red. thereafter and on or before May 1,
1941; 104% if red. thereafter and on or before May 1, 1942; 103M% if
red. thereafter and on or before May 1, 1943; 103% ifo*ed. thereafter and on
or before May 1, 1944; 102Yi% if red. thereafter and on or before May 1,
1945; 102% if red. thereafter and on or before May 1, 1946; 101 }^% if
red. thereafter and on or before May 1, 1947; 101% if red. thereafter and on
or before May 1, 1948; 10054% if red. thereafter and on or before May 1,
1950; 10054% if red. thereafter and on or before May 1, 1952; and 10054 %
if red. thereafter and prior to maturity; together in each case with accrued
int. to redemption date.
Redeemable on May 1 of any year for the sinking
fund on at least 30 days' notice at the following percentages of the principal
amount thereof: 103% if red. on or before May 1, 1941; 10254% if red.
thereafter and on or before May 1, 1943; 102% if red. thereafter and on or
before May 1, 1946; 10154 % if red. thereafter and on or before May 1, 1947;
101% if red. thereafter and on or before May 1, 1948; 10054 % if red. there¬
after and on or before May 1, 1950: 10054% if red. thereafter and on or
before May 1, 1952; and 10054% if red. thereafter and prior to maturity;
together in each case with accrued int. to redemption date.
Company
covenants that it will retire as a sinking fund 4 54% bonds due 1954 on or
before the dates and in the aggregate principal amounts as follows: May 1, •
1940, $200,000; May 1, 1941, $225,000; May 1, 1942, $250,000; May 1,
1943, $275,000; May 1, 1944. $300,000; May 1,1945. $350,000; May 1,1946;
$500,000; May 1, 1947; $500,000; May 1, 1948, $500,000; May 1, 1949,
$500,000; May 1, 1950, $600,000; May 1, 1951, $600,000; May 1, 1952,
$600,000; May 1. 1953, $600,000.
There is an additional sinking fund
based upon excessive withdrawals of natural gas from certain fields.
Listing—"Company agrees that, if requested by Blyth & Co., Inc., as
representative with Merrill Lynch & Co., Inc., of the several underwriters,
it will make application for the listing of the bonds on the New York Stock
Exchange.. '
Purpose—The net proceeds, $8,641,273, exclusive of accrued interest and
after deducting estimated expenses, to be received by the company from
the sale of $9,000,000 first mortgage bonds, 454% series due 1954, and the
net proceeds, $2,085,375, to be received by the company from the issuance
to banks of $2,100,000 serial promissory notes to be issued simultaneously
with
the sale of the bonds, will be applied to the redemption of all first
Montana Cities Gas Co., which operated the natural gas pipe line serving
Great Falls, Montana.
The company is engaged principally in the production, transmission,
distribution and sale of natural gas and electricity.
It also does a limited
manufactured gas and steam heat business and sells gas and electric appli¬
ances to its customers.
For the calendar year 1938 the total operating
1929, 554%
(int. rate
and
1946
-
---
---
The company
Blyth & Co., Inc
750,000
700,000
W. E. Hutton & Co
E. H. Rollins & Sons, Inc
The Wisconsin Co
650,000
__
Wells-Dickey Co
600,000
Whiting, Weeks & Stubbs, Inc
Stifel, Nicolaus & Co., Inc
425,000
425,000
Kalman & Co
300,000
,.i_-
Equitable Securities Corp
Laurence M. Marks & Co
The Illinois Co. of Chicago
—V. 148, p. 2751.
200,000
:
____
134,679
129,201
1,543,013
1,706,684
$488,550
$470,835
Dr2,543
$5,479,676
jpr50,916
$5,780,855
Drl4,940
$468,292
$5,428,760
$5,765,915
160,994
1,921,108
44,125
33,848
529,495
415,018
1,936,429
529,495
422,142
Dr5,213
$483,337
Gross income
159,205
on mtge. bonds.___
Int. on debentures
Int.
44,125
32,001
Other int. and deductions
*
Crl96,971,
Cr327,433
$266,690
Dividends applicable to preferred stock for the
period, whether paid or unpaid^___-______—
$2,760,110
$3,205,282
$248,179
Balance
— — —
Montgomery Ward & Co.,
209,000
'
Inc.—Annual Report—
Consolidated Income Account Years
debs., due Oct. 1, 1946___ $2,300,000
serial promissory notes (due 1940 to
2,100.000
2,100,000
6% series preferred stock ($100 Par)
20,000 shs.
17,739 shs.
5% series preferred stock ($100 par)
80,000 shs.,
59,586 ehs.
Common stock ($10 par)
__—800,000 shs.
676,652 shs.
x Additional bonds of other series may be issued upon compliance with
the provisions of the indenture, provided that not in excess of $20,000,000
principal amount may be outstanding at any one time.
10-yr. 454% conv.
-- —
-
■r
-
Depreciation of fixed propertiesAmortization of leasehold
improvem'ts
operating profit.
i
Int. earned on mtges. & land contracts
& rental income on homes held for
resale, less direct expense applicable
Net
3,269,914
315,059
23.837,130
24.786,889
securities,
on
'
Summary of Earnings for Stated
Periods
1936
1937
Total oper. revenues
Total operating expenses
$4,428,813
2,124,307
$4,579,720
2,240,755
Provision for retirements
529,082
114,541
.
Provision for depletion __
$1,660,884
7,701
Net earnings.
Other income.
Net income.
1st mtge. bonds.
other
for
—
312,123
11,017
22,467
24,044,956
4,400,000
25,110,029
4,250,000
25,198,914
4,600,000
'
1,650,000
Net profit
Feb.
28
'39
$4,430,464
2,199,045
535,709
496,505
111,815
109,883
117,458
24,952
$1,691,441
7,075
$1,625,031
6,011
$536,255
903
19,644,956
1,410,878
7,825,721
-
_
400,000
" 19,210,029
20,198,914
1,058,159
18,260,016
Shares common
$1,668,585
711,590
$1,698,515
601,018
$1,631,042
583,412
45,798,398 35,390,040
5,217,147
5,217,147
$3.50
$3.41
of additional shares in January, 1937.
V
h
_»
Before issuance
1
__
1939
'
136,424
34,566
144,143
28,536
66,388
10,242
Other interest
78,532
8,115
73,128
3,690
Amortization of debt dis-
Sundry deductions
5,565
1,904
45,059
i. '
51,518
59,000
Inventories
__
$786,654
$759,854
$338,420
incorporated in March, 1924, in Delaware and,
until 1935, was primarily a public utility holding eompany, owning stocks,
bonds and other securities of subsidiaries.
In 1935, the company changed
Montana-Dakota Utilities Co. and became an operating public
through merger or purchase the properties and
its subsidiaries, including: Montana^Dakota
Utilities Co., which operated the natural gas pipe line systems serving the
Black Hills area in South Dakota and extending east from Baker, Montana,
to Bismarck, N. Dak.; Gas Development Co., which developed and operated
the Baker Gas Field; Northwest States Utilities Co., which operated the
natural gas system serving Sheridan and Buffalo, Wyoming and certain
pipe lines and natural gas systems located in northern Montana; and
Bowdoin Utilities Co., which operated pipe lines serving Malta, Glasgow
and Fort Peck, Montana.
In 1936, the company acquired through merger
the properties and business of two of its subsidiaries: Montana-Dakota
Power Co., which operated the electric utility systems and certain gas pipe
lines and gas distribution systems now operated by the company: and
its name to
utility company, acquiring
businesses
of several
of
land contracts
Investments
•
57,353,769
77,361,847
5,712,450
299,999
6,318,298
330,198
6,655,356
Accts. payatle
18,515.251
62,593,191
81,494,245
Fixed assets.
_
1938
*
.
-
$
14,664,641
2,710,184
9,568,265
6.412,777
46,896,602
Due customers
Accrued
14,526,374
1,095,730
15,745,600
Capital stock.149,288,340
149,288,340
45,798,398
Treasury stock Z>r252,676
35,390,040
Dr252,676
and taxes..
y
Earned surplus.
z
46,683,090
Total.-____.227,830,990 213,188,743
2,362,037
exps.
Reserve
spring
catalog, &c__.
x
58,204
$723,169
Prv. for Fed. inc. taxes
reserves
Prepaid
.
count and expense
History—Company was
15,634
22,240
2,728
$4.12
Current liabils.:
24,392,658
Cash...
$
Liabilities—
:
1st mtge. notes&
77,570
x
1939
1938
%
$
Current assets:
108,097
28,012,674
5,173,611
Consolidated Balance Sheet Jan. 21
*
$537,158
7,377,366
880,739
28,012.674 • 27,131,935
stock (no par)
Earnings per share
x
1,410,878
10,421,785
10,408,357
35,390,040
Surplus
Previous surplus
$1,069,176
390,511
,
-
-
dividends
dividends.
Common
Total surplus_
2 Mos. End.
1938
long-
term debt-
Net income.
'
7,580
Receiv'les, less
on
.
and State
income taxes__
Federal surtax on undis-
Assets—
on
_
tributed profits^-
Class A
■
Years Ended Dec. 31
■.
Interest
.
•
_
265,975
—__
profit before Federal
income taxes.
,
24,910,472
profit on
Prov. for Fed. & State
Prov.
273,248
.
200 ;245
earned
securities sold, &c__
'
258,518
''
„.
_
thereto
Int.
3,199,092
3.307,837
----
'
Int.
1937
1938
-413,961,241 414,090,544 361,297,059
Cost of goods sold, selling and general
expenses, including taxes other than
incometaxes.
386,539,137 385,737,300 332,914,247
Net sales
Net
454%
Ended Jan. 31
1939
900,000
$9,000,000
1,812,000
957,450
$2,247,832
—V. 148, p. 2595.
3,100,000
Outstanding
-
957,522
$1,802,588
**
Capitalization Giving Effect to Present Financing
x
-
Cr37,365
CY173
Int. charged to construe.
redemption and re¬
Authorized
200,000
1939—Month—1938
1939—12 Mos.—1938
$1,192,156 $1,129,868 $13,579,690 $14,736,870
568,927
529,832
6,557,001
7,249,331
Net oper. revenues...
Other income (net)
$308,658, making a total of $11,405,113 required to redeem and
prepay the $11,082,000 of obligations to be redeemed and prepaid.
The
difference of $678,465 between the amount of $11,405,113 and the $10,726,648 of total net proceeds to be received from the sale of the first mort¬
gage sinking fund bonds and the issuance of its serial promissory notes
will be supplied from cash funds of the company.
In connection with the financing the company will surrender for cancella¬
tion all of fhe $2,000,000 of Northwest States Utilities Co. first mortgage
6% bonds, series B, due June 1, 1945, which it assumed and now owns and
has pledged as security for the secured serial 454 % bank notes.
-
_____!_
—
(& Subs.)—Earnings-
Montana Power Co.
Period End. Apr. 30—
Operating revenues
Oper. exps.,incl. taxes__
Property retirement and
deplet'nres.approp'ns
250,00O
.____
132,000
f. bonds, 4 54 % series due 1954—
650,000
____
Thrall.West Co
amount of
1945, inclusive)
1,000,000
1,000,000
Inc
Kidder, Peabody & Co
payment premiums in certain cases in the amount of $14,455 and to pay
interest accrued to the respective redemption and prepayment dates in the
1st mtge. s.
$2,000,000
_________
_______
Merrill Lynch & Co.,
6% gold honds, due Feb. 1,
will, in addition, be obligated to pay
will con¬
The loan
by each bank is to be represented by a serial promissory note is to
mature in six equal annual instalments payable on March 15 in each of the
years 1940 to 1945, inclusive, and is to bear interest on the principal amount
remaining unpaid at the rate of 414% per annum, payable on March 15,
June 15, Sept. 15 and Dec. 15 in each year.
The notes may, at the option
of the company, be prepaid on any date prior to maturity in case of the pre¬
payment of all notes in full, or on any interest payment date prior to ma¬
turity in case of the prepayment of part, upon 30 days' notice and upon
payment of principal and accrued interest plus a premium of 1 %.
Underwriters—The names of the principal underwriters and the principal
amount of first mortgage sinking fund bonds, 4H % series due 1954, severally
to be purchased by each, are as follows:
\
made
$6,741,000
Co.—secured serial 454 % bank notes
($300,000 due on March 20, 1940-1942, inclusive)
by Northwestern
of
banks affiliated with it, and that, until notice to the contrary, it
tinue to represent such affiliated banks with respect to the loan.
Net income---..
i'.:,:.-.
1945
."i
Montana-Dakota Utilities
200,000
The loan agreement provides that $450,000 of the loan
Gas Development
due March 1.
250,000
National Bank & Trust Co. of Minneapolis will be made for the account
Northern
Bowdoin Utilities Co.—1st mtge.
$1,050,000
600,000
Northwestern National Bank & Trust Co. of Minneapolis
Harris Trust & Savings Bank
Marshall & Ilsley Bank
±
American National Bank & Trust Co. of Chicago
bonds, series of
increased to 654% from Jan. 1, 1939)
extended._
Power Co., Montana-Dakota Utilities
Co.—Jst mtge. 6% gold bonds,
series of 1930 (int. rate increased to 7% from April 1, 1939)
due April 1, 1944, as extended
Consolidated Utilities Co.—1st mtge. gold bonds, series A, 6%,
Co.
the sale of
had a total
population of 175,861, according to the Federal census of 1930.
Serial Promissory Notes—Under an agreement dated April 25, 1939,
each of the following banks has agreed, subject to certain conditions, to
lend to the company the amount set opposite its name below:
Power Co.—1st mtge. gold
due Jan. 1, 1944, as
derived approximately 71% from the sale
of natural gas, 27% from the sale of electricity, and 2% from
steam and manufactured gas and from other sources.
The communities served by the company at retail or wholesale
bonds of the company outstanding with the public in the amount
of $10,182,000 and to the prepayment of secured serial bank notes out¬
standing in the amount of $900,000, the total $11,082,000 of such obliga¬
tions to be redeemed and prepaid being as follows:
, •
•
Minnesota
of the company were
revenues
mortgage
Montana-Dakota
3231
Chronicle
Financial
148
Total
1,087,137
227,830,990 213,188,743
x After
depreciation of $25,347,045 in 1939 and $22,412,326 ini 1938.
Represented by 205,000 no par shares of $7 class A and 6.000,000 no
par shares of common stock,
z Represented by 3,446 shares of class A
stock.—V. 148, p. 2278.
y
Sales—
Company reports
April sales of $41,595,315, a
gain of 12.23% over the
April, 1938 and the highest for the month in company s
Three months sales of $102,289,291, likewise, represent the highest
first quarter total ever recorded and show a gain of 14.13% over the 89,624 310 total of the corresponding period of the preceding fiscal year.
$37 062 930 or
history.'
—V. 148, p.
2278.
Montreal Light Heat & Power Consolidated—Bonds—
It is understood that of the $13,000,000 1st mtge. & coll. trust 4s placed
$10,500,000 was placed in the United States with three
companies and $2,500,000 in Canada with two insurance compa¬
the issue was handled by F. S. Moseley & Co., New
Drivately, a total of
Insurance
nies
The placing of
3232
Financial
Chronicle
J.
Vice-President of the
Sheridan,
Motor Products
1938
$520,118
550,766
502,893
2,585
742,978
10,860
1,294,902
on
May 18
623
9,309
Cost of sales..
Gross profit from oper.
Other income
1936
162,577
157,582
$3,528,070
454,360
515,758
$2,642,893
471,758
$1,934,636
354,056
11,250
218,221
60,000
1,468
210,000
Loss
204",302
Provision for taxes
208", 664
231,660
120,000
1,154
60,000
...,
55,000
1,516
140,000
2,314
y425,000
y600,000
Profit for period...„loss$619,718
$2,147,130
$1,372,160
$1,079,640
Dividends paid.
1,956,270
880,321
782,508
Shs. cap. stk. outstand¬
ing (no par)
391,254
391,254
391,254
195,627
Earnings per share
Nil
$5.49
$3.51
x$5.52
x Before payment of
100% stock dividend declared Dec. 9,1935, payable
Feb. 1, 1936 (195,627 shares stated value of $10 per share).
After giving
effect to the stock dividend the net profit was equal to $2.76 per share on
391,254 shares,
y Includes provision for surtax on undistributed profits.
Balance Sheet Dec. 31
Assets—
Cash
on
1938
& other
2,822,386
2,514,339
24,782
30,627
Accts.
rec
729,344
1,506,911
2,328,750
2,469,943
80,941
311,675
183,310
80,004
Fed, &
inc. & ex¬
cess profits taxes
Res. for conting's.
Res. for work comp
Deferred charges.
.
669,620
300,000
100,000
62,000
3,912,540
808,274
3,912,540
Earned surplus._.
(net)..
166,061
415,000
Capital surplus...
Properties
1,259,668
1,583,615
x
After reserve for doubtful accounts of $43,167 in 1938 ($42,923 in 1937).
reserve,
c After reserve for depreciation of $4,822,812 in 1938
a
b Less
($10,886 in 1937).
Capital stock
x
$7,684,884 $7,760,9971
Represented by 391,254
Mountain Fuel
no par
808,274
Total...".
$7,684,884 $7,760,997
shares.—V. 148,
1813.
p.
Supply Co. (Utah)—To PayAO-Cent Div.
Directors have declared a dividend of 10 cents per share on the common
stock, par $10, payable June 20 to holders of record May 25.
Dividends
of 25 cents per share were
paid on Dec. 8, last, and on Dec. 6, 1937.—
V. 145, p.3015.
■
Mountain States Power
National Cylinder Gas Co. (&
Cost of
reserve
Net
Net operating revenues
376,303
Surplus
——
Earnings per share on common stock (par $1)
above
statement
includes
preciation:
;
in
1938
Liabilities—
1937
hand and
Notes
72,463
Accounts payable.
Customers' depos.
227,952
8,627
18,586
145.382
293,046
941,000
940,793
4,540.626
630
Inventories
271,325
413,049
Accrued
260
Investments...
815,925
761,803
Common stock(par
$1) —c.
Other
x
65,858
Equip. & parts for
$1,330,801
Dr55,022
2,591
as
Earned
242,528
18,386
Net income
Note-^-No provision was made for Federal income tax or for surtax on
undistributed profits under the Revenue Act of 1936 for the
year 1937 as no
such taxes were paid for that year.—V. 148, p. 2751.
3,993,135
equipment.
Operating income.
on
$449,701
.
other inc.
Total income
Prov. for Fed. tax (est.)
shs.
com.
$745,062
118,500
$462,721
86,000
$372,601
300,000
$476,030
350,000
$626,562
350,000
$/2,600
$126,030
$276,562
$194,121
$1.86
$2.?8
1939
1938
Total..........$6.579,871
$6,609,973
x
After
for
reserve
126i017
National
4,427,009
751,878
325,075
1939
Net sales
$2,116,603
1937
k
def$102,702
23,230
...
Interest.
Federal income taxes.
Federal surtax
.
_1
$769,581
215,101
$1,287,426
def$79,472
140,149
81,301
Other income
Total income
1938
.$39,358,556 $46,101,861 $45,258,225
39,222,652
45,118,831
43,776,204
238,606
213,450
194,595
—-r
Operating profit.
$984,682
159,623
103,231
57,657
$1,556,843
193,414
149,896
43,383
2,368
12,010
6,181
h
Subsidiary preferred dividends..*
Minority interest
"""636
1
1,605J
j
Other deductions...-
'
269,4,17
8,399
Net profit.......
:def$301,558
$654,167
$1,149,591
Including sales of leased departments.
foregoing statement does not include the operations of the wholly
owned real estate companies (not consolidated) the investments in which
are carried in the
accompanying consolidated balance sheet at the nominal
amount of $1; the operations of such companies for the
year resulted in a loss
of $83,075 in 1939 and $90,560 in 1938, after provision for depreciation and
amortization in the amount of $125,106 in 1939 and $119,452 in 1938.
x
Consolidated Balance Sheet Jan. 31
1939
1938
$
Assets—
&c—
$
1939
Liabilities—
a2 647,616
...
2.809,542
Lease improvem'ts
151.459
f90,697
2
2
1
1 782,241
1,374,609
$665,071
12,060
$639,877
$538,942
71,572
1936
1935
$1,466,857
$1,187,873
807.809
590,830
76,543
90,599
18,442
..
Notes & accts.
rec.
(net)
19,820
27,451
155,667
Due from sub A in
liquidation
Inventories
Life
insur.
value)
8,000
profit
dividends
.def$648,853
On class A and B shares,
deducting cost of sales,
Nil
y
5,846,104
:
Deferred charges.
_
9,536
9,442
1,549,715
1,732,883
486,511
740,138
102,404
175,433
Res.for inc.taxesCurrent
45,000
45,000
598,585
613,025
sec.
49,446
Res. for claims._
411,171
51,063
431,081
Accts.
105,591
328,923
105,674
reserves._
pay.
mdse.
in transit
89,567
93,791
326,903
Unearned
int.
initial accts.
e
43,589
$533,143
201,425
$525,225
201,425
81,866
$423,781
or
reserves
$331,718
$241,935
$423,781
z$0.61
x$1.96
Earned
surplus
a
x$1.41
Consolidated figures,
z On class B stock
b Blefore special charges
(net) of $16,328.
15,770,467
16,820,451
81,011
79,018
2,375,056
1,353,709
2,355,122
1,655,267
Total.
After deducting depreciation of $627,087 in 1939
Dr98,864
Z>rc98,864
15,770.467
Stks. held by subs.
Total
742,800
interests
Capital surplus—
71,400
15,800
on
class A and B shares..
21,919
920,644
1,425,000
55,000
725,150
Drafts & accts.pay
Accruals
(cash
d200,000
1,250,000
by
—
Note of sub. pay..
Other sub. debt..
Other
79,455
40,413
undist. profits
6,153,414
pay.
cos
Minority
5,614.217
Other assets
def$423,010
120,000
notes
subs,
$
1,636,390
4,940,646
287,009
4,940,646
.
Sec'd notes pay—
5%
1938
•
1,636,390
b Common stock.
1
secure.
$
0% pref. stock
Stock of real estate
U. S. Govt,
$520,500
20,126
and
Years End. Jan. 31
x
Cash.
Report-
$568,449
71,428
b def$598,497
50,356
CI. A & B cap. stk. divs.
x
4,455.308
540,668
293,684
$614,776
50,295
Estimated prov. for Fed.
income tax
After
5,189,353
1,021,241
632,557
def$443,136
Deductions from income
Other deductions
a
$6,609,973
1938
Department Stores Corp.(& Subs.)—Report—
Land, bldgs., eqpt.
yl937
a$l,958,667
1,124,054
219,836
Other income
share
......
*-
134,430
64,395
yl938
a$584,501
780,101
247,536
Total income.
Total..
depreciation of $2,509,471 in
in 1937.—V. 148, p. 589.
Goodwill
Operating profit
..$6,579,871
1
$1,154,534
310,871
199,953
4,942,731
1,121,133
677,474
Calendar Years—
j
1936
$1,336,816
234,994
,
Gross profit
Expenses
Depreciation
Surplus.
Earnings per
1937
$1,104,199
Mullins Mfg. Corp.—Annual
Net
$1.97
undistributed profits.
234,377
121,278
—V. 148, p. 2595.
Preferred
$3.13/
on
$1,216,838
Net from railway
Net after rents
on
200,000
Chattanooga & St. Louis Ry.—Earnings—
,
_
489,915
The
stk. (no par)
Net after rents...
From J an.
—
Gross from rail way....
553,365
$394,121
68,600
200,000
Gross from railway
Net from railway..
Surtax
$459,299
3,422
$562,030
Note—No provision has been made for surtax
148, p. 1175.
Nashville
39,004
91,000
—V.
April—
$728,759
16,303
1936
$840,942
342,639
$463,601
.
Balance, surplus
on
$546,181
15,849
13,899
Net income
Common dividends.....
Earns, persh.
1937
$1,168,823
399,659
40,405
surplus
46,982
Depreciation......
1938
$1,014,740
290,305
4,229,354
1
.....
Cost and expenses
(F. E.) Myer & Bro. Co.—Earnings—
accounts.-
plant
45,042
$369,207
377",517
$36,700
_
166,832
required.
Patents.
and
....
Capital surplus... 4,453,543
resale or for own
Property,
notes
mortgages
receivables.
$1,087,578
243,223
Miscellaneous deductions
Int. earned
$250,000
611,051
"
426,167
42,391
loans
conditional sales
.contracts
and
197
$345,500
Acc'ts receivable..
$517,342
Interest on long-term debt
Amortization of debt discount and expense.
Other interest (net)
42,678
1938
bank
pay.,
1462,543
banks-.,-
300,000
494,614
$1,278,370
477,521
42,091
373,782
15,770
$1.17
Consolidated Balance Sheet Dec. 31
on
42,596
613,856
$1,390,766
477,521
$34,993
Based on audited statements (except as to one company in 1938) National
Cylinder Gas Co.'s equity in 1938 earnings of 50% owned companies was
$5,805 in excess of dividends received therefrom.
The dividends received
from those companies in 1937 were $5,088 more than National
Cylinder
Gas Co.'s equity in their earnings.
1938
55
•
following provisions for de¬
1938, $372,466, and 1937, $250,395.
Deferred charges..
.
$94,754
$0.50
t
the
Notes receivable &
......
1939
$1,100,029
19,691
1,045,345
Net income for the year..
Common dividends
use
$925,568
433,188
$1,318,745
52,716
166,000
Preferred dividends
$1,426,211
Dr35,500
income...
Merchandise and jobbing (net)
:
6 Mos. End. Apr. 30-rManufacturing profit
Expenses
Depreciation
$603,535
73,478
59,000
——
Income charges
$1,182,546
243,665
Income from electric plant leased to others
..
$953,990
364,755
:
...
Provision for Federal taxes based on income., est.
Other
Gross income
$327,737
275,797
$471,057
profit from operations
Other income—
$4,107,953
2,019,176
206,334
521
Provision for Federal and State income taxes.
Miscellaneous income
$2,236,305
1,282,315
36,478
...
....
Net operating
1,589,772
profit from operations—.
$2,156,952
79,353
Selling, delivery, and administrative expenses
*
$4,258,463
2,039,578
178,232
300,000
...
Taxes
$1,849,142
68,367
-
$4,372,507
2,215,555
$1,917,509
Gross profit on sales
Other operating income
Cash
1939
?
Operating revenues
Operation expense
1937
$4,135,181
2,286,039
-
goods sold
Gross
1938
Subs.)—Earnings-—
1938
Net sales
Assets—
Co.—Earnings—
Years Ended Jan. 31—
Maintenance and repairs.
Appropriation for retirement
«
Years Ended Dec. 31—
Notes—The
Total
d After reserve for amortizztion of $13,833 in
Stated value $50 per share.—V. 147, p. 3314.
($4,418,409 in 1937).
Gross income
int.,
Insurance, &c._.
Can.
757,680
1,105,026
$5,851,793 $6,189,271
Total
$241,637
Res've for
trade "
rec.,
(net)
Inventories
assets,
Land, buildings,
300,000
Acer, payrolls,
secur
35,788
curr.
d Patents
1937
.
$411,665
Note pay. to bank
$429,927
Munlc.,Can.Govt.
Acer, bond int.
1938
Accounts payable.
$565,318
r__$5,851,793 $6,189,271
70,820
34,394
common
3,739,256
112,472
B
•
Liabilities—
1937
hand & in
banks
541,050
2,291,486
1,253,910
Total
3,589,704
Deferred charges..
c
105,835
1,438.750
(par $1)..
646,050
Capital surplus... 2,191,564
Earned surplus...
588,728
5,325
co.,
Other
$1,828,801
$220,098
Total
$2,485,311
1,438,750
stock
owned
not consol..
120,000
1,770
1935
$3,365,493
credit
$7 pref. stock
Class
partially
1937
16,750
130,444
145,489
14,057
15,000
Res. for royalties.
e
Inv. In & advs. to a
$78,646
141,452
Selling, adm. & gen. exps
on sale of secur's.&c
Provision for deprec'n..
Prov. for contingencies_
Interest paid
Res. for Fed. taxes
Deferred
& acc'ts rec
$8,721,892 $20,172,055 $17,214,007 $13,758,020
8,643,246
16,806,562
14,728,696
11,929,219
$275,000
67,334
182,434
8,781
117,901
27,583
Misc. acc'ts pay..
bOth. loans, notes,
mach'y, eq., &c_
Net sales
1937
1938
$750,000
trade..
pay.
Accrued liabilities.
payable
Inventories
died
company
Acc'ts
in
balances
accounts
Corp.—Earnings—
Calendar Years—
$696,498
Notes & acc'ts rec
a
Debit
Liabilities—
Notes pay. banks.
bank and
in
hand
on
illness of several months.—V. 148, p. 1331.
an
1937
1938
Cash
(Philip) Morris & Co.—Obituary—
Martin
after
May 27,
Consolidated Balance Sheet Dec. 31
York, and Collier, Norris & Henderson, Ltd., Montreal.
The bonds are
payable as to principal and interest in Canadian funds.
Proceeds will be applied to the redemption on July 1 of approximately
$13,000,000 of Cedar Kapids Manufacturing & Power Co. 5% bonds due
1953, guaranteed
by
Montreal Light Heat & Power Consolidated.—
V. 148, p. 3075.
16.820.451
($399,861 in 1938)
accumulated since Jan. 31, 1936.
b Represented by 488,192 no par shares,
c Represented
by 9,451 pref. shares and 556 common shares.
d2^%
secured notes of parent corp. instalments of $100,000 each on Feb.
15, 1940
and 1941.
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
($3,720 in 1938).—V. 148, p. 3076.
reserve
for amortization of $14,681
4
Volume
Financial
14C
National
$7,751,857 $10,181,126
pub^
9,373,329
7,822,125
70,268prof$807,797
61,037
91,983
Loss from operations.
Other income
$9,231 prof$899,780
288,125
418,081
192,771
163,904
25,331
Total loss
Repairs, renewals and maintenance
depreciation of operating properties.
,
Provision for
_
Provision for Federal income tax
Expenses (deprec., taxes, &c.) less income of in¬
active properties held for disposal
14,380
47,473
$537,599prof$278,084
Net loss for year
Dividends
228,550
L_
property'in St. Louis, New Orleans, Chicago, and
New York in 1937 and 1938, and at Milwaukee for a portion of 1938 only.
x
Covers
inactive
Balance Sheet Dec. 31
Assets—
1937
1811,554
$445,445
860,165
821,336
Cash in banks and
onhand
payrolls
Accrd. State, local
Accrued
terials & supplies
in
and
1,924,627
28,680
5,058,790
come
tax & sur¬
tax on undistrib.
Deferred assets and
-
36,342
38,995
After
...
...$8,266,775 $9,229,529
stock, in part payment for the proposed purchase from Bellows
Falls Hydro-Electric Corp.
The management intends to recommend not
93,778
5,738,750
5,738,750
share for
2,338,541
Capital stock—
2,338,541
solved in due
$8,266,775 $9,229,529
Total...
exceeding 150,000 additional shares of common stock to be issued at $30 per
such purpose.
Bellows Falls Hydro-Electric Corp. will be dis¬
course.
Hydro-Electric Corp. earned in 1938 after all charges net
compared with $228,241 in 1937 and $235,523 in 1936.
$5.50 per share on the common
in amount $226,187.
Bellows Falls
256,459 sur723,837
(since Jan. 1,'33)
x
increase in the
25,331
Earned surp. (def.)
in 1937.
an
22,113
Capital surplus
Total...
and
107,630
1938)
Reserves
y
12 to take action
proposed acquisitions of property and upon a proposed bond issue
common stock.
One proposition to be voted upon
is the purchase of the Bellows Falls Hydro-Electric Corp., which owns a
hydro-electric plant and development on the Connecticut River at Bellows
Falls, Vt. and Walpole, N. H.
From this corporation New England Power
Co. now purchases substantial amounts of electricity.
Bellows Falls
Hydro-Electric Corp., like New England Power Co., is a subsidiary of
New England Power Association.
It is the management's present intention to recommend this purchase at
a price not exceeding $12,400,000, plus the net current assets (exclusive of
cash) and prepaid items, and the assumption of certain obligations and
liabilities, such price to be paid in part in cash, in part by such assumption
and in part in common stock of New England Power Co.
As a means of financing the proposed acquisition, stockholders will be
asked to authorize an additional issue not exceeding $10,000,000 of New
England Power Co. first mortgage bonds bearing not less than 2%% or
more than 3 M % interest and maturing in not less than 20 or more than
30 years.
It is the management's present intention to recommend the issue
of $9,000,000 of these bonds, proceeds to be applied toward the purchase
of the Bellows Falls Hydro-Electric Corp. property, which corporation will
redeem its $9,000,000 first mortgage 5% gold bonds, due Oct. 1, 1958.
Another matter to be acted upon by the stockholders is the authorization
of the purchase of the so-called Bellows Falls—Pratts Junction line of
Connecticut River Power Co. in New Hampshire for not more than $700,000.
If this
purchase is authorized, it is the management's present intention to
recommend the issue of approximately $500,000 of the new first mortgage
bonds, proceeds to be applied toward such purchase.
In addition, the stockholders will'act upon the authorization of additional
certain
common
(prior to
profits
.
51,754
30,085
se¬
Prov. for Fed'l in¬
2,838,936
28,680
4,602,754
.
Properties
charges
social
curity taxes
transitInvestments
x
31,818
32,216
& cap.stk.taxes
Stock of mdse. ma¬
hand
1937
$227,454
Accts. payable and
—
Accts. & notes rec.
on
1938
$252,167
Liabilities—
1938
r
.
A special meeting of the stockholders will be held June
on
licity and administrative expenses, &c
England Power Co.- -Plans Acquisitions and New
jFinancing—
1937
1938
Cost of sales, incl. sales allowances and selling,
x
New
Enameling & Stamping Co.—Earnings—
Years Ended Dec. 31—
Sales billed to customers
3233
Chronicle
income $232,825
Dividend payments in 1938 amounted to
stock (company has no preferred) totaling
Income Account
for depreciation of $8,683,555 in 1938 and $8,219,835
Represented by 114,775 no par shares.—V. 147, p. 897.
reserve
y
V
■
for Calendar Years
1936
1937
"1938
•
1935
Sales,of electric energy:
National Power & Light Co.
Period End. Mar. 31—<
Subsidiaries:
(& Subs.)—Earnings-
Net oper. revenues...
141,198
90,143
Operating rentals
$6,722,865
$84,567,853
48,494,161
7,743,084
$5,594,429
5,579,083
84,605
(net)...
Purchased
elec
From
Conn.
•'
$7,286,027 $27,507,957 $28,330,608
Crl,680
3,358
1,020
.
'
Crll,465
46,903
67,893
$7,285,007 $27,504,599 $28,342,073
65,947
254,698
340,566
52,979
326,709
256,428
$6,703,555
$7,297.975 $27,432,588 $28,426,211
$6,724,545
Other income
Other income deductions
Gross income
public
other
&
energy:
River
3,231,517
1,392,403
511,295
From other affil.
cos._
■
Int. charged to construct
Pref. divs. to public
Portion applic. to min¬
3,195,684
1,247,467
319,422
1,577,694
948,480
(ex-
maintenance)
Operating expenses
221,859
888,671
317,282
640,000
651,649
_
Taxes, other than Fed'l.
239,670
640.000
718,134
Prov. for Fed'l taxes
437,619
Maintenance
Depreciation
.3,205,205
1,327,359
995,403"
i
640.000
700,085
490,269
149,391
910,979
283,821
640,000
642,019
280,077
330,184
3.623
$3,225,342
:
20,924
$2,864,036
38,759
$2,773,752
15,379
$2,843,547
$3,246,265
324,191
327,177
$2,902,795
542,429
$2,789,132
513,586
43,283
19,020
7,994
43,938
23,642
21,256
18,786
13,306
$2,449,058
352,881
$2,851,507
$2,307,018
387,899
$2,214,167
365,987
$2,801,939
$3,198,586
480,840
2,364,865
$2,694,918
480,840
1,866,999
$2,580,154
480,840
2,022,582
$352,881
$347,079
$387,899
w
2,880,426
deductions.
Production expenses
3,223,423
1,573,318
622,462
1,286",056
Power Co-From others
._n
Operating income
$11,296,619 $12,041,790 $11,585,433 $11,258,118
Total
Rent for lease of plants
to
16,065,246
5,430.044
m
Operating revenues
$20,667,246 $21,524,992 $83,828,593
Oper.exps., incl. taxes.. 12,249,540
12,461,699
49,000,101
Prop, retire, res. approps
1,694,841
1,777,266
7,320,535
Int.
$6,655,669
5,244,923
139,427
Toothers
1939—12 Mos —1938
1939—3 Mos—l93S
$6,582,563
4,574,629
To affiliated cos
Cr2,262
1,504,521
ority interests
2,671
780
320
217
1
11,662,478
12,006,142
CY7.926
019,800
6,050,767 ' 6,062,130
2,983,609
02,230
1,515,416
j\et
oper.
$2,839,924
income
Miscell. non-oper. inc—
Gross income
Int.
funded debt
of bond disct.
on
Amortiz.
Net equity of National
Pow. & Lt. Co. in
income of subs.
and
National Power & Light Co.—
Net
$2,800,860
$9,726,489 $10,375,068
$2,800,860
$2,320,653
1,726,489 $10,375,068
84,652
" 126,155
Other
Net income
$2,320,653
of subs
1*876
8,179
$2,322,529
$2,809,039
79,535
37,003
340,941
Other income.
Previous earned surplus.
Divs.
Total.
Expenses, incl. taxes....
Int. & other deductions.
charges—
277,673
$9,811,141 $10,501,223
366,084
173,482
' 1,274,970
1,358,603
6% cum pref..
on
Bal. of earned surplus.
$1,965,321
$2,431,095
$0.28
$0.36
Earns, per sh. of com .stk,
$8,170,087
$1.18
$8*969,138
$1.33
Notes—The statement includes full revenues of a subsidiary without pro
vision for possible revenue losses, not exceeding $120,000 for each
month period, from natural gas rate reduction now pending.
Certain properties of subsidiaries were sold during 1938 and 1939,
12
and
consequently this statement includes the operation or these properties only
to dates of sale.
of Income (Company Only)
Statement
1939—12. Mos.—1938
Period End. Mar. 31— 1939—3 Mos.—1938
$1,767,727
$2,430,825
$5,982,222
1,876
8,179
84,652
126,155
$1,769,603
$6,066,874
366,084
$7,652,348
/
173,482
$7,478,866
Other
$7,526,193
...
79,535
$2,439,004
37,003
Net oper. income..._.
$1,690,068
$2,402,001
$5,700,790
277,673
340,941
1,274,970
$2,061,060
$4,425,820
$423,166; materials and supplies, at cost or less, $163,367; prepaid insur¬
and rentals, $12,636; cash in sinking fund, $199; unamortized discount,
$0.30
$0.50
Int.
&
other deductions
from income
Net income..-j.
Earns .per
$0.18'
sh .of com .stk.
Balance Sheet March 31
AsS€t8r~~—
*
_+
(& Subs.)—Earnings-
Consolidated Income Account for
1937
1938
Calendar Years
1936
--$15,138,656 $16,378,515 $15,392,819
15,066,416
15,640,723 14,290,290
Cost and expenses
Liabilities—
'
National Refining Co.
Net sales
1939 (Company Only)
,
.
series A, 3M%, due Nov. 15, 1961,
$9,970,000; accounts payable to affiliated companies, not subsidiaries,
$1,022,420; other accounts payable, $64,027; accrued taxes (including
$454,455 provision for Federal income taxes),, $494,973; accrued Interest
on bonds, $40,503: accrued insurance and other expenses, $8,366; reserves
sfor depreciation, $9,032,877; casualty and other reserves
$430,537; un¬
amortized premium (less expenses) on first mortgage 3H % bonds, $135,753;
6% cumulative preferred stock (par $100), $8,O14,O00; common stock
(par $25), $15,558,325; premium on common stock, $1,071,665; earned
surplus, $298,516; total, $46,141,963.-—V. 148, p. 2278.
,•
$0.81
Expenses, incl. taxes.
5% bonds, $615,000;
and premium for redemption of first mortgage
total, $46,141,963.
Liabilities—First mortgage bohds,
$6,120,263
.....
480,840
ance
1,358,603
$1,412,395
Total income
:
1,711,415
Assets—Property, plant and equipment, $44,067,655; construction work
orders in progress
(including $106,620 on projects deferred), $154,536;
securities owned, $2,389; cash in banks, $120,444; accounts and $1,500 notes
receivable, principally from sales of electric energy—affiliated companies,
not subsidiaries, $582,570; other accounts and $1,500 notes receivable,
expenses
•
Income: From subs, (con¬
solidated
$298,517
347,079
Balance Sheet as at Dec. 31, 1938
earned
surplus
.
made for surtax on undistributed profits.
Note—No provision
Balance carried to con¬
solidated
21,110
25,486
14,781
.
,
equity of National
Pow. & Lt. Co. in in¬
come
&c
expenses,
Other interest charges..
1935
a
*
-
Invest, securities &
advances$133,245,023
13,686,412
Cash in banks—on demand.
Temporary cash Investments
250,000
Accts. receivable—assoc. co_
24
3,368
Accrued Interest receivable.
279,406
1,658
Divs. receivable—assoc. cos
Other current assets
Unamort. debt disct. & exp.
Other deferred charges
1,762,652
15,147
a
$125,839,095
Capital stock (no par)
9,018,000
9,161,000
6% gold debentures
5%
gold debentures
payable—sundry.
Accounts
Accrued Interest
Pref. div.
4i9,574
declared.:
157,459
Accrued taxes..
$1,182,244
$658,237
668,357
44,066
c639,203
b649,766
90,733
60,110
529,962
16,125
loss$529,749
$100,600
$472,368
398,912
$112,150
_.def$529,749
$100,600
$73,456
$112,150
$72,239
110,434
$182,674
.
tion, taxes, &c__
Other deductions.
■;
79,714
(appropriated from
Earned surplus
$149,243,691
$830,535
Gross earnings..
Res. for deprec.,
,
388,726
P. 3. Co
281,378
capital surplus)
-
$1,102,530
i
Liquidation account—Tenn.
Reserve
Total
33,612
"281,034
$737,792
92,743
Oper. profit—...
Other income..
Total
...
3,663,813
$149,243,691
Surplus
b Includes $10,000
a Represented by $7 pref.,cumul. (entitled upon liquidation to $100 ash.);
pari passu with $6 pref.; authorized, 9,063 shares; outstanding, none;
$6 pref., cumul. (entitled upon liquidation to $100 a sh.); pari passu with
mon:authorized, 7,500,000 shares; outstanding (less 12,8i0 shares in treas¬
ury), 5,456,117 shares.
Consolidated Balance Sheet Dec. 31
1938
$
Assets—
Approval Asked of Sale to TVA—
notice for the annual meeting of stockholders
23, requested stockholders authorization and
approval of the recently consummated contract with the Tennessee Valley
Authority and the City of Memphis for the sale of the Memphis Power &
Light Co. at $17,360,000—V. 148, p. 2904.
3,419,378
Judge George A. Welsh at Phiadelphia, rejected May 22, a
Securities and Exchange Commission that he remove two
had named for the company.
Judge Welsh refused to permit attorneys for the SEC to make an "offer,
of proof" of alleged irregularities by the two trustees, GeorgeMcHugh, and
Harry E. Schoenhut.—V. 148, p. 2278.
3,491,897
in transit......
1,308,179
11,946,866 12,040,226
1,209,499
Investments
a
Fixed assets
Goodwill,
1,670,000
129,296
marks, &c
^
1,670,000
112,543
209,898
148,047
$
.
922,127
Accrued taxes
423,046
388,489
C150.000
Res. for workmen's
compensation.
-
Res. for contlng's-
100,207
706,730
102,208
706,730
4,986,400
$100) 4,986,400
Com .stk.(par $25)11,560,400 11,582,500
Reserve for exch_.
Scrip
notes and
accts. receivable
1937
729,596
Pref .stk.(par
trade-
Deferred charges.
$
Liabilities—
Accounts payable-
Deposit, &c—...-
Inventories & goods
Miscell.
(Oscar) Nebei Co., Inc.—Trustee Removal Barred—
$
1,054,017
1,294,099
958,127
1938
1937
1,263,399
Cash
Bills & accts. rec-.
The company, in its proxy
on June 1, mailed out May
Federal surtax, c Includes $8,000 Federal surtax and
prior years in the amount of $10,636.
Is after deducting overprovision for
Surplus
Treasury
L
stock—
b22,10Q
2,811
2,134,819
Dr9,646
2,811
2,437,389
Dr9,646
Federal
demand by the
trustees that he
Total
20.806,463 21,119,009
Total
-.20,806,463 21,119.009
depreciation and depletion reserves,
b Reserved for exchange
value common stock 884 shares, c Deposit in connection with
agreement to sell capital stock of associated company.
a
After
for $100 par
Financial
3234
Chronicle
Earnings of New
On Jan. 27, 1939, the company consummated the sale of its holdings of
capital stock of associated company for a total consideration of $1,780,657.
incl.
elected President of the company at directors meeting
$7,036,490
$7,569,457
982,302
981,285
950.900
84,626
87,292
86,322
of
On other shares-.
1935
1936
$7,051,397 *$6,370,134
950,154
88,909
income
and other
from sub. cos
Int.
Co.—Annual Report—
National Sugar Refining
1937
consol. finan-
in
cial statements
succeeds Edgar G. Hill who has resigned as President, having
office since Jan. 1.—V. 148, p. 589.
1938
shares of subs.,
On pref. & class A shs.
such subsidiaries
^MrMtyan,
held that
com.
England Power Assn. Only for the Calendar Years
Cash dies—
Income from
On
New President—
Paul Ryan was
May 27,
277,546
261,688
247,183
305,723
$8,380,964
181,722
Corporate & legal exps..
86,000
Prov. for Fed. inc. tax..
Taxes refunded to secur¬
ity holders or paid at
95,568
source
$8,899,722
295,616
$8,335,802
$7,714,921
81,026
Consolidated Income Account for Calendar Years
Not
$64,457,899 $69,526,588 \
64,964,566
67,960,173/ available
*
Cost and expense
loss$506,667
operations
$2,362,978
148,083
$1,566,415
17,893
from
Profit
1936
1937
1938
Net sales
TotofL..—
19,608
-Other income..
$1,586,023
877,241
$2,511,062
1,052,837
.loss! 1,292,863
723,875
$708,782
1,158,200
$1,458,225
1,158,200
earnings
Deprec.,int. & taxes..
.
Interest on
earns,
after taxes
...
Dividends paid
915
2,561,943
136,622
136,622
136,748
92,750
18,092
102,406
19,458
11,262
$5,178,587
$4,571,064
on
funded debt
from Internat'l Hydro-El. Sys.
Int. on advance
Other chges.
30,652
61,187
86,229
$5,281,572
Other interest -—_
$449,418 sur$300,025
Balance, deficit
$2,016,738
of capital stock outstanding
(no par)
579.100
Earns, per share on capitalstock
Nil
116,343
2,031
2,674,581
110,257
616
2,551,637
136.622
funded debt
of discounts
Amort,
<
Net
124,058
17,191
2,551,637
Other taxes
.loss$488,774
a804,089
Gross
236,636
$5,643,755
—
against inc.
Shares
Includes provision for contingencies of
a
579,100
$2.52
579,100
$1.22
...
"
$30,891.
4<4- sscis
x
Liabilities-
$
*
1
"
1
■
'"
|
"
3,060,309
6,682,430
3,038
$2,651,699
$3,977,518
$3,336,051
$2,668,928
21,432
17,145
$2,651,699
Accts. & tr. accept.
6,722,287
$2,633,040
$3,977,518
$3,314,619
$2,651,783
Total
Capital stock...14,477,500 14,477,500
Serial notes pay'ble
2,513,740
$3,291,295
44,756
$
$
Property acct... 13,634,124 14,376,653
1,460,090
1,303,469
$3,938,742
38,776
35,888
1937
1938
1937
"
1
6% preferred shares.. $2,625,828
25,871
$2 div. pref. shares...
Consolidated Balance Sheet Dec. 31
1938
1
Dividends (in cash):
;
—
pref. shs.
Fed. excise tax on
Cash, &c.
-
Accts. & notes rec.
Inventories
Cash in closed bks.
Y.
N..
3,038
y
Fair,
1939
1,781,059
1,175,568
934,607
payable
88,042
178,750
44,093
Miscell.investrn't.
7,135
Federal taxes.....
55,000
,Serialrnotes pay'ble
250,000
144,775
(current)...
N.Y.State & N.Y.
co.
and excl. from
1,477,412
Accrued int., &c—
4%
bonds
on
of this Assn. held by a
sub.
mfgd. sugar....
World's
Less divs.
540,000
1,250,000
360,000
div. income above
'
x
of
After portions of dividends paid from surplus of subsidiaries at date
acquisition by this Association, credited to investment accounts, of
$30,320.
Balance Sheet Dec. 31
"
289,5.50
177,298
178,086
Dlvs. payable
Deferred charges..
247,116
424,702
General
reserve...
251,205
262,754
Pats. & tr. marks.
1
1
Earned
surplus...
5,511,018
7,686,099
City bonds
Total.-.24,600,164 26,364,059
—
.
'
New Name—
Period End. Apr. 30—
Operating revenues
Oper. exps., iricl. taxes.
28,807
204,333
668
49,021
Accts. payable &
170,282,769
35,003
•
Disc,
on
1,623,950
1,623,950
Reserves.
6% cum
1,945
52,500
2,055
48,333
23,387
596,667
Net oper. revenues...
Other income.
$217,997
146
$235,331
$2,904,242
2,145
$2,913,965
$218,143
61,875
17,500
10,380
CY27
$235,412
61,875
17,500
8,932
Cr2,443
$2,906,387
742,500
210,000
110,912
Crl4,397
$2,941,825
742,500
210,000
107,934
$128,415
$149,548
$1,857,372
$1,913,501
x
.
Int.chgd.toconstr'n...
81
•
176,441,286
Total...
x
27,860
499,100
period, Whether paid or unpaid.
$1,358,272
...
*
499,100
$1,414,401
-V; 148, p. 2752.
New England Power
Association—Annual Report—
Consolidated Income Account (Incl. Sub. Cos.) for Calendar
1937
1938
-.
Gross oper. revenue
■
„
Years
Net before int. & divs
$16,256,036 $17,881,225 $18,678,607 $17,755,167
7,016,558
7,141,653
7,723,195
8,140,909
49,426
"143,142*
425,498
87,372
Min. int. in earns.of subs
1,012,131
1,016,935
974,544
909,823
Pref. & cl. A div. of subs
3,849,824
3,850,907
3,851,148
3,851,726
Int. paid & amort, of disc
Other charges
earns....
x
$4,765,336
2,651,699
3,977,518
3,314,619
$2,389,603
$2,113,553
$1.87
$1.85
$0.85
1
.
$0.37
_
Certain of the subsidiaries will be liable for total surtaxes of $2,605
undistributed profits and provision for this amount has been made in
the consolidated income account.
on
No provision has been made for surtaxes
undistributed profits of the other subsidiaries or of the Association.
No provision has been made for surtaxes on undistributed profits of
y
the
association
their
officials,
1937.
year
or
its
subsidiaries
as
these companies,
are not liable for any surtax:
in the opinion of
with respect to income for the
Consolidated Balance Sheet as at Dec. 31
1938
1937
$
s
Assets—
1938
Liabilities—
1937
S
Capital assets —367,957,406 367,011,719
Pref. stock
Work
$2 pref.stock...
620,416
Common stock
50,614,346
50,614,346
64,132,561
64,656,717
orders
in
2,880,853
x
5,901,153
6,046,538
(less res.)
rec.
by public
7,298,125
7,063,943
accrd—
10,566
10,617
Mat'ls & suppl's
3,487,488
Dividends & in¬
terest
Prepaid charges.
654,605
4,066,973
585,825
Restricted dep..
784,485
14,790,437
15,018,182
Securs. owned
—
36,289
Accts. and notes
53,668
Dlsct.
cum.
75,524
48,784
bond
& exps.
Mass. Utilities
Associates
387,452
Accts. pay able &
5,980,965
deposits
Divs.
851,362
x
805,694
364,453
364,666
51,198,734
50,096,479
1,623,037
Other reserves.1,654,820
Unamort. prem.
1,623,950
1,623,950
Suspense credits
Surplus paid in.
on
bonds
of
subs. (less exp.)
Surplus earned
Total
5,996,475
payable..
7,930,783
Eng.
Power Assn..
4,475,000
pay .to subs, of
7,704,168
on
6%
pref. shs.
New
2,750,000
Res. for deprec.
expenses.
dlsct.
debt...149,381,000 148,615,100
Consumers, &c.f
currently due)
Unamort.
Funded
Notes payable-.
Notes and accts.
accrued
receivable (not
Def'd
65,645,700
620,416
Shs. of subs, held
Accts. and notes
of
65,645,700
2,469,424
progress
Cash
1,085,848
435,375
225.271
842,316
235 033
57,849
New Orleans Public Service Inc.-
«;•
-Earnings-
Period End. Apr. 30—
1939—Month—1938
1939—12 Mos.—1938
Operating revenues
$1,510,372
$1,506,681 $18,467,554 $18,337,834
Oper. exps., in<?l. taxes..
978,512
975,274
12,113,688
12,418,293
Property retirem't res've
\
•" v
serve
appropriations.177,000
177,000
2,124,000
2,124,000
$354,860
632
$354,407
1,191
$4,229,866
7,574
$3,795,541
15,411
Gross income
Int.
charged to construe.
Net income.:
x
"
$355,492
192,711
19,085
$355,598
200,864
20,542
$4,237,440
2.373,143
248,064
Cr39,881
$3,810,952
2,436,238
266,702
Cr27,652
$1,656,114
$1,135,664
Cr 6,174
...
$140,366
stock for the
$143,696-
,
Dividends applicable to preferred
period, whether paid
,
or
unpaid
•
*
544,586
:
t.
544,586
—
.412,735,475 412,399,983
Represented by 932,604
$1,111,528
Balance
$591,078
x Dividends
accumulated and unpaid to April 30, 1939,. amounted to
$2,768,312!
Latest dividend, amounting to $1.75 a share on $7Ereferred
stock, was paid on April 1, 1939.
Dividends on this stock are cumulative.
—V. 148, p. 2597.
2,651,783
$1,751,069
aver.
number outstanding.
on
$5,704,222
$1,676,397
Balance, surplus
on
$5,728,587,
$4,328,097
Pref. divs. of New Eng¬
land Power Assn..
sh.
961,288
259,555
36,987
....
_
per
71,909
25,222
57,523
—V. 148/p. 2597.
Int. on mtge, bonds....
Other int. & deductions.
Earns,
1936
$219,099
119,571
950,193
321,516
107,200
Net from railway.^
Net after rents.
....
Net consol.
1937
$272,644
90,882
Total income—-_$52,898,653 $55,026,817 $54,171,677 $51,893,567
16,172,629
Operating.expenses
17,060,386
17,894,250
17,008,935
Purchased electric energy
1,808,108
2,053,472
2,034,968
1,765,578
Maintenance.
3,413,895
3,617,734
3,818,670
3,727,859
Depreciation
4,369,346
4,788,590
4,680,722
4,761,385
Taxes
8,129,058
x7,949,774
9,327,409 y9,036,909
1,595,099
-Earning s-
1938
$262,382
93,171
34,047
From Jan. 1—
Net oper. revenues.._
Other income (net)
1,655,741
..176,441,286 175,034,804
1939
1,920,739
1,391,033
620,416
50,614,346
1,500,000
6,028,565
$247,027
'
$51,507,619 $53,371,075 $52,576,578 $49,972,829
Qther income
1,500,'000
8,645,305
38,580
•
Net after rents...
1935
1936
620,416
.
surplus.
New Orleans & Northeastern RR.April—
Gross from railway
ncome.
202,556
65,645,700
Represented by 932,604 no par shares.—V. 148, p. 1486.
Gross from railway.....
Net from railway
CV32.110
Dividends applicable to preferred stocks for the
—
Common stock 50,614,346
Total
175,034,804
65,645,700
579,333
24,058,000
24,522,500
div. pfd.
Paid-in surplus.
Earned
Int. on mortgage bonds.
Int. on debenture bonds.
Balance
cum.
stock—
33,794
569,166
...
•
24,058,000.
202,556
6% cum. pf.stk.
limited-term
Gross income
623,337
debentures-
.
13,387
9,126
debentures 24,522,500
2,007,827
1939—12 Mos.—1938
res. approp.
Neti
subsidiary..
accruals
1,871,205
and expenses.
4,293,680
Other int. & deductions
a
5%
Unamort. dt.dis.
$7,810,605
of
•
$2
4/713,865
investments
'
Accts. payable to
204,475
_
pref. shares.^
$8*238,161
Prop. retire.
1,250,000
banks
receivable
subsidiary
-Earnings—
$645,076
359,357
Amort,
$
.
$676,241
403,799
_
S
Notes payable to
Investments ...172,016,170
'
193 9—Month—-1938
*
838,096
Other curr .assets
Divs.
Company has recently changed its name from National Sugar Refining
Co. of New Jersey to National Sugar Refining Co.—V. 148, p. 1967.
Nebraska Power Co.-
5
689,815
Accts. rec. from
24,600,164 26,364,059
Total......
y
1937
1938
5
Liabilities+-
Assels—
Cash in banks..
Represented by 579,100 shares (no par) after
deducting 20,900 treasury shares carried at $522,050.
After depreciation,
x
?
1937
1938
no par
Total
shares.
—
657,383
712,941
128,593
127.784
1,500,000
1,500,000
17,255,143
16,158,175
Newport Electric Corp.—Securities Offered—Represent¬
ing the first public sale of the entire voting stock of a public
utility operating subsidiary of a registered holding company
in conformity with the simplification purposes of the Public
Utility Holding Company Act of 1935, offering was made
May 23 by Stone & Webster and Blodget, Inc., of 59,550
shares of common stock of this corporation.
The stock,
which is being acquired by the underwriters from Charles
True Adams of Chicago as trustee of the estate of Utilities
Power & Light Corp., of which Newport Electric Corp. has
been a wholly-owned subsidiary, is priced at $29.50 per share.
Coincident with the stock offering, Stone & Webster and
Blodget, Inc., are also offering at 118 and int. $304,000 of
the company's
1st mtge. bonds, due July 1, 1954,
issued to retire open account
indebtedness.
In connection with the offering, R. H. van Deusen, President
"Webster and Blodget, Inc., announces that arrangements have
,
.412,735,475 412,399,983
of Stone &
been made
whereby the people of Newport and its vicinity will have a preferential
opportunity to purchase the stock as compared with the general investing
public.
Corporation was created by special Act of the Legislature of Rhode
Island Feb. 23, 1898.
It is engaged in the generation
purchase and
distribution of electric energy in Newport, Jamestown, Middletown and
Portsmouth, serving without competition a year around population of
approximately 38,000 and a summer population averaging about 43,000
in a territory covering about 55 square miles.
The company owns and
operates a steam electric power station of 7,000 kw. capacity and also pur¬
chases energy from Fall River Electric Light Co.
Its distribution lmes
comprise 503 circuit miles.
The Division of Public Utilities of Rhode
Island, following a valuation survey, recently fixed a rate base for the
Company of $3,044,859 as of Dec. 31, 1937.
.
Earnings per common share for the last three calendar years as adjusted
are reported as $2.93 for 1938, $2.82 for 1937. and $2.68 for 1936.
Com¬
parable earnings for the 12 months ended March 31, 1939 were $2-J>5
per common share.
During this period certain rate reductions were"made,
the latest effective on March 1, 1939 billings, and an additional reduction
^
Volume
Financial
148
Niles-Bement-Pond Co.—Annual Report—
is being
applicable to short-term customers, including summer residents,
3235
Chronicle
made effective July 1 next.
New York Central
Gross from railway
Net from railway
From Jan.
Selling &
....
1939
$2,994,804
765,187
301,728
From
1938
$2,705,698
615,460
207,649
1937
$3,570,395
1,170,495
616,390
12,963,095
3,775,163
1,866,460
.
railway
Net after rents.
11,179,549
2,495,200
666,741
15,024,161
5,371,551
3,078,920
_
_
as
229^312
5,932
2,440
5,219
$844,007
346,050
$1,290,884
y778,613
$699,360
xl, 151,698
$266,193
$512,271 def$452,338
$266,193
7,996
$497,957
share
per
on
•
stock (no par)
•
Consolidated Balance Sheet Dec. 31
Assets—
Miscell.
Accounts
178,380
178,588
3,648,213
961,595
4,129,186
Accts. & notes rec.
1,721,383
1,129,795
586,679
516,805
309,781
Marketable
Total
New York Ontario & Western
$585,056
110,004
23,681
-
^
Net from railway......
Net after rents
.
From Jan.
1—
Gross from railway
—V. 148, p.
1,986,857
def947
2,301,231
373,520
.
$4,255,849
Maint. of way and struc.
685,230
Maint. of equipment._.
1,286,896
Traffic expenses132,834
Transportation rail line.
1,320,668
Miscell. operations—15,996
General expenses
172,508
Transp. for investment
" Cr3,015
Net
303,432
2598.
Period End. Apr.
1939—Month--1938
30—
income
1939—12 Mos.—1938
$1,195,770
$1,174,815
$100,356
28,477
325,656
15,437
174,006
130,197
Interest
on
■■
$1,508,316
689,364-
$8,839,968
3,437,116
$6,208,262
3,551,183
$818,952
Crl52,197
Drl 0,869
$5,402,853
Cf826,606
Or 61,707
$2,657,078
Cr638,579
Dr53,704
$960,280
Dr71,333
$6,167,752
113,273
$3,241,954
$348,908
178,417
$888,947
178,526
$6,281,024
713,706
$3,372,064
714,629
$170,491
$710,421
$5,567,318
$2,657,435
$50,616
Cr245,668Drl 6,103
(bal.)_.
Gross income—
289,744
14,778
after
$99,440
27,407
Operating revenues..
Gross
Other inc. items
—Earnings—
-
$280,182
68,727
Equip, rents (net) — ..
Joint fac. rents (net)-.-Net ry. oper. income-
New York & Richmond Gas Co
$5,257,960 $24,903,578 $21,708,099
2,818,303
2,737,559
705,658
5,103,714
5,684,843
1,231,626
557,340
543,020
134,628
6,263,679
6,353,768
« 1,499,889
63,804
65,303
15,253
697,972
691,497 1r
162,748 •„
Crl .975
012,382
Crl58
$644,761
594,145
ry. oper. revenues
Railway tax accruals—
2,985,352
617,415
15,484
3077.
Ry.—Earnings—
oper. revs.
v
def328,783
:
-....$9,785,749 $8,968,099
...
1936
defl3,559
.
—
Earnings for April and Year to Date
Railway
$703,918
170,902
93,264
'2,312,874
364,351
l-m
Total--
...59,785,749 $8,968,099
'
Net from railway
Net after rents.........
2,384,474
Represented by 173,025 shares no par value.—V. 148, p.
.
.
1937
$632,454
130,197
53,282
27L339
1,826,572
2,953,116
surplus
1939—4 Mos".—1938
30— 1939—Month—1938
Freight revenues.
$3,885,041
$4,914,783 $23,499,746 $20,354,226
Pass., mail and express
1,101,927
1,115,807
revenues
306,910
284,154
99,110
107,534
Other transp. revenues.
26,134
23,171
Incidental and joint facil.
152,836
180,491
35,852
revenues
37,763
Ry.—Earnings—
1938
$428,440
def45,191
defl23,939
1939
April-rGross from railway
130,909
478,363
•
Indicates deficit.—Y.
;
297,590
sales contr
on
Period End. Apr,
a The
leases of the following companies were rejected on dates stated
below, but net railway operating income includes the results of operations
properties: Old Colony RR., June 2,1936. Hartford & Connecticut
Western RR., July 31, 1936.
Providence Warren & Bristol RR., Feb. 11,
1937.
Boston & Providence RR. Corp., July 19, 1938.
b Effective as of.
these dates, no charges for the stated leased rentals are included covering
the old Colony RR.
Hartford & Connecticut Western RR.
Providence
Warren & Bristol RR. and Boston & Providence RR. Corp., leases,
c Be¬
x
727,625
183,313
Appraisal surplus-
Adv.
61,286
63,511
.
Norfolk & Western
of these
...
;
550,156
in¬
tax
Capital surplus... 2,029,391
1939—Month—1938
Total oper. revenue...:. $6,743,596
$5,948,984 $25,991,435 $22,969,076
Net ry. oper. income
a513,754
xl54,905
a2,098,782
x708,367
Inc. avail, for fixed chgs.
709,836
x26,350
2,855,976
x93,132
©Net deficit after charges
b422,788
1,208,700 bl,664,913
4,806,112
'
sees..
payable
for Fed.
come
1937
1938
stock..$3,460,500 $3,460,500
accruals.
and
Prov.
Earned
x
'
...
Deferred charges..
RR.—Earnings—
1939—4 Mos.—1938
separately operated properties,
invest
Inventories
Omnibus Corp.—New President—
148, p: 3077.
Common
x
V
•
Liabilities—'
1937
1938
Property account.$2,695,860 $2,572,784
Corporation has notified the New York Stock Exchange that John E.
McCarthy has been elected President of the company to fill the vacancy
caused by the resignation of Mr. John A. Ritchie.
John E. McCarthy
and Joseph T. McCarthy were elected directors of the corporation.—V. 148,
p. 2907.
•"
V-v
■■
fore guarantees on
$1.55
$4.04
$7.46
$4.88
.
and $978,673 paid in stock of General
Machinery Corp. 43,256 shares at $22,625.
y Includes $346,050 paid in cash and $432,563 paid in stock of ShepardNiles Crane & Hoist Corp. 17,302}4 shares at $25.
•
April 30—
.......
Includes $173,025 paid in cash
x
Cash
Period End.
204",903
218,890
9,620
common
and Treasurer of Chesapeake & Ohio
He succeeds George S.
Ross as Secretary and R. G. Eberly as Treasurer.
Mr. Eberly becomes
Assistant Treasurer.
Walter McLucas was elected a member of executive
committee to succeed W. L. Ross, deceased.—V. 14,8, p. 3077.
New York New Haven & Hartford
"4",453
185,197
Earnings
to same office of Nickel Plate.
New York City
105,171
289.594
.
ex-officio member.
an
was elected
8,930
183,313
Surplus
F, Lohmeyer, who is Secretary
H.
Ry.,
8,289
1,495
yrs.
Dividends paid.
organization meeting of directors held May
serves
"
Net profit .1
' • ..' ; \
16, G. D. Brooke was
elected Chairman to succeed Robert R. Young.
In addition, Mr, Brooke
was reelected President.
This action automatically removes Mr. Young
from the executive committee of Nickel Plate RR. on which the Chairman
; \
83,744
5,035
7,270
Devel. charges & exps.^
Miscell. deductions
12,989,785
4,570,561
2,832,684
New Chairman, &c~—
At
4,763
100,000
Federal income tax.
Surtax on undist. profits
Jan. 1—
Gross from railway
Net from
6,545
5,073
63,029
worthless
of
Closed plant expenses.._
Loss sale of fixed assets.
1936
$3,311,031
1,262,059
817,100
.
after rents
Net
$745,666
251,845
investments
Chicago & St. Louis RR.—Earnings—
,
$1,304,141
247,309
res. prov. for in¬
ventory shrinkage
Write-off
Adjust, of taxes prior
April—
$2,219,043
215,473
1,033,326
Addit.
124,701,645 113.874,8o2
32,132,270
26,332,512
17,389,567
12,167,585
103,031,160
93,005,704
21,286,217
14,335,000
4,545,427 defl716,403
Gross from railway
Net from railway
$1,225,269
78,872
$682,637
71,261
Depreciation
—Y. 148, p. 2906.
New York
$2,147,782
.
......
Total income
.
Net from railway
Net after rents.
1935
$1,715,963
„
1—
Gross from railway
1936
$2,515,205
1,289,936
$1,509,758
280,349
Other income
1938
1937
$3,747,014
1,599,232
$1,466,096
43,662
gen. expenses..
Operating profit
RR.—Earnings—
1939
Net after rents
1938
$2,890,127
1,424,031
Grossincome
1937
1936
$23,822,995 $22,947,750 $30,677,027 $28,588,688
4,187.407
4,038,472
7,967,661
7,020,154
14,705
82,340
4,205,629
3,391,596
April—
Years
Consolidated Income Account of Calendar
Upon completion of this financing, the company's outstanding capital
structure will consist of $1,000,000 4M % first mortgage bonds, due July 1,
1954; 10,268 shares of 6% cumulative stock of $100 par value; and 59,550
shares of common stock of $20 par value.—V. 148, p. 1815.
fund, debt—
,
130,110
re¬
tirement accruals J.
Net, income.......
2751.
Net income.
—
—V. 148, p. 2752.
—V. 148, p.
North Texas Co. (&
New York State Electric & Gas
12 Months Ended
Corp.—Earnings—:
1938
1939
March 31—
$24,673,393 $23,703,817
13,381,828
13,481,929
-J,
Operating revenues:
Operat in gexpenses j.
April 30—
Operatingrevenues.....
Period End.
........
1,264,096
1,674,683
401,287
2,492,882
194,635
2,200,682
.
,
146,724.
1,422,126
Federal income taxes
,,
Taxes.-...:::.:...-
1,488,906
Provision for retirements—.
Operation
Maintenance
Subs.)—Earnings—
1939—12Mos.—1938
$1,349,817 $1',404,065
745,210
a782,061
198,867
201,022
1939—Month—1938_
$115,910
$116,199
»
61',660
62,173
14,692
17,873
Maintenance
-
Other taxes
....
4
....
—
fe
■
•
.
4
•
■
.
.i
Operatingincome.
Other income..
Interest
on
2
—
2
Gross income.
-
long-term debt.
......
Otherinterest
Amortization of debt discount and expense
Amortization of miscellaneous suspense.
Provision for loss of subsidiary company
.....
Interest charged to construction—......
....
M..,;,
,
$5,458,616
.263,671
■■■■
n
.
m
„
To Borrow
....
$4,915,538
259,060
Retirement accruals.
2.73% interest annually.
The corporation was authorized to pledge as security for the note not to
exceed $400,000 of its 4% bonds due in 1965.—V. 148, p. 1332.
0
Gross from railway
Net from railway
1938
$253,276
85,769
Net
Cr30,833
Crl5,129
1,054,357
395,532
1,054,300
377,989
089,702
after rents..
1937
$327,176
140,475
1936
$273,126
74,610
69,240
20,671
1,206,667
467,664
1,249,251
377.680
185,631
-
Net after rents
Crl09,964
206,023
York
.
$12,835
$120,144
6,331
986
$12,384
4,332
$10,224
Bal. before bond int..
Int.onbds. (fixed3%)-.
Balance-
Telephone
Co.—A.s&s
Authority
to
$8.,052
rork additions.
?lant State Public Service Commission for authority to issue not more New
The preliminary move was an application to the than
$90,000,000 of new bonds. No details were given as to the interest rate or
maturity, and there were no indications given as to the possible time of
offering. New bonds are to be dated not earlier than Oct. 1, 1939 and not
later than Nov. 1, 1939.
No date has been set by the Commission for hearings on the company's
"
of first and general mortgage 414% bonds.
At the end of last year the company had advances from its parent American
Telephone & Telegraph Co. of $17,600,000.—V. 148, p. 2907.
«
.
-
Prior
year's
figures
'
not
42,584
$71,230
43,258
.
parable
income interest...
Includes North Texas Co. only
.....
,
$27,972j
from date of incorporation on March
2,
1938—V. 148, p. 2598.
North West Utilities Co.
3 Months Ended
March 31—
Operatingrevenues..
Operating expenses and
(& Subs.)—Earnings—
v
operating income—
(net).
—;—
Interest on long-term debt
Amortization of bond discount
- -
and expense
Other income
deductions
paid or declared on sub. cos. pref. stock
dividend requirements not paid or de¬
companies pref. stock.
Minority com. stock int. in net inc. of sub. cos—
Divs.
$3,082,265
2,196,087
,031,067
2,220
Other income
Gross income
'
082 265
$3,246,732
2,215,665
taxes
$886,178
$1 '933-286
456,776
$889,867
460,882
87,432
6,895
3,521
279,813
75,464
4,251
7,787
279,339
Balance of
Net income
Company has taken the first step in its preparations to meet a $60,865,380
Nov. 1 maturity, pay off parent company loans and raise new money for
The Nov. 1 maturity consists
$113,814
com-
Issue
$90,000,000 in Bonds—
application.
138,904
451
$13,659
3,435
clared subsidiary
—V. 148, p. 3077.
New
5
$259,048
General interest (net)
From Jan. 1—
Gross from railway
Net from railway
» _
$24,085
11,250
Eqpt. note interest.
Net
Susquehanna & Western RR.—Earnings—
1939
*
$262,795
97,793
_
Gross income— ^
a
bear
April—
$286,222
$27,563
12,918
$2,079,292
«
Authority has been granted by the P, S. Commission to the corporation
to issue a 20-year note for $300,000 to obtain funds to construct 250 miles of
rural electric lines in 40 up-State counties.
The note is payable to the
United States of America in 39 equal semi-annual instalments and is to
New York
$286,217
$14,645
Balance-
Net income after
.
al34,764
$259,016
*
32
I
Non-oper. income (net).
$5,722,287
$5,174,598
2,442,473
2,402,002
414,243.
532,711
143,121
143,085
65,707 y
88,813
1,280 "
J
Cr28,261
Cr71,305
$2,683,722
,
from U nited States—
12,070
$24,084
•
Inc. bondint., 3 %
Balance of income
11,996
$27,563
Net oper. revenues
.....
69,773
3,689
69,773
3,797
$136,099
loss$18,449
Note—Consolidated net income for the three months ended March 31,
includes $101,688 not available for distribution to North West
Utilities Co. because of prior years' dividend arrearages on the preferred
1939
subsidiary companies consolidated, but does not include $61,731
undistributed income for the three months ended March 31,1939, applicable
to common stock owned of Lake Superior District Power Co., an operating
company which
is not consolidated due to regular voting rights of its
stocks of
preferred stocks.—V.
148, p. 2436.
Northern Indiana
Pujblic Service Co.^-To Sell Holdings
Securities and Exchange Commission announced May 19 that
company had filed an application (File 58-16) under the Holding Company
A
few annrnvai of the sale of 215.280 shares of common stock of Chicago
The
3236
District
Financial
Electric Generating Corp.
wealth Edison Co. of $2,513,734
Chronicle
The stock will be sold to Common¬
Ohio Edison
Proceeds from the sale of
plus interest.
Period End.
the stock will be used for the acquisition of property, improvement of facili¬
ties and service and the payment
of obligations.—V. 148,
Northern Alabama Ry.
railway
Net from railway
Net after rents
From Jan.
1937
1936
$64,281
26.929
8,467
$57,858
24,097
8,175
196,300
67,523
def5,531
280,867
131,605
62,675
243,453
108,373
44,053
Gross income
„
217,255
86,981
,
30,151
2599.
y
■
Northern States Power Co.
(Del.)-
of
$379,684
155,577
-
$265,885
155,577
$4,024,427
1,866,923
$4,247,152
1,866,923
$110,308
$2,157,504
$2,380,229
Oklahoma Gas & Electric
■
Years Ended March 31—
Co.—Earnings■—
1939
1938
$13,289,427 $13,301,001
4,738,026
4,853,559
Maintenance and repairs
850,681
791,265
Appropriation for retirement reserve
1,300,000
1,200,000
Amortization of limited-term electric investments.
19,197
19,184
Taxes...
—_j.
1,445,538
1,405,643
Provision for Federal and State income taxes
466,250
425,750
,
Operating revenues
Operation expense.
Co.-—Earnings—
—
1939—12 A/os,—1938
_
$4,430,901
2,859,409
$4,428,105
,
2,844,070
_
limited-term
investments
23
Property retirement re¬
serve appropriations..
—
pref. stock....
on
Balance
■Weekly Output-
1939—1938
$343,403
$363,195
220,998
241,436
Operating revenues
Oper. exps., incl. taxes..,
$7,495,603
3,248,451
—V. 148, p. 2599.
States Power Co. system for"the week
May 20, 1939 totaled 25,580,668 kilowatt-hours, an increase of
2.3% compared with the corresponding week last year.—V. 148, p. 3078.
Amort,
$7,471,327
3,446,901
■
Electric output of the Northern
Northwestern Electric
$551,661
285,776
$224,107
Netincome-
Divs.
ended
Period End. Apr. 30—
$668,312
288,628
Int. & other fixed chgs..
1—
Gross from railway
Net from railway
Net after rents
—V. 148, p.
_
1938
1,530
1939—Month—1938
1939—12 Mos.—1938
$1,626,694
$1,503,277 $18,890,299 $19,245,009
758,382
751,£16
9,018,971
9,349,405
200,000
200,000
2,400,000
2,400,000
Operating exps.&fcaxes_
Prov. for depreciation.
$47,951
14,762
def2,113
263
25,000
25,000
300,000
$97,405
17,465
$1,271,469
210,265
$1,310,439
206,772
$79,128
Z>r96
$79,940
$1,061,204
$1,103,667
Dr7l
372
$79,869
28,321
$1,061,576
$1,103,554
330,565
234,395
Cr240
348,457
203,940
$4,469,735
22,799
Gross income
Interest
on
funded debt
Amortization of debt discount and expense
Other interest (net)
,
Operating income....
Other income (net)
'
*
Miscellaneous deductions—
__
Net income
Gross income——
Interest
on
mtge.
bonds.
26,860
19,683
Other interest and deduc.
16,360
Crl8
Interest charged to const.
x
$35,206
Dividends applicable to preferred stocks for the
period, whether paid or unpaid—
$32,489
Old Dominion Power Co.
Cr219
$496,856
$551,376
334,185
Operating revenues
Oper..exps. and taxes...
156,778
$790,217
579,225
$766,101
598,990
$56,093
$35,411
$210,992
$167,111
19
49
"165
195
$56,112
$35,460
41,668
$211,157
167,434
$167,306
166,921
$43,723
$384
334,182
$162,671
$217,194
unpaid to April 30, 1939, amounted to
$1,084,314.
Latest dividend on 7% preferred stock was $1.75 a share
paid on April 1, 1939.
Latest dividend "on 6% preferred stock was $1.50
a share paid on Oct.
1, 1932.
Dividends on these stocks are cumulative.
—V. 148, p. 2752.
Other income.
Gross income
Northeastern
Water
•
Prov. for Fed. inc. tax-
Operating income.
—
—
Gross income
$495,424
$185,584
44,721
—
retirements
:.
$2 ,127,805
948,121
31,458
34,537
52,103
17,926
$136,231
93,590
$661,484
255,174
$635,334
410,882
$230,304
51,438
2,325
.
$229,821
53,652
1,200
9,641
1
—«—
.
.
.
$14,090
I'
„
x$6,208
Indicates loss.—V. 148, p. 2438.
Subs.)—
$2,259,847
973,555
115,477
192,636
216,969
99,725
223,169
4,074
Bond interest...
Other interest
(&
42,022
-
Netincome—.—
1939—12 Mos, -1938
$600,260
255,663
26,699
55,724
55,545
21,046
General taxes
Other incomd
Corp.
1939—3 Mos. -1938
Period End. Mar. 31—
Operating revenues
Operating expenses
Maintenance.
Electric
&
—.
.
Int. and other deduct...
x
Provision for
1939—12 Mos.—1938
150,472
accumulated and
Dividends
x
(& Subs.)—Earnings—
1939—3 Mos.^-1938
$206,565
$192,189
Net operating income
Balance
•
$2,580,14
—V. 148, p. 2600.
Period End. Mar. 31—
Net income
$4,608,809
1,686,099
270,478
30,716
41,375
$2,439,029
,
$4,605,601
3,208
$4,492,535
1,670,186
268,854
75,958
38,508
...
Drll3
$79,032
Net operating income...:
Other income (net)
273,333
$96,759
17,631
Net oper. revenues—
Rent for lease of plant—
19392
Co.—Earnings—
April 30—
Grossrevenue
2437.
Earnings—
1939
$48,177
15,958
April—
Gross from
p.
May
157,620
125,567
215,914
45,250
"
$916,658
$1,046,216
265,873
219,191
3,952
3,717
...
Omnibus Corp.—New President-—
Benjamin Weintraub, President of Chicago Motor Coach Co., has been
President of this corporation.
John A. Ritchie has been named
elected
Chairman of the Board and John D. Hertz
executive and finance committees.-—V. 148,
was
p.
named
Chairman of the
2438.
Orange & Rockland Electric Co.—Merger Dropped—
Cancelation
of plans
for
a
of. the Orange &
merger
Rockland
Electric
Co., the Rockland Electric Co. and the Rockland Light & Power Co.
became known May 20 when the Federal & Power Commission permitted
withdrawal of applications involving the
purchase of certain facilities of the
Orange & Rockland Co. by Rockland Electric and the purchase of securities
of the latter company
by,Rockland Light & Power.—V. 148,
p.
2909.
Amort, of debt discount
and oxpense, &c
469
404
33,094
1,775
$171,998
91,579
$164,924
91,579
$658,646
366,317
$80,419
$73,345
$292,329
Minority interest
Net income
:
Divs. oh pref. stock....
Balance
41,648
2,490
$732,487
366,317
Pacific Indemnity Co.—Extra Dividend— '
Directors have declared an extra dividend of 10 cents
per share in addi¬
tion to the regular quarterly dividend of 40 cents per share on the common
stock,
$366,170
•
RR.—Earnings—
1939
April—
Gross from
railway.
Net from railway..
„
$256,410
def7,700
def34,025
..
..
Net after rents
From Jan. 1—
Gross from railway
712,446
def488,631
def603,C00
1,155,892
16,276
def81,726
1,054,320
21,328
def48,216
Period End. Mar. 31—
$762,428
1939—12 Mos.—1938
$732,768
540,727
545,114
Net operating income.
$2,956,269
2,112,975
$192,040
2,339
$843,294
9,361
$767,892
8,837
$220,385
$194,379
110,083
$852,655
439,495
$776,729
111,388
,
$413,160
70,463
280,247
439,311.
$337,418
require,
70,062
...
•.
281,853
2438.
Ohio Oil Co.
(&. Subs.)
3 Mos. End. Mar. 31—*"
Gross profit....
Other income
■
$3,898,566
1937
1936
Total income
7,392,024
$4,683,001
33,850
$6,794,810
132,497
$4,586,451
234,164
$4,716,851
653,188
2.569,726
1,332
$6,927,307
608,408
2,507,745
1,590
2,472,666
$4,820,615
x471,790
2,092,454
1,668
1,232
200,457
155,9J6
$4,054,482
.
Deprec. and depletion..
Minority interest
8,757,364
1,234,290
.
Taxes
for
8,306,069
..
-
580,899
Federa
.
Operating income
x
loss$297,552
No provision was made for surtax
y400,445
$1,292,148
on
$3,471,629
$2,255,139
undistriubted profits.
Consolidated Balance Sheet
Mar. 31/39 Dec.
Assets—
$
31, '38
S
Mar.
Liabilities—
Cash
6,388,267
7,886,145 Accts.
Accts. receivable
4,906,726
4,623.238
18,205,218
1,344,553
2,613,163
19,189,010
1,385,770
1,214,557
2,614,632
Crude oil and
re¬
fined products
Mat'l &
supplies
Bonds
Other assets
2,448,563
Stocks (non-sub.
companies
Prov.
on
dt.
(curr.)
for
1,012,763
104,167
1,000,000
31, '38
$
2,622 020
1,230,279
217,917
1,000,000
Fed.
income taxes.
Deferred
2,547,686
Dec.
credits
955,050
1,816,066
888,181
1,710,084
Minority int. in
4,546,133
4,546,133
Fixed assets..
95,028.783
96.328.461
Deferred charges
1,228,184
882,162
y
payable.
Ser. note
31/39
$
Accrued taxes
Acer. int.
82,132
W, H
692,900
$2,002,826
$1,834,702
206,773
$144,809
$2,213,090
Drl,267
$2,041,47-5
$145,136
$2,2f 1,823
85,417
18,017
1,025,000
256,991
$2,044,104
1,025,000
Dr63
$150,998
85,417
20,917
Interest on mtge bonds.
Other int. & deductions-
327
„
210,264
Netincome
$44,664
$41.,702
Dividends applicable to preferred stocks for the
periodtl whether paid
Balance
_
or
unpaid
458,478
$471,354
$329,640
•
unpaid to April 30,
to dividends of $1.75 a
$6
230,986
$788,118
458,478
1
—
and
.
$929,832
...
—
x
Dividends accumulated
$114,620, after giving effect
stock and $1.50 a share on
May 1, 1939.
Dividends on
2,629
1939, amounted to
share
7% preferred
on
preferred stock, declared for payment on
are cumulative.—V. 148, p. 2753.
these stocks
Operating
revenue.
$1,457,897
—_
Taxes
eral
(other than Fedincome)
Profit
Otherincome—
—....
Total profit
Interest on funded debt.
Amort, of debt discount
20,000,000
35,453,700
z Common stock
59,235,791
Earned surplus.
6,781,387
Capital surplus.
8,620,851
20,000,000
Preferred stock.
35,453,700
59,235,791
$1,452,922
572,650
173,456
Operation
Maintenance & repairs..
Deprec. & amortization.
47,360
166,941
$1,411,093
549,237
41,552
173,578
100,116
93,257
84,637
.70,840
$559,890
6,575
' $572,713
11,777
$562,090
9,775
$491,634
11,853
$566,465
63,550
$584,491
65,800
$571,864
70,300
$503,487
74,800
583,306
41,129
'
$1,248,569
478,136
40,365
.
167,592
■
*
and expense....
Other int. & deductions.
3,229
341
235
907
3,228
327
Prov. for Fed. inc. tax..
93,100
89,500
81,200
62,783
$406,245
$425,727
$416,228
$362,348
53,296
53,296
53,296
53,296
$352,948
$372,431
$362,932
$309,051
Profit..
Divs. on pref.
stock
sub. company
3,228
3,229
of
Net profit
—V. 148, p. 2909.
Pan American
Airways Corp. (& Subs.)—Earnings—
Calendar Years—
1938
1937
1936
Rev. from transpt'n..a$15,570,060 $14,142,722 $10,387,898
Other rev. from opers
371,031
424.713
255,484
1935
$9,315,145
399,950
80,542
Funded debt
subsidiaries
._
7,610,745
8,620,851
Total
Non-operating income..
Total income
b Operating expenses
Income deductions
Total
137,609,591 138,670,110
Total..
137,609,591 138,670,110
y After depreciation and depletion of $172,772,177 in 1939 and $170,€68,076 in 1938.
z Represented
by 6,563,377 no-par shares.—V. 148.
p. 3078.
694,900
$127,344
17,465
'
$151,061
income (net)
,
Net profit
131
57,908
3 Mos. End. Mar. 31—
1938
--$12,204,635 $13,440,365 $14,966,335 $11,978,475
—i
$133,431
17,630
$5,759,348
3,231,615
Pacific Public Service Co. (& Subs.)—Earnings—
1939 '
'
1938
1937
1936
-Earnings—
1939
Cost of sales..
Provision
Net oper. revenues—_
Other
$5,941,675
3,243,818
131
57,908
reserve appro
Rent from lease of plant.
x
$84,296
x
$2,857,604
2,089,712
$217,314
3,071
Gross income
Int. & other deductions.
Sales..,
Prop, retir.
1177.
1939—12 Mos.—1938
•
.
Gross income
Co.—Earnings—-
1939—3 Mos.—1938
Other income (net)
ments
9,482
1939—Month—1938
$459,023
$438,916
267,684
-253,664
-
Amort, of ltd. term inv..
defl2,847
Similar
p.
Light Co. (& Subs.)—Earnings-
Period End. April 30—
Operating revenues—...
Oper. exp's, incl.taxes..
,
Operating revenues.,...
Oper. expenses & taxes—
Pref. stock div
$271,018
defl54,658
Northwestern Public Service
—V. 148, p.
1936
$287,658
def8,784
def31,825
defl24,513
def239,410
—
1937
$218,636
911,223
defl35,526
Net from railway
Net after rents.:!
—V. 148, p.2600.
1938
.
record June 15.
paid in each of the nine preceding quarters.—V. 148,
Pacific Power &
—V. 148, p. 2137.
Northwestern Pacific
$10, both payable July 1 to holders of
par
amounts were
Netincome.
$15,941,091 $14,567,435 $10,643,382
131,862
161,977
274,160
$9,715,095
412,743
.$16,072,952 $14,729,412 $10,917,543 $10,127,838
14,655,242
13,502,131
9,513,277
8,595,645
1,371,038
716,864
448,914
338,461
...
$46,672
$510,417
$955,352
$1,193,732
a Includes
$8,304,280 from carriage of United States and foreign air mail,
b Includes maintenance and repairs, rents, depreciation, amortization, &c.
Volume
Financial
148
Cash
on
on
$
1,526,966
Securities owned..
41,781
Mat'ls & supplies.
2,715,429
Cash
&
of
securities
31,615
46,302
Inv. in
assoc. co.__
Bal.
...
1,914,161
1,058,528
188,168
Sundry
of
charges
300,621
246,464
Charges related to
contracts, &c___ 4,736,489
Total.
a
1,193,024
res.
foreign
bals.
subs.
Capital stock
..34,341,885 33,741,350
34,341,885 33,741,350
Total..
52 Whs.End. 52 Wks.End. 53 Wks.End.
Dec.
Income from theater re-
.
Purchase
Plan
.
& amort, of films, &c_
Operating profit
Capital gains (net)
Stockholders at their annual meeting on May 18 approved a proposal to
modify the corporation's five-year management stock purchase plan,
whereby the price at which present participants under the plan may pur¬
chase shares of capital stock of the corporation was reduced from $15 to
$12.50 per share, and whereby the minimum purchase price of such stock to
participants subsequently selected will be similarly reduced.
William S.
Paley, President and Chairman of the Columbia Broadcast¬
ing Co., and Artemus L. Gates, President of the New York Trust Co.,
were elected directors of this corporation at the annual meeting of stock¬
holders held May 18.
They succeed David K. E. Bruce and Herbert
Fleischhacker, who resigned.
Corporation has notified the New York Stock Exchange that the follow¬
ing were elected as directors of the corporation: Wallace M. Alexander,
S. Sloan Colt, Lyman Delano, S. M. Fairchild, John M. Franklin, Artemus
L. Gates, G. B. Grosvenor, Robert Lehman, E. O. McDonnell, M «rk T.
McKee, George Mixter, Thomas A. Morgan, William S. Paley, F. B.
Rentschler, J. T. Trippe, C. V. Whitney and John Hay Whitney.—
V. 148, p. 2753.
.
Panhandle Eastern
12 Months Ended April
Gross revenue
Pipe Line Co. (& Subs.)- -Earnings
$9,723,591
.....I....$I0,898,946
;
funded
on
-Resumes
Operations
—New Director—
Company has resumed operations at its Park City properties, shutdown
May, 1938. The company hired 150 former employees. At the time
Park Utah ceased operations about 450 men were on the company's
payroll.
<
O. N. Friendly, Vice-President and General Manager, said that the
company's decision to reopen its properties is due to reports from Washing¬
ton that Congress is likely to extend the national silver purchase program,
in which case the company will take on more men and speed up its operations
to normal capacity.
Until this extension Is assured production will remain
83,116,975
67,650
292,361
331,820
$8,798,872 $12,366,559 $11,308,490 $10,157,880
debt
of
subs., &c.'
Deprec. of bldgs., equip.,
959,098
993,039
1,274,850
1,571,767
3,309,347
3,190,382
x635,697
3,025,346
x692,027
202,138
3,048,550
484,036
165,742
142,830
156,006
1,002,391
122,044
1,470,566
632,500
68,265
1,576,600
175,000
$2,533,279
$6,045,103
$3,889,019
$3,153,167
$2,533,279
$6,045,103
$3,889,019
&c. (excl. studio & lab¬
oratory deprec. charged
to cost of
films)
Federal income
taxes...
Sub. pref. divs
Profits applic. to minor¬
ity holders of common
stocks of subsidiaries
.
Int.
on debentures
Resei've for contingencies
Inv.
for
res.
168,940
1,094.540
110,000
•
_
Special inventory
$653,167
reserve
credit
j
■
y2,000,000
332",397
purch. of debs
on
258,209
2,500,000
Profit
Profit
481,322
productions
not released
First preferred dividends
Second pref. dividends
123,231
$6,012,250
2,987,604
386,278
$6,045,103
931,057
738,181
853,030
333,052
__
Park Utah Consolidated Mines Co.
Year Ended
Dec. 28,'35
96,370,445
96,734,561
$2,865,676
—V. 148, p. 2600.
Jan. 2,'37
"
$8,506,511 $12,298,909 $10,976,670 $10,157,880
1938
1939
30—
Jan. 1, '38
95,853,870
-
Total income
Int.
Modified—
31, *38
ceipts, rent and other
income.i.
$104,360,381 $109,033470 $107,347115 $93,274,855
Oper. exps., film distrib.
Including $304,596 in foreign countries available for current use in
those countries
Stock
on which
liability is denied and several minor claims and duplications not yet ex¬
punged.
Consolidated Income Account
52,862
122,382
7,034,000 6,938,860
Consol. cap. surp.10,885,733 10.806,353
1,906,094
847,753
4,268,174 Consol.earned surp
defd.
&
1,193,024
^vebeen eliminated except anti-trust and certain other claims
207,361
self-in¬
for
Res.
sured risks
eign govts
Prepd.
250,467
1938 which compares with $1,886,000 based on the shares out¬
standing at Dec. 28, 1935.
Claims of $1,388,369 filed by the Prudence Co., Inc. relating to first
mortgages on theatre properties in St. Petersburg and Jacksonville, Fla.,
were settled on March
10, 1939 by the issuance of $250,000 of 6% deben¬
tures and $250,000 of first
preferred stock of company with accrued interest
or dividends from and
after July 1, 1938.
A wholly owned subsidiary of
company retains title to the properties and, under this settlement, assumed
such mortgages in the reduced
aggregate principal sum of $450,000, payable
serially until maturity in 1945 and bearing interest at the reduced rate of
4% per annum.
All claims involved in the reorganization proceedings
Int. of min. stock¬
holders in subs..
.20',825,733 20,778,551
34,638
7,743,439
of
bldgs., &c
from for¬
rec.
34,638
8,992,415
of assets
1,979,143
1,187,456
288,408
1,500,000
360,188
price
Bal. of purch.
Airports, bldgs. &
equipment.
370,519
965,000
257,541
bks.
Res. for deprec.
purchases
421,811
1,941,011
347,301
Dividends declared
Reserve for taxes..
securities,
resvd. for equip.
>
1,546,071
bks.
incl.
pay.,
accruals—
Deferred income..
at cost
&
Accts.
Notes pay. to
foreign govts.
Cash
?
1,842,343
Notes pay. to
a$782,459
1,831,163
177,791
2,598,287
$847,954
(net)__
rec.
1937
S
Liabilities—
hand and
deposit
Accts.
1938
1937
$
3237
Dec. 31,
Consolidated Balance Sheet Dec. 31
1938
Assets—
Chronicle
$653,167
x Includes
>,378 in 1936 undistributed profits
$48,810 in 1937 and
y Special inventory reserve, appropriated by directors at Dec. 28,
1935, applicable to production released during the period. (Of the $2,500,000
reserve appripriated $500,000
was applied in 1936 against costs of an
abandoned production.)
'
tax.
.
.
since
Estimated Earnings First Quarter
the
■
„
At the annual meeting of stockholders Mrs. Catherine H. Luedeking, of
Cincinnati, Ohio, was elected to the board of directors to succeed Otto
Luedeking, deceased.—V. 147, p. 3318.
•
.
Pennsylvania Electric Co. (& Subs.)1—Earnings—
12 Months Ended March 31—
Operating
Operating
Company estimates its earnings after interest and all charges for the
quarter ended April 1, 1939 at $1,300,000.
This amount includes
$678,000 representing Paramount's direct and indirect net interest as a
stockholder in the combined undistributed earnings for the quarter of parti¬
first
ally owned non-consolidated subsidiaries.
outstanding as of April 1, 1939, 144,672 shares of cumulative
($100 par) 6% first preferred stock/and 555,071 shares of
par) 6% second preefrred stock.
After deduct¬
ing $300,268 of dividends accrued for the quarter on these preferred shares,
the remaining $999,732 of estimated combined consolidated and share of
undistributed earnings for the quarter represent $0.41 per share on "the
#2,465,927 shares of common stock outstanding on April 1, 1939.
Earnings for the quarter ended April 2, 1938 Were $830,866, including
$806,000 representing Paramount's direct and indirect net interest as a
stockholder in the combined undistributed earnings for the quarter of
partially owned non-consolidated subsidiaries.
After deducting $296,523
of preferred dividends for the quarter, the remaining $534,343 of com¬
bined cQnsolidated and share of undistributed earnings for the quarter repre¬
sented $0.22 per share on the common stock outstanding on April 2, 1938.
There were
convertible
curtailed basis.
on a
of 1939
revenues
.*
expenses
t
Maintenance
Provision for retirements
»
-1939
1938
....$.10,959,410 $11,128,883
4,578,635
4,931,542
551,881
751,708
846,451
789,573
Federal income taxes
256,251
,359,644
804,649
778,712
.......
$3,818,149
...
95,585
$3,621,097
51,382
Other taxes.....
•_
cumulative convertible ($10
Consolidated Balance Sheet
Operating i ncome.
Other income.
Gross i ncome.
Interest
on
$3,913,735
1,813,236
1
•
u
Amortization of debtdiscount and expense
Interest charged to construction....
.
Bal ance of income
—V.
....
1
1.
_.
53,672,479
180,869
long-term debt.
Other i nterest
72,890
Cr27,898
178,173
54,120
Cr33,068
$1,874,638
$1,657,474
1,815,780
148, p. 3079.
„
,
,
— _
■___
—
.
9,850.296
300,176
to
3,539,011
3,931,097
Acc'ts
t
,
payable..
Purchase money obligations
19,836,912
22,884,780
50,876
♦Computed on basis of $25,328,867 total amount authorized for issu¬
Dec. 31,1938 under plan of reorganization.
Giving effect to the redemption of 6% debenture obligations in the year
1939 and the additional borrowings in connection therewith, as previously
mentioned, the net reduction of interest bearing indebtedness aggregating
$6,078,568, as above, amounts to approximately $9,500,000 at the present
ance to
time.
These debt reductions, together with interest savings resulting from the
in 1937 of $12,507,200 of 3H% debentures in exchange for an
equivalent amount of 6% debentures of company, and rate reductions on
bond and mortgage indebtedness of consolidated suosidiaries, have reduced
the interest expense of company and its consolidated subsidiaries from a
total of $3,148,367 for 1935 to a total of $2,053,638 for 1938.
Further
interest savings will also result from the reduction during 1939 in the amount
of outstanding 6% debentures.
During the three-year period ended Dec. 31, 1938, 111,117 shares of
first preferred stock and 89,070 shares of second preferred stock were con¬
verted into 857,982 common shares, a total reduction of $12,002,400 par
value of senior shares.
The annual dividend requirement on the first and
second preferred stocks is $1,186,000 based on the shares outstanding at
issuance
3,117,712
637,001
113,075
Federal taxes—
210,090
Pur. money obllg.
secure
991,400
1,076,308,
705,937
contracts
Prepaid expenses
Deferred charges
"(current)
1,128,849
1,402,136
786,243
_
—
Mtges., & bonds
of
subs,
due
1,039,126
1,865,766
5,965,904
327,518
5,140,035
14,554,438
3 H % conv. debs 11,247,200
9,439,577
6% deoentures.
15,736,605
12,088,200
10,159,448
within 1 year.
Note3
pay.
(not
current)
Por. mbn. obligs.
Mtges.
&
252,341
bonds
of subs—
Misc. fund, debt
141,289
90,309
Other liabilities.
2,833,668
2,571,972
3,020,128
3,305,716
27,357,081
"3,293,587
26,521,917
General reserve.
interest.
Capital surplus
.
2,659,597
Stock conversion
273
835,164
9,346,994
7.667,400
profit
surplus.
Total
118,223,955 120.219,281
Total.
$6,078,568
696,701
145,839
2,704,163
482,91'S
rolls, &c__„__
42,708
reserve
-V. 148, p.
16,333,200
Total net reduction
41,302
687,474
Due affil. cos...
.
$11,247,200
5,046,000
40,000
1,583,194
2,264,172
Excise taxes pay¬
"
1
5,551,008
2,465,900.
ducers
920,396
441,484
15,644,721 .15,440,331
Earned
XIICFGc^SOS *
14,217,167
Due outside pro¬
Inventories after
to
*38
2,465,927
1,559,002
2,271,467
Notes payable..
outside
Sinking funds..
Deps.
1
stock
(par $1).....
303,332
Accts. and notes
rec.after res'es
Jan.
$
$
5,550,708
$10)....
(par
Common
Marketable sees.
at market....
■
(par $100)... 14,217,167
6% 2d pf. stock
63,999,858
13,314,025,
$22,411,768
3H debentures, par value.
payable..
Liabilities—
6% 1st pf. stock
*$15,889,291
6,522,477
Total net decreases
Notes
Dec. 31 *38
'38
Minor',
",
6% debentures, par value..'—
Mortgages and bonds of subsidiaries
1STGt/
&c
Inv. after res've
Barney Balaban, President, says in part:
On Dec. 31, 1938 there were outstanding in the hands of the public
$9,439,576 20-year 6% sinking fund debentures.
On Feb. 20, 1939 there
were redeemed $4,993,900 of these securities, and on April 17,
1939 an
additional amount of $2,750,000.
After giving effect to these redemptions
and the acquisition in 1939 of additional debentures for the treasury, also
the issuance of $250,000 of these debentures in settlement of claims filed
by the Prudence Co., Ipc., there are now (April 25, 1939) outstanding in
the hands of the public $1,938,676 of these securities.
In order to provide
the funds for this refinancing company and several of its wholly owned
subsidiaries borrowed from banks approximately $5,500,000, the greater
portion of which is repayable on a five-year basis; with interest rates aver¬
aging about 3Vi% per annum.
Of this amount approximately $1,500,000
was borrowed in 1938 and is reflected in the accompanying balance sheet,
the remaining $4,000,000 represents borrowings in 1939.
During the three-year period ended Dec. 31, 1938 the interest bearing
indebtedness of company and its consolidated subsidiaries has been reduced
by approximately $6,078,568, which is summarized as follows:.-
1
.$
producers
Inc.—-Annual Report—
Jan.
bldgs. &
eqpt. aft. depr 61,852,361
Cash, call loans,
Land,
Adv.
Paramount Pictures,
'
Dec. 31 '38
Assets—
118,223,955 120,219,281
2909.
Pennsylvania RR. Regional System—Earnings—
[Excluding Long Island RR. and Baltimore & Eastern RR.]
1939—Month—1938
1934 4 Mos. '1938
Railway oper. revenues.$29,471,497 $27,994,917 $125,377112 $111,088943
Railway oper. expenses. 21,778,246
20,672,745
93,896,784 85,904,365
Period End. Apr. 30—
428,157
387,593
Equip, rents—Dr. bal__
rents—Dr. bal.
502,036
income.
$3,682,031
Jt. facil.
Net ry. oper.
140,134
$31,480,328 $25,184,578
8,607,500
8,051,414
1,802,710
1,666,922
359,673
1,615,106
1,510,179
676,950
1,546,019
2,352,755
145,354
585,827
581,741
$7,322,172
2,388,410
392,193
$7,693,251
2,553,300
Net rev. from ry. oper.
Railway taxes
Unemployment ins. taxes
Railroad retire, taxes—
•
$3,359,592 $17,323,166 $11,021,567
—V. 148, P. 2601.
Pennsylvania Sugar Co.—New Chairman
Co., was on
the Board qf this company. The post was
of stockholders earlier this month through an
amendment to the by-laws. W. II. Hoodless, who succeeded the late John A.
McCarthy as President of the company, was reelected.— V. 148, p. 2753.
Samuel
F.
Houston,
President of.the Real Estate Trust
19 elected Chairman of
created at the annual meeting
May
I
3238
Financial
Chronicle
May 27,
1939
Earnings for 12 Months Ended March 31
Penna. Power &
Light Co. $5, $6 and $7 Pref. Stock
Philadelphia Electric Co. Common Stock
United Gas Improvement $5 Preferred Stock
Metropolitan Edison $6 Prior Preferred Stock
Pennsylvania Sugar Co. Common Stock
c
operating revenues
Operating expenses
Gross
Patino
Mines
&
Consolidated
(Inc*)—
Bolivian
inventory
Sterling
£6,682
;
as per definite account sales of:
1937 inventory exported in 1938
Production 1938 (1,657 tons at £190.13. 2
Inventory of tin concentrates at Dec. 31, 1938:
1,968 long tons of fine tin, advised as sold at
aver. est. selling price of approx. £214
2,401 long tons or fine tin in transit valued at
£210 per ton
-
422,471
92,777
86,922
£1,547,856
39,163,888
Pr512,744
£1,035,111
Bs.46,229,435
_-__r_-_______
3,465,690
depreciation and depletion.
Shipping and smelting charges, incl. provision for
unpaid charges
Selling, general and administrative expenses
Taxes (other than income taxes)
21,520,455
260,676
260,318
6,044,007
162,186
135,119
3,629
L
5,770,912
£404,666
309,155
£95,510
26,362
Bs.8,922,422
82,834
£121,873
Profit from operations before income taxes
Ohter income
Total
—
______
operation of railway section..
Prov. for co.'s contribution to donation of Bs.l,000,000 to Bolivian Govt, for humanitarian
on
purposes
135,155
1,992,831
1,292,707
840,000
cle VII, of by-laws
...
Net income, transferred to surplus
35.766
270,945
Sundries
Bolivian supplementary tax paid for 1938
Prov. for income taxes for year ended Dec. 31. '38
Transfer to reserve account, per Section II, Arti¬
6,042
1,031
_Bs.4,307,950
£79,099
Notes—(1) AH materials used in theco mpany's 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 in Bolivian
currency during the period for materials has been prorated to
on the basis of the
sterling value of materials issued.
operations
«,
(2)
as
The profits of subsidiary companies are not taken up until declared
dividends.
Balance Sheet Dec. 31, 1938
Bolivian
Assets—
e
Currency
Cash and demand deposits—In London & N. Y__
In Bolivia-.
Bs.5,796,244
Notes receivable (trade).
,
Accounts receivable (trade)
Inventories
Drafts payable at 90 days'
_
_
Sterling
£26,421
14
19,867
6,888,436
13,506,342
_
sight
and
10,203
1,456,944
current
accounts in course of collection
56,639
74,767
Current accounts of workmen and
employees.
account receivable from
subsidiary,
General Tin Investments, Ltd
19,909
200
.
Long-term
Investments.
6,716,061
6,616,576
1,547,290
85,842
2,367,007
1,880,369
801,064
1,391,633
104,487
4,328
Rs.42,613,855
£6,756,792
_
x
Property, plant and equipment
i.
Machacamarca-Uncia Ry. (net Worth of invest.).
Transfer tax on properties and other organization
expenses (net)
\
Deferred charges
Total
Liabilities-—
Drafts pending payment.
Accounts payable (trade)..
Accrued liabilities—Wages
payable
_
_
limited-term
res. approp.
Net oper. revenues...
997
1,032
229,167
$1,180,015
218,333
12,186
2,793,333
2,462
2,653,333
8,922
$1,192,460 $13,947,471 $13,978,686
6,781
123,548
185,316
$1,188,937
453,750
50,000
Other int. & deductions.
11,369
Int. chgd. to constr'n___
Cr965
$1,199,241 $14,071,019 $14,164,002
453,750
5,445,000
5,445,000
50,000
600,000
600,000
21,569
156,616
215,818
Cr 1,382
Cr5,068
Crl9,270
Other income
Int.
on
Int.
Bs.8,831,567
•
90,855
Depreciation and depletion
Loss
68,833
.Bs.9,168,052
336,486
_
of
Earnings—
1939—Month—1938
1939—12 Mos.—1938
$3,)286,840
$3,215,616 $39,138*507 $38,399,503
1,876,626
1,803,826
22,385,517
21,765,022
investments.
(net)
Gross income
Total costs of 1937 concentrates exported 1938
Production costs of 1938 concentrates, excluding
Balance
Operating revenues
Oper. exps., incl. taxes
Prop. retire.
__
Totals.
Period End. Apr .30—
Amort,
Proportion of sterling proceeds sold to Bolivian
Govt, and Bolivian currency received in ex¬
Deductions—
Pennsylvania Power & Light Co.
504,273
Bs.7,065,547
change therefor
Peabody Coal Co.—■Accumulated Dividend—
Directors have declared a dividend of $1 per share on account of accumula¬
on the 6%
cumulative preferred stock, par $100, payable June 1 to
holders of record May 29.—V. 146, p. 3964.
tions
Bs.3,968,374
3,097,173
..
deposits, $230; accounts payable, $1,671; accrued taxes, $439;
current liabilities, $112; reserve for retirements and replacements,
$7,487; capital stock (2,000 shares of $10 stated value each), $20,000;
deficit, $34,707; total, $109,268—V
147, p 2874
118,725
316,003
888 long tons of fine tin contributed to buffer
856 long tons of fine tin unexported, at cost
Assets—Property, plant and equipment, $103,332; investment in capital
of affiliated company, $80; cash, $299; accounts receivable (net),
$5,529; prepaid expenses, $27; total, $109,268
Liabilities—Notes payable to affiliated company, $114,035; consumers'
stock
other
Sales
stock at cost
$983
meter
Currency
definite account sales of previous year's
on
1,444
$2,318
6.270
Balance Sheet March 31,1939
-
Operating Profit—
168
$6,536
6,270
1,249
deductions
Net loss
Earnings for Year Ended Dec. 31, 1938
Profit
$6,368
254
$5,396
Philadelphia
Enterprises
$19,565
13,197
$5,142
income
Interest
A. T. & T. Teletype: Phla 22
1528 Walnut Street
16,215
Provision for retirements and replacements
Members New York Stock Exchange
1938
$21,357
Net operating income
Non-operating income
YARNALL & CO.
N. Y. Telephone: Whitehall 4-4923
1939
.
Gross
on
Net
_
_
_
mortgage bonds.
debentures
income—
$j674,783
$675,304
$7,874,471
$7,922,454
Dividends applicable to preferred stocks for the
period, whetehr paid or unpaid
3,846,541
3.846,546
$4,027,930
Balance
$4,075,908
-V. 148, p. 2754.
Peoples Gas & Fuel Corp.—Report, &c.—
Corporation was incorp. in 1938 and acquired as of Nov. 30, 1938 the
properties of Northwest Louisiana Gas,Co., Inc., and Peoples Gas & Fuel
Co., Inc., per plan of reorganization consummated under Section 77-b
of the Bankruptcy Act.
The following table sets forth the treatment of the holders of each class
of security of the two predecessor companies provided for under the plan
of reorganization:
'
Each holder of $1,000 of first (closed) mortgage 6H% sinking fund gold
bonds of Northwest Louisiana Gas Co., Inc., receives 10 shares of common
stock
Each holder
*"
of $1,000
>h
'
*
'
of claims represented by principal and accrued
interest with respect to unsecured notes of Northwest Louisiana
Gas Co.,
Inc., receives 1 share of common stock of corporation.
Each holder of $1,000 of allowed general unsecured claims of Northwest
Louisiana Gas Co., Inc., receives 1 share of common stock of corporation.
Each holder of $1,000 of first mortgage 6*A% sinking fund gold bonds,
of Peoples Gas & Fuel Co., Inc., receives 15 shares of common
stock of corporation.
Each holder of $1,000 of first mortgage 6H% demand notes of Peoples
Gas & Fuel Co., Inc., receives 14 shares of common stock of corporation.
Each holder of $1,000 of claims represented by principal and interest with
series A,
respect to 5-year general mortgage 7% sinking fund gold notes of Peoples
Gas & Fuel Co., Inc., receives 2 shares of common stock of corporation.
Each holder of $1,000 of claims represented by principal and interest
with respect to unsecured notes of Peoples
1 share of common stock of Corporation.
Gas & Fuel Co., Inc., receives
Each holder of $1,000 of allowed general unsecured claims receives 1 share
of common stock of corporation.
•"
-
Income Account 12 Months Ended Dec. 31, 1938
(Corporation and Predecessor
Companies)
Operating
revenues
—
_
$251,306
-
Operating deductions: Cost of
gas, $43,086; operating costs,
$87v397; maintenance costs, $10,291; taxes other than income,
$35,551; loss on capital assets, $2,098; total deductions
178,422
Net operating revenue.
$72,884
Depreciation
61,340
1,761
State and Federal income taxesNet
income
_
—.
...
-
$9,782
-
.
Provision for taxes
Provision for unpaid
concentrates
T .
:___
...
charges
on
Bs.1,403,492
547,260
840,000
32,029
317,944
9,067
127,078
625,680
25,252
71,642
Bolivian Tin & Tungsten Mines
Corp.
Current accounts of employees.
_
Retentions
and guarantees...
Unpaid dividends
Contribution .pledged
humanitarian
_
..^
36,090
4,460
3,795
59
to
Bolivian"
Govt,
for
purposes.
1,000,000
6,256,637
493,647
270,945
85,541
-
Statutory reserve-^Balanceat Dec. 31,1937
year
1938
Reserve for taxes and
contingencies
Capital stock
Capital surplus.
6,042
58,050
2,760,632
2,794,467
I
x
per
_
After
shares;
£
HI
_
_
_,
________
at Dec. 31, 1938
•
Marquette Ry.—Earnings—
*
expenses
1939—4 Mos.—1938
$9,283,179
7,581,715
$7,646,598
7,136,242
$228,429
153,544
$240,542
151,702
$1,701,464
614,626
$510,356
610,187
$74,886
49,206
56,962
$88,840
49,525
$1,086,837
67,224
302,964
104,485
x$99,831
255,824
141,232
x$31,282
30,434
x$27,908
20,658
$679,388
157,701
x$496,887
152,786
x$848
5,518
x$7,250
6,821
$837,089
24,862
x$344,101
23,349
5,737
270,746
revenues
1939—Month—1938
$2,116,430
$1,924,851
1,888,001"
1,684,309
5,782
273,750
25,037
1,084,154
1,095,045
$282,848
Operating
Operating
$293,603
$296,964
$1,488,151
Railway tax accruals._.
Operating income
Equip, rents (net)
Joint facility rents (net)
_
30,507,643
Bs .42,613,855
£6,756,792
for depletion and
depreciation,
y Authorized, 2,500,000
issued, 1,380,316 shares of a par value of U. S. $10 each at U. S. $5
Other income
reserve
•
Note—Funds
in
Bolivia
include
Bs.1,000,000
deposited in a special
account to be used for humanitarian
purposes in Bolivia in connection with
the special dividend declared therefor
in December, 1936.
Of this sum,
r,ePresented by sterling drafts on hand amounting to
£b,188.2.5, which have been obtained from the Bolivian Government for
that specific purpose, and for which
reason no conversion of those funds
has been made in the accounts.—V.
147, p. 3618.
Penobscot Valley Gas
Calendar Years—
Operating
Operating
Corp.—Earnings—
$21,141
15,777
Non-operating income
1;
payable.
$5,312
80
Provision for retirements and replacements."""
Int. to Amer. Gas & Power Co. on notes
Net loss.
$18,423
$5,364
expenses
income
1937
1938
revenues
Net operating income
Gross
Pere
Net ry. oper. income.
Total
as
Assris-rFixed capital, assets (net), $1,280,927; cash, $153,772; accounts
receivable, gas sales (net), $33,191; accounts receivable, miscellaneous,
$2,754; material and supplies, $15,482; prepayments, $4,316; investments,
$100; miscellaneous assets, $1,496; total, $1,492,040.
Liabilities—Common stock ($1 par), $20,304; paid-in surplus, $1,378,210;
earned surplus, $9,806; total current liabilities, $49,020; deferred liabilities,
$34,699, total, $1,492,040.—V. 148, p. 888.
Net oper. revenue
754,654
y
Earned surplus.
Balance Sheet
Period End. Apr. 30—
"6
Deferred income.,
5% of profits for the
37,768
unliquidated
...
Prov. for unbilled charges on materials rec'd
Other accrued charges
Other current Iiabilities—Simon I. Patino.
,
£195,777
104,989
_
.
_
13,111
168
,
$5,444
1,405
6,270
'
$5,480
1*112
6,270
Total income
Miscell. inc. deductions.
Rent
for
lease
of
»
roads
and equipment...
on debt
Interest
575
575
$297,539
$1,488,726
other reserve funds
Deficit transferable to
profit and loss
x
Indicates loss
or
25,655
_
$282,848
$293,603
deficit.—V. 148, p. 3080,
Petroleum Corp. of America—To
Directors have declared
a
_
2910, 2754, 2601.
Pay 30-Cent Dividend—
dividend of 30 cents per share on
the
common
stock, payable June 28, to holders of record June 16,
This compares with
41 cents paid on Dec. 33, last.
A special stock dividend was paid on Sept.
26, 1938.
For details see Y. 147, p. 1046.
See also V.T47, p: 3468 for
detailed record of previous cash distributions.—V.
148, p. 2282.
Philadelphia Fairfax Corp.—Registers with SEC—
$2,230
$1,902
See list given on first page of this department.
Financial
148
Volume
Pet Milk Co.
Third Federal Circuit Court of
(& Subs.)—Earnings—
1936
1937
1938
1939
3 Mos. End. Mar. 31—
Net sales
$5,128,852
4,991,541
$6,520,617
$6,870,575
6,621,904
$6,987,767
6,886,243
175,424
168,575
150,246
178,736
prof$73,246
$77,627
53,537
$41,425
849
$67,051
1,277
prof $74,095
$65,774
$24,090
5,117
17,842
12", 562
170
7,986
3,795
617
488
636
430
prof$50,519
$78,994
$36,509
110",339
lio',338
$44,158
20,312
110,338
$189,333
$146,847
$174,808
Depreciation
Other income.
6,447,998
_
_
Federal income tax.
Minority interest..
Net loss
Preferred
Pirelli Co. of Italy—Earnings—
~
l"f145
$59,820
Deficit
,
1939
$
1,437,864
1,344,609
1,463,101
36,222
hand
on
1,470,367
and notes.-.
—_
Misc. accts. receiv.
Due from
em
21,793
2,231,934
16,520
3,571,242
626,213
Invest. & advs
7,097,709
831,461
6,953,940
162,868
150,000
adjustm'ts
3,192
3,183
7,798,534
•
Common stock..
15,105.601
241,845
possible
for
price
7,798.534
2,941,326
164,664
13,911,998
151,397
177,484
249,549
Min. int. in subs..
Real est., mach.
and
Res.
equipment.
Goodwill
Def. chgs. to oper.
914,109
z
3;597,837
Earned surplus
Net
.13,911,998 15,105,601
Total
32,815,295
43,983,081
1938
1939 and
29,200,199
1938
Lire
Liabilities—-
equipment-
.264,999,951 233,290,389
122,755,680 109,728,388
3,058,807
*133,811,465
.
Cash
Lire
Capital stock...300,000,000 200,000,000
23,000,000
Statutory res
37,000,000
machinery and
Inventories
1937
Lire
1937
Lire
Assets—
Land, buildings,
Extraord.
res...157,141,922 130,732,336
Premium reserve
19,553,142
shares
on
Securities and in¬
Contingent
-320,751,985 247,813.945
Notes receivable 12,796,547
9,683.380
bility reserve- 61,479,414
Res. for taxes.- 30,000,000
vestments...
rec.__286,381,30l 437,265,185
Accounts
doubtful debts and discounts of $137,773 in
After reserve for
x
35,429,022
97,209,864
Balance Sheet Dec. 31
Taken
Total
32,691,362
14,985,515
10,069,014
10,263,774
12,000,000
income.
28,852-
66,256
71,908
payable.c600,000 a2,300,000
Res. for insurance.
648,357
24,624
agents
Inventories
y
bl 11,084
-
123,098,118
36,379,561
18,220,587
12,392,524
11,290,151
44,964,245
32,097,265
Interest and allowance-. 12,105.782
Depreciation,17,542,965
Exc. charges for trials &
b90,928
Sundry accts. pay.
Notes
41,477,655
25,182,029
11,826,969
16,014,729
150,693,340 129,930,403
income.
SeU. & admin, expenses.
■
1,333,272
Fed. income tax..
pi. 6c
$
1,270,039
32,379
Acer. sals. & wages
Accrued taxes
Customers' acots.
x
:
$
Liabilities—
Accounts payable.
*
84,004,571
9.456,176
3,749,117
researches
1938
1939
1938
$
Assets—
Total
1935
1936
1937
108,867,251 103,456,464
16,518,213
15,549,685
9,598,359
4,544,940
4,091,969
Taxes
Consolidated Balance Sheet March 31
Cash in banks and
(All Figures in Italian Lire]
Calendar Years—
1938
Gross profits on sales...122,408,004
Div. & int. on securities. 18,686,976
Sundry income
dividends
110,339*
2754.
1,400
cap. assets.
on
Interest
Appeals has passed on the Securities and
Exchange Commission's petition for the appointment of an examiner before
appointing an appraiser, because, if an examiner is to be appointed, the
judge said, there would be no need for an appraiser.
The judge's decision was made on a petition of minority bondholders
which he heard earlier in the day and took under consideration without
requiring company counsel to offer any rebuttal arguments.—V. 148, p.
$40,025
2,558
Costs and expenses
Loss
3239
Chronicle
in
Res. against shs.
.....114,762,715 109,238,405
6,384,824
16,014,297
Res.
17,563,270
$120,047 in 1938.
y After reserve for depreciation of $6,892,758 in 1939
and $6,400,898 in a938.
z Represented by 441,354 no par shares,
a $1,~
700,000 current and $600,000 maturing $200,000 annually from 1939 to
1941.
b Includes interest,
c Includes $200,000 current.—V. 148, p. 2282.
losses
for
5,000,000
credits
on
Debtors for guar
41,477,439
30,000,000
'
rec_.__
secur¬
ities
lia¬
Depr
.
& renewal
plant acc't
on
Prov.
plant
.164,686,174 148,643,209
re¬
32,808,678
valuation acc't
Em pi.
Philadelphia Rapid Transit Co.—Merger
Approved,—
dissenting vote, the City Council of Philadelphia on May 18
reorganization plan for the company , calling for a merger of the
company with its underliers into a single $85,000,000 corporation to be
known as the Philadelphia Transportation Co.
Stockholders and bondholders of the P. R. T. and the lessor companies
must approve the plan before it can go to Federal Judge George A. Welsh
for final approval.
Mayor S. Davis Wilson issued a statement describing the plan as fair to
all concerned and hailing it is the "outstanding accomplishment" of his
administration.—V. 148, p. 2910.
'
•;
With
pension &
discharge fund 62,024,123
Debentures...
13,654,160
one
approved
Philadelphia & Reading Coal & Iron
Corp.—Earnings
Years
Consolidated Income Account for Calendar
Net sales....
1935
$28,344,799 $36,624,102 $41,386,116
.>
Costs, deprec., depletion
■
1936
1937
1938
.
$36,057,806
39,764,396
$2,973,908
690,243
$1,042,744prf$1621,720
Gross loss from oper..
$2,283,665
Sell., admin. & gen. exps.
1,810,889
$497,468prf$2245,549
2,410,079
2,408,887
8ecurlties__114,762,7l5 109,238,405
6,384,824
16,014,297
45,084,539 36,456,321
In
Credit for guar.
Surplus
x
Total......1,272,273,941 1156463,323
1,272,273,941 1156463,3231
Total
bankers —V. 148, p. 888.
Includes 132,004,902 cash at
Subs:)— Earnings
Pitney-Bowes Postage Meter Co. (&
1939
Earnings for 3 Months Ended March 31,
»
Grogs income, less discounts and returns
Cost of sales, gelling, service and administrative
$721,402
443,990
expenses
103,751
Provision for depreciation
44,930
,
36,643,980
$586,174
payable..252,863,327 301,246,535
Credit for taken-
Development and research expense:
-
56,509,634
15,412,800
.
Aco'ts
a
and
37,666,847
31,318,706
operating tax
Profit from
Gross loss from sales.
_
'
Other oper. income
607,293
623,820
545,276
prf$21,120
2,478,885
operations
Profit from British affiliate and miscellaneous income
provision for taxes
Profit before
Provision for Federal, State and
$128,731
10,413
,
$139,145
*
,
26,000
foreign taxes.
$113,145
$0.13
Net profits..
$163,337
$2,457,765
96,745
277,976
.132,578
294,782
$3,997,809
3,463,993
$2,629,572
4,314,108
$30,759
Cr425
1,012
3,877,707
,
507
$2,162,983
3,942,802
$7,461,377
$6;944,692
$3,908,974
.....
Gross loss
Income charges
Minority interest
$2,907,548.
$4,094,554
Loss from operations.
Other income
...
'
Net loss.
Cr4,995
$
$
Assess—
y
Property .accts..51 ,626,555 69,542,870
267,344
208,472
28,412
refunds.
1 ,395,623
500,000
980,732
Wages accrued
434,149
Accrd.int.&taxes. 8,883,078
Special deposits
Notes <fc accts. rec.
Accrued int. rec..-.
Coal
on
hand.....
Clum <fc slush bks.
1,395.623
1 ,978,440
353,188
.
655,625
2 ,972,085
15,510
3,673,605
17,384
1 816,376
3 ,380,000
2,474,022
(non-curr.).
Defd. debit items.
.
1,575,882
1,574,190
1,478,512
Work. comp. res..
78,729
Defd.
credit
to
75,000
surplus..
4,163
30,412
1,314,496
.
_
6,923,509surl4,520341
,
395,570
209,575
1 485,611
2,163.806
..66,181,231 83,104,546
Total
.66,181,231 83,104,546
Total.
no par shares,
y After depreciation, de¬
$i9,332,134 in 1938 and $32,782,350 in 1937."
x'Represented by 1,400,000
pletion and obsolescence cf
V. 148, p. 2754.
.
:
Philadelphia Suburban Water Co. -Earnings—
12 Monthk Ended
Gro&s
April 30—
$2,434,304
Net earnings.
income
■
tax
Retirement expenses (or
depreciation)
Balance available for dividends
148,
p.
defll9,392
Net after rents
'
1—
"
Gross from railway
Net from railway
Net after rents
—V.
148,
2911.*
p.
Reading
132,802
159,464
11,489
97,011
24,090
121,398
$1,679,002
676,359
25,851
107,624
239,671
-234,648
230,981
Coal
$1,694,792
676,425
$638,229
&
Iron
Refuses to Restrain Company from Suspending
Its Pottsville Shops—
$638,188
Co.—Judge
Operations at
a
"conspiracy" were reckless and without merit.
He did
specifically approve a tentative lease to the new company for five years
at a total rental of $43,000, explaining that the "fairness" of the lease was
for future consideration by the court.
8,145,728
' 1,370,531
5,897,066
974,186
1,179,381
.
1,412,423
■
,
.
Corp.—Certificates—*
Corp.—Delisting—
Pittsburgh United
and Exchange Commission
Special Master—
decided May 30 that the question whether
appraisers should be appointed to evaluate all the assets of the company
can be decided by Howard Benton Lewis, the court's special master in the
reorganization proceedings.
He said Mr. Lewis could appoint an appraiser
or appraisers if he felt a valuation of the assets or any part of them was
necessary to help him in determining whether the latest plan of reorganiza¬
tion is acceptable.
He suggested, however, that Mr. Lewis wait until the
announced May 18 that it had
granted the application of the New York Stock Exchange to strike from
listing and registration the common stock (par $25) and the convertible
7% cumulative preferred stock (par $100) of the corporation. The appli¬
cation stated that the Exchange's Committee on Stock List received notice
the the effect that the common stock is without value. The application also
stated that the
outstanding amount of preferred
stock available for trading
reduced as to make further dealings on the Exchange
granting the application becomes effective at the
trading session on May 26.—V. 147, p. 128. '
"
has been so
The order
Pittston
Sales.net-.
Cost of sales (exel,
for Calendar Year
1936
1937
1935
$26,002,565 $30,902,978 $30,651,600
$31,096,826
1938
of de-
■
25,548,692
4,369,921
26,744,940
185,273
206,754
$547,546prof$547,713
205,398
Drl60,940
$157,234
264,968
Dr-189,181
27,892
54,237
82,006
$90,220 loss$421,205
493,350
677,469
869,597
893,259
53,920
28,629
8,342
$646,408
713,033
986,927
41,152
18,891
prec., depl.
Sell., gen. & admin, exps
3,465,303
3,847,808
(other than Fed'l
income taxes)
Prov. for doubtful notes
1,066,683
1,215,799
receivable.
91,126
159,737
oper'ns.
Sundry income (net) — -
$252,929
268,215
Crl9,339
195,050
Dr96,601
55,596
Taxes
and accts.
Excess of par
cost
4,302,366
—
value over
of bonds
purch'd
Gross income
Interest
paid, net
Deprec.,
depl. & amort.
Federal taxes.
Federal surtax.
sales & demol'n
Prov. for
Prov. for
Loss on
inadvisable.
close of the
Co.—EarningsConsolidated Income Account
$560
701,280
1,084,062
43,735
28,122
4,755
30,943
97,337
$1,354,769
of
$2,033,659
$1,144,539
$1,925,854
property, &c
Portion of net income ap¬
plicable to min. com.
and pref. stockholders
172,515
222,299
114,111
215,549
$1,527,284
$2,255,958
$1,258,650
$2,141,404
U. S. District Judge Dickinson
3,707,552
def294,650
def7,004
M. Gibson in the U. S. District Court Pittsburgh granted
permission to issue certificates of indebtedness in the amount
Of this amount $43,500 would be used to meet company's
payroll obligation to its miners for the last half of March, the remainder
would be used for maintenance of the company's properties.
The court
stipulated that the certificates were not to bear more than 5% interest.,
—V. 148, p. 2911.
not
Judge Refers Question of Appraisers to
1936'
$1,635,065
358,157
406,343
Judge R.
and retired
E. Kalodner on May 20 refused the petition
of a small group of debenture holders for an injunction restraining the com¬
pany from suspending operations of its Pottsville machine and repair shops.
He also dismissed objections of the group to the company leasing the shops
to the Pottsville Castings & Machine Works, which was organized by the
Chamber of Commerce and a group of citizens.
He declared that the
charges made by the bondholders against the company that the closing of
was
-1937
$1,967,033
236,548
246,365
.
U. S. District Judge Harry
the shops
1938
of $68,500.
Profit on miscell
&
•
the trustees
2440.
Philadelphia
-
$930,479
def53;255
"
16,849
*
654,910
$612,968
"...
•
4,805,895
24,764
300,346
Pittsburgh Terminal Coal
$2,493,377
685,945
$1,637,139
676,000"
...
deductions
$2,513,539
666,983
130,181
Interest charges.—
Amortization and other
-V.
1937
1938
1939
•
revenues
Operation (including maintenance)-.
Taxes (not incl. Fed, income tax)
Federal
1939
$879,157
def210,097
April—
Net from railway..:
The Securities
2,289,1)42
652,512
,
'
,
772,705
Min. int:* in subs—
Other reserve
.
712,744
accts.
'
rec.
229,805
Deficit.
mat'ls & sup.,Ac
and
4,532,969
86,374
Miscell. liAbils.
Iron & st'l prods.,
Notes
53,650,867 53,652,866
Accounts payable.
209,797
comp.
fund, &c.
Cash
5,600,000
5,600,000
_r
,
Note pay. bank
Qounty & local tax
Employees'
Capital stock.
Funded debt
Invests, (atcost)..:
$
$
Liabilities—
x
.
Pittsburgh & Lake Erie RR.—Earnings—
From Jan..
1937
1938
1937
896,454 shares of capital stock..
' ■"./
■
"• : •
Gross from railway.
$6,100,791
Consolidated Balance Sheet Dec. 31
1938
Earnings per share on
-V.-148, p. 1655.
'
Consolidated deficit from
appropriated
ended Dec. 31, 1938.
operations, Dec. 31, 1937 (after
for the
Surplus, $732,543), $10,746,914: net loss
year
$1 527 284; total, $12,274,197; deduct—restoration
of surplus appropriated
3240 '
Financial
Chronicle
Title to certain premises and improvements thereon, leased by a whollyof an aggregate book amount of $135,069, was taken
provisions of lease on anthracite coal properties, 5732,543; excess
provision for doubtful accounts, prior years, $82,927; balance, $11,458,727;
on condemnation of properties by the City of New York, $205,814;
loss on employment contract, $145,750; organization expenses written of,
$217,847; rights under lease of anthracite coal properties written off, $1;
total, $12,028,140: portion of above adjustments applicable to minority
stockholders of subsidiaries, $74,856; balance $11,953,284 which has been
transferred to consolidated capital surplus account.
under
owned subsidiary,
loss
Consolidated Capital Surplus Account for
by the City of New York under condemnation pro¬
from the present status of the claims under the pro¬
ceedings that a loss of approximately $75,000 may be sustained upon settle¬
ment.
Pending settlement of the claims no adjustment has been made of
the book amount of the properties and no provision has been made for the
during the year 1935
ceedings.
It appears
PrIr^accorda nee
the Year Ended Dec. 31, 1938
capital surplus, Dec. 31,'1937, $5,856,758; deficit from
operations to Doc. 31, 1938, transferred from consolidated deficit account,
$11,953,284; goodwill written off (less, portion of goodwill applicable to
minority stockholders of subsidiaries of $19,016), $8,468»993; balance,
deficit, $14,565,519; surplus resulting from the reduction of the capital
represented by 1,075,100 shares of com. stock from $16,126,500 to $1,075,100, $15,051,400; amount of indebtedness of the Pittston Co. in excess of
the capital, $1,000,000, represented by 100,000 shares of class A stock
issued
in
payment
therefor, $4,912,994; consolidated capital surplus,
Dec. 31. 1938, $5,398,875.
•
the reductions in net assets of its subsidiaries from
thereof to Dec. 31, 1938, were charged against
capital surplus as shown on the consolidated deficit and capital surplus
its proportionate share of
the dates of acquisition
accounts.
.
y
•
Assets—
S
LiatAHtte8—r
$
874,365
32,500
765,85?
2,974,122
1,660,589
62,474
3,540,020
2,936,960
70,873
240,867
254,920
17. 8. Govt.securs.
a
1938
receivable.
r
Investments
Notes rec., cust'rs
(not current)
Sundry claims and
ac<ts. receivable
46,001
9,316
734,668
Accrued int. rec'le
Invest, on deposit.
b
63,709
18,539
buildings,
equipment, &c. 19,893,803 21,750,844
Leaseholds, net of
amortization—
83,920
1,382,949
2,417,397
273,082
rectors.—V.
Prov.for cl'ms pay.
212,132
burgh, and W. M. Griffith of Sinton, Texas,
148, p. 3080.
201,091
Portland Gas & Coke
Prov. for social se¬
Period End.
curity taxes
Federal, &c., taxes
79,293
49,532
Unearned Income.
9,000
39,271
30,314
117,500
137,500
Contract,
94,059
Amort,
108,516
217,847
8,487,999
exps.
Goodwill.
158
22,917
22,917
5,622
275,000
275,000
$58,067
Dr45
$65,202
Dr425
$752,125
Drl ,303
$750,765
Dr3,962
$64,777
40,604
4,379
Crl28
$750,822
487,250
$746,803
487,250
54,631
CV166
50,173
$12,946
$19,922
Dividends applicable to preferred stock for the
period, whether paid or unpaid..
$209,107
$210,010
Prop, retire,
177,663
733,863
704,187
739.886
153,651
Net oper. revenues...
claims
Other income (net)
Gross income.;.
181,445
(non-current)
Int. chgd. to
bonds
1,249,472
6,860,078
x
.
1,045,000
10-yr. 4% coll. tr.
bonds series B
5%
_
Balance, deficit
1,098,000
.
x
10-
non-oum.
yr. Income debs.
Common stock,.
Paid-in surplus...
6,730,288
1,000,000
1,075,100 16,126,500
5,398,875
6,856,758
Approp. surplus..
732,543
Deficit from oper.
10,746,913
Class A stock
d
26,768,709 39,351,015
Total...
The issuance
as
„
'
•
:
•
1938, of 5% non-cumulative 10-year un¬
(subordinated) in the amount of $4,000,000 and
.
pledged as collateral:.
Series A bonds: All of the
The
.
Theatre admissions
Film rentals and sales.
Rents & other income..
Total income
Artists
are non-
the extent earned and such stock is non-voting.
Following retirement of all income debentures the class A stock shall be
subject to redemption at $60 per share.Upon dissolution or
liquidation of
voluntary or involuntary, such stock as a class shall have a
of $60 per share before any distribution shall be made to the
stockholders.
Unless interest has been paid
currently in full (to
the extent of 5% per annum) on the income
debentures, the cla&s A stock is
Under the tprms of an agreement
holding the class A stock, so long as such corpora¬
tions or any of their successor or
continuing corporations shall own any
shares of class A stock, the
right of conversion will not be exercised by such
corporations.
The
following assets were pledged as collateral as at Dec. 31, 1938, to
payable of $999,160 to a bank:
Current assets: Cash in collateral account,
$55,857; notes and trade
acceptances receivable, $137,760; accounts
receivable, $402,176; inventories,
80,784 tons anthracite coal, at cost, $395,409; total,
$991,204.
(1)
Intercompany
trade acceptances and notes receivable
aggregating
$632,041, which, in the consolidation of the balance
sheet, were eliminated
against a corresponding amount of
intercompany trade acceptances and
notes
payable.
The proportion owned by The Pittston Co. of the
preferred and com¬
outstanding of six subsidiaries, consolidated in the balance
sheet, representing equities of $1,019,976 as at Dec.
31, 1938, in net assets
of the subsidiaries (exclusive of
goodwill).
stocks
is restricted to payments of awards under
the Pennsyl¬
Compensation Act.
vania Workmen's
The Pittston Co. has pledged
collateral to notes payable of $126,602
a part of the preferred stock
outstanding of a subsidiary, consolidated in the
balance sheet, representing equities of
$128,830 as at Dec. 31, 1938, in net
assets
10,923,101
17,548,852
3,896,028
8,945,358
"9,255,997
8,293,526
7,883,131
1,602,165
1,631,816
1,502.063
Operating income.... $1,579,527
Profits of foreign subsids, not consolidated.
511,258
$3,596,970
theatre
overhead._i..r
& amort, of leaseholds
,
Dividends
received
invest, in other
Interest earned
Trailer income
Rec.
as
of the
subsidiary (exclusive of goodwill).
No allowance has been made in the balance
sheet for depreciation of ap¬
proximately $432,000 accumulated prior to Dec. 31, 1937, on
buildings of a
subsidiary corporation.
Approximately $160,000 of that amount is charge¬
able against the equity of
minority stockholders of the subsidiary.
Cumulated unpaid dividends oh preference
stpeks of certain subsidiaries,
owned by minority stockholders at Dec.
31, 1938, amounted to $2,379,926,
of which $1,345,285 has been included in the
equity of minority stockholders
in the balance sheet.
on
notes
receivable
&
$5,106,931'.
1,594,044
$3,630,088
146,036
196,724
52,525
288,060
49,348
119,201
'147,748
84,480
55,815
57,170
on
232,277"'
cos...
36.657
94,166
junk film &disct.
Forfeited deposits
47,951
34,790
55,356
118,489
33,432.
18,667
27.623
74,663
48,904
-
49,165
32,127
accts.
written
off
in prior years.
9,923
35,409
Sundry other income...
94,366
100,075
86,098
153,191
Total income
Interest and discount...
$2,640,915
2,008,405
$4,387,199
2,061,624
$5,862,537
2,052,989
$4,114,562
2,199,261
30,353
9,985
23,165
30,975
Loss
(3)
Cash of $3,871
4,069,817
19,184,640
and
Sale of
notes
mon
11,021,072
4,206,444
expenses
'
Deprec. of capital assets
on
each share of class A stock.
stock have been authorized and reserved.
with corporations now
12,857,475
27,029,047
4,261,847
12,759,018
21,470,788
Operating
common
the basis of 11 shares of common stock for
For this purpose 1,100,000 shares of common
other
Film selling & gen. exp__
the company,
full preference
1938
:
1937
1936
'
19^5
$22,951,936 $23,640,464 $21,081,k466 $19,415,689
30,467.583
26,307,400
25,340,297
23,450,818,
2,855,898
2,973,169
2,756,287
2,608,737
...$56,275,419 $52,921,033 $49,178,050 $45,475,244
salaries,
salaries & film service.
Cost of film sales&serv_
to
stock
was
Consolidated Income Account for Calendar Years
months or less, dependent on the date of
redemption.
The class A stock is entitled to a
preference over the common stock to the
extent of $3 per share per annum as to
common
,
Radio-Keith-Orpheum Corp.—Earnings—*-
The collateral trust bonds are subject to
redemption, in whole or in part
on 30 days' notice at the
principal amount, plus accrued interest to the date
of redemption.
The income debentures are subject to redemption, in whole
or in part on 30 days' notice at the
principal amount, plus interest for 15
convertible into
.
have declared a dividend of 20 cents per share on the
stock, par $10, payable June 15 to holders of record May 31. Like
paid on Dec. 23, last, and compares with 30 cents paid on
Dec. 23., 1937; 20 cents paid on Sept. 15 and on June
15,1937; 50 cepts paid
on Dec.
15, 1936; 20 cents paid on Sept. 15 and June 15, 1936, and on
Aug. 15, 1935», tjiis latter being the first payment made since Aug. 1, 1931,
when 10 cents per share was distributed:
prior to this latter date dividends
of 20 cents per share were distributed each three months.—V.
147, p. 3773
lien and charge thereon of the series A bonds.
The income debentures are subordinated as to both
principal and interest
to the collateral trust bonds, series B.
except
.
.
directors
amount
(b) Series B bonds: The portion owned by the Pittston Co. of the out¬
standing preferred and common stocks of a subsidiary, consolidated in the
balance sheet, representing equities of
$8,052,553 as at Dec. 31, 1938, in
the consolidated net assets of the subsidiary
(exclusive of goodwill), subject
to prior liens against equities of $1,062,453.
The shares of stock and notes
described under series A bonds above, but
subject in all respects to the prior
cumulative
/
common
subsidiary (exclusive of goodwill);
subsidiary company, which have been
dividends; such dividends
.
Pyrene Mfg. Co.—20-Cent Dividend—
(a)
common stock outstanding of a
subsidiary,
consolidated in the above balance sheet,
representing equities of $717,061
as at Dec. 31, 1938, in net assets of the
a
'
following
assets are
receivable of $620,000 from
•
Grover M. Moscowitz May 19 confirmed the amended
plan of reorganization for the compary, and signed the formal confirmation
order May 26.
William R. Palmer, attorney for the Reconstruction Finance
Corp. proponents of the plan said more than 16,500 creditors holding
claims exceeding $97,400,000 had approved the plan which was first
proposed
April 12, 1938.
This figure, represents more than 70% of the guaranteed
claims and 98% of the miscellaneous claims.
The plan creates Prudence Realization Corp. which will administer the
estate of the Prudence Co. and will distribute the remaining assets, estimated
at about $14,000,000 pro-rata to creditors.
The Prudence Co. went into
reorganization under section 77-B of the Bankruptcy Act on Feb. 1, 1935.
—V. 148, p. 2283.
v
'
of Nov. 1,
eliminated in the consolidated balance sheet.
'
k
;
Federal Judge
100,000 shares class A stock (no par) in full payment of debenture bonds
(then outstanding), notes payable and other obligations
aggregating $9,012 994*
notes
amounted to
Prudence Co., Inc.—Court Confirms Amended Plan—.
...
Under the indenture in respect of the collateral trust bonds
the
1939,
after the effective date of the registration statement filed, which effective
date shall be not later than Aug. 1,1939."—V. 148, p. 2283.
26,768,709 39,351,01.5
$2,143,000.
(2)
unpaid to1 April 30,
not having been made effective, the time for payments of the
underwriting of 40,000 shares at $10 a share by A. W. Porter Inc. of New
York under agreement Dec. 1, 1938 has been extended to "within 15 days
series A and B in amounts of $1,045,000 and
$1,098,000, respectively, in
full payment of notes payable and accrued interest of
secured income debentures
and
$220,157
Pressed Metals of America, Inc.—Registration—:
Represented by 1,075,100 no par shares,
par shares.
Notes—Effect has been given in the balance sheet as of Dec.
31, 1938,
to the following transactions, approved
by the stockholders at a meeting
held Dec. 12, 1938, which were consummated
subsequent to Dec. 31, 1938:
(1) the issuance of Nov. 1, 1938, of 10-year 4% collateral trust bonds,
.
accumulated
430,167
$221,060
The registration statement filed with the Securities and Exchange Com
and $807,346 in
$7,793,282 in 1937.
d Represented by 100,000 no
c
\
430,167
1.
mission
After reserve for uncollectibles of $667,262 in 1938
b After depreciation of $7,173,488 in 1938 and
1937.
Dividends
C'r630
$2,189,550. Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6%. preferred stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—V, 148, p. 2755.
4,000,000
Equity of minority
stkhldrs. in sub. 6,804,031
c
•
Net income..
10-yr. 4% coll. tr.
bonds series A__
construct'n
"
$58,022
40,604
4,472
Int. on mtge. bonds
Other int. & deductions-
due
notes
1st mtge. and deb.
a
,
226,578
for
Equip,
Total
res. approp.
798,515
Real estate mtges.
1939—12 Mos —1938
$3,446,916
$3,405,645
2,414,169
2,-379,880
limited-term
of
investments
(not curr.).
Accrued liab. (not
current)
pay.
391,147
elected additional di¬
Co,—Earnings—
1939—Month—1938
$287,065
$299,217
205,923
211,098
April 30—
Operating revenues....,
Oper. exps., incl. taxes..
obliga's
(not current)
current)
166,083
were
20,000
Prov.
and
deferred charges
Organization
Plymouth Oil Co.—Directorate Increased—
Notes payable (not
properties.
Aug.
At the annual meeting held May 16 stockholders authorized an increase
in the board of directors to 11 members from nine.
A. R. Budd of Pitts¬
20,000
of anthra'te coal
exps,
1,585,992
taxes,
royalties.
Contract liabilities
85,080
Rights under lease
Prepaid
3,242,019
1.36U872
of
299,581
&C-;
Accrued rental and
734,721
Land,
2,217,500
205,855
18,086
Accounts payable.
Acer, wages,
$
1,051,661
Equip, notes
Others
Notes and accts.
Inventories.----.
1937
$
Notes pay.—B'ks.
32,500
*
1, 1938, the Pittston Co. discontinued operations of the
properties and the lease pertaining thereto was canceled.
Fixed assets applicable to operations of such properties were sold.
As of Feb. 1, 1939, certain coal yards and other fixed assets of the retail
coal subsidiaries which operated in the New York Metropolitan District
were leased to an unaffiliated company and operation was discontinued of
yards not le^ed thereto.
The fixed assets, less allowance for depreciation,
of the retail coal companies in the New York Metropolitan District are in¬
cluded in the balance sheet at $3,865,836 of which $1,542,752 pertains to the
coal yards and other fixed assets which have been leased and $2,323,084
pertains to fixed assets now idle.—V. 148, p. 593.
As
anthracite coal
Consolidated Balance Sheet Dec. 31
1937
with resolutions of the board of directors adopted Jan. 11,
1939, the deficit from operations of the Pittston Co. to Dec. 31, 1938, and
Consolidated
1938
May 27, 1939
on
sale
of
invest¬
ment & capital assets.
Invest, in the Spanish
sub. written down
Scenarios
&
97,163
continuities
written off.
Amt. applic. to minority
int. in subsid. co
48,114
Dr531
Prov.for losses of affil.cos
Part, of officers & empl.
26,643
in profits of subs
Receiver's & trustee's ad¬
31,580
63,070
100,745
47,782
71,165
339,984
389,657
ministrative expenses.
177,246
Prov. for income taxes..
Surtax on undist. profits
282,006
97,729
275,415
152,028
474,205
66,575
45,989
61,458
243,608
299,900
$2,485,911
$684,733
Sundry other charges._.
Settlement of lease oblig.
Netprofit
12,725
5,809
49,874
.
:
$18,604
'
$1,821,166
>
51,212
65,826
Volume
Financial
146
Chronicle
1938
Assets—
$
5,282,613
Notes & accts.
169,873
637,421
rec.
929,303
Accts.
Accts. receiv. Irom
31,167
1,406
*
side
12,329
1,505
out¬
producers.
&
Accts.
551,768
428,192
9,094,637 10,763,969
_
tinuities
&
Remittances
crude oil
13,191
36,050
1,087,355
401,218
5,998,468
6,496,153
5,922,292
within
one
notes
3,260,5761 2,513,651
cos...
Other inv. and de¬
350,320
383,603
payable.-
.
y
to
33,406,036 33,975,530
Funded debt
-
lowed
to
_
Reserves
5,702,884
147,807
60,533
12,703,592 12,812,984
6.087,427
(unsecured)
...
32,152
49,195
95,395
19,133
33,399
17,509
70,783
3,000
18,862
4,000.
27,031
$114,423
$45,593
.
/82,666
163,538
70,860
Net income allocated
z
Earnings for Quarter Ended March 31, 1939
Operating revenue
Operating and general
orders
Deferred income..
064,634
186,325
__v.
z$160,708
$295,150
Includes general and administrative expenses,
pursuant
court
04,104
07,406
minority interests, $49,866, and Republic Petroleum Corp., $110,842.
General claims al¬
posits and assets
458,157
464,065
Deferred charges.
1,105,788
1,492,093
y Deficit...
24,432,096 23,965,747
55,939
I 71,934
Drl.941
Net profit...
Deferred accts. and
to
See y
052,219
247,011
_
391,735
586,646
year.
Deposits
$484,345
150,227
CY4,720
253,350
Prov. for Fed. inc. & cap.
450,914
692,048
1935
189,370
J
stock taxes, &c
Other income deduction.
Fed. sur'. on updist. prof.
due
1936
$620,616
y350,692
See y
1
Abandonments
5,444,663
Earnings-
1937
$978,119
inventory
Miscell. income (net)
Depreciation
Depletion
from
instalments
5,850.268
con..
adv.
affiliated
18,359
14,462
foreign subs
leased property.
Other
leaseholds,
in
pay.toaffil.
250,227
761,504 Accrued taxes, int.
and expenses
.21,502.054 20,915,087
6,201,241
14,878,369 Serial bds. & mtge.
goodwill A.
1938
$876,083
y382,059
Production cost, &c
Admin. & gen. expense.
Increase or decrease in
270,212
payable to
officers & empl.
Bidgs. & equip*t._14,365,128
Impts. <fc equip, on
Inv.
to
and sub. cos
con¬
Land owned
Calendar Years—
Net realiz. from
produc'n
Accts.
Inventories
Scenarios
Republic Petroleum Co. (& Subs.)-
3,414,004
166,441
2,027,737
_
officers & empl's
interest
to
payable
for. sub. cos
Accrued
Advances
$
$
Liabilities—
Notes pay. & deb.
3,110,783
Notespay. to bank
125,000
168,365 Accounts payable- 1,632,044
3ubscrip. to debs.
and stock
1937
1938
1937
$
7,652,742
Cash
3241
about $525,000 after immediate
payment by the corporation
under $500 and
amounting to $170,000.—V. 148, p. 3082.
Consolidated Balance Sheet Dec. 31
•
$141,435
54,703
expenses....
.
Profit.:
4,263,415
4,264,217
Common stock. .25,057,581 25,057,581
$86,731
Profit from subsidiaries.
x
Keith-Albee-Or ph.
•
27,475
Corp, stock
x
Total.........95,361,776 94,995,239
Total profit.....
Other expense, net of other income...
Provision for depletion and depreciation
Taxes
95,361,776 94,995,239
Total—
Represented by 2,57.7,554 shares of no par value,
y Includes capital
deficit of $10,775,820 ($10,430,575 in 1937) and operating deficit of $13-,
656,277 ($13,535,172 in 1937).
:
x
x
,
as
Net
rev:
—
from ry. oper.
Railway oper. income.
Equip. rents (net)
Joint facility rents (net)
$814,860
308,522
$4,693,199
1,326,180
$506,338
Drl3,959
Cr4,813
$3,367,019
Drl44,020
Drl0,119
$653,622
$497,192
$3,212,880
Accts,
148,
•
convertible
preferred
Mat'l"& supplies..
Notes receivable..
$67,024
e
24,238
A ccts. pay.
12,410
143,268
a98,598
$40,271
49,833
5,372
(trade)
a
City and county
taxes payable...
2,351
22,562
40,603
Accrued expenses.
See
54,449
See
a
a
Notes pay. (non-cur.) 125,000
5)4%
Advs. recov'le only
out of oil if and
conv.
cum
pref. (par $50)..
cCap.stk.(par$i)
when produced.
b Fixed assets....
282,500
Deferred Income..
9,611
7,505
Investments
1937
$37,728
300,000
53,833
Pur. contr. pay.
86,803
.
27,717
special account.
1938
Notes pay. (trade)
Notes pay , (banks)
(Dec.
116,318
2,090
20,378
15,637
31
Liabilities—
1937
$16,691
rec.
production)....
18,058
Min. cap. & surp.
19,790
412,255
2,059,304
422,026
2,298,216
d
Capital surplus
Earned surplus
Pref. & com. shs.
.
605,150
326*667
582,500
326,667
208,137
191,666
817,784
288,071
822,396
367,220
owned by sub..
Cr88,129
Total
Cr26,171
Dr62,715
Total....
,....$2,944,638 $2,716,3491
$2,944,638 $2,716,349
Dr44,012
a
Includes accrued items,
b After allowance for depreciation and de¬
pletion and for loss on future abandonments,
c
Authorized, 500,000
shares-issued and outstanding, 326,667.2 shares.
d Includes $8,321 ($3,709
2602.
p.
1938
Accts. rec. (misc.)
Oil inventory.....
$2,078,443
_
not previously taken into
cumulative
$1,964,143
-
Net ry. oper. income.
—V.
5H%
on
Balance Sheet Dec.
Assets—
$3,052,079
1,087,936
$679,255
Dr24,717
Dr916
1 $42,361
y$o. 11
After dividends
Deferred charges..
Cash on deposit in
$1,017,271
»
338,016
Railway tax accruals...
y
Cash...
' 1939—Month—1938
1939—4 Mos.—1938
$4,188,867
$3,835,938 $17,515,641 $15,414,754
3,171,596
3,021,078
12,822,442
12,362,675
oper. revenuest
oper. exps—
9,087
-
stock series A.
Reading Co.—Earnings—
Period End. Apr. 30—
-
1.
..
Increased $5,840 by inclusion of oil inventories
account,
Assistant Secretary of
Commerce was announced on May 16 by President Roosevelt, will accept
the post of Chairman of the Board of this
company.
Mr. Patterson will
leave his Commerce post July 15.
Federal Judge William Bondy on May 16 indicated he would approve the
selection of Richard C, Patterson Jr., as a member of the Board and Chair¬
man of the reorganized
corporation, in place of Floyd B. Odium, President
of Atlas Corp.
Judge Bondy also indicated that he would approve nomination of N.
•Peter Rathvon, previously approved as a director, as Chairman of the
R-K-O Executive Committee.—V. 148, p. 2755.
"
Railway
Railway
7,789
54,970
-
-
Earnings per share
.
New Chairman—
Richard C. Patterson Jr., whose resignation
,i
....
„
_
Net profit..
$114,207
.
........
in
Richmond Fredericksburg & Potomac RR.
April—
Gross from railway
Net from railway......
Net
1—
;
1938
$730,359
158,071
38,649
V. 147, p. 3773.
1936
3,328,689
1,044,390
527,727
.
1937) arising from purchase and retirement of preferred shares,
e $40,000
($18,000 in 1937) current arid $13,833 ($31,833 in 1937) not current.—
-Earnings
1937
$804,412
255,774
135,681
2,923,083
609,938
162,488
1939
$811,076
209,933
73,130
after rents
From Jan.
"
$641,343
Reynolds Spring Co.—Earnings—
126,185
26,229
Quar. End, Mar. 31—
Gross from railway.....
Net from railway
3,178,396
879,063
339,942
Net after rents
—V. 148, p. 2912.
1939
Cost of sales.
,2,642,797
540,112
179,121
1,456,480
$1,357,255
1,072,061
$204,424
x88,529
32,110
12,085
$51,622
y81,811
27,868
11,720
$196,249
y97,934
23,241
2,466
9,731
$285,194
102,541
20,748
1,645
21,173
$62,876
290,000
$0.21
$139,086
145,000
$0.96
Gross profit.
Sell., adm. & gen. exjfs.
Depreciation. *
Interest
(& Subs.)—Earnings—
Prov. for Fed. inc. taxes
Consolidated Income Account for Calendar Years
1938
Sales
(net)____________
Sell., gen. &adm.exps._
$1,521,419
•>__
Other income.
68,273
Interest received (net)..
Depreciation
...
Total amortization i
:.
Prov. for for. inc. taxes.
_
.
.
y87,598
$1,365,548
202,391
121,164
23",038
Previous deficit
Excess of
_
$321,053
79,564
28,602
$734,318
$212,887
353,313
228,092
...
$2,228,806
6,244,917
$1,982,292
4.262,624
for deps. in1
closed banks ....
„
from the inventories at
$8,473,723
$6,244,917
$4,235,371
27,254
Due from bond.co.
$8,473,723
$6,244,917
$4,262,624
$3,351,882
26,103
$3,377,985
Extraordinary charges for moving expenses and obsolescence for tools,
dies and manufacturing materials,
y Includes interest received (net) of
$21,022; profit on sale of securities (net) of $3,914 and excess reserves
provided in prior years of $62,662.
J
x
Consolidated Balance Sheet Dec. SI
1938
Assets—•
Cash
on
hand and
in
banks.;
Net receivables...
Claims upon closed
&e.—_
Accts. receivable..
Sundry note
Marketable
in
$292,352
$693,880
290,634
25,253
consolidated
on
16,290
2,197,388
5,233
Inventories
19,982
3,975,712
cellaneous acc'ts
Total fixed assets
1937
$421,741
650,000
Taxes
209,046
3,008,489
134,137
3,471
44,128
20,446
106,326
158,329
46,368
Custs. credit bals.
Accrued pay roll..
for
commit. & misc.
Deposits
payable-
Deferred income..
Inc. tax for. sub..
Deficit
62,056
36,539
352,137
24,396
17,475
13,997
376,454
10,000,000 10,000,000
8,473,723
4,887,715
6,244,917
4,871,815
Treasury stock_.Drl,000,OOODrl ,000000
Capital surplus
$6,631,221 $9,332,018
Total
$6,631,221 $9,332,018
After depreciation of $6,093,657 in 1938 and $5,976,055 in 1937.
Amended Plan Filed—
An amended plan for reorganization of the company was filed in U. Si
District Court at Detroit May 24 providing means for
handling creditors'
claims.
6,742
Inventories.-----
439,155
»
538",725
Patents,
This plan has been agreed toin general by the trustee, the
manage¬
&c.
1 axes
payable^-..
Unclaimed divs.
Res've for conting.
Res, for workm's'
.
10,624
6,260
2,396,567
150,000
2,449,950
Cash dep. as guar,
of pay. of judg't
304.000
300,000
73,117
22,594
taxes.___.
corne
Cash surrender val.
.
400,500
474,955
100,000
500,000
70,052
«400,000
782,830
Prov. for Fed. inc-
7,988
compensation
40.841
.
29,130
718
164
7,321
80,785
5,000
5,000
-
__
goodwill
& development-
1
1
Deferred charges..
74,764
114,'958
-..$3,588,768 f3,661,7671
Total..
Total.
.......$3,588,768 $3,661,767
Represented by 290,000 shares par $1.~—V, 148,
Richfield Oil Corp. (& Subs.)-
P.
1819.
-Earnings—
Year End.
Period—•
Sales, excl. State & Federal gasoline & oil taxes...
Other operating revenue
.
Total
$40,675,735 $35,002,493
23,169,470 21,017,630
-
Cost of sales and services
-
Non-oper. income, less
8,867,436
5,167,631
300,782
$2/476,982
$1,827,267
—
—
Interest on debentures
less disc, on debs, reacq'd
Provision for Federal income taxes
—-
87,771
23,874
$2,664,753
charges
Amort, of deb. discount,
Other inter est
8,330,508
3,526,306
894,216
~
Total profit
Mar. 13*37
Dec. 31 '38 to Dec.31 '37
.$39,242,273 $33,622,142
1,333,462
1,380,350
Selling, general and administative expense
Depreciation, depletion and amortization
Dry hole losses and abandonments
Profit.
x
293,392
Bank notes pay
Other note pay—
Accr'U wages,
Loan rec.—officers
x
conting.,
Capital stock
Total
Notes & accts. pay
'5,743
1938
1939
Mortgage payable.
&
of life insurance
31
Com.stk.&surpl-$l ,674,941 $1,978,588
Real est. mtge. of
Res.
239,953
2,740,286
127,117
demand
Accrued items.
foreign sub
Land contr. & mis¬
Deferred charges..
$498,683
89,802
x
.974,884 Bank loan payable
not
Crd'rs debit bal._
x
1938
Accounts payable.
Notes payable
734,945
securs.
subs,
rec.
March
Liabilities—
$101,739
2,001
498,854
interest
Fixed assets
Liabilities
277,657
banks
Inv,
1937
Sheet
1938
$124,658
28,413.
Advs. to salesmen,
accrued
Total earned deficit..
1939
Cash.
541,739
corp..
March 31, 1938:
Balance
Assets—
$219,860
3,132,022
,
foreign
290,000
Nil
.
y
x604,832
$1,399,125
3,377,985
290,000
$0.24
share
come
res.
Inc. taxes
per
x Includes
$12,707 for idle plant expense/and other expenses (net),
Includes $6,191 ($2,742 in 1937) for idle plant expense/ less other in¬
(net),
z Balance.of excess costs incrrired in connection with start¬
ing production for 1938 models, &c. not absorbed In regular costs of sales
to March 3"1, 1938.
Prior practice has been to write "off such excess costs
over regular production, but due to subnormal conditions now prevailing
in the industry the management felt it advisable to eliminate all such items
pf .$635,636
409,220
446,275
516,665'
$?1,700 loss$109.777
Earnings
pf.$524,026
71,709
•
39,901
269,343
253,572
27,196
697,864
z40,600
Net profit..........
Shs. capital stk. ($1 par)
1935
$828,210
106,789
Drl2,897
"
Other charges....__
Net loss...
Inventory adjustment.!
1936
$7,747,147 $13,069,351 $13,171,225 $16,135,552
7,343,649
11,788,882
11,202,178
13,312,492
1,924,917
"2,108,679
2,290,100
2,299,034
Cost of sales......
Operating loss
1937
1936
$868,813
817,191
$1,652,729
1,128.501
...
.
Reo Motor Car Co.
1937
1938
Sales...$1,332,925
?
$1,851,140
234,773
80,023
357,217
61,422
3,159
100,000
43,348
x86,540
ment and
principal creditors and will come up for formal hearing June 8.
It is believed that its acceptance by the court will lead to quick dissolution
of the current reorganization proceedings and return of the
company to
Net profit
Dividends
-----
-
paid...:.——
1
—
-i
—- —
$2,042,955
2,002,341
$1,406,456
,996,660
$40,615
$409,796
control of stockholders.
The plan provides for segregation of certain assets valued at
approximately
$1,250,000 to be applied against creditors' claims which may amount to
Earned surplus at Dec.31_-_
x
Includes $806 surtax on
—
undistributed profits of subsidiaries.
Financial
3242
1938
5
and notes
2,962,456
3,220,410
receivable
Crude oil & refined
!...15,34l ,423 12,351,380
961,953 1,088,231
389,658
440,246
x Capital assets
54,631,115 50,099,631
Deferred charges.. 2,050,243
1,961,976
products
Mat'ls & supplies.
Misc. lnv. & adv.
a
%
$
Liabilities—
..12,532,639 18,230,616
zAccts.
1937
1938
1937
$
Assets—
Cash
2 ,329,383
Accrued taxes
X ,618,702
Other accr. liab—
292,403
Accounts
Chronicle
payable.
9 ,514,304
251,365
Long-term debt
Res. lor contlng..
3,014,274
1,526,588
269,654
7,191,699
285,276
y Capital stock
74 ,670,874 74,437,250
409,796
Earned surplus—
450,410
stock
common
or
stocks.
quarterly dividend of $1.25 per share was paid on 5% non
stock on Dec. 31, last and a dividend of 25 cents was
the common shares on Dec. 10, last.—V. 148, p. 2603 , 2442;
Regular
cumulative preferred
paid on
V. 147, P. 3169.
to payment
of
dividend of $1.25 per share was
Roan
*
Directors have declared a dividend of 40 cents per share on the American
shares, payable June 7 to holders of record June 2. Dividend of 36 cents per
American share was paid on June 7, 1938/—V. 148, p. 2756.
\
Corp.—Initial Dividend—
share on the
stock, payable July 1 to holders of record June 10.
the company up to the present time
$
Directors on May 23 declared a dividend of 30 cents per share on the
capital stock of the corporation, payable June 30. to holders of record on
June 15, it was announced by Herbert Abraham. President.
Under a change of policy adopted at their December meeting, the Ruberoid
directors consider dividend action semi-annually, at their,May and Novem¬
The dividend now declared was equiva¬
lent to the annual rate of 60 cents per share previously maintained.
.
Samuel D. Van Vleet. Comptroller of the company, was elected to the
additional position of Secretary of the corporation.
Mr. Van Vleet who
has been connected with the company for 28 years
succeeds as Secretary
to the late Miss Estelle M. Johnson, who died recently after a continuous
association of more than 50 years with the Ruberoid organization.—V.
Savannah Gas Co.—Earnings—
•
$244,983
dof22,979
def52,267
$308,626
36,623
20,705
$300,032
1,051,810
3,208
909,809
defl73,206
1.172,134
Net operating income
Non-operating income
def81,896
railway
From Jan.
Gross from
$504,337
302,676
$220,995
$201,662
.
4,400
8,546
$225,395
43,841
40,196
$210,208
44,669
40,734
;—,-
$141,358
28,283
$124,805
28,283
l-
$113,075
&-•-
119,000
*<7:
.Gross income
Interest deductions
— -_
—
Other deductions.
Net income
:
def291,579
.•«.»
38,794
26,265
1—
railway..---
Net from railway
Net after rents
-
Preferred dividends-—
Remainder of net income—>.
Common dividends
.—
—
...
72,400
7,979
$96,521
•
70,000
Earnings for the 12 Months Ended March 31
.
"
'
.
.
1939
'
"•
1938
$518,975
Operating expenses.
$516,881
281,350
operating income
Non-operating income
$235,531
12,797
$213,878
8,576
$248,328.
43,552
42,443
$222,454
44,507
41,9o4
$162,333
28,283
$135,993
28,283
$134,049
$107,710
Gross operating revenues..:—«.
Net
...
.
:
:.
Other deductions
1,042,347
def.32,587
def79,155
$274,345
11,446
def5,179
Gross from railway
Net after rents—
1937
$512,422
291,427
Interest deductions—
1936
1937
1938
1939
*
.
-
Gross income.l
RR.—Earnings—
April—
$
1938
Calendar Years—
instead of quarterly.
Rutland
Net from
wi
in
$
$
27,975,462 140,974,782 137,526,811
2,999
3,252
Co .—Dividend—New Officer—-
Ruberoid
2603.
1939—20 Weeks—1938
1939—4 Weeks—1938
29,808,845
Operating revenues^--.-:——
Operating expenses
have now
the inauguration of dividend payments, continuation of such
payments is naturally dependent entirely upon conditions as they may
exist in subsequent periods, it was stated.—V. 148, p. 595.
P.
$741,129
,
Period End. May 13—
justified
148,
$152,071
Inc*-—Sales—
Sales
First National Exchange Bank, Roanoke, Va.
While accomplishments of
ber meetings,
21,054
$35,571
2603.
Safeway Stores,
redemption on July 1 at 102.4 and accrued interest.
Directors have declared an initial dividend of 10 cents per
common
29,006
$25,730
operation—
—V. 148, P. 2604.
^
Rome Cable
—V. 148, p.
$720,074
$32,001
3,570
$123,065
6,435
5% gold bonds series A
All of the outstanding first mortgage 25-year
Payment will be made at the
—V. 147, P. 583. '
14,740
$19,294
Deficit before int., &c
Stores
Called—
Roanoke Water Works Co.—Bonds
deficit
Deficit
"
Antelope Copper Mines, Ltd.—Dividend—
have been called for
$3,521,076
3,203,592
34,035
Otherincome-----
meeting failed to take any action with regard
dividend of the 5% preferred stock
A regular quarterly
last paid on Dec. 30,1938.^-V. 148, p. 2913.
a
Net ry. oper.
1939—4 Mos.—1938
$3,521,075 $14,064,459 $13,775,369
3,203,592 12,827,514 13,079,439
52,803
175,240
782,752
-20,802
52,175
62,678
1939—Month—1938
April 30—
Operating revenues
Operating expenses
Other deductions
Mfg. Co., Inc.—No Preferred Dividend—
Ritter Dental
Directors at their recent
Francisco Ry.—Earnings of System—
St. Louis-San
Period End.
Total
89,127.442 87,134,537
x After reserve for depreciation and depletion of $8,614,876 in 1938 and
$3,517,084 in 1937.
y Represented by 4,006,609 (3,986,637 in 1937) no
par shares,
z After reserve of $204,436 in 1938 and $435,010 in 1937.
a After reserve of $49,481 in 1938 and $48,270 in 1937.—V. 148, p. 2756.
....89,127.442 87,134,537
Total
May 27. 1939
capitalization was thus reduced from $2,500,000 to $1,000,000
par value, and the $1,500,000 capital surplus so created was applied as part
of the reduction of the book value of company's fixed assets.
Company informs us that at the regular annual meeting held April 13 no
action was taken with regard to payment of a dividend on either preferred
common
Consolidated Balance Sheet lJec. 31
1*-"
Net income
'
:
—
Preferred dividends
Net income after preferred dividends.
Balance
305,098
Sheet, March 31,1939
Assets—Property plant & equipment, $3,132,542; investments in capital
of affiliated company, $3,860; cash, $28,469; accounts receivable
—V. 148, p. 2913.
stock
Gas Co .—Earnings—
St. Augustine
Calendar
1938
——
_
:
Net operating income.
Non-operating income.
$82,238
54,618
28,769
'_
1937
$81,495
52,725
Years—
Operating revenues
Operating expenses —
$27,620
375
Provision for retirements and replacements
Interest to American Gas & Power Co on notes pay
Net income—...
Preferred dividends.
Remainder of net income
-
Common dividends
_.
—
4,052
5,553
4,050
5,520
$18,187
4,552
$14,745
10,000
Interest deductions
665
$19,089
4,344
t
$28,422
,450
Gross income
802
$29,144
_ .
(net), $109,166; merchandise, materials and supplies, $48,009; insurance
deposits, $1,659; prepaid expenses, $7,788; unamortized debt discount &
expense, $43,192; other deferred charges, $i04; total, $3,374,790.
Liabilities—Long-term debt, $888,000; consumers' meter and extension
deposits, $12,672; accounts payable, $36,307; accrued interest on long-term
debt, $6,191; accrued interest on other debt, $682; accrued taxes, $10,819;
accrued dividends on preferred stock, $2,357; other current liabilities,
$13,635
10,000
1938
x
$80,977
51,531
$84,344
55,582
$28,761
income
Gross income
J-
;
$30,582
5,920
4,060
$29,547
.6,123
4,181
J
Interest deductions
Provision for retirements and replacements
....
_
$20,602
4,344
;N et income
Dividends on
preferred stock.
Net Income after
785
'
$19,243
4,448
preferred dividends
$16,258
$14,795
Assets—Property, plant, and equipment, $493,129; investment in capital
$350; cash, $8,725; accounts receivable (net),
$17,251; merchandise, materials and supplies $9,948; insurance deposits,
$305; prepaid expense, $22,063; other deferred charges ,$511; total, $532,282.
Liabilities—Notes payable to affiliate company,- $92,460; consumers'
meter and extension deposits, $5,156; accounts payable, $3,692; accrued
interest, $1,837; accrued taxes, $3,895; accrued dividends on preferred
stock, $1,086; other current liabilities, $108; reserves, $53,235; 8% cum.
pref. stock, $54,300; common stock (outstanding 2,500 shares), $250,000;
earned surplus, $66,512; total, $532,282.—V. 147, p. 2875.
stock of affiliate company,
St. Louis Public Service
Co.—Reorganization—
Charles B. Davis entered an order approving
plan of reorganization proposed by the reorganization committee of the
company, and set June 28, 1939 as final date for creditors and stockholders
to show cause why the Court should not confirm the plan of reorganization.
The plan calls for holders of each $1,000 City & Suburban Public Service
5s due 1934 to receive in exchange $85.67 cash—$350 first mortgage 5%
bond—$550 25-year convertible income bond and two shares of class A
stock.
And for the holders of each $1,000 United Railway 4s due 1934 to
receive $84 cash—$360 first mortgage 5% bond and $400 25-year con¬
vertible income bond and two shares of class A stock.
The new first mortgage bonds will be dated as of March 1, 1939 and will
mature on March 1, 1959 with interest payable semi-annually March 1 and
Sept. 1 of each year, (the first instalment of interest being due Sept. 1,
1939 for the preceding six months, or upon confirmation of the plan if it be
confirmed after Sept. 1, 1939).
Company now has a total funded indebtedness including the 6% collatera
notes owned by the banks of $32,865;528, which indebtedness requires fixed
annual interest payments by the terms of the instruments prior to maturity
of $1,589,138. Under the plan the only fixed interest securities are the first
mortgage 5% bonds of the total aggregate annoumt of $13,199,000 carrying
5% interest or an annual fixed interest charge of $659,950. This represents
a saving in fixed interest charges of $929,188 per annum.—V. 148, p. 3082.
St.
Louis
Stockholders
Rocky Mountain & Pacific Co.—Par Value
par
at
a
Omitted—
special meeting held Nov. 29, 1938 voted to
value of company's common stock from $25 to $10 per share.
tax.—-V. 148, p. .2604.
Shawinigan Water & Power Co.—To
Company has applied to the Quebec Provincial
permission to issue $26,367,500 4% first mortgage
*
Sell Bonds—
Electricity Board for
and collateral bonds,
series D, to be dated June 1, 1939 and payable in Canadian funds.
In its application the company States the purpose of the proposed
issue
for redemption of the outstanding series B 4H% first mort¬
bonds, amounting to $15,746,000, the principal and interest of which
are payable either in Canadian funds, United States funds or sterling.
In addition the company will replace $10,621,500 of the company s
series F first mortgage and collateral trust 4% bonds now held by the
is to provide
trustees
reduce
Company's
'
*
r
«
■
"
1
The principal purpose of the proposed financing is to do away with
three-way-pay feature of the existing series B bonds.—V. 148, p. 2605.
Shell Transport &
Directors have declared
share
Trading Co., Ltd.—Interim
an
the
Dividend
93 cents per American
1.—V. 148, p. 2605.
interim dividend of
payable June 8 to holders of record June
(W. A.) Sheaffer Pen Co.—EarningsFeb. 28, '39 Feb.
Years Ended—
y
On May 16 Federal Judge
Reduced—Dividends
estimated undistributed profits
gage
Balance Sheet March 31,1939
-
$836,226
1,781,426
$0.46
After depreciation, interest
x
Non-operating
1939—6 Mos.—1938
$1,114,710
$636,367
1,781,426
1,781,426
$0,33
$0.61
$0.34
and other charges, and after deducting
1939—3 Mos.—1938
$603,184
1,781,426
Shs.com.stk.out.(par $1)
Earnings per share-
$29,446
1,136
— _
.
Servel, Inc. (& Subs.)—Earnings—
Period End. Apr. 30—
Net profit
1939
Net operating income
'
*. •
Directors have declared a dividend of 12H cents per share'on the com¬
mon stock, no par value,
payable June 5 to holders of record May 25.
Previously regular quarterly dividends of 25 cents per share were distri¬
buted.—-V. 146, P. 1416.
•
'
.
1
operating revenues
Operating expenses
$1,400,000; earned
Selby Shoe Co .—Dividend Halved—-
Earnings for the 12 Months Ended March 31
Gross
7% cum. preferred
$2,180; unadjusted credits, $1,155; reserves, $501,886;
($25 par), $404,050; common stock ($25 par),
surplus, $108,491; total, $3,374,790.—V-147, P. 2875.
stock
$1,003,313
Operating profit.-.
Depreciation
Bonuses.
Prov. for bad debts...--
Interest paid
Other deductions
Prov. for income taxes.
_
Net profit-....
Previous earned surplus.
Miscellaneous credits
Total
Divs.
on
Divs.
on common
pref. stock
stock.
over
28, '38 Feb.,28,
$982,653
205,726
199,629
Feb. 29, *36
$669,482
20,801
100,276
-r---
5,025
1,573
154,850
$691,112
2,163,254
*678.106
1,809,118
37,973
14,4§6
2,892,339
10,440
319,775
.
n
3-406
cq'Zk9
Crl04,068
xl54,500
Cr88,654
z87,252
651,048
1,692,7/3
519,671
1,469,550
15,494
19,567
2,501,720
2,359,316
2,008,789
318,552
516,09/
6,513
6,752
f";—---
54,050
5
2,555,612
$4.30
2,163,254
1,809,118
$3.97
1,692,773
$3.14
value of common stock
Earned surplus
sh. on
21.016
c?l'n/v7
o^n'nfc
240,618
cap.
in treasury
Prem. on pref.stk.retired
Earns, per
'37
$988,662
30,377
38,267
Crl26,138
xl60,750
20,062
098.154
Other income..
Excess of cost
33,965
181,619
19,548
310
com .stk
0,_
12,819
$4.19
$47,200 for year ended Feb. 28. 1938 and $22,350
for year ended Feb. 28, 1937 for Federal surtax on undistributed profits
(estimated),
y After operating expenses of $1,618,552! for year
ended
Feb. 28. 1939, $1,811,148 for year ended Feb. 28, 1938, $1,268,073 for
year ended Feb. 28, 1937 and $1,512,353 for year ended Feb. 29, 1936.
z Less adjustment of $3,848 for prior years' accrual.
x
Includes provision of
Volume
148
Financial
Chronicle
Comparative Balance Sheet Feb. 28
Assets—
1939
Cash
1938
$705,765
Notes & accts.
rec.
Mdse. inventories.
Other assets
1,284,954
417,988
Land, bldgs.,machln'y & equip..
Pats., trade-marks
Liabilities—
$705,982
875,297
1,104,983
456,930
982,400
1939
1938
Accounts payable.
$37,020
Acer, taxes & exps.
41,138
Unpaid payroll—
Customers' credits,
122,164
$53,510
46,678
109,157
x
pay.
468,247
464,411
119,565
goodwill
Deferred charges..
1
1
36,769
173,677
50,000
50,000
36,919
Res've
for
time" prod .guar.
Common stock
y
Earned surplus...
y
Total.
2,163",254
$3,896,125 $3,644,524
Silesian-American Corp.—Earning
'
,
1938
Admin,
on
1935
1936
$391,074
$587,584
201,196
272,875
357,398
xl53,733
xl38,907
X104.919
bonds
and taxes
income
tax
exp.
Additional
1937
$407,803
.
Int. & discount
$366,712
450,678
59,893
Broadway, N. Y. City.
Cr833
$115,365
y$183,864
Net credit to surplus.
x
No Federal surtax
137,368
2,923
76,745
8,164
194,775
$120,415
$131,775
Indicates loss.
amount of $5,000,000, and the
substitution there$7.50 par value common stock on the basis of
one share of new
stock for each share of class A
stock, and one-half share of new
common stock for each share of
class B stock.
In order that there
may be in the common capital account a sum
equal to
the aggregate par value of
$7.50 per share of the 691,970 153-1030 shares of
new common
stock called for by the plan, or
$5,189,776.12, it is proposed to
transfer from the present
capital surplus account to the common capital
account the sum of
$189,776.12.
tor of new
common
$200,274
$10,911
exp.
y
both of which stocks are
sheet at the unsegregated
40,005
y$19,876
Net profit for
year$52,874
sur. in connec'n
with bonds retired
78,901
Ad j. of bond disc. &
Credit to
9,901
-
undistributed income is deemed payable by the co.
on
'
Under the present
capitalization, the class A stock is entitled to receive
$1 per share per annum before
any dividends are paid on the class B stock.
Thereafter the class B stock is entitled to
receive $1 per share per annum
and no more.
The class A is then entitled to all other
dividends.
Divi¬
dends on both class A and class B
stock are non-cumulative until Jan.
1,
1940.
Therefore, beginning Jan. 1, 1940, if annual dividends of
$1 per
share are not paid to the
present A and B stockholders, the amount of the
deficiency will accumulate as arrearages on the stocks not
receviing divi¬
dends.
However, the company may continue to pay dividends on the
class A stock at the rate of
$1 per annum without any payment on the
class B stock.
The plan calls for the
acceptance by the A stockholders
Balance Sheet Dec. 31
1938
Assets—
1937
$
Cash in bank
1938
S
537,552
Liabilities—
250,958
1937
$
$
Accounts payable.
71,896
70,657
Fed. taxes accrued
Interest, receivable
28,958
Invest, (pledged).28,285,864
26,482
19,798
28,585,864
Int. accr. on bonds
(not pledged)
3,554,123
4,470,183
7% coll. tr. bonds.
Furn. & fixtures..
Bond disc. <fc exp..
1,555
1,555
38,262
84,563
7% coll. tr. bonds.
300,035
342,012
Inv.
7%
x
83,460
113,444
3,210,500
4,309,000
pref. stk.12,000,000 12,000,000
cum.
Common stock..
1,000,000
1,000,000
9,445,274
Capital surplus
9,445,274
Surp. arising from
bonds retired...
33,735,135
Represented by 200,000
no
1939
147, p. 3621,
At the present time the class A stock has
entire voting power; that is to
one vote per share of class A
stock, except that the class B stock is
one member of the board of directors and
to vote on certain
types of charter amendments.
Under the plan the present class A stockholders will
of sales
say,
entitled to elect
Years Ended March 31
-
1938
1937
1936
$6,045,706
$5,496,177
$6,242,498
4,911,521
4,058,^65
4,662,701
647,483
..$6,090,560
644,098
640,003
before de-
5,136,537
-
sell., adver., adminis. &
share voting power
together with the present class B stockholders, with the latter
holding ap¬
proximately 20% of the total votes.
The class B stockholders will, of
course, lose their right to elect one director and to vote as a class on
charter
amendments.
general expenses...:.
637,187
Under the present capitalization the class A stock is
entitled to receive
upon
Profit before other in¬
come, int. & deprec.
Other income (net)
$316,836
$338,460
25,783
152,646
22,300
Interest
Depreciation.:
Prov. for Fed. inc. tax..
$486,702
21,625
Profit before int. & de¬
preciation
24,114
$793,414
x70,875
$510,816
29,260
162,004
y44,418
$864,289
30,240
172,813
y98,200
$961,533'
57,578
174,807
98,903
$563,036
315,000
$630,244
Net profit for period..
$137,731
$275,134
157,500
$48,698 non-recurring income,
y
distributed profits: 1937, $1,163; 1936, $5,052.
Includes
includes
surtax
on,
Cash
a
1938
$640,415
$611,372
632,013
841,947
Accts. and trade
acceptances
d Due
for
fr.
farmers
seeds, &c
I
j Accounts
.
$49,760
$48,738
137,592
166,733
Prov.
12,939
1,399,950
8,526
1,264,313
Real est., plants,
for
income tax
Funded debt..
Reserve
equipment,, &c. 1,582,621
charges,
prepaym'ts,. &c_
72,354
1,639,577
Deferred
78,609
700,000
338,093
100,618
1,094,967
338,093
reserves.,
d Common
stock.
Capital surplus
Earned
96,778
1,094,967
254 557
Southern Pacific
245,321
surplus.1",803*922
1,666,191
April—
$4,340,292
$4,435,490
Total.........$4,340,292 $4,435,490
for doubtful accounts and allowances of
$31,472 in 1939
$30,981 in 1938.
b After reserves of $15,012 in 1399 and
$18,103 in
1938.
c After
reserves for
depreciation, &c. of $5,182,041 in 1939 and
S5,067\537 in 1938.
d Represented by 210,000 no
par shares,—V. 148,
Net after
After
reserves
hnd
South Carolina Power
Period End. Apr. 30—
Gross revenue.........
$3,461,706
2,018,304
383,752
From Jan. 1—
Gross from
Gross income.
Int. & other fixed chges.
$100,574
55,816
$1,059,650
681,339
$943,802
676.555
Net income
Divs. on pref. stock
_
$82,926
58,202
405,000
$24,724
14,286
$378,311
171,438
$267,247
171,438
$10,438
$206,873
$95,809
•
1,423,504
1,593,998
.
•
-
•
5,189,776
1,233,728
•
1937
47,276,144
44,110,718
9,962,170
5,354,858
2,857,153defl,944,585
1936
April—
-
Southern Indiana Gas & Electric
Period End. Apr. 30—
Gross revenue
Oper. expenses & taxes..
Prov. for depreciation-_
Gross income
Int. & other fixed
chges.
Net income
Divs. on preferred stock
Amortiz. of pref.stk. exp.
Amortiz. of railway prop¬
1939—Month—1938
$355,175
$322,227
188,088
176,067
Co.—Earnings19.39—12 Mos.—1938
21,954
35,821
$4,040,687
2,208,952
460,790
$145,132
33,022
$110,339
29,561
$1,370,945
380,773
$1,278,482
349,220
$112,109
34,358
10,848
$80,778
34,358
10,848
$990,172
412,296
130,181
$929,262
412,296
erty losses
•
27,500
Balance
$39,403
$3,988,054
2,288,134
421,438
130,181
$35,571
$420,195
2758.
Socony-Vacuum Oil Co., Inc.—To Register $50,000,000
Debentures—-Interest Rate on $75,000,000 Debs. Reduced—
connection
with
announces
the
that
Exchange Commission
an
calling of its $50,000,000 3^% debentureswill shortly register with the Securities
and
issue of $50,000,000 of debentures, details
of
Public offering of the issue will be handled
by
it
which will be given later.
Salomon Bros. & Hutzler as agents.
The company also announces that the interest rate on its
$75,000,000,
3 M % debentures held by the insurance companies has been
reduced to
„
,
2%%.
.
1&37
1939
$7",590,604.
2,175,691
1,300.506
1938
$7,081,822
1,820,246
819,807
$8,690,006
2,622,152
1,568,508
27,958,541
6,163,698
2,164,648
35,031,635
10,996,653
6,975,878
1936
$7,648,662
2,137,348
1,397,751
*
From Jan, 1—*
,
Gross from railway
Net from railway
Net after rents
"
-
;
'
•
Gross earnings (est.)....
—V.
148, p. 3083.
—Second Week of May
1938
$2,226,688
8,119,341
5,203,066
Jan. 1 to May 14
1939
1938
$2,061,312 $46,029,810 $41,355,700
Southwestern Gas & Electric
Period End. Mar. 31—
Co.—Earnings—
1939—3 Mos.—1938
1939—12 Mos.—1938
$7,578,739
$7,589,240
4,713,489
4,619,170
Net oper. income
Other income (net)
& other deductions.
Net income.
Balance
$1,782,067
1,144,700
$1,816,801
1,150,216
$637,367
630
$666,585
7,793
$2,865,250
13,890
$2,970,069
29,468
$637,997
241,637
$674,378
247,138
$2,879,140
957,685
$2,999,538
1,007,634
$396,360
154,605
$427,240
154,605
$1,921,455
618,422
$1,991,903
618,422
$241,754
Operating revenues
Operating exps. & taxes.
Int!
30,1&0,608
"
Pref. stock dividends
$386,785
42,764,709
9,696,795
4,173,353
V
•
30,713,880
8,698,839
5,051,621
Net from railway
Net after rents..
Gross income.
27,500
55,556';493
12,878,909
6,171,399
.
Ry.—Earnings— *
1939
$30,471
—V. 148, p. 2758.
In
5,000,000
,
"
Gross from railway.....
1,959,917
14,286
Balance..
p.
1939—12 Mos.—1938
$44,758
...
-"
railway.....
Southern
$3,308,719
expenses & taxes.
company
900,000
I
1938
—V. 148, p. 3083.
Prov. for depreciation..
148,
Giving Effect
to Plan
$13,555,000
5,771,523
900,000
J
Co.—Earnings—'•
1939
Net from railway
Net after rents........
Co.—JEarnings-
1939—Mrnth—1938
$306,319
$272,040
174,495
157,865
-31,250
31,250
—V.
approved by the
railway.....$12,285,865 $11,346,981 $13,744,895 $11,310,449
railway
2,853,909
1,426,488
2,801,420
2,746,521
rents........
991,845
def404,112
1,007,433
1,252,641
Net from
Oper.
cumu¬
Gross from
Total.
a
plus
1,593,998
The Securities and Exchange Commission on
May 24 issued an order
approving the declaration filed by the company.—V. 148, p. 2914.
con¬
tingencies
Sundry
69,755
for
,
4^% collateral note..
Class A stock, 554,500 shares
Class B stock. 274,939 shares.
*,
Common stock, 691,970 shares (par $7.50)
Capital surplus
Earned surplus
Federal
as
Before Giving
Effect to Plan
$13,555,000
5,771,523
First mortgage pipeline bonds
Adjustment mortgage bonds
1938
60,783
500,000
payable-
other expenses..
per share
1939), and giving effect to the plan of recapitalization
stockholders.
'
un-
1939
Liabilities—
involuntary, $16.50
3, 1939, the stock¬
Accrued interest &
rec.
Inventories
c
1939
or
holders voted in favor of the
approval and adoption of the plan.
Capital Structure—The following tabulation shows the capital structure
of the company as of Dec.
31, 1938 (adjusted to give effect to the reduction
of a 4H%<collateral note from
$1,475,000 to $900,000, effected March 10,
Consolidated Balance Sheet March 31
'
Assets—
liquidation, voluntary
lative unpaid dividends before
anything is paid on the qlass B stock.
There¬
after the class B stock is entitled to receive
$14 per share and cumulative
unpaid dividends.
Any remaining assets upon liquidation go to the class A
stockholders,
Since under the plan as approved by the stockholders the
class A and class B stocks will be
eliminated, the new common stock will
represent the entire equity in the corporation's assets.
\
'
'•
At a special meeting of stockholders held on March
$939,793
21,740
Dividends paid.
x
stock and by the B stockholders of
one-half share of new com¬
stock.
In so doing, both A and B stockholders
give up the priorities
preferences with respect to one another enumerated
above.
To the
extent of their ownership of the new
common stock, they will share
equally
in any dividends that
may be paid.
mon
Total.........32,746,349 33,735,135
par shares.—V.
Consolidated Income Account for
preciation
of One share of
new common
Packing Corp, (& Subs.)—Earnings—
Years End. Mar. 31—
Net sales
Cost
1,655,913
5,121,048
and
Total..I.. 1...32,746,349
Snider
1,734,814
5,173,922
Earned surplus
x
Plan of Recapitalization
elimination of the class A and the class B stock,
without par value and are carried on the balance
,
/J16JPian. calls for the
.
for prior years
plan of recapital¬
company declared a dividend of
oe issued under the plan,
payable on June 30 to holders of record June 20.
Holders of clasft A and class B
stocks of record on June
20, who have not
surrendered their certificates in
exchange for common stock, will be entitled
to receive this
dividend, but payment will be made only upon surrender of
certificates for class A and class B
stocks then held.
In a notice to stock¬
holders the
company urges that certificates be
exchanged before the record
rm,so , a^ dividends may be paid to stockholders on June 30.
1 he plan of
recapitalization which has been declared effective calls for
the issuance of one
share of new common stock for each
share of class A,
and one-half share of new
common for each share of class
B.
Holders of
both classes of stock
have been requested to deliver
their certificates to
Central Hanover Bank & Trust
Co., 70
x After
depreciation allowance of $525,967 in 1939 and $492,003 in 1938Represented by 160,591 (159,201 in 1938) no p r shares.—V. 148, p. 745.
Calendar Years—
Interest earned
New Common Stock—
50 cents per share on
the new common stock to
ihis dividend will be
796,005
41,878
2,513,733
on
Coincident with its announcement that
the company's
ization had been
consummated May 25,
130,750
802,955
..
Capital surplus...
$3,896,125 $3,644,524
ive—Declares Dividend
"Life¬
Preferred stock—
Total
Southern Natural Gas
Co.—Recapitalization Plan Effect-
Prov. for Fed. and
State inc. taxes.
and
All of the
outstanding 15-year 3H% debentures due Oct. 15, 1950 have
redemption on July 21 at 102^ and accrued interest.
Paybe made at the Bankers Trust
Co., New York City.—V. 1481
p. 3083.
been called for
ment wll
121,493
167,670
in mdse—
3243
Debentures Called—
$272,634
$1,303,033
$1,373,481
—V. 148, P. 2445.
Spokane International Ry.—Earnings—
1939
Anril—
1
1938
1937
1936
^
Gross from railway
$62,709
$62,475
$71,782
8,335
f'Tao
1,189
a'asn
4,986
373
208,293
253,499
204,460
19,167
48,089
14,543
37,846
o.ozd
Net from railway..
Net after rents
Gross'from'raliway--—Net from railway
Net after rents
—v
148.
d.
2758.
235.290
47,680
28,005
^
def9,077
,
'
$55,983
Financial
3244
operated by it) and
companies
Bros.—Earnings—
(A. G.) Spalding &
April 30—•
Sales, net of discounts, returns
Cost of goods sold
2,113,032
$3,387,400
2,304,532
$1,176,867
919,975
51,244
$1,082,868
1,117,800
93,085
and administrative expense.,.
amortization plant & equip't—
Interest
6,410
-
8,194
$199,237 loss$136,211
7,026
7,563
Profit
income
Miscellaneous
holding companies as promulgated by the Securities and
Exchange Commission, and also revised to reflect equalization of adiustmenjts recorded subsequently, but which are applicable to those periods.
Statement of Income (Company Only)
public utility
and allowances,.— $3,289,899
profit
Gross
Depreciation and
been called for June 22 to consider a
of stockholders has
402,051
402,051
32,656
130,625
130,625
4,398
12,769
43,415
329,386
$1,898,060
$5,132,603
$7,147,350
5b ,645
49,410
239,198
55,070
218,517
6,836
30,285
28,000
$1,841,814
1.104.743
20,411
$4,780,050
4.380,858
70,145
$6,899,495
4,418,970
84,843
_
funded debt
on
affiliate
indebtedness
Interest on
-----
$206,263 lossf128,648
—
May Recapitalize—
meeting
$6,285,288
100,513
$1,520,395
Total
A
$4,556,512
100,513
$1,657,962
Interest
$1,752,122
32,656
utility affiliates
Dividends from others.
of
recapitalization plan recommended by the board of directors.
The plan
has been embodied in an agreement whereby a newly formed corporation,
A. G. Spalding & Bros., Inc., of Delaware, will absorb the present New
Jersey corporation.
Under the provisions of the plan, holders of the first preferred stock will
receive for each share now owned $1.92 in cash, new 50-year 5% debentures
in the principal amount of $100 and one share of new first preferred stock,
without par value, but entitled on redemption or liquidation to $50 a share.
As of Oct. 31, next, the end of the present fiscal year, accrued and unpaid
dividends on the present first preferred stock will aggregate $51.92 a share.
Holders of the second preferred stock will be entitled, at their option, to
one share of new second preferred stock or 12 shares of new common stock
for each share now owned.
.
Corporate, fiscal and
administrative expense
14,494
Legal service
—
Taxes (other than income
«.'*f
„
7»ot)J
«.
6,000
Prov. for Fed. inc. taxes
$1,573,161
1,071,683
17,457
Gross income-..
Int. on
1939—12 Mos.—1938
1939—3 Mos.—1938
Period End. Mar. 31—
Dividends from public
of affiliates
Profit for quarter
Pittsburgh Motor Coach Co., and to reflect
classification due to the uniform system of accounts for
certain changes in
1938
1939
3 Months Ended
Selling, advertising
May 27, 1939
Chronicle
funded debt.—
interest
Fed. & State tax on int.
on funded debt
Other
(
■
iBiAn
29,338
•
.
Amort.of dt.disc. & exp.
17,133
23,587
17,786
53,418
66,051
125,180
74,347
213,672
income.———-
x$443,301
$645,456
x$137,816
$2,107,663
Net
outstanding common stock, consisting of 324,071 shares,
without par value, will be entitled to receive one share of new common
stock, par $1, for each share now owned.
The remainder of the 500,000
shares of common stock to be authorized under the plan will be used for
issuance to holders of the present second preferred stock and for sale at
such time or times and for such consideration as the board may deem
the net income for the 3 months ended Mar. 31, 1939 and
the 12 months ended Mar. 31, 1939, as shown above, credits aggregating
$373 069 and $917,206, respectively, were made direct to surplus, which
amounts arose from the reacquisition of notes and debentures during the
rospGCtivc periods»
*
NQte—Earnings for the year 1938 appeared in the "Chronicle" of March
advisable.
11
of
Holders
.
«
• •
capital structure of the new company, based on figures shown in the
1938, upon consummation of the agreement
5% debentures, $3,311,200; first preferred
stock, without par value,, $1,655,600; 442,583 shares of common stock $1
x
In addition to
1494
natre
'
Consolidated Balance Sheet Dec. 31, 1938
The
annual report as of Oct. 31,
would be as follows: 50-year
$442,583; capital surplus $2,644,785.
These figures are subject to
extent that any of the holders of the present second
preferred stock shall elect to take new second preferred stock instead of
par,
change if and to the
common
stock.
the plan to stockholders, Charles P. Bobbins, President,
state that directors believe it will materially improve their present position.
He said that two important factors caused the directors
decision. The
first was the present outlook for the company, the experience of the first
half of the current fiscal year having reaffirmed the opinion of the manage¬
ment that a net profit probably would be realized for the 1939 fiscal year.
Elimination of losing branches and consolidation and reorganization of
other branches and activities in the interest of greater efficiency and more
economical operations, he said, have brought results.
As a consequence,
he continued, it is believed that the succession of losses since 1931 has
come to an end, and that the company may look forward with reasonable
confidence to a period of profitable operation.
The second important factor is the legal situation involved in Spalding's
In submitting
corporate organization under the laws of New Jersey.
Due to losses sus¬
tained since 1931, a net deficit of $4,640,031 had accumulated as of Oct. 31,
last.
On account of this deficit, Mr. Bobbins explained, it would be illegal,
declare or pay future profits as dividends upon
any class of the company's stock.
Under the laws of New Jersey it would
be necessary to apply all earnings to make up the accumulated deficit,
before using any of the earnings for dividend.
•
Mr. Bobbins said the strong current position of the company caused the
board to believe that were it not for the legal situation and deficit, a sub¬
stantial part of net earnings hereafter realized could be distributed to stock¬
holders without detriment to be conduct of Spalding's business.—V. 148,
without recapitalization, to
process
2758.
•
Spud Valley Gold
Mines, Ltd.—-Registers with SEC—
first page of this department.
See list given on
.
'
'
-
k
Standard Gas & Electric Co. (& Subs.)—Earnings—
.
Bys!"Co. (and the com¬
Motor Coach Co., ali of which are
in process of reorganization under Section 77-B of the Bankruptcy Act.
and Beaver Valley Traction Co., in receivership, and the subsidiaries of
►
(Exclusive of Deep Bock Oil Corp., Pittsburgh
panies operated by it), and Pittsburgh
companies.)
*!\.83Ct3
1939—12 Mos.—1938
1939—3 Mos.—1938
Period End. Mar. 31—
Subs. Pub. Util. Cos.—1
Net oper. revenues.__
$9,059,456
„
$89,402,168 $90,189,950
59,634f,90l 59,331,855
$8,066,703 $29,767,267 $30,858,095.
Bents for lease of electric
417,962
418,310
104,577
104,577
properties.
$8,954,879
Dr24,137
Gross income
Interest on funded debtAmort .of dt. disc. & exp.
Other interests
$7,962,126 $29,348,957 $30,440,133
Drl,372
Drl00,772
262,227
$8,930,742
2,744,756
351,980
74,039
Net operating income.
Other income (net)
$7,960,754 $29,248,185 $30,702,360
2,726,954
10,948,946
10,926,393
345,921 '
1,388,475
1,407,898
68,043
275,738
•
210,979
pref. capital stk.
guaranteed by sub. co.
Approp. for special res've
Amort, of prelim, costs of
projects abandoned &
17,298
17,298
69,192
375,000
69,192
33,892
23,762
138,944
61,713
capital expenditures. J
9,250
9,250
37,000
37,000
and
J
62,500
Cr 18,743
108,769
$5,547,001
"
62,500
Cr58,638
93,838
,
250.000
Cr216,381
445,055
312,500
Cr207,4l7
,
378,893
$4,671,826 $15,911,216 $17,130,209
capital stocks
on
held by
769,277
Other assets.
".
*
—
-.
capital stocks
Commissions and expenses on
Total
2,661,356
9,021,985
$766,845,601
Liabilities—r'
'
Capital stock of Standard Gas & Electric Co....
*
$108,977,013
Minority interest in capital stock of Public Utility Engineering
& Service Corp. owned by affiliated companies
126,800
Minority interest in capital stocks and surplus of subsidiaries._ 161,914,671
Funded debt
."--341,579,800
Notes payable
— *—
5,380,667
Accounts payable.
——
2,828,191
Indebtedness to affiliated companies..
...
—2,475
Customers' deposits
.....
1,375,863
Accrued salaries and wages
—
730,237
„
Accrued
taxes
97,373
170,940
180,372
—— _
...
'---
Accrued interest
Other accrued liabilities
Dividends declared
*
—
— — — ,—
— —
....
Deferred liabilities and
1939—_ —
unadjusted credits
Contributions in aid of
Surplus of subsidiary
—
.
—
■
...
—
construction
13,539,591
3,164,027
262,424
1,166,078
105,000
11,325,720
107,941,021
3,584,266
,
appropriated for investment in its capital
.stock reacquired
1,431,250
—
Consolidated earned surplus
1,410,507
—
,
:
$766,845,601
a Arrived at as follows: Preferred stocks of Standard Gas & Electric Co.
(represented by 368,348 shares of $7 cumulative preferred, 100,000 shares
of $6 cumulative preferred and 757,442 shares of $4 cumulative preferred,
(all of no par value), $87,350:943; common stock of Standard Gas & Electric
Co. (represented by 2,162,607 no par shares), $21,626,070.
Balance Sheet Dec. 31, 1938 (Company Only)
'
Total
-
_______
....
Assets—
a
Preferred stock—_
investments...Crl27,595,831
a
Common stock.
'
Accounts
:—
receivable
—
accr'd
1
7,510,770
1,059
,35,526
hand & dem. deps...
987,579
—
accrued—
Interest
Reserves
—
i__,
—
'.
127,058
1,414,197
24,000
3,331,215
884,106
surplus.
Earned
TJn&niort. debt disct. & exp..
Other deferred charges
187,584,334»
See footnote (a) of
599,244
!
100,210
1,308,926
9,068
security
Total.......
:..
payable..
accrued
Other accruals
on
securities of affiliates..,
receivable on other in¬
vestment
Taxes
— .—
debt.
Funded
Accounts
$
87,350,943
21,626,070
72,227,500
.
305,227,025
...
Office furniture & fixtures
on
Liabilities—
$
.
Reserve tor
.187,584,334
Total.
consolidated balance sheet.
9,171,208
160,385
-
:
a
a
2,653,068
public
9,704,855
38,536,499
5.096,949
,——
Deferred charges..
Weekly Output—
Minority int. in undist.
net income
7,448,709
88,159
551,308
100,210
948,379
Prepayments
Div.
*
_
Int. charged to construe.
Divs.
ledger values of securities of sub¬
Materials and supplies—
Indebtedness of affiliated companies., i
Accounts and notes receivable—otherw.—
Dividend receivable on other investment
Unbilled electricity and gas.
Divs. ree'le & int.
re¬
expense.
—...$572,354,191
-24,168,962
consolidated over the latters' book value thereof— . 84,499,975
and fund accounts (incl. $312,730 pledged as col¬
lateral to funded debt and note payable)...i
j
117,082,766
Reserve of Standard Gas & Electric Co. for investments.;
Crl27,595,831
Cash on hand, demand deposits and time deposits—
25,465,161
Cash deposited for payment of interest, dividends, &c_
524,432
Accounts and notes receivable
7,101,599
Cash, special deposits
aband. st. ry. prop
of
contractual
of flood
—
sidiaries
Cash
Amort,
»' ', v
'
'
'
:
Investment
Investments
on
habilitation
'
and equipment, &c—
Intangibles —
Excess of owning companies'
Beserves
Operating revenues.
t$24,563,168 $23,505,040
Operating exps. & taxes. 15,503,712
15,438,337
Amort,
"
1
Property, plant
Serial bond issue maturities in
such companies.)
Divs.
of reorganization
Beaver Valley
,
page
Bock Oil Corp., Pittsburgh Bys. Co. (and the com¬
and Pittsburgh Motor Coach Co., all of which are in
under Section 77-B of the Bankruptcy Act, and
Traction'Co., in receivership, and the subsidiaries of such
(Exclusive of Deep
panies operated by it)
Electric output of the public utility operating com pan ies in the Standard
& Electric Co. system for the week ended May 20, 1939, totaled
107,916,856 kwh., an increase of 9.7% compared with the corresponding
Gas
$2,733,548
$1,913,097
$6,718,291
$7,778,629
100,513
100,513
402,051
402,051
4,398
12,769
43,415
329,386
$8,510,066
Other income of Stand.
week last year.—V.
148, p. 3084.
Gas & Elec. Co.:
Dividends
Int.
on
indebtedness
of affiliates
$2,838,459
$2,026,379
$7,163,757
Gas & Electric Co
84,801
56,246
352,553
funded debt
$1,970,133
1,104,743
20,411
$6,811,204
4,380,858
70,145
$8,262,211
4,418,970
17,133
23,587
17,786
53,418
66,051
125,180
74,347
213,672
Directors have declared
Exps. & taxes of Stand.
Int.
on
Other
interest
Federal
int.
on
&
State
tax
84,843
on
funded debt
Amort.of dt.disc.& exp_
Consol. net income.$1,623,798
$773,775 z$2,168,970 z$3,470,379
Of subsidiary
public utility companies applicable to Standard Gas &
Electric Co.
y Before deduction of income charges of Standard Gas &
Electric Co.
z Approximately $666,000 for the 12 months ended March 31,
1939, and $418,000 for the 12 months ended March 31, 1938, are not
available for distribution due to an, order of a State regulatory body requir¬
ing a subsidiary to maintain surplus equal to annual dividends on its pre¬
x
Note—For comparative purposes the figures
for the 1938 period have
been revised to give effect to elimination of Pittsburgh
Bys. Co. (and the
Co.—Smaller Dividend—
the common
This compares with
of 20 cents paid on
dividend of 20 cents per share on
Standard Commercial Tobacco
Counsel for the stockholders
Co., Inc.—Appeal Filed
May 19, filed
reorganization committee on
appeal with the U. S. Circuit Court of Appeals from two orders by
Federal Judge Alfred C. Coxe which resulted in the public sale on April 21
of 80,610 class B shares of stock of the Axton-Fisher Tobacco Co., con¬
stituting the chief asset of Standard.
A syndicate headed by M. Wertheim
& Co. purchased the stock at $14 a share.—V. 148, p. 2915.
an
Standard Investing
Effective May 16, 1939
Corp.—Transfer Agent—
General Fiduciary Corp.,
Mass., will be sole transfer agent for all classes
—V. 148, p. 2915.
Standard Oil Co. (N.
The
New
York
additional shares
ferred stock.
a
stock, payable June 30 to holders of record June 10.
30 cents paid on Dec. 20 last and an initial dividend
June 21, 1938.—V. 148, p. 2759.-
247,855
$2,753,658
1,071,683
17,457
(A. E.) Staley Mfg.
in payment
of
a
Stock
31 Milk St., Boston,
of stock of this corporation.
J.)—Listing—
has authorized the. listing of 266,133
stock (par $25) on official notice of issuance,
Exchange
of capital
stock dividend, making
884,272 shares.—V. 148, p. 2915.
the total number applied for 26.,-
Volume
148
Financial
Chronicle
3245
Strawbridge & Clothier—Accumulated Dividend—
Balance Sheet March 31
The directors have declared a dividend of
$1 per share on account of
on the
7% cum. pref. stock, par $100, payable July 1 to
1939
accumulations
holders
June 15.
Like amount was paid on Dec. 30, April 1
29, 1938; a dividend of 75 cents was paid on Jan. 3, 1938; $1.75
was paid on Oct.
1, 1937; dividends of 75 cents were paid on July 1 and
on April
1, 1937, a dividend of $1.50 paid on Jan. 28, 1937 and dividends
of 75 cents per share
paid on Dec. 31, Oct. 1, July and April 1, 1936.—
V. 147,. p. 4069.
Operating
1939—Month—1938
$87,818
$87,661
67,921
67,286
4,000
4,000
revenues
Oper. exps., incl. taxes._
Prop, retire, res. approp.
count & expense
Prepay'ts
1939
Liabilities—
813,533
847,353
b Part. pref. stock
CI. A
com.
546,211
Class B
com.
Funded
6,603
4,538
75,692
115.809
394,400
(par $1)
Gross income
Int. on mortgage bonds.
Other interest
Int. chgd. to construc'n.
$15,897
247
$16,375
,
$208,001
5,450
93,284
Due to sub. cos...
Accrued taxes
$205,188
5,450
100,171
454
6,863
8,231
gen.
Total
a
Commission
$64,567
Oper. exps and taxes...
Prov. for deprec
Gross income..
$274,957
Balance.......
$145,637
-V.
Engineering selling and
j
admin, expenses
gen.
Loss from operations.
Other income
Total loss...
Provision for Federal income
Net loss carried to surplus
taxes
._
_
_
Balance, deficit
$542,374 sur$366,698
r
Nil
$1.29
No provision has been made for Undistributed
profits tax with respect
to the operations of the
Symington-Gould Corp. for the month of January,
.
on
/
Loss........
x
Net
loss—before
prov.
for
surtax
undistributed profits
on
1939
1938
$72,766
'52,042
income—net......
It is stated that in connection with the dissolution of the
Tennessee
Electric Power Co. the first and refunding
mortgage bonds will be paid at
the principal amount thereof
plus accrued interest thereon, and the holders
of the
outstanding shares of first preferred stock will receive
$100 per share,
plus unpaid dividends accumulated and accrued thereon.
A hearing has been set for June 7 in the Commission's
Washington offices.
1937
$272,830 prf$387,355
26,760
68,840
„
"
.
$20,724
1
Texas Electric Service
"
Period End. Apr. 30—
Operating revenues
$246,070 prf$456,195
After depreciation of plant, all selling and general
expenses, provision
x
for reserve, for State taxes and for Federal normal
income and
excess
tax.
profit
•Asaefs—
1939
•
1938
Liabilities—
$559,982
Accounts payableNotes payable..:^
585,250
747,670
3,010
570,875
4,429
other expenses..
Prov. for Fed. in-
783,539
176,452
1,189,000
Accrued interest
1,280,000
re¬
ceivable
Inventories..:
Deferred assets
Investments
246,450
Land, bldgs. and
equipment..
2,698,663
2,503,113
2
2
exps.
53,203
19,603
,51,054
21,351
and
182,325
justments.
15,483
4,900
reserve
29,356
Com. stk. ($1 par)
801,861
801,265
..
3,995,226
Earned surplus: t,.
357,909
4,092,583
881,563
(or
742
$2,757,332
12,418
$3,015,585
7,7.18
$217,261
$244,698
$2,769,750
$3,023,303
140,542
2,628
period, whether paid
9,200
29.476
in) surplus
$243,956
704
Net income.
Dividends" applicable to
Prov. for salary ad¬
Capital
defd. charges.__
Other assets
$216,557
"140,542
2,891
l,6»6,5uO
31,199
1,6»6,500
28,200
$74,901
$101,265
$1,052,051
$1,308,603
preferred stock for the
unpaid
375,678
Other interest
taxes
Misc. oper.
*
1,033,333
Gross income
Int. on mtge. bonds
29,607
or
......
Balance
...j
x
After
reserves
Total...
p.
Texas Gulf
$5,663,614 $6,197,591
End.
April
Net oper. revenues
140,580
20,838
...
25,006
50,267
•
53,984
$170,110
Non-oper. income (net).
Balance
$170,177
Retirement accruals.
Gross
income.!
_
$134,344
Interest
—V.
$167,507
$133,757
$1,928,341
35.833
2,866
$1,931,206
430,000
107,528
18,064
218,584
$178,381
5,552
$841,234
33,007
$1,115,069
34,441
$183,933
$874,241
$1,149,510
300
94,102
6,520
10,707
20.806
7,754
214,518
587,279
Loss
430,000
$1,504,846
70,000
1,303,984
—
—
......
on
directors
have
declared
dividend
a
of 20
cents per share on the
common stock, payable June 15 to holders of
record June 5.
A like amount
was paid on March 15, last and
compares with 80 cents paid on Dec
15
last; 20 cents paid on Sept. 15 last; 80 cents paid on Dec.
initial dividend of 20 cents per share paid on June
15,
an
p.
3622.
Telephone Bond & Share Co.
3 Months Ended March 31—
Gross earnings—Dividends and int.
-
-
Interest
long-term debt
Other interest
on
—
6 ,520
861
Operating
expenses
-Earnings-
and taxes
30,930
32,459
interest
123,512
1939
$
Assets—
$22,573
$6,954
1,001,613
$17,605
948,746
Dividend payable.
71,127
1,490
1,490
27,115
1,244
1,621
9,104,252
9,257,064
60,650
60,650
3,189
24,292
67,730
21,950
9.719,508
9,936,037
43
$1,008,635
15,458
15,458
$974,030
27,051
47
x
58,574
profits
taxes
58,516
55,548
Long-term debt
379,745
25,394
165,896
for contlng..
220,495
Common stock..
633,851
1,464
263,707
633,844
1,471
_
3,477,291
5,052,054
4,573,833
9,719,508
9,936,037
Dividend credits.
_
Surpl. arising from
appraisal
Earned surplus—
3,723,758
27,370
47
$946,897
,oo» m
<*uu
y Represented by 888,142 no par shares in 1939 and
888,135 in 1938.—V. 148, p. 1978.
82
$993,131
Total.
After reserve for depreciation ana uepieuon oi
$3 330 646 in 1938.
•
$1,073,161
Including other income of $714 in 1939 and $1,651 in 1938.
excess
177,705
Deferred charges.
Accts. receiv. from
Other assets
68
'
Balance March 31..
&
y
& equipment...
76,691
......
7,636
43
$1,088,667
7 % first mortgage dividends.
$3 first preferred dividends..
Accrued liabilities.
Res.
Properties, plant
$
107,755
88,813
56,843
Prov. for Fed'l inc.
Contingent Income
production
acquisition
x
5,675
128,405
1938
$
Accounts payable.
Organization exps.
Miscellaneous credits to surplus..
1939
Liabilities—
$
officers
& directors
125,244
reserve
from
from
1938
153,902
74,494
Inventories
Due
x
for divs. paid by
surplus at dates of
$566,041
88,813
77,156
5,580
280,867
18,116
2,416
Accr'd Int. receiv.
10,792
1,066,051
Net income
Balance Jan. 1
subs,
10,695
and
expense
Adjust, of
$153,641
10,611
debentures.
Amortization of debt discount
on
$142,099
124,450
13,000
$721,352
222,035
30,000
Balance Sheet March 31
Ins. & other depos.
$156,696
„
------
Cash dividends paid.'
Notes receivable.
1937
$186,100
238,106
1,286
9,000
-
Net income
Accts. receivable..
1938
x$178,253
36,154
.
19,927
17,833
41,534
1,247
238,701
49.709
—
Provision for contingencies
Prov. for Federal taxes—as estimated
Working funds—
x$187,626
228,282
$137,250
88,814
—
15, 1937, and
1937.—V. 147,
1939
.
396,824
118,234
20,810
leaseholds & other property
abandoned
Dry Hole contributions.
Property invetigation expenses
Amortization of refinancing costs.—
Tappan Stove Co.—To Pay 20-Cent Dividendr—
The
1,866,969
52,118,610
.
Total income..
$1,945,426
$1,493,199
oil sales
Net operating income
Other income.
$1,948,015
Pr2,589
$131,098
on
$414,410
Uncollectible accounts
10,580
1,338,916
371,422
•
General & administrative expenses
265,778
8,007
148, p. 3084.
92,422
26,336
4,369
58,896
Commission
1,801.198
575
70,000
54,005
1,643,195
$1,796,247
239,416
Taxes—Other than Federal taxes
$131,673" $1,501,206' $1,515,426
597
Net income.
Preferred dividends
Common dividends
1,634,009
270,686
650,112
Pr74
35,833
_
...
$167,581
67
-12 Months1939
1938
-'V
404,758
Oper. expenses, maintenance & repairs
Depreciation & depletion...
2287.
143,885
...
v
1939*
Total net barrels produced—
Total gross operating income
30—
1939—Month—
1939—12
Mos.—1938
$388,817
$383,433
$4,483,149
$4,602,271
Operating revenues
Operation
Maintenance.,
Taxes........:
375,678
$932,925
Producing Co.—Earnings
Period Ended March 31—
Tampa Electric Co.—Earnings—
Period
-
-
—V. 148, p. 2608.
paid-
for depreciation and depletion of
$4,769,051 in 1939 and
$4,755,437 in 1938.—V. 148,
$676,373
-...
,
Total......-..$5,663,614 $6,197,5911
$8,532,729
4,483,811
1,000,000
Other income (net)
$156,087
4,562,413
83,333
.
51,038
Deferred liabils...
Pats. & goodwill..
Prepd.
come
$223,325
200,000
1939—12 Mos.—1938
$8,319,745
83,333
i>
1938
Accrd. royalties &
serve)
x
1939
$376,556
i.u—
Accts. rec. (less re¬
Co.—Earnings-
1939—Month—1938
$657,851
$692,897
357,961
365,608
Oper. exps., incl. taxes..
Property retirement reserve appropriations..
Consolidated Balance Sheet Jan. 31
Cash..
$1,127,091
Corp.,
Consolidated Earnings for 3 Months Ended
April 30
Other
$1,288,849
3084.
p.
acquisition of these properties, will discharge the obligation of the
Commonwealth & Southern Corp. under the sale agreement.
$60,000.
calendar-year basis
a
$2,677,974
1,550,883
.
upon
The estimated maximum amount of such taxes
involved is
Symington-Gould Corp. files its tax returns
1,550,787
Tennessee Power Co, and the transfer of their
physical assets to Tennessee
Utilities Corp. are steps
preliminary to the consummation of a sale agree¬
executed on May 12, 1939 between the Commonwealth &
Southern
Corp. and Tennessee Valley Authority and other public agencies
pursuant
to which the Commonwealth & Southern
Corp. agrees to sell substantially
all the electric
properties of the Tennessee Electric Power Co. and Southern
Tennessee Power Co.
It is proposed that
Tennessee Utilities
*
1938,
$2,839,636
$5,493,291
2,815,317
2,800,559
ment
Earns, per share on capital stock
The
$240,595
129,398
$111,196
"
129,320
$5,640,195
Corp., organized under the laws of Tennessee on April
18, 1939.
According to the applications and declarations filed with the Com¬
mission, the dissolution of the Tennessee Electric Power Co. and Southern8
$542,374prf $1033,737
667,039
Dividends paid
$476,363
235,768
of the Tennessee Electric Power Co. and
Southern Tennessee
Power Co. and the transfer of their
physical assets to Tennessee Utilities
109,113
174,82 5
_
.
148,
^
solution
$526,230prf$1317,676
16,144
par
Tennessee Utilities Corp.—To
Acquire Properties—
$6,857,129
5,219,562
706,958
$672,588prof$930,609
146,358
387,066
•
Overcharges.
99
•
..19,872,087 20,487,902
The Securities and
Exchange Commission announced May 23 that the
Commonwealth & Southern Corp., two
subsidiaries, the Tennessee Electric
Power Co. and Southern Tennessee Power
Co., and a proposed subsidiary,
Tennessee Utilities
Corp., had filed a series of applications and declarations
(File 43-202) under the Holding Company Act in connection
with the dis¬
1938
1939
115,000
993,131
b Represented by 3,299 no
shares.—V, 148, p. 2917.
par
$505,103
230,146
Symington-Gould Corp. (& Subs.)—Earnings—
$2,514,636
2,611,842
575,382
__
1939—Month—1938
1939—12 Mos—1938
$1,392,592
$1,321,980 $17,045,766 $16',238,528
782,489
740,617
10,145,571
9,485,237
105,000
105,000
1,260,000
1,260,000
Net income
Divs. on pref. stock
on
,
no
130,000
1,073,162
conting's..
Total..
shares,
par
Int. & other fixed
charges
May 17 issued a certificate
permitting abandonment, as to interstate and foreign commerce, by the
company, of its entire line of railroad extending from an interchange con¬
nection with the main line of the
Pennsylvania RR. at Duncannon, north¬
westerly, to New Bloomfield, 11.15 miles, all in Perry County, Pa.—
V. 131, p. 3204.
12 Months Ended Jan. 31—
Net shipments
Cost of shipments^
no
Period End. Apr. 30—
Gross revenue
Susquehanna River & Western RR.—Abandonment—
Commerce
21,432
2.267.073
Tennessee Electric Power
Co.—Earnings—
•35,000
$74,334
20,487,9021
Represented by 95,024
35,000
unpaid
—V. 148, p. 2759.
Interstate
c
$99,567
Balance
The
Represented by 391
shares,
preferred stock for the
or
-19,872,087
$109,334
$7,690
3,939
277,712
165,383
Surplus res'ved for
067
$8,580
450,000
9,923,000
3,466
131,487
164,683
25,884
1.741,173
Accrued interest..
$204,811
377
454
income
Dividends applicable to
-
450,000
Earned surplus.
Net
period, whether paid
$207,754
187,156
548,517
9,881,000
debt..r__
Accounts payable.
48,000
$16,375
14,858
187,156
stock
6,657
working funds..
Accts. receivable..
Due from sub. cos.
c
Reserves
$15,897
$
5,520,700
548,517
stock
i0,256
494,372
^
Net oper. revenues
Other income.
1938
$
7% 1st pref. stock
(par $100)
5,520,700
a $3 1st pref. stock
14,858
defd
Cash in banks
Special deposits &
$1,019,366
766,555
810,282
48,000
&
charges
1939—12 Mos.—1938
$1,066,036
%
Investments
18 ,437.231 18,607,332
Unamort.debt dis-
Superior Water, Light & Power Co ,—Earnings—
Period End. Apr. 30—
1938
%
Assets—
of record
and Jan.
Texon Oil & Land Co .—To Pay
10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the common
stock, payable June 30 to holders of
record June 9.
This will be the first
Financial
3246
30, 1938, when a regular quarterly dividend of
distributed.—V. 147, p. 3471.
May 27,
Chronicle
Earnings for 3 Months Ended March
dividend paid since Sept.
15 cents per share was
Ry—Earnings—
Texas & Pacific
1939—4 Mos.—1938
1939—Month—1938
Operating revenues.
$2,122,087 $1,978,803
Operating expenses
1,531,380
1,475,243
Riilway tax accruals.149,217
143,921
Equip, rentals (net)--122,242
122,906
Joint facility rents (net)
4,913
871
$8,477,087
6,078,192
608,113
443,475
$314,335
31,140
$235,862
34,553
$1,328,725
130,445
$1,131,887
143,768
$345,475
9,319
$1,459,170
34,038
1,300,926
$1,275,655
40,016
$124,206
18,582
-
Net ry. oper. incomeOther income—
charges..-.—.-
324,931
$270,415
14,005
328,489
income---
$11,225
x$72,079
Total income
Miscellaneous
Fixed
Net
deductions
-
$8,276,550
5,992,318
600,298
537,532
14,515
royalties
General and
and profits tax
income:
Gross
on
$
Inventories
9,563,800
Fixed assets
a
9,650,939
28,165
11,613
licenses,
Other int. & deductions.
Net
14,778
$154,833
$140,683
income-
Dividends applicable to
$4,840,222
2,132,500
• 120,000
$1,926,025
$2,360,128
preferred stocks for the
...
865,050
865,050
-----
$1,060,975
Balance
-
dividend of $1.75 per share on account of
a
accumulations on the 7% cumulative preferred stock, payable May 29 to
holders of record May 15.
Like amount was paid on March 1 last and the
iast
previous distribution was the reguiar quarterly
June 1, 1938.—V. 148, p. 1661.
dividend of $1.75 per
share paid on
Preferred Dividend—
«
.
declared a dividend of 60 cents per share on account of
accumulations on the $3 cumulative preferred stock, payable June 15
to holders of record June 5.
A dividend of 40 cents was paid on March 15
last, this latter being the first dividend paid since Dec. 15, 1937, when a
regular quarterly distribution of 75 cents per share was made.—V. 148,
p. 2445.
,,
Thermoid Co.—To Pay
Directors have
Thompson Automatic Arms
Corp.—Registers
first page of this department.
See list given on
Tide Water Power
^
Operating revenues
215,564
23,816
267,792
Other taxes...
1,042,716
120,828
44,417
$468,641
$565,050
313,075
15,132
13,925
Crl,868
income
debt.
Other interest......
$424,224
27,944
■
...
.___ —
211,389
23,843
273,677
.
$537,106
!
Operating income
...
Amortization of debt discount and expense.z
Interest charged to
$2,096,677
132,364
Federal income-taxes
Interest on long-term
1938
$2,138,130
961,487
*
—
'
Provision for retirements.
Gross
in
1938
distribution to noteholders,
only.—V. 148, p. 1496.
construction
c
trustee for
Provision for State income tax
»
Trust, Ltd.—Interim Dividend—
Company paid an interim dividend of 19 cents per share on the American
depositary receipts for ordinary stock on May 25 to holders of record
April 25.—V. 147, p, 4069. : '
c
'
.
.
• •'
,
Tobacco Securities
Co.-
Truscon Steel
-Earnings—
*
313,075
30,578
13,925
Cr2,565
$294,161
36,143
$1,095,932
153,287
81,064
y$222,269
$1,249,219
$1,482,636
377,942
212,845
_
380,487
289,014
X140.000
389,772
361,699
profit
...
dividends..
on
y$354,782
$556,165
$223,774 def$354,782
332,391
com.
stock!.
$0.42
Nil
for estimated
$0.27
Nil.
and $50,000 in 1936 provision
undistributed profits,
y Indicates loss.
Includes $38,000 in 1937
on
391,990
X175.000
$107,327 '
def$813,057
Balance, surplus
$330,304
293,096
$439,718
332,391
y$813,057
_
Preferred
sh.
12,707,137
y$412,353
_
_.
Total profit
Depreciation
...
Other
deductions—
Prov. for Federal taj
per
20,512,144
19,110,571
190,084
Operating profit.
Earns,
$21,916,289 $13,828,439
13,001,298
$1,401,572
Other income..
Net
1935
1936
1937
1938
——-$16,174,357 $23,527,812
Net sales
15,000,478 22,026,352
20,930,420
Cost of sales & expenses- 15,412,831
surtax
—
Operating expenses
Maintenance--'
Other income
Total
11,418,161 11,989,747
11,418,161 11,989,747
depletion, depreciation, and amortization, $3,941,009
and $2,944,389 in 1937.
b Includes $22,215 cash deposited with
After reserve for
x
1939
....
867,259
406,003
Total....
.
Co,—Earnings—
12 Months Ended March 31—
■
with SEC—•
7,500,000
1,367,259
318,069
Earned surplus
Gross salesl
Mills—Accumulated Dividend—
500,000
7,500,000
expense
Cap. stk. (par $10)
Surplus
Calendar Years
Directors have declared
abnormal
Paid-in
2608.
Tex-O-Kan Flour
for
dry hole drilling
$1,495,078
period, whether paid or unpaid—
—V. 148, p.
227,594
9,916
Other liaoilities...
Res.
16.000
3,205
27,162
14,200
c6,212
2,671
18,331
profits taxes
18,346
18,444
&c
15,326
State income and
Accrued wages
and other taxes,
240,592
Prov. for Fed. and
Accrued int. pay..
capital stock
Def.
2,400,000
2,000,000
185,181
498,228 Accounts payable.
10,523
Accrued taxes....
417", 982
Other assets
$
promissory
notes..
1,376,087
299,295
-
1937
$
Liabilities—
3%%
banks and
hand....
bl,085,618
receivable-_
385,833
53,557
secured
on
$4,833,145
7,077
$4,340,194
2,132,500
120,000
151,669
$357,319
177,708
10,000
$340,864
177,708
10,000
12,473
...
mortgage bonds.
pf$113,554
Dr686
483,973
1938
1937
$
'
Notes rec.,
a
Int.
prof$2.952
$69,199
—
A cc'ts
Light Co.—Earnings—
1939—Month—1938
1939—12 Mos.— 1938
Operating revenues.
$899,816
$898,801 $11,230,943 $11,400,272
Oper. exps., incl. taxes._
468,636
451,707
5,808,824
5,500,631
Amort, of liin.-term inv.
146
33
2,201 \
133
Prop, retire't res. approp
90,185
89,994
1,086,584
1,066,363
Int. on deb. bonds
$598,213
Balance Sheet Dec. 31
Texas Power &
$4,333,334
6,860
$447,615
13,492
458,156
2,977
361,133
Period End. Apr. 30—
$357,067
252
73,211
3,000
3,750
provision for income
Net loss before
,
Cash in
$340,849
•
15
73,470
$288,957
-
Other charges
J. J. Finegan has been
Net operating rev
9,846
50,315
4,750
valorem taxes.. J—
1938
Other income (net)
168,722
8,245
administrative expenses.
operating income
A suffA-—»
elected Secretary of the Railway and L. C. Lankford, Assistant Secretary.
L. T. Mclntyre was elected Treasurer and J. B.
Finley, Asst. Treasurer.
William Wyer, formerly was Secretary and
Treasurer of the road.
These changes follow the election of nine new direc¬
tors at the annual meeting held a week ago,
Mr. Finegan fomerly was Assistant Secretary and Assistant Treasurer and
Mr. Mclntyre formerly was Assistant Treasurer.—V. 148, p. 3085.
155,169
4,246
Other income
1,316,713
New Officers—
117,777
$1-0174
—
Provision for ad
Net
$688,248
667,376
$1.2241
$852,991
$1.2383
overriding and other
Indicates deficit.
x
$466,045
production
Operating expenses and
taxes, working interest
Production taxes,
1937
1938
522,412
427,190
production (barrels).
Average market value per barrel
Income from operations
Crude oil
x$81,074
Period End. Apr. 30—
3l
1939
Earnings for the Quarter Ended
3 Months Ended March 31—
Net profit after depreciation, expenses,
*
March 31
1938
loss$395,144
1939
$20,418
&c
Comparative Balance Sheet Dec. 31
<
'
-
"
1938
937
1938
1937
Liabilities—
$
$
$
$
2,251,237
1,922,261
1,955,610
3,036,132
2,087,259
3,699,019
3,323,910
c Common stock..
7,658,060
Accounts payable.
300,028
Unpaid
payrolls,
573,729
573,729
commissions, &c
99,365
7,442,909
Patents, &c
200,855
Deferred charges..
61,222
7,646,588
Accrued liabilities.
152,973
291,981
200,855
Indebt. to Repub.
418,913
130,087
Assets—
Cash
b Notes and accts.
receivable
Inventories..
Investments
a
Fixed assets.....
Other assets......
144,495
„
3,323,910
7,658,060
Preferred stock...
383,325
-
67,330
Steel Corp. & Its
71,182
258,371
subsidiaries
Adv. bill'g on erec:
& struc. contr's.
$113,629
$224,786
Balance of income.-...
.
.
.
'
Title Guarantee & Trust Co., N.
Y.—New Trustee—
the company
to fill the vacancy caused by the death of John F, Kelsey.
Mr. Nichols
is Chairman of the Executive Committee of the of the Nichols Engineering
& Research Corp,
Harry D. Ecker, formerly Assistant Secretary, was made
Charles W. Nichols Jr. was on May 16 elected a trustee of
148, p. 892.
Assistant Vice-President.—V.
Transcontinental & Western Air,
&c.—
Inc.—New Official,
•,
reorganization meeting of the board of directors, held May 196,
Conroy, General Traffic Manager, was elected Vice-President
traffic sales, Jack Frye, President, announced.
Resignations of five former T- W. A. directors were accepted by the
board.
They were John Hertz Sr., John D. Hertz Jr., Harold Talbot,'
John Ritchie and Marco Hellman, all of New York City.
The resignation
followed as a result of the recent sale of Lehman Brothers stock to a group
headed by Frye and Paul Richter, Executive Vice-President.
This transfer
of stock gave the Airline management control of the company.
Following the board meeting Mr. Frye said no new directors had been
elected to the board.
An executive committee of five members, with Frye
acting as Chairman was organized.
Nelson S. Talbott, director of the
Talbott Estate, Dayton, Ohio; Messrs. Frye and Richter were named to
At
a
Vincent P.
in charge of
executive
The
committee.
two
vacancies
will
be filled
later.
1939
Appr. of real est.
Capital surplus
Prof. & loss def.
$1,321,874
478,106
Transwestern Oil
Co.—Earnings—
Income from operations.
General and administrative expenses
Surrendered leases and royalties
1937
2,003,861
$782,625
361,094
208,034
* 54,733
91,848
148,197
I
Leaserentals.net
Dry hole losses and contributions
Geophysical expense
_
2,558,205
$1,202,369
339,203
153,640
'
75,006
115,618
100,820
$81,282
6,652
Operating loss
z._
Period End. April 30—
Operating revenues
Operating expenses
Provision for State income taxes
Earns, per sh. on
__
750,000 shs. of cap. stk. (par $10)
/
$87,934
Nil
pf$361,592
$0.48
;
Co.-—Earnings—1
1939—Month—1938
■" 1939—12 Mos.—1938
$203,404
$194,030 $2,550,800 $2,483,553
1,655,858
.
126,694
taxes.
16,315
Social security taxes....
Federal (incl. inc.) taxes
1,255
10,354
Net oper. income.-..
Non-oper. income (net)
$48,786
State and munlc.
Gross income
Bond
,
interest..
Other interest
Other
(net)
deductions
Net income
Pref. div. requirements.
—V.
148, p. 2609.
122,811
14,764
1,600
9,281
1,708.496
187,456
18,214
115,072
168,454
15,024
116,792
$45,57,4
$527,425
42,774
41
Z>rl44
$521,562
2,070
$48,827
$45,430
11,161
7,204
2,239
$523,632
133,936
87,734
49,795
$24,826
20,790
$252,167
249,475
11,161
7,235
3,173
$27,258
20,790
■
$570,199
133,936
100,010
36,053
$300,200
249,475
Twin Coach Co. —Earnings
xl935
expense
Depreciation
Gross profit.
Other income..
Other
1937
1936
$8,236,635
$7,918,237
6,384,251
5,925,916
$6,065,207
4,609,132
$898,582
$1,852,384
$1,992,321
$1,456,075
830,050
61,810
1,049,206
1,022,472
68,126
785,818
$6,721
184,862
$724,050
$614,209
105,103
$901,723
98,365
$191,583
Manufacturing profitSelling, service & demon¬
stration & general &
1938
$5,298,879
4,400,297
Calendar Years—
$829,153
$1,000,087
31*611
124",497
162", 204
$735,685
71,667
92,099
on
Dividends paid.
Surplus
Consolidated.
56,049
121,476
45,285
30,522
$807,361
661,500
$571,917
47,250
$659,371
401,625
$112,722
$257,746
$145 861
$525,995
undist. profits!
$159,972
x
79,128
deductions
Federal income tax
pf$418,081
43,316
13,173
accounts,
shares o
Twin State Gas & Electric
Surtax
Miscellaneous charges (net)
2,113,751
15,666,190 16,459,265
for depreciation in 1938 and $3,"
,
admin,
1938
Years Ended Dec. 31—
Oil income—barrels.
1,242,118
1,300,694
a After
deducting $4,046,182 reserve
984,556 in 1937.
b After deducting $454,832 reserve for doubtful
freight, &c., in 1938 and $474,300 in 1937.
c Represented by
$10 par.—V. 148, p. 2609.
*
$1,253,468
364,844
Operating revenues
Net loss
—V. 148, p. 2609.
348,239
348,239
1,242,118
Total....
....15,666,190 16,459,265
Total
1938
3 Months Ended March 31—
Loss for the year _.
4,000,000
284,687
226,883
Surplus:
producers of wood-working machinery
factories, has been sold to this company.
The sale, said to involve about $1,000,000, was effected by exchange of
stock.
The Delta company employs about 200.
Timken Detroit Axle is
reported to have made the purchase to diversify its interests.—V,, 148,
p. 1661.
*
:
; •
: "
Manufacturing Co.,
used in home workshops and small
an
4,000,000
Reserves
Timken-Detroit Axle Co .—Acquisition—
Delta
30,220
debt.....
Funded
—V. 148, p. 1183.
The
9,450
45,922
Volume 148
Financial
Chronicle
3247
Earnings for the Quarter Ended March 31
3 Mos. End. Mar. 31Net profit after all ch'ges
1939
common
x
$21,389
a
1938
$100,054
x$166,224
$0.12
on
1938
Cash
dep.
Inv. of repair parts
and supplies
$318,800
28,447
Accounts payable.
Accrued liabilities-
704,600
1,215,477
944,133
Adv. to vendor—.
insur
1,046,242
15,030
966,000
Earned
surplus..-
54,608
1,573,496
1,674,987
I
Union Pacific RR.-
a
member
of the
Net rev. fromry. opers $2,823,697
Railway tax accruals...
1,319,348
Ry. oper. income..— $1,504,349
Equipment rents.
743,357
Joint facility rents (net).
53,981
$707,011
.
$2,3,54,594 $10,983,056
1,252,363
5,155,702
$1,102,231
$5,827,354
2,481,115
168,928
$572,863
$3,177,311
$8,628,518
for
the
Rauth, Secretary and Treasurer of the company, died at
May 18 after an illness of five months.—V. 148, p. 2610.
on
^
■
,
general and
administrative expenses
Gross profit..
$1,078,375
2,224
148,342
$995,449
51,838
112,996
declared
or
$927,808
780,068
$830,614
788,766
...
1938
Preferred Stock—
Assets—
a
B. McSkimmon, President of the
company, states that sales have
an increase thus far in
1939, compared with the same period a year
and that the current financial position of the company is even
stronger
than at the close of last year when current assets amounted
to $2,614,894
and current liabilities were $180,615.—V.
148, p. 3086.
1938
Liabilities—
$
1937
$
$
804,819
Market, securities.
Accr'd int. recelv.
Accts. & notes
ceivable
792,770
Accts. pay., trade.
67,630
46,495
4,970,745
4,580,001
75,499
70,570
151,116
196,938
3,932,630
1,167,609
4,841,186
26,637
22,963
Bccrued payrolls..
Acer, taxes, Fed.,
Can., State, &c.
200,454
581,493
1,481,622
490,842
1,784,296
2,688,076
Div. pay. Jan. 1..
Cap. stk (par $10)
Paid-in surplus
194,032
re¬
(net)..
Inventories
Fixed assets.'
2,517,229
Pats., trade-marks
and
goodwill.__
assets
and
Other
3,857,530
1,056,794
Earned surplus... 4,981,451
1
»
deferred charges
50,844
47,596
Total .........10,433,391
10,406,544
United States Printing &
Calendar
Net
Total
10,433,39.1
.....
10,406,544
V
-V. 148, p. 2135.
W.
ago,
1937
$
"
Cash
shown
Years—
Lithograph Co, (& Subs.)—-
1938
1937
1936
■
"*
*
1935
profit
from opers..
on
completed
based
orders.
—
•
-
Interest & div. income.-
,
b$37,680
4,593
$416,559
4,930
$470,133
4,377
$576,158
8,716
$421,489
$474,511
584,875
Aircraft
Products, Inc.—Stock Offered—Public
offering of 93,585 shares of common stock was made Hay 26
by Burr & Co., Inc., and John J. Bergen & Co., Ltd., at
a price of $6.25
per share.
Net
proceeds from the sale of 10,000 shares to be purchased from the
company will be added to the corporation's working capital,
providing funds
for expansion.
The remaining 83,585 shares are to be acquired from in¬
owners
who will receive the net proceeds from their sale.
of $565,414
in
1938.
.
The company's stock was
recently split up on the basis of 31 shares of $1
value for one old share of no par value.
There are now authorized
200,000 shares of common stock, of which 125,612 shares are
outstanding.
Upon completion of this financing 135,612 shares will be
outstanding.
The
company has no funded debt other than a first mortgage on land and build¬
ings, which as of Dec. 31, 1938 had been reduced to $24,834.—See also
V. 148, p. 2760.
■
par
United Air Lines Transport Corp. (&
Calendar Years—
Subs.)- -Earnings
1938
revenues
Cost, expenses and tax..
Depreciation
1937
1936
1935
$9,925,153
9,714,830
1,256,025
$9,462,543
9,286,233
1,011,106
$9,989,016
8,272,282
1,341,929
115,000
$834,795prof $259,805
107.478
$43,849
42,456
$997,221
$754,487prof$367,283
$1,393
80,309
Dividends
279,054
Deficit..
Shs. cap.
stk. (par $5)-_
Earnings per share
Period End. Mar. 31—
$997,221
1,499,592
Nil
$754,487
1,441,688
Nil
1939—3 Mos.—1938
sur$88,229
1,394,138
$0.26
Int.
$442,023
22,938
$689,632
21,962
funded debt
Net income
a
-
1,043,977
Nil
1939—12 Mos.—1938
$810,257
$1,095,910
61,622
76,489
15,235
21,613
145,224
268,326
135", 413
121,641
190,856
200,822
b$345,584
$74,885
_
a405
$24,112
Includes $93 surtax on undistributed net income.
,
$419,085
$667,671
$748,636
$1,019,422
$129,287
b Indicates loss.
.
Assets—Cash, $397,584; notes, acceptances, and accounts receivable,
$753,587; finished goods manufactured on specific cintracts subject to future
billing to customers, $728,052; inventories, $502,443; commission advances
to salesmen, $12,769; assets of discontinued operating divisions in liquida¬
tion, $59,134; notes and accounts receivable (non-current), $37,314; in¬
$273,415; property (net),
$57,595; total, $5,410,009.
vestments,
expenses,
$2,588,115; goodwill,
$1; prepaid
Liabilities—Accounts payable, $151,566; accrued accounts, $99,890;
funded debt maturing witihn one year, $160,629; deferred credit, $18,305;
funded
debt, $1,780,055; preferred stock,
$2,499,346; common stock
(without par value, issued or reserved for exchange of old stock, 171,257
less 10,029 shares held in treasury), $941,439; paid-in surplus
$8,566; deficit, $249,788; total, $5,410,009.—V. 147, p. 2878.
shares
Utah Power &
Light Co. (& Subs.)—Earnings—
1939—Month—1938
Period End. Apr. 30—
$1,060,884
ProDerty
retirement
628,046
1939—12 Mos.—*1938
$1,002,262 $12,797,507 $13,181,684
621,369
7,386.653
7,927,098
re¬
appropriations-
91.000
91,125
1,092,625
875,234
Net oper. revenues.—
Other income (net)
$341,838
188
$289,768
$4,379,352
Drl26
$4,318,229
4,898
$342,026
$289,642
195,470
25,000
15,705
$4,323,127
3,323,150
300,000
196,647
$4,381,775
2,348,901
$108,918
$53,467
Dividends applicable to preferred stocks for the
$1,503,330
$1,536,629
1,704,761
1,704,761
$201,431
$168,132
serve
Gross income.
Int. on mortgage
Int.
on
bonds.
debenture bonds.
Other int. & deductions.
192,132
25,000
15,976
Net income
x
period, whether paid or unpaid
Balance, deficit
- —
2,423
300,000
196,245
accumulated and unpaid to April 30, 1939, amounted to
Latest dividends, amounting to $1.16 2-3 a share on $7
preferred stock and $1 a share on $6 preferred stock, were paid on April 1,
1939.
Dividends on these stocks are cumulative.
x
Dividends
$7 245 234
Preferred Dividend—
The directors have
•
•
declared dividends of $1.16 2-3 per share on the $7
and $1 per share on the no par
$6 cumulative preferred stock, both payable July 1 to holders of record
cumulative preferred stock* no par value,
J
16,135
20,662
147,297
264,493
7,000
Consolidated Balance Sheet Dec. 31,1938
$1,393
Express pound-miles._.366,953,245 328,888,111 1547425,157 1520715,547
Revenue plane-mnes— .3,494,384
JL145.526 .15,857,810
15,127,062
Total oper. revenues.
$2,180,456
$1,861,586 $10,244,023
$9,577,826
Operations
1,847,598
1,791,056
7,787,277
7,533,482
Maintenance
313,945
340,001
1,501,978
1,561,499
Depreciation
360,706
307.650
1,469,231
1,236,869
Net salvage eqpt. sold..
Crl 82,977
Crl6,776
6,050
Cr53,693
Taxes
117,006
106,460
478,772
395,579
Net loss from opers—
on
9,964
Prov. for depreciation.
Prov. for Fed. inc. tax—
Revenue passenger-miles 20,443,726
16,159,259 113,157,769 101,436,014
Mail pound-miles
1180,738,358 1099287,679 4914948,907 4639636,031
Other income
b$33,087
.
Oper. exps.,incl. taxes-
$1,045,701
48,480
Other income
—
Operatingreveniles
~
Loss
—
than on
funded debt)
Bonuses
$8,740,793
7,507,119
1,277,523
Fed. income tax & surtax
Operating loss
Total-Interest (other
;
Company, established in 1929, manufactures aircraft accessories and
equipment which it sells to many of the principal aircraft
manufacturing
companies.
Its factory is located in Dayton, Ohio.
Net sales of the com¬
pany have increased in each of the last six years, from $121,672 in
1933 to a
Net loss
159,289
Consolidated Balance Sheets, Dec. 31
,
r
$836,160
Net income
Dividends paid
no
Operating
$955,673
122,701
Totai income
Income charges
$6,490,326
1937
$7,529,887
5,314,098
1,379,628
1,353,486
.......
Other income...
in 1938.
total
1938
$7,670,302
5,361,142
r
Provision for Federal and Canadian income taxes..
bonded debt and no bank loans
outstanding.
>
Upon the retirement of the remainder of the .preferred, to be
financed
entirely out of surplus cash on hand, the outstanding capitalization of the
compahy will consist solely of 191,735 shares of common stock.
The
earnings position of the common stock will be improved by the elimination
after July 1, of preferred dividend
requirements, which totaled $45,839
dividual
interim dividend of 7}i%, less tax, on the
ending Sept. 30.
Same amount was
year
Gross sales, less discounts, returns and allowances.
announced
United
an
fiscal
Cost of goods sold
long-term program of simplification of its capital struc¬
by this company, effective with the retirement on
1939 of the balance of its 7% preferred stock
by redemption at
has
May 20 '39 May 13 '39 May 21 '$8
91,389,163
92,313,161
83,191,411
presently issued and outstanding;.
Consolidated Income Statement, Years Ended Dec. 31
.
1939—20 Weeks—1938
$1,311,375
'
United States Playing Card Co.—Listing—
$2,655,285
July 1,
$110 a share and accrued dividend.
A total of $3,129,600 of
7% preferred stock, of $100 par value per share,
was originally sold in
January, 1920 by a banking group headed by Estabrook & Co.
By means of sinking fund purchases, the company had
reduced the outstanding total to $651,800 at the close of
1938.
A bond
issue of $1,500,000 sold in 1922 was
paid off April 1, 1926 and the company
now
cents per share were distributed.
The New York Stock Exchange has authorized the
listing of 400,000 shares
of common
stock, par $10, which are
$4,934,282
2,121,196
157,801
Union Twist Drill Co.—To Call
was
12.999,347
United States Pipe &
Foundry Co.—Obituary—
Stores, Inc.— Sales—
$1,744,178
Completion of
1,205,926
13.092.985
Total
Charles R.
Selling,
514,472
14,896
1939—4 Weeks—1938
—V. 148, p. 2609.
ture
6,373,380
2,221,550
May 22 declared two dividends of 20 cents per share each,
15 and Sept. 15 to holders of record June 5 and Sept. 5,
Dividend of 20 cents was paid on March 15 last, and pre-
stock
his home
$9,882,639
4,948,357
3084.
Union Premier Food
Capital surplus
paid year ago.—V. 148, p. 136.
.
,
282,782
United Molasses Co., Ltd.—Interim Dividend—
.
.—
Capital stock.——
Directors have declared
common
__
Sales
5,858,916
ing mln.stk.ina
Electric output of system
(kwh.)
—V. 148, p.3086.
_
Period End. May 26—
merged sub
Deferred credits._
Week Ended—
-Earnings—
revenues...$12,001,417 $10,363,250 $46,223,758 $40,645,178
1,221,202
1,099,304
4,083,128
3,532,690
2,425,839
2,122,410
9,599,977
7,812,738
Traffic expense.
472,598
341,436
1,599,626
1,315,379
Transportation expense.
4,315,057
3,778,052
17,132,466
15,417,755
Miscell. opers. expense.
263,627
243,587
1,014,773
959,007
General expense.
479,491
424,782
1,811,327
1,727,062
Transp. for invest
Cr94
Cr915
Cr595
Cr2,092
p.
19,028
United Gas Improvement
CoWeekly Output—
oper.
148,
4,805
225,661
7,208,442
5,690,948
Est. cost of acquir¬
92,178
viouslyregula^ quarterly dividends of 10
board of directors.
Maint. of way&structs.
Maint. of equipment
-V.
on
respectively.
-
Net ry. oper. income.
394,823
.....13,092,985 12,999,347
payable June
Period End. April 30— 1939—Month—1938
1939—4 Mos.—1938
Freight revenuesr_____- $9,638,622
$8,139,508 $37,471,641 $32,292,473
Passenger revenues1,256,915
1,210.567
4,640,175
4,514,850
Mail revenues
440,798
412,585
1,567,396
1,697,985
Express revenues
163,329
180,803
586,687
540,249
All other transp. revs
362,745
285,063
1,179,386
1,309,050
Incidental revenues..._
139,008
134,724
518,220
550,824
Ry.
357,113
241,686
7.497,962
404,200
91,415
Directors
of $224,568
Union Oil Co.—New Director—
been elected
265,866
319,087
...
United-Carr Fastener Corp .—Dividends—
...$3,270,750 $4,244,682
Total..
b After provision for depreciation
in 1938 and $367,945 in 1937—V.
147, p. 3776.
has
cards
&c
—V. 148, p. 2609.
other expenses,
Francis S. Baer
—V. 148, p. 2918.
344,995
for air travel
Earned surp. (def.)
Total
29.500
29,500
air
Actr. wages, taxes,
•
966,000
54,608
Com. stk. (par $1)
Capital .sruplus—
65,442
577,792
..$3,270,750 $4,244,682
And
533,460
U. S. Treas. notes
124,664
452,440
248,871
for
rec.
travel cards, &e_
Net llab. for dep
annulled
and bonds
84,207
Dep.
rec.
Sund. stk. & notes
134,854
Real prop. &equpt
6,388,292
Deferred charges.
295,995
16,200
Total.
610,307
Feb.19,1934...
Res. for financing,
$
288,554
lines, &c
1,060,917
.
a
86,055
555,065
charges
493,167
156,746
557,200
contingencies
9,553
Other assets
$333,221
157,726
current)
6,125
b Land, bldgs
&eq.
Goodwill & patents
contr's
Notes payable (not
732,870
911,806
Inventories
Def.
series
16,009
Notes rec'le, trade,
& accr'd interest
Accts. rec., trade-
Prepaid
pay.,
D and E
1937
$
Accounts payable.
Amts. due other air
Accts. due from &
withheld by U. S,
P. O. Dept. on
1937
1938
Liabilities—
Notes
$322,617
with
trustee
a
1937
$202,967
Cash
3,395", 984
U. S. Treas. notes.
Balance Sheet Dec. 31
Assets—
1,518,181
Liabilities—
1,361,258
Accounts receiv...
1,028,644
undis-
tributed profits.
1938
$
2,560,073
Working funds...
61,022
$0.21
$0.35
$0.05
non-recurring profit of $25,257 but before surtax
1937
$
Cash
472,500
on
shares
Includes
1936
1937
Assets—
and Federal taxes
Earns, per sh.
1938
$55,985
Consolidated Balance Sheet Dec. 31
"
.
.
I
■
Financial
3248
Like amounts were paid on April 1, last, Dec. 21, Oct. 1, July 1
1938, and on Dec. 21 and on Oct. 1, 1937. See V. 144, p. 3522
record of previous dividend payments.—V. 148, p. 2611.
June X.
& Traction Co.- -Earnings—
Utah Light
Period End. Apr.
1939-Month-
30—
$598
51,665
$24,039
598,525
$15,021
610,724
$52,263
$622,564
51,629
618,919
965
961
7,566
$625,745
620,897
8,780
$326
bondsint. & deductions-
Balance, deficit
$327
$3,921
$3,932
Deficit.
'
•
.
amounting to $1,663,930
—V. 148, P. 2611.
—V. 148, p.
Machine Tool Co.—Earnings—
Yearn Ended Dec. 31—
'
1938
1937
Net sales, less cash discounts.
$2,012,893 $2,052,665
Cost of sales—1,234,647
1,254,754
1936
$1,654,048
983,315
$797,911
336,082
$670,733
301,638
Washington Water Power Co.—To Refund Debt—
controlled by the American Power & Light Co., plans to
funded debt.
It is expected to file soon with the Securities
and Exchange Commission a registration statement covering an issue of
The company,
refund its entire
$417,393
1,749
$461,829
5,755
$369,095
4,542
$419,142
6,059
44,085
65,700
$467,584
2,864
29,667
65,600
26,900
22,517
51,200
9,800
Total income.
Interest paid
normal income tax..
undistributed profits.
Prov. for Federal
Net profit for the year.----Pref. stock dividends paid
Common stock dividends
$303,297
195,424
$287,255
26,187
139,903
$3.41
— ...
$345,019
159",892
— —
paid.--
$3.88
Earnings for 12 Weeks Ended
Mar. 25 '39 Mar. 26 '38 Mar. 27
Net profit
after all chges.
-
The
$1.32
$0.87
$0.79
Balance
31, 1938
Sheet, Dec.
cash surrender value, $5,952;
$333,866; other accounts receiv¬
Assets—Cash, $264,720; life insurance,
trade accounts and notes receivable (net),
able, $18,381; inventories,
vestments, $119; property,
patents,
$2,990;
charges,
$475,624; cash in qlosed bank and sundry in¬
plant and equipment (net), $492,554; deferred
patent rights and goodwill, $153,840; ,total,
net-
Other income,
— — — —
-
Provision for
Net
depreciation and depletion
amortization of debt expense
Federal income taxes— — —
profit-
148, p.
*
— —
$1,853,094
1,281,890
71,318
.—
73,146
233,821
37,154
$563,010
$300,228
—
—
Maryland Ry.—Earnings—
expenses —
Transportation expenses
Miscell. operations——
General expenses.
—
Transp. for investment/-
1939—4 Mos.—1938
$4,902,211
$4,443,745
488,612
563,048
1,015,972
1,157,961
1939—Month—1938
$886,276 $1,050,837
126,491
140,327
229,177
222,218
38,195
34,959
280,680
309,642
2.943
2,370
45,558
38,988
Cr2,692
CY2.153
30—
Operating revenues
Maint. of way & struc
Maint. of equipment—-
.
'
$50,000; accounts payable, $88,422;
$124,277; bank loan (non-current), $175,000; common
par), $444,145; paid-in surplus, $566,355; surplus, $299,847;
total, $1,748,047—V. 148, p. 1824.
Liabilities—Bank loan due currently,
stock
151,431
157,593
1,374,853
1,318,484
15,684
180,513
Cr6,971
CY10.596
$1,748,047.
accrued liabilities,
156,404
1344.
Period End. Apr.
Traffic
$1,696,690
$2,290,831
1,416,999
237,676
— —
Provisions for
Interest and
$2,219,513
:»
—
Total income
$70,337
$0.66
1938
1939
Ended April 30—
operations, before prov. for deprec.,
depletion, and Federal income taxes-
Western
$77,048
Co. (& Subs.)—Earnings—
Virginia Pulp & Paper
6 Months
Profits from
-
$117,334
company in the
from registration
The amendment states, however, a bank loan agree¬
ment between the company and certain banks with respect to a loan of
$4 000 000 against a like principal amount of 3 % % notes of the company
will be supplied by another amendment.—V. 148, p. 3087.
'37 Mar. 27 '36
$58,565
sh. on com.stk
Earns, per
serial debentures previously registered by the
of $4,000,000 2)^-4% of 1940-48 are removed
by the amendment.
—V.
„
& Federal income tax.
144, p. 3699.
West Texas Utilities Co.—Rate on Bond Issue—
in an amendment to its registration statement filed with
and Exchange Commission states that the coupon rate on
the $18,000,000 first A bonds of 1969 will be 3 % %.
.
$3.23
shs. of com.
Earns, per sh. on 88,829
monstock ($5par)
of directors
the Securities
West
—,
and miscell. charges.
Depreciation
Surtax on
360,853
Service Corp .—President Resigns—
recently accepted the resignation of the President,
Westchester
The board
E. H. Elkind.—V.
$373,637
397
'
*
company's
approximately $20,000,000.
Proceeds will be used to
the
$15 498 000 of first and general mortgage 5% bonds due in I960 and the
$4,413.000 of first and refunding mortgage 5s due this year.—V. 148, p. 2612.
amount
$778,246
Operating profit
Non-operating income—
14,895,827
3,635,667
1,728,662
The company
—
Operating expenses
16,226,080
4,268,742
2,148,213
refund
Van Norman
Gross profit-.
910,500
416,146
2762.
'
been made in the above statement for unpaid
demand note,' payable if, as, and when earned,
for the period from Jan. 1, 1934, to Dec. 31, 1938.
—
409,607
$3,732,812
964,913
433,561
.
Note—No provision has
6% income
interest on the
2,751,017
$3,973,127
12,327,313
1,597,332
def713,054
coo
13,833,714
Net after rents
$51,985
.51,346
Gross income
x
$1,132,810
1,117,789
52,936
plant
Int. on mortgage
Other
$1,105,604
1,081,625
x$951
Net oper. revenues..-
Rent from lease of
$96,7.54
96,156
$93,377
94,328
Operating re venues
Oper. exps., incl. taxes..
568,404
def20,871
1—
Gross from railway—-Net from railway
From Jan.
1936
$3,085,326
531,886
def60,576
$3-343,134
railway
Net from railway-
1937
1938
1939
Anril—
Gross from
Net after rents
1939—12 Mos.—1938
-1938
Ry.—Earnings—
Wabash
and April 1,
for detailed
May 27,
Chronicle
14,956
171,872
$1,293,014 >
$304,486
$1,459,530
65,000
71,621
290,000
296,485
$232,865
07,284
Dr9,573
$1,169,530
C'r77,872
Dr51,442
$996,529
Cr100,688
_
$100,924
Cr8,971
Drl2,229
income.
$97,666
$230,576
8,238
$1,195,960
25,091
$1,047,083
38,725
275,799
$238,814
274,669
$1,221,051
1,105,122
$1,085,808
1,099,126
x$172,525
x.$35,855
$115,929
x$13,318
$16o,924
■*.
Net oper. revenue
Taxes
($5
Veeder-Root, Inc.—Extra Dividend—
declared an extra dividend of 25 cents per share in
quarterly dividend of like amount on the common
The directors have
addition to the regular
stock, both payable June 15 to holders of record June 1.
were paid in each of the five preceding quarters and an
$2 per share was paid on Dec. 15,1937.—V. 148, p. 1497.
Similar amounts
extra dividend
Operating income.
Equipment rents..
Joint facility rents (net)
— -
Net ry. oper.
Other income
Gross income
Fixed
Venezuelan Oil
Net
dividend of 1 shilling 7 pence on common
of 2 shillings 3 pence for the year,
Dividend is on increased capital.—<Y. 146,
x
income
Indicates deficit.
1938, less tax, making total
against 3 shillings for
p.3531.
1937.
Vulcan Detinning
*
"
The
Interstate
Commerce Commission
Other income
—
on
1935
■
$3,390,042
3,045,369
$344,674
82,520
3,217,874
$2,921,802
2,616,768
$434,902
41,304
$305,035
.91,898
Western New York Water
$396,932
85,614
$427,193
105,769
$476,205
144,559
$589,570
202,159
100,588
-----
—
Other income..
Interest
on
Interest
on
com.
dividends—
$311,319
238,498
$321,425
235,593
$331,647
290,029
$286,824
238,667
Net income.-
$739,283
431,860
.-
i
$48,157
Surplus
$41,618
$72,821
$7.21
*
$85,832
$6.66
$324,940
204,887
44,463
10,573
5,873
1,384
J
204,887
**■—
42,140
10,541
5,579
mortgage bonds
debenture bonds
...»
-
Other interest charges.
—
Interest charged to construction.—
$6.26
$324,821
$307,513
_
$763,769
438,947
$307,423
90
—
-----
Amortization of debt discount and expense
Miscellaneous
1938
1939
Operating revenues
Operating expenses.
Taxes assumed on interest
Pref. &
$4,890,058
Co.—-Earnings—
Gross corporate income.
Res. for tax, &c., charges
Reserve for price equaliz.
*
May 15 issued a certificate
12 Months Ended March 311936
1937$3,652,775
$562,541
27,029
ipcome-
1939 '
$5,207,568
permitting abandonment by the company of part of a branch line of railroad
extending from Narrows Park to Midland, approximately 13.29 miles, all
in Allegany County, Md.—V. 148, p. 2921.
Net earnings...
Net operating
$160,112
—
14-—
1938
to May
Abandonment—
Co.—Earnings—
1938
■
$3,207,278
2,644,737
Calendar Years—
Sales------1Exps., deprec., &c
Gross earnings (est.)
1
—Jan.
1938
$234,061
1939
$4,655,997
$5,047,457
$212,252
■Week Ended May 14—
„
special dividend of 25 cents per share on
the common stock, no par value, payable June 15 to holders of record
June 1.
Like amount was paid on March 15, last; a dividend of 50 cents
was paid on Dec.
15, last; dividends of 25 cents were paid in each of-the
three preceding quarters; a special of $1.25 was paid on Dec. 15, 1927;
special dividends of 25 cents were paid on Sept. 15, June 1 and on March 15,
1937; a special dividend of $1 paid on Dec. 15, 1936, and dividends of 25
cents were paid on Sept. 15 and June 15, 1936.—V. 148, p. 1042.
The directors have declared a
1938
1939'
1938
1939
$172,124
(est.)..
1 to May 7-
-Jan.
-Week End. May 7
Gross earnings
Viking Pump Co.—Special Dividend—
$103,274
—
charges*.
Concessions—Final Dividend—
Directors have declared a final
stock for
5,608
of
Dr 50,134
— -
*
,
•
497
Crl25
CY490
450
300
"8",786
$43,242
$49,465
deductions
•.
Provision for Federal income and capital
119
stock tax
Earns, per sh. on 32,258
$5.99
shs.com.stk,. (par $100)
Note—No provision for surtax on undistributed profits was
— -
1939
$774,870
712,637
Net income
Other income
Total income
1938
$888,558
749,978
1937
\
$902,484
792,065
$62,233
14,009
—
$138,580
$110,420
35,315
Dr4.383
$76,242
$145,734
35,266
$134,197
31,340
Taxes, &c
Applic. of price equaliz'n
90^064
Balance Sheet March
1936
$602,479
534,545
$67,934
22,587
$90,521
29.527
Net profits
$98,890
80,645
Assets—Plant, property, equipment, &c., $8,618,934; miscellaneous in¬
and special deposit, $1,278; cash in banks and working funds,
$54,535; accounts and notes receivable, $53,993; accrued unbilled revenue,
$14,500; materials and supplies, $26,543: debt discount and expense in
process of amortization, $128,226; prepaid accounts, deferred charges and
unadjusted debits, $18,015; total, $8,916,022.
Liabilities—Funded debt, $4,563,600; accounts payable, $9,096; due to
companies (current-account), $130; consumers' deposits and
affiliated
accrued thereon, $10,093; accrued liabilities, $123,658; unearned
$11,699; deferred liability, $142,777; reserve for depreciation,
$1,092,417; contributions in aid of construction, $190,057; $5 non-cumula¬
interest
revenue,
participating preferred stock, $206,133; common
no par
value), $1,000,000; capital surplus,
$773,836; total, $8,916,022.—V. 148, p. 2137.
of
$110,468
$44,132
$60,994
Mar. 31 '39 Dec. 31 '38
Liabilities—
Consolidated Income Account
1938
Mar. 31 '39 Dec. 31 '38
$699,025
$490,022
Accts. pay. & accr.
$176,452
Marketable securs.
606,001
662,853
Dividends payable
150,775
Accts. receivable..
369,608
906,989
161,398
1,219,432
222,665
222,665
Res. for conting. &
in general
(& Subs.)—Earns.
for Calendar Years
1937
1936
1935
Res. for inc. taxes
Inventories
$122,928
93,506
stock (50,000 shares
$792,525; earned surplus,
Weston Electrical Instrument Corp.
Condensed Balance Sheet
Assets—
31,1939
vestment
tive
CY53.987
Common dividends.
*
—
made.
Earnings for 3 Months Ended March 31
Quar.End. Mar. 31—
Sales-*
Expenses, deprec., &C-.
Net income
Cash
x
Co.'s
own
y
investments
27,700
Plant & equipm't
999,297
Patents,
27,908
&
Pref.
in¬
2,544,677
Def'd chgs. & pre¬
paid expenses
-
_
5,672
charges-
stock
res.
109,925
143,971
170,353
170,353
66,600
120,588
($100
$354,429
$662,900
51,133
$428,067
45,512
23.406
$714,033
182,395
$473,579
$421,898
158,318
38,117
29,610
$384,039
Total income
35,221
xl08.752
177,108
40,171
$168,220
180,598
Depreciation
Federal taxes
1,522,300
3,225,800
107,925
833,260
Total
$6,381,635 $6,340,631
1,865 shares,
y After depreciation and obsolescence—July 1, 1929, to
March 31, 1939, amounting to $2,137,682 in 1939 and $2,109,788 in 1938.
—V. 148, p. 1981.
12.945
Net
26,778
$398,492
$225,462
y85,940
$422,885
$256,301
54,752
80,292
profit
Class A dividends
Common dividends
54,752
160,583
58,124
136,496
$33,176
$207,550
$61,681
$139,522
$0.70
$2.10
$1.23
$0.98
7,162
*$6,381,635 $6,340,631'
x
$441,012
19,794
Other income
..
Total..-
$682,694
13,450
Operating profit
1,522,300
Com .stk (par $100) 3,225,800
Capital surplus
107,925
Earned surplus
851,505
par)..-
tangible
assets,
incl. goodwill— 2,544,677
govern¬
1,004,514 Price equllz'n
licenses,
processes
other
mental
pref.
stock—at cost.,
Other
&
$425,270
$367,879
Profit after costs & exps.
Other deductions
Surplus.
.
Earns, per sh. on 160,583
commonshares
x
/I
/\n
Includes
/I n
J
n
$31,165 surtax
n«inn w<
on
undistributed profits,
y
Including divi-
,
Volume
Financial
MS
Consolidated Income Account for 3 Months
Ended March 31
1937
1936
$171,747
2,733
$102,583
43.394
21,600
41,774
10,600
IS? ,028
13,688
TI04,021
13.688
$46,299
17.060
40.146
$39,118
_ _
Depreciation
Federal taxes
1938
$112,201
$52,806
13,688
Other deductions (net)
$43,340
$90,333
comPany will own in excess of 10,000
def$10,907
Cr 1,135
44,607
11,TOO-
"
Net profit.
Class A dividends
Common dividends
3249
ivr^fi'*~"New
1939
$105,448
Cr4,919
41.961
15.6C0
3 Mos. End. Mar. 31Profit after" expenses
Chronicle
3.910
_
3,630,000v pounds
^no-cured (bright-leaf) tobacco, valued at approximately $875,000, of
which about one-half represented the
company's share.
The consolidated profit and loss statement for the
past four
fflPoo
28, 1939,
companies whose businesses
1936
Cash
$562,511
Marketable
x
232,479
secure.
Notes & accts.
re¬
ceivable—trade.
Inventories
324,635
.1 1,021,771
_
•
Liabilities—
Mar.31 *39 Dec. 31 '38
$434,645
234,920 Accts. pay'le—pur¬
chases, royalties,
$141,454
$170,467
taxes. &c
335,938
1,030,528 Accrd. accts—pay¬
Invest, in and acct.
23,349
45,439
rolls & expenses.
from Weston
Res. for Fed'1 taxes
rec.
Elec. Instrument
on
Co., Ltd., Eng¬
182,066
76,233
75,165
1,366,763
Earned surplus—^
Deferred charges..
Total...'
x
After
After
2,500,000
927,520
Total......— $3,812,876
888,401
$3,715,929
Earnings—
14,344
145
6,882
5,107
4,306
40,418
3,625
6,533
148
1.858
4.025
3,069
$434,890"
121,053
211,933
104,712
198,233
73,300
118,193
72,489
109,175
63,470
88,302
14,376
110,000
$543,779
indebtedness
Reserve for income taxes
Net profit for the year
Preferred dividends
W. Paterson, Ltd., pref..
$503,612
$506,111
87,500
84,419
63,000
2,870
3,496
4,308
87,500
dividends:
.
2,723
Bread
Expenses
$296,383 '
$178,105
8,313
$172,464
7,302
$186,419
$179,766
$248,471
$116,616
$297,692
$277,361
$512,647
$490,733
$208,721
6,233
*$208,245
5,127
$214,954
$213,372
'
& admin.
oner.
Mortgage interest
Profit before deprec. or
income taxes........
700
*
In order to adjust the expenses of two
companies to an annual basis, an
charge of $8,000 has been included in this amount.
Wisconsin Central Ry,—Earnings—
Period End. April 30—
Freight revenue
Passenger revenue
1939—Month—1938
$804,622
$717,615
18,802
30,324
61,729,
61,750
64,266
112,499
38,504
,
72,220
Total
revenues
316.413
2,368
319,499
5,436
206,640
$130,020
Balance, surplus.
$96,829
$96,328
$198,899
Including income from investment.
$3,459,417
388,317
649,799
111,143
1,534.374
130,565
$3,123,535
398,702
594,187
109,180
1,615,310
154,338
$172,783
80,386
$99,662
82,930
$645,219
326,680
$251,817
321,152
$92,398
37,431
31,396
$16,733
51,744
$318,539
125,410
148,253
x$69,335
150,233
222,597
$23,570
Dr3,451
*$73,774
Drl5,157
$44,876
Dj*18,845
x$442,165
Dr54,801
$20,119
10,070
x$88,931
11.108
152,819
187,729
612,267
747,719
deficit..$142,770
$287,769
$626,913
$1,274,507
Traffic expenses
Transportation expenses
General expenses
_
_
Net railway revenues.
Taxes.
.
Net after taxes
Hire of equipment
or terminals.
Rental
^
.
.
...
Net after rents
Income before interest
Int. being ac. and paid.
_
$124,497
44,531
14,394
$91,375
22,679
$65,572
22,679
...
...
Net profit
$109,458
22,679
;.
Preferred dividends
*
;
Other income (net)
Int.
Earnings for 3 Months Ended March 31
3 Months Ended March 31—
1939
1938
x Net operating profit.
$197,485
$160,099
Depreciation
58,127
•
48,666
Income taxes..
29,900
20,058
bonds,
on
Net
x
38,763(
$26,030
40,676-
,
x$496;966
29,822
notes,
adv., &c
1937
$2,800,304
98,863
224,367
$809,689
106,914
158,472
27,586
387,483
29,570
$478,283,
323,537
1939—4 Mos.—-1938
$3,154,488
81,683
223.246
$885,153
104,508
164,515
29,519
381,253
32,574
Mtce. of way & struc.exp
Mtce. of equipment
&
Cakes. Ltd., pref. div.
Common dividends
'
extra
$765,773
$960,054
1,725
$822,680
700
$1,059,129
tive officers, &c
x
damaged or destroyed
Investment income.
Miscellaneous income
AU other revenue......
1935
of execu¬
Reserve for depreciation
Int. on funded or other
.'*■
$440,155
.
1936
1937
1938
Net operating profit..
Weston
$499,350
1939 and $23,162 in
for doubtful accounts of $23,933 in
Directors' fees
Geo.
$291,308
*873'623
38,246
(George) Weston, Ltd. (& Subs.)-
Remuneration
$416,372
127,504
2,500.000
reserve
Calendar Years—
x
433,467
tobacco, co.'s sb.
Sales of
Insur. recoveries on crops
Total expenses
$3,812,876 $3,715,929
reserve
127,504
for depreciation of $1,348,820 in 1939 and $1,308,122
in 1938.
x Includes $26,347 for Federal taxes on income-balance for year
1938.
a Represented
by 27,376 shares of class A and 160,583 shares
common after deducting 3,417 shares reacquired out of surplus and held in
treasury both of no par value.—V. 148, p. 2921.
y
499,032
2
Capital stock—
a
yProperty, plant &
Pats, and goodwill
1938.
$998'383
291,025
1,376,703
2
46.417
Other assets—....
equipment
$5&'334
368,866
35,221
z41,948
—
Res. for conting,&c
189,782
at
income—1939
(estimated):
land..
as
Years Ended Feb. 28 or March 31
1937
1938
1939
Paid8toHenants^fortlieir
Mar.31 *39 Dec. 31 '38
being acquired
are
was as follows:
Consolidated Balance Sheet
Assets-
the
as the best tobacco growing area in Western Ont.
company s supervision this acreage will be operated by tenants
approximately 90 farm units, each self-sufficient and fully supplied
witn
dwellings, buildings and farm equipment necessary for tobacco proauction.
These properties last
year produced in excess of
Feb.
Surplus.
acres of land in
^J-Ocfolk area, recognized
unaer the
Indicates loss—V. 148,
p.
2922.
Wisconsin Power & Light
Co.—Preferred Dividends—
The directors have declared
a dividend of $1.12H per share on the 6%
pref. stock (par $100), and a dividend of $1.31)4 per share on the
7 % cum. pref. stock (par $100), both payable June 15 to holders of record
May 311 Similar amounts were paid in each of the nine preceding quarters.
—V. 148, p. 3087.
cum.
Balance for common...
x
After
$68,696
"404,421
$86,779
Shares common stock.
404,421
Earnings per share.
$0.17*
$0.21
■
.....
$42,893
"^375,882
"$0.12
providing for all interest due and accrued on funded debt of
subsidiaries.
Assets—
Accts. receivable-
$143v234
1,308,580
Inventories
i,134,967
...
1938
and
accrued items..
,
Bank loan secured
99,735
miums paid....
43,070
Fixed assets..... 5,875,937
4,904,592
Investments
.....
,
38,071
price
of
ac¬
Prov. for
whose bal. sheets
com.
272,397
herein consol
are
•
—
80,884
Pref. shares of subs
quired shs. of cos
Goodwill.'.
80,884
equip. &
sales¬
d2'l ,469
men's guar, deps
.Funded liabilities. 1,860,930
Excess cast over is¬
sue
$776,676
Ltd., payable..
Purch. of prop and
Life insurance pre¬
a
$769,107
402,158
142,549
b
c
—
38,400
shs. of subs
1937.
sion
.$8,658,084 $8,226,9181
2,887
pref. stock ($100
1,750,000
par)
Common stock, 2,574,557
Surplus accts... 1,015,144
(F. W.) Wool worth Co.—Director's—
L.
Total—
Hi
elected
Gause and
directors
to
C.
O.
succeed
Worthington Pump & Machinery Corp.—New Officials
H.
1.750,000
for interest in surplus accounts of subs, of common shares, or subs,
public of $802 in 1938 and $527 in 1937.
147, p. 3175.
Beaver, President, announced that Edwin J. Schwanhausser has
a
Vice-President.—V.
Corporation on May 25 offered to buy from holders of its 6% and partici¬
pating sinking fund gold debentures, due Nov. 1, 1940, at 10i%% of the
principal amount, plus accrued inter est,, the first $150,000 principal ambunt
of the debentures presented to the Chemical Bank & Trust Co.," 165 Broad¬
way, New York.
This offer will expire June 10, 1939.
The corporation
stated that it may, but is not obligated to, buy any or all debentures in
excess of $150,000 principal amount presented in accordance with the offer.
—V. 148, P. 451.
...
"
-c
.
Plantations/Ltd.—Bonds Offered—
Harrison & Co., Ltd., Toronto, are offering at 98^ and int.
$1,000,000 5% 1st mtge. sinking fund bonds, seriesf A.
Dated May 1, 1939; due May 1, 1954.
Principal and int. (M-N) and
redemption premium, if any, payable in lawful money of Canada at prin¬
cipal office of the company's bankers in Guelph, Ont., or at option of the
holder in any one of the following cities:
Halifax, St. John, Montreal,
Ottawa, Toronto, London (Ont.), Brantford, Winnipeg or Vancouver.
Red. at option of company at any time on 30 days' notice, in whole or in
part, at 105 if red. on or before May 1, 1940; the premium declining
of
1% for each year, or fraction of a year elapsed after that date before ma¬
turity.
The bonds wiU be available in coupon form, registerable as to
principal only, in denominations of $1,000 and $500. Trustees for bond¬
holders, Guaranty Trust Co. of Canada.
Transfer Agent and Registrar,
Chartered Trust & Executor Co.
In the opinion of Counsel for the underwriters these bonds would be a
legal investment for insurance companies registered under The Canadian
and British Insurance Companies Act, 1932 (Dominion), as amended.
Company has been incorporated under the laws of the Province of Ontario
to acquire the net assets and undertakings of the following companies;
Windham Plantations Ltd.; St. Williams Plantations
Ltd.; Southern
Canada Tobacco Plantations Ltd. and Simcoe Tobacco Plantations Ltd.
These are among the most important companies in the tobacco growing
industry and have all been successfully operated for a number of years.
Capitalization—
1st mtge. sinking fund bonds
6 % cum. pref. shares (par $100)
Common shares (no par)
x
—r„,
.
Authorized To Be Issued
$1,200,000 x$1,000,000
1,500,000
1,000,000
-_____l50,000 shs. 100,000 shs.
Series A, 5%, dated May 1,1939, due May 1, 1954.
p.
3475.
'
Directors have declared a dividend of 15 cents per share on the common
stock, par $10, payable May 31 to holders of record May 25.
Like amount,
paid on Dec. 28, 1938 this latter being the first dividend paid since
Oct., 1931, when 25 cents per share was distributed.—V, 148, p. 1825.
was
Yazoo &
Mississippi Valley RR.1939
$1,005,221
214,863
18,179
April—
Gross from
White Sewing Machine Corp.—Tenders—
147,
(Rudolph) Wurlitzer Co. —lb-Cent Dividend-—
850,976
*..$8,658,084 $8,226,918
O.
been elected
2,574,557
d Salesmen's guarantee deposits.—V.
Windham Tobacco
Gilbert, district office managers, have been
Arthur Sachs, resigned, and the late Mrs.
2,612
$1,674,636 in 1938 and $1,488,215 in
b Represented by 404,421 no par shares,
c After deducting provi¬
herein consolidated in hands of
and dividends at one-half of the regular rate were paid in each of the six
preceding .quarters prior to which, regular quarterly dividends were dis¬
bursed.—V. 148, p. 3087.
"
Helena McCann, daughter of the founder.—V. 148, p. 2922.
After reserve for depreciation of
a
,
69,506
1,650,950
39,800
equity of
.....
Total..
146,957
have declared a dividend of $1.75 per share on the 7%
pref. stock, $1.62)4 Per share on the 6)4% cum. pref. stock and
$1.50 per share on the 6% cum. pref. stock, all of $100 par value, all payable
June 20 to holders of record May 31.
Similar payments were made on
March 20, last., Dec. 20, Sept. 20, June 20 and March 21, 1938; on Dec. 20,
Sept. 20, June 19 and March 26, 1937, and on Dec. 21 and Sept. 21, 1937
cum.
5% cum. red.conv.
1
1
284,000
Div., Geo. Weston
65,956
121,784
52,561
1937
Accts. payable
$270,753
1,223,492
1,329,872
Prepaid & deferred
items
The directors
Liabilities—
1937
1938
Cash..
Wisconsin Public Service Corp.—Accumulated Div.-*-
'
»
Consolidated Balance Sheet Dec. 31
railway..—
Net from railway—■
_
.
Net after rents.
From Jan. 1—•
—
—
—V.
1937
$1,438,740
514,332
280,399
4,467,701
5,316,719
1,230,834
.359,225
1,720,262
820,228
1936
$1,064,379
251,830
31,162
*
Gross from railway—-Net from railway...
Net after rents
Earnings—
1938
$1,072,520
303,678
85,641
•
4,408,241
1,121,385,
.
326,601
;
4,335,631
1,085,176
238,505
148, p. 2612.
Yellow Truck & Coach Mfg.
Co.—Accumulated Dividend
Directors have declared a dividend of $1.75 per share op the 7% cum.
pref. stock, par $100, payable June 30 to holders of record June 15. Arrear¬
ages now amount to $14 per share.—V. 148,p. 2613.
*
.
York
Rys. Co. (& Subs.)—Earnings——
125,563
260,631
129,397
256,865
160,942
265,374
90,663
303,258
$462,793
10,631
$2,786,723
•.
......
Provision for retirements—...
—
1938
$2,783,870
1,500,839
$620,595
...—
Maintenance
Federal income taxes—
1.393,671
1939
12 Months Ended March 31—
Operating revenues—,——
Operating expenses.
....
— .....
........
—
Other taxes-
14,051
Other income-
227,814
4,181
14,518
$473,424
273,313
2,446
23,272
$388,134
$174,393
$634,646
Interest on long-term
debt
—
........
Other interest
—.
Amortization of debt discount and expense—
Balance of income
—V. 148, P.
......
1042.
Youngstown Steel Door Co .—New
Director, &c.—
stockholders, E. E. Robbins, President of Camel
subsidiary, wsa elected a director, increasing board to ten from
At annual meeting of
Sales Co., a
niAfc'organization
meeting, C. H. Williamson, Assistant Vice/President,
and Severance A. Millikin, Treasurer, were elected Vice-Presidents, while
W H. Rosenbush, Assistant Secretary and Assistant Treasurer, was elected
TrpiRstirfir and Assistant Secretary.—V.
148, p. 2763.
Financial
3250
May 27,
Chronicle
The Commercial Markets and
the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
Friday Night, May 26, 1939
closed 3 to 4 points net
higher for the Santos contract, with transactions totaling
only 20 lots. 'Old Rio contracts on one sale closed 2 points
lower to 4 points higher, and new Rios were 3 to 4 points
higher with no sales recorded.
Brazil's dollar rate was
better by 20 reis at 18.780, but the Havre market closed
y. to 134 francs lower. Actuals continued steady, although
business was quiet.
On the 22d inst. futures closed 6 to 8
points net higher for the Santos contract, with sales totaling
34 lots.
The old Rio contracts on only 3 sales were un¬
changed to 2 points higher, and new Rios in a
market were 2 points higher.
Trading was
dull inactive
largely pro¬
fessional in the Santos contracts, although some
business was
against actuals.
Eleven of
switches, while 9 lots were traded in July
in evidence from trade houses
were
prices ranging from 6.19c. to 6.24c. The steady tone was
in response to the firm 'actual market where shipment
offerings of Brazilian coffee were about 5 points higher and
mild prices held steady at last week's closing levels.
The
Havre market was steady at % to 1 franc higher, but
Brazilian prices were unchanged.
On the 23d inst. futures
closed 6 to 8 points net lower, with sales totaliug only 20
lots.
The old Rio contracts were off 4 to 9 points, with
at
■
only 1 sale recorded.
an
inactive
market.
The new Rios were 4 points lower in
The tone of the actual market was
reported to be a shade easier as resales of milds made their
appearance in Front Street.
The primary market continued
firm.
The Havre market closed 1 to 124 francs lower, but
the Brazilian dollar rate was better by 10 reis at 18.77 milreis
to the dollar.
Coffee destruction in Brazil in the first half
May amounted to 124,000 bags, against 166,000 in the
of April.
The total destroyed this year to date
amounts to 1,300,000 bags, and for the entire period of
destruction which started in June, 1931, to 66,033,000 bags.
On the 24th inst. futures closed 10 to 6 points net lower for
the Santos contract, with sales totaling 51 lots.
The old
Rio contract closed with only 1 sale of 1 lot recorded, and
this in the July delivery, which closed 3 points net lower.
The coffee market appeared to ignore the general bullish
Sentiment, and sold off in sympathy with a lower French
market.
Profit taking was reported.
During early afternoon
Santos contracts were 7 to 8 points lower on all except the
spot May position which dropped 13 points to 5.94.
This,
was the last day of trading in May.
Three notices were
issued.
Rio contracts were off 1 point with July at 4.30c.
One notice was issued.
In Havre futures were 234 to 334
francs lower.
Mild coffees were steady.
Brazilian cost and
freight offers were unchanged.
On the 25th inst. futures closed 13 to 3 points net higher
for the Santos contracts, with sales totaling only 6 lots. The
old Rio contract registered only one sale of 1 contract in the
May /delivery at a net loss of 19 points. While coffee futures
were nominally higher,
the market was in the doldrums.
Trading to early afternoon was restricted to the Santos con¬
tract, which stood 4 points higher at that time, which was
some 15 points off the two months high figure reached last
week.
Havre futures were 34 franc per 50 kilos either way.
Actuals were quiet, but steady.
Roasters are said to be
hesitating.
Brazilian exchange was lower at 18.8 to the
dollar.
Today futures closed 10 to 11 points net higher
for the Santos contract, with sales totaling 49 lots.
The old
Rio contract closed 1 point off, with 4 lots transacted.
Coffee futures were steady but extremely dull.
This was
the last day of trading in May.
It brought out'two Santos
notices and two A contract notices, the latter calling for
Ecuadorian coffee.
During early afternoon Santos contracts
stood unchanged, with Dec. at 6.19c., after having been two
points higher on some positions at the opening.
Old Rios
were
4 points lower, with Sept. at 4.22c.
Havre futures
were 134 to 134 francs higher.
Rio spot 7s were off 200 reis.
Actuals were dull but steady, as roasters continued their
waiting policy.
of
last half
Rio coffee
prices closed
ollows:
as
December
May
July—
September.
.4.31
4.23
Santos coffee prices
closed
March
as
__4.29
4.29
6.20 March
6.25
6.30
6.35
Cocoa—On the 22d inst. futures closed 1 to 2 points net
higher.
Transactions totaled only 67 lots, or 1,219 tons.
The major portion of the business was confined to July and
September deliveries, 50 lots trading in these options. Two
Septembers were switched into March at 32 points, while 10
lots were exchanged in the same months at 33 points near
the close.
The London Terminal Cocoa Market" closed
steady.
London
Prices
actuals
were
were
134d. to 3d., with 30 tons sold.
unchanged in price..
The Institute
up
Trade
commodities.
shorts
covered
while
Wall
Street
speculators bought for a rise. During early afternoon prices
were 16 to 20 points net higher.
Warehouse stocks increase
3,900 bags overnight. They now amount to 1,390,665 bags,
compared with 677,249 bags
a
year
ago.
Local closing:
July, 4.36; Sept., 4.48; Dec., 4.65; Jan., 4.70; March, 4.80;
May, 4.90. <*.
:
:
On the 25th inst. futures closed 6 to 4 points net lower.
Transactions totaled 568 lots.
Trading in cocoa continued
active, but the price range was narrow in contrast with yes¬
terday's rise of as much as 15 points. Prices during early
afternoon were unchanged to 2 points higher, with
July
standing at 4.36c., unchanged.
The market appeared to be
consolidating its gains.
Trading to early afternoon totaled
500 lots, with short covering on the one hand and profit
taking on the other. Warehouse stocks increased 600 bags.
They now total 1,391,266 bags, compared with 676,646 a
year ago.
Local closing: July, 4.30; Sept., 4.42; Oct., 4.48;
Dec., 4.60; Mar., 4.76; May, 4.86. Today futures closed 4
to 5 points net higher, with sales totaling 71 lots. Trading in
cocoa
slowed down considerably but prices were steady.
This early afternoon July stood at 4.38c., unchanged, while
some positions were
1 point higher on a turnover to that
time of 54 lots.
The market was in holiday mood and there
will be ho session tomorrow.
Warehouse stocks increased
7,400 bags. The total 1,298,619 bags compare with 674,421
bags a year ago..
' '
■
Local closing: July, 4.35; Sept., 4.47; Oct., 4.52; Dec.,4
4.64; Mar., 4.80.
Sugar—On the 20th inst. futures closed unchanged to 1
point off.
There
Trading
was
was
little in the
extremely,light, totaling only 7 lots.
of interest outside of an item from
news
Washington to the effect that Senator Andrews introduced a
bill which would exempt all beet or cane sugar produced in
the United States from quota restrictions of the 1937 Sugar
Act.
In the market for raws it was reported that late on
Friday Pennsylvania bought 40,000 bags of Puerto Ricos for
May shipment at 2.90c. and on the same basis an
operator on Saturday bought 10,000 bags of Puerto Ricos,
clearing May 24,
At the close a further limited interest
existed at 2.90c., with sellers asking 2.92c.
The world sugar
contract market was very quiet, with transactions totaling
only 26 lots.
Prices closed unchanged to 1 point lower for
the world contracts.
In London the terme market closed
end of
unchanged to 2yd. higher and raws there were
at 8s. 3cL
On the 22d inst. futures closed 1 to 2
unchanged
points net
lower for the domestic contract, with sales totaling
In the South refiners were reported taking business
124 lots.
at 4.40c.
and there were reports that some sales by a few of the smaller
refiners in Southern territory were passing at 4.30 and 4.35c.
Whatever business was placed was for prompt shipment
within
10 days
with the price guaranteed against decline.
today (Monday), and
was described as a trading affair at 2c. for Cubas
and 2.90c. delivered for duty frees.
The world sugar con¬
tract closed iy<i to 3 points net lower.
The week-end news
of a quota increase of 239,000 tons with another to come,
influenced some heavy selling in the world sugar contract
and resulted in a sharp drop in prices for futures.
London
was weak
following the quota news.
Nearby raws nominally
were held at 8s. while September shipments were offered at
6s. lHd., equal to about 1.0734c. f.o.b. Cuba.
Futures
there declined sharply,* with May off 9d. and other positions
134d. to l/2d. lower.
On the 24th inst. futures closed un
changed to 1 point up for the domestic contract, with sales
Refiners
follows:
December
May
July
September
de Bahia reported in
Cocoa
arrivals of the present crop to the
Coffee—On the 20th inst. futures
the 34 lots
a cable todayJthatv total
end of April were 2,237,000
bags, a decline from the total of 2,260,000 bags in the previous
crop year, but much smaller decrease than had originally
been forecast.
German purchases of cocoa from Bahia up
to May 1 totaled about 100,000 bags, the institute stated.
Latest sales to Germany were made at a price of 1834 milreis.
Local closing: May, 4.21; July, 4.25; Sept., 4.38; Dec.,
4.54; March, 4.70.
On the 23a inst. futures closed 2 points
net lower for all active deliveries.
Transactions totaled 328
lots, or 4,395 tons. The feature of the trading was the heavyliquidation in the September delivery.
In spite of this
pressure, the market held surprisingly well.
Sales in the
September position totaled 178 lots, liquidation by com¬
mission houses being well absorbed by both dealers and
manufacturers.
Actual cocoa was taken in exchange for
63 Septembers at 4.39c., and some September hedge-selling
against' Bahian-Sanchez was also reported.
The London
Terminal Market was quiet, 220 tons being sold at prices
134d. lower to 134d. higher.
London actuals were quoted
134d. up.
Local closing: May, 4.19; July, 4.23; Sept.,
4.36; March, 4.68. On the 24th inst. futures closed 12 to 13
points net higher.
Transactions totaled 663 lots.
Cocoa
futures were 16 to 20 points higher in a revival of trading
activity, which was ascribed to the general improvement in
de
COMMERCIAL EPITOME
were
the market
not interested in raws
Volume
Financial
148
totaling 210 lots.
The world sugar contract closed 4H points
July delivery, while the rest of the list ranged H
point down to 1 point up, with sales totaling 350 lots.
En¬
thusiasm in the sugar market switched to the domestic con¬
tract today when on news of a probable Cuban debt settlement
shorts covered the May position heavily and forced the price
up 8 points to 1.98c.
Today was the last day of trading in
that position.
Twenty-nine notices were issued.
In the
raw market 4,000 tons of
Philippines for June-July shipment
sold to operators for 2.90c.
In refined the trade expressed
the belief that a Federal trade investigation would be favor¬
able to prices, if anything.
In the world sugar contract the
market was nervous and heavy due to continuation of the
forced liquidation which started yesterday.
London futures
were unchanged to 3d. lower.
On the 25th inst. futures closed 2 to 3 points net higher
for the domestic contract, with sales totaling only 68 lots.
The world sugar contract closed 2 to 4 points net higher,
with sales totaling 731 lots.
Both world and domestic sugar
markets were strong.
The world market recovered 2 to 3
points on rumors that forced liquidation of the account for
the Garcia Sugar interests had been completed.
In London
futures were unchanged to 3d. higher with the tone steady.
Raws there were nominally at 8s. cwt.
Until actual release
off for the
is consummated of 239,000 tons added to quotas,
remain confused.
In the domestic market prices
ideas will
advanced
about 4 points with September at 2.02c.
Little sugar was on
offer. Hope of a revision of the Cuban duty has been revived.
Bulls also
cheered
were
by
a
Washington report that the
Ellender sugar bill would be defeated.
In refined the Great
Western Sugar Company reduced the price 10 points to 4.10c.
for
day only.
one
Today futures closed 1 point net higher
for the domestic contract, with sales totaling 86 lots.
The
world sugar contract closed 5H points off for the July de¬
livery, while the other deliveries closed 2 to 2H points net
higher, with sales totaling 222 lots.
Trading in domestic
sugar
futures continued to take its
With debt settlement
nearer
due
from Havana
news.
the demand for contracts
con¬
tinued good and forced prices to new highs for the move¬
ment.
Raw sugar remained on offer at from 2.$Qc. up but
buyers held off. Cane refiners were reported to be meeting
the price reductions announced by beet processors with a
price of 4.30c., although the basic price remains 4.50c.
The United States Beet Sugar Association reported that
April deliveries were 67.44% ahead of those of April last
year, while the four months figures were up 8.14%.
World
Bugar contracts had conflicting movements.
July broke to
1.32, off 4He., but September advanced to 1.14c. com¬
pared with a recent low of 1.08. London closed unchanged
to 3Kd. higher.
It will not reopen until next Tuesday.
Prices closed
July
September.
January
as
follows:
_
_
•
.
■'
■.
■
'
.1.98 March 1
2.02 May.....
-1.99
„
J.
2.03
points down. The market was quiet during the short session,
trading interest very light.
The forecast for fairly
heavy hog receipts for this coming week at Chicago was a
depressing influence and this together with scattered selling
of lard against purchases of cotton oil by spreaders, caused a
slight decline.
No export shipments of lard were reported
from the Port of New Y ork on Friday or Saturday.
Liverpool
lard futures were quiet today, with prices unchanged to 6d.
lower.
Western hog marketings on the close of the week
totaled 11,700 head against 15,200 head for the same day a
year ago/ Sales were reported at Chicago at prices ranging
with
On the 22d inst. futures closed
un¬
changed to 3 points lower.
During the early session prices
showed net losses of 2 to 5 points.
Trading was light and
without any special feature.
Over the past week-end export
clearances of lard from the Port of New York were
light and
totaled 83,670 pounds, destined for Antwerp and
Hamburg.
Liverpool lard futures were 3d. lower on the spot position
to 3d. higher on other deliveries.
Hog receipts for the
Western run were 74,700 head, against 59,900 head for the
same day a year ago.
Sales of hogs ranged from $6.25 to
$7.10 in today's market.. On the 23d inst. futures closed
unchanged to 2 points lower. The market ruled heavy in the
early trading, prices dropping 5 to 7 points.
These losses
were
subsequently recovered and towards the close the
market ruled steady.
Lard production for the 1938-39
season—October
through September—was estimated at
1,200,000,000 pounds based on an estimated slaughter of
about 40,000,000 head of hogs.
During the 1937-38 season
lard production was about 1,000,000,000
pounds, and the
hog slaughter for this season amounted to 34,580,000 head.
Export shipments of lard as reported today from New York
were
160,800 pounds, destined for Liverpool, Manchester,
Southampton and Glasgow.
Liverpool lard futures today
3d. lower
all active deliveries.
Western hog market¬
ings totaled 78,400 head against 60,100 head for the same
day last year. Prices on hogs at Chicago closed 10c. to 20c.
lower.
Sales ranged from $6.25 to $6.95.
On the 24th inst.
futures closed 5 to 7 points net higher.
Opening prices were
unchanged to 5 points higher.
Trading was moderately
active.
It was reported that England purchased moderate
quantities of American lard today and this with the firmer
grain markets, did much to strengthen lard futures. Chicago
hog prices at the close were mostly 5c. lower, the late top
price being $6.90, and during the day sales ranged from $6.10
to $6.90.
Western hog receipts were 58,200 head against
were
on
3251
52,500 head for the
futures
day last
same
Liverpool lard
year.
3d. lower
on the spot position and unchanged
for the rest of the list.
On the 25th inst. futures closed 5 to 7
points net higher.
were
Trading
was
moderately active with the upward trend in¬
fluenced largely by improved export demand and strength
in the outside market, and of course
general upward trend
of commodity markets.
Export clearances of lard from the
Port of New York today totaled 176,750 pounds, destined
for Liverpool,
Southampton and Rotterdam.
Prices of
hogs today averaged 5c. higher.
Sales at Chicago ranged
from $6.10 to $6.95.
Western hog receipts were 54,300 head
against 52,000 head for the same day a year ago.
Today
futures closed 8 to 5 points net higher.
With grains higher
and hogs fairly steady, the lard futures market improved.
Hog receipts in the open market at Chicago totaled 5,000
and equaled expectations.
Top price for hogs was $6.95,
with most good to choice 170 to 240 pounds hog selling from
$6.75 yo $6.95.
\
DAILY CLOSING PRICES
LARD
OF
.
FUTURES
Sat.
Mon.
6.42
6.32
6.40
6.40
July.
6.50
6.50
IN CHICAGO
6.45
6.55
May.
6.50
6.52
Tues.
Wed.
Thurs.
6.30
6.47
6.50
6.62
Fri.
mm
mm*
6.57
6.70
6.52
6.50
6.57
6.67
6.72
6.52
December
6.50
6.57
6.62
6.67
Pork—(Export), mess, $20.87H per barrel (per 200
pounds); family (40-50 pieces to barrel)* $17.75 per barrel.
Beef: (export), steady. Family (export), $22 per barrel ('200
pounds), nominal. Cut meats: quiet. Pickled hams: picnic,
loose, c. a. f.—4 to 6 lbs., 12Hc.; 6 to 8 lbs., 12Hc.; 8 to 10
lbs., 12c. Skinned, loose, c. a. f.—-14 to 16 lbs., 17Hc.; 18
to 20 lbs., 16c.
Bellies: clear, f. o. b. New York—6 to 8 lbs.,
14c.; 8 to 10 lbs., 13e.; 10 to 12 lbs., 12c. Bellies: clear, dry
salted, boxed, N. Y.—16 to 18 lbs., 9Hc-; 18 to 20 lbs.,
9He.; 20 to 25 lbs., 9He.; 25 to 30 lbs., 9He.
Butter:
creamery, firsts to higher than extra and premium marks:
22 He. to 24c.
Cheese: State, held '37—20 to 23c.; held '38—
16 to 19c.
Eggs: mixed colors, checks to special packs:
13% to 18Hc.
Oils—Linseed oil prices showed little
change, though hold¬
quoted at 8.2c. to 8.4c. per
pound; tank wagons at 8.2c. to 8.6c. per pound. Quotations:
Chinawood: nearby, tanks—17H bid, nominal.
Coconut:
crude, tanks, nearby—.03H bid; Pacific Coast .03 bid.
Corn: crude, west, tank, nearby—.05 H bid.
Olive: dena¬
tured, drums, carlots, shipments—81 bid; spot 82 bid. Soy
bean: crude, t^nks, west— .04H to .05; L. C. L. N. Y.—6.7
to 6.8.;
Edible: coconut; 76 degrees—.08H offer.
Lard:
Ex. winter prime—9c. offer.
Cod: crude, Norwegian light
filtered—30 offer.
Turpentine: 29H to 31Rosins:
$4.75 to $7.90.
/
ing steady.
Tank
cars
were
Cottonseed Oil sales
Lard—On the 20th inst. futures closed 2 points up to 2
from $6.75 to $7.00.
Chronicle
contracts.
yesterday, including switches, 68
Crude, S. E. 5He." Prices closed as follows:
June
July
;
August..
September.
6.70@
6.69@
6.69@
6.86@
n
October..*
November
n
December
January
.
—..
i...
6.88@
6.88@
*6.96(5}
6.98@
6.90
n
Rubber—On the 20th inst. futures closed unchanged to
2
points higher.
The volume of transactions was light,
totaling only 80 tons.
There appeared little incentive to
operate either way in the market, and the high prices on Far
Eastern offerings did not help matters- much.
The London
market was closed today and will remain closed on the week¬
end until further notice.
Next Saturday the local rubber
futures market will be closed.
Quiet prevailed also in the
outside market today.
Attention was called to the fact that
,
during the past week activity
the
smallest in
on
the local exchange has been
Local closing: May,
15.94;
June, 16.00; Dec., 16.05; March, 16.09.
On the 22d inst.
futures closed 2 to 6 points net higher.
Transactions
totaled only 480 tons.
A large portion of the day's business
was in the form of switches from the nearby positions to the
distant deliveries.
Offerings. from the Far East continue
light and too high for the local trade.
Spot standard No. 1
ribbed smoked sheets in the trade gained l-16c. to 16Hc.
Stocks of crude rubber in England for the week ended May 20
stood at 64,933 tons, a decrease of 1,044 tons from the pre¬
vious week.
Local closing: May, 16.00; July, 16.04; Dec.,
16.08; March (.1940),' 16.11.
On the 23d inst. futures closed
5 to 8 points net higher.
Transactions totaled 130 tons.
The market ruled quiet during most of the session, with the
undertone steady.
Until the closing call there were only
5 lots sold on the exchange.
In the actual market offerings
from the Far East were reported as extremely scarce today
and too high for the local market.
Spot standard No. 1
ribbed smoked sheets in the trade advanced 1-16 to 16 3-16c.
Local closing: May, 16.05; July, 16.10; Sept., 16.10; Dec.,
16.14; Jan., 16.17; March, 16.17.
On the 24th inst. futures
closed 24 to 36 points net higher.
Transactions totaled 327
lots.
After an irregular opening, rubber futures firmed under
the lead of September, which was actively bought by a
London dealer's brokers.
During early afternoon the market
many
years.
points higher, with September selling at 16.20c.,
Sales to that time amounted to 530 tons.
The Lon¬
don market was steady, unchanged to l-16d. higher.
Singa¬
pore also was steady.
Revised estimates of shipments from
Malaya during May put the probable total at 41,000 tons
compared with 43,668 tons actually shipped in April.
Local
closing: May, 16.29; July, 16.42; Sept., 16.46; Dec., 16.46;
Jan., 16.47; March, 16.50.
,
/
was
up
5 to 10
10.
.
Financial Chronicle
3252
1939
closed 4 to 12 points net lower,
Transactions totaled 172 lots. Profit taking in rubber futures
position last night was 2,814 lots.
Certificated stocks of
hides in licensed warehouses decreased 3,807 pieces.
They
following gains yesterday of 24 to 36 points, caused a modprices.
During early afternoon the market
' now total 1,276,380 hides.
Local closing: New Contracts:
June, 11.02; Sept., 11.40; Dec., 11.78; March, 12.10. June
On the 25th inst. futures
erate recession in
(old contract), 10.14.
points lower on July ana 1 to 3 points lower on the
positions.
There has been some dealer replacement
buying against sales to factory interests, also commission
house buying in response to firmer markets abroad.
London
10
was
distant
Freights—Active chartering of tonnage to transiron continues the feature of the market. Charterg included: Scrap:
Atlantic range to Gydnia, June, 20s.
>^ew york to United Kingdom, May, 19s. Atlantic range
to United Kingdom, June, 18s. 6d.
St. Lawrence to Japan,
June-July, reported 22s. or 22s. 6d. (no confirmation of
latter rJes obtainable).
Atlantic range to Gydnia, June,
20s. (reported but not confirmed).
Atlantic Range to
Gydnia, June, 20s, (reported but not confirmed).
New
York to United Kingdom, spot, 18s. 3d., $1.10 stevedoring
charges.
New York to United Kingdom, June, 18s. 3d.
Qulf
United Kingdom, June, 21s.
Atlantic range to
Gydnia, June, 20s.
Another steamer, the same. Atlantic
range to Gydnia, June, 20s.
Atlantic range to Gydnia,
june t^O, 20s.
Atlantic range to United Kingdom, JuneOcean
scrap
and Singapore closed steady, 1-16 to 5-32d. higher.
Open
contracts in the New York market last night totaled 3,277
_
July, 16.30; SepL, 16-39;
Today futures closed 9 pomts
point net higher, with sales totaling 91 lots., The
Local closing: May, 16.25;
lots.
Dec., 16.40; March, 16.44.
1
to
rubber futures market had a
steady undertone in limited
trading.
Prices during early afternoon were 2 to 9 points
higher, with September at 16.41 and December at 16.49c.
respectively.
Transactions to that time totaled 660 tons, of
which 150 tons were exchanged for actuals.
London closed
It is expected that
steady, unchanged to l-16d. higher.
Kingdom stocks will show a small decline on the
United
week.
The London market will not reopen until next TuesLocal closing: July, 16.39; Sept., 16.40; Dec., 16.45;
juiy? jgg. Atlantic range to Japan, one port loading, 20s. 6d.;
tWQ p0rts loading, 21s., June 28th cancelling.
Grain: St.
Lawrence to United Kingdom—Continent, June 25—July 5,
_
,
March, 16.48.
Hides—On the 20th inst. futures closed 3 points net
for the old
contract,
while the
new
Cuba to U.K. Continent, June,
Greenock, 23s. 6d.,
^SV?^Y Sugar:
higher
^ ^
contract closed 4 to 7
points net higher. The market was strong and active during
today's session, the trend being decidedly upward for both
contracts.
Transactions in the old contract totaled 120,000
Ju*7'
T'
n2i fi'
Trip UP' delivery Gulf-redelivery St. Lawrence, June, $1.30.
pounds, while volume in the new contract totaled 7,920,000
pounds. An improved demand in the spot market during
the past week and a firmer securities market were factors
contributing to firmer prices in today's session.
Local
closing: New contract: June, 10.53; Sept., 10.91; Dec.,
11.29; March, 11.61.
Old contract: June, 9.63 and September 9.88, both latter quotations nominal.
On the 22d
inst. futures closed 16 to 19 points net higher.
During the
anthracite coal in the New York area has fallen off con-
Coal—It is
siderably during the past two weeks.
Dealers had been
heavily during April in fear of a shutdown in the
Pennsylvania anthracite coal mines. Production, according
to the release from the Bureau of Mines, has also declined
during the past two weeks.* Last week the mines only operated four days.
The current warmer weather also has been
a factor in reducing the current coal consumption.
It is reported that on the first of June the circular prices for whole-
• stocking up
early session the market was more or less irregular. The old
contract started off with a loss of 5 points, while the new
contract ranged from 2 points up to 1 point off.
As the day
wore
on the
market" firmed up considerably, with prices
saie anthracite will be advanced.
According to figures furnished
by ^he Association of American Railroads, the shipments of
anthracite into eastern New York and New England for the
week ended May 6th, have amounted to 2,691 cars, as cornpared with 1,220 cars during the same week in 1938, showing
an increase of 1,471 cars, or approximately 73,550 tons,
Shipments of anthracite for the current calendar year up
to and including the week ended May 6th, have amounted to
34,792 cars as against 28,620 cars last year.
,
physicals. The old contract registered sales of 120,000
pounds. The market ruled heavy during most of the session,
the selling apparently influenced by an unstable securities
market and the bearish interpretation of the President's
speech to the retailers.
The certificated stocks of hides in
warehouses licensed by the Exchange decreased by 8,639
hides to a total of 1,293,415 hides. The tone of the domestic
spot hide market was firm throughout the day. Local closing: New contract: June, 10.55; Sept., 10.94; Dec., 11.31;
March, 11.63.
Old contract: June, 9.65; Sept., 9.90, both
nominal.
On the 24th inst. futures closed 43 to 46 points
for
higher for the
new
contracts, with sales totaling 806
of 4 contracts,
loss. Strength
in the stock market and news of firm spot hide prices gave
the hide futures market a lift.
Trading was unusually
active, the total turnover to early afternoon being 14,480,000
pounds, of which 14,360,000 were done in" the new contract.
Prices were 20 points higher during early afternoon, with
June selling at ,10.75c.
Switching was active, no less than
4,800,000 pounds of the total turnover having been transfers
from June into later options.
Tomorrow will be first June
notice day.
In the domestic spot market sales yesterday
totaled 23,200 hides, with May light native cows selling for
10Mc., a new high.
Local closing: New contract: June,
10.98; Sept., 11.40; Dec., 11.76; March j 12.08.
June (old
The old contract registered only 1 sale
and this in the June delivery at 43 points net
lots.
contract), 10.08 nominal.
On the 25th inst. futures closed 3 to 6
points net lower for
with sales totaling 328 lots.
The old
contract closed with sales of only 10 lots, all in the June
delivery which showed a net final loss of 3 points.
The
market was active, but trading much mixed.
During the
early trading the undertone was firm as a result of shorts
covering when it became apparent that only 43 notices had
been issued against June, 21 on the old and 22 on the new
contract.
Later, profit taking halted the rise.
During the
early afternoon the market stood 2 points higher to 2 points
lower, with June new at 11c., up 2 points.
Certificated
stocks of hides decreased by 13,228 to a total of 1,280,187
hides.
Spot hides sold yesterday at new highs for the movement.
Local closing: New Contracts: June, 10.95; Sept.,
11.35; Dec., 11.70; March, 12.02.
June (old contract),
10.05.
Today futures closed 5 to 8 points net higher for
the new contract, with sales totaling 220 lots.
Raw hide
the
new
contracts,
futures eased off
on moderate trading representing further
leveling off following the recent rise.
During early afternoon June new at 11c. was 5 points higher, while September
new at 11.32c. was 3 points lower.
Sales to that time totaled
4,200,000 pounds, chiefly in the new contract.
The open
The amount of increase
has not yet been announced.
closing at or near the highs of the day.
Trading was decidedly more active than for several days, with transactions
totaling 13,120,000 pounds in the new contract, and 40,000
pounds in the old contract. The contributing influences in
today's improvement were a stronger spot market and
improved securities market.
Local ^closing: New contract:
June, 10.69; Sept., 11.00; Dec., 11.45; March (1940), 11.78.
Old contract: June, 9.80; Sept., 10.05.
On the 23d inst.futures closed 12 to 17 points net lower, this range covering
both contracts.
Transactions totaled 14,640,000 pounds
in the new contract, of which 800,000 pounds were exchanged
net
reported that activity for wholesale and retail
;
,
.
•
.
,Wool-The wool markets are not showing any spectacular
change, though a fair business is reported. Dealers are said
t0 ,be doing a good business out West buying from growers
selling direct to New England mills; also purchasing
?? Texas and elsewhere for shipment to the Boston area,
Considermg the large volume of wool now moving into sight,
thti mill buying at existing prices is considered by most
dealers as very satisfactory and promising, and it is expected
the large backlog of orders now held by the worsted
nu"s. wlU resul* m. » steady movement into consumption and.
continuous replenishment orders on-the raw material. While
be spot markets in some areas have been rather sluggish,
{he trend is in an upward direction. The advance.has been
barely more t.han
{** scoured pound in the territory and
Texas original wools, but the best fleece wools have shown a
nse f 2«: Per grease pound and the three-eighths and the
quarter blood Ohio combing wools are now quoted at 31c.
l.n.tbe Boston spot market. Scoured, pulled.wool? are also
joining in the advance, although buying is still rather
spotty. The advance for the week in the scoured pulled
S^oup nas been 2/^c. per pound.
Silk—On the 22d inst. futures closed 3c. to 11c. higher on
the No. 1 contract and lc. lower to 8c. for the No. 2 contract.
Transactions totaled 550 bales in the No. 1 contract,
There were no sales recorded in the No. 2 contract. The
Japanese markets ruled strong over the week-end, with
futures at Yokohama today ruling at 25 to 40 yen higher,
while Kobe showed gains of 26 to 39 yen.
Grade D advanced
30 yen to 1,300 yen in both markets. These prices are cornpared with Friday's close.
Spot sales in both Japanese markets totaled 775 bales, while futures transactions totaled
10,550 bales. Loeal closing: No. 1 Contract: May, 2.64;
July> 2.443^; Aug., 2.33; Oct., 2.27; Dec., 2.19. On the
23a inst. futures closed 2c. higher to 43^c. lower for the
No. 1 contract, and 6c. higher to 8c. lower for the No. 2
contract.
Trading was light, with sales totaling only 350
bales, including 330 bales on the No. 1 contract and 20 bales
on the No. 2 contract.
The bulk of operations were confined
to trade buying and selling.
At Yokohama futures were
3 to 16 yen lower, while at Kobe they were 6 to 11 yen off.
Grade D remained unchanged at 1,300 yen in both centers,
Spot sales in both markets amounted to 625 bales, while
futures transactions totaled 9,100 bales.
Local closing:
Contract No. 1: May, 2.66; July, 2.40; Sept., 2.29; Oct.,
2.26; Dec., 2.18. No. 2 Contract: May, 2.53; July, 2.56;
Aug., 2.28; Oct., 2.14. On the 24th inst. futures closed lc.
down on the May delivery, while the rest of the list was 8c. to
3L£c. net higher for the No. 1 contracts, with sales totaling
104 lots in No. 1 contracts. There were only 3 contracts
traded in No. 2 contract, and this was transacted in theMay
delivery at a gain of 28 points over the previous close. Silk
futures, after an indifferent start, joined the general rise in
,
_
Volume
Financial
148
3253
Chronicle
The opening was lc. higher to 6c. lower, but
during early afternoon the market was 2 to 4Kc. higher,
with June No. 1 at $2.59 a pound and September No. 1 at
$2.33 1/l.
Spot silk uptown was unchanged at $2.76 for
crack double extra.
The Yokohama Bourse closed 12 yen
commodities.
higher to 9
Grade D silk in the outside market
lower.
yen
declined 5 yen to 1,295 yen a bale.
Local closing: No. 1
Contract: May, 2.65; June, 2.60; July, 2.48; Aug., 2-37^;
Oct., 2.29M; Nov., 2.24^;
Contract): 2.81.
(No. 2
May
Dec., 2.22^.
On the 25th inst. futures closed 9 to 4c. net
higher. Trans¬
Trading in silk futures was active
prices climbed to new nine-year highs under heavy buying
completely absorbed profit-taking.
Trade interests
were buyers with interest concentrated on new crop positions.
Up to early afternoon transactions totaled 1,350 bales, all in
the No. 1 contract.
July then stood at $2.55M, up 7^c.
The price of crack double extra silk in the New York spot
market remained unchanged at $2.76 a pound. In the Yoko¬
hama Bourse prices closed 1 to 12 yen higher.
Grade D silk
was 5 yen higher at 1,300 yen.
Local closing: June, 2.66;
July, 2.57; Aug., 2.44; Sept., 2.37; Oct., 2.36; Nov., 2.30;
Dec., 2.28; Jan., 2.27.
Today futures closed lc. higher to
2c. net lower.
Transactions totaled 163 lots.
Lower prices
Week Ended
Exported to—
May 26, 1939
Exports from—
Great
Ger¬
Britain
France
Galveston
Houston
2,761
■•""98
2,141
"904
1,211
2,439
724
4:,702
733
283
1,573
1,401
Mobile-
2~360
2,055
1,482
300
Savannah..
11,224
11,364
1,016
13,076
1,701
500
500
Norfolk
"230
147
"910
Los Angeles....
San Francisco...
actions totaled 249 lots.
6,573
1.807
1,563
3,201
Corpus Christ!..
New Orleans
Total
Other
China
Japan
Italy
many
70
1,192
"150
377
::::
2,102
2,340
2,190
5,885
6,519
4,870
1,002
16,798
2,531
6,095
43,700
Total 1938.....
4,213
1,809
9,137
2,050
100
11,573
Total 1937-....
8.747
4,905
9,219
6,100
5,300
34,982
39,317
Total..;
as
which
Japan caused a sharp opening fall in quotations on the
local exchange, but subsequently the market firmed up on
sales of 810 bales.
During early afternoon Sept. No. 1 stood
at $2.37, unchanged, while Sept. No. 2 at $2.31 was off lc.
The price of crack double extra silk in the New York spot
market declined lc. to $2.74)^ a pound.
Yokohama Bourse
prices were 7 to 22 yen lower. Grade D silk declined 10 yen
to 1,290 yen a bale. Local closing: June, 2.67; July, 2.57^5;
Aug., 2.44; Oct., 2.34; Nov., 2.29K; Dec., 221%', Jan.,
221%. All No. 1 contracts.
in
From
May 26, 1939
Exports from—
655,740 bales.
of the
\
-
V.
•
;
Great
Ger-
Brtlain
Galveston
France
67,506
121,145
27,971
Corpus Chri8tl
Brownsville
.
28,425
.
Beaumont...
8l"l92
Lake Charles.
10,788
33,484
5,192
Mobile
Jacksonville-.
Pensacola, Ac.
1,359
10,085
Savannah
51,378 187,583
2,171 58,833
8,791
6,730
'•
Charleston
8,871 117,050
12,074
1,167
10,853
70,937
1,066
"728
2,152
6,770
297
"360
"295
468
5,124
262
885
1,390
500
5,400
785
186
511
714
331
66
400
Boston..
139
90
740
131
New York
""33
5,172
Gulf port
99
.....
Baltimore
„
.
'
61
.
336
10,111
8,540
°
61*013
61,159
909
155
179
600
8,700
3,907
*"29
>
Wed..
Total
Fri.
Thurs.
513
229
22~056
20,628
San
16,511
3,495
178,853
81,777
445,567 387,356
432,217 287,305
834,822
91,289 622,523 3101,079
1937-38 1562,252 738,783
1936-37 1126,242 697,741
834,003 493,082
600,738
705,253 359,115 1507,844
89,741 965,913 5284,612
22,678 670,900 5089,773
4,696
5,055
1,195
1,862
239,108
104,840
10
Francisco
1,936
5,884
10
Seattle
Total......
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
"
«
'
On Shipboard Not
Cleared for—
Leaving
May 26 at—■
Ger¬
Great
Britain
France
Other
Foreign
wise
Slock
Coast¬
many
Total
'
New
600
69
250
302
5,500
7,193
1,500
772
1,164
"203
7105
2,272
8,574
11,707
1,727
3,220
2,549
500
Orleans.
_
2,500
287
Galveston
1,000
110
10,100
7,924
3,723
Charleston.
Mobile
1,677
Houston
2,306
192
.
135
1,469
2,712
8,427
3,486
2,i75
614
186
3
239
205
•
53,474
1,030
517,300
35,951
56,412
1,267
11,338
21,394
11,024
6,916
1,511
10,276
4,235
Los Angeles..
...
"ioo
-
'
Galveston
258,674
200
SavannahTues.
Mon.
Sat.
Receipts at—
Total
887,371
878,191
500
13
Philadelphia..
Houston
.
21,650 208,419
866
117,084
Norfolk.
China
173
Orleans.
New
Other
Japan
273,516
201,846
24,351
Italy
many
132,991 85,401
122,487 109,431
57,561 24,376
1,240
12,606
97,888
84,321
63,411
2,412
Houston
Total
Friday Night, May 26, 1939
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 16,953
bales, against 15,932 bales last week and 10,724 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,304,054 bales, against 6,959,794 bales for the same period
of
1937 showing a decrease since Aug.
1, 1938, of 3,The Movement
Exported to—
Aug. 1 1938 to
Total
COTTON
8,197
2,949
Norfolk...
Other
ports
"408
470,984
563,451
436,468
145,703
30,828
46,792
27,524
102,268
■
Corpus
248
"
248
Christi—
J
,
~
m,
1,372
431
723
270
270
214
3,280
Total
1939—
5
New Orleans
82
2
5
525
171
790
Total
1938—
14
14
Total
1937—
Mobile.
Jacksonville
—
60
3.306
211
188
4,860
16,953
moderately active, with price trend
generally upward.
Factors contributing to the advance
were some
outside buying influenced apparently by infla¬
and the stocks tonight, compared
tionary possibilities, .better European news and prospects
for tax revision.
Little chance that the Government would
—
47
—■
895
1,276
3,339
.
r
—
3,277
.
with last year:'
1
695,243
743,864
46,309
16,761
726,924
50,185
8,499
2,564
142,640
40,408
17,028
24,449
28,626
4
78,880
12,805
15,252
1
203
27,513
54,953
100
New Orleans...
100
23,621
684
24,318
1,949
1,275
3,577
1,050
3,280
806,892
790
64,514
12,279
1,906
34,889
...
Pensacola, &c..
Jacksonville—
"l4
i
Savannah
,
211
16,096
....
Charles..
...
__
4,879 1,876,382
1,965 1,794,667
399,004
11,847
5,100 2,081,871
490
209,574
77,770
3,615
314
127,630
472
191,770
1
New York
Boston
1938
188
Beaumont
Norfolk.
1939
309
Houston
Wilmington
Since Aug
1 1937
481,084
571,375
44,989
31,792
440,191
47,200
3,897
1,387
145,703
30,828
5,464
11,415
27,524
8,427
955,501
3,486 1,012,238
248
292,612
16,678
Corpus Christ!.
Lake
This
Week
1938
38,771
Galveston.
Charleston
....
Baltimore
Totals
16,953 3,304,054
14,112 6,959,794 1,846,173 2,548,227
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1938-39
Receipts at—
Galveston
1936-37
1937-38
1935-36
Houston
8,427
3,486
New
3.280
4,879
1,965
5,100
Mobile
790
490
1,760
3,004
14,800
2,754
Savannah
211
314
655
"""472
"""488
"""407
1934-35
16,329
8,970
20,107
3,533
1,596
Orleans.
1933-34
4,510
4,482
8,103
651
593
""319
""573
1,408
361
370
5,722
4,214
14,759
3,008
Brunswick
Charleston
Wilmington
_
1
_
Norfolk
309
60
203
75
Newport News
All others
Total this wk.
Since
week
""499
"
318
527
"
450
*"688
1,861
1,029
1,685
3,391
16,953
14,112
25,457
52,470
21,846
33,148
Aug. 1__ 3^04,054 6.959,794 6,146,695 6,518,588 3,939,675 7,064,420
The exports
for the week ending this evening reach a total
which 5,885 were to Great Britain, 6,519
France, 4,870 to Germany, 1,002 to Italy, 16,798 to Japan,
2,531 to China, and 6,095 to other destinations.
In the
corresponding week last year total exports were 34,982 bales.
For the season to date aggregate exports have been 3 ,101,079
bales, against 5,284,512 bales in the same period of the
previous season.
Below are the exports for the week:
of 43,700 bales, of
to
in
cotton
for
future
delivery
during
the
continued
alleviate tightness in the spot cotton situation
and the
were
Since Aug
This
Week
Mobile
Speculation
past
take steps to
Stock
1937-38
1938-39
Receipts to
May 26
22,155 1,824,818
52,580 2,495,647
58,310 1,290,273
309
125
3
«.
"T—
total since Aug. 1, 1938,
2,610
5,665
3,443
5
50
_:
""
13,080
26,830
35,142
87
76
Baltimore
Totals this week.
2,466
8,291
5,469
1,88
2
65
Savannah
Norfolk
—
possibility of measures to sustain new crop prices
mentioned in explanation of the advance.
On the 20th inst. prices closed 2 points off to I point up.
The market showed little net change as a result of today's
session.
comparatively quiet except for Bombay
of near months, partly
against purchases of distant deliveries. Far Eastern interests
were believed to be instituting new straddle accounts in the
March and May contracts and closing out operations in the
July delivery. The market opened quiet, 1 point higher to
1 point lower, with the orders mixed and comparatively
small.
There was further trade price fixing, stimulated
partly by yesterday's increased sales of cotton goods late
in the day, which lifted the week's total of print cloths
moved to about the amount produced by mills.
Scattered
liquidation was in evidence, while some hedge selling devrioped against loan cotton being released in the South. The
Trading
was
transactions which included selling
marxet and the
trade
are
more
or
less in the doldrums due
the uncertainties prevailing over legislation at Washington
and the absence of any signs that things will become tnore
clarified in the immediate future.
Southern spot markets
to
today were generally 2 to 10 points lower, with middling
averaging 9.33c. On the 22d inst. prices closed 4 points net
higher to 3 points net lower.
The market was depressed
during the early part of the session as a result of the dis¬
appointing foreign markets and July liquidation.
The
market turned steadier towards the close as trade price
fixing and demand from abroad developed.
The opening
2 to 5 points lower under Bombay selling of July
and scattered domestic liquidation.
Declines in Liverpool
range was
early trading.
Brokers with
several thousand bales here
in near-by deliveries, but some foreign buying was entered
in the forward months.
As a whole, the trading was not
broad, and the market was sensitive to orders either way.
The Texas Agricultural Experiment Station said that boll
weevil hibernation through mid-May was greater than
average, indicating early season damage if weather con¬
ditions during the next few weeks are favorable.
Average
price of middling at the 10 designated spot markets was 9.31c*
and Bombay also influenced
East Indian connections sold
Financial
3254
May 27, 1939
Chronicle
Futures—The highest, lowest and closing prices at New*
On the 23d inst.
prices closed unchanged to 2 points lower.
opening range was 1 point off to 2 points up, and from
this can be judged the extremely narrow price movement. At
one time price levels were 5 to 7 pbints above the previous
finals, but these gains were short-lived. There was increased
outside buying in evidence, but this was largely offset by
hedge selling against cotton released from loan stocks. The
Liverpool and Bombay cables were disappointing.
Prices
turned steadier on buying from trade ana spot houses in
nearby deliveries and some foreign demand for later months.
Bombay and Liverpool both were credited with taking con¬
tracts here. A mid-morning advance to about day's best
levels was attributed partly to commission house and Wall
Street buying.
Some quarters were inclined to stress in¬
flationary, possibilities, due to prospects for a continued
spending-lending program by the Administration. Southern
spot markets were 1 point higher to 2 points lower, with
middling quotations 9.04c. to 9.69c. The average at the 10
designated spot markets was 9.31c. On the 24th inst. prices
closed 13 to 8 points net higher. After displaying an irregular
tone throughout the earlier part of the day, the cotton
market turned sharply stronger this afternoon in a moderate
volume of transactions.
A short time before the close of
business active months registered gains of 14 to 18 joints
over the closing levels of the preceding day. Around midday
prices were 10 points higher to 2 points lower.
Futures
responded partially to the decline at Liverpool and opened.
1 point higher to 2 points lower under foreign selling and
hedging. * Brokers with Liverpool connections bought July
against purchases of October.
Bombay houses continued
to sell July and October against purchases in March.
Price
fixing in the nearby positions and some professional and Wall
Street buying furnished support.
New Orleans brokers
bought March on the call. After the opening a professional
operator bid for 5,000 July and 5,000 October. Shortly after
York for the past
The
week have been
Saturday
May 20
as
Tuesday
May 23
Monday
May 22
follows:
Thursday
May 24
Friday
May 25
Wednesday
May 26
June(1939)
Range
.
Closing
.
9.00K
9.04 n
9.17k
9.20k
8.66- 8.73
8.72- 8.79
8.74- 8.89
8.89-
8.76
Closing.
9.03k
8.73- 8.80
.
July—
Range.'.
8.73
8.74
8.87
8.90
7.99k
7.99k
8.10k
-
—
9.22k
8.97
8.90- 8.97
—
8.92- 8.93
Aug.—
Range
—
7.96n
Closing.
8.21k
8.29k
Sept.—
Range
8.32- 8.32
—
8.01 n
8.04k
7.86- 7.95
8,15k
7.94-
8.26k
7.93- 8.11
8.08- 8.17
8.15- 8.28
8.05
8.04k
7.88- 7.93
Closing.
8.16
8.24
8.34k
Oct.—
Range..
'
Closing.
•7.91
7.95
7.94-
--
7.99
7.94
—
—-
Nov.—
Range..
7.81K
7.84k
7.84k
7.94k
8.03k
81271
7.68- 7.72
Closing.
7.66- 7.74
7.74- 7.79
7.72- 7.93
7.8S- 7.95
7.92- 8.05
•
Dec.—
Range.,
Closing
Jan.
7.71
7.74
7.75
7.84
7.90
8.00- 8.01
7.63- 7.66
7.60- 7.63
7.67- 7.72
7.67- 7.86
7.83- 7.89
7.88- 7.99
7.65K
.
7.68k
7.68
7.78
7.84k
7.95
r.
(1940)
Range..
Closing
.
—
Feb.—
Range..
7.67k
7.60- 7.66
7.08-
Closing.
7«03
7.66
7.77k
7.68k
7.02- 7.62
7.08
.
7.83k
7.65- 7.86
7.79-
7.76
7.64K
Range..
Closing
7.93 n
7.82
,
Mar.r-
——
7.72
7.86
7.83- 7.96
7.91
April—
Range..
7.02k
7.65k
7.67k
7.75k
7.8l»
7.90k
Range..
7.60- 7.62
7.58- 7.65
7.65- 7.72
7.64- 7.83
7.78- 7.84
7.83- 7.94
Closing.
7.61- 7.62
7.65
7.66
7.74
7.80
7.90
Closing j
May—
n
-—
—
Nominal.
Range for future prices at New York for the week ended
May 26,1939, and since trading began on each option: Range Since Beginning of Option
Range for Week
Option for-
brokers with New Orleans connections and cooperative
dealers continued to buy October and the contract advanced
noon
to a new season's
high.
On the 25th inst. prices
cotton
The
8.97 May 25
4 1938
7.60 Dec.
1939
~ higher
today in a moderate
Shortly before the end of the trading
8"32 May"26
8*32~May26
7.30 Jan.
24 1939
Oct.
closed 11 to 6 points net higher.
7.86 May 22
8.28 May 26
7.26 Jan.
10 1939
1939-
7.49 Feb. 23 1939
Nov. 1939-
8.20 Nov. 21 1938
5 1938
7.46 Apr. 11
Aug. 1939Sept. 1939-
moved
market
8.66 May 22
1939-
July
"
-
8.11 Oct.
June 1939-
9.05
July 22 1938
8.12 Oct.
3 1938
8.32 May 26 1939
8.28 May 26 1939
7.49 Feb. 23 1939
Dec.
period the list was 3. to 10 points above yesterday's closing
levels.
At noon the market, was; 8 to 10 points higher.
Accord¬
volume
displayed a firm tone today in
modA short time before the, close of
of sales.
a
business active positions showed advances of 1 to 15 points
over the closing levels of the previous day.
Around mid¬
day the market was 2 to 8 points higher.
Futures ignored
the decline at Liverpool this morning and opened unchanged
to 4 points higher as trade buying and professional cover¬
ing absorbed available offerings.
Leading spot interests
continued to cover in July and October.
Foreign interests
were buyers in the distant positions, and there was some
buying for domestic mills in October, Brokers with Bombay
connections sold July, and New Orleans interests were busy
sellers in January, March, and May.
Textile trading in
Worth Street today Continued at
inquiry /continuing.
Sales
10,000,000 yards.
a
were
brisk rate, with a broad
estimated at well over
'
May 20 to May 26-—•
Sat..
New York
quotations
Mon.
9.76
Middling upland
9.73
9.82c. 1931
8.08c. 1930
13.27c. 1929
11.74c. 1928
12.30c. 1927
—
-
-11.60c.
—
1932
9.00c.
5.65c.
Tues, W3d. Thurs.
9.74
9.85
Fri.
9.83
-
7190
May 26
7.36 Apr. 20 1939
7.88 Apr.
7:94
May" 26
7.58 May 22 1939
7.94
7*60
24 1939
May 26 1939
Commodity
figures
are
given in bales of 500 lb. gross weight.
•
9.82
Quotations for 32 Years
.....
-
1926
1925«...
1924
years
at New York
have been as follows:
8.65c. 1923
16.20c. 1922
18.55c. 1921
21.10c. 1920
16.50c. 1919
18.90c. 1918
23.95c. 1917
32.85c. 1916
Open
May 19 May 20 May 22 May 23 May 24 May 25
New York
28.65c.
21.50c.
,13.05c.
40.00c.
34.00c.
28.50c.
22.00c.
12.90c.
1915
1914
1913
1912
1911
1910
1909
1908
...—
on
May 25
July (1939)
74,400
October——j———_—
27,200
23,900
December—..
6,400
January (1940)...
'
March
May
11,800
26,000
———:—
—
Closed
Market
Closed
35,400
15,600
23,400
10,000
1,100
2,300
15,100
5*000
5,800
...
t
Nominal
Wednesday.
Nominal.
Thursday
Friday.. ...
Nominal
Total week.
Since Aug. 1
......
Steady
Steady
Barely steady..
Steady
Irregular
Steady J.
16,600
1,800
6,200
2,400
56,100
63,000
47,000
47,000
24,200
1,400
"33,100
6,400
7,200
8,500
9,700
9,700
371,200
415,000
303,400
51,600
148,100
39,100
3,100
September (1939).—
November-
100
—
Total all futures
169,700
—
83,100
57,800
96,400 158,300 155,300 1,331,500
Open
May 17 May 18 May 19 May 20 May 22 May 23
New Orleans
Contracts
Map 23
ft
i3~666
1,800
1,000
1,750
1,550
"so
1,650
50
...
1,050
12,950
3,050
May (1939)....
July.
October...
100
December...—
March
16",800
2~, 650
3,300
3,900
3,000
2,200
1,650
900
:
1,100
700
3,500
1,150
200
150
30,600
2,100
"360
18,750
2,500
200
January (1940).
—
May...—.———
•
"loo
"200
,
50,950
111,950
150
July—
Total all futures
—..
19,600
16,650
22.650
6.050
6.050
650
9,150
217,500
Supply of Cotton tonight, as< made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are. thisweek's returns, and consequently all foreign
The Visible
brought down to Thursday evening.
To make
complete figures for tonight (Friday! we
add the item of exports from the United States for Friday
figures
are
only.
1939
1938rt/%
676,000 1-028,000
110,000
175,000
1937
785,000
143,000
1936
601,000
103,000
786,000 1,203,000
147,000
226,000
105,000
275,000
13,000
10,000
bales
Stock at Liverpool..
Stock at Manchester
928,000
202,000
207,000
12,000
...
...12.00c.
—11.60c.
15.80c.
—15.25c.
53,000
21,000
13,000
19",666
10,000
7,000
704,000
209,000
158.000
14,000
68,000
70,000
9,000
5,000
338,000
598,000
457,000
533,000
Total European stocks
1,124,000
India cotton afloat for Europe—
114,000
1.801,000
...
...
...
Total Great Britain
—
Stock at Bremen
—
Stock at Havre
-
...
Stock at Rotterdam
...
..-11.50c.
Stock at Barcelona......
.— ---
—-
...
Stock at Genoa
38,000
23,000
12,000
...
Stock at Venice and Mestre——
Stock at Trieste
....
------
SALES
Spod
Contract
Total
66,000
161,000
American cotton afloat for Europe
Saturday... Nominal
Monday
Nominal.
Nominal
Tuesday
-900
2,500
39,600
29,800
Inactive months-
Total Continental stocks
Futures
Spot Market
23,800
May 26—
9.50c.
Market and Sales at New York
>
Contracts
the total show the
for middling upland
May 26 for each of the past 32
1933
May 22
7*58 May" 22
V
1940—
1940-
"
.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
1934
7.99 May 26 1939
is
cotton futures again
1939
1938
1937
1936
1935
27 1939
Volume of Sales for Future Delivery—The
extremely tight, and foreign buying as well as
domestic mill takings are at a minimum.
The Department
of Agriculture, in a revised estimate, places the 1938 United
States cotton crop at 11,943,000 bales of 500 pounds each,
compared with 18,946,000 bales in 1937,
Today prices closed 2 to 10 points net higher. Prices for
The
8.05 May 26 1939
7.29 Jan.
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
ing to trade reports this morning, the spot situation in the
,
26 1939
7.99 May 26
May 1940
and there appeared to be some European covering
new crop
positions.
Offerings represented hedge
selling and Southern and Wall Street liquidation. A lead¬
erate
7.26 Jan.
May 22
Apr.
the
South
8.05 May 26
7.60
Mar. 1940-
July,
ing Wall Street house sold December on the call.
7.66 May 22
1940-
Feb.
Liverpool and New Orleans buying, together with a, fair
amount of trade covering, contributed to the advances of
3 to 5 points in futures this morning. Brokers With Bombay
connections bought December and May against sales of
in
1939-
Jan.
volume of business.
2~700
T.300
2,700
1,300
200
200
400
Egypt, Brazil,&c.,afl't for Europe
Stock In Alexandria, Egypt.
345,000
Stock in Bombay, India
1,160,000
Stock in U. 8. ports
Stock in U. S. interior
2,700
4,600
70.9591 119,300 190,259
150,000
401,000
1.264,000
1,846,173 2,548,227
....
'
5,420
7,504
185 .000
232,000
873.000
1,131 ,000
1,348 ,583 1,639,715
1,107 ,259 1,594,234
8 ,218
25,620
7,489,267 8,553,574 5,596
above, totals of American and other descriptions
Total visible supply ...
Of the
"
towns..—,2,667,674 2,194,843
17. S. exports today.
1,900
1,385 ,000 1,237,000
146 ,000
107,000
82,000
148 ,000
181,000
105,000
135,000
137 ,000
,060 6.024,569
are as
follows:
Volume
Financial
148
8American—
verpool stock
1939
252,000
Manchester stock..
Bremen stock
Havre stock
43,000
110,000
81,000
Other Continental stock
American afloat for Europe
676.000
340,000
255.000
122,000
60,000
35.000
182,000
150,000
154,000
251,000
179,000
129.000
66,000
20,000
107,001
105,000
148,000
181,000
2,548,227 1.348,583 1,639.715
2.194.843 1,107,259 1,594,234
7,504
8,218
25,620
37,000
66,000
U. 8. port stock..
U. 8. interior stock
...1,846,173
2,667,674
U. 8. exports today
5,420
Total American
East Indian, Brazil, &c.—
Liverpool stock
424,000
67,000
37,000
Havre stock
Other Continental stock
Indian afloat for Europe
114,000
Egypt, Brazil, &c., afloat....... 161,000
Stock in Alexandria, Egypt
345,000
Stock in Bombay, India
....1,160,000
Total East India, &c
346,000
68,000
43,000
29,000
71,000
107,000
135,000
232.000
873.000
352,000
445,000
53.000
83,000
44,000
53,000
24,000
28,000
31,000
27,000
82.000
146,000
150,000
137,000
401,000
185,000
1,264.000 1,131,000
24,000
59,000
....2,381,000 2,401,000 2,235.000 1.904.000
5,108,267 6,152,574 3,361,060 4.120.569
Total American
Week—
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
7,489,267 8,553,574 5,596.060 6,024.569
5.48d.
4.46d.
7.36d.
6.64d.
9.82c.
8.01c.
13.30c.
11.77c.
8.91d.
8.56d.
12.61d.
8.97d.
Broach, fine, Liverpool
4.24d.
3.76d.
6.15d.
5.22d.
Peruvian Tanguis, g'd fair, L'pool
5.28d.
5.46d.
8.91d.
C.P.Oomra No.l staple^'fine.Liv
4.33d.
3 91d.
6.05d.
Bales
1937—-May 28
1936—May 29
1935—May 31
the
Towns
the
movement—that
the
is,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ana the same items for the
corresponding period of the-previous year—is set out in
detail below:
V
May 26
Saturday Monday
Galveston
9.25
New Orleans.
Movement to May
Receipts
1939
Ala., Birm'am
26,
Eufauia
Week
31,488
286
66,043
1,048
9,799
56,789
"47
44,835
606
73,677
21
131,791
441
157,722
63
38,998
106
49,920
41
60,275
180
51,201
7
46,651
1
City
""26
May
27
52,552
69,161
170,968
86,185
45
38,930
_
„
19,324
"143
""32
104,723
544
10
40,197
172
12,059
•
^
"144
50,296
175
58,639
1.005
391
60,410
101,003
90,345
26,104
33,782
24,210
23,998
89,430
68
Little
137
Rock
135,848
762
113,073
22
34,401
•"
Newport
348
127,030
'
Bluff-
Walnut Rge
65,886
36,546
,
39,676
Jonesboro__
m
—
236
582
145,692
46,344
186,833
"753
m
940
20,462
65,415
1,588
"
48,611
40,733
302
61
31,276
16,531
1,260
1,740
1,118
29,881
177,371
134,108
""54
13,443
170
13,693
"l7
62,126
17,532
7
31,711
320
33,414
14
45,353
Atlanta
1,497
118,964
3,049
84,991
226
Augusta
2,447
124,503
2,589
784
500
300
34,800
435
230,112
171,631
31,450
47;176
660
32,908
45
16,867
25
21,989
69,271
51,404
29,505
60,184
'
«*•
Ca., Albany..
w i~
Athens
»
-
300
11,900
•600
Macon
41
28,222
749
Rome
24
38
■
132,747
33,700
27,661
32,712
'
Columbus..
La., Shrevep't
63
16,867
86,132
556
76,650
2
147,234
477
Miss., Clarksd
844
134,764
2,458
40,433
366
81
94
35,738
137
259,556
40,444
682
2,896
497
301,011
1,903
133
65,711
18,830
52,106
273
25,097
4
109
10,798
13,294
Col m bus
Greenwood.
466
28,144
200,428
Jackson
245
32,923
i.
7,887
29,087
...
Natchez
13
Vicksburg..
Yazoo
86
71,534
36,133
15,954
343
18,319
"87
716
44,103
2,931
6
76,067
274
27,072
6,498
2,990
189,458
3,032
3,967
112
1,720
124
8,578
267
3,630
521,752
141,467
2614,596
45,986
18,042
13,969
114,244
93,407
15,661
1,440
143,529
2,547
20,136
576,985
27
>45,515
175,840
174
338,958
92,390
2,864
1,614
264,050
175
62,133
17,609 1951,851
26,799
643,836
1,396
13,792
14
21,996
14
12,527
21
15,490
-
707
119
.
6,477
176
City
Mo., St. Louis
N.C., Gr'boro
5,787
.
,
.
Oklahoma—
15 towns *
.
S. C.. Gr'ville
1,452
Tenn., Mem's
Texas, Abilene
:
Austin
4»
16
4,683
283
7,528
1,447
2,319
33,938
50
22,815
32
14,774
25
2,849
8
45,843
63,238
216
40,035
30
35
42,254
680
7
a....
a7,639
a____
6
41,912
90,918
61
5
Paris......
13,306
Marcos
"3
.
.
41
2,209
28,330
264
55,078
335
35,973
21,852
112
Waco
Total, 56towns
15
6,479
RobstowiK..
Texarkana
*
-
5
..
Dallas
San
►
«.
87,098
17
141
Brenham
9.43
9.41
9.52
9.52
9.52
9.03
9.04
9.17
9.20
9.22
9.45
_
9.43
9.44
9.57
9.60
9.62
....
9.35
9.35
9.35
9.45
9.50
9.55
Montgomery..
9.15
9.15
9.15
9.30
9.30
Augusta
Memphis.
9.71
9.68
9.69
9.25
9.82
9.70
9.72
9.40
9.40
9.40
9.45
9.45
9.15
9.25
9.12
9.12
9.50
9.22
9.25
9.25
9.25
9.25
9.03
9.04
9.35
9.17
9.40
9.06
9.00
9.30
9.02
9.06
9.03
9.04
9.17
9.00
9.02
Houston
Little Rock
Dallas
:.
Fort Worth
New Orleans Contract Market—The
for
34,447 4575.337
.
91
58,928 2667,674
23,723 6514,302
Includes the* combined totals ol 15 towns in Oklahoma,
Monday
Tuesday
May 20
May 22
May 23
a
8.84- 8.85
July
for the week and since Aug. 1, as
*
made
36
683
4
a
18,973
13,630
136
8.78- 8.79
8.76
45,216
October
8.04
8.00- 8.01
..
December.
7.81
8.04
7.84
7.84t-7.86o
May..... 7.706-7.72O
Aug. 1
176,173
169,971
3,304
8,478
161,092
596,210
6,498
2,150
Via St. Louis
2194,84$
94
—
Via Louisville
....
185
3,436
10,659
—
7.77
Aug. 1
298
188,096
122,756
3,789
4,098
10,416
158,961
863,009
5.672
23,932
8,813
684
248
9,038
382,105
8,345
24,106
9,254
275,009
9,408
414,850
9,277
700,378
9,717
Report
Causes
made
Quiet.
Dull.
Steady.
Steady.
Steady.
Steady.
Steady.
Reduction in Cotton Yields from Stated
on
U. S. Department of- Agriculture
May 25, the following:
1938—The
in
public
on
For the United States as a whole the 1938 cotton growing season was.
The total reduction from a full
yield per acre of cotton during the past season from various causes is re¬
ported to have been 32.2%.of a normal yield, compared with 38.3%, the
10-year (1927-36) average.
With the exception of 1937 the loss from all
causes in 1938 is the smallest since 1933, when the total loss was reported
as 28.6%.
Tn 1937 the total reduction was reported at 23.1%,, in 1936
38.5%, in 1935 36.8% and in 1934 42.6%.
Insect damage was the most important of the various causes of loss
during 1938.
The loss in yield from boll weevils in 1938 was reported at
9.9%, compared with 5.3% in 1937,4.9% in 1936, and the 10-year (1927-36)
average of 10.4%.
Very heavy weevil damage was reported in Virginia,
the Carolinas and Georgia.
In the remainder of the States the loss from
these insects was less than average, except in Florida where about average
weevil damage occurred.
Losses due to insects other than boll weevils
somewhat more favorable than average.
were
reported at 4.2%
in 1938 compared with 3.0% in 1937 and 1936,
and 2.9% the 10-year average.
While losses from deficient moisture rank next in importance, the loss
in yield from this cause was small compared with average.
In 1938 the
loss from deficient moisture
was reported at 6.8%,
compared with 5.7%
1937, 16.2% in 1936, and 11.8% the 10-year (1927-36) average.
The
damage attributed to excessive moisture was reported at 3.3%, which is
about average.
The loss from this cause was reported at 1.5% in 1937,
and 1.9% ip 1936, while the 10-year average was 3.9%.'
The greatest
damage from excessive moisture-was reported Lin those States having the
greatest losses from boll weevil.
Losses from "other climatic influences,"
including frost, floods, heat and
hot winds were reported at 4.0% in 1938, 4.1% in 1937, 8.4% in 1936 and
5.6% the 10-year average.
Plant diseases are reported to have caused 1.9% loss in 1938 compared
p ,red with 2.2% in each of the years 1935 to 1937 inclusive.
in
»
This statement
on
losses is based upon
The resulting indicated percentages represent the combined judg¬
causes.
ment of the crop reporters
and
are
useful
Details by States follow:
REDUCTION FROM FULL YIELD PER ACRE. FROM STATED CAUSES
no
damage or less than 1%)
Excessive Moisture
Deficient Moisture
Avge.
1927-
State
1937
1938
1927-
%
%
Week
Since
Aug. 1
Receipts at ports to May 26
16,953
Net overland to May 26
13,614
Southern consumption to May 26-110,000
3,304,054
700,378
5,143,000
140,567
*24,481
9,147,432
714,781
,
over
Southern
mill
%
*
Decrease
•
%
%
%
%
%
11
3
2
6
10
3.2
2
3
3
4
5.0
3
3
2
6
4.0
2
3
6
4
4.6
5
1
2
5.0
4
4
2
6
3.0
3
3
3
3.8
2
2
8.5
6
2
10.
3.4
2'
16
2
3
4.1
2
4
4.3
4
4.1
.
6.7
.
3
1938
7.8
3
13.1
South Carolina..
1937
4.3
11.3
6.4,
1927-
1936
2
"
.
"
7.9
Georgia... I
3
6.5
Tennessee
Alabama....
—
,.
2
4
4.2
11.7
Florida.
3
6
4.3
7.1
3
4
4.2
•«
7.4
3
5
Arkansas
15.8
6
8
10.0
2
3
Oklahoma
21.0
20
Texas
14.3
11.8
...
4.8
"
1
3
'
2
'
3.6
2
2
7.4
4
4.5
2
3
6.9
2
4
18
2.4
0
0
8.7
9
8
7
9
3.4
1
2
6.1
5
5
5.7
6.8
3.9
1.5
3.3
5.6
4.1
4.0
.
-
4
—
May 26 24,402
Week
14,112
9,717
85,000
Other Insects
Avge.
1937
1938
1936
454,025
9,961,165
mm
14,381,245
18,781
%
Aug. 1
6,959,794
1,033,914
4,490,000
108,829 12,483,708
*21,493
1,443,512
87,336
1,214,699
Boll Weevil
Avge.
1927-
Avge.
1937
1938
1936
1927-
1937
1938
%
%
1936
Since
98,952
week..-116,086
North, spinn's'takings ,fo
1938
Virginia
North Carolina...
-1937-38-
takings
consumption to May 1
Came into sight during
Total in sight May 26
1937
Missouri
"
;
.
Avge.
1936
%
•
Other Climatic
Avge.
1936
1927-
1938-39
In Sight and Spinners'
of
index of relative losses from
as an
the stated causes.
Including movement by rail to Canada.
Excess
reports of crop reporters made
in March, on a crop damage inquiry in which the reporters were asked to
report the per cent of a-normal yield per acre of cotton harvested the pre¬
ceding year, and the per cent loss in yield due to each of various stated
Plant Diseases
excess
8.03
—
Dull.
State
Total marketed
7.93
Dull.
1,033,914
_
Takings
8.08
308.369
..13,614
.13,614
Total to be deducted—
Leaving total net overland *
8.13
7.756-7.77a 7.876-7.890
Avge. of 13 States
_
188
8.34
8.02
Steady.
Mississippi
18,994 1,342,283
Deduct Shipments—
..
8,24- 8.25
7.99
Quiet.
Louisiana—
.23,022 1,115,228
8.17
1936, 1937 AND 1938
Since
3,032
1,150
9.01
Dull.
1937-38-—
Week
8.97
8.876-8.890
Tone—
Spot
up
Since
Week
Interior stocks in
May 26
November
San Antonio.
1938-39—-
May 26—
Shipped—»•
*
Friday
May 25
May 24
September
from telegraphic
reports Friday night.
The resulfs for the week and since
Aug. 1 in the last two years are as follows:
Via Virginia points _ _
Via other routes, &c
'
Thursday
Wednesday
August
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
Via Mounds, &c
Via Rock Island
follows:
as
Saturday
(Zero Indicates
•
closing quotations
cotton market for
leading contracts in the New Orleans
the past week have been
31,942
8,153
2,151
'
Hope
9.35
9.50
9.05
Mobile..
Savannah
Norfolk
Options...
536
•
33
Helena
Pine
Season
136
Ark.,Blythe,_
Forest
26
1,025
-
9.38
April
Stocks
Week
May
Week
1938
Ship¬
Receipts
1,450
...
9.35
March.... 7.726-7.740 7.776-7.780 7.766-7.78a 7.886-7.90a 7.956-7.970 8.026-8.03a
ments
Stocks
71,439
14,331
Montgom'y
Selma
Ship¬
Season
280
Friday '
9.22
.
Movement to May 27,
ments
,
9.22
on-
Wed'day Thursday
Tuesday
Jan.(1940) 7.716-7.73o 7.776-7.79a 7.766-7.780 7.906-7.92o 7.956-7.97 o
February
V
1
Week
1934
June(1939)
Interior
Towns
Bales
13,786,088
-.12,855,708
8,679,370
1935
Closing Quotations for Middling Cotton
Week Ended
Continental imports for past week have been 50,000 bales.
At
years:
Since Aug. 1—
1936-
108,946
132,829
97,956
Quotations for Middling Cotton at Other Markets
5,108,267 6,152,574 3,361,060 4,120.569
Manchester stock.
Bremen stock
3255
Movement into sight in previous
1936
1937
1938
Chronicle
1.134,105
%
%
%
%
%
%
Missouri
1.9
1
1
0
0
2.5
1
Virginia
North Carolina...
1.6
4
8
•4.5
10
21
.7
1
1
1.9
2
3
11.6
11
26
1.8
1
2
South Carolina...
2.0
2
2
14.1
11
16
1.4
1
2
2
0
'
6
1.9
2
2
12.1
10
18
1.6
1
Florida
1.7
4
3
13.0
7
13
2.8
2
Tennessee..
2.2
1
2
3.4
1
1
1.7
1
3
Alabama..
2.5
2
2
11.0
5
10
1.3
1
2
Mississippi
2.0
Georgia
1
13.0
4
11
1.3
1
Arkansas
1.7
2
2
6.8
2
5
2.3
2
3
Louisiana-—
1.8
2
2
11.2
6
9
2.0
1
2
.7
1
1
11.4
2
4
3.4
5
4
2.7
3
2
9.4
5
8
4.8
6
8
2.1
2.2
1.9
5.3
9.9
2.9
3.0
4.2
Oklahoma
Tex^a
Avge. of
13 States.
2
1
10.4
\
2
Financial
3256
Revised
Cotton
the
of
Estimates
States—The Crop Reporting: Board
cultural Economics, from the reports
Crop of
1938,
by
of the Bureau of Agri¬
and data furnished by
May 21, —
1939
- JF
Chronicle
\Zr_MMA yfJIMi V"# V
hours per
spindle in place by States, are shown in the follow¬
ing statement:
______
Active Spindle Hours
correspondents, field statisticians, the Agricultural
Adjustment Administration, cooperating State agencies and
Census reported ginnings makes the following revised esti¬
mates of the cotton crop of 1937 and 1938.
crop
Spinning Spindles
for April
State
Active Dur¬
In Place
Average per
Area in
Area
Cultivation
Picked
Picked
25,680,020
22,109,294
6,892,786,934
Cotton growing States
18,552,542
6,336,240
791,238
16,814,854
5,463,987,147
295
4,696,338
598,202
1,293,585,569
204
135,214,218
171
1,841,272
1,635,500
445,776
526,304,117
111,268,928
1,000,398,673
286
148,128,027
215
Ginnings
a
Production
(500 Lb. Gross
1938 Crop
as
Wt. Bales)
Per Acre
July 1
State
ing April
United States
Yield of
Lint Cotton
April 30
Total
Report'd
by Census
New England States.
States
All other
May 18,
1937
1938
1937
1938
1,000
1,000
1,000
Acres
Acres
Acres
569
Missouri
1,000
1939
1938
1938
1,000
Acres
1937
1,000
1937
524,520
Connecticut
Lb.
Lb.
Bales
Bales
Bales
Lb.
(500
Gross)
3,243,972
Georgia
357
558
362
346
404
450
336
331.434
Virginia
North Carolina
42
66
40
312
149
1.111
884
1,103
857
338
216
780
388
390,416
1,705
1,263
1,695
1,243
289
249
1,023
648
649,132
2,674
2,064
2,661
2,009
270
203
1,500
852
855,721
67
Florida......
120
943
76
162
733
338
320
661
490
487,494
290
251
1,631
1,081
1,081,936
118
742
10.812
937
82
Tennessee
12
43
163
26
40
20,867
"
2,694
2,058
Mississippi
3,449
2,622
3,421
2,533
377
322
2,692
1,704
.1,706,906
Arkansas
2,816
2,165
2,782
2,125
328
304
1,904
1,349
1,358,182
Louisiana
1,575
2,471
1,140
1,569
1,119
337
289
1,104
676
591,680
249,650
2,372
1,656
156
163
773
563
556,545
9,163 12,539
8,784
168
5,154
3,086
3,093,911
495,568
346,868
New York
5,917,424
North Carolina
972,968
Rhode Island
5,676,504
South Carolina
Tennessee
Texas
308
194
44,312,128
222
89,581,808
223,446
200,016
Mississippi
New Hampshire
212
689,810,651
2,475,286
1.52,344
309,844
257,776
5,295,790
813,352
5,306,972
528,598
3,555,372
268
181
58,535,412
169
1,631,778,913
276
237,275,099
244
317
1,800,811,990
190,801,596
1
322
276
68,798,108
165,120,2.56
129.861,228
673.520
1,733
2,964,606
571,440
689,300
Maine
Massachusetts
South Carolina.
Georgia
Alabama
Spindle in Place
2,705
Alabama
Oklahoma
12,769
Texas
2,079
197
162
97
159
94
490
489
163
96
93,502
Arizona
299
203
299
203
501
462
313
196
196,164
California
624
356
620
341
570
596
738
424
424,532
31
21
30
20
361
37#
23
16
13,266
New
Mexico...
other......
All
United States 34,090 25,018 33,623 24,248 269.9 235.8 18.946 11,943 11,944,340
Ga.Sea Island b
4.1
16.1
3.8
16.0
57
0.7
1.9
Ha. Sea Isl'd b.
15.8
15.0
15.4
14.0
77
51
2.5
1.5
21
44
21
44
269
234
12
Virginia
638,976
559,178
All other States
736.930
569,486
Egypt'n b
(Old Mex.) c.
Texas reports conditions are good.
Progress has been
satisfactory in the central States of the belt, however,
too much rain was reported in Arkansas.
Chopping made
good advance in the eastern belt.
part.
.
.
Texas—Galveston
94
140
94
140
179
52
172
34
Amarillo
d33,817
.Austin.
Bales rounded to thousands,
c
d Ginnings
___■
0.44
90
66
Brownsville...--
1
0.02
88
72
0.26
90
74
0.58
94
66
80
94
100
102
52
58
68
73
79
85
66
77
77
Corpus Cbristi
1
Dallas
2
El Paso
Kerrville
Cotton
Report
of
May
25,
___
ing out its report on May 25 also added the following com¬
Paris
:
_______
The Crop Reporting Board, in revising statistics of acreage, yield per
and production of the 1938 cotton crop, estimates the area in culti¬
CCC Through May 18 Aggregated
Loans of
pound.
..
Figures showing the number of bales on which loans
have been made by States in which the cotton is stored are
given below:
cents per
State—
1
3
5
3.09
Louisiana—Alexandria.
5
New Orleans..,
5
2
3
2
Shreveport
Mississippi—Meridian
Vicksburg.
Alabama—Mobile
Bales
315,811
Alabama
79,994
Arizona
State—
Bales
New Mexico.,.
39,152
North Carolina
Arkansas
695,359
California.
194,400
South Carolina_
23,651
Oklahoma
u
i
177,847
Tennessee...
291,751
Texas
Mississippi
760,596
Virginia.........
Missouri-
_
_
%..___
184,523
*
-
4
2.78
0.36
66
64
64
64
61
80
76
77
77
76
66
68
66
64
69
77
90
90
64
66
77
78
68
70
68
79
,78
75
1 98
2.39
5
5
Birmingham.
Montgomery...
•
79
80
73
89
4.48
4.52
0.03
-1.72
1.22
,62
60
57
88
88
'
1.38
3
Amite.
.
Miami.,
2
0.04
90
86
Pensacola
2
0.96
82
0.96
Florida—Jacksonville..
2.28
2
.
4
0.51
1
Tampa
Georgia—Savannah
0.32
1.64
0.25
"
'
68
66
88
dry
79
79
73
Macon.:.
78
76
90
2.24
96
60
2
1
3
6
1.76
1.82
2.82
3.36
92
86
87
90
2
2
—
Carolina—^Charleston..
North Carolina—Asheville.
3
Charlotte.
Raleigh
Wilmington
Tennessee—Memphis.
Chattanooga.^
1.66
62
62
68
54
2
Augusta
South
^___
77
83
77
76
4
54
90
92
92
94
90
2
___,
Atlanta..
86.
84
64
68
88
2.98
5
—
Pine Bluff.
66
.
94
88
90
90
90
0.84
Little Rock.-
.
82
96
100
88
0.38
1.67
3
"
60
60
62
62
'
,
78
72
.
78
76
73
74
,
76
4
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
May 27, 1938
May 26, 1939
•
Feet
«
New Orleans
Memphis
Aboye
Above
zero
zero
of gaugeof gauge-
Nashville-
Above
zero
Shreveport
Above
zero
of gaugeof gauge-
vicksburg
Above
zero
of
.
"
88
•
Fort Smith
harvested 24,248,000 acres,
235.8 pounds per harvested acre.
66
88
108
100
dry
Oklahoma—Oklahoma City
area
$204,990,084 on 4,474,665 Bales—On May 19 the Com¬
modity Credit Corporation announced that "Advices of
Cotton Loans" received by itK through May 18 showed loans
disbursed by the Corporation and lending agencies of
$204,990,083.58 on 4,474,665 bales of cotton.
This includes
loans of $2,162,334.57 on 47,413 bales which have been
repaid and the cotton released.
The loans average 8.85
^
—
Arkansas—Brinkley
to have been 25,018,000 acres; the
and the yield of lint cotton to have been
The report of the Bureau of the Census
published on May 18 placed final ginnings for the 1938 crop at 11,944,340
equivalent 500-pound bales.
»
'
The acreage harvested in 1938 was approximately 27.9% smaller than
the harvested acreage in ,1937 and 31.6% smaller than the average har¬
vested acreage for the period 1927-36.
Production in 1938 of 11,943,000 bales is about 7,003,000 bales or 37.0%
below the 1937 crop of 18,946,000 bales and 9.5% below average production
In the 10-year period 1927-36.
5
Forecasts of cotton production made by the Crop Reporting Board dur¬
ing the 1938 season and percentage comparisons with final production are
as follows; Aug.
1, 11,988,000 bales, .4 of 1% above final production;
Sept. 1, 11,825,000 bales, 1.0% below; Oct. 1, 12,212,000 bales, 2.3%
above; Nov. 1, 12,137.000 bales, 1.6% above; Dec. 1, 12,008,000 bales,
.5 of 1% above fjnal production.
In revising the cotton acreage for 1938 consideration was given to the
cotton acreage as measured by the Agricultural Adjustment Administra¬
tion.
In consideration of these measurements it was necessary to lower the
acreage for 1938 and in a few States for some earlier years.,
Slight reduc¬
tions in acreage were made in Mississippi for 1937, in Tennessee for 1936
and 1937, and in Arkansas for 1935, 1936 and 1937.
No changes were
made in the statistics of total bales produced and gihned.
The yield esti¬
mates of the States involved were raised, offsetting equal percentage de¬
creases in the original acreage estimates.
The revised estimates for these
States and for the United States are made a part of this report.
•
0.14
0.22
0.10
l1
-
1
Taylor—
vation in the United States on July 1
0.08
0.26
2
-
San Antonio
ments:
Cotton
1
2
Palestine.-
102
dry
dry
Luling
;_
Nacogdoches
193&—The United States Department of Agriculture in giv¬
acre
84
78
80
0.64
1
>
Concerning
98
2
32,228 running bales, as enumerated by California Croii Reporting
Comments
Thermometer
Low
Mean
74
79
42
74
64
81 '
High
83
96
Brenham.
added for U. 8. total., Not including production of llnters.
Included In State and United States totals,
Not Included in California figures, nor In United States total,
Service.
__
Rain
' Rainfall
Days
Inches
dry
dry
1
1.74
Abilene
allowances made for Interstate movement of seed
cotton for ginning and
b
176
very
„
LowerCallfornla
a
258
Returns by Telegraph—Telegraphic advices to us this
evening denote that conditions during the week have been
favorable as a whole, except for the rains in the northern
21
Ariz.
90
—
Receipts
from
the
gauge-
10.4
12.3
9.4
11.4
18.0
"
'
Feet
7.8
18.7
15.6
*
9.9
.•
17.3
Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
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.
,
The
Southern
52,980
320,228
110,383
Georgia
Louisiana
.....
Week
Stocks al Interior Towns
Receipts at Ports
Receipts from Plantations
1,227,840
150
1938
1937
1938
1936
1936
1937
1938
1937
1936
Feb.
Activity in the Cotton Spinning Industry for April,
Bureau of the Census announced on May 20
1939—The
according to preliminary figures 25,680,020 cotton
spinning spindles were in place in the United States on
April 30, 1939, of which 22,109,394 were operated at some
time during the month, compared with 22,472,330 for
March, 22,524,742 for February, 22,440,278 for January,
22,444,784 for December, 22,449,280 for November, and
21,772,680 for April, 1938.
The aggregate number of active
spindle hours reported for the month was 6,892,786,934.
Based on an activity of 80 hours per week, the cotton spindles
in the United States were operated during April, 1939, at
84.6% capacity.
This percentage compares on the same
basis with 86.6 for March, 87.8 for February, 85.7 for
January, 82.3 for December, 83.6 for November, and 59.5
for April, 1938.
The average number of active spindle
hours per spindle in place for the month was 268.
The total
number of cotton spinning spindles in place, the number
active, the number of active spindle hours, and the average
that,
24.
21,337
86,337
66,019
3138.203 2543,310 1880,455
Nil
59,413
64,149
Nil
39,957
Nil
Nil
71,853
2,043
Nil
Nil
49,069
17,929
Nil
61,190
3096.651 2500,609 1810,771
3051,323 2479,799 1744,860
3012.260 2460.874 1685,584
2986.570 2431,771 1622,611
59,427
2951,233 2397.991 1569,244
Nil
10,815
6,060
19,670
Mar.
3.
25.736
82,658
10.
92,663
67,954
67,994
47,032
54,793
24.
27,264
32,436
21,973
31.
19,979
44,595
17.
Nil
Apr.
16,110
Nil
Nil
3,173
Nil
Nil
14,040
2795,440 2289,937 1322,016
Nil
13,710
Nil
Nil
Nil
Nil
Nil
Nil
28,231
2757,237 2263,791 1255,379
2725,840 2237,238 1206,606
2692,155 2216,336 1162,626
Nil
Nil
Nil
25,457
2667.674 2194.843 1107.259
Nil
Nil
Nil
7.
11,788
51,480
50,142
21,385
26,976
13,296
42,828
40,673
28.
12,397
30,687
45,944
2907.928 2362.621 1503,310
2870,759 2338,818 1440,172
2831,695 2322,171 1387,245
Nil
14.
21.
44,904
5.
16,498
24,610
40,825
12.
10,724
16,918
31,296
19.
15.932
17,042
26.
16.953
14,112
Nil
Nil
May
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. I
for the last two seasons from all sources from which statistics
are
obtainable; also
the
siffht for the like period:
takings
or
amounts gone out of
Volume
Financial
148
Chronicle
3257
Takings,
1937-38
1938-39
Week
Visible supply May 19
Season
Week
Season
7,858",941
4,339", 022
9,961,165
2,100,000
692,000
1,537,800
425,000
87",336 14.381,245
7,758,823 22,574,906
8,825,136 23,947,467
7,489,267
American in
8.553.574
116",086
sight to May 26Bombay receipts to May 25
Other India ship'ts to May 25
Alexandria receipts to May 24
Other supply to May 24
k **
P Total supply
_
62,000
20,000
25,000
_
_
10,000
2,260,000
70,000
37,000
42,000
12,000
557.000
1,968,200
442,000
Deduct—
Visible supply May 26
7,489,267
HOUSTON—To Ghent, May 20, Dryden, 324; May 23,
Belgique,
787; May 23, Boschdijk, 91
To Bordeaux,
May 20, Dryden, 1,178—
To Genoa, May 20, Ida Zoo. 98
To Antwerp, May
19, Liberator, 473; May 20, Dryden, 50;
May 22, Belgique, 43
To Havre,
May 19, Liberator, 702; May 22, Belgique, 101
To Rotterdam,
May 19, Liberator, 313; May 23, Boschdijk, 206
To Oporto,
May 19, Liberator, 50
To Japan, May 19, Terukatwa
Maru, 2,141._
To China, May 19,
Terukatwa, 724
To Dunkirk,
May 22, Belgique, 588; May 22, Vermont, 186
To Brest, May
22, Vermont, 446
To Tallin, May 23,
Boschdijk, 2
To Riga, May 23,
Boschdijk, 100
To Liverpool,
May 23, Historian, 1,547—...
Manchester, May 23, Historian, 1,214*
NEW ORLEANS—To
Havre, May 23, Liberator, 1,695
To Rotterdam,
May 23, Liberator, 511; Maasdam, 350
To Venice, May
21, Ida, 150——
To Japan, May
22, Huzikawa Maru, 806; May 16, Terukawa
Maru, 3,605; May 22, Jumna, 291
To Guatemala
City, May 17, Tolsa, 25——
To Havana,
May 20, Santa Marta, 200
;
To Buena
Ventura, May 19, Orstaria, 200
1
To Hamburg,
May 17, Kiel, 292
To Bremen, May
17, Kiel, 2,068
To Oslo, May
19, Tatra, 78
To Gdynia, May
19, Tatra, 100
1
To Gothenburg,
May 19, Tatra, 18
•
To Liverpool,
May 17, Eglantine, 544—
To Manchester, May 17, Eglantine, 1,029—
To Marseilles,
May 22, Cranford, 360.
:
To Genoa, May 22, Cranford, 254; May 22, Mongioia, 300To Venice, May 22,
Cranford, 100
™J£o Trieste, May 22, Cranford, 100
CORPUS CHRISTI—To Ghent, May 15, Belgique, 433
To Antwerp, May 15,
Belgique, 50; May 18, Vermont, 100-.-To Havre, May
15, Belgique, 129
To Dunkirk, May 15, Belgique, 154n.-r^TA?^Rotterdam- May 15, Belgique, 50; May 16, Ethan Allen, 100
NORFOLK—To Antwerp, May 25, Black Heron, 73
To Hamburg, May 25, Mormac Port, 147
i
I
' To Antwerp, May 16, Blackgull, 157
MOBILE—To Liverpool, May 16,
City of Alma, 666
To Manchester, May 16, City of Alma, 735To Bremen, May 15, Warrior, 300
SAVANNAH—To Bremen, May 20, Slandilo, 500
SAN FRANCISCO—To Great Britain,
(?), 150—
.
8,576,800
7,525,737
Visible supply Aug. 1
8,553,574
Bales
*
'
Cotton
Week and Season
—
1,202
1,178
.
98
566
803
519
50
_
2,141
724
774
446
_
2
100
_
1,547
_
Total takings to May 26_a
Of which American
271,562 15,393,893
165,562 10,646,093
4,747,800
106,000
269,556 15,085,639
211,556 10,317,039
58,000
4,768.600
-
Of which other
—
*
Embraces receipts in Europe from Brazil, Smyrna,
West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 5,143,000 bales in 1938-39 and 4,490,000 bates in 1937-3&—
a
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 9,942,639 bales in 1938-39 and 10,903,893 bales in
1937-38, of which 5,174,039 bales and 6,156,093 bales American.
b Estimated.
India Cotton Movement from All
Ports—The receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as cabled,
for three years, have been as follows:
of Indian cotton at
1,214
1,695
861
150
—
4,702
__
25
200
_
200
292
.
—
2,068
78
100
18
——
•___
544
—
1,029
,
360
554
.
—
—
1938-39
1936-37
1937-38
May 25
Receipts—
Since
Week
Since
Since
Aug. 1
Aug. 1
Week
Aug. 1
Week
—
-
100
—
100
433
150
129
*
154
-
62.000
Bombay-.---.-.--
1,100,000
41,000 2,849.000
70,000 1,260,000
150
73
-
For the Week
1
Since August
147
157
,
Exports
■
From—
Great
Conti¬
Jap'n&
nent
China
666
735
__
Great
Conti¬
Japan &
Britain
nent
China
—
Britain
*
Total
Total
300
a
Bombay—■.
—
1938-39..
.
73,000
82,000
69,000
214,000 1050,000 1333,000
11,000
16,000
39,000
218,000
7,000
i 1936-37-.
8,000
5,000
1,000
1937-38-
72,000
350,000 1312,000 1735,000
,
906,000
649,000
79.000
73,000
20,000
256,000
436,000
37,000
193,000
364,000
15,000
1937-38.-
14,000
24,000
23,000
6,000
23.000
14,000
28,000
11,000
24.000
24.000
1936-37-
17,000
557,000
404,000
616,000
73,000 102,000
325,000
650,000 1050,000 2025,000
53,000
232,000
582,000
72.000 1?0 000
477.000
966.000 1319 000 2755.000
mm
Total all—
1938-39-.
1937-38..
r1936-37.
Shipments—We now receive
cable of the movements of cotton at Alexandria,
The following are the receipts and shipments for
the past week and for the corresponding week of the previous
a
years:
<
1938-39
•
1
1,192
-
43,700
May 5
•.
.
Forwarded
1937-38
-
—
—
May 19
60,000
.
2,000
May 26
50,000
786,000
295,000
33,000
57,000
800,000
838,000
326,000
41,000
8,000
110,000
15,000
105,000
19,000
_■
Of which American
311,000
34,000
5,000
116,000
3,000
121,000
15,000
12,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been
1936-37
May 12
68,000
859,000
338,000
39,000
——
Of which American
Total imports
Of which American
Amount afloat.
each
Alexandria, Egypt
Mey 24
Spot
Saturday
as
follows:
■
Tuesday
Wednesday
Monday
:
Thursday
Friday
Receipts (cantors)—
This week
125,000
Since Aug.
210,000
'
3,000
8,951,242
f
Market,
9,906.444
This
Since
Week
Exports (bales)—
Aug.
This
Week
1
155.775
5,000 165,956
Since
Aug,
This
Week
1
19.000 602,488
To Manchester, &c
To Continent & India
To America
166,519
7",000 159,967
17,000 649,100
25,748
25,013
1,000
■_
12:15
1
Total exports
Aug.
1
i.
_
_
_
25,000 949,967
is 99 lbs.
24,000 1000599
Moderate
Quiet.
A fair
business
demand.
1,000 180,455
190,712
7",000 669,295
1,000 4U.962
9,000 1081424
5.61d.
Mld.Upl'ds
Futures.
1
opened
to 4
pts. 2 to 5
business
Moderate
doing.
•
demand
doing.
4 to
|
5
Quiet;
u
•
5.47d.
5.52d.
Barely stdy
Steady;
pts. 2 to 3 pts. 6 to 9 pts. 5 to 8 pts.
advance.
decline.
advance.
5.48d.
Quiet
at
2 to 4 pts.
decline.
Steady;
f
\
4
Quiet;
decline.
,
5.60d.
5.60d.
Quiet;
Market
•P.M.
can tar
Quiet.
Since
Market,
Note—A
A fair
i
P. M.
1
400
510
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port;
649,000 1463,000
Alexandria Receipts and
two
-1
—
Total.
Total stocks
weekly
Egypt.
150
"•
692,000
41,000
mm
500
•
_
1020,000
To Japan, May 20, Amagizan Maru, 1,192
5,000
—.
2,190
May,23, San Pedro, 510
OtherIndia1938-39..
--
To Japan, <?), 2,190-—
^
LOS ANGELES—To Havre,
May 20, Faringer, 400
To Dunkirk,
Quiet;
Quiet;
un¬
pts. changed
to 5
pts.
Quiet but
dec. stdy.; 3 to 6 stdy.; 3 to 9
10 pts. dec. to 2 pts adv
advance.
Quiet but
pts. dec.
pts. adv.
decline
St'y, 7 pts.
dec. to 2
"pts. adv.*
Egyptian bales weigh about 750 lbs.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
We give prices today below and leave
those for previous weeks of this and last year for comparison:
Prices of futures at Liverpool for each
Mon.
Sat.
May 29
Tues.
day
are
Wed.
given below
Thurs»
Frl.
to
,
Close Noon Close Noon Close Noon Close Noon Close Noon Close
May 25
New contract—
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
*
d.
May (1939)
1938
:
Cotton
32s Cop
8)4 Lbs. Shirt¬
ings, Common
Middl'g
Twist
to Finest
■Upl'ds
8)4.
Lbs. Shirt¬
ings, Common
32s Cop
"
Twist
to Finest
Cotton
Middl'g
Upl'ds
s.
d.
d.
s.
d.
<*•
d.
s.
e.
d.
5.15
5.12
5.15
5.07
5.02
5.01
5-07
5.10
5.03
5.03
4.49
4.87
4.84
4.85
4.79
4.74
4.73
4.79
4.82
4.76
4.76
October-
4.57
4.46
4.45
4.50
4.51
4.47
4.52
4.50
4.50
4.49
December
4.45
4.40
±
4.41
January (1940)..
4.44
4.41
4.40
4.41
4.41
4.39
4.38
4.43
4.43
4.40
4.42
March
°.
4.46
4.43
4.42
4.44
4.44
4.42
4.40
4.46
4.45
4.43
4.45
...
4.47
May—...
•
d.
5.22
July
1939
-
d.
4.47
July.
Feb.
24..
8K@
9H
8
9
® 9
5.18
10K®HK 10
8
9
@
5.29
10
10..
8H@ 9K
8K@ 9H
8
9
@
9
6.40
10K®UK
10K@UK 10
17..
9
9
@
9
3
5.27
10
0
24..
3i
8%®
9H
8 10K®
9
IK
5.16
0
8H®
9H
8
9
@11K 10
9
9K®n K
9
@10
3
@10
3
3
3
0
4.91
4.44
4.46
mm
mm
-
mm
4.37
—
-
4.47
4.45
4.42
4.44
4.43
-
4.43
4.45
m'rn
mm
'
'mm
4.49
4.48
•
4.47
4.42
4.97
@10
-
-
»r
«.
»
-
•
4.45
4.41
4.47
4.49
4.47
5.10
@10
-
4.42
5.06
3
:.—
«
-
5.13
@10
@10
October
-
»
5.21
Mar.
3-
.
@10
9
@
9
4.95
10
Apr.
7—
8K@
8K@
9H
9K
8
14..
21..
8K@
9H
28—
8K@
9K
4.92
8
@ 9
7K@ 8 10H
9
@ 9
8
7K@
9 10K
8
9
5__ 8H
19..
26..
® 9H
8K@ 9X
9
@10"
8K@ 914
Shipping
To
To
To
9K@UK
9Vt @11K
4.89
9
9
@10
4.94
9K@10 K
9
9
@10
4.80
the old business on the books.
9K@10J4
9
6
@
9
9
4.69
reported to be moderately heavy, and the majority of
6
@ 9
sumers
8 10K®
9
IK
5.28
9
IK
5.33
9
4.77
9
@
9
3
5.54
9K@10K
9 X @10K
9
9
4M@
9
7K
4.68
9
@
9
3
5.48
9
9
3
9
6
4.46
shown
@10
@
less
With the end of the fiscal year fery
pressing shipments in order to clean up
quiet the past week.
near
by, mill's are
are
Shipments
on contracts are
con¬
responding to the requests of mills and accept¬
ing deliveries of the flour.
Wheat—On the 20th inst. prices closed
on
a
previous
the
page,
as
made
70
1,524
39
Japan, May 20, Noto Maru, 841; May 19, Wasgenwald,
797; May 18, Kano Maru, 3,086; May 24, Terukawa
Maru, 1,849
Copenhagen, May 18, Trolleholm, 150
Gdynia, May 18, Trolleholm, 235
Gothenburg, May 18, Trolleholm, 243
China, May 18, Kano Maru, 538; May 24, Terukawa
Maru, 1,269
Antwerp, May 19, Dryden, 176
jt
j
Sydney, May 23, Iverbank, 200„
Cartagena, May 13, Margaret Lykes, 207
or
5.00
Bales
To
more
4.99
To Bremen, May 20, Memel, 1,524
To Hamburg, May 20, Memel, 39
To
been
4.79
@10
GALVESTON—To Dunkirk, May 20, Vermont, 70
To
has
@10
9
43,700 bales.
The shipments in detail,
from mail and telegraphic reports, are as follows:
To
market
9
reached
To
flour
9
exports of cotton from the United States the past week have
up
local
9
8 10H@
News—As
Friday Nighty May 26,1939
Flour—The
9%®UK
4.93
May
12..
BREADSTUFFS
_
—
*
6,573
150
235
243
1,807
176
200
207
lower.
Bearish
weather
reports
lAa. up to Kc. net
appeared to dominate
today's market, influencing as it did considerable selling and
dropping prices of wheat for the distant delivery as much as
New crop contracts, July and September, fell to 73A
and 73A1 respectively, down
%e.
The May contract
started steady and later advanced to 80, within Ac. of its
high mark.
Despite showery weather overnight in the
Southwest winter wheat area and in parts of the spring wheat
belt, most traders apparently were not inclined to believe the
trend of recent crop deterioration had been greatly altered.
The market received good support on the dips and prices
often were near their previous close.
On the 22d inst. prices
closed unchanged to l%c. higher.
New wheat contracts,
July and September, advanced"as much as a cent at times,
•
Financial
3258
all the gain and closed unchanged.
out in the final hour lost
Chronicle
losing
May 27,
much as %c.
Receipts were liberal and bookings
Traders said foreign prices are out of line
as
increased.
Buying inspired' by unfavorable crop reports, despite rains
over the week end, and announcement that the wheat loan
were
is to be continued at slightly higher rates, helped
the early upturn.
A forecast of continued unsettled, showery
weather over much of the belt contributed to the final selling.
prices closed unchanged to %e. higher.
Corn at one time
during the session showed a gain of %c., but it failed to
hold in view of the weaker spot market quotations and in¬
creased bookings to arrive, which totaled 86,000 bushels.
On the 24th inst. prices closed l%c. to l%c. net higher.
program
The "squeeze" in May wheat ended today on the Chicago
grain futures market with some traders who had sold "short"
taking some heavy losses.
Liquidation yesterday of more
than 900,000 bushels of May wheat left 3,902,000 bushels
remaining to be settled and pit brokers said this was reduced
further today. On the 23d inst. prices closed l%c. to 1
net higher.
Persistent buying of wheat futures that uncov¬
ered stop-loss orders, lifted prices as much as l^c. to a new
high for the season today.
The advance*was retained
despite liberal profit taking, wheat closing at the best levels.
of the day.
Some purchasing was associated with absence
of fresh moisture in the Southwest and reports of higher
temperatures and hot winds, but the disparity of futures
prices compared with quotations for actual grain in the spot
market and compared with the 1939 loan basis attracted much
attention.
Spot prices in some cases were 5c. or more a
bushel above July contracts, with No. 2 yellow hard quoted
at 80%c.
The loan basis for No. 2 hard winter wheat on
the Chicago Board is 80c. and many traders believe the
rates, which a*-e higher than last season, may prove to be an
important factor.
Although rains the last week have
changed the crop outlook in some districts, many traders
believe much of the damage cannot be repaired.
On the
24th inst. prices closed 2% to 3%c. net higher.
Wheat
prices soared more than 3c. a bushel today in trade estimated
to be the heaviest of any session since last fall.
All contracts
opened at new season highs, quickly advanced as much as
2%c., paused to absorb profit-taking late in the session,
and then surged for ward to new highs.
Wheat for September
delivery rose 2%c. at 77%, July was up 2%c. at 78, and :
December 3%c. at 78%.
The. advance "was the sharpest in
months.
Wheat on the Board of Trade opened % to %
higher, with, all contracts at new highs and then quickly
scored gains of more than a cent in steady trade.
The
Kansas City market scored new highs on all contracts,
initial gains ranging to l%c.
Scorching temperatures were
reported in the Southwest yesterday, a high of 100 degrees
being reached at Oklahoma City, Okla.
'
On the 25tli inst. prices closed y2 to %c. net lower.
After
.
reaching new seasonal highs of 78*40. for July and Septem¬
ber
contracts
clined
and
79%c.
than
more
profit-taking.
belts, though
lc.
for
today
Rains
December,
spring
winter
and
wheat.,
scattered, with prospects of continued un¬
settled weather, encouraged the profit-taking.
An advance
of 10c.ra bushel in wheat values since first reports
of
business in American corn.
export
Corn
opened firm, although there was little buying interest,
advanced as much as a cent with wheat.
deterioration, a month ago, proved attractive to many own-.
ers, and failure of Liverpool, prices to reflect yesterday's
advance here also was bearish.
Liverpool was only frac¬
tionally higher.
There was no change in the tenor of crop
reports.
One expert pointed out that despite showers and
,
scattered
rains in the spring wheat belt this month pre¬
cipitation is below normal and has not been of a character
y2c. off to %c.
On the 25th inst. prices closed
This
up.
higher, with gains in new crop contracts
amounting to a full cent.
Higher prices attracted country
offerings, which are the heaviest in some time, and receipts
here today totaled 254 cars, but the supplies were well
taken.
Reports of delayed germination over much of the
grain also
was
belt attracted attention.
Today prices closed unchanged to
Large receipts of corn, totaling 309 cars, and
increased offerings from the country, had only
%c. higher.
continued
effects
bearish
mild
prices,
corn
on
while
and
July
and
September contracts dipped fractionally at times, the mar¬
ket rallied to above yesterday's close, with December corn
in
the
in
corn
Industrial
lead.
demand
DAILY
CLOSING
PRICES
OF
Sat.
No. 2 yellow
DAILY
PRICES
CLOSING
CORN IN NEW YORK
Mon.
Tues.
Wed.
Thurs.
05%
66
..
CORN
OF
Sat.
May
July
September
_
65%
67%
FUTURES
Mon.
Tues.
49%
50%
50*
51 %
„
December
Season's High
December
Thurs.
Low
Season's
July 23, 1938 May....
Sept. 24, 1938 July
Jan.
4,1939 September
May 26,1939 December
and
F i.
51*
52*
51%
53
52%
.
c—
When Made
and
00%
55*
.56*
53*
CHICAGO
IN
51%
52*
52%
51
51
Fri.
66%
Wed.
50%
51%
...";
May
July
September
0
Open interest
good.
was
tonight was reported as 54,221,000 bushels..
53%
When
Made
Mar. 16, 1939
Mar. 16, 1938
Apr.
3,1939
May 25,1939
40%
48*
49*
52*
Oat8—On the 20th inst. prices
closed unchanged to %e.
light, with price changes moderate.
On the 22d inst. prices closed %c. up to %c*. lower.
Trading
was light and without any noteworthy feature.
On the 23d
inst. prices closed %c. to %c. net higher. Oats were firm as
a result of bullish crop and weather
reports and a firm spot
market.
On the 24th inst. prices closed l%c. to l%c. net
higher.
With the bullish crop and weather reports and the
outstanding strength in wheat values, it was only natural
that oats should reflect these bullish developments the same
off.
as
Trading
and rye.
corn
On
This
was very
the
25th
inst.
prices
independent strength
to short
oats
was
CLOSING
PRICES
OF
OATS
net
higher.
attributed largely
JulySeptember
FUTURES
Mon.
33*
32
33*
32*
30*
30*
Tues.
When
May
May
May
May
__
CLOSING
Thurs.
34
32*
33*
30*
31*
1
«_
Season's Low and
Made
11,1939 May
23*
25, 1939 July.
24*
25,1939 September... 26*
25, 1939 December
33*
PRICES
OATS
OF
CHICAGO
IN
Wed.
32*
•_
_______
Season's High and
May..'.
36*
July
34*
September
33*
December—. 34*
DAILY
y2c.
to
Today prices closed % to y2c. net higher.
light and without special feature.
May..,-
December
*4
was
covering.
Trading
DAILY
closed
of
Sat.
crop
On the 23d inst.
but all contracts
de¬
the market absorbed heavy
as
both
in
prices
wheat
for
FUTURES
Fri.
34*
32*
33*
34*
33*
34*
When Made
Sept.
6, 1938
Oct. 18, 1938
Apr.
5,1939
May 26, 1939
WINNIPEG
IN
'
most beneficial
Today
to crops.
prices
closed
prices shot upward
seasonal
and
1%
more
to
l%c.
than 2c.
a
net
higher.
bushel
Wheat
today to, new
highs, above 79c. for July and September contracts
for December delivery.
Buying credited to
80c.
at
Eastern
interests
and reports of improved flour business,
large sale confirmed, helped to rally the
market after early weakness due to grain belt rains.
The
with
at least
one
with which prices rose attracted further
purchasing
stop-loss buying on the part of short interests.
Early
declines of %c. attracted enough
buying orders to steady
ease
and
the
market, however, and
around yesterday's
credited
there
were
closing levels.
rallies
frequent
to
Some of the buying was
to
milling and baking interests, with unconfirmed
reports that increased mill trade was in prospect.
Liver¬
pool
wheat closed
action
as
here.
y» to
%c. lower, reflecting Thursday's
Open interest in wheat tonight
70,146,000 bushels.
DAILY
was
reported
CLOSING PRICES OF WHEAT
Sat.
T
DAILY
.
94
_
CLOSING
PRICES
OF
IN
May
79%
74%
July•?uly--~-
September.
73
December
Season's
May
July
September
December
DAILY
~~~3
High and
81 %
79%
78%
80
When
May
May
May
May
sj
80%
74%
73%
____
Sat.
H
..
Wed.
----
29*
29*
29*.
Wed.
Thurs.
H
O
L
Fri.
30*
29*
29*
31*
30*
30*
up.
from local
Trading was relatively light,.
prices closed %c. up to %c.
down.
This market was relatively quiet, with the September
delivery being under slight pressure.
On the 23d inst. prices
closed l%c. to l%c. net higher.
The strength displayed in
the rye market was attributed largely to private reports
indicating that the crop in important producing sections
has been irreparably damaged.
Traders appeared to ignore
pressure
On the
however.1
longs.
22d inst.
showers in the Northwest.
On the 24th inst. prices closed
%c. to 1 %c. net higher.
The spot rye market continued
firm and. this with the marked strength displayed in the
1
77%
77%
78%
Mon.
63 %
04%
L
66
Fri.
Tues.
64
05%
00%
Wed.
H
O
L
.
77%' 78%
77%
78%
78%
79%
When
Made
Sept.
7,
5,
23,
May 26,
Oct.
Dec.
IN
On
98*
CHICAGO
Thurs.
1938
1938
1938
1939
WINNIPEG
Thurs.
.—
05%
07
Corn—On the 20th inst.
prices closed %c. to %c. net
Corn sagged slightly in
Fri.
65
00%
07%
lower.
light trade, influenced somewhat by
wheat and lack of export demand.
May corn was pressed
moderately early in the session and declined %e. under the
previous close, but later regained
part of the loss.
The
Buenos Aires corn futures finished
%c. off.
On the 22d
prices closed %c. to %c. net higher.
May corn, in
which trading ceased
today, showed the most weakness,
Tues.
Rye—On the 20th inst. prices closed unchanged to %c.
Fri.
—
75%
75
75%
FUTURES
O
-
Tues.
Made
I
Season's Low and
22. 1939 May
62 %
26, 1939 July.
62 %
25, 1939 September
67 %
26, 1939 December
77%
May
0ctober
IN
FUTURES
Mon.
CLOSING PRICES OF WHEAT
O
L
displayed in the
YORK
NEW
Mon.' Tries.
Wed. Thnrs.
94
95*
97%
97
WHEAT
Sat.
_
29*
29*
29*
other grains were factors contributing largely to the strength
'
,
Mon.
H
The rye market maintained a strong undertone during today's
short session, and this\in spite of a moderate degree .of
'•
No.-2 red
Sat.
.
May
July
October.....
the
25th
rye
market.
inst.
'
prices
Closed
There
„
1^4 to %c. net lower.
was heavy profit-taking in this grain the same as
wheat, and as a result prices dropped sharply.
Today
prices closed % to %c. net higher.
Trading was fairly
in
active in this grain, with shorts playing a considerable part
in the market's firmness.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
May
July...
September
December
Season's High and
May
53*
July
54*
September
56
December
57*
When
July
May
May
May
Made
I
25,1938
2, 1939
24, 1939
25, 1939
DAILY CLOSING PRICES
OF
October
DAILY CLOSING PRICES
May.......
July..
October..
50 *
51*
52 *
O
L
OF
IN
CHICAGO
Thurs.
Wed.
Fri.
53
54 *
55*
54 *
55 *
57*
53 *
54 *
56*
When
Apr.
Mar.
Apr.
May
54*
55*
57*
Made
3. 1939
16, 1939
5, 1939
26,1939
FUTURES IN WINNIPEG
Mon.
Tues.
Wed.
Thurs. Fri.
RYE
H
_
Tues.
Season's Low and
May
40*
July
41*
September
42 *
December
56*
Sat.
May
July
FUTURES
Mon.
50 *
51*
53 *
„
47*
47*
48*
48*
48*
48*
H
O
L
48*
48*
48*
50*
50*
51
BARLEY FUTURES IN WINNIPEG
Sat.
Mon.
Tues. -Wed.
Thurs. Fri.
H
O
L
....
39*
39*
39*
39
39*
H
O
L
40*
49*
49*
40
40*
Volume
Financial
148
Closing quotations
follows:
were as
Hard winter clears
1.80
Corn flour
GRAIN
Wheat, New York—
Oats, New York—
No. 2 red, c.i.f., domestic._ 98# •
No. 2 white
Manitoba No. 1, f.o.b. N. Y. 75
Rye, United States ci.f
Barley, New York—
Corn, New York—
40 lbs. feeding
No. 2 yellow, all rail
Chicago, cash
667A
48#
74#
1,
-
58#
50-55
'
'
Oats
■Corn
Chl4cagO
*
Barley
Rye
Chicago
201,000
'
-
Toledo
Mk
MM -
Indianapolis
5,000
Louis.
37,000
6,000
Kansas City
9,000
Omaha
St.
M -
Joseph.
M
*. -
—
Sioux City.
Buffalo
Same wk '38
347,000
82,000
68,000
136,000
26,000
M
57,000
-
-
-
■
'
.i
MMM.MMM
„
M«.M — MM
«...
•
oo'ooo
12*666
•2,128,000
230,000
6,060,000
1,868,000
2,537,000
M
6,591,000
2,009,000
*4,000
'•
M
-
mtim
M
5,000
489,000
1,490,000
1,173,000
880,000
262,000
232,000
461,000
1,813,000
Since Aug. 1
1938
1937
1936
....
18,772,000 291,887,000 228,133,000
16,027,000 261,499,000 269,390,000
17,274,000 191,956,000 137,207,000
91,751,000 22,653,000 87,118,000
1,409,000
1,581,000
2,874,000
2,000
Flour
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
160,000
1,904,000
706,000
40,000
306,000
368,000
1,000
43,000
31,000
78,000
16,000
1,114,000
86,000
17,000
"1,660
18,000
•
24,000
Galveston..
Montreal.
.
_
Halifax
Boston
Sorel
Ft.
f
William
MM
-
28,000
^
60,151,000 33,127,000
13, l939„... 62,150,000 34,228,000
32,395,000 31,144,000
Note—Bonded grain not Included above:
m
^
m
J „•
-
f
-
-
M
—
MM
M
M
M
M
M
8,091,000
8,172,000
9,706,000
M
M'
M
M
^
Canadian—
Corn
Bushels
M
Oats
22,261,000
Ft. William & Pt. Arthur 37,077,000
Other Can. <fc other elev. 57,342,000
Barley
Bushels
822,000
2,281,000
2,191,000
6,161,000
5,461,000
1,172,000
6,238,000
8,091,000
6,824,000
4,832,000
7,747,000
______
1,007,000
1,241,000
7,747,000
7,989,000
20,1939..'_116,680,000
121,833,000
21,1938..... 32,572,000
33,000
5,785,000
Total May 13,1939.....
Total May
Rye
Bushels
1,140,000
2,281,000
6,161,000
9,000
Mfmtomw
M M
—
-
-
M
•M
'
-
American
60,151,000 33,127,000
116,680,000
Total May
Total
Total
20,1939...176,831,000 33',127,000 15,838,000
May 13,1939
183,983,000 34,228,000 16,161,000
May 21,1938
64,967,000 31,144,000 15,167,000
The world's
shipment of wheat and
corn, as furnished by
Exchange, for the week
ended May 19 and since July lf 1938, and July 1, 1937, are
shown in the following:
•.
Broomhall to the New York Produce
Wheat
Week
No. Amer.
Corn
Since
May 19,
1939
Exports
July 1,
1938
Bushels
Since
Since
July 1,
„•
Week
May 19,
1939
July 1,
1938
1937
Bushels
Bushels
Argentina-
6,624,000 214,670,000 164,282,000
1,808,000 85,191,000 76,860,000
3,866,000 85,577,000 59,788,000
2,228,000
Black Sea.
_
M
f
M
,
_
_
M
Since
July 1,
1937
Bushels
Bushels
148,000
70,826,000
65,188,000
300,000
16,808,000
8,098,000
3,052,000 122,123,000 181,526,000
13,216,000
MM
M
f
M
countries
•
31,784,000
808,000
23,554,000
968,000
40,477,000
75,293,000
MM
World Wheat Carryover Twice That of a Year Ago—
International Institute of Agriculture on May 10,
-
_
------
3,660,000
27,073,000
264,000
78,000
7,000
325,000
9,625,000
1,327,000
379,000
990,000
.
4,468,000 250,234,000 330,105,000
58,000
-
—
15.334,000 515,214,000 447,718,000
M — -
'
*
-
The
placed the world's carryover of wheat at more than twice
as
P
300,000
2,217,000
5,104,000
199,000
123,000
32,302,000
25,843,000
1,577,000
1,492,000
3,968,000
said Associated Press advices,
from Rome under date of May 10, which went on to say:
arge as
885,000
5,543,000
statement:
foe the week
the annexed
^
•
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
41,705
69,000
New York
Albany.
86,000
8,000
154,000
....
Philadelphia
Houston
New Orleans..
M
•
T.
M
.
18*666
8,000
906,000
Galveston
86*666
1,114/000
Montreal
~~9~666
45^666
2*6*5*666
57.000
Fort William...
17*660
1,722,000
Sorel
58*666
"3",000
Halifax....
a year ago,
Exportable supplies in
producing
countries
Total week 1939
4,117,000
172,000
107,705
113,925
2,574,000 5,869,000
9,000
323,000
103*660
140,000
855,000
The destination of these exports for the week and since
July 1, 1938, is
below:
as
•
Corn
,
„
Exports for Week
and Since
Week
Since
Week
Since
Week
July 1 to-r-
May 20
July 1,
1938
May 20,
July 1,
1938
May 20,
1939
1939
July 1,
1938
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
1939
j
Since
CCC
39,465
21,240
West Indies
2,036,385
703,461
1,722,000
2,372,000
17,500
23,000
Kingdom.
So. & Cent. Amer.
623,250
23,000
1,306,250
Brit. No. Am. Col.
172,000 40,887,000
26,783,000
5,000
63,000
"3",000
62,000
6*500
Total 1939
303,934
107,705
Other countries
Total 1938
67,846,000
50,870,000
466,000
5,035,280
4,760,061
113,925
1,286*666
703,000
4,117,000 120,531,000
172,000 68,381,000
2,574.000 114,306,000 5,867,000 64,805,000
visible
supply of grain, comprising the stocks in
principal point3 of accumulation at lake and
seaboard ports Saturday, May 20, were as follows:
at
GRAIN STOCKS
Wheat
United States—
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
47,000
Philadelphia
258,000
381,000
10,000
13,000
1,000
Baltimore
176,000
14,000
20,000
37,000
New York..
66,000
..
..
Wichita.
..
131,000
1,643,000
2,591,000
125,000
879,000
New Orleans...
6,000
1,000
6,000
reported
Loans
Bulgaria.
Corn
Aggregated $129,477,610 on
227,401,426 Bushels Through May 18—The Commodity
Credit Corporation announced on May 19 that, through
May 18, loans made by the Corporation and lending agencies
under the 1938-39 corn loan program aggregate $129,477,509.82 on 227,401,426 bushels.
The loans by States
in which the corn is stored are as follows:
•
on
Amount
""
Bushels
$24,653.97
47,862
...33,908,543.25
59,496,229
Indiana...3.126,082.10*
5,485,900
Iowa. ...I..-63,136,137.48 110.774,891
Kansas
2,493,252,41
4,400,265
.
State—
Minnesota
Missouri
Kentucky....fl
129,482.11
232.423
Nebraska
Ohio
South
Amount
_
_
.$9,281,049.59
5,899.279
.10,671,432.82
18,820,860
1,464.131
834,329.44
Dakota 2,452,216.80
Wisconsin
Bushels
16,297,626
3,359,711.31
60,618.48
4,374,379
107,575
Report for the Week Ended May 24—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended May 24, follows:
characterized by abnormally high temperatures In most
and unevenly distributed rainfall, although substantial
large areas, particularly the South.
The weekly mean temperature was below normal in the extreme North¬
east, and slightly below in the extreme Southeast; also in most of the Par
Western area.
However, between the Appalachian and Rocky Mountains,
the week was decidedly warm, with temperatures ranging far above normal
in most places.
The relatively warmest area extended from the upper
Mississippi Valley westward to the Rocky Mountains where the tempera¬
tures averaged generally from 6 degrees to as many as 11 degrees above
normal.
In the southern Great Plains extremely warm weather prevailed
the latter part of the week with maximum temperatures reaching 100 degrees
or higher in some sections.
However, freezing temperatures occurred in
parts of New England, locally in the extreme upper Lake region, and in some
parts of the Far West.
Substantial rains occurred in much of the cotton belt, but most central
and northern portions of the country had only local showers.
In the eastern
portion of the Plains States, from South Dakota to Oklahoma, there were
good rains; also, In much of Montana.
In the upper Mississippi Valley
the falls were decidedly local and irregular.
Because of scanty April rainfall and large deficiencies in May severe
drought conditions developed over a large Midwestern area, especially
in central-northern districts, including the upper Mississippi Valley, and
in the Great Plains.
Precipitation, so far. in May has ranged generally
from about one-fourth to less than half the normal, except in a few favored
sections.
However, during the last few days beneficial rains occurred
over considerable portions of the northern Plains, bringing at least £emThe week was
of
Continent
were
Crop conditions were reported "satisfactory" in most of the countries
Weather
Wheat
it reported;
,
„
of Southeastern Europe, particularly Rumania and
. ■
,
Flour
1,
United States and Australian shipments
Illinois
Same week 1938....
March
on a level with last year's.
\
;
"Pessimistic" reports on the winter wheat crop have been received, the
institute said, from France, Germany, Poland, Belgium and the Nether¬
nearly
Colorado..
MMMMMM
on
ceeded in substantially increasing wheat exports this season from Aug. 1 to
Feb. 28, shipping 102,000,000 bushels, or 38,000,000 more than last season,
the institute said.
State—
47*666
Victoria..
that of
totaled 789,000,000 bushels, compared with 360,000,000 on the same date
in 1938.
"
Canada has been the only major wheat-raising country which has suc¬
lands.
Wheat
Exports from—
St. Joseph
-
90,648,000 110,218,000
7,344,000
Total...
17.606
57,000
MM
Receipts do not include grain passing through New Orleans lor foreign ports on
Hutchison
9,105,000 10,993,000
9,069,000 11,736,000
3,173,000 11,046,000
M'
265,006
-
M
The exports from the several seaboard ports
ended Saturday, May 20, 1939, are shown in
Fort Worth
6,430,000
Summary—
India.
through bills ol lading.
Galveston
920,000
1,101,000
4,140,000
Other
9,000
1,722,000
M
300,000
....
granary
5,306,000
4,808,000
Bushels
Bushels
Lake, bay river&seab*d
MM'MMMM
„
Since Jan. 1
The
4,832,000
6,878,000
2,001,000
~
'
^
„
4,000
,5,940,000
Week 1938.
Unlted
6,824,000
bushels, against none In 1938.
Barley—Chicago, 101,000 bushels Duluth.
80,000; on Lakes, 582,000; total, 763,000 bushels, against 622,000 bushels In 1938.
Wheat—New York, 149,000 bushels; Buffalo, 460,000; Buffalo
afloat, 246 000; Erie110,000; on Lakes, 4,936,000; on Canal, 525,000; Albany, 495,000; total, 6,921,000
bushels, against 3,449,000 bushels in 1938.
M
M
M
7,000
'•
Since Jan.'l
*
.
Oats—On Lakes, 594,000: total, 594,"
000
■
M
47,000
fc.1939
1938
231,000
315,000
86,000
Total May 20,1939...
Australia
2,000
■
M.MMMMM
Victoria _,L
Tot. wk. '39
2,410,000
2,000
316,000
i
M —
M
-
2,479,000
293,000
175,000
30,000
Bushels
bush 56 lbs bush 48 lbs
21,000
39,000
5,000
33,000
Baltimore..
New Orl'ns*
II
663,000
2,561,000
775,000
Total May 21,1938
Barley
Rye
45,000
3,000
Philadelphia
220,000
147,000
Total May
.I'll.'
25,666
290,666
1,441,000
3,265,000
5,000
376,000
afloat
On Canal
70,979,000 16,093,000 76,928,000
bbls 196 lbs
New
54,000
98,764,000 24,564,000 88,938,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, May 20, 1939, follow:
Receipts at—
244,000
4,000,000
4,092,000
Canadian
mmmm
888,000
..mmm
MM
1,294,000
_
1,012,000
10,118,000
10,769,000
170,000
Detroit
Total May
-
55,000
''
_
8,708,000
5,053,000
3.136,000
306,000
2,000
28,000
1,000
12,000
3,000
59,000
131,000
10,000
159,000
•
■
13,000
1,913,000
Same wk '37
9,000
4,000
50,000
110,000
158,000
216,000
26,000
568,000
'••mmmmm
381,000
101,000
183,000
219,000
1,302,000
183,000
Wichita....
Tot. wk.'39
497,000
13,000
7,000
3,000
42,000
254,000
Peoria
196,000
64,000
•
384,000
193,000
427,000
89,000
31,000
M -
119,000
_
130,000
300,000
68,000
17,000
600,000
MM-
bush 56 lbs bush 48 lbs
597,000
328.000
1,115,000
-
15,660
.
bush 32 lbs
1,339,000
2,726,000
/
Duluth
St.
lbs
56
477,000
Minneapolis
Milwaukee
lbs bush
60
76,000
102,000
9,532,000
Wheat
bhls.196 lbs oush
6,000
785,000
471,000
430,000
Duluth
^
Barley
Bushels
420,000
39,000
79,000
1,246,000
4,020,000
afloat
On Lakes
Buffalo
Saturday and since Aug. 1 for each
Wheat
5,544,000
672,000
Rye
Bushels
105,000
129,000
197,000
Minneapolis.
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
Flour
2,.531,000
631,000
508,000
334,000
Sioux City
St. Louis.
Milwaukee
--
Receipts at—
Oats
Bushels
1,821,000
Peoria
3.25
Coarse
of the last three years:
Corn
Bushels
Bushels
15,549,000
Omaha
Indianapolis.
Barley goods—
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.50@5.00
for the week ended last
Wheat
o
Kansas City
•
Rye flour patents
4.10@4.30
~
Seminola, Dbl., Nos. l-3--5.80@5.95
Oats good
2.65
Nom.
3259
United States—
■
FLOUR
Spring pat. high protein--5.35@5.55
Spring patents
5.00®5.20
Clears, first spring
4.45@4.75
Hard winter straights
4.95@5.15
Hard winter patents
4.80@5.00
Chronicle
the
country,
amounts occurred over
2,000
8,000
26,000
3,000
■
...
90,000
—
27,000
6,000
^During
2,513,000
486,000
477:666
125,000
6,000
materially
occurred In much of Montana,
conditions, except in some southeastern
the past week substantial rain
relieving
droughty
Financial
3260
Chronicle
Arkansas—Little Rock: Cotton planting nearly
Dakota there were scattered showers which were of
continued generally deficient and more
South Dakota and Nebraska fared better with helpful
amounts in most sections, but the western third of South Dakota and ex¬
treme western Nebraska were largely missed.
Eastern Kansas had good rains, but it continued dry in the western
half of the State, especially the southwest where conditions are serious.
Helpful moisture was more general in Oklahoma and Texas, though some
western sections continued too dry.
From northern Missouri northward,
except locally, dryness was intensified by lack of rain and high tempera¬
tures
In the Ohio Valley, the moisture situation is irregular, with a
good many areas needing rain, especially in the upper valley districts.
The topsoil is becoming dry in the Virginias and Pennsylvania, but some
decidedly helpful rains occurred in parts of New York, and more generally
in New England.
The Southern States rather generally have sufficient
moisture
West of the Great Plains most districts are needing rain,
though good showers relieved the situation materially in the North Pacific
In North
districts.
considerable benefit, but moisture
is needed
stands irregular; warmth favorable latter part and cultivation
Good progress planting corn; growth slow and plants small.
most of section.
Progress of winter wheat good; con¬
dition mostly very good.
Tobacco plants small; setting backward, but pro¬
gressing.
Potatoes, vegetables, and hay crops good to excellent, but lack
of rain felt in large areas; some hay cut.
More rain needed
THE DRY GOODS TRADE
.
New York,
-•
Texaif and
previous week, retail business as
Weather conditions
showing.
Oklahoma wheat is developing rapidly, though in some
because of deficient moisture.
In Kansas good
but
reported with heavy damage in many places.
In Nebraska deterioration was rapid the first half of the week, and
many fields are yellow and heading short, but with fairly general rains,
conditions were more favorable the latter half; however, more moisture
is needed.
In Montana winter wheat made mostly good progress, and in
the north Pacific area additional moisture was helpful, although some
damage resulted in Washington from hot winds.
Spring wheat has begun to show the effect of dryness.
In Minnesota
the crop made but little advance, with stands uneven, while in South Dakota
general progress was slow.
In North Dakota showers were helpful in some
sections, but much of the State is still dry and there was decided deteriora¬
tion in south-central counties,
Rains in Montana benefited spring wheat,
except in the southeast; the crop is mostly up, but germination of some
late planting will be helped by recent moisture.
week
had
normal
warmth
in
much
the
of
too
much
rain
in
northern
Arkansas.
Plants
New York and Brooklyn stores reported
gain of 14.4%, while in Newark establishments an increase
of 15.6% was shown.
"
-Trading in the wholesale dry goods markets broadened
perceptibly as the better flow of goods in retail channels
caused merchants to place numerous fill-in orders.
Colored
yarn dress goods moved in fair volume, and some reorders
on sheets and pillowcases were received in connection with
seasonal promotion events now under way.
Wholesalers,
on their
part, continued to observe a waiting attitude, pend¬
ing a further clarification of the general trade outlook for the
fall season.
Business in silk goods remained
quiet, with
higher price demands and cool temperatures acting as a de¬
terrent to the sale of fabrics, notably of the sheer
variety.
Trading in rayon yarns gave further indications of expand¬
ing activities, partly owing to the rise in silk values, which
acted as a stimulus for the demand,
notably in the finer
yarns.
Weaving plants showed more interest in placing
forward contracts and shipments for the current month in¬
creased somewhat over April,
leading to predictions of a
moderate reduction in surplus yarn stocks at the end of
May.
,
cotton
small
are
and
irregular in parts of tl?e lower Mississippi Valley.
Chopping made very
good progress.
In the eastern belt planting was active in the extreme northern portion
and progress of cotton was fairly good to good rather generally, although
there was too much rain in northern
Georgia.
Chopping made good
.
advance.
\
*
Weather Bureau
furnished the
.
following
'
•
resume
of
Domestic
conditions in different States:
their
ample locally in southeast.
Condition of corn good; progress fair.
Condi¬
tion of winter wheat fairly good; progress fair.
Tobacco satisfactory
progress,-although replanting delayed.
Progress of cotton fairly good;
condition good, except fairly good in Piedmont; planting fairly active.
Truck and small grains satisfactory condition.
'
South Carolina—Columbia: Mostly favorable warmth; soil moisture now
ample.
Cotton chopping completed locally in Piedmont area; progress
and condition fairly good.
Corn, truck, tobacco, fruit, gardens, and
pastures good progress.
Local hail damage.
Harvesting oats in central;
fair to good yield.
Wheat harvest begun.
Georgia—Atlanta: Unfavorably cold at beginning, but later favorable;
too much rain many places in north where soil too wet for cultivation.
Condition of cotton fair to fairly good; chopping
nearly over in south.
Generally favorable for corn and minor crops, except too much"rain in some
north areas.
Considerable hail damage to tobacco.
Alabama—Montgomery: Adequate rain; too much locally in north;
favorable temperatures.
Cotton chopping nearly done in south, well ad¬
vanced middle, and under way in north; progress of crop
very good; stands
and condition mostly good.
Corn, cane, peanuts, vegetables, and truck
in good condition.
Harvesting oats generally; yields fairly good to good.
Livestock and pastures good.
Setting out sweet potatoes favored.
Mississippi—Vicksburg: Mostly adequate rain, except more needed
locally.
Progress of cotton good, although nights too cold at beginning;
chopping mostly good advance.
Progress of corn mostly good; cultivation
fair to good.
Truck, pastures, and minor crops improved.
Louisiana—New Orleans: Favorable warmth and generally adequate
rains, although rain still needed in extreme southwest.
Soil too wet for
.
,
cultivation in
many eastern areas, but progress of cotton excellent and
stands improved; chopping slow
advance; plants small and irregular in
many areas,
especially in north.
Progress of corn excellent.
Rains very
beneficial to cane and rice.
Setting sweet potatoes in full swing.
Texas—Houston: Mostly
favorable warmth; flooding rains in middle
adequate elsewhere, except none of importance in southwest
west.
Winter wheat heading generally in
northwest; be¬
ginning to ripen in northeast; rain too late materially to benefit large
areas in northwest and condition
rather poor to only fairly good; prog¬
ress good
and condition fairly good in northeast,
although some small
due to previous drought.
Oats good progress; condition fair to good1,
except poor to only fair in Abilene area; ripening
north-central; some
early planted ready for harvest. General condition of corn
fairly good,
although growth slow; condition rather poor in extreme southeast, some
poor locally in southwest.
Cotton up to good stands, except in north¬
west where very little up; condition
good to excellent in extreme west
and central coastal areas, fair to good
elsewhere; chopping good progress
in south and west, but at standstill in
most of north account too much
rain; some cotton damaged by hail in central will be replanted.
Ranges
and cattle fair to good condition
generally.
Truck mostly favorable ad¬
vance; condition mostly fair or better.
Some fruit hall damaged in cen¬
tral, but condition generally good.
Rice
planting practically done;
growth and condition fair.
east,
extreme
^Oklahoma—Oklahoma City; Warm;
Lack
handle.
maxima up to 108 degrees in west on
felt in southwest, extreme
south-central, and pan¬
heading; cutting in few fields extreme south; condition
of rain
Oats
good in northwest and north-central and
west-central, but poor elsewhere.
Progress and condition of corn good.
Cotton planting good progress,
with early planted mostly up to
good stands.
Progress of winter wheat
fair to good and ripening fast; nearly
ready for harvest in extreme south;
condition good in north-central and most of northwest
and west-central,
mostly
elsewhere.
but
poor
Pastures fair to good.
more
urgent
requirements.
Subsequently,
business
slowed down, but towards the end of the week another turn
for the better appeared to be under
way, based in the main
on the
improved sentiment
■
22d.
Goods—Trading in the gray cloths
fairly lively fashion, with prices
showing a steadier trend as converters, encouraged by the
improved movement of finished goods, continued to cover
well.
<
North Carolina—Raleigh: Favorable warmth in mountains; top cold in
east, but more favorable latter part.
Little rain until adequate falls on
22d, except in south-central.
Soil drying rapidly, although moisture now
and
Cotton
markets started the week in
Virginia—Richmond; Above-normal
warmth;
rainfall
light.
Farm
work favored, but too dry for crop growth., Topsoil very dry.
First cuting alfafa begun.
Transplanting tobacco started; plants in Wytheville
area undersized; blue mold still active many sections.
Peanut and cotton
planting active.
Setting out sweet potatoes. ' Apples and peaches setting
and
area,
a
belt, while moderate to substantial rains occurred rather generally.
Con¬
ditions, on the whole, were favorable for the cotton crop.
In Texas plants are up to good stands, except in the northwest where
very little is yet up; condition is good in most parts of the State, although
chopping was delayed somewhat by rain in the north.
Very good stands
are reported from Oklahoma.
In the central States of the belt progress was mostly satisfactory, al¬
though considerable irregularity in stands is reported from Tennessee and
was
the
fairly good
week of 1938.
Missouri
about
other hand
a
were increasingly felt in the
although the real effect of this event is not ex¬
pected fully to materialize until sometime in June.
Chief,
buying interest continued to center in sports wear items and
summer accessories, with pre-Decoration Day buying exert¬
ing an important stimulus.
Department store sales the
country over for the week ended May 13, according to the
Federal Reserve Board, were 22% above the corresponding
northward.
Rains during this past
week in much of the eastern Plains will be beneficial, but in the upper
Mississippi Valley there were only scattered showers and the soil is much
too dry for proper germination.
.
In the northwestern Corn Belt the situation is decidedly unusual.
For
example, in Iowa more than 90% of corn has been planted, about 10 days
earlier than usual and about the same as the record-breaking year of 1934.
However, about half the acreage seeded lies ungerminated in dry soil, while
stands of much of that up are irregular.
The earliest corn is 6 to 8 inches
high with good stands and well cultivated.
Such condition, will result,
of course, in very uneven development.
Cotton—The
the
whole made
security markets and the further temporary waning of the
European war scare, coupled with the recent termination of
the shut-down in the soft coal mining districts, served to'
stimulate consumer buying in many sections.
Repercus¬
local
Corn—Corn planting has made unusually good progress this spring
completed much earlier than usual in most of the principal
producing sections.
However, dryness is retarding germination to some
extent in the eastern belt and to a much greater degree in the Midwest,
northern
on
a
were none
too favorable,
better tone displayed by the
sions of the influx of Fair visitors
and is being
from
during the period under
review did not maintain the substantial gains recorded in the
progress was reported in the eastern part of the State, where additional #
•showers were beneficial, but in the western half further deterioration was
especially
Friday Night, May 26, 1939.
While the volume of retail sales
sections condition is poor
i
north;
pleted;
begun.
Grains—East of the Mississippi River winter wheat maintains
satisfactory condition rather generally, with fair to good weekly progress
reported.
In the upper Mississippi Valley, because of a good root system
reaching subsoil moisture, this crop felt less effect of surface dryness than
spring seeded grains, while in the lower Missouri Valley conditions con-
The
except in
moisture, but fairly
Small
there
over,
of crop good in most areas due favorable warmth and ample soil
good locally in north where soil too wet for cultivation;
chopping excellent progress in south and fairly active in most central and
some
north areas.
Progress of corn good to excellent, except where
ground too wet for cultivating.
Favorable for setting out tomato and
sweet potato plants and for most other crops.
Tennessee—Nashville: Cotton planting good advance, but not com¬
progress
badly.
States.
May 27, 1939
,
prevailing in the security and
commodity markets, the further enhancement in raw cotton
values and the growing conviction that a drastic curtailment
program is on the point of being put into effect.
Business
in fine goods also gave indications of a mild
improvement in
the near future.
Inquiries for combed broadcloths were on
the increase and a number of bids at
slight concessions came
into the market.
Slub broadcloths continued to
fair volume and there
taffetas
cloths
as
were
well
as
as
in
was
move
in
sustained interest in pigmented
hopsackings.
Closing prices in print
follows: 39-inch 80's, 5%c,; 39-inch 72-76's,
5^e.; 39-inch 68-72's, 4-J-gc; 38J4-inch 64-60's, 4Mc.; 38K60-48's, 3%e.
inch
Woolen Goods—Trading in men's wear fabrics continued
fairly active and prices were able to maintain the recent mod¬
erate
advances.
Clothing manufacturers placed additional
orders on suitings and topcoatings for fall, and active
spot
trading continued in tropical worsteds and gabardines, with
the scarcity in the latter materials
becoming, more pro¬
nounced.
Further reports about the growing competition of
foreign woolens came to hand, although of course the in¬
creases in
importations concerned chiefly the higher type
materials.
Reports from retail clothing centers made an
improved showing, with sales of most stores recording sub¬
stantial gains over the corresponding period of last
year.
Business in women's wear goods gave indications of further
improvement as retail apparel sales expanded materially.
While prevailing between-season influences continued to
hold down the demand for fabrics, active interest existed in
and sports materials, with tweeds and suedes
attracting increased attention.
summer wear
Foreign Dry Goods—Trading in linens remained quiet,
although a better sentiment was said to be developing, reflect¬
ing predictions that white linens will be accorded
share in the dress
manufacturing fields.
a
larger
Reports from foreign
primary centers also indicated a moderate increase in in¬
quiries followed by a slight gain in actual sales.
Business
in burlap was quiet but prices rallied
moderately in sym¬
pathy with the slightly better tone in the Calcutta market.
Domestically lightweights were quoted at 4.20c., heavies at
5.70c.
Volume
Financial
148
Chronicle
State and City
3261
Department
Jfor example, instead of showing
a
total figure for expenditures for
°f health, the budget would indicate how
much was spent
for recordingof vital
statistics, milk inspection, child health, &c.
Specialists in
k,,5L
a Stf?'
.i
detailed municipal financial statistics will be useful in
report pointed out, by revealing actual operating costs as
compared with budget estimares.
When the same classification is used in
Illinois & Missouri Bonds
in accounts and in reports, the city can learn almost instantly
1C
ons balance or which ones are "in the red."
Prepared for the use of municipalities as part of their accounting systems,
J:®
rL
..
the
classification, according to the report, is usable by all cities, irrespective
activities, structure or system of accounting. -With adaptations, it
applied to other public units.
It is designed for use also by State and
agencies in developing uniform classifications for reporting
purposes.
he National Committee on
Municipal Accounting includes representa¬
tives of professional
accounting and governmental organizations. Members
are from the National
Municipal League, the American Institute of Ac¬
countants, the Municipal Finance Officers' Association, the American
Municipal Association, the National Association of Co^t Accountants, and
or size,
can be
StifeUNicolaus & CoJnc.
f ederal
*
Founded 1860
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
other
agencies.
Maine—Savings
PUBLIC
Report
text
of
on
a
ADMINISTRATION
WORKS
Progress of 1938 Program—The following is the
release made available on May 25 by the
Bank Commissioner.
press
above-named Federal agency:
;
states
-
tration program show that, of the 6,159 non-Federal PWA projects, 1,402
have been completed. This represents 23% of the non-Federal portion of
.
of the
Due to the importance of the
decision, all counsel concerned in the case
immediate appeal, to be filed with the Supreme Court.
Judge McNally made his ruling was brought by
Daniel F. Bull, Minneapolis business man, to recover refunds on the income
.
Under tbe laws and constitutional amendments relating to the income tax.
tax he
,
market with
funds in excess of the requirements for the yearly maturities find interest
on the bonds.
However, the school system is faced with restricted revenues
use
the surplus income taxes for educational
•
California—Governor Agrees 16 Call Election on Old Age
Pension Plan—At
a mass meeting of pension proponents held
May l8 Governor Culbert Olson announced
his intention to call a "special election on the "$30 Every
Thursday" pension plan, but warned his audience that his
act was not to be construed as indorsing their proposal.'
in Sacramento
on
I do not want
you to
infer
1
purposes.
He did not make known what position he will take on the proposition
that will appear on the ballot, but said:
"While 1 am in sympathy with its objectives,
phid for 1933.
State—Legislative Session Ends.—Budget Cut—
Housing Aid Approved—The 1939 session of the Legis¬
lature, which met on Jan. 4, adjourned on May 20 with the
adoption of a Republican-made final budget of $389,000,000,
representing a cut of $26,000,000 in the Executive budget of
$415,000,000 originally proposed by Governor Lehman soon
after the session got-under way.
The original cuts made by the Republican majority of the
Legislature in the first revision of the Governor's budget
amounted to $31,000,000. However, supplemental bills were
passed at the last minute upon receipt of a message of neces¬
sity from the Governor, which was Required under the
Constitution.
The restorations included $1,025,000 State
aid to county highways; State aid to town highways, $503,000; for mental hygiene institutions, $1,140,000, and $1,328,603 miscellaneous. New items were general for departmental
service on the refunding bonds has a first claim on this tax* but excess collec¬
In the past
open
on an
New York
tions must be used to retire bonds or to reduce ad valorem taxes.
purposes.
to the existence of qualifying facts.
State
The action in which
Revenue
Diversion for
Schools
ruled recently By the State Supreme
Court that, under existing laws, collections of income taxes
over and above service requirements on the State's refunding
bond issue may not be diverted for school purposes, although
such diversion might be accomplished with a revision of the
present sales tax law.
and efforts have been made to
as
;
Had this ruling been to the contrary and been upheld by the Supreme
Court, the new statute would have been wiped from the books and the
entire State income tax setup placed once more under the 1933 tax law as
amended in 1937.
agreed
Barred by Court—It was
bonds in the
a
Income Tax Law Upheld—The
constitutionality of tbe 1939 State income tax law was up¬
held on May 22 by Judge Carlton McNally in a far-reaching
decision handed down in the Ramsey County District Court,
according to St. Paul advices.
*
News Items
it has been the policy to purchase refunding
operating company
Minnesota—1939
This amount represents
.
.
In
follows:
as
city
Government's outlay which has been augmented by approx¬
imately $325,000,000 in funds other than Federal money.
The continued fast pace of the 1938 non-Federal PWA construction
program is pushing the employment figure upward at the rate of nearly
20,000 per week. Today over 1,000,000 men are employed at construction
sites and in factories and mills as a result of the PWA program. ■
Tax
of
and town officials the municipal list (IV) is very incomplete.
For the same
few public utility securities which are probably legal do not appear
on list VII.
" The Commissioner does not deem it wise to
certify investments
of this character except upon a swqrn statement of responsible officers
the Federal
Alabama—Income
list
savings
recently by Andrew J. Beck,
foreword tp the list, Mr. Beck
reason a
Administrator Ickes also announced that, as of May 15, $256,674,532 in
Federal funds had been disbursed in payments to cities, counties and States
toward construction costs and for material orders.
Issued—The
statute
Out of 2,548 projects in States west of the Mississippi, 679 have been
completed or 26%. The States east of the Mississippi have 3,611 projects
of which 16% are complete.
/
Reports' from the northeastern States of New England, New York,
Pennsylvania, New Jersey," Delaware and Maryland show 121 completed
out of 988, or 12 %. The southwestern States of Arizona, California, Nevada
and Utah show 182 out of 422 complete, or 43%. Arizona has the highest
individual. percent of completion with 73% of her non-Federal projects
„
List
It should be noted that the list does not include bonds and stocks of
Maine corporations named under
paragraphs XII and XIII, because the
does not require certification.
The necessary qualifying factors
in such cases must be ascertained
by the purchasing bank.
All questions
of interpretation of the statute in cases of doubt should be taken
up with the
Department in advance of purchase.
6
On account of the difficulty in obtaining authentic information from
the program.
■
Legal
In .compliance with Paragraph XI, Section
27, Chapter 57 Revised
Statutes, 1930,1 hereby certify that upon investigation I find the following
obligations to be legal investments for Maine savings banks as of May 1,1939.
Reports to Public Works Administrator Harold L. Ickes from various
sections of the country on the status of the 1938 Public Works Adminis¬
finished.
Bank
securities certified as legal investments for Maine
banks as of May 1, was issued
;
Both Houses, on their final day, passed the Desmonds
Moffat-Mitehel housing bill which, as permitted in the
my presence here, or the granting of your petition, that I believe in
proposed in this measure, or that it would accomphish its objectives if adopted."
He did not set a date for the special election but it was believed it would
Constitution,
be next fall.
session-either-next month or in July. The substitution
in the new budget of lupiP appropriations, as contrasted with the detailed
items in the Governor's budget, will be tested in the Court as to legality.
If the Court rules against the budget, a special session is to be expected at
once.
If the Court rules favorably,ton the other hand, the Houses will be
called to act oiaa sales tax for relief funds and to aid up-State communities.
The housing bill authorizes the State to lend municipalities up to $150,000,000 for construction of low-rent homes.
Of this amount, $50,000,000
may be advanced during the coming fiscal year.
In addition, $1,000,000
may be>advanced as subsidies. Of the total loans which may.be made, twothirds may go to New York City.
.
■
1
Municipalities borrowing from the State are to pay the same rate of in¬
terest as paid by the State/on its housing bonds. Proceeds may not be
mixed with Federal funds to finance housing projects.
The maximum ma¬
turity on the State bond issues is 50 years. The municipalities may make
from
the feasibility of the plan
.
financial
claim would prove a
heavy burden on the State's finances, was defeated at the general election
last November.
The proposal and the fact that it was being seriously con¬
sidered last fall resulted in a sharp deline in the price of California obliga¬
tions at the time.
After the plan was defeated at the November election,
quotations for coast obligations retraced a large part of the ground pre¬
viously lost.
The securities did not, however, fully regain the former
price level.
men
Cuyahoga County, Ohio—Municipal Financial Data
Compiled—A handy reference guide has just been compiled
by Siler, Carpenter & Roose, 1408 Second National Bank
Bldg., Toledo, which presents in booklet form comparative
statistics
debt conditions
of
municipalities and school
The data assembled include figures
on
tax collections,
debt, debt ratio, assesed valuation,
population, &c.
Copies of this booklet may be secured upon
request from the above firm.
on
districts in the county.
The classification system, the result of five years' study and
analysis of
the financial reports from 150 cities of various sizes, sets up a standardized
method of reporting all the information necessary for sound financial
Under the system municipal income is classified
by source, and municipal expenditures by functions and activities.
"The source classification enables accurate comparisons between cities
and within cities from year to year," the report said.
"It also reveals the
manner in which a city is financed by showing the types and classes of tax¬
payers who bear the fiscal burden."
The activity breakdown, according to the report, "Is important for ad¬
ministrative purposes because it tells what is being done and how much it
of State credit to finance
-
Although the Legislature has adjourned, it appeared likely that
loans to
"there
limited dividend companies.
Summary of Important Actions in 1939—The following is a
resume of the highlights of the session just completed:
Major Bills Passed
1939-40 fiscal year totaling about $390,000,000 reduced
Herbert H. Lehman's recommended record high budget of
$415,000,000.
'
■
'
Cigarette tax of two cents a package or one cent on every 10 or a fraction
Budget
for
from Governor
•
.
Improved System for Municipal Fiscal Management
Reported—An improved method of classifying municipal
income and spending which, if adopted
generally, would
provide more specific information on city finances and also
furnish a basis for comparisons between cities, was announced
on
May 17 by the National Committee on Municipal
Accounting.
management of a city.
use
would be a special
9
The California pension plan, which
provides for the
such Construction.
sold at retail.
Liquor tax increase of 50 cents a gallon.
Continuation of all existing emergency taxes.
Income tax on salaries of Federal employees.
Reduction in State aid for education and highways.
Free bus
transportation for chUdren attending parochial and other private
schools.
Extension of public health and welfare services to children
attending
parochial and other private schools.
Merit rating system of taxing employers under unemployment insurance
law#
Effectuating new constitutional provision reducing from 50% to
be assessed on railroads for grade-crossing eliminations.
regulation of hardressing and cosmetology, and barbering.
Regulation of fee-charging employment agencies.
15%
cost to
State
pari-mutuel betting at horse
November.
*
Constitutional amendment for legalizing
to be submitted to voters next
Abolition of the present System of
races
lunacy commissions.
Barring from civil service and teaching positions persons advocating
overthrow of the government.
,
.
"
3262
Financial
Prohibiting alien organization*, such as the Bund, from wearing uniforms
resembling those of foreign countries.
Continuing the moratorium against mortgage foreclosures until July 1,
Chronicle
May 27,
unification, and fixes the period of probable usefulness
for the acquisition of transit lines and at 40 years for streetcar
with
connection
at 50 years
and bus lines.
1940.
Investigation
of
relief
administration,
State
liquor
authority,
crime
detection and enforcement; unemployment insurance administration and
education costs and methods.
Continue investigations of industrial and labor relations; unemployment
of the middle-aged; Insurance laws, and election laws.
Prohibiting "loss leader" sales of merchandise.
Restoring to localities full control over administration of home relief.
Legislation designed to correct constitutional defects in outlawed RogersAllen milk marketing law.
Constitutional amendment increasing terms of State Senators to four
years, instead of two years as now.
Continuing New York City power to impose special local taxes for relief.
Permitting banks to close Saturdays during July and August.
Changing the beginning of the registration year for motor vehicles from
Jan. 1 to April 1.
Permitting towns by local option to prohibit the sale of liquor in summer
1
hotels.
*
Legislation to facilitate transit unification In New York City.
Legislation designed to eliminate delays in payment of unemployment
Insurance benefits.
'
,
Recodification of the insurance law.
Abolishing the State Mortgage Commission as of Sept. 30.
Requiring domestic life insurance companies to surrender to the State
the amounts of all unclamed benefits.
Repealing the "gun-in-auto" law.
Permitting osteopaths to perform minor surgical operations
minister drugs upon satisfactory proof of qualifications.
and
State is to be reimbursed.
to World's
Fair visitors.
Reducing waiting period between issuance of marriage license and
formance of marriage.
Continuing State's milk advertising campaign.
per¬
by
'
Governor
.
>
,
.
,
,
Universal fingerprinting.
Empowering New York City Board of Estimate to fix salaries of
employees.
Establishment of minimum prices to milk producers.
Five-sixths jury verdicts in non-capital criminal cases.
Appropriation of $300,000 for 100 additional State troopers.
all
Gradual tapering off of the mortgage foreclosure moratorium.
Make daylight saving time mandatory from March to October.
Reduce the old-age pension eligibility age from 65 to 60.
Increase State reimbursement to localities for home relief from 40 to
60%
#
Delegating to the city power to impose relief taxes for another year.
Extending the use to which the proceeds of the oqeupancy tax may
put by including amortization of, as well as interest payments on;
housing authority bonds.
;•
Three housing bills.
"Although the amount of the State's subsidy, the authorization of
be
loans and the appropriation are too small and much less than the
city
requested, these measures are at least a beginning."
A bill to renew until 1941 the power of the
city to grant tax exemptions
on
improvements to buildings.
"This will induce property owners to
make repairs, create employment and a market for the sale or the
building
materials and, after five years, increase assessed valuation."
one
year
the emergency rent law.
"This Act will
.
proper
A bill to
improve the Water Supply Act in relation to the more efficient
Acquisition of lands in the Delaware water shed.
Four bills to improve the financial
provisions of the charter so as to
make possible a considerable
saving in interest.
.Eight bills to make possible the consummation of a plan for unification
of transit facilities now
being worked out
A bill to authorize the
with
full
safety
parking,
A
and
as
bill to
by the local authorities.
storage of motor vehicles in multiple dwellings
requirements.
"This bill is expected to reduce street
it has in Chicago,."
*
•
prohibit the holding of more than one
job by the teaching
supervising staffs of the Board of Education.
A bill to make possible the extension
of the Ward's Island sewage
?lant, increasing capacity so of Manhattan.
as to rectify
he Bronx and the west side
A
bill
disposal
sewage from a large part of
to
protect the pension and retirement rights of Aty employees
whose salaries were temporarily reduced in the
1939-1940 budget and a
bill to authorize
annuity payments to the beneficiaries of employees who
died prior to retirement.
A bill to complete the work
of
concludes the work
resulting in the
istrative code and a transfer to
»
A
codifying the city's law.
"This bill
adoption of a new charter, an admin¬
appropriate consolidated laws and Acts of
ws not deluded in the charter or administrative code."
to authorize home relief in the
form of wages so that recipients
un
bill
may do some work within their
capacity.
Two bills to make possible the
improvement
Harlem River drives.
of the
East
River
and
tax law to make it retroactive to 1919
transit unification sinking fund for amortizing
and redeeming all
corporate stock of the city issued after Jan. 1. 1939,
for transit unification, the
bonds to be excluded from the provisions rethe several city
sinking funds to purchase city bonds below par.
•
2l^.ers
right to
a
6 *aws authorize the city to acquire by condemnation the
remove the elevated structure from
Chatham Square and Division
St., Manhattan and along Second Ave. and
Queensboro Bridge to Ely Ave.,
Long Island City, Queens; also the Ninth Avenue El structure
commencing
at Harlem River near
159th St., Manhattan,
along
Eight
mVe8;ia«l0Ser streets to Battery Park and South Ferry, and
a1 157th St. along other streets to River Ave., The Bronx.
Another law
and Ninth
north from
empowers the
city, in connection with transit unification,
tax notes,
corporate stock or serial bonds
tax notes in anticipation of taxes, for the
payment of expenses.
Still another provides that securities of
corporations
owrung transit lines acquired by the
city under unification shall be delivered
to the custody of the
City Comptroller, and the city may exercise the same
to
authorize
Instead
the
issuance
of revenue
bonds,
The decision was in a proceeding instituted by Marion A. Burt Beck and
Walter Beck, a married couple, each of whom owned an interest in Minne¬
they received royalties based on the tonnage of
ore removed.
They sued to compel the New York State Tax Commission
to refund income taxes which they paid oh the amount of royalties received
sota ore land from which
for 1930 and 1931,
In the Court's
the
acquisition
or
city to issue corporate stock
of railroads,
and which were assessed retroactively under the 1935 Act.
prevailing opinion, Associate Judge Irving G. Hubbs
held that "while it is true that not all retroactive statutes are void, never¬
theless it is a fundamental rule of construction that retroactive operation
of statutes is not favored by courts and will not be given such construction
the language expressly, or by necessary Implication, required it.
Whether a statute which, by its expressed terms, is retroactive will be sus¬
Judge
.,
,
■
•
Hubbs added, "which by their terms
were
Old Age Assistance
Bills Rejected by Many Legisla¬
1939—Although a flood of old age assistance bills
early in 1939 legislative sessions sought libera¬
lized aid for the aged indigent, few States have enacted laws
in
introduced
in
this
direction,
information
Welfare Association showed
on
from
the
American
Public
May 22.
While many States are amending their old age assistance laws to rede¬
and frequently to broaden coverage, legislation for
bigger assistance checks has been confined to memorializations to Congress.
California and Wisconsin legislatures, for example, asked increase of the
$15 maximum Federal contribution, California suggesting either a Federal
old age assistance plan or a $30 per person grant to the State.
Arkansas
asked for $15 per person from the Federal Government without matching
by State funds.
Oregon, Montana, North Dakota and Wyoming passed
resolutions urging Congress to enact the "Townsend Plan."
More than a dozen bills have been introduced in Congress on the subject
of old age assistance, but no final action has been taken.
Several of the
bills would amend the constitution to empower Federal levy of taxes for
old age asistance.
Another group of bills would reduce the eligible age
limit to 60 and raise top Federal grants per person from $15 to $40 and $50
per month.
Two or three bills also propose $200-a-month pensions.
Liberalizing eligibility provisions of its old age assistance law, Minnesota
increased the amount of property allowed an applicant for assistance from
$3,500 to $5,000.
Missouri made $500 the maximum cash reserve and
$1,500 the maxitnum value of property that may be held by a recipient.
Arizona amended its act to permit those aided to own household furniture,
and dropped a previous clause that had made ownership of real estate a bar
fine eligibility for aid
3BSist311C0
"
Delaware acted to defer collection of taxes on property of the assisted
aged until their death.
Ibwa liberalized its law to permit persons in public
correctional institutions to apply for old age assistance, and to remove noneligibility of professional tramps or beggars.
North Carolina broadened
coverage of its old age aid Act by reducing residence requirements and
cooperating in the care of non-residents and transients.
In amending their laws this year many States
also changed the concept
those in need" rather than a pension
"right," the Association noted.
Washington and Utah, for example, clarified the basis for granting
assistance, lipiiting it strictly to those "actually in need," and Washington
made $30 the maximum instead of the minimum monthly grant.
Maine
of old age aid to "financial assistance to
granted
as a
henceforth will refuse aid to aged who have, transferred property to others
in order to become eligible.
„
>
'
'
Few of the States have enacted specific taxes to finance old age assistance.
Most of them are taking these moneys from their general funds.
The
Minnesota Legislature, however, voted proceeds of the State property tax
for this and other welfare purposes.
The Utah Legislature earmarked all
sales tax revenues for old age assistance.
Oklahoma and Wyoming did like¬
a
portion of their consumers' taxes.
The Connecticut Legisla¬
to levy a $3 annual "rate bill" tax to help pay for
ture authorized towns
old age assistance.
Iowa raised from $5,500,000 to $7,000,000 the amount
for the old age assistance fund to be turned over from income, corporate
and sales tax revenues.
North Dakota's legislation provided for a special election for voters to
decide whether or not new highway construction should be halted for two
and State gasoline and motor vehicle license revenues diverted to
financing the old age aid program.
Meanwhile, present State old age assistance grants in 31 States have a
legal limit of $30 per month, though in a few cases $45 to $60 a month may
be allowed a married couple.
Half a dozen States put 'no limit
on the
amount of grants, while North Dakota, and Colorado, with $40 and $45
specified maximums, are in the higher brackets.
Most recent record of average amounts actually paid old age assistance
receipients shows only one State—California—with a figure over $30,
while eight States have given less than $10 per recipient.
The average for
the country stands at $19.51, and the lowest—in a
no limit
State—
at $6.11.
years
.
of
powers as any other holder.
The sixth law empowers the
for
the incomes
on
of residents of the State from any sources outside the State.
wise with
New York City Transit
Unification Bills Signed—Governor
Lehman signed on May 19 six bills
relating to New York
City transit unification and the removal of certain elevated
lines.
One of the laws creates
State—Appeals Court Voids Retroactive Tax on
Appeals on May 23 ren¬
four-to-three decision invalidating a 1935 Act of the
Legislature which amended New York State's personal in¬
come
tures
Erevent standards."
ousing undue increases in rent by owners who fail to comply with
a
"Taxing statutes,"
City Bills Passed—The following is a
summary of the more important bills on the New York City
program which were adopted at this session of the Legislature,
listed with notations by Reuben A. Lazarus, special legis¬
lative representative of the city:
»•
dered
retroactive for short periods, have been held to be valid.
No case has ever
held such a statute to be valid which attempted to permit a retroactive
assessment for a tax as long a period as 16 years."
York
A bill to extend for
New York
Extra-State Income—The Court of
tained is usually a question of degree."
Establishment of State mortgage banks.
New
Savings Bank ,Investment Bill Defeated—At its recently
adjourned session the Legislature did not approve the
Nunan Bill (A. Int. 1899), which would have amended the
Banking Law so as to permit investment by savings banks in
bonds of a municipality even though taxing power on cer¬
tain classes of property up to 1% of total assessed valuatipn
unless
court
Other
final adjudication of the budget controversy which had its
genesis in the substitution of lump-sum appropriations for State Depart¬
ments in Part 1 of the Governor's budget in place of the line-by-line items
submitted by the Governor.
'
*
The case is listed as "People against Tremaine."
Attorney General
Bennett will appear in behalf of the people, and Mr. Ballatnine for Comp¬
troller Morris S. Tremaine, who is charged with disbursing State funds.
This was part of the procedure agreed to by Mr. Ballantine and Mr.
Bennett at a series of conferences as to the quickest road to a judicial
determination of the Republican economy clash, which the Governor
contends was unconstitutional in method.
The Governor holds the Legis¬
lature should have made its reductions in the line-by-line items and not
substituted lump-sum appropriations.
.
Legislative investigation of Albany City and County.
Prohibition against unreasonable searches and seizures and
wire-tapping.
Prohibiting private exploitation of water power sites.
Outdoor billboard advertising control.
V •
Creation of State Department of Justice.
Abolishing State Power Authority.
More than 100 crime bills, including program
requested by Governor
Lehman in relation to official corruption in localities.
State wide system of health insurance.
Flat registration fee for motor vehicles.
Special convention to prepare a new judiciary article in place of the
one rejected by voters last fall.
Permanent revocation of licenses for drunken driving.
Compuisory automobile insurance and inspection.
•
June 12.
The decision of the lower court will be taken immediately to the Court
is limited.
Major Bills Defeated
Two per cent sales tax for financing State and local relief.
Direct State tax of $1 per $1,000 of assessed real estate valuation and
2-10ths
% tax on gross business turnover recommended
Lehman.
on
of Appeals for
ad¬
Providing for equal representation of sexes on political party committees.
Appropriating $900,000 for Federal flood control projects for which the
Appropriating $200,000 for publicizing the State's attractions
Test of Budget Legality Set for June 12—The first step toward
determining the constitutionality of the Acts of the Legis¬
lature in reducing Governor Lehman's record-high budget
was taken on May 19, when Arthur A.
Ballantine, counsel
for the Legislature, and Attorney General John J. Bennett Jr.
decided to seek a judgment upon an agreed state of facts
before the Appellate Division, Third Department, in Albany
facilities
or
securities
or
serial bonds
in
of corporations
United
States
Supreme Court Upholds Taxes on
Judges—It was ruled by the United States Supreme
Court, in a 7-to-l decision given on May 22, that the Federal
income tax was applicable to salaries of all Federal judges
appointed since June 6, 1932, thereby reversing the findings
Federal
I
Volume
of
the
Financial
148
Federal
District
Court
of
according to
Nebraska,
Washington advices.
Chronicle
bonds
Joseph W. Woodrough of the Eighth Circuit Court was the
center of this ruling, asserting that Congress , in placing the June, 1932,
provision in a revenue bill, violated the constitutional provision against
diminution of the pay of a Federal judge while in office.
He objected to imposition of a $631 tax on his $12,500 salary for 1936,
but Justice Frankfurter for the majority in the Supreme Court ruled
that a non-discriminatory tax does not diminish the salary of the jurist.
"To subject them to a general tax is merely to recognize that judges
are also citizens
and that their particular function in government does
not generate an immunity from sharing with their fellow citizens the
material burden of the Government whose Constitution and laws they
are charged with administering," said Mr. Frankfurter.
Justice Butler, the single dissenter in this case, said that judges salaries
are distinguished from others and that, through the Frankfurter opinion,
"another landmark has been removed.",. Justice McReynolds, who often
joins Mr. Butler in dissents, did not participate because he was not present
when the Woodrough case was argued.
Under the decision the salaries of Justices Reed, Frankfurter, Douglas,
Judge
*
and Black would be taxable as income.
'
3263
Tucson, that they have purchased, in conjunction with Brown, Schlessman,
Owen & Co. of Denver, on a
joint basis, a $30,000 issue of school building
3Ms, paying
as
?-24%.
,
office In Safford.
large margin,
Tj
i
a premium of
$17, equal to 100.056,
a
basis of about
Dated May 1, 1939. Denom. $1,000. Due $5,000 from May 1,
oJi tacl. Prin. and int. (M-N) payable at the County Treasurer's
These bonds
were
approved by the voters on April 15 by a
here.
as noted
Purchasers reoffered these bonds for general investment at prices to
yield from 2.50 to 2.80%, according to maturity.
Financial Statement
.
,
Assessed
valuation, 1938
including this issue
$1 983 473
Total bonded debt,
' 601000
IIIIIIIZIIIII
Sinking fund, Jan. 1, 1939
4,117
Net debt
55 ggq
IIIIIIIIIIIIIIIIIIIIIIIIIl5~000
Population, estimated
The above statement does not include the debt
divisions which have power to
MARICOPA
reported that
levy taxes
upon
COUNTY
(P. O. Phoenix), Ariz.—BOND CALL—It is
Oglesby, County Treasurer, will pay on the due date,
highway No. 1 bonds and $50,000 on
E.
June 15, a total of $200,000 on the
court house and jail bonds.
by High Court—Holders of securities
pledging payment either in United States dollars or in
foreign currency on the basis of the pre-de valued dollar must,
under the 1933 Congressional joint resolution abrogating
gold clauses on bonds, recevie payment only in United States
currency, the Supreme Court ruled on March 22 in a 5-to-4
of other political sub¬
the same property.
*
Gold Clause Validated
ARKANSAS BONDS
Markets in all State,
County & Town Issues
decision.
The
SCHERCK, RICHTER COMPANY
majority opinion, bringing the first 5-to-4 division in 17 months
Hughes in two years, was
and the first formal dissent from Chief Justice
LANDRETH
by Justice Black.
Joining him were three other Roosevelt ap¬
pointees, Justices Reed, Frankfurter, and Douglas, and al60 Justice Roberts.
The minority finding, delivered by Justice Stone, was shared by the Chief
Justice and Justices McReynolds and Butler.
Justice Black asserted that Congress meant to outlaw all contracts
written
permitting payment of more than the dollar value, and to close "legal
loopholes
such as the one before him which would force payment of
$1.69 for every dollar of the contract.
He said that the alternatives of
payment in foreign currency were covered by a "catch all" in the resolution
which dealt with "every obligation" payable in money of the United States.
Justice Stone, however, held the alternative promise to pay in foreign
was altogether independent of gold or gold
the history of the joint resolution, he said, indicaSed
with obligations dischargeable in foreign currencies.
value.
currency
strained
"a
adopted
had
argued,
resolution.
and
Nothing in
that Congress dealt
The majority, he
unnatural construction" of the
'
"
(These decisions are treated in greater detail in our
"Current Events and Discussions." on a preceding page of
Department
of
this issue.)
BUILDING, ST. LOUIS, MO.
ARKANSAS
ARKANSAS,
Board
ment
until 11
a.
State
of—BOND
will receive sealed
annual bonds,
BIDS
bids at
INVITED—The
the office of the
State
Invest¬
State Treasurer
June 15 for the following issues of not to exceed 3 % semi¬
m. on
aggregating $828,000:
$312,000 State penitentiary refunding bonds.
Due July 1 as follovte:
$47,000 in 1942, $49,000 in 1943, $51,000 in 1944, $54,000 in 1945,
$55,000 in 1946 and $56,000 in 1947.
•
119,000 Arkansas State Teachers' College refunding bonds.
Due July 1
as follows: $30,000 in 194Q and 1941, $10,000 in 1942 to 1946, and
$9,000 in 1947.
397,000 State Permanent School refunding bonds.
Due July 1 as follows:
$57,000 in 1942, $61,000 in 1943, $65,000 in 1944, $67,000 in
1945, $72,000 in 1946 and $75,000 in 1947.
,
Dated July 1, 1939.
Denom. $1,000.
The bidder for each issue will
the interest rate in his bid and the price he is willing to pay for the
bonds at the named rate, but no bid for less than par will be accepted re¬
name
Bond
Proposals and Negotiations
ALABAMA
S
POLYTECHNIC INSTITUTE (P.O. Auburn), Ala.—
informed by W. T. Ingram, Accountant for the
the following 33^ % semi-ann. building revenue bonds
aggregating $637,000, offered for sale on May 19—V..148, p. 2464—were
awarded to the Robinson-Humphrey Co. of Atlanta, and nine associates,
ALABAMA
BOND SALE—We are
Institute,
paying
that
•'
price of 101.01:
a
$308,000 women's dormitory group, series 1938-B bonds. Due Dec. 1, as
follows: $6,000 in 1941 and 1942, $7,000 in 1943 to 1946, $8,000
in 1947 to 1949, $9,000 in 1950 to 1952, $10,000 in 1953 and 1954,
$11,000 in 1955 and 1956, $12,000 in 1957 and 1958, $13,000 in
1959 and 1960, $14,000 in 1961 and 1962, $15,000 in 1963 and
1964, $16,000 in 1965 and 1966, $17,000 in 1967, and $18,000 in
1968.
»
$318,500 of 5% permanent school bonds and $78,500 of 4% State debt board
Prin. and int. of all three issues will be paid from the State Sinking
notes.
110,000 general class room building, series 1938-E bonds. Due Dec. 1, as
'
follows:
$2,000 in 1941 to 1944, $3,000 in 1945 to 1952, $4,000
in 1953 to 1958, $5,000 in 1959 to 1964, and $6,000 ni 1965 to 1968.
88,000 stadium and field house, series 1938-A bonds.
Dye Dec. 1, as
follows:
$2,000 ni 1941 to 1944, $3,000 in 1945 to 1952, $4,000
in 1959 to 1965, and $5,000 in 1966 to 1968.
55,000 library additions, series 1938-C bonds.
Due Dec. 1, as follows:
$1,000 in 1941 to 1948, $2,000 in 1949 to 1961, and,$3,000 in
1962 to 1968.
•
The anticipated annual revenues are listed as follows:
Fund.
.
Sales tax (applicable to
.
$75,000
15,000
20-100ths of one mill ad valorem tax
this fund)
12,000
6,500
Cigarette taxes (applicable to this fund).
Penitentiary earnings (average, applicable to this fund)
Interest on State bonds now owned
Estimated interest from future investments in State bonds
.
24,700
120,000
'
.
55,000 infirmary, series 1938-D bonds.
Due Dec. 1, as follows: $1,000
in 1941 to 1948,$2,000 in 1949 to 1961, and $3,000 in 1963 to
..
gardless of interest rate named, and no bid naming an Interest rate of more
than 3% will be considered.
The privilege of converting the bonds to a
lower coupon rate with a greater par value will not be extended to the suc¬
cessful bidder.
Each issue will be sold separately and persons wanting.to
bid on more than one of the issues should submit separate bids.
The State
Investment Board will furnish at its own expense printed or lithographed
bonds and opinion of Rose, Loughborough, Dobyns & House of Little Rock,
approving their validity.
The bonds are issued under the authority of Act
223 of the Acts of 1939.
The State penitentiary refunding bonds will be
issued to retire $306,807 of 3% penitentiary funding notes dated Jan. 1,
1934, which will be called for redemption on July 1, 1939. and $5,193 of
unfunded penitentiary warrants which are to be paid under the provisions
of the Act; the Arkansas State Teachers' refunding bonds will be issued to
retire a like amount of 4% Arkansas State Teachers' certificates of indebt¬
edness; and State permanent school refunding bonds will be issued to retire
jggg
21,000 nursery school and practice house, series 1938-F bonds.
Due
from Dec. 1, 1941 to 1968, incl.
Dated Dec. 1, 1938.
Denom. $1,000.
The bonds shall be subject to
prior redemption on any interest payment date at the option of the Institute,
in whole or in part (selection as between bonds of the same maturity to be
by lot) in reverse order of maturity, at a price per bond equal to the prin¬
cipal amount thereof and accrued interest plus a redemption premium of
M of 1 % of the principal amount for each unexpired year or fraction thereof,
such premium, however, not to exceed 5% in any case, upon not less than
30 days' notice by publication.
Total estimated.
*
ARIZONA BONDS
'
—
*$253,200
provided for in the Act (No. 223 of 1939).
Enclose a certi¬
fied check for 3% of the par value of the bonds, payable to the State
Treasurer.
.'
'
«•
Ark.—BONDS SOLD—It is reported that $75,000
Viaduct Improvement District No. 56 bonds were pin-chased on May 19
by the W. R. Stephens Investments, of Little Rock, at a price of 101.25.
Due in 1940 to 1943; callable at a price of 102.25 on any Interest paying
date.
'
\.
TEXARKANA,
HOMEWOOD, Ala.—BOND TENDERS INVITED—It is announced
by the First National Bank of Birmingham, acting as sinking fund agent
and depositary of the city, that the city has directed it to notify holders
of improvement refunding 3%-5%, 2d series bonds, dated Jan. 1,1938, due
Jan. 1, 1968, that the city will receive sealed tenders of said bonds at the
above bank until June 22, at noon (CST), and will at such time purchase
sufficient bonds of said series to exhaust a sinking fund deposit of $23,000.'
MOBILE, Ala.—BOND CALL—It is stated by H. G. Ziegler, City
Comptroller, that the following bonds are being called for payment at the
Irving Trust Co. in New York on July 1: .
«
Public works refunding, series O, No. 229.
Public works refunding, series X, No. 1413.
Public works funding, Series X, No. At21.
Public works refunding, series Y, No. 1914.'
Public works refunding, series AB, No. 2534.
Public works refunding, series IJ, Nps. 14 and 19.
Public works funding, series IJ, No, A-130.
' '
Public works refunding, Series MN, No. 312. .
Dated Jan., 1, 1936.
Due Jan. 1,1966.
.,
—
Plus transfers from the general revenue fund in such amounts as may
be needed, as
California
N
.
Municipals
.
________
Bankamerica Company
485 California Street, San Francisco
Bell System Teletype
SF 469
OFFICES IN OTHER PRINCIPAL CALIFORNIA
CITIES
CALIFORNIA
CALIFORNIA, State of-— WARRANTS SOLD—The "Wall Street
Journal" of May 27 carried the following report of sale:
State of California awarded $1,660,000 warrants to Merchants National
Bank of Sacramento yesterday on a bid of par plus $6,118.81 for 2s. - The
notes mature about Feb. 27,1940.
The interest cost basis was about 1.56%.
A fairly sharp difference of opinion over the value of the warrants existed,
bids ranging down from the winning bid to a bid of par plus $4,511 for
2Ms, submitted by R. H. Moulton & Co.
Between these were bids of
$3,049 premium for 2s, submitted by Bank of America and $1,400 premium
for 2s submitted by Weeden & Co.
Marketa in all Municipal Iasuea
LOS
ANGELES
COUNTY
BOND SALE—The $6,000 issue
(P. O. Los Angeles), Calif.—SCHOOL
of Quail Lake School District bonds offered
May 23—V. 148, p. 3101—was awarded to G. W. Bond & Son
of Los Angeles, as 3 Ms, paying a price of 100.55, a basis of about 3.65%'.
Dated May 1, 1939.
Due $500 from May 1, 1940 to 1951, inclusive.
for sale on
REFSNES,
ELY, BECK &, CO
SAN FRANCISCO
PHOENIX, ARIZONA
to
issue $55,000,000
eiving
lune 15:
District
No.
17,
Nos.
26 to 35.
A.ug.
13, 1943, callable in
1923.
Due
Dated Aug. 13, 1923.
Due
Dated Aug.
6,
GRAHAM
10 years from date.
Interest ceases on date
COUNTY SCHOOL DISTRICT NO. 1
tions for power
_
called.
\riz.—BONDS SOLD—We are informed by
yes,
This is the seventh
SCHOOL DISTRICTS (P. O. Globe), Ariz.—BOND
CALL—It is stated by Elton 8. Bryant, County Treasurer, that the followng 6% semi-annual bonds are being called for payment at
his office on
GILA COUNTY
School
49,843; no. 121,895.
time the San Francisco electorate has voted on proposi¬
distribution and the vote came as attorneys for San Francisco
and the Federal Government were arguing in U. S. Circuit Court of Ap¬
peals over the present system of selling electricity to Pacific Gas & Electric
Co for distribution to the city.
U. S. District Court had handed down an
injunction against continued sale of power from which the city appealed.
The city's position was attacked as a violation of the Raker Act.
plan:
ARIZONA
A.ug. 6, 1943, callable in 10 years from date.
School District No. 26, Nos. 1 to 50.
(City and County), Calif .—BONDS DEFEATED—
held on May 19 the voters turned down the proposal
in not to exceed 6% electric power revenue bonds,
the following vote on Hetch Hetchy's municipal power distribution
At the special election
(P.O. Safford),
Dahlberg, Durand & Co. of
(P. O. Visalia) Calif .SCHOOL BONDOFFERGladys Stewart, County Clerk, that she will receive
TULARE COUNTY
jNG—jt is stated by
issue of
payable
Due $2,000 June 1, 1940 to
sealed bids until 10 a. pi. on June 6, for the purchase of a $34,000
Woodville School District bonds. Interest rate is not to exceed 5%,
J-D.
Dated June 1, 1939/
Denom. $1,000.
3264
Financial
Prin. and int. payable in lawful money at the County Treasurer's
office.
The bonds will be sold for cash only and at not less than par and
accrued interest to date of delivery. Enclose a certified check for not Jess
4956.
than 5% of the amount of the bonds
FLORIDA, State of—DEBT SURVEY BILL STILL PENDING—We
advised as follows by R. A. Gray, Secretary of State, in a letter dated
May 20:
"Referring to your letter of May 18, beg to advise that I am unable to
bid for, payable to the Chairman Board
are
COLORADO
give you the present status of a proposed law now before the Legislature,
authorizing a detailed survey and compilation of the bonded debts of the
units throughout the State of Florida."
BOULDER COUNTY SCHOOL DISTRICT NO. 52 (P. O. Lafayette)
Colo.—BONDS SOLD—It is reported that $4.000 3 % % refunding bonds
have been
purchased by Chas. J. Rice & Co. of Denver.
Due $1.000 from May 15, 1940 to 1943 incl.
various taxing
Dated May 15,
HILLSBOROUGH COUNTY
It is stated by
bonds, numbered 1, 4. 5, 54, 67, 69, 82, 86, 106, 130, 131, 136,
170, 175, 177, 178, 189, 197, 206, 212, 293, 319, 326, 327, 329,
345, 368, 373 378, 383 386, 390, 1726, 1729, 1768 and 1789,
lot, are called for payment on July 1.
Dated Jan. 1, 1933.
Denom. $1,000.
Due Jan. 1, 1963.
refunding
141, 151,
336, 342,
drawn by
for redemption as of June 1.
CONNECTICUT
the constructino of
bridges at an estimated total cost of $35,000,000.
a series of highways and
The legislation provides
across
the
HOLLYWOOD,
BOND
LEGISLATION NOW BEFORE HOUSE—A
of about
House.
McKee of Orlando, as 4s, paying a price of 99.04, a basis of about 4.09%.
Dated June 1, 1939.
Due on June 1 in 1952, 1953 and 1954.
BONDS EXCHANGED—The $74,000 issue of refunding road, series F
time—V. 148, p. 2937—was exchanged for the
Bonds offered at the same
original issue,
Dated July 1. 1939.
Due on July 1, 1956.
also received for the $298,000 bonds:
The following bids were
For
,
4% Bonds—
Clyde C. Pierce Corp., and Associates—
D. E. Arries & Co., and Associates;
For 4 M Bonds—
JohnNuveen& Co. and Associates.
1.10%
$38.50
-1.10%
1.10%
38.39
28.51
$2,500,000 Ocean Beach Park Impt. bonds, 1939 series, issued under an
Act of the State Legislature which exempts the bonds from the
city's debt limit. They will mature June 1 as follows: $86,000
from 1941 to 1963 incl. and $87,000 from 1964 to 1969 incl.
1,000,000 public impt. bonds, series No. 9, for various purposes.
Due
June 1 as follows:
$33,000 from 1940 to 1959 incl. and $34,000
Stifel, Nicolaus & Co. and Associates
B. J. Van Ingen & Co., and Associates
2% of the bonds bid for must accompany each proposal.
opinion of Storey, Thorndike, Palmer & Dodge of Boston.
Legal
.
REVISION ASKED
payable from unlimited ad valorem taxes.
They will be delivered to the
purchaser at either the office of the City Treasurer, the First National Bank
6f Boston, 67 Milk Street, Boston, or the New York Trust Co.. N. Y. City,
N. Y., at purchaser's option, on or about Thursday, June 15, 1939, against
payment by certified check.
WINDHAM, Conn.—BOND SALE—An issue of $70,000 bridge bonds
sold to Kennedy, Spence & Co. of Boston as 2Ms, at a price of 100.799.
Due from 1940 to 1953, incl.
Putnam & Co. of Hartford, second high
was
100.773.
FLORIDA
Barnett National Bank
-
Building
Building
i
-
Branch Office:
Bank
Commission is reported to have advised the bond
act
as
refunding
agents
SCHOOL
to
T.
TAMPA
8.
Pierce. Resident
Manager
DISTRICT
(P.
O.
La
Belle)
Fla.—BOND
3102—were sold as 6s, and mature on July 1 as follows: $1,000 in 1941
1953, and $2,000, 1954 to 1963, giving a basis of about 5.87%.
FLORIDA, State of—REPORT ON RECENT SUPREME CQURT
DECISION—The following information is taken from the May issue of the
monthly bond quotation bulletin issued by A. B. Morrison & Co. of Miami:
The Supreme Court of Florida has recently handed down a decision
which is of far-reaching importance.
Under the Kanner Act counties and
road districts
service
on
the
city's
City
syndicate, which is to
$28,808,000
refunding
an
program,
appeal to the
Supreme Court from the ruling on May 6 of Judge Paul D. Barns in the
validation of the proposed refunding issue.
Judge Barns rejected a validation petition on the ground the program
provided for not only exchange but sale of the bonds and this would allow
two sets of bonds to be in existence at once, thus exceeding the
city's
statutory ceiling on bonded debt.
Circuit Court denying
COOK
COUNTY
NON HIGH
SCHOOL DISTRICT NO. 216, 111.
—PRICE PAID—The H. C. Speer & Sons Co. of Chicago paid par for the
issue of $225,000 3M% funding bonds,—V. 148, p. 2937.«
COUNTY
NON HIGH
SCHOOL
DISTRICT
NO.
161
(P. O. Peoria), III.—BOND ISSUE DETAILS—The $70,000 3M% bonds
purchased by the H. C. Speer & Sons Co. of Chicago—V. 148, p. 2103—
were issued for refunding pin-poses, and mature Dec. 1 as follows:
$4,000
from 1941 to 1945 incl. and $5,000 from 1946 to 1955 incl.
ROCKFORD, 111.—BOND SALE—The Harris Trust & Savings Bank of
Chicago
was awarded on May 23 an issue of $362,000 judgment funding
as 1.70s at a price of 100.41, a basis of about
1.65%.
Dated June
15, 1939.
Due Dec. 15 as follows: $12,000, 1940; $25,000 from 1941 to
1945, incl.; $35,000 from 1946 to 1948, incl., and $20,000 from 1949 to
1954, incl.
Interest J-D.
Legality approved by Chapman & Cutler of
Chicago.
Second high bid of 100.11 for 1.70s was made by Halsey, Stuart
& Co., Inc., Chicago.
bonds
BOONE TOWNSHIP SCHOOL TOWNSHIP (P. O. Royal Center),
Ind.—BOND SALE—The $4,970 school impt. bonds offered May 19
—V. 148, p. 2779—were awarded to the Fletcher Trust Co. of Indianapolis.
Dated April 1, 1939 and due $355 on Jan. 1 from 1941 to 1954 incl.
MADISON
COUNTY (P. O. Anderson), Ind.—BOND OFFERING—
Reddington, County Auditor, will receive sealed bids until 10 a. m.
May 29, for the purchase of $28,000 not to exceed 3% interest series A
advancement fund bonds, proceeds of which will be advanced by the county
to its townships for poor relief purposes.
Dated June 1, 1939.
Denom.
$1,000*
Due $3,000 on June 1 and Dec. 1 from 1940 to 1943, incl. and
$2,000 June 1 and Dec. 1, 1944.
Bidder to name a single rate of interest,
expressed in a multiple of M of 1%.
Interest J-D.
A certified check for
5% of the bonds bid for, payable to order of the Board of Commissioners,
is required.
Legal opinion of Matson, Ross, McCord & Clifford of Indiana¬
polis will be furnished the successful bidder.
The bonds are direct obliga¬
tions of the county, payable from unlimited ad valorem taxes.
Purchaser
to accept delivery and pay for bonds on June
10 at either the County
Treasurer's office or at a bank in Anderson designated by the successful
on
SALE DETAILS—It is now reported by the Superintendent of the Board
of Public Instruction that the $33,000 school building bonds sold to StifeL,
Nicolaus & Co. of St. Louis, at a price of 101.25, as noted here—V. 148,
p.
in
PROGRAM— The
John J.
FLORIDA
FLORIDA
CLEWISTON
DEBT REFUNDING
INDIANA
BONDS
Clyde C. Pierce Corporation
National
OF
that revision must be made in the plan.
The Commission also as a matter of routine authorized
PEORIA
RATE OF INTEREST—Bidder is required to name one rate of interest
a multiple of % of 1%.
The bonds are general obligations of the city,
First
98.279
,
check for
a
:
have recently
ILLINOIS
with bidder to name the rate
Principal and interest (J-D) payable at the City Treasurer's
at the First National Bank of Boston, at holder's option. A certified
JACKSONVILLE-
100.384
;»
Fla .—REVENUE BOND BILL PASSED—The Legislature is
approved the Revenue Financing Act, which will
permit the city to issue bonds to finance self-liquidating projects, thereby
to
from 1960 to 1969 incl.
All of the bonds will be dated Junel, 1939
of interest.
pay
107.771
0.582
1
enabling the city to purchase the municipal water system and to construct
causeway and toll bridge.
■
*
•
LONDON, Conn.—BOND OFFERING—Carey Congdon, Director
bidder,,offered to
100.917
,
a
of Finance, will receive sealed bids until 11 a. iq. on June 1 for the purchase
of $3,500,000 coupon, registerable as to principal and interest, bonds,
divided as follows:
in
_
R. E. Crummer & Co
said
City Co.._
First Boston Corp. and Cooley & Co__
or
_
Clyde C. Pierce Corp., and Associates-:
MIAMI,
National Bank of New
York; Salomon Bros. & Hutzler; Northern Trust
Co. of Chicago, and Darby & Co
r
Lehman Bros.; Eastman, Dillon & Co.; Eldredge &
Co.;
Coburn
&
Middlebrook,
and
Bridgeport
office
98.543
97.50
Premium,
R. W. Pressprich & Co.; First
NEW
basis
Ocala), Fla.—BOND SALE—The $298,000
issue of coupon refunding road, series AA bonds offered for sale on May 22
—V. 148, p. 2937—was awarded to a group composed of Stifel, Nicolaus &
Co. of St. Louis: C. W. McNear & Co. of Chicago, and Wolking, Rogers &
received from the Roads, Bridges and Rivers Committee this morn¬
without comment and ordered tables for the calendar in the Lower
They will be considered either late this week or early next week.
The highway measure authorizes a $12,000,000 bond issue plus a 5%
diversion of highway funds to pay for the route from Milford to Hartford.
The New London bridge which will cost $6,000,000 with approaches and
the Hartford span estimated to cost between $6,000,000 and $8,000,000
with approaches, would be financed with revenue bonds to be retired by
toll charges."
were
Int. Rate
a
5.82%.
MARION COUNTY (P. O.
ing
"
connec¬
Due from May 1, 1939 to 1958, giving
other necessary expenses.
the $18,000,000 Wilbur L. Cross Toll Highway and the toll bridges over the
Connecticut River at Hartford and the Thames River at New London
Bidder—
INFORMATION—In
stated that the certificates were sold as 5Ms, at a price of 95.00, plus ail
costs of validation, including an appeal to the State Supreme Court, and
Hart¬
ford dispatch, dated May 23, to the Hartford "Courant" of the same day
stated as follows: The three "bond issue bills" providing for construction of
HARTFORD, Conn.—BOND SALE—The $1,100,000 series E,coupon
refunding bonds offered May 26 were awarded to J. P. Morgan & Co.,
New York, as Is, at par plus a<premium of $121, equal to 100.011, a basis
of about 0.999%.
Dated June 1, 1939.
Denom. $1,000.
Due $110,000
on June 1 from 1940 to 1949, incl.
Principal and interest (J-D) payable at
the City Treasurer's office.
The city is obligated to meet the annual ma¬
turities by direct taxation.
Legality approved by Storey, Thorndike,
Palmer & Dodge of Boston.
Among other bids were the following:
Fla .—ADDITIONAL
tion with the sale of the $175,000 water revenue certificates to Robert H.
Cook & Co. of Miami, as noted here on Jan. 28—V. 148, p. 613—it is now
Con¬
necticut River at Hartford and the Thames River at New London.
$18,000,000
,
with accrued interest
for the levying of tolls to service the proposed bond issues.
The program
includes a bond issue of $12,000,000 for construction of the Wilbur L. Cross
and provides for construction of new bridges
,
Said bonds shall be retired at the principal amount thereof, together
thereon to redemption date, at the Chase National
Bank, New York City, with all ihterest coupons thereunto appertaining
maturing on or after redemption date.
CONNECTICUT (State of)—PROPOSED BRIDGE AND HIGHWAY
PROGRAM EXPECTED TO COST $35.000,000—Various bills bow before
the State Legislature provide for
(P. O. Tampa), Fla.—BOND CALL—
T. N. Henderson, Chairman of the Board of County Com¬
missioners, that pursuant to the terms and provisions in the issue, series 35
COLORADO, State of— WARRANT REDEMPTION—It is reported
that a total of $1,250,000 State highway revenue warrants is being called
Highway,
May 27, 1939
allocatijn is exhausted will continue to receive gas tax money in the same
relative iropcrfion as fcrmtrly.
of Supervisors.
1939.
Chronicle
the gas tax money to reduce ad valorem taxes for debt
or can set it aside to use for
buying road bonds in
What some of the counties have been doing is to go under
can use
road bonds
the open market.
the Kanner Act, tying up the gas tax
money while refunding is in progress,
and then, by resolution, directing the State Board of Administration to
apply
this money to the payment of interest and
(or) principal on refunding bonds
only.
This decision of the Supreme Court holds, in effect, that counties
operating under the Kanner Act cannot transfer money to meet requirements
on the refunding bonds without at the same
time providing for the unreIn other words, the counties cannot
juggle this money (nor
ad valorem tax money, for that
matter) to pay only those bonds which they
select and forget the others.
A rehearing has been requested.
New legislation has already been in¬
troduced allowing counties the power to earmark
gas and debt service money
for specific refund issues with a good chance of
becoming law.
One county
has already defaulted Decause of this decision with
money enough to pay
bidder.
VANDERBURGH
COUNTY
OFFERING—Charles H.
(P.
O.
Evansville),
Ind.—BOND
Atkin, County Auditor, will receive sealed bids
until 10 a. m. on June 15, for the purchase of $360,000 not to exceed 3XA%
interest poor relief advancement fund bonds.
Dated June 1, 1939. Denom.
$1,000.
Due $18,000
on June 1 and Dec. 1 from 1940 to 1949, incl.
Bidder
single rate of interest, expressed in a multiple of not less than
Principal and interest (J-D) payable at County Treasurer's
office.
A certified check for 3% of the bonds bid for, payable to order of
the Board of County Commissioners, is required.
Purpose of issue is to
provide funds sufficient to pay the amount estimated by the Board of Com¬
missioners to be needed for advancement to the county townships for poor
relief purposes during six months ending Sept. 30, 1939.
County will
furnish legal opinion of reliable bond attorneys in Indianapolis.
(Previous mention of this offering was made in V. 148, p. 3103.)
to name
a
Mtb of 1%.
funded bonds.
interest
refunded bonds but not to take care of all
requirements on old
Supreme Court reverses itself or the legislation men¬
quickly passed, more defaults are likely to ensue.
There seems little doubt that legislation will be enacted
continuing
the gas tax allocation as it has been for several
years to come.
Two bills
have been introduced under strong
sponsorship and apparently their passage
is assured.
Briefly, one bill specifies that interest on bonds issued shall be
part of the total to be returned to the counties.
The other makes the cost of
on
bonds.
Unless the
tioned is
additional State roads, which were not taken into
account at the time the
original allocation was made, as part of the total to which the particular
county is entitled.
Note these two laws merely increase the total to which
each county is entitled, but the present basis of allocation will remain un¬
changed.
In effect, they
mean
that
those counties
whose
original total
IOWA
DES
MOINES, Iowa—BOND SALE CANCELED—In connection with
the offering which had been scheduled for June 1, of the $40,000 fire truck
bonds, noted here on May 20—V. 148, P. 3103—it is stated by Harvey
Bogenrief, City Treasurer, that at a meeting of the City Council held on
May 18, a resolution was adopted, abandoning these proceedings. At this
time it is apparent that the city will in the near future commence proceedings
for the issuance of $400,000 or more emergency fund bonds, although no
definite steps have been taken at the present
time.
MARSHALLTOWN, Iowa—BOND OFFERING DETAILS—In connec¬
May 25, of the $265,000
sewer revenue bonds, it is stated by Anne McMahon, City Clerk, that the
following supplemental information can be added to the offering report
given in our, issue of May 20—V. 148, p. 3103:
Dated June 1, 1939.
Due
Dec. 1, as follows: $9,000 in 1941 and 1942, $10,000 in 1943 and 1944;
$11,000 in 1945: $10,000 in 1946; $11,000 in 1947; $12,000 in 1948 to 1951;
$13,000 in 1952 and 1953; $14,000 in 1954 to 1956; $15,000 in 1957 and 195$;
tion with the offering scheduled for 7:30 p. m. on
Volume
Financial
148
$16,000 in 1959 and 1960, and $17,000 in 1961.
Interest payable
Dec. 1.
The bonds and the approving opinion of Chapman &
Chicago, will be furnished.
June and
Cutler of
CITY SCHOOL DISTRICT (P. O. Mason City), Iowa—
VOTED—At the election held on May 22—-V. 148, p. 2779—the
approved the issuance of the $92,000 in school construction and
equipment bonds by a substantial margin.
MASON
voters
PRAIRIE SIDE SCHOOL DISTRICT
were
(P. O. Latimer) Iowa—BONDS
May 26, by the District
received until 8 p. m. on
Secretary, for the purchase of $3,000 building
bonds.
SIBLEY, Iowa—MATURITY—It is now reported by the Town Clerk
that the $83,000 coupon semi-ann. electric light and power plant bonds
purchased by the Carleton D. Beh Co. of Des Moines, as 2%s, at a price
of 101.71, as noted here—V. 148, p. 3103—are due on Nov. 1 as follows:
$7,000 in 1940 to 1950, and $6,000 in 1951; callable on any interest payment
date on or after Nov. 1, 1945, giving a basis of about 2.38%.
Iowa—BOND OFFERING—It is started by Fred
Dowden, Town Clerk, that he will recieve bids until June 5, for the pur¬
chase of a $33,000 issue of funding bonds, maturing from 1940 to 1949.
SPIRIT
LAKE,
TERRIL, Iowa—BONDS REFUNDED—It is stated by the Town
that $5,000 refunding bonds were handled by the White-Phillips
of Davenport in the replacement of old bonds.
Clerk
Corp.
KANSAS
State of—BOND SALE—The $150,000
semi-ann. soldiers' compensation bonds offered for sale on
KANSAS,
issue of coupon
May 22—V-148,
2938—was awarded jointly to Estes, Snyder & Co. of Topeka, and the
Mississippi Valley Trust Co. of St. Louis, according to the Secretary of
State. Dated June 1, 1939. Due $30,000 from June 1, 1940 to 1944 incl.
The successful bid was an offer of $15.01 premium on a rate of 0.50%,
p.
equal to 100.01; a net interest cost of about 0.495%.
The following is an official list of the bids received:
Ilalsey, Stuart & Co., Inc
Mercantile-Commerce Bank & Trust Co
Paine, Webber & Co
______
-
W.E.Davis Co
„
Premium
$270.00
360 .00
159,00
Vs%
A of 1 %
%%
T
u-„-,
225.30
534.00
240.00
%%
Callender, Burke & MacDonald__
Rhodes-Seltsam Co
^ of 1%
Beecroft Cole & Co
H%
H of 1%
% of 1%
M%
Harriman
Ripley & Co., Inc
Harris Trust & Savings Bank,
Stern Brothers & Co
*
Purchasers.
-
123.00
'5.00
306.00
% of 1%
City National Bank & Trust Co., Kansas City, Mo..
*
Estes Snyder & Co., Inc., Topeka, and Mississippi
Vailey Trust Co., St. Louis......
15 01
229.00
315.00
.
olO.OO
%%
_J.
;
SHALLOW WATER SCHOOL
DISTRICT (P. O. Shallow
Kan.—BONDS VOTED—It is reported that the voters
the issuance of $15,000 in
Water),
approved recently
construction bonds. •
Nicholasvil.e),
EDUCATIONAL CORPORATION (P. O.
Ky.-BOND SALE DETAILS—In connection with the
the Bankers Bond Co., of Louisville,
advised that only $77,000
we are now
the balance will not" be
underway.
•
Dated May 1, 1938.
school building corporation
bonds,
that time,
school buildii g is
bonds were purchased at
sold until construction of the
'
~
MAYSVILLE, Ky.—BOND SALE—The $65,500 issue bf funding bonds
offered for sale on May 15—V. 148, p. 3103—was purchased by the Bank of
Maysville, according to report.
DISTRICT NO. 14 (P. O. Shreveport),
La.—BOND OFFERING—We are informed by E. W Jones, Superintendent
of the Parish School Board, that he will receive sealed bids until 1:30 p. m.
on June
14, for the purchase of a $40,000 issue of improvement bonds.
Denom. $1,000. - Dated July 1, 1939.
Due July 1, as follows: $7,000 in
1940, $8,000 in 1941 to 1943, and $9,000 in 1944.
Bidders to,name the
rate of interest.
Bids for cash without restriction as to depository. Prin.
and int. (J-J) payable at the Chase National Bank, New York. The bonds
will be printed by the Parish School Board and ready for immediate delivery.
The approving opinion of Chapman & Cutler, of Chicago, will be furnished.
These bonds carried at an election held on May 9. Enclose a certified check
'
.
PARISH SCHOOL DISTRICT NO. 3 (P. O.
Baton Rouge) La.—BOND OFFERING DETAILS—It is now reported
by C. B. Turner, Secretary of the Parish School Board, that the $250,000
school bonds scheduled to be offered for sale on July 13, as noted here—V.
148, p. 3105—are due on July 1, as follows:
$47,000 in 1940, $48,000 in
1941, $50,000 in 1942, $52,000 in 1943, and $53,000 in 1944. Prin. and int.,
payaole at the office of the Secretary and Treasurer pf the Parish School
Board, or at some bank to be designated by the purchaser of the bonds.
Only bids submitted on bid forms furnished on application to the above
Secretary will be considered. Enclose a certified check for $2,500, payable to
W. H. Perkins, President Parish School Board.
EAST BATON ROUGE
BATON
(P.
Baton
O.
ROUGE PARISH,
Rouge),
WARD 5, SCHOOL DISTRICT
La.—BOND ELECTION—It is stated by the
Parish School Board that an election will be held on
issuance of $35,000 in school bonds.
"The following information is also furnished with the offering notice:
Assessed valuation of District No. 3, $55,234,897.
President
of the
June 13 to vote on the
outstanding indebtedness.
litigation or controversy, pending or threatening, concerning
bonds, the boundaries of the District, or the titles of
This district has no
There is no
the validity of these
the officials to their
respective offices.
The proceeds from the sale of these bonds are not to be
indirectly for any other purpose than those stated above.
used directly or
SCHOOL DISTRICT (P. O. St. Martinville)
La.—BOND ELECTION—It is said that an election will be held on May 23
in order to vote on the issuance of $180,000 in building and improvement
ST. MARTIN PARISH
bonds.
VERMILION PARISH, SEVENTH
WARD DRAINAGE DISTRICT*
GRAVITY SUB DRAINAGE DISTRICT NO. 2
NOT SOLD—It is stated by Leopold
Board of Commissioners, that the $22,000 issue of
—BONDS
annual drainage bonds
(P. O. Abbeville), La.
Noel, President of the
not to exceed 6% semi¬
offered on May 20—V. 148, p. 2780—was not sold.
REOFFERED—Sealed bids will again be received by Mr. Noel
BONDS
for the
purchase of the above bonds, this
time until June 17.
LEWISTON,
Me.—NOTE
OFFERING—Coleman
B.
Norton,
City
at
i
MARYLAND
FROSTBURG, Md.—OTHER BIDS—The $50,000 water and street
improvement bonds awarded to Alex. Brown & Sons of Baltimore as 3 Ms
at 102.19, a basis of about 3.06%—V. 148, p. 3104—rwere also bid for
follows:
MASSACHUSETTS
•
BOSTON, Mass .—FINANCES ANALYZED—Action by both the city
and
to reduce Boston's heavy tax burden will be
required if the high credit rating formerly enjoyed by the City of Boston is
to be restored, according to an analysis made public today by the investment
firm of Lazard Freres & Co., New York.
The city's officials have made
the
Commonwealth
conscientious
efforts during the past year to allevaite an unsatisfactory
position, according to the survey, but it is becoming in¬
creasingly apparent that Boston's problems cannot be solved by the city
alone, since the State fiscal policy is also involved.
The most serious
factors adversely affecting the city's credit, the analysis states, are the
heavy tax burden, an unsatisfactory budgetary system, a threatening relief
burden and a State fiscal system which adds substantially to the city's tax
burden during periods of depression.
Furthermore, the city's liability for
heavy elevated railways and traffic tunnel deficiencies and an unsatisfactory
real estate situation in the business area are further aggravating factors.
current financial
as Lazard Freres view them, threaten the tax¬
directly than they do the bondholder.
The city has long
scrupulous debt record, the study points out, its debt burden
is not excessive and, in view of a rapid retirement schedule and curtailment
of capital improvement borrowing, an appreciable reduction of bonded
debt appears within the next few years probable.
Nevertheless, the anlysis
asserts, events of recent years indicate that the city's heavy tax load and
inefficient budgetary system can readily result in an accumulation of
unfunded debt sufficient to impair the city's credit standing.
These unfavorable factors,
payer
more
maintained
a
BOSTON, Mass.—NOTE SALE—The issue of $5,000,000 notes
offered
May 25 was awarded to Halsey, Stuart & Co., Inc., New York, at 0.55%
interest, plus $35 premium.
Dated May 29, 1939 and due Dec. 20, 1939.
Reoffered to yield 0.45%.
A group composed of the Chase National Bank
of
York, First Boston Corp. and
New
Salomon Bros. & Hutzler, only
$25.
other bidder, named a rate of 0.61%, plus
EAST
Mass .—BOND SALE— The issue of $4,500
LONGMEADOW,
fire truck purchase bonds offered May 25 was awarded to
of Boston as lMs, at a price of 100.132.
Due from 1940
Southgate & Co.
to 1944 incl,
EVERETT, Mass —NOTE OFFERING—Emil W. Lundgren, City Trea¬
receive bids until 11 a. m. (DST) on May 29, For the purchase
$500,000 revenue anticipation notes.
Dated May 29, 1939.
Due $200,000 Dec. 27, 1939 and $300,000 March 1, 1940 and payable at
the National Shawmut Bank of Boston.
Legal opinion of Storey, Thorndike, Palmer & Dodge of Boston.
surer, will
at discount of
high bid of 100.26 for Ms. was made by Southgate &
& Co., Boston, next in line, bid a price of 100.14 for
$100,000 coupon
Co. of Boston, Burr
that coupon.
SALE—The $235,000 bonds offered
May 22—V. 148, p. 3104—were awarded to Tyler & Co. of Boston as
lMs, at a price of 100.59, a basis of about 1.64%.
Sale consisted of:
$200,000 municipal relief bonds.
Due $20,000 on June 1 from 1940 to
HAVERHILL,
Mass.—BOND
35,000 water bonds of 1939.
Due June 1 as follows: $3,000 from 1940
to 1950 incl. and $2,000 in 1951.
All of the bonds are dated June 1, 1939.
Second high bid of 100.566 for
lMs was made by Halsey, Stuart
& Co., Inc., New York.
MALDEN, Mass.—NOTE SALE—The issue of
$500,000 notes offered
Middlesex County National Bank of Maiden
at 0.259% discount. . Dated May 24, 1939 and payable in instalments of
$250,000 each on March 22 and April 26, 1940.
The National Shawmut
Bank of Bbston, second high bidder, named a rate of 0.289%.
May 23 was awarded to the
of $100,000 notes offered
at 0.25%
May 24 was awarded to the Merchants National Bank of Boston
discount. Due $50,000 each on March 15 and April 15,1940.
NEEDHAM, Mass.—NOTE SALE—The
$100,000 revenue notes offered
May 23 were awarded to the Merchants National Bahk of Boston at 0.084 %
discount.
Due Dec. 28, 1939.
The Norfolk County Trust Co., second
high bidder, n^med a rate
of 0.085%.
QUINCY, Mass.—NOTE SALE—The $500,000 revenue notes offered
May 23—V. 148, p. 3104—were awarded to National Shawmut Bank and
the Merchants National Bank, both of Boston, jointly, at 0.179% discount.
Dated May ,23, 1939 and due $250,000 on Nov. 7, 1939, and $250,000 on
May 23, 1940.
The Second National Bank of Boston, next highest bidder,
named
a
rate of 0.184%.,
TAUNTON, Mass.-—NOTE SALE—The issue of $200,000 notes offered
May 23 was awarded to the First National Bank of Boston at 0.179%
discount.
Due.Nov. 29, 1939.
The Merchants National Bank of Boston,
econd high bidder, named a rate of 0.19%.
;
"
.
WEBSTER, Mass.—NOTE SALE—An issue of $200,000
on May 25 to Merchants National Bank of Boston
Due Dec. 14, 1939.
The Worcester County Trust
cester, second high bidder, named a rate of 0.287%. >
awarded
notes was
at 0.25%
discount.
Co., Wor¬
.
MICHIGAN
BIRMINGHAM,
Mich.—NOTICE TO SPECIAL ASSESSMENT
CREDITORS—City Treasurer H. H. Corson is advising holders of special
assessment bonds of the former Village of Birmingham, Mich., that suf¬
ficient money has been collected in certain special assessment funds to
pro rata disbursements ranging from 10% to 100% of
holders are requested to forward their bonds prior to Dec. 1, 1939, to the
City Treasurer if they desire to participate in this disbursement.
principal.
BLOOMFIELD, TROY,
ROYAL OAK AND SOUTHFIELD
make
Bond¬
TOWN
O. Birmingham),
Business Manager,
reports that no offers were received in connection with the call until May 23
of 1936 refunding bonds and certificates of indebtedness, all dated March 2,
SHIPS FRACTIONAL SCHOOL DISTRICT NO. 1 (P.
Mich.—NO TENDERS RECEIVED—Louis M. Randall,
1936—V. 148, p. 3104.
BURTON
NO. 5 (P. O. 618
WANTED—Nels E.
will receive sealed tenders
TOWNSHIP SCHOOL DISTRICT
F. D. 2, Flint), Mich.—TENDERS
Judd Road, R.
4-agesen, Treasurer of the Board of Education,
of bonds until 8 p. m. (EST) on June 3.
.
DEARBORN,
$42,000 coupon general
23—V. 148, p. 2939—were
Toledo. Dated June 1, 1939
$4,000 from 1940 to 1947, incl., and $5,000 in
Mich.—BOND
SALE—The
obligation sewer extension bonds offered May
awarded to Stranahan, Harris & Co., Inc., of
and due June 1 as
follows:
1948 and 1949.
DETROIT,
sealed bids until 6 p. m. (DST) on May 31 for the
discount of $600,000 revenue anticipation notes of 1939.
Dated June 2, 1939 and payable Oct. 1, 1939 at the Second National Bank
of Boston.
Legal opinion of Storey, Thorndike, Palmer & Dodge of
as
103 279
101.699
Mackubin, Legg & Co
Marburg, Price & Co.
Mich.—TENDERS WANTED—John N
Daley, City Con¬
firm
city in
receive sealed tenders until 9:30 a. m. on June*7 (to remain
the following day) of callable refunding bonds of the
the amount of about $400,000, under the following conditions:
If callable bonds are offered at a premium: (a) When the interest rate
4 H % or higher, the yield shall be computed to the first call
the interest rate is less than 4M %, the yield shall be
until 3 pm.
Treasurer, will receive
Boston.
OCEAN CITY, Md.—BOND SALE— Stein Bros. & Boyce of Baltimore
May 23 an issue of $10,000 4% sewerage and improvement
a price of 103.939, a basis of about 3.20%.
Due on May 1 from
1940 to 1949, incl.
Other bids:
Bidder—
patP Bid
bonds at
troller. will
MAINE
purchase
98.519
96.379
were awarded on
MILLBURY, Mass.—NOTE SALE—The issue
LOUISIANA
CADDO PARISH SCHOOL
EAST
101.69
Co.
1949 incl.
Due May 1, as follows: $2,000 in 1940, $3,000 in
1941, $4,000 in 1942 and 1943, $5,000 in 1944 to 1952, $6,000 in 19o3 and
1954, and $7,000 in 1955.
Callable at 102 and accrued interest on any
interest payment date if called prior to May 1, 1944, and thereafter at par.
Prin. and int. payable at the Woodford Bank & Trust Co., Versailles.
Legality approved by Woodward, Dawson & Hobson of Louisville.
for $500.
Lanahan &
FARMINGHAM, Mass .—BOND SALE—The issue of
COUNTY
report given in our issue of Feb. 25, that
had purchased $110,000 3H% county
Rale Bid
3%
3%
3M%
& Boyce
municipal relief bonds offered M^iy 26 was awarded to the Second Na-,
tional Bank of Boston as %$, at 100.261, a basis of about 0.66%.
Dated
June 1, 1939 and due $20,000 on June 1 from 1940 to 1944, incl.
Second
KENTUCKY
JESSAMINE
W.
?£6-60
0.75%
Sullivan-Brooks Co
Baum, Bernheimer Co
.
Interest
% of 1%
K%
Name—
InL Rate
Bidder—
Stein Bros.
Mackubin, Legg& Co
W.
BONDS
OFFERED—Bids
3265
Chrowcle
is
date. (b) When
computed to the third
Caif1x)tnds
are
offered at par or less
thTenders shalfshow' the
than par: Yield shall be computed to
the rate of interest, date of maturity,
Tenders will be accepted on the basis of
purpose,
value and the yield.
highest net yield to the city as computed
1962-63 maturities of callable bonds will be
the right on bonds purchased, which are
1939, to pay accrued interest up to that date
the dollar
the
from the dolllar price. Only
accepted. The city reserves
delivered subsequent to, June 15,
only.
3266
Financial
Chronicle
BIDS ASKED ON $6,922,000 BONDS—John N.
Daley,
will receive sealed bids up to June 13 for the purchase or
City ControJer,
$6,922,000 not to
BUFFALO, Minn.—BOND SALE DETAILS—It is now reported by
Recorder that the $49,000 sewer system bonds purchased by
the State, as noted here—V. 148, p. 3104—were sold
ture from July 1, 1944 to 1958, inclusive.
as
3s at par, and ma¬
DULUTH, Minn.—BOND SALE— The $150,000 issue of coupon semi¬
annual permanent improvement, unemployment projects bonds offered for
on May 24—V. 148, p. 3104—was awarded to the Bankers
Trust Co.
of New York, as 1.80s, paying a price of 100.09, a basis of about
by
Thomson, Wood & Hoffman of New York City.
A tax shall be levied
annually starting in 1940 to service the bonds. The State Debt Commission
has been asked to approve the issue.
sale
Dated July 1, 1939.
STREET RAILWAY CERTIFICATES OFFERED FOR SALE—The
Department of Street Railways of the city will receive sealed bids at the
office of the City Controller until 10:30 a. m. (EST) on June 1 for the
purchase of all or none, at par value, of street railway equipment trust
certificates of 1939 to be issued in the amount of either
$1,000,000 or
$1,460,000. The $1,000,000 will be Issued to finance
payment of the amount
due in connection with purchase of 350 fully equipped motor coaches
at a
total cost of $1,365,000 and will mature as follows:
$150,000, 12 months
from date of issue; $150,000 In 18 months; $140,000 each in 24
months, 30
months, 36 months, 42 months and 48 months. Alternate proposal will be
received for the purchase of $1,460,000 certificates, also to
provide for the
purchase of fully equipped motor coaches, and to mature on the
following
basis: $210,000, 12 months from date oi issue; $210,000 each in 18
months,
24 months, 30 months, 36 months and 42 months, with the
remaining
$200,000 payable after 48 months from date of issue. Bidder must state the
rate of interest on both of the two
principal amounts and, in connection
with the offering, the Department of Street
Railways has prepared, and
will furnish to interested purchasers, a
five-year statement of income of the
Municipal Street Railway System, from which these certificates are to be
paid; also, a proposed copy oi trust agreement covering the certificates. The
trust agreement is to be substantially the form
furnished, except that any
reasonab.e changes therein or in the method of
borrowing the funds auth-^
orized
thereby, wili be considered. The City of Detroit is not authorized
to pledge its full faith and credit or taxing
powers, and reserves the right to
reject any and all proposals received, A certified check for
$20,000, payable
to order of the City Treasurer, is required.
1.79%.
Due $10,000 from July 1, 1941
to 1955, incl.
STEARNS COUNTY SCHOOL DISTRICT NO. 59 (P. O.
Albany),
Minn.—BONDS TO BE SOLD—It is reported by the District Clerk that
$12,000 high school addition bonds approved by the voters at
on May 22, will be purchased by the State.
an
held
UNDERWOOD INDEPENDENT SCHOOL DISTRICT NO. 5
Underwood),
election
(P. O.
Minn.—BOND OFFERING—It is stated by Philip B.
District Clerk, that he will receive sealed bidR until 8 p. m. on
for the purchase of a $14,000 issue of non-callable semi-ann. re¬
funding bonds.
The District will furnish the bonds.
Dated July 1,4939.
Denom. $500.
Due July 1, as follows: $1,000 in 1944 and 1945, and $1,500
in 1946 to 1953.
Prin. and int. payable at the Farmers State
Bank,
Franze,
June 8,
Underwood.
Enclose
certified check for
a
1% of bid.
MISSISSIPPI
HARRISON
COUNTY
(P. O. Gulf port), Miss.—BOND SALE DE¬
TAILS—In connection with the sale of the $168,000 5% semi-annual re¬
funding road and bridge bonds to the J. S. Love Co. of Jackson, noted here
on April 8, it is now reported that the firms of:
White, Dunbar & Co.,
Dane & Weil, both of New Orleans, Deposit
Guaranty Bank & Trust Co.,
Leland Speed Co., both of Jackson, M. A. Saunders &
Co., of Memphis,
J. G. Hickman, Inc., First National Bank & Trust
Co., both of Vicksburg,
Scharff & Jones, of New Orleans, Sam Gates of Gulfport, and the Max T.
Allen
Co., of Hazlehurst, were associated with the above named in the
purchase of the bonds.
•
Due June 1, as follows: $40,000 in 1940 to 1942, and
$48,000 in 1943,
callable at any interest payment date upon 30 days' notice.
EAST GRAND RAPIDS, Mich.—BOND
SALE—The $26,000 refunding
bonds offered May 22—V, 148, p. 3104—were awarded to
Ryan, Sutherland
Co., Toledo,
1939
the Village
exceed 4% interest non-callable refunding bonds, to be dated July 16, 1939
and mature serially until 1962,
Denom. $1,000, Proceeds of issue will be
used to retire bonds now outstanding and due to mature in 1963,
although
callable prior to that date. Legality of the new bonds will be approved
&
May 27,
.
at a price of 100.21, a basis of about 1.70%.
Dated
July 1, 1939, and due Jan. 15 as follows: $4,000 from 1941 to 1944 incl.
and $5,000 in 1945 and 1946.
as
.
MISSOURI
Other bids:
Bidder—
Int. Rate
John Nuveen & Co
al%%-2%
Stranahan, Harris & Co-,.--
McDonald, Moore & Hayes
Paine, Webber & Co
First of Michigan Corp.
;
For $16,000 2s and $10,000
1%8.
For $21,000 2s and $5,000 1 ^s.
a
c
$23.40
83.00
12.66
21.50
17.00
69.42
bl%%-2H%
cl#%-2%
2%
214%
2y2%
Crouse & Co
-•
Premium
,
GROSSE ILE TOWNSHIP (P. O. Grosse
He), Mich.—BOND SALE—
The $35,000 coupon
refunding bonds offered May 12—V. 148, p. 2780—
awarded to Stranahan, Harris & Co. of Toledo as
2Ms, at a price of
100.44, a basis of about 2.62%.
Dated June 1, 1939, and due June 1 as
follows: $4,000, 1941; $5,000 from 1942 to
.
1944, incl., and $16,000 in 1945.
on any subsequent interest
Bonds maturing after June 1, 1943, are callable
-
LINCOLN PARK, Mich.—PLANS TO COMPOSE DEBT
THROUGH
BANKRUPTCY PROCEEDINGS—A petition for composition of
the debts
city has been filed under the terms of the Federal Municipal Bank¬
ruptcy Act.
A hearing has been scheduled before the District Court for
July 27 at 10 o'clock a. m. at which time the petition will be
considered
together with any and all objections which should be filed
by the creditors
not less than 10
days before the date of the hearing.
All creditors are re¬
quested to file on or before July 27, with the Clerk of the
Coqrt, sworn
proof of claim, setting forth claims and interests on blanks
furnished by
the city.
MACKINAC ISLAND, Mich.—BOND
OFFERING—Elizabeth Dufina,
City Clerk, will receive sealed bids until 2 p. m.
(EST) on May 29 for the
purchase of $20,000 not to exceed 4% interest
coupon public park bonds.
Dated June 1, 1939.
Denom. $1,000.
Due $2,000 on March 1 from
1941
to 1950 incl.
Callable in whole or in part on any interest date on
30 days'
Prin. and int. (M-S) payable at the
City Treasurer's office
or at the First National
Bank, St. Ignace.
The bonds are payable from
unlimited ad valorem taxes and bids shall
be conditioned rnpon the un¬
qualified opinion of Brown & Fenlon, of St.
Ignace, approving the legality
of the bonds.
City will pay for the opinion and the expenses of
printing the
bonds.
A certified check for
2% of the issue, payable to order of the City
Treasurer, is required.
■
notice, at
par.
„
MUSKEGON, Mich.—IVOTE
OAKLand
COUNTY
PURCHASED—Call
(P.
O.
Pontiac),
Mich.—$54,500
s
by B. O. Nordstrom,
will be received
Town Clerk, for the pur¬
$200 must accompany the bid.
,
.
^PCE, Mich.—RATE
anticipation notes sold to
OF
INTEREST—'The
$12,500
Secretary of the Board
SCHOOL
by Leonard Dunn, District Clerk, for the purchase of a 86.600 issue of
not to exceed 6% semi-ann. refunding bonds. Dated
July 1.1939. Amortiz¬
ation
bonds
will
choice of the
be the first choice and
Board.
»
School
MONTANA, State of-—BONDS SOLD—It is reported by Ray N.
Shannon, State Treasurer, that the following bonds aggregating $235,000
purchased by Ferris & Hardgrove of Spokane:
$95,000 State College students union construction 3*4% semi-ann. bonds.
.
Y"
as
$14,000
of Education.
1,
Prin.
for
the purpose of retiring outstanding Capitol
Building bonds
The
upon application. to the Clerk. State Board of Ex¬
bonds will be issued subject to the approving opinion of
of NeW York, at the expense of the purchaser.
Pur¬
Mitchell
must furnish
a
the necessary lithograph bonds at his own expense.
certified check for $5,000, payable to the State Treasurer.'
NEBRASKA
BLOOMFIELD,
Neb.—BONDS SOLD—It is reported that approxi¬
paving bonds have been purchased by Steinauer 9c
Schweser of Lincoln.
5^
tenders of
""CHADRON,
p. m. (EST) on June 10.
amounts available for purchase of the
_
GOTHENBERG, Neb.—BONDS EXCHANGED—It is stated by the
City Clerk that $18,000 2%% refunding bonds have been exchanged with
the National Bond Co. of Omaha.
ROCK COUNTY (P. O.
in. 1945 to 1959.
Bidder to
be received for the purchase of said
option of prior payment and
redemption, after 90
i' Y
certified check for *>Catherwood, Hughes & Alderson of Austin.
$3,000, payable to the city.
Bassettl, Neh.—MATURITY—It is
now re¬
ported by the County Clerk that the $17,000 2%% semi-annual court house
and jail bonds sold to
Wachob, Bender & Co. of Omaha at par, as noted
here—V. 148, p. 3105—are due $1,000 from Nov. 1, 1941 to 1957, and
callable after Nov. 1, 1948.
a $75,000 issue of coupon sewage disposal
1939.
Denom. $1,000.
Due June 1, as
fiYYj ..Bids may be submitted on either or both bases. The
ver.eY
Austin, St. Paul, or Minneapolis, at the option
^ser'jIY)u
than June 10, 1939.
The city will furnish the
AcQYf.and the legal opinion of Junell, Fletcher, Dorsey, Barker &
Neb.—BONDS TO BE SOLD—The City is said to have
Kirkpatrick-Pettis Co. of Omaha, for
bonds.
accepted a contract offered by the
the purchase of $27,500
3% paving
""f EKAMAH, NebT^BOAD
SALE DETAILS—It is
now
reported
byThe
City Clerk that the $9,000 auditorium purchase bonds sold recently, as
noted here—V. 148, p. 310.5—were sold to the First National Bank and the
Burt County State
n^a?y ^terest date, at the face amount thereof, plus accrued
YY
redemption,. plus a premium of 2 % of such face
?>ay
on the dates above specified without option of
,
mately $36,000 4%
9° !° ^4, and $4,000
Bids will
an
••
tax
rate of interest.
taming
1954
multiples of A
Enclose
MINNESOTA
June
in
1958 and 1959. callable
MONTANA, State of—BOND OFFERING—It is stated by W. L»
Fitzsimmons, Clerk of the State Board of Examiners, that he will receive
chaser
OFFERING—It is reported that sealed and
b® received until June
2, at 8 p. m., by J. H. Weiland, City
/Yr fche pimchase of
Dated
follows:
$12,000 in 1950 and 1951, $13,000 in 1952
and 1955. $15,000 in 1956 and 1957,
on any interest payment
tdate occurring after Jan. 1, 1949, at the option of the State Board
1953,
Uand $16,000 in
Masslich &
foll?W8i. Eor series A, $13,804.65;series B, $4,569.59.
be firm for five days and fully describe the bonds offered
bonds.
be the second
have been
aminers.
of 1936 until 7
April 1, 1936 and
bonds will
•
'pertinent provisions
NO.
8
(P. O.
WAN TED—Ralph
Education, will receive sealed
serial
Bidder" must be prepared to deposit the par value of the bonds
purchased with the State Treasurer in lawful money on or before July 5,
1939; delivery of the bonds will be made at place or purchaser's choice on
or about
July 5, 1939, upon full payment of the purchase price.
Bidders
may secure further information as to the governing statutes and other
DISTRICT
Mich.—TENDERS
of
™Le?JLand B r?fuAdin?, bonds
I he bonds are dated
a
FERGUS COUNTY SCHOOL DISTRICT NO. 74 (P. O.
Roy) Mont.
-—BOND OFFERING—Sealed bids will be received until 3
p.m. on June 20,
Manufacturers National Bank of Detroit—V.
9AK TOWNSHIP
Station, Royal Oak),
5% semi-annual funding bonds, aggregating
$38,746 16.
Amortization bonds will be the first choice and serial bonds
will be the second choice of the said Board.
1^% interest.
ROYAL
should
of two issues of not to exceed
tana 1939.
tenders of $6,500
dated Jan. 1, 1937, and about
$2,900 certificates
of indebtedness dated
May 1/1937, until 5 p. m. on June 8.
sale
FALLON COUNTY (P. O.
Baker), Mont.-—BOND OFFERING—It is
reported that sealed bids Will be received until 9 a. m. on June 6 by H. M.
Trandum, Clerk of the Board of County Commissioners, for the purchase
be issued
^refunding bonds
the
the purchase of a $72,000 issue of not to exceed
5% semi-annual refunding
bonds.
Denom.
$1,000.
Dated July 1,
1939.
A certified check for
$250 must accompany the bid.
of the second issue, the third
issue, the annex issue and the fifth issue, and
all accrued interest, and are issued
pursuant to Chapter 133, Laws of Mon¬
UNION SCHOOL DISTRICT NO. 1 (P. O.
Redford1 Station,
Detroit), Mich.—TENDERS WANTED—
Lappan, District Secretary, will receive sealed
3104—bear
CHOUTEAU COUNTY (P. O. Fort Benton), Mont.—BOND OFFER¬
ING—It is reported that bids will be received until 2 p. m. on June 7
by'
J. W. Woodcock, Chairman of the Board of County Commissioners, for
or one-tenth of 1%, and must be the same for all of the
and int. payable at the State Treasurer's office in lawful
The bonds may be issued registerable as to principal only, and
will be sold to the highest responsible bidder at not less than par and ac¬
crued interest.
The bonds Will be general obligations of the State, are to
attorney.
36,
Enclose
June 6,
on
money.
REP/°RD TOWNSHIP
Box
Yhi
m.
d.
bonds.
All of the bonds will be
dated June 1,1939.
Principal and interest (J-D)
City Treasurer's office. Bonds to carry
legal opinion of pur¬
plant
8
chase of an $11,000 issue of not exceeding 4% semi-annual funding bonds.
Dated June 15, 1939,
Amortization bonds will be the first choice and serial
bonds will be the second choice of the Town Council.
A certified check for
in
payable at the
for
CHESTER, Mont.—BOND OFFERING—Sealed bids
until
a. m. on June 12 for the purchase of an issue of $632,224.75 'Capitol Building refunding coupon bonds.
Interest rate is not to
payable J-J.
Dated July 1, 1939.
Due July 1, as follows:
$150,000 in 1940 to 1943 and $32,224.75 in 1944.
Rate of interest to be
assessment bonds. - Denom.
$1,000. Due June 1 as follows:
,1cnn
$6,000 in 1941 and 1942/ and $7,000 in 1943 and 1944.
11,500 general obligation bonds.
One bond for $500, others $1,000 each.
Due June 1 as follows,;
$3,500 in 1942 and $4,000 in 1943 and 1944
irfnSS
Valom,
O.
exceed 4%,
$26,000 special
p.
(P.
bonds offered
sealed bids until 10
BONDS
,
148,
sewer
,
Due Jan. 1.
PORT HURON,
Mich.—BOND OFFERING—Harry C.
Schuberth,
Commissioner of Finance, will receive sealed
bids until 2:30 p. m. (EST)
on
Maj'29 for the purchase of $37,500 not to exceed
3% interest paving
bonds, divided as follows:
Roy E.
DISTRICT
MONTANA
and
for tenders until
May 22 of county highway improverefunding bonds—Y. 148, p. 2940—resulted in the
purchase
$54,500 of( securities.
-
D
to 1959 incl.
OFFERING— R.
F. Copper, City Clerk,
will receive sealed bids until 2
p. m. (EST) on June 13 for the purchase of
to exceed
4% interest tax anticipation notes.
Dated May 1.
1939.
Due on or before April 1, 1940.
Prin. and int. payable at the City '
Treasurer s office.
chaser
SEWER
May 19—V. 148, p. 2940—was purchased by the Mississippi
Valley Trust Co. of St. Louis, as2%s, paying a premium of $302.75, equal to
100.17, a basis of about 2.73%. Dated June 1,1939. Due from June 1,1942
on
Due Jan. 1, as follows: $8,000 in 1940 and 1941. $9,000 in 1942 to
1944, $10,000 in 1945 to 1947, and $11,000 in 1948 and 1949.
140,000 State College students union construction 4% semi-ann. bonds.
MICHIGAN (State of)—SINKING FUND
HOLDINGS SOLD—A total
$1,098,000 of various local municipal bond
issues, taken from the State
sinking funds, and offered for sale on
May 22—V. 148, p. 3104—were
warded to various investment houses at
prices substantially above par.
or
of
SANITARY
Overland), Mo.—BOND .SALE—The $175,000 issue of
for sale
•'
of the
„
JOHNS-OVERLAND
b'For $16,000 2^s and $10,000 1Kb.
were
date.
ST.
in
Bank, both of Tekamah, jointly, as 3Hs,
$1,000 denominations and are subject to call after 5 years.
NEW
*
were issued
HAMPSHIRE
NASHUA, N. H.—NOTE OFFERING—City Treasurer will receive
bids until 10
a. m. on
due $100,000 each
sealed
May 29 for the purchase at discount of $200,000 notes,
March 29 and April 29, 1940.
on
Volume
Financial
148
Chronicle
oJWr^BURG' ALTONA. MOOERS and CLINTON CENTRAL
§£££.9*-™P^TRICT NO. 1 (P. O. Ellen burg Depot), N. Y .—BOND
jersey
new
OFFERING—Fred C. Adams, District Clerk, will receive sealed bids until
1:30 p. m. (EST) on June 1 for the purchase of $32,000 not to exceed 6%
interest coupon or registered school bonds.
Dated June 1, 1939.
Denom.
APPROVED—The proposal of
the town to
issue a total of $1,621,000 bonds, as described in V. 148,
p. 2308, to provide a more orderly debt service calendar with a realignment
and extension of maturities was approved at the May 11 meeting of the
State Funding Commission.
The town is operating on a cash bais in accord¬
BELLEVILLE,
ance
N.
J.—REFUNDING
150°.
Bank
$109,000 home relief bonds.
Due April 15
and $11,000 from 1941 to 1949 incl.
25
exceed
bonds as consti¬
Y. City.
certify
•
.
LAWN, N. J.—BOND SALE—The $33,000 coupon or registers!
offered May 23—-V. 148, p. 2941—were awarded to John B.
Fair Lawn-Radburn Trust Co
3M%
3M%
3H%
-
J. S. Rippel & Co
H. L.Allen & Co
w
-
Due $5,000 on Feb. 1 from 1940 to 1949 incl.
Bidder to
single rate of interest, expressed in a multiple of M or 1-1 Oth of 1 %.
(F-A), payable at the Ilion National Bank & Trust Co.,
Ilion, with New York exchange.
A certified check for $1,000, payable to
order of the town, is required.
The bonds are general obligations of the
town, payable from unlimited taxes, and the approving legal opinion of
Dillon, Vandewater & Moore of N. Y. City will be furnished the successful
100.7703
GREENBURGH (P.
O. Tarrytown), N. Y.—BOND SALE—The
$115,000 coupon or registered bonds offered May 24—V.. 148, p. 2942—
were awarded to the County Trust Co. of White Plains as 1.90s at a price
of 100.116, a basis of about 1.87%.
Sale consisted of:
100.77
.
and int.
bidder.
100.50
3%%
FERRY, N. J.—BONDS SOLD TO PWA—The Public Works
purchased $69,000 4% sewage plant bonds at par.
Dated
Due as follows: $2,000 from 1939 to 1950 incl. and $3,000
each.
Sept. 1, 1938.
N. J.—ORDERS PUBLIC SALE OF
2467.
The Commission also disapproved a resolution adopted by the
township on May 11 providing for sale of the bonds, as 4s, for a premium
of $360, to Julius A. Rippel, Inc., Newark.
It further disclosed that
Ira Haupt & Co., New York, had offered to purchase the bonds as 3Kb, at
a premium.
p.
new
SCHOOL
COUNTY
BERNALILLO
mexico
DISTRICT
NO.
(P.
28
O.)
Albuquerque), N. Mex.—BONDS DEFEATED—It is stated by County
Treasurer that the voters
defeated recently the issuance of $15,000 in
school construction bonds.
NEW
in
as
follows: $1,000 from
'
.
All of the bonds
are
dated May 1, 1939.
Bidder—
.
Other bids:
Int. Rate
Halsey, Stuart & Co., Inc
George B. Gibbons & Co. and Sherwood & ,
Reichard, Inc
Roosevelt & Weigold, Inc
Marine Trust Co., Buffalo, and R. D. White & Co.
A. C.
Rate Bid
'
2M%
100.166
2.30%
2.60%
2.80%
100.07
100.22
100.269
Allyn & Co., Inc., and E. II. Rollins & Sons,
100.28
"-2.90%
Inc.......
FREE SCHOOL DISTRICT NO. 28
(P. O.
N. Y.—BOND OFFERING—James J. Morrison, District
until 3:45 p. m. (DST) on June 6 for the
purchase of $485,000 not to exceed 4% interest coupon or registered building
bonds.
Dated May 1* 1939.
Denom. $1,000.
Due May 1 as follows:
$16,000 from 1940 to 1946, incl.; $20,000, 1947 to 1954, incl.; $21,000 in
1955 and $24,000 from 1956 to 1963, incl.
Bidder to name a single rate of
interest, expressed in a multiple of M or 1-1 Oth of 1%.
Principal and
interest (M-N) payable at the South Shore Trust Co., Rockville Centre.
Proceeds will be used to supplement a Public Works Administration grant
for construction of a junior and senior high school building.
The bonds are
unlimited tax obligations If the district and the approving legal opinion of
Reed, Hoyt, Washburn & Clay of New York City will be furnished the
successful bidder.
A certified check for $9,700, payable to order of Frank
G. Waldron, District Treasurer, is required.
HEMPSTEAD
UNION
Long Beach),
MEXICO, (State of)—BONDS SOLD—It is reported that $100,000
to build a prison farm were authorized recently by the State
bonds
Board of Finance.
1
1950.
9,000 Fairview Water District bonds.
Denom. $1,000.
Due $1,000
on May 1 from 1940 to 1949, inclusive.
25,000 Hartsdale Water District bonds.
Denom. $1,000.
Due $5,000
on May 1 from 1940 to 1944, inclusive.
42,500 highway bonds.
One bond for $500, others $1,000 each.
Due
May 1 as follows: $4,000 in 1940 to 1942. incl., $5,000 from 1943 to
1947, incl., and $5,500 in 1948.
»
28,000 public welfare bonds.
Denom. $1,000.
Due May 1 as follows:
$3,000 from 1940 to 1947, incl., and $2,000 in 1948 and 1949.
BONDS—
The State Funding Commission has ordered the township to ask for sealed
bids in selling the issue of $72,000 refunding bonds mentioned in—V. 148,
WEST
CALDWELL, N. J.—BOND SALE—'The Citizens National
Bank & Trust Co. of Caldwell purchased on May 12 an issue of $10,000
municipal building and land purchase bonds as 3s, at a price of 101.16.
The Caldwell National Bank offered to pay 101 for 3s.
Due May
and $500 in
to 1965 incl.
OCEAN TOWNSHIP,
One bond for $500, others $1,000
1940 to 1949, incl.,
$10,500 Fair view Sewer District; bonds.
Administration
from 1951
A certified check for 2% of bonds bid for,
Chamberlain, is required.
Legal opinion of
City
Denom. $1,000.
Prin.
10111
100.88
3M%
of
name a
100.157, a basis of about
3.22%.
Dated May 1, 1939 and due May 1 as follows: $2,000 from
1940 to 1954, incl., and $3,000 in 1955.
Reoffered to yield from 1% to
3.25%, according to maturity.
Other bids:
Bidder—
Int. Rate
Rate Bid
H. B. Boland & Co__._
order
GERMAN FLATTS (P. O. Mohawk), N. Y.—BOND OFFERING—
Floyd A. Clayton, Town Supervisor, will receive sealed bids until 1 p. m.
(EST) on June 9 for the purchase of. $50,000 not to bxceed 5% interest
coupon or registered bridge and highway bonds.
Dated Feb. 1, 1939.
Carroll & Co., New York, as 3M». at a price of
J. G. Kress & Co
to their genuineness.
to
Caldwell & Raymond of N. Y. City will be furnished the successful bidder.
water bonds
LITTLE
as
payable
(P.
O. Moorestown),
N. J.—RETIRES
$29,000 BONDS—The call for tenders up to May 16 of general refunding
bonds dated Dec. 1, 1936 and due Dec. 1, 1975—V. 148, p. 2781—resulted
in the retirement of a total of $29,000 bonds at a cost of $20,337.50, accord¬
ing to minutes of Municipal Finance Commission meeting of May 18.
F FAIR
$3,000 from
the respective issues, but all bonds of each issue must bear
Prin. and int. (A-0 15), payable at Continental Bank &
Trust Co., New York, which will supervise preparation of the bonds and
TOWNSHIP
CHESTER
$10,000 in 1940
may be bid for
the same rate.
single issue and name one rate of interest, expressed in a multiple
1-lOth of 1 %.
The price for which the bonds may be sold cannot
$393,000.
Prin. and int. (J-D) payable at the Chemical Bank
& Trust Co., N.
follows:
Due $2,000 on April 15 from 1940 to 1949 incl.
All of the bonds will be dated
April 15, 1939. '* Denom. $1,000.
Rate of
interest to be expressed in a multiple of 34 or 1-10th of 1 %.
Different rates
a
or
waterworks bonds.
33,000 public works project bonds.
Due April 15 as follows:
1940 to 1946 incl. and $4,000 from 1947 to 1949 incl.
the successful bidder.
ADDITIONAL DETAILS—Bidder must consider the
as
m
Interest J-D.
A certified
check for 2 %, payable to order of the County Treasurer, is required.
Legal
opinion of Reed, Hoyt, Washburn & Clay of New York City will be furnished
of \i
single rate of interest, expressed
name a
FULTON, N. Y.—BOND OFFERING—Harold A. Fielding,
City
Chamberlain, will receive sealed bids until 2:30 p. m. (EST) on June 1 for
interest coupon or registered
All of the bonds will be dated June 15, 1939.
tuting
$1,000 from 1940 to 1947, incl., and $1,500
Bidder to
the purchase of $162,000 not to exceed 6%
bonds, divided as follows:
X949f incl,
113,000 road improvement bonds.
Due June 15 as follows: $10,000 in
1940 and 1941; $11,000 from 1942 to 1944, incl., and $12,000 from
_
as follows:
or 1-10th of 1%.
Prin. and int. (J-D) payable at the
Ellenburg, Ellenburg Depot.
The bonds are unlimited
obligations of the district and the approving legal opinion of Feinburg &
Jerry of Plattsburg will be furnished.
A certified check for $1,000, payable
to order of Howard E. Hebert," District Treasurer, is
required.
„
,
of
tax
BERGEN COUNTY (P. O. Hackensack), N. J .—BOND OFFERING—
sealed bids until 11 a. m.
(DST) on June 12 for the purchase of $392,000 not to exceed 6% interest
coupon or registered bonds, divided as follows:
$279,000 general bonds.
Due June 15 as follows: $22,000, 1910; $30,000-,
1941; $29,000, 1942 to 1944, incl., and $28,000 from 1945 to
Robert S. Tipping, County Treasurer, will receive
1945 to 1949, incl.
Due June 1,
from 1948 to 1963, incl.
& a. muMpte of }i
State
said.
with Chapter 60, the Commission
3267
.
NewYork State
Municipals
Tilney & Company
NEW YORK,
76 BEAVER STREET
N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
Clerk, will receive sealed bids
HURLEY COMMON SCHOOL DISTRICT NO. 4 (P. O. Hurley),
Y.—OTHER BIDS—The $38,000 school issue awarded to the Marine
2.2Cs, at a price of 100.43, a basis of about 2.14%—
V. 148, p. 3106—was also bid for as follows:
'
•
N.
.
Trust Co. of Buffalo as
_
Bidder—
NEW
YORK
ALDEN, N. Y.—BOND SALE—The $10,000 coupon or registered im¬
provement bonds offered May 24—V. 148, p. 3106-r—were awarded to
the Manufacturers <fe Traders Trust Co. of Buffalo as 2Ms at 100.219,
a basis of about 2.21%.
Dated May 1, 1939 and due Nov. 1 as follows:
$1,000 from 1939 to 1943, incl., and $500 from 1944 to 1953, incl
The
Union Securities Corp., New York, second high bidder, offered 100.14
for 2.30s.
BALDWINSVILLE,
N.
Y .—BOND
OFFERING— Frank
Halligan,
bids until 3 p. m. (EST) on June 6 for the
purchase of $25,000 not to exceed 4% interest coupon or registered series B
sewer
bonds.
Dated June 1, 1939.
Denom. $1,000.
Due June 1 as
follows: $2,000 from 1940 to 1947, incl., and $3,000 from 1948 to 1950, incl.
Bidder to name a single rate of interest, expressed in a multiple of M or
l-10th of 1%.
Principal and interest (J-D) payable at the Baldwinsville
State Bank, Baldwinsville, with New York exchange.
The bonds are
general obligations of the village, payable from unlimited taxes.
A cer¬
tified check for $500, payable to order of the villaeg, is required.
Legal
opinion of Dillon, Vandewater & Moore of New York City will be furnished
the successful bidder.
■
■ <
1
,'
,
BUFFALO,
N.
Y.—BOND
OFFERING—William
A.
Eckert,
City
Comptroller, will receive sealed bids until 10 a. m. (EST) on June 1, for
the purchase of $5,750,000 not to exceed 6% interest coupon or registered
bonds, divided as follows:
$3,500,000 refunding bonds. Bidder to name one rate of interest, expressed
in a multiple of M or l-10th of 1%.
Due July 1 as follows:
$70,000 from 1940 to 1944. incl. and $630,000 from 1945 to
1949, inclusive.
750,000 city contribution-relief project bonds.
Bidder to name one rate
of interest, expressed in a multiple of M or l-10th of 1%. Due
$75,000 on July 1 from 1940 to 1949, inclusive.
1,500,000 city auditorium bonds.
Bidder to name one rate of interest,
expressed in a multiple of M or l-10th of 1%.
Due $75,000 on
July 1 from 1940 to 1959, inclusive.
1939.
Denom. $1,000,
Principal
City Comptroller's office, or at Central
York City. A certified check for $115,000,
All of the bonds will be dated July 1,
and
interest
(J-J)
payable
at
Hanover Bank & Trust Co., New
payable to order of the Comptroller, is required.
Bonds will be delivered
to purchaser on or
about July 1, 1939 at either the City Comptroller's
office or at Central Hanover Bank & Trust Co., New York, and preferred
place of delivery must be specified in the bid.
Legal opinion of Caldwell
& Raymond of New York City will be furnished the successful bidder.
COHOES, N. Y.—BOND SALE—The $67,672.98 coupon or registered
22—V. 148, p. 3106—were awarded to E. H.
Rollins & Sons, Inc., New York, as 2.90s, at a price of 100.10, a basis of
about 2.88%.
Dated May 1, 1939, and due May 1 as follows: $7,672.98
in 1940; $7,000 from 1941 to 1946, incl., and $6,000 from 1947 to 1949, incl.
bids:
Int. Rate
Bidder—
A. C. Allyn
& Co., Inc
Manufacturers & Traders
—1
Trust Co__
_
2.90%
3.20%
.
Rate Bid
Par
100.15
B,
—
100.30
100.22
100.16
100.14
l0(l Zl
100.31
Par
100.198
2.20%
2.20%
2.20%
2.20%
2.25%
2.30%
2.40%
2.50%
'
LACKAWANNA, N. Y —BOND SALE—The $424,300 coupon or regis¬
tered bonds offered May 25—V. 148, p. 3106—were awarded to a group
composed of the Marine Trust Co. of Buffalo and Goldman, Sachs & Cq.,
B
J Van Ingen & Co , Inc , and R. D. White & Co., all of Ne>v York, as
2.20s, at a price of 100.069, a basis of about 2.19% .
Sale consisted of:
improvement bonds.
Due May 1 as follows: $25,000, 1940 to
1943, incl.; $20,000 from 1944 to 1956, incl.; $15,000 in 1957 and
1958, and $10,000 in 1959.
24 300 fire apparatus bonds.
Due May 1 as follows: $4,300 in 1940 and
$5,000 from 1941 to 1944, inclusive.
„
$400 ' 000
^
'
.
bonds will be dated May 1, 1939 and in reoffering them for
public investment the bankers priced the 1940-1953 maturities to yield
from 0 50% to 2.20%; the 1954-1956 maturities at 99.50, and the balance
of the bonds at 99.
Other bids for the bonds, as 2Ms, were as follows:
All of the
*
Bidder——
Bros.,
Manufacturers & Traders Trust Co., Buffalo,
& Co., jointly..
.
..
Rollins & Sons, A. C. Allyn & Co. and Bacon, Stevenson
Lehman
Rate Bid
;
and Phelrs, Fenn
E
H.
Co
jointly
Blair & Co., Inc., and Roosevelt & Weigold,jointly.
Kean, Taylor & Co .Campbell, Phelps & Co., Eldredge
&
and
.
Sherwood & Reichard, Inc.,
jointly
& Co.
100.189
100.189
100.15
100.07
LOCKPORT, N. Y.—BOND SALE—The $1,602,540 coupon or regis¬
tered bonds offered May 23—V. 148, p. 3106—were awarded to a group
composed of Lazard Freres & Co., New York, Marine Trust Co. of Buffalo,
B
P Van Ingen & Co., Inc., and R. D. White & Co., both of New York,
as 1.70s, at a price of 100.689, a basis of about 1.62%.
Sale consisted of:
$grt 000 home relief bonds.
Denom. $1,000.
Due May 1 as follows:
$7 000 from 1940 to 1944, incl., and $9,000 from 1945 to 1949, incl.
66 000 city hospital bonds.
Denom. $1,000.
Due May 1 as follow.
$3,000 from 1940 to 1953, incl. and $4,000 from 1954 to 1959, incl.
W7>00 improvement bonds.
Denom. $1,000.
Due May 1 as follows:
$8,000 in 1940 and $9,000 from 1941 to 1948, inclusive.
'
ft76 540 school
676,54U *
home relief bonds offered May
Other
Rate Bid
Int. Rate
'
'
Village Clerk, will receive sealed
,
,
&, Reichard, Inc., and George
Gibbons & Co.
Ira Haupt & Co
—
Gordon, Graves & Co
Roosevelt & Weigold, Inc..
A. C. Allyn & Co..
.
Bernhard, Bennett & Co
"—...
Ulster County Savings Institution
R. D. White & Co___
Sherwood
construction bonds. One bond for $540, others $1,009
l M folloW8.
$25,540, 1940; $25,000, 1941 to 1943,
$30,000, 1944 to 1945;
tond?Ve'Denom.
$35,000 in 1946 and $37,000 from
each.
incl.;
1947 to
Due May 1 as follows: $26,000
,n 1943 and ,39,000 from 1944 to
i
! t
1 ' 1 A
*
"All of the bonds are dated May 1, 1939 and were re-offered by the pur¬
chasers to yield from 0.20 % to 1.75 %, according to maturity.
7no nno mwot
700,0(?0
1958, inclusive.
$1,000.
lnc|^7000
sewer^nus.
'
.
1
■
3268
Financial
MALVERNE, N. Y.—BOND SALE—The $15,000
coupon
bonds offered May 22—V.
Co., New York,
Sale
consisted
$8,000 tax
Chronicle
registered
or
as
of:
bonds.
Due $2,000 on June 1 from 1940 to
1943, incl.
7,000 street improvement bonds.
Due June 1 as follows:
$2,000 in 1940
revenue
and 1941 and $1,000 from 1942 to
1944, incl.
All of the bonds are dated June 1, 1939.
The Nassau County National
Bank of Rockville Centre, second
high bidder, offered 100.033 for 1Hb.
Other bids:
Bidder—
Int. Rate
Ira Haupt A Co
Morgan Kennedy & Co
Manufacturers & Traders Trust Co
First National Bank & Trust Co. of
Freeport
R. D. White & Co
$16.00
14.85
Par
1.40%
1.75%
2.50%
2.50%
-
Peoples National Bank & Trust Co. of Lynbrook
Bank of Rockville Centre & Trust Co
be furnished the successful bidder.
OSWEGO, N. Y.—BOND OFFERING—Thomas J.
Hunter, City Cham¬
berlain, will receive sealed bids until 11 a.m.
(DST) on June 1 for the
purchase of $273,000 not to exceed 6% interest coupon or
registered bonds,
Premium
1.40%
1.40%
1.40%
divided
Par
6.45
15.00
Par
to 1949 incl.
„
PLATTSBURG, N. Y .—POWER PLANT RULING MODIFIED—The
decision of Supreme Court Justice Ellsworth C.
Lawrence
in which the
in
in 1939.
In addition the city has $187,000 in "so-called"
revenue producing sewer
bonds, which the city contended should not be included as
part of the
city's indebtedness under the debt limit provision.
The Court decided,
with an opinion by the late Justice Leon C.
Rhodes, which represented the
majority opinion of the Court, that these bonds should be included as a
portion of the city's bonded indebtedness.
In March, 1936 the Common
Council of the city passed a resolution, later
approved by the voters, pro¬
viding for construction of a municipal power plant at an estimated cost of
$520,000, with a maximum cost of $594,000, of which
45% or $234,000 was
by
Federal
•
to be covered
NEW YORK (State of)—$75,000,000
LOW RATE—State Comptroller Morris S.
NOTES SOLD AT RECORD
Tremaine borrowed $75,000,000
allotment of notes in that amount to 92 banks and
investment houses in the State.
Rate of interest was fixed at
0.15%, a
record low, and the notes bear date of
May 26, 1939 and mature Dec. 26,
1939.
Bulk of the proceeds will be used
mainly for State aid to common
schools.
Mr. Tremaine said that "despite the
unprecedented low interest
rate for such financing
deman^ for the notes far exceeded the supply."
This was vividly demonstrated in the
fact that such portion of the notes
which were available for reoffering were
quoted at 0.10% bid and 0.05%
asked.
The last previous borrowing of this character
by the State was
undertaken on Feb. 6 when an issue of
$100,000,000, due in about five
months, required a couponn rate of 0.20%.
A rate of only 0.15% was
necessary in the current operation despite the fact that the
obligations run
for seven months. Allotments were as follows:
.
$1,500,000 Each
-
..
.
.
...
Chemical Bank & Trust Co., Empire Trust
Co., Public National Bank &
Trust Co., J. Henry Schroder Trust
Co., Blair & Co., Inc., C. J. Devine
& Co., First Boston
Corp., Phelps, Fenn & Co.,
Smith, Barney & Co.
$1,000,000 Each
o
<
■
Brooklyn Trust Cb., City Bank Farmers Trust Co., Continental Bank
& Trust Co., Kings
County Trust Co., Manufacturers Trust Co., National
Commercial Bank & Trust Co.,
Albany; State Bank of Albany, Albany,
Blyth & Co., C, F. Childs & Co., Emanuel & Co.,
Goldman, Sachs & Co.,
Halsey, Stuart & Co., Inc., Ladenburg, Thalmann &
Co., Lazard Freres
& Co., R. W.
Pressprich & Co., Speyer & Co., Stone & Webster arid
Blodget, Inc.
•
$600,000 Each
POUNDRIDGE
of
*
,
•
Federation Bank & Trust.Co., Fifth Avenue
Bank of New York, First
Trust Co., Albany, Lawyers Trust
Co., South Shore Trust Co., Rockville
Centre; A. C. Allyn & Co., Baker, Weeks & Harden,
Darby & Co., Dominick
& Dominick,
Eldredge & Co., Ernst & Co., First of
Forgan
&
Co.,
Hannahs,
Heidelbach, Ickelheimer
Corp., Otis & Co.
Ballin
&
Co.,
&
Lee,
Michigan Corp., Glore,
Harris
Trust
&
Savings Bank,
Heiriphill, Noyes & Co., Lee Higginsori
,
$100,000 Each
_NISKAYUNA (P. O. Schenectady), N.Y.—BOND
OFFERING—Ray E.
Whamer, Town Supervisor, will receive sealed bids at the
office of Roy W,
Peters, Esq., 514 State St., Schenectady, until 11 a. m.
(DST) on June 1
for the purchase of $33,092.06
not to exceed 6% interest
registered bonds,
divided as follows:
*•
■
$23,721.81 Sewer District No. 1, extension of 1939
bonds.
One bond for
$1,221.81, others $1,000 each.
Due May 1 as follows:
$1,221.81
in 1940 and $1,000 from 1941 to
1958 inclusive.
8,672.00 Water District No. 5, extension of 1939
bonds.
One bond for
$572, others $450.
Due May 1 as follows:
$450 from
1940 to
1957 incl. and $572 in 1958.
698.25 Sewer District No. 2, extension of
1939 bonds.
Due $36.75
on May 1 from 1940 to
1958 inclusive.
All of the bonds will be dated
May 1, 1938.
Bidder to name a single
rate of interest,
expressed in a multiple of H or 1-10 of
1%.
Principal
and interest
(M-N) payable at the Schenectady Trust Co.,
Schenectady,
with New York
exchange.
The bonds are payable
primarily from assess¬
ments on property in the various
districts, but are general obligations of the
town and all of its taxable
property may be taxed without limitation as
to rate or amount to
provide for payment of principal and interest
A
certified check for $670, payable to order of
the town, is required.
Legal
opinion of Dillon, Vandewater & Moore of New York
City will be furnished
.
bidder.
ORANGETOWN
(P. O. Nyack), N. Y.—OFFERING OF PEARL
RIVER SEWER DISTRICT
BONDS—Robert H. Clark, Town Supervisor,
will receive sealed bids until
10 a. m. (EST) on June 2 for the
purchase of
$233,750 not to exceed 6% interest
coupon or registered Pearl River Sewer
District bonds.
Dated June 1, 1939.
One bond for $750, others
$1,000
each.
Due June 1 as follows:
$10,750, 1940; $10,000 from 1941 to 1952.
incl.; $13,000, 1953; $15,000 from 1954 to
1959, incl.
Bidder to name a
single rate of interest, expressed in a multiple of
% or 1-I0th of 1%.
Prin.
and int. (J-D)
payable at the First National Bank & Trust
Co., Pearl
River, or at option of the holder, at the
principal office of the
FREE
D.
1),
SCHOOL
N.
DISTRICT NO. 1 (P. O.
Y.—BOND OFFERING—L. Ray¬
York; Boatmen's National Bank, St. Louis; Reynolds & Co., New
York;
Newton, Abbe & Co., Boston; Granbery, Marache & Lord, and William
R. Gompton & Co., both of New York, as 1.30s, at a
price of 100.0299, a
basis of about 1.29%-. Sale consisted of:
$1,915,000 public welfare bonds of 1939. Due June 1 as follows: $190,000
from 1940'to 1948 incl. and $205,000 in 1949.
1,300,000 public works bonds.
Due .Tune 1 as follows:
$125,000 froip
1940 to 1942 incl.:
$175,000 in 1943 and $150,000 from 1944
to 1948 incl.
500,000
bonds.'
Due'June 1 as follows:
$25,000 from 1940
1955 incl.; $30,000 in 1956 and $35,000 in 1957 and 1958.
sewer
All of the bonds
Irving Trust
to
^
dated June 1, 1939 and, in the reoffering to the
public,
they were scaled up to a 1.75% basis. Other bids were as follows: \
are
Bidder—
'
■
tint. Rate
»*
National City Bank of New York, Salomon Bros. &
Hutzler, R. W. Pressprich & Co., et al___
Lehman Bros., Phelps, Fenn & Co., Blair
Rate Bid
1.40%
100.07
£ Co., Inc.,
©fc &1
—
1.40 ^
100.069
1.50%
100.419
Halsey, Stuart & Co., Inc., Darby & Co., Shields &
Co., et.al
Chemical Bank & Trust Co., Smith, Barney & Co.,
First Boston.Corp., et al__^
Chase National Bank, Bankers Trust Co., Goldman,
Sachs & Co., et aL.«
Harriman Ripley & Co., Inc., Blyth & Co., Inc.,
George B..Gibbons & Co., Inc
SCARSDALE
UNION
FREE
1.50%
100.415
1.50%
100.319
150%
—
—■
Brown Bros. Harriman &
Co., Fiduciary Trust Co. of New York, Fulton
Trust Co., United States Trust Co. of
New York, Dick &
Merle-Smith,
Francis I. du Pont & Co.,
Harvey Fisk & Sons, Inc., Hallgarten &
Co.,
MacKenzie & Co., Inc., Robert C.
Mayer & Co., Mellon Securities Corp.,
Paine, Webber & Co.; L. F. Rothschild &
Co., Shields & Co., Stern, Lauer
& Co., Swart, Duntze &
Co., White, Weld & Co., Riter & Co.
the successful
F.
ROCHESTER, N. Y.—BOND
SALE— The
$3,715,000 coupon
or
registered bonds offered May 23—V. 148, p. 3107—were awarded to a
syndicate composed of Harris Trust &
Savings Bank, Chicago; First
National Bank of New York; Lazard Freres &
Co., New York; Northern
Trust Co., Chicago; Mercantile-Commerce Bank & Trust
Co., St. Louis;
Graham, Parsons & Co., Eldredge & Co., R. L. Day & Co., all of New
Trust Co.,
$300,000 Each
R.
(J-D) payable at the Mount Klsco National Bank & Trust Co., Mount
Kisco.
The bonds are unlimited tax olbigations of the district and
the
approving legal opinion of Reed, Hoyt, Washburn & Clay of N. Y. City will
be furnished the successful bidder.
A certified check for
$1,200, payable
to order of Clara Offen, District Treasurer, is required.
New
York, Bronx County Trust Co., Commercial National
Irving Trust Co., Liberty Bank, Buffalo, New York
Hanseatic Corp., Sterling National Bank & Trust
Co., Trust Co. of North
America, Bacon, Stevenson & Co., Eastman Dillon &
Co., Gertlcr & Co.,
Inc., Geo. B. Gibbons & Co., Inc., Kidder,
Peabody & Co., Merrill, Lynch
& Co., H. L. Schwamm & Co.
UNION
Springdale, Conn.,
,
Bank
Bank &
.
mond Waterbury, District Clerk, will receive sealed bids until 3
p. m. (EST)
on June 1 for the purchase of $60,000 not to exceed
6% interest coupon
or
registered building bonds.
Dated June 1,
1939.
Denom.
$1,000.
Due $4,000 on June 1 from 1940 to 1954, incl.
Bidder to name a single rate
of interest, expressed in a multiple of
ii or 1-10th of 1%.
Prin. and int.
1
,
$2,000,000 Each
grant.
a
New York State Gas & Electric Corp.
began an action to restrain the
city from proceeding with the project on two grounds; first because the
amount to be borrowed would place the
city's indebtedness beyond the
constitutional debt limit, and further that the plant could
not be con¬
structed for less than $687,540.
The Supreme Court upheld the
company
on both grounds.
The Appellate Division ruled, however, the cost should
not be determined until bids had been received.
an
.
modified,
decision handed down recently by the
Appellate Division, according
from which we quote further as follows:
The total assessed valuation of the
city was placed by the Court at
$5,393,205.40, fixing the debt limit at 10% of this figure.
$539,320.54.
Outstanding bonds amount to $27,000, of which $24,000 are to be retired
a highway at grade, partly elevated and
parly by means of a
125th Street to the Harlem River
driveway near West
165th Street along the Harlem River waterfront in
Manhattan, also with
a plan which
may provide for walls on either side for
barring access to the
'
a
By the terms of the decision, however, the
city's borrowing capacity is
placed at $82,320.54, plus any outstanding indebtedness which has been
paid.
The Court's order permits the city to advertise for
bids, and upon
receipts of such bids proceed with construction of the
power plant at a cost
not exceeding such borrowing capacity.
tunnel from East
.
a
on Jan. 31, 1938,
enjoined from proceeding with the issuance of
$360,000
municipal power plant—V. 146, p. 951—was
was
to press reports,
structing
.
city
bonds to finance
GOVERNOR SIGNS BILIJS TO FINISH EAST RIVER DRIVE—
Governor
Lehman signed two bills on May 25 which set
up the necessary statutory
provisions to enable New York City to complete the unfinished
sections of
the East River Drive.
Both bills were sponsored in the
Legislature by
Senator Frederic Ii. Coudert Jr., Manhattan
Republican.
■->
One authorizes the City Board of Estimate to
acquire property for the
construction of a public highway at grade,
partly double deck and partly
triple deck, the third deck for pedestrian traffic or park
purposes or as
a cover over the
street, from East 49th to East 93d Street, along or near
the East River waterfront in Manhattan, with
apian which may provide
for walls on either side
barring access to the highway.
The other authorizes the Board of Estimate
to acquire property for con¬
Chase National Bank, National City
Bank, Bank of the Manhattan Co.,
Bankers Trust, Central Hanover Bank & Trust
Co., First National Bank,
Guaranty Trust Co., Manufacturers & Traders Trust Co.,
Buffalo; Marine
Trust, Buffalo; J. P. Morgan & Co., Barr Bros. &
Co., Harriman Ripley
& Co., Lehman
Bros., Salomon Bros. & Hutzler.
1939.
Denom. $1,000.
Rate of
H or 1-10 of 1%.
Different rates
may be named on the respective issues.
Principal and interest (M-N)
payable at the First & Second National Bank & Trust
Co., Oswego.
The
bonds are unlimited tax obligations of the
city and the approving legal
opinion of Caldwell & Raymond of New York will be furnished the success¬
ful bidder.
A certified check for 2% of the bonds
bid for, payable to order
of the City Chamberlain, is required.
Delivery will be made on or about
June 10 at the Marine Midland Trust
Co., New York.
regular
May 25 through
follows:
All of the bonds will be dated May
1,
Interest to be expressed in a multiple of
meeting on June 8.
At the special meeting the board received
copies of the proposed agree¬
ment between the city and the
Triborough Bridge Authority with respect
to the construction and operation of the
bridge, the building of approaches
and the acquisition ahd improvement of land.
In the letter in which the Mayor called the
hearing, he said the board
should have an opportunity of passing on the revised
plans.
Before the agreement between the
city and the Triborough Bridge
Authority could become effective, according to its terms, Robert
Moses,
Chairman of the Authority, would have to file in the
Mayor's office a
certificate showing that the War Department had
approved tne bridge and
that the Authority had contracted to sell
enough of its bonds to finance the
project, now estimated to cost $44,000,000.
on
as
$88,000 sewer system improvement bonds.
Due May 1 as follows: $4,000
from 1940 to 1951 incl. and $5,000 from
1952 to 1959 incl.
125,000 home relief bonds.
Due May 1 as follows:
$12,000 from 1940 to
1944 incl. and $13,000 from 1945 to 1949
incl.
60,000 public works project bonds.
Due $6,000 on May 1 from 1940
NEW YORK, N. Y.—BATTERY BRIDGE
PUBLIC HEADING SET
FOR JUNE 8—The Board of Estimate, at a
special meeting held on May 25
at the request of
Mayor LaGuardia, voted to hold a public hearing on the
revised plans for the proposed
Brooklyn-Battery Bridge at its. next
highway.
May 27, 1939
Co., N. Y. City .11 The bonds are payable in the first
instance from taxes
to be assessed on property in the Pearl
River Sewer District, but if such
revenues are insufficient for the
purpose, then all of the town's taxable prop¬
erty will be subject to levy of unlimited ad valorem
taxes to service the
obligations.
A certified check for $4,675,
payable to order of the town, is
required.
Legal opinion of Hawkins, Delafield &
Longfellow of N. Y. City
will
148, p. 2942—were awarded to C. F. Childs &
1.20s, at a price of 100.173, a basis of about
1.13%.
100.287
SCHOOL
DISTRICT NO. 1 (P. O.
Scarsdale), N. Y.—BOND OFFERING—George A. Marsh, District Clerk,
will receive sealed bids until 3:30 p. m. (EST) on June 20 for the
purchase of
$25,000 not to exceed 6% interest coupon or registered school bonds.
Dated July 15, 1939.
Denom. $1,000.
Due July 15 as follows: $2,000
from 1940 to 1944, incl., and
$3,000 from 1945 to 1949, incl.
Bidder to
name a single rate of interest,
expressed in a multiple of K or l-10th of 1 %.
Prin. and int. (J-J 15) payable at the Scarsdale National Bank & Trust
Co.,
Scarsdale.
The bonds are unlimited tax obligations of the district and the
approving legal opinion of Hawkins, Delafield & Longfellow of N. Y. City
will be furnished the successful bidder.
A certified check for $500, payable
to order of the District
Clerk, must accompany each proposal.
SYRACUSE, N. Y.—BOND
OFFERING—Thomas E. Kennedy. Com¬
Finance, will receive sealed bids until 11 a. m. (DST) on
$600,000 not to exceed 6% interest coupon or
registered bonds, divided as follows:
.**• 1
missioner
of
June 2 for the purchase of
$468,000 Federal Aid project series A bonds of 1939.
Due May 15
follows: $46,000 in 1940 and 1941 and $47,000 from 1942
1949, incl.
132,000 Federal Aid project series B bonds of 1939.
Due May 15
follows: $24,000 in 1940 and $27,000 from 1941 to 1944, incl.
as
to
as
All of the bonds
are
dated May 15, 1939.
Denom. $1,000.
Rate of
a multiple of % or l-10th of 1 %.
Different rates
be named on the respective issues.
Principal and interest (M-N 15)
payable at the Chase National Bank, New York City.
The bonds are un¬
interest to be expressed in
may
limited tax obligations of the
city and the approving legal opinion of Cald¬
well & Raymond of New York
City will be furnished the successful bidder.
A certified check for
2% of the bonds bid for, payable to order of the Com¬
missioner of Finance, is required.
.
TROY, N. Y.—BOND SALE—The $660,000 coupon or registered bonds
offered
May 22—Y. 148, p. 3107—were awarded to Halsey, Stuart & Co.,
Inc. and Blair & Co.,
of
100.218,
a
Inc., both of New York, jointly,
Sale consisted of:
as
1.80s. at
a
price
basis qf about 1.77%.
$210,000 water bonds.
Due $7,000 on May 1 from 1940 to 1969, incl.
200,000 home relief, series B bonds.
Due $20,000 on May 1 from 1940 to
1949, inclusive.
Volume
Financial
143
150,000 public works
(WPA) projects
$22,000 from 1940 to
1949, inclusive.
100,000 debt equalization bonds, series
$20,000 in 1944 and $40,000 in
follows:
bonds of 1939.
Due May
1944, incl. and $8,000 from
1 as
1945
to
All of the bonds
are
of 1939.
Due May
1945 and 1946.
0.30% to 2.20%, according to
Premium
Inc.;
Hemphill, Noyes & Co.; A. G. Becker & Co.; R. D.
White & Co., and Schlater, Noyes & Gardner, Inc.
$983.75
1.80%
270.60
1.80%
The Manufacturers Nat. Bank of Troy
Geo. B. Gibbons & Co., Inc.; Roosevelt
& Weigold,
Inc.; Graham, Parsons & Co.; Bacon, Stevenson
& Co., and Equitable Securities Corp
Manufacturers & Traders Trust Co.; Kean, Taylor
& Co.; R. H. Moulton & Co., and Eldredge & Co.,
2,178.00
1.90%
1,841.40
1.90%
UTICA, N. Y.—BOND SALE—The $661,812 coupon or registered bonds
148, p. 3107—were awarded to a group composed of
Blyth & Co., Inc., Stone & Webster and Blodget. Inc., and the Equitable
Securities Corp., all of New York, as 1.40s, at a price of 100.243, a basis of
about 1.36%.
Reoffered to yield from 0.15% to 1.85%, according to
maturity.
The bonds are described as follows:
/
$121,812 public improvement series D bonds.
Due June 1 as follows:
$5,812 in 1940 and $4,000 from 1941 to 1969, inclusive.
170,000 public improvement series E bonds.
Due $17,000 on June 1
from 1940 to 1949, inclusive.
50,000 public improvement series F bonds.
Due $5,000 on June 1 from
1940 to 1949, inclusive.
1
5,000 public improvement series G bonds.
Due $1,000 on June 1
from 1940 to 1944, inclusive.
,
300,000 home relief bonds.
Due $30,000 on June 1 from 1940 to 1949, incl.
15,000 relief bonds.
Due June 1 as follows: $2,000 from 1940 to 1944,
incl., and $1,000 from 1945 to 1949, inclusive.
,
are
'
dated June 1,1939.
......
Other bids:
Int. Rate
•
Rate Bid
Dillon & Co. and Otis
Lehman Bros., Eastman,
& Co__.
1.40%
Shields & Co. and Sherwood & Reichard,
100.22
1.40%
*
Manufacturers & Traders Trust Co., Kean,
lor & Co. and Gregory & Son
;
100.079
10Q.39
Tay¬
1.50%
Inc_
Chase National Bank and Bankers Trust Co
1.50%
100.39
George B. Gibbons & Co., Inc., Roosevelt &
Weigold, Inc., and A. G. Becker & Co..
Harriman
Ripley & Co., Inc., and Goldman,
1.50%
100.28
1.50%
100.279
Sachs
&
Co
Graham, Parsons & Co., Hemphill, Noyes & Co.
100.234
1.50%
and
Campbell, Phelps & Co.. Inc.
Lazard Freres & Co. and R. W. Pressprich & Co__
1.50%
100.109
'
N. Y.—BOND SALE—The $303,000 coupon or reg¬
148, p. 3107—were awarded to Blair &
Co.,.Inc., and Goldman, Sachs & Co., both of New York, jointly, as 1.80s,
at a price of 100.14, a basis of about, 1.78%.
Sale consisted of:
'
$192,000 sewer system bonds.
Due May 1 as follows: $9,000 from 1940
to 1947, incl., and $10,000 from 1948 to 1959, incl.
81,000 water supply bonds.
Due May 1 as follows: $4,000 from 1940 to
1958, incl., and $5,000 in 1959.
■ .
30,000 funding bonds.
Due $6,000 on May 1 from 1940 to 1944, incl.
WATERVLIET,
istered bonds offered May 24—V.
The bonds are dated May 1, 1939, and mature serially from
1.90%, according to maturity.
Other bids:
Bidder—
and Estabrook & Co___
White & Co.; E.
Rollins & Sons, and A. C. Allyn & Co.
Lehman Bros., and Hemphill, Noyes & Cos
George B. Gibbons & Co.; Stone & Webster
Blodget, Inc., and Roosevelt & Weigold, Inc
Manufacturers & Traders Trust Co
Trust
Co.;
R.
2%
100.688
2%
Halsey, Stuart & Co., Inc
-Kidder, Peabody & Co.; Bacon, Stevenson & Co.,
Marine
0.20% to
Rate Bid
Int. Rate
'
*
100.67
H.
D.
2%
2.10%.
,
100.33
and
2M%
on
100.20
100.239
May 1, from 1940 to
1949, incl-
1,1939, and were reoffered by the success¬
yield from 0.70% to 2.90%, according to maturity.
Other
All of the bonds are dated May
ful bidders to
to
of about
cost
due
i
June 1,
on
3.31% on the bonds divided as follows: $16,500 as
$500 in 1940, $1,000 in 1941 and 1942 and $2,000 in
the remaining $20,000 as 3Ms, due $2,000 from June 1, 1950
r>r£
1959, inclusive.
CAROLINA,
State
of—BOND
OFFERING
DETAILS—In
connection with the offering of the $2,250,000 permanent improvement and
®ch°°l book bonds, which is scheduled
for June 7, as noted here—V.
148, p. 3108—it is said that the bonds
are
1, 1939.
dated July
Denom.
Due
JvdY 1 • as follows: $200,000 in 1942, $400,000 in 1943 and 1944,
$300,000 in 1945, $200,000 in 1946, and $750,000 in 1949. Prin. and int.
(J-J) payable at the Chase National Bank, New York, or at the State
Treasurer's office. The approving opinion of Masslich & Mitchell, of New
York, will be furnished.
PERSON
COUNTY
(P.
N.
Roxboro),
O.
C.—BOND SALE—The
$34,000 issue of refunding bonds offered for sale on May 23—V. 148, p. 3108
—was awarded to Scott, Horner & Mason, Inc., 6f Lynchburg, paying a
total premium of $23.80, equal to 100.07, a net interest cost of about
2.58%.
The bonds are divided as follows: •
$6,000 refunding school bonds as 2Ms.
Due on June 1, 1943.
7,000 refunding building bonds as 2Ms.
Due on June 1, 1940.
21,000 refunding road improvement bonds, as follows: $14,000 as 2Ms,
due $7,000 on June 1, 1941 and 1942, and $7,000 as 2Ms, due
on
June 1, 1945.
,
UNIVERSITY OF NORTH CAROLINA—BOND SALE—The $250,000
issue of coupon electric power and heating plant revenue bonds offered for
sale on May 23—V. 148, p. 3108—was awarded to a syndicate headed by
Lewis & Hall of Greensboro, paying a premium of
equal to 100.003,
$7.77,
net interest cost of about 2.736%, on the bonds as
follows: $43,000,
maturing Dec. 1, $8,000 in 1940 to 1942; $9,000 in 1943, and $10,000 in
1944, as 2Ms, and $207,000, maturing Dec. 1,
$10,000 in 1945; $11,000
in 1946 and 1947; $12,000 in 1948 and 1949; $13,000 in 1950 and 1951:
$14,000 in 1952 and 1953; $15,000 in 1954 and 1955; $16,000 in 1956 and
1957; $17,000 in 1958, and $18>000 in 1959, as 2Ms.
Those associated with the above firm in the purchase were: Wells-Dickey
Co., of Minneapolis, Robinson-Humphrey Co., of Atlanta, Scott, Horner
& Mason, of
Lynchburg, and Vance, Young & Hardin, of Winston-Salem.
The second best bid was an offer of $21.50 premium on 2Ms, equal to
100.008, a basis of about 2.749%, according to the State Treasurer.
a
WILSON COUNTY
nection
with
the
sale
(P. O. Wilson), N. C.—PURCHASERS^-In con¬
$40,000 coupon school refunding bonds on
of the
May 9, as noted here—V. 148, p. 2943—we are now informed that Chas. A.
Hinsch & Co. of Cincinnati, were associated with Seasongood & Mayer of
Cincinnati, in the purchase.
The following is an official list of the bids received:
&
Price
Rate
Bidder—•
♦Chas A. Hinsch & Co., and
Seasongood
Mayer..
»
$40,041.85
2M%
40,059.00
3%
John Nuveen & Co.
Securities
Equitable
'
i.:
William B.Greene Co., and
Co.,
/ 1st 25,000
2M%1
I Balance
Stranahan-Harris & Co
2M%J
40,022.00
40,061.25
2M%
Crouse& Co.
Vance,
and
2M%1
{1st 31,000
'Balance
Young & Hardin, Inc
M%f
2M%1
.
40,053.00
.2
list 10,000
[Balance
'•
2M%J
40,111.00
40,092.92
.
3%
Breed & Harrison, Inc
R. S. Dickson & Co., and Southern In-
2.10%
415,000 general bonds of 1939, series I." Due May 1 as follows: $30,000 in
140 and 1941; $40,000 in 1942 and $45,000 from 1943 to 1949, incl.
200,000 assessment bonds, issued to provide funds to pay a portion of the
amount directed to be assessed against property benefited by
Due $20,000
interest
100.16
$460,000 water bonds of 1939, series I.
Due May 1 as follows: $20,000
from 1940 to 1947 ,incl., and $25,000 from 1948 to 1959, incl.
improvements.
of coupon semi-annual court house and jail funding and refunding
bonds offered for sale on May 23—V. 148, p. 3108—was awarded to John
Nuveen & Co. of Chicago, paying a premium of $12, equal to 100.03, a net
Jackson & Smith
YONKERS, N. Y.—BOND SALE—The $1,075,000 coupon or registered
bonds offered May 24—V. 148, p. 3107—were awarded to a group composed
of Halsey, Stuart & C9., Inc., G. M.-P. Murphy & Co. and Schlater,
Noyes & Gardner, Inc., all of New York, as 2.80s, at 100:166, si basis of
about 2.77%.
Sale consisted of:
certain
premium of $2.58, and mature on July
a
LEE COUNTY (P. O. Sanford), N. C.—BOND SALE—The $36,500
.
NORTH
offered May 25—V,
Bidder—
1M% plus
JL5M9,
oUf
.
1
All of the bonds
the^ Wachovia Bank & Trust Co. of Winston-Salem, as noted here—V. 148,
issue
E. H. Rollins & Sons, Inc.: A. C. Allyn & Co.,
Inc
reported by the Clerk of the Board of County
anticipation notes purchased by
now
Commissioners that the $25,000 revenue
maturity.
Int. Rate
Bidder—
r^9,kVMBUS COUNTY (P. O. Whiteville), N. C.—ADDITIONAL
1NFORMA TION—It is
P- 3108—-were sold at
re-offered by the success-
dated May 1,1939 and were
ful bidders to yield from
1 as follows:
3269
Chronicle
Successful
2
1st 20,000
[Balance
.
J
40,006,75
M%/
[Balance
•
Kirchofer & Arnold, Inc.:
*
2M%\
.....fist 20,000
vestment Co., Inc
3%
\
2#%/
40,019.20
bid.
NORTH
DWIGHT COMMON
DAKOTA
SCHOOL DISTRICT (P. O.
OFFERING—It is reported that sealed bids
Harold Slotten, District Clerk, at the office of the
BOND
Dwightj, N. Dak.
will be received by
County Auditor in
$3,000 not to exceed
1, 1941 to 1943 incl.
GARRISON, N. Dak.—BONDS NOT SOLD—It is stated by the City
Auditor that the $1,500 not to exceed 6% semi-ann. auditorium bonds
offered on May 22—V. 148, p. 2943—were not sold as no bids were received.
Wahperton, until 5 p. in. on June 8 for the purchase of
5% semi-annual school bonds.
Due $1,000 from July
bids:
Harriman
merce
Ripley & Co., Inc., Smith, Barney
Bank & Trust Co., St. Louis,
for $660,000, 2Ms,
,
& Co., Mercantile-Com¬
and Kelley, Richardson & Co., jointly,
and $415,000, 3s, at
OHIO
100.0199; net interest cost 2.8101%.
Lehman Bros., Estabrook & Co., Blair & Co., Inc., Manufacturers &
Co., Buffalo, Kean, Taylor & Co., and Otis & Co., jointly,
for $460,000, 2>£s, and $615,000, 3.30s, at 100.0275; net interest cost
MUNICIPALS
Traders Trust
2.8241%.
.
*
Phelps, Fenn & Co., Laden burg, Thalmann & Co., Eastman, Dillon &
Co., Equitable Securities Corp., Campbell, Phelps & Co., and Charles
Clark & Co., jointly, for $660,000, 2 Ms, and $415,000, 3.70s, at 100.00;
net interest cost 2.836%.
E. H. Rollins & Sons., A. C. Allyn & Co.. Hemphill, Noyes & Co.,
J. N. Hynson & Co., and R. D. White & Co., jointly, for $460,000 , 2.70s,
and $615,000, 3.20s, at 100.09; net interest cost 2.893%.
- .
Blyth & Co., Kidder, Peabody & Co., Bacon, Stevenson & Co., Roosebelt.& Weigold, Eldredge & Co., Sherwood & Reichard, Inc., E. Lowber
Stokes & Co., and First of Michigan Corp., for $460,000, 3s; and $615,0001
3Ms, at 100.2Q; net cost of 3.077%.'
REOFFERING NOTICE—Formal notice of the reoffering of the bonds
for public investment appears on page
the bonds, in the opinion of counsel, will
n.
Issued for various purposes,
constitute valid and legally bind¬
payable from ad valorem taxes which may be
levied against all property therein without limitation as to rate or amount.
Assessed valuation, 1939, is officially reported as $311,140,120, and net
bonded debt, including these issues, as $29,582,800.
ing obligations of the city,
$10,000
CUMBERLAND CO., N. C. 4yzs
Due March
1, 1941 at 3.00% basis
MITCHELL, HERRICK & CO.
BUILDING, CLEVELAND
700 QIYAHOOA
AKRON
CANTON
CINCINNATI
SPRINGFIELD
COLUMBUS
L
J
OHIO
VILLAGE SCHOOL DISTRICT, Ohio—NOTE OFFERING—
Cora Frazier, Clerk of the Board of Education, will receive sealed bids
until noon on June 12 for the purchase of a note in the amount of $6,553.34,
dated June 12, 1939 and due on June 12, 1941.
Callable after Nov. 30 in
any year after issue.
Bidder to name a rate of interest of not more than 4%.
Notes will ,refund a similar, amount issued under the school foundation
BAY
program
of the bid is required. <
RURAL SCHOOL DISTRICT (P. O.
A certified check for 1 %
of 1938.
BLANCHARD
TOWNSHIP
Leipsic, R. F. D.), Ohio—BONDS SOLD—The $50,000 construction
authorized by the voters at the election last September 29 were sold
BancOhio Securities Co. of Columbus, as 3s.
"
bonds
to the
BOWLING GREEN CITY SCHOOL DISTRICT, Ohio—NOTE OF¬
FERING—W. H. Gernet, Clerk of Board of Education, will receive sealed
bids until noon on June 15 for the purchase of $11,625.63 not to exceed
4% interest notes, dated June 15, 1939 and due in two years.
Callable
after Nov. 30 in any year and issued under authority of House Bill No. 282.
A certified check for $120, payable to order of the Board of Education, is
required.
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
A. T. T. Tel. Rich. Va. 83
CAMPBELL CITY SCHOOL
DISTRICT, Ohio—BOND OFFERING—
Sealed bids will be
received by Pete Keish, Clerk
until noon on June
5 for the purchase
of Board of Education,
of $24,000 not to exceed 5% interest
bonds.
Dated Feb. 1, 1939.
Denom. $1 000. Due Dec. 1
as follows:
$1,000, 1940 to 1945, incl.; $2,000 from 1946 to 1951, incl., and
$3 000 in 1952 and 1953.
Rate of interest to be expressed in a multiple of
M' of 1 % and payable J-D. A certified check for $500, payable to
of the Board of Education, is required.
refunding
order
NORTH
CAROLINA
AHOSKIE, N. C.—BOND SALE— The $51,500 issue of coupon semi¬
public improvement bonds offered for sale on May 23—V. 148,
p. 3108—-was awarded to Scott, Horner & Mason of Lynchburg, paying
a premium of $59, equal to 100.114, a net interest cost of about 3.43%
on
the bonds divided as follows: $22,000 as 3 Ms, due on May 1, $2,000 in
1942 to 1946 and $4,000 in 1947 to 1949; the remaining $29,500 as 3 Ms, due
on May 1, $4,000 in 1950 and 1951, $5,000 in 1952 to 1955 and $1,500 in
annual
CARROLL COUNTY (P. O. Carrollton), Ohio—NOTE SALE—The
relief notes offered May 22 were awarded to Ryan Sutherland &
of Toledo as 1 M®, at a price of 100.21, a basis of about 1.38%.
Dated
May 1
1939.
Due as follows: $1,500 Nov. 1, 1939; $1,500 May
Nov. 1 in 1940 and 1941; and $2,500 on May 1, 1942
Intent
Second high bid of 100.08 for 1M» was made by Fox, Einhorn
Cincinnati.
$10 000
Co
1 and
M-N.
& Co., Inc.,
^
Premium
Int. Rate
1956.
N. C.—NOTES SOLD—It is reported that $15,000 rev¬
enue
anticipation notes were purchased on May 16 by the Buncombe
County Sinking Fund Commission at 2%.
ASHEVILLE,
Fox, Einhorn
& Co., Inc
Seasongood & Mayerv
First National Bank of Carrollton
-
-----
j-
*4%
^%
•
*
•
*8.05
f'Sj
l.W
3270
Financial
CINCINNATI, Ohio—BOND OFFERING—Henry Urner, City Auditor,
will receive sealed bids until noon on June 13, for the purchase of
$750,000'
2Y\% coupon, registrable as to principal and Interest, Southern Railway
refunding bonds.
Dated July 15, 1939.
Denom. $1,000.
Due July 15,
1959.
Principal and interest (J-J 15) payable at the Irving Trust Co.,
New York City.
Bidder may bid for a different rate of interest, but such
fractional rate shall be K of 1 % or multiples thereof.
The bonds are general
obligations of the city, payable from unlimited ad valorem taxes, but are
also payable from revenues of the Cincinnati Southern Railway, insofar as
the
same are
sufficient to meet requirements of the bonds.
Purpose of the
present issue is to provide for the redemption of an issue of Southern
Railway bonds maturing July 15, 1959, and subject to call prior to maturity.
A certified check for $9,500,
payable to order of the City Auditor, is required.
Approving opinion of City Solicitor will be furnished without charge.
other opinion must be secured at bidder's cost.
Any
Chronicle
1940
May 27, 1939
incl.
Principal and interest
Savings Bank, Toronto.
to
1949,
(A-O)
payable at
the
Union
COUNTY
(P. O. McArthur), Ohio—BOND SALE POST¬
PONE—Sale of $11,000 4% poor relief bonds, originally scheduled to take
place on May 20—V. 148, p. 3108—was postponed to May 27.
VINTON
WOODSFIELD, Ohio—BONDS SOLD—The
State Teachers' Retirement
purchased an issue of $20,000 3% sewer extension and sewage
plant bonds. Dated April 1, 1939. One bond for $1,100, others
for $1,050 each.
Due Nov. 1 as follows: $1,100 in 1940 and $1,050 from
1941 to 1958 incl.
Principal and interest (M-N) payable at the State
System
treatment
Treasurer's office.
YORKVILLE, Ohio—BOND SALE—The $17,500 coupon street assess¬
on May 15—V.
148, p. 2632—
awarded on May 20 to Fox, Einhorn & Co., Inc.,
Cincinnati, as 2Ms,
at par plus a premium of $11.12, equal to 100.06, a basis of about
2.49%.
Dated June 1, 1939, and due as follows: $1,000 on Dec. 1 in 1940 and 1941;
$1,500 June 1, 1942, and $2,000 on June 1 from 1943 to 1949, incl.
Other
ment bonds, originally scheduled for sale
were
CLEVELAND, Ohio—BOND OFFERING—The Director of Finance will
receive sealed bids until June 19 for the purchase of $1,300,000
delinquent
tax bonds.
Dated June 1, 1939 and due on Dec. 1 from 1943 to 1948 incl.
COSHOCTON COUNTY (P. O. Coshocton), Ohio—BOND OFFER¬
C. McConnell, County Auditor, will receive sealed bids
until
11 a. m. on May 31 for the purchase of $35,000 4% coupon poor relief bonds.
Dated Juno 1, 1939,
Due March 1 as follows: $11,000 in 1940 and $12,000
in 1941 and 1942.
Prin, and int. (M-S) payable at the County Treas¬
urer's office.
The bonds are payable from an excise tax and were authorized
bids:
Bidder—
ING—H.
by the County Commissioners
required.
on
April 24.
A certified check for 1% is
Int. Rate
-3%
.,
.
BancOhio Securities Co
_
Ford R. Weber & Co
i
Pohl & Co., Inc.
3%
3^%
3K%
3K%
—
Saunders, Stiver & Co
Weil, Roth & Irving Co____
/
"
CUYAHOGA COUNTY (P. O.
Cleveland), Ohio—NOTE OFFERING
—George H.
Stahler, Clerk of Board of County Commissioners, will re¬
ceive sealed bids until 11 a. m. (EST) on June 6 for the purchase of $848,000
not to exceed 4% interest coupon or registered delinquent tax
anticipation
notes.
Dated June 1, 1939.
Denom. $1,000, or in such denoms. as
requested by successful bidder.
Due as follows: $84,000, April 1 and
$85,000, Oct. 1, 1940 and 1941: $85,000 on April 1 and Oct. 1 from 1942
to 1944 incl.
Rate of interest to be expressed in a multiple of
K of 1%.
Principal and interest (A-O) payable at the County Treasurer's office.
These notes are issued for the purpose of assisting the
County in paying
the unsecured indebtedness as provided in Section 2293-43 A of the General
Code of Ohio, as amended, and are payable from the proceeds at collection
of the delinquent taxes anticipated by the notes, and not otherwise.
Bids
must be made on a blank form furnished on application to the above
Clerk.
The proceedings incident to the proper authorization of these notes
have
been taken under the direction of Squire, Sanders &
Dempsey, Esqs., of
Cleveland, whose approving opinion will be furnished.
Delivery of these
notes must be accepted at Cleveland before June
15, at 10 a. m.
Enclose
a certified check for
1% of the amount of notes bid for, payable to the
County Treasurer.
DEFIANCE, Ohio—BOND SALE—The $12,975.45
street paving special
bonds offered May 25—V. 148, p. 2944—-were awarded to
Webber & Oo. of Chicago as IKs at a price of 100.093, a basis of
about 1.47%.
Dated May 1, 1939 and due Nov. 1 as follows: $1,975.45
in 1940, $2,000 in 1941 and $3,000 from 1942 to
1944, incl.
Second high
bid of 100.44 for lj^s was made by Stranahan, Harris & Co. of Toledo.
R. J. EDWARDS, Inc.
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
AT&T Ok Cy 19
Long Distance 787
OKLAHOMA
DOUGHERTY
CONSOLIDATED
SCHOOL
DISTRICT
NO.
2
(P. O. Sulphur, Route 3), Okla.—CORRECTION—It is now reported
that the $12,000 building bonds which were sold, as noted here on March 25
—V. 148, p. 1846—were purchased by C. Edgar Honnold of Oklahoma City,
not R. J.
Edwards, Inc. of Oklahoma City, as previously reported, and were
follows:
$1,000 maturing Jan. 1, 1942, as 2%e., $6,000 matur¬
assessment
awarded
Paine,
ing $1,000 Jan. 1, 1943 to 1948, as 3s, and $5,000 maturing $1,000 Jan. 1,
1949 to 1953, as 3 K&.
DOVER CENTER SCHOOL
DISTRICT, Ohio—NOTE OFFERING—
Charles M. Weston, Clerk of Board of
Education, will receive sealed bids
until 8 p. m. on June 12 for the purchase of
$2,333.47 4% refunding notes,
issued to provide for payment of
principal and interest on notes issued in
1938.
A certified check for 1 % of the bid is
required.
*
DOYLESTOWN,
Ohio—BOND
OFFERING—Charles
W.
Shaffer,
Village Clerk, will receive sealed bids until noon on June 5\ for the pur¬
chase of $23,000 4H % coupon first mortgage sewer revenue bonds.
Dated
April 1, 1939.
Denoms. $1,000 and $500.
Due Dec. 1 as follows:
$500
from 1940 to 1943, incl. and $1,000 from 1944 to
1964, incl.
Bidder may
name a
a
different interest rate provided that fractional rates are
expressed in
Interest J-D,
A certified check for $230, payable
multiple of K of 1%.
of the village, is required. ' Legal opinion of
Squire, Sanders &
Dempsey of Cleveland will be furnished the successful bidder.
'
to
order
HAMILTON
COUNTY
(P.
O. Cincinnati), Ohio—BOND CALD—
E. J. Dreihs, Clerk of Board of
County Commissioners, announces that the
$50,000 3M% county insane hospital improvement bonds dated July 1,
i905, due July 1, 1955, and callable after 25 years, will be redeemed on
July 1, 1939, at the County Treasurer's office.
Denom. $500.
»
JACKSONVILLE, Ohio—BONDS SOLD TO RFC— The Reconstruc¬
tion Finance Corporation purchased $16,000
4% water tank and distribu¬
tion bonds at par.
Due from 1940 to 1968, incl.
Denoms. $300, $400 and
Interest
$500.
M-N.
Coupon
in
form.
MARIETTA, Ohio—BONDS SOLD-—The Sinking Fund Trustees pur¬
an issue of $4,500
3% truck purchase bonds. Dated April 1, 1939.
chased
Due $450
on
April 1 and Oct. 1 from 1940 to 1944 incl.
MUSKINGUM COUNTY (P. O.
Zanesville), Ohio—NOTE SALE—
$97,825" poor relief notes offered May 19—V. 148, p. 2944—were
The
awarded
to
McDonald-Collidge & Co. of Cleveland,
as Is, at par plus a
They also submitted an offer of par plus $146.89 for
% %.
Dated June 1, 1939 and due March 1 as
$36,775, 1940; $30,067 in 1941 and 1942 and $916 in 1943. Other
premium of $354,12.
the notes to bear interest at
follows:
bids:
"
Bidder—
Int. Rate
Stranahan, Harris & Co., Toledo.
Fox, Einhorn & Co., Cincinnati
Ryan, Sutherland & Co., Toledo
Seasongood & Mayer, Cincinnati
Van Lahr, Doll & Isphording, Cincinnati
Johnson, Kase & Co., Cleveland
J
First Trust & Savings Bank, and
Field, Richards &
Shepard,
Zanesville.^
First Cleveland Corp., Cleveland.
Braun, Bosworth & Co., Toledo
Citizens Nat. Bank (BancOhio
Corp.), Zanesville...
Hayden, Miller & Co., Cleveland.
Geo. T. Lennon & Co., Columbus
1%
1%
1 %
1%
1%
,
1%
1K%
...
NORWALK, Ohio—BONhs
chased
$11,908 2J^%
1, 1939.
special
Dated Jan.
GRAND RIVER DAM AUTHORITY (P. O.
,
1 \i%
1 yx%
IK%
1K%
1K%
Premium
$1 §3.00
118 37
79.00
58.85
51.85
20 00
313 00
265 00
176.00
150.00
127.26
101.50
SOLD—The Sinldng Fund Trustees pur¬
assessment
street
improvement bonds.
PARMA CITY SCHOOL
DISTRICT, Ohio—BONDS TO BE EX'
CHANGED—The $70,000 4% refunding bonds for which no bids
were re¬
148, p. 2157—are being exchanged with holders of the
original obligations, according to Ira D.
Siegfried, Treasurer of Board of
Vinita), Okla.—BONDS
SOLD TO PWA—It is stated by R. V. L. Wright, General Manager, that
4% semi-annual water reservoir bonds have been purchased at
par by the Public Works Administration.
Due from 1943 to 1973.
Those bonds are said to be a part of the $11,563,000 loan approved by
the PWA in September, 1937.
$2 000,000
LUTHER SCHOOL DISTRICT (P. O. Luther), Okla.—BOND OFFER¬
ING—Sealed bids will be received until 2 p. m. on May 29 by Ross W.
Lovell, Clerk of the Board of Education, for the purchase of a $21,000 issue
of building bonds.
Due $2,000 from 1942 to 1950 and $3,000.in 1951.
The
lowest interest at which the bidder will pay par and accrued interest will
determine the award.
These bonds are being issued in accordance with
Article 5, Chapter 32, of the Oklahoma Session Laws of 1935.
Enclose a
certified check for 2% of the amount of bid.
•
♦
OKLAHOMA
We are informed
Council
CITY, Okla.—BOND ISSUANCE NOT SCHEDULED—
by Harry E. Wallace, Assistant City Clerk, that the City
no official action looking toward the issuance of $3,-
taken
has
000,000 in water improvement bonds.
-SCHOOL
BOND ELECTION INDEFINITE—We
are
advised by
also
Clerk of the City School Board, that no date of election has
yet for the approval of a proposal to issue $800,000 in school
J. G. Stearley,
been fixed
as
construction bonds.
...
Port),
bonds
8. M.
$2,000 in 1942. to 1952, and
PORT CONSOLIDATED SCHOOL DISTRICT NO.
5 (P. O.
Okla.—BOND SALE—The $23,000 issue of building and furniture
for sale on May 22—V. 148, p. 3108—was purchased by
offered
MAPLE HEIGHTS CITY SCHOOL DISTRICT
(P. O. Bedford),
Ohio—BONDS NOT SOLD—No bids were submitted for the
$22,050 4%
refunding bonds offered May 19—V. 148, P. 2784. Dated June 1, 1939 and
due on June 1 and Dec, 1 from 1943 to 1952 incl.
Denom. $450.
as
Alexander of Lone Wolf.
$1,000 in 1953.
Due
as
follows:
•
.
OREGON
Ore.—REPORT ON PRESENT DEBT SITUATION—The
notified by Wallace Holzman, formerly Secretary to the Bondholders' Protective Committee, re¬
garding the city's financial outlook and the need for it to retire a substantial
amount of debt through the purchase of bonds at an extreme discount if it
is going to De able to remain solvent after 1943, when the interest rate on the
refunding debt increases to 3%.
Mr. Holzman's letter points out that
when the refunding plan was developed, the city officials expected that the
city would be able to buy in and retire debt at prices not to exceed 33 cents
on the dollar, but so far have had no bonds tendered at prices under 50,
which all such tenders have been rejected. At the request of the city officials
Mr. Holzfman is calling the situation to the attention of holders of refunding
bonds in the hope of obtaining offers of bonds to be sold to the city at,
prices substantially in line with the above-mentioned discount.
Arrange¬
ments have been made for the making of tenders to the city through the
Central Trust Co., Cincinnati, Ohio.
'
ASTORIA,
holders of bonds of the above city are no.yr being
COUNTY
SCHOOL
DISTRICT NO.
117
(P. O.
Ore.— WARRANT SALE—The $2,000 interest-bearing
May 17—V. 148, p. 2944—were purchased by
Baker, Fordyce, Tucker Co. of Portland, according to the District
CLACKAMAS
Oregon
City),
warrants offered for sale on
the
Clerk.
•
•
•.
FLORENCE, Ore—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on June 5, by H. T: Severy, City Recorder, for the purchase
of a $5,500 issue of not to exceed 6% semi-annual street bonds.
Due $5uU
from April 1, 1940 to 1950, incl.
Prin. and int. (A-O) payable at the
First National Bank of Eugene.
A certified check for 2% must accom¬
pany bid.
LINCOLN
„
COUNTY
SCHOOL
DISTRICT
Ore.—
will.be held on June 19
issuance of $225,000 in
(P. O. Toledo),
ceived April 3—V.
BOND ELECTION—It is reported that an election
in order to have the voters pass on the proposed
Education.
construction bonds.
PUBLIC
INSTITUTIONAL
BUILDING
AUTHORITY
(P.
O.
Columbus), Ohio—BOND ISSUE REPORT—According to A. C. Allyn &
Chicago, bead of the syndicate which was awarded an issue of
$7,500,000 building authority bonds—V.
148, p. 2784—the nexessary
amending legislation is already assured of passage in the State
Legislature,
after which its
constitutionality will be tested in the Ohio Supreme Court.
No details with respect to character of
the proposed bond issue have been
out.
worked
STEUBENVILLE,
Ohio—BOND OFFERING—J. A. Cartledge,
City
receive sealed bids until 2 p. m. on June
6, for the purchase
$22,000 not to exceed 6% interest Murphy Field
purchase bonds.
Dated
f93,9" Den°m. *1.000. Due Oct. 1 as follows: $2,000 from 1940
to 1947, incl. and $3,000 in 1948 and
1949.
Principal and interest (A-O)
payable at the City Treasurer's office.
A certified check for
1% of the
amount bid, payable to order of the
City Treasurer, is required.
or
TOLEDO, Ohio
BOND SALE—The $48,000
Anthony Wayne Trail
improvement bonds offered May 23—V. 148,
p. 2784—were
awarded to Stranahan, Harris &
Co., Inc., and Ryan, Sutherland & Co.,
£<>th ofToledo, jointly, as 2^s, at a price of 100.162, a basis of about 2.48%.
Dated May 1, 1939, and due
May 1 as follows: $4,000 in 1943 and 1944
and $5,000 from 1945 to 1952, incl.
Second high bid of 100.805 for 2Kb
was made by Seasongood &
Mayer of Cincinnati.
Boulevard
TORONTO,
Ohio—BONDS
softening plant bonds
par.
was
Dated April 1, 1939.
SOLD—An issue of $10,350
4% water
sold to the Union Savings Bank of
Toronto, at
Denom. $1,035.
Due $1,035
on
April 1 from
PENNSYLVANIA
OFFERING—Chester E. Rogers, City Clerk,
a. m. (EST) on June 15, for the purchase of
$117,000 1M, IK, 2, 2K, 2K, 2K or 3% coupon, registerable as: to prin¬
cipal only, refunding bonds.
Dated June 15, 1939.
Denom. $1,000. Due
June 15 as follows:
$23,000 from 1955 to 1957, incl. and $24,000 in 1958
and 1959.
Bidder to name a single rate of interest, payable J-D.
Bonds are
issued subject to approving legal opinion of Townsend, Elliott & Munson
of Philadelphia.
A certified check for 2 % of the bonds bid for, payable to
payable to order of the City Treasurer, is required.
EASTON,
Pa.—BOND
will receive sealed bids until 9
HOLLIDAYSBURG,
Pa .—PRICE
PAID—The Hollidaysburg
an issue of $50,000 2K%
Co. paid a price of par in purchasing
system bonds—V. 148, p. 1203.
JEANNETTE, Pa .—BOND
Trust
sewer
$222,000 refuhding and im¬
148, p. 3109—were awarded to Blyth
a price of 100.82, a basis of about
1.91%.
Dated June 1. 1939 and due June 1 as follows: $103)00, 1940 to
1943, incl.; $15,000, 1944 to 1947, incl.; $12,000 in 1948 and $10,000 from
1949 to 1959, incl.
Second high bid of 101.67 for 2Ms was made by Singer,
Deane & Scribner of
Pittsburgh.
SALE— The
provement bonds offered May 25—V.
& Co., Inc.,
Philadelphia, as 2s, at
MANCHESTER
Pa .—BOND
TOWNSHIP
OFFERING—George
SCHOOL
H.
DISTRICT
District
Mundis,
(P.
O.
York),
Secretary,
will
receive sealed bids until 7:30 p. m. (DST) on June 9, for the purchase of
$28,000 3% coupon school bonds.
Dated July 1
1939.
Denom. $1,000.
'
Volume
Financial
148
HAMILTON COUNTY (P. O. Chattanooga), Tenn.—BONDS
AUTHORIZED—The County Court is said to have approved recently
$1,000 from 1940 to 1961, incl. and $2,000 from 1962
Callable on any interest date on or after July 1, 1944.
Due July 1 as follows:
to
incl.
1964,
the issuance of $30,000 in
Interest J-J.
is expected to enter the market in the near future with an offering of
$1,082,879 in bonds, it is said. Proceeds of the sale will be turned over to
counties which have road obligations in this aggregate maturing or callable
prior to Jan. 1, 1940.
This procedure represents part of the State's reimbursement to the various
counties in compensation for expenditures counties made on roads which
have become part of the State highway system.
A resolution recently approved by the State Board Of Claims and which
becomes effective immediately, offers the county or its bondholders State
consolidated bonds for county bonds at a scaled rate of interest, according
to maturities.
It offers to issue 2%% State bonds to retire county reim-
$163,000,000 emergency tax program became law for another two years recently.
The Governor signed six
of the eight bills continuing until June 1, 1941, emergency taxes on cigarettes, liquor, gasoline, gross receipts of utilities, bank shares and capital
stock.
Governor James withheld his signature from the other measures
reenacting a four-mill State tax on personal property and 7 % on corporate
net income.
.
growing
emergency program originated
in 1935 to meet
Gov. James stood pat on the taxing policies of the outgoing
The so-called
relief needs.
Democratic Administration when he took office, but
promised revision of
the whole structure "in time."
PHILADELPHIA,
LOAN
Jesse
bondsVcounty bSnds due wcallablebetween Jan 11943,' and lln. 1°,
1946' and
b°»d« ** county bonds due or callableafter Jan. i, 1946!
» Samiel!echdai^^o7thi Ott/oSSSl &S& CoSJtS£
which the city is seeking in
balance the 1939 budget.
"T,p,,y JIC
1
of the desperate
BELTON, Texas—BONDS TO BE EXCHANGED—It is reported by
fact that its employees
approved'by^thfclty Council oi^ApriY^8 ^ffbe'^chan^^t^the
v5pw
in
BfatPn,Prth*t
infirm
J?nSiatl943°3!/%
cSy'holdsdue'S caUable^we^
Pa.—RFC AGREES TO PARTICIPATE IN $41,Jones
Chairman of the Reconstruction Finance
agreed to participate in the loan of $41,000,000
order to fund an accumulated deficit and to
Text of the ietter follows:
armory bonds.
TENNESSEE, (State of)—BOND SALE CONTEMPLATED—The State
BILLS SIGNED—
PENNSYLVANIA, (State of)—EMERGENCY TAX
The bulk of the James Administration's
000,000
3271
Chronicle
financial condition of the City of Philadelhpia and the
Se»bS^CU
ooSay*U}ch,*the RFC^'cooperat^'witif the^ank^'of ^Phi'ad^phia^n
^
28'
BURKEVILLE SCHOOL DISTRICT (P. O. Burkeville) Texas—
BOND SALE DETAILS—It is now stated by the District Secretary that the
$10,000 construction bonds sold recently, as noted in these columns—V.
148, p. 2945—were purchased by Dillingham & McClung of Houston, as
2%s, and mature $2,000 from April 1, 1940 to 1944 incl.
helping the city with its finances through purchasing one-half of a proposed
$41,000,000 issue of revenue trust certificates secured by an assignment of
$4,200,000 a year revenue from the Philadelphia Gas Works.
Our agreement is subject' to satisfactory legal opinion and such other
conditions as may be necessary to fully protect the corporation.
and^ehope to^
iSSUe at INVITED—It COUNTYby L.O. Brown,villei, T.xa.-BOiVD TENDERS
CAMERON is stated (P. A. Bauer, County Auditor, that, pursuant
4X % and we hope to be a me to cooperate on this oasis.
r
/o.
(Signed)
rrraar?
roMva
rr
.
JESSE H. JUiNES
Pa.—BOND
SALE—The
$475,000
Court, on or about May 1, each year, it shall be the duty of the court to
determine whether funds are on hand sufficient to pay the coupon maturing
on the bonds of said issue which are scheduled to mature the succeeding
Oct. 10; on each of such occasions when there shall be on hand in excess of
Aiditor^S^bU^
series A
coupon
drculation
jointly, as 1%, at a price of 100.77, a basis of about 1.675%.
Dated
May 1, 1939, and due May 1 as follows: $24,000 from 1940 to 1958, incl.,
1.688%, was
1ne^hir
made by
Other Dias:
Blyth & Co.;
°f
Inc.,
and Salomon
a
Bros.
.
E.
1.70%
^tu?I
rwnilf B 2 tySSVo
Co
NatoJ
Trust
&
100.619
100.30
100.266
1.75%
100.166"
F
1 7S0
%
>
Bank,
inn'!?
100.13
1
SS^hiid^kCh
Eld?SS1 Co and
100 089
9,007
2%
■
"
.
101.099
.-BONDB—ELAS
rru
& Co. of Philadelphia purchased
an issue of $20,000 3% refunding bonds at a price of 100.169, a basis of
about 2.98%.
Due April 1 as follows:
$1,000 in 1944 and 1945, and
$2,000 from l946,to 1954 inclusive.
WIND GAP, Pa
-
DUnnr
nnuut
TV
IDLMliU
^
,
'
i
rr,
vton
20
.
w
CRANSTON, R. I.—NOTE SALE—The issue of $150,000 notes offered
May '23 was awarded to Stephen W. Tourtellot of Providence at 0.52%
discount.
Dated May 24, 1939 and due Feb. 28, 1940.
The First National
Bank of Boston, second high bidder, named a rate of 0.54%.
■■■,•
i
m,
|
revenue
i n
bonds.
Denom.
'
O. Aberdeen), S. Dak.—BONDS S0LD-~We
informed by Olaf E. Hundetad, County Auditor, that $315,000
funding bonds were purchased in March by the Allison-Williams
Co. of Minneapolis, as 3 Hs at par.
Denom. $1,000.
Dated April 1, 1939.
Due as follows: $10,000, 1942 to 1947; $20,000, 1948 and 1949; $30,000,
1950; $40,000, 1951; $45,00p, 1952 and 1953, and $55,000 in 1954, without
option of prior payment.
Interest payable J-J.
(This report supersedes the sale report given in our issue of May 20—
f0
now
^k'
CUSTER CITY, S. Dak.—BONDS NOT SOLD—It is stated by
w
Henry
Humphrey, City Treasurer, that the $7,000 not, to exceed 5% semi-annual
general obligation water main extension bonds were not sold on May 19,
as scheduled—V. 148, p. 2945—due to technicalities in the bond election.
Due from May 1, 1940 to 1946; callable after May 1, 1943.
FLORENCE INDEPENDENT SCHOOL DISTRICT
S.
(P. O. Florence)
Dak.—BOND SALE—The $20,000 issue of refunding bonds offered for
May 19—V. 148, p. 2945—was awarded to the Allison-Williams
Co. of Minneapolis, according to the Clerk of the Board of Education.
Dated June 1, 1939. Due from Dec. 1,1941 to 1958; callable on any interest
sale
on
paying date.
WESSINGTON SPRINGS, S. Dak.—BOND SALE—The $70,000 issue
p. 3109—was
Springs, as 4s,
paying a premium of $600. equal to 100.85, a basis of about 3.88%. Dated
June 1, 1939.
Due from Dec. 1, 1941 to 1954; optional on and after Dec. 1
of refunding bonds offered for sale on May 22-—V. 148,
awarded to the Farmers & Merchants Bank of Wessington
1949.
TENN ESS EE'
CENTERVILLE, Tenn .—BOND OFFERING—Bids will be received
until 10 a. m. on June 9, by J. R. Brown, Town Recorder, for the purchase
of a $10,000 issue of 434% semi-annual coupon street improvement bonds.
Dated May 1, 1939.
Denom. $500.
Due May 1, as follows:
$500 in
1940 to 1949, and $1,000 in 1950 to 1954.
Prin. and int. payable at the
office of the Town Treasurer.
ELIZABETHTON, Tenn.—BOND CALL—It is stated by R. C. Turrentine, Chairman of the Board of Water Commissioners, that the city
will, on July 1. 1939, redeem at par and accrued interest, water revenue
bonds dated July 1, 1936, numbered from 23 to 30.
These bonds are due
on July 1, 1942.
Interest ceases on date called.
10,
1939.
Due as follows:
Sundown),
at the
coupon
«
Dated Jan.
Treasurer's office in Austin, or at the Hanover National Bank in New York,
option of the holder.
L^al approval to be furnished by the State's
«
BROWN COUNTY (P.
are
$500.
SUNDOWN INDEPENDENT SCHOQL DISTRICT (P. O.
.
HAK OT/i
™
Texas—BOND OFFERING—We are informed by Z. O. Lincoln, Business
Manager of the District, that sealed bids will be received by him until
about June 12, for the purchase of a $50,000 issue of 3% cotipon schoolhouse
construction bonds.
Denom. $5,000.
Dated ^June 1, 1939.
Due $5,000
from June 1, 1940 to 1949 incl,
Prin. and int (J-D) payable at the State
/
i/nr\U
,
Due June 1, as follows: $4,000 in 1942 to 1945, $6,000 in
1946 to 1950, $7,000 in 1951 to 1953, and $8,000 in 1954. The bonds are
callable on June 1, 1949, or any "interest paying date thereafter in their
inverse numerical order.
_
OFFERED FOR INVESTMENT—'The successful bidders reoffered the above bonds for general subscription at prices to yield from
CHI ITH
■
n
a-j
w
,
,
ROBSTOWN, Texas—BONDS OFFERED—Sealed bids were received
BONDS
0.75% to 2.50%, according to maturity.
,
June 1, 1939.
Due from dune lf
Dated June lf 1939'
tw
untii 7:39 p. m. on coupon gas system John W. Kellam, for the purchase of
May 26, by Mayor revenue, series 1929 bonds. Dated
a $75,000 issue of
C.—BOND SALE—The
$65,000 issue of coupon library bonds offered for sale on May 22—V. 148,
p. 3109—was awarded to Hamilton & Co. of Chester, and the Wells-Dickey
Co. of Minneapolis, jointly, as 2 j^s, paying a premium of $81.25, equal to
RICHLAND COUNTY (P, O. Columbia), S.
!o!irw^ab°Ut 2"49%'
1940 toIiyqy mci.
npnrtnr,,/,
Attorney General.
&
Purchased by M. S. Bailey ^
IfuTlfi
Interest ceases on date called.
$1,000, 1940 to 1944; $1,500, 1945 to 1954, and $2,000 in 1955 to 1959.
Prin. and int. payable in New York.
Legality to be approved by the
.
SmlofC
years.
r,n,rn
m
se^aInnuSNDubhcSitom<^Sfdf<ht^^^pm^haled^yy2 S°B°ailey
li nt on
n a vine a nriceof
Son of Clinton, paying a price or 100.26.
approved by the voters
PELLY, Texas—BOND OFFERING—It is stated by W. Audrel Vinson,
CAROLINA
SOUTH
bonX
of said
City Secretary, that sealed bids will be received until 8 p. m on June 1,
for the purchase of a 530,000 issue of 4% semi-annual swimming pool
<
l
the^
LAREDO, Texas—BOND CALL—It is stated by R. J. Benavides,
City Treasurer, that all of the outstanding 5% sanitary sewer bonds,
numbered 1 to 125, aggregating $125,000, are called for payment on July 1,
at the American National Bank, Austin.
■ •
Dated July 1, 1919, Denom. $,1000.
Due in 40 years, redeemable in
AKin
ICI
and all offers for
Dqe xn 10 years.
by a wide margin on, April 22.
•
»
.
reject^nv
FORNEY COMMISSIONER'S PRECINCT (P. O. Kaufman), Texas
Auditor
100.90
-2%
"JJL1%pGrS
to
that the $175,000 road bonds purchased by Callihan & Jackson of Dallas,
as noted here-V. 148, p. 2633—were sold as 4^s at par.
Coupon bonds
dated Nov. 15, 1938. fienom. $1,000. ^ Due serially. - Int. payable M-N.
GLADEWATER, Texas—BQND OFFERING—It is reported that sealed
bids will be received until 9 a. m. on May 29 by the City Secretary for the
and Peoples-Pitts-
burgh Trust Co
riSht
—BOND SALE DETAILS—We are now informed by the County
°
Ban^pg&b^^f? & °0- ""
Savings
-
„
r"; nTf mnfnnJnn'nn™'""~
F^t
100.113
"
1.75%
1.75%
1.75%
Stroud & Co., and Glover &
have the
purchased xmder said bid and tender plan, unless they are purchased for
less than par and accrued interest, provided the county shall have the right
to purchase in the open market after it has called for tenders at prices at or
lower than the lowest price tendered.
The county shall have the right to
make additional calls for said offiers and tenders of bonds, but in event said
surplus money shall not have been absorbed in the purchase and retirement of bonds by Aug. 15, bonds eligibile for call sufficfient to absorb said
fund shall be called at par for redemption on Oct. 10, which is the date on
which bonds are optional at par on 30 days'notice
And further provided
that bonds optional on Oct. 10 and-then outstanding shall be called for
payment in their numerical order.
.
Noyes & Co., and Phillips,
MacGregor
1!
__
Phelps, Fenn & Co., and R. W. Pressprich & Co
_
Halsey, Stuart & Co., Inc
__
Barr Bros., and E. W. Clark & Co
■
Harriman Ripley & Co.; Kidder, Pea body & Co.;
W. H. Newbold's Son & Co.; Cassatt & Co., and
Harris
'
_
n
butmany Gfendeavor to shall be money available therefor no such way that
it will said bonds use the retired as possible, and in bonds shall be
as
Rate Bid
Int. Rate
Rollins & Sons
H.
fhall
& Hutzler.
„•
.
Bidder—.
Lehman Bros.; Hemphill,
Schmertz & Co
general
New York of its intention tS acc?Dt tenders or offefs Ifsaid
toSn^mdersuchmci rcmnsta ncls ?htt all roxfmatelvIo<SJb® notice shaU be
refunding bonds of 1939 offered May 23—V. 148, p. 2784—were awarded
to the Mellon Securities Corp. and the Union Trust Co., both of Pittsburgh.
iD
or offers until June 19, for the sale or
Under the provisions of the Commissioners'
these bonds to the county.
liquidation of an accumulated deficit
of about $35,000,000 and allow for the Balancing and passage of the 1939
budget.
Constitutionality of the financing program has already been
upheld by the State Supreme Court.—V. 148, p. 2944.
The above arrangement will permit
PITTSBURGH,
t:°„an order authorizing Series Two, road refunding bonds, dated April 10,
1938, the county will accept tenders
Chairman
0
i.
'°
I^.TlSd^™"1 & CU"er otChlc!lgo.
.n,.
_
A certified check
1nQn
Financial Statement of District June 1, 1939
Bonded debt (including this issue), $89,000. ■
«
Area of district. S8.^ sq miles. Population—1939, 500.
Sinking fund on hand, $1,163.27
t^on' 1^39. (a) Real property, $2,535,000, (b)
property, $65,000.
,
...
_
and 1935, 60%.
Assessed valuations: 1938,
"
05%
1935 $744,625..,
Overlapping debt: Hockley
262.
Outstanding debt, May
f00/,?,41
personal
84%; 1937, 85%; 1936.
$1,240,266; 1937, $828,463; 1936, $760,715;
.
County—Assessed valuation, 1938, $8,190,1, 1939: Bonds, $203,000; warrants, $108,-
HntHrt,P10°°' $1'U' Percentage 0f county area included
In this 8Cho01 district, iu /0.
TEMPLE, Texas—BOND ELECTION—It is reported that an election
has been called for June 2 in order to vote on the issuance of $850,000
in 4% power plant and street lighting system bonds, to mature in not to
exceed 20 years.
PUBLIC—A tota
certificates is being offered by Donald
Denom. $10,000, one for
«cqc
Dated April 10. 1939. Due as follows: $130,838.50 Oct. 10, 1939,
Ifoo 000 Nov. and Dec. 10,1939, Jan., Feb., March and April 10,1940, and
$180 000 May, June, July, Aug. and Sept. 10, 1940. Prin. and int. payable
at the State Treasurer's office.
Interest payable Oct. 10, 1939, April 10,
1940, and at maturity. These certificates authorized by H. B 179 of the
Legislature at its regular session and validated by H. B. 1046 of the
46th Legislature at its regular session, are issued to e^dence the obligation
represented by a like amount of warrants issued against and.P?yfrJe out
of the Texas Old-Age Assistance Fund as authorized by jweexustmg law.
In the opinion of Counsel these certificates are legal and valid InstruTEXAS
»
State
of—CERTIFICATES OFFERED TO
230 838 50 in 1^% treasury
&Co
of Dallas for general
n'^U}
mentalities of the State
investment.
incurred in accordance with the ^
Jawe of ^ State
and
Old Age Assistance r u
nn/fT\iTTiT
TA N BILL
A news
TEXAS, State of—HOUSE APPROVES OMNIBLS TAX BILL A ne
dispatch from Austin on May 23ireported asi follows.
.
,,,, d
"The Texas House today voted, final passage of an
signed to raise $16,000,000 per year. Main provisions include a gr
nponvrrts
3272
scale
Financial
Chronicle
oil, ranging from
to 1 % on oil from veils of 5 to 10 barrels
dailycapacity, up to 2]4 % on wells producing over 20 barrels, this expected to
add $7,227,000 annually in the present oil taxes;
1% levy on utility con¬
sumer bills; an additional 22c. per ton on
sulphur; taxes on firearms, cart¬
ridges and sporting goods; levy of 1 % on motor vehicles, and 2% on
jewelry,
furs, silverware, oil paintings: on cameras costing over $10; on electrical
appliances selling for more than $5; gas ranges and refrigerators; on furniture
and rugs selling for more than $50; pianos
costing over $300; musical instru¬
on
Bidder—
*
Bank;
&
A. G.
_
__
________
___
Vermont
Securities Co
National Life Insurance Co
.
be received
*
100.20
101.568
for
bids
...
paying
2.16%:
a
premium of $994.38,
equal
to
$120,000 general improvement bonds.
In 1940 and 1941; $5,000 in
$8,000 in 1955 to 1959.
40,000 water bonds.
Dated May 15,
A letter from
The bonds
' '
on
Due
on
1942
to
Due $2,000 from
1939.
the
Bonds callable
May 23
as
above purchaser on
24th
advised
us
as
•
follows:
were
General Improvement and
become callable Jan. 1, 1940.
Note-*-The
5%
new
bonds
are
callable
on
Water
and after
Works
_______
bonds
_
_—^
—
_
Premium
.
..
.
_
_
_
1
_
_
_
_
-.1
I
____<_
____
___
___
_________
,
...
—
^
________
follows:
as
Premium
•
.
Paine, Webber & Co*
The First National Bank of Chicago
The Northern Trust Co
The Wisconsin Co
•
$6,521.00
5,695.50
____
5,515.50
_
\
____
John Nuveen & Co___
Harris Trust & Savings Bank
which
_
Harley, Haydon & Co., Inc
Harriman Ripley & Co
May 15, 1949.
_.
!__i_______
_
_
______
WEST
The Waukesha National Bank
A. G. Becker & Co
VIRGINIA
VIRGINIA, State of-rBOND SALE—A $550,000 issue
of 3%
semi-annual
Shadle Bridge Project No.
1, (Point Pleasant-Henderson)
registered revenue refunding bonds was offered for sale on May 25
to a syndicate composed of
Young, Moore & Co. of
Charleston, the Weil, Roth & Irving Co.; Widmann & Ilolzman, and
Walter, Woody & Heimerdinger, all of Cincinnati, and Charles Clark &
Co. of Philadelphia, paying a premium of
$1,200, equal to 100.218, a
coupon or
and
was
awarded
basis of about
2.98%, to maturity.
Dated July 1, 1*939.
Due July 1, as
$15,000 in 1940 to 1942, $20,000 in 1943 to 1951, and $25,000 in
1952 to 1964.
Coupon bonds in $1,000 denominations are convertible into
fully registered bonds of $1,000 and $5,000 denominations. The bonds are
callable from July 1, 1944 to June 30, 1947, at a
premium of 3%, from
July 1, 1947 to June 30, 1950 at 2H%, from July 1, 1950 to June 30, 1953
at 2%, from July 1, 1953 to June 30, 1956 at
13*%, from July 1, 1956 to
June 30, 1960 at 1%, and from July 1, 1960 to June
30, 1964 at par.
Prin.
and int. payable in lawful
money at the State Treasurer's office or at the
National City Bank, New York.
*
'
follows:
,
.
„
4,054.00
4,420.00
4,238.00
BLUFF
(P. O. Madison),
Wis.—BOND OFFERING —Both
at 7 p. m. (C8T), by
George A. Chatterton, Village Clerk, for the purchase of a $60,000 issue of
not to exceed 3% semi-annual
park acquisition and improvement bonds.
Denom. $1,000.
Dated June 1, 1939.
Due June 1, as follows:
$1,000 in
1940 to 1943, $2,000 in 1944 to 1948, $3,000 in
1949, $4,000 in 1950 to 1956,\
1957 to, 1959.
Rate of interest to be in a multiple of 3* of
1%, and must be the same for all of the bonds.
Prin. and int. payable at
the First National Bank, Madison.
The basis of determination of the best
bid will be the lowest interest rate bid and
interest cost to the village.
The
bonds will be sold at not less than par and accrued
interest, and are to be
issued subject to the favorable opinion of
Chapman & Cutler of Chicago,
.Which will be furnished at the expense of the
purchaser.
The purchaser
and $5,000 in
furnish,
at his own expense, the blank bonds.
check for not less than 2%
Village Treasurer.,
of the
par
Enclose a certified
value of the bonds, payable to the
•
*
mortgage bonds are called for payment on
July 1 at par and accrued
interest to redemption date, plus a
premium of 3* of 1% of the principal
amount of such bonds for
each year from said
redemption date to date
of maturity.
Dated July 1, 1934.
Due July 1, 1939.
Payable at the City Treasurer's
office, or at the holder's option at the Northern Trust
Co., Chicago, or the
Guaranty Trust Co., New York City.
Upon the surrender of the bonds for redemption on the
redemption date
at any one of the three places
designated above, together with all
coupons
for interest thereon not due at said
bonds which shall at the time be
redemption date, and, in the case of
registered as to principal, accompanied
by duly executed assignments or transfer powers in
blank, there will be
paid in cash on account of each bond so surrendered a sum
equal to the
principal amount thereof and all interest due thereon to said
redemption
date, together with the premium
said bonds on date called.
described
above.
Interest
caseses
on
1,066.50
1,041.50
__^___
__
The First National Bank of Chicago
John Nuveen & Co
_,
1
•
979.50
896.00
838.50
•
'
Ci
__'
._
Purchaser.
•
981.00
901.50
,
The Waukesha National Bank
The Milwaukee Co.
»
.
01
•
WAUWATOSA, Wis.—BOND OFFERING—Sealed
•
bids will be received
until
7:30 p. m. on June 21, by Wr. T. Whipp, City Clerk, for the purchase
an issue of $14,850 school
bonds.
Interest rate is not tp exceed 3%*
payable M-S.
Dated June 15, 1939.
Denom. $1,000, one for $850.
Due
March 15, as follows:
$2,850 in 1940, and $3,000 in 1941 to 1944.
Delivery
will be made at the City Treasurer's office.
*
of
COUNTY
(P. O. Milwaukee)
Wis.—BOND AND
and notes
aggregating $6,700,000, offered for
May 22—V. 148, p. 2786—were awarded to a
syndicate headed
by the Northern Trust Co. of Chicago, as follows:
$4,000,000 corporate purpose notes at
0.25%, plus a premium of $696.
Du.e on
1. 1940; callable on or after March 1, 1940.
2,700,000 relief bonds at 0.25%, plus a
premium of $648. Due on July 1,
NOTE SALE— The bonds
on
„
1940.
Those associated with the above
banking house in the purchase are: Chase
Bank, Bankers Trust Co., both of New
York, Harris Trust &
Savings Bank of Chicago, Marine National
Exchange Bank of
National
BEAUPRE,
Treasurer of
Que.—BOND OFFERING—Gerard Godbout, SecretarySchool Commission, will receive sealed bids until 7 p. m. on
May 27, for the purchase of $33,800 4% school bonds.
on July 1 from 1940 to
19a9, inclusive. .
Dated July 1, 1939.
due
LEASIDE, Ont.—BOND SALE—A group composed of Harrison &
Co., J. L. Graham & Co., and Burns Bros. & Denton, all of Toronto, pur¬
chased $52,400 33*% improvement bonds, of which
$27,400 mature from
1940 to 1949 incl., and $25,000 from 1950 to 1954, incl.
NEW WESTMINSTER, B. C.—BOND SALE—An issue of
$23,000
3*% school bonds was sold to Hall, Holland & Co. of Vancouver at a
price of 93.
Due from 1940 to 1954, inclusive.
4
NIAGARA FALLS, Ont.—BOND SALE—A group composed of Harri¬
& Co., Burns Bros. & Denton, and J. L. Graham &
Co., of Toronto,
an issue of $460,000
3 3*% improvement bonds at a price of
99.25, a basis of about 3-65%. Due from 1940 to 1949 incl.
son
purchased
(Above corrects report of the sale given in V. 148,
POINTE
Milwaukee,
CLAIRE,
p.
3110.)
Que.-—BOND
OFFERING—Sealed bids will be
received by Lucien Dagenais. Sec.-Treas., until 5
p. m. on May 29, for
the purchase of $14,300 4%
improvement bonds.
Due on March 1 from
1940 to
1963, inclusive.
PRINCE EDWARD ISLAND (Province of)—BOND SALE DETAILS
—The $300,000 23*% general purpose bonds purchased by Mills, Spence
& Co. of Toronto—V.
148, p. 2946—were sold at a price of 99.04, and
mature $100,000 on May 15 from 1940 to 1942 incl.
Interest cost about
2.74%.
RICHMOND,
Que.—BOND
SALE—The
$31,000
4%
improvement
bonds offered May 22—V. 148, p. 3110—were awarded as follows:
$16,000 to McLeod, Young, Weir & Co. of Toronto at
a
price 100.55.
Due
from 1948 to 1952 inclusive.
15,000 to the Canadian Bank of Commerce of Toronto
at a
price of 101.15.
Due from 1940 to 1953 inclusive.
All of the bonds
treal second
MILWAUKEE
*
1.139.00
...
MILWAUKEE, Wis./—BOND REDEMPTION NOTICE—It is stated
by William H. Wendt, City Comptroller, that all
outstanding 4% water
works
sale
'
The Northern Trust Co___
Harris Trust & Savings Bank.
-
$1,187,00
1,150.00
___
CANADA
sealed and oral bids will be received until
May 29,
will also
3,951.00
were as follows:
BLUFF
(P. O. Madison), Wis.—BONDS VOTED—At an
election held on May 9 the voters are said to have
approved the issuance
of $70,000 in not to exceed 3
% park site acquisition bonds by a wide margin.
MAPLE
___-
Harley, Haydon & Co., Inc
Harriman Repley & Co.
WISCONSIN
MAPLE
,____•
Bids received for $15,000 bonds
Paine, Webber & Co*______
The Wisconsin Co
i
*
5,272.00
5,108.50
4,997.00
4,843.50
•__■
The Milwaukee Co
WEST
$3,4.50
3,261
3,190
2,940
2,375
COUNTY
Bids received for $85,000 bonds were
Bidder—
May 15, 1940 to 1959 incl.
or
ifter May 15, 1949.
the
_
$85,000 county home addition bonds for a premium of $6,521, equal to
107.67, a basis of about 1.75%. ' Due from May 1, 1949 to 1952,
inclusive.
I
*
15,000 highway improvement bonds for a premium of $1,187, equal to
107.91, a basis of about 1.32%.
Due on May 1, 1946,
May 15 as follows: $5,500
1953; $9,000 in 1954, and
on
•
(P. O. Waukesha), Wis .—BOND SALE—
The following issues of 23* % coupon semi-annual bonds offered for sale on
May 22—V. 148, p. 2946—were awarded to Paine, WTebber & Co. of
Chicago, at the prices given below:
basis of about
immediately reoffered on bases ranging from 0.75 to 2.25%
and were all sold before 1 p. m. on the date of the
sale.
It is understood the proceeds of this issue will be
used to refund Town of
Waynesboro
WAUKESHA
..
\
-
a
<
4,001,992 2,700,972 6.702,964
Purchasers.
Harley, Haydon & Co
Channer Securities COi...
,
100.621,
6,703,350
.
0.40
John Nuveen & Co
of coupon
RiehmondT,
234s,
'
0.40 4,001,800 2,701,2.50 6,703,050
____-------
—
the
WAYNESBORO, W&.—BOND SALE—The following issues
.
0.40
Bearer & Co _
The following bids were also received:
Names of Other Bidders—
;
Halsey Stuart & Co—Paine, Webber & Co..
until
semi-ann. refunding bonds aggregating $160,000, offered for sale
—V. 148, p. 2472—were awarded to Scott &
Stringfellow of
Co., Min¬
TAYLOR
COUNTY
(P.
O.
Medford), Wis.—BOND SALE—The
$50,000 issue of 3% semi-annual highway improvement bonds offered for
saie on May 19—V. 148, p. 2634—was awarded to the
Milwaukee Co. of
Milwaukee, paying a price of 106.91, a
basis of about 1.23%.
Dated
April 1, 1939.
Due in four years from date.
101.03
Par
7:30 p. m. on June 8, by Harry E. Baylor, City
purchase of an issue of $160,000 2%% semi-annual
coupon sewerage system bonds.
Denom. $1,000.
Dated June 1? 1939.
Due $8,000 from 1940 to 1959, incl.
These bonds may be registered as to
principal only.
«
Treasurer,
4,001,640 2,700,432 6,702,072
paying a premium of $180, equal to 102.00.
101.36
101.038
is reported that sealed
0.30
..
Co., Inc.; Blyth &
.
STAUNTON, Va.—BOND OFFERING—It
4,000,696 2,700,648 6,701,344
PITTSVILLE, Wis.—BONDS SOLD—We are informed by 8. E. Werner,
City Clerk, that two issues of water works system bonds were offered and
sold on May 17 to Harley, Haydon & Co., Inc. of
Madison, as follows:
#20,000 as 4s, less a discount of $300, eaual to 98.50, and
$9,000 as 33*s„
VIRGINIA
will
0.25
rick & Co_____
100.234
2%%
_
and
Halsey, Stuart & Co., Inc.; Blair &
Co., Inc.; Union Securities Corp.;
8tern Bros. & Co.; Hemphill, Noyes
& Co.; Jackson & Curtis; Wheelock,
Cummins, Inc., and Mitchell, Her-
Rate Bid
2%
2%
2]A%
23*%
23*%
23*%
Co.,
Co....
National
Int. Rate
_•
„
Hutzler
First Nat. Bank & Trust
basis of about 1.96%.
Dated
$3,000 from 1940 to 1957 incl.,
__
Ballou, Adams & Whittemore
Arthur Perry & Co
R. L.Day & Co.
Halsey, Stuart & Co., Inc
Trust
neapolis, and Farwell, Chapman &
a
Bidder—
Bond, Judge & Co.
Total
Co., Inc.; Wisconsin Co.; Milwaukee
Co.;
Kelley,
Richardson & Co.;
refunding bonds
First
&
Harriman Ripley &
VERMONT
May 18—V. 148, p. 2945—were
Bank of Boston as 2s at a price of
100.318,
April 1, 1939, and due April 1 as follows:
and $2,000 in 1958 and 1959.
Other bids:
Bonds
Exchange
Co.; City
Moseley &
Northwest. Nat. Bank & Trust Co.
WOLFE CITY INDEPENDENT SCHOOL DISTRICT
(P. O. Wolfe
City), Texa?.—-BONDS SOLD—It is reported that $30,000 4% semi-ann
refunding bonds have been purchased at par by the State Board zf Educa¬
tion.
These bonds were approved by the voters last
September.
coupon
awarded to the
8.
Bank
Nat. City Bank of N. Y.; Bank of the
Manhattan Co., and Salomon Bros.
HILLS (P. O. Westover) Texas—BONDS
SOLD—It is
2l/2% town hall bonds approved by the voters at an
May 16, have been sold. Due serially over 10 years.
WOODSTOCK, Vt.—BOND SALE—The $58,000
F.
National
stated that $40,000
offered
Notes
Nat. Bank;
Bank; Marine Nat.
Sav.
wholesale business."
on
Rate
North. Trust Co.; Chase
Bankers Trust Co.; Harris Trust &
selling for over $150: cosmetics retailing for more than 50c, clothing
retailing for more than $25; candy sold for more than 25c. per
pound, and
a 10% levy on playing cards.
"The measure requires action by the Senate, which refused to
consider
the House bill imposing a 1% retail and
^ of 1% gross receipts lew on
WESTOVER
is an official taulation of the bids received:
Corporate
Int.
Purpose
Relief
The following
ments
election held
May 21, 1939
F. 8. Moseley & Co., of New York, City National Bank &
Trust Co., and
the Northwestern Bank & Trust Co., both of
Chicago.
the
case
are dated June 1, 1939.
Credit Anglo-Francais of Mon¬
high bidder for the $16,000 issue, offered a price of 100.21; in
loan, McLeod, Young, Weir & Co. specified a price
of the $15,000
of 100.55.
RIVIERE
DU
LOOP,
Que.—BONDS
OFFERED
LOCALLY— The
city is offering $475,000 4% series A bonds over-the-counter at par. Due
An additional $859,200 4% series B 15-year bonds
have been issued to present holders in part
payment or deferred accounts,
according to report.
from 1940 to 1953 incl.
SASKATCHEWAN (Province of)—REFUNDING DETAILS—A syndi¬
headed by the Dominion Securities Corp. of Toronto arranged for
ofthe$3,000,000 4% refunding bonds in connnection with payment
of an equal amount of bonds which matured on
May 1.—V. 148, p. 2786.
cate
issuance
@FedFRASER