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m' AOfo
L/8RAfly
MAY 3 1 1935
Financial
Thf
Dnimcttia
COPYRIGHTED IN 1938
8Y WILLIAM B. DANA
COMPANY, NEW YORK.
ENTEREO AS SECONO-CtASS
MATTER JUNE 23, 1879, AT THE POST OFFICE AT N EW YORK. NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NO. 3805.
,m^V^\T0on-NEW YORK, MAY 28, 1938
VOL. 146.
SI 6.00 Per Year
THE CHASE
BROOKLYN TRUST
BANK
COMPANY
Chartered 1866
OF
OF
George V McLaughlin
CITY
THE
The
President
NEW
BROOKLYN
NEW YORK
NATIONAL BANK
YORK
Corporation
YORK
NEW
CHASE is
tra-
ditionally a bankers' bank.
For
Member Federal Deposit Insurance
OF
served
it has
years
many
large number
a
of banks and bankers
as
White, Weld & Co.
Members New York
correspondent
depository.
reserve
Deposit Insurance
Corporation
Member Federal
Stock Exchange
New York
New York
and
is TRUST COMPANY
Boston
Canadian
Amsterdam
London
Securities
DIRECT PRIVATE
Refresentatbes' Offices
WIRE TO
TORONTO
Government
Buenos Aires
Paris
United States
Securities
Brown Harriman & Co.
The
Hallgarten & Co.
BOSTON
FIRST
CORPORATION
Eetabliehmd 1850
/
NEW YORK
NEW
YORK
BOSTON
CHICAGO
Street, New York
Telephone: BOwling Green 9-5000
Chicago
Philadelphia
Boston
Washington
San Francisco
.
SAN FRANCISCTO
PHILADELPHIA
Incorporated
63 Wall
Representatives in other leading Cities
London
Chicago
AND OTHER
BEAR, STEARNS & CO.
PRINCIPAL CITIES
nn
me
and
State
ONE WAUL STREET
NewTorkTrust
NEW YORK
Company
■
.
HOMER & CO., Inc.
40 Exchange Place,
r.i
.
Capital Funds
v
♦
Bonds
Barr Brothers & Co.
INC.
$37,500,000
Chicago
New York
New York
IOO
40TH
wertheim & co.
120
'
■
Municipal
BROADWAY
MADISON AVE.
ST. &
FIFTH
Broadway
AVE. &
57TH ST.
NEW YORK
'
Service
to
Banks and
Dealers since
1888
New York
Amsterdam
London
European Representative's Office:
8
HORNBLOWER
&
KING WILLIAM STREET
WEEKS
Established 1888
LONDON, E. C. 4
CarlM.Loeb,Rhoades&Co.
40
'
Members New
NEW YORK
*
•
Paris
Amsterdam
Berlin
-
Federal Reserve System,
York Clearing House Association
Member of the
the New
and of the Federal Deposit Insurance
Wall Street
NEW YORK
*
BROADWAY
61
Corporation
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
•
Financial
n
Chronicle
May 28, 1938
Leading Out-of-Town
A. G. Becker & Co.
J. & W.
Incorporated
Seligman & Co.
Investment Bankers & Brokers
BIRMINGHAM
Established 1893
No. 64 Wall Street
Investment Securities
NEW
MARX & CO.
YORK
Commercial Paper
BIRMINGHAM, ALABAMA
London
New York
Correapondenta
Chicago
And
Other
SOUTHERN
SELIGMAN BROTHERS
Citiee
MUNICIPAL
CORPORATION
AND
BONDS
MILWAUKEE
WISCONSIN
CORPORATION SECURITIES
German Government International
5v2%Loan 1930
Teletype—Milwaukee 92
(Young Loan)
EDGAR, RICKER &CO.
750
Referring to the
release given out by the German Con¬
sulate General in New York and appearing on
May 23, 1938,
notice is hereby given by the undersigned Company that the
June 1, 1938 coupon appertaining to bonds of the American
Tranche of the Young Loan will be purchased on and after that
date at the office of Messrs. J. P. Morgan & Co., New York
City,
or, at the option of the holder, at the offices in the United States of
the undersigned Company, provided that the bonds from which
such coupons were detached were domiciled in the United States
on October 1, 1935, and that bonds and
coupons are stamped to
that effect.
The purchase price for such June 1, 1938 coupon
will be $20.00 per $27.50 face amount of the Young Loan
coupon,
i.e. the same amount as is being paid by such purchasers for the
December 1, 1935, June 1, 1936, December 1, 1936, June
1, 1937,
and December 1, 1937 Young Loan coupons, in accordance with
the announcements published under dates of October 4,
1935, by
Hamburg-American Line-North German Lloyd and May 26,1936,
November 25, 1936, May 25, 1937, and November
23, 1937, by
Hamburg-American Line. -
June 1, 1938,
on
MICHIGAN MUNICIPALS
Charles A. Pa reel Is &, Co.
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
HARTFORD
Specialists in Connecticut
Securities
the
offered in pay¬
were
PUTNAM & CO.
ment of the June 1, 1935, and
(unstamped) December 1, 1935,
June 1, 1936, December 1, 1936, June 1, 1937, and December 1,
1937 coupons of bonds of the Young Loan.
The present offer
will have no effect upon the
possibility of acquiring Young Marks
according to regulations in force.
Members New York Stock Exchange
6
CENTRAL
57
ROW
Tel. 5-0151. A. T. T.
HARTFORD
Teletype—Hartford 564
ST. LOUIS
HAMBURG-AMERICAN LINE
May 23, 1938.
Street
DETROIT
Holders who fail to avail themselves of the present offer
may
obtain Reichsmarks for their coupons due
same terms as those on which Reichsmarks
North Water
Milwaukee, Wis.
press
Broadway, New York, N. Y.
5r/x
Dividends
Dividends
Co,
*
baint Laura
OO^OUVt ST
CRANE CO.
(0MMERCIAL jNVESTMEOTplJST
CORPORATION
Convertible Preference Stock,
$4,25 Series of 1935, Dividend
The Board of Directors of Crane Co.
has declared the regular
quarterly divi¬
dend of $1.25 per share upon the 5%
record at the close of business on
June 10
1938. The transfer books will not close.
Checks
will be mailed.
Common
to share holders of record June
J.
L.
Dividends
1, 1938.
HOLLOWAY,
Secretary.
E. i. du Pont de Nemours
& Company
INTERNATIONAL HARVESTER COMPANY
Directors
The
of
International
Stock—-Regular Dividend
SANFORD
B.
Wilmington, Delawabe: May 16, 1V38
Harvester
Company declared a quarterly dividend of fifty
(50c.) per share on the common stock,
payable July 15, 1938, to all holders of record at
the close of business on June 20, 1938.
cents
A regular
quarterly dividend of $1.00 per share
in cash has been declared on the
Common Stock
of
Exchange
cumulative convertible preferred shares
of the company, payable June 15, 1938,
A regular
quarterly
dividend of $1.06}£ on the
Convertible Pre.e.ence Stock, $4.25 Series of
1935, of COMMERCIAL
INVESTMENT
TRUST CORPORATION has been declared
payable
July
1,
1938,
to
stockholders of
Members St. Louis Stock
WHITE,
Secretary.
The
Board of Directors has
dividend
of
Debenture
$1.50
Stock
share
a
and
a
declared
this day a
outstanding
the
on
dividend
of
$1.12 J/a a
outstanding Preferred Stock-$4.50
both payable July 25,
1938
to
stockholders of record at the close of business on
share
on
the
Cumulative,
July 8, 1938; also the second quarterly "interim''
COMMERCIAL INVESTMENT TRUST
payable July 1,
1938, to
dividend for the year 1938 of 50? a share
CORPORATION,
THE
stockholders of record at the close of
business
June 10, 1938. The transfer books will not
close. Checks will be mailed.
ELECTRIC STORAGE BATTERY CO.
The
Directors have declared
the Accumulated
Sur¬
plus of the Company a divi¬
dend of Fifty Cents
($.50)
per
share on the Common
the
Preferred
Stock,
payable
W. F. RASKOB,
from
JOHN I. SNYDER, Treasurer,
May 26, 1938.
Stock
and
on
Secretary
June
Atlas Corporation
be mailed.
Notice
30, 1938, to stockholders of record
of both of these classes of stock at the close
of business on June 9, 1938.
Checks will
H. C. Allan,
Secretary.
Philadelphia, May 20, 1938.
International Agricultural Corporation
1938.
The Board of Directors has this
day declared
out of earnings a dividend of two
per cent. ($2.00
per share) on the Prior Preference Stock of the
Corporation, payable June 20, 1938, to stock¬
holders of record at close of business June
10,
1938.
Books will not close.
ROBERT
P.
RESCH, Treasurer,
Common Stock Dividend
dend
Atlas
1938,
TEXAS
GULF SULPHUR
is hereby
of
declared
New York, May 24,
COMPANY
The Board of Directors has declared a dividend
of 50 cents per share on the
Company's
25?
on
per
the
given
that
share
Common
a
has
divi¬
been
Stock
of
Corporation payable June 20,
to
holders
of
such
stock
of
record at the close of business
June
6, 1938.
•
capital
stock, payable June 15, 1938, to stockholders
of record at the close of business Jane
1, 1938.
H.
F.
J. KNOBLOCH,
Treasurer.
the
outstanding Common Stock, payable June 14.
1938, to stockholders of record at the close of
business on May 23, 1938.
Walter A.
May 25, 1938.
Peterson, Treasurer
1¥
V
ommattH
MAY 28, 1938
Vol. 146
No. 3805.
CONTENTS
Editorials
FAQE
The Financial Situation
The
Renewed Attack
3391
on
the Courts
The Minorities Problem in
Europe
__
3403
..—3405
.
Comment and Review
The Business Man's Bookshelf
3407
Week
3395
on
the European
Stock Exchanges
Foreign Political and Economic Situation.
Foreign Exchange Rates and Comment
3396
3400 & 3442
Course of the Bond Market
Indications of Business
3406
Activity..
Week
on
the New York Stock
Week
on
the New York Curb
..3408
Exchange
3393
Exchange
3441
News
Current Events and Discussions
Bank and Trust
3418
Company Items
...3440
General Corporation and Investment News
3486
Dry Goods Trade
State and
...3545
Municipal Department
..3546
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
3445 & 3453
Sinking Fund Notices....
3445
Dividends Declared
3446
Auction Sales
3445
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations. .3454 & 3464
3454
New York Curb
Exchange—Stock Quotations
3470
New York Curb
Exchange—Bond Quotations
...3474
Other
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
...3476
3480
Over-the-Counter Securities—Stock & Bond Quotations.3483
Reports
Foreign Bank Statements
Course of Bank
3399
Clearings
3442
Federal Reserve Bank Statements
..3451
General Corporation and Investment News
3486
Commodities
The Commercial Markets and the
Crops.
Cotton
Breadstuff?
3534
.3537
3542
Published Every Saturday Morning by the William B. Dana Company, 25
Spruce Street, New
York City
Herbert D. Selbert, Chairman of the Board and Editor; William Dana
Seibert, President and Treasurer; William D. Riggs, Business
Other offices:
Chicago—In charge of Fred H. Gray. Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New
York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months.
Manager.
South
and Central America, Spain, Mexico and Cuba, $18.50
per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
line.
Contract and card rates on request.
NOTE;
On account of the fluctuations in the rates^of exchange, remittances
per agate
for foreign'subscriptions'and advertisements must be made in New York funds.
Financial
n
Chronicle
May 28,
1938
New Issue
$40,000,000
City of New York
3Vi% Serial Bonds
Due August 1,
Dated June 1, 1938
Principal and semi-annual interest, August 1 and February 1, payable at the office
Coupon Bonds In denomination of
our
■
opinion,
Legal Investments for Savings Banks, Trust Funds and
Companies in the State of New York
as
Life Insurance
These Bonds to be issued for
various other
and
of the Comptroller of the City of New York;
$1,000, exchangeable for fully registered Bonds in denominations of $1,000 or multiples thereof.
Exempt from all present Federal and New York State Income Taxes
Interest
Eligible, in
shown below
as
municipal
rapid transit construction, school construction and
purposes,
will constitute, in the opinion of counsel, valid
legally binding general obligations of the City of New York, for the payment
of which, both
principal and interest, ad valorem taxes
of the taxable real property
be levied
may
in the City, without limitation
as
on
all
to rate or amount.
AMOUNTS, MATURITIES AND PRICES
(Accrued interest to be added)
Due
Amount
$1,785,000
Price to Yield
1939
Price to Yield
Amount
Due
$1,330,000
0.60%
1946
Yield
Price
Amount
Due
$1,090,000
2.60%
1953
3.15%
or
1,785,000
1940
1.20
1,330,000
1947
2.70
990,000
1954
3.15
1,785,000
1941
1.60
1,330,000
1948
2.80
990,000
ea. yr.
1955-59
3.20
1,785,000
1942
1.85
1,090,000
1949
2.90
990,000
"
1960-63
100^2
(r^ce)
1,660,000
1943
2.10
1,090,000
1950
3.00
870,000
"
1964-68
100^2
(Price)
1,330,000
1944
2.30
1,090,000
1951
3.05
650,000
"
1969-73
100^
(Price)
1,330,000
1945
2.50
1,090,000
1952
3.10
320,000
"
1974-78
100^
(Price)
:
:
The above Bonds are
v,';'
offered for delivery when, as and if issued and received by us, and subject to the approval of legality by Messrs.
Thomson, Wood dc Hoffman, Attorneys, New York City.
The National
First National Bank
City Bank of New York
Lazard Freres & Co.
Halsey, Stuart & Co. Inc.
Brown Harriman & Co.
Incorporated
.
Mellon Securities Corporation
Phelps, Fenn & Co.
The First Boston Corporation
Incorporated
/
Mercantile-Commerce Bank and Trust Company
Kean, Taylor & Co.
Stone & Webster and Blodget
Kidder, Peabody & Co.
B. J. Van Ingen & Co. Inc.
Darby & Co.
Eastman, Dillon & Co.
Inc.
The
Manufacturers and Traders Trust Company
Anglo California National Bank
OF
G. M.-P.
SAN
Murphy & Co.
Geo. B. Gibbons & Co.
Incorporated
BUFFALO
FRANCISCO
The Union Trust Company of Indianapolis
R. H. Moulton & Company
First of Michigan
Corporation
Otis & Co.
(Incorported)
Incorporated
Dean Witter & Co.
Washburn & Company
Charles Clark & Co.
■
Incorporated
,
Edward Lowber Stokes & Co.
Far well,
Chapman & Co.
Francis I. duPont & Co.
R. S. Dickson & Co.
Hannahs, Ballin & Lee
Minsch, Monell & Co., Inc.
Incorporated
Merrill, Turben & Company
,
William R. Compton & Co.
Incorporated
New York, May 25,19S8.
McDonald-Coolidge & Co.
Field, Richards & Shepard
Incorporated
IraHaupt&Co.
The Financial Situation
WRITING in the recently an"Times," John and long while past. Perhaps no other idea "jointbeen
Hanes, until New York
industrialist W>
more widely preached than this plea of has
refinancier, but
a
reputed to be
"we
Administration,
ductive
in
peak
all
of
worker
to
York that "the
was
power
our
midst of
is
reces¬
out
relief
to
week and
stricting
our
to
bear
this
that,
but
test
a
the
of
we are
good
which,
sense
of
not
in
us
"We
full
"The
to
patriotic
every
But be¬
necessarily rests
most
reposes
the
upon
leaders in government
industry, who, under
which
it is
have
joint
a
order
economic
we
live.
Mr.
But
economy
our
re¬
it
as
is
the
were,
sion.
Until that
a
joint
and
one,
at-
'
■;
..
we
is
'
-
and
we
need
hardly expect the survival of free enterprise."
Here is
been
exhorters,
and
many
Popular Doctrine
some
from
of
the lips of a long list of
them
and trade,
employ, for a
in industry
of them in government
term
phrase is
particular in¬
the idea)
interpreted
as
by government and indus¬
to
produce
prosperity
general
stability.
and
If in the past we
able,
out, to grow
industrial
as
have been
Mr. Hanes points
into a great, not to say the greatest,
and for many decades have
Nation,
succeeded in maintaining our status as such
without
"planning" and such conscious "cooperation"
for collective prosperity, why whould it now suddenly
become essential that we adopt this latter course
such
to
expressed in terse form a doctrine which
ringing
the
other
be
to
try
r
and private busi¬
stability of the kind we once knew,
has
if
not,
studied, cooperative effort
against the depression is needed
Let
government stick to its
need not expect the return of economic
A
product of this sort of
stance to convey
no
discharge it through
cooperative efforts of government
ness,
knew"
we once
^
And
as
.
used in any
responsibility is recognized
tempts are made seriously to
sta¬
.
.
whatever
eliminate the depres¬
Let government try to end it, and the
is only worse depression.
of course Mr. Girdler is right!
result
But
"economic
"planned cooperation" (or
role, and business will
by
joint responsi¬
cooperatively to
the
tainly
desirable.
or
a
sta¬
planned cooperation? Cer¬
end to current difficulties.
Girdler's implied answer to such
that
expect
economic
fully recognized.
bility
such "cooperation'' as
that demanded for the purpose of marching,
criticism
that
together to produce
was
made to bring an
and
sponsibility for operation
of the
work
friction between business and govern¬
ment, and prevents that "cooperation" be¬
tween
the two that is often alleged to be
essential if successful collective effort is to be
proportionate degree, it
system,
business
production,
capital, can
ing
it
cause
in
learn again
more
planned
of
us
bility of government and
abundant and living
people raised. They will
behind the false whiskers of so-
made
not
knew" until
lurks the ugly
countenance of the collectivist State."
There
are
those, of course,, who believe
that such forthright speaking at this time is
"poor
politics," by which is apparently
meant that it ensures a continuance of exist¬
called
challenge, "he went
of
be
Hanes tells
or,
out.
bility of the kind we once
the costly lesson
will
the way
as
difficulties,
need
return
rates do not of them¬
full week's work or a
by work and increased
by idleness of labor and
that
learn
American citizen.
a
our
Mr.
perpetual industrial
People
pail.
dinner
wealth
declare, 'dies at the
door
either
accepted
"we
standards of all the
a
great Nation."
on
wage
is
analysis
yet had before
for that matter, a way
as
that only
made
us
hourly
insure
selves
than
kept
heralded
learning again
are
that high
common
has
and thus far
was
realistic
more
out of
warfare.
faced
and not
anything else,
it
100,000,000 days of
of industrial peace.
lating the country into
ability
more
lost nearly
ushering in a new
Actually, because of
the one-sided character of the Act and of
its administration, it has come close to legis¬
law which
It will
repeating
situation,
with
re¬
era
produce.
and
than it has
productive labor from strikes.
The worst of
this has come about under the regime of a
are so
we
have
workers
cooperative
planning for recovery and
widespread distress in
present
the
but that
stability needs much closer
than have the staggering losses
in
wages
and production resulting from
labor disturbances.
In the last five years
enjoyment of
things
the
to
a
restoring
for
plans
whole idea of
contributed
single cause has
and in
together
prosperity,
this country
every
progressively
the very
able
rolls
out
control.
more
obsolescence, adding work¬
ers
compete
no
of
name
good to sit
spirit of compromise work
private
"Perhaps
weeds and
to
down
sets up vast bureaucracies
restrict its functions
control industry, to
ment
keeping
capital in idleness, turning
plants
common
with it, the net result is to
enterprise and frighten in¬
vestors.
It is not the wrongdoer alone who
suffers.
Every one engaged in private enter¬
prise finds himself in the shackles of govern¬
in the
are
business
a
which
the
and to
added,"we
sion
ought in the
stifle
"Yet," the Commis¬
and bus-
ness
when government
tion, limitless."
sioner
that government
fair and proper regulations
catch those who violate the rules.
But
and
to
quite obvious is not
seems
It should set up
of calcula¬
purposes
Yet what
expression to it.
of government in busi¬
of a traffic policeman.
part
if they
or
they think
inexpedient to give free
doubt,
should be the part
ness
is, for all prac¬
consume
tical
Our
time.
it
last T. M. Girdler, President
of the American Iron and Steel Institute and
Chairman of the Republic Steel Corp., told
members of the Institute gathered in New
On Thursday
the
near
have
Speaks the Truth!
He
Our
efficiency
higher,
never
pro¬
enterprise.
plant capacity is
operative effort,
ready
money
invested
be
to
Our banks are
genuine economic recovery.
loaded with
faced with a
are
in efforts to bring
sober compion sense
our
about
States today
United
the
in
of
test
peace-maker between business
said on Sunday last that
unofficial
of
sort
and the
sponsibility" for "cooperation" to end the depression
and to place business upon a footing of permanent
stability. Probably no other is today more widely,
if unthinkingly, accepted as self-evident by the
average person.
Differences arise over terms of
cooperation and compromise, but few seem to feel
any doubt whatever about the necessity of co-
member of the Securities and
a
now
Exchange Commission, and as such
continue
Such
the
a
the
work
we
have long excelled in?
question certainly is sufficient to
wisdom of some intelligent thinking
matter,
rather
than
a
hasty acceptance
actually understanding what is
implied.
indicate
about the
without
Financial
3392
Is
What
Before
Involved?
ity of this demand for concerted action to produce
the average
of
this
Every
every
the
on
believe, everywhere to be found
an
ordinary
people
their business of
about
should
tacks of
ness
be
growing
of time
peacefully
go
living.
a
we
If what
suggest is that
a
prompt
business and that the busi-
men upon
in turn, should not lose his perspective,
mistake mole-hills for
best he
There is,
put to the constantly recurring at-
public
man,
mountains,
offered him to
affronts
virtually
a space
may
making
Mr. Hanes and the others
between
and
a great and
"era of good feeling,"
during which
end
hand
one
kind of enterprise on the other.
longing for
to
can
or
him
deter
permit personal
from
doing the
operate his business vigorously and
soundly six days in the week, there will probably
be none to argue with them, although it is far from
clear that business
in any
men
have fallen into such habits
If the
as
substantial number
are
prophets of "cooperation"
the business
man
has
permitted
thus condemned,
to charge that
mean
is permitting the
or
countless irritations and the innumerable
under which he has been
past to arouse in him
a
handicaps
obliged to labor for
feeling of
dissatisfaction that has led to
anger
years
and general
kind of "strike of
a
capital," and that this ought to be promptly
rected, the obvious
The desire of every
economic
cated
condition
even
deep-rooted to be eradi-
although the prudent
well be restrained from active efforts for
may
by the dictates of
But, of
common
a
man
time
ber of leading individuals of wide influence in the
business community, ought figuratively, if not literally, to sit down together like good fellows and plan
a recovery and a program for introducing stability
in*° our economic system. Indeed, as Mr. Hanes has
expressed it, it is, according to their ideas, more
than a duty. It is a stark necessity if free enterprise
is to survive, if order is to be maintained, and, curiously enough, if some form of dictatorship is to be;
avoided in this country. That is to say, the whole
idea pie-supposes planned economy- although many
who advocate the program probably do not realize
the fact. It is the same old idea of centralized management of business that is thus brought forward
as the means of our salvation, and of preventing a
"collapse of civilization," whatever that is. What is
suggested boils down in final form to a demand that
substitute joint management by politicians and
we
business men for the purely political management
under which
have been suffering for
we
—but ^ *s economic planning
more
than
years past
the less,
none
The question is thus sharply raised whether it is
the system of managed economy or merely the present group of managers which is at fault that we
have come upon such evil days. Those who insist
cooperative action of the kind here under dis-
upon
cussion seem to believe either that the idea of managed economy is sound but that we need to improve
the management,
or
else they have adopted the de-
latest attitude that, like it or not, managed economy is here to stay, and we would be wise not to
resist but to try to improve the system by installing
better management.
Few
could,
found who would deny that
sense.
it is obvious that much
course,
non-
human being to better his
is too
in this way,
cor-
is that the charge is
answer
wholly unfounded and the demand therefore
sense.
this: The Presi-
come down to
in the business community, or possibly a large num-
apparently unending controversy
the Administration
their idea seems to
if it is not possible
see
is doubtless thoroughly sick
one
wide differences of view among
them as to particularistic programs, but in general
dent, or his representatives, and some group or other
bring the discussion down into realm of everyday
realities.
are
1938
would do well to inquire
man
just what is demanded, to
to
May 28,
Probably, there
reaching any conclusions about the valid-
recovery,
Chronicle
been about
poorly managed
as
Ave
suppose,
be
public affairs have
our
as
they well could
this is in the minds of those who
preach this doc-
be for
trine
for a moment believe that the -theory of managed
of
cooperative
What the
more
combat
extreme
against
tration demand is that business
ders
from
affairs.
very
the White House in
They
seem
depression.
folloAvers of the Adminis-
generally take
the
to suppose,
and
conduct
some
of
has
taken
certain
steps
"help," and that the least
own
its
first> that
enterprises
science" and
can
com-
economic difficulties,
is
and
taking others to
those who manage their
do in the
name
of "social
con-
Even if there
were
some
shadoAv of
justification for such a vieAv, it would for
practical purposes be worthless counsel, since no human
being could determine precisely Avhat the Presi-
and
high
wages.
course,
President's
kite, and
without much
can
bim to the point Avliere he makes
a
passably good
manager, and, second, that, even if it Avere possible
to select the best management that the human race
can afford, any system of planned or managed economy
would still be
substitute for the system
a poor
free competition and individual
initiative
record of Avhich is American industry
known it in the past, and
place
on
and the
the tail of the
accordingly be dismissed
Planning Again
within its
as we
Avould
as
we
the
have
know
soon
borders, and leaving the business
OAvn
man
freedom
to
ing
living
best he
a
as
attend
to
may.
his
business
the game, as
of
The two must of
come more or less constantly in contact.
mak-
course
Kules of
it were, must be kept up to date and
effective, but they must be simple and designed only
establish and maintain order and enforce elemen-
But what do the others in the vast multitude who
tary
justice.
preach the doctrine of cooperation have in mind?
very
nearly the
the controlling
economy or train
fr°n should consist in the retirement of government
term
consideration.
Economic
as
force in any system of managed
given set of cir-
"cooperation" is that only of the extremist
a
quite certain of two things,
will ever be found in this country
to pay large taxes
But this interpretation of the
politician striving to find
Ave are
no Avay
^ again if conditions permitted it to function as it
is capable of functioning. ;
Cooperation we certainly need, but the coopera-
dent would want him to do in
any
cumstances—except, of
nevertheless do not
Ave
either to unseat the politician
good patriotism is to do whatever is
suggested at headquarters.
but
has anything whatever to recommend it.
On the contrary,
of them
that the President in his wisdom has told the
economy
or-
nearly give outright expression to the belief,
munity how to rid itself of its
many years past,
The
business
same
thing
community
as
(which
is
the general public)
Volume
legiti¬
do much to aid in the estab¬
mate
activities, and can
of
lishment
all
regime of government.
well ordered
a
naturally ought to be bona-fide
there
this
cooperation, to be
successful, must be that government attend to its
own knitting.
Any other system will not only fail
to restore economic recovery, but will continue in¬
cooperation, but the basis of all
definitely to plunge us further into
Foreign Trade in April
economic misery.
rT^HE balance of trade in the first four months of
the current year was on
*
gated
no
Federal Reserve Bank Statement
Washington last month, again is the
in
nounced
chief item of interest in the current
In the
tics.
banking statis¬
weekly period to May 25 the Treasury
continued to disburse funds for all its
needs from
Re¬
serve banks, which was marked upward so suddenly
through discontinuance of the inactive gold fund.
general account balance with the Federal
Member bank reserve balances are
increasing in ap¬
proximate correspondence, and excess reserves over
legal
likewise
requirements
estimate of
official
$2,630,000,000,
are
for May 25 is
increase for the statement
an
The
mounting.
reserves
excess
week
down
slightly, and also contributed to the upbuilding of
idle banking reserves.
The monetary gold stock of
the country advanced another $13,000,000 in the
statement week, to a high record of $12,905,000,000.
But the Treasury refrained once more from deposit¬
of
circulation was
in
Money
$70,000,000.
this addition, and
ing gold certificates to offset
inactive
thus, in effect, is accumulating a modest
gold hoard, which restrains
Since the huge deposit of
bank reserves.
tificates
accumulated about
to be
"cashed"
on
gold cer¬
mid-April, the Treasury has
made in
was
slightly the advance of
$80,000,000 gold which remains
some
occasion, when the general
account has been whittled
balance of imports
months of 1937.
month
of
In the meantime, this gold fund
Other than
the increase of
current condition
serve
est.
credit resources, the
statement of the 12 Federal Re¬
banks, combined, reflects few changes
Total
of
reserves
the
regional
of inter¬
banks
fell
$11,060,201,000,
but also in
part because gold certificate holdings fell $499,000
to $10,639,417,000.
Federal Reserve notes in actual
circulation
Total
$6,638,000
receded
deposits
$4,116,875,000.
to
with the regional
banks dropped
$2,416,000 to $9,286,075,000, with the account
consisting of
tions
balances
reserve
an
by $94,099,000 to $7,716,352,000; a
decline of the Treasury
general account balance by
$100,635,000 to $1,182,761,000; a drop
bank
varia¬
increase of member bank
of foreign
deposits by $4,491,000 to $133,118,000, and an
increase
of
other
deposits by $8,611,000 to $253,-
unchanged at
banks increased
$833,000 to $8,668,000.
Industrial advances were
down $128,000 to $16,771,000, but commitments to
844,000.
such
make
260,000.
were
The reserve ratio remained
Discounts by the regional
82.5%.
advances
moved
up
States
Treasury
$2,564,015,000.
bankers' bills
holdings of United
securities were similarly motion¬
less at
each
has
month's exports in 1938
gain, the percentage of increase
some
30% in January to only 2% in April.
Exports in April totaled $274,482,000
and imports
balance of $114,575,000; in March exports of $275,780,000 and imports
of $173,405,000 left a balance of exports of $102,375,000; in April, 1937 exports of $268,945,000 and
imports of $286,837,000 resulted in an import excess
of $17,892,000.
As compared with the $435,312,000
export excess in the first third of 1938, there was an
import balance of $131,163,000 in the same period of
$159,907,000 leaving an export
1937.
For the four
months
period both agricultural and
exceeded 1937 but in April
exceeded April, 1937, other
items being smaller.
Wheat, barley, corn, oats, and
rye exported in April had a value of $20,380,000
compared with only $654,000 in April, 1937. While
non-agricultural exports
only agricultural exports
shipped was slightly
quantity of raw cotton
the
amounting to 402,698 bales
compared with 401,141 bales last year, its value this
greater than a year ago,
only $20,137,000 as
year was
bales worth
$23,147,892, were
Many items were
450,113
shipped.
showed a greater
of imports.
imported in less than half the
Similarly agricultural
reduction from last year
amount this year,
compared with $28,-
In March this year
571,000 in April, 1937.
imports
than other classes
flaxseed,
certain
products, tin and
were considerably
including grains, cocoa,
vegetable oils, hides
and skins, raw wool,
textile manufactures,
heavy steel
nickel.
Many other items
also
reduced from a year ago.
The
was
gold
months this year
year
country in April
March and earlier
greatly reduced from a
movement to this
than in
somewhat greater
but was
The figures for
ago.
the four months
show
of merchandise
exports.
In April $71,236,000 gold came into the
country bringing the total for the year to $139,549,000.
In 1937, April imports of gold aggregated $215,reflection of
little
the large excess
first four months, $611,858,000.
the metal were only $145,000 in April,
$5,407,000 in the four months while in the
825,000 and the
Exports of
1938 and
four
months of 1937 exports
Silver
imports
in April
did not exceed
$63,000.
amounted to $15,757,000
compared with $14,440,000 in
March and $2,821,000
Exports of silver in April were
$250,000 and in April, 1937, $1,668,000.
in
April, 1937.
The New
York Stock
only
Market
$116,000 to $13,-
Open market holdings of
stationary at $534,000, and
of $131,163,000 in the first
29% in January to 44% in April.
$2,907,000 in the statement week, to
largely because "other cash" was down,
1937
nearly all
since 1931 and compares
ranging
The
reason for the large excess of exports has only in
small part been due to the increase in exports the
chief cause being found in the fact that imports have
been sharply reduced from a year previous in each
month of the present year the decrease ranging from
down to reasonable pro¬
remains
as a possible first bulwark if any large outflow of
capital from the United States should develop.
portions.
The amount is large
with a
four
Compared with the corresponding
of the calendar years
from
EXPANSION of the idle credit resources of the
country, occasioned by the credit program an¬
the export side and aggre¬
less than $435,312,000.
by comparison with the export excesses in
shown
the
3393
Chronicle
naturally support the government in its
must
In
Financial
146
THE New Yorkwith prices movinga
stock market was
week,
this
lower
were
in
almost all groups
registered almost every
dull affair
irregularly
Declines
day, and although the
of equities.
3394
Financial
daily movements
results
large,
not
were
the
ing from fractions to five points and
trend reflects
downward
a
stocks, but
tone in
this
regulations and controls.
the thin markets
price levels
question exists
some
to whether
ever
before the Roosevelt regulatory agencies
were
undertook to
prevent manipulation and artificiality.
Securities and Exchange Commission itself is
The
reported to have become somewhat
this aspect
is
tion
Stock
of the problem.
fact
the
Exchange
that
There
full
a
New
Other sessions
session
York
since
only slightly
were
was
little in the trade
picture
Business
reports
the politi-
or
drift
of
stock
clearly indicative
are
of
extremely quiet
week
summer.
Commodity prices this
steadily lower, with predictions of
tumbled
ample
sending
crops
levels in five years.
of the current
The increasingly serious effects
depression
by such incidents
evidenced,
were
moreover,
the omission of the Anaconda
as
Copper dividend.
of the grains to lowest
some
In Washington the insistence of
the Administration upon
pushing its
wage and hour
Call loans
remained
Stock Exchange the sales at
416,700 shares;
Wednesday,
on
last
Monday, 70,225 shares;
shares;
trend
The
week
tion
prices
reflected
was
change,
of
in
the
definitely lower.
was
in
stock
trading
ate
with
business.
Czechoslovakia
the
week
The
added
are
willing to
international
cooper-
crisis
over
nothing to confidence.
progressed,
finally,
holiday
As
Monday still remained in
and traders preferred to maintain
in
as
far
so
trading
as
of the
some
more
was
with
business
Government
on
and
the
ington.
moved
and
June
modest
scale.
States
The
tendency
await terms
was to
financing by the Treasury in Wash-
Speculative bonds of every description
lower, with losses in the secondary railroad
local
traction
especially
groups
For-
severe.
eign dollar bonds likewise drifted downward.
capital market
the lack
of
important
absorbed
was
A number of
bond issues appeared, and
they
readily by institutional investors.
displayed
Grains, cotton and
other
products dropped sharply, while base
likewise
reflected the
lack
of
exchange dealings the dollar
trend of
metal
by
Premier
modest recovery
however,
On
as
the
touched
touched
the
New
half-hearted manner,
a
promptly converted the day's gains into losses
ning from fractions to two points
ness
was
feature
a
on
Wednesday, and stocks, in
turn, weakened and closed lower.
main list,
a
new
new
French
set
There
in the
was
the
a
week,
war scare waned in
high levels for the
low
levels.
On
Europe.
Exchange 11 stocks
year
the
Apart from the
few issues suffered losses of from three
Fear seemed to hold sway
downward in the opening hour.
effort
on
After
an
Thurs-
dipped
support,
attempted
made to steady itself, the market
was
run-
Heavi-
or more.
gave
to liquidation and closed with losses ranging
way
from
and in
one
was
some
instances touching six points,
from
little in yesterday's market to distinguish
other
sessions
of
the
week, and equities
on
increased trading,
Some resistance to selling pressure was made
during
the session, but lower levels prevailed at the close,
General Electric
34%
closed
yesterday at 31% against
Friday of last week; Consolidated Edison
on
Co. of N. Yr. at 22% against 24%; Columbia Gas &
Electric at 5% against 6%; Public Service of N. J.
at 27% against 29%; J. I. Case Threshing Machine
at
72% against 76%; International Harvester at
48%
against
against
52%;
55%;
Sears,
Roebuck
Montgomery Ward
&
&
Co.
Co.
at
at
51
27%
against 31%; Wool worth at 42% against 44%, and
American
Western
21%
on
Tel.
Union
&
Tel.
closed
at
128%
against
yesterday at 19%
129%.
against
Friday of last week; Allied Chemical & Dye
at 138 against 148; E. I. du Pont de Nemours at
94% against 100%; National Cash Register at 15%
against 17%; International Nickel at 41% ex-div.
Daladier.
Stock
move
Tuesday
against 45%; National Dairy Products at 13 against
of foreign units late in
York
on
persistently firm
dipped almost to the lower limit
devaluation
prices
pace
In foreign
early in the week, owing to the Czech crisis.
francs
The
agricultural
buying.
was
were
alarming weak-
an
which contributed to the downward
securities.
The
fairly active, however, despite
trading in listed bonds.
commodity markets
ness,
were
Equities
arrested by a selling wave late in the day which
were
again registered mild declines
United
spirit of aloof-
showed slight change from previous sessions, and
stocks, after advancing in
There
best-grade corporate issues
well maintained.
of
a
a
concerned.
The trading
uncertain,
was
Ex-
World affairs
prominent issues managed to
moderately higher.
it
In the listed bond market the tone
Stock
displayed irregularity, although
consequence
a
this
situa-
rather confused state
a
influences
began to be apparent.
the
on
througout the abbreviated session.
on
market
Saturday last lower prices ruled
and on
to six points.
again the insincerity of claims that
Thursday,
on
The European
day, and prices, deprived of all
for it illustrated
Friday,
136,865 shares, and on Friday, 131,275 shares.
regulation bill through Congress without delay and
the New Deal administrators
on
Tuesday, 99,115 shares;
on
133,255
Wednesday,
on
on
555,450
On the New York Curb Exchange
Saturday were 55,755 shares; on
760,710 shares.
sales
286,070
328,020 shares;
were
without sensible amendments proved
disconcerting,
unchanged
shares; on Thursday, 781,170 shares, and
the
the
on
,
Monday they
on
Tuesday,
ness
situation to halt the downward
levels.
an
the
on
active.
more
cal
over
only 328,020 shares last Mon-
was
day, the smallest volume for
Sept. 4, 1934.
concerned
Indicative of the situa-
turnover
shares;
Because of
as
•
On the New lTork
in
myriad
1%.
1938
high levels and 66
the half-day session on Saturday last were
the
set
less artificial today than
are any
at
was
week
the thin markets current under the
of New Deal
they
There
small offerings suffice to
even
This
new
low levels.
new
Stock Exchange
New York
rang-
more.
of general trade
course
of liquidation
pressure
any
stocks touched
night
business, and of commodity prices.
hardly
Exchange 12 stocks touched
Prominent
issues showed losses for the week to last
and
May 28,
cumulative
impressive and perturbing.
are
Chronicle
while 74 stocks
New
Yrork
Curb
13%; National Biscuit at 20% against 21%; Texas
Gulf
at
Sulphur at 30 against 30%; Continental Can
37% against
393%;
Eastman Kodak
at
145%
against 154%; Standard Brands at 7 against 7%;
Westinghouse Elec. & Mfg. at 703% against 763%
Lorillard at
15%
against 16;
;
Canada Dry at 15
against 17; Schenley Distillers at 15% against 16%,
and National Distillers at
1S% against 19%.
Financial
146
Volume
the steel shares were
Declines among
quite large
United States Steel closed yesterday at 40% against 44% on Friday of last week;
Inland Steel at 62% against 66 bid; Bethlehem Steel
the
present week.
at
40% against 46%, and Youngstown
at
26% against 30%.
Sheet & Tube
In the motor group, Auburn
yesterday at 3 against 3%
Auto closed
bid on Fri-
Motors at 27% against
29%; Chrysler at 40% against 42%, and Hupp
Motors at % against %.
In the rubber group,
Goodyear Tire & Rubber closed yesterday at 16
against 17% on Friday of last week; United States
Rubber at 24% against 26%, and B. F. Goodrich at
day of last week; General
European Stock Markets
^TOCK markets in the leading European financial
centers were afflicted, this week, by renewed
uncertainty regarding the international political
outlook. The more important movements on the Lon<jon, Paris and Berlin markets were toward lower
levels , owing in large part to the crisis over CzechoSlovakia. World-wide downward tendencies of commodity prices also contributed to the weakness, as
did the persistent weakness of the New York market. The chief influence, however, was the fear
that
Friday of last week;
26; New
10% against 12%; Union Pacific
pjng stone toward a larger penetration of Eastern
Europe. This fresh indication of the unstable nature
15%
on
Topeka & Santa Fe at 25 against
York Central
at
10% against
against 61; Southern Pacific at
at 60
of
last week.
another war might develop because of the German
Nazi ambition to extend the sway of Berlin over
day at 14% against
Atchison
2.76%c. as against 2.79%c. the close 011 Friday
The railroad shares show moderate
week. Pennsylvania RR. closed yester-
11% against 13.
losses for the
3395
Chronicle
the German minority in Czechoslovakia, as a step-
0f current European political arrangements
and
Southern Railway at 6% against 7%, and
Northern Pacific at 7% against 8%. Among the oil
alignments was a prominent factor in halting the
repatriation of fugitive funds by French capitalists,
J. closed yesterday at
of last week; Shell
12% against 12%, and Atlantic Refin-
Fairly reliable estimates indicate, however, that approximately 20,000,000,000 francs moved back to
France in the two weeks after the franc was deval-
In the copper group, Ana21% against 25%;
Smelting & Refining at 31% against 35%,
ued, with a floor under the unit. The newest French
"pump-priming" expedients doubtless had something to do with the halt of capital repatriation,
11%;
stocks, Standard Oil of N.
44% against 46% on Friday
Union Oil at
ing at 20% against 20%.
Copper closed yesterday at
conda
American
Phelps Dodge at 19 against
and
Trade and
only
modest decline in business.
a
the
for
21%.
industrial reports reflected this
week
Steel production
ending today was' estimated by the
week
American Iron and Steel
32.0% a month
Production
of electric power for the week to May 21 was reported
by the Edison Electric Institute at 1,967,807,000
and 91.0% at this time last year.
kilowatt hours against
1,967,613,000 in the preced-
and 2,198,646,000 in the
ing week
week of last year.
in the week to
corresponding
Car loadings of revenue freight
May 21 were reported by the
tion
of American
was
an
increase
Associa-
Railroads at 545,808 cars.
of 3,995 cars over
This
the preceding
229,266 cars from the similar
week, but a decline of
week of last year.
As
indicating the course of the commodity mar-
for wheat in Chicago closed
yesterdav at 72%c. as against 75%c. the close on
Friday of last week. July corn at Chicago closed
yesterday at 56%c. as against 59%c. the close on
Friday of last week. July oats at Chicago closed
yesterdav at 26%c. as against 26%c. the close on
Friday of last week.
The spot price for cotton here in New York closed
kets, the July option
yesterday at 8.01c. as against
8.53c. the close on
The spot price for rubber
Friday of last week.
yesterday was 11.30c. as against 11.33c. the close on
Fridav of last week.
Domestic copper closed yesterday at
the
9c.,
same
as
the close on Friday of
last week.
In
18
1
London the
price of bar silver yesterday was
against 18% pence per
silver in
yesterday at 42«%c., the close on
13/16 pence per ounce as
ounce
Friday of last week, and spot
011
New York
closed
Friday of last week.
In
the
transfers
as
matter
on
of
the
foreign exchanges,
London closed yesterday at
against $4.96% the close 011
and
cable
transfers
on
gold-mining securities. European business
are
Institute at 29.0% of ingot
capacity against 30.7% a week ago,
ago,
One noteworthy result of the complex of influences
was a steady demand in the European markets for
cable
$4.94 3/16
Friday of last week,
Paris closed yesterday at
reports
not encouraging.
Trading
on
the London Stock Exchange was on
for the
and intoward
levels. African and Australian gold mining
modest scale, as business was resumed
week. Gilt-edged securities drifted lower,
dustrial securities joined the movement
a
lower
shares improved on
persistent demand. European
securities in general were marked lower, while
Anglo-American favorites also lost ground. Lessened
tension in the international sphere brought about a
modest recovery, Tuesday. Gilt-edged stocks were
marked higher, and industrial issues displayed a
steadier tone. Gold-mining shares remained in demand, but base metal issues were soft on intimations
that the copper price
would be permitted to fall,
Better inquiry developed for international securities. The session on Wednesday was uncertain, with
international affairs again occasioning anxiety,
Gilt-edged issues were steady, and industrial stocks
showed only small variations at the finish. The goldmining group remained strong, but Anglo-American
favorites and other international issues declined.
Hardly any business was done on the London market
Thursday, for the Continental sessions were suspended in observance of Ascension Day. Gilt-edged
securities were quiet, and industrial stocks irregular. The gold-mining issues were again advanced,
but copper stocks broke sharply. International securities followed a hesitant course.
Gilt-edged
issues were steady in a dull session yesterday, but a
downward drift prevailed otherwise,
Prices weakened on the Paris Bourse as trading
was resumed last Monday, for the week-end crisis
over Czechoslovakia proved
ing. French francs softened
anything but comfort-
in the foreign exchange
market, and this added to the uncertainty. Rentes
were marked lower and almost all French equities
also declined, while international issues were neg-
3396
Financial
The tone
lected.
owing to
somewhat better
was
abatement
of
on
Tuesday,
international
the
crisis.
.Rentes
regained their losses of the previous day, and
French
equities also improved. International issues
marked
were
for
higher witli the rest, but the demand
gold-mining stocks exceeded that for other
curities.
on
The
Bourse
suffered
another
weak
se¬
spell
Wednesday, with holiday influences in evidence.
Rentes fell
sharply, but these issues
Chronicle
affected
were
mildly in comparison with French bank stocks
and
May
Reciprocal agreements
to
develop
a
1938
28,
in force have helped
now
growing volume of exports, the Secre¬
tary contended, and important phases of the current
business recession thus
in business
of
mitigated. But the drop
were
activity has occasioned
sharp decline
a
imports,: Mr. Hull noted, and he wrarned that
sooner
of
later this must be reflected in
or
decrease
a
exports, "since trade must necessarily be
two*
a
process." Turning to the broader aspects of his
way
the Secretary declared that two of the
program,
high priced industrial equities, which dropped hun¬
principal forces shaping Western civilization have
dreds of francs
in
been the
remained
while
fered
firm,
from
the
session.
Gold-mining issues
international securities suf¬
neglect.
The
Bourse
closed
was
Thursday in observance of Ascension Day.
trading
resumed yesterday, rentes
was
higher and equities also advanced.
issues
tional
International
the Berlin Boerse
on
Germany
as
When
marked
neglected.
were
Dealings
day,
were
on
were modest, Mon¬
in the center of the interna¬
was
political disturbance and this fact
seemed to
development of order under law, and the
growth of international
tion of these influences
The revitaliza-
commerce.
is
now
"urgent and out¬
an
standing task confronting mankind," he said. "The
alternative is fearful to
contemplate," Mr. Hull
con¬
tinued, "but it must be faced by all thinking people
today, everywhere. Stable and durable peace and
orderly
progress
in
region cannot be established,
any
except upon moral principles and
foundation.
In the
long
run
sound economic
a
excessive efforts toward
penetrate even the German
autarchy will undermine and break down the domes¬
the controlled press
tic
most
to 2
screen of censorship and
of the Reich. Prices dropped in
of securities, with the losses ranging
points in the more prominent stocks. Fixedgroups
interest issues
opening
Tuesday
on
inactive
were
and
unchanged.
weak, but
was
at the close modified the losses to
industrial,
marked
chemical
and
again
Losses
to
a
shipping
firm tendency
degree.
Dealings
Wednesday,
drifted lower in
that
as
or more
were
and
business
any
period.
suspended, Thursday,
price changes
were
holiday.
done at Berlin yesterday,
was
will
"Foreign Trade Week," Secretary of
State Cordell Hull made it clear that he intends to
push vigorously his program for the reduction of
through reciprocal tariff agreements.
Mr. Hull coordinated his statement with
in New York of the National
attended
by
tant aspect
address
some
a
statement
which the seventeen
concluded
were
a
meeting
Foreign Trade Council,
800 leaders in this highly impor¬
of the economic
was
Included in his
scene.
by President Roosevelt, in
special trade agreements
praised
far
so
strengthening economic
well-being and the foundation of world peace. Much
of the declaration
of the
was
as
devoted to
a
vigorous defense
reciprocal trade treaty program against what
Mr. Hull called "ill-founded assertions"
and "vicious
attacks."
import
thrown
He denied
duties
our
made
stoutly that the reductions of
under
markets wide open to
tion, with injurious results
American
imposts
careful
agreements
had
foreign competi¬
to various branches of
industry and agriculture. Reductions
were
in
effected, he added, only after the most
study of all factors involved.
negotiation
of
the
seems
to be the
signal for
to
drag down with it the political structure of
)
gov¬
ernment, and to a disastrous extent the social struc¬
ture of the nation.
Too many
nations in the world
today steering straight in the direction of such
are
economic, political and social Niagara."
an
State Department Advice
SPEAKING in Baltimore, lastWelles supplied
Tuesday, UnderSecretary of State Sumner
a
much-needed word
in
of caution
for those Americans
high official positions who lately have tended
and
more
more
to
criticize certain foreign govern¬
ments for the conduct of their
internal affairs.
own
plainly reflects the views
by the entire department, which has
embarrassing the forays of other Administra¬
spokesmen into its own sphere.
Harold L.
tion
Ickes, Secretary of the Interior, and Harry H.
Woodring, Secretary of War, are among those who
have engaged in such meddlesome activities.
avoiding
any
mention
of
Mr.
names,
While
Welles
de¬
plored "our participation in international polemics
and
recriminations
over
nations
cern."
The
internal
regarding which
cause
of
policies of other
have
we
world
no
peace,
rightful
and
our
con¬
own
fundamental objective of keeping the United States
at
peace,
warned.
are
not furthered
by such activities, he
Any alien attempts to undermine
institutions
are
a
proper
our own
of this govern¬
concern
ment, with which it is fully prepared to deal, Mr.
Welles remarked.
tic
of their
are
He held,
however, that the domes¬
policies of other countries
a
own
determination
matter
for
our
are
as
as
much
a
matter
domestic
policies
Americans
always
our
decision.
have
the
been, and doubtless always will be, alive to
sufferings of the oppressed in any country, the
Under-Secretary stated.
humanitarian
concern
But
should
even
be
that legitimate
manifested
in
a
constructive manner, he said.
Czechoslovakia Threatened
outburst
subside and even to
disappear
entirely when terms of the particular agreement
become known,
persisting
Every fresh
a new
criticism, Mr. Hull remarked, but he added that
the attacks tend
country
found
INWednesday, address delivered from Washington,
A RADIO in connection with the nationwide
trade barriers
the
The resulting economic collapse
a course.
entertained
observance of
of
The address of Mr. Welles
nominal.
Foreign Trade
t
structure
little
only in the speculative favorites.
the Boerse
on
such
upon
most is¬
trading
in traditional observance of the Ascension
Hardly
were
was
fractional in most issues and amounted
were
point
on
Heavy
stocks
slightly lower at the end. There
change in the situation
sues
a
a
The
economic
EUROPE shivered inweek, throes of still another
the
tention developed
war
scare
this
as
between Germanv and Czechoslovakia and efforts of
the most strenuous sort
were
made
by other nations
Volume
toward
146
amicable
an
Financial
;
adjustment of the immediate
3397
Chronicle
that
rumors
a
small body of Czech troops had
Reports of the actual happenings are
crossed the border into German territory and blown
incomplete in important respects, and it may be that
the fears of a German invasion of the small Central
up a bridge. But the municipal elections passed off
quietly, and late on Sunday it appeared that Ger-
differences.
There
European democracy magnified the crisis.
is
doubt, however, of the intense concern aroused
no
in
London, Paris, Moscow and other capitals, and
it is clear also that all
in
exerted
was
possible diplomatic pressure
of
behalf
general
The
peace.
clear.
country, which stands in the way of the Ger-
Prime Minister Neville Chamberlain supplied the
London House of Commons, on Monday, with a brief
account of the matter. The German Government,
he said, had assured the British Minister there was
no foundation for the reports of troop movements
toward the Czech frontier. To the suggestions at
Prague and Berlin for an amicable settlement of the
not the
German minority problem, both governments were
prepared to act this week, it appears that
agreeable, Mr. Chamberlain added. He indicated
that the British enjoyed the full cooperation of the
assumption has been for some time that Nazi Ger-
would proceed at any favorable opportunity
many
Czechoslovakia, and perhaps to swal-
dismember
to
again were being shifted, this time away
from the Czech frontier. Chancellor Hitler made a
speech in Munich in which no mention was made
of the incidents, and the atmosphere soon began to
man troops
that
low
The
convenient
the
man
was
as
Austria was
3,500,000 Sudeten Germans supply a
pretext for meddling in the affairs of
Whether
toward the East.
march
Reich
entirely, quite
country
annexed.
the readiness of the Czechs to
or
fight for their inde-
pendence, coupled with the willingness of France
to aid
them, halted
that Berlin may have
any move
received by Premier Hodza for
had in mind.
Efforts within Czechoslovakia to find a solution
Sudeten German demands, but
a
discussion of the
on
Tuesday these
leader, from his London visit was fol-
talks terminated abruptly, apparently because Herr
Henlein demanded a recall of the troops scattered
about the border area. Tension between Berlin and
Prague rose again on Wednesday, possibly because
by arrangements for conversations between
the conversations were unsuccessful and possibly be-
for the
problem presented by the German Sudeten
minority
were
in
progress
the Sudeten
lowed
Henlein and
Herr
ment.
late last week as the crisis
The return of Konrad Henlein,
began to develop.
Municipal
Govern-
Ministers of the Czech
impended
elections
throughout
cause
of
rumors
that Czech airplanes had flown over
German territory.
Nor was there any marked im-
existed
provement thereafter, for the burial services for the
respect to the plebiscite on Sunday, especially
two Sudeten Germans on Thursday were made the
occasion, at Eger, in Czechoslovakia, for a vast Nazi
Czechoslovakia,
with
French in these representations. Prague dispatches'
stated on the same day that Herr Henlein had been
and
a
little
nervousness
because of the disaffection in the Sudeten areas bor-
Rumors
dering Germany.
current last Satur-
were
demonstration.
The British Government was said
day that Germany was concentrating troops on the
to be considering a plan for sending its own observ-
border, and inquiries by the British Minister are
ers to
said
elicited
have
to
the
reply
that
these
were
the German-Czech frontier for purposes of
observation and in order to lessen tension,
merely redistributions of troops for the summer.
French Recovery Plans
The Czech Government itself called a fresh class to
the
colors, and placed some 400,000 to 500,000 troops
in the Sudeten area
this delicate
shot
the border of the Reich.
situation, two Sudeten Germans
killed
and
on
at
Eger,
in
In
were
Czechoslovakia,
last
Saturday, when they disregarded an order of Czech
This incident, close to the German
troops to halt.
border, aroused the keenest apprehensions, espec-
ially
the German press made it the occasion for a
as
campaign of derogation and villification similar to
that which
Paris
man
preceded the annexation of Austria.
reports quoted a French Government spokes-
saying late last Saturday that
as
Czechoslovakia
of
invasion
record
as
the event of
defense.
last
In
determined to
an
aid
Czechoslovakia in
invasion, provided France joined the
London
a
Cabinet
meeting
by the British Government.
stood that British
was
held
in
other
It is under-
representations again
were
made
German Government, to the effect that war-
to the
Central
Europe might well involve
countries, and perhaps all of Europe.
cellor Adolf Hitler was
of
German
Sunday, which in itself illustrates the grave
view taken
fare
a
"automatically
The Russian Government already was
set off war."
on
would
last
Italian
Government
was
said
have
last
reflected
by
Sunday, and
these
developments
recent French Governments have been
committed,
but which somehow seems never to bring recovery,
The latest series of enactments appeared under the
plenary powers
granted to the Premier by the
They foland the
measures for increasing all State taxes by 8%, increasing tourist traffic and stimulating an expansion of credit.
The decrees issued last Tuesday
relate to the public works and social aspects of the
program, which together with armaments expendi-
French Parliament at the end of April.
low the tentative devaluation of the franc
tures have
occasioned the vast budgetary deficits
and the persistent flight from the franc.
it
may
between this French plan and that
Deal.
There is,
be remarked, a curiously close resemblance
of our own New
It is now decreed that France will spend
11,000,000,000 francs on public works in the next
three years, much of it on
slum-clearance and the
Chan-
rural
districts, development of water supply
The
counseled
caution at the Berlin end of the famous axis.
strain
another long series of decrees,
construction of new houses, electrification in
staff officers.
to
last Tuesday
intended to further a recovery program to which all
many
reported in conference much
Sunday with German
pREMIER ED GUARD DALADIER published
1
The
persisted
for a time was augmented
by
tion
and
and irrigaprojects, and the construction of new roads
port facilities. In Paris reports it is remarked
that these may be
ures,
French Government
stimulate private industry and investCertain production taxes are modified with
also desires to
ment.
considered "pump-priming" meas-
but it appears that the
Financial
3398
view, and advantages are planned also
this end in
various groups
to
legislation, the authorities apparently plan
social
to
In the sphere of
of exporters.
strikes
troubles that led
recent
overcome
transforming
by
formulae into yearly
weekly
to
sit-down
and
wage
hour
Chronicle
May 28, ms
indications
Immediate
the Japanese
that
are
militarists will try the dangerous course of an
After taking Suchow, at the
attack on Ilankow.
junction of the Lunghai and Tientsin-Pukow Kail-
the Japanese troops pressed on westward,
ways,
The invaders boasted over the last week-end that
computations.
250,000 Chinese troops were trapped in a ring of
Spanish War
INSURGENTS
1
and
this
offensive
loyalists
alike
assumed
week, in the Spanish civil
but the attacks were at
it appears
steel, but it soon became evident that the main body
the
war,
widely separated points, and
that neither side was able to make
real progress.
any
Improved weather conditions made
it feasible for the
insurgent troops of General Fran-
Franco to resume their efforts for capture
cesco
additional
of
territory south of the great salient that
splits the loyalist area.
Madrid was shelled heavily,
■
possibly
all
as
diversion, while attacks
a
made
were
along the 70-mile line from Teruel to the MediAll the
terranean.
engines of modern warfare
were
employed in the drive, but the loyalists held grimly
to their
the
posts in the mountainous terrain.
north,
started
a
movement of their
The offensive
gent lines.
ambitious
and
Far to
the French border, the loyalists
near
against the insur-
own
said to be the most
was
attempted by the loyalists in five months,
they managed to report small gains.
But the
insurgents rushed enough reinforcements to the
halt
to
drive
the
by Thursday.
bombing of Barcelona and Valencia
early this week, while
Alicante
on
followed
an
on
area
Heavy airplane
reported
was
especially drastic attack
Thursday.
One of
the
of Chinese defenders was withdrawn in advance and
safely started to set up new lines of defense. Forobservers, flying over the territory just west
of Suchow> reported the region lifeless and deserted,
**
^aPanese ac aa J extend t eir mes far to
west *n ^hina? *
Wlil
themselves open to
ever more effectlve Suemlla warfaradecision> mor€°!er> ma? wfH have a dec.lded bearin8
uPoa
Russian attitude, for the lines of commimica*10n
m ussia to China, through Outer
Mongolia, may be threatened by the Japanese in a
venture
this nature.
^ew phase in the airplane
activities of the war was introduced late last week
when Chinese machines appeared over southern
daPanese cities and dropped thousands of leaflets
the JaPanese People to curb their militarists.
Man? of these Pr0Pa-anda sheets
*aid to carry
*be warn*aS that bombs migit have been dropped
as easily. Shanghai reports over the last weekend ideated that the German Government had
ordered home the German military advisers who
bavf maPPe(t much of the defense strategy, but the
advisers were reported likely to remain despite such
l,rgings.
.
met in
way
London, Thursday, to consider in its futile
Spain.
the
even
gathering,
Not much attention
though it
was
paid
reported to be in
was
general agreement upon the need for accepting the
British
the
to
plan of withdrawal of "volunteers."
Since
Anglo-Italian treaty permits the latter country
keep forces in Spain until the
be
can
/"\MINOUS
the problem presented by the extensive foreign
interference in
war
ends, not much
expected from the London proposals.
rumblings of revolt against the estab-
lished regime of President Lazaro Cardenas
current all this week in
were
clouded
sioned
Mexico, and they have
additionally the confused
occa-
"revolutionary"
lands, which culminated the
of the Mexico City authorities.
gram
ment
situation
by the recent expropriation of foreign oil
The
pro-
move-
against the President centers in the State of
San Luis Potosi, where
long has held princely
Sino-Japanese War
.
Mexican Revolt
London Non-intervention Committee subcommittees
lished that the
General Saturnino Cedillo
It is fairly well estab-
sway.
revolting General has cut most
com-
NEW difficulties and Government and the faced munications through the State over which he rules,
new decisions were mili- and intends to
by the Japanese
by Federal
oppose
tarists who rule in
to the
Tokio, after the fall of Suchow
Japanese expeditionary force in China, and
all indications
now
point to still greater efforts in
the vast invasion that started last
sive
on
reshuffling of the Tokio Cabinet
was
announced
Thursday, with experienced observers interpret-
ing the
move as an
prosecution of the
Fumimaro
General
the
vacated
war
a more
vigorous
in China will follow.
Konoye held his post
as
Prince
Premier, but
Kazushige Ugaki replaced Koki Hirota in
Ikeda took
shiro
the
office
by Okinobu Kaya.
significance
Gen
indication that
Foreign Ministry, while the prominent financier
Seihin
Itagaki
as
Sugiyama.
of
A
Finance
further
Minister
of
change
the appointment of General
was
Sei-
War Minister in place of General
Together with other changes of less
importance, these
to
An exten-
July.
any
maneuvers
Government forces, but whether he will try to
tend his
power
uncertain.
over
Bombs
were
the last week-end
borhood, and
a
dropped by rebel airplanes
on
loyal troops in the neigh-
few skirmishes
were
reported be-
tween infantry and cavalry detachments.
Cedillo
the
was
hills
of
General
reported this week to have moved into
his
native
extensive hostilities.
any
ex-
in other parts of Mexico remains
State,
in
preparation for
There is still lacking, however,
reliable statement of his aim and intentions,
President
Lazaro
Cardenas
issued
a
manifesto,
Tuesday, labeling his opponent as a "counter-revolutionary," and calling
camp
upon
those in the disloyal
to lay down their arms and return to their
homes.
In this document, Senor Cardenas attacked
again the foreign oil companies whose properties
efforts
he expropriated, and he proclaimed that "Mexico
rally all elements in Japan behind the forces that
is fighting for the suppression of all forms of in-
invaded
moves were
China, and that
interpreted
now
are
decision whether to penetrate still
as
faced with
the
deeper into hos-
tile
territory
sive
gains effected in the hard and costly struggle.
or
endeavor to consolidate the exten-
ternal slavery and defending its sovereignty against
unjust aggression by foreign capital."
So far
as
the injustice wrought by the Mexican
Government to oil companies and others Is con
Financial
146
Volume
cerned, this leaves the situation
It is obviously
and unsettled.
to
which
lands
precedent and procedure
diplomatic
this sort.
call for in matters of
default
thoroughly confused
The long-standing
Mexican external debts, and
on
the lack of
recent years,
furnish sad evidence of that fact.
Because of its
tolerant attitude toward Mexican violations of the
seized in
ranches
for
recompense
further excesses.
part of the blame for the
now
cult.
President Boosevelt and
Cordell Hull were
Argentina..
3K
Mar.
July
1 1935
Belgium..
4
Bulgaria...
have
been
vious
Rate:
Aug. 28 1935
*K
3K
4
Hungary
1 1936
4
Dale
Established
India
3
Nov. 29 1935
May 10 1938
2
Ireland
3
June 30 1932
7
Italy
4M
Aug. 15 1935
2X
Mar. 11 1935
Chile
4
Jan.
24 1935
4k
4
July
18 1933
5
Jugoslavia
Japan
Jan.
14 1937
Feb.
1 1935
6K
5K
July
1 1936
vakia
6
3K
Morrocco
6K
5
Norway
3K
May 28 1935
Jan.
5 1938
3K
2H
1936
3
Jan.
1
4
Jan.
2 1937
4
Oct.
19 1936
2
June 30 1932
E ton la
5
Finland
4
Sept. 25 1934
4 1934
Dec.
2K
May
Danzig
..
Poland
*K
Dec.
England
Portugal...
4
Aug. 11 1937
ranee
.
.
Dec.
The Mexican
visible results.
relations with the British
protests from Lon¬
South Africa
3K
Spain
5
May 15 1933
July 10 1935
4
3
foreign difficulties so
gratuitously courted by Presi¬
first in the order of importance.
connection the spotlight remains on
Wash¬
Sept. 30 1932
5
Sweden
2K
Dec.
1 r933
3
6
Jan.
4 1937
7
Switzerland
IK
Nov. 25 1936
2
Holland
2
Dec.
2 1936
2M
._
Foreign Money Rates
on
bills,
were
9-16%
against
as
Money
on
call at London
on
on
Friday of last week.
Friday was K%. At
market rate was lowered on May 24
Paris the open
3% to 2%% and
Bank of
May 25 to 23/2%, while
Cuban
in one respect, at
least, genuine progress seems to impend.
The re¬
public filed with the Securities and Exchange Com¬
mission, in Washington, last Monday, a registra¬
improvement of its finances, and
covering the proposed issuance of up
$85,000,000 4%% external debt bonds due 1977.
This issue is intended to adjust most, if not all, of
to
the defaulted debt in
accordance with negotiations
Of the total, $44,for $40,000,000 out¬
standing oy2% public works bonds, and $953,700 in
exchange for 5%% serial certificates, both on a
basis of $1,100 of new obligations for each $1,000 of
earlier this year.
par-for-par exchange for the so-called bankers'
the
under
Cuba
will
debts
held
use
same
public works indenture.
another $10,162,800 for payment of
by various foreign railroad and trans¬
portation companies, wiiile $9,883,500 will be re¬
served for settlement of other defaulted debts.
The
only external indebtedness not
tlement is believed to be
issued in connection
Circulation
the
was
reached, it was
Colonel
not
announced
on
Monday that
issue an¬
This decision
stated, after careful study by
$20,000,000 of silver currency.
experts.
Early this month the Cuban dictator,
Fulgencio Batista, declared that he would
now
struction.
press
his three-year plan of social recon¬
The stabilization of Cuba's
"democratic
institutions" will be his immediate aim, he added.
Discount Rates
of Foreign Central Banks
THERE have been no changes the foreign week in
discount rates of
of during the central
the
banks.
any
Present
showm in the
rates
at
the leading centers are
table which follows:
declined £1,-
aggregates £480,200,000
Public
£475,219,629 a year ago.
decreased £2,024,000 and other deposits
£1,792,347. The latter consists of bankers accounts
rose
£1,926,618 and other accounts which
The reserve proportion is now at
£134,271.
30.5%, the
30.7%
a
same as a year ago
week
decreased
Loans
ago.
on
£2,675,000 and on
and compared with
government securities
other securities, rose
Other securities include discounts and
£1,773,214 and securities
£442,581.
advances which increased
which fell off
the
items with
BANK
No change was made in
£1,330,633.
Below are tabulated the different
2% Bank rate.
comparisons for preceding years:
OF ENGLAND'S
COMPARATIVE STATEMENT
May 25,
May 26,
May 27,
May 29,
May 30,
1938
1937
1936
1935
1934
480,200,000 475,219,629 426,061,963 390,406,348 378,111,025
14,014,976
23,076,563
19,766,981
24,863,999
26,477,000
135,477,204
127,351,801 128,851,927 115,008,569 124,030,662
Other deposits
.»
99,407,766
78,275,245 88,041,300
91,372,095
91,248,476
Bankers' accounts35.989,362
36,069,438
36,103,325 37,479,832 36,733,324
Other accounts
76,894,807
99,472,035 91,758,310 85,421,044
95,671,164
Circulation
.
Public deposits.,...
Govt, securities.....
Other securities
Disct. & advances.
28,947,036
9,527,760
19,419,276
25,131,861
4,865,238
30.5%
30.50%
2%
19,618,191
6,694,719
16,495,404
16,403,319
5,253,940
5,648,585
10,754,734
11,241,464
12,923,472
20,266,623
73,977,532
46,901,233 41,201,740 63,004,583
46,975,000
Reserves notes & coin
192,088,557
327,175,627 322,120,862 207,263,000 193,410,931
Coin and bullion
Proportion of reserve
49.48
Securities.
to liabilities
Bank rate—
—
......
2%
.
30.57%
42.82%
%
2%
2%
2%
Bank of France Statement
cared for in the set¬
government considers it advisable to
other
now
the contractors' certificates,
with the public works obliga¬
In Havana it was
tion.
slightly by a gain of £35,291 in
offset
was
which fell off
000,000 will be used in exchange
A further $20,000,000 will be used
England Statement
bullion, with the result that reserves
deposits
SEVERALGovernmentsteps are regularization and
important toward being taken by the
1%.
an
which
compared with
Cuba
on
THE statement for of £1,609,000 in circulation,
the week ended May 25 shows
expansion
572,000.
ington.
a
5K
4
Greece
Germany
in Switzerland the rate remains at
The Briitsh Government
plain last Monday, however, that it remains
determined to take all possible steps to protect
British interests in Mexico.
Notwithstanding the
internal troubles of Mexico, it is obvious that the
credit,
6
5K
4M
made it
in
5
4J4
7 1934
Friday of last week, and 9-16% for three-months'
no
defaulted debt.
4
12 1938
don, remains unadjusted.
completed
*K
17 1937
Rumania
from
tion statement
4
5
.
Mexican problem, but
Government, which followed the
In that
3.65
IN bills Friday market discount rates9-16% on
LONDON open 9-16%, as against for short
of diplomatic
dent Cardenas are
6
6 1936
Lithuania..
Czechoslo¬
Denmark
.
3K
18 1936
Apr.
Java
Colombia..
May
3.29
3
6
Canada
reported in extensive conference
early this week regarding the
severance
Rate
But the
diffi¬
Secretary of State
Effect
tkfai/27
Country
vious
reported naturally makes progress
revolt
there
Date
Established
Batavla
i
rights of foreign nationals, it is clear that the Ad¬
ministration in Washington must shoulder a large
Effect
May 27
Pre¬
Rate in
Pre¬
Rate in
Country
impossible for Mexico
payment" for expropriated
make that "effective
3399
Chronicle
THE weekly statementcirculation of 1,050,000,000
dated May 19 showed a
contraction in note
francs, which
495 francs.
at
brought the total down to 98,826,529,-
Total notes outstanding a year ago
stood
83,337,A decrease also appeared in credit
85,347,855,885 francs and the year before
734,685 francs.
balances abroad of 13,000,000 francs, in
mercial bills
vances
French com¬
discounted of 623,000,000 francs, in ad¬
against securities of
118,000,000 francs and in
The
slight gain, the total of
which is now 55,807,639,515 francs, compared with
57,358,964,410 francs last year and 57,459,027,733
francs the previous year.
No change was shown in
the items of bills bought abroad and temporary ad¬
creditor current accounts
of 326,000,000 francs.
Bank's
gold holdings showed a
vances
to State.
The reserve ratio rose to
46.84%,
a
3400
Financial
year ago
Below
it
55.66% and the
was
furnish
we
year
OF
ruling quotation all through the week for both
May 20,1937
May 22,1936
Francs
Francs
Francs
:
—13,000,000
20,089,741
12,101,256
No change
—118,000,000
Temp. advs. with¬
No change
out Int. to State..
"
+ 0.54%
hand to sight llab.
a
46.84%
Includes bills purchased In France,
this week.
55.66%
62.37%
b Includes bills discounted abroad,
c
Rates
of gold to the franc.
continued at
of
note
a
195,000,600 marks, which brought the total down
5,608,300,000 marks.
Circulation
marks
of
coin
the
currency
marks,
investments
shown in the Bank's
gold holdings, the total of
70,773,000 marks, compared with
the previous year.
Bills of exchange and checks and
marks respectively.
supply of bills.
change in rates.
There
Dealers' rates
as
re¬
for bills up to
and including 90 days are %% bid and
7-16% asked; for bills running for four months, 9-
16% bid and %% asked; for five and six months,
%%bid and 9-16% asked. The bill-buying rate of
the New York Reserve Bank is
from
1
90
to
days.
%% for bills running
The Federal Reserve Bank's
holdings of acceptances
unchanged at $534,000.
are
Discount Rates of the Federal Reserve Banks
THERE have beenofno changes this week banks.
rediscount
Federal Reserve in the
The
the
rates
The
for
following is the schedule of rates
the
classes
various
of
now
at the
paper
in effect
different
Reserve banks:
registered decreases of 206,862,000 marks
and 8,474,000
steady
a
No change
68,535,000 marks last year and 71,950,000 marks
advances
an
ported by the Federal Reserve Bank of New York
daily maturing obligations of 52,447,000 marks
which remains at
no
of
other assets of 29,627,000 marks,
and other liabilities of 283,000 marks.
was
before
year
130,000 marks, silver and
42,592,000
386,000 marks,
other
of
to
a year ago aggre¬
and
Reserves in foreign
3,977,535,000 marks.
other
has been lighter.
light and there has been
decline in the demand and the
THE statement for the in quarter of May
showed
contraction third
circulation
increase
paper
PHE market for prime bankers' acceptances has
extremely low point. Trans¬
has been
an
has been
paper
Bankers' Acceptances
actions have been
Bank of Germany Statement
recorded
to
The demand has simmered
supply of prime
Rep¬
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26. 1936,
4,437,000,000
up
1937. gold valuation has been at rate of 43 mg.
gold valuation was 49 mg. per franc; prior to Sept. 26. 1936, there were 65.6 me*
gated
1%%
quoted at %%@1% for all maturities.
are
resenting drafts on Treasury on 10-blllion-franc credit opened at Bank.
Since the statement of June 29.
transactions having been reported
market for prime commercial
The
rather quiet
down and the
40,133,974,773 19,991,307,016
Propor'n of gold on
new
money
days and i%% for four to six months maturities.
—623.000,000
9.069,734,552 7,513,520,149 17.928,730,871
795,332,562
1,085,692,789
1.286,891,304
3,514,147,201 3,842,825.344 3,358,463,275
Note circulation
—1,050,000,000 98,826,529,495 85,347,855,885 83,337,734,685
Credit current accts
—326,000,000 20,330,968,307 17,708,488,432 8,787,271,768
c
no
for time
Rates continued nominal at
this week.
90
bought abr'd
quiet,
market
16,680,777
French commercial
b Bills
continues
The
<
+ 184,186 55,807,639,516 57,358,964,410 57,459,027,733
Adv. against securs.
and renewals.
loans
May 19.1938
Cold holdings......
;
Money Rates
was
STATEMENT
Francs
bills discounted.,
1938
28,
DEALING in detailfrom day to loan rates on the
with call day, 1%
the
stock Exchange
FRANCE'S COMPARATIVE
far Week
a
New York
before 62.37%.
Changes
Credit bals. abroad-
May
comparison of the different items
a
for three years:
BANK
Chronicle
DISCOUNT RATES OF FEDERAL RESERVE BANKS
ratio
reserve
Rate in
is
1.36%, compared with 1.68%
now
1.94% two
years ago.
items for three years
a year ago
and
A comparison of the various
Federal Reserve Bank
Effect on
May 27
Boston
:
Dale
;
Previous
Established
ix
Sept.
•
2, 1937
Rate
2
New York
IX
Sept.
IX
4, 1937
May 11, 1935
2
Cleveland....
STATEMENT
Aug. 27. 1937
IX
IX
Aug, 27, 1937
2
IX
Aug. 21, 1937
2
IX
Aug. 21, 1937
2
8t. Louis
IX
Minneapolis
REICHSBANK'S COMPARATIVE
1
Philadelphia
is furnished below:
IX
2, 1937
Aug. 24, 1937
2
Kansas City..
IX
Sept.
Richmond
...
Atlanta.
May 23, 1938 May 22, 1937 May 23, 1936
for Week
Reichsmarks
Reichsmarks
Assets—
_
Chicago.
Changes
Reichsmarks
Reichsmarks
No change
70,773,000
68,535,000
71,950,000
Of which depos. abr'd
No change
20,333,000
19,359,000
21,560,000
Res've In for'n currency
+ 130,000
5,632,000
5,960,000
__________
Dallas..
...
2
2
Sept.
2
IX
3, 193/
Aug. 31. 1937
IX
Sept.
2
2
v+v;. -+■
5,363,000
Gold and bullion.
Bills of exch. & checks.
...
—206,862,000 5,092,413,000 4,856,262,000 4,084,232,000
+ 42,592,000
251,824,000
250,011,000
223,019,000
Silver and other coin...
—8,474,000
+ 386,000
45,878,000
....
841,390,000
33,519,000
414.519,000
772,527,000
559,756,000
35,406,000
Liabilities—
STERLING exchange, which has beenthe month,
displaying
softening tendency throughout
a
Notes in circulation..._
—195,000,000 5,608,300,000 4,437,000,000 3,977,535,000
+ 52,447,000 1,007,481,000
778,891,000
747,441,000
+ 283,000
234,380,000
183,516,000
169,792,000
Oth. daily matur, obllg.
Other liabilities
Propor'n of gold & for'n
curr. to note clrcul'n.
+ 0.05%
1.36%
1.68%
1.94%
especially apparent after the devaluation of the franc,
declined
sharply
thereafter
New York
THE New York money market remained lifeless
week, with funds available in superabun¬
that
acceptable borrowers lacking.
reserves
of
steadily under the
assets have been
mercial
paper
member
credit
banks
policy,
dwindling.
dealings
Monday
due in 91
count of
the
Stock
A similar issue
rate.
com¬
scale this
The Treasury sold
at
were
was
Call loans
Exchange held to 1%
and time loans
earnings
Bankers' bill and
an average
only 0.025%, which constitutes
same
ties to „90
actual
were
awarded
on
the
a
dis¬
further
yesterday
New
York
for all transactions,
continued at
1%% for maturi¬
days, and 1%% for four to six months'
datings.
of
situation.
problem resolved,
factors
been
are
in
between
its favor.
Were
the
over
day
the
German-
recover as
all seasonal
The range this week has
of between $4.96% a^d
The range for cable transfers
has been between $4,93 7-16 and
range
each
market observers believe
a range
$4.97 5-16 last week.
with
and
nervousness
$4.93% and $4.96 5-16 for bankers'
sight, compared with
of between
$4.96%, compared
$4.96 5-16
and
$4.97%
a
week ago.
issue of $50,000,090 discount bills
days, and awards
low record.
at
an
mounting
were on a small
week, with rates unchanged.
last
Although
are
Saturday. last
on
consequence
sterling would promptly
this
excess
in
Czechoslovakian
Money Market
Czech
dance but
3, 1937
538,603,000
+ 29,627,000 1,273,943,000
Investments
.....
Course of Sterling Exchange
,
Advances
Other assets..
...
San Francisco.......
On
Wednesday sterling cable transfers touched
1938 low at $4.93 7-16.
new
where
favored.
It
exchange circles that
less
is
was
a
every¬
generally believed in foreign
were
the business situation here
unpromising, the pound and the major European
currencies would have fallen
did in the past week.
of
The dollar
the
been
a
business
more
severely than they
Had it not been for the severity
depression here, there would have
marked flow of
European funds to the New
Volume
Financial
146
York market, which would have
volume
as
of
result
a
Austria and the
new
crisis
strongly inclined to
dollars.
into
funds
as
posits
move
movement
if
such foreign
that
de¬
There is no
of European money to industrial
market, although Amsterdam
indication of
a
return
this
in
investments
advices indicate
Dutch
some
other stocks here.
The disturbed
and
in steel
interest
being sent to Canada
required for
the
United States.
aspect of the
any
Bank
of
of
readily available
munitions in
because of
abundant
continues
London.,
in
bills is in supply at
against
money
three-, and four-months
bills
months
Gold hoarding
in
Unless there is
international
the
weeks,
radical improvement
within
outlook
the
few
next
tourist requirements, so important at
even
of year,
this time
a
can
hardly be expected to lend
sterling and the Continental
exchanges.
Apart from the effect of the present war threats
political unrest in Europe, sterling is also ad¬
and
unfavorable
foreign trade balance, which is causing renewed
anxiety in London.
The fact that Great Britain's
affected
versely
increasingly
the
by
balance of trade with the United States is
favorable is causing
interests to
The
ago.
Such
with this country.
9-16%, and six
an agree¬
con¬
promised protesting
members that the Government would take the com¬
mercial deficit into consideration as
factor affect¬
a
ing negotiation of the reciprocal treaty.
139s. 6d. to 140s.
there
last
7^d.
May 25.
on
available
was
United States has furnished
an
Tuesday
£954,000,
on
on
Thursday
£400,000,
and
£498,000.
Monday
on
on
Wednesday
Friday
on
At the Port of New York the gold
ment for the week ended
May 25,
move¬
reported by the
as
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, MAY 19-MAY 25, INCLUSIVE
Imports
I
Exports
I
$883,000 from Belgium
None
Net Change in Gold Earmarked for Foreign Account
Decrease:
Note—We have
received
was
been
San
at
$1,676,000
notified that
approximately $7,325,000 of gold
Francisco, of which $5,849,000 came from Japan
and $1,476,000 from Australia.
The
above
figures
for
are
the
On Thursday there
Wednesday.
ended
on
imports
or
week
were no
exports of the metal or change in gold held earmarked
for
On Friday there
foreign account.
were no
imports
exports of the metal or change in gold held ear¬
or
marked
for
foreign
Friday that
account.
It
of gold
$15,874,000
reported
was
was
on
received at
San Francisco from Japan.
Canadian
argument for British
between
pointed
exchange
during
the
week
ranged
25-32%.
opponents of the trade agreement.
It
was
of the Commons debate that the
out in the
course
increase in
the. adverse trade balance with all
tries for the first four
been
com¬
On Saturday
£314,000,
£735,000,
decline in business conditions in the
rapid
has
petition has lifted the gold price since May) 2 from
few months
a
change in sentiment toward the
President of the Board of Trade,
to
are
Two-,
extremely active in the past few weeks and the
un¬
templated agreement found expression in the House
of Commons
on
Tuesday.
Mr. Oliver Stanley,
The
%%.
are
London financial and industrial
anticipated with interest
was
quite
regard with less favor the conclusion of a
trade agreement
ment
bills
£508,000,
their usual support to
war
Call
lA%.
seasonal factors which would normally give
pound.
the
break out.
threatens to neutralize the effect of the customary
to the
of
and the danger of retain¬
large supply of gold in London should
a
the
are
gold is stored in Ottawa by the
England for safekeeping
Money
firmness
opera¬
Other Canadian authorites
unsettled state of Europe
ing
to be
so as
purchase
the opinion that the
•
foreign situation at the present time
on
Some monetary experts believe that gold
secrecy.
either into gold in London
into short-term investments.
or
Ottawa do not comment
is
seem
3401
tions, which have been conducted with the utmost
European funds are
moving into dollars are going into
are
on
impending in the Czecho-
would
It
attained additional
German
As it is,
slovakian situation.
or
the
Chronicle
coun¬
months of this year amounted
The
rate
discount
a
of
1
7-16% and
following tables show the
Paris, the
on
open
mean
a
discount of
London check
market gold price, and the
price paid for gold by the United States:
£17,000,000, while the adverse balance with the
States
period
the
during
increased
£22,-
MEAN
LONDON CHECK RATE ON
PARIS
Balance with all British countries improved
000,000.
Saturday, May 21
177.60
Wednesday, May 25
178.49
Monday,
United
May 23
177.35
May 26
178.57
Tuesday,
May 24
178.15
Thursday,
Friday,
May 27
178.80
by £3,000,000 and with other foreign countries by
There
nearly £2,000,000.
can
British rearmament program,
porary
of
the
and incidental factor,
the
in
increase
be
doubt that the
no
which is only
was
the major
unfavorable
of Great Britain in the past
balance
Aside
from
materials
heavy imports
a
foreign
tem¬
cause
trade
four months.
of metals and other
late in 1937
Great Britain has since
imported vast supplies of grains and other
products which have been secretly stored against the
eventuality of war. A representative of the Govern¬
ment stated in the House of
aside from storing
Government
many
close
wheat,
has greatly
other
either the
raw
Lords
sugar,
on
Tuesday that
and whale oil, the
increased its secret stores
materials, but declined to dis¬
amount
of
nature
of
these stored
develops that the movement of gold from Great
Britain
Wednesday, May 25___140s. 7Ad-
140s. 4^d.
Tuesday, May 24—_._140s. 4^d.
Thursday,
May 26.__140s. 9d.
Friday,
May 27.__ 140s. 9d.
Monday,
to
Canada in the past few months has
ceeded $100,000,000.
the vaults of the Bank of Canada.
ex¬
This gold has been stored in
Bank officials at
May 23
PRICE PAID
FOR GOLD
BY THE UNITED STATES (FEDERAL
RESERVE
Monday,
May 23
Tuesday,
May 24_
BANK)
Wednesday, May 25
$35.00
35.00
35.00
Saturday, May 21
$35.00
Thursday,
May 26
35.00
Friday,
May 27
35.00
Referring to day-to-day rates sterling exchange on
Saturday last declined sharply in limited trading.
Bankers'
fers
sight
was
$4.953^©$4.96 5-16; cable trans¬
On Monday the pound
$4.95 5-16@$4.9654
moved down.
The range was $4.95^@
$4,965/8 for bankers' sight and $4.94 13-16@$4.95^s
again
for
cable transfers.
On Tuesday the undertone of
sterling continued easy.
Bankers' sight
was
$4.94^
@$4.9554 cable transfers $4.94 7-16@$4.95 11-16.
On Wednesday the dollar was favored.
Sterling made
a
reserves.
It
Saturday, May 21 — __140s. llAd.
clearly indicative of stimulated demand due
to the rearmament program,
of
LONDON OPEN MARKET GOLD PRICE
1938 low.
bankers'
range was
and
$4.93%@S4.94 7-16 for
$4.93 7-16@$4.94)^
for
cable
On Thursday exchange continued to favor
transfers.
the dollar.
bankers'
The
sight
The
sight
range was
$4.93 13-16@$4.94% for
and $4.93 <^@$4.94 15-16 for cable
1
Financial Chronicle
3402
relatively steady.
On Friday exchange was
transfers.
$4.94@$4.94% for bankers' sight and
The range was
$4.94%@$4.94% for cable transfers. Closing quotaon
Friday were $4.94% for demand and
$4.94 3-16 for cable transfers.
Commercial sight
tions
60-day bills at $4.93%, 90-
bills finished at $4.94,
day bills at $4.92 15-16, documents for payment (60
days) at $4.9334, and seven-day graifi bills at $4.93%.
Cotton and grain for payment closed at $4.94.
_
f
.
.
.
_
-
.
f
Continental and Other Foreign Exchange
M*y 28> 1938
The present decline in the franc largely reflects the
appreciation of the dollar with reference to sterling,
though it cannot be denied that there has been a
renewal of the movement of French currency to
sterling.
Only the persistent operations of the
French stabilization fund prevented a further decline
in the franc. Undoubtedly the disturbed relationship between Berlin and Prague was the dominating
factor in the renewal of pressure on the franc.
The Belgian currency continues relatively steady
and fails
reflect the general
to
depression of the
FRENCH francsimprovement with respectsteady, Continental because Belgium is the only important
have been relatively to the
exchanges, The belga was prevented
showing
falling
some
from
I he improvement is due in
pound and the dollar.
part to the repatriation of French funds from London
and other markets resulting from the de facto devalua-
On Wednes-
tiori of the franc to 2.79 cents on May 5.
day, however,
tension the franc
There
of German-Czech
dropped to 2.76 for cable transfers,
evidence of
was
movement of French funds
a
London market and French interests
the
to
a consequence
as
were
prominent in the bidding for gold in the London open
market, with the result that the French franc, which
Saturday
on
to 2.76
quoted
was
high
as
as
2.79%, declined
Wednesday.
on
as
3%.
This
neighboring markets.
the
However,
essentially unThe extraordinary success of the recent
defense loan, to which more
subscribed
were
oversubscription
■
\
.
the first
on
Treasury in
,.
.
.
,
,
Currently there is
..
,
.
„
On
r
again
/•
been
1
owflv
away
moving
from
irom
Pflri«:
rans,
'
•
vi
m
i
the London
i
t
open
,
,
market,
series of economic decrees featuring
laxation of the
re-
mandatory 40-hour week, which has
as
the principal obstacle to industrial
The
decrees fall into four categories:
regarded
expansion.
(1) An important modification of the application of
the 44-hour week, which
of the trade unions and
problem, (2)
a
apparently has the approval
promises to solve this thorny
large-scale public works
program
devoted to projects which have long been
as
genuine needs and
enterprises, (3)
and urban,
esigne
a
are
regarded
home-building
as
to stimulate colonial
recognized
program,
recovery
to be
reproductive
both rural
together with slum clearance; (4)
measures
not only by
public works but likewise by developing domestic
markets for colonial
and
by May 24 the
narrowed to 50 points.
was
financial situation is fundamentally
franc
have
can
the
t0
The Belgian
sound and it is
advertising.
important
any
goods through tariff protection
influence
the
on
On May 19 the National Bank of
belga.
gold stock of 2,733,600,000 belgas
Belgium had
a
and
goki to total liabilities of 61.71%.
a
ratjo of
qqie
f0n0Wing table shows the relation of the lead-
the United States dollar:
jng European currencies to
New Dollar
0ld Dollar
3.92
6.63
13.90
16.95
^.so
Belgium (belga)
Range
This Week
parity (a)
Parity
2.76
to
2.79%
32.67
i6.82j^ to 16.88^
Holland (guilder)—
40.20
68.06
55.05 to 55.30
a New dollar parity as before devaluation of the European currencies
between Sept. 30 and Oct. 3,1936.
b Franc cut from gold and allowed to "float" on June 30, 1937.
c On May 5, 1938, the franc was devalued on a de facto basis of 179
francs to the pound, or 2.79 cents a franc.
Tuesday, May 24, the Council of Ministers
a
On May 13 90-day belgas
discount of 120 points, but
a
political
evidence that
every
French interests have been
buyers of gold
approved
at
On
at 100 points discount
On May 24 the discount
reduced to 20 points.
Was
were
(b) (c) France (franc).
,
complete restoration
moving
ao-ain
ore
are
principally to London.
the chief
largely eliminated.
were
from the basic cable rate.
due chiefly to the high rate of
was
of confidence in the French economic and
fnnrk
iunas
"been
to have
seem
May 13 30-day belgas
advantageous position, but the
an
,
French
rrencn
m0nths
than 5,000,000,000 francs
day of the offering, placed
interest and does not indicate a
situation.
bave been adverse to the belga in the past several
I3elgian franc, which is figured at the rate of 5 francs
such loans carried
underlying situation continues
changed.
Political factors which
gold to support the unit.
due to the extensive repatriation of
was
French funds from
the
of
thought less likely that the devaluation of the French
were
few weeks ago
a
and New York quantities
bas transferred to London
quoted at less than 1%,
as much
day-to-day loans
whereas
gold shipments. The belga has for serveral
gold shipping point and Brussels
weeks been at the
discount
Money rates in Paris have eased to such an extent
that
European country whose currency is protected by
automatic
^he London check rate
178
at
80> againgt
jn ]$ew York
at
177 60
sight bills
on
Paris closed
on
on
on
Friday
Friday of last week,
the French center finished
2.76%, against 2.79%; cable transfers at 2.76%,
Antwerp belgas closed at 16.88 for
against 2.79%.
bankers'
sight bills and at 16.88 for cable transfers,
against 16and 16.84%.
Berlin marks
40.14 for
and
were
cable
sight bills and
transfers, in comparison with 40.17
40.17%.
bankers'
Final quotations for
40.14 for bankers'
closed
lire
Italian
5.26%
at
for
sight bills and at 5.26% for cable transfers,
against 5.26 and 5.26%; exchange on Czechoslovakia
a^
3,475^
closed at
on
Bucharest at 0.74,
Poland at 18.87, against 18.87; and
2.19, against 2.20.
Greek exchange
on
Finland at
on
3.48%;
against
against 0.74;
0.90%, against 0.91%.
'
/
^CHANGE on the countries neutral during the
455,329 francs ($1,562,605,371) would not be influenced by
settlements
of
the
tion funds except
franc
into
French, British,
under great stress.
dollars
was
erroneously
franc de facto rate has not been
of the Bank of France.
or
American stabiliza-
The conversion of the
stated.
The
present
applied to the gold holdings
The gold in the Bank is still valued
at 1 franc per
lished
July
43 milligrams of gold 0.9 fine, the rate estab23, 1937, the dollar equivalent of which is
22.964francs to the dollar.
On this basis the 55,807,455,329
in the Bank as of May 12 last,
approximately $2,430,214,916.
francs
are
equivalent to
war continues to move m close relationship to
The Swiss franc and the Dutch guilder,
^
sterling.
however,
0
•
l.
showing greater ease than in several
are
due in large
Weeks,
j
t
measure
1
-i
x
to the movement
Alu
i
±
Sw!SS franCS and SUllderS t0 ^ mf''kets-
of
•
U 18
believed that there has been a considerable movement
of both currencies to New York and London.
i
„
n
i
110
i
,
,,
,
,
i
,+
There
i
doubt that the recent de facto de\ aluation
of the French fraiic has caused a partial return of
Volume
Financial
146
lowering of the Swiss and Dutch
resultant
a
Holland, with
from Switzerland and
French funds
units.
funds away from
been a
funds to the New York
Apart from the movement of French
these
it is evident that there has
centers,
transfer of Swiss and Dutch
kong closed at 30.79@30 15-16, against 30.90@31.00;
49.80,
sight
on
55.12, against
at
week; cable
55.36; and commercial
against 55.32.
Swiss francs
22.77% for checks and at 22.77for cable
bills at
closed at
transfers,
55.08,
against
Copenhagen
and' 22.86.
22.86
checks finished at 22.06 and cable transfers at
Checks
against 22.18 and 22.18.
22.06,
Sweden closed
25.61%
on
and cable transfers at 25.48, against
at 25.48
25.61%; while checks
57.60; Bombay at 36.86, against 37.09; and Calcutta
at
36.86, against 37.09.
of
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
us
shcrvtn for the
are
corresponding dates in the previous
four years:
1938
Banks of—
1937
1936
£
£
£
123,400,000
2,458,800
87,323,000
25,232,000
87,923,000
207,263,703
459,672,222
2,621,000
89,106,000
42,575,000
58,167,000
80,016,000
102,460,000
74,825,000
29,019,000
83,563,000
25,731,000
6,540,000
6,549,000
7,442,000
6,602,000
6,554,000
6,604,000
Germany b.
Nat. Belg..
Purchases
from
the
advices from
sharp increase in imports from
the first four months of 1938.
United States were valued at
90,543,836
pesos, or
18.7% of the total imports into
the
dollar-sterling
Buenos Aires show a
the United States in
Recent
rate.
compared with 72,458,202 pesos, or
16.4% in the same period last year. Imports from
Argentina,
the United
a25,232,000
Netherlands
in
c87,323,000
Italy
347,630,087
293,724,420
2,522,000
Spain
EXCHANGE close the. South with the fluctuations
on sympathy American countries
192,088,557
619,716,658
6,154,150
48,791,000
Sweden
France
Denmark
_
.
Norway..,,.
£
193,410,931
612,764,651
100,724,000
322,120,862
327.175,627
England
1934
1935
£
«
Switzerland
24.97
and 24.97.
in
Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
Norway finished at
on
24.83% ai*d cable transfers at 24.83%, against
moves
Manila at
57.30, against
at
Amsterdam finished on Friday
55.12, against 55.36 on Friday of last
transfers
and
Singapore
49.80;
against
Gold Bullion in European
Bankers'
sight
against 22%@2334;
Shanghai at 22%,
market.
at
3403
Chronicle
3,017,950
90,508,000
90,779,000
63,024,000
73,962,000
54,399,000
66,900,000
77,022,000
88,593,000
44,832,000
18,040,000
7,394,000
6,601,000
23,915,000
61,117,000
15,064,tOO
7,397,000
6,577,000
1,057,219,047 1,097,592,749 1,045,992,925 1,182,855,532 1,216,506,365
Prev. week. 1,065,812,787 1,097,577,800 1,043,729,700 1,206,204,890 1,213,701,722
Total week.
a
Amount held
Dec.
b Gold holdings of the
1936, latest figures available,
31,
Bank of Germany are exclusive of gold
held abroad, the amount of which Is now
Amount held Aug. 1, 1936, the latest figure available.
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
of gold 0.9 fine, equal to one franc; this was the second change In the gold's value
within less than a year, the previous revaluation took place on Sept. 26, 1936,
when the gold was given a value of 49 milligrams to the franc as compared with
66.5 mgs. previously.
On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
reported at £1,016,650.
c
43 mgs., there are about 190 francs to
£1.
Kingdom amounted to 93,935,603 pesos.
amounted to 495,in
the same period last year.
For the first four months
Argentine foreign trade shows an import balance of
35,404,000 pesos, compared with an export balance
of 636,687,000 pesos in the first four months of 1937.
Argentine paper pesos closed on Friday at 32.96
for bankers' sight bills, against 33.12 on Friday of
Exports in the first four months
The Renewed Attack
on
the Courts
404,000 pesos, compared writh 1,075,155,000 pesos
last
at 32.96, against 33.12.
week; cable transfers
The unofficial
free market close was 26.00(5^26.12,
or
Brazilian milreis are quoted
Chilean exchange is
against 26.10(5^26.14.
at 5.90
(official), against 5.90.
Peru is nomi¬
quoted at 5.19 (official), against 5.19.
It is
significant of the devious routes by which
reach its ob¬
the Administration sometimes tries to
jectives that, just as the last session of the present
Federal
should
again have become an object of attack. The method,
to be sure, lias changed. There has been no renewal
Congress is drawing toward its close, the
courts, and particularly the Supreme Court,
of the head-on attack which Mr.
his
Roosevelt made in
court-packing proposal, and Mr. Roosevelt him¬
self
occupies
what
more
a
place in the background. The some¬
subtle method is being followed
tacking the decisions of the courts,
nally quoted at 23%, against 23%.
leged inconsistencies between recent
earlier
EXCHANGE on sharpFar Eastern the Shanghai
the decline in countries is
marked by
a
dollar,
The Shanghai dollar has been dis¬
or yuan.
playing weakness for some time as a result of the
China
in
dollar
few
Before
aggression.
Japanese
begun in July,
was
was
the
undeclared
weeks the
unit
has
For the past
been ruling at new lows.
Foreign interests in Shanghai are experiencing great
difficulty in obtaining foreign exchange, especially
authorities at the temporary capital
since the Chinese
at
to
Hangkow require the filing of formal applications
cover
such transactions.
tinues to be
the
rate
of
was
yen con¬
held in close relationship to sterling at
2d.
Is.
reported that
gold
The Japanese
a
per
yen.
On May 23 it
was
further engagement of $5,800,000 of
engaged at Tokio for shipment to New York.
The total movement since March, 1937 approximates
$302,200,000.
On May 23, 2,812 boxes of Chinese
silver coin arrived in New York from
was
the
14th
shipment since
last
London.
This
November and
brings the total amount to approximately 140,000,000
Closing quotations for yen checks yesterday were
new
Friday of last week.
Hong¬
their authority beyond
constitutional limits. The leaders in these
drives
are
administrative officials whose con¬
duct
or
since
no
head of
the
rulings
a
courts
have questioned, but
Cabinet department or any other
administrative official or board would be
start such a
likely to
campaign without the President's ap¬
proval, the ultimate
The hands may
responsibility goes back to him.
be the hands of Esau, but the voice
is Jacob's voice.
The
campagin
began
Court, in the case of
commonly known as
case,
soon
after
the
Supreme
Morgan vs. the United States,
the Kansas City Stockyards
sharply rebuked Secretary Wallace
mitting "more than an
for com¬
irregularity in practice" in
promulgating commission rates for stockyards mar¬
keting agencies without a "full hearing," and de¬
clared that "in administrative proceedings of a
quasi-judicial character the liberty and property of
the citizen" are to be "protected by the rudimentary
requirements of fair play." The
down
ounces.
28.83, against 28.97 on
its proper
decisions and
and intimating a disposition on the
part of the courts to extend
war
1937, the Shanghai
steady around 29.75 cents.
ones,
of at¬
pointing out al¬
on
New York
issue of
decision was handed
April 25. On May 3, in a long letter to the
"Times" which that paper published in its
May 8, Secretary Wallace took
exception to
3404
Financial
editorial
an
him
that the
ferent
comment
the
and
the decision
oil
as
years
in
same
stand
the
clear himself and his
took
dif-
a
and undertook to
case,
colleagues of the
strong
read at
a
In
exception.
press
prepared statement
a
conference, and issued, according
to the Washington correspondent of the New York
of im-
onus
1938
To this suggestion Secretary Wallace, on May 18,
charged
before, had taken
May 28,
tions if they are still to be united in a single body."
unjust to
Department of Agriculture,
Court, two
Chronicle
propriety.
"Times," "with White House approval," Secretary
Some of the
expressions which Secretary Wallace
permitted himself
unusually strong.
were
ferred to the Court's
He
Wallace declared that "one year ago
battle
a great
was
"cloudy phraseology" and the
fought to decide whether the courts would take
over
re-
the function of determining legislative policy
necessity of "a careful job of legal reconciliation
for the Nation.
which confused the
the courts retreated from the legislative field.
clarity of thought."
The Chief
Justice, it was said, had remanded the
lower
1936
in
courts
case to the
"to find whether
cient
personal study."
Chief
the
Justice
not the
or
Secretary of Agriculture had given the
suffi-
case
Having found that lie had,
"shifted
blame for the vital defect
the
previous Adininis-
suspended when
was
This
another battle seems to be opening. An attempt
year
is being
made to have the courts invade the admin-
istrative field by taking
over
the rate-making and
regulatory functions of administrative agencies."
ground and placed the
on
That battle
"It is vital," Secretary Wallace's statement
con-
tinued, "that the people understand what is involved
tration, although in such words that the most skilled
in this issue.
reporter or headline writer could arrive at
their prices and incomes through measures to regulate the marketing of their products ; for labor, pro-
conclusion
had
than
that
rebuked."
been
the
present Administration
Secretary Wallace
was
vinced, he declared, "that both liberals and
atives
the Court
on
portunity to give
were
to
eager
newer
judicial agencies." "The evidence is clear
the
Supreme Court, in order to flash
con-
conserv-
the first op-
use
warning to the
a
other
no
a
.
.
quasi.
that
warning to
For farmers, it involves protection of
tection of wages and working conditions; for
protection
against
and
prices, and for business, protection of honest
com-
petitive enterprise against unfair, monopolistic and
destructive trade practices.
The people have willed
that effective action be taken to
carry out these es-
quasi-judicial agencies in the executive branch of
sential public purposes.
the
ably, the people have directed that these
Government, did that which most of
close to the
industry know to be
to the farmers involved.
whether the Court
was
.
.
a
us
We may
.
who
well ask
interested in this
case
marily from the standpoint of doing justice
tween farmers
City territory,
to
hang
attack
and
commission
in using
or
a
are
definite injustice
men
as
pribe-
in the Kansas
convenient peg on which
statement encouraging lower courts to
a
and
delay
the
a'ctions
of
quasi-judicial
agencies."
On
which
letter to Chief Justice Hughes
a
given to the press, Secretary Wallace
was
peated the charge of shifting ground
tion of
on
making available to the parties involved the
before the
case was
ter, together with
finally determined. Another let-
of the letter to the "Times,"
also reported to have been sent to members of
a copy
the
Senate, and both documents
the
"Congressional Record." On May 13, in
to the "Times" which
Frederick
H.
pellants in
Wood,
the
was
one
were
published in
a
letter
published two days later,
of the counsel for the ap-
Morgan
case,
traversed
point
by
point Secretary Wallace's allegations, declared that
"one has
but
to
read
the
opinion to
see
that the
phraseology is not cloudy, but plain and direct—
too
plain and direct for the Secretary's comfort,"
was not
true, as an examination of the
and that it
two
opinions would show, that the Court had
"shifted its ground from that taken in its first
opin-
ion, which
was
sas
ing day-to-day problems with appropriate decision
and action."
"The typical administrative agency,"
Secretary Wallace
quoted
was
adding, "in the
as
of investigation and formulation of deci-
process
sions, has become
familiar with
so
myriad of
a
an
expression of
hope "that the effect of the opinion in the KanCity case will be to focus the attention of Con-
and the public upon the results of
uniting in
administrative bodies the power both of
prosecution
gress
and
decision, to the end that the rudimentary requirements of fair play may be insured either
by depriving such agencies of their judicial functions, or
by statutory provisions insuring, beyond question,
a
separation of their prosecuting and judicial func-
eco-
liomic facts that I think it fair to say that it would
take most judges in the courts six months of careful
sary
Two days later,
Jackson, in
a
neces-
background,
a
May 20,
on
Solicitor General
brief filed with the Supreme Court for
rehearing of the Morgan
reasserted in sub-
case,
stance the allegations of Secretary Wallace, and de-
dared that the decision
of the Court
contrary to the law of the
Court's
term."
decision
in
the
case as
same
was
"directly
established by the
at
case
the
1935-36
The Washington correspondent of the New
York "Times" wrote that "filing of the brief proved
that the Secretary of Agriculture has complete Ad-
ministration support in his combat with the
Court.
preme
The
Department
Su-
Justice would
have prepared the document without the ap-
never
proval
of
President
Roosevelt.
proof-sheet form last night,
than
of
twenty-four
hours
or
after
The
only
Mr.
brief
a
was
little
in
more
Wallace's
an-
nouncement."
The meaning of the facts which we have recited
does not admit of doubt.
The record shows, beyond
question,
unanimous."
Mr. Wood closed his letter with
the
purposes
be accomplished through agencies capable of meet-
re-
the ques-
reports of trial examiners of quashjudicial agencies
was
Repeatedly and unmistak-
study to acquaint themselves fully with the
May 12, in
con¬
exorbitant rates
sumers,
of
the launching
another
President Roosevelt, first through
campaign
by
Secretary Wral-
lace and then with the added assistance of the De-
partment
of Justice,
to
"put the courts in their
place" by upholding the action of quasi-judicial administrative agencies in
rulings. We
express no
the face of adverse court
opinion regarding the tech-
nical legal merits of the controversy of which the
Kansas City stockyards case is the center. What is
obvious is the attempt by the Administration to discredit the Supreme Court by charging it with in-
Volume
S
146
Financial
consistency, intimating that it has been less interested in
doing justice to litigants than in "encourag-
ing lower courts to attack and delay the actions of
quasi-judicial agencies," and alleging
an
attempt to
project judicial authority into the fields
of rate
making and administration.
There should be
mistaking the significance of
no
strate that the Prague Government is still in the
saddle. In view of the lengths to which the Henlein
agitation has been carried, such an assertion of
speak for President Roosevelt,
decisions of
practical
prosecutor and judge will be, for most
beyond the reach of judicial re-
purposes,
Whether "the
view.
fair
play"
upheld, the
agency which
are
Federal administrative
a
acts as both
have
rudimentary requirements of
been
by
met
administrative
the
agency's procedure will be for the agency to say.
The
Department of Agriculture is not the only Fed-
eral agency
declaring that he has no aggressive designs regarding Czechoslovakia or its territory. Neither explanation, unfortunately, is entirely convincing, and both
must be taken for what they may seem to be worth,
The forcible insurance of order, moreover, appears
to have done nothing more than to restrain the extremists among the Sudeten Germans and demon-
Jackson, who in the Morgan
and Solicitor General
case
3405
Secretary Wallace
If the contentions of
this attack.
Chronicle
that is taking part in the campaign. The
National Labor Relations Board has
long been un-
authority is
gain, but it does not settle the
a
ques-
tion of the rights and claims of the German minority
or remove apprehension in regard to Hitler's plans,
The question of minorities is one of the most perplexing with which Europe is confronted. Nothing
could exceed the lack of wisdom which characterized
the treatment of the problem by the Paris Peace
Conference. Obsessed by the determination to humble Germany and destroy the Austro-Hungarian Em-
der fire because of the conduct of its trial examin-
pire for all time, minority populations, some of
of its agents and
en-
them numbering millions, were arbitrarily assigned
to new political jurisdictions in which their position
was bound to be one of inferiority and discrimination. From the first, accordingly, racial, linguistic,
religious and historical interests have clashed and
minority grievances have multiplied. The story of
the abridgment or denial of political rights and of
discrimination in education is a long one, and while
not all of the grievances have been extreme, all have
rankled. In the loose federation of the old Austria-
According to the correspondent of the
Hungary the problem of diverse races and national-
the
ers,
labor bias of
open
some
the
partisan character of
the
present time it is exerting itself to overcome an
of its decisions. At
some
order of the Circuit Court of
Appeals at Philadel-
phia, in the Republic Steel case, by demanding interposition by the Supreme Court.
radio broadcast from
On May 18, in a
Washington, J. Warren Mad-
den, Chairman of the Board, made an elaborate deBoard's
of the
tense
that "we shall not
foreement."
policy and acts and declared
modify
our
policy of vigorous
"Times," Mr. Madden acted, "it was un-
ities and languages was solved, to a considerable ex-
derstood, upon the persistent pressure of the White
tent, by an easy-going tolerance, but restriction and
House, which did not agree with his policy of silence
pressure,
in the face of
been the lot of minorities under the new regimes.
New York
Wood, in
an
growing barrage of criticism."
a
opposing brief filed on Wednesday in
tlie Morgan case,
said
hit the nail
on
the head when he
Government's real
"the
that
Mr.
objection to the
rather than tolerance, have more often
Yet it is impossible to think of any practical solution that does not rest upon compromise. Nearly
twenty years of the new order, with a new generalargely replacing the old, have strengthened
Court's decision is not that the Court has reversed
tion
itself, but that it has refused to accept the argu-
racial consciousness and hardened political tempers,
ment" that observance of the rules of fair play by
To assign to each important minority a distinct
an
administrative agency was
of
the
"It
courts.
"based
upon
is
not
a proper concern
argument," he declared,
an
the political philosophy of
tarian State and not of
a
a
totali-
independent national status, even assuming
and
that the governments which now control such mi-
norities could agree, would make the map of Central
and Eastern Europe a fantastic patchwork of petty
free people."
the courts has been renewed. It is for
States whose rivalries would be intensified by inde-
Congress and the people to see to it that the author-
pendence and immensely increase the possibilities of
The
fight
on
The Constitution
aggression and war. If a modicum of peace is to be
power
"in
one
Supreme Court, and
preserved, and if economic life is to prosper and
courts
as
the
Congress
trade barriers are to be lessened, some way must be
found in which majorities and minorities can live
ity of the courts is not impaired.
vests the
in
judicial
inferior
such
time to time ordain and establish."
partment
of Agriculture
Relations
Board
is
nor
may
from
Neither the De-
the National Labor
court.
a
=========
different
The Minorities Problem in
It is difficult to
of the
see
any very
Europe
important relaxation
controversy has subjected Europe. The action of the
of the
Government
in
the
eve
are
to be further elections on
while
have
mobilizing troops
move
on
entirely
some
the
on
municipal elections last Sunday (there
May 29 and June 12),
ostensibly inspired by fears of disorder,
had
effect
in
checking
any
may
aggressive
part of Germany, but we cannot be
of that.
sure
troops
toward
it
been
or
percentages
of population elements will
inevitably produce.
political strain to which the Czechoslovakian
Czechoslovak
together under a common government, with no more
discrimination in rights and opportunities than
The movement of German
about the Czechoslovak border,
Compromise, however, is easier to urge than to
accomplish.
There has been some reason to expect,
example,
for
that
Czechoslovakia,
aroused
and
alarmed by the agitation of the Sudeten Germans,
was
prepared to go some distance toward removing
grounds of grievance among its German minority
by
a
variety of political concessions.
Few of the
grievances of the Sudeten Germans are as substantial in fact as they have been made to appear in
political oratory.
An examination of the Henlein
demands, however, leads to the conclusion that what
officially stated, was without hostile
the Sudeten German leader wants is a virtual po-
intent, and Chancellor Hitler has been reported as
litical autonomy which would leave the Czechoslo-
has
3406
vak
Financial
A
meet the
report of a warning from Poland that that country
would not remain neutral if Czechoslovakia received
political unit in little
a
more
minority situation in Czechoslovakia.
German
the
leave
It
minority at prey to
agitators and permit the continuance of the Nazi
pressure
which, after all else has been said, is at the
bottom of the
That
1938
28,
than
still
would
May
compromise of that kind would not long
Republic
name.
Chronicle
to the crucial question of Hitler's
us
There is
intentions.
no
The prospect
of
Anglo-French-Polish
an
reason
whatever for think¬
com¬
bination, however, may well give Germany pause.
Difficult
it would be, for geographical reasons,
as
for Great Britain or France to
present crisis.
brings
British and French aid must be taken with all re¬
serve.
val aid to
give military
or na¬
Czechoslovakia, they could seriously
men¬
the Rhineland frontier and the German coast.
ace
ing that Hitler has abandoned his purpose of bring¬
Poland
ing all European German groups into direct politi¬
sorb
cal association with Nazi
certainly resist any penetration that threatened the
Germany and embracing
sphere of Nazi influence. The first
them within the
step in that program was taken when Austria
incorporated with Germany, and if reports
trusted
with
Nazification
the
relentless
vigor.
of
Austria
is
are
was
to be
proceeding
The next step, it is widely
believed, is expected to be the absorption of the
Hermans in Czechoslovakia.
tentions
be
can
As far
Hitler's in¬
as
might not be unwilling to see Germany ab¬
Sudeten
the
districts
Polish
German
Czechoslovakia
of
to
access
Europe and deeply concerned
advance in
attack
Russia
find
The
discerned, he would prefer, for the
on
of
political support and high
pressure
propaganda.
Unfortunately, it is not clear that Henlein is dis¬
cient for
a
settlement,
his demands
met, he would
were
praises of Nazi solidarity.
discouragement, if
ment
London,
was
made
by sounding the
We do not know what
what
toward
progress
settle¬
a
during his later visit to Prague. The
Czechoslovak Government is also in
tion
his efforts to
cease
up
he met with in his surprise
any,
or
extent suffi¬
an
that, if the larger part of
or
keep the controversy stirred
visit to
point of view, might well lead to
it will be
British
difficult posi¬
a
because, if it continues its military prepara-
not
The
one
and
recalled, declined to give
dissociate itself
ate
provocation.
The
observers
war,
accordingly, still looms
partly
program
has
A good
many
convinced that Hitler does not want
either at the present time
future,
if
are
because
the
been
not
or
in the immediate
German
rearmament
completed, partly because,
Germany took the initiative, it would be branded
as
an
and partly because
aggressor,
a
war,
begun, could probably not be localized.
straining considerations
weight.
in¬
an
broke out.
one
the
on
good relations with Germany,
the other to induce Czechoslovakia to make
on
minority.
If, hoAArever, concessions fail and the controversy is
taken
as
France
and
give them support.
minority problems
many
and by
groups,
minority in
army, every
Europe will be endangered unless Great
Britain
as
by the German
over
Eastern
are
are
minority
all of them
no means
Germany has
There
there
are
problems
as
special interest, but the
a
Czechoslovakia, directly connected
over
it is with Hitler's program
of German imperial
expansion, raises in principle the Avhole question of
minority status. One would like to think that Great
possibility of
large in the international picture.
war,
if
all reasonable concessions to its German
controversy
out, to magnify the military operations into deliber¬
Avar
a
weight of his influence has been exerted,
pal elections have been held, it may incite the Ger¬
which has been openly hostile through¬
from
hand to maintain
in which
press,
any assurance of
thrown out that Great Britain would
was
tions to maintain order until the last of the munici¬
man
modifi¬
some
policy. Mr. Chamberlain,
support for Czechoslovakia, although
timation
posed to moderate his demands to
a
situation, complicated and dangerous from
cation of the Chamberlain
resources
with the Japanese
friend of Germany, and
no
Czechoslovakia would be likely
the Czechoslovak side.
on
German
to
China, is
out war,
the
facilitated
or
though increasingly isolated in recent years from
every
too
almost
Soviet Russia, also, al¬
Hungary.
present at least, to extend the Nazi conquest with¬
and the experience of Austria shows only
clearly how the inevitable can be prepared by
but it would
Germans,
are
once
Such
re¬
obviously of unequal
Whatever the character
or
of
extent
the
Britain
and
than any or
France, the two Powers which,
all others,
sions of the
lead
in
is little
Peace
Conference,
reconsideration
a
more
responsible for the deci¬
AA^ere
ready to
Avere noAV
of the
situation.
foundation, however, for such
a
There
hope.
The
policy of Europe, great and lesser PoAvers alike, is
one
of
war
that is
living from day to day and preparing for
regarded
as
ing influence is the realization that in
no
Power
but
even
German rearmament
progress, the program is prob¬
political
ably
can
a
inevitable. The only restrain¬
a
general
war
confidently expect to be the victor,
that influence
has
be
to
weighed against
chance.
as
well advanced, relatively speaking, as
those of Great Britain
or
France, and
tack, delivered when other Powers
ing it, might
condemnation
well be successful.
very
as
a
were
are
The
fear of
A general
the
convincing
United
ment
of
As
a
matter of
a
similar fear
fact, the
argu¬
aggression has lost much of its force since
the
League side-stepped the issue, and Italy and
Japan have shown that it can safely be disregarded.
The
other
prospect of
matter.
a
general European
To what
extent
British
war
and
is
an¬
French
representations may have deterred Hitler from using
force
Avith
Czechoslovakia
is
not
Avillingness
to
take
a
known, and the
decline in bond prices this week has brought
low-grade rails fairly
March
for expecting that
a
The Course of the Bond Market
expect¬
aggressor, again, did not deter
Mussolini from invading
Ethiopia, and there is no
reason
and
strong at¬
not
an
would deter Hitler.
ambition
the
31.
Aaa's
Other
being
affected
by
a
new
high-grade
suffered
have
losses,
downward
the
remained
too,
even
movement.
firm, however,
high only last Saturday.
Although there have been
most
to the year's low made on
have
Governments
States
having made
near
groups
railroad
only
fractional
Chicago
bonds,
losses
among
Burlington
&
Quincy, 111. Div. 3%s, 1949, dropped 6 points to 89 this week
and the
railroad
4s, 1949, lost 5% points at 94.
bonds
have
held
rather
High-grade terminal
firmly,
Cincinnati
Terminal 5s, 1957, closing unchanged at 108%.
railroad bonds have recorded wide losses.
4%s, 1981, dropped 4% points to 34%
5s, 1950,
were
;
Union
Speculative
Southern Pacific
Kansas City Southern
off 5% points at 51%; Missouri-Kansas-Texas.
Volume
Defaulted railroad
dropped 2 % points to 55.
1st 4$, 1990,
bonds have continued dull.
trend affect¬
Utility bonds have eased off, the downward
3%s,
1970, closed at 108%, off 1%; Potomac Electric Power 3%s,
1966, at 105% were off 1%; Consolidated Gas, Electric
Light & Power (Balto.) 3%s, 1971, declined 1% to 105%.
ing
Illinois Bell Telephone
the prime issues.
even
Weakness has been
more
& Tel.
Tel.
ternational
week
been
has
94 were
limited
to
Financing for
$19,000,000 mortgage and
bonds
have
declined
this
although in
week,
sections
general the drop has been smaller than in other
the market.
of
the steel group the largest
In
been registered by the Republic Steel
MOODY'S BOND PRICES
decline has
4%s, 1961, which have
(REVISED)
fallen
Oil
V
All
S.
Daily
120
1% to 103%
ruled
lower, Container Corp. 5s, 1943, declining 1 to 91.
Among
amusement company
bonds, the outstanding change has
been in the Radio-ICeith-Orpheum 6s, 1941, which have
prices has been reflected in a decline of
copper
in Anaconda
dropped
3%
featured
by
Bonds
68%.
to
retail
5%
trade group has been
points to 69%
United
in
/
predominated in the foreign list, although
Declines have
extent only. Notable
they have been generally of a moderate
declining 4%
loss,
another
of 11%
points to 42%, and the break
points in Panama 5%s, 1953, to 92.
Moody's computed bond
yield averages
prices and bond
given in the following tables:
are
t
(REVISED)
*
1938
Daily
RR.
U.
Indus.
Averages
66.99
Corp.
101.23
108.46
May 27..
For-
A
Aa
Aaa
4.67
3.28
3.84
4.62
Baa
RR.
P. U.
6.52
3.93
eigns
Indus
6.93
3.54
89.25
113.68
102.84
89.99
63.20
108.66
26-
4.65
6.48
3.93
3.53
90.44
101.23
6.90
103.56
67.38
4.59
113.68
63.46
3.81
89.55
3.28
26— 111.77
25-
4.62
3.79
3.92
3.51
90.90
109.05
6.42
103.74
101.41
6.84
113.89
67.97
4.56
89.99
64.00
3.27
25- 111.77
24-
4.58
3.26
3.78
4.54
6.74
6.35
3.90
3.50
109.24
May 27_. 111.77
:
30
*
tic
P.
Baa
Corporate by Groups
by Ratings
Domes¬
X
120 Domestic
120 Domestic Corporate *
120
All
120 Domestic
A
Aa
of
MOODY'S BOND YIELD AVERAGES
tic
Aaa
The
dedine
a
Drug 5s, 1953.
t
Corporate by Groups
by Ratings
Corp*
Averages
Paper company bonds have
4%s, 1950.
(.Based on Individual Closing. Prices)
120 Domestic Corporate •
Domes¬
Govt.
The weakness in
at 102%.
off 1%
being
(Based on Average Yieldt)
1938
Oil bonds have been lower, Shell Union
3% to 80%.
3%s, 1951,
exceptions have been Polish 8s, 1950, which suffered
Service Co.
debentures of San Antonio Public
Industrial
61; New
off 1%; Central
5s, 1956, declined 2% to 90.
Power & Light
In¬
pronounced in lower grades.
5s, 1955, fell 8 points to
Orleans Public Service 5s, 1952, at
the
3407
Financial Chronicle
146
24- 111.85
90.59
114.09
103.93
91.20
64.91
68.67
101.76
23-
4.57
3.77
3.89
3.49
65.28
109.44
6.31
104.11
101.94
6.70
114.09
69.07
4.53
90.75
91.35
3.26
23- 111.86
21-
4.56
6.30
3.49
109.44
3.87
102.30
6.67
91.81
69.17
4.50
103.74
65.56
3.79
90.90
114.09
3.26
21— 111.95
4.55
3.25
3.78
4.49
6.66
6.28
3.88
3.49
20— 111.94
20-
'"'mJm:
;;v(
' "mmm:
.
"... 'mm*
91.05
114.30
103.93
91.97
65.66
69.37
102.12
109.44
19-
4.51
3.25
3.87
3.48
92.43
109.64
6.18
104.30
102.30
6.57
114.30
70.41
4.46
91.66
66.51
3.76
19— 111.86
18—
4.51
3.49
109.44
3.88
102.12
6.16
70.62
6.54
66.80
4.48
104.30
92.12
3.76
91.66
114.09
3.26
18— 111.78
114.30
104.48
66.80
17-
3.48
109.64
3.88
102.12
6.54
6.14
70.83
4.46
92.43
3.75
91.81
3.25
17— 111.72
4.50
16-
4.48
3.26
3.74
3.88
3.49
mmm
109.44
6.08
102.12
6.46
71.46
4.46
67.58
14„
4.47
3.26
3.74
4.43
6.43
6.04
3.88
3.48
mmm
6.42
6.03
3.88
3.50
mmm
mmm
'
mmm
mmm
■'
mmm
16— 111.75
92.12
114.09
104.67
92.43
111.78
92.28
114.09
104.67
92.90
67.87
71.89
102.12
109.64
104.48
92.90
67.97
102.12
109.24
13-
4.47
3.75
92.28
114.09
3.26
13- 111.82
72.00
4.43
4.46
3.27
3.75
4.43
6.38
5.99
72.43
12..
3.51
109.05
3.88
102.12
3.27
3.75
4.45
6.38
5.98
3.89
3.51
mmm
14-
12— 111.85
92.43
113.89
104.48
92.90
68.37
111.76
92.43
113.89
104.48
92.59
68.37
72.54
101.94
109.05
11-
4.46
4.49
3.28
3.76
4.45
6.46
3.51
mmm
67.58
10-
3.89
101.94
109.05
6.06
71.68
4.49
3.28
3.76
4.46
6.46
6.06
3.89
3.52
mmm
9-
mmm
11
—
92.59
104.30
111.76
91.97
113.68
9— 111.73
91.97
113.68
104.30
92.43
67.58
71.68
101.94
108.85
7-
4.52
3.90
3.52
108.85
6.13
101.76
6.52
92.12
70.94
4.48
104.11
66.99
3.77
91.51
113.48
3.29
7— 111.58
4.54
3.29
3.79
4.51
6.57
6.20
3.90
mmm
101.76
6—
3.52
108.85
3.79
4.53
6.75
6.32
3.93
3.53
mmm
10-
111.54
91.20
113.48
103.74
91.66
66.51
70.20
5— 111.68
90.44
113.48
103.74
91.35
64.82
68.97
101.23
108.66
5-
4.59
3.29
4.62
3.29
3.80
4.56
6.81
3.54
64.27
—4..
3.95
100.88
108.46
6.36
68.57
4.64
3.29
3.82
4.58
6.85
6.41
3.97
3.54
mmm
3„
6.40
3.98
3.55
mmm
mmm
6—
90.90
111.77
89.99
113.48
103.56
3— 111.73
89.69
113.48
103.20
90.59
63.91
68.07
100.53
108.46
111.72
89.55
113.07
103.20
90.59
63.73
68.17
100.35
108.27
4„
2—
4.65
2-
3.31
3.82
4.58
6.87
3.83
4.59
6.85
6.40
3.98
3.55
Weekly—
Weekly—
mmm
Apr. 29— 111.42
89.69
113.27
103.02
90.44
63.91
68.17
100.35
108.27
Apr. 29..
4.64
3.30
4.68
3.56
-
22..
4.03
63.64
108.08
6.46
89.55
99.48
6.88
102.12
67.58
4.65
113.07
3.88
89.10
3.31
22- 111.48
4.13
3.66
«...
111.64
87.78
61.98
106.17
6.60
97.78
7.07
66.22
4.77
100.53
3.97
87.35
4.80
3.38
14— 110.08
14—
6.48
4.18
3.72
mmm
8— 109.69
62.15
mmm
8—
4.79
3.37
3.99
4.76
1
4.95
3.38
4.06
4.89
7.47
6.87
4.23
3.76
4.72
3.»1
3.80
4 65
7.13
6 46
4.09
3 63
4 59
6 88
6 27
4.05
3 57
mmm
4.44
6.67
5.94
4.03
3.54
"■■..mmm
3.64
4.33
6.26
5.54
4.00
3 54
rn'mm
3.62
4.31
6.16
5.41
4.03
3.54
mmm
4.36
6.26
5.49
4.07
3.56
6.33
5.51
4.08
3.58
6.45
5.70
4.09
3.62
4.45
6.58
5.85
4.08
3.58
mmm
4.31
6.22
5 52
3.99
3.51
mmm
4.26
6.00
5.28
3.97
3.50
mmm
3.54
mmm
87.49
111.84
100.18
87.93
67.38
96.94
105.04
109.58
85.24
111.64
98.97
86.07
58.70
63.73
96.11
104.30
110.34
88.51
113.07
113.56
89 55
61 4/
6..58
98.45
106 73
Mar.25..
113.89
90.44
63.64
69.48
99.14
.07 88
18-
3 78
89.34
103.93
3.27
109 97
4 63
18-
114 51
92.75
u5.5G
72.98
99 48
108.46
11—
3.67
91 66
105.98
3 24
110.57
4 61
11
14.93
10C 54
94.49
69.58
7/.60
100.00
108.46
4..
3.22
110 70
94.01
4 36
4-
115.14
106.92
94.81
70.62
79.20
99.48
108.46
Feb. 25-
3.21
110.50
94.49
4.33
Feb. 25-
18— 110.21
93.85
107 73
94.01
69.58
78.20
98.80
108.08
18—
4.37
3.63
114.93
3.22
106.54
68.87
77.96
98.62
107.69
11-
4.38
115.14
93.69
3.64
93.53
3.21
110.18
4.39
11..
4-
92.28
105.79
67.68
75.70
98.45
106.92
/7v;v4—
4.47
92.28
3.68
113.89
3.27
110.16
4.47
114.09
92.59
66.41
73.99
98.62
107.69
Jan.
4.50
3.72
91.81
105.04
3.26
110.07
100.18
109.05
4.34
3.20
3.63
4.25
3.17
3.58
1
—
Mar.25-
—
Jan. 28
28
—
—
21-
21.
110.52
94.33
115.35
106.73
94.81
69.99
77.84
14-
110.15
95.78
116.00
107.69
95.62
72.32
80.84
100.53
109.24
14-
109.97
95 62
115 78
107 88
95.46
72.00
81.35
99 83
108.46
7-
High 1938 111.95
Low 1938 109.58
95.95
116.00
108.27
95.95
72.65
82.13
102.30
109.64
Figh 1938
85.24
111.64
98.97
86.07
58.15
63.73
96.11
104.30
Low
,....7./
1
101.41
113.27
109.84
100.35
85.52
95.46
100.53
108.66
101.06
May27'37 108.53
114.30
109.05
98.45
85.93
94.01
101.41
108.66
*
These prices are
or
3.18
3.57
4.27
6.03
5.24
4 95
3 38
4.06
4.89
7.54
6.87
4 23
5.18
3.87
3.17
3.55
4.24
5.97
3.92
May27'37
computed from average yields on the basis of one
the average movement of actual price
3.30
3.47
3.98
4.93
4.27
3.97
3.94
3.25
3.51
4.09
4.90
4.36
3.92
3.53
"typical" bond (4% coupon,
Money and Banking, 1937-38
I.
Vol.
II.
Monetary
Review.
165
and Central
pages.
mmm
3.53
mmm
>--
'
maturing In 30 years), and do not purport to show either the average
way the relative levels and the relative mowment o x
They merely serve to illustrate in a more comprehensive
the bond market, x Discontinued, t The latest complete list of
quotations.
yield averages, the latter being the truer picture of
on the issue of April 23, 1938, page 2594.
Vol.
May27*36
mmm
3.48
4.24
1938
mmm
■
3.76
2 Yrs.Ago
2 Yrs.Ago
May27'36 110.07
level
4.26
4.02
1 Yr. Ago
Yr. Ago
--
7.05
The survey
bonds used In computing these indexes was published
is studiously objective,
and
no
judgments are
upon the policies of which the volume treats.
Vol. II is a summary statement of the banking conditions
passed
gence
countries.
The balance sheets of the central
countries are given in their original forms, in¬
stead of in the standardized form used in previous issues,
there are informing introductory notes for 10 countries and
much information about legislation and other matters is
offered in footnotes.
To students of world financial history
of
the
214
twro
Banks.
New
York:
Columbia
Press.
$1.25 and $1.50
pages.
versity
These
Commercial
volumes,
Uni¬
prepared by the Economic Intelli¬
Service of the League of Nations, are a continuation
the memorandum on "Commercial Banks" issued in
in each of 49
banks of 44
two
volumes are
1931, 1934 and 1935, and of "Money and Banking," issued
in 1936 and 1937.
The first volume, covering the period
from 1929 to February,
The
1938, but with special attention to
studies dealing
respectively with gold and exchange, banking policy and
government finance, changes in the supply of money, the
the last two
or
status of central
three years, comprises five
banks, and commercial banking legislation.
which covers comprehensively so wide a field,
the items of special interest are naturally many and varied,
but particular attention may be called to the detailed dis¬
cussions of the effect of American financial experiments upon
In
a
survey
general world recovery and the effect of world conditions
upon American policy, the inequitable world distribution of
gold to wrhich the United States has so greatly contributed,
gold sterilization, the course of the franc,
liquidity and low velocity of
American credit, and the financial policies of Germany,
Italy and Japan.
The text is supplemented by 18 statistical
exhibits showing, among other things, the record of capital
issues, composition of commercial bank deposits, movement
of bank clearings, and the yield of commercial bank capital.
the various forms of
the contrast between the high
A Study
indispensable.
Margin Trader
curity in Trade.
pages.
Securities and Inse¬
By Kemper Simpson.
170
in Trade in
New York: Harper &
Brothers.
$2
former economic adviser to the Securities
and Exchange Commission, prejudices his case, such as it is,
in advance by acid comments, in his Introduction, upon the
Commission and some of its members.
"Originally dreamed
of," he writes, "by such economists as William Z. Ripley
and John T. Flynn," the Securities Act and Securities Ex¬
change Act "were actually drafted by ingenious lawyers,
Mr. Simpson, a
But the
under the domina¬
tion of market operators, legalists and technicians, many
of whom have used, or hope to use, the prestige they have
acquired for their personal advancement elsewhere.
.
.
.
Under its first Chairman, Joe Kennedy (the "precedent set
by our really democratic President" is cited as the "warrant
some
of whom were
motivated by real idealism.
Commission, unfortunately, soon came
3408
Financial
for
calling these lately exalted gentlemen by their first
names";, the Commission failed the investor in bonds.
Under its second Chairman, Jim Land is, the Commission
failed the investor in stocks.
But Joe and Jim did not set
out
deliberately to betray.
The truth of the matter is that
they had neither real understanding of the economic and
financial correlations referred to nor so unswerving an inter¬
est in investors as might have been expected.
But, accord¬
ing to their lights, they have both been successful: one of
them has become our top diplomat and the other our
top
dean."
In
Chapter I Mr. Simpson deals with the "varieties and
of margin traders and their general
objectives";
Chapter II with "brokers who are agents and brokers who
are not"; in
Chapter III with the stock exchanges and the
question of abolishing them.
On the latter subject the con¬
clusion is reached that the exchanges, as at present
organized,
"serve the margin trader and the professional
speculator"
rather than the investor, that "all floor trading
except pos¬
sibly that of odd-lot dealers and specialists in inactive issues
moods
in
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, May 27, 1938.
Business
activity
shows
some
the previous week, but the
slight
improvement
over
overwhelmingly bearish tone of
virtually all indices of business makes the outlook anything
a happy one.
The continued downward trend of com¬
modity markets, and especially the ease with which securi¬
but
ties have been selling off recently, are anything but heart¬
ening indications to the business world.
Efforts of leaders
of the steel
industry to put the brightest
interpretation
possible
of
the
little
present-day events at their annual convention
on
American
effect.
Iron
Steel
Steel
and
shares joined
Institute
the
apparently
had
downward trend,
an
Chronicle
should
be
houses
May 28,
prohibited,"
It cannot be said that Mr. Simpson makes out any very
convincing case against margin trading, although he has no
great difficulty in showing some of its disadvantages and
dangers.
He would like to see the Board of Governors of the
Federal Reserve System and the Securities and Exchange
Commission "cooperate in order to put the traffic in securi¬
ties on a cash basis as soon as practicable."
Further, "if
and when the next boom gets started, margin
requirements
should be progressively increased and brokers should be
restricted from borrowing bank funds for their own and their
customers' speculations."
As for "the late reduction in
margin requirements," Mr. Simpson regards it as "both
futile and
retail
unwise."
•
Direct
Federal
aid
has provided nearly
dwellings in the United States, officials of
public housing agencies said today, while indirectly the
government has assisted in erecting many more thousands
stores.
200,000
new
homes.
Federal authorities state that
they expect an
increasing amount of building in the next few months. Ex¬
cessively wet weather in many areas of the country was the
outstanding feature of the weather this week.
Additional
widesnread, substantial to heavy, rainfall has relieved the
of
droughty conditions that had developed over
from the Ohio Valley eastward and
Commerce" weekly index, business
activity advanced frac¬
tionally over the previous week, the figures being 70.5 for
the week ended May 21 as against a revised
figure of 70.3
for the previous week and 105.8 for the
corresponding week
of 1937.
Car loadings were
slightly higher, and with gains
for steel production and petroleum runs to
still, offset de¬
clines in automotive activity and bituminous coal
output, so
the "Journal of Commerce"
survey shows.
Despite the dis¬
couraging current
for
least
at
situation,
moderate
a
the
steel
industry is looking
upturn
by August, "Iron Age"
places ingot production at
28% of capacity, off 2 points since last week. The sharpest
decline was reported in Pittsburgh, off to
22% from 29%,
states
in
while
the
its
summary,
neighboring
Wlieeling-Weirtown area is off 4
Railroad buying of importance has not
yet
points to 54.
made
which
an
appearance and construction lettings of steel are
following the recent subnormal pattern. Building construc¬
tion awards showed a decrease of
27% under the previous
week, when ordinarily seasonal trend is near the high
point
for
the
According
year.
to
"Engineering News-Record,"
construction awards totaled
$32,850,000 compared with $45,.614,000 in the preceding week and $57,616,000 in the same
week of 1937.
An unpleasant
aspect of the present total
is the
shrinkage in awards for private operations. > These
awards
feil
to
the
low
level
total of the
of
$8,535,000, about half the
7iy2% under last year. Auto¬
week before and
mobile production declined more
than seasonally last
week,
and its representative
index, which is further corrected by
moving averages, added another 2 points to the
long string of successive losses.
Ward's estimate
units against 47,415 in the
previous week and
already
was
46,810
136,438 in the
1937 week.
Used cars continue to be an
impediment to new
car sales.
Production of electricity
by the electric light and
power industry of the United States for
the week ended
May 1 totaled 1,967,807,000 kilowatt
hours, a decrease of
10.5% from the corresponding week of
last year, the Edison
Electric
Institute
reveals.
Output
for
the
latest
showed a slight gain of
194,000 kilowatt hours
previous week, when it stood at
1,967,613,000,
230,839,000 kilowatt hours below the total of
week
In
field work
fact,
over
a
year ago.
Car
loadings of
revenue
was
freight
increased 3,995 cars during the week
ended May 21, the
Association of American Railroads
announced today.
Load¬
ings for the latest week rose 0.7% from the week
before to
545,808 cars, which represented a decline of
229,266 from
the corresponding week of 1937 and a
decline of
from
and
the
the
same
week
burden
of
137,782
of 1936.
mounting
continued
overshadow the retail trade markets this
week,
result that the few Memorial
Day gains recorded
in the general
today.
were
cars
Adverse weather conditions
unemployment
to
with
the
were
lost
declines, Dun & Bradstreet, Inc.,
reported
Wholesale buying was restricted; forward
orders
absent
mitments
or
released hesitatingly;
covered
only
barest
in most markets com¬
immediate needs, the trade
review said.
Due to preparations for Decoration
Day vaca¬
tions, there was some increase in demand for
luggage,'travel¬
ing accessories,
camping outfits
and
sports
of
the
Ohio
Valley is
now
being retarded because of heavy rains and wet soil, prac¬
tically the entire area having received from around three
the Atlantic
Rainfall
was
now
area
as
of rainfall during the past week.
in good condition rather generally in
far south as northern North Carolina.
also generous to heavy
practically everywhere
between the Mississippi River and the Rocky
Mountains,
and in general interfered with normal field
activity. There
was
considerable
damage from
soil washing
and
flooding
of
lowlands in many places,
especially in the lower Plains
and the upper
Mississippi Valley. The entire corn belt had
frequent rains during the week, and planting has been fur¬
ther delayed.
In the New York City area excessively wet
and cloudy Weather prevailed during most of the
week, with
temperatures quite cool.
Today it was cloudy and warm
here, with temperatures ranging from 55 "to 66 degrees.
The forecast was for cloudy with moderate
temperatures
tonight and Saturday.
Overnight at Boston it was 54 to 60
degrees; Baltimore, 56 to 58; Pittsburgh, 54 to 72; Portland,
Me., 50 to 62; Chicago, 58 to 66: Cincinnati, 62 to 82;
Cleveland, 60 to 72: Detroit, 54 to 72; Charleston, 70 to 76:
Milwaukee, 48 to 60; Savannah, 72 to 82; Dallas, 68 to 88;
Kansas City, 64 to 84; Springfield, Mo., 62 to 76: Oklahoma
City, 66 to 84; Salt Lake City, 58 to 86; Seattle, 54 to 82;
Montreal, 54 to 72, and Winnipeg, 46 to 70.
Moody's Commodity Index
at New Low
Moody's Commodity Index declined from 134.8 a week
ago to 131.8 this Friday.
The recent price is the lowest since
April 26, 1934.
The chief factors in the decline
wheat and
cotton
prices.
Silk,
were
sharp decreases in
rubber, corn, steel
also lower. Hogs and coffee
cocoa,
scrap, lead, wool and sugar were
advanced, while there were no net changes for hides, silver
and copper.
The movement of the index
Fri.
20
Sat.
21..
May
May
Mon.
May
Tues.
May
Wed.
May
Thurs. May
Fri.
May
134.8
135.0
_
23
133.9
24..
25
—132.9
—
132.7
132.0
.131.8
-
26.
27
Revenue
Freight
during the week
was as
follows:
Two weeks ago, May 13
:.__137.8
Month ago, April 27......... 138.3
Year ago, May 27.
1937 High—April 5
Low Nov. 24.
206.4
—
.
1938 High—Jan. 10....
Low—May 27
228.1
144.6
152.9
equipment
in
Car
131.8
Loadings
in
Week
Ended
May
21 up 3,995 Cars
2,198,646,000
in the like week
much
large Eastern
northeastward.
the
over
but
a
area
to as much as six inches
of
by commission
"carefully restricted."
information..
Also, the soil is
"Journal
trading
be
try via loans on securities," and Chapter VI the business
cycle.
Appendices give a variety of statistical and other
during Thursday's session.
the
that
should
Chapter IV discusses "the true function of a commercial
bank"; Chapter V, the "induction of bank credit into indus¬
especially noteworthy drop being recorded in Republic Steel
prior preferred, which sold off 19 points on a few trades
According to
and
their members
or
1938
Loadings of revenue freight foi the week ended May 21,
1938, totaled 545,808 cars.
This is a gain of 3,995 cars, or
0.7%, from the preceding week; a decrease of 229,266 cars,
or 29.6%, from the total for the like week a
year ago, and
a
drop of 137,782 cars, or 20.2%, from the total loadings for
the corresponding week two years ago.
For the week ended
May 14, 1938, loadings were 29.6% below those for the like
week of 1937, and 20.5% below those for the
corresponding
week of 1936.
Loadings for the week ended May 7, 1938,
showed a loss of 29.8% wdien compared with 1937 and a
drop of 19.8% when comparison is made writh the same
week of 1936.
The first 18 major railroads to report
for the week ended
May 21, 1938, loaded a total of 247,714 cars of revenue
freight on their own lines, compared with 251,035 cars in
the preceding wreek and 356,088 cars in the seven
days ended
May 22, 1937.
A comparative table follows:
Volume
Financial
146
Loading of
5,673
(Number of Cars)
3409
Chronicle
CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED FROM
revenue
cars, or
1.1%
freight for the week of May 14 was an increase of
above the preceding week.
,
Miscellaneous freight loading totaled 223,785 cars,
Loaded
Received from
Own Lines
on
Connections
Weeks Ended—
Weeks Ended—
cars,
Atchison Topeka A Santa Fe Ry
Baltimore A Ohio RR
20.062
18,744
23,884
4,627
4,597
6,405
21,625
21,603
36,467
13,684
16,566
25,499
7,660
12,399
16,142
12,635
12,630
7,857
17,461
Chesapeake A Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Paul A Pac Ry.
14,099
16.396
16,819
21,026
6,127
6,134
Chicago A North Western Ry
12,593
8,375
11,151
8,409
8,424
6,083
8,228
3,357
12,233
3,103
15,435
Gulf Coast Lines
3,521
1,562
1,522
10,785
1,552
International Great Northern RR
1,940
1,960
2,258
2,058
2,086
2,238
Missouri Pacific RR
11,354
11,244
14,278
7,756
2,326
7,726
2,928
9,898
New York Central Lines
25,512
30,298
44,970
28,964
28,268
42,415
3,892
3,291
5,445
7,419
10,348
Missouri-Kansas-Texas RR
2,246
4,527
3,518
3,710
N. Y. Chicago A St. Louis Ry_.
Norfolk A Western Ry
13,048
13,644
21,524
7,847
3,565
3,391
46,709
46,414
71,968
33,387
30,187
48,656
4,387
6,808
3,658
3,743
3,424
4,471
3,398
7,744
3,428
3,504
5,297
7,299
26,069
26,062
31,393
7,249
•7,152
4,756
5,242
7,216
6,867
9,049
247,714 251,035 356,088 155,543 149,656
216,555
Coal loading amounted to 81,404 cars,
Pittsburgh A Lake Erie RR
Southern Pacific Lines
Wabash Ry
increase of 4,191 cars above
an
34,883
below the corresponding
cars
week in 1937.
Grain and grain products
cars
loading totaled 32,226 cars, a decrease of 323
below the preceding week but an increase of
5,750
cars
products loading for the week of May 14 totaled 20,083 cars, a decrease of
189
cars
below the preceding week but an increase of
4,500
TOTAL
LOADINGS
AND
RECEIPTS
Live stock loading amounted to 12,165 cars, a decrease of
the
preceding week and
in 1937.
of
a
May 14 totaled 8,988
week and
a
cars,
a
Ore
Weeks Ended—
below
below the corresponding week in 1937.
of 532 cars above
12,946 cars below the corresponding
1937.
loading amounted to 12,971
preceding week but
in
cars
decrease of 1,033 cars below the preceding
decrease of 1,046 cars
the preceding week but a decrease of
(Number or Cars)
894
decrease of 380 cars below the corresponding week
In the Western districts along loading of live stock for the week
week in
CONNECTIONS
FROM
above the
cars
corresponding week in 1937.
Forest products loading totaled 26,341 cars, an increase
Total
above the cor¬
In the Western districts alone grain and grain
responding week in 1937.
9,196
4,671
Pere Marquette Ry._
below the corresponding week in 1937.
cars
the preceding week, but a decrease of
5,044
Pennsylvania RR
148,848
decrease of 1,900 cars below the preceding week and a decrease of
a
21,367
6,070
decrease of 1,220
Loading of merchandise less than carload lot freight totaled
22
1937
1938
1938
1937
1938
a
of 99,795 cars below the cor¬
responding week in 1937.
May 21 May 14 May 22 May 21 May 14 May
1938
below the preceding week and a decrease
cars
1937.
a
cars, an
increase of 5,087 cars above the
decrease of 58,124 cars below the corresponding
'
■
week
■
■
1930
1937
1938
May 21, 1938
May 14, 1938
May 22, 1937
21,830
21,928
25,126
Four weeks in January
25,353
25,393
31,456
Four weeks in February
11,289
11,016
13,900
Four weeks in March
2,222,864
Five
2,649,894
536.140
763,495
942,674
541.813
769.560
932,346
10,362.585
13.710,033
16,763.164
Chic Rock Island A Pac
Illinois Central System
St. Louis-San Francisco Ry
...
Total
70,482
58,337
58,472
weeks in April
Week of May
7
Week of May
The
Railroads in reviewing the
Association of American
week ended
May 14, 1938, reported
as
This
cars.
was
a
decrease of
ing week in 1937 and
week
in
a
227,747
cars or
29.6%
below the correspond¬
decrease of 390,533 cars or 41.9%
FREIGHT
LOADED
AND
RECEIVED
Toial Revenue
Eastern
1937
2,506,236
3,529,907
4,504,284
Wt?
UUUtU 1/O/iVC
CONNECTIONS
ouum
aiou
cxxc
lua/uiugo
same
the week ended May 14,
roads showed increases
week last year:
(NUMBER OF CARS)—WEEK
ENDED MAY
Freight Loaded
Railroads
1938
1937
14
Total Loads Received
Total Revenue
1937
1938
IA/
from Connections
1936
1937
1938
Southern District—(Concl.)
531
Central Indiana
Central Vermont
837
427
8,938
11,300
1,532
1,469
1,859
7,915
1,273
290
8,550
1,570
2,258
34
20
32
71
1,259
Chicago Indianapolis A Loulsv.
442
2,138
27
:
579
1,973
6,726
Bangor A Aroostook
Maine
lUilUWlJLlg
compared with the
Connections
from
1936
FROM
District—
Ann Arbor
A
liUB
Loads Received
Total
Freight Loaded
1938
2,986,166
for separate roads and systems for
1938. During this period only 13
when
Railroads
Boston
below the same
1930.
REVENUE
2,763,457
follows:
freight for the week ended May 14 totaled 541,813
revenue
.....
14
3,347,717
3,712,906
2,155,451
Total
1U
Loading of
2,714,449
2,256,423
1,630
1,105
1,083
1,185
...
5,333
6,273
6,544
6,066
2,459
7,764
Delaware Lackawanna A West.
8,130
11,495
8,060
5,159
7,246
354
441
278
131
129
1,446
2,861
2,851
871
172
409
357
1,299
2,888
Delaware A Hudson..
Detroit A Mackinac
Detroit Toledo A Ironton
10,723
3,358
15,291
12,637
5,840
5,164
1,430
8,397
4,709
Lehigh A Hudson River
233
289
284
1,369
Lehigh A New England
1,273
1,901
Lehigh Valley.
7,852
9,297
1,013
6,335
1,976
1,014
8,946
Maine Central
2,319
2,847
Monongahela.
2,962
2,438
9,671
3,058
4,118
Detroit A Toledo Shore Line
Erie
Grand Trunk Western
16,147
7,835
2,584
2,890
3,828
178
279
2,559
1,590
36
34
39,904
28,268
40,975
8,212
1,307
45,875
11,599
1,765
1,587
1,463
2,108
3,991
5,536
7,496
6,785
7,419
3,441
3,743
10,086
3,461
4,471
5,434
6,915
6,369
Pittsburgh A Shawmut
223
156
194
21
31
Montour
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
1,261
30,298
10,277
9,501
12,724
6,353
5,291
1,850
2,779
1,132
1,740
2,154
1,914
2,396
2,023
2,746
1,104
1,922
3,070
1,233
Piedmont Northern
346
429
409
735
908
Richmond Fred. & Potomac
282
390
354
4,649
4,588
8,372
16,739
9,505
21,707
7,724
19,226
3,242
11,188
4,056
15,066
349
465
405
467
613
145
173
166
536
835
85,390
106,530
94,081
54,571
67,783
12,793
20,144
2,482
19,315
3,925
18,158
2,368
18,863
3,718
8,228
1,975
6,083
2,497
10,516
2,757
8,276
3,464
362
21,332
1,502
486
9,021
13,578
1,236
7,816
318
4,042
3,804
7,189
Mobile A Ohio
Nashville Chattanooga A St. L.
Norfolk Southern
Seaboard Air Line
Southern System
Tennessee Central
Winston-Salem
Southbound
Total
886
985
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western
2,340
Great Western
Mllw. St. P. A Pacific.
St. P. Minn. A Omaha.
Duluth Miss a be A I. R
Duluth South Shore A Atlantic.
Elgin Jollet A Eastern
16,717
3,409
5,013
136
221
410
159
205
18,345
2,345
3,362
594
547
481
785
Lake Superior A Ishpemlng
Minneapolis A St. Louis
466
22,006
541
Green Bay A Western
422
9,282
Ft. Dodge Des Moines A South.
Great Northern..
3,928
1,787
2,447
55
68
1,899
6,167
8,501
1,537
1,613
2,600
1,781
2,636
3,777
1,834
4,127
7,854
Minn. St. Paul A S. S. M
Pittsburgh Shawmut A North..
345
273
320
138
178
Pittsburgh A West Virginia
707
987
1,148
1,064
1,883
Spokane
Rutland
545
655
629
839
1,088
Spokane Portland A Seattle.--
4,756
5,046
5,437
6,867
6,749
9,728
613
8,765
Wabash
Northern Pacific
102
Total
3,856
1,911
3,819
150,322
116,303
169,448
400
610
608
465
723
21,603
36,058
18,422
7,669
30,931
5,261
12,630
1,433
268
406
317
5
857
1,122
974
13
32
5,137
8,236
5,439
9,326
12,070
574
588
749
38
50
Denver A Rio Grande Western-
133
192
236
29
32
Denver A Salt Lake
Total
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey
Cornwall
Cumberland A Pennsylvania
Llgonier
Pennsylvania System
Co
(Pittsburgh)
West Virginia Northern
Western
7
33
Penn-Readlng Seashore Lines
Union
2,549
99
54
16
36
615
Valley
Long Island
Reading
Alton.....
1,096
657
926
2,460
3,373
819
1,231
70,195
1,081
61,414
1,057
30,187
13,309
14,354
12,693
48,791
17,959
16,940
12,507
1,060
7,475
49
72
1
1
46,414
11,448
5,080
31
1,393
2,537
3,732
3,151
4,165
6,418
97,382
Maryland
161,093
138,074
75,241
119,331
...........——
Bingham A Garfield...
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
Chicago Rock Lsland & Pacific.
Chicago A Eastern Illinois
Colorado A Southern
1,480
124,804
106,073
33,111
47,086
18,744
2,509
22,927
3,162
20,006
2,840
4,597
1,572
6,5152,600
449
667
326
115
110
12,635
1,534
11,057
2,264
13,865
1,429
6,070
7,915
585
764
12,391
2,678
13,749
1,262
11,886
2,517
850
2,115
2,869
2,467
7,329
2,105
1,256
2,312
8,672
626
407
413
23
Northern
North Western Pacific
1,645
2,938
19
963
1,050
1,046
1,084
980
1,625
1,904
1,063
1,604
288
255
449
Missouri-Illinois...
Nevada
2,573-,
1,847
Fort Worth A Denver City
Illinois Terminal
—
—
Peoria A Pekln Union
Southern Pacific (Pacific)
Toledo Peoria & Western...^.
Union Pacific System
Total
255
1,103
Central Western District—
Atch. Top. A Santa Fe System.
Alleghany District—
Akron Canton A Youngstown..
Baltimore A Ohio
177
1,103
279
5,657
170,973
147
1,581
603
2,411
118,191
Wheeling A Lake Erie
244
1,556
71,179
International
582
1,052
1,786
1~184
73
119
828
864
815
334
361
36
157
241
20,864
23,302
20,414
3,842
5,840
305
278
299
930
11,628
12,725
10,876
7,024
1,243
8,701
111
189
Western Pacific
141
238
8
14
1,416
1,662
1,461
1,748
2,210
91,766
Utah...
105,193
94,794
42,358
55,189
156
165
150
321
80
159
104
158
319
1,522
2,086
1,591
2,306
1,181
1,985
Pocahontas District—
Chesapeake A Ohio
16,142
23,458
21,923
7,857
10,769
Norfolk A Western
13,644
3,525
20,735
3,391
4,811
4,212
19,479
3,558
855
865
Southwestern District—
33,311
48,405
44,960
12,103
16,445
Burling ton-Rock Island.....
Fort Smith A Western—...
Virginian...
Total.
Total
Gulf Coast Lines
Southern District—
International-Great Northern
Alabama Tennessee A Northern
207
266
Atl. A W. P.—W. RR. of Ala..
669
Atlanta Birmingham A Coast..
508
8,496
Coast
Atlantic
Line
Central of Georgia
2,180
1,476
1,713
1,002
920
Louisiana A Arkansas.......
10,034
4.607
3,510
1,342
799
8,769
3,796
117
159
358
421
439
2,647
4,659
2,903
Louisiana Arkansas A Texas.
3,805
Litchfield A Madison
298
251
317
665
1,205
477
447
478
353
298
223
Kansas
City Southern
528
961
1,207
992
1,391
1,985
453
294
327
292
Missouri-Kansas-Texas Lines
Midland
Valley
Missouri A Arkansas
143
152
148
343
327
Missouri Pacific—.........
East Coast
961
779
1.149
742
903
Galnsvllle Midland
32
51
42
71
83
900
904
914
1,337
1,683
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Georgia A Florida
2,003
1,632
1,073
666
1,397
Georgia
833
.867
718
664
501
Durham A Southern
213
836
Kansas Oklahoma A Gulf—
212
Florida
2,245
247
864
Greenville
2,351
164
153
Cllnchfield
A
2,976
2,092
189
328
Charleston A Western Carolina
Columbus
,103
,960
371
326
251
356
,741
1,236
119
268
110
202
248
3,518
11,281
4,458
4,298
2,326
3,079
13,853
13,819
7,726
9,308
114
157
112
93
85
6,189
2,058
6,842
4,267
7,875
2,229
8,030
5.292
7,345
2,119
6,645
4,708
3.438
2,307
2,550
3.439
4,184
3,051
2,910
4,331
Wichita Falls A Southern—
229
278
225
51
90
Wetherford M. W. A N. W._,
19
43
45
28
61
44,594
52,562
50,997
31,179
38,203
535
Texas A New Orleans
1,465
1,874
1,761
943
990
Texas A Pacific
Illinois Central System
17,264
20,776
18,919
Louisville
17,073
23,636
20,386
8,865
4,334
11,853
5,630
Macon Dublin A Savannah
104
184
135
560
574
Mississippi Central ♦
124
179
177
291
Gulf Mobile A Northern
A
Nashville
ffote—Previous year's figures revised.
*
Previous figures.
521
289
Total
Financial
3410
Number of New Freight Cars
I
Class
freight
railroads
cars
May
on
order,
on
Ordered Smaller
1,
according
May 1
on
(1926-1928=100)
Compiled by the National Fertilizer Association.
year,
to
Preced'o
Per Cent
Ago
Week
Group
Each Group
Bears to the
May 21,
date in 1937 there were 47,290
Total Index
1938
May 23.
order,
on
On the
and
same
May 1,
on
1936,
there
18,467.
were
On
order.
year, 5,825 new freight cars were on
Association's reports further declared:
The
New steam
locomotives
order
May
on
72.5
60.8
79.8
80.2
93.1
66.1
65.1
65.6
88.6
48.2
48.5
50.6
73.4
63.2
65.2
66 1
113.5
71.5
69.2
68.9
79.2
79.2
80.0
85.0
77.0
76.9
76.5
89.8
59.4
59.4
59.8
80.5
105.2
Farm products
23.0
1
—
Cotton
—_
Grains
a
;Livestock
10.8
Miscellaneous commodities
The railroads on
April 1, this year, had 19 new electric and Diesel locomotives on order.
Class I railroads in the first four months of this year installed in
8.2
pared with 84
service
5,302
locomotives
freight
the
in
totaled
1
the
in
with
86
period
same
and
steam
last
New
freight
included
in
three
and
steam
electric
.
.
84.1
95 0*
96.1
96.3
Building materials-
80.8
81.0
82.2
1.3
Chemicals and drugs
94.0*
94.9
94.9
93.7
Fertilizer materials
71.5*
71.6
72.1
70.2
Fertilizers
76.8*
76.9
76.9
77.3
Farm machinery.
98.1
98.0
98.0
74.7
74.4
74.7
.3
■"
.3
;
service 94
compared
in
-
7 1
>
locomotices installed
Diesel
-
.
All groups combined
100.0
the
*
92.2
95.6
«;•
88.3
New 1938 low.
Diesel
arid
period in 1936.
same
and locomotives leased or otherwise acquired
cars
the
and
three
and
year,
locomotives in the
electric
seven
.
Textiles
.3 <
steam locomotives and 49 new electric and Diesel locomotives
new
...
79.0
6.1
period
same
also put in
of 1938
months
four
10,
May 1, 1930.
on
period in 1930.
same
first
May
on
compared with 20,946
cars
5,916 in the
The railroads
order
on
May 1, 1937, and 25
on
new
1937 and
in
Diesel
84.5
72.7
60.3
77.8
com¬
and
1937
73.4
Fuels
electric
1938
1938
59.7
17.3
New
Ago
May 22,
Fats and oils
25.3
totaled 61 compared with
845 on May 1, last year, and 52 on the same date two years ago.
The
railroads had 84 new steam locomotives on order on April 1, this year.
on
■\
May 14, Apr. 23,
Cottonseed oil.-
tfeis
April 1,
Year
Month
Week
Latest
by the Association of American Railroads and made public
on
1938
28,
WHOLE8ALE COMMODITY PRICE INDEX
WEEKLY
had 4,867 new
reports just received
this
May
Chronicle
above
figures.
not
are
United States
Department of Labor Index of Wholesale
Commodity Prices Advanced 0.5% During Week
■
Ended May 21
"Annalist"
Index of Wholesale Commodity
Prices Declined 0.6% of Point During Week Ended
May 26—Average for May Slightly Below April
Weekly
Sharp price declines by wheat, cotton and copper pushed
"Annalist" Weekly Index of Wholesale Commodity
Prices down 0.6 of a point to 80.5.
On May 18 the index
was 81.1 and a
year ago it stood at 94.2.
An announcement
by the "Annalist" further reported:
the
Almost all commodities shared in last week's decline, one of the
far this year.
so
to show
a
Hogs and cottonseed oil
sharpest
Wave after
wave
50 points.
of
than 6 cents,
more
Most
commodities
are
corn
now
Copper dropped
almost 2 cents and cotton about
in the lowest ground since
and wheat is the lowest since 1933.
Liquidation
crops for several major commodities,
coupled with
THE
products
United
States Department of Labor, Bureau of Labor Statistics'
index during the week ended May 21, Commissioner Lubin
announced on May 26.
"The advance," Mr. Lubin said,
"placed the combined index of over 800 price series at
78.2% of the 1926 average.
The index is 0.5% lower than
it was a month ago and 10.5% below a year ago.
The
Five of the
1934,
a very
small demand.
COMMODITY
chemicals
(1926=100)
Farm products
1938 May 25.
1937
77.5
78.3
103.4
Food products..
72.1
72.7
81.6
Textile products
P57.2
r 57.5
_
84.9
Metals
of
The index for
ended May
goods,
lower than
Prices
1937.
22,
108.7
All commodities
of finished
and 5.9%
which
products
Preliminary,
lower than it
last
was
Non-agricultural commodities
71.2
"all commodities other than farm
87.8
0.4%
70.9
80.7
81.i
94.2
below the level of
According
the
to
0.5%
are
ad¬
and
below that
month ago and is
a
for
index
"all
lower
during the
0.4%
weeks
was four
year.
as
by
measured
the
products," advanced 0.2%
month ago and 7.1%
a
declining since March
group rose
lower than it
other
than
than the corresponding
week
index
for
They
are
.
below that of
commodities
foods," industrial commodities prices declined 0.2%
They
of
calf skins,
below the index for the
been
have
prices,
66.5
Revised.
r
18.8%
The index for the
88.0
and
beans,
cocoa
a year ago.
69.5
Miscellaneous.
commodities
because
largely
materials—71.2—is 0.4%
raw
88.0
,
and
Semi-manufactured commodities prices fell
80S
....
1.1%
The current index—82.5—is 0.5%
week.
ago
miscellaneous
and
rose
The index for this group is at the level of
.
14.4%
materials,
The metals and
during the week.
materials
raw
66.5
Chemicals
V
102.4
101.5
Building materials
prices
registered an advance.
90.0
_
farm
building
materials,
lower
vancing prices of agricultural commodities,
82.0
Fuels
.
of
remain unchanged at last week's level.
Wholesale
0.3%
18,
lighting
and
housefurnishing
products,
groups
week
1938 May
fuel
drugs—averaged
for the corresponding week for April and
PRICES
May 25,
and
building sand.
"ANNALIST" WEEKLY INDEX OF WHOLESALE
prices
increase of 0.5% in the
an
10 major commodity groups—hides and leather products,
products,
metal
attributed to bumper
was
wholesale
Commissioner added:
textile
selling carried futures sharply lower.
in
increases
and foods accounted for
the only two major items
were
gain for the week.
125 points, wheat
Sharp
a year
farm
ago.
products
during the week.
5.3%
of April and
lower than the corresponding week of last year.
As to the trend of
prices during May, the "Annalist"
sented its monthly index as follows:
THE
"ANNALIST"
MONTHLY INDEX
pre¬
WHOLESALE
OF
Commissioner
announcement
Lubin's
issued
remarks
contained
were
in
an
by the Department of Labor, from
which the following is also taken:
COMMODITY PRICES
Increases of 4.5%
(1926=100)
for the subgroup
in market prices of livestock and poultry and 1.1%
of
"other
farm
May, 1938
Farm products
April, 1938
77.2
May, 1937
77.1
products
were
reported for corn,
71.7
71.1
80.4
tions
57.6
58.0
83.3
sheep, cotton,
Fuels
84.9
85.4
90.1
102.5
108.6
66.5
66.8
71.2
Chemicals
88.0
88.1
87.8
Miscellaneous
69.8
70.0
81.1
i
.V-
.
.
_.
Metals,.
102.2
All commodities
*
80.5
were
lower
for
barley,
products"
2.1%
below that of
a
Commodity Prices Further Advanced Dur¬
Week Ended May 21, According to National
Fertilizer Association
index
week
of
2.1%
a
ended
1926-28
Fertilizer
May 21 recorded
100%,
of
average
increase.
an
last
week
commodity
Association
Based
index
the
in
the
the
on
stood
at
74.7%
as compared with 74.4% in the previous week and
74.0% two weeks ago.
It is now at the same level as a
month
ago
and 15%
lower than
a
year
The Associa¬
ago.
The
increase
The
meats.
the
current
lower
since
recession.
but
In
marked
the
the
food
upturns
the third
about
meat
consecutive
higher
to
a
resulted
week.
Cotton
in
and
farm
point for
items
many
as
prices
except
low
new
declined
the
group
grains
were
during the week, with wheat prices falling to the lowest point reached
1934.
Advances in prices of livestock, however, were sufficient to
raise
the
in
of
farm
the
the
product
indexes
of
principal
group
average.
Fractional
also
the
building
a
group
Copper
steel
relatively large decline in the chemical
material,
also
took
machinery and miscellaneous commodities.
indexes declined during the week, the largest
being in the metal price average.
sharply lower and smaller declines occurred in
was
increases
farm
recession
only
commodities
reaching
group
in
due
specifically to livestock and
of all
decline,
largely
was
more
prices
slight
a
index
foods, and
representing
advancing for
place
Five
all-commodity
foods showed
advanced,
index
fertilizer
material,
and
quotations
and tin.
scrap
and
slightly.
indexes
,
off
week
there
there
were
were
17
31
declines
declines
and
and
31
15
advances;
advances.
in
the
second
This week's farm
month ago and 24.6%
a
as
the result
rise in prices
and
were
pork, fresh veal,
Cereal
averaged fractionally
products
dairy
Among the important items for which
flour, yellow
rye
corn
meal, fresh beef,
beans, glucose, lard, and oleo oil.
cocoa
cured fish,
Rio coffee,
wholesale
14.3%
food
edible tallow,
pepper,
index—72.9—is
below
and
vegetable
oils.
above
1.0%
the level
of
preceding
a
a year ago.
of shoes, together with lower prices
glazed kid leather, and men's luggage caused the
hides and leather products group index to fall 0.7%
.
Higher prices were
reported for packers' calf skins.
The index for the building materials group declined 0.6%
of
a
decrease of
the result
oils.
ing
largely because
1.8% in lumber, including yellow pine flooring and timbers,
The paint and paint materials subgroup declined fractionally
of continued
weakness in
prices of Chinawood and linseed
No changes were reported in prices of brick and tile, cement, plumb¬
and
heating,
structural
steel,
and
other
building
material
items.
Lower prices for tankage and mixed fertilizers in the mid-West and South¬
west
contributed to the 0.4%
drugs group.
and
decline in the index for the chemicals and
Fertilizer materials decreased 0.4%
chemicals, 0.5%
.
acid and
cream
;
mixed fertilizers, 0.6% ;
Mixed fertilizer prices in the middle-Atlantic and
south-Atlantic regions were slightly higher.
of tartar offset
Advancing prices of tartaric
declining prices for citric acid and camphor.
The index for the fuel and lighting materials group fell 0.3%
cite
prices
were
down
0.5%
,
and
petroleum
products
Anthra¬
.
averaged
0.5%
lower because of the weakness in prices for kerosene, California and Okla¬
homa
gasoline,
the
textiles,
were
and
natural
gasoline.
Bituminous coal
and
coke
prices
unchanged.
textile
raw silk
products
group,
and silk yarns,
continued
declines
in
prices
of cotton
and lower prices for overalls and burlap
largely responsible for the 0.2%
drop in the index for the group.
Hosiery and underwear and woolen and worsted textiles remained
though the all-commodity index rose during the week, the number
price declines outnumbered the advances, 31 to 25; in the preceding
week
Quota¬
increase for the subgroup of "other foods."
for packers' cow hides,
In
:
(New
(Chicago),
poultry
timothy seeds.
and
A further decline in wholesale prices
were
fell
live
the
Higher prices
apples
lower for butter, powdered milk, wheat flour, mutton, smoked
month ago and
were
drug index, while
fertilizer
were
current
There
Even
of
The
as
the
index
products and
as
in
farm products and
for
and cured
Prices
and spruce.
tion's. announcement, under date of May 23, continued:
prices
for
index
increase in prices of fruits and vegetables, a 5.0%
higher prices were reported
fresh
hams,
National
the
the
eggs,
Average wholesale market prices of foods advanced 2.0%
of
of meats, and a 1.1%
Wholesale
price
wheat,
rye,
below the level of
lower than for the previous week.
For the second consecutive week the wholesale
hogs,
year ago.
products remained unchanged,
ing
caused
during the week.
steers,
cows,
oats,
flaxseed,
oranges,
products index—68.8—is 0.4%
93.5
80.7
calves,
York), lemons, dried beans, onions, and sweet and white potatoes.
102.0
Food products
Textile products
Building materials..
farm
advance
to
group
changed from the level of
a
un¬
week ago.
Minor price fluctuations in the three groups—metals and metal products,
housefurnishing goods,
indexes
for
these
and
groups
to
miscellaneous
remain at
commodities—resulted
the levels
of the previous
in
the
week.
Volume
Financial
14b
quicksilver,
steel,
tin, galvanized pails, and tubs, boxboard. and Pennsylvania
Important items within the
office desks,
antimony, pig
showing higher prices were
groups
Lower prices were reported for scrap
and cattle feed.
buying which this year occurred largely in April, and partly
to one more Saturday this year than last."
The Bank also
had the following to say in its "Review":
neutral oil.
The following table shows index numbers for
modities
the
for
past five weeks and for May
the main groups of com¬
1937; May 23, 1936;
22,
May 25, 1935, and May 26, 1934:
Reflecting these conditions, the candy chains reported an increase
108% in sales
of
28%
At
11926—100)
3411
Chronicle
time,
same
larger decline from
There has been
May
May
May
Apr.
Apr.
30
7
14
21
Commodity Groups
May
May
May
May
26
25
23
22
23
of
the shoe chain stores registered a gain
year,
and the 10-cent and variety chains recorded an advance of 11%
,
the
April of last
over
however, sales of the
a year ago
decrease of
a
grocery
.
chain stores showed a
than in the preceding three months.
9.8%
between April
in the total number of stores operated
,
1937 and April, 1938
by the reporting grocery chains, with
1938
1938
1938
1938
1938
1937
1936
1935
1934
the result
78.2
77.8
77.9
78.3
78.6
87.4
78.2
80 3
73.7
have also reduced the number of units in operation, while small increases
.
-
„
_
in the number of 10-cent and variety,
that, although total sales
in April
per store
All commodities
Farm products..
68.8
67.4
67.4
67.8
69.1
91.2
75.0
81.5
60.1
Foods.
72.9
71.5
71.4
71.9
72.2
85.1
77.5
84.3
67.4
As the result of
Hides and leather products..
91.7
92.3
92.2
93.0
92.6 107.1
94.3
89.5
88.0
number of chain stores in operation,
Textile products.
66.0
66.1
66.1
66.5
56.7
78.1
69.2
69.4
73.1
....... -.
..
Fuel and lighting materials..
76.6
76.8
77.1
77.2
77.3
78.2
76.8
74.1
73.4
Metals and metal products..
96.3
96.3
96.3
96.4
95.9
95.0
85.7
85.6
90 4
90.9
90.9
91.7
91.0
96.9
85.6
84.9
The candy chains
net
decrease of
and shoe chain units have occurred.
3.6%
during the past year in the total
the percentage increase in average sales
larger in April than for total sales.
was
88.7
Building materials
a
of all chains combined
per store
less than a year ago, sales
3.3%
were
7.2% higher than in April, 1937.
were
87.2
76.4
76.7
77.0
77.1
77.3
83.5
77.3
81.0
88.6
88.6
88.6
88.7
90.8
82.8
82.0
83.9
73.1
73.1
73.0
73.3
73.3
80.5
69.1
69.0
69.7
Raw materials
71.2
70.4
70.3
70.6
71.5
87.7
75.5
Semi-manufactured articles..
74.6
74.8
74.9
75.1
74.6
87.2
74.1
Finished products
82.5
82.2
82.4
82.8
82.9
87.7
80.5
80.2
80.6
80.7
86.5
78.8
Percentage Change April, 1938
75.3
88.6
Chemicals and drugs...
...
Housefurnishing goods
M iscellaneous.....
.
......
.
—
other
commodities
All
.
farm products
80.2
76.6
80.0
Sales per
Sales
Store
Shoe
81.9
81 7
82.0
82.2
82.1
78.7
86.3
+ 7.2
—9.8
—3.3
+ 1.1
+ 10.8
+ 9.6
+ 27.7
+ 25.3
+ 108.2
+ 114.9
—3.6
...
+ 8.7
+ 1'2.7
variety
.
Candy
than
and foods...
Total
+ 1.9
—3.1
Grocery
Ten-Cent and
80.4
other
commodities
Number
of Stores
than
farm products
All
Compared with April, 1937
Type of Store
79.0
77.8
All types.........
*Not computed.
April Sales of Department Stores in New York Reserve
District 0.5% Below April, 1937—Decreases of 11%
Noted in Sales During First Three Weeks of May
Electric
The
Output for Week Ended May 21, 1938, 10.5%
Below a Year Ago
Edison
Electric
its current weekly re¬
Institute, in
its
port, estimated that production of electricity by the electric
1 that "in April, the decline
in department store sales in the Second
(New York District) was reduced to 0.5%, because of buying
connected with the late Easter, and the fact that there was
one more Saturday in April this year than last."
The Bank
light and power industry of the United States for the week
ended May 21, 1938, was 1,967,807,000 kwh.
This is a
Federal
The
Bank of New York reports in
Reserve
"Monthly Review" of June
from
a
ago
year
also.notes:
in most of the localities showed only small
Sales of the reporting stores
week
a
Sales of the leading apparel stores in this district were
1937,
and
lower at the end of April, 1938 than at the end of
apparel store stocks were 8%
both in the depart¬
department stores in this district during the first
continuation of the
PREVIOUS YEAR
FROM
Major Geographic
Week Ended
Week Ended
Week Ended
Week Ended
May 21, 1938
May 14, 1938
May 7, 1938
April 30, 1938
New England
^2.1
11.4
11.4
12.7
3.5
West Central
3.3
6.0
16.6
17.7
18.4
3.4
Central Industrial
3.0
17.1
Middle Atlantic
4.6
5.5
7.2
9.4
10.4
8.6
9.1
Rocky Mountain
23.1
22 6
21.3
26.8
6.3
6.1
8.7
3.5
10.9
11.6
Pacific Coast
10.3
10.5
Total United States.
for seasonal factors, there appears to have
gradual decline that has been in progress since
For the first five months of this year, including an estimate for
January.
DECREASE
about 11% lower than in the corresponding period
of 1937, and, after adjustment
the full month
year ago.
Southern States.
three weeks of May were
a
ago,
apparel stores.
Sales of the reporting
been
April,
Collections of accounts
lower.
outstanding continued to be slower than a year
ment and
production totaled
Regions
at retail valua¬
Stocks of merchandise on hand in the department stores,
tion, were 10%
output for the
from the
when
PERCENTAGE
below April, 1937.
6%
10.5%
1987,
well above
New York State and in the Hudson River Valley District were
last year's volumes.
of
of
week
Northern and Central
changes from a year ago but sales of stores in
net
corresponding
2,198,040,000 kwh.
The output for the week ended May 14, 1938, was estimated
to be 1,907,013,000 kwh., a decrease of 10.3% from the like
decrease
of May based on the three weeks figures,
(THOUSANDS
WEEKS
RECENT
OF
KILOWATT-HOURS)
the total dollar
volume of sales of the reporting stores in this district was
1937 figure, but was little different
FOR
DATA
Percent
below the
7%
Change
than in 1936.
1936
1938
1937
1938
Week Ended
1929
1932
from
Per Cent
Percentage Change from
a
Accounts
Year Ago
Col¬
1,679,589
2,146,959
2,176,368
—7.9
1,867.093
1.480,208
1,990,447
—8.5
1,916,486
1,465,076
Apr.
—9.9
1,933.610
1,480,738
1,696,543
Apr.
Outstanding
March 3]
Stock
Net Sales
Locality
1937
of
1,709,331
1.699,822
1,978,753
2
9.........
Apr.
Apr.
...
April
New York and Brooklyn.
1,663,291
1937
1938
-11.0
51.0
4.8.9
—6.1
1,957,573
1,951,456
2,188,124
—10.8
1,914,710
1.469,810
1,938,660
2,193,779
—11.6
1.932.797
1,939,100
2,176,363
-10,9
1,454,505
1,429,032
1,688,434
May 14-.^.—--.
1,967,613
2,194,620
-10.3
1.947.771
1,436,928
1,698,492
2,198.646
—10.5
1,961,694
1,435,731
1,704,426
1,967,807
1,928,803
—4.1
Buffalo
Rochester
■
Month
April
—0.8
___
lected in A pril
Hand
End of
16
23
Apr. 30
May
on
Feb. to
2,173,223
—7.5
-1.8
49.3
41.8
May 21..------
-2.3
57.2
55.1
May 28-—.-.—
2,206,718
1,954,830
1,425,151
1,705,460
+ 1.9
—0.6
4.........
2,131,092
1,922,108
1,381,452
1,615,085
2,214,166
1,945,018
1.989.798
1,435,471
1,441,532
1,689,925
2,213,783
—.
Syracuse.....
-.
Bridgeport...
.
42.2
40.4
June
+ 1.2
—2.8
-5.8
—2.0
—7.4
-12.9
43.5
42.9
June
+ 4.4
—7.9
-12.2
40.3
38.4
June 18..
.
-
+ 4.1
—4.1
-4.9
34.5
32.7
A ........ —
Northern New Jersey
_
.
Elsewhere
A
L
_
.
+ 19 9
+ 0.1
—10.2
+ 7.3
—4.1
1,699.227
+ 3.0
Southern New York StateCentral New York State.
11
Northern New York State.
.
Hudson River Valley Dist.
+ 15.6
—0.5
+ 1.7
—4.8
—0.1
Trade
and
—11.1
in
April—Imports
—3.0
Niagara Falls
Foreign
Country's
+3.2
Capital District..-.
..-.
Westchester and Stamford.
—
The Bureau of Statistics of
•—0.6
—5.0
—10.1
48.0
45.8
Apparel stores
—6.0
—10.7
-8.1
46.0
43.0
April sales and stocks in the principal departments are compared with
a
year
previous in the following table:
April. 1938
April 30. 1938
Compared irilh
Classification
Stock on Hand
Percentage Change
Compared uith
April, 1937
Shoes
April 30, 1937
—10.7
+ 18.4
Men's and boys' wear
............. ... .... ...
_.
.
+ 16.4
:
•
:
—7.5
+ 13.0
—5.7
Men's furnishing..
+ 8.5
—11.3
Women's ready-to-wear accessories
+ 7.1
—10.2
Hosiery
— —.. .
.
—
+ 6.6
....
Toilet articles and drugs
—0.3
+3.2
—9.3
—4.6
....
—8.9
+ 4.4
Luggage and other leat her goods
Toys and sporting goods..
Women's and misses' ready-to-wear.
—14.1
Home furnishings
—10.9
—7.9
Cotton goods
—12.1
of
on
April
—12.4
—14.0
imports
April
but
about
2%
above
declined 8% from
last
of
year.
in
As
Merchandise
—5.3
Books and stationery.....
—14.5
Musical instruments and radio
—15.0
Silks and velvets...
—14.6
Woolen goods..
—
—5.7
—13.7
—16.7
—1.6
....
Miscellaneous
—20 9
—26.6
J—
Furniture.......
'
—3.5
Store Sales in
"In
April
as
Compared with April, 1937
April total sales of the reporting chain store systems
(New York) District were 8,7% higher than
in the Second
last
its
year," states the Federal Reserve Bank of New York in
"Monthly Review" of June, "owing partly to Easter
compared with
with $268,945,000 in April, 1937.
principal United States goods shipped
abroad
in
larger value in
April included grains, petroleum and its
products, coal, refined copper, office appliances, agricultural machinery,
and certain
chemical products.
States corn began
United
Reports Gain of 8.7% in Chain
Trade
$275,780,000 in March, 1938, and
As
compared with March, the
aircraft,
New York Reserve Bank
Export
including re-exports, amounted to $274,482,000
Exports,
—18.6
—20.2
while the
the value in April of last year.
General
March and were 44% lower in value than in
other recent months, merchandise exports
exceeded merchandise imports in value by more than $100,000,000.
The
value of merchandise exports was $435,312,000 greater than the value of
merchandise imports for the four months ending with April.
This is in
contrast with the same period
in 1937, when the value of merchandise
exports was $131,163,000 smaller than the value of merchandise imports.
The changes in the value of trade from that of a year ago should be
interpreted, however, in the light of the lower price level this year.
The
unit
value
(price) index of total exports and of total imports was at
least 5% lower in this past April than in April, 1937.
March
in
—2.3
Linens and handkerchiefs
continued at a relatively high level,
declined sharply to the lowest point in several years.
of exports, including re-exports, was fractionally smaller than
—24.3
.... —
...
Silverware and jewelry
May
imports
value
The
Net Sales
during
Exports
value
Percentage Change
the Department of Commerce
25 issued its statement on the
foreign trade of the United States for April and the four
months
ended with April, with comparisons by months
back to 1933.
The report is as follows:
Washington
at
All department stores...
those of
Exports
to move into foreign
markets in large volume
of 12,800,000 bushels was shipped
during the first quarter of the year.
In April, shipments of corn
to a total of over 20,000,000 bushels.
last
January, and
Exports
each
April
of
to
including
an
average
of wheat, which had
first three months
the
monthly
increased
averaged about 8,500,000 bushels during
of this year, dropped off somewhat in
approximately 6,000,000 bushels.
Other agricultural productsraw
cotton, leaf tobacco, and apples—also were exported in
3412
Financial
smaller
amounts
of
total
agricultural
in
April.
April than in March, and
in
as
a
the
than
value
usually occurs at this
of
of the
season
petroleum
and
products,
its
implements and in certain chemicals
were
in
1934
1935
1936
1937
1938
1,000
1,000
1,000
1,000
1,000
1,000
Merchandise—
agricultural
copper,
than sufficient to
more
1933
Exports—TJ. S.
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
year.
coal,
counter¬
118,559
the
consequence
from
of
non-agricultural
of
exports
products
As
a
increased
$203,112,000 in March to $205,938,000 in April.
As
compared
$20,000,000
with
larger
tobacco and
of
value
trucks).
fruit
cotton
raw
April
were
last
this
of
grain
about
were
Exports
year.
of
leaf
from
little
a
larger
in
the value
quantity.
Because
of exports of cotton
the
of
than
$50,473,000 in April,
in
and
1937, when
April,
crude
of
petroleum,
1937,
automobiles
electrical
the total
gasoline,
manufactures
cotton
(particularly
lumber
goods,
and steel
$65,501,000
to
in April,
$214,154,000.
was
metal-working
copper,
larger
were
While the exports
in
value
machinery,
this
April,
passenger cars), heavy iron
and lubricants were smaller.
and
aircraft
those of
steel,
Exports
coal,
of
iron
which moved abroad in exceptionally large volume during
1937, were valued at $4,846,000 in April, 1938, as com¬
$8,341,000 in April, 1937.
with
Merchandise Import
value
of
in
April,
a
oils,
and
in
year
imported
included
cotton
other
recent
262.173
223,920
226,666
hides and
mos.
ended Apr.
676,050
693,101
757,049
427,540
965,803 1,088,332
1,184,035 1,683.421 1,758,022 1,997,009 2,249,318 2,875,712
12
mos.
ended Dec.
1,647,220 2,100,135 2,243,081 2,418,969 3,294,745
4 mos. ended Apr.
Imports for
Consumption
92,718
128,976
168,482
180,377
228,680
February
84,164
91,893
125,047
152,246
189,590
260,047
163,511
155,941
163,396
194,296
295,705
173,328
199,776
155,501
88.107
141,247
175,485
166,070
109,141
147,467
166,756
189,008
280,899
278,284
June
123,931
155,313
194,311
278.300
July
141,018
135,067
124,010
AUgUHt
152,714
September..........
147,599
October.
149,288
125,269
March
April...
May...
.........
............
.......
months
wood
an
pulp,
tin
and
fertilizer
materials.
these have
been
holding
up
in
bananas,
raw
silk,
in
April
larger values
news¬
meats
a
a
a
year
reduction
such
of
ago,
50%
or
grains,
as
imports
our
in
more
of
212,372
240,230
203,710
126,193
548,666
662,283
226,476
770,039 1,065,331
648,281
938,979 1,391,724 1,467,086 1,824,593 2,335,949 2,036,398
1,433,013 1,636,003 2,038,905 2,423,977 3,009,866 m
GOLD
AND
SILVER BY MONTHS
Exports, Imports and Net Balance
4 Months Ended April
AprU
Increased A)
Decrease
Exports and Imports
*1937
1938
*1937
(—)
1938
1,000
1,000
1,000
1,000
Dollars
Gold—
Dollars
Dollars
DoUars
Dollars
:,
13
145
04
5,407
+5,343
215,825
Exports..
71,236
611,858
139,549
—472,309
215,811
71,091
611,794
134,143
... ...—...
Imports
Excess of Imports....
Exports
Imports
a
value
long list
1,668
250
7,137
1,029
—6,108
2,821
—- -
15,757
25,336
74,393
+49,057
1,153
15,507
18,199
73,364
-
-—
in
1938.
of
This
were
year
cocoa,
1
,
TRADE
General
BY
1937
1938
1935
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Exports—
Dollars
Dollars
Dollars
DoUars
Dollars
11
5,067
1,248
1,753
174
1,661
3,128
1,341
2,337
April
and
540
4 Months Ended
Exports and Imports
1938
1,000
1937
April
39
AprU.
May...
51
13
1,593
2,885
Dollars
DoUars
2,112
1,811
1,546
191
535
4
1938
1,000
..
-
-
-
20
-
203
166
77
81
1,717
197
695
206
1,547
138
214
102
32
169
2,009
143
278
86
42
129
1,472
Increase
(A)
1938
233
1,144
59
285
49
...
June
July...
355
1,668
1,841
:.w..
.v..
5
76
117
232
260
1,704
1,468
November
Trade
Deer ease I—)
1937
2,315
62
March
242
127
30,084
512
1,611
170
99
15,052
769
536
250
527
December
236
...
October
of
338
23,637
1937
1,000
46
September
Balance
1936
363
February
August
MONTHS
Imports,
*
1936
January....i...
Re-exports,
Silcer
*
1935
textile
ago.
MERCHANDISE
Including
Gold
flaxseed,
vegetable oils,
manufactures, heavy steel prod¬
Moreover, imports of wood pulp, newsprint, fertilizers,
considerably smaller in quantity and value in April
wool, certain
raw
year before.
Exports,
233,959
149,470
than
however, with the reductions in the above-mentioned ifems,
imports were practically as large in quantity last April as in
April, 19S7.
This was true of imports of cheese, bananas,
coffee, tea
and copper, and imports of raw silk were not more
than 10% smaller
a
248.728
213,419
200,304
189,806
well relative
few
than
262,889
200,783
218,425
127.170
Apr.
12 mos. ended Dec.
exceptionally marked decline in April,
In contrast,
a
197,458
180,381
168,683
356,882
December...
10 mos. ended Apr.
substantially smaller quantities in
coffee, sugar, crude rubber, tobacco,
imported
were
April
commodities
skins,
April
173,096
117,262
149,893
137,975
162,828
179.760
November ......
Excess of Imports....
with
ucts, tin and nickel.
and
311,211
315,268
10
in
cocoa,
cloth,
precious stones
list includes
218.184
SUver—
comparison
in
203,536
267,258
March.
than
190,842
273,561
293,374
329,404
220,931
ago.
commodities showed
fish
264,613
175,825
217.925
192,156
Trade
Certain important commodities,
namely, cheese,
In
177,006
169,683
196.040
1,000
March
in
print and
in
167,865
188,860
168.442
from
Imports of crude rubber showed
to
159,128
169,851
1937.
April than
whereas
256.481
immediately
consumption
Principal commodities
oilseeds
271,499
285,081
181,386
181.291
upon arrival in the country, plus with¬
warehouse) amounted to $155,501,000 in
April compared with $173,328,000 in March, 1938, and with $280,899,000
for
264,627
197,020
167.278
189,808
imports
general
channels
drawals
189.574
159,791
December...
(goods entered for storage in bonded
warehouses, plus goods which entered merchandising channels immediately
upon arrival in the country) amounted to $159,907,000 in April compared
with $173,405,000 in March, 1938, and with
$286,837,000 in April, 1937.
Imports for consumption (goods which entered merchandising or con¬
sumption
160.511
167.902
November
4 mos. ended
The
176,490
157,161
January.....
1938.
half of
pared
270,837
157,490
—
October............
lower
scrap,
the first
252,442
129,315
July
$8,434,000
was
The value of the non-agricultural export products was somewhat smaller
of
192,405
117,517
141,573
--
August
less this past April than in April, 1937.
However, despite the decline in
the value of cotton, which was offset in part by the considerable increase
in the value of grain, the total value of exports of agricultural
products
rose
259,854
181,667
111.845
.
September
of
exports
year,
April
in
286,142
229,671
moderately larger in quantity and value, and those
were
this year, however,
prices
of
value
in
219,063
179,381
103,265
April
May
motor
195,689
160,312
106,293
March
June
(particularly
automobiles
173,560
159,617
187,418
February
balance the declines shown for exports of iron and steel products, indus¬
and
169,577
99,423
January
trial
machinery,
1938
Month or Period
far smaller,
was
Among the exports of non-agricultural products in April, the increases
in
May 28,
value
March to $65,561,000
The decline in the value of agricultural exports
however,
the
consequence
exports fell from $67,725,000 in
Chronicle
+
:
____
4 mos.end.Apr.
1,011
64
5,407
10 mos.end.Apr.
40,558
27,075
1,175
51,278
12 mos.end;Dec.
1,960
27,534
46,020
26,341
380
7,630
5,965
7,137
1,029
16,457
12,534
12,737
2,949
18,801
11,965
12,042
Imports—
1,000
1,000
Dollars
Dollars
Dollars
Dollars
January
149,755
58,483
2,846
28,708
268,945
274,482
981,300
+ 120,963
February
122,817
8,211
16,351
17,536
14,080
15,488
Imports
1,102,263
45,981 121,336
7,002 120,326
19,085
Exports
286,837
159,907
1,112,463
666,951
—445.512
13,543
7,795 154,371
52,947
20,842
8,115
5,58y
14.440
April...
148,670
28,106 215,825
1.1,002
4,490
2,821
15,757
May
140,065 169,957 155,366
13,501
4,989
3,165
June
230.538 277,851 262.103
10,444
23,981
6,025
Excess of exports....
Excess of imports
1,000
1,000
Dollars
114,575
435,312
17,892
131,163
March
7,155
July
Month
or
Period
Exports, Includino
Re-exports—
January
1934
1935
1936
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
120,589
172,220
176,223
101.513
162,752
March
108,015
105,217
190,938
179,427
163,007
185,026
164,151
114,203
160,197
165.459
June.
119,790
170,519
July
170,244
144,109
161,672
173,230
August
September
131,473
160,119
171,984
191,313
October
172,126
198,803
193,069
206,413
November
December
221,296
184,256
194,712
269,838
192.638
170,654
223.469
4 mos. ended Apr.
10
435,336
705,337
198,564
222,665
233,125
256,565
262,629
268,945
289,922
265,341
268,184
277.031
274,482
178,975
220.539
264,949
226,364
229,800
688,408
275,711
94,860
158.105
April
88,412
146,523
154,647
177.356
170,500
October...
November...
December..
4 mos. ended Apr.
10
mos.
ended Apr.
26,931
5,701
4,451
4 mos.end.Apr_
106,869
122,197
142,980
136,109
127,229
154,918
146,643
150,867
119,513
131,658
129,635
161,647
189.357
128,541
150,919
132,258
169,385
186,968
133,518
Continued
277,709
307,474
286,837
193,073
215,701
212.692
196,400
245,161
170,726
162,913
Conference
World
of
industrial
Board.
the Conference
In
Output
Belgium,
245.667
United
233,142
a
April
1937
1,000
1938
208,814
ican
business
Increase (.A)
Decrease (—)
In
England
to
depressed.
be
was
still
substantially
in
production.
1,000
1,000
Dollars
Dollars
Dollars
271,499
1,088,332
+ 122,529
considerable
280,899
155,501
965,803
1.065,331
648,281
—417,050
reported.
1,000
>
activity
in
in
the
increased.
Denmark
Holland
Germany,
and
level of production in the
During February gains were
and
Poland.
Little
change
in
Sweden and the majority of the Latin Amer¬
during
New orders
the
was
in
This
both
in
a
was
ago.
year
of
these products in
New building permits were
ago.
the
decline
mineral
the
increase
construction
electric
power
first
since
due to the large increase in
sharp
a
the
the
year
showed
index
also
Activity
gain
a
those authorized
business
December.
There
for iron and steel have declined despite
although consumption
21% higher than
last
March.
production in the cotton textile industry was
than a year ago, and the woolen industry
lower
expenditures,
below
Canada
which set
Dollars
29%
armament
264,627
1,000
16 bearing on its review
France,
Britain,
change
Norway,
spinning
estimated
In
review
Industrial Conference
the National
no
was
activity occurred
heavy
1937
during March for the
countries.
continued
Imports for Consumption
Industrial
according to the latest
month,
Canadian
Italy,
in
Dollars
Exports (U. 8. mdse.)._
imports for consumption
91,877
Production
National
activity receded
Great
in
there
States.
experienced
2,422,592 3,083,649
1936
74,393
90,558 131,745
Board also said:
declined
while
224,304
223,090
4 Months Ended
April
Exports and Imports
25,336
Industrial
by
statement issued May
173,405
286,224
265,214
Reported
conditions by
March
and
88,625
Board
consecutive
world
World
in
March
169,907
284.901
573,087
667,179
781,736 1,112,463
666,951
939,014 1,430,554 1,458,391
1,834,754 2,370,545 2,067,179
Exports of United States Merchandise
Decline
During
363,026
12 mos. ended Dec.
1,449,059 1,655,055 2.047,485
67,281
88,884 611,858 139,549
434,786
Adjusted to include exported silver pesos coined for the Government of Cuba,
319.240
192,774
198,701
169,030
2,267
296,579
240,444
202,779
191,697
191,077
195,056
170,533
156,754
176,631
47,603
■
....
*
332,742
314,695
187,482
152,491
8,427
10,633
23,151
60,065
10 mos.end.Apr_ 769,069 1024474 1219283 741,746 150,642 351,930
12 mos .end. Dec. 1740979 1144117 1631523
354,531 182,816
768,495
166,832
March
135,706
132,753
96,006
...
48,898
seventh
83,748
June
4,964
8,363
981,300 1,102,263
1,785,156 2,027,258 2,282,317 2,910,683
2,132,800 2,282,874 2,455,978 3,344,983
January
February
July
August
September
4,476
16,637
45,689
not Included in previous current reports (value in American dollars).
General Imports—
May.........
6,574
30,820
289,442
182,024
195,113
192,795
200.772
185,693
180,390
ended Apr. 1,206,340
1,711,001
12 mos. ended Dec
1,674,994
mos.
30,230
67,524 105,013
September
1,000
Dollars
16,074 175,624
46,085
156,805 171,866 145,623
October
315.424 218,929
90,709
November...... 210,810 75,962
52,194
December
190,180 57,070
33,033
1938
Dollars
February
April
May
1937
16,287
August
1933
in
rise
iron
industry
and
and
steel
improved,
textile
output
and
industries
a
was
Volume
French
Financial
146
business
production
fell
The
trade
the
and
declined sharply,
ports
downward
continued
off,
textile
76
in
February
brought the index to 43.4% of its 1929
World
prices
March.
fell
to
since
of
62.8%
July,
major
combined
The
index of the value of
foodstuffs
and
1928
average,
Commodity prices
In its sum¬
issued May 25, the Board further stated:
mary,
receded
prices
activity declined at
in
ac¬
in
year
durable
widespread than
more
months.
An
exception
the
to
rule
general
was
the silk industry,
fourth consecutive
which recorded an
insignificant improvement.
The hardest hit of the various industries for
which April statistics are available was the cotton textile industry.
Next
in
importance was a substantial decrease in electric power production.
seasonally
month.
adjusted
Another
Automotive
silk
continued
output
September,
Decreases
1935.
the
was
for
rising
consumption
exception
decline and
to
the
industry,
steel
stood
near
the low level
for
zinc production, lumber pro¬
also occurred in
Indicating a marked
miscellaneous freight-car
duction, rayon consumption and pig iron production.
curtailment
in, demand
loadings fell sharply.
Conditions
fractional
drop
in
in
increase
leading
and
steel
steel
so
At
about
was
the
end of
same
a
in
in
position of
The
May.
that
as
the trend was
month,
the
week
first
fractionally lower.
the
smaller than seasonal
Fabricated
March.
but the railroad
equipment and automobile industries bought little steel.
The farm equip¬
ment
and
tin
can
industries
required less steel and miscellaneous con¬
The
record
our
adjusted
the
high
of
in
not
were
sumers
bookings
index
course
been
but
again
May
the
effort
lowest
to
to
to
week.
Sales in April failed
and preliminary reports for
amount,
for
producers
In
cotton
industry's statistical position
the
improve
month
made last
producers
and
INDEX
COMPONENT
about
and thus
and
17.5 points
determined
force cotton
Considerable
beginning to hold
are
BUSINESS
OF
out
ACTIVITY
Feb.,
March, 1938
74.2
74.9
x71.6
71.8
79.2
;
x79.3
81.0
Electric power production
*90.3
x92.0
94.3
Manufacturing
*58.8
X64.1
X63.4
3
x40.9
41
Steel Ingot production
41.2
47.4
50.0
52.4
*73.8
X86.4
83.0
79.3
96.8
........
Wool consumption.
64.2
169.4
Silk consumption..
61.7
72.7
65.8
116.0
*46.5
x50.2
57.6
62.8
51.4
73.8
Lumber production
Cement production
77.7
„
—
•
'
'm
mm
mm
Mining
66.2
73.2
77.9
75.1
77.4
*73.8
Zinc production
X77.4
78.4
Lead production
Combined index
II—THE
COMBINED
INDEX
SINCE
JANUARY,
1933
1935
1934
1933
79.5
104.2
92.3
87.2
79.6
67.5
1938
January
1937
1936
78.4
105.7
89.0
86.7
83.2
66.1
March
X77.4
106.9
89.5
84.4
84.6
62.5
April
*73.8
85.9
February
ment
•
-
-
-
-
»*.
Awards
construction,
was
only
for public projects were
!
and
the
at
there
compared with 82 in March
further substantial decreases in
were
shops.
industries.
and at railroad repair
railroads
number
the
in
Easter
as
The number employed at automobile
manufacturing
most other
the
on
increase
some
was
average
industries
in
reported
index of employ¬
Board's seasonally adjusted
sharply and
machinery
mines
business
also decreased,
employed,
while
in
trade there
partly
reflecting
Smaller
Employ¬
increased
season.
Distribution
Distribution
commodities
of
to
consumers
showed
less
than
the
usual
index of department store
sales was 83 in April compared with 86 in March and 90 at the beginning
of the year, and figures for the first
half of May indicate a further
rise
seasonal
in
April.
The
adjusted
Board's
decrease.
Freight-car loadings also declined from March to April,
in
reflecting largely
30% less than
shipments of miscellaneous freight, and were about
reduced
1937.
April,
Prices
Commodity
prices of industrial commodities continued to decline
Wholesale
from the
and prices of agricultural
products also decreased somewhat further.
Steel scrap, copper and rayon
showed considerable declines, and there were reductions in prices of some
finished industrial products.
It was announced that prices of most finished
steel products would be unchanged for third-quarter delivery.
middle
of
April
the
to
week of
third
Dank
Total
May,
-
__
.
x
of
Credit
substantially.
reserves
its
from
further,
increased
deposits
reflecting principally Treasury
the Reserve banks, including retirement
at
week.
declined slightly further in the four
for longer-term Treasury bonds of
2.28%.
The average yield on three- to five-year Treasury notes declined
to a new low of 0.73%.
The rate on three-month Treasury bills continued
at
record low levels, and other open-market money rates remained un¬
Yields
weeks
government
on
May
ending
21
to
securities
an
average
changed.
Weekly
Report
at
Production was about
of 1929; shipments, about
Reported production was
slightly heavier in the week ended May 14, 1938, than in
the preceding week; new orders and shipments were less.
New business was 4% below output; shipments, 6% below.
and
54% of average 1929 shipments.
54% of the corresponding week
50% of that week's shipments.
lower
than
tional
82.7
78.0
94.0
102.5
84.9
75.1
87.5
86.1
71.4
82.0
98.4
103.3
89.1
74.6
78.5
107.1
92.0
76.0
75.3
110.5
96.7
82.4
77.5
Federal
Reserve
System—
April
said the Board of Governors of the Federal Reserve System
monthly summary of general business and financial
States, based
upon
the first three weeks of May.
statistics for
"Distribution of
May 14, 1938, were appreciably
corresponding week of 1937.
Na¬
All items in the week ended
mills
102.4
during the week ended May 14, 1938,
55.5% of the 1929 weekly average of production
The lumber industry
stood
77.3
102.9
Week Ended
Movement,
Lumber
of
May 14, 1938
87.5
reduced activity in the cotton textile and lumber industries,"
101 leading
Money Rates and Bond Yields
69.2
production declined in April, reflecting chiefly
United
bank
$50,000,000 of Treasury bills each
86.4
Industrial Production Declined in
the
in
and the first half of May.
Government obligations
increased
also
Member
83.8
of
reporting member banks
change during April
States
United
of
81.8
82.8
Revised.
Governors
of
investments
Hold¬
increased somewhat, while
holdings of other securities and loans declined.
Adjusted demand deposits
in leading cities increased during the period as a result of expenditures
by the Treasury from its balances with the Reserve banks.
Interbank
ings
82.0
108.9
and
loans
showed little
cities
94.1
Summary of Business Conditions in United States by
April and
in April.
year.
and the
April,
were
at
97.6
87.8
»
November
in
further
residential building was about
period last year, while other
utility
and
ago.
year
consider¬
April, according to figures of the
corresponding
79% of the 1923-25
and
declines
ment
95.9
x81.3
October
conditions
a
Crude
decrease.
increased
had
increase somewhat
usually
a
At mines there was
large volume.
industrial
as
40% of the volume of
of steel and
production
April, while bituminous coal
awarded, which
the beginning of the year.
declined
steel
the
107.1
106.5
-
-
September
its
at
at
factories
109.0
111.2
July
in
large
as
larger than last
was
84
107.8
May
June
"Industrial
the
in
particularly
the middle of
and
54.8
54.0
-
Automobile production
Board
work,
one-half
59.9
'
Preliminary,
April.
the usual seasonal
than
in
contracts
X109.7
67.9
Ra.von consumption.
Boot and shoe production.
*
May
in
63.3
Cotton consumption
,
than
92.7
60.0
Pig iron production
Textiles
December
than
1938
64 9
...
....
-
less
disbursements
69.7
Freight car loadings
August.
less
continued
Awards
Output at steel
industry
character.
Employment
AND
GROUPS
April, 1938
TABLE
of
weeks
rate
somewhat
construction
had
there
Factory employment and payrolls declined from the middle of March to
of
M iscellaneous
moderate
industries
in
the first four months of this year private
deposits
"ANNALIST"
1—THE
Other
been
other manufacturing
where
most
seasonal
three
lower
Dodge Corp.
private
last month,
activity
consumption dropped
September, 1934.
Mills are making a
index of
since
level
curtailed
drastically
higher prices.
TABLE
compared
output at
unimpressive.
adjusted
was
decline has
that for the
May, output turned upward
goods prices up to a level where they will at least cover costs.
headway
points from
monthly rate of
somewhat similar
in the following
seasonal
usual
100
In
March, showed little change in
W.
one-fourth
be disappointing,
over
average
being
severe,
downward
the
textile
seasonally
our
The
F.
March,
slightly
drop of
first
a
market with much support.
For the first week in
1924.
equally
are
Cotton
to
by
a
last August.
headed
increase
in
continued
industry
showing
unusually
abrupt slump in
to
automobile
now
level for
than
greater
position to provide the
a
the
of
were
the Board's
as
of capacity, and in the automobile
were
reflecting
the
the
in
the
at
production
of
ably in
showed very little change,
industries
index
steel
output.
continued
consumers
structural
and
the
in
daily
average
downward
goods,
manufactured
for
All other types of loadings
iron
the
Value
in
goods industries participating in the decline for the first time
several
mills,
largely
were
several leading non¬
March,
in
In
was
production showed
somewhat
by the "Annalist" also said:
was
lumber
and
change, amounting in April to about
ago.
announcement
recession
mills
activity
automobiles
petroleum
The
by
average
reductions in
considerable
chiefly,
production in March.
little
business con¬
ditions by H. E. Hansen, in the current issue of (May 20)
the "Annalist" (New York).
The "Annalist" index of busi¬
ness
activity dropped to 73.8 (preliminary) from 77.4 in
March and 78.4 in February, and is now the lowest since
September, 1934.
Except for that month, indeed, it is now
the lowest since April, 1933.
In noting the foregoing, an
domestic
of
measured
as
considerable decline in output of anthracite in
rate in April,
faster
a
review
monthly
the
to
production,
77% of the 1923-25
at
was
mills continued at around 33%
April According to "Annalist"
Rate During
Business
industrial
textile
a
cording
of
The decline reflected,
changes
Activity in United States Declined at Faster
the Board.
w\t^ the level of about 79% maintained during the first quarter of the
showed
Business
volume
year.
experienced
Wholesale prices advanced in France and Japan.
Germany and Italy.
production.
decrease," said
seasonally adjusted index,
increases
during
again
of
excess
Production
April
the United
March and April in
States, Great Britain, Sweden and Canada.
Little change was
in
in
further
a
cotton
the
of
1935.
Wholesale
somewhat
In
declined 6.3% in
internationally traded commodities
which is the lowest level reached
nine
of
be
average.
materials
raw
index
commodities increased less than seasonally but continued to
showed
world
computed in. terms of gold, registered a gain of
as
compared with the preceding month.
This
countries,
during
Im¬
especially imports of raw materials.
Conference Board's seasonally adjusted
0.9%
seriously
were
6teel
Iron and
depressed.
March.
during
trades
3413
Chronicle
during the
production reported for the 1938 week by 7% fewer
2% above the output (revised figure) of the
was
shipments were 5% below shipments, and
7% below orders of the previous week,
according to reports to the National Lumber Manufacturers
Association from regional associations covering the opera¬
tions of important hardwood and softwood mills.
In the
week ended May 14, 1938, production, shipments and orders
preceding week;
orders
new
were
as reported
by 435 softwood mills were, respectively,
35% and 26% below similar items in corresponding
The
1937.
of
During
feet
of
booked
week
week
further reported:
mills produced 185,032,000
shipped 174,384,000 feet;
figures for the preceding
180,970,000 feet; shipments, 183,-
the week ended May 14, 1938, 523
and softwoods combined;
hardwoods
orders
177,422,000
565;
feet.
production,
Revised
190,825,000 feet.
Pine, West Coast, Southern
feet;
Southern
of
Mills,
were:
479,000
Association
37%,
orders,
Cypress and
Northern Hardwood
regions reported orders below production in the week ended May 14, 1938.
Pine, West Coast, Western Pine and Northern Hardwood regions
Southern
3414
Financial
reported
shipments below output.
All regions reported orders and ail
reported shipments below similar items in the corresponding week of 1937.
All
softwood regions
Lumber
orders reported
wood
mills
same
mills.
feet,
totaled
Reports
below
from
4%
for
reported
as
ended May
or
the
14,
1938,
below the
same
Production
by 452 soft¬
production
week
of
the
168,563,000
were
178,797,000
was
feet.
hardwood mills
give new business as 4,977,000 feet,
Shipments as reported for the same week
7% below production.
Production was 6,235,000
production.
5,821,000 feet,
were
the week
production.
90
below
20%
or
for
172,445,000 feet,
Shipments
6%
or
reported production below the 1937 week.
or
Chronicle
statement
agricultural loans of commercial banks appears
"Agricultural Finance
Review".
Commercial bank loans to farmers increased 19%
during 1937.
In the last half of the year there was an in¬
crease of 5% over the amount outstanding on June 30, 1937.
Ordinarily such loans fall off during the latter part of the
year.
An announcement in the matter, issued May 24 by
the Department of Agriculture also noted:
on
in the current issue of the Bureau's
The increase
was made tip of personal and collateral
loans to farmers.
by farm real estate showed only a nominal change.
The
feet.
Loans secured
Identical
Last week's production of 435
feet, and
166,866,000
feet and
it
year ago
a
and
feet
Mill
Reports
large volume of personal and collateral loans
identical softwood mills
176,118,000
was
278,911,000 feet; shipments were, respectively,
250,156,000 feet, and orders received, 171,112,000
was
1938
28,
May
modity Credit Corporation loan program
fourths of those cotton and
and
231,215,000 feet.
corn
result partly of the
was a
on
loans being held by commercial
lending agencies.
half of 1937 occurred in the central northern and eastern regions.
Newsprint Production in April Declined
32.3% from Year Ago—Output of United States
also Below Last April
Canadian newsprint production in April totaled 200,794
tons, a reduction of 32.3% from the 290,024 tons reported
a year
ago, it was announced on May 13 by the Newsprint
of
from
tons
Canada.
the
Production
figure
in
It
also
was
of 224,004
reduction
a
tons
of
23,810
reported for March.
United States in April was 58,836 tons
78,736 tons for a year ago, a decline of
In the Montreal "Gazette" of May 13 it was stated:
compared
25.6%.
banks
1
_•
The principal increase in the personal and collateral loans during the last
Canadian
Association
Com¬
cotton and corn, nearly three-
the
with
April shipments from Canada totaled 214,182 tons, a decrease of 30.5%
a year ago,
but a substantial gain over the 182,087 tons shipped
during March.
from
the important agricultural States, the largest increase was
Iowa showed
42%
a
increase and Arkansas 39%
46%
Among
in Illinois.
.
Loans secured by farm real estate decrease slightly, from $504,000,000 to
$501,000,000 during the last half of 1937.
At the end of the year, however,
they were about 3% higher than at the beginning.
Mr.
Wall said that
the expansion of loans in
explains the fact that bank deposits have held
agricultural
partly
areas
better than agricultural
up
income.
The first issue of the Bureau's "Agricultural
Finance Review",
a
semi¬
annual report of developments in the fields of farm credit, farm insurance,
and
farm
taxation,
became available
in the current issue include
in the United States,
review of
of the
May 24.
on
Other signed articles
analysis of the farm mortgage indebtedness
developments in farmers' mutual fire insurance,
new
new
an
discussion of the farmer's present tax situation, a
a
crop
insurance program for wheat, and
a
an
outline
digest of some of the
research in the field of country bank loan operations.
1
During the month the Canadian
capacity
industry operated at 56.7% of rated
compared with 61.1% in March, 62% in February, and 65.4%
as
reported for January.
At
the
end
279,325 tons,
month-end
During
of
North
April,
American
manufacturers'
stocks
decrease of 5,079 tons from the March 31 figure, and the
was
108% of normal against 111% at the end of March.
preceding month United States publishers' stocks decreased
a
total
the
80,946 tons during March, the month-end total of 548,630 tons being 172%
normal, while total North American stocks at the end of March stood
of
at
833,634 tons,
145% of normal.
Automobile
Output in April
United
vehicles)
which
States
for April,
176,078
mercial
and
reported
units
1938, consisted
of 219,814 vehicles,
passenger
were
and 43,230
trucks and
cars,
complete
as
cars,
road
tractors,
were
or
of
com¬
compared with
vehicles in April,
221,951 vehicles in March, 1938, 530,150
1937, and 502,074 vehicles in April, 1936.
These statistics,
comprising data for the entire industry, were released this
week by Director William L.
Austin, Bureau of the Census,
Department of Commerce.
Statistics for the months of 1938 are based on data
received
making
from
74
manufacturers
passenger
cars
in
03
and
the
making
United
States,
commercial
tors
have
been
included
in
cars,
the
trucks and road trac¬
number
shown
passenger cars or commercial cars, truck and
respectively.
for
road
tractors,
include those
The figures for passenger cars
The figures for commercial
cars, trucks and
taxicabs.
road
making
as
tractors
include
those
for
amublances, funeral cars,
fire apparatus, street
sweepers, and buses, but the number
of
special
purpose
negligible factor in
vehicles
is
very
small
and
hence
a
analysis for which the figures might
Canadian production figures are
supplied by the
be used.
any
Dominion Bureau of Statistics.
Figures
of automobile production in March, 1938, 1937
appeared in the April 30 issue of the "Chronicle,"
page 2764.
and 1936
NUMBER
OF VEHICLES
United States
(INCLUDING
(Factory Sales)
CHASSIS)
Canada
Year and
Month
Total
(Production)
Pas¬
IAll
Passenger
Trucks,
Vehicles)
Cars
&c.
senger
Total
Cars
Comm'l
Cars &
Trucks
221,951
174,151
176,078
47,800
16,802
12,276
219,314
43,236
18,819
14,033
4,526
4,786
838,191
645,810
192,381
69,311
51,447
17,864
494,121
403,879
90,242
24,901
19,127
5,774
536,150
439,980
96,170
17,081
12,927
4,154
1,774,067
1,450,141
323,926
81,272
60,924
20,348
420,922
342,870
78,052
18,021
14,198
3,823
502,674
416,431
86,243
24,951
20,145
4,806
1,575,080
1.281,204
293,876
69,542
55,901
13,641
...
..
Total 4
mos.
end.Apr.
1937—
March
April..
_.
Total 4
mos.
end.Apr.
1936—
March
April..
.
_
_.
Total 4
mos.
end.Apr.
Commercial
Bank
Loans to Farmers Increased
19%
During 1937, According to Bureau of Agricultural
Economics
The commercial banks of the
country loaned farmers in¬
creasing amounts of money last year.
The total of such loans
amounted to $1,289,801,000
by the end of 1937, according
Agricultural Economics,
Department of Agriculture.
Mr. Wall's
to Norman J. Wall of the Bureau of
United
The United States
Department of State is contemplating
enlarged, uniform and comprehensive service on coffee
statistics through the contacts and other resources of the
Foreign Service * the New York Coffee & Sugar Exchange
reported on May 26. It is understood that American Diplo¬
Consular
Officers
will
instructions
receive
soon
with regard to uniform periodical reports on coffee, to be
forwarded in a form suitable for publication by the Food¬
stuffs Division of the Bureau of Foreign and Domestic Com¬
merce of the Department of Commerce.
reporting this added:
The Exchange in
The monthly reports to be forwarded by airmail not later than one week
after the close of each month will give the exports
material
crop
conditions;
feature of the
of 60
or
and
new
with points of destination
official figures on production.
will include changes
price
Other desirable
in taxes and bounties, or crop regulations:
changes
and
market
service is that all statistics are
trends.
required
An
on a
important
basis of bags
kilograms (132 pounds, the uniform Brazilian bag) and all prices
to be converted
pound.
as
nearly
are
possible to United States cents per kilogram
as
or
Consul General Carol H. Foster of Sao Paulo, Brazil, who has been
chiefly responsible for this
new
service has been for some time making a
United States with regular, frequent and uniform reports showing currently
the trends of coffee production and trade throughout the world.
Petroleum and Its Products—Two-Day Shutdown Con¬
tinued for Texas—Crude Output Shows Sharpest
Decline
in
Six
Years—Mexico
With United States
on
Prepares
to
Treat
Oil Seizure—British Await
Ambassador's Return—14 Oil Units Pay Anti-Trust
Violation
Continuation
Fines—Crude
of
Oil
Stocks
Lower
the
Saturday-Sunday shutdown for all
Texas wells during June and a reduction in the allowable for
next month to 1,159,173 barrels daily were ordered by the
Texas Railroad Commission in its monthly proration orders
issued in Austin on May 23.
Only exception to the two-day shutdown order, which has
met bitter opposition from independent producers, was in
the Rodessa field which overlaps into Louisiana.
The Sun¬
day shutdowns have been in effect since early 1938 but the
Saturday shutdowns were put into effect during the last
three weeks of May.
With the new State quota at 1,159,173 barrels daily, this
is off 21,859 barrels from the May daily average allowable
of 1,181,572 barrels. The new total is 169,587 barrels below
the June demand for Texas as estimated by the United States
Bureau of Mines in its
1938—
March.....
April
Coffee Statis¬
special study of the problem of supplying the coffee industry and trade of the
213
cars,
trucks, and road tractors (12 of the 23 passenger car manu¬
facturers also making commercial
cars, trucks and road
tractors).
It should be noted that those making both
passenger cars and commercial
on
an
and the latest estimate
as
Enlarge Service
tics, New York Coffee and Sugar Exchange Reports
matic and
Factory sales of automobiles manufactured in the United
States (including foreign assemblies from
parts made in
the
State Department to
totaled
States
monthly demand forecast of 1,329,300
daily.
Pointing out that the four week-end shutdown periods
for June meant a reduction of 11,914,608 barrels from the
month's allowable production, or, in effect, a 397,154-barrel
daily restriction below the allowable before the shut-ins are
figured, E. O. Thompson, member of the Commission and
Chairman of the Interstate Oil Compact Commission, wired
asking Governors of all oil-producing States to cooperate
barrels
with Texas.
In the
telegrams, which stressed the fact that Texas has
production by over 400,000 barrels daily through the
shutdowns, Mr. Thompson asked for "proportionate re¬
straint" by other major oil-producing States.
The wires,
which went to the Governors of Oklahoma, Kansas, New
Mexico, Louisiana, Arkansas, Colorado and California, con¬
tinued: "If this cooperation is properly given, we will be able
to continue production throughout the winter when employ¬
ment of labor is imperative."
He also disclosed that a top allowable has been placed by
cut its
the Commission
and added that
"all fields, to stop unnecessary drilling,"
"the drilling of additional wells under this
on
Volume
Financial
146
3415
Chronicle
1,743,000 barrels, while foreign oil inventories gained 193,000
order does not get the field any increased allowable."
His
wire declared that "the cooperation on the shutdown was
barrels.
There
I trust we may continue throughout
June in this effort to protect the little man in this business
and to prevent actual physical waste."
gratifying and effective.
were
crude oil
no
Prices of
price changes.
Typical Crudes
per
week period in six
years was accomplished during May 21 when daily average
production of crude oil in the United States dropped 186,550
barrels to 3,175,750
barrels, according to statistics compiled
by the American Petroleum Institute. The May 21 total was
142,350 barrels below the May demand as estimated by the
United States Bureau of Mines.
REFINED PRODUCTS—STANDARD
The
sharpest reduction
for
any
one
.
showed the heaviest
decline in production. A cut of 151,800 barrels pared produc¬
tion in the Lone Star State to a daily average of 1,193,650
barrels.
Declines of 13,350 and 19,000 barrels, respectively,
were shown by Oklahoma and
Kansas with Louisiana con¬
tributing 8,000 toward paring production.
The unbalanced production structure in California was
further weakened by a gain in output on the West Coast of
11,200 barrels to 696,600 barrels daily, or 71,800 barrels
more than the recommendations of the Central Committee of
California Oil Producers.
Crude oil production in California
for several months has been far above market demands and a
weakened price structure which also threatens the refined
product price picture also is the result .
The
Board
State
Arkansas
of
Conservation
will^ hold
May 28 on the June allowable for the Jones' sand
wells of Shulers field, and it is indicated that Operators may
ask an increase over the May allocation of 200 barrels per
on
A postponement t. as granted to permit
Petroleum Co. to compile detailed reports for
well.
the Phillips
submission
The allowable of the Buckner field
in Columbia County, effective May 25, will be 800 barrels
and the 40-acre spacing rule will be enforced.
The South
Miller County wells will have June allowables of 200 barrels
to the 10 acres, as is now ruling.
Francisco Castille Najera, Mexican Ambassador to the
United States, returned to Washington on May 25 with
authority from President Lazaro Cardenas to negotiate
directly with American oil companies affected by the Mexican
Government's oil expropriation ruling two months ago.
Refusing to disclose whether or not he had brought back any
definite plans for settling the controversy with the oil com¬
panies, Ambassador Najera said that he was ready to talk
with respresentatives of the oil companies and the next move
was up to them.
In England, the United Press reported from
London,
May 24: "Action on the expropriation of British-owned oil
interests in Mexico, resulting in suspension of British-Ameri¬
can
diplomatic relations, probably will be taken early in
to the control agency.
June.
"The
question
Newton
came up
for
asked
in the House of Lords when Lord
statement on Britain's
Government
a
position in the matter.
"T do not think it matters
much,"' he said.
for
some
much confidence, has so com¬
pletely disorganized his country and seriously affected all
of its industries that he had to produce a revolution, which
probably will end in paralyzing the country and reducing it
to destitution so that neither we nor the United States will
anything at all.'
"Lord Plymouth, answering for the Government, said that
the suspension of diplomatic relations introduced a new
factor in the situation and that a thorough study of the con¬
ditions would be made before a course was decided upon."
violating the Sherman anti-trust laws had decided to plead
nolo contendre and to pay fines totaling approximately
8400,000 on all three counts of their indictment.
The formal statement issued by Attorney General Cum¬
mings stated that the offer to pay the maximum fines in lieu
of standing trial would be acceptable for the Department of
Justice if approved by Federal District Judge Stone when
the proposal is submitted to him at Madison on June 2.
The
statement disclosed that the eight indicted companies and
eight officials who have not expressed willingness to plead
nolo contendre will be brought to trial in September.
The companies and their executives who have agreed to
pay the fines are:
Socony-Vacuum Oil Co., Inc., and Vice-President C. E. Arnott, N. Y.
Cities
Service Co.,
and Vice-President
Continental
Cities Service Oil Co., Empire Oil & Refining Co.,
H. D. Frueauff, Tulsa, Okla.
Oil Co.,
former
Vice-President Edward Karstadt, Denver.
Pure Oil Co. and G. C. Morris, sales manager,
Shell Petroleum
Chicago.
Corp. and President Alexander Fraser, St. Louis.
Sinclair Refining Co. and
Mid-Continent
C.
and Board Chairman A. G. McGuire, Milwaukee.
and General Sales Manager Amos Ball, Chicago.
Standard of Ind.
Vice-President J. W. Carnes, New York City.
Petroleum
Co.
and
Vice-President
R.
W.
McDowell,
Darst Creek
1.35
Central Meld, Mich..
Western Kentucky
1.40
Sunburst, Mont
Mid-Cont't, Okla., 40 and above..
1.30
Huntington, Calif., 30 and over
Phillips Petroleum Co. and President Frank Phillips, Bartlesville, Okla.
Skelly Oil Co. and President W. G. Skelly,
Tulsa.
_
__
1.09
.
1.42
1.22
1.22
Rodessa, Ark.. 40 and above..
1.25
Kettleman Hills, 39 and over
1.42
Smaekover, Ark., 24 and
0.90
Petrolia, Canada
2.10
over...._
OF~JERSEY
CUTS HEATING
OIL PRICES—STRIKE IN NEW YORK HARBOR HITS BARGE
MARKET—GASOLINE
AGAIN
HIT NEW
SALES
STOCKS
HIGH—SEEK
STOCK
OIL
DIP—FUEL
INQUIRY INTO GASOLINE
PRACTICES
Standard Oil Co. of New Jersey on May 24 posted) reduc¬
tions of % cent a gallon in tank car prices of Nos. 1 and 2 and
3
heating oils at Baltimore, effective the following day.
new schedule, No. 1 is priced at 5J4 cents a gallon,
and Nos. 2 and 4 at 414 cents.
The company also pared the
pi ice of marine Diesel oil 10 cents a barrel to $1.75 at the
Under the
same
port.
Movements
of
barge lots of gasoline in the New York •
hampered by the strike of approximately
barges in that port.
The strike did not
last very long as the affected companies quickly completed
negotiations with the strikers and by the end of the week, the
situation was again normal.
Despite a gain in refinery operations, stocks of finished and
unfinished gasoline continued their seasonal declining trend
during the May 21 week.
The American Petroleum In¬
stitute placed the decline at 655,000 b rrels, setting the May
21 total at 87,992,000 barrels.
Refinery stocks were off
1,238,000 barrels while bulk terminal holdings were up 159,000 barrels.
Stocks of unfinished gasoline gained 424,000
barrels to 7,640,000 barrels.
A gain of 1.4 points in refinery operations lifted the total
to 79.7% of capacity, with daily average runs of crude oil to
stills rising 55,000 barrels to 3,225,000 barrels.
Daily
average production of cracked gasoline was up 10,000 barrels
harbor market
600 hands
to
were
200
on
735,000 barrels.
Stocks of gas
and fuel oils, reflecting the high refinery
operating rate and the top-heavy supply situation resulting
from the marked slump in demand last winter, again climbed
to a new all-time high level.
A gain of 1,863,000 barrels
lifted the total to 132,113,000 barrels.
An investigation into the alleged
practice of major oil
companies in selling gasoline to "commercial" accounts at
prices less than those charged retailers was asked of the
Joint Legislative Committee to investigate the Petroleum
Industry by R. C. Durie, head of the Gasoline Merchants of
Brooklyn and Queens, Inc.
Representative price changes follow:
May 24—Standard of Jersey reduced tank car prices of Nos. 1 and 2 and
gallon at Baltimore, also cutting the price of marine
4 heating oils H cent a
Diesel oil 10 cents
a
barrel to $1.75.
U. S. Gasoline (Above 65 Octane, Tank Car Lots, F.O.B.
Stand.
Oil N.
Chicago
$.07%
Texas
J.-$.07%
Refinery
Other Cities—
New York—
New York-
Socony-Vaeuurn..
.08
Gulf
.08'4
New
Orleans.
Tide Water Oil Co
.0814
Shell Eastern....
.07%
Gulf
ports
Richfield Oil(Cal.)
.07%
Warner-Quinlan..
$.05
-.05)4
.06'4--07
.07%
Tulsa..
Kerosene, 41-43 Water White, Tank Car,
$.04
I North Texas
New York—
(Bayonne).. —..-$.05%
|
,03%-.05
Los Angeles._
Fuel Oil, F.O.B. Refinery or
N, Y.
Bunker C
-
-
_
.
.4
.
.0514
.04 % -.04 %
F.O.B. Refinery
(New Orleans-$.05J4- .05%
.03%- .04
Terminal
*
New Orleaas C...
$.90
Phila., Bunker C
$1.00-1.25
......$ 1.05
_
I Tulsa
California 24 plus D
(Bayonne)—
1.05
1.95
Diesel
Gas Oil, F.O.B.
N. Y. (Bayonne)—
27 plus.
Refinery
|Chicago—
$.04% I
28-30 D-
or
Terminal
...$.02%-
|Tulsa
—
$.053
.03
I
Gasoline, Service Station, Tax Included
z
New York
Brooklyn
—
Not including 2%
z
.19
city sales tax.
Average
Daily
Crude
Ended May 21,
American
The
$.17
i Newark........
$:165 | Buffalo....
J Boston
——
.1851
...$.19
z
Oil
Production
During
Week
1938, Placed at 3,175,750 Barrels
Petroleum
Institute
estimates
that
the
production for the week ended
May 21, 1938, was 3,175,750 barrels.
This was a decline of
186,550 barrels from the output of the previous week, and
the current week's figure was below the 3,318,100 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during May.
Daily" average production
for the four weeks ended May 21, 1938, is estimated at
3,329.150 barrels.
The daily average output for the week
ended
May 22, 1937, totaled 3,550,450 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
daily average gross crude oil
a
the
the week ended May 21 totaled 889,000 barrels,
127,000 barrels, compared with a daily average of
barrels for the week ended May 14 and 116,536 barrels daily for
States
daily
152,429
The Ohio Oil Co.
_
_
Illinois...
United
Tulsa.
1.35
1.27
get
Attorney General Homer S. Cummings announced in
Washington on May 25 that 14 oil companies and 11 in¬
dividuals
awaiting trial at Madison, Wis., on charges of
SI.27
1.25
Corning, Pa.
strange reason has placed so
Wadhams Oil Co.
>
Eldorado, Ark.. 40__
Rusk, Texas, 40 and over
'"President
Cardenas, in whom the United States Government
_S2.05
Lima (Ohio Oil Co.)
Due to the week-end shutdown, Texas
hearings
Barrel at Wells
(All gravities where A. P, I. degrees are not shown)
Bradford, Pa
four
ports
average
weeks
for
of
ended May 21.
barrels during the week
California oil at Atlantic and Gulf Coast ports for the
week ended May 21 totaled
187,000 barrels, a daily average of 26,714
barrels,
compared with 11,536 barrels daily in the four weeks ended
the Bureau of Mines
May 21.
Receipts
Stocks of domestic and foreign crude oil dropped 1,550,000
ended May 14 to 304,198,000 barrels,
reported.
Domestic holdings were off
A
of
Financial
3416
Reports received from refining companies owning 89.0% of the 4,159,000estimated daily potential refining capacity of the United States
barrel
basis,
the industry
that
indicate
to stills,
ran
Bureau of Mines
a
on
daily during the week, and that all
crude oil
barrels of
3,225,000
whole
a
ae
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 87,992,000 barrels of finished and
unfinished gasoline and 132,113,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 735,000 barrels
daily during the week.
AVERAGE CRUDE OIL PRODUCTION
DAILY
(Figures in Barrels)
Four
ft. of M
Depl■ of
State
Week
Chanae
Weeks
Interior
Allowable
Ended
from
Ended
Chronicle
Week
Previous
May 21
Weekly Coal Production Statistics
Commission, in its latest
weekly coal report, stated that the production of soft coal
increased in the week ended May 7.
The total is estimated
at 5,170,000 net tons, a gain of 306,000 tons, or 6.3% over
the preceding week.
Production in the corresponding week
of 1937 amounted to 7,226,000 tons.
The United States Bureau of Mines, in its report, showed
that there was very little change in the production of
Pennsylvania anthracite in the week of May 14 (820,000
tons) from the week of May 7, the decreases of 3,000 tons
amounting to less than Yi of 1%.
In comparison with the
same week of 1937, however, there was a loss of almost 21 %.
Week
1938
UNITED
ESTIMATED
COMPARABLE
STATES
DATA
ON
PRODUCTION
PRODUCTION
(May)
Week Ended—•
510,300
471,300
-13,350
479,150
755,450
-19,000
167,650
197,550
+ 7,400
67,050
73,750
28,000
+ 800
28,750
32,850
177,060 —24,760
194,100
208,550
122,850
Year to Date
Calendar
e
84,950
+ 1,350
May 14
1938
Panhandle Texas...
North Texas.
West Central Texas.
West Texas
WITH
COAL
PETROLEUM
649,700
clflO.OOO
70,250
Kansas
b422,742
168,700
».
CRUDE
1937
lations
Oklahoma
SOFT
OF
OF
(In Thousands of Net Tons)
May 22
1938
1938
28,
The National Bituminous Coal
Ended
May 21
May 1
Calcu¬
May
.
96,200
-7,400
■71,850
Southwest Texas...
362,250
202,050
Coa°tal Texas......
184,100
75,700
24,050
East Central Texas.
East Texas
101,950
415,850
226,550
201,650
33,300
73,850
461,450
234,250
206,150
Bituminous Coal
May 7
1938 d
c
May 15
1937
1938
1937
1929
a—
Total, including mine fuel
5,170
4,864
862
811
5,386
5.418
Daily average.:.
7,226 117,260 174,309 194,854
1,204
1,038
1,541
1,724
5,690 103,153 102,034
80,673
Crude Petroleum, b—•
Coal equivalent of weekly outpufc.
Includes for purposes of historical comparison and statistical convenience the
a
of lignite and anthracite and semi-anthracite outside of Pennsylvania,
barrels produced during the week converted to equivalent coal, assuming
6,000.000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
c Subject
to revision,
d Revised,
e Sum of 19 full weeks ending May 14, 1938, and corre¬
sponding 19 weeks of 1937 and 1929.
production
b Total
Total Texas.......
77,100
—6,150
176,600
—1,850
79,200
180,350
166,300
253,700
-8,000
259,550
242,450
North Louisiana
Louisiana—-
Coastal
-151,800 1,311,600 1,424,900
1.322,500 d 1595493 1,193,6/0
76,150
ESTIMATED
243,200
Total Louisiana
251,450
OP
PRODUCTION
PENNSYLVANIA
BEEHIVE
ANTHRACITE
AND
COKE
(In Net Tons)
44,500
Wyoming
......
.
Montana
—400
46,950
27,100
+ 2,100
145,000
118,150
54,000
—1,300
54,450
44,250
47,400
12,600
-
142,700
52,600
Eastern
Michigan......
42,150
130,800
Arkansas...........
49,100
—2,750
+ 550
49,150
13,500
56,200
13,550
3,600
—50
3,650
e91,000
103,900
New Mexico..
—3,750
103,350
1938
1938
■197750 2,634,000 2,892,250
2,479,150
Total United States. 3.318,100
695,150
658,200
820,000
Tot.,incl.col. fuel a
3,175,750 —186550 3,329,150 3,550,450
Daily average..
These
Bureau of
are
Mines' calculations
1937
1929
c
c
of requirements based upon certain
823,000 1,035,000 17,150,000 21,080,000 26,967,000
137,200
172,500
152,400
187,400
239,700
983,000 16,332,000 20,026,000 25,025,000
784,000
136,700
779,000
Beehive Coke—
Daily
15,600
15.500
82,800
424,800
1,386,600
2.352,700
2,600
United States total
a
1938
Anthracite—
Comm'l produc'n b
696,600 + 11.20C
f620,000
667,800
California..
Calendar Year to Date
May 15,
1937
112,250
Pa.
Total east of Calif.. 2,650,300
May 7,
3,600
99,950
4,800
Colorado..
Week Ended
May 14,
16,100
2,583
13,800
3,694
12,057
20,458
average..
premises outlined in its detailed summary and do not reflect any additions to nor
allowable for May based upon 460,000 barrels daily
b This is the daily
first 10 days and 405,000
Includes washery and
a
withdrawals of crude oil from storage.
for
the
coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
operations,
Adjusted to make comparable the number
c
of working days in the three years.
barrels daily for the remaining 21 days of the month,
April allowable of 173,000 barrels reduced retroactive to May 1,
d Original May 1 allowable of 1,543,208 barrels revised as indicated, effective
c
Sunday shut-downs continued as previously with Saturday shut-downs
ordered for May 14th, 21st and 28th.
e Allowable of 103,900 barrels reduced effective during latter half of May,
May
dredge
ESTIMATED
WEEKLY
BY STATES
(In Thousands of Net Tons)
17.
[The current weekly estimates are based on railroad carloadings and river ship¬
are subject to revision on receipt of monthly tonnage reports from district
ments and
State sources or of final annual returns from
and
f Recommendation of Central Committee of California Oil Producers.
PRODUCTION OF COAL,
the operators.]
Note—The figures indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
Week Ended—
State
May
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED MAY 21, 1938
May 7
Apr. 30
1938 p
1938 p
May 8
1937
May 9
May 4
1936
1929
r
Avge.
1923
e
(Figures in thousands of barrels of 42 gallons each)
2
2
192
225
Alaska
Alabama
Crude Runs
Daily Refining
Capacity
Stocks of
Finished and
Unfinished Gasoline
to Stills
Arkansas and Oklahoma
Stocks
of
Finished
District
Daily
Rate
East Coast.
Total
Oper¬
At Re¬
age
Reporting
tial
P.
Aver¬
Poten¬
ated
fineries
C.
P.
669 100.0
669
470
Gas
Unfin'd
C.
and
in
70.3
Fuel
Terms., Nap'tha
Oil
Distil.
&c.
10,710
146
129
88.4
108
83.7
1,345
258
1,374
Ind.,Ill.,Ky.
Okla., Kan.,
529
489
92.4
420
85.9
9,906
13,923
1,743
3,616
1,353
Appalachian.
862
8,029
452
383
84.7
288
75.2
4,318
2,919
546
3,861
_
Mo
7,670
355
201
56.6
144
71.6
2,103
207
300
Texas Gulf..
833
797
95.7
773
97.0
1,858
9,157
174
168
96.6
139
82.7
10,064
1,357
318
La. Gulf
565
455
3,487
No. La.-Ark.
58
63.7
89
62
69.7
45
72.0
2,114
821
746
90.9
517
69.3
11,181
91
Rocky Mt_.
California
Reported
47
89.0
...
3,702
Estd.unrepd.
457
81.0
274
3,225
3,170
2,951
79.7
1,674
115
98
110
810
2,211
1,504
89,583
297
748
7,350 129,433
50,355
3,750
25,617
54,105
26,247
7,040 132,113
55,343
20,088
7,216 130,250
290
630
2,680
4,159
4,159
May 14'38
4,159
4.159
1
Georgia and North Carolina
Illinois
xMay 21 '37
Z3.240
Estimated Bureau of Mines basis,
z
49,329
23,397
210
.■■■■!-
s
s
348
9
11
58
1
398
59
79
142
*
1
s
66
168
s
474
513
512
592
867
1,292
180
200
217
247
270
394
40
47
21
48
59
Kansas and Missouri
66
83
71
79
98
131
Kentucky—Eastern.
460
443
802
723
799
679
96
183
Indiana...
.
_
...
Iowa.
Western
89
87
122
89
215
18
21
17
25
41
Michigan
8
7
1
3
14
12
35
39
28
39
53
42
New Mexico
21
21
28
23
48
57
Maryland
North and South Dakota
21
Ohio
96,512
7,356
12
14
sl9
sl4
230
270
438
343
354
860
1,245
1,968
1,876
2,626
3,578
72
62
91
121
Tennessee
57
65
Texas
15
16
14
•14
20
Utah
31
27
30
31
63
74
187
178
227
172
226
250
14
16
28
25
38
44
1,624
1,517
1,731
1,380
548
553
650
862
56
78
108
110
1
s3
so
6,840
8,942
10,878
Vlrgluia
22
'
Washington
West Virginia—Southern
970
1,098
367
393
70
66
a
Wyoming
Other Western States
*
c
Pennsylvania anthracite d
a
#
1
4,864
5,155
6,984
823
655
931
1,335
1,573
1,932
5,687
Grand total
May 1937 daily average.
22
47
1,230
Pennsylvania bituminous
Total bituminous coal
U.S. B. of M.
x
hi
Northern b
xEst.tot.U.S.
May 21 '38
73
15
53
3
Montana
Inland Texas
_
11
Colorado
2
5,810
7,915
8,175
10,515
12,810
Includes operations on the N. & W.t C. & O., Virginian, K. & M., B. C. & G.t
and on the B. & O. In Kanawha,
Mason, and Clay counties,
b Rest of State, incl.
Panhandle District and Grant, Mineral, and Tucker counties,
e Includes
Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anth¬
the
March Summary of Gas Company Statistics
Manufactured and natural gas utility revenues amounted
to
$74,608,700 in March, 1938,
as
compared with $76,232,300
racite from
published record of the Bureau of Mines,
e
Average weekly rate for
entire month,
p Prelininary.
r Revised,
s Alaska, Georgia, North Carolina, and
and South Dakota Included with "other Western States."
* Less than 1,000 tons.
for
the corresponding month of 1937, a decrease of 2.1%,
according to the latest report issued by the American Gas
Association.
The manufactured gas
919,700 for the month,
month
of
reported
the
preceding
revenues
of
industry reported
an
revenues
or
5.6%
less
than
for
March, 1937.
Total
sales
of
manufactured
32,368,400,000 cubic feet,
an
for
gas
the
month
increase of 1.9%.
were
Natural gas
utility sales for the month amounted to 115,333,900,000 cubica decrease of 8.9%.
feet,
Manufactured gas sales for domestic uses,
ink,
water
heating,
March, 1937.
&c.,
were
as
3.6%
cook-
above
Sales for house heating purposes gained 8.0%,
while industrial
.Natural
refrigeration,
such
gas
and commercial
sales
for
uses
industrial
decreased
purposes
power
increase of 9.3%
aggregated
from
a
year
12,807,300,000 cubic feet,
ago.
"Metal and Mineral Markets" in its issue of May 26 re¬
ported
that
non-ferrous
price of
domestic copper to the basis of 9c., Valley.
This down¬
ward revision unsettled trade in all of the metals and buyers
metals in
were
outstanding in
the last
even
more
week
was
developments
in
the reduction in the
reserved than in recent
weeks.
Lead
was
reduced Ya cent on May 23; zinc remained unchanged,
lin
steadied in London on rumors that Malaya is to join the
buffer
pool plan.
Quicksilver was marked up sharply by
foreign sellers.
Domestic antimony dropped Ya cent
abroad.
Manganese ore was
weak.
The publication further reported:
the
on
increased competition from
4.7%.
amounted
Copper
to
48,475,000,000 cubic feet, a decrease of 18.3% from the figure
reported in March, 1937.
Sales of natural gas for generat¬
ing electric
Metals—Domestic Copper Drops to 9c.,
Valley—Lead Price Lowered—Zinc Unchanged
of $31,-
increase of 3.0% from the same
year.
The natural gas utilities
$42,689,000,
Non-Ferrous
an
Domestic copper
May
19,
break of
one
continued
Valley, in the afternoon of
prices abroad dropped steadily to lower levels.
as
speculators
broke from 10c., to 9c.,
cent further
on
the
weak
in
London
spite
The sharp
depressed prices abroad, forcing liquidation by
Metal
of
Exchange,
heavy
purchases
The price situation abroad
by
foreign
governments.
Volume
Financial
146
Political developments and price
continued uncertainty on
weakness abroad during the week, plus
the business outlook here, traders believe, have
c.i.f., but the
8.25c.,
market on May 25 were reported as low as
Sales abroad for the week
for the day was 8.375c.
average
Sales
of copper
totaled
This low vol¬
market during the last week
in the domestic
3,354 tons, compared with 4,153 tons in the previous week.
of sales reflects the hazy price situation in
ume
at this
such only in gages of 29 and lighter; heavier gages to be on the
as
sheet card.
Cold rolled strip steel has been reduced $2 a ton with no changes in ex¬
tras.
Commodity cold rolled strip, used by the automobile industry and
other large consumers, will be revised downward to conform to sheet and
the
copper
market existing
galvanized sheets,
An announcement is expected momentarily on
which there will probably be
on
with changed extras and
favorable
40,000 tons
a
expected to take similar action.
are
prices have been reaffirmed for the 1938
The adoption of new
plants in the United States
in
month for March and April.
and others
ter,
ore
Actual consumption of copper at fabricating
higher net prices
on
items
some
generally higher, while heavy
stocks
of refined of 13,204 tons, coupled with the decline in copper, brought
out a reduction in the price of % cent, establishing the quotation at 4.25c.,
New York, and 4.10c., St. Louis.
The first-named figure also became the
contract settling basis of the American Smelting & Refining Co.
Deliveries
to domestic consumers dropped to 25,952 tons in April, against 31,t)52 tons
The unfavorable April
statistics for lead, showing an increase in
which
Production increased,
was
attributed partly to a larger
in anticipation of the
movement of lead concentrate in the month previous
Also, it is said, some producers, mining a lead-silver ore,
rise in freights.
the case to take
operating at a higher rate than would normally be
of domestic silver.
advantage of the prevailing price
Sales for the week totaled
additional business.
1,893
against 2,165 tons in the preceding seven-day period.
Among consumers of lead, there was a fair trade in pigments,
but most
metals, sales of common
lower volume, totaling around 2,000
tons, compared with 2,800 tons in the previous week.
Unfilled orders
amount to 25,459 tons and shipments for the week ended May 21 were 2,186
continued
Western
Parts
Producers believe that gal¬
The quotation for Prime
St. Louis, Zinc concentrate wras
American Zinc Institute.
steady rate.
4c.
unchanged at
higher, while body builders
a
Tin
,
OF METALS ("E.
& M. J "
Electrolytic Copper
193652
the method
of computing the
which there is
on
longer
no
With
components.
May 21
Zinc
28%
which
1937
steel.
22%
1
4.35
4.00
4.35
4.00
4.00
One month ago_
4.10
4.00
ended May 21 are:
Domestic copper, f.o.b.
refinery, 9.275c.; export copper, 8.850c.; Straits tin, 36.400c.; New York lead,
4.500c.; St. Louis lead, 4.350c.; St. Louis zinc, 4.000c.; and silver, 42.750c.
The above quotations art "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
to the basis of cash. New York or St. Louis, as noted.
All prices are in cents per
prices for calendar week
based on sales for both prompt and future
delivery only.
quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
domestic copper prices are
Export quotations for copper are reduced to
On foreign business in copper sellers
seaboard.
and Liverpool.
The c.i.f. basts
pound above our f.o.b. refinery quotation.
Havre,
net at refineries on the Atlantic
usually name a c.i.f. price—Ham¬
commands a premium of 0.350c.
Lead
Tin, Std.
Copper
Zinc
Electro.
3M
note
——.
2.605c.
2.330c.
2.130c.
.......-2.199c.
2.015c.
1.977c.
—
2.273c.
2.402c.
-
1927
-
35*16
35516
39 H
158%
-
flat rolled steel products, effective May
revision of the
No. 24 hot ro led annealed sheets
been a component of the "Iron Age" index since
it was inaugurated, no longer exist as a base grade.
The new hot rolled
sheet base price of 2.30c., Pittsburgh, has been substituted, resulting in a
considerably lower average.
Comparable revisions covering a period of
years
Pig Iron
fBased on average of basic iron at Valley
$23.25-!
furnace and foundry irons at Chicago,
23.25
Philadelphia, Buffalo, Valley, and
23.25[ Southern iron at Cincinnati.
$23.25 a Gross Ton
One month ago..
—
— —
One year ago
12*16
12*16
1935III
$23.25
1973
-
May 23
34 %
34 %
38 H
159%
160%
13*16
13%
12 */8
12*16
1934__
34
38%
151
161%
13%
14%
12*16
12**16
1933
May 25
33 %
34%
33%
38
152%
163%
13%
14
12^
12%
London
prices.
-----
1932
'
1930*
'192711"..
One
Production
in
The
"Iron
Down
Flat
to
28%—Sweeping Revisions
Rolled Classifications
Age" in its
issue of May 26 reported that
sweeping revisions in classifications of flat rolled steel prod¬
ucts,
have
eliminating the inconsistencies and overlapping that
resulted from the wide adoption of the continuous mill
in recent years, were
the most striking feature of the third
quarter price announcement
Steel Corp.,
issued by the Carnegie-Illinois
which has been followed by its principal com¬
petitor, the Bethlehem Steel Co.,
dependent companies.
The adjustments in
base price
as
and
some
flat rolled steel include the abandoning of a separate
for No. 24 gage hot rolled annealed sheets,
black sheets, and the adoption of one base price
and
another for cold rolled sheets, replacing
and light sheets
in these classifications.
widths up to 24 in.,
to be
of the other in¬
The publication further stated:
formerly designated
for all hot rolled sheets
dual basing covering heavy
Hot rolled strip, which included
is confined to a maximum of 12 in., with wider sizes
governed by sheet base prices and extras.
Tin mill black plate will
18.84
,..-17.90
...
16.90—
14.81
18-21
19.71
—...
Steel
May 24, 1938,
One week ago
Steel
Low
High
13%
of the
Metal Exchange: prices for copper and tin are the official closing buyers'
Ad are in pounds sterling per long ton (2,240 lb.).
of the "Iron Age."
will be published in the June 2 issue
137 x«
official buyers' prices for the first session
2.018c.
2.212c.
Age" finished stee composite price.
May 24
Prices for lead and zinc are the
Jan.
2
Apr. 18
Feb.
1
Dec.
9
Nov. 1
(black sheets), which have
1936
158 %
37%
May 20
Mar
2
Mar. 10
Jan.
8
2.330c.
2.084c.
2.124c.
2.008c.
1.867c.
1.926c.
18, 1938, creates a fundamental change which necessitates a
"Iron
1937
May 19
Low
Mar. 9
Dec. 28
Oct.
1
Apr. -'24
Oct.
3
Oct.
4
Jan
7
Jan.
4
-
12?*
13**16
41
These products represent
85% o 1 the United States output.
-
12*16
162?*
37 l%
wire, rails, black pipe, sheets and hot
rolled strips.
below (
1933..
1930....
12,000
PRICES
High
1934.-....
cars
Steel
-
14
152%
3M
change
[Based on steel bars, beams, tank plates,
\
|
See
_
—
3M
Spot
COMPOSITE
May 24, 1938, 2.487 a Lb.
Spot
Spot
(Bid)
3M
Spot
a
automobile models, production of 1938
"IRON AGE"
One week ago...------
Copper, Std.
so
been derived from the de¬
in work being done in Michigan tool and
Finished
May 24, 1938,
Daily London Prices
With politics and business
August.
Note—A new method of quoting
pound.
per
price is 17c. lower at $11.25.
of 14,000 tons in the market for bids.
•
1937.
burg,
new
One year ago..
4.00
a
unchanged.
being forced by what seems to be
One week ago
4.10
4.225
are
The week's structural steel lettings were about
THE
4.25
4.375
outlook
summer
and construction lettings of steel are following the recent sub¬
pattern.
tons, with new projects
4.50
36.458
while other
Railroad buying of importance has not yet made an
4.50
8.388
,
for
35.600
8.775
Buffalo 5 points to 21.5%
,
is
area
continues to taper off.
35.850
4.00
in the Pittsburgh district,
point, the Valleys 2 points,
die shops in preparation
35.850
4.10
a
public opinion.
8.250
4.25
years
The composite
Chicago and Philadelphia prices
While there has been an upturn
8.450
36.750
period of
heavy melting scrap at Pittsburgh has declined 50c.
able atmosphere for business is
in
8.450
37.200
a
feat of John L. Lewis forces in Pennsylvania primaries in that a more favor¬
4.00
8.025
was
closely interwoven, some encouragement has
St. Louis
8.200
the trade,
of eight
one
base price of 2.30c. for hot
Despite the discouraging current situation, the steel industry is looking
4.35
8.775
In
change in
The neighboring Wheeling-Weirton
.
Chicago declined half
.
for at least a moderate upturn by
St. Louis
Copper, lead and zinc quotations are
a
lb.
a
The sharpest decline
29 to
54%
No.
4.50
deliveries; tin quotations are for prompt
new
Scrap markets continue to reflect the unsatisfactory
New York
8.775
Average
be
practically unchanged.
are
36.600
May 25
_
can
No. 24 hot rolled annealed sheets,
separate base price, had been
a
Cleveland-Lorains 2 points to 16%
districts
New York
May 24
_
bring about
"Iron Age" finished steel price composite.
elimination, the
its
of capacity.
fell from
off 4 points to
8.950
4.25
Average
or new sys¬
may
which savings
Steel ingot production for the country has dropped two points this week
to
8.775
May 23.
on
comparable basis will be published in the next issue.
8.775
—
This situation
A revision of the "Iron Age" composite price for
figure.
8.775
May 20
may save.
The simplification of the sheet base prices has necessitated
8.775
Dom.,ttefy. Exp., Refy.
May 19
some sav¬
temporarily effected.
appearance
QUOTATIONS)
Lead
Tin
are
The
lower.
sheets, will find their net prices
buying for stock during June of those sizes
some
normal
Strait*
are
the
widths
of wide sheets, will effect
user
use narrow
The "Iron Age" scrap composite
joining the buffer pool plan on May
23, but the result was not made public.
The trade believes that details
will not come out before the general meeting of the Tin Committee on
June 2.
However, the action of the market in London seemed to indicate
that
the vote was favorable.
Demand here continued quiet.
Prices
showed little change, Straits on spot settling at 36.750c. per pound.
The
Navy will open bids June 9 on 50 tons of tin.
Chinese tin, 99%
was nominally as follows: May 19th, 35.200c.; 20th,
34.450c.; 21st, 34.450c.; 23d, 35.100c.; 24th, 35.800c.; 25th, 35.350c.
Malaya voted on the question of
PRICES
and extreme widths
lower net price.
ton on sales to consumers.
DAILY
others,
on
narrow
Until June 30 buyers may avail themselves of either the old
tem, whichever results in
for
for coarse.
steady on the basis of $27 per ton
suppliers, which mainly
figure used this week is 2.487c.
grades of zinc during the week were in
vanizing operations are holding at a
prices
and
ings on these sizes, which be mostly offset by higher prices on other sizes.
on a
Zinc
tons, according to the
net
gages
rolled sheets has been substituted, which results in a much lower average
of the other lines remain inactive.
Reflecting the quiet market situation in other
Light
gages
industry, the largest
lower
and
Since this price index was established,
the reduction in lead
Owing to the general unsettlement in metal prices,
did not bring in any
tons,
automobile
Lake Superior iron
season.
base prices and extras for sheets and strip results
changes about balancing each other.
Lead
are
lower base price, but
A few pig iron makers have reaffirmed current prices for the third
quar¬
been released, but
action is expected soon.
in March.
a
increase in the additions for less-carload lots
an
and possibly the elimination of the functional discount to jobbers.
time.
The foreign statistics for April have not yet
has averaged
3417
strip base price changes.
quite heavy.
were
be sold
Domestic buyers have become wary.
encouraged short selling in London.
Sales in the export
Chronicle
Mar. 9
Nov. 24
Nov.
May
Dec.
Jan.
JanJan.
5
1
5
5
7
4
—
Scrap
11 -921
and Chicago.
17.921
High
1930
193A
1935
19341——.
1933
.
_
1930
"—-
— -
Low
$14.00
21.92
17.75
13.42
-----13.00
12.25
—
8.50
.....15.00
Jan.
4
Mar.30
Dec. 21
Dec. 10
Mar. 13
Aug. 8
Jan. 12
Feb. 18
$11.25
12.92
12.67
10 33
9.50
6.75
6.43
11.25
i5-25
Jan. 17
13.08
—
—
14
27
3
6
16
1
(Based on No. 1 heavy melting steel
$1I.42(
quotations at Pittsburgh. Philadelphia
month ago
1927—"
16
11
$11.25 a Gross Ton
One year ago...
1932
Feb.
Aug.
May
Jan.
Jan.
Dec.
Dec.
Nov.
$20.25
18.73
17.83
16.90
13.56
13.56
15.90
17.54
t
May 24
Nov. 16
June 9
Apr. 23
Sept. 25
Jan. 3
July 5
Dee. 9
Nov. 22
and Steel Institute on May 23 an¬
nounced that telegraphic reports which it had received in¬
American
The
dicated
that
the
Iron
operating rate of steel companies having
industry will he 29.0% of
week beginning May 23, compared with
ago, 32.0%
one month ago, and 91.0%
one
year ago.
This represents a decrease of 1.7 point,
or 5.5% from the estimate for the week ended May 16, 1938.
Weekly indicated rates of steel operations since May 24,
98% of the steel capacity of the
capacity for the
30.7% one week
1937,
follows:
Financial
3418
1937—
1937—
1937—
May 24.-.
-91.0% Sept.
7-
-71.6%
.77.4% Sept. 13-
.80.4%
Dec.
-76.2% Sept. 20.
-76.1%
7—.
June 14
June 21
—
June 28...
5—.
July
Oct.
-75.9%
-75.0%
.07.3%
-82.7%
.
July
Jan.
10-- —27.8%
-63.6%
Jan.
18.
.55.8%
Jan.
24—
25.
.52.1%
.48.6%
Jan.
31
July
Aug.
.85.5%
1-
.84.6% Nov. 22.
May
..-32.7% May
—30.5% May
16— ...30.7%
Feb.
2... -30.7%
21_. —30.4%
Feb.
28-
9......30.4%
May 23—...29:0%
14- ...31.0%
Feb.
Aug. 16
.83.2% Nov. 29.
.83.8%
Dec.
6.
.31.0%
.29.6%
.27.5%
Mar.
Aug. 23
Aug. 30
-84.1%
Dee.
13.
.27.4%
Mar. 21
Aug.
-32.7%
25— ...32.0%
7- ...30.7%
Feb,
.41.0%
.36.4%
8.
Nov. 15.
—
—
18......32.4%
Apr.
17-- ...29.8%
11-
Oct,
Oct.
11
Apr.
3_. -..25.6% Apr.
Jan.
.60.1%
Oct.
,82.5% Nov.
-84.3% Nov.
July
-
1938—
-74.4%
4.
.70.6% Sept. 27.
—
of
This
rolled.
one
removes
have grown
steel
These are to go into effect immediately, and as application to
second-quarter base prices would cause an increase new bases have been
named.
The buyer has choice of the old base and extras or the new,
whichever gives him the best delivered price, until
June 30, when the
be
will
effect.
full
in
prices for third-quarter, but
Independent mills have not yet announced
they will adopt the plan. ' An Eastern producer of pig iron
its second- quarter schedule for third-quarter, and similar
is believed
it
reaffirmed
has
action
is
generally.
expected
Settlement
additional
doubts
of
to
as
Results
buying.
await, clearing
will
of other
prices
not
is
expected
to
much
cause
anticipated immediately and probably
not
are
factors.
With
general buying showing few signs of improvement, various lots of
steel are developing to assist in keeping production at its present rate.
A plant for the Bureau of Printing and Engraving at Washington will
require 8,800 tons of structural steel.
Four cargo boats for American
Export Lines, Inc., New York, on which bids have been opened, will
consume about 10,000 tons of steel.
Awards on these ships will be made
by
the
for
contract
Paul &
St.
passenger
own
Commission
construction
shops, steel
schedules
flat
changes
centers
is
for
this
present
week
are
level
lower
for
composite
which
price
$2.38
is
declined 2c.
indication of
in the
is shown
several
demand
in
was a
iron
The
to
and
The finished
weakness.
scrap
steel and
factor.
total.
March
dropping
22c.,
January.
V
'
for
ing stocks also tended to limit imports.
the
iron
Great Britain
in
Lighter demand and increas¬
Exports in April
were
close to
*
Subsidiaries of the U. S. Steel Corp. in the week ended
May 23, increased their ingot production rate by 2 points.
This is in decided contrast with the trend among leading
independents, which are credited with a drop of about 2
points.
As a result there was no change in the average for
the entire industry in the compilation of the "Wall Street
Journal" of May 26, which further reported:
The
Industry's
average
for last week is placed at 30M%. unchanged from
the previous week, and compared with 31%
Steel is estimated at
32%
,
against 30%
Leading independents
weeks ago.
with 301^%
two weeks ago.
United States
in the week before and 30 A%
two
credited with 28>£%, compared
are
in the preceding week, and 31%
two weeks ago.
The following table gives a comparison of the percentage of production
with the
nearest
corresponding week of previous
together with the
year,
approximate changes, in points, from the week immediately preceding:
Independents
32
+2
89
+
H
94
1936
30+>
92+£ + ^
6HA— ^
63
+
+2
72A—1A
1935
43
39
—
—
1934
—1
57+2—I'M
—
1930
95
.
—
—
—
_
67
+2
—1
—2
48
+3
42
—1
79
69
—1
—1
_
—1
99+2—
79
—3
82 A—4
76
—2
80
—
-
+1
46
44+2—1 Yt
—1
73A—1A
1928
—1
35
+2+2
43
-----
28^—2
46
42
-
1933
1931
Pittsburgh
U. S. Steel
Industry
65
expected to be
their financial
points.
grades lost
week
Measures of the Steel Federation to aid domestic producers
1929
at
first
$38 50 from
to
shortened
by discouraging buying abroad
1927
rates
the
export
appear¬
are
sharp drop in imports in April, 61,469 tons, from 276,785
tons in March.
live-point rise at Pitts¬
a
Domestic and
at Chicago.
steelmaking
pn
below
composite
held the national rate at 30%.
lowest in several weeks, and
led by
the
is
registered last week, following
was
25c.
composite is unchanged at $61.70.
1937
Not much advantage
and
steel
for 5,550 freight
in production rates,
the
and
cars
has been considered practically at a bottom,
scrap
composite price
1938
burgh, practically balanced last week and
some
The
its
Pittsburgh"4
at
practically absent, and occasional distress tonnages
are
$11.37,
for these being prospective tonnage
government loaning project, as railroads find
does not warrant further obligations.
Various
decline in
Chicago Milwaukee
464
with
a
is being delayed until the Interstate Commerce
Ry.
financing.
approves
of
has
company
the
condition
In
owning
Distribution of steel
Chicago district.
for the Southern
taken of
undertaken
has
its
in
the
in
the
number, four to be started this year,
a
Pacific
cars
mills
for
cars
which
with
Commission,
Maritime
schedule,
staggered
its
Chrysler's output was 8,550 against
12,385 j independents produced
week.
compared
steel
An
products.
schedule
14,885
was
of 50c.
demand
uncertainty from the situation.
deductions have been set up to
new
Ford's
drop
ing.
by Carnegie-Illinois Steel Corp.
quotations on all rolled products except flat-
during development of continuous mills,
New extras and
simplify and unify prices for closely, related
up
with
Cincinnati,
and
the preceding
20,200 in
further
a
strip new prices are designed to correct inequalities that
In sheets and
with
Although steelmaking
...33.7%
third-quarter prices
reaffirmed current
week
last
30%,
to
points to 45%.
There was no change at Wheeling 38, eastern
27, Cleveland 23, New England 30, St. Louis 33.3, and
Detroit 18.
Chicago lost 2.5 points to 29%, Youngstown fell off 1 point
to 26%, Buffalo 2.5 points to 25.5, and Birmingham, Ala., 3 points to 63%.
Automobile production tapered further last week to 40,810, or 605 less
than the week before.
General Motors assembled 18,550 units, compared
4,825 against 4,980 the previous week.
May 23 stated :
on
Announcement
points
Pennsylvania
a
"Steel" of Cleveland, in its summary of the iron and
markets,
1938
28,
May
advanced 20
7- -..29.9%
Mar. 14— ...32.1%
—
five
9,850;
.29.3%
..
Chronicle
rose
20— —23.5% Mar. 28—...35.7%
4......32.6%
27r ...19.2% Apr.
Dec.
May 31-.
June
1938—
—IH
87^—1^
73
—1
92 y2
M
—
Yi
1932 not available.
Current Events and Discussions
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
The Week with the Federal Reserve Banks
IN
During the week ended May 25 member banks
balances increased $94,000,000.
reserves
arose
circulation
from
and
of
$9,000,000 in money in
in
with
deposits
Treasury
Federal Reserve banks and increases of $13,000,000 in gold
stock and $4,000,000 in
Treasury
currency,
in non-member
and
a
deposits and other Federal Reserve accounts
decrease of $6,000,000 in Reserve bank credit..
reserves
of member banks
on
New York City—
May 25
approximately $2,630,000,000,
an
were
1938
Assets—
on
pages
May 25 will be
were as
2,957
2,998
3,808
542
546
657
Commercial,
industrial
agricultural
and
loaas:
On securities
231
(+)
or
Decrease
(—)
Since
May 25,
1938
May 18. 1938
9,000,000
+1,000,000
$
s
Bills
discounted
Bills bought
U. S. Government securities
May 26, 1937
$
advances
(not Including
$13,000,000 commitm'ts—May 25)
1,000,000
—5,000,000
+38,000,000
Real estate loans
Loans to banks
On securities
U. S. Gov't
obligationsObligatloas fully guaranteed by
2,583,000,000
-.12,905,000,000
1,124
29
27
44
204
276
65
65
81
118
129
12
12
14
92
69
223
241
21
21
23
200
200
172
35
35
33
2,972
*3,025
3,014
871
872
961
429
117
117
95
982
974
1,069
302
300
296
3,136
3,019
2,561
818
812
593
589
*565
54
31
30
27
76
71
71
226
206
168
500
494
483
51
51
64
51
Other assets—net
50
-
Demand deposits—adjusted
6,062
Domestic
7,716,000,000
+94,000,000
6,393,000,000
—9,000,000
—6,000,000
2,248,000,000
+ 22,000,000
Treasury deposits with F. R. bank.. 1,183,000,000 —100,000,000
Non-member deposits and other Fed¬
—892,000,000
1,523
463
449
116
117
78
2,362
273
1,867
512
663
667
547
6
6
7
319
409
19
19
20
1,488
1,488
1,474
245
244
237
275
3
account
+26,000,000
2,701,000,000
1,418
463
41
318
Other liabilities
+928,000,000
+155,000,000
1,446
721
146
2,343
Borrowings.
—6,000,000
6,465
633
140
banks
5,975
634
deposits
United States Govt, deposits
Inter bank deposits.
+6,000,000
+13,000,000
+4,000,000
3
J........
Capital
Total Reserve bank credit.______
462
Reserve with Fed. Res. banks..
—5,000,000
—7,000,000
30
447
Other loans:
Foreign banks
17,000,000
—7,000,000
33
396
21
or
carrying securities....
Time
—7,000,000
Industrial
Other Reserve bank credit
21
344
21
Liabilities—
2,564,000,000
_.
21
338
158
224
purchasing
229
1.410
137
84
Loaas to brokers and dealers.
231
204
d
1.331
134
unsee
paper..
1,315
118
Otherwise secured &
Open market
Balances with domestic banks..
Increase
S
2,009
Loans—total
Other securities
follows:
1937
$
1,835
Cash in vault..
ing and related items
1938
S
1,832
United States Government-..
3452 and 3453.
Changes in the amount of Reserve bank credit outstand¬
g
8,320
Otherwise secured & unsee'd
The statement in full for the week ended
?
1938
7,562
for the week.
found
$
1937
7,500
Excess
increase of $70,000,000
1938
Loaas and investments—total..
Other loans for
estimated to be
-Chicago-
May 25 May 18 May 26 May 25 May 18 May 26
offset in part
by increases of $22,000,000 in Treasury cash and $4,000,000
CITIES
(In Millions of Dollars)
Additions to member bank
decreases
$100,000,000
CENTRAL RESERVE
reserve
Gold stock.
Treasury currency.-—Member bank
reserve
balances
Money in circulation
Treasury cash...
eral Reserve accounts
648,000,000
Returns of Member Banks in
+4,000,000
New York
+1,103,000,000
+131,000,000
City and
Below is the statement of the Board of Governors of the
Reserve
System for the New York City member
banks and also for the
rent
Chicago member banks for the
cur¬
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
Revised.
+772,000,000
Chicago—Brokers' Loans
Federal
*
Complete
Returns
Reserve
of
Member
Banks
of the
Federal
System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business May 18:
Financial
Volume 146
r
The condition statement of weekly reporting
member banks in 101 leading
May 18:
Decreases of $36,000,000 in commercial, industrial and agricultural loans,
$28,000,000 in holdings of United States Government obligations and $70,000,000 in "other securities"; an increase of $106,000,000 in reserve balances
with Federal Reserve banks; a decrease of $29,000,000 in demand depositsprincipal changes for the week ended
cities shows the following
adjusted, and
an
credited to domestic
increase of $54,000,000 in deposits
banks.
declined $14,000,000 in
Commercial, industrial and agricultural loans
City and $9,000,000
Loans to brokers and dealers in securities
decreased $6,000,000 in New York
of open market paper
at all
Holdings
$36,000,000 at all reporting member banks.
New York City and
reporting member banks.
$5,000,000.
declined
obligations declined $41,all reporting member banks,
Holdings of United States Government direct
000,000 in New York City and $28,000,000 at
increased $12,000,000 in the Cleveland
and
increased $10,-
$66,000,000 in New York
Holdings of "other securities" declined
000,000.
Holdings of obliga¬
district.
by the United States Government
tions fully guaranteed
3419
Chronicle
the west side of the Noguera Pallaresa
on
River.
River, a tributary of the Segre
Some of the sharpest fighting in the civil war
has developed all
along the 60-mile front from Lerida north to Sort.
Government
between
Sort
dispatches said attacking troops had driven
and
Llavorsi,
Government
Sort and
to the
also
the
that
Tremp, 21 miles further south, still
said to be hemmed in
On the southern
a
spearhead
cutting the road
north,
Pyrenees end of the front.
declared
advices
miles
seven
that links those towns oh the
gap
was
cut
earlier
well-equipped government militia,
end,
estimated by
the Insurgents to number 40,000, were massed opposite Balaguer,
northwest
of
between
Sort was
being held.
three sides.
on
Barcelona.
The
established
Insurgents
one
80 miles
of their main
bridgeheads at Balaguer to protect their crossing of the Segre River in their
'
spring campaign.
Dispatches from Barcelona said 18 Insurgent planes had been downed
in
air
an
the
battle with
Insurgents'
squadrons yesterday between Lerida,
Government
northern
base,
Tremp.
and
They
three
acknowledged
Government planes had been lost.
City and $70,000,000 at all reporting member banks.
New York City and
(largely incident to the
deposits-adjusted declined $62,000,000 in
Demand
in the Cleveland district
$35,000,000
increased
Co., Cleveland, as a successor to
licensed following the banking holiday).
opening of the Union Bank of Commerce
the Union Trust Co., which was not
All reporting
member banks showed a net decrease of
$29,000,000 in demand
Japanese Cabinet Reorganized, Giving Army Greater
Strength in Policies—German Advisers Recalled
from
China—Japanese
Troops
Advance
Along
Lung-hai Railroad
More intensive Japanese prosecution of the war in
deposits-adjusted.
Deposits credited to domestic banks increased
$54,000,000, the increase
being distributed among a number of the districts?
Weekly reporting member banks reported no
borrowings on May 18.
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended May 18, 1938, follows:
A summary
Increase
S
Assets—
Loans—total..
or
Decrease
(—)
May 19, 1937
$
—131,000,000—1,498,000,000
—43,000,000 —1,092,000,000
.20,679,000,000
Loans and investments—total
(+)
May 11, 1938
$
May 18, 1938
8,408,000,000
Commercial, industrial and agri¬
376,000,000
+ 2,000,000
—38,000,000
—9,000,000
—11,000,000
—120,000,000
—121,000,000
590,000,000
—5,000,000
Otherwise secured and unsec'd 3,513,000,000
Open market paper
Loans to brokers and dealers in
purchasing
for
loans
or
587,000,000
—2,000,000
—135,000,000
1,157,000,000
120,000,000
+5,000,000
—5,000,000
+2,000,000
695,000,000
Otherwise s&cured and unsec'd
809,000,000
S. Govt, direct obligations
7,989,000,000
+ 5,000,000
securities
Real estate loans
Loans to banks....
Other loans:
securities.
On
U.
fully guaranteed
United States Government
Obligations
—1,000,000
—28,000,000
—13,000,000
+44,000,000
—325,000,000
by
banks
Cash in vault
Balances with domestic banks
Associated
changes
Gen.
banks.'..
of
1
reported killed and 1,000 wounded during
insurgent air raid on May 25.
Associated Press advices
May 25 from Alicante reported this attack as follows:
this
in
the Spanish civil war.
The
proportionately far exceeded those in
series of air raids in March, when 3,000 were killed.
disastrous single raid of
of 70,000
city
Barcelona's disastrous
Barcelona is a city of more than
1,000,000.
high because two of the heaviest
bombs fell squarely into the market place, in the center of the city, where
hundreds of women were lined up to buy foodstuffs.
More than 100 persons were killed in the market place, officials said.
Today's death toll here was exceedingly
Many bodies were blown to bits.
which men, women
Tonight rescuers were working feverishly
buildings toppled into dugouts into
of high
and children had run
for safety.
to extricate bodies.
by flashlight
Alicante caught the worst
100
held island of
Insurgent
of daylong raids in which, it was
estimated,
from the Insurgentfrom Alicante north
killed and hundreds injured
bombers shuttled bombs
Majorca to Spain's east coast, ranging
to Castellon de la
Plana.
Finance, relinquished
war,
War
Seishiro
his
as
Minister, also resigned, and the appointment
one
of the outstanding commanders in
Itagaki,
successor
expected
was
shortly.
Araki,
long bitter opponents
believed ot indicate an effort to
rally all factions behind efforts to win early victory in China.
Shinji Yoshino, Minister of Commerce and Industry, also resigned, and
it was believed likely that Mr. Ikeda would assume his post.
As Minister of
Education Gen. Araki replaced Marquis Koichi Kido,
Inclusion
in
struggles
both
of
for
Gen.
Ugaki
and
leadership,
army
Gen.
was
was
...— .....
the most
portfolio of
the
took
3267.
250 persons were
Premier
The
More than 50 were
settled
remained in
the Cabinet in the
Minister of Public Welfare.
believed to mean that a lengthy behind the
of
post
shake-up
been
who
chief lieutenant,
Konoye's
created
newly
was
by
a
scenes
armies should penetrate deeper into China
decision to smash on to Hankow.
last referred to in the
This week the German
Government ordered Germans who were acting as military
advisers of Chinese forces to leave China and return to
Germany. Late this week there was still some question
whether the order would be obeyed.
Meanwhile the Jap¬
anese troops continued
to advance after bitter fighting in
their campaign along the Lung-hai railroad.
United Press
advices of May 24 from Peiping summarized the campaign
The
follows:
west,
Chinese
the
of
Most
troops
The
on
a
flight,
Suchow
the
in
despite reports to the contrary,
observed
area
have
escaped to
the
foreign and Japanese correspondents
flight
over
Central China today.
made
in a
twenty-one passenger Douglas plane
provided by
authorities, revealed that great damage had been done
to villages and towns north and south of the Lunghai Railway line.
A flight was made to Isinan and Lencheng and
then over the recent
battle area.
The planes passed over Taierhchwang, Yohsien and Yunho
and
thence southwest over Shuangkow,
twenty miles south of Suchow,
military
Japanese
and
then north
Suchow.
to
Japanese motorized
units and cavalry were concentrated around
Shuang¬
rushing forward to replenish vanguard
detachments, but no Chinese soldiers or civilians were visible in the area.
Approaching Suchow from the South along the Tientsin-Pukow line, the
plane circled the city twice.
Areas around the railroad station were in
ruins.
A dozenf long trains, some of which had been bombed, clogged the
railroad yards.
The city itself showed surprisingly few signs of damage,
although there were some smoldering fires.
The Stars and Stripes were
flying Over the American mission, which apparently escaped serious damage.
The first sign of warfare was at a town three miles west of Tsaochuang.
Tsaochuang and
Yihsien were badly damaged and Taierhchwang was
deserted and desolate. A surprising number of buildings were still standing,
kow.
Japanese supply columns were
however.
^
Alicante.
in Alicante sent a message of condolence
The 28 consular representatives
to the Civil Governor
an
Sugiyama,
Lieut.-Gen.
China
as
outside
Japan,
Sino-Japanese conflict
.
than
of
"Chronicle" of May 21, page
Gains in Catalonia
more
Gen
+617,000,000
—212,000,000
—24,000,000
Spanish Rebel airplanes resumed bombing attacks on
Loyalist cities in Spain this week, with the brunt of the on¬
slaught directed at Barcelona, Valencia and Alicante.
In
the latter city, with a total population of 70,000, a total of
Walls
Bank
the
of
Gen.
+54,000,000
—1,000,000
Insurgents Renew Air Raids
on
Loyalist
Reported Killed and 1,000 Wounded in
Bombing of Alicante—Government Troops Claim
was
directing head of the vast Mitsui interests as well as a former gov¬
545,000,000
Cities—250
It
Seihin Ikeda, Harvard graduate and
of Minister of Education.
post
former
Gen. Baron Sadao Araki, ex-War Minister,
preached the necessity of some day fighting Soviet Russia, took the
who has
had
Spanish
casualties
the
Kazushige Ugaki, former Governor-General of Korea, became Foreign
Minister, replacing Koki Hirota.
—856,000,000
+ 4,000,000
+363,000,000
dpnA^iN'
Foreign banks
of
to
follows:
as
argument as to whether Japanese
Borrowings
affairs
of May 26 discussed the
advices
Tokyo
Cabinet
the
—29,000,000
+ 2,000,000
—1,000,000
14,569,000,000
5,209,000,000
deposits—adjusted
deposits.
United States Government deposits
an
Press
in
+192,000,000
—273,000,000
+758,000.000
+50,000,000
+534,000,000
+10,000,000
dbii'ttic V"—*"Demand
Domestic
tion and
5,732,000,000
315,000,000
Reserve with Fed. Res.
Tnfpr-hflnk
foreign
the posts of Ministers of Foreign Affairs, Educa¬
Finance in the Cabinet of Premier Prince Konoye.
assumed
ernor
and
domestic
in
—70,000,000
+106,000,000
—12,000,000
+38,000,000
1,354,000,000
2,928,000,000
6,107,000,000
379,000,000
2,315,000,000
Other securities
Time
strength
Two powerful generals and a well-known financier
army.
by Okinobu Kaya.
securities
carrying
creased
—733,000,000
561,000,000
On securities
China
May 26, following a Japanese Cabinet re¬
on
organization designed to give greater representation and in¬
lesser
cultural loans:
Other
predicted
was
deploring the deaths among
intention to fly flags at half-staff for a
The message said
in part:
-
"The fact that, unfortunately,
far from military objects,
ing over this
principally were civilians
tragedy.. Aside from all political
join in mourn¬
and that the victims
of the Spanish civil war was recorded in the
of May 21, page 3267.
Spanish Loyalists
reported on May 24 that their troops had split the left flank
of insurgents' forces in Western Catalonia.
These reports
were noted as follows in Associated Press advices of May 24
from Hendaye, on the Spanish-French frontier:
Progress
"Chronicle"
from their foothold in the mountains
French frontier was characterized as the heaviest and most
since the compaign in which Teruel was
captured Dec. 22 and helf for two months.
Government aviation has been playing an important part in the of¬
just south of the
sustained by a Government army
third day, which is aimed against
Insurgent bridgeheads
Payments
Over
from
Mexico
seek restoration of diplomatic rela¬
with Mexico unless she obtains satisfaction on several
Great Britain will not
tions
expropriation of British oil properties, it
May 16. On May 14 Owen S.
O'Malley, British Minister to Mexico, announced that his
government had recalled liim, following Mexican action in
recalling the Mexican Minister to London.
Associated Press
advices of May 14 from Mexico City outlined the diplo¬
matic complications following the official break as follows:
claims, including
was
tragedy."
fensive, now in its
Relations
Controversies
community of all human sentiments,
The drive to dislodge the Insurgents
Britain Not to Seek Restoration of Diplomatic
with
Mexico
Until
Adjustment
of
Great
<
the attack was in the center of the city,
only increases our sorrow over the great
interests, we must, in a
civilians and expressing
three-day period of mourning.
reported in London on
Britain's
Great
action was in response to
withdrawing Primo
Great
Britain's
O'Malley
Mexican
The
port of
Mexican
that of Mexico last night in
Mexican Minister at London, because of
attitude" toward Mexico.
Recall of
expected in Mexican circles as a consequence of
"unfriendly
had been
step.
Villa Michel,
Mr.
the
•
Government's action
apparently strengthened popular sup¬
President Lazare Cardenas today in
his program of nationalization
Financial
3420
of
but Mexico's grave problem in connection with
unchanged.
and others spoke today in patriotic phrases
foreign oil properties,
those properties remained
The
workers'
press,
of
finding
action, but the country's urgent need was still
for its government-produced oil, sales of which
market
a
sharply because of a lack of outlets since March 18, when
President, by decree, expropriated British and American oil properties
have
the
fallen
valued
at
$400,000,000.
Today
the
points, although supporters of
by five to ten
slumped
peso
the President believed the economic downturn to have been
by
counterbalanced
revival of nationalistic fervor in the country after the expropriation,
was followed by British notes of protest.
Mexico's break with Great Britain accentuated the differing positions of
a
which
the
and
London
in which
Governments in the oil controversy,
Washington
they at first had appeared to be in the same boat.
Each nation took a strong attitude toward Mexico after the seizure of the
1
oil
until March 30, when Secretary of State Cordell Hull, at
acknowledged that Mexico had the legal right to take the
properties,
Washington,
expropriation
Mexico terming the
return of the prop¬
contentions, and on
was substantially a
delivered a note to
expropriation a "denial of justice," and demanding
erties.
On April
12 Mexico rejected the British
April 21 Great Britain sent a second note which
In
April
on
of the
reiteration
President Roosevelt and Mexican officials ex¬
diplomatic tension
and
the
over
oil
incident
was
make
immediate
$88,103
at
between
1910
and
rates)
an
from
O'Malley
he
before
just
payment
recalled
given
was
check
a
for
the
reparations
advised the Mexican Minister was being
Mexico issued a note announcing the break
was
and
London,
discussing
Richard
the
London
breach
in
to whether
as
"His
"1
Foreign Affairs,
City and
today but side-stepped opposition ques¬
Commons
in
His
would" seek
only express surprise and regret at the
at
present forecast
Majesty's
he said.
further action which may be taken,
any
will continue
naturally
Government
endeavors to protect substantial
to
best
its
use
restore full
effort to
restrictions
successive
Frederick J.
Mexico's
claims
was
"In
business in Mexico.
debt
in
of diplomatic
of
view
her
replied,
these
note
Mr.
the
Butler
asking
of
payment
$85,000
an
explained
months
that
as
thought
as
United
Press
notifying Great Britain of the
the British
Edouardo
Minister, 0.
British
protest against the expropriation
he
handed
Mr.
O'Malley
check
a
answer
the oil properties.
of
in
of
payment
At
annual
claims.
The Mexican
be
Mexico's
Hay delivered his government's note along with
time
closed
Consul
Government said in
its note that its
its
archives
would
remain
in
and
London,
Gustavo
General
under
Luders
London Legation would
custody of the
Mexican
Great
ment
Britain
of
the
had
British
British
sent
claims
oil
two
due
notes
since
properties
to
Jan.
instead
Mexico,
and
1,
the
the
demanding
one
other
pay¬
requesting return
indemnification
of
he
proposed
as
by
Mexico.
The
Mexican
regarding
the
claims
Mexico between
claims
accord
concluded
1910
reached
was
not
was
on
in
note
answer
payment; for
and
1920
"by
Dec.
31,
losses
stressed
grace"
compulsory
British
the
to
under
of
communication
due
incurred
that
the
The
in
regarding the
since
the
agreement
was
Government,
international law.
May 11
revolution
to
agreement
Mexican
the
of
from
San
Antonio, Tex., May 13,
British
and
properties
sale
of
oil
tc
the Mexican
of
"The
cannot
choice.
is
the
They
sold and
nations,-
must pay
for them
pay
companies
Mexico
in
for
must take
or
accept
payment
derived
from
general
Mr.
Herrera
thus the oil companies
in oil,
money.
for
payment
funds
in
their
the
manager
said tonight.
themselves,"
immediately,
Mexico has the
must
oil,
Vicente Cortes Herrera,
Petroleum Commission,
properties
or
It is the
said.
are
they must wait until the oil
same
to Mexico
either way."
On May 26 it was reported from Washington that a plan
been submitted to the State Department by Mexican
Ambassador Francisco Castillo Najera for compensating the
oil
companies for the expropriation of their
American
properties.
The
recent
interests
May 14,
page
decree
in
expropriating
Mexico
3101.
Self, deputy under Secretary
Squadron Leader Charles E. Horrex and A. H.
Ministry.
Weir, who headed the mission, sailed last
James G.
Saturday on the Nieuw Amsterdam.
Purchased
Be
to
'
of American Tranche of Young Loan
June 1 Coupons
Same
in
Manner
as
Those
of
1—Payment at Rate of $20 per $27.50 Coupon
The German Consulate General in New York announced
Dec.
May 23 that the June 1 coupons of the American tranche
the Young Loan (German Government 5H>% Inter¬
purchased in the same nanmer
as those of Dec. 1, last—the purchase price to be $20 per
$27.50 face amount of the coupon.
The following is the
on
of
national Loan of 1930) will be
General:
Government 5H%
1930 {Young Loan)
Purchase
of Coupons of German
International Loan of
of coupons of the American tranche of
the Young Loan (German Government
5M% International Loan of 1930),
1938, the following is communicated herewith:
Coupons maturing June 1, 1938 of the American tranche of the Young
Loan stamped "USA Domicile Oct. 1, 1935" will be purchased in the same
falling due on June
manner as
1937.
1,
those coupons of the same
of such
Holders
bonds
and
tranche which became due on Dec. 1,
will therefore have the op¬
coupons
portunity to sell their coupons falling due on June 1,
of the
the
Morgan & Co.
,
of
date
1938 against dollars
New York, or at any of the American offices
German steamship company
Hamburg-American Line, on or after
The purchase price will be $20 per $27.50 face
maturity.
amount of the coupon.
may
be acquired at the customary rate of exchange ac¬
Greece Pays United States
Interest
nounced
delivered
on
a
Due
Last
$174,336, Representing 40%
Year
on
4%
Loan of 1929
of the Treasury Henry Morgenthau Jr. an¬
May 23 that D. Sicilianos, Minister of Greece,
check drawn by the Federal Reserve Bank of
New York at the direction of the Bank of Greece for account
of the Greek Ministry
of Finance, to the order of the Secre¬
tary of the Treasury in the amount of $174,336 representing
the Government of
the United States of
40% of the semi-annual interest amount¬
ing to $217,920 due on May 10 and $217,920 due on Nov. 10,
1937, on the 4% loan of 1929 made to the Greek Govern¬
ment by the United States under the agreement of May 10,
1929.
Secretary Morgenthau's announcement said:
This amount has been received by the Treasury
payments made by the Greek
in the same manner as the
Government to the United States on account
of the amounts due during the
period from 1932 to 1936, inclusive, were
received by the United States, namely,
without prejudice to the contractual
Part II of the debt agree¬
the position of the United
rights of the United States which are set forth in
May 10, 1929, and in accordance with
state in the note addressed
as
Minister at Washington on Feb.
by the Secretary of State to the Greek
8, 1936.
was
American
referred
to
in
and
these
Refunding in Norway During Past Three Years Result
of
Improved Economic Situation and Favorable
Money Market, According to Institute of Inter¬
national Finance
"Mexico
offered their
had
oil
aircraft
♦
oil
by
other
take the following
we
after attacks charging inefficiency in
England and were, in fact, precipitated by the news of possible
:
American
expropriated
in the British Air Ministry, involving the resignation
Air Minister, may serve to delay action on the report.
purchases in this country.
Those sailing yesterday were Mr. Rowarth, Commander Caspar John,
States
From
be
Government directly after the mission reaches
aircraft rearmament, occurred after the departure of the mission
ment of
1935.
United Press advices
British
payment by the Greek Government to
Demegri.
Mr. O'Malley refused to make any comment on the Mexican note, as
had received no instructions from his government.
.
.
of
the
resignation of Lord Swinton,
Secretary
the British
same
to
The changes
London.
by Foreign Minister General
Hay.
General
to
the
submitted
public at this time.''
cording to the regulations in effect.
of relations was handed
severance
O. O'Malley,
St.
before sailing
Mexico
from
accounts
said
mission,
the
mission's report on its findings would
said that the
Rowarth
Mr.
Young marks
similar debt to the United States Government."
a
13)
(May
of
particularly
overdue,
in her note of May 11,
Anglo-Mexican special claims
the Mexican Government had
Britain,
Great
City said:
The note
for
expert
around and are returning to
It would be most unfair to American firms and to the
report.
our
at Messrs. J. P.
instalment
the
of
punctually discharged
Earlier
well
as
Mr.
it material to call
the external indebtedness because both
by the Mexican Government,"
Government
ability to pay."
"payment
some
incurred
Majesty's
"Ilis
affect
requested
to
make
With reference to the purchase
.
courtesy.
the liabilities
attention to the internal
now
.
annuity—-which. caused Mexico to recall her Minister from London-—
Butler
of
making
were
Bellinger, Laborite, intimated that Great Britain's reference
internal
breach
a
initiative for any
The government takes the view
it almost impossible, anyway,
diplomatic relations.
for Britons to carry on
to
technical
announcement of the Consulate
commercial interests in Mexico."
British
The British view is that it is up to Mexico to take the
under way with other manu¬
yesterday: "We were sent over here to look
early settlement.
an
Mexico.
Mexican Government/'
the
cannot
Rowarth,
are
The general feeling in aircraft circles is that
will be made until after the members of the
the British Government and submit their report.
mission consult with
Mexico
between
relations
the government
interests
of
Under-Secretary of
diplomatic
Majesty's Government can
decision
United
action,
however, that Great Britain is determined to protest British
He added,
commercial
in
House of
the
this
of
May 16 said:
consequences
Parliamentary
Butler,
A.
the
discussed
tentative negotiations also
decisions as to contracts
no
of Air
Tress London advices of
that
Whether
facturers remained obscure.
British
Great Britain.
In
American Aviation, Inc., for between
basic combat, or trainer, type. Such a contract
involve between $4,000,000 and $10,000,000
100 and 250 planes of a
The
angle was continued beneath the surface right up to the
Minister
break.
strict silence as to its specific
declared that the British Government
negotiating a contract with North
discriminatory"
Mexico was following a policy of "apparently
favor of the United States.
This American
final
but
was
of Lord Swinton, the
treatment in
"Wall
Although the mission continued to preserve
decisions, advices from Los Angeles
charged specifi¬
note Great Britain
third
this
In
1920.
instalment of 370,962 pesos (about
for British losses in Mexican civil wars
of
due
payment
current
cally that
tions
Government may place orders in this country.
The
Street Journal" of May 26 had the following to say:
mission if we were to make our report
buried.
arrived in this country on
April 25 to explore the possibilities of purchasing American
aircraft, sailed for England on May 25 after devoting a
month to the inspection of production at various important
factories throughout the country.
Although no specific
decisions as to contracts were made by the mission it was
indicated that after their report is submitted to the British
May 12, Great Britain, taking another tack, demanded that Mexico
On
with
Factories with View to Purchases
Fred
April 23,
felicitations,
changed
8
England After Spending
Inspecting Various Aircraft
The British air mission, which
first.
contrast, on
termed
Month in This Country
would
step.
Britain
Great
1938
British Air Mission Sails for
groups
indorsing the President's
that
May 28,
Chronicle
British
columns
As
and
a
improved economic situation in Norway
market conditions at home and
Norwegian Government, its political sub¬
result of the
of
favorable
money
abroad, the
divisions, as well as corporations have refunded during the
past three years their foreign and domestic obligations into
issues bearing lower rates of interest according to a bulletin
issued May 23 by Dean John T. Madden, Director of the
Institute of International Finance.
The Institute is a non¬
profit research organization conducted by the Investment
Bankers Association in cooperation with New York Uni¬
versity.
The bulletin states:
Financial
Volume 146
f
The International financial position of Norway depends primarily on
status of the
pulp represent about 43%
of total exports,
while the net earnings abroad of the merchant fleet alone have been more
than sufficient
to cover
the
of imports
excess
since 1929, except in 1931
stantial
and agricultural
increase
in
the
exports in each year
well
as
production at home,
the largest
reflected in a sub¬
1,292,700,000 kroner
Imports have increased
more
rapidly than
exports, and in 1937 the import sin-plus of 469,500,000 kroner was double
that of the preceding year
This
was
1924.
and larger than that in any year since
due primarily to increased imports of raw materials
and industrial
equipment necessitated by the enlarged industrial production which in
was
the highest on record.
1937
For the first two months in 1938 imports were
only slightly below the corresponding figure in 1937 but exports increased
by 9.4%
reducing the import surplus from 62,900,000 kroner for the first
two months in 1937 to
"Since
48,500,000 kroner in 1938
.
.
.
September 1933, the Norwegian krone has been pegged to the
pound sterling at the rate of 19.90 kroner
per
pound.
The unofficial ex¬
change control instituted in 1931 has continued in force but
have been experienced in meeting all foreign
The direct public debt of
little
debt
June 30,
on
Odd-Lot Trading
difficulties
no
On
May
26
ODD-LOT TRANSACTIONS
$188,300,000.
or
Dollar
the total direct debt.
Service
bonds,
55%
outstanding
expenditures,
amount
the
in
of the foreign debt and over 25%
ended June, 1937 amounted to 112,749,000 kroner, or 22.9%
ary
of
of
the fiscal year
of total budget¬
while the direct foreign debt service in the amount of
57,205,000 kroner represented only 11.6%
of total expenditures.
amount
on
June 30,
kroner represented
SALES
The
No. Ord.
May
16_
Shares
a
of payments
net reduction of
The Government also guarantees
May 20 and 21
83,149
3,441
—
May 18...
May 19
New
89,942
84,710
157,025
18.575
Rule
1932-1936
estimates for the five-year period
foreign commercial debt in the amount of 341,-
of
20,000,000 Pesos for United Mexican
States Highway Bonds Authorized
2,994
bond
issue
will
used
be
for
extension
and
im¬
of the Mexican highway system, the report
made
public by the Commerce Department, May 16,
stated, adding:
provement
It
used
is
understood locally
in
that the greater part of the proceeds will be
City and Acapuleo, it
was
any
157,999
5,098,876
73,830
5,381
17,202
478,577 $15,557,667
by
Board
Governors
of
February, 1934 to 88,600,000
pesos,
accoiding
to the report.
of
New
Exchange Extends SEC Short Selling
Lots—Exchange Action Commended
Odd
to
No member
(a)
short sale of
a
stock in
or
member firm shall effect
(b)
the Exchange
on
amount less than the unit of
an
such sale is based upon a sale in the unit of
trading at a price
last preceding sale price in the unit of
trading unless
higher than the
The provisions of this
rule shall not apply to any sale in an amount less than the unit of
trading
made by an odd-lot dealer in a stock in which he is
registered.
This rule, says the Exchange announcement, represents an
extension of the rules with reference to short
selling adopted
by the Securities and Exchange Commission on Jan. 24,
1938.
The SEC's rules specifically exempted any sale of
odd lots.
The effect of the Stock Exchange's rule, it is
added, is to put short sales in odd lots on a party with full
lot short sales.
The short selling rules
adopted by the SEC on Jan. 24
reported in these columns of Jan. 29, page 674.
Governing Committee of the Exchange
speedily settling the problem of the use by speculators of
were
The action of the
in
stated.
The issuance of the 20,000,000 pesos bonds will bring the total of highway
bonds issued in Mexico since
92,445
$2,442,861
2,497,883
2,455,285
3,062,762
by Chairman Douglas of SEC
furthering construction of the Mexico City-Nogales and Mexico
City-Zucbiate highways and for improvements to the highway between
Mexico
76,514
2,734
3,139
trading,
Authority to issue an interior loan to be known as United
Mexican States Highway Bonds to a total amount of 20,000,000 pesos has been granted the Mexican executive au¬
thority by a recent legislative decree, according to a report
to the Department of Commerce by the office of the American
Commercial Attache at Mexico City.
The funds derived
this
Value
77,789
The Board of Governors of the New York Stock
Exchange
at its meeting on May 25
adopted the following rule to be¬
come effective on June 1:
Rule 619.
from
Shares
2,594
482,927 $15,451,053
Adopted
Stock
Rules
only 45,000,000 kroner.
Loan
No. Ord.
$2,621,783
2,737,614
2,473,619
2,793,173
4,824,864
68,101
6,000
York
On
000,000 kroner, while the net foreign long-term indebtedness increased by
Interior
(Customers' Orders to Sell)
Value
3,264
3,221
2,649
____
May 17-
1937, these guarantees amounted to 701,515,505 kroner.
balance
indicate
Buy)
to
The guaranteed debt
the deficits of certain pension funds of the State and State railways.
June 30,
SPECIALISTS
PURCHASES
(<Customers' Orders
Total for week..
1937, to 1,096,161,425 kroner, of which 229,470,755
foreign indebtedness.
AND
Trade Date
The Government has also guaranteed payment on loans of Governmentowned banks and certain special credit institutions.
DEALERS
The funded foreign
the direct public debt in
on
ODD-LOT
STOCKS, RIGHTS, AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEK ENDED MAY 21, 1938
Norway has remained practically stable at a
over
OF
IN
using for the multiple-currency bonds the currency
$103,580,000, constituted
Securities
and Exchange Commission
for the week ended May 21, 1938,
figures on odd-lot transactions of;
odd-lot dealers and specialists in
stocks, rights and war¬
rants on the New York Stock
Exchange, continuing a series
oD current
figures being published weekly by the Com¬
mission.
The figures for the weeks ended
May 7 and 14
were
given in our issue of May 21, page 3268.
The data published are based
upon reports filedfdaily
with the Commission
by odd-lot dealers and specialists.
having the highest value relative to the krone, amounted to 759,483,000
kroner
the
made public a
summary
of the daily corrected
1937, calculating the foreign currencies at the official
rate on that date and
New York Stock"[Exchange During
May 21
on
Week Ended
exchange requirements.
1,500,000,000 kroner for the past eight years.
over
does the] act of
security its approval
no case
any
indicate that the Commission has passed on the merits
of the issue or that the
registration statement itself is correct.
foreign trade of Norway in the past few years.
1925.
since
rising level of
a
as
were
In 1937 exports at 823,200,000 kroner and imports at
were
that\"in
filing with the Commission give to
or
...
Favorable conditions in the world markets
industrial
over
3421
The Commission noted
the
fishing and whaling, paper and pulp, and shipping industries.
Fish products and paper and
Chronicle
the odd-lot market
as a means
of escape
from the SEC short
selling rules, which went into effect Jan. 24, brought praise
from Chairman William 0. Douglas, said a Washington
account
The Republic of
Cuba on May 21 filed a registration state¬
ment (No. 2-3706) under the Securities Act of 1933, covering
the issuance of $85,000,000 43^% bonds of the external debt
of the Republic of Cuba, 1937-1977, it was announced by
the Securities and Exchange Commission on May 23.
The
May 26 to the New York "Herald Tribune" which
went
Republic of Cuba Files Registration Statement Under
Securities Act for $86,000,000 43^% External Debt
Bonds, 1937, 1977—To Be Offered in Exchange for
Outstanding Issues
to say:
Mr.
appertaining thereto due
Works
as
follows:
principal
ing
on
pons,
on
coupons
and after Dec. 31, 1937, to the holders of the
amount
of
outstanding
Republic
of Cuba
noon
appertaining to the bonds surrendered in exchange matur¬
and after Dec. 31, 1933,
or
satisfactory security in lieu of such
The
knew,
principal amount of such outstanding bonds.
$20,000,000 principal amount of bonds, together with the interest
appertaining thereto due
on
Mr.
with
all interest
thereon or connected therewith
from July 1,
or
and
in
exchange for
commissions
due
and
such
per annum
of the prin-
$1,000 principal amount of such outstanding certificates.
$10,162,800 will be issued to various public service trans¬
public works 5A%
serial certificates due June 30, 1933, and $9,883,500
will be reserved for purposes of settlement with the holders of other obliga¬
Republic of Cuba.
The exchange in connection with the $953,700 to the holders of the public
works 5
official,
where
industry under
an
to
buttress
a
Government
Federal
ruling.
Douglas had nothing but the highest praise for the Stock Exchange
Yi% serial certificates will be at the rate of $1,100 of the
for each $1,000 of the outstanding
new
bonds
certificates; and in connection with the
$10,162,800 of bonds to be exchanged with the various public transporta¬
tion and railroad companies, at the rate of
$1,000 of
new
bonds for $1,000
of old indebtedness, past-due interest to be canceled and amounts less than
The securities are to be offered
as
soon
a
a
short sale must be made at
security.
Odd-lot trades
Following its adoption, odd-lot transactions began to show
on
the selling side from week to week.
were
a
ex¬
four months odd-lot sales exceeded
ket showed an
an
increase
Before its adoption, odd-lot dealers
and traders reported consistently higher purchases than sales.
purchases,
even at
In the last
times when the
mar¬
upward trend.
The SEC had been studying these statistics, but had not made a ruling.
Exchange odd-lot houses themselves
requested the Exchange to watch closely professional operators,
who, it
believed, had taken advantage of the odd-lot exemption from the short
selling rule to switch their operations.
Member
after the effective date of this
Trading
on
New
York
Stock
and
New
York
Curb Exchanges During Week Ended April 30
During the week ended April 30 the percentage of trading
for
the
account
of
all
members
of
the
New
York
Stock
Exchange (except odd-lot dealers) and of the New York
Curb Exchange to total transactions in each instance was
below the preceding week ended April 23, it was made known
by the Securities and Exchange Commission yesterday
(May 27).
Trading on the Stock Exchange for the account of all
members during the week ended April 30 (in round-lot
transactions) totaled 1,039,688 shares, which amount was
19.47% of total transactions on the Exchange of 2,670,010
This compares with member trading during the
previous week ended April 23 of 2,171,395 shares, or 23.13%
of total trading of 4,694,570 shares.
On the Curb Exchange
shares.
$100 to be disregarded.
registration statement as arrangements can be made.
provided that
empted from the rule.
unpaid
of Cuba; $953,700 will be offered to the holders of outstanding
tions of the
pointed out that the Exchange's step was the first he
Government
round lot transactions,
deferred payment work
portation and railroad companies in payment of indebtedness of the Re¬
public
the
up
The Committee did not request
took steps itself independently
Last week some of the prominent Stock
with said bank credit (such interest being
1933, and such commissions being 1%
In addition,
a
price above the last selling price of
tiapl amount from Oct. 1, 1933), being at the rate of $1,000 principal amount
of bonds for each
drew
governors.
was
representing advances of bank credit,
together
Committee
Governing
coupons
and after June 30, 1938, to the holders of the
$20,000,000 principal amount of outstanding 5A%
certificates
Chairman
as
cou¬
being at the rate of $1,100 principal amount of bonds for each $1,000
certificates,
the
the Governors adopted the action.
regulation
Public
5lA% sinking fund gold bonds, due June 30, 1945, together with the
interest coupons
that
the odd-lot rule.
at
$44,000,000 principal amount of bonds, together with the interest
$40,000,000
disclosed
odd-lot rule yesterday morning prohibiting short sales in odd lots at a price
The short selling rule which went into effect last January and was aimed
to be issued
are
Douglas
less than one-eighth above the last sale, notified the SEC and in the after¬
Commission said:
The bonds
on
3422
Financial Chronicle
.
trading during the week ended April 30 amounted
member
199,630 shares, or 18.39% of the total volume on that
to
Exchange, of 542,765 shares; during the preceding week
trading for the account of Curb members of 294,825 shares
20.96% of total trading of 703,260 shares.
by the SEC are in the series^ of current
figures being published weekly in accordance with its program
embodied in its report, to Congress in June, 1936, on the
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended April 23 were given in these columns of
May 21, page 3268.
In making available the data for the
week ended April 30, the Commission said:
.4^
/
iv-i
The
figures^ given for total round-lot vol urn e in the table for the New
was
The data issued
..
.
,
.
„
.,
.
the New Ywk Curb Exchange represent
round-lot sales of stock effected on
ose -exchanges as
York Stock Exchange and for
volume of all
the
distinguished^
volume for the week
7.0% Urger
SEC Issues Additional Statement in Accounting Series
—Relates to Creation of Surplus by Appraisal
The Securities and Exchange Commission on May 20
issued an additional statement in the accounting series,
The statement, relating to the creation of surplus by appraisal in balance sheets representing the accounts of promotional companies, follows *
On
York Curb
New
the
^
Exchange total
week, 542,765 shares exceeded
round-lot volume in the same
the ticker volume (exclusive of
by 9.0%
with
connection
In
registration statement,
A
an
industrial company in
its promotional stages with no record of business or earning capacity
filed a balance sheet in which property, plant and equipment, acquired in
arm's-length transaction at a cost of $200,000, was carried at $720,042.81
which represented its "sound value" derived from an independent appraisal
of the estimated "replacement value new less (observed) depreciation."
an
Thus the balance sheet figure exceeded cost by $520,042.81, which excess
wa5 carried as "surplus arising from revaluation of property."
in the appraisal report filed, the term "sound value" was qualified by
appraiser as being "the value for use by a going concern having pros-
^
ended April 30 on the New York Stock Exchange,
2.670.010 shares.
1938
plant capacity, of the properties
tfi for the profitable use, at normal
*
ed "
&PThe
registrant was ,,required to amend its balance sheet to eliminate the
&,
■
t.nA
,
,
,
6urPlus an(i to 8how the hxed assets at cost.
rights and warrants).
The data published
are
based upon reports filed with the New York
York Curb Exchange by their respective
follows:
the New
Stock Exchange and
Exchange
alfowffS-InSions":
~
*
1
initiated off
196
iioorlllllllllllllllllllllllllllllll
Reports showing no transactions
stocks
Securities Exchange Act of 1934.
The analysis, which is
before the SEC, was
prepared by Carman G. Blough, Chief Accountant; it covers
addressed to accountants practicing
76
580
646
comparable with data similarly
which registered" are not strictly
in
statements filed under the Securities Act of 1933 and the
39
the round-lot transactions of specialists
*Note—'On the New York Curb Exchange
"in
commonly cited by the SEC in connestion with financial
102
211
—
Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer. as well as those of the specialist.
•
designated for the New York
_
^
„
various classifications may total more than
of reports received because, at times, a single report may carry
unyi
a/vmn
Tiffin is'
ccrfificofps
.
entries
NEW
in
..
IN
STOCKS
ALL
(SHARES)
FOR ACCOUNT OF MEMBERS *
....
\
,,
.,
.
.
,
.
Total volume of round-lot sales
transactions
Round-lot
members
of
except transactions
speclallsts and odd-iot dealers in stocks in
1. Initiated on the floor
which registered:
"
6.37
transactions
stocks in
in
specialists
of
registered—Bought
of odd-iot dealers in stocks in which
49.47
107)430
'"boS!
■
EXCHANGE—TRANSACTIONS
CURB
FOR
IN
Cents
542,765
of
members,
except
transactions
specialists In stocks In which registered:
j
_
9,000
11,100
g0ld
.
under this
such
on
an
exempt
securities, as a
exchange.
The
action follows:
for the execution of the functions vested
necessary
investors
do,
to
so
23(a)
and
acting
thereof,
pursuant
1934
to
conferred
authority
amended, particularly
deleting
report covering any period
that the annual
however,
as
hereby amends Rule MD1 by
thereof the following phrase:
lieu
however,
that the duty
£
.
issuer, by reason
,
...
.,
to this
to file annual reports pursuant
be automatically suspended if and so long as an
..
.
,
.
.
_
of the list;mg of any of its securities on an exchange exempted from regis1.85
20,100
as
securities
national
a
documents and
exchange,
is required
to file information,
reports substantially equivalent to such as would
be required
UHFK)
Sold
Total
under Section 13 if securities of such issuer were listed and registered on a
18*270
Initiated off the floor—Bought
Round-lot
in
rule shall
tration
Total
Securities
its Itule
€nciin£ prior to Dec. 31, 1936, need not be filed prior to April 30, 1937"
immediately preceding the period at the end of the first eentence, and
"provided,
of
Initiated on the floor—Bought
2.
of
15(d)
inserting
—
transactions
registered
and
securities
by the Securities Exchange Act of
it
upon
Sections
T°WeeiT
1.
listing
the phrase "provided,
Total volume ot round-lot sales effected on the Exchange
by the
required
reports
o^the Commission's
protection
STOCKS
ALL
17
has amended
Amendment of Rule MD1
Week Ended April 30, 1938
Round-lot
of
The SEC, deeming it
(SHARES)
ACCOUNT OF MEMBERS *
it
in it and necessary and appropriate in the public interest and for the
122 • 741
•
annual
that
May
on
that
required for listed
are
result
593,689
1
made
was
Commission
Exchange
_43S5
.
YORK
an(j
Need
Result of Listing Securities on Exempt
529,052
...
♦
:
Securities Exchange Act already provides that annual re¬
ports need not be filed under this rule if the issuer files
annual reports as a result of having securities listed on a
n^n
248.480
Total.......
NEW
Commission.
Be Filed Under Rule if Issuer Submits Annual
not
as
in stocks In which
S_..
.
this
filed with
there is
1934
deficiencies which it has
with financial data included
rule need not be filed if the issuer files annual reports,
1,039,688
141
oa
Exchange Act of
common
more
connection
reviewing the statements filed will be greatly facilitated.
MD1 to provide
480,955
-
—
of
regulations and instructions of the Commission.
the express
Announcement
9.32
'—
Sold
of the
to cite in
statements
Reports as
Exchange
registered:
2'
Securities
notc^ that many of the deficiencies cited do not involve any
3.78
except transactions
registered—-Bought..
Transactions for account of odd-lot dealers
list
a
"
497,650
..
-——
the
and
necessary
registration
232,410
-
Total round-lot transactions of members,
T<>^
herewith
265,240
-
-
submitted
which
"
Tota1---
1633
SEC Amends Rule MD1—Provides Annual Reports
2Q1.928
Sold
nrenaration
the
Commission's forms and regulations, considerable inconvenience and expense
registrants will be avoided and the work of the Commission's staff in
93,145
108,783
_
Total..
Round-lot
in
to
340,110
...........
Bold
'
.,
,
accountants
It is thought that if particular attention is given to the items comprising this list and to the instructions pertaining thereto, contained in the
184|710
Initiated off the floor—Bought
their
and
registrants filed their accountants m the preparation the
and with this Commission pursuant to or
to be
of
Act
t0 MioW
of
oug
Total..........
.
,
,,
,
important problem in accounting and that some involve simply the failure
2.670,010
■■■■■■•-—
2.
^tflfomcnf s
statements
Cents
oAwmn
effected on the Exchange
.
registrants
,'
"
.
..
financial
in
^Week*
finfincinl
mitting the analysis to the accountants, said:
been found
1938
Week Ended April 30,
sol i (In fori
balance Sheet, liabilities, capital Stock, SUrplUS, profit and
jogg statements, and various schedules.
Mr. Blough, in SUb-
Securities
EXCHANGE—TRANSACTIONS
STOCK
YORK
...
than one classification.
more
con
cciuiitdxeb, conboiiudxeu iinanuai sidtemcinb,
pLCOUludiil.s
The number of reports in the
the number
mcuujura
May 16 an-
it had issued an analysis of the deficiencies
nounced that
'
223
specialists'*
^
The
curb
stock
as
Prepared for Accountants
H
Securities and Exchange Commission on
New York
York
New
Report*
SEC Prepares List of Chief Deficiencies in Financial
Statements Filed Under Securities Act—Analysis
These reports are classified as
members.
national securities exchange."
specialists
In
stocks
In
registered—Bought
Total
Each issuer having securities registered under the Securities Act of 1933
and
13 47
146 200
—1—
Total round-lot transactions for accounts of all members:
supplementary and
periodic information, docu-
ments, and reports pursuant to Section 15(d)
of the Securities Exchange
having
a
...
more
file
an
annual report,
on
the appropriate form prescribed
than 120 days after the close of each fiscal year ending
after the close of the last full fiscal year for which financial statements
114 , 080
0f
suck
18.39
199,630
time
=
Total
duty to
1934 shall file
Act of
therefor, not
...
amended reads as follows:
Reports of Registrants Under Securities Act of 1933
61,490
84,710
................
as so
which-~
Sold
Ekmght.—
Rule MD1
3.07
33,330
of
transactions
jssuer
as
were
fi]ed
t^e
registration
shall be prescribed in the instruction
statement,
or
at such other
book applicable to the par-
Bought
42 374
'icular form ; provided, however, that the duty to file annual reports
pursuant to this rule shall be automatically suspended if and so long as an
Sold
38,006
issuer, by
Odd-lot transactions of epeclaltote Id stocks
In which
registered:'
exempted
I""~«IL~~""Iii"
..
•The term
,
"members
*^POTOentage^tf members'1
T
,
,
I0'380
HI1"J"J.".
„
..
.
Includes all exchange members, their firms and their
,,
,
_
transactions to total Exchange transactions.
x.
*
*oi
*
calculating these percentages the total of members
'
,
.x,
^
.
In
transactions Is compared with
.
.i,
...
.
y
.
for the reason that the total of members trans-actions Includes both purchases and sales while the total exchange volume Includes
twice the total exobange volume
only sales,
reason
of
the listing of any of its securities on an exchange
as a national securities exchange, is required
registration
from
to file information, documents, and reports substantially . equivalent to such
'
..
,
.
as would be required under Section 13 if securities of such issuer were
..
„
,
...
..
,
'ffd on a national securities.exchange,
I. « the
registrant finds it impracticable to file the report at such prescribed time,
°
...
...
,,
V,
,.
,f
.
.
..
it may file with the Commission an application for an extension of time
„
,
„
„
...
,
,
,
....
__
,
,,
,,
.,
,
,.
specified date within 60 days after the prescribed time.
0
,
..
Such applica-
tion shall state the grounds of impracticability and shall contain an agree-
Volume
ment
the
file
to
Financial
146
report
The application
before such specified date.
or
on
granted unless the Commission within 10 days after receipt
thereof shall enter an order denying the application as being unreasonable
shall
be deemed
and
under
unnecessary
the
executor
Com¬
Form Used by Registered Holding
panies—Also Adopts New Form
Revises
form U5S to be used
new
a
Form
by registered holding
companies in filing information under the registration pro¬
visions of the Act and to keep that information current by
The Commission explained:
filing annual supplements.
basic
The
the
U5B
Form
been
has
revised
in
order to simplify and
requirements of this form and to obtain certain
which
information
information
additional information
statement.
Form U5B
in
relating
original
the
to
securities
of
cost
acquired by
companies.
system
The
annually
be filed
on
used
be
The information required to be filed
USB.
Form
the information
current
keeping
in
changes that have taken place since the filing
covers
registration statement
fiscal
will
U5S
Form
new
required to
last
clarify
include the requirements as to
relating to the surplus accounts of system companies
changes
important
additional
and
called for in the older
is not
The
as
well
of the USB
certain current information covering
as
appointed, and the risk of being re¬
even
the
However, I
insist upon a complete waiver of notice
unnecessary to
is
I deem it highly inadvisable to rely on a
and
in instances where the broker has it."
complete
/
.
Chicago Mercantile Exchange to Open Market in Raw
Hides Futures
May 20 by the Securities and
Commission of the adoption of a revised
Exchange
U5B and
administrator has been
believe that it
in all instances,
circumstances.
Announcement was made on
or
quired to sell unlisted securities, if at all, at public auction.
waiver
SEC
3423
Chronicle
June 13
on
Trading in raw hides futures on the Chicago Mercantile
Exchange will be opened on June 13, it was announced on
May 19 by Harry H. Field, Chairman of the Exchange's
Commodities Committee.
Field made the announce¬
Mr.
equal
of the Exchange and an
ment to about 50 members
representatives of tanners, packers, hide dealers,
manufacturers and shoe companies.
The plan to
establish a hides futures market had been under considera¬
number of
leather
tion for
time and
some
regarded
was
as a
near-future even¬
April 14 when the Governors of the Exchange
approved a committee proposal for the creation of a number
of associate memberships "with limited privileges for hide
transactions."
This announcement of the Exchange was
tuality
on
reported in these columns of April 23, page
mittee has been
the
2612.
appointed to draft rules to govern
A com¬
trading in
field#
new
year.
statement on the old
Form USB prior to Dec. 1, 1937, will not be required to file the first
annual supplement on
Form U5S until Aug. 1, 1938.
Registrants who
have filed
notifications of registration on Form USA but who have not
filed their complete registration statements on the old Form USB may file
their registration statements on the Form USB or the revised form and
will not be required to file their first supplement until 1939.
The Commission amended Rule 5B-1 to prescribe the new Form USB,
Registrants who filed their complete registration
basic
the
is
statement which substitutes for
registration
adopted Rule
and
title
same
prescribed
supplements
annual
a
form
the basic registration
ior
the old form of the
prescribe the new Form U5S which
to
in
as
filed
information
14-2
to
keep
current the
statement.
Amendments to Two Rules Under
Utility Holding Company Act of 1935
SEC Adopts
Securities
The
May
Public
of amendments to two of its rules
'Company Act. The Commission's amend¬
the adoption
18
under the Holding
ments follow:
amended
Announcement
connection
in
expenses
that the
also
and
court
to
$879,510,370
amended
rule
issue
findings and orders
its
makes
court
applicant include
order
its
with
reorganizations of
a copy
which
9C-3(11),
to such fees and
respect
expenses.
a registered holding company or
mutual or subsidiary service company
that
provide
the Commission under Section 9(a) of the
Public Utility Holding Company Act of 1935, is amended by striking from
that rule the proviso that only securities whose issuance was duly author¬
making application
to
order of the Commission could be acquired under the rule.
more liberal the exemption granted by this rule.
ized
by rule
The
amended rule makes
or
Urged to Give Customers Adequate Notice
They Are Under-Margined—C. H. Meyer
Brokers
When
Suggests Caution in Use of Waiver in Agreements
should
Customers
be
granted
adequate opportunity
to
in cases where the
broker is not legally bound to extend that opportunity,
Charles H. Meyer, New York attorney, told the Senior
Margin Clerks' Section of the Association of Stock Exchange
protect under-margined accounts, even
Firms in
address May 24 at
an
the Chamber of Commerce
Mr. Meyer said that relations
between customer and broker would be improved if brokers
of the State of New York.
would
the usual waiver of notice
His remarks were
advantage of
take
not
become undermargined.
when accounts
reported as follows in the New York ''Journal of Commerce"
of May 25:
,
Meyer called attention to the fact that
Mr.
tween the
for insufficiency of margin.
Notwithstanding
Mr. Meyer expressed the view that the relations be¬
as well as those between brokers as a
agreement,
an
stockholders generally obtain
in which the customer waives notice of
from each customer an agreement
liquidation of his account
such
broker and his customer,
class and the
public, would be materially promoted by not taking advantage
of the customer's waiver.
Source
of Litigation
during the
accounts
panic of 1929 and previous panics arose out of the
question of whether the broker
him by
had in turn waived the right conferred upon
the customer's agreement to sell the customer's securities without
notice.
customer's agreements in general use contain a
of his account for insufficiency
clause by which
for margin and notice of liquidation
of margin.
have their own forms, and some
Many brokerage houses, how¬
of these embody only a partial
One form, for example, which I
limited waiver.
or
have recently examined,
effective from the time it is sent by mail,
The form further provides, however, that the
provides for a notice of 24 hours,
telegraph
or
customer
assumes
messenger.
the responsibility of miscarriage in transmission,
without
it
a
less than 15%
and
less than is required
by any governmental regulation, notice is waived entirely.
"Some agreement is absolutely essential to the broker's protection, be¬
that, if the margin is reduced to
cause
a
decrease of 14.1% from the value
of sales
decrease of 63%
a
April were 35,Total principal amount of
from March.
The two leading New York exchanges accounted for 95.8% of the value
of all sales on registered exchanges, 95.1%
of stock sales and 99.9% of
758,900 shares
bonds sold
or
was
16.2%
and warrants, in
under March's total.
$180,796,275,
decrease of 10.2%
a
The total value of sales on all exempt
a
decrease of
exchanges in April was
$495,232t
from March.
30.5%
,
or to
broker who finds it necessary to liquidate an under-
Among others, he takes the risk of
bringing the demand and notice to the customer's actual attention; the
risk of inability to liquidate, in case of the customer's death, until an
margined account takes many risks.
of
Registration
34
New
Securities
Under
Act
Issues
Totaling $97,371,000
During
Effective
Became
April
Securities
The
Exchange
and
Commission
yesterday
(May 27) made public the monthly analysis of effective
registration statements prepared by its Research Division.
The analysis shows that new securities aggregating $97,371,000 were covered in registration statements becoming
fully effective under the Securities Act of 1933 during April,
$440,000 of securities
registered for reserve against the conversion of
securities having convertible features, so that $96,931,000 of
the registered securities were actually available for issuance
for cash or other considerations.
This figure compares with
$68,334,000 for March, 1938 and with $257,528,000 for
April, 1937.
In its announcement of May 27 the Commission stated:
Included in this amount were
1938.
that
were
The largest
registration during the month was for
solidated Edison
Co. of New York, Inc., refunding
the $60,000,000 Con¬
debentures with gross
of the estimated gross proceeds of all
deduction of securities reserved
water and gas com¬
panies group to $64,514,000 or 66.6% of the total.
Registrations for
investment and trading companies totaling $20,754,000, or 21.4% , ac¬
counted for the next largest group aggregate.
The remaining registrations
consisted chiefly of $4,990,000 of transportation and cummunication com¬
panies' issues and $4,537,000 of manufacturing companies' securities.
Largely because of the Consolidated Edison registration, $62,513,000 or
71.8% of the estimated net cash proceeds were intended for the repayment
proceeds of $61,050,000 or
for
63%
during the month (after
securities registered
bringing the total for the electric,
conversion),
companies' registrations,
be used for the purchase of
securities for investment.
Approximately $3,510,000 or 4.1% were to be
applied toward expenditures for plant and equipment and $1,741,000 or
Also, reflecting the investment
of indebtedness.
$18,632,000, or 21.4% of the proceeds, were to
2%
for additional working capital.
accounted for 22.8%
of all the securities registered
than reserve against conversion;
preferred stocks for 2.6% ; and certificates of participation, warrants, &c.,
for 7.8%
The single debenture issue accounted for 63% of the month's
Common stock issues
during
the
for purposes other
month
total and secured
bonds for 3.8%
.
Approximately $6,082,000 or 6.3% of all the securities registered were
intended for purposes other than immediate cash offering for the account of
the registrants.
for
conversion
account
Mr. Meyer stated in part:
"Most
the customer waives entirely demand
ever,
Securities
.
pointed to the fact that much of the litigation between stock¬
and their customers which resulted from the liquidation of margin
Mr. Meyer
brokers
May 27 by the
said the Commission, adding:
of the Commission's
application for fees and expenses before
upon
with
subsidiary may acquire securities of a
without
on
from April, 1937.
Stock
sales, including rights and warrants, had a value of $750,572,335, a decrease of 15.2% from March. Bond sales were
valued at $128,937,580, a decrease of 7.3% from March,
in March and
and order on
Rule
made
and Exchange Commission that the dollar value of sales on
all registered securities exchanges in April, 1938 amounted
the application in the petition to the court.
The
contemplates that thp Commission will hold its hearings and
findings
the
was
Year
so
the
with
the
and
fees
holding companies and subsidiaries in United States courts, is
as
to require that the application to the Commission be filed
Commission before a petition for fees or expenses is filed with
registered
April
Exchanges During
bond sales.
of
amount
Securities
14.1% From March and 63% From
Ago, According to SEC
provides for the Commission's approval of the maxi¬
11F-2, which
Rule
mum
National
on
Decreased
Total sales of stocks, including rights
Exchange Commission announced on
and
Sales
Of this sum, $440,000, as indicated above, were
other securities; $5,516,000 were registered
of
of others;"
payment of claims,
$68,000 for reserve against options;
purchase of miscellaneous assets, &c.
reserved
"for the
and $62,000 for
and for subsequent
issuance.
After
deducting
the
above
amounts,
there
remained $91,289,000 of
account of the
of alreadyof newlyorganized companies.
In connection with the sale of the securities, the
registrants estimated that expenses of 4.6% would be incurred:
3.7% for
commissions and discounts to underwriters and agents and 0.9% for other
expenses in connection with flotation and issuance.
After payment of
these expenses, the registrants estimated that they would retain, as net
registered securities proposed to
registrants.
established
be offered for sale for the
Of these securities, $84,042,000 represented issues
enterprises, while $7,247,000 were the offerings
proceeds, $87,041,000.
Approximately 71.6% of the $91,289,000 of securities proposed for cash
of the registrants was to be offered by underwriters
26.5% by various selling agents; and 1.9% by
offering for the account
under firm commitments;
3424
Financial
the registrants themselves.
securities
was
be
to
holders; and 0.3%
The registrants indicated that 97.2%
offered
the
to
Chronicle
to their own security-
public; 2.5%
he served
to special persons.
Director and wrote its original constitution which served as
as
vided for in
Clinton
No. Units of
No. of
Issues
and in
extent of the nation.
Gross Amount
of
When
Bonds, &c.
$5,298,586
158,000
$22,529,710
2,481,080
3
3,600,000
7,594,905
3,715,000
1
Preferred stock
60,000,000
61,050,000
4
New York.
has in its
beneficial Int¬
erest, warrants, &c
Secured bonds
5
_
first
Secretary of the Treasury,
34
$97,370,695
possession U. S. Treasury Warrant No. 1.
Bank
incorporated under New York State laws in
was
1791, its first official statement showed
320,978.51
and
and paper
(After
tions (proposed
Per Cent of Total Less
Less Securities to Be Offered for
Securities Reserved for
Conversion
Total,
Reserved for
Sale for Cash
Conversion
Type of Security
but
year
Other Deduc¬
for Account of
the two classifications—specie
paper—being made necessary by the paper
in the chaotic years
inflation rampant
money
following the close of the Revolutionary War.
1837, when
one,
including specie of $1,-
resources
£95,017-2s.-8d.,
of
York
Without interruption, the Bank of New
Total
the first
As evidence of the first draft against this loan, the Bank still
At the time the
Short-term notes
Total
became the
Hamilton
loan he arranged for the Government—$200,000—was from the Bank of
2lv
Common stock
It, in turn, became the model for subsequent chart¬
real way Hamilton and his associates in the Bank of New
a very
York laid the foundation for the banking law of New York, and to some
Stock, &c..
Face Ami.
This charter, pro¬
bill passed by the legislature and signed by Governor George
a
March 21, 1791, was the first issued by the State and conferred
the Bank the distinction of being the first incorporated institution of
upon
ers,
Type of Security
on
its kind in New York.
Total Securities Registered
Debentures
Alexander Hamilton;
was
model for the State charter granted to the Bank in 1791.
TYPES OF NEW SECURITIES INCLUDED IN 27 REGISTRATION STATE¬
MENTS THAT BECAME FULLY EFFECTIVE DURING APRIL, 1938
Certificates of participation,
May 28, 1938
One of the most active founders of the Bank
of the
has paid dividends in every
State law prohibited all banks from paying
a
dividends because of panic conditions, and in that instance the bank dividend
paid the following
was
The Bank has successfully faced all panics
year.
and economic crises that have occurred in its
than
more
century and a
a
half in business.
Among these have been the panic of 1837, the panic of
1857, the crisis of 1873, the bank panics of 1884 and 1893, the panic of 1907,
Registrants
Gross
Gross
April,
Mar.,
April,
Amount
Amount
1938
1938
Common stock
$22,089,710
54.6
42.3
2,481,080
$16,592,620
2,481,080
22.8
Preferred stock
2.6
5.6
19.1
the depression of 1921 and that which began in 1929.
1937
Maximum Rate of Interest
Ctfs. of par tic., beneficial In¬
terest, warrants, &c
Secured bonds
7,594,905
7.8
7,450,000
19.3
3.6
3,715,000
3,715,000
3.8
12.5
61,050,000
63.0
8.0
14.3
$91,288,700
100.0
100.0
100.0
Reorganization and Exchange Securities
In addition to the
new
The
issues, three issues of securities
registered
were
for issuance, under a plan of recapitalization, in
exchange for outstanding
THE TYPES OF SECURITIES INCLUDED IN ONE REGISTRATION STATE¬
MENTS FOR REORGANIZATION AND EXCHANGE a ISSUES WHICH
BECAME FULLY EFFECTIVE DURING APRIL, 1938
time
The
Apr., 1938
of
Mar.,
1938
after
dividend
1
$277,539
Apr., 1937
$39,481
$3,250,000
1,515,334
Certificate of participation, beneficial
Interest, &c._
Secured bonds
1
Debentures
1
312,000
is
2%
the
7,6*19*, 191
--
3
$528,591
900,705
$8,156,858
banks
per
It
principal
York
2%
present
size
of
$33,600,000 of 1^% Consolidated Debentures Offered
by
Federal
Intermediate
Oversubscribed
Credit
Banks—Issue
account
effective
by
part
of
$5,000
with
regulation
but
is
has
respect
will
been
interest
to
affect
not
applicable to
not
the
rate
bankers
private
The present legal maxi¬
more
York
more
not
to
rate not in
a
rate of not
a
New
in
rate of
a
amounting
deposits, at
that
reason
learned
was
New
of
the
action
a
Commercial
for
the
of
have
maximum.
State,
therefore,
than 2%
of
excess
per
than
more
2%
after
annum upon
$5,000, and
in
per annum upon
than 1^% per annum upon the
sliding
varying
generally
taken
was
money
taken.
after
!
112
banks in
now
are
New
the
on
size
City
all
of
outside
below
1%
have
given
was
State,
rates
flat
a
1%%
to
York
rates
York
interest
paying
paying
according
in
New
reduced
are
the others
scale
institutions
Banking Board
Continued low
voluntarily
Seventeen
while
the
action
yesterday that
City,
deposit,
'
.
be
new
institutions
interest at
understood
maintain
\
paid
regardless of size of deposit.
$5,000 and at
is
the
as
of
not
be
that
may
on
of
excess
accepting checking accounts.
banking
thrift
will
The
savings banks,
annum
pay
or
a
was
in
thorough study of bank earnings.
$5,978,039
Refers to securities to be issued in exchange for existing securities,
b Represents actual market value or 1-3 of face
value where market
available.
which
companies
remainder.
a
350,000
deposit
1938.
by
of larger
case
It
Voting trust certificates.
Total
may
time
any
Short-term notes
Certificates of deposit
paid
industrial
the first
148", 186
251*052
interest
trust
reduction
July 1,
Commercial
July 1,
Common stock
Preferred stock
and
thrift
or
of
rate
banks
mandatory
accrued
mum
of
Issues
2% to 1
Effective July 1—
by Savings Banks
to 1%% per annum
by regulation of the State
Banking Board, Superintendent of Banks William Ii. White
announced on May 24.
The announcement said:
and
No.
Thrift Deposits
in New York
reduced
Approximate Market Value b
Type ol Security
maximum
commercial
any
securities valued at $528,591.
or
Banks
Not to Affect Rate Paid
0.4
$96,930,695
Time
on
Commercial
in
State Reduced from
20.3
61,050,000
Debentures
Short-term notes
Total..
$5,000
over
the
regardless
accounts
the
or
deposit.
been
paying
less
than 2% per annum for some time.
Most of these institutions, there¬
fore, will not be affected by the recent regulation of the Banking Board.
,
A
issue of $33,600,000 of
13^% consolidated deben¬
offered on May 4 by the Federal Intermediate
Credit Bank System; the books to the
new
tures
was
offering were closed
within a short time following a
very heavy oversubscription
with great interest being shown from
country banks, it was
announced by Charles R. Dunn, fiscal
agent for the banks.
The debentures, which are the
joint and several obligations
of the 12 banks, were sold at a
slight premium over par value.
They are dated May 16,1938; $15,500,000 maturing Nov. 15,
1938, $14,550,000 on Feb. 15, 1939, and $3,550,000 on Aug.
15, 1939. There is a maturity of similar securities on May 16
in amount of $29,450,000 and the securities now
outstanding
total approximately $211,050,000.
Annual
Report of Federal Reserve Bank of New York
—Falling off at End of Year in Demands for
Loans—Industrial Loans by Bank in 1937, $24,400,000—Relations Established with State Bank of
Soviet Russia
An
abrupt change between the first and last quarters of
1937 in the nature of the
of the United
Federal
change
Reserve
as
problems facing the banking system
States is noted
Bank of
in the annual report of the
York which refers to the
New
"almost wholly conditioned by the sharp reversal
price trends during the year."
The Bank
of business and
goes on to say:
While the general policy of the Federal Reserve Banks throughout the
Bank of
New
York
& Trust
Company
Name—Oldest Bank in New York
Reverts to
to
Old
Become "Bank
of New York"
Hamilton
and
other
prominent
New
Yorkers <
Following approval of stockholders at a meeting to be held
June 17, 1938, the Bank will
drop "& Trust Company" from
its
and will become the "Bank of New York"
known for 138 years out of the 154
name
as
it
was
it has been in busi¬
only in 1922 when
merged with The New York Life Insurance & Trust Co.,
itself one of the older financial institutions in New
York,
founded in 1830 to "make insurance on
lives," grant an¬
nuities, and execute trusts. The change in tho Bank's name
does not in any way
imply a change in the nature of its busi¬
ness, it was stated.
It will continue its present trust services
years
ness.
The Bank
adopted its present
name
it
and
commercial
banking activities.
An announcement in
the matter further stated:
The history of the Bank of New
York,
the
as
it is
now
to be known again, is
history of banking in New York, and its development to
influenced the
course
meeting of business
House, it
was
of commercial
men
held
on
a
tionary War.
Bank
was
great extent
Organized at
a
1784, at the Merchants' Coffee
the first bank in New York.
The first President of the Bank
had become
banking in America.
Feb. 24,
a
was
General Alexander
Among the original directors
Isaac
Delano Roosevelt.
Roosevelt,
and
McDougall, who
early Presidents of the
great-great-great-grandfather
of
Franklin
He served as head of the Bank from 1786 to
1791.
designed to reduce the danger of excessive credit expansion, to
a
later
relaxation of restraints which might in any way throw doubt on the
con¬
tinuance of easy money for short or long term uses.
In its comments
business capital,
May 26,
says,
Early in the
on
the demands for bank credit and
the report, which
was
new
made available
on
in part:
year
1937, developments in member bank credit in the New
York district appeared to be those characteristic of a rather advanced
stage
of business recovery.
Commercial loans, which in the early stages of re¬
covery
from
a
serious
business
because of the collection
or
siderably in 1936 and after
depression frequently continue to decline
charging off of old loans, had increased
a
brief seasonal recession in
continued to rise until the middle of October.
January,
con¬
1937,
Security loans also increased
moderately, accompanying the rise in stock prices which reached its peak
in March.
Meanwhile bank investments,
for several years,
which, after increasing rapidly
had leveled off in the latter half of 1936, declined
some¬
what during the first nine months of 1937, so that the ratio of loans to in¬
vestments showed the first material increase in a number of years.
This
tendency,
however, was reversed in the latter part of the year, when,
following drastic declines in security prices and in business activity, the
demand for loans fell off rapidly and banks again sought to expand their
investment portfolios by purchasing Government securities.
With respect
to new security issues the report observes
"during the first half of 1937 the new issue market
the activity which had characterized the year
1936.
In the second half of the year accompanying the
general decline in other security markets and the recession
in business, the amount of new issues dwindled rapidly."
From the report we quote further:
that
continued
leader in civil affairs after distinguished service in the
Revolu¬
maintaining an ample supply of funds at low rates of in¬
terest, emphasis had to be shifted from precautionary moves early in the
year
Trustees of the Bank of New York & Trust Co. have voted
to return to the
original name by which this, the oldest bank
in New York, was known when it was founded in
1784 by
Alexander
year was one of
Volume
The
Belief
found both
of the reduced volume of new issues appear to be
causes
selling new securities under adverse market
appeared to have been much reduced as compared with
and other institutional
Banks
have subsequently limited
amounts
taxation
and
securities.
large increase in the supply of tax
the
securities,
exempt
to
Although the
substantial recovery along with stocks from 1932
between their prices and those of high grade bonds
corporate obligations.
rather than in
lower grade bonds had a
early 1937, the margin
remained greater than in the
business
20's, and, accompanying the slump in
The drastic declines in prices
of junior securities impracticable at that time.
last autumn, the spread widened
made further issues
exempt securities,
opportunity to invest in tax
have had considerable incentive and greater
rapidly.
'y'
,
in behalf of
all 12 Federal Reserve Banks and with the approval of the Board of Govern¬
ors of the Federal Reserve System, opened two new accounts in the names of
the National Bank of Costa Rica—Issue Department, and the State Bank of
the U.S.S.R.
The total number of foreign banks of issue (and the Bank
for International Settlements) for which accounts are maintained, was
with this bank increased from $98,620,000 to
$171,750,000 in 1937.
outstanding in
1937. A
short term loan of $200,000, secured by gold, was granted to a foreign
central bank in March, 1937, and was paid at maturity in the following
month.
Dining September a short term loan of $1,000,000 against gold
in transit was extended to a foreign correspondent; this loan was repaid on
Oct. 1.
The foregoing operations were effected by this bank in behalf of
all 12 Federal Reserve Banks and with the approval of the Board of Gov¬
The short term loans extended to
a
foreign central bank,
of the Federal Reserve System. '
jointly by
a group
of central banks and the Bank
for
International Settlements to the National Bank of Hungary, to mature on
July 18, 1937, as reported in the previous annual report of this
period of three years in the amount of
being $2,493,000.
Reserve System
Federal
of the
repayments of principal, the participation of
the Federal Reserve Banks in
1937.
behalf and in behalf of
reduced during 1937 from an aggre¬
the other Federal Reserve Banks, were
the equivalent of $179,000; of the
repayable in United States dollars, and the
gate amount equivalent to $220,000 to
$92,000 was
amount
remainder in
nominated
currencies
foreign
were
also reduced from
$3,089,000 to
Of this
dollars.
$2,827,000, inclusive of the Hungarian credit referred to above.
remaining amount, $2,744,000 was repayable in United States
level of business activity in the first nine
For the third successive year, the number of checks
those of the preceding
the previous year.
handled and the total dollar value of checks exceeded
The volume of currency received and counted and the wire transfers
funds were also in excess of 1936.
Although the amount of member
year.
bank borrowing at no time
reached large proportions, temporary borrowing
from time to time by a number of
volume of bills discounted for member banks during
the
course
of the year
r
.
Applications under Section 13b of the Federal Reserve Act for
loans to
supply working capital to business enterprises fell off considerably in 1937,
and the number of loans made was smaller than in any other year since such
were
first
authorized
in
June,
loans than in previous years were
in this
banks
1934.
cerning the possibility of obtaining working
no
proportion of the
the year, there was some increase in business inquiries con¬
latter part of
but
A larger
made in conjunction with commercial
Following the sharp recession in business in the
district.
great increase in the number of
capital loans from this bank,
formal applications had occurred up
to the end of the year.
Altogether 335 loans of working capital to business organizations, totaling
about
$24,400,000, had been made by this bank up to the end of
Of this number,
were
173 represented direct loans to the borrowers,
made in cooperation with
1937.
and 162
commercial banks in the district.
close of the year, 194 loans totaling
At the
$8,000,000 had been repaid in full, and
partial repayments aggregating $6,300,000 had been received on an addi¬
tional 129 loans, leaving a total of
$10,000,000 to be repaid on 141 loans.
The annual statement of the New York Reserve Bank for
the calendar year
brokerage funds
1937
was
referred to in
our
issue of Jan.
offers
now
Heads of
some
as
to
W.
O.
Securities
and
members
of
of the large banks
in New York City
were
Exchange
Commission, who suggested the
institution to take over certain functions of
the New York Stock Exchange, in relieving
an
of
"worry" over mechanical operations.
Mr.
Douglas's speech, given before the Association of Stock Ex¬
change Firms, was reported in the "Chronicle" of May 21,
brokers
page
3278.
After studying the address, bankers were de¬
admitting the value of such an institution to the
Stock Exchange, but were said to believe that it might draw
business now handled by Wall Street banks away from them,
and thus impair their earnings.
In describing financial comment on the proposal, the
New York "Journal of Commerce" of May 23 said:
scribed
field would
\:v
yield, brokers' loan business
of ways
The possibility was noted merely
return.
poor
in which
a
new
institution might become a com¬
There would be others.
petitor.
could possibly be handled
It would then serve
of the new unit's functions.
by Mr. Douglas without encroachment
outlined
purposes
activities of the banks.
It
noted, however, that the
was
would probably be expected to carry its
would be small
and if financed by a
The source of income would
With exchange business at a low
that there
so
the
upon
exchange bank
own way
prorated distribution of stock to earn a profit.
lie in fees for services.
volume, revenues
might be a temptation to find new sources
of income.
Offering of $50,000,000 or Thereabouts of 91-Day
Treasury Bills— To Be Dated June 1, 1938
New
Tenders to
of
a
offering of $50,000,000, or thereabouts,
new
91-day Treasury bills
were
as
received at tlie Federal Re¬
2 p. m., Eastern
banks and the branches thereof up to
serve
Standard Time, yesterday
The weekly offering
(May 27).
of the Decoration Day
advanced from Monday because
was
holiday (May 30). The tenders to the offering were invited
on
May 24 by Secretary of the Treasury Henry Morgenthau Jr.
the
will
the maturity date the face
bills were sold on a discount basis to
The Treasury
highest bidders.
They will be dated June 1, 1938, and
mature
31, 1938;
Aug.
on
on
There
June 1 in
$50,028,000 and $50,137,000.
In inviting the
the offering of May 24, Secretary Morgenthau
amount of the bills will be
payable without interest.
maturity of two series of Treasury bills on
a
of
amount
tenders
to
said:
will be issued in bearer form only, and in amounts or
$10,000, $100,000, $500,000 and $1,000,000 (ma¬
They (the bills)
denominations of $1,000,
value).
turity
for
tender
No
amount
an
less
than
will be
accepted
without
cash
be
Tenders
securities.
considered.
Each
places, e.g., 99.125.
deposit from incorporated banks
companies and from responsible and
trust
will
be used.
must not
Tenders
and
ment
$1,000
The price offered must be expressed
100, with not more than three decimal
the basis of
Fractions
from
recognized dealers in invest¬
be accompanied by a deposit
others must
applied for, unless the tenders
guaranty of payment by an incorporated
10% of the face amount of Treasury bills
of
by
accompanied
are
bank
trust
or
an
express
company.
for receipt of tenders on May 27,
Federal Reserve banks or branches thereof
the closing hour
Immediately after
1938, all tenders received at the
the
the
the
parts of tenders, and to allot less
hour will be opened and public announcement of
acceptable prices will follow as soon as possible thereafter, probably on
following morning.
The Secretary of the Treasury expressly reserves
to the closing
up
reject any or all tenders or
applied for, and his action in any such respect
right to
the amount
than
submitting
Those
final.
must
be
made at
funds
available
tenders
will
be
advised
of
shall be
the acceptance or
Payment at the price offered for Treasury bills allotted
the Federal Reserve banks in cash or other immediately
rejection thereof.
on
June 1,
1938.
and interest, and
disposition thereof will also be exempt,
and inheritance taxes.
(Attention is
invited to Treasury
Decision 4550, ruling that , Treasury bills are not
exempt from the gift tax.)
No loss from the sale or other disposition of
the Treasury bills shall be allowed as a deduction, or otherwise recognized,
for
the purposes of any tax now or hereafter imposed by the United
The
from
will
be exempt, as to principal
from the sale or other
except
taxation,
all
States or any
Treasury
estate
of its possessions.
Circular No. 418, as amended, and this notice
of the Treasury bills and govern the conditions of
Department
the
prescribe
their
bills
Treasury
gain
any
terms
issue.
+
Secretary
nounced
on
$50,May 25—•
$169,687,000 Received to Offering of
000,000 of 91-Day Treasury Bills Dated
$50,409,000 Accepted at Average Rate of
Douglas
reported this week to doubt the feasibility of the proposals
made on May 20 by William 0. Douglas, Chairman of the
formation of
with the bank in
Any reinvestment in the short-term
notoriously
a
in illustration
Tenders of
Proposal for
Formation of Stock Exchange Banking Institution
—Possible Loss of Earnings Visualized
Bankers
of
possibly, the exclusive
effect.
same
22, page 521.
Reference to the Bank's annual report for
1936 was made in these columns March 20, 1937, page 2031.
Views
and,
This would raise the question of reinvestment.
Because of low volume and of low per dollar
banks resulted in a larger total dollar
than in 1936.
loans
for
institution would become a depositary
Brokers'Loans
operations of this bank showed some increase
of
brokers' loan field.
have the
on
with the higher
months of 1937, the volume of
over
new
of
tender must be in multiples of $1,000.
Operations of the Bank During 1937
Coincident
point of view would be
If the bank lent the funds to brokers, it would compete
the
Total holdings of commercial bills de¬
foreign currencies.
in
amount
depositary for free balances.
is
The balances held abroad by this bank in its own
latter
It was believed that
the new unit, bankers would
'
believed that the
was
considerable
bank, was
$15,325,000, the share
As a result of partial
$2,506,000 at the close of 1936, to $2,282,000
this credit was reduced from
at the end of
It
$300,000 at the end of 1936, were repaid early in
The credit extended
a
fully considered.
a
indorsed.
matter of course and that their
a
Balances maintained by foreign correspondents
thereby increased to 42.
renewed for
!
as
SEC or
from the banks, it was assumed
by rigorous limitation
Foreign Relations
the amount of
away
for actual work in setting up
came
be consulted
functions of the new insti¬
the
During 1937 the Federal Reserve Bank of New York, acting
ernors
of the exchange to take business
when time
of profit from the banks
source
a
Since there is no desire on the part of the
Problems of this character, it was pointed out,
Further extracts from the report follow:
y
of its taking
question
thought.
was
that this attitude would be accepted and
and
Individual investors seem to have had smaller
of funds available for investment, and, in view of high rates of
other high grade
tution, it
losses on
the worst years of the depression,
their investments largely to Government
The
would be dealt with by carefully limiting the
predepression years.
investors, after sustaining heavy
medium and lower grade issues during
wasfexpressed that the bankers would indorse the plan, never¬
theless.
conditions
such as those that prevailed during most of the latter half of 1937, and the
unwillingness of potential borrowers to begin new undertakings in the
face of increasing uncertainties as to the business situation.
Even prior
to the most recent business decline, the demand for the lower rated securities
in the difficulty of
3425
Chronicle
Financial
146
0.025%
the Treasury Henry Morgenthau Jr. an¬
May 23 that the tenders to the offering of
of
$50,000,000, or thereabouts, of 91-day Treasury bills totaled
$169,687,000, of which $50,409,000 were accepted.
The
tenders were received at the Federal Reserve banks and the
branches thereof up to 2 p. m., Eastern Standard Time,
The Treasury bills are dated May 25 and will
24, 1938. [Previous reference to the offering
made in our issue of May 21, page 3271.
May 23.
mature on Aug.
was
Regarding the accepted bids to the offering,
Morgenthau's announcement of May 23 had the
to
Secretary
following
say:
Total applied
High,
Low,
Average price,
(55%
Total accepted, $50,409,00
for, $169,687,000
$18,000):
99.996, equivalent rate approximately 0.016%
99.993, equivalent rate approximately 0.028%
99.994, equivalent rate approximately 0.025%
Range of accepted
bids (excepting one bid of
of the amount bid for at the
low price was accepted.)
.
.
.
3426
Financial
Stock of Money in the
The
Country
customary monthly statement showing the stock of money
the
and the amount in circulation after deducting
held
in the United
States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for April 30, 1938, and show that the money in circula¬
tion at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$6,397,263,256, as against $6,355,457,188 on Mar. 31, 1938,
and $6,426,352,614 on April 30, 1937, and comparing with
$5,608,214,612 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:
moneys
I
I
are
being canceled and retired
on
equal to the face amount of such silver certificates: and (IV) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold
Federal Reserve notes are obligations of the United States
Reserve Bank. Federal Reserve
certificates.
and a first lien on all the assets of the Issuing Federal
with Federal Reserve agents of a like amount of
notes are secured by the deposit
gold certificates or of gold certificates and such discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1939, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least 40%. Including the redemption fund
must be deposited with the Treasurer of the United States, against Federal
which
Reserve
'Gold certificates'*
In actual circulation.
notes
herein
as
used includes
credits with the Treasurer of the United States payable In gold certificates.
Roosevelt
President
Federal
In process of retirement.
Reserve bank notes and National bant notes are
Bolivia and Paraguay to
Chaco Dispute—Joins with
Appeal
Urges
Accept Settlement
of
Heads of Five South American Republics in
ill
I
May 28, 1938
receipt); (ill) as security for outstanding
silver certificates—silver In bullion and standard silver dollars of a monetary value
notes
Treasury Department at Washington has issued the
in the country
Chronicle
President Roosevelt
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on May 25 joined the Presidents of
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Gran Chaco controversy.
Similar notes were sent by the
Presidents of Argentina, Brazil, Chile, Peru and Uruguay.
In separate telegrams to the Presidents of Bolivia and
Paraguay, Mr. Roosevelt said that the settlement, proposed
by a peace conference which has been in session at Buenos
Aires for three years, assures "peace and security to both
parties."
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five South American
proposal which the Peace Conference presents to the governments of
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is, in the opinion of the Government of the United States,
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22
President Roosevelt, in a letter to Speaker Bankhead on
May 20, asked Congress to appropriate $23,875,000 to enable
an immediate
beginning of construction under the recently
enacted $1,090,656,000
naval expansion bill.
The sum
requested would be used to start building 13 naval vessels,
a
dirigible, a "mosquito" fleet, nine naval planes, and for
improvements at three naval yards.
If the appropriation is
approved by the House Appropriations Committee it will be
included in the pending second deficiency appropriation bill.
The President's message was described as follows in greater
detail, in United Press Washington advices of May 20.:
eo
N
'•
Io
: ^
g
©
X^ © © H*
©* X* ©* ©* iO* H**
©*
'
N
& k k &
fe *»
c
ca
H; 0 A
Disregarding advice of his highest
•
c
quested $500,000 to start
x x
total cost
O
Revised figures.
Does not Include
Included In the total, since the
gold or sliver held as
security againn gold and silver certificates and Treasury notes of 1890 Is Included
under gold, standard silver dollars, and silver
bullion, respectively.
This total Includes credits with the Treasurer of
the United
In
certificates
(1)
the
Gold
Certificate
Fund-Board
Reserve System in the amount of $7,825,950,860 and
Federal Reserve notes in the amount of
of
States payable In
Governors,
Federal
(2) the redemption fund for
$8,837,670.
d Includes $1,800,000,000
e
Includes $59,3un,000
lawful
deposited
money
struction
stroyer
a
of
officials,
new
Air.
Roosevelt
dirigible not
re¬
to exceed a
com¬
appropriation $16,500,000 would be earmarked to start
one
tender,
20,000-ton
one
large
two oil tankers, one mine
Part
light
of this
surface
amount
craft
aircraft
seaplane
carrier,
tender,
two
two
light
cruisers,
small
seaplane
one
con¬
de¬
tenders,
layer and two fleet tugs.
also
which
would
have
be used
to start
experimentation with
been
defined
officially but
never
lieved to be speedy torpedo boats,
nine
as
reserve
for
Postal
Savings
Treasury notes of 1890 should be
combining with total money held in the Treasury
to arrive at the total amount of money in the United
States.
g Includes
money
Leld
by the
Cuban
agency
of the
Federal
Reserve
Bank
of
Atlanta.
four-engine patrol planes.
"This
smaller
new
or
are
be¬
"suicide" vessels.
Six such planes were provided for in the
type is considered to be a very great improvement over the
planes,"
two-engine patrol
panying message.
"The
additional
erating squadron for thorough
money
In
circulation Includes
inental limits of the T ulted States.
Note
a
regular 1939 Navy appropriation bill, amounting to $550,000,000.
f The amount of gold and silver certificates
and
deducted from this amount before
The
of
The President also asked that $3,375,000 be earmarked for purchase of
Exchange Stabilization Fund.
deposits.
n
naval
construction
$3,000,000, thus throwing the United States back into
Of the total
gold'other than that held by the Treasury.
b These amounts are not
c
of
petition in the lighter-than-air field.
•
a
gold
Roosevelt
Asks
Congress
to
Appropriate
Immediately, to Begin Work Under
Naval Expansion Measure
i-i
CS
2°'
8*
C5 id
£3
ROOSEVELT.
N
j0
©
D.
HI* ©* ©* ©*
©* HI* -I* -7
co* b*
©
q o
HI
DO io
CO
©
! ©* ©* b* N* LO* of
b
go 00
oo
b
©
00
OS
x
There Is
maintained
notes and Treasury notes of
any
paper currency
held outside
In the Treasury—(1) as a
reserve for
1890—1156,039.431 in gold bullion: (11)
the
An additional $3,500,000
The
United
as
States
security for
Treasury notes of 1890—an equal dollar amount in standard silver dollars
con-
(these
President's
message
"The Naval Expansion
other
the President said in
nine
a
brief accom¬
planes will provide
a
full
op¬
tests."
would be used to improve Navy yard facilities.
did
not
refer to the International situation.
Act approved. May 17,
1938, authorizes
things construction of additional naval vessels for the
purpose
among
of more
Volume
adequately providing for national
now
"Accordingly, above$16,500,000, are
defense," he said.
additional appropriations, totaling
estimates for
named
recommended for
funds
proposed in a message to the
were
Committee for inclusion in the second
House
deficiency appropriation
and machinery.
The $3,500,000 for seven Navy Yard projects would be divided as fol¬
lows: $1,800,000 for a machine shop building and accessories at Mare Is¬
land, Calif.; $175,000 for a paint shop at Mare Island; $630,000 for a struc¬
tural assembly shop building and accessories at the Philadelphia,
Pa.,
Navy Yard; $750,000 for a pipe and copper shop building at Philadelphia;
$120,000 for a pickling plant building and accessories at Philadelphia;
$1,400,000 for a gun assembly shop building at the Washington, D. C.,
Navy Yard and $365,000 for an ordnance storehouse at Washington.
improve Navy Yard facilities
bill by President
issue of last week,
page 3272.
The Senate and House adoption of the con¬
ference report on the bill was recorded in these columns
May 14, page 3107; earlier passage of the bill by the Senate
on May 3 was noted in our May 7 issue, page 2943, and its
adoption by the House on March 21 was referred to in our
signing of the Naval Expansion
on May 17 was referred to in our
The
of their
Roosevelt
issue of March 26, page
"For
"This
Bill
Amending
profit of, let
a
whereas the
on
Roosevelt
was
munity
Federal
there
such
is
no
Act Affecting
He
or
appealed for
to build new
a
tax policy "which will encourage men
law at
He
for his course, in neither
reasons
the
measure,
expressed hope that Congress
the
approving
or
Judiciary Committee on May 25 reported to
amending Section 77b of the
desirable features of it from
since I have been President, I am going to
I am going to let the act go into
without my approval.
Congressional action on the bill was noted in our
May 14, page 3109, wherein was reported the
adoption of the Conference report on May 11. by the House
and on May 9 by the Senate.
President Roosevelt's ad¬
dress yesterday was delivered upon the occasion of the
graduation of high school students in the West Virginia
Mountain Community.
The United Press advices from
Arthurdale indicated in part as follows what the President
Final
issue
of
had to say:
The President declared that
for the deliberate purpose
his unprecedented tax bill action was taken
of calling attention to "those unwise parts of the
all but the skeleton of the
and drastically modifies present levies upon
The $5,330,000,000 revenue measure removes
profits
tax
President
declared
structure "may restore
"I call the definite
that
these revisions of the Nation's revenue
in the future certain forms of tax avoidance
concentrated investment
and of
power."
attention of the American people," said Mr. Roose¬
velt, "to those unwise parts
of the bill I have talked to you about today—
in the future certain forms of tax avoidance
which we had begun to end, and the
of them which may restore
and of
part of our
abandonment of a principle of tax
declared that he had no objection to removing any
porate forms to void what it considers ligitimate tax burdens.
"We are delighted," he said, "to remove any existing barriers
every
on
mittee
seeking to pay
against
which is seeking to set itself squarely
off its debts, and seeking to make a reason¬
little business in the Nation
its own feet,
Government
by the subcommittee.
Efforts
of Senators
King and Austin to
eliminate provisions requiring
independent trustees in all cases where
amounts to $250,000 or more were rejected.
appointment of
debtors
indebtedness of the
Reporting that opponents of the SEC provisions of the bill
partial victory in the Senate Judiciary Committee on
May 24 when an amendment was adopted restricting rights
of the Commission to intervene and become a party in
interest in corporation reorganizations the "Journal of Com¬
.
The
on
that date reported:
Committee revised
the bill to provide that
the Commission
shall
be heard on matters arising in reorganization pro¬
ceedings and be deemed a party in interest upon approval of the court.
It
further restricted the section to deny to the Commission any rights of appeal
to the higher courts from an adverse decision on a plan of reorganization.
only have the right to
Original
Terms of the Bill
provided that the Commission "may, if the scheduled
indebtedness of the debtor does not exceed $3,000,000 and shall, if such
indebtedness exceeds $3,000,000, file a notice of appearance and be regarded
and treated by the court as a party in interest."
Committee members said that the action was of "tremendous importance"
and in some respects was a compromise as between the view that SEC
should be barred entirely from the requirement that it be regarded as an
interested party and the view that corporation reorganizations are essen¬
tially in the public interest and the public should be safeguarded by SEC
Originally the bill
Representative Chandler, who sponsored tne bill through the House
assisted members of tne Senate committee on the amendments,
said
and
serious setback to proponents of SEC intervention
the original language would be restored later
either by action of tne committee or by amendment on the Senate floor. . . •
No change was made by the Committee with respect to another section
of the bill having to do with SEC participation in plans of reorganization,
but it is thought likely that in view of today's action this section aiso will
and
change was a
expressed the hope that
be revised
to
ejiminate a possible
conflict.
Section
This is
American system."
President
contending that it established the
virtually director over
policy long ago accepted
ob¬
stacles to little business which might be contained in the revenue laws, but
he reiterated the Administration's determination not to allow use of cor¬
The
They opposed the
reorganizations.
Only one change—that made yesterday limiting SEC participation in
reorganizations—was made by the Committee in the corporation reorgani¬
zation section from the form in which the bill was reported to the full com¬
as
concentrated investment power
other a definite
Utan) and Austin (Rep.,
provisions of the bill largely
that the
capital gains.
The
despite opposition of
Vt.), who announced they
corporation reorganization
of the measure was given
approval
will file a minority report.
intervention.
bill" to which he objects.
undistributed
Securities and
in corporate reorganiza¬
proceedings in the interest of individual investors. The
by Representative Chandler of Tennessee,
passed the House on Aug. 10 last year, and references to it
appeared in our issues of Aug. 14, 1937, page 1032 and
Aug. 28, page 1352.
In advices May 25 from Washington
to the New York "Journal of Commerce" it was stated:
vetoing
tonight to sign it—many
abandonment of an important principle of
which is open to me.
Act so as to permit the
bill, sponsored
merce"
effect at midnight tonight
SEC
by
by
tion
As to
going into effect.
take the third course
of
won a
prevent many of the
Therefore, for the first time
Bill Broadening Powers of
Exchange Commission to intervene
This
American taxation.
If I veto the bill it will
would undertake a broad program
the Chandler bill
Senate
Federal Bankrputcy
bill—and I have until midnight
If I sign the
abandonment of
Committee
Senate
The Senate
the President said:
people will think I approve the
as
"that in this analysis of this
attention of the country to
Reported to Senate—Opposition to Legislation
Senators
King
and
Austin—Change
Made
(May 27), President Roosevelt made
permit the new tax revision to become
midnight last night without his signature.
the
to venture and
improving the whole Federal tax system.
Nation-wide audience from Arthurdale,
known that he would
shuffling about of existing
life."
that President
Virginia President Indicates He Pursues
Course Because of "Universe Parts of Bill"
a
They may be hoarded or
certain clear-cut,
inescapable facts—and especially to the fact that this tax bill, which in
many respects is a good one, actually abandons the accepted principle of
progressive taxation to a point which is very important in our economic
signed the bill which increases from $25,000,-
yesterday
enterprise.
productive wealth."
"I have merely called the
Signs
West
one
of new
mines.
"that untaxed savings will go
deflation that occurs in the
"It will be noted," he said,
$30,000,000,000,
addressing
he said,
X>rinciple I have attacked no persons."
Bill Becomes Law Without Signature of
President Roosevelt—In Address Broadcast from
Va.,
funds, provides a com¬
Virginia coal miners who were
closing of nearby bituminous
investments."
Revision
In
for West
assurance,"
investment
new
lost in the inflation
Committee
a
farms
and subsistence
Senators King (Dem.,
W.
Government's own Arthurdale
entirely financed by Government
This project,
the amount of Government
bonds which may be outstanding at any one time.
The new
law does not change the legal limit on total government ob¬
ligations, which remains at $15,000,000,000, but increases
the amount that may be held in bonds.
to
,
in these columns May 14, page
made known yesterday (May 27)
Roosevelt has
000,000
Tax
bill, to pay a tax of only 15%
stretch of the imagination, can say
project, which he visited today for the first time.
Act
Bond
that profit;
owned
just as you and I
profit of $500,000 on stocks he has
private capital might well enter he cited the
Bill
Amending Second
Increasing to $30,000,000,000
Amount
of
Government
Bonds Which May be
Outstanding at Any One Time
It
any
Chandler Bankruptcy
Liberty
a
that this new pro¬
vision maintains the principle of payments in proportion to ability to pay."
Mr. Roosevelt made plain that he hoped for a future revision of the reve¬
nue laws in line with the objectives
he seeks.
Such revisions, he said,
should be designed to encourage new investment and the entry of private
capital into new fields.
As an example of the fields in which he believes
"Nobody, by
3107.
President
held for a few years
$5,000, we have to pay a tax of 15% on
who has made
would.
May 26 that President
the Senate action was made
us say,
man
is required, under this new
Roosevelt
had signed the bill amending the Federal Reserve Act so as
to provide that a uniform rule of subrogation be applied by
the Federal Deposit Insurance Corporation, with respect to
stockholders' double liability in the case of closed banks.
The bill passed the House on April 14, and in amended form
it passed the Senate on May 5.
The Senate amendments
were concurred in by the House on May 17.
Reference to
announced
principle with re¬
capital profits and large capital
I sell stocks which we have
"In other words, if you or
at
stranded without vocation by the
Deposit Section of Federal Reserve
Double Liability of Closed Banks
was
form of property at a profit.
eliminates the progressive tax
bill wholly
profits at exactly the same rate.
into
It
new
spect to these capital profits; it taxes small
1966.
Signs
Roosevelt
but also to
one's capital by selling any
"But
President
should apply not only to salaries
tion of wealth realistically
and bond coupons,
progressive taxa¬
and dividends
other forms of wealth such as increases in
has been recognized that this
number of years it
a
vehicle by the small number
income taxes.
in order to avoid legitimate
owners
closely-held cor¬
Administration does not want large,
able profit; but the
porations making large profits to be used as a
construction."
Appropriations
bill. .The
bill also will include an additional $28,000,000 requested by the President *
several weeks ago to begin construction of two superdreadnaughts and
The
3427
Financial Chronicle
146
Section 172 which states
172
Outlined
after a hearing and before
approval of a
reorganization by the court, the judge may ask for a report from the
plans of reorganization where tne scneduled indebtedness of the
debtor is less than $3,000,000 and shall seek SEC guidance in connection
with plans in excess of this amount.
Although this section gives SEC a
certain amount of participation in corporation reorganizations, it is in an
advisory capacity only, and its report on the plans would not necessarily
have to be followed by the court.
plan of
SEC on
3428
Financial
Senate
Chronicle
Debates
$3,054,425,000 Spending-Lending Re¬
Bill—Senator Vandenberg Leads Repub¬
covery
lican Attack
May 23 began public debate on the Admin¬
on
An
South
istration's
$3,054,425,000 spending-1 ending recovery bill, as
the White Douse agreed to a compromise designed to per¬
mit passage of an
the
The
Senator
Barkley, majority leader, proposed to substitute
amend¬
ment
whereby
petition unless
an
PWA money may be used for utility com¬
fair offer has previously been made by the
Administration's
the
over
sional leaders announced
policies,
power
the May 23
on
advanced
congres¬
The
acceptance of the
price
is
facilities in
where
cases
offer to purchase the private system at
fide
made
rejected.
and
We
farm
in
30.8c.
of
policies
was
made
the
bill
and
on
the
the
at
other
and
eongressiorially ordered
a
Capitol
shortly after
legislative
matters
willingness
revision of
White
a
pending
House
in
the
of
its
the
President
the
public
of
Senate Majority Leader Barkley of Kentucky, Speaker Bankhead and House
Majority Leader Rayburn of Texas.
made
to
a
allow
Administrator
rebuffed
price.
in
What
decision
of
Debate
with
the
proposed
relief
from
of
of
be under
.
.
or
in
shall
case
no
sole control
municipality
system
however,
will
at
be
has
drain
opened
was
(Rep.,
credit"
in
the
the
State and
for
relief
necessary
by State officials.
Senator
relief
is
Vandenburg
inherently
charged
bad
and
that
the
system
present
intermingled
so
with
of
politics
distributing
that
if
plants
Eecutives,
freed
of
the
for
the
that
$965,000,000
loss
of
"Cistern-Priming"
pump-priming appropriation does
buying power which has fallen
consumer
not
compensate
20
times
below
who
by State and Federal relief agencies is detri¬
functioning and economical relief program, according
Senator Vandenberg, and would be eliminated
by his proposed amend¬
to
ment.
the
He stated
Federal
from
smooth
a
also
that
relief
recipients, because the
is sent by
money
Government from Washington, have the idea that it is
"manna
heaven"
and not "real
money raised by real taxes."
Vandenberg quoted from speeches of the late Senate Majority Leader
Mr.
Joseph
T.
Robinson
attendant
"I
on
of
excess
and
$127,267,559.
with
unbalanced
an
budget
and
regarding
continued
the
and
Senator
not
spending
Byrnes,
of
Senate
and
Relief
responsi¬
bility of elected
properly
representatives of the people to see that
and
attack
on
is
adminis¬
May 25, Senator Wheeler led
Harry L. Hopkins, Works Progress Adminis¬
Roosevelt's court reorganization
bill.
The recovery appropriation bill
May 12,
completed
successful
Jr.,
Bureau
The
wheat
May 14,
page
of
and
May
21,
the
on
drive
by
Georgia,
provide
bill
and
from
May 2
Richard
the
which
Press
we
after
B.
American
parity payments to
United
corn.
on
Senator
Farm
inclusion
of
bill.
amendment
farm
relief
They
was
one
of
several
from
further
re¬
changes made in
the
included:
prohibiting the
use
of any
funds
for
municipal power
plants that would compete with private utilities—a ban
that strikes directly
at the PWA s
policy of grants and loans to municipalities for electric
and
gas
2.
plants.
A
$175,000,000 increase in
Administration.
the appropriation
Mr, Roosevelt asked
$1,250,000,000
for
the
cotton
under, and
corn
loans
if
and
private
Chairman
the
the
private
competition
This
Committee
industry
power
would
it
for
grants
utilities.
of
contribute
approved
and
gas
electric
plan
projects
.
the
private utilities,
the
RFC
the
could loan to
to $100,000,000
up
.
to
for rural
committee
the
electric
Rural
lines
slashed
the
Electrification
to
The
Hale
banning the
amendment
the
any
rates
for
was
worded
in
extremely definite language,
PWA funds for any income-producing project which
any
compete with
will
of
use
of
which
WPA,
to
privately-owned or operated public
subject to public regulation.
now
added
measure
the
existing
are
.
$175,000,000
the
to
the Administration
carry
President, and later Harry L.
Hopkins,
seven-month
the fiscal
no
appropriation for
could
one
predict
accurately
eight-month appropriation
was
Congress
in
of
additional
time
$1,250,000,000
for
WPA chief,
year
written
in,
to
had
1938-39,
it
beyond
relief
the
that
in
said,
was
study
month.
asked
on
utility
.
appropriation
additional
an
unemployment
which
.
a
theory that
time.
order
needs
The
only for
for
The
to
give
the
rest
the year.
Material Costs Limited
The
committee
the
acted
House
follows
as
fertilizer
on
other
sections:
amendment—figures
funds for Treasury accounting of
were
unavailable.
WPA operations from $2,000,000
$8,000,000.
Raised the appropriation for the United States
Employment Service from
$1,500,000 to $5,000,000.
the
out
States
Prison
Inserted
with
ment
country
cost
worker,
per
$7.50
was
force
to
amendment
an
for the cost of
month
appropriation
Cut
a
the PWA
ferred the
for
reorganization
of
the
United
Board.
amendment
WPA
workers
to
list
outside
employ¬
job applications.
Inserted
a
$120,000
Industries
an
setting
WPA
uniform
materials,
despite
month
a
appropriation
setting
Hopkins's
Mr.
worker,
per
standard
and
an
arbitrary
testimony
much
throughout
that
higher
in
the
figure of $7
the
many
average
sections.
Total Reduced
$965,000,000
of
to
$865,000,000 and trans¬
resulting $100,000,000 to the parity-price amendment.
Earmarked $200,000,000 of the remaining PWA $865,000,000 for Federal
building projects—the House earmarked only $100,000,000.
Increased
tion
of the
from
$11,000,000
$17,500,000 the amount
to
for
administra¬
WPA.
the
revolving
fund
of
the
PWA
$500,000,000
from
to
$400,000,000.
Reduced the maximum
sional
district
Added
as
from
Title
amount
$35,000,000
V
of
the
bill
A
page
reference
to
the
bill
for
to
the
Federal
buildings in
any
one
congres¬
$5,000,000.
Russell
parity-price amendment.
appeared
in
our
May
21
issue,
3273.
growers
advices
quote,
that
ban
with
which
a
Rus¬
:
House-approved
An
work
Federation to
Washington,
ported
its
last-minute
Democrat
cotton,
1.
passed by the House
Appropriations Com¬
mittee
of
was
noted
was
bushel
started.
Their total estimated cost, is
projects would compete wholly or partially
Their cost would be $56,780,026.
assurance
under
Decreased
in these columns
The subcommittee of the Senate
3108.
sell
as
Federation
15 prices,
be
PWA
on
trator, for his action in endorsing the Senatorial
candidacy
of Representative Wearin of
Iowa, who seeks the seat held
by Senator Gillette, Democrat, who
opposed President
on
to
efficiently.
During the Senate debate
an
relief
Farm
April
$25,000,000.
The bill was reported out despite the
opposition of Senator Glass, its
Chairman, to the Administration's pump-priming proposal.
The committee
added a total of $398,000,000 to the measure as it
passed the House, but
with scissoring in other sections the net increase reached
only $117,000,000.
Raised
Committee, also took exception to Senator Vandenberg's remarks.
He said
that the committee, while not
claiming that the present relief system is
the beet possible, had decided not to
try and change it now.
Asserting
that the committee which he heads did
give consideration to the Vanden¬
berg plan, Senator Byrnes said it was discarded because it evaded
tered
purchasing level
a
The
of
per
Gadsden,
.
to
Unemployment
fund—for
Of this total 49
further
Cut
the
PWA
Approved Projects
81
private utilities.
In
...
Chairman
as
the
amendment
offered
by Senator Hale (Republican) of Maine, 6ince
constitutionality of the PWA power policy had been fully upheld by the
Supreme Court of the United States.
in
Connally and Byrnes Defend Bill
feasible.
was
While subcommittee action
tentatively had made the change Friday
[May 20], expectations had been that the full-committee would vote down
he concluded.
reply to the Vandenberg speech, Senators Tom Connally, Texas, and
Byrnes, South Carolina, claimed that the proposed amendment is
ridiculous
81
of
a
danger
grave
Federal
40c.
government
list
Cut
totally against this type of relief,"
Senators
In
Roosevelt
it
in part:
receipts.
am
James
President
1914.
basis
compete
H.
contended
of
allotment
only
awaiting
The
Sharing of responsibility
to
into
the decision to
could
Has
figure.
mental
dip
to
the
wheat
was
they
fear
the
has
now
authorization
Regarding the pump-primirig feature of the bill, Mr. Vandenburg said:
"It is not pump-priming now, but
cistern-priming, and nobody, living or
dead, ever primed a cistern successfully."
Other points made against the bill
by the Michigan Senator were that it
jeopardizes recovery because it makes a balanced budget impossible and
that
to
1909
on
below parity;
advocated by Philip
Administration
as
decided
that
equally surprising
was
PWA
efficient
handling of relief funds is impossible.
Hit
that
the
deemed
as
and
payments
said
to localities for use in
building local power systems in
competition with existing power systems, an account in the
Washington "Post" of May 22, by Sidney Olson, continued,
form
the
Senator Vandenburg advocated
in aid to States raising matching
grants.
Funds so received would
used
had
Observing that the Senate Appropriations Committee, in
reporting the bill on May 21, banned PWA loans and grants
proposal,
Federal
parity
Senate
the
in
and
Senate
strong-arm
Secretary Henry A.
favors
them,
had
it
the
to
Mich.) that the legislation
public
on
finance
to
agencies
the
"fair"
a
left
.
Federal grants
of
the
private
although
who
the
by
presidential approval.
substantially to relieving unemployment.
be
politics."
of
more
where
the
price,
Vandenburg
a
from
sum
rule
pump-priming bill
Administration
lump
25%
and
unsound,
the
of
this
buy out
"fair"
a
Senator
"inseparable
lieu
substitution
to
Administrator.
the
on
"economically
funds
provided that loans
waive
to
effort
its
constitutes
blast
a
In
committee
municipality by PWA for the purpose of constructing a power
with an existing private system, the compromise will
the
been
Senate
to compete
system
is
the
amendment,
from
years
Senators
to
...
Whereas
taxes
however,
the
pound
a
Utility
houses.
Garner,
of
defined by agricultural experts, is the amount at which
as
to
power
change
conference
Vice-President
were
retained
was
under.
were
Attending the conference with
processing
letter
7.9c.
was
utility
two
price
directly to
money
lending
and
the requirement
book¬
WPA'6 accounting.
must sell to maintain the farmer's income at
a
Almost
amendment
compromise
accept
differentials
Treasury's
agency
crops
which, in part, continued:
to
of
relief
late.
too
proportionate
said
Announcement
WPA
without
for the
may continue to do
Agriculture Department,
Parity price,
a
Washington
advices, May 23, to the New York "Journal of Commerce,"
Administration
of
Democrat
in
the bill carries $965,000,000—for $100,000,000 toward parity
payments and to add a $100,000,000 appropriation for this purpose.
from
quote
$8,000,000
to
appropriating the
parity
subcommittee,
which
"fair"
a
the
of
month
one
Byrnes,
bill
hour
and
wage
spending
together with
Russell's
enactment
loan restriction amendment to the pending
recovery bill with a provision that loans may be made for
bona
a
F.
differentials
of
support, had not been considered likely to be included.
Wallace
PWA municipal
construction of competing power
of
the
do
by Senator James
elimination
$2,000,000
that it
so
system
to
Senator
municipality to the utility involved and rejected by the
utility. With a view to avoiding prolonged Senate contro¬
versy
House
designated
subcommittee,
no
a
from
keeping department
Public Works Administration power
projects when they compete with private utilities.
enacts
fund
of relief needs next session, decided
survey
1.
sponsored
for
the
projecting
1938
28,
South.
and
increase
a
March
providing
Congress
North
An
4.
subcommittee,
time for
until
amendment,
if
wages
The
more
Carolina,
between
Appropriations Committee amendment to
to curtail
measure
May
1939.
$1,425,000,000
3.
The Senate
1,
further to allow
on
Administration Measure
on
Feb.
until
Works
Progress
to continue work
relief
House Leaders Decide
Against Action at This Session
Liberalizing RFC
Loans to Railroads—
Carriers to Insist on Wage Reductions According
on
to
Bill
J. J.
Pelley
Following the action of Senator Wagner (Democrat) of
New York on May 19 in dropping from the Senate Calendar
the Administration bill liberalizing loans to railroads by the
Reconstruction Finance
Corporation, House leaders on
May 20 decidedfagainst further action at this session on the
companion bill, pending the Senate's later attitude.
An
Volume
Senator Wagner's action appeared in our
May 21 issue, page 3274.
From Washington May 20, the
New York "Times" reported:
The attacks of railroad labor on the roads* proposal to cut wages 15%
was explained by Representative Goldsborough, Democrat of Maryland, as
the reason for not bringing up the House bill.
Mr. Goldsborough told
Representative Fish on the floor that he had received the consent of the
Banking and Currency Committee to bring the measure up today, but that
the leaders had decided to defer action to see what the Senate may do.
item bearing on
Washington May 20, the
"Journal of Commerce" said in part:
In its advices from
railway labor executives last
night.
139
7
to
offered by'Representative
substitute
a
Ramspeck (Democrat) of Georgia which would have per¬
mitted the establishment of wage differentials between
industries or geographical areas.
The Associated Press in
Washington advices May 24 said:
The
based
alternative
the
on
would
an
for
individual occupations.
It also
grant exemptions,
administrative board with power to
thus, in effect, making variations in wages
South
minimum wages
graduated
established
have
average"
"weighted
would have created
possible between the
North and
between industries.
or
Representative Ramspeck offered the alternative
and
insist upon a wage
of
vote
New York
reduction, whether
Congress passes the loan bill or not, was seen in a statement issued today
by J. J. Pelley, President of the Association of American Railroads, replying
That the carriers will continue to
to the attack of
3429
Financial Chronicle
146
safe
way" to provide for regulation
proposal as the "legal
of the wage and hours
of this
country's sweated labor."
Mr.
Ramspeck said the initial wage under his
bill probably would be
slightly higher than 25 cents in most industries but could not go
40 cents.
;
.
_
Hours under the House
higher than
■
week and drop to 40
bill would start at 44 a
1
;
Pelley Denies Charges
bad faith in serving notices
in
.
railroads had aqted in
reduction "is without the slightest
organization that the
The statement of the labor
of
a wage
two
Under Mr.
years.
48
a
was
ject.
of
"I
have
wages, as
no
purpose to
discuss the merits of the
of the Railway
provisions
The House also on May 24 by a voice vote (said a Wash¬
ington account to the New York "Herlad Tribune") defeated
an amendment by Representative J. Will Taylor, Democrat,
Tennessee, which, amounted to another wage-hour
From the same advices we quote:
conflict which broke out on the
(Prog., Wis.) charged
cessive debt structures and not excessive wage
mediately for
"I
bill, the House
the third major proposal to substitute a new
on
rejected the so-called American
a
costs.
bill
substitute.
Later,
w4ge cut
Senate floor last Monday when Senator La
that the trouble with the carriers was ex¬
be drawn into the
provide
been amended to fix a
tive board.
Labor Act."
President Roosevelt, meanwhile, refused to
Follette
proposed reduction in
in accordance with
all such questions must be solved
under wages and
told the
by the Senate
definite "floor"
for geographical representation on the administra¬
last summer, but asserted that it had
who participated in
labor representatives
hand when the Georgian
fundamentally the same as the bill passed
protracted preliminary
conferences on this subject," he continued, "clearly understood, when these
negotiations were broken off, that, in the opinion of the railroads, there were
no pending proposals that could be taken as an alternative to a wage re¬
duction.
These representatives were fully advised of what the railroads in¬
tended to do and there was no possibility of a misunderstanding on the sub¬
"The
would have power
week.
Almost the entire membership was on
House his bill
foundation," Mr. Pelley said.
Ramspeck's bill the board
to vary them between 40 and
a
Federation of Labor bill to provide im¬
40-cent minimum wage and a 40-hour
see no reason
work week.
before reaching
why the House should waste three years
needed minimum wage of 40 cents an
hour," said Representative Lawrence
proposal, as he spoke
rejected.
The fight over the amendments to exempt the processing of agricultural
products and the operations of other seasonable industries came later after
the House had refused to accept the Senate bill's version prohibiting child
labor.
This provision, known in the Senate as the Wheeler-Johnson
amendment, was offered by Representative John Martin, Democrat, of
Connery, Democrat, of Massachusetts, author of the
Roosevelt Sidesteps
He
was
briefly in its behalf, knowing that it would be
today if he favored
asked at his press conference
to railroads that would cut
Issue
withholding loans
to the
but sidestepped a direct answer
wages
Chairman of the RFC, was
talking witn House and Senate committees about the railroad loans.
House leaders decided not to call up the rail loan bill because of a vigorous
He remarked only that Jesse H. Jones,
query.
fight threatened with prospects, that the
House would approve an amend¬
that cut wages. They
denying RFC loans to any carrier
ment to the bill
felt that if such
an
amendment
enactment of no bill at all since
was
included it would be tantamount to
the roads generally are
expected to slash
wages.
Colorado.
The brief debate on it brought a query
child labor
and Hour Bill Goes to Conference Following
Passage by House—Action Speeded with Agree¬
ment Is Reached as to Wage Differences Sought by
Southern Members of Congress
Wage
The Norton wage
and hour bill was sent to conference on
May 26, this action having followed, it is
said, agreements
geographical wage differentials insisted upon by
Southern members of Congress (earned in the Senate bill in
July last year and rejected by the House this week) will be
assured in a compromise measure.
The House passed the
bill late at night (about 11 p. m.) on May 24, by a vote of
314 to 97.
Only two major currents of opposition were
observable in the House.
A farm bloc sought to amend the
the
that
provisions any stipulation that would
increase wages of employees of companies manufacturing
agricultural products, while a Southern bloc vainly en¬
deavored to amend it so as to provide a lower rate of wages
in Southern industries.
On May 23 the House, by a vote
of 322 to 73, had approved a motion by Representative
Norton, Chairman of the House Labor Committee, to dis¬
charge the Rules Committee from further consideration of
bill to exclude from its
the bill.
Mrs. Norton
was
authorized to present the motion
petition which 218 Representatives signed May 6, as
described in the "Chronicle" of May 7, page 2940.
Commenting on the agreements reached on May 26
whereby the Senate leadership averted a filibuster over the
House bill in placating the Southern opposition, Washington
advices to the New York "Times" May 26 stated that after
the bill had been manoeuvered into conference, just before
the Senate recessed for the night, Senator Barkley predicted
that it would be reported out in about a week in a form
"acceptable to the Senate."
In the meantime, he said,
according to the "Times" the Senate could clear away other
business, including the Relief-Recovery bill, and probably
would be ready to adjourn sine die by June 10.
From the "Times" advices May 26 we also quote:
by
a
The
Senate
bill,
which
stands
as
original
the
measure,
having been
adopted first, establishes procedure to fix minimum wages and
work hours in business affecting interstate commerce,
to a board with discretionary
This board, composed
for various industries,
maximum
but delegates power
authority.
of five members, would work out labor standards
observing, where possible, the ideal of a 40 hour
maximum work week and a minimum wage of 40 cents an
declare exemptions for certain localities when it saw
quired to report to Congress
fit.
hour, but could
It would be re¬
regulations promulgated and to present
on
It
were
the "Herald Tribune" that the action of
the bill—amounting to a
in interstate commerce,
which would require payment of the same wages
and the same working standards
For the first
an
year
in the South as elsewhere in the Nation.
under the House bill, a minimum wage of 25 cents
hour and a maximum week of 44 hours
first
three
years
would be established, but in the
under the law increases in wages and
decreases in the
scale at the point where the
40-hour maxium working week
working week would be fixed by an annual
40 cent minimum
hourly wage and
the
would be the National standard.
May 24 a coalition of Republicans and
Northern Democrats defeated a move to give greater flexi¬
on
bility to the provisions of the bill, rejecting
reversal of the sentiment
which opponents of the measure filibustered
their ability under limited House procedure.
the "Herald Tribune" continued in part:
As the result
by
a
standing
expressed
ence
to the extent of
The advices to
Democratic leadership to achieve
single sitting and send a bill to confer¬
forced on the House Labor
of the insistence of the
of the drastic measure in a
passage
with the Senate, several amendments were
Committee.
House settled down to
the
Before
Republican motion |by
the bill
a
the record vote on final pasage, a
Representative Lambertson of Kansas] to
b> a vote of 314 to 96.
recommit
second time was defeated
The Major
The major amendments
Exemption from the
commodities in rural
Amendments
adopted to the bill were as follows:
provisions of the bill of the processor
sections as well as the processors
of agricultural
of sea food and
for a period not to exceed 12-work weeks
Two amendments accepted to accomplish this
but so anxious were the leaders to get the bill
passed that no attempt was made to straighten out the difficulties.
This
job was left to the House-Senate conference, which will be expected to
perishable fruits and vegetables
in any one
calendar year.
end appears
to be in conflict
rewrite the bill.
Exemption of county newspapers
with circulation of no more than 3,000.
minimum wage and
provision bringing railroad labor under the
maximum hour provision^ which is designed to reach
A new
workers said to
receive a lesser wage for a
maintenance-of-way
bill
longer work week than the
provides.
Exemption of child actors
Shirley Temple
from the child labor
prohibition, known as the
amendment.
clarifying
Several
certain that
among them one designed to make
establishments are not brought under the
amendments,
employees of retail
provisions of the bill.
As
passed by the House
the bill provided for a minimum wage
of 25
period of three years and a
maximum work week of 44 hours decreasing to 40 hours in two years.
Administration of the measure is placed in the hands of the Secretary
of Labor, who, subject to the definitions of interstate commerce in the bill,
shall determine, after hearings, what industries shall be brought under its
provisions.
Appeals from the Secretary's judgment lodge in the United
States Court of Appeals and the enforcement rests in the Department of
Justice.
In effect, the bill as passed by the House is a penal statute, as
opposed to the regulatory version of the legislation as approved by the
cents an hour
Senate.
rising to 40 cents an hour over a
...
When efforts to
efforts
to amend
avail earlier in
force adjournment were
unsuccessful they went back to
exception, had been without
the bill, which, with one
the day.
,
Bloc One
Victor
On the motion of Representative
by a teller vote of 159 to 134, the
House adopted a provision which would exempt the processors of agri¬
cultural commodities in rural communities—a project sponsored by the
National Grange and other farm organizations.
However, at the suggestion of Representative Mary T. Norton, Demo¬
crat, of New Jersey, Chairman of the Labor Committee, the House later
accepted, by a voice vote, a compromise on the Biermann proposal which
The farm bloc, as
Biermann,
and the
usual, was one victor.
Democrat, of Iowa, and
would exempt
"In the House
dispatch May 24 to
the House in passing
by the House Dec. 17 last when its first version of the wagehour project was recommitted by a vote of 216 to 198—
came after 12 hours' continuous and turbulent session, in
Farm
inflexible pattern for all business
Daniel A.
being admitted.
also noted in the Washington
was
data based on its investigations.
The House bill, however, lays down an
from Representative
wanted to know why Congress should
attempt child labor in the United States while, under the operations of the
State Department's reciprocal trade agreement, the products of foreign
Reed, Republican, of New York, who
only the first processors of
and handlers
the law for a
dairy products and cotton seed
the provisions of the bill and give the canners
of seafood and perishable fruits exemption from the terms of
period not to exceed 12 work weeks in each calendar year.
ginning of cotton from
3430
In
Chronicle
Financial
Washington advices May 24 to the "Times" it
was
$75,000,000 for reservoirs and $50,300,000 for local protection works; upper
stated in part:
The
measure
Mississippi, $6,600,000 for reservoirs and $21,700,000 for levees; Missouri,
denounced
was
2,000,000 additional persons
$9,000,000 for reservoirs; Arkansas, $21,000,000 for reservoirs; Red River,
relief rolls, but those who advocated the
on
that by shortening hours and raising
put on the job immediately.
which would force
by opponents as one
.
.
$321,000 for levees in Arkansas and Louisiana besides the Denison project;
The latter contended
legislation said untold benefits would result from it.
additional workers would be
wages,
It
was
defeated, 141 to 33.
An amendment
to
The vote
work week
mum
was
Mississippi
Democrat, of North Carolina, to exempt workers
Rarton of New
of the
opposed construction
interests
after
The final vote came shortly
before the
Morganza
of New England Congressmen,
a group
Representative John McCormack (Dem., Mass.), were defeated in
led by
attempt to circumscribe the flood control compact joining Massachusetts,
The wage-hour advocates next shouted down an amendment by Repre¬
Vermont and New Hampshire by reserving power develop¬
Connecticut,
York, making exemptions apply to firms which
rights for the Government.
ment
experimenting with the annual wage plan.
were
authority to proceed with either
Eudora was started.
in tobacco warehouses.
sentative
in
the Eudora in Arkansas and Louisiana, or the Morganza, at his discretion.
The House refused, by a voice vote, to accept an amendment offered by
Representative Cooley,
Slough
fight in Louisiana and Mississippi
The chief of army engineers was given
Democrat, of Connecticut,
voted down, 21 to 2.
was
Chena
and
by divorcing the Morganza and Eudora floodways, permitting them to be
of 53 1-3 cents an hour and a 30-hour maxi¬
wage
River
constructed separately.
45 to 7.
by Representative Phillips,
provide a minimum
Tanana
$163,000;
Washington,
in
The bill compromised a flood control
attempt to provide for a specific 40-cent minimum wage and a 40-hour
maximum work week.
$1,608,000;
Spokane River, $308,000; Mill Creek at Walla Walla, Wash.,
Yakima
$100,000;
Mississippi,
in
Alaska, levees for Fairbanks, $565,000.
Representative Connery, Democrat, of Massachusetts, was defeated in
an
Homachito
$6,500,000; Williamette in Oregon, $11,300,000;
Santa Ana in California,
.
bring all employes of the Federal Government within the scope of the
bill.
$40,000,000;
Mississippi,
lower
Representative Maas, Republican, of Minnesota, offered an amendment
to
1938
28,
May
$315,000; Ohio River,
Connecticut, $11,524,000; Hudson and Mohawk,
An amendment by Representative Bland exempting from the bill workers
engaged in the processing and taking of fish was accepted by
of 153 to 100,
after it had
teller vote
a
Appropriations
Included
in
President
Roosevelt's
Request for $107,143,000 in Additional Funds
been rejected.
once
The House also accepted by a voice vote an amendment by Representative
Grosser of Ohio making the bill apply to railroad workers whose hours and
In his message to Congress on May 20 asking for additional
appropriations of $107,143,000 President Roosevelt included,
besides the $94,285,404 for the Commodity Credit Corp.
that was noted in our issue of last week, page 3272, $415,000
would make them otherwise amendable.
wages
Reporting to the New York "Journal of Commerce" on
May 24 Raymond R. Dickey stated that weekly and semiweekly newspapers of 3,000 circulation and under were
exempted from the measure under an amendment offered by
Representative Creal (Dem., Ky.) and adopted by the
Hoiise by 140 to 93.
The passage of the bill by the Senate
July 31 last year was noted in our Aug. 7 issue, jiage 855.
for the Railroad Retirement Board which
Government
of
session
United
States
Steel
Corp. Loses Point in Suit by
FTC—Court Refuses Corporation a Stay of FTC
1924 Order, Against "Pittsburgh Plus" Prices Pen¬
ding Appeal
The Federal Trade Commission
in its attempt to enforce a
May 19 won the initial
14-year-old order against
what it termed "Pittsburgh plus" prices charged
by the
United States Steel Corp.
The Third Circuit Court of
Appeals in Philadelphia dismissed the corporation's plea
for a stay and remarked that it believed the
corporation was
fully protected by an appeal which it had filed.
The cor¬
poration and four of its subsidiaries on May 18 filed an
appeal from the FTC order of July 21, 1924, and also asked
for the stay.
Court proceedings were noted as follows in the
Philadelphia "Record" of May 20:
location of the producing or shipping
plant.
Judges Concur
"Big steel" moved for the injunction and review Tuesday, and Judges
Joseph Bulfington and J. Warren Davis yesterday heard the stop order
plea.
In declining the injunction, they said they felt the
corporations
fully protected by the appeal for review.
FTC
Court has ruled
Richard C. Whiteley,
for the
some
on
Eugene W. Burr and Martin
declared
some
injunction
pricing
on
case
parts of it still
grounds it
and
cease
are
desist
uses
take
Another request
are
multiple base rate points instead of
ago,
but
any
years
complaint in
a
against several cement companies.
14
"compiled in
a
Some
U. S.
"Pittsburgh plus" type in that
indicated yesterday
long time, since there
and most
of the
attorneys
a
ruling
are
on
$9,940,000
a
case
never
was
enforced
on
Upheld
as
who originally handled the
case
are
dead
or
to United States Steel include American
American
Steel
&
Wire
and
Tennessee
Iron & Railroad.
Powers of the
employees of
government can
taining
May 19 passed the omnibus flood
record vote
case
measure
changes existing law by providing that the Federal
Govern¬
governments for 70%
right-of-way for dams and reservoirs.
of the cost of land, easements
officials
these
right-of-way, easements or
however, has authority to relax requirements
50%
The
would
immediate
inauguration
of
many
projects
authorized for which local interests
have been unable to supply
their part.
These would include the Caddoa dam in
Eastern Colorado.
Senate Minority Leader Charles L.
McNary (Rep., Ore.), told the House
Flood Control Committee recently if it
did not provide that all
land costs
by the Federal Government, he would ask
such
an
in the Senate.
amendment
of
con¬
One of these rulings held that the
tickets to intercollegiate
on
referred to in the "Chronicle" of April 16,
Another 6-to-2 opinion holding that the Federal
was
income tax from Port Authority
an
delivered
was
by Justice
Associated Press
The
of
Port
court
In summarizing
Washington advices of
Stone.
Authority litigation had caused
asking
Federal
protection
from
States to
25
"Federal
usurpation"
file
brief with
a
and
burden
"the
taxation."
opinion whether
no
Federal tax may be imposed
a
the
upon
Port Authority itself with respect to its receipt of income or its other
activities," Justice Stone said "we decide only that the present tax neither
the
threatens
nor
continued
"So
much
is
government
but
the existence of
the
Federal
States
a
which
admission
allowed,
would
essential
upon
the
income
may
as
the co-existence within
to
and hence is
reach
the
a
same
burden
presupposes.
impose
wheih
power
tax
decision,
"does not
the
to
an
admissible
Constitution
has
extent
granted
a
to
Justice Roberts held
extend
to
business
that
immunity from
enterprises conducted by the
gain."1
Justices
Butler
The
and
McReynolds
decision
Appeals holding such
State
laid
tax
taxing sovereigns,
Constitution
taxing
function
Government."
taxation
participate.
a
the
two
any
government.
incident to
the
the
if
the
upon
for
of
obstruct
to
State
the
of
necessary
immunity,
Federal
of
the burden
the State
"The
unreasonably
existence
of
an
reversed
a
dissented.
invalid
assessment
Justice
ruling by the
on
Cardozo
did
Fifth Circuit
not
Court of
the ground that it burdened
university.
President Roosevelt has asked Congress for legislation to permit reciprocal
Federal and State taxation of the salaries of State and Federal employees,
as
well
The
taxation
as
Port
that
of
Authority
the
the
income
decision
Authority
from
reversed
functioned
as
State
a
an
Federal
bonds.
by
Federal
and
ruling
agency
Jersey and that hence the employees' salaries
were
the
of New York
immune
Circuit
and New
from Federal
taxation.
The bill contained
ruling in the admission tax decision said:
"However essential a system of public education to the existence of the State,
the conduct of exhibitions for admissions paid by the public is not such a function
of State government as to be free from the burden of a non discrimintary tax laid
on all
admissions to public exhibitions for which an admission fee is charged.
"When
that in
so
a
State embarks in
a
doing it is exercising
immune from Federal taxation.
specific authorization of
$54,000,000 for the Denison
Red River between Oklahoma and
Texas.
a
It provided the authorizations for river
systems,
has embarked in
a
.
governmental power does not render the activity
...
in order to raise funds for public purposes,
basiness having the ircidents of similar enterprises usually prose¬
cuted for private gain.
"If it
be conceded
that the education of its
prospective citizens is an essential
the preservation of the State as
legislative and judicial branches, it does not
provide the funds for any of these purposes by con¬
governmental function of Georgia, as necessary to
in the
maintenance of its executive,
follow that if the State elects to
a business, the application of the avails in aid of necessary governmental
functions withdraws the basiness from the field of Federal taxation."
ducting
including:
a
.
basiness which would normally be taxable, the fact
"The important fact is that the State
Another section provides that
facilities adapted to future use for
develop¬
ment of power may be installed in the
authorized dams upon recommenda¬
tion of the Chief of
Army Engineers.
on
were
impose levies
decisions,
The
permit
already
Dam
the income
.
change
be put up
tax
May 23 said:
the
Court
At present local interests must
put up all the
land costs.
The President,
up to
to
corporations
May 23 by two decisions of the United
on
Government could collect
control
authorizing the appropriation of
$375,000,000 to be expended over a
period of five years.
The measure now goes to the
Senate.
In United Press
advices May 19 it was stated:
The
Government
quasi-executive
Federal admission tax
a
2470.
In
ment reimburse local
Taxing
Authority
Port
football games at the University of Georgia and the Georgia
Institute of Technology was delivered by Justice Roberts.
restriction
on
of
on athletic contests at State
universities and the other upheld similar taxes on employees
of the Port of New York Authority.
A G-to-2 decision sus¬
Coal,
$375,000,000 Flood Control Bill—Measure
Proposes Construction over Five Year Period
a
adjudicated
pay
Admission Tax in Case of Foot¬
States Supreme Court.
House Passes
Pouse
Employees
Federal
State
siderably widened
the
and
Well
as
organized
Carnegie-Illinois,
Department to
Interior
Supreme Court Decisions Widen Federal
precludes
considerable degree.
the review petition may be delayed
retired.
Bridge,
to the
goes
ball Games
40,000 pages of testimony to be certified
Companies involved in addition
claims against the Collector of
pay
one.
by the FTC because the companies obeyed it to
was
for $3,782 to
was
Powers—Taxes
current
The system used by the
Order Never Enforced
a
lengthy
the
Department of
claims of various Indian tribes.
This
They objected to
being violated.
might be adverse to
have
issued
The order which brought about the
present steel
It
by
the Government in the Court of Claims.
"Expressing
for
necessitated
bration, $900,000.
enforce¬
A. Morrison, attorneys
concerns
order
cement concerns differs somewhat from
the
it
cannot
the review.
commission, told the Court the steel
respects" with the
$408,000,
office,
Customs at New York, while $9,940,793 is asked to pay judgments against
page
attorneys assured the Court the commission
ment action until the
Printing
Congress; Civil Service Commission, $400,000;
on
The "Pittsburgh plus" system is the
practice of charging prices plus the
freight rate from Pittsburgh to destination, regardless of the
geographical
Two
made necessary
Justice, $139,306; War Department, for the Gettysburg anniversary cele¬
move
1
was
by the greatly increased reduction in railroad employment.
The President also requested $400,000 for the War Depart¬
ment to pay the 16,667 men expected to enlist in the new
army reserve.
Other appropriations asked included:
Volume
Butler
Justices
and
stood
"So
Federal taxation as hitherto
applied."
far
the. State.
is
public
is
It
from all State gross income taxes on
added, "the university
of
question is an
such because it
instrumentality carrying on the State's program
an
The holding of the athletic contest in
part of that program and does not cease to be
education.
integral
The application of such a constitutional test will—as a practical matter—
inevitably result in exempting all enterprises engaged in interstate commerce
interstate commerce receipts, whether
profitable or not.
At the same time, local interstate enterprises, doing business in the same
communities, must pay State gross receipts taxes whether profitable or
plainly
under¬
"
:
the validity of the tax," they
concerns
as
that the tax "seems
McReynolds contended
and
within the rule of State immunity from
unprofitable.
Such
Georgia and
of
Universities
The
refused to pay $895
Georgia Tech had
They contend that they were
in
putting
The
Court Upholds NLRB in Three
Cases—Findings in Remington-Rand,
Diamond SS. and Carlisle Lumber Actions
United States Supreme
performing an essential government function
Federal tax was an unconstitu¬
Important
the football games and that a
on
Black
burden.
tional
tional
that business.
System of Georgia,
$3,914. respectively.
The regents of the University
which controls both schools, brought the suit.
essential part of an educa¬
"commercialized activity."
schools filed briefs with the court against the
government said that football was not an
and was a
program
clause—designed to prevent a
upon those engaged in interstate
unfair and discriminatory burden
of an interstate business to make
burden in affording protection for
Commerce
of the
construction
a
State from imposing unfair tax burdens
commerce—actually serves to impose an
upon local intrastate business.
Failure
a profit does not r elieve the State of its
produces income."
and
3431
Chronicle
Financial
146
The
delivered three decisions
Supreme Court on May 23
These were
four
position.
government's
of the National Labor Relations Board.
described as follows in United Press Washington
advices
and
States
Thirteen
May 23:
The
Tax
Profits
Undistributed
Upholds Principle
Court
Supreme
States
United
of
Gross Income Tax
involved
to prevent payment
owner,
of surtaxes.
the opinion,
with Justices
dissenting without writing and
Justices Cardozo and Reed absenting themselves.
At the
same
time (May 16) the "Times" advices noted, another
major tax case was settled when Justice Roberts asserted
delivered
Brandeis
Justice
and
McReynolds
Butler
for the Court that the
Indiana
gross
receipts tax
McReynolds disagreed with both
Justice
municipalities.
conclusions, Justice Black with the first and Justice Cardozo
did not share in the Roberts finding, said the "Times" from
which
also quote:
we
The large monetary sums
the grocery
A New Jersey cor¬
Since 1911 the concern
that dispute.
815 stores.
capital stock, all owned by Mr. Kohl.
had $200,000
In the year
ending Jan. 30, 1931, the books showed a net
850 after paying $104,000 to
income tax of 12%
Mr. Kohl as salary and the
profit of $682,regular Federal
$7,245,824
The surplus increased during the year from
.
.
The Government asserted that the
Remington-Rand
Mr. Kohl, in order that he would not
be forced to pay a
heavier income tax.
The Corporation
countered that dividends were not
declared because the
plowed back into the concern, chiefly to set up more stores.
Although the Internal Revenue Commissioner found against the grocery
profits
were
Commissioner only
and the Third Circuit Court re¬
Board of Tax Appeals sustained the
the
company,
by the narrow margin of eight to seven,
versed the board, on the
ground of no substantial proof.
Justice Brandeis commented that
he had included for the
tion
owned
by him.
was
$115,000 additional if
Corpora¬
fiscal year 1930-31 the net income of the
Contradicting assertions by the Kohl counsel, the
Justice remarked at one
"There
Mr. Kohl paid a personal income tax
1931 but that there would have been
of $32,034 in
point:
ample evidence to support the findings
of the Board of Tax
The Corporation held on Jan. 31, 1930, bonds and stocks valued
$2,779,718.07; on Jan. 31, 1931, it held $2,989,452.74—an increase of
Appeals.
at
The list of these bonds and stocks showed that they were
$209,734.67.
no
way
in
related to a grocery business.
"That the purpose
indicated by the following facts:
and excess cash Jan.
31, 1931, represents about four-fifths of the total accumulation of the sur¬
plus profits during the last 10 years, which amounted to $5,742,455.35.
"If the surplus profits of the fiscal year 1930-31 had been distributed as
dividends, the additional surtaxes payable thereon by Kohl in the year
1931 would have been at least $90,744.56, and for the preceding nine years
would have
aggregated $1,240,852.30."
and Norwood
porting reinstated strikers to
provision
would subject that commerce to
Constitution, Justice Roberts
sales in interstate com¬
double taxation, estopped by the
stated:
"The exaction is to such a character that
laid to the fullest extent by
in which they are
if lawful it may in substance be
States in which the goods are sold as well as those
manufactured," he said.
thus be subjected to the risk of a double
"Interstate commerce would
tax
burden to which intrastate commerce
commerce
repeatedly held that such a tax is a regulation of, and a burden
interstate commerce prohibited
The opinion of the
tution.
not save the tax
by Article I, Section 8 of the Consti¬
State Supreme Court stresses generally and
nondiscriminatory character of the
exaction, but it is settled that this will
if it directly burdens interstate
The J. D. Adams Manufacturing
Supreme
is not exposed, and which the
clause forbids.
"We have
upon,
commerce."
Co. of Indianapolis, winner in the State
Court, contended that application of the tax to income from
securities was a violation of the sanctity of contracts
interest on tax-exempt
clause
of the
Federal
Constitution
because bonds carried a tax-exempt
clause.
But Justice
Roberts supported Indiana's contention that the State
did not create a contract,
on
the bonds, but
laws
and even if they did, this did not cover interest
merely ad valorem taxation.
Justice Black's Dissent
In
his
broad.
dissent,
Justice Black held that
He said:
Y. ; Middletown,
and Marietta, Ohio.
the costs of trans¬
their new jobs, but the Circuit
Court struck
the order.
from
jurisdiction of the
NLRB over maritime labor relations had been questioned before the high
tribunal, and the court's action in refusing to review the case apparently
upheld the Board's right to decide such cases.
'■ (■
Carlisle Lumber Co. was ordered to notify its employees that individual
"yellow dog" contracts between thein and the company were a violation of
the Wagner Act, and to grant exclusive bargaining rights to the A.
F.
Black
of
Diamond case
the first time in which
from A.ssociated
recognition
It was instructed to with¬
Employees of Onalaska, Inc.
Sawmill Workers' Union.
and
Lumber
L.'s
was
Arguments in
Republic Steel Corp. Case
heard arguments on its show cause order against the
Third Circuit Court of Appeals, which had refused NLRB permission to
withdraw its decision
against Republic Steel Corp. to correct possible
the court
Later,
charged in
errors.
The steel corporation's attorneys
a
the court that NLRB has advanced an unconstitutional
procedural
filed
with
brief
inter¬
pretation of the Wagner Act in its efforts to withdraw the decision.
The Supreme Court action came a few hours after the National Council
Independent Unions,
claiming to represent more than
1,000,000 workers,
American system of government.
Paul W. Horner, Canton, Ohio,
asked Congress to amend the Wagner Act to permit "business to go for¬
ward" so jobs "may be available to all who want to work."
"We believe that the National Labor Relations Act is largely responsible
tor
this wave of intolerance which flouts private enterprise, discourages
personal initiative, encourages mob rule and paying of tribute for the
charged that the NLRB is threatening the
A letter signed
by Council Chairman
right to work."
Set Aside NLRB Order
by the United States
of Appeals at Chicago
Petition
Fansteel
to
Under Advisement
Court
States Circuit Court
United
The
Taken
Circuit
of Appeals at Chicago,
16, took under advisement the case of Fansteel
Metallurgical Corp. vs. the National Labor Relations Board.
The case was a petition from the Fansteel company to set
aside an order of the NLRB to reinstate 95 employees dis¬
May
on
sit-down strike in the company's North
Feb. 17, 1937. The Second Illinois Appel¬
late Court at Ottawa, 111., on May 10 (as indicated in these
columns May 14, page 3112) upheld in a unanimous decision
the Lake County Circuit Court in imposing- fines and im¬
prisonment upon two organizers for the Committee for In¬
dustrial Organization and on 37 sit-down strikers for refus¬
ing to leave the company's plant until driven out by police
with tear-gas bombs.
United Press advices from Chicago,
under date of May 16, said:
"The sit-down strike of the men was a foolish and illegal act," NLRB
attorney Lawrence Hunt told the court.
"I am not trying to justify the
sit-down strike.
They have been properly punished by other tribunals.
The NLRB is not a police court.
It has very limited powers."
Beside the reinstatement order, Fansteel was instructed by the NLRB to:
Cease
and
desist from alleged unfair labor practices; bargain col¬
lectively with Amalgamated Association of Iron, Steel and Tin Workers
of North America, Lodge 66 ; withdraw recognition from and disestablish
the Rare Metal Workers of America, Local No. 1,, as representative of its
employees for collective bargaining; and make financial restitution to
after
a
Chicago plant on
Issue
Imposition of the Indiana gross receipts tax to
merce
Remington-Rand joint
originally instructed the company to pay
Boaid
The
charged
Double Taxing in Indiana
ordered to bargain with the
Tonawanda, Ilion and Syracuse, N.
at its plants in
Conn.,
of accumulating this huge surplus was to escape the
$4,395,413.78 aggregate of bonds, stocks,
was
agency
imposition upon Kohl of surtaxes, was
"The
with the Marine
Association,
the metal trades deparcment
unit of
of
Brandeis Points to Surplus
by Black Diamond company
board of the District Council of Office Equipment Workers, a
of A. F. of L., as exclusive bargaining
protective
Company purposely failed to declare
dividends, which would have gone to
back pay to 147 employees of
restoring their jobs.
$153,000 in
than
Onalaska, Wash., in addition to
breaking agencies.
.
.
4,000
Committee for Industrial Organization
affiliate, as representative of its licensed engineers, and reinstatement with
back pay of 35 employees who went on strike Nov. 23, 1936.
The Remington-Rand decision was one fo the most critical ever issued
by NLRB. It blamed James H. Rand, company President, for devising the
"Mohawk Valley formula" to break the strike and "proudly offering it to
his fellow members in the National Association of Manufacturers."
The decision said that Mr. Rand had employed four well-known strike¬
draw
$7,938,965, or by $693,141.
the companies
order, which include:
American Federation of Labor
jobs in Remington-Rand factories.
more
Beneficial
Engineers
The
in the Kohl case and the career of
chain founder lent a romantic aspect to
poration, the cash-and-carry chain has
Carlisle
and
Corp.
Steamship
decisions meant that
Board's
approximately
of
Compulsory bargaining
this
Background of Kohl Case
of
Payment
court
the
with
comply
Carlisle Lumber Co., at
constituted
burden upon interstate commerce, but said that it could
be applied to previously declared tax-exempt bonds of Indiana
a
must
lower
the
strikers to their former
3.
victories when the tribunal
orders against
upholding NLRB
Diamond
Black
Inc.,
review
to
Reinstatement
2.
decisions
Court
Co.
Refusal
1.
principle of the undistributed-profits tax was sus¬
tained on May 16 when (said Washington advices to the
New York "Times") the United States Supreme Court by
a 5 to 2 vote upheld a deficiency levy of $477,360 upon the
1931 income of the National Grocery Co. on the ground that
the concern had been used by the late Henry Kohl, sole
three Supreme Court
won
Circuit
Remington-Rand,
Lumber
The
today
review
to
(Kohl) Grocery Case In Another Case Brought by
Co. Court Rules on Indiana
Adams Manufacturing
to
of
NLRB
refused
National
of
Case
in
orders
upholding
the majority opinion was too
employees
and
partisan
Board
reinstatement.
for Fansteel, charged that the Board was
in its decision and that "to enforce the order of the
be to encourage mob violence."
'
refused
Swiren,
Max
would
"The
strike,"
Board
Mr.
attorney
had
declared that there
Swiren told the court.
biased
Labor
malicious sabotage in the
"Nevertheless there was a $60;000
was no
Financial Chronicle
iLi3432
plant property and 37 men later were convicted in the State courts
to
loss
and the convictions
recently were upheld by the State Appellate Court."
"Times" said I
discharged for cause, that to
participants in "violent and destructive" sit-down strikes would
defeat purpose of the Labor Act, and that a majority of employees were
not
represented by Lodge 66.
He denied the company had a part in
organization of Rare Metal Workers.
Mr. Hunt cliarged
that the company placed a labor spy in its plant
Mr.
Swiren
that
argued
the
were
men
reinstate
the
when
"The
"The
tried
men
It
was
^dke
g0jd an(j 6jiver and capital items, there remained receipts of $711,000,000
classified as "other transactions and residual" which could be explained
tQ tjje extent 0f $200,000,000 by secret stabilization fund operations, and
other
in
have
he
said.
reemployed by the company.
been
York
New
c,10*-o;«0
n
*.
Court Sustains Amendments to
Appellate
btate Arbitration
Tlie
York
New
of
Appellate Division, in a 4-tO-l de-
State
had
arbitration
Slnt
bept.
1<m
1
disputes/which
business
of
ompndments
Tho
became
niiestion
in
and
State
the
the
to
case
rpstrict
thp
e^n 0r
challenge
wholesale
been
the
made
Asserting
favor
In
Lowenstein
firm
&
award
from
Finkel
this
and
disposition
which
Division,
ruled
confirmed
was
the
that
question
whether
services, estimated at $4,611,000,000, increased
while net imports of gold and silver were
gain of
than $250,00,000 compared with 1936.
more
expenditures abroad by tourists from this country were $610,-
increase of $113,000,000
an
1936 and only 25%
over
000'000 in 1936 to *s«,000.000 Jn 1937, while
of
jncreafie
$52,000,000
the
over
previous
agreement existed
proceedings
be
could
between
only
raised
the
by
to raise this
were
oroceedincrs
arp
the
1933 "
^ Smmary
.J
.
b
.
'
...
,,
dissenting from the
Merchandise
+
-
Notice of
e,
t,v-
Vww1
Iinkel
&
+nirwn
had
taken
G"ld
+85,000,000
+,160.000,000
-,49,000.000
—1,116,000,000
—1,586,000,000
+86,000,000
1,030,000,000
+ 200,000,000
1,386,000,000
—174,000,000
—83,000,000
.v..
.
Total gold and silver movements (net)
—"l,204,000,000 —SI,469,000,000
Capital Items—
Movement of short-term banking and brokerage
funds (net)
+404,000,000
+ 290,000,000
Long term capital movements (net)
.
_.
_
.
,
.
+773,000,000
—12,000,000
+22,000,000
Miscellaneous capital items
Total capital items (net)
Other transactions and residual..
_
Venezuela Sign Provisional ComAgreement—To Remain in Force Until
mercial
(net)
Paper currency movements (net)
+u„
r,n~+
...
Umtedjlbtates
and
force until
a
#
Directors
comprehensive agreement is signed.
By
Washington advices of May 19 to the New
jn
xork
Both
governments
concede
to
agree
reciprocally
unconditional
ILZI JnZllrin'; treatmcnt i" *11 that
the National Power
of
voted to sell to the Tennessee
Journal of Commerce,
the application of the most
favored nation principle to the exports of the two countries
will be continued, in conformity with the
following articles:
^ie
To
Provisions of the
the advantages
accorded
now
by the United States of America
adjacent countries in order
to
advantages resulting
of
America
To
the
its
or
Knoxville, Tenn.,
acceptance
of
offer
an
Knoxville and
provisions
advantages
the
by
the United
Panama
Canal
this
shall
continue to
or
articles transshipped
imported into Venezuela.
III.
^
and shall
more
through
in force for
comprehensive
status
another
in
of
the
respect of
territory
any
Rico
or
the
a
period of
come
one
agreement
country by advance written notice
of not
IT
*«■
.4
United
in
Virgin
into force
year or
or
less
than
on
30
denounced
«-
otates
c
In
TliP
T)pnnrtmanf
'
rvF
.,
ii
P.
system
said
by
higher
the
offer
President of
the purchasers.
authorities
owned
ago—and
"final."
Sawyer,
B.
authorities
week
a
to agree to
Tennessee
Public
was
made
the utility
Mr.
Sawyer,
in
com-
how-
the purchase of
Service.
Private
reportedly seeking to buy the transportation system,
are
the
company's
does
not
statement
include
a
said,
transmission
is
line
subject
to
extending
Kingsport, Tenn.
however, is being taken
Power
&
over
by American Gas & Electric, which,
Light, js an affiliate of the Electric Bond & Share
much
as
around
circles
expected
47% of the
common
stock of National Power &
the directors' action at a
Mr. Sawyer said no date has been decided
prompt
meeting.
approval
of
as yet for the special meeting.
Mr. Sawyer, it was understood, would go to Memphis next week
continue negotiations with municipal authorities there for the sale
to
of
National Power & Light's subsidiary in that city.
The principal negotiations involving TVA and private systems, however,
those for the sale of properties of Commonwealth & Southern Corp.,
comprising all of the system of the Tennessee Electric Power Co., the
largest in the State, and slices of the Mississippi Power, Alabama Power,
are
^
Commerce recently made public
^ ?
otittup 1
annual
as
utility
Payments
Improved in 1937—Department of Commerce SurFinds Net Payments on
Trade
and Service
Accounts Reduced to
$49,000 000
officials
when
as
Knoxville
made
Light is owned by Electric Bond & Share—amounting to working control—
days.
vey
3-dviCGS Of
system,
either
,
Light
$7,900,000—which,
This,
this date
International
of
subsidiary,
a
York
and
TVA
$7,500,000
of
the Knoxville
railway
special stockholders'
.
btatus
of
describing the details of
the
after
offer
representatives of
"minor adjustments"—also
or
Islands
by
&
failed to get
street
The
until superseded by a
until
In
they characterized
yesterday
interests, however,
^
C«-
Power
like National
commercial
properties
for
Co.
came
their
conferred with
pany,
from Waterville to
Puerto
.The present agreement shall
remain
apply
$400,000
Washington
America,
hereafter accorded by the United States of America,
possessions or the Panama Canal Zone to one another
3. To
Article
of
one
by
National
party.
to
ever,
paragraph
decision
which, at the time,
a
States
Zone
directors'
boosted
States
or
irrespective of any change in the political
possession of the United States of America.
and
the
become
may
The
shall it apply
United
nor
which
pro-
May 19 Said
Cuba.
of
now
territories
or
to
of Venezuela
accorded
now
frontier traffic;
unions
a
$7,900,000 made by the City
of
TVA
the
tho trjmS&Ctioil, A.SSOCi£lt6(I PrGSS N€W
i
hereafter be accorded
may
breaking
thus
area,
disposition of private properties in the face of government
The directors recommended to stockholders
by the United States of Venezuela to
or
facilitate
customs
States
possessions
the Republic of
The
any
United
advantages
territories
to
or
the
or
to
from
which
or
May 19
on
competition.
and
concerns customs
foregoing article shall not apply
& Light Co.
Valley Authority their inter-
longed deadlock between tbe TVA and private utilities over
Tennessee Public Service
Article II.
2.
+ 711,000,000
Properties in Knoxville Area—$7,900,000 Purchase
Price Is Agreed to by Utility Directors
more
this means, said
its
+ 807,000,000$
+177,000,000
National Power & Light Co. Accepts TVA Offer to Buy
States and Venezuela.
This agreement is separate from the
planned reciprocal trade pact and is intended to remain in
1.
+ 5,000,000
State
Department at Washington made public on
May 19 the signing in Caracus, Venezuela, on May 12, of a
provisional commercial
agreement
between
the
United
1.
+ 512,000,000
+§1,187,000,000
Preliminary.
Reciprocal Trade Pact Is Made
The
and &Um
silver exports and imports
said:
^
-T
+ 345,000,000
+82,000,000
Gold earmarking operations (net)
Gold movements (net) - - — - -..................
part in the arbitration proceedings.
no
—110,000,000
+330,000,000
Gold exports and imports
and who fails to take steps to upset the arbitration proceedings within ten days is
to have forced on him by operation of law a contract he never made."
«„ivof„nTv
-f '261,000,000
-mXS
Other transactions, adjustments, &c
arbitration
Cohn
33,000,000
-ISoiKooo
fci:::::::::::::::
interest and dividends
Appellate
"It is entirely unreasonable to assume that the Legislature intended that a party
who had never made a contract to buy merchandise or to arbitrate any dispute
Schafran
.
—61,000,000
SrnhtS^oSVtmns;
instituted
Justice Albert
majority view,
.
.
arbitration
the
arbitration procwaings are lnstitutea.
In
to
funds from the United States ever experienced in so short a period of
time and the first heavy withdrawals since the banking crisis of February-
Freight and shipping.
question, the court held, must be given within 10
davs nf thp time thp arbitration
days oi tne time tne
made
Net receipts (+). or payments <-)
dis-
made.
was
Payments
their
on
J
injunction
valid
time
instituted and the time the award
were
intention
intoestjind dividend
year.
investments in the United States were estimated at
$275,000,000 compared with $238,000,000 in 1936.
Dr. Taylor described the movement of funds out of this country in the
last quarter of 1937 as "one of the heaviest withdrawals of short-term
foreigners
.
an
below the
payments on American investments abroad amounted to $020,000,000, an
J
award
award, to prevent
a
j
Taylor's summary of the balance of international payments for two
arbitration
an
proceedings
yesterday
of
i
«
Trade and Service Items—
for
instituted
an
,
,,
1936,
from
charged
was
Dr.
Ket receipts of interest and dividends on foreign investments rose from
rights.
The injunction
effect.
into
going
It
to
peak.
1929
Finkel, Inc.,
&
arbitration
Inc.
calling
contract
Schafran
Lowenstein,
Schafran
Sons,
proceedings in Supreme Court, after arbitrators made
missed
appeared in
Of the amend-
$1,500
a
&
substantial
of
had been any
never
and
the
.from
whom
against
M.
of
deprived
there
itself
house,
goods
amendments
the
all
had
the validity
mes O
ay
the amendments came
to
cotton
had
between
favor Of
in
which they contended simplified and clarified proThe court's decision was reported as follows in
ments,
cedure.
The
Of Commerce
Chamber
argue
000,000,
effective
1, ldo7.
I he amendments in que. tion restrict tne
legal action which may be taken to avoid or to overturn an
arbitration award.
The American Arbitration Association,
the General Arbitration Council Of the Textile Industry,
+
goods and
a
Estimated
011
according
1936.
$914,000,000
by
Act
May 20 held as constitutional amendments which
'been made to the
State law governing the private
cision,
omissions,"
or
Sales Much. Larger
,
,
Purchases
11
errors
The study showed that the estimated sale of merchandise and services,
exclusive of gold and silver transactions, by this country to other nations
in 1937 amounted to $4,562,000,000, an increase of $1,025,000,000
over
,
via
"possible
by
respects
Taylor,
•
*T
•
computation of international payments on trade and service items,
Trade
bargaining,"
collective
of
right
the
would not recognize an outside union."
brought out in the hearing that 35 of the 95 who took part in
company
the 8R-down
After
organize.
refused
were
men
to
May 28, 1938
Washington dispatch of April 28 to the New York
a
vey,
its
Study or international payments
by Dr. Amos E.
Taylor, revealing that tbe net international
payments by
the United States on trade and
service accounts in 1937
and Georgia Power companies.
It was believed likely these negotiations
wouid be resumed to the point of discussing price in the near future,
amounted to only
in the preceding
following an independent audit of the properties.
The Knoxville negotiations had been dragging on since the spring of 1934,
$49,000,000
as
The
year.
contrasted with $160 000 000
survey
nointPfl
ont
+W
figure for net payments, which includes interest nad
dends
pf
or
flip'
tne
was
In
"stronfflv
refWprf"
TTrdfprfb<^to+ot
united btates.
given
in
the
4
A
.
+bp
'th^
divi
linterest nad dm-
?e lon£_term creditor
Similar comparison for
Chronicle
Of Sept. 18,
a
position
year ago
1937, page 1833.
summarizing the Department Of Commerce current sur-
and at one time the utility co™pany .had a^eed
toT^U out at i?6^08?'000
today's transaction.
This was halted by a
and the negotiations were abandoned altogether after the private companies in the valley brought a joint suit
against TVA, challenging its constitutionality.
The Supreme Court has
accepted this suit for review, after it was first decided in favor of TVA.
the
game
g^p
properties
as
in
of preferred stockholders
Volume
Financial
146
and
sale appeared in these columns a
An item bearing on the
week
ago,
3359.
page
Commerce
World Peace, Secretary
Foreign Trade Dinner World
to Civilization—Message from
Vital
is
Roosevelt
President
17 Trade
Praises
Pacts
Nations are heading for disaster as result of a
policy of economic autarchy, Secretary of State Cor dell Hull
said on May 25 in a radio address from Washington to the
world trade dinner of the National Foreign Trade Council
City, in connection with the celebration of
National Foreign Trade Week.
Mr. Hull warned that
"the very survival of Western civilization" depends in large
measure
upon the rebuilding of international trade.
He
also read a message from President Roosevelt, in which the
President pointed out that 17 trade agreements had been
negotiated with foreign Governments since 1933, and said
New
York
economic well-being
that these pacts had strengthened our
and the foundation of world peace.
In his message,
Week
has been
For four years our
engaged in a major effort to reopen the
that
we
With
we
so
our own
gradually building more secure
At the same time
strengthening the foundations of enduring
are
world peace, which is
the well-being
of civilization and to
May 26 quoted in part from
follows:
that
he
they had helped
Hull contended that
Mr.
them,
"vicious attacks"
and
warned,
develop a growing
mitigate
recession."
important phases of the present business
He
to
"has unquestionably served to
volume of exports which, in turn,
many
however, that there has recently
exports, since trade must
Mr. Hull made
market
was
branches
a
of
process."
necessarily be a two-way
detailed reply to the "spacious
of industry
every
competition and that some
or agriculture were being injured or destroyed."
case reductions of duty rates had been made only
Sees Pacts' Critics Belied
as
subsided or entirely disappeared as soon
the terms of the particular agreement
four years
became known," he said.
of operation of the trade-agreements program
so
he continued,
the signal for a
signing
each
fresh outbreak.
of the recent
new set
of negotiations has served
He described that which
agreement
accompanied
with Czechoslovakia as "vertiable
observer" as having said that these
and misrepresentations" were only alienating fair-minded
hysteria," but he quoted "a competent
"exaggerations
persons.
History proves that the development of
of International commerce have been two
order under law and the growth
of the principal forces in shaping
growth of Western civilization, the Secretary continued, and a rovitalization of these forces is "an urgent and outstanding task confronting
the
today."
mankind
"The alternative is fearful to
contemplate," he said, "but it must be
Stable and durable peace
established, except upon moral
In the long run excessive
autarchy will undermine and break down the domestic econo¬
faced by all thinking
and orderly progress
people today, everywhere.
in any region cannot be
principles and a sound economic foundation.
efforts toward
mic structure of the country
"The
of the
in the
Mr. Carson declared that the pubHc
being served when the railroads enjoy a huge net income,
largely taken from coal, while the coal industry is being operated at a tre¬
mendous loss.
Mr. Carson said that the
transportation charges for coal make up a great
portion of the deiivered cost to the consumer, and should be one of the
primary considerations in establishment of minimum prices by the Coal
Commission.
dispatch of May 25 to the New York "Journal
speech of Mr. Riehberg as fol¬
lows:
He also urged placing emphasis on cheerful aspects
situation and avoidance of stressing only
"If
we
in America had
conditions
throughout
prevailing
with it the political
extent the social structure
Nation.
Too many Nations in the world are today steering straight
direction of such an economic, political and social Niagara."
R.
of government, and to a disastrous
Riehberg Urges Cooperation Between Govern¬
and Business—Addresses Annual Convention
ment
of Purchasing
Agents—Speakers Predict Industrial
Recovery
General Counsel of the Na¬
tional Recovery Administration, told the annual meeting of
the National Association of Purchasing Agents in St. Louis
on May 25 that business and Government should end their
"heated denunciations," and substitute a policy of patience,
tolerance and faith.
He warned his audience against yielding
to criticism of business on the one hand and Government on
Donald R. Riehberg, former
the other.
Earlier,
on
Association's
May 24, Frederic J. Heaslip, Chairman of the
business Survey Committee, said that some
purchasing executives believe that the bottom of the current
business decline is being reached.
His remarks were re¬
ported
as
follows in a St. Louis dispatch to the "Wall Street
Journal":
Mr. Heaslip added:
is not
"An extensive business decline of further wide scope
anticipated and it would seem to be a matter
when subsistence requirements
bring about a
of awaiting the time
of an improved supply-demand relation will
betterment in commercial and financial affairs."
of the committee, released at the meeting, showed
The monthly report
conditions in May slower than in
the
of difficult and un¬
world,"
he
declared,
"we
might not yield assent so readily, on the one hand, to criticisms of business,
finance and labor and,
The
for commodity
need
of fields
variery
handling
as
the other hand to criticism of
on
a
means
Government."
research studies, specialized knowledge in
for the purchasing agent,
a
and simplified invoice
for rationalizing purchasing routine and promoting
harmonious relations between buyer and
seller, was emphasized by other
speakers before the general session.
The paper
shipping container committee of the association, at a luncheon
of the Mead
Corp.,
Chillicothe, Ohio,
few years will supplant
Goldsmith, Vice-President
that kraft liners within the next
jute, straw and other materials in two-thirds of the
market.
Purchasing executives are confronted with a
of ail types of commodity
of "ups
breath-taking rate
Comptroller
of the
need for specialized knowledge
markets to enable them to keep pace with the
and
Brown &
downs" in business,
Pointing out that in the past 20 years the Nation
witnessed four depressions
ferris-wheel" which is
accelerating in pace.
Clark/discussed the effort which the purchasing
organization is making to keep pace with business
the group's commodity
has
and four corresponding peaks in business, the
speaker declared that business is "riding an economic
steadily
Donald G. Clark,
Sharpe Mfg. Co. of Providence, told the
agents' National
trends, and indorsed
research studies and the Handbook of Commodity
Data Sheets developed by
the association.
Subscriptions to $25,000,000 Offering of Federal Na¬
tional Mortgage Association Five-Year 2% Notes
$1,305,000,000, Jesse H. Jones,
Totaled
of RFC
Chairman
Reports
Jess© H. Jones, Chairman of the Reconstruction Finance
Corporation, announced on May 23 that approximately
4,500 subscriptions aggregating $1,305,000,000 had been re¬
ceived for the $25,000,000 Federal National Mortgage As¬
sociation five-year 2 % notes recently offered for sale by the
RFC.
He stated that allotments will be made on the basis
of 2 % of the amount of the subscriptions with a minimum of
$5,000 to banks, insurance companies and dealers and a
minimum of $1,000 to all others.
Subscriptions of banks
reduced before allotment
were
to not more than
one-half
also made
in the large subscriptions of dealers and others.
The total
amount allotted is approximately $29,000,000.
The excess
over $25,000,000 was allotted in order to make a minimum
allotment to all subscribers.
The offering was referred to
their
in
capital and surplus and some reductions were
our
May 21 issue, page 3276.
Railroad
Problem One
of
April.
Inventories continue downward
Most Serious
Confronting
Nation, Says H. H. Hermann of National Associa¬
tion of Credit Men—Move for Third Party—Con¬
vention of Association
D.
of the Nation's present
adverse factors.
keener daily consciousness
a
persisting upon such a course.
resulting economic collapse will drag down
structure
in the same period
Bituminous Coal Commission, said.
interest is not
"Nearly
recklessly indulged."
Nevertheless,
as
the
stabilization within the business structure
appear."
Carson, consumers' counsel, National
have belied com¬
pletely the dire prophecies of injury and destruction to American farmers,
workmen and business men, in which critics of the program have so freely
and
later
involved.
after the most careful study of the factors
In the main, the attacks have
even
than $4,000,000,000 John
were more
Mr.
plea that the American
being thrown wide open to foreign
He said that in
How¬
supply-demand ratio,
better
than $350,000,000, while net earnings of the railroads
morning session.
been a sharp decline
business activity in this country,
later this decline in imports "must lead to a decrease of
imports, reflecting the slowing down of
and that sooner or
of the supporting factors in the
sooner or
of
of working time, but this feature is expected to be
expense
Losses of the bituminous coal industry during tne last 12 years were more
liner
from the "ill-founded
said had been leveled against
Warmly defending the reciprocal trade agreement
assertions"
one
that must
minimum in practicaUy
and in innumerable cases supplies are
evidence
gives
meeting today, heard a prediction by Alan G.
people of every land."
The New York "Times" of
Mr. Hull's speech as
month
lines of trade, as there
beyond the time of anticipated consumption.
many months
each
though at the
wide
National economic well-being.
essential to the continued progress
of the
channels of trade. The
countries during
that has been made.
persistance we are thus
patient
government
have concluded with 17 foreign
this period attest to the progress
foundations for
lasting
happy
lasting prosperity.
We have profited by that experience.
certain
of Commerce" outlined the
of Foreign Trade
isjan altogether fitting recognition of the vital role of foreign commerce
in the economic life of the Nation.
Our own experience, no less than that
of other Nations, is living testimony to the fact that a healthy and vigorous
flow of trade between Nations is an indispensable requirement for general
trade agreements
"Inventories will have consider¬
says:
Little headway is being made in some circles
manufacturing plants.
due to reduced rate of operations
A St. Louis
the President said:
This annual observance throughout the country
and
all
Credit
poorer.
continues the constant effort to lower supplies to a
ever,
Too many
in
buying policy in all sections is still confined to immediate needs.
tighter and collections
able influence upon the turn of affairs in
Economic Autarchy Endangers
Warns—Tells
is
Discussing inventories the report
«+»
Hull
3433
Chronicle
June 5-10
problem is one of the serious situations that
this country at the moment, Henry H. Heimann,
Manager of the National Association of Credit
The railroad
confronts
Executive
of business, released
the delegates to the Associa¬
annual Credit Congress, in
San Francisco, June 5-10.
Mr. Heimann states that "ad¬
mittedly the railroad industry may have abused its privi¬
leges in the early days. But we are dealing with a presentday problem involving present-day people."
"To continu¬
ously deny an industry the right to survive because of past
actions is extreme short-sightedness, for it does nothing to
help solve the problem," Mr. Heimann says, and he adds:
Something must be done to help the railroad industry.
That something
must be a broader vision on
the part of the regulatory bodies, taxing
authorities and the general public.
It isn't that the railroad sare demand¬
ing subsidies or that they are entitled to them, but they are demanding
and, in my opinion, are entitled to escape penalties for actions that were
inflicted in another day when railroad management may not have been as
generally ethical and constructive as is the management of today.
The
railroad management of today is deserving of decent consideration.
Men, declares
in his monthly review
May 21 as a preliminary call to
tion's forthcoming forty-third
for the development of a third
business review, Mr. Heimann says that "a re¬
alignment of political parties in this country seems inevitDiscussing the recent move
party in his
3434
able.
Financial
Chronicle
public
It is
in such
largely a matter of time. The essential thing
re-alignment is not to drift too far away from our
a
efforts
our
that if we
system, but it is my opinion
our
major political
two
to
parties,
people to buy
Mr.
can confine
of Credit
Men
made in
was
Ileimann
issue
our
of
week
a
America, San
of
business
ago
He
rules
; Dr. E. A. Stokdyk,
Cooperatives, Oakland, Calif.;
General Paul B. Malone, United States Army (retired); as
well as the keynote address, "Golden Gates," at the opening
session by Mr. Ileimann.
Can
Be
A
of
used
property
in
proceeding the Commission found the value of railroad
transportation
be
to
roughly
$22,000,000,000.
It
so
happens that is approximately the amount of the expenditures of Govern¬
ment
of railroad management
and
transportation facilities since
duced the present
together
1919.
It
for additional and improved
these expenditures that pro¬
was
surplus of transportation facilities, which is everywhere
recognized, and which has complicated the competitive conditions that
must be dealt with if the railroads are to continue on a
Following the War the railroads
were
under
now
self-supporting basis.
popular
pressure to so im¬
great their accomplishment in that respect may be gauged by the fact that
succeeding
years
they transported traffic volume much greater
than had been handled in any preceding year, with complete freedom from
the car shortages and congestion than had been experienced
formerly.
That accomplishment was made possible by the expenditure of tremendous
for capital purposes in the improvement of railroad plant and equip¬
sums
Since
ment.
the
purposes have
that
Government
War
been
has
into waterway and
the
World
railroad
for such
expenditures
aggregated almost $11,000,000,000.
Meanwhile
money
of the
end
highway improvement.
of public
sums
Recent
estimate
are
Federal Government has expended $1,500,000,000 for waterway
development since
1920,
and
Federal
that
and
State
Governments
put about $10,000,000,000 into highway improvement.
latter expenditures,
have
Because of these
the railroads have been compelled to meet a steadily
intensifying competition by other carriers who have not been required to
bear the whole cost of the service they furnish, as are the railroads.
It is
interesting to note, too, that while this tremendous outlay of public funds
has been going on, the railroads have been
compelled to pay almost $6,000,-
000,000 in taxes,
parable
for.
It
Federal,
contributions
tax
State and local, out of their
from
their
competitors
Com¬
revenues.
is
true
that
rising taxes
precipitated the acute
There is
provide
and mounting
have
operating
direction though
one
some
emergency.
measure
.
not
been
called
expenses
outside
.
.
in which steps may at once be taken to
of relief.
Progress in that direction, though, also
Establishment of equality
of competitive opportunity for the railroads with both
highway and water¬
once
carriers
will be immediately helpful.
by Congress through
carriers
passage of
That
be accomplished at
can
pending legislation placing waterway
Federal regulation comparable
under
to that recently applied to
highway carriers, and repealing the long and short haul clause of the Inter¬
state Commerce
cannot be
Act, which applies only to railroads, and which in practice
effectively applied either to waterway or highway carriers.
The
long and short haul clause now is effective principally as a means to
protect waterway and highway carriers against the fair competition of the
railroads.
That is not a proper function of regulation.
It simply penalizes
the railroads, and damages the interest of all who
are
primarily dependent
upon
railroad transportation.
more
this
help
by
increase
an
could
buy
in
its
with
more
its
the members
to
program
the
of
Association:
distinction between
put
legislation designed to write
to industry and consumers alike,
of
out
someone
team-work
both
both
in
by
all
among
business
business.
factors
and
value for
schools
in
to
work
the
and
government,
out
sound
with
the
idea
to
the
real
public.
for
consumers,
as
distribution.
terms
Troubles
of
homespun
English
from
the
consumers'
Primarily
Steel
Responsible for Present
Girdler Tells American Iron &
T. M.
Depression,
Institute—-E.
Create
Better
Weir
T.
Urges
Industry
to
Publicity—W.
A. Irvin
Discusses
Changing Trends Before Annual Meeting of Steel
Leaders
Labor troubles
are primarily responsible for the
present
depression, which should soon give way to recovery, T. M.
Girdler, President of the American Iron & Steel Institute
and Chairman of the Republic Steel
Corp., said on May 2b
in opening the annual meeting of the Institute in New York
City.
There is no basic economic reason, Mr. Girdler said,
why the depression should be of long duration.
Ernest T. Weir, Vice President of the Institute and Chair¬
man of the National Steel
Corp., told the meeting on May
2b that all American industry,
including the steel industry,
"has distinctly failed to sell itself, and has
neglected to give
the people of our country
opportunity for a proper under¬
standing of the fundamentals on which industry must
operate."
Mr. Girdler said in part:
Someone
has
characterized
this
as
an
"under-investment" depression.
has dried up, not because of any shortage of
The normal flow of capital
capital, but because of uncertainty
and small
investors.
than 17 billion
Since
1933,
or
fear
bank
on
the part of millions of large
deposits have increased by
more
dollars, and today
are near the peak for all time.
Clearly,
then, capital is in plentiful supply, and therefore is available for investment
if the investors have confidence in the immediate economic
situation.
The record of capital issues of the last few
years sheds further light upon
In the five years preceding 1933, investors of the
countn
approximately 25 billion dollars of new private security offerings.
took
In
that
period borrowings
same
3^2 billion.
by the government
amounted
to
about
In the next five years, private flotations dropped to 3 billion,
while government borrowings rose to over 16 billion.
can mean
A change so startling
only that investors generally have lost confidence in the prospects
for private enterprise.
There
and
are some who profess faith in the
ability of government to spend
legislate the country into prosperity.
But the experience of the
to
recent
past as well
of such
It
the long years of history bear witness to the
futility
as
faith.
is
becoming increasingly clear that there can be no real and lasting
improvement for industry until some way has been found to release the
flow of capital into the productive channels of
private enterprise.
That can be done only by the removal of the artifical barriers
duction
to
Business
Men
Greater
Business
Francis
Self-Reliance—General
to
Foods
Exercise
President
to
Govern¬
Help;—Suggests Five-Point Program
Francis
government
said
"while
much
by government and business,
be
can
to
stomach
done
that does not
should show any less self-reliance."
running
cooperatively
business
mean
"It is time
we
stopped
economic
ache,
Washington
every
time
we
get
an
especially when we might do something to
it ourselves," he said.
His other remarks were quoted
follows in
"Business
improved
search ;
a
spends
products;
and
the
$200,000,000
yearly
government
spends
labor
policy,
without
any
Apparently they have
understandable
business, offers little opportunity for investment
There
can
be
no
objection
government regulation.
certain rules and
ance
subject to
to pro¬
Nothing less than that
constant
on
return
or
policy
on
come
a
fair
toward
enterprise.
the part of industry to fair and reasonable
In this complex age, industry needs for its guid¬
regulations by government—but rules that
and upsetting
are
not
change.
The part of government in business should be the
part of a traffic police¬
man.
It should set up fair and
proper regulations and catch those who
violate
control
the rules.
But when government sets up vast bureaucracies to
industry, to restrict its functions, and to compete writh it, the net
private enterprise and frighten investors.
It is not the
result is to stifle
wrongdoer alone who suffers.
Everyone engaged
finds himself in the shackles of government control.
in
private
enterprise
In
benefits,"
discussing the need for better publicity for industry,
on
research
large
according
to
sums
Mr.
to
for
develop
new
agricultural
Francis.
"But
are
steel
all
familiar
industry.
enough to be
with
Hardly
a
the
attacks
week
goes
that
by
are
but
constantly made
that
someone
prolonging the depression,
into the economic
uniformity.
an
They
unrestraint
or
in some
manner
machinery of the country.
throwing
the
a
monkey wTench
These self-appointed critics
are
striking
a
severely and unfavorably critical; they speak with
possible only to those who
are
completely unhampered by
knowledge of the facts, and, so far as I know, not
had any practical experience in the steel business.
As
on
prominent
quoted takes it to task for causing the current depression,
one
of them
has
illustrations of the different types of persons who now offer
us
ever
un¬
solicited advice, I give you on the one hand, Mr Robert Jackson. Solicitor
General of the United States, and on the other, Rev. Carl P.
Hensler, of
Pittsburgh, who in speaking before the recent National Catholic Social
Action
Conference in Milwaukee, said: "The inflecibility of steel prices
regardless of market conditions has contributed much to the breaking down
of
our
economy."
W.
synopsis from the General Foods Corp.:
public
function.
can
speak from diverse standpoints but in some respects they betray
greater
self-reliance, with less
assistance, Clarence Francis,
President of General Foods Corp., told a
meeting of the
American Marketing Association at
Washington, May 20.
upon
enterprise
confidence of investors.
Nation without any apparent limit on taxes, without
a
impartial
We
Urged by Clarence
should cultivate
dependence
that private
Mr. Weir said:
regulatory law, with all their rivals.
Says Industrialists Should Turn Less
ment for
so
believe that
and
4.
as
of
education,
thinking
Labor
than pretense that public policies are to
permit the railroads equality
cure
in
to
Its repeal is necessary if there is ever to be
of competitive opportunity, under
Mr.
public
chal¬
a
welcome to business, and
was
result
6ame
the
competition will be fairer
will restore the lost
contingent upon change in public policies.
way
the
third
a
as
...
control by railroad management, along with recession in
general business,
is
that
ill-housed
the problem.
tremendous
pouring
statement
and
point of view.
prove their plants and facilities as to relieve the recurring transportation
shortage that then had hampered all business through several years.
How
in several
five-point
a
concerning industry and
More
5.
improvement
by the Interstate Commerce Commission, declared Z. G.
Hopkins, representing the Western Railways' Committee on
Public Relations, in an address before the Kiwanis Club at
Macomb, 111., on May 24.
Mr. Hopkins continued:
rate
ill-clothed,
that
so
how to get greater
More
facts
Accom¬
of transportation facilities so closely approximate the present
value of railroad property used for transportation as found
a recent
costs,
fact-finding,
learning
4.
interesting coincidence that the sums expended by
Government and by private railroad managements, since
In
the
the
plans.
More
3.
an
the end of the World War for additions to and
obtain
help
greater spirit
economic
plished at once by Congress Says Z. G. Hopkins,
Representative of Western Railways Committee
It is
with
allowing
help. develop
$80,000,000,000
legislation designed to
2.
II. Preston, Professor
Railroads
to
clear-headed
a
that
so
and
Banking, University of Washington
to
could
suggested
Make
1.
President Berkeley Bank for
Some Measure of Relief
income
efficiency and lowered
states
Howard
Francisco;
Administration's
is ill-fed,
men
would
government
problems,
thereby
costs,
a
great new market
He said that the stated objective of the Administration
the national
Attache in Shanghai: Howard Whipple, Vice-President Bank
of
distribution
money."
the
to
and
business
lower
to
1938
present income.
that the speakers will
include Dr. Paul F. Oadman, President American Research
Foundation; Julean
Arnold,
United
States
Commercial
Mr.
their
population
marketing
for
raise
Mention of the annual convention of the National Associa¬
(page 3283).
with
more
both
means
interpreted
country.
better
we can expect a
complex
our
Francis
lenge
bringing about
if
of
and
ways
Nation's
the
of
further
studies
finding
that
re-alignment within them,
type of government."
necessary
tion
benefit
their
of
idea
set-up of two major political parties.
It would he a sad
day for this Nation if we developed a multitude of different
parties." "Perhaps," he said, "we could absorb a third party
in
would
increase
May 28,
and
re¬
the
A. Irvin, Vice-President of the Institute and ViceChairman of the United States Steel Corp., discussed chang¬
ing trends in the steel industry.
He emphasized the modern
use
of
lighter products and the
group
of extra-strong work-
»
Volume
146
able alloy steels
He added:
made possible by
in¬
In the four-year period from 1935 through 1938 the
Such is the price of
equipment and construction.
the
equipment
in all lines of manufacture, it is unthinkable that the
steel
was
increasing
It is interesting to note in this connection that during
technological
union
asserted
longer
no
the
of
an
setup
action"
Press
May
accounts,
further
stand
17,
recorded
by
It
urged
action
and
eight
action
Security Act
national
take
but
and
on
permanent
a
requiring
one,
a
and
wages
hours,
amendment
relief,
housing "is urgent for the shoring
protection of the
of
up
of the people,"
masses
low-cast
the
housing
slack
basic
in
"carried
program,
needs of the country,"
the
up
out on
scale
a
ground that such
the
on
industries
and
building
trades
the housing situation.
Amendment
domestics
the
be made
the problem of unemployment
years
said.
a
would
help
the government's policy
future.
government.
congressional
Social
the
matter
emergency
in
in
that after
large enough to meet
employment in the industry
progress,
the
the Amalgamated urged that this policy
years,
course
the resolution
the recent period of
increased.
The response to these new trends in steelmaking has been significant
and the variety of applications of the new products seems incredible.
Nevertheless, it is safe to say the future adaptations of higher quality,
lighter weight steels will far exceed anything yet experienced or suggested.
Anticipating this future demand, the industry has brought its production
intensive
follows
the industrial structure and for the
of
labor.
plate production necessitates the use of more skilled
and tin
of
which tends to swell
Furthermore, the new process
and total payrolls.
employment
sheet
five
Immediate
Such products generally require more
man-hours per ton to finish than do heavy products,
both
last
permanent
Average earnings of employees have been benefitted by the
importance of light steel products.
the
deliberate
The
high level of suitability and satisfaction.
on a
Associated
the
as
Pointing out that such social control had been
"a
Our goods must be maintained
industry should fall behind the procession.
in
indicated
Association:
for
for new
but in the face
progress,
3435
reported
which
dustry has spent or will have spent approximately $840,000,000
of improvement
was
methods of fabrication.
new
Continuous mills represented only one item of expense for new
in recent years.
Chronicle
Financial
.
the Social
of
and
Security
Avorkers
marine
unemployment compensation
Act
include agricultural
to
advocated,
Avas
provision
together
help
to
with
workers,
of
extension
part-time
workers.
activity revives, the makers of steel will be found ready to meet all demands
Sidney Hillman, President of the union, although advocat¬
ing Federal wage-liour legislation, said on May 15 that the
for America's basic product.
union
When business
facilities to the highest level of effectiveness in its history.
^
William
Green,
F.
.
1_
+.
L., Declares We Cannot
Continue to Combat Emergency Conditions with
Government Spending—Natural Way to
Reduce
Unemployment Is to Provide Work in
Private
Industry—Urges Cooperation Between Labor and
Industry
A.
of
of
Cincinnati
in
May
on
rivalry than
mum
drop to
conviction—a
our
shorter hours and
conclusion
based
pockets of the great masses of
people,
our
money
for the products of American industry.
ployment
is
provide
to
work
for
tions
way
unemployed
in
of working and
The A.
of L. is
F.
a
the
solid,
The
all embrace
said Mr. Green.
The A.
and
realize, to
F.
of L.'s attitude is
Tom
and manage
States
Chamber
"simply
shows
of
how
Constitution,
our
full
the
"sIioavs
on,
And
Iioav
as
Ave
the
read
necessary it
there
rights
by
freedom
and
too
are
many
democracy
our
as
speech and
of
resolutions
we
the government continue vigor¬
our
its
free people.
.
.
"not leave the Avorkers of the
Avould
calling off
of
of
those speeches
is that
that the Labor Board
lurch,"
in the
that
Avar
on
either
Henry
Ford
and
complained that instead of commending the Board's recent "elemen¬
The
cases."
been
she said,
public,
unfair
guilt, and
All that is
spirit.
same
under
went
she
of the Circuit Courts have tried
some
prevent the Board from giving such further
had
required is respect for and recognition of the economic, legal, and industrial
Act
ignore those fundamental rights
tary caution and fairness," "actually
More
and understanding.
in that
the United
of
Wagner
the
Girdler.
She
to
of peace
one
are meeting us today
action,
assembly.
She promised
He added:
employers
more
of
ously to protect the constitutional rights of
industry.
new
a
Director of the NLRB, defended that
the recent vote
repeal
for
a
the Wagner Act really is."
of
freedom
concept, a workable ideal that
will bring about peace instead of strife in American industry,"
us
Herrick, Regional
calling
guaranteed
into the
property must be conceded and safeguarded.
"Let
M.
Chamber's
country
own
Board, in an address before the
May 14 defended the National Labor Rela¬
employers who still
substantial, enduring American institution.
The right to
Relations
remarking that
necessary
It is
principle of private ownership, private initiative,
protection of private property.
mini¬
a
Extracts from
Elinore
Commerce
living conditions.
It is committed to the
sufficient without
be
nullified, because wages might
low figure and that workers would not be
on
Board.
Mrs.
to reduce unem¬
private
would
her speech are quoted from
special dispatch of May 14 to the "Herald Tribune":
The natural way to increase purchasing power is to raise American standards
and
Labor
convention
they will be eager to spend
The natural
the
bill
Elinore
tional
simple logic—that higher wages,
on
end to sweatshop conditions will put money
an
a
not
with shorter hours with earning power curtailed.
M. Herrick, Regional Director of the Na¬
Mrs.
conditions
What is the natural way?
hours
very
a
content
Government spending is an artificial
of increasing purchasing power.
he could
provision, saying that purchasing power would
wage
agency,
with Government spending forever.
or
of
more
as
also said that
He
war.
wages
He also described the contro¬
be broken down and the law
20,
The simple truth is that we cannot go on fighting emergency
civil
a
maximum
a
employment.
with Mayor. LaGuardia, who told the convention that
agree
said:
means
plans for asking for either higher
no
between the C. I. O. and the A. F. of L.
versy
William Green,
President of the American Federation of Labor, declared this
to
be a propitious time "to reaffirm the readiness and
willingness of the American Federation of Labor to get
together with business and industry in a recovery program."
Air. Green remarked that "again we are faced by critical
industrial conditions.
Again the Government is preparing
to spend billions to relieve the distress."
Continuing, he
Speaking
had
shorter hours of
had
been
falsely
proceedings,
that
consideration to these few
led
it
to
had
believe
the
admitted
Board
its
oavii
"turning tail and running away."
noAv
was
first
its
in
Philip Murray, Chairman of the Steel Workers Organizing
Cominiteee, an affiliate of the Committee for Industrial
trial Exhibition.
Organization, proposed on May 10 that President Roosevelt
an open conference of representatives of labor, industry,
finance, agriculture and Government, to seek a means out
of the depression.
Mr. Murry addressed the convention
of the Amalgamated Clothing Workers of America at Atlantic
Amalgamated
United Press advices of May 10 from Atlantic City
City.
quoted him as follows:
rights of both labor and capital.
call
Air. Green delivered two addresses
nati!, where he spoke incident
on
May 20 in Cincin¬
to the Union Label and Indus¬
Clothing Workers
Conclude
Twelfth
Biennial
Convention—Telegram from
President
Roosevelt
Reaffirms
Pledge to Continue "Great
Work"—Resolutions Urge
Immediate Action on
Wage-Hour Legislation, &c.—President Roosevelt
Asked to Call Conference of Labor and Capital
Delegates representing over 200,000 members of the Com¬
mittee
Industrial
for
Workers
officers
their
to
N. J.,
May 17, approved the efforts of
011
bring
unity
about
Federation of Labor and the C.
Robert
New
York
were
among
from
President Roosevelt
the
I
express
the
It
is
my
twelfth
the great
wok which
take
occasion
you
acknowledging
as
A
telegram
President in
the
so
also
it
many
to
say
their leader
the
of
Clothing
from
to
want
Workers
of
are
the representatives
reaffirm
my
of
225,000
pledge to continue
great organization
your
how
fully restored to health'and
May I
gratified
I
back at work
with them ?
FRANKLIN D.
ROOSEVELT.
According to May 14 advices from Atlantic City to the
New York "Herald Tribune" the President's message was in
response to
a
resolution adopted by the convention on
May 11, which indorsed the New Deal without reservation
and
praised
the President.
The
advices
from
which
resolution,
rushed
manifestly
pressure
hour
upon
through
Congress
of
early
for
The
if
of the
and
Instead of these little quiet meet¬
business, labor,
finance,
of this Nation,
agriculture
and
their cards on the table?
United States should call together all
proceed
"when
forthAvith
under
his
auspices
to
these in¬
conduct,
the wilderness in which it now finds itself.
The C,
I.
O. feels and believes that, if our Nation's ills are going to
be solved, the
In the past
best way to solve them is around the conference table.
few rhonths I have met with a number of very important
industrialists, and those industrialists who are truly representative of their
enterprises are willing to engage in such a conference,
Frances Perkins,
Secretary of Labor, said Congressional passage of the
purchasing power.
On May 12 John L. Lewis, Chairman of the C. I. O.,
seconded Mr. Murray's proposal for the calling of a conference
by President Roosevelt.
Secretary of Labor Perkins, speaking in New York City
on May 11, expressed the opinion that the American Federa¬
tion of Labor and the C. I. O. will eventually join together
in aiding labor.
The Executive Council of the A. F. of L. on May 4 urged
that capital and labor substitute "cooperation and under¬
standing for industrial strife."
The statement was given in
the following United Press Washington dispatch of May 4:
"Labor
the
and
basket
with
favorable
before
any
unanimity
consideration
of the
others,
in
order
of
the
to
wage
"Let
was
bring
and
closing day's session the convention urged greater
of business" by the Federal government, it
control
of America,
through logic and reason, conferences which might lead this Nation out of
and
invites
against
us
industry to
labor
discard the weapons of industrial warfare
by employers' associations
both now and in the
by," the council said in a formal statement.
all
capital.
for industrial
is
At the
groups
better
together and put
President
terested
directed
bill.
"social
got
government
days gone
taken out
Workers
this Nation's welfare should consider
of constructive ideas.
wouldn't it be much
we
quote also said:
That
Clothing
ings in certain closed rooms to discuss the economic needs
his
America.
Americans have undertaken together.
to
Amalgamated
Wage-Hour Bill would tend to stabilize industry and increase the Nation's
support
I
the development
York
Sidney Hillman, President of
convention,
convention
heartening to have sueli
that
New
of
saying:
biennial
In
am
Wagner
deep appreciation of the resolution adopted by the delegates
workers.
this
to
the
of May 14
message
F.
American
the
Mayor LaGuardia of
those addressing the convention.
featured
union,
to
Senator
and
between
O.
I.
the
of
all the forces which have to do with
Clothing
Union, which concluded its twelfth biennial session
Atlantic City,
at
Organization Amalgamated
"A time has come in the history of America," he told the Twelfth Biennial
Convention
have
new
a
vision
of the changed attitude between labor
It means the subsitution of cooperation and understanding
strife.
All of this is easy of accomplishment because all that
required is to respect and recognize the economic, legal and industrial
rights of both labor and capital."
The statement said the Council regarded "the present moment as most
opportune and timely
for
a
declaration of its basic aims and objectives,'*
3436
Financial
B. F. Goodrich Co. Strike at Akron Ended
is
An agreement to end a strike at all of the plants of the
B. F. Goodrich Co. at Akron which started on May 20 and
put more than 8,000 people out of work, was reached on
May 25, between interests representing the company and
It is said that the strike
was
as
protest against retention of
eight apprentice
with longer service were being laid
a
electricians
/while men
L. L. Callahan, President
off.
of the Goodrich local of the
United Rubber Workers of America, made the following
statement
Now that
tions with
May 20, after the strike
on
called:
was
said:
and the stopping of production work by supervisors and
It
well
as
needed for
as
of five Goodrich
front
factory employees.
plants, turning back office
Maintenance workers and
any
others
union
the company to retain
asked
had
committee
should
wage cuts of
company would
vacations and also that the company might move
discontinue
taking the
Federal Government Expected to Act in Goodyear Tire
& Rubber Strike Riot
asked
yesterday (May 27)
to settle the differences in a strike at the Goodyear Tire &
Rubber Co. plant at Akron, Ohio, which was called on May
26 by the United Rubber Workers of America, an affiliate of
the Committee for Industrial Organization, after a three-hour
battle between police and pickets.
Regarding the causes for
the conflict, United Press advices last night (May 27) from
The
plants had been operating
Suddenly the union decided to
usual.
as
The Good¬
take action, and within a few hours the police and union men were fighting
in the streets.
Last Monday union
There
representatives presented six grievances to Good¬
were a
number of meetings.
day night, reports spread that the
and union officials met and the company presented
company
to the
Wednesday and Wednes¬
intended closing its plants.
company
grievances, whereas the union
men
wanted written
ones.
The union committee went to headquarters of the Goodyear local, where
it conferred with the
local's executive board.
In mid-afternoon it
made
public its grievances and charged that the company had refused to confer.
A call went out
by.
over two
radio stations for all members of the local to stand
Union shop committee
numbering
men,
100,
ordered to meet
were
at 6 p.m.
take
has
satisfactory
the grievances from the company.
answers to
E.
Smith Urges Delegates to N.
tional Convention to Suggest
second
every
be
E.
Smith
of New York
said
May 23 that the State Constitutional Convention should
on
not
rewrite the
Constitution but should prepare not more than
dozen amendments, each of which should be submitted to
the voters separately.
Mr.
a
Smith, who is
Constitutional
Convention
a
meeting
delegate to the
Albany,
at
said
that he believed only a few changes in the New York State
basic law were necessary.
In
outlining his plans, United
Albany advices of May 23 said:
Breaking his silence
Smith
suggested
reapportion
tion
on
legislative
of
grade
Mr.
came
of
districts,
the
the
convention
constitutional
provide
of
low-cost
counties,
for
housing
expedite
first
the
amendments
time,
which
would
slum
clear¬
and
the work
elimina¬
of
crossings.
Smith's
as
of
progress
adoption
permit the consolidation
ance,
statement,
his
first
Republican-controlled
in
several
convention
days
moved
State
on
into
its
The former Governor, who also
tional
"I
the
Convention
do
not
are
excepting
There
is
no
The
Governor.
and
We
have
no
reason
that
will
than
"This amendment
He
said
program
the
should
State's
Smith
63
legislative
every
to
pass
of by
authorized
amendment
separate
general
to
law.
regulate
proviison
a
the
most
that
important
the
amendments
Legislature shall
meet
from the Governor.
message
hundreds of
on
legislative session
there should
year
after
be
a
subjects every
the
election
limited
of
financial
year.
a
new
session,
laws passed without consideration.
many
will submit
separately,
limited
a
and adjourn
on
or
number
November
and
I
believe
of
sensible
before Aug.
public to become acquainted with each proposal,
in
There
why the State of New York requires general legislating
two years, excepting in case of emergencies.
every
convention
amendments
vote
prohibiting private claim
Moffat.
the
of
legislating
general
a
at "all
practically
in
shall have
we
all
1,
of
and
time
an
needed
for
the
intelligent
the amendments
will
be adopted.
A reference to the Constitutional Convention
appeared in
April 23 issue, page 2625.
our
G.
C. Mathews of SEC in
Address at Columbus, Ohio
Accountants, Engineers and
Lawyers
Disclosures
Incident
a
his
delegate to the State's last Constitu¬
formal
complete
any
unite
in
opposition
of
to
the
as
should contemplate the
well
burden
not
as
of
fall
revision
will
have
proposals which
entire
document
and
tapping of the great reservoirs
the public treasury."
supporting State
upon
real
estate
or
but
local
the
Commission
will
bonds
be
criticized
effect
counties, saying:
in
connection
with
the
influence
and
exercise
its
contained in
were
Columbus account to the "Wall
a
Street Journal" which also stated in part:
The Commission will seek to quicken
the abandonment of accounting
practices identified with the body of accepted rules and principles "which
nevertheless
extent
frowned upon by the better thought in accounting,"
are
which
to
it
exercises
its
but
authority largely depends upon the
quality of accountant's output, the Commissioner said.
.
.
discussed
.
using
as a
accounting in relation to the regula¬
basis the experience of the Commission in
administration of the securities
No
measures.
Impartial Agency
The Commissioner said influences adverse to the wide adoption of sound
principles have thrived principally because there has
been
no
impartial
authoritative agency to review accounting material prepared for presenta¬
tion to the
public.
He declared that the SEC might
serve as an authorita¬
tive tribunal to restore the balance.
While Mr.
Mathews'
remarks
for
the
most
part were concerned with
accounting, he touched upon the two other prominent professional groups
disclosure, namely, lawyers and engineers.
in the scheme of registration and
In quoting what Mr. Mathews had to say,
advices to the New York "Times" said in part:
Mr.
Mathews
that
said
each
of the
three
Columbus
professions carried into its
work with the Commission the habits of thought peculiar to its
group.
"The tools and skills of each are ideally suited to enlarging the signifi¬
and meaning
of disclosure; traditional habits of thought and estab¬
lished relationship,
however, sometimes tend to impair the effectiveness
cance
of professional techniques as a
handmaid of disclosure.
"The Commission responds to the urge of lawyers to have the forms pre¬
cise and definite in so far as their subject matter is susceptible of precision
.
.
The engineer has so far presented a problem considerable
.
expert opinions, matters of subjective judgment, may
but, in the large,
substantial
engineering techniques have become
agreement.
"The Commission
given
no too
a
matter
of
(
also responds to the
issued
borne
for
the
by other
operation
of
the
accountant's desire that he be
rigid standard, for it recognizes that the practitioner has the
first-hand experience with actual
materials and problems of business.
"Several factors have come into existence and developed in the accounting
environment
to
mitigate to
a
substantial degree adverse influence
over
The work of the New York Stock Exchange, the
accounting practices.
growth and strengthening of accounting societies, the creation of depart¬
ments
of accounting
in our universities, the recognition of the value
of
accounting by courts and, finally, the creation of various public agencies
free accounting and accountants of their
fetters."
On the other
and procedures
"waste"
its
assert
authority to hasten general acceptance of accounting prin¬
ciples which have definitely proved their merit, it hopes to
avoid "rigidity and inflexibility" of rules.
Advices to this
have all operated to some extent to
should
Registration
Attitude of the Accountant
various
the
in
Speaking before the Institute of Accounting of Ohio Uni¬
versity College of Commerce and Administration, in Colum¬
bus on May 20, George C. Mathews, a member of the
Securities and Exchange Commission indicated that although
statement:
constitutional
The opponents
to
Statements
and definiteness.
taxes.
Mr.
of
permitted
be
by Mr.
emergency
following
once
simpler,
it."
private capital
is
for
altogether too
government,
Proposals adopted by the convention must be approved by the voters in
November before becoming law.
»
Mr. Smith, in supporting a low-cost
housing proposal which would permit
the State and municipalities to issue bonds to
provide slum clearance, said:
of
the
seasons
on.
so
If
an
on
reason
be
should
There
vary
was
1915, said in
believe
incorporated
beat
in
of the public.
support
future
only for the purpose of passing the annual budget and
appropriation bills, and that no other subject shall be con¬
eighth week
Capitol Hill.
on
in
year
other necessary
sidered
Ar.
sessions—One
Y. State Constitu¬
Cost
Former Governor Alfred
Mr.
that
so
calendars
be
not
should
matters.
adopted
Mr. Mathews
Only Few Amend¬
Housing and Consolidation of
Counties Among Proposals
ments—Low
Press
do
and all the other minute
game,
the
up
should
introduced
legislative
should
which
claim
already been
Biennial
the
State
fish and
clog
Commissioner
tion of security sales,
A.
be amended
separate bills changing the
pass
These matters should be disposed
bills.
of all
care
bills
the
The shop committeemen were told that the negotiators had been unable
to obtain
for
does not
Discusses Problems of
six-day strike at the plant of the B. P. Goodrich Co.
answers
State
the
hunting and fishing seasons and conditions, and the Court of Claims should
firm in the world, developed swiftly and unexpectedly after the union had
verbal
the
conclusion, follow:
Legislature
the
Conservation
The trouble at the giant Goodyear plants, the largest rubber processing
Yesterday the
should
it
other body
Governor.
His remarks, in
Akron stated:
officials.
reapportion
to
reasonably
a
but
or some
that the Legislature
event
should
size and kind of
regulations which
and annoy the
Similarly,
more
settled its
the
in
the Constitution
that
conservation
session
is
was
should
urging further prohibition against certain special and
bills, former Governor Smith stated:
believe
I
5,000 jobs out of Akron.
According to Associated Press advices of May 26 from
Akron the union men accepted the terms of the agreement,
which were not made public.
Mr. Callahan, President of
the Goodrich local union, said 98% of the 4,057 union
members who participated in the balloting at a mass meeting
on
May 26 approved the agreement reached by the negotiat¬
ing committee and it will be now taken to the Board of
Directors of the Goodrich Co. for approval.
The Federal Government
of representation
private claim
T. G. Graham, company Vice-President, had announced
the
convention,
commission
a
Legislature will not be permitted to
eight electrical
but called also for hourly
that unless the wage cuts were accepted
only
this
by
duty periodically.
In
but the company contended that the
Union members voted May 4 to reject a written agreement which would
10 to 20 cents.
Not
ignored.
submitted
automatically nominate
purposes
its
been
be
provision under which the Court of Appeals
I
apprentices were not covered by ordinary seniority rules.
have provided vacations with pay
have
reapportionment
a
Smith
Mr.
,' .'
the State that the present constitutional provisions
disgrace to
a
1938
28
and there
the present time,
reapportionment,
.
reapportionment
plant safety were passed through the picket lines.
workers instead of the apprentices,
year
is
for
for
Pickets marched in
workers
year
■
planned
out, we are going to demand a signed agreement, vaca¬
we are
pay
proi>osals respecting
.
local
foremen.
A
In his
too many counties at
in duplication of county officers and county 6eats."
waste
immense
an
include
called
May
"There are altogether
Agreement
as
Is Reached
the Rubber Workers Union.
Chronicle
fied by the
hand,
Mr. Mathews held that "in many
cases
principles
followed in preparation of the statements have been certi¬
accountant even though they actually are, in his opinion, less
satisfactory than other principles and procedures would have been.
Volume
[ "In other
Financial
146
in which he can find no justification for the
cases
only be confusing to a layman. Ambiguous and
can
accounting
in lagnuage
practices of the registrant, he frequently states his exceptions
that
non-informative
It
"My comments about the professions may have suggested to some of
you a feeling of unfriendliness toward them.
Such is not the case—quite
the reverse.
It would be ungrateful not to speak of the real help these pro¬
almost
seems
and
done
prise.
who
to
his
surmount so many difficulties in
fessional groups have given us to
the last
were
in
an
Probably
Clarify
ments
Certain
on
Pay¬
Regulation on Duplicate
Types of Deposits
Corporation, told the annual convention of the Cali¬
fornia Bankers Association at Del Monte, Calif., on May 26,
ance
FDIO
the
in
the
will probably
future
near
clarify
misunder¬
deposits of cer¬
tain types.
He added that if the Corporation can proceed
upon the program it has charted, and if bankers will coop¬
points upon which there has recently been
erate
"I believe that
have
reached
where
point
a
will, within a few years,
reserves
our
permit us to take
Mr.
of current requirements."
care
responsibility
partly
only
is
problems of his institution.
met
by
That is, of course, the
axioms.
tool of
The Corporation's
examining policies have been framed with a view to obtaining a complete
and an accurate picture of the condition of each bank, its management and
its prospects.
The policies give due regard to the rights of all interested
parties: depositors, stockholders and borrowers.
They have been designed
to apply in all banks,
in all parts of the country, at any 6tage of the
business cycle.
It is my belief that examination policies and standards
should be constant factors—that accuracy, honesty and completeness should
characterize every report of examination, no matter what its date nor to
There
been
has
developed,
as
fact-finding
indispensable
the
supervision, the procedure known as bank examination.
it
whom
addressed.
is
From time to time during my
between
distinctions
that
banks
for
of
estate.
evidences
rural and
path of failures from rural areas to
interdependence of
the
well-defined
The
institutions.
of
our
crisis will serve as an example.
Possibly, as has been claimed upon occasion, the metropolitan banks are
not their country cousins' keepers.
Experience has demonstrated, however,
that the converse is true and that the health of large banks depends in
Wall
Street
astonishing
during
a
haps,
the
of
fact.
.
.
.
operating record and the rate at which the Corporation's
our
such
points,
be eliminated
can
however,
as
of
position
within
ment
few
a
will
the program I have
continue to improve
their own institutions, I believe that our reserves will,
have reached a point where a reduced annual assess¬
to take care
us
of
current
requirements.
Depression Attributed by President Leopold
Pennsylvania Bankers Association to Hostility
of Those in High Places—Also Voices Opposition to
Bill to Consolidate Federal Agencies Regulating
of
Banking
Deposit Insurance Corporation and the Federal Reserve
System under one department was expressed on May 18 by
J.
Leopold, President
of the Pennsylvania Bankers
Association at the annual convention of that body in Phila¬
delphia
A
on
Reserve
Federal
conditions
The
its
in
Board
of
own
bank
is
district
of
Directors
more
than
each
conversant
one
with
central
Federal
banking and business
body
Reserve
could
bank
the Comptroller
of
ever
become.
represents
banking and business interests of that district, and while the
office
the
FDIC and the
of the Currency are cooperating closely, continu¬
ing them as separate entities seems to me to be desirable.
Remote control
the member banks, as imposed in the bill, would not be as desirable
of
as
funds in
the present
j\
situation.
ness
Leopold,
National
who is Vice-President and Cashier of the
of Lebanon, Pa., attributed the busi¬
Bank
depression to the "hostility manifested by those in high
places
to
business
profits."
In
part, he is
reported
as
saying:
business, served to inflame the minds of
Sit-down strikes and lockouts greatly interfered with the orderly
of business, and employment and confidence were destroyed.
Propaganda,
many.
conduct
derogatory
to
the
session
trust
convention
so-called
Carl W.
of
debts,
and
executives
took
over
the
active
declaration
that
there
are
"com¬
company
and
heard
a
trusts.
common
Fenninger, Vice-President Provident Trust Co., told the meeting,
State
legislation
made
progress
"still
supplement the
funds, and Federal
Mr.
"there
basis
the
is
At the other extreme, he said, are proposals
Somewhere between the extremes, he added,
of law.
for
its administrative features that it appears
in
impractical."
the simplest kind
for
these
trust law passed in New York,
recent common
a
it is "so detailed
be somewhat
to
to
regulations covering their operation."
Fenninger assailed
declaring
for
exemption
tax
and
the situation
clarify
to
Federal
in
Reserve Board
Act"
an
providing
true
protection
but still per¬
mitting flexibility.
the Association, Laurence
The newly-elected President of
closing session, said:
S. Bell, in his address at the
the
Over
rates,
I
the
months
12
loans
I
there
believe that
in
either
money,
invest
ensuing
do
nor
do
detect
not
in
is
wherein
investments,
or
any
which has been entrusted to us
money
stiffening of interest
demand for
the offing sufficient
we
might profitably
in the form of demand
deposits.
Furthermore,
great many of us
a
This is not a prime
with
banking business, and until such time as we do away
the
mission of
have been jealous in the past of our
long periods of years.
ability to pay dividends over
fundamentals we should resolve to operate
sound banks rather than banks that prove to be bonanzas to our
with
tinkering
safe and
economic
our
stockholders.
According
to the Philadelphia
"Record" the Association
for the program of the Pennsylvania Economy
League for better government at least cost, declaring that
the "burden of taxation in Pennsylvania has reached such
voted support
proportions it endangers the economic welfare of
all citizens
State."
of the
Mr.
Vice-President
is
Bell
of the Union
National Bank,
Other officers chosen at the final session yester¬
Pittsburgh.
President of the Tioga
Vice-President to
President of the
Lafayette Trust Co., Easton, reelected Treasurer.
day
Bennett,
E.
Claude
were:
Savings & Trust Co., Wellsboro,
succeed Mr. Bell, and Bart S. Reading,
County
Turning Down Applications
Expressed by Superintendent
White of New York Banking Department—Com¬
ments on Move for Coordination of Bank Examina¬
tions—Finds Continued Improvement in Quality
that Bankers Are
Doubt
Sound
for
Loans
Securities
of
of examination reports of 287
the analyses
"From
State
find that the quality of the
bond accounts has shown a steady improvement from the
last half of 1935 until the present," said William It. White,
New York State Superintendent of Banks and President of
the National Association of Supervisors of State Banks,
and trust companies, we
banks
speaking before the Allegany County Bankers Asso¬
at Belmont, N. Y., on May 20, urged bankers to
who in
ciation
confine their purchases
of securities to those of high quality.
in his address, said:
available figures, for the last half of 1937, show that govern¬
White,
Mr.
The latest
municipals, and bonds in the first
portfolios.
Only 6.6% of these
bond
of
grade,
highest
nounced
as
record
more
satisfactory than the 14.5% recently an¬
this grade for all banks insured by the
continued improvement in the
This
that
fact
a
the average in
four grades, constituted 87.9%
securities were in the fourth
Federal
Insurance Corporation.
Deposit
a
quality of securities, in spite of the
number of bonds have been
re-rated downwards, demonstrates
been giving constant attention to bond port¬
folios with the result that the lot of bank supervisors has been made a
much happier one.
Bankers are coming to feel more and more that bonds
should be bought, not because they may rise in market value or have a
that
fact
bankers have
investment for depositors' funds.
take precedence over both yield
and possible profit.
The wise banker no longer seeks earning power or
speculative profits in high yield securities of uncertain ancestry and more
high yield, but because they offer a safe
The consideration of safety must always
uncertain
future.
the Banking Department's analyses
portfolios have improved with respect to
diversification and maturities, and that for the first time
the comparatively short-term bonds exceed the long-term
White said that
Mr.
Mr.
First
satisfaction
in
however, that development of the common trust fund in Pennsylvania
the
Mr. Leopold is quoted as saying:
May 18.
acquired
property
of
ments,
Opposition to the Senate bill providing for the consolida¬
tion of the offices of Comptroller of the Currency, the Fed¬
David
prohibits banks from
pelling reasons" which have justified development of machinery for pooling
the very near future.
As to a reduction in
in terms of months or years cannot be given
years,
permit
Banking Code of 1933 will be
that the code
stated
yesterday's
I think it likely that certain
payment upon deposits of certain
Business
eral
At
business
in
answer
an
duplicate
yet.
If the Corporation can proceed steadily with
outlined, and if bankers will support our efforts and
the
of business
practice
quote:
we
some
moot
types
rate,
he conducted that business
accepted
the
provides that other real estate shall be sold within a fiveyear period which expires July 3.
From the same advices
reduction in the rate of assessment.
a
long as
as
along
Advices, May 20, to the New York "Evening Post,"
and
use
growing leads bankers to ask when they can expect adjust¬
of the items now making up our assessment base and, per¬
are
of
ments
that,
way,
business man
poor
We all would
the well-being of country banks.
general realization of this
more
I know that
resources
upon
of
periods
previous
measure
from
benefit
humane
a
enter¬
voluntarily
business enterprise unless
new
a
own
would
owning real estate other than office buildings for their own
There
of any other size.
equally true for those
is
size
one
countless
been
urban
May I here point out
small banks.
ultimate
and from the long-range point of view, what holds
Basically,
problems.
have
remarks this morning I have drawn certain
banks and
large
distinctions had to do with immediate rather than with
my
who
addressing the bankers, on May 20, the State Secretary
Banking, Irland McK. Beckman, announced that exten¬
awaits
adequate handling
logical and the
indispensable starting point.
But the soundness of the system requires an
awareness of the interdependence of the thousands of units and the coopera¬
tive
application of individual abilities to the problems of all banks.
"Come, let us counsel together" has been the keynote of many recent
bankers' meetings, and in that phrase is expressed what I believe to be
the proper approach to fulfillment of the bankers' communal responsibility.
My views on what supervisory authorities must do to meet their share
of
the responsibility for preservation
of our banking system have been
stated on many occasions.
Thoroughness, impartiality and consistency—
these are and must always be the ingredients of effective supervision.
I
have stated that nothing revolutionary is embodied in the Corporation's
supervisory program.
We ask nothing but the observance of basic banking
banker's
the
into
put money
his
in
man
man
should be said
things
many
granted to banks in that State to liquidate holdings of real
reduced normal assessment
a
Crowley said, in part:
The
and
so
business
a
business
sions under the Pennsylvania
standing, including duplicate payment upon
of
to
reasonably confident
honest
of
poor
slump, and it would likewise be
be willing
reporting this,
Chairman of the Federal Deposit Insur¬
Leo T. Crowley,
will
a
In
of
FDIC to Simplify Rules in Near Future, Leo T. Crowley
Tells California Bankers—Says Corporation Will
certain
be
ethics, he would not suffer persecution at the hands of the authorities.
five years."
that
to
that
confidence
would
business
would
i
he
incomprehensible
destroy the
Surely it
allow
expressions of opinion are relatively common.
3437
Chronicle
also
show
in
bonds
He
volume.
sale of securities
until an adequate reserve has
recommended that profits from the
treated as earnings
accumulated.
be not
been
that
Financial
3438
Mr.
had to bear
White said that bankers always
large
a
portion of the blame for anything which goes wrong with
our economic machinery, and the last few years have been
In
bankers
1933
and
1032
accused
were
having contributed
to
the
policy of easy credit, it was said, they had
depression because through a
this
find
we
time
for
bricks
that
different
a
the banker,
still being thrown at
are
is
It
reason.
contended
now
in
because he
provide business men with the capital necessary to develop their
plants, increase production and thus take the unemployed off the relief
that
is
he
fails
because he is too conservative,
to
vol Is.
■
retarding
.
sound
If
to
be able to meet his obligations.
loans,
improve our
been
have
examiners
instances
unduly
then the facts should be
methods of examination.
know,
there
effort
you
to effect
earnest
have been
I
procedure.
through
National
the
As President of that organiza¬
of the conferences in Washington,
with
definite
that
seeking
are
to
principles in
fundamental
Reference
the
to
examinations
bank
in
uniformity
seek
to
measures
PWA
Small
of
Invasion
Business
of
D.
Tells
Emery
M.
Illinois
Activities
Administration
Small business is worried at tlie Administration's
of
President of the
said
the
"spending-lending" bill
added:
"I
of idle
has to
banks
held
compete with any existing privately owned or operated public
utility, the rates of which
would
Not to include the restriction that loans and grants cannot
be made to municipalities for competitive purposes is to say
Government intends to continue to threaten business
t
small business
tions in
the credit
relax
is
do
All business,
going
reasonable thinking citizen would
any
the banking
into
What
to
are
Springfield simply to
banking.
Chances
the
I
views
your
and
have
views
of
alive its
came
out here
to
time
for
The
action
upon
You
still
by maintaining
attitude of timidity and fear.
have the respect of
is
It
duty
your
in your respec¬
the small business men
leadership.
Prior to
Are you going to relinquish
display real
to
leaders.
That
is
the
national
a
on
in
our
question.
history of this
home
Association
This fall
come
up
and
in
for
election.
district
Representatives
A
government.
bought
Small
by
home
Business
of
or
that never
elected without
realize
been
in his district?
the National
Small
Business Men's
we
will,
the
Representatives
Association
It
is
is
business
small
men
witness the election of a
according
for
the
to
which
one
will
ray
dictates
not
be
in
every
House of
of good
cowed or
The National
of hope on the political
to
you
the
decide.
horizon.
"evasion
of
nors
Chapter of American Institute of Banking
Awards
Certificates to
225
Bank Employees—J.
Stanley
Brown,
President,
Given
Testimonial
M
New
At the close of the program, Roland C. Sherrer of The
Williamsburgh Savings Bank, Brooklyn, N. Y., and Presi¬
dent of the Alumni Association of the Chapter presented
Mr. Brown with
a
scroll which read
as
Whereas,
sociation
and
himself
by meritorious
service
as
President
Alumni As¬
of New York
or
statu¬
adopted by tlie Board of Gover¬
Association of America at
Sulphur Springs, W. Va.f on
The text of the resolution follows:
at White
subsection
a
before
now
H.
of
J.
679,
R.
the
"pump-priming"
so-called
provides:
Congress,
"In the event that, due to constitutional limitations, any State, Territory, pos¬
session, political subdivision or other public body shall be unable to participate by
way of loan and grant
of
the
in the benefits of this title, the Administrator, with the ap¬
President,
may
advance
any such public agency upon
annual instalments, over a period
to
moneys
agreement by such public agency to pay back in
of not to exceed 25
years,
of the amount so advanced with interest
at least 55%
thereon for the period of amortization";
and,
Whereas,
and
by
debt
future,
limitations
and
protecting
to
fiscal
prescribed
Therefore,
vention
and
tax
and costliness of im¬
burdens, even though
Resolved,
That
the Investment Bankers Association
its Board of Governors, in the
of
public interest and for the
strongly protests this proposed evasion or circum¬
constitutional or statutory debt limitations.
State
of
I.
Statements
that
excessive debt
investors,
Governors
if
A.
B.
of
Record
Brokers
Required
Views
They
as
to
Financial
Dealers—Recommend
and
Be
with
Federal
Investment
Bankers
Filed
Banks
Reserve
Tlie
and
limitations,
debt
It
Be
of
of
to
bodies to
their securities;
in
and
policies
America, through
protection
protect taxpayers, present
establish and maintain credit
designed
are
enable public
investors
experience has demonstrated the dangers
Whereas,
Board
of
Governors
of
the
regular spring meeting, at
White Sulphur Springs, W. Va., May 14-18. adopted the
resolution after receiving a report of a specially appointed
committee which made a study and canvassed the veiws of
various
follows:
J. Stanley Brown has distinguished New York Chapter, its
Municipalities Opposed
State constitutional
of
was
tlie Investment Bankers
May 14-18.
measure
and
,
circumvention
Association
presented the certificates.
We plead that the
protesting against a provision in tlie Admin¬
York
Chapter of the American Institute of
Banking awarded certificates to 225 employees of banks in
the metropolitan area at commencement exercises held at
the Marble Collegiate Church, New York City, on May 26.
J. Stanley Brown of the Chemical Bank and Trust Co., New
York, and President of the New York Chapter presided and
act of
"lending-spending" bill regarded as proposing an
or
Scroll
The
an
Adopted by Board of Governors of
spring meeting,
prudent
York
be
The flow of free capital depends
Though money and men are eager to
of States
tory debt limitations"
within
New
something to that effect, is to
or
"Spending-Lending" Bill Affecting Debt
Resolution
istration's
proval
legislate
in
I. B. A.
How?
Representatives and one-third of the Senate
patronage.
Men's
know
Congressman
a
men
mobilizing
can,
will
House
political
you
bring about a
short time.
town.
By
we
which
of
can
men
surprisingly
a
chapter of
the entire House of
congressional
has
business
a
in
many
country
organize
your
the small business
conditions
How
the support of the small
Go
scale,
economic
fair
a
purposes,
of business.
urge
A resolution
its
status?
United,
the forward
in
The
rightfully be classed as small business
can
Not to include
the restriction would similarly
include
Limitations
,,
bankers
you
communities.
change
To
fears.
Provision
We certainly will not
much of that.
an
the New Deal you were looked upon as
that
of capital is impossible if business is con¬
Government substitute invitation for threat.
enlist
is here.
majority of
men.
tive
evils
,
bill the restriction that loans and grants cannot be made to
Government that would hearten business.
you
I
.
that Government intends to continue to threaten business and to keep
say
subject of government
who could express
the
on
number
manner.
.
business, is concerned with these
not merely the electric
municipalities for competitive
I do not come
Frankly speaking,
any
are
effective
more
a
by
express
there
are
in
There has been far too
the
eradicate
in
in the present
whole-hearted active support in remedying the evils that are retarding
strangling the life out of private enterprise.
We will get nowhere
grumbling!
itself is to grant subsidies
Such subsidies undermine confidence.
be hired, neither can be, if business dare not venture.
going to do about it ?
we
To what avail the Securities Act for
stantly threatened by the arbitrary power of Government.
business in
national scandal.
a
substitute for the orderly processes on which in¬
a
as
The free flow
propositions.
believe
not
public funds raised from all the people to be used for com¬
destructive to the enterprise?
countenance the
Competition with private
bankers, or any other business for that matter, if they had the simple
facts
properly presented to them.
The government's activities in the
field of banking—a field that rightfully belongs to private institutions—
cannot be more immune from political influence than the Works Progress
Administration or Federal relief, both of which, today are developing into
do
I
Federal Government can ill afford to set the ex¬
the protection of investors if the Government
continued:
government
industry to forge ahead is
have staked their savings.
vestors
obliga¬
In part, lie
in the other."
hand and collateral
one
and grants of
petitive purposes,
will start pouring into the banks,
men
"To
dare not
to be hired, neither can be, if business
eager
In view of all this the
thousands of
and
restrictions
keep its fears alive, Mr. Frothingham said.
to
ample of violation of this lawful and factual background and to make loans
All the Administration
capital lying in our banks.
subject to public regula¬
are now
tion."
at
the
have
that "Public Works Adminis¬
so
tration funds shall not be available for projects which will
a critical
Expeiience
expensive,"
he pointed out in emphasizing the development of the
industry as a regulated monopoly.
In part, he also said:
of the Illinois
Springfield, 111.
Declaring
money
to loan," Mr.
Emery
not venture to guess as to the millions
Association,
"the
that
Bill to Prevent
Competing with
Frothingham
of
need at this juncture, he said at another point.
has showrn that duplication of plant is "wastefully
May 24 at the annual convention
on
Bankers
President
by
Freedom for the utility
"inva¬
business,"
private
Projects
venture."
DeWitt M. Emery,
National Small Business Men's Association,
of
field
the
Urged
for
mittee, Francis E. Frothingham of Coffin & Burr, Inc.,
Boston, Presiden: of the Investment Bankers Association of
America, urged on May 26 the adoption of an amendment to
are
In¬
vading Banking Field
sion
Funds
include the restriction would similarly be an act of Govern¬
ment that would hearten business.
Though money and men
Worries
Business
Private
Men,
Bankers—Warns
"Spending-Lending"
letter to Senator Alva B. Adams of Colorado, Chair¬
a subcommittee of the Senate Appropriations Com¬
a
of
man
and
Government
of
Utilities
th
made in our May 14 issue, page 310(5.
was
to
Use
In
examination
cooperating
are
privileged to attend some
report
can
agencies*
friend.
I. B. A. in Letter to Senator Adams
progress is being made.
The examining
achieve uniformity with respect to one or two
the hope that accord can eventually be reached
respect to all examination procedure.
and
York Chapter Alumni
Association.
brought out and efforts
of
better coordination
a
Association of Supervisors of State Banks.
tion I
part of the official records of the New
We therefore welcome to our councils a sincere and loyal
respect
are
Commissioners
Bank
State
The
profession, it has been resolved that this testimonial be formally
as a
Association.
Amendment
critical with
three Federal examining agencies, the Comp¬
troller's office, the FDIC, arid the Federal Reserve.
With the assistance
of Secretary of the Treasury Morgenthau, those three bodies are now making
an
Symbolic of our appreciation of his contributions to our Chapter and to
the banking
recorded
also quote:
From Mr. White's address we
As
New York Chapter, therefore, is per se, honor and
Honor and service to
By order of the Executive Committee of New York Chapter Alunmi
much that bankers in general are turning down applications
Naturally they refuse to make loans unless they arc-
sound
to
American Institute of
Banking is dedicated to the welfare of New York Chapter and its graduates.
'
the borrower will
some
really
made
true leader of men.
as a
loans.
that
in
recovery
./
..
doubt very
I
for
satisfied
mark him
but
quarters
some
His high
coupled with original thinking, sound
humanitarian instincts,
service to its Alumni Association.
encouraged individuals and corporations to become over-extended in debt.
Today
ideals and
judgment and engaging personal qualities have endeared him to all and
The New York Chapter Alumni Association of the
of
1938
28,
May
Chapter, 1937-38, and as a member of the Board of Governors.
In part, he continued:
exception.
no
Chronicle
issuance
The
of
America,
members
of
of
financial
resolution
says:
the
at
its
Association
statements
by
with
respect
brokers
and
to the
dealers.
Volume
financial
that
believes
Beard
The
Financial
146
statements
should
be
available on
fide customers of each house, the house having the
privilege of defining the term "bona fide customer."
It seems appropriate
to point out that investors owe it to themselves and have always had the
right to require satisfactory evidence of financial responsibility before
entrusting, money or securities to a dealer or broker.
If financial statements are required to be filed, the Board recommends
that such statements be filed confidentially with the Federal Reserve Bank
of the district in which the dealer or broker is located, and not published
the bona
to
request
publicly distributed.
These statements should consist of a balance sheet only and should not
be
required more frequently than semi-annually and
should be either
audited
by an independent accountant or be in a form certified by a
partner or senior officer in conformity with the practice of the individual
the
in
firm
corporation.
or
•
I. B. A. Point to Hindrances to
Governors of
Flow of
Capital into Industry Unless Amendments to Maloney Over-Counter Bill Suggested by Association
Are Adopted.
At
meeting of the Board of Governors of the
America, at White Sul¬
the regular
Bankers Association of
Investment
W. Va., May 14-18, there was a discussion
(S. 3255) or the regulation fof the oversecurities markets, says a statement made public
Springs,
phur
and President pro tern, as the result of
conversation between
Mr. Martin and William 0. Douglas, Chairman of the SEC,
in which Mr. Martin suggested that SEC officials visit the
Exchange to
the actual procedure.
see
+
New
Exchange Standing Committees and
Special Committee to Name Candidates for Presi¬
York
Stock
dency Appointed by W. McC. Martin, Chairman
At the first regular
meeting of the
by the Association, which also states:
It
evident
was
had
having
the
passed
March
not
by
10,
As
that
Exchange, appointed the Standing Committees and a
Special Committee to make recommendations concerning
candidates for the Presidency of the Exchange.
The Special
Committee is made up of Paul H. Davis, Gayer G. Dominick,
Paul V. Shields and Mr. Martin, who is an ex-officio member
all
of
sent
acting
committees,
a
Resolved:
the
to
special meeting in
of America,
the
of
making the
is
Section
(lower
1
as
of capital into industry; and
strongly urges the Congress
R. Lawrence Oakley,
Kurt Beckers, Robert
of
case
the word "wilfully" before the word "violated"
L) (2) (/A) in line 7 on page 15.
This section
Vice-Chairman, Wm.
Joseph Klingenstein,
Wardle—Alternates:
K. Smith and Sidney J. Weinberg.
Chairman, Benj. IT. Brinton,
has
Arbitration Committee
Kurt
Gengler
D.
Joseph
Beckers,
conform
the
to
1934 to read as follows: "engages in any manipulative,
other fraudulent device or contrivance, or makes any fictitious
Act of
change
deceptive,
or
The Commission shall for the purposes of this paragraph define
devices or contrivances as are manipulative, deceptive, or otherwise
quotation.
such
fraudulent, and
(In
(3)
after
fictitious." This change will make
in connection with such
of fraud or fraudulent intent
before penalties may he imposed.
violations
event the above change (2) is made, the
the Chicago meeting, might be omitted.)
the
mended
such quotations as are
prcof
necessary
at
following change (3), recom
The elimination of all of that part of Section 3 of the bill beginning
the word "title" in line 4 on page 19, and the change of line 4 on
"paragraphs (2) and (3) of subsection (c) of Section 15
of
this title."
This section now provides the penalty of rescission for
violations of the above referred to section 2
(c) (2) and the effect of
these changes will be to,eliminate this penalty.
page
19 to read
(In
case
recommendation
(2) above should not be adopted, it becomes most
(3) be adopted, as otiierwi.se dealers may be unjutsly
innocent violations of the manipulative provision
important that recommendation
iabie for rescission because of
of Section 2
(c) (2).)
and
David W.
Smyth.—Alternates:
Jacob C. Stone.
Public Relations
Paul
Shields,
V.
Burd Grubb and
It. Lawrence Oakley, Vice-Chairman, E«
Weinberg.—Alternates:—Ralph S. Richards and
Chairman,
Sidney J.
Trigg.
William It.
Member Firms
B.
Charles
Harding,
Harris,
U.
Chairman,
Harry
Egbert Moxham and
Philip
W.
Vice-Chairman,
F. Stern.—Alternates:
Russell,
Smith and Morton
K.
C. New bold Taylor.
Stock List
V. White, Chairman,
Robert
Wm. Kurt Beckers,
Robert A. Drysdale,
Hanceck, J. M. B. Hoxsey, Joseph
Pigeon and II. Allen Wardle.
Joseph D. Gengler, J. M.
Richard
Klingenstein,
Floor Procedure
Benj. H. Brinton, Vice-Chairman, Robert
Winton G. Rossiter, Jacob C. Stone and H.
Wardle.—Alternates: Joseph D. Gengler and Harry K. Smith.
L. Stott, Chairman,
Robert
Section 2 (c) (2) on page 17, line 18,
present wording of Section 15-C of the Securities Ex¬
Vice-Chairman, Wm.
Chairman, Robert A. Drysdale,
Winton G. Rossiter and
Act of 1933.
The change in the wording of
(2)
to
of the Securities
violations
with
do
to
Stott and H. Allen
L.
now
proposed change would provide this penalty only for wilful violations, and
would make this section similar to the section of this same draft which
Jacob
P. Boylan, Joseph D. Gengler,
Robert
Rossiter,
G.
Winton
Henry
provides that members of an association formed under the Maloney
bill may be suspended or expelled by the Securities and Exchange Com¬
mission for any violation of the Securities Exchange Act of 1934.
The
G. Dominick, Vice-Chair"
Charles B. Harding and
Admissions Committee
previously recommended by this
Representatives:
House of
insertion
(1) The
in
the
before
now
E, E. Bartlett Jr., John A. Coleman,
Stone.
C.
Association,
following changes in the draft dated May 6, 1938, which
proposed bill,
the
to amend
man,
the
if
effect,
Governors of the Invest¬
the amendments
recommended at the meeting of March 10, 1938, will
bill becomes law, of further seriously curtailing
capital markets for new as well as for presently
bill
Maloney
the
Executive Committee
William McC. Martin Jr., Chairman, Gayer
E. E. Bartlett Jr.,
the failure to make
outstanding issues, and of hindering the flow
That the Beard of Governros again most
by
Chicago on
resolution was passed:
in the opinion of the Board of
That,
activities
the
a
The Committee
May 16, re¬
Chairman.
questing them to suggest names of persons whom they believe
to be qualified for the Presidency.
The members of the
Standing Committees and their alternates, follow:
John A. Coleman, Harry
Bankers Association
have
at
as
letter to all members of the Exchange on
discussion the Association announces
of this
following
the
ment
of the country,
1938.
result
a
sections
Board of Governors
the
the bill,
to study
Governors
of
Board
the
all
in
have become increasingly
unfavorable results that would occur if certain sections
amended as specifically recommended in the resolutions
the
were
bill
dealers
securities
opportunity
an
about
concerned
of
that
new
of the New York Stock Exchange held on May 16, William
McC. Martin Jr., new Chairman and President pro tern of
of the Maloney bill
the-counter
of
Board
otherwise
or
press
3439
Chronicle
P.
Boylan, John A. Coleman,
Allen
of the committeemen, Mr.
tern, appointed Dean K.
Worcester, Vice-President; Robert
L. Fisher, Secretary;
Walter
0.
Loomis, Assistant Secretary; John Dassau,
Treasurer; A. H. Franklin, Assistant Treasurer, and Brad¬
ford B. Smith, Economist.
These appointments were ap¬
proved by the Board. After the meeting of the Board, Mr.
Martin announced the following additional departmental
Following the appointment
Martin, acting as President pro
appointments:
J. M.
B. Hoxsey,
Executive Director of the
Department of Stock
List?
Department of Stock List; Howland S. Davis,
Director of the Department of Member Firms; Eugene Lokey, Director of
Public Relations; Jason Westerfield, Special Representative of the Depart¬
ment of Public Relations; John C. Korn, Director of the Department of
Floor Procedure, and A. Tate Smith, Special Assistant to the Chairman.
John Haskell,
Director of the
Governors determined to waive all committee
attendance at meetings of the Board of Governors
and of standing and special committees.
The subject of fees
The Board of
fees for
Presented with Silver Salver by Members
Stock Exchange as Token of Apprecia¬
Coordinating Activities of Exchange
Charles R. Gay
of New York
tion in
members of the New
Fellow
William Grundy, a famous English silver¬
the reign of King George III. The presentation
made in Mr. Gay's office at Whitehouse & Co., of which
London in 1767 by
smith during
partner, by a committee representing the member¬
ship, consisting of Paul L. Hughes, Chairman, James McKenna and Arthur F. Hetherington.
The salver bears the Coat of Arms of Sir Herbert Charles
he is senior
Langham, of Cottesbrooke County, Northampton,
England. The inscription to Mr. Gay is as follows:
Arthur
To Charles R. Gay,
President, New York Stock Exchange,
1935-1938,
From his fellow members,
With
admiration and affection, in
vision
and devotion to his task
re-considered at the expiration of a
be
appreciation of his loyalty, breadth of
of coordinating the activities of the
period of six
months.
York Stock Exchange on
May 26 presented to Charles R. Gay, who retired last week
as
President of the Exchange, an old silver salver made in
was
may
Stock
Clearing
change
New York Stock Ex¬
Staff Promotions to Fill Va¬
Corporation of
Announces
cancies
Clearing Corporation, an affiliate company of
York Stock Exchange, announced on May 17 a
series of staff promotions, to fill vacancies.
Isaac R. HalliThe Stock
the New
day, formerly
Assistant Vice-President,
and Robert John¬
ston'Jr., formerly Assistant Secretary, were appointed VicePresidents.
John Dassau, formerly Assistant Treasurer,
was appointed Treasurer, and Harrison H. Stanton, formerly
Assistant Secretary,
was promoted to Secretary.
Pre¬
viously these places had been filled by members of the Board
of Directors of the Stock Clearing Corporation.
Other
appointments were Ronald R. Westwood as Assistant
Treasurer and Joseph F. Brennan and Henry L. Stevens as
Assistant
Secretaries.
Exchange.
Accountant of SEC—
Successor—E. C. King
Appointed Assistant Chief Accountant
The Securities and Exchange Commission announced on
May 21 the resignation of Carman G. Blough as Chief
Accountant of the Commission, and the appointment of
William W. Werntz of the Commission's staff to succeed
him.
Earle C. King was appointed Assistant Chief Ac¬
countant.
The Commission's announcement in the matter
C.
Two
SEC
Ganson
Division
Visit Floor of New York
Exchange to Study Operations
Officials
Purcell,
Stock
Director of the Trading and Exchange
of the Securities
and Exchange Commission, and
New York Regional Director of the SEC,
visited the floor of the New York Stock Exchange on May 27
James J. Caffrey,
beginning an investigation of the market machinery facilities
personnel of the Exchange. They visited the Exchange
on the invitation of William
McC. Martin, Jr., Chairman
and
G.
Blough Resigns as Chief
W.
W.
continued:
Werntz
Named
as
3440
Mr.
Financial
Blough became the Chief Accountant of the Commission
1935,
when
faculties
that office
of
Armour
the
created.
was
Universities
Wisconsin
of
Institute of Technology.
Division
of
the
Wisconsin
Formerly,
was
He
is
at
to
time
one
join
the
a
was
North
and
a
on
Dec.
member
Dakota,
1,
of the
and
of the
He has been Chief of the Public Utilities
Tax
and
Commission
for the Illinois Commerce Commission.
and
he
He is
Consulting
certified public accountant
a
member of the Wisconsin State Board of
public accounting firm
of
Accountant
Arthur
Accountancy.
Andersen
&
Co.
on
July 1, 1938, and will be located in Chicago.
Mr.
Law
He
Werntz
School
was
was
in
law and
ness,
Forms
in
and
and
Mr.
specialist
a
as
legal
accounting
problems.
in the problems dealing with busi¬
School of
Yale
the
in
He joined
Law.
the
Com¬
and has been attached to the Division of
attorney,
an
on
1929 and from Yale
Regulations, dealing in particular with
which must be considered in the
matters
the
complex
preparation
regulations promulgated by the Commission.
resident of New
Mr.
legal
of
the
Werntz is
a
Haven, Conn.
King joined
struction
is
He
finance
1935
accounting
forms
1931.
instructor'in accounting and
an
mission
graduated from Yale University in
Finance
the Commission
in 1934, after service with the Recon¬
He has been engaged
Corporation.
trial
accounting work for more than 20 years.
East
in public and indus¬
Stroudsburg, Pa.
Mr. King is
resident of
a
Chronicle
May 28, ms
American Institute of
Banking to be held in Louisville, Ky.,
10, it was announced on May 25 by Dr. Harold
Educational Director of the organization.
The
6 to
June
Stonier,
members
the
of
of the
Institute, which is the educational section
American
Bankers Association, will hear Dr. Neil
Carothers, Dean of the College of Business Administration
of Lehigh
University at Bethlehem, Pa.; William McC.
Martin, President of the Federal Reserve Bank of St. Louis,
and
other
speakers of prominence.
They will also partici¬
banking problems in special confer¬
pate in discussions of
ences
the subjects
on
of audits and
accounting, bank man¬
bank operations, business development and adver¬
tising, credits, investments and investment banking, savings
banking, and trust business.
agement,
A feature of the five-day convention will be
the national
public speaking contest on the evening of June 6 for the
A.
P.
Giannini
Educational
Endowment pirzes on the sub¬
Improvement of a Bank's Rela¬
ject,
"A Program for the
tionship to the Public."
awarded
the first
Prizes totaling $1,000 will be
place winners.
A national conven¬
four
tion
Ernest
Angell, Former Regional Administrator of New
SEC, to Join Law Firm in New York
City
York Office of
Ernest
Angell,
ministrator
for
who recently resigned
the
York
New
of
area
Regional Ad¬
as
the
Securities and
Exchange Commission, announced on May 19 that he will
join the law firm of Spence, Windels, Walser & Hotchkiss,
New York City.
Mr. Angell became the head of the New
York office of the Commission on April 1, 1936, and his
resignation took effect on April 30, last. He will engage in
general law practice. Before joining the Commission Mr.
Angell had practiced law in New York City since 1920. He
came originally from
Cleveland, Ohio, where he was first
admitted to the Bar. Reference to the resignation of Mr.
Angell was made in our issue of March 12, page 1652.
S.
Easton
Elected
American
of
Western
Division
of
Congress—Metal
Mining Con¬
Los Angeles, Oct. 24-27
vention to Be Held in
The Board of Governors of the Western Division of the
American Mining Congress recently announced that it has
unanimously elected
Bunker
Hill
and
Stanly A.
Easton,
President
of
the
Sullivan
Mining and Concentrating Co.,
its Chairman for the current year.
Mr.
Easton succeeds Oscar N.
Friendly, Vice-President and
General Manager, Park Utah Consolidated Mines
Co., Salt
Lake City, Utah.
As Chairman of the Western Division,
Kellogg, Idaho,
The American Institute of
Banking has chapters in more
250 cities throughout the
country, with more than
45,000 bank employees enrolled in its study courses in bank¬
ing, economics, law and accounting.
Entertainment at the
than
convention will feature scenic and industrial visitation
trips
and a trip to Fort Knox.
The Brown Hotel will be the
headquarters hotel.
The
as
Mr. Easton will take active part in
shaping plans for the
Fifth Annual Metal Mining Convention and
First
R.
the American Mining Congress, to be held at the Ambassador
Hotel, Los Angeles, Calif., Oct. 24 to 27.
Regarding the
coming convention, the announcement said:
Leaders in the metal mining industry from all
producing
Nation will meet at this convention to discuss
relationship
the
to
National
common
States of the
problems and the
Government.
T.
H.
for the two general business
program
general business session, June
Curda,
Teunis
President
E.
Gouwens,
Ky.
Louisville.
of
Director
"A.
Carothers,
University,
to
B.
A.
Institute
national
9:30
of
welcome,
American
American
Reports of
of
Amendment
Address,
7,
Institute
Minister
a.
of
the
m.—Call
Banking.
to
order, Frank
Invocation,
Rev.
Second
Presbyterian Church,
Joseph D. Scholtz, Mayor of
Milton F. Barlow, Vice-President American Institute
Address
Executive Manager
Neil
American
D.D.,
Response,
Banking.
Curda.
A. I. B. by-laws.
Annual address, President
Interest in Education," Dr. Harold
Stonier,
Bankers Association and National Educational
of
committees.
Dean
of
Bethlehem,
the
Pa.
Hon.
Banking.
Appointment of committees.
Address, "Our Economic Situation," Dr.
College
of
Business
Nominating
Administration,
speeches.
Invitation
Lehigh
for
1939
convention.
Second
Rauch,
general
Rabbi
mittee
of
session,
Adath
Credentials.
on
June
Israel
Report
"Achievement," William McC.
St.
Exposition of
industry's
following is the
sessions:
Louisville,
Chairman
Mining
debate on the subject,
"Resolved, That the United
States Should Adopt and Preserve a
Policy of Isolation in
International Affairs," will be held the
evening of June 7.
Awards will also be given to the
chapters which have the
best publicity displays.
Louis,
In
Mo.
the
mental
Election
interim
of
10,
9:30
Temple,
of
a.
Martin,
m.—Invocation,
Louisville,
judges
Ky.
Rev.
Report
publicity awards.
on
President
Federal
Reserve
Joseph
of
Com¬
Address,
Bank
of
officers.
between general business
sessions, depart¬
which will be under the auspices of
conferences,
J.
A. Reagan, Vice-President
Peoples Bank & Trust Co.,
Rocky Mount, N. €., will be held in the afternoons of June 7
and
June
9.
O'Brien,
Vice-President and General Manager,
Inspiration Consolidated Copper
Co., Inspiration, Ariz., is National Program Committee Chairman for the
ITEMS
meeting.
Exchange
meeting on May 25 declined to grant the petition of
members to close the Exchange today
(May 28)—the extra
holiday having been sought—incident to the Memorial Day
holiday (May 30), which is to be observed on Monday next.
Robert Linton of Los Angeles has accepted the
Chairmanship
of the General Committee on
Arrangements.
Mr. Linton is Chairman of
the Mining Committee of the Los
Angeles Chamber of Commerce and
active in bringing the convention to the California
was
city.
A Nation-wide Program Committee is
now
being selected, and
more
than
8,000 questionnaires have been
as
sent to mining men
calling for suggestions
topics to be presented at the meeting.
In conjunction with the convention
sessions, there will be held an exposi¬
at
Displays
participate.
of equipment will include
everything
needed for modern metal mine and
mill operation.
St.
George
Holden
Federal
Appointed
Reserve
Bank
of
Deputy
San
Governor
of
Francisco
The Board of Governors of the Federal
Reserve System
May 23 the appointment of St. George Holden,
President of the St. George Holden
Realty Co., San Francisco
Calif., as Deputy Chairman of the Federal Reserve Bank of
announced
on
San Francisco for the remainder of the
current year.
Investment Bankers
Conference, Inc., Appoints Nomi¬
nating Committee to Fill Vacancy on Governing
Committee—John E. Sloane Named Vice-Chairman
of District
BANKS,
TRUST
Paul
Adler, senior partner of the
change firm of Adler, Coleman & Co.
of the Exchange, died on May 23 in
New York, following an operation.
Born in New York City, Mr. Adler
Halle & Steiglitz in 1908.
In 1917
13
Eastman, Dillon & Co., Chairman of
of
the
Investment
Bankers
Conference, Inc., announced on May 19 the appointment of
Laurence M. Marks,, of Laurence M. Marks &
Co.; Stuart
R. Reed, of Jackson &
Curtis; and Oliver J. Troster, of
Hoit, Rose & Troster, to serve as a nominating committee to
fill the place of the late
Ralph T. Crane on the Governing
Committee.
Announcement is also made of the
appointment
Sloane, of John E. Sloane & Co., New York, as
Vice-Chairman of District No. 13
Committee, which em¬
of John E.
braces the States of New York, New
Jersey and Connecticut.
+
Two Thousand
Expected to Attend Annual Convention
of American Institute of
Banking
in
Louisville,
Ky., June 6-10—Program Announced
Almost
expected
2,000 representatives of the country's
to
participate
in
the
annual
banks
convention
of
are
the
a
former Governor
Mount Sinai Hospital,
He was 47 years old.
entered the employ of
he became a member
Exchange and also served on many committees of the Ex¬
change.
In all the years of his business career Mr. Adler
active in philanthropic endeavors, to which he
brought
his optimistic and genial personality and broad
sympathies
for the underprivileged.
He was active in the Federation
for the Support of Jewish
Philanthropic Societies, Treasurer
was
of Grand
Street Settlement and
The Beekman Street
member of tha Board of
a
Hospital.
—
Committee
New York Stock Ex¬
and
New York Stock Exchange.
Mr. Adler became a
partner of E. H. Stern & Co. in 1919 and formed the firm of
Adler, Coleman & Co. in 1928. From 1931 to 1935 he was a
member of the Board of Governors of the New York Stock
.
No.
&c.
of the
13
Frank F. Walker of
District
COMPANIES,
a
♦—
to
tion of metal mining
machinery, equipment and supplies, in which a large
number of nationally known manufacturers will
ABOUT
The Board of Governors of the New York Stock
•
William W. Spaid, controlling partner in the New York
Stock Exchange firm of W. B. Hibbs & Co. of
Washington,
died at the Doctors Hospital, New York, on
May 21. He
was
58
years
old.
Mr. Spaid, who lived in Washington,
had been present in New York to attend the dinner of the
Association of Stock Exchange Firms on May 20. A native of
Pleasant City, Ohio, Mr. Spaid entered the employ of Hibbs
& Co. in 1900
as a stenographer and in 12
years was admitted
partnership. He was a former President of the Associated
Stock Exchanges, a former Vice-President of the Association
of Stock Exchange Firms and President of the Du Pont
to
National Bank from 1918 to 1922.
Mr. Spaid had also
been a member of the American Institute of
Banking for
holding various committee positions during his
Spaid's investment remains in the firm and the
surviving partners will continue the business without in¬
terruption.
many years,
Mr.
career.
Volume
Financial
146
Guaranty
York
New
of
Company
Trust
the
Treas¬
urer.
of Trustees of the
Union Square Savings Bank, 20 Union Square, New York
City, Arthur Foulkes, Treasurer of the bank, was elected
the
May meeting
of
Board
the
succeeding Mr. Stephen P. Nash.
Mr.
been associated with the bank for over
20 years, will occupy the positions of Vice President, Treas¬
urer and Trustee.
He was appointed Assistant Secretary in
1932; Treasurer in May, 1936, and elected Trustee in March,
Vi<fi
President
Foulkes,
who has
1938.
V:"Vv-';
•;
.
THE
announces
appointment of Thomas P. Jerman as an Assistant
At
3441
Chronicle
Trading
There have been occasional rallies but these
brief
and
attracted
ened
without
some
and
prices
market.
week
progressed.
Public utilities
and widely
of Directors.
of the late Governor George L. Lilley
of this
city, was also elected to the Board
National Bank of
Edward D. Smith, Cashier of the First
Orange, N. J., for the last 26 years, has been named
President of the institution to succeed the late T. H. Powers
West
Farr, it is learned from West Orange advices on May
the New York
"Times," which added:
Yardley
of FarnNichols and
A. Geib, Cashier, and Fred
Farr's death were the election
Other changes resulting from Mr.
gan
22 to
Chairman of the Board, a new post; C. Walter
as
Frederick C. Erwin,
Vice-Presidents; William
Herrmann, Assistant Cashier.
♦
Lange, Trust Officer of the Bank of Montclair,
N. J., died suddenly of a heart attack at her summer home
at Lebanon, N. J., on May 22.
Miss Lange, who was born
at Mamaroneck, N. Y., was Secretary from 1909 to 1922 to
the late Thomas Wilcox Stephens in an investment banking
business in New York, and in 1924 was elected Trust Officer
of the Bank of Montclair, the office she held at her death.
Emma E.
"Money & Commerce" of May 21 that
meeting of the directors of the Germantown Trust
Co., Philadelphia, Pa., Clarence S. Mansfield, heretofore
Assistant Treasurer of the institution, was elected Treasurer
to succeed the late Paul L. Taggart.
It is learned from
at
recent
a
Disbursement, of
representing
$33,580,000,
the
ad¬
an
10% dividend to 145,000 depositors of the defunct
First National Bank Detroit, Detroit, Mich., is under way.
ditional
In regard to
payments begun by B. C. Schram, the
receiver,
May 16, the Detroit "Free Press" of May 17 said, in part:
on
and excessive load
To avoid confusion
in
ness
checks
dividend
cashing
the mail,
on
and to insure orderli¬
Bank
the National
at
of
Detroit,
the
payoff will be staggered through the next two weeks.
The
payoff
It
will
dividends
National
First
remaining
reduce
claims
to
to 80%, or about
about $65,000,000.
remaining, about 75% of which are in slow-moving real estate,
sufficient
About
accounts
insure
to
$12,700,000
less
or
payoff,
stockholders
will go into the
$5,000
were
100%
eventual
an
reimbursement to
rata
pro
the
will bring
$280,000,000.
Assets
as
an
on
possibly
and
an
are
additional
assessments.
hands of depositors whose original
important stimulus to business.
It is learned from the "Arkansas Gazette" of May 15 that
beginning Monday, May 16, depositors of the defunct Bank¬
ers' Trust Co. of Little Rock, Ark., were to receive a final
dividend, aggregating $347,264, which would bring the pay¬
received
ments
by
them
100%.
to
We
quote
the
paper
Flam
for
final
a
payment
announced by Arthur
Bank,
depositors of
to
With
approval of
Committee
and
the
old
(May 14).
.
Trust
Co.
.
the State Banking Department,
authority of
upon
Bankers
E. McLean, President of the Commercial National
liquidating agent, yesterday
Chancery Court, yesterday,
an
the bank's Depositors'
order issued by Chancellor Dodge in
assets of the old bank were sold to the Bancor
Corporation.
The Bancor
C.
Corporation was organized by Mr. McLean, W. A. McDonnell,
and E. E. Beaumont as trustee to acquire the assets of the
Crossland
E.
old
bank and to make
certificates of
their
restricted basis
are
officials
Funds
in
of
claim,
February, 1933.
the
are
now
funds available to pay the balance due depositors
general
Commercial
on
hand
to
issued after the bank was placed
on
on
a
Incorporators of the Bancor Corporation
National Bank.
depositors
pay
full,
received
Advices
(Dominion,
by
the
Colonial
New
and
York
McLean
said
of Barclays
London, Eng¬
agent
Overseas),
a
few
on
Saturday, but fell off
list
were
a
few selected issues that
the weak spots
showed
only
fractions.
and with few exceptions
Mining and metal shares
occasional
specialties registered
gains
were
Oil stocks
were
down to
fairly steady but
advances.
fractional
spotty
the rest of the
registered modest gains,
but the changes were usually in minor
were
as
Scattered through the
including
Industrial
Chesebrough
Manufacturing Co., 1% points to 103; and McWilliams
Dredging, 1 point to 14. The transfers were approximately
56,000 shares with 192 issues traded in.
Declining prices were apparent all along the line on Mon¬
day, and while there was a feeble rally toward the end of the
day, most of the active stocks were under the previous close as
the market
to
came
an
end.
Public utilities
were
inclined to
downward
following unfavorable news from Wash¬
ington. Mining and metal stocks were down and industrial
specialties were quiet with fractional changes on the side of
the decline.
Some of the slow moving issues were slightly
higher, Bell Aircraft moving up 1 % points to 14%; Draper
Corp., 1 point to 52; Ford Motors of Canada B, 1% points
to 18%; and General Outdoor Advertising pref., 434 points
to 70.
The transfers were down to approximately 70,225
shares, the lowest level in more than 5 years.
Early gains followed by mixed price changes in the late
trading were the features of the dealings on Tuesday. Some
selling was apparent from time to time, but the volume of
business was light and the changes were largely in minor
fractions, as many of the traders were marking time and
awaiting further developments in Washington in reference to
the Administration's power policies.
Among the active
stocks closing on the side of the decline were Brill pref., 334
points to 21 %; Fisk Rubber pref., 2% points to 57%; Mead
Johnson, 2 points to 100; Sherwin-Williams, 1% points to
8134; and Bridgeport Machine pref. (7), 2% points to 78.
Curb stocks were lower on Wednesday as light offerings
move
continued
were
the
ranging
drift into the market.
to
weak shares
up
quiet and slightly higher and some of the
lower all along the line. The transfers
to 133,355 shares with 293 issues traded in, of
were
which 40 closed
side
Industrial specialties
number of losses
substantial
were
public utilities
moved
a
to 3 or more points were registered in this group.
up
Oil stocks
and
the
on
the side of the advance and 177
decline.
on
the
The
principal recessions were Duke
Power, 234 points to 60; Jones & Laughlin Steel, 3 points to
26; Lynch Corp., 3 points to 27; Ohio Brass, 2% points to
2234; and Pittsburgh Plate Glass, 234 points to 7234Moderately lower prices prevailed on the curb exchange
during most of the dealings on Thursday due in part to the
long string of dividend omissions and reductions and to the
uncertainty regarding the impending tax bill action.
Trad¬
ing was quiet, many usually active stocks not appearing on
of
the tape
during the session.
Babcock & Wilcox was down
the year following the announcement that
the directors had taken no definite steps in regard to the
dividends now due.
Public utilities were generally lower
and the mining and metal issues were weak.
Industrial
specialties were off on the day, particularly Mead Johnson
which dipped 2 points to a nsw low at 98 and Carrier Corp.
was down 234 points to 20%.
Pepperell Manufacturing Co.
slipped back 4% points to 54%; Sherwin Williams 5 points
to 75 and Pittsburgh Plate Glass 234 points to 70.
In the
public utility group American Superpower
weak spot and dipped 4 points to 58 and
declined 3% points to 7934.
1 pref. was the
Aluminium Ltd.
Stocks continued to move downward on Friday, and while
Mr.
yesterday, and payments will begin Monday (May 16) as soon as the first
claim certificate is presented.
.
.
.
Bank
among
not maintained as the
market continued to work downward.
...
in
apparent
were
to a new low for
in part:
were
was
gains
slightly stronger during the first half
were
lower levels.
son
buying
On Monday the volume of sales dipped to
added:
man
utilities
the lowest total since March, 1933.
of the brief session
Lidey,
generally
were
Public
changes.
moyed downward with the rest of the
Moderate
selected industrials but
—*—
Theodore
noteworthy
buying early in the week, but interest slack¬
Parry D. Saylor, retired business man who at present re¬
tains the position of Chairman of the Board of the Canada
Dry Ginger Ale Co., was elected a Director and Chairman
of the Board of Directors of the Waterbury Trust Co., Waterbury, Conn., on May 23, it is learned from a dispatch
(Associated
Press) from Waterbury on May 24, which
known business
EXCHANGE
CURB
the|New York Curb Exchange has been ex¬
tremely quiet during the greater part of the present week.
on
there
were a
number of advances scattered through the list,
they were largely among the slow moving stocks and without
Trading was quiet, the volume of
special significance.
transfers totaling approximately 131,000 shares against 137,000 on Thursday. The declines were most pronounced among
the
specialties, Pittsburgh Plate Glass dipping 434 points to
land, indicate that for the half-year ended March 31, 1938,
interim dividends have been declared at the rate of 8% per
65%; Sherwin Williams 2 points to 72 and United Shoe
Machinery 334 points to 6634- As compared with Friday of
of the cumulative preference shares and at the rate
prices were lower, Aluminum Co. of America closing
70% against 81 on Friday a week ago; American
Cyanamid B at 16% against 17%; American Gas & Electric
at 2434 against 2734; Carrier Corp. at 2134 against 26;
Creole Petroleum at 18% against 22; Electric Bond & Share
annum
of
6%
tribution
from
the "A" and "B" shares.
This dis¬
the "A" and "B" shares represents an increase
annum
per
on
on
5%% per annum to 6% per annum compared with the
rates
declared 12 months
ago.
last week
last night at
6% against 7%; Ford of Canada A at 16% against 17;
33% against 35; Humble Oil (new) at 58%
(Dominion, Colonial and Overseas), an
affiliate of Barclays Bank, Ltd., one of the London "Big
at
including, South, East
Palestine, Malta,
Gibraltar, Cyprus and the British West Indies.
against
Barclays
Five,"
and
Bank
maintains
West
branches
abroad
Africa, Egypt and
the Sudan,
Gulf Oil Corp. at
63%;
Lake
Shore Mines at 48% against 49%;
Sherwin Williams Co. at 73
against 85% and United Shoe
Machinery at 66% against 69%.
3442
DAILY
Financial
TRANSACTIONS
AT
THE
CURB
YORK
NEW
Chronicle
Bonds (Par Value)
Stocks
May 28, 1938
EXCHANGE
Manufacturers
Trust
Company,
(Number
Week Ended
Foreign
of
Shares)
May 27, 1938
Government
Domestic
Corporate
Total
Saturday
55,71,5
$840,000
8,000
$24,000
70,225
943,000
1.203,000
15,000
1,000
banks
99,115
...
17,000
136,865
4,000
15,000
30,000
12,000
131,275
1,196,000
36.000
24,000
Total
$6,687,000
$141,000
$95,000
York
Week Ended May
Exchange
1938
Member Federal
626,490
1,055.260
17,116,396
61,683,992
$7,177,000
$132,991,000
141,000
177.000
3,078,000
6,530,000
95,000
176.000
2,670,000
$7,530,000
$138,739,000
$227,543,000
government-_
Foreign corporate.
.....
TRUST
COMPANY
Deposit Insurance Corporation
RATES
CERTIFIED
BY
FEDERAL
RESERVE
5,794,000
$6,923,000
EXCHANGE
FOREIGN
$215,219,000
BANKS
Total....
centers,
international
1937
Bonds
Foreign
and
national
European Representative Office: 1, Cornhill, London, E.C. 3
1 to May 27
Jan.
27
1937
$6,687,000
Stocks—No. of shares.
Domestic.--.--
important commercial
Principal Office: 55 Broad Street, New York City
Curb
1938
all
MANUFACTURERS
$6,923,000
Sales at
New
complete
banking facilities.
1,256,000
626,490
Friday
its
1,361,000
50,000
1,189,000
1.316,000
133,255
Thursday
959,000
1,265,000
1,210,000
in
offers
$872,000
Monday
Tuesday.
Wednesday
through
long established connections with the leading
Foreign
TO TREASURY UNDER TARIFF
MAY
21,
1938,
TO
MAY 27,
1938,
ACT
OF
1930
INCLUSIVE
Noon Buying Rate for Cable Transfers in New
Value in
United States Money
Country and Monetary
York
Unit
May 21
We
'
SILVER
AND
GOLD
ENGLISH
THE
MARKETS
the following from the weekly circular of
& Co. of London, written under date of
reprint
Samuel Montagu
May 11,1938:
GOLD
amounted to £326,407,524
compared with £326,407,160 on the previous Wednesday.
The decision with regard to the further devaluation of the franc was
made known on May 5.
The French Finance Minister declared that there
was no question of immediate stabilization, but stated that the Government
was seeking stability and had decided that the franc would not be allowed
to fall below 179 to the pound sterling.
In the House of Commons, the Chancellor of the Exchequer stated in
reply to a question that a wild rumor that there might be some lowering
of the value of the dollar had been officially and vigorously denied in
Washington and that we, of course, were not contemplating any adjustment
of the sterling exchange.
Sir John Simon said further that the French
Government had given assurances that it was their intention to achieve,
as the eventual result of their policy, a rate corresponding to the economic
position that would give France no unfair trade advantage and that the
present downward movement would be the last.
In these circumstances,
we had agreed with the American Government that the action taken by the
French Government should be regarded as not inconsistent with the
Tripartite Agreement, which in the view of ah three governments continued
The Bank of England gold reserve against notes
on
May 4
as
May 24
May 25
May 26
$
$
$
$
$
May 27
Belgium, belga.
.168228
.168255
.168263
.168240
.168425
.168405
Bulgaria,
.012525*
.012375*
.012375*
.012200*
.012325*
.012325*
lev
.034812
.034739
.221171
Denmark, krone
Engl'd, pound sterl'g 4.954791
.021905
Finland, markka
.221060
.221059
.220512
.220600
.220596
4.951736
4.952291
4.940277
4.941458
4.942361
Czechoslov'la, koruna
.034746
.034735
.034733
.034730
.021875
.021852
.021830
.021830
.021830
France, franc
.027861
.027724
.027771
.027649
.027690
.027650
Germany, relchsmark
Greece, drachma
.401000
.400700
.400881
.400611
.401122
.401311
.009089*
.009078*
.009080*
.009051*
.009053*
Hungary, pengo.—.
Italy, lira..
.197025*
.197750*
.197500*
.197625*
.197625*
.197600*
.052607
.052607
.052603
.052603
.052603
.052603
Netherlands, guilder-
.551038
Norway.
.009044*
.552044
.551500
.551738
.550577
.248956
.248778
.248825
.248221
.248293
.248265
Poland, zloty
Portugal, escudo
.188300
.188333
.188266
.188333
.188433
.188333
krone.....
.551172
.044833
.044600
.044650
.044575
.044708
.044620
Rumania, leu
.007328*
.007267*
.007307*
.007378*
.007292*
.007300*
Spain, peseta
.059000*
.059000*
.059000*
.059000*
.058000*
.058000*
Sweden, krona
.255468
.255325
.254693
.254750
.254793
Switzerland, franc...
Yugoslavia, dinar.
.227844
.227794
.227877
.227638
.227675
.227675
.023275*
.023175*
.023150*
.023200*
.023175*
.023070*
A
.255293
C]Q
a
Ab1
China—
Chefoo fyuan) dol'r
franc
developments made for active conditions in the open gold
market and during the week about £4,600,000 changed hands at the daily
fixing.
There-was a good Continental demand for holding purposes but
sales of de-hoarded gold were also in evidence. The price tended to harden
in sympathy with the firmer tendency of the dollar.
.227083*
.227916*
.228750*
.226250*
.222250*
Hankow (yuan) dol
.227916*
.227083*
.227916*
.228750*
.226250*
.222250*
Shanghai (yuan) dol
with full force and effect.
The
May 23
$
Europe—
.227916*
.227916*
.226562*
.226875*
.228125*
.225937*
.221687*
Tientsin (yuan) dol.
.226562*
.225937*
.226875*
.227812*
.225312*
.221062*
Hongkong,
dollar.
.308093
.307781
.307675
.307268
.307062
.307343
British India, rupee..
.369475
.369315
.369368
.368481
.368550
.368553
Japan, yen
.288857
.288341
.288370
.287914
.287700
.287782
Straits Settlem'ts. dol
.573812
.572500
.572750
.571625
.571500
.571750
3.947250
3.945500
3.945500
3.937250
3.936812
3.937656
New Zealand, pound. 3.978750
3.976458
3.976666
3,968312
3.967708
3.969453
4.894000
Australasia—
Quotations—
May 5
May 6
May 7
May 9
May 10
May 11
Average.
.1
______
....
_______
Per Fine Ounce
139s. 7d.
139s. 8d.
139s.
139s. lOd.
139s. 9Hd>
139s. lid.
^
139s. 9.0d.
The following were the United Kingdom imports and exports of gold,
registered from midday on the 2nd instant to midday on the 9th instant:
Imports
British South Africa
British West Africa
British East Africa
British India
Venezuela
Peru
__
Soviet Union
Germany.
___■
Netherlands. _:
_______
Switzerland
Other countries
326,051
1,667
84,694
17,247
5,183
Belgium
France___
Italy
Other countries
has
£.557,712
steady and during the past week the two
18 7-16d. while that for cash
varied only between
18^d. and 18 ll-16d.
The Indian Bazaars have
bought and there has also been some American
Uade buying, demand being met
mainly by speculative sales and resales.
The tone is quiet and factors at the moment afford little indication as to
very
quotation remained unchanged at
tendency.
The following were the United
Kingdom imports and exports of silver,
registered from midday on the 2d instant to midday on the 9th instant:
Imports
Exports
Australia.
£13,754
Czechoslovakia
xEire
y
France
3,180
x6,030
___
Belgium.
British India
U. S. of America.
13,800
10,469
France.
Norway.
Italy
Norway
y 15,433
__
Other countries
4.903645
4.896250
4.892000
.990546
.990058
.988300
.987519
.987723
.999333
.999333
.999333
.999333
.999333
.999333
.223150*
.220000*
.208750*
.213316*
.213770*
.207875*
.988046
.987968
!987578
.985937
.985390
.985195
.330585*
.330045*
.330145*
.329440*
.329360*
.329470*
.058540*
.058540*
.058540*
.058540*
.058600*
.058460*
.051680*
.051680*
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.555500*
peso
Mexico,
peso
Newfoundl'd.
dollar-
.554800*
.554800*
.555500*
.555500*
555500*
.652391*
.651621*
.6,51784*
.650142*
.650044*
.650190*
South America—
peso
Brazil, mllrels
Chile, peso—official.
M
export-
Colombia.
Uruguay,
*
peso
peso.__.__
Nominal rate.
OF
3,611
Egypt
Aden &
Dependencies
£137,125
43,673
3,509
1,129
1,092
4,597
z31,180
z3,980
z7,220
Palestine.
Arabia
__
z8,300
Cyprus____
7,438
Other countries
clearings this week will again show
based upon
£66,277
x
m
possible to obtain weekly returns will be
18.9% below those for
Our
preliminary
a
summary
Cash
May 5__
May 6.
May 7
May 9
May 10__
May 11
18^d.
18^d.
'
IN
Oz. Std.)
18 7-16d.
18 7-16d.
18 7-16d.
18 ll-16d.
18 7-16d.
18 7-16d.
18 ll-16d.
YORK
18 7-16d.
Per
1938
May 4
May
5
May
6
May 7
May 9i
May 10.
__z__43
-43
43
43
43
43
cents
cents
cents
cents
cents
18.437d.
EXCHANGE
RATES
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
a
record for the week just passed:
—13.5
146,139,913
64,821,339
71,200,000
101,644,000
87,839,958
61,878,329
67,073,138
55,369,572
—18.6
$3,381,671,335
681,530,660
$4,053,190,567
740,916,815
—16.6
$4,794,107,382
—15.2
1,214,832,153
—33.1
$6,008,939,535
—18.9
285,000,000
Boston
_
Kansas City
St. Louis
_
J..
.
Detroit
Cleveland
■__
Cent
—15.2
—17.5
—20.6
—15.7
—19.2
—35.1
—44.0
—20.8
Total all cities, five days
All cities, one day
—8.0
cents
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
give below
—14.5
$4,875,842,394
..
263,109,977
336,000,000
177,096,000
81,616,677
84,500,000
125,747,000
135,399,335
110,417,523
84,677,808
$4,063,201,995
812,640,399
u
..
Philadelphia.
$2,599,256,675
45,046,110
New York
1937
$2,223,536,650
227,491,898
Week Ending May 27
Other cities, five days
The highest rate of exchange on New York recorded
during the period
rom May 5 to
May 11, 1938 was $5.00^ and the lowest $4.97.
FOREIGN
Our
(Per Ounce .999 Fine)
2 Mos.
_18 ll-16d.
18 ll-16d.
Average__.___18.666d.
NEW
At this center
Friday of 14.5%.
Clearings—Returns by Telegraph
Chicago
year.
against
for the week follows:
Eleven cities, five days
LONDON
$4,875,842,394,
week in 1937.
same
Baltimore.
Quotations during the week:
at
loss for the week ended
comparative
last
the corresponding week
stands
total
$6,008,939,535 for the
there is
legal tender in the United Kingdom,
y Including £13,333 in
legal tender in the United Kingdom, z Coin not of legal tender
Kingdom.
Coin of
the United
per
com¬
May 28) bank clearings from all cities of the United States
Pittsburgh
(Bar Silver
decrease
telegraphic advices from the chief cities of the
from which it is
£249,243
IN
a
Preliminary figures compiled by us,
a year ago.
San Francisco
coin not of
CLEARINGS
BANK
country, indicate that for the week ended today (Saturday,
£112,500.
been
Cuba,
dollar
pared with
SILVER
The market
months'
4.903229
.990390
North America—
Canada
COURSE
Straithaird which sailed from Bombay on May 7 carries gold
to the value of about
South Africa, pound- 4.908541
Bank
£6,284,849
The SS.
£117,435
5,435
10,940
42,030
2,343,584
21,388
148,255
7,001
_______
Netherlands
Belgium.
France....
Hong Kong
Germany
pound
Africa—
Argentina,
Exports
£2,065,330
158,326
17,246
311,400
3,626
30,194
1,125,529
Australia,
We
Total all cities for week
Complete and exact details for the week covered by the
foregoing will
furnish
appear
in
our
issue of next week.
We cannot
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
them
give final and complete
week ended May 21.
For that week there was a decrease of 16.5%, the aggregate
of clearings for the whole country having amounted to
present further below, we are able to
results for the week previous—the
Financial
146
Volume
3443
Chronicle
$4,910,000,789, against $5,882,962,357 in the same week in
1937.
Outside of this city there was a decrease of 16.0%,
the bank clearings at this center having recorded a loss of
according to the Federal Re¬
serve
are located, and from this it
appears that in the New York Reserve Distroct (including
this city) the totals register a drop of 17.1%, in the Boston
Reserve District of 21.9%, and in the Philadelphia Reserve
We group the cities
districts in which they
Week Ended May 21
Clearings at—
Inc. or
In the Cleveland Reserve
District of 13.4%.
District the
Richmond Reserve Dis¬
trict by 12.8%, and in the Atlanta Reserve District by 9.5%.
TW Chicago Reserve District suffers a loss of 18.5%, the
St. Louis Reserve District of 18.4% and the Minneapolis
Reserve District of 14.8%.
In the Kansas City Reserve
totals
smaller by 17.0%, in the
are
District
5.3% and in the San Francisco Reserve District 13.8%.
In the following we furnish a summary by Federal Reserve
District the decrease is
14.7%, in the Dallas Reserve
1935
1938
1937
Dec.
1936
•S
17.0%.
S
%
5
8
Seventh Feder al Reserve D istrict
—
Chi cago—
278.752
Mich .-Ann Arbor
322,539
—13.6
281,038
318,817
93,233,851
73,562,948
119,365,587
—38.4
101,408,358
Rapids.
2,234,848
3,039,637
—26.5
2,665,255
1,988,313
Lansing.......
1,376,653
1,112,606
1,966,830
1,056,186
—30.0
1,136,712
+5.3
1,575,253
1,087,799
16,421,000
1,167,570
17,822,000
—7.9
16,009,000
1,574,698
—25.9
1,691,803
12,660,000
840,255
Detroit
Grand
Ind.—FT.
Wayne
Indianapolis.
__
South Bend
776,465
Terre Haute...
4,048,136
4,048,715
—0.1
4,486,907
3,727,628
Wis.—M il waukee
18,072,359
21,203,277
—14.8
16,829,836
15,535,490
1,051,370
la.—Ced.
794,047
1,108,479
7,383,744
8,210,678
—10.1
7,709,524
7,237,833
3,158,727
Rapids
Des Moines
—7.6
3,093,942
+ 2.1
3,210,713
3,069,536
329,152
1,024,306
...
Sioux City....
570,188
423,972
+34.5
590,812
Chicago
277,961,850
320,108,669
—13.2
290,534,141
Decatur
958,813
860,532
+ 11.4
3,438,105
2,472,926
—39.0
686,203
4,217,441
1,221,329
1,626,038
—24.9
855,444
1,289,022
1,378,066
—6.5
1,281,273
975,518
509,6S2,771
—18.5
456,172,170
388,488,358
75,600,000
23,786,059
111.—Bloomington
Peoria
Rockford
....
Springfield
242,067,155
587,175
2,630,097
580,314
districts:
SUMMARY OF BANK
CLEARINGS
Total (18 cities)
Inc.or
Week Ended May 21,
Federal
1st
4th
Cleveland..
6th
Richmond .6
6th
Atlanta....10
7th
Chicago ...18
8th
St. Louis...
5
279,462,171
—21.9
235,098,317
3.326,209.235
—17.1
3,050,339,924
3,227,457.557
331,778,963
383,009,812
—13.4
357,298.855
365,933,440
275,630,274
331,961,869
—17.0
262,031,177
138,134,222
—12.8
117,001,593
101.526.359
148,193,143
163,736,903
—9.5
141,647,748
415,280,956
509,682,771
—19.8
90,700,000
37,030,264
—17.2
15,886,191
18,132,229
—12.4
29,293,401
16,689,593
Tenn.—Memphis
III.—J ackson ville
641,000
—25.0
515,000
376,000
129,112,866
Total (4 cities).
—18.5
456,172.170
158,203,493
—18.4
137,197.994
112,585,121
388.488,358
—18.4
137,197,994
112.585,121
Ninth Federal
158,203,493
106.200,157
—14.8
94.419,702
87,267,640
Minn.—Duluth—
90,509,741
148.606,076
—14.7
127,416.714
122,874,887
.
Reserve
69,155,689
—5.3
57,261,060
48,421,222
268,599,959
—13.8
226,543,964
198,076,057
68,906,990
23,548,312
27,270,882
—13.7
23,230,148
22,720,009
N. D.—Fargo...
1,994,366
2,140,007
—6.8
1,890,752
1,575,562
743,890
844,324
—11.9
639,012
Mont.—Billings
654,748
714,781
—8.4
572,113
482,976
Helena.......
2,088,762
2,752,607
—24.1
2,529,372
2,S17,956
90,509,741
106,200,157
—14.8
94,419,702
87,267,640
5,205,421,259
2,253,437,865
2,681,263,063
2,317,496,990
2,079,697,804
389,977,181
—18.8
364,717,728
370,498,839
Total (7 cities).
316,834,991
last week's
separately for the four years:
Neb.—FYemont—
.
644,036
detailed statement showing
Reserve
Tenth Federal
Week Ended May 21
Kans
as
City
99,160
86,800
108,022
—20.6
126,230
—6.8
133,768
50,150
2,925,969
—24.0
2,817,454
28,114,777
Omaha
Inc. or
—
2,223,489
Lincoln
"
Dls trict
85,771
117,608
31,562,265
—10.9
2,130,372
—19.2
29,587,600
1,157,705
2,083,077
27,672,257
3,799,107
1,967,105
83,337,372
2,887,557
Hastings.
OC€llri/Tlyo HI
2,516,440
56,510,661
58,808,874
5,262,429,218
our
3,051,339
62,506,966
St. Paul
—16.0
figures for each city
.
—25.2
Minneapolis
—16.5
32 cities
''
■
Minn eapolis
—
3,570,566
—14.7
5,882,962,357
4,9^,000,789
Dis trict
2,670,789
S. D.—Aberdeen.
65,514,119
Y. City
add
12,823,062
X
X
X
X
X
481,000
Quincy..
129,112.866
112 cities
now
102,400,000
30,645.675
110,081,053
"
-
uis—
82,100,000
.
219,696.755
120,436.633
Fran.. 11
We
Eighth Federa 1 Reserve Dls trict—St. Lo
Mo.—St. Louis..
Ky.—Louisville.
231,424,790
6
11th Dallas
Canada
?
126.728,857
4
Minneapolis 7
Outside N
$
218,241,979
10th Kansas City 10
Total
1935
%
223,012,810
"
"
"
"
"
"
"
PhiladelphlalO
12th San
1936
S
2,757,148,468
York. 13
3rd
9th
Dec.
$
12 cities
Boston
New
1937
Dists.
Reserve
2nd
1938
1938
415,280,956
1,721,770
Kan.—Topeka...
$
541,243
%
S
549,262
507,471
.
603,729
—15.9
1,640,249
1,915,959
—14.4
1,689,760
239,859,661
747,370
—22.1
202,450,633
—20.6
631,634
193,138,889
614,613
437.962
Fall River
.
_
.
431,041
+ 1.6
412,337
Lowell.
733.847
786,799
—6.7
621,704
Springfield....
2,745,039
3,051,161
—10.0
2,836,267
1,582,551
—29.5
1,730,225
1,212,280
2,556,913
Hartford
9,918,026
2,246,141
13,556,309
—26.8
10,512,508
11,037,897
New Haven...
3,350,919
4,429,543
—24.4
3,851,800
3,286,142
R.I.—Providence
9,323,700
9,220,100
7,877,200
448,689
11,316,100
518,359
—17.6
N.H,—Manches'r
—13.4
600,106
427,844
Worcester.....
—
2,608,733
—4.3
87,185,763
2,725,545
531,863
603,905
11.9
505,905
514,652
Pueblo.......
618,071
711,424
—13.1
595,081
476,810
Total (10 cities)
126,728,857
148,606,076
—14.7
127,416,714
122,874,887
2,444,370
36,041,356
5,447,994
-
337,341
555,727
New Bedford..
Conn.
+ 0.9
—16.3
2,718,722
1,418,702
186,960,427
593,099
Portland
Mass,—Boston
3,112,608
104,606,559
St. Joseph
Reserve Dist rict—Boston
Federal
Me.:—Bangor...
3,140,488
87,574,051
2,600,969
Colo.—Col. Sprgs
1935
1936
Dec.
$
$
First
1937
Wichita.......
Mo—Kan. City.
1938
Eleventh Fede ral
Reserve
District—Da lias—
1,480,229
Ft. Worth....
+ 25.3
946,223
52.389,203
—4.6
44.649,889
6,633,776
Dallas.-
1,180,956
50,004,177
Texas—Austin...
8,413,669
—21.2
6,117,609
2,966,000
Galveston.....
2,279,000
1,946,000
+ 30.1
1,637,000
279,462,171
—21.9
Feder al Reserve D istrict—New
1,100,495
1,013,550
+ 8.6
721,742
726,907
3,329,442
3,879,311
—14.2
2,879,597
2,123,595
65,514,119
69,155,689
—5.3
57,261,060
48,421,222
223,012,810
6,031,116
York-
7,489,630
235.098,317
Wichita Falls..
La.—Shre vepor t.
—14.0
218,241,979
Total (12 cities)
Total (6 cities)
Second
1,100.993
1,336,537
—17.6
4,907,332
1.159,891
32,800.000
40,200,000
—18.4
31,282.851
27,800,000
589,768
762,768
—22.7
722,104
438,685
18.9
527,137
422,415
6,441,623
N. Y —Albany..
Bingham ton
Buffalo
Elmira
588,368
Jamestown....
725,603
2,656.562,924 3,201,699,294
New York
7,644,445
6,596,576
Rochester
4,861,093
3,639,616
Syracuse
3,199,062
3.723,687
Westchester Co
4,777,475
4,707,770
Conn .—Stamford
—
_
772,017
—17.0 2,944,932,228 3,125,723,455
Twelfth Feder al Reserve D istrict— San
Wash.—Seattle.
Yakima..
34,478,677
—16.8
8,745,000
—5.4
758,968
28,768,680
7,913,000
568,044
—13.7
6.637,621
5,743,768
Ore.'—Portland.
26,180.863
34,379,948
—23.8
30,096,467
23,510,867
3.919,788
3.475,108
Utah—S. L. City
13,494,888
14,607,569
2,440,117
2,449,296
Calif.—L'g Beach
4,187,799
17,269,130
4,499,660
—21.9
+ 16.4
—6.9
—14.1
3,967,767
3,148,144
11,568,151
3,157,562
2,492,430
115,891,907
1,711,984
3,170,506
4,290,409
—1.5
.
Pasadena.....
3,407.316
San
Francisco.
138,103,000
3,968,794
149,985,000
—7.9
125,566,000
San
Jose
2,483,609
2,582,436
—3.8
1,212,750
2,117.238
1,375,049
—11 8
2,450,007
—13.6
2,082,654
1,226,600
1,866,118
231,424,790
268,599,959
—13 8
226,543,964
4,910,000,789 5,882,962,357
—16.5
608,797
428,400
400.000
380.000
17,420,750
19,722,926
—11.7
18,315,714
15,505,759
Northern N. J.
22,367,596
33,362,002
—33.0
30,804,732
35,545.432
Santa Barbara.
+ 42.1
Stockton
(13 cities) 2,757,148,468 3,326,209,235
—24.5
9,639,000
927,635
—25.1
J.—Montclair
Total
41,523,300
8,020,000
877,138
Spokane....--
Newark.......
N.
Franc isco—
31,340,189
.
—17.1 3,050,339,924 3,227.457.557
Total (11 cities)
932,779
1,560,653
198,076,057
—-
Reserve Dist rict—Philad
Third Federal
351,804
611,790
—42.5
516,580
380,498
*3 75, TOO
512,981
—26.9
*400,000
399,988
381,150
426,187
—10.6
304,968
283,220
1,187,704
1,512,590
—21.5
1,250.832
946,663
319,TOO,000
371,000,000
—14.0
346,000,000
1,228,754
2,572,246
1,453,818
—11.4
1,244,364
1,134,528
2,430,633
+ 5.8
2,244,863
1,751,945
1,051,064
1.056,238
—0.5
1,363,491
1,401,241
1,673,275
—16.3
1,220,757
1,159,450
Pa.—Altoona
Bethlehem....
Chest er__.
Lancater
Philadelphia
Reading.
.....
Scranton
Wilkes Barre.
York
clphia
_
'
.....
4,170.000
N. J.—Trenton
Total (10 cities)
331,778,963
Grand
Outside
Fourth
X
2,332,300
+ 78.8
2,753,000
383,009,812
—13.4
357,298,855
365,933,440
X
X
Week Ended May 19
Clearings at—
Inc. or
1938
53,322,929
45,996,042
+ 6.9
79,490,976
71.588.766
109,465.750
Columbus..—
9,453,300
11,375,900
—16.9
9,202,600
11,041,100
Mansfield.....
1,570.692
2,564,755
—38.8
1,739,195
1,109,179
Pa.—Pittsburgh
_
Total (5 cities).
X
X
X
X
X
99,705,035
146,887,072
—32.1
118,275,477
89,961,668
275,630,274
331,961,869
—17.0
262,031,177
219,696.755
123,871
267,462
459.642
—25.2
2,385.000
2,972,000
—19.8
2,766.000
2,654,000
33,821.115
W.Va.—Hunt'ton
37,660,131
—10.2
33,952,828
28,951,244
1,115,142
1.268,265
—12.1
1,149,873
999,837
61,168,011
69,144,373
26,629,811
—11.5
56,697,098
52,610,376
—18.9
22,168,332
16,187,031
344,007
Vancouver
—
'
%
—14.3
145,701,637
134,212,050
114,807,365
—16.6
51,611,288
—38.5
89,285,888
65,549,444
19,970,373
21,848,860
5,771,949
—10.3
86,839,093
51,883,124
17,796,691
16,872,062
—13.4
3.471.679
—12.7
2,328,050
—14.6
4,357,233
6,607,344
1,914,353
3,561,448
2,279,205
3.911,748
5.702.083
1.760,094
4,996,814
2,440,290
4,925,464
— —
—28.6
15,617,656
24,790,830
4,524,243
Victoria
—7.2
1,775.650
—10.4
3,182,871
4.454,703
—19.0
1,591,393
2,982,738
1,473,977
2,570,509
—9.0
3,838,763
4,529,101
—28.7
3,754,336
4,371,761
2,811,511
1
...
—
2.108.240
3,227.520
Calgary..
St. John..-..—
955,612
4,055.999
—
2,795,140
5,768,936
5,878,429
1,591,325
Halifax..
Fldmonton.
%
.«
1935
1936
129,304,996
19,606,783
Ottawa.
Quebec...
S
Dec.
95,696,503
31,720,229
14.257,8X1
Winnipeg
Hamilton..
1937
110,791,201
_
London-..
Reserve Dist rict—Richm ond—
Fifth Federal
$
Canada—
Montreal--.----
X
X
—19.4
Cleveland.....
Youngstown...
2,079,697,804
919,148
4,958.000
68,761,139
102,373.00?
55,435,497
.
5,262,429,218 5,205,421,259
—16.0 2.317,496,990
354.000,000
Toronto
Cincinnati...
.
NewYork 2,253,437,865 2,681,263,063
"
elandFeder al Reserve D istrict—Clev
Ohio—Canton ...
(112
total
cities).......
2,579.008
--
_—_
Regina.,
—23.0
•
Richmond
292,747
288,267
S. C.—Charleston
Md.—Baltimore
D.
.
C—Wash'g'n
Total (6 cities).
120,436,633
TennKnoxville
3,964.825
17.837,881
...
Fla.—Jack'nville.
Ala.—Birm'harn
_
Mobile.------
Miss—Jackson
—5.0
912,020
3,293,548
2,604,745
15,392,320
13,442,075
13.7
51,800,000
37,800,000
—20.6
964,085
929,236
—
1.099,291
727,862
101,526,359
—1.4
18,091,683
59,800,000
873.045
Augusta
117,001,593
a—
4,174.660
51,600,000
Nashville.....
Ga.—Atlanta
—12.8
138,134,222
Reserve Dist rict—Atlant
Sixth Federal
Macon:
21,603,358
—20.2
18,132.665
616,315
748,1.27
17,553,000
'
16,537,000
20,225,971
18,169,000
—9.0
22,080,125
—8.4
1.714,877
1,839,375
—6.8
X
1,460,203
X
•
14,400,000
15,559,287
1,032,425
X
X
X
120,185
129,986
—7.5
99,360
96,496
32,204,440
23,600,474
141,647,748
358,244
353,795
+ 1.3
483.705
—14.2
429,095
453,337
I-ethbrldge..-—
415,010
1,483,030
1,520,748
575.908
1,630.438
743,424
—22.7
584,281
493,292
890,387
1.020,884
—12.8
995,016
779,596
797,192
595,921
849,613
—6.2
1,313,095
700,806
—15.0
526,998
587,215
476,436
197,682
264.881
—25.4
229,933
607.641
697,648
—12.9
635,231
561,021
Peterborough.
748.627
795,777
—5.9
509,450
561,253
1,259,840
Saskatoon.
Moose Jaw
...
Brantford.-----Fort William
....
New Westminster
Sherbrooke
La.—NewOrleans
34,591,497
37.440,763
—7.6
Total (10 cities)
148,193,143
163,736,903
—9.5
—22.5
229,443
1,257,621
Kitchener
Windsor
—.
1,311,585
—4.1
1,181,027
974,443
3,096.187
3.376,222
—8.3
3,212,445
2,521,162
324,358
322,841
Prince Albert
308,661
368,600
—16.3
722,960
865.936
—16.5
742,759
720,281
Moncton....
624,123
562,884
+ 10.9
532,351
494,775
516,306
681.999
—24.3
487.034
447,772
457,516
556.316
—17.8
499,356
498,506
670,247
370,498,839
Kingston
-
Chatham
- -
Sarnia....
1,036,293
904,767
+ 14.5
801,024
316.834,991
389.977.181
—18.8
364,717,726
110,081,053
..
Vicksburg.....
Brandon
Medicine Hat—.
Va.—Norfolk
Sudbury
Total (32 cities)
*
Intimated,
x
No figures available.
3444
Financial
Chronicle
Condition of National Banks March 7, 1938—The statement of
May 28.,
condition of the National Banks under the Comp^
troller's call of March 7, 1938, has just been issued and is summarized below.
previous calls back to and including Dec. 31, 1936,
ABSTRACT
OF
REPORT
OF
CONDITION
MARCH
OF
are
1938
For purposes of comparison, like details for
included.
NATIONAL
BANKS
IN
THE
UNITED
STATES
ON
DEC.
31,
1936,
AND
31, JUNE 30, AND DEC. 31, 1937, AND MARCH 7, 1938
1936
(5,331 Banks)
Mar. 31,
1937
(5,311 Banks)
June 30,
(5.299 Banks)
31, 1937
(5,266 Banks)
S8.267.328.000
3,882,000
7,300,159,000
$8,469,204,000
5,368,000
6,813,206,000
$8,807,782,000
$8,809,448,000
5,113.000
4,099,000
6,902.521,000
6,763,895,000
1,385.395,000
4,094,490,000
1,352,019,000
4,082,065,000
101,869,000
1,308
3,690
77
632
,987,000
,122,000
,127,000
244,000
155 625.000
4,172 915,000
422, 490,000
3,955. 088,000
6, 163,000
105,839,000
19,077,000
178,000
117,383,000
$31,070,441,000 $30,049,172,000 $30,337,071,000 $30,124,195,000
1,823,500,000
Dec. 31.
Dec.
1937
Mar. 7, 1938
(5,256 Banks)
Assets—
Loans and discounts (including rediscounts)
Overdrofts—————
—--—----———United States government securities, direct obligations
Securities guaranteed by United
States government as to interest
and principal
——
—
4,634,115,000
9,099,000
._—
Other bonds, stocks, securities,
&c—
—
—
Customers' liability account of acceptances
Banking house, furniture and fixtures
Other real
estate owned
Reserve with Federal Reserve banks
Cash
_
in vault
3,918,035,000
483.510,000
3.876,071.000
7,166,000
1,316.674,000
3,903,092,000
96,441,000
635,670,000
162,409,000
4,152,889,000
444,598,000
3,780.382,000
8,215.000
5,779,000
273,000
134,637,000
7,014,000
368,000
121,821,000
8.265,000
229,000
112,791,000
78,717,000
633,095,000
176,506,000
3,828,463.000
518,503,000
..
Balances with other banks and cash items in process of collection
Cash items not in process of collection
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Securities borrowed
Other assets
Total.
636,352.000
175,104,000
19,965,000
188,000
$8,628,386,000
4,980,000
6,771,752,000
1,320,410,000
3,722,727,000
67,325,000
633,953,000
155,534,000
4,282,582,000
430,675,000
3,665,499,000
5,039,000
Liabilities—
Demand
deposits of Individuals, partnerships and corporations
Time deposits of Individuals, partnerships, and corporations
State, county, and municipal deposits
United States government and postal savings deposits
Deposits of other banks
and cashiers' checks,
checks outstanding, &c
Certified
cash letters of credit, and travelers'
469,147,000
Total deposits.
Secured
S12,691,606,000 $12,132,545,000 $12,430,183,000 $12,169,107,000 $11,893,101,000
7,469,842,000
7,281,494,000
7,401,394,000
7,501,101,000
7,531,158,000
2.203,466,000
2,057,872,000
2,119,798,000
2,019,528,000
2,044,926,000
467,873,000
658,230,000
378,020,000
588.166.000
574,899,000
4,450.048,000
3,790,587,000
4,111,092,000
3,832,898,000
3,922,807,000
403.962,000
372,261,000
429,894,000
271,351,000
$27,608,397,000 $26,515,110,000 $26,765,913,000 $26,540,694,000 $26,238,242,000
2,246,824,000
2,388,301,000
2,136,482,000
2,208,074.000
2,176,884,000
25,220,096,000 24,378,628,000 24,519,089,000 24,332,620,000 24,061,358,000
by pledge of loans and/or investments
by pledge of loans and/or investments
Not secured
Agreements to repurchase U. S. government and other securities sold-Bills payable
835,000
2,588,000
62,000
10,000
751,000
12,155,000
112,000
10,000
$676,000
7,968.000
5,779,000
83,126,000
11,504,000
273,000
47,636.000
7,014,000
104,243,000
14,210,000
368,000
59,767,000
28,642,000
110,579,000
1,598,815,000
1,046,582,000
368,525,000
146,467,000
10,621,000
Obligations on industrial advances transferred to the Fed. Res. Bank 11
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks.
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts
set
aside
19,442,000
118,587,000
1,586,072,000
1,059,257.000
385,445,000
157,929,000
8,700,000
27,703.000
148,949,000
1,582,131,000
1,073,154,000
389,233,000
155,623,000
12,024,000
10,000
$996,000
8.508,000
1,328,000
7,000
$970,000
12,362,000
904,000
7,000
8.265.000
99,794.000
13,616,000
229,000
51,221,000
19.965,000
78,378,000
9,785,000
188,000
45,260.000
19,077,000
67,449,000
6,960,000
178,000
55,817,000
27,403,000
399,969,000
154,235,000
11,885.000
8,278,000
155,896,000
1,575,898,000
1,106,495,000
403,705,000
159,292,000
11,970,000
$31,070,441,000 $30,049,172,000 $30,337,071,000 $30,124,195,000
Hodiscouiits
1,823,500,000
562,000
for
dividends not declared
Other liabilities
Capital stock (see memorandum below)
Surplus
Undivided profits, net
Jndlvided
Reserves for contingencies
Preferred stock retirement funds.
Total.
147,485,000
1,577,831,000
1.100,308,000
Memorandum:
Par
value of capital stock:
A preferred stock,.
Class
Class B
$315,771,000
19,310,000
1,269,930,000
With State authorities to qualify for the exercise of
fiduciary
powers
For other purposes
Total
$1,587,726,000
$1,582,713,000
$1,580,030,000
.,948,458,000
601,497,000
24,891,000
$2,063,195,000
$2,126,393,000
574,946,000
24,768,000
550,725,000
32,260,000
$2,100,719,000
544,743,000
31,449,000
$2,574,846,000
$2,662,909,000
$2,709,378,000
$2,676,911,000
$732,246,000
1,308,843,000
465,873,000
163,794,000
3,630,000
$463,089,000
1.317,797,000
534.252,000
154,933,000
11,508,000
$527,465,000
1,365,989,000
515,425,000
151,281,000
9,506,000
$642,388,000
1,404,318,000
407,789,000
153,866,000
10.454,000
$644,021,000
1,388,425,000
380,619,000
157,057,000
14,993,000
76,015,000
17,252,000
76,266,000
16,977,000
76,338,000
14,225,000
76,061,000
15,735,000
$2,768,633,000
Pledged:
Against United States government and postal savings deposits
Against State, county, and municipal deposits
Against deposits of trust department
Against other deposits...
Against borrowings
$1,591,701,000
76,344,000
17,903,000
Total...
$251,833,000
17,210,000
1,310,987,000
$2,768,633,000
rediscounts)
1,297,882,000
24.780,000
Loans and Investments pledged to secure liabilities:
U. S. government obligations, direct and
fully guaranteed
Other bonds, stocks, and securities
Loans and discounts (excluding
$281,012,000
17,965,000
1.288,749.000
2,129,484,000
614,369,000
Total.
$285,826,000
18,653,000
1,287,222.000
$1,605,011,000
preferred stock..
Common stock
$2,574,846,000
$2,662,909,000
$2,709,378,000
$2,676,911,000
$267,361,000
17,470,000
Details of demand deposits:
Deposits of individuals, partnerships, and corporations
$12,691,606,000
United States government deposits
565,356,000
State, county and municipal deposits
1,823.571,000
Deposits of other banks in the United States (except private banks
and American branches of
foreign banks)
4,010,248,000
Deposits of private banks and American branches of
foreign banks
Deposits of banks in foreign countries
(including balances of foreign
branches of other American
banks, but excluding amounts
due to own foreign
branches)
Certified and cashiers* checks (including dividend
checks), letters
of credit and travelers' checks
sold for cash, and amounts due
to Federal Reserve Bank
(transit account)
;
$2,132,545,000 $12,430,183,000 $12,169,107,000 $11,893,101,000
379,331,000
291,704,000
504,278,000
495,629,000
1,973.578,000
1,917,084,000
1,682,631,000
1,660.287,000
110,283,000
3,647,308,000
97 183,000
3.313,532.000
102,701.000
3,411,660,000
102,000,000
3,555,531,000
83,523,000
198,769,000
234,232,000
266,661,000
210,843.000
171,430,000
469,147,000
372.261,000
403,962,000
429,894.000
271,351,000
234,301,000
608,230.000
6,360,083,000
229,888,000
16,218,000
296,863.000
92,874,000
202,714,000
600,688,000
6,413,936,000
41,510,000
345,260,000
86,316,000
359,241,000
582,583,000
6,646,098,000
121.826,000
4,107.000
Details of time deposits:
State, county and municipal deposits
Certificates of deposit
Deposits evidenced by savings pass book.
Christmas savings and similar accounts
I.I.I
.Ill 11IIIII III III III I
Open accounts
Postal savings
_IIIIIIIIIII_IIII__I
Deposits of other banks in the United States
(except private banks
and American branches of
foreign banks)
Deposits of private banks and American branches of
foreign banks.
Deposits of banks in foreign countries
(including balances of
foreign branches of other American banks, but
excluding
amounts due to own
foreign branches)
....
Ratio of required reserves to net demand
plus time deposits:
Central Reserve cities
Other Reserve cities
All Reserve cities
.__.I_I.II.
"
...
Country banks
Total United States
~"
III_I."-I_"
...
591,423,000
6.511,352,000
•
362,295,000
584,652.000
6,658,001,000
40,233,000
248,272,000.
79,270,000
61 352,000
305,715,000
88,542 000
253,508,000
83.888,000
123,472,000
4,027,000
98,368.000
3,956,000
95,169,000
3,935,000
98,818,000
3.984,000
4,815,000
4.870,000
5,369.000
9,291,000
9,521,000
17.92%
2t/.69%
13.52%
16.30%
8.55%
13.65%
23.82%
15.39%
18.69%
9.79%
26.40%
18.28%
21.37%
12.96%
18.43%
23.77%
15.16%
18.51 %
9.64%
15.45%
11.62%
14.11%
7.37%
11.85%
15."
18,912,000
\
Financial
Volume 146
THE
COMPLETE PUBLIC DEBT OF THE UNITED STATES
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Feb. 28,
1938, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1937.
This statement of the
Feb. 28, 1937
Feb. 28. 1938
Balance end of month by dally statements
52,974,677,360
Add or Deduct—Excess or deficiency of receipts over
-f 1,830,383
SI,538,592,423
+6,722,957
2,976,507,743
1,545,315,380
38,818,967
or under
disbursements
on
belated Items---
-
743,320
21,654,599
654,837,904
3,645,820
1,032,631
580,408,017
681,170,954
+2396099,726
+864,144,426
Matured Interest obligations
Disbursing officers' checks
on War Savings certificates
Settlement on warrant checks
537,286,195
3,559,535
■;
Discount accrued
Total
'
Balance, deficit (—) or surplus (+)
Feb. 28,
Interest Feb. 28, 1938
Title of Loan—
Q.-M,
3s convertible bonds of 1946-1947
49,800,000
28,894,500
49,800,000
Q.-J.
3s of 1961
28,894.500
-
1937
S
S
Payable
Certificates of Indebtedness:
3s Treasury bonds of 194+1954
3Ms Treasury bonds of 1946-1956
3 Ms Treasury bonds of 1943-47
3Ms Treasury bonds of 1940-1943
3Ms Treasury bonds of 1941-1943
3 Ms Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955
3Ms Treasury bonds of 1941
4Ms-3Ms Treasury bonds of 1943-1945
3Ms Treasury bonds of 194+1946
__
-
3s Treasury bonds of 1946-1948
2Mb Treasury bonds of
2Ms Treasury bonds of
2Ms Treasury bonds of
2Mb Treasury bonds of
2Mb Treasury bonds of
2Ms Treasury bonds of
——J.-D.
M.-S.
M.-S.
M.-S.
J.-D.
M.-S.
J.-D.
—J.-D.
1949-1952
1955-1960
1945-1947
1948-1951
1951-1954
1956-1959
1949-1953
2Mb Treasury bonds of 1945U. S. Savings bonds, series A,
U. S. Savings bonds, series B,
U. S. Savings bonds, series C,
U. S. Savings bonds, series C,
J.-D.
M.-S.
J.-D.
J.-D.
...M.-S.
J.-D.
M.-S.
F.-A.
A.-O.
A.-O.
J.-D.
— --
758,955,800
1,036,702,900
489,080,100
454,135,200
352,993,950
544,870,050
818,627,500
755,476,000
834,463,200
758,945,800
489.080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,434,500
834,453,200
1,400,534,750
1,518,737,650
1,035,874,900
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,112.650
1,214,428,950
1,223,496,850
1,626,688,150
491,375,100
2,611,095,150
1,214,428,950
1,223,496.350
1,626,687,650
981,837,550
1.786,147,050
981,848,050
1,302,658,450
Beers
Distillers
Ltd
A
Bay
Co.....
Imp Tob of C B & I..
London, Midland
358,250,690
18,562,144
Treasury bills
96/10/6
17/6
4/1/6
20/133/£17M
67/6
10/6
17/9
3/9
1/6
20/133/6
£17M
67/-
3/6
1/6
20/133/£17M
68
-
£8M
£8M
£8M
£8M
£12M
14/9
£13M
14/9
£12%
15/-
£13
£12%
14/6
Roan Antelope Cop M.
Rolls Royce
Shell Transport
Unilever
£35M
£4 1-16
36/9
"
£4
37/22/21/-
Ltd
Molasses
Vlckers
21/6
21/6
£4M
36/6
21/20/9
36/6
21/6
37/-
21 /7M
Witwatersrand
FINANCIAL
ENGLISH
£7%
£8
£8M
£7%
£7%
Areas
MARKET—PER CABLE
The
as
90/£34
£4
£34%
£4
£35M
21/6
21/7M
£35
14/6
90/-
90/-
90/-
88/9
Royal Dutch Co
daily closing quotations for securities, &c., at
reported by cable, have been as follows the past
London,
week:
Wed.,
Thurs.,
Fri.,
Sat.,
Mon.,
Tues.,
May 25
May 26
May 27
May 21
May 23
May 24
18%d.
18%d.
18 ll-16d. 18 13-16d. 18 13-16d. 18 13-16d.
140s.9d.
Gold. p. fine oz. 140s.lMd. 140s.4Md. 140s.4Md. 140s.7Md. 140s.9d.
£74 7-16
£74 9-16
£74 9-16
Consols, 2M%- Holiday
£74 M
£74 M
British 3 M %
.
Silver, peroz..
Holiday
£100%
£101M
£101M
£101M
£101M
Holiday
W. L_
£113
£113M
£113M
£113M
£113M
British 4%
1960-90
Bar
on
the
same
days has been:
42 %
42%
42%
42%
64.64
64.64
64.64
42 %
64.64
Closed
N.Y.(for'n)
U. S.
United
price of silver per ounce (in cents) in the
The
64.64
Treasury
64.64
427,678,200
....37,083,590,867 33,926,454,140
461,610.489
535,784.582
90,991,935
138,741,870
Aggregate of Interest-bearing debt
InterestMatured, interest ceased
no
a37,636,193,292 34,600,980,592
Total debt
Deduct Treasury surplus or add Treasury
+864,144,426
+2396,099 726
deficit
b35,240,093,566 33,736,836,166
Net debt
28, 1938 on the basis of daily Treasury statements, was
537,632,733,792.66, and the net amount of public debt redemption and receipts
In transit, &c., was S3.459,499.09.
bNo reduction is made on account of obliga¬
Total gross debt Feb.
other investments,
tions of foreign governments or
include accrued discount:
outstanding are
amounts
Amounts issued and retired
stated at current redemption
c
values.
the interest-bearing debt
The gross debt per capita, based on an estimated popula¬
computed rate
outstanding is 2.563%.
of interest
per annum
on
tion of 129,809,000 is 5289.94,
AUCTION SALES
The
following securities were sold at auction on
OF
THE UNITED
STATES,
FEB.
28. 1938
Amount of
By R. L. Day & Co., Boston:
Stocks
Shares
12 First National Bank
Maiden, par $100—-----------
—
20 Graton & Knight Co. common.--——...—
Co., par $100
Cos
— —
201 Leatherbee-McDonough
25 Western Massachusetts
-
$ ver Share
-------------..-151M
.....
—
4
2
27M
37M units Imco Participation,
Interest a
Principal
20c
By Crockett & Co., Boston:
% per Share
Stocks
Shares
20 Farr Alpaca Co., par
13 New England Power
$50-—
—————————
Assn. preferred, par $100
$50------$5---———
$100-.-—---------———————
10 Nantucket Cranberry common, par
25 Saco-Lowell Shops common, par
7 Boston Investment
Trust, par
Co., par $50
V,veT S™Te
Co. for Insurances on Lives & Granting Annuities, par $10-150 Boardwalk National Bank, Atlantic City, N. J., par $100
150 Boardwalk National Bank, Atlantic City, N. J., par $100
—
10 Philadelphia Bourse common, par $50-——-----------------------—
Guaranteed by the U. S.
862,085,600
98,028,600
236,482,200
103,147,500
100,122,000
10,000,000
3% bonds of 1944-49.
3M% bds.of 1944-64.
3% bonds of 1942-47.
2M% bds. of 1942-47.
1M% bonds of 1939..
1M% bonds of 1939..
*1
7,615,089
1,460,067
906,515
1,418,278
409,865,900
869,700,689
99,497,667
237,388,715
104,565,778
100,872,915
12,201,531
750,915
41,666
NATIONAL BANKS
following information regarding
from the office of the Comptroller of the
The
10,041,666
1,422,067,431
Fed'l Housing Admin.:
3% bds., ser A, '44-'52
340,460
1,560
338,900
debentures.
HomeOwners' L'n Corp.:
3%
2% bonds, ser. E, 1938
1M% bds.,ser F, 1939
2M % bonds, series G,
874,407,050
8,744,065
883,151,115
,039,997,800
49,532,100
325,254,750
2,3S0,475
1,042,378,275
41,276
1,219,705
49,573,376
326,474,455
Nat. Bank of Steamboat Springs,
Colo. Capital stock consists of $50,000,
$25,000 common and $25,000 preferred.President, A. H. Dake.
Cashier, Albert F. Cruse. Conver¬
sion of the Routt County State Bank of Steamboat Springs,
-
650,410,603
2,429,628
14,815,151
2,951,987,826
934,870
c299,437,537
14—The Dale National
$100,000
May
298,502,666
May
U. S. Housing Authority
From $50,000 to
4,673,833,256
Munich, N. Dak.
Munich, N. Dak.
Succeeded by The First State
1,269,711,062
$50,000
$25,000
Bank of
STOCK REDUCED
COMMON CAPITAL
Secretary of Agriculture
Postal Savings System:
Amt.
upon
1,302,717,571
May
19—First
National Bank in Groveton,
From $50,000 to
Other Obligations—
Groveton, Texas
$25,000
$25,000—
PREFERRED
e4,129,707,765
F. R. notes (face amt.).
of
Reduction
33,006,509 dl, 302,717,571
credit of the U. S.
of
Amount
13—The First National Bank of Munich, N. Dak—-—-—30, 1938.
Liquidating Agent, L. E. Callahan,
Effective April
upon
guarantees
On Credit of the U. S.—
based
Bank, Dale, Pa.
VOLUNTARY LIQUIDATION
Term. Valley Authority.
Funds due depositors.
Amt.
Increase
■
f2,937,172,675
based
$50,000
STOCK INCREASED
COMMON CAPITAL
Reconstruc'n Fin. Corp.:
1M % notes, series K.
Amount
ISSUED
CHARTER
14—The Routt County
May
COl°'
647,980,97.5
1942-44
Department:
National banks is
Currency, Treasury
Steamboat Springs,
2M% bonds, series B,
1939-49.
26
50
50
8 v
5
5
Fed'l Farm Mtge. Corp.:
5
48M
5
5%
17
20
Philadelphia:
Stocks
Shares
Total
035
Ltd
50 Pennsylvania
Detail
20c
47% units Imco Participation, Ltd..-.-——______—
613 warrants Consolidated Investment Trust
-
By Barnes & Lofland,
Contingent Liability
Wednesday
of the current week:
17 Boston Ground Rent
LIABILITIES
Compiled from Latest Reports Received by the Treasury
STOCK DECREASED
Amt.
of
Decrease
*
Includes only bonds
a
After deducting amounts of
Issued and outstanding.
funds deposited with the Treasurer of the United
States to meet interest payments.
c
£7M
96/10/6
17/9
4/1/6
19/9
132/6
£18
68/6
£8 7-16
(newly mined)
500,157,956
119,086,360
j .-j.
118,065,420
11,747,544,550 10,868,112.050
2,252,976,000
1.952,372,000
Treasury notes
Total,
£7M
90/-
£7M
£17%
67/6
Ry_.
Box...
4/-
Rand Mines
190,149*996
336,825,600
1946)
2Mb Postal Savings bonds
Total,
£21M
70/35 £7M
96/10/—
17/6
70/7M
35/-
95/—
10/18/4/1/6
19/132/-
Gaumont Pictures ord. Holiday
Metal
£21M
£7M
Co
Fiectric & Musical Ind.
Hudsons
Fri.,
May 27
39/9
102/£51M
(Govt. Life Insurance
Fund series
CONTINGENT
De
69/4M
36/6
Thurs.,
May 26
40/102/£52M
4/-
cll4,839,011
4Mb Adjusted Service bonds,
Note—The
4/£21M
66/10M
36/6
Courtaulds S & Co
States
540,843,550
3s Adjusted Service bonds of 1945
a
£53
4/£20M
Cons Goldfields of S A.
West
734,165,000/
1,036.692,900
c339,644,668
c451,214,708
c20,663,681
Unclassified sales
Bearing
160,884,000
30,000,000]
c 183,119,925
1935
1936
1937
1938
£53 M
,
40/101/-
Mln & Invest.
United
/Special:
4s Adjusted Service Ctf. Fund—Series 1938
2 Ms Unemployment Trust Fund—Series 1938-.
4 Ms Treasury bonds of 1947-1952—
A.-O.
39/6
102/-
Cable& W ordinary...
Canadian Marconi
Wed.,
May 25
39/9
102/£53
4/£21M
70/36/6
Tues.,
May 24
Mon.,
May 23
RloTinto
INTEREST-BEARING DEBT OUTSTANDING
3 Ms Treasury bonds of
Sat.,
May 21
Boots Pure Drugs
British Amer Tobacco.
Ford
Deduct outstanding obligations:
EXCHANGE
STOCK
LONDON
Quotations of representative stocks as received by cable
each day of the past week:
v
Central
MATURING OBLIGATIONS
PAY
CASH AVAILABLE TO
3445
Chronicle
Does
not
include
May
19—First National Bank
$50,000 to $25,000
Texas
in Groveton, Groveton,
From
.
-
$3,630,000,000 face amount of notes and accrued Interest
reflected In the public debt.
d Figures as of Dec. 31, 1937—figures as of Feb. 28, 1938. are not available.
Offset by cash in designated depository banks amounting to S130,108,997.57, which
Islsecured by the pledge of collateral as provided in the regulations of the Poetai
Savings System, having a face value of $130,628,693.25, cash in possession of Sjstem
amounting to $73,598,789.82, Government and Government-guaranteed securities
with a face value of $1,088,552,270 held as Investments, and other assets.
► e In actual circulation, exclusive of $9,309,019 82 redemption fund deposited in
the Treasury and $311,517,215 of their own Federal Reserve notes held by the
issuing banks.
The collateral security for
Federal Reserve notes issued are
(1) $4,532,632,130 in gold certificates and credits with the Treasurer of the United
States payable in gold certificates, (2) United States Government securities of a
face value of $25,000,000. and (3) commercial paper of a face amount of $8,792,000.
f Includes only unmatured bonds issued and outstanding.
Funds have been
«2o .000
thereon, held by Treasury and
deposited with the Treasurer of the
which have not been
United States for payment of matured
presented for redemption.
bonds
REDEMPTION
CALLS AND SINKING
FUND
NOTICES
found a list of bonds, notes and preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Below will be
stocks of
Company and
Issue—
of Laundering, Inc., 1st 6s,
American Institute
Appalachian Power Co., 1st 5s. 1941
Beauharnois Light, Heat & Power Co.
1939
r.£^,te
June
June
1st 5M$» 1973——July
——
i
1
1
1
9597
3327
1389
3329
Financial
Company and Issue—
Da'e
Chronicle
3174
3329
3329
3005
3329
2842
May 28,
1938
Page
Beech Creek Coal & Coke Co. 1st mfcge. 5s, 1944
June
Boyd-Richardson Co. 8% preferred stock
June ;
Brown Paper Mills 1st 6s, 1944—
June
Budd Realty Corp., 1st mortgage 6s, 1941
June
Buffalo Weaving & Belting Co. 1st 7s, 1939
July
California Packing Corp.. 10-year 6% bonds
July
Chicago Daily News 6% debentures, 1945
May 3
♦Cincinnati Newport & Covington Ry. 1st mtge. 6s, 1947-June
Clarke Perry Bridge Co. 1st 6s, 1959——
—-June
Connecticut Railway & Lighting Co., 1st & ref. 4 Ha
July
♦Consolidated Traction Co. 1st mtge. 5s, 1938
June
Container
,
Corp. of America 1st mtge. 6s, 1946
3337
—
3338
3016
2857
2378
1945——Sept.
July
Peoples Natural Gas Co.. 5% preferred stock
Pittsburgh Youngstown & Ashtabula Ry. 1st gen. mtge.
bonds
—May
PIttsfield Coal Gas Co. 1st mtge. 5s, 1952
-June
Power Securities Corp., collateral trust bonds
June
Prescott Gas & Electric Co. 1st mtge. 6s, 1940—
—June
Safeway Stores, Inc., 10-year 4% debs., 1947
June
St. Joseph Ry., Light, Heat & Power Co., 1st 5s, 1946
July
St. Louis Rocky Mountain & Pacific Co. 1st mtge. 5s
-June 1
♦Sherwin Williams Co. 5% preferred stockJune
(Robert) Simpson Co., Ltd., 1st mtge. 5s, 1952—
July
Staten Island Railway, 1st 4+4s, 1943
June
Third Avenue RR. 1st mtge. 5s
May
Tokheim Oil Tank & Pump Co. 4%% debs., 1947
May
Tooke Bros., Ltd., first mortgage 7s
June
United Biscuit Co. of America, 5% debs, bonds, 1950
June
United States Rubber Co. 1st mtge. 5s, 1947
July
Virginia Power Co 1st 5s. 1942
June
(Sidney) Wanzer & Sons, Inc., 1st mtge. 6s
June
(Raphael) Weill & Co., 8% preferred stockSept.
♦West Disinfecting Co. 1st mtge. bonds, 1940
July
Wilson Line, Inc.. 1st mtge. bonds. 1945
July
Worcester Street Ry. Co. 1st 5s, 1947
June
current week.
we
show
we
2c
11 %
\2Hc
25c
%\H
Ex-Cell-O
3521
2385
3032
3360
2388
__
3532
dividends
the
a
previously announced,
but
The dividends announced this week
Name of Company
Share
Alaska-Pacific Salmon Co. $1 pref. (s.-a.)
Albany & Susquehanna RR. (sa.-.)
50c
Alexander & Baldwin, Ltd. (quar.)
Allen Industries, Inc. (action deferred)
Allied Laboratories, Inc.
Allied Mills_
______
June
84H
12 %
July
(quar.)____
15c
50c
American Bank Note
10c
1
_
—
_______
Hamilton Watch Co. (quar.)
May 24*
15
20c
July
July
June
American Home Products.
American Ice Co. preferred (quar:)
American National Finance Corp. $1 cum. pref.
American Power & Light Co., $6 pref
June
14*
Preferred (quarterly).
Honolulu Oil Corp., Ltd. (quar.)
50c
June
June
6
—
—
-
25c
—
.
_
American
70c
June
June
+11K
+93 %c
$1 H
July
July
July
June
June
June
June
Seal-Kap Corp
American Sumatra Tobacco
10c
—
June
June
June
1
;__
144%,
July
June
_
10
11H
i2Hc
July
__.
20c
.
Atlanta Birmingham & Coast RR.,
pref
Atlas Corp., common
Bsbcox & Wilcox Co. (no action)
Baldwin Co. 6% preferred
(quar.).—
Balfour Building, Inc.. v. t. c.
12 H
25c
._
—
(quar.)
_
—
2.5c
_—
Preferred (quar.)
Bell Telephone of Canada
(quar.)_.
Bell Telephone of Pennsylvania
pref. (quar.)
Blackstone Valley Gas & El. Co.
6% pref. (s.-a.)
Boston & Albany RR, Co
:_
Boston Garden-Arena Corp
_
Boyuk Cigar, Inc
7% 1st preferred (quar.)
Boston Woven Hose & Rubber Co.,
pref
Brazilian Traction Light & Power
pref. (quar.)
Bridgeport Brass Co. (no action).
Briggs & Stratton Corp
Brillo Manufacturing Co.
(quar.)_■_____
S1H
81%
S13/8
J12
81%
13
12 M
11
18 %c
June 28 .June
June 20 June
June
1 July
1 June
July
July-
1 June 30
10c
_
37nc
15c
—
40c
—
—
11^
—
sin
75c
—
12
S1H
1 June
—
June
July
15 June 30
1
15 June
1 June
15
75c
June
15 June
3
___!
25c
July
July
1 June
15
1 June
15
June
15 May
31
June 30 June
4
Class A (quar.)
50c
Bristol Brass Corp
25c
—
Buffalo Niagara & Eastern Power $5
pref. (qu.)
.11.60 preferred (quar.)
California Ink Co., Inc. (quar.)_
Canada
_
Malting, Ltd. (quar.)
Canadian Car & Foundry, pref
Canadian Cottons, Ltd.
(quar.)
Preferred (quar.)
Canadian General Electric Co., Ltd.
(quar.)___
Canadian Western Natural
Gas, Light, Heat &
Power 6% preferred (quar.)
Carpenter Steel Co. common (final)
Case (J. I.) preferred (quar.)
City & Suburban Homes
—
lOd.
t2$1i
«3>1
11%
15 July
June
30 June
16
June
30 June
16
1
July
15
Aug.
July
June
20 June
37 He
June
+44c
July
July
July
July
15 May 31
11 June 24
ttffl
til H
1 June
2 June
2 June
1 June
15
10
17
17
15
XSIH
June
1 May
16
10c
June
20 June
10
11%
July
1 June
11
15c
June
4 June
1
75c
_
June 25 June
July
Commercial Credit Co. (quar.)
Preferred (quar.)
15
1 June 30
June 30 June
10
11.06M June 30 June 10*
(quar.}__
14M conv. pref. (series of 1935) (quar.)
Commercial Solvents Corp. (no action)
ii.
oV%
July
1 June
10*
July
1 June
10
15
June
13 June
6
15 June 30
15 June 30
1 June
20
June 30 June
17
June 30
May 31
15 June
25c
June
87 nc
June
11H
81H
July
July-
1 June
10
25c
June
25 June
14
JulyJuly
8 June
17
1 June
17
1114
— ——
June
6214c
July-
1 June
20
June 30 June
15
June 30 June
5c
21 June
15
10
June
30 June
18
sin
July
.
1 June
6
25c
June
1 May
87 nc
13
12
__
—
_
June
12
—
June
18
18
July
1 May
1 June
June
20 June
sin
July
10
11 June 22
10c
June
20 June
sm
July
50c
—
J
—
100%
-.
iik
13
—
—
_
(quar.)
11
154%
20c
8714c
75c
30c
1154
—
—
inc
6
1 June 30
June 30
June
15
June 30 June
15
July
1 June
14
1 May 24
1 May 24
June
June
1 May
24
JulyJuly'
July
July
1 June
15
June
1 May 20
1 June 11
JulyJune
JulyJune
1 June
15
1 June
15
1 June
15
15 June
6
1 June
10
14 June
1
June 20 June
4
June
15
July
July
JulyJuly
July
1
1 June
15
15
1 June
15
1 June
15
1 June
June
15 May 31
15 May 31
June 30 June
8
June
3%
3714c
1154
_
—
—
_____
8% 2d partic. preferred (quar.)
—
1 June 20
June
1 May 24
1 May 24
12
Metropolitan Edison 17 prior preferred (quar.)
16 prior preferred (quar.)
15 prior preferred (quar.):
—
17 cumul. preferred (quar.).^
16 cumul. preferred (quar.)
15 cumul. preferred (quar.).
Midvale Co
Mississippi Valley Public Service Co.—
7% preferred class A (quar.)
1
6% preferred class B (quar.)
—
—
8
—
June
1 May
24
8c
June
22 June
15
July
July
July
July
July
July
JulyJuly
1 June
16
1154
sin
1114
1154
1114
1114
75c
—
June
30 June
50c
—
—
14H class A preferred (quar.)
July-
25c
_
—
Merchants Insurance Co. (Providence) (quar.)
Mesta Machine Co., common———
Monsanto Chemical Co
June
15c
25c
_ — —
Maui Agricultural Co., Ltd
Mayer (O.) & Co.
.
81%
sm
1114
81%
sin
15c
—
Maryland Fund, Inc
Extra (stock dividend),.——
Mathieson Alkali Works (quar.)
Preferred (quar.)_____
:—
sm
sin
20c
—
__
6
June
—
preferred-.
—
15 June
3
25 June 10
50c
—
——
—
8
1 May 20
1 June 10
sin
—______
__
June
15c
—
Long Island Lighting, 6% pref. A (quar.)
6% preferred B (quarterly). ______------Lorillard (P.) Co. (quar.)
lj
July
July
July
25c
nreferred (quar.)—-
Extra.
10
15
tSlH
—
Preferred
21
43%c
—
Lehn & Fink Products Corp
Lindsay Light & Chemical Co., pref. (quar.).
Liquid Carbonic Corp. (interim)_____:—_ —
3
50c
(quar.)
Cluett, Peabody & Co., Inc., pref.
July
40c
Clorox Chemical Co.
Commercial Investment Trust Corp.
/4
25c
1 June
June 20 June
2 June
11H
S2H
sin
—
——
Kings County Light, 7% pref. B (quar.)
6% preferred C (quarterly)
5% preferred D (quarterly)
— —;
Kingston Products preferred (quar.) —
Koppers Co. preferred (quar.)
—
Krueger (G.) Brewing Co. (dividend passed)
Kysor Heator Co. (quar.)__.__
Lackawanna RR. Co. of N. J
24
31
May 27 May 23
June 15 May 31
________
British-Amer. Tobacco Co., Ltd.,
ord.(interim)_
British Columbia Elec. Ry.
5% perp. pref
Budd Wheel Co.\, 1st pref.
(quar.)
'__
1st preferred (partic div.V.
;_
Series C 6% non-cumul.
1 May
1
15
1 June 20
75c
_ — ——
_______
—
Katz Drug Co
16
16
2 June
_
15
1 June
1 June
25 Apr. 20
June 30 June
6
11H
Series A 6 % cumul. preferred _ - - - i—
Series B 6% non-cumul. preferred
15 June 23
15 June 20
6
July
July
60c
Kansas City Power & Light, pref. B (quar.)
Kansas Oklahoma & Gulf Ry. Co.—
June 30 May
July
13
—
6
10
Aug.
July
July
—
—
15 May 31
May 31 May 21
1 June 15
July
July
July
July
—
Investment Co. of America
Stock dividend-
June
1 June
July
15
—
1 June 13
July
ljJune 10*
May 16 May
9
May 16 May
9
1 June
—_
10
July
June
10 May 25
15 May 27
5
July
July
July
Apr.
—
18
June 22 June
June
sin
—
1 June 10
10
75c
7% preferred (quar.)
;_
^__
Ingersoll-Rand Co. preferred (semi-ann.)
International Agricultural Corp., prior pref
International Business Machines Corp. (quar.).
International Mining
International Ocean Telegraph Co. (quar.)
.
(quar.)
20'June
6
—
1
June
5
June
10
Illinois Bell Telephone (quar.)
Indianapolis Power & Light preferred (quar.)
Industrial Credit Corp. of Lynn (quar.)
_____
1
June
90c
____
Armour & Co. of Delaware preferred
Arnold Constable Corp
Art Metal Works (quar.)__
Bastian-Blessing Co.
June
25c
Corp
Extra
American Tobacco Co., pref. (quar.).
Anaconda Copper Mining Co. (no action)
—
10
15 June
23 June
-
Manufacturing Co
Houdaille-Hershey class A (quar.)
Humphreys Mfg. Co. (resumed).
6% preferred (quar.)
Idaho Maryland Mines (monthly)-
15
15
June
June
—
Hoskins
1
20
June
15 June
—
25c
Hanley (James) Co. 7% preferred (quar.)____._
(quar.)
—:
Preferred (quar.)
Hercules Powder Co. (quar.)____
______
9
June
JulyJuly
June
— _
—
Ilelme (Geo. W ), common
9
June
40c
$5 preferred
American Rolling Mill. nref. (quar.)
American Safety Razor (quar.)__.
10
May 31
15 June
15 June
Holland Furnace
—
14
June
50c
June
-
June
June
June
—
___
5c
—
14
—
—
Hackensack Water Co. class A pref. (quar.)
Hamilton United Theatres 7% preferred
1 June 13
1 June 13
1 June 10
10
June
June
—
34<MjC
75c
June
July
July
July
75c
July
July
July
(quar.)
July
June
25c
_
American Cities Power & Light $2% class A_—
Optional div. cash or l~32d sh. of cl. B stock.
American Electric Securities Corp. partic. pref—
American-Hawaiian Steamship (quar.)
Preferred
14
May 31
S1H
—
(quar.)
—
6
14
June
June
3c
—
1 June 15
June 23 June
8
June
July
S1H
11 %
37Hc
Preferred (quar.)
_•
Greene Cananea Copper Co. (quar.).
Guarantee Co. of North Amer. (Que.) (quar.)
Extra
Gulf Power Co., 16 preferred (quar.) —
July
14
25c
_
___.— —
Gorton-Pew Fisheries.
Grand Rapids & Indiana Ry. (s.-a.)
Great Western Sugar Co. (quar.)
15
June
10c
—
Globe-Wernicke Co. 7% preferred (quar.)
Goebel Brewing Co. (action deferred).
May 28
1 June
June 15 June
July
July
9
15c
Preferred (quar.)
Glens Falls Insurance Co. (quar.)_
Pat/able of Record
4
June
25c
Preferred
Holders
9
June
15c
-—
When
June
June
$1H
sin
Gold & Stock Telegraph Co. (quar.)--
Per
June
15c
Genesee Brewing Co., Inc., class A & B__
Gillette Safety Razor (quar.)
are:
June 20
June
15c
Acceptance Corp. (quar.)_
_
name
1 June 15
July
62+^c
—
General Telephone Corp. (quar.)
Preferred (quar.)
—
General Water, Gas & Electric
in our "General Corporation and Investment
News Department" in the week when declared.
pany
1
15c
E xtra
which
June
11X
General Railway Signal (no action)
Preferred (quar.)
General lie-Insurance Corp__
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
25
24
23
28
July
—
—
General Investors Trust (quar.)—.
General Mills, Inc., preferred (quar.);
second table in which
June
1 May
May 31 May
June
1 May
1 May
July
87 He
—.
—
3364
24
10
15 June 20
60c
Class A (quar.)
General Candy Corp. class A (quar.)_
General Fire Extinguisher Co.—
1 X9>-
20 June
$1H
__
Foote-Burt Co. (no action).
Foreign Light & Power Co. 6% 1st pref. (qu.)__
Gannett Co., Inc., 16 conv. pref. (quar.)
General
1 May
June
10c
Extra.
1389
June
July
75c
50c
Corp.
First National Stores (quar.)
Fohs Oil Co. common—
3362
1
15
1 June 20
UH
_
Excelsior Insurance Co. (Syracuse, N. Y.)
Fernie Brewing Co., Ltd
2873
2874
2226
15 July
5 June
July
July
July
25c
—
General Plastics, Inc., 7% pref. (quar.)
follow with
10
11 May 31
June 24 June 14
50c
— __
—
120
3202
grouped in two separate tables.
In the
together all the dividends announced the
Then
30 June
11
______
.
are
bring
1
June
June
75c
Elgin National Watch Co
Engineers Public Service 16 preferred (quar.)
15H preferred (quar.)—
15 preferred (quar.)
;
Erie & Pittsburgh RR. Co
DIVIDENDS
we
10
15
15 June
%\%
11H
6% preferred (quar.)
first
1 June
1 June
June
40c
Preferred—
Announcements this week.
Dividends
July
July
75c
Mills
.
3028
3354
2868
—
•
10
25c
Eagle Pitcher Lead (no action)
Preferred (quar.)_ti
Eastern Gas & Fuel Assoc. 6% pref. (omitted)
Electric Controller & Manufacturing
Electric Storage Battery Co., common--_____
3201
2383
—
1 June
10c
—
-
I July
Dunean
2865
—
15
15
Draper Corp. (quar.)
3343
2863
2383
—June
l'June
l'June
35c
—
1875
10
July
'July
11 %
11 H
—
2850
1 June
July
11 %
11H
—
3334
I Holders
When
Payable\of Record
11M
—
3011
— -
I
I
90c
—
3331
3009
3496
3180
2846
3332
3332
3333
Driver-Harris Co., 1st mortgage 6s, 1942
June
England Walton & Co., Inc., 1st 6s, 1942June
Framerican Indust. Development Corp., 20-yr. 7^s 1942 -July
Frick-Reid Supply Corp., 15-year 6% debentures
June
Gordon-Pagel Co. of Del. 1st 6s, 1940-44
i.
-—June
Hayward Lumber & Investment Co. debentures--June
Heller Brotners Co.. 1st mortgage 7s—
June
Kanawha Bridge & Terminal Co.. mortgage bonds
.June
Minneapolis Brewing Co. gen. mtge. 6Ha< 1939
June
Minnesota Valley Canning Co. 1st 6s. 1941
-July
75c
-
5% preferred (quar.)
Consumers Power Co., 15 pref. (quar.)
14H preferred (quar.)
Continental Gas & Electric prior pref. (quar.)
Crane Co., 5% cumul. conv. pref. (quar.)
Creameries of America, Inc. (quar.)
Credit Acceptance Corp. preferred (quar.)
Crowell Publishing Co. (quar.)_;
Crucible Steel of America preferred (no action)
Darby Petroleum Corp. (semi-annual)_
Dayton & Michigan RR. Co. 8% pref. (quar.)
De Long Hook & Eye Co. (quar.)
Detroit City Gas Co. 6% pref. (quar.)
Detroit Gray Iron Foundry (semi-annual)
Diamond State Telephone 6H% pref. (quar.J.¬
Dixie Ice Cream Co. (quar.)
Dominguez Oil Fields
Dominion Foundries & Steel, pref. (quar.).
3492
June 15
Share
Commonwealth & Southern preferred
Consolidated Gas, El. Lt. & Power (Bait.)
2844
Consolidated Edison Co. of N. Y., Inc., 20-yr., 4^8,1951 -June
Cumberland Valley Telep. Co. of Pa. 1st 5s, 1966.
July
Dakota Power Co. 1st mtge. 6s, 1938
Sept.
Denver Tramway Corp. 1st 6% notes, 1943
July
Paris-Orleans RR. Co., 6% bonds
Pearl River Valley Lumber Co. ref. inc. bonds,
Per
Name of Company
1154
1114
June
50c
June
1214
Dec.
July
1
May 31
1 May 31
1 May 31
1 May 31
1 May 31
1 May 31
1 June
18
1 May 20
1 June
18
15 June
1
1 Nov. 10
Volume
Minneapolis Gas Light Co. (Del.)—
6% preferred (quar.) —
534% preferred (quar.)
5% preferred (quar.)
$5.10 series preferred (quar.)_
Montgomery Ward & Co—
► Class A (quar.)
Motor Finance Corp. (quar.)
$5 preferred (quar.) —
Muskogee Co., common
National Bond & Investment Co
SIM
SIM
SIM
S1.27M
__
—..
June
June
25c
SIM
25c
__
Below,
Jxme
15 June
6
SI Ys
.
June
15 Jxme
1 June
10
15c
.
June
May 25
July 15 June 10
1 June 17
July
May 31 May 21
Payable of Record
si ys
Worthington Pump & Mach. prior pref. (quar.)_
Conv. prior preferred (quar.)__
Yale & Towne Mfg Co
May 25
May 25
May 25
June
Holders
When
Per
Share
Name of Company
Payable of Record
Share
of Company
Holders
When
Per
Name
3447
Chronicle
Financial
146
July
6
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
we
and not yet paid.
The
nounced this week, these
June 29 June
17
June
15 June
21 June
SIM
June
21 June
1
10
10
National Breweries,
50c
44c
July
July
July
July
July
July
2 June
(qxxar.)___
National Candy Co. 1st & 2d pref. (quar.)
National Cash Register
National Gypsum Co. 1st pref. (quar.)
2nd preferred (quar._—__'
National Lead Co___--_-__—
SIM
— _
25c
5% preferred series A
Ltd. (quar.)
.
Preferred
SIM
25c
SIM
25c
12J4c
SIM
___
Preferred
B
____—
National Supply Co. $2 preferred
-_
'__
534% prior preferred (quar.)___
Ry. (quar.)
New York Mutual Telegraph (s.-a.)__
New York Lackawanna & Western
Niles-Bement-Pond Co
North Central Texas Oil (interim)
_ _
— ___—_
(annual)-.
Oilstocks Ltd. (s.-a.)
1
Oklahoma Natural Gas, 6% prior pref. (quar.)__
Onomea Sugar Co. (monthly)
Pacific & Atlantic Teleg. Co. (s.-a.)
-
—.
_
-
_ _ ——_ — _
July
July
July
July
July
70c
SIM
SIM
(quar.)
Elec., 6% pref. (omitted).
Rayonier, Inc., preferred (quar.)
Reading Co. 2d preferred (quar.)
Remington Rand Co. (interim)
Queens Boro Gas &
Signal Oil & Gas class A & B (quar.)—_
Simon (H.) & Sons, Ltd., common (interim)
7% cumul. preferred (quar.)
Siscoe Gold Mines, Ltd. (quar.)_.
Sivyer Steel Castings.
South Carolina Power Co., $6 pref. (quar.)
Southeastern Gas Light preferred
South Porto Rico Sugar Co. (quar.)
15
July
July
1 June
10
60c
30c
June
June
1 May
1 May
June
l-40th
50c
20c
June
1 June 20
1 June 20
1 June 20
10
10
June 10
1
20c
June
10c
.June 22 June 15
July
1 June 20
36c
June
7 June
S3
SIM
July
July
July
1
1
1
SIM
June
25c
June
15
June 15
June
June
June
July
May 25
June 10
25c
2
June 24
June
June
15
15
June
15
United States Foil preferred (quar.)
j
United States Potash 6% preferred (quar.)_,
Corp. common
Valley RR. Co. of N. Y. (s.-a.)
Van Norman Machine Tool
Virginia Electric & Power Co., $6 pref. (quar.)__
Wagner Electric Corp. (no action)
Walker (H.)-Gooderham & Worts, Ltd
Cumulative redeemable preference (quar.) —
Waldorf System, Inc__
Waukesha Motor Co. (quar.)
Welch Grape Juice (stock dividend)
United States Sugar
Interim
preferred
Electric Instrument class A (quar.)__
Wheeling Steel Corp. $6 preferred (quar.)
$5 prior preferred (quar.)
.__
Wisconsin Investment Co. (interim)
Woolworth (F. W.) & Co.,,Ltd.—
Weston
ord. reg. (interim)
Less taxes and expenses of depository.
Am. dep. rec. 6% pref. reg. (s.-a.)__
Less taxes and expenses of depository.
5% cum. preferred
14
til M
14
5c
June
May 31
12Mc
SIM
June
June
July
June
30c
June
25c
July
July
July
July
July
Sept.
June
75c
1
15
May 20
10
June 10
15
Jxme 20
June
6
Sept.
1
June
June 20
June
May 16*
July
June
10
28c
June
June
1
12c
June
June
1
15
25c
July
lune
25c
June
May 24
SIM
SIM
July
July
July
June 24
June
10
June
1
June
June
4
June
June
4
July
July
June 30
June
15
75c
June
June
17
40c
July
July
July
June
July
June 15
25c
75c
3
June
3
June
15
6
10c
June
June
7 M%
June
May 20
---
preferred._
__
_
-
-
_
_—_—_ -
Bellows & Co. class A
- - - --
-—------
Bigelow-Sanford Carpet, preferred (quar.)
$5 preferred (quar.)
Blue Ridge Corp. $3 conv. pref. (quar.)
Opt. div. 1-32 sh. of com. or cash.
Bon Ami Co. class A (quar.)__ —
-
Borden Co. common
Boston Elevated
(interim)
tSl
J25c
June
15 June
4
10c
July
July
Buckeye Pipe Line
5%
15c
20c
t75c
50c
SIM
SIM
10c
15%
3%
June 20 May 31
June 10 May 31
June 30 June 15
June
1 May 20
July
July
July
July
1 June 20
1 June
1 June
June 22
June
14
1 June 14
10
May 20
8 May 13
(quar.)
-
Co
pref. (quar.)
(quar.)
(quar.)
Burroughs Adding Machine Co
——
Butler Bros., 5% conv. pref. (quar.)
California Art Tile $1M cum. conv. pref. A
Calamba Sugar Estates (quar.)
Cambria Iron Co. (semi-annual)
Canada Cement Co. preferred
Canada & Dominion Sugar (quar.)
Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable preferred (quar.)
Canadian Canners, 1st pref. (quar.)
2nd preferred (quar.)
— Canadian Foreign Investment Corp. (quar.)
8% preferred (quar.)
5% pref.
5% pref.
6
6
2 June
June 11*
15 June 15
June
July
July
1 May
31
1 May 10
June 25
5 June 25
_
May 20
1 May 20
June
June
May 16
May 21
June
June
May 31
May 16
June
Juno 20
SIM
14
June
Juno
June
June
May 13
May 13
June
15
June
15
June
May 20
May 14
June
June
June
May 31
June
6
May 16
May 16
July
July
May 31
July
July
July
June
June
May 31
June
May 19
May
1
June 15
June 15
June
July
July
July
July
July
May 31
10
10
June 15
June
June
15
June 10
June 10
Jxme
June
1
Sept.
Sept.
1
Dec.
June 30
June
July
July
Jxme
3
June
3
June
May 14
Juno
June
May 21
May
5
July
July
July
July
May 16
1
4
15
15
10
July
Ry. (quar.)
Boston Wharf Co.
Bullocks, Inc
Bunte Bros., 5%
_
2 Jxme
June
----
Bird & Son, Inc.,
Class B (quar.)
July
July
July
July
July
June
Brown Shoe Co. common
1 June 15
June
June
-
4
25c
June
16
20
20
20
27
6
Dec.
(quar.) — ______________
(quar.)...—
Class A (quar.)
- - Bensonhurst National Bank (quar.)-Berghoff Brewing
Bethlehem Steel, 7% pref. (quar.)
5% preferred (quar.)—
Class A
31
1 June 20
June
June
15 June
1 June 10
June
June
June
July
June
20c
June
--
June 20 May
$2M
June
40c
June
(quar.)
SIM
3
20c
17
17
17
14*
10c
10
1
14 June
June
SIM
SIM
—
June 20 June
1 June 30
15 June
June
50c
May
May
May
May
May
May
May
May
May
31 May
25c
A
40c
July
June
10c
June
15c
(s.-a.) —
Brach (E. J.) & Sons (quar.)
_____
_
Brazilian Traction Light & Power Co., Ltd
Bridgeport Gas Light (quar.)
Bristol-Myers Co. (quar.)
.......—-—
Brooklyn Edison Co. (quar.)____
Brooklyn Teleg & Messenger Co. (quar.)
SIM
June
June
preferred (s.-a.)__ —
Baltimore Radio Show, Inc. (quar.)
6% preferred (quar.)
Bangor & Aroostook RR. Co. (quar.)
5% conv. pref. (quar.)
Bangor Hydro-Electric 7% preferred (quar.)—
6% preferred (quar.)
- —
Bank of Nova Scotia (quar.)_.
Barber (W. H.) Co. (quar.)
Barlow & Seelig Manufacturing A (quar.)
Baton Rouge Electric Co. $6 pref. (quar.)
Bedling-Corticelli, Ltd. (quar.)
Preferred (quar.)—
Beech Creek RR. (quar.) — ________
----Beech-Nut Packing Co. com. (quar.)__
Extra
Nov. 25
Dec.
75c
June
Astor Finance Corp.
Atlas Corp. 6%
Sept.
62Mc
S2M
Atlas Powder Co
June
SIM
1
May 25
Aug. 25
—
preferred (quar.)
5
June
SIM
15
June
June
SIM
SIM
S2M
12Mc
Atlantic Refining Co—
June
pref. (quar.)
6% preferred (quar.).. —
—
Tucket Tobacco Co. preferred (quar.)_
—
Tunnel RR. of St. Louis (s.-a.)_
----Twin Disc Clutch Co. (final)
Union Carbide & Carbon Corp
— _____
Union Pacific RR _____ _ —
Union Premier Food Stores, Inc. (quar.)
United Carbon Co____
_____
...
United-Carr Fastener Corp
United Molasses Co., Am. dep. rec. ord. reg___
Less tax and expenses of depository.
June
June
May
_ _
June
50c
Thompson Products, pref. (quar.)
Tide Water Assoc. Oil preferred (quar.)
June
$2
SIM
SIM
SIM
25c
Anglo-Canadian Telephone Co. class
Archer-Daniels-Midland
Arkansas-Missouri Power Corp.
6% cum. preferred (semi-ann.)
Artloom Corp., preferred
Ashland Oil & Refining (quar.)
5% preferred (quar.)
Associated Dry Goods Corp. 6% 1st
7% 2d preferred (quar.)
Associates Investment Co. (quar.)
June
—
3
Extra
June
„
1
1
15 June
pref. (qu.)
of N Y
American Telep. & Teleg. (quar.)__
American Thread Co. $5 preferred (s.-a.)
American Tobacco Co. com. & com. B (qu.)
Amoskeag Co., common (s.-a )
Preferred (semi-ann.)
Andian National Corp. (s.-a.)
50c
SIM
______
3
15 Juno
SIM
115c
June
3
June
June
Co
American Surety Co.
June 23
15 June
Jxme
15 June
25c
Preferred (quar.)
15
June
June
SIM
Ltd
American Smelting & Refining
1
June
June
Juhe
each
American Sugar RefiningPreferred (quar.)
Aug. 31 Aug.
July
July
July
July
July
May 18
May 16
May 14
1
1
1
Jxme 15
June 15
June
June
Cigar, stk. div
sh. of Amer. Tobacco com. B for
Amer. Radiator & Standard Sanitary
4
95c
—
a
(qu.) —
(quarterly)
7% preferred A (quarterly)
American General Corp. $3 preferred (quar.) —
$2.50 preferred (quar.)
$2 preferred (quar.)
American Home Products Corp., (monthly)
American Investment Co. of Illinois (quar.)__
American Laundry Machinery (quar.)
21
20
25 June
Sept. 30 Sept.15
Dec. 31 Dec. 15
1 May 20
July
1 June 15
June
June
7 % preferred A
15 May 31
July
July
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June 30 June 15
SI
Preferred (quar.)
American Dock Co. preferred (quar.)
American Envelope Co., 7% pref. A
1
July
15c
1 May 14
June 30 June 15
sh. Am. C. & C. held.
1 June
June
May 16
' 1
50c
American Cigarette &
15
1 June 15
1 June 15
1 June 15
SIM
SIM
,
Extra.
15
S3M
171&
prior preferred (quar.)
(quar.)
American Chicle (quar.)
50c
1 June
preferred (s-a.)__
Preferred
18
18
15c
Telephone Bond & Share Co., 7% 1st pref_____
1st $3 preferred
Thatcher Mfg Co
_ _i _ _ ~ _.——
-Thomson Electric Welding Co
1 June
American Cap Corp. $5M
American Chain & Caole
1 May
1 May
75c
'
Amer. dep. rec.
1 Aug. 20
10
June
2%
SIM
_
Southwestern Light & Power preferred.
Southwest Natural Gas $6 preferred A__
Wellington Fund, Inc.-----West Coast Telephone Co. 6%
Sept.
1 June
tSIM
SIM
3c
Republic Steel 6% prior pref. (no action)
Rheem Mfg. Co. (quar.)
Rhode Island Insurance Co. (quar.)
Risdon Mfg. Co. 7% preferred (quar.)
Roan Antelope Copper Mines, Ainer. shares
Ruberoid Co. (no action)
St. Croix Paper Co. 6% preferred (s.-a.)...,
St. Louis Bridge Co. 1st pref. (s.-a.)—;2d preferred (s.-a.)_
St. Louis Rocky Mtn. & Pacific (no action)
Preferred (quar.)..
.--Scranton Lace Co., common
7% preferred (quar.)
Selby Shoe Co., common.___ — ______
—
Shell Union Oil Corp., 534% cum. pref_ ______
Todd Shipyards Corp
Truax-Traer Coal 5lA%
American Box Board preferred (quar.)
American Business Shares, Inc. (quar.)
1 June 20
SIM
(quar.).
Reno Gold Mines, Ltd. (quar.)
Preferred
Standard Brands, Inc. (quar.)
Preferred (quar.)..
Sterchi Bros. 1st preferred (quar.)
American Bakeries Corp. 7%
1 July 20
1 Aug. 20
50c
SIM
25c
American Metal Co.
—
SIM
15
Aug.
Sept.
July
July
July
July
July
SIM
SIM
SIM
SIM
50c
18
1 June 10
July
$1
SIM
50c
SIM
1 June
July
July
July
55c
55c
June
June
50c
June 30 June
1
June 25 June
$1
_
1 June 13
1 June 21
July
July
$1M
American Arch Co
55c
SIM
SIM
SIM
SIM
ilK
25c
15
10c
(quar.)
(quar.)
Quaker Oats Co. (quar.)
Sterling Products, Inc.—
Sussex RR. (s.-a.)
SIM
1 June 15
1 June
7Mc
37Mc
7% prior lien stock
6% prior lien stock
(quar.)
50c
(quar.)
,
May 20 May
2 June 15
1 June 20
31
June 28 May 31
June
1 May 20
June
1 May 14
June 28 May
Alpha Portland Cement Co
Altoona & Logan Valley Elec. Ry. Co
Aluminum, Ltd., pref. (quar.)
Aluminum Mfrs., Inc. (quar.)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
10
1 June 15
1 June 15
10c
15c
_ _ ,
Progress Laundry Co. (quar.)____
Public Investing Co. (s.a.) —
Public National Bank & Trust (quar.)
Public Service Co. of Oklahoma—
Preferred
20c
SIM
SIM
(quar.)..:
Pennsylvania Edison Co. $5 pref. (quar.)_ —
$2.80 preferred (quar.)
__.
Pennsylvania Glass Sand preferred (quar.) —
Pennsylvania Power Co. $6 preferred (quar.) —
$6.60 preferred (monthly) — ______
$6.60preferred (monthly)
._
$6.60preferred (monthly)__
- ~ Pennsylvania Pow. & Light, $7 pref. (quar,)___
$6 preferred (quar.)__ —
— $5 preferred (quar.)
Pennsylvania Water & Power Co., common (qu.)
Preferred (quar.)
__
Peoples Water & Gas Co. $6 preferred. — _____
$6 preferred (quar.) —
Philadelphia Electric Power preferred (quar.) —
Piedmont Manufacturing Co
—
Pneumatic Scale Corp., Ltd., common
Preferred
SIM
S2M
1 June
1
July
July
Preferred
4
15 June
15 July
11 May 26
2
June 22 June
July
1 June 17
Allegheny Steel Co., 7% pref. (quar.)
Allied Products Corp. class A (quar.)
Allied Stores Corp. 5% preferred (quar.)
15
1 June 15
1 June 16
June 21 June 14
June 30 June 15
10c
:
_
—
Paramount Pictures 1st pref.
2d preferred (quar.)
Parke Davis & Co
July
July
July
40c
Pacific Indemnity Co. (quar.)
_______
June
15
June
Alabama Water Service $6 pref.
1 June 30
40c
—
E xtr a
17
June 30 June 17
June 30 June 17
1 June 10
July
10c
Ohio & Mississippi Telegraph Co.
16
17
July
16
July
(quar.) (reduced)
Addressograph Multigraph (quar.)
Aero Supply Mfg., class A (quar.)
Agnew-Surpass Shoe Stores, preferred
Agricultural Insurance (N. Y.) (quar.)
Alabama Great Southern RR. Co., ord
22
50c
Co. (s.-a.)___
Northwestern Telegraph
15 June 30
1 June 16
1 July
June 30 June
SIM
SIM
SIM
1 May
June 30 June
June
Acme Steel Co.
13
1 June
Payable of Record
Abbott Dairies, Inc. (quar.)
Abbott Laboratories (quar.)
Preferred (quar.)
15
15
1 June
Aug.
75c
_
2 June
Holders
When
Per
Share
Name of Company
June 30 June
50c
(quar.)
6% prior preferred (quar.)
June
20c
June
June
Jxme
1
July
July
June
15
June
June 16
June
May
May
May
May
May
May
May 31
Sept.
16
13
21
30
27
11
May 26
Aug. 26
Dec.
Nov. 25
June
Jxme
Apr. 30
May 12
May 20
July
Jxme 15
Oct.
Sept.
May
May
May
May
15
31
15
20
31
Jxme
15
June
15
June
15
May
June
Jxme
Jxme
June
June
Jxme
Jxme
June
June
Jxme
July
July
Jxily
July
June 15
3448
Financial
Per
Share
Name of Company
When
m
5% preferred (s.-a.)
—
Central Illinois Public Service 6 % preferred
1
-
Extra.
$1
— -------------
-
-———s
Cincinnati New Orleans & Texas Pacific
-
-
--—
-
-
-i_
-
—
——-
-
_
-
-
-
-—-
■.
—
--------——^—
City of New Castle Water, 6% preferred (quar.)
Clark Equipment preferred (quar.)._
Clearfield & Mahoning RR. (s.-a.)
Cleveland & Pittsb. RR. Co., reg. guar, (quar.)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)-.
Coast Counties Gas & Electric 6% pref. (quar.)_
Coca-Cola Co
Class A (s.-a.)
5%
conv. pref.
6% pref.
(quar.)~_
May 14
June 30 June 20
June 15 May 28
June
June
1 May
15 May
20
25
June 15 May 23
1 June 20
July
June 14 May 16
May 16
June
June
3
July
June
20
Oct
Sept. 19
Jan.
June
Dec.
May 23
40c
June
June
19
(quar.)
June
June
May 20
May 31
my*
July
June
20
87 He
50c
June
June
Sept.
Sept.
May
May
Aug.
Aug.
10
10
10
10
Dec.
Nov. 10
s7m
87&
MX
50c
Dec.
Nov. 10
June
15 May 25
1 June 11
July
July
July
July
July
1 June
June
1
June
1 May
July
July
July
lJune 20
June 20
MX
common..:
$1
_
(quar.) (reduced)-----
$15*
$15*
11
11
1 June
11
6
May 19
19
Confederation Life Assoc. (Toronto) (quar.)
June
June 20
June 15
June
10 May 27
25c
June
50c
Connecticut Light & Power pref. (quar.)
June
$15*
— -
—
June
$1
—-—---*
June
27
20
1 May 14
1 May 15
t$l
::$1
::$1
June
30 June 25
$15*
(Quarterly)
75c
Connecticut River Power Co., 6% pref. (quar.)_
Consolidated Biscuit Co
$15*
10c
Consolidated Cigar Corp.,
preferred (quar.)
Consolidated Edison Co. or New York, Inc
Consolidated Investment Trust (quar.)
$15*
10 May
10 May
Sept. 30 Sept. 25
Dec.
31 Dec.
25
June
1
July
1 June
15
16
June
1 May
23 June
June
1 May
June
May 14
1
50c
Consolidated Oil Corp. $5 pref. (quar.)
Continental Can $4.50 preferred (quar.)—
June
15
June
15 May
1 May
16
13
17
17
16
1 June
10
May
30c
June
May
16
25c
June 30 June
1 June
July
15
— _ — —
1
15c
Preferred (quar.)
Copper weld Steel Co. (quar.)
Corrugated Paper Box, Ltd., 7% pref. (quar.)
Cosmos Imperial Mills Ltd. 5% pref. (quar.)
Crane Co. preferred (quar.)
Creameries of America, Inc.. preferred (quar.)
Creole Petroleum Corp
1
June
1
30c
June
*$15*
—
June
$1
—
June
25c
xw_
Crown Zellerbach Corp. $5 conv. pref. (quar.)„
Crum & Forster Insurances Shares A and B
June
July
30c
1
May 16
1 May
June
565*c
565*c
$15*
May 20
May 20
15 June 30
15 June
1
June
25c
Preferred
(quar.)
(Quarterly)
Cuban Tobacco, 5% pref
Cuneo Press, Inc., 65*%
pref. (quar.)
Curtis Publishing Co. preferred
Cushman's Sons 7% preferred
Dayton Power & Light 4X % pref. (quar.).
Deere & Co. preferred (quar.)
Dentist's Supply Co. or N. Y. (quar.)
1
June
25c
—
6
10 June
July
$15*
875*c
25c
Extra
Crown Cork International Corp., cl. A (quar.)
Crown Cork & Seal Co. $2.25 preferred w. w
$2.25 preferred
15 May
June
$15*
51.125* July
Continental Casualty Co. (Chicago) (quar.)
Continental Oil Co
Continental Steel Corp., pref. (quar.)
Cook Paint & Varnish Co. (quar.)
June
30c
—
10
10 May 27
10 May 27
1 June
10*
June
15 May 31
June
15 May 31
June
1 May 16
May 31 May 18
May 31 May 18
June 30 June
t$25*
20
June 30 June
17
June
15 June
1
July
1
June
June
1 May 16
1 May 20
1 May 14
June
1
June
May 31
Sept.
1 July
1 Oct.
Oct.
23 Dec. 23
1 May 20
1 May 20
June
1 May
July
5 June 20
5 Dec. 20
Jan.
14
13 May 23
June
15 May 31
1 May 10
June
Sept,
1 Aug.
Dec.
Stock div.
1 Nov. 10
June
10
1 May
1 May
50c
June
preferred
75c
preferred
75c
Sept.
3rl-39
25c
June
$2
Dixie-Vortex Co
25c
June
10
10
1 Aug. 10
2-10-39
1 May
13
1 May 13
Quarterly
uarterly
Dome Mines, Ltd., old stock
10
June
Sept.
1 May
1 Aug.
18
18
10
25c
Dec.
$1
$15*
MX
MX
July
July
July
July
July
50c
NeW
Preferred (quar.)
1 June
25c
25c
(quar.)
Dr. Pepper Co. (quar.)
July
July
1 June
625*c
Class A
June
14 May 23
$15*
$15*
$15*
July
July
July
25 July
8
25 July
8
15 June 15
50c
IIHIIIII;
«
Driver-Harris Co., preferred
(quar.)
(E.I.) & Co
du Pont de Nemours
Preferred (quar.)
cum. 1st pref.
(qu.)__
June.
$15*
$15*
$15*
$15*
July
July
June
25c
June
June
40c
$65* preferred (quar.)
$6 preferred (quar.)
;
Eastman Kodak (quar.)
Preferred (quar.)
Edison Bros. Stores (quar.)
June
May
May
May
Sept.
Sept.
May
25c
Preferred (quar.)——.
625*c
Electric Shareholdings, pref. (optional)—
44r-1000ths of a share of common or $15* In ca sh
Electrigraphic Corp. (quar.)
Electrolux Corp. (irregular)
Elizabeth & Trenton RR. Co. (semi-ann.)
5% preferred
$1
(semi-ann.)
$15*
El Dorado Oil Works (quar.)
El Paso Electric Co. (Texas) $6 pref. (quar.)
El Paso Natural Gas 7% preferred
(quar.)
May 20
1 May 20
June
May 10
May 10
June
5
June
5
June 25 May 31
June 15 May 31
Oct.
Oct.
18
23
16
20
20
20
June
$15*
$1?*
July
June 30
June
25c
Ely & Walker Dry Goods Co
1st preferred (s.-a.)
40c
June
May 16
May 21
July
2
July
2
May 21
May 16
May 16
$35*
,
2d preferred (s.-a.)
Empire & Bay State Teleg. Co. 4% gtd. (qu.)
Empire Capital Corp., class A (quar.)
$3
$1
10c
—
—
Extra.--
5c
Empire Casualty (Dallas) (quar.)
Quarterly
Empire Power Corp. participating stock
$6 cum. preferred (quar.)
Emporium Capwell Corp
•
Emporium Capwell Co. 45*% pref. A (quar.)—
45* % preferred A (quar.)
4 5*% preferred A (quar.)
Equity Corp., $3 convertible pref. (quar.)
Faber, Coe & Gregg. Inc. (quar.)
Fairbanks-Morse & Co., 6% conv. pref.
(quar.)
Fajardo Sugar Co. of Porto liico
July
July
June
May
May
Aug.
25c
25c
50c
June
June
$15*
June
June
July
July
June
25c
565*c
565*c
565*c
Nov.
1
1
15
June 18
Oct.
Sept. 17
Jan.
Dec. 24
June
May
May
May
May
16
15
12
16
$15*
June 30 June
$25*
July
15
10
$2 5*
75c
Oct.
75c
50c
June
$15*
June
50c
June
Additional div. of 50c. per sh.
representing a
distribution our of proportionate interest in
div. of the
Fansteel
Fajardo Sugar Growers' Assoc.
Metallurgical Corp., $5 pref. (quar.)
—
Farmers & Traders Life Insurance (Syracuse)
Quarterly
Federal Bake Shops, Inc., 5% preferred
(s.-a.)
Federal Compress & Warehouse
—
(quar.)
40c
Federal Light & Traction Co. preferred
(quar.)_
Federal Mining & Smelting, preferred
(quar.)
Felt man & Curme Shoe
Stores, pref. (quar.)
Fifth Ave. Coach Co
—
$15*
MX
875*c
50c
15c
FinanceCo. of Amer., class A& B
(quar,)_
Preferred A (quar.)
8Xc
$15*
__
Firestone Tire & Rubber 6% pref. A
(quar.)
First National Bank of Jersey
City (quar.)—
First National Bank (Toms River,
o
N.J.) (qu.)__
First Security Corp. of Ogden, cl. A & B
(s.-a.)_
Fish man (M. H.) (quar.)
Florida Power Corp., 7% pref. A
(quar.)
1 June
1 Sept.10
June 30 June 16
June
1 May 18
June
June
July
1
May 16*
...
__
15 June
June
1
1
June 30;June 15
June 30 June 20
June 30 June 20
_
June
lMay 15
June 30 June 23
—
875*c
50c
15c
July
June
l!June 22
15June 10
June
li May
14
16
June
1 May
875*c
$25*
June
1 May 16
1 Aug. 20
_____
*25c
June
625*c
Aug.
62 5*c
50c
Nov.
7% preferred (quar.)
Motor of Canada, 55*%
pref. (semi-ann.)
Class A & B (quar.).
Frankl in Rayon Corp .,$2 5*
prior pref. (quar.)
$25* prior preferred (quar.)
Freeport Sulphur Co. (quar.)
Fuller Brush 7% pref.
(quar.)
7% preferred (quar.)___
Ford
—
—
—-
Gamewell Co. $6 conv. pref.
(quar.)
Gatineau Power Co., pref.
(quar.)
Gaylord Container Corp. (quar.)
Preferred (quar.) —
General Cigar Co.. Inc
.
—
1 Nov. 18
20 June 30
20 Juno 30
2 June 15
15 June 30
1 June 20
General Gas & Electric
Corp. (Del.)—
$5 prior preferred (quar.)
General Motors Corp
—
.
$5 preferred (quar.)
General Public Utilities, Inc., $5 pref.
(quar.)—
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Gibson Art Co. (quar.)
Globe Democrat
Publishing Co.
7% pref. (qu.)
Globe-Wernicke 7% preferred (quar.)
Goodyear Tire & Rubber Co. $5 conv. pref. (qu.)
Gossard (H. W.) Co__
Grand Union Co. $3 conv.
preferred (quar.)
Great Atlantic & Pacific Tea Co
Preferred (quar.)
June 23
Oct
_
Sept. 22
June 15 June
June
July
4
1
15 May 31
June 15 May 31
June
June
15 May 27
$15*
June
10c
June
May 20
May 31
June
June
$15*
$15*
$15*
$15*
Aug.
July
'July
Quarterly
Group No. 1 Oil Corp
Gulf States Utilities
$55* preferred (quar.)
$6 preferred (quar.)
Hackensack Water Co. (s.-a.)
Hamilton Watch Co. 6% pref.
(quar.)
Hammermill Paper Co., 6% preferred (quar.)
Hancock Oil of Calif., class A & B
(quar.)
May 16
May 12
11
July
June 20
June 15
July
July
June
$15*
$15*
$15*
June
May 20
July
June 20
June
25c
June
25c
June
May
May
May
May
May
50c
June
June
13c
35c
Great Western Electro-Chemical
6% pref. (qu.)
Green Mountain Power $6
preferred
Greene RR. Co. (s.-a.)
June
June
July
June
15
20
16
16
10
13
13
May 20
May 20
July
1
35c
30c
Oct.
Oct.
July
June 20
t$15*
June
May 20
June
June
$3
$100
1
June
June
10
10
June
31
31
17
20
June
May
May
May
May
July
June
15
25c
20c
15c
June
15c
Class A & B extra— —__„I
Hanes ,(P. H.)
June
May
May
May
May
16
16
20
20
July
June 20
June
May 16
May
6
July
6
May 14
$15*
—
-
—
_
June
75c
Knitting Co. (quar.)_
Class B (quar.)
7% preferred (quar.)
June
$15*
$15*
$15*
$15*
Hanna (M. A.) Co., $5 preferred
Harbison-Walker Refractories Co
Preferred (quar.)
Hart-Carter Co., conv. pref. (quar.)
25c
$15*
:____
Harshaw Chemical Co.
7% preferred (quar.)
Hartman Tobacco Co., pref.
(quar.)
Hawaiian-Sumatra Plantation
Hayes Steel Products, Ltd., 6% non-cum. pref—
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)
•__.
—-—
—
—
Imperial Life Assurance Co. (Canada) (quar.)
—
—
—
Extra
June
June
June
July
50c
June
$15*
June
$1
15c
June
June
June
May 21
60c
June
June
June
June
1
li/C
June
June
10
10c
June
30c
15c
June
May 28
May 25
June
June
14
50c
June
375*c
June
14
14
12
16
16
12
June
May
May
May
May
May
May
May
27
July
June
1
$15*
$15*
$2
June
May 20
May 20
July
June
$15*
June
May 16
55*%
*$35*
*$35*
*$35*
*25c
*37 5* c
June
Apr. 21
July
June 30
June
50c
June
July
.
Hein-Werner Motor Parts Corp. (quar.)
Hewitt Rubber Corp
Heyden Chemical Corp. (interim)
Hihbard, Spencer, Bartlett & Co. (monthly)
Hires (Chas. E.) Co. class A common
(quar.)
Hobart Mfg. Co. class A (quar.)
Holt (Henry) & Co. partic. A
Horn (A. C.) Co. 1st prior
pref. (quar.)
2d partic. pref. (quar.)
Horn & Hardart (N. Y.)
5% pref. (quar.)
Hudson Bay Mining & Smelting, Ltd
Humble Oil & Refining (quar.)
Huntington Water Corp., 7% pref. (quar.)
6% preferred (quar.)
Illinois Central RR., leased lines
(s.-a.)
Illinois Water Service 6% pref. (quar.)
Imperial Chemical Industries, Ltd.—
Final dividend for the year ended Dec. 31,
10c
June
85*c
June
45c
June
$15*
*75c
375*c
Indianapolis Water Co., 5% cumul. pref. A (qu.)
Ingersoll-Rand Co
Inland Steel Co
25
May 12
July
$1
—
1 Oct.
June
$15*
25c
Great Northern Paper (quar.)
Extra
Great Southern Life Insurance Co.
(quar.)
—
18 May 28
1 July 25
~ '
"
25c
y'-y
Oil Col "(initial) IIIIII "IIIIIIII
1937 less British income tax
Sept.
$15*
-v."'''t!**"'
Quarterly
Quarterly
Imperial Oil Ltd. (s.-a.)
685*c
50c
-
PrBforrGct
Genera Crude
$15*
$15*
$15*
$15*
25c
—
Dictaphone Corp., common
Preferred (quar.)
June
MX
$15*
_
June
uarterly
§uarterly
Dominion Textile, Ltd. (quar.)
7% preferred (quar.)
6% preferred (quar.)
—
Diamond Match Company (quar.)
1
June
Detroit Motorbus (liquidating)
Devonian Oil
Debenture (quar.)
Duquesne Light Co., 5%
1
Dec.
June
-
Partic.
Partic.
1 Nov. 19
July
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Denver Union Stockyards Co. 55*% pref.
(qu.)_
Derby Oil & Refining preferred
Detroit Gasket & Mfg. 6% pref. ww
(quar.)
Detroit Hilisdale & Southwestern
(s.-a.)
Semi-annually
May 19
1 Aug. 22
Dec.
of l-10th a sh. of Pan American
Match Corp. for each sh. Diamond Match
held
Par tic. preferred
:
Holders
Payable of Record
Eastern Shore Public Service Co.—
—
15c
_
Special
When
Share
—
50c
Columbian Carbon Co. v.t.c. (quarA___
Commonwealth Util. Corp. 65*% pref. C (qu.)
Compania Swift Internacional
Quarterly
Quarterly
1 June
1 June
25c
——-.
Company
_
15
$1
25c
$7 cum. preferred (quar.)
Cumulative preferred, series B (quar.)
Colt's Patent Fire Arms (quar.)
Columbia Broadcasting System—
Class A (quar.) (reduced)_
.
Class B
1
June
MX
$3.88
common
Collins & Aikman Corp
Colonial Ice Co.
1
MX
;
Class A. (s "*"3i )
Colgate-Palmoiive-Peet,
May
$3
—
Coca-Cola International
1
$15*
$15*
$15*
MX
5% preferred (quar.).
5% preferred (quar./
*.)City Ice & Fuel Co., 65* % pref. (quar.).
-
June-
June 27 June
3
June 27 June
3
June
4 May 20
June
1 May 15
$5
—
1
-
50c
15
$15*
Cincinnati Union Terminal 5% pref. (qu.)
Common--
$15*
20
20
20
Ry .—
5% preferred (quar.)——-—
Extra-
25c
15
23
16
1 June
June
10c
25c
14
24
July
m
$15*
—
Chrysler Corp—--—--- -
$15*
$15*
50c
1 May
1 June
July
May 31 May
June 21 May
June
1 May
1 June
July
June 15 May
June 15 May
June 16 Apr. 30
Aug. 15 Aug.
5
Nov. 15 Nov.
5
June
1 May 18
10c
50c
75c
Chestnut Hill RR. (quar.)
Chicago Corp. preferred (reduced)
Chicago District Electric Generating Corp.—
$6 preferred (quar.)
Chicago Flexible Shaft (quar.)
Chicago Rivet & Machine
Chicago Yellow Cab (quar.)
Chickasha Cotton Oil (special)
Christiana Securities———— -
$15*
t$l
10c
----- -—-——-
Preferred (quarterly)
$1.75
$15*
—
Quarterly—
-*.
Century Ribbon Mills pref. (quar.)
Champion Paper & Fibre Co. 6% pref (quar.)..
Chartered Investors, Inc., $5 pr
jrererred (quar.)—
Chesebrough Mfg. Co. (quar.j—
May 16
June
t$l
Centra 1 Vermont Public Service pref. (quar.)__.
-
2 June 20
June 30 June 20
38c
Central Arkansas Public Service 7% pref. (qu.).
Central Illinois Light Co. 45*% pref. (quar.)
—
1
July
t50c
$2
25c
Telephone & Telegraph (quar.)
Centrifugal Pipe Corp. (quar.)
June
MX
Catelli Food Products Ltd
$6 preferred
Per
Name of
1938
28,
East St. Louis & Interurban Water—
— ■—
Canadian Oil, Ltd. 8% pref.(quar.)
Canfield Oil 7% preferred (quar.)
Carman & Co.. Inc., class A
Carolina
May
Holders
Payable of Record
Canadian Internal. Investment Trust, Ltd.—
5% preferred
Chronicle
June
June
Oct.
June 24
June
7
15
15*
11
Sept. 30
Jan.
Dec. 31
June
May 18
May 18
July
June
June
May
9
May 13
11*
Volume
Financial
146
Per
Name of Company
Internationa]
Harvester
Share
50c
-
Preferred (quar.)
International Nickel Co. of Canada, Ltd
International Salt Co. (quar.)
International Petroleum Co. (s.-a.)
%0c
3im
-
June 20
May
5
May 31
Mock, Judson, Voehringer Co
July
June
June
15*
June
May 19
July
July
June
June
June
30c
June
30c
30c
Sept.
May 10
Aug. 10
Dec.
Nov. 10
$2
'
quarterly
vtc com. quarterly
Ironwood & Bessemer Ry. & Lighting Co.—
7% preferred (quar.)
$194
175c
3734c
Irving Oil Co.. Ltd., 6% preferred
Irving (John Shoe Corp. 6% pref. (quar.)
Jamieson (C. E.) & Co
30c
Jantzen Knitting Mills, preferred (quar.)
Jewel Tea Co., Inc., common (quar.)
Johns-Manville Corp., 7% pref. (quar.)
$194
Kansas Utilities Co. 7% preferred (quar.)
UK
Kaufmann Dept. Stores, Inc., pref
UK
UK
Keith-Albee-Orpheum 7% conv. pref
Kemper-Thomas, 7% special pref. (quar.)
UK
7% special preferred (quar.)
7% special preferred (quar.)
UK
Kendall Co., cumul. & partic. pref. ser. A (qu.)
UK
$1.84
Participating preferred A
34c
Participating dividend
Kennecott Copper Co
25c
Kerlyn Oil Co., class A (quar.)_
894c
25c
Kimberly-Clark Corp., common (quar.)
—
Preferred (quarterly)
UK
Kirkland Lake Gold Mining Co. (s.-a.)
|4c
Kobacker Stores, pref. (quar.)
$194
Kresge Dept. Stores, pref. (quar.)
$1
30c
Kresge (S. S.) Co
Kroehler Mfg. Co. 6% class A pref. (quar.)
UK
6% class A preferred (quar.)
UK
6% class A preferred (quar.)
UK
40c
Kroger Grocery & Baking Co
6% preferred (quar.)
$194
7% preferred (quar.)
UK
Lake-of-the-Woods Milling preferred (quar.) —
$194
Lake Shore Mines, Ltd. (quar.)
t$l
Lake Superior District Power 7% pref. (quar.) —
UK
6% preferred (quar.).—
UK
Landis Machine (quar.)
25c
25c
Quarterly
7% preferred (quar.)
7% preferred (quar.)
$154
7% preferred (quar.)
$154
Lang (John A.) & Sons, Ltd. (quar.)
U734c
Langendorf United Bakeries—
75c
6% preferred (initial quar.).
Class A (quarterly)
Ilai
50c
Lanston Monotype Machine
$1
Laura Secord Candy Shops (quar.).
75c
1
Leath & Co., preferred (quar.)
6234c
$1
Lehigh Portland Cement Co., 4% pref. (quar.)_
5c
Lessings, Inc
Le Tourneau (R. G.) Inc., com
25c
Lexingtoi Utilities
preferred (quar.)
—
74.
Lexington Water Co. 7% preferred (quar.)
{3
Libby, McNeill & Libby preferred (s.-a.)
25c
Libbey-Owens-Ford Glass
Life Savers Corp
40c
$1
Liggett & Myers Tobacco (quar.)
Class B (quar.)
$1
Preferred (quar.)__
$154
3734c
Lily-Tulip Cup Corp
Lincoln National Life Insurance (Ft. Wayne)
30c
-
$in
--
.
—
—
--
—
.-
—
1
15
June 15
1
16
June' 1 May 15
June 15 May 31
June
1 May
June
15 June
1
June
1 May
25
June 20 June
July
1 June
6
July
17
1 June 21
June 30 June
10
July
June
15
June
Sept.
May 21
Aug. 22
Dec.
Nov. 2i
June
May 10*
May 10
May 10*
June
June
3
June 30 June
June
July
10
July
July
June
10
June
10
June
June
Apr. 30
May 17
July
June 20
June
June
June
1
16
16
5
Aug. 15 Aug.
1 May
1 May
Nov. 15 Nov.
June 15 June
4
Sept. 15 Sept.
3
June
June
June
June
July
June
June
May
May
May
May
July
June
25
25
20
14
1 June 15
1 June
14
10 June
3
16
4
20
17
_
May
15 June
May
1 June
_
15 May 31
1 May
2
June
June
5
15 Dec.
2 June 15
June
July
July
_
May 17
May 17
1 June
lo June
10
1
July
Aug.
26
Oct.
26
(quar.)
Little Miami RR., special guaranteed (quar.)
Special guaranteed (quarterly)
Special quaranteed (quarterly)
Original capital
Original capital
Original capital
Lock-Joint Pipe Co. 8% pref. (quar.)
8% preferred (quarterly)
8% preferred (quarterly)
June
July
—
1 June
50c
Extra
15
June
$1.10
Sept. 10 Aug. 25
$2
$2
$2
75c
Lone Star Cement Corp
1
50c
50c
$1.10
t25c
tl2Kc
Loblaw Groceterias class A and B
_
10 May 25
Sept. 10 Aug. 25
Dec. 10 Nov. 25
June 10 May 25
$1.10
Longhorn Portland Cement Co.
5% refunding participating pref. (quar.)
July
Jan.
1 Sept. 21
3 Dec. 24
June
1 May
June
1 May
10
10
June 30 June
10
June
June
Extra
5% refunding participating pref. (quar.)—Extra
-
—
5% refunding participating pref. (quar.)
$134
25c
$134
25c
Extra
Loose Wiles Biscuit, pref.
Lord & Taylor (quar.)
Preferred
(quar.)
—
—
(quar.)
Louisiana Land & Exploration Co. (quar.)
Louisville Gas & Electric class A & B (quar.)
Louisville Henderson & St. Louis RR
6% preferred (semi-ann)
Louisville Provision 8% pref. (s.-a.)_
Ludlow Manufacturing Associates
Lunkenheimer Co., 6K% preferred (quarterly).
6)4% preferred (quarterly)
6 34 % preferred (quarterly)
Lynchburg & Abingdon Telegraph Co. (s.-a.) —
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
—
7% preferred (quarterly)
McColI-Frontenac Oil Co. (quar.)
Mclntyre Porcupine Mines Ltd. (quar.)
McKenzie Red Lake Gold Mines Ltd. (quar.)
McKesson & Robbins. $3 pref. (quar.)
McKinley Mines Securities
Mabbett (G.) & Sons 7% 1st & 2d pref. (quar.)_
Macy (R. H.) & Co
Magma Copper Co
Magnin (I.) & Co. (quar.)
6% pref. (quar.).
Preferred (quarterly)
May 20
May 20
Sept.
Sept.
Aug. 20
Aug. 20
Dec.
Dec.
Nov. 21
Nov. 21
June 17
June
June
May 10
May 23
May 23
50c
75c
75c
July
June 30
50c
June
June
Oklahoma Gas & Electric
June
June
Sept.
May 17
Aug. 15
26
26
7% pref. (quar.)
3
1 May
June 22 June
20
50c
Aug. 15 Aug.
1
Nov. 15 Nov.
1
June 18 May 31
June
1 May 16
$234
$134
—
Sept. 15
Dec.
15
June
1 May
June
June
15 June
15 June
June
June
June
June
June
June
June
June
1
May
1 May
15 May
May
May
May
May
May
_
June
12
4
20
20
31
9
14
14
14
15
June
1 May 19
1 June 15
15 May 31
15 May 31
234%
June
1 May
1 May
June
1
50c
14
June 30 June 15
June 15 May 31
June 15 May 31
June
$134
$194
13
June 15
1234c
15c
May
June
1 May
June 20 May
June 20 May
2
2
20
20
27
27
June
15 June
1
50c
June
1 May
20
75c
June 20 June
1
June
June
May 14
May 10
334%
June
May 10
40c
June
25c
June
$194
June
75c
June
S7m
Preferred (s
—
Pender (David)
-----
May 21
7% preferred (quar.).
7% preferred (quar.).
7% preferred (quar.).
$1
June
l May 20
7% preferred (quar.).
20
2
$194
$134
$1
"
June
June
6% preferred (quar.)
Otis Steel Co., $594 conv. 1st preferred—
Package Machinery Co. (quar.)
—
Park & Tilford, Inc. pref. (quar.)
June
June
14
14
20
10
10 May 27
1 May 10
10c
Convertible preferred (quar.)
June 30
June
1 June 15
June
43
—
Otis Elevator Co
June
June
1 June 15
$134
$134
July
—
(quar.)
Oshkosh B'Gosh, Inc., common
July
June
10 May 20
1 June 15
1 June 15
14 June
70c
6% preferred (quar.)
preferred (quar.)
preferred (quar.)
Oneida Ltd. (quar.) ——
7% participating preferred (quar.)
Ontario & Quebec Ry. Co. (sa.)
5% debenture stock (s.-a.) —
$3
$1
25c
July
July
July
July
$2
Okonite Co. 6%
Omnibus Corp.,
May
May
May
May
May
May
May
$1
June
1!
„
June
10
50c
$234
$234
$194
$134
Northwestern Yeast (liquidating)
Nov. 29
5
June 30 June
l'May
July
June
1 May
May 30
Aug. 30
June 30
1 June
15.May
June
1 May
June
1 May
June
1 May
_
„
June
1 May 20
1 May 20
7% preferred
preferred--..
Nov.
June
1
June
6%
Grocery, class A (quar.)
Peninsular Telephone Co. common— —
(Quarterly)
7% A preferred
7% A preferred
Pennsylvania Power Co., $6.60 pref. (mo.)....
$6 preferred (quar.).
Pennsylvania Salt Mfg
Pennsylvania State Water $7 preferred (quar.) —
Peoples Drug Stores (quar.)
Preferred (quar.)
Peoples Natural Gas Co. 5% preferred (quar.)—
Petroleum Corp. of America (irregular)
Phelps Dodge Corp
——— —
Philadelphia Co., $6 cum. preferred (quar.)
$5 cumulative preference (quar.)
Philadelphia Germantown & Norristown
Philadelphia Suburban Water Co.. pref. (quar.)
Philippine Long Distance Telep. Co
— _
Phillips Petroleum Co. (quar.)
Phoenix Hosiery Co., 7% preferred-- —
Pillsbury Flour Mills Co. (quar.)
----Pioneer Gold Mines of B. C. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
6% preferred (s.-a.)-_
—-—
Pittsburgh Brewing Co. $394 preferred
. Pitts
Ft. W. & Chicago Ry. 7% pref. (quar.)—
7% preferred (quar.)
7% preferred (quar.).
July
1
31
31
27
20
21
30
2
31
13
13
20
31
16
16
28
17
17
17
til 94
t$134
Northwestern Public Service
Penick & Ford, Ltd
June
10
June
Dec. 21
35c
17
13
June
Sept. 21
1
17
June
June
May 31
May 10
26
26
$1
20c
Jan.
50c
$134
UK
8134c
$154
$134
11 May
11 May
July
1 June
July 15 June
May 31 May
June
1 May
July
1 June
July
1 June
July
1 May
July
1 May
June 15 May
June
1 May
June
1 May
Aug. 15 July
June6 1 May
June 15 May
June
May
June
May
June
May
June 15 May
25c
July
May
Aug.
25c
—
June 21
June
28 Dec. 15
6
15 June
North River Insurance.
July
June
Dec.
June
Northeastern Water & Electric pref. (quar.)
Northern Pipe Line Co
UK
$154
$154
$3
June
May 27
50c
Parkersburg Rig & Reel Co., common.:—
Patterson-Sargent (quar.).
_
Peerless Woolen Mills 6K % 1st preferred (s.-a.)
$134
Mid-West Rubber Reclaiming $4 pref. (quar.)._
Minneapolis-Honeywell Regulator Co.—
4% preferred B
15c
May 31
May • 7
HP
25c
Meyer (H. H.) Packing Co. 6 >4% pref. (quar.)_
Mid-Continent Petroleum
15c
June
Masonite Corp. (quar.)
Preferred (quar.)
Midland Grocery Co. 6% pf. (semi-ann.)
50c
June
Manhattan Shirt Co
—
50c
4c
Nov.
,
25c
$134
$134
Nov.
(quar.)
$6 preferred A (quar.)
So.50 pref. B (quar.)
— —
Metal Textile Corp., partic. pref. (quar.) —
25c
$194
Parker Rust-Proof Co
Aug.
Preferred
30c
35c
Parker Pen Co
June
Mead Corp
$194
Class A (quar.)
Aug.
Aug.
$154
$194
t$194
$194
$134
Norfolk & Western Ry. common (quar.)
North American Edison Co. preferred (quar.)
May 31
June
1
June
B
Aug.
Aug.
May 14
May
2
15
1 May 14
June 28 June 16
June
$194
7% preferred (quar.)
New England Telephone & Telegraph Co
New Jersey Zinc Co. (quar.),New York & Harlem RR. (s.-a.)
Preferred (s —si)
New York Power & Light, 7% pref. (quar.) —
$6 preferred (quarterly).
New York & Queens Elec. Light & Power (quar.)
Preferred (quar.)
Niagara Share Corp. (Md.), class A pref.
1900 Corp., Class A (quar.)
June
June
15
Sept. 28 Sept. 15
-
(quar.)
6% preferred (quar.)-Neiman-Marcus Co., 7% pref. (quar.)__
Neisner Bros., Inc
Newberry (J. J.) Co. 5% pref. A (quar.)
(Reduced)
Newmont Mining Corp
New Bedford Cordage Co—
$4
June
15
15
June
30c
Preferred
$234
50c
3c
75c
June 30 June
June
1 May
June
$194
1234c
—
3734c
4354c
4354c
4354 c
10c
Nov. 26
May 15
_
50c
55c
40c
National Container Corp
National Dairy Products (quar.)
Preferred a & B (quar.)
National Grocers, Ltd., preferred--
June
15
Dec.
June 30 June
June 30 June
$134
(quar.)
May 17
Oct.
Sept.
June
20c
25c
6% preferred (quar.).
June
1
1
1
2
$134
National Battery, preferred (quar.)
tioi
National Biscuit Co__
June
25c
Quarterly
May Hosiery Mills
6% preferred (quar
\).
10c
1*
Oct.
Jan.
May 27
Aug. 27
3134
$134
6% preferred (quar.).
June
17
Oct.
June 15 May 14*
1
$2. June 15 June
June
75c
1 May 21
Mutual Telep. Co. (Hawaii) (quar.)
National Baking Co., com. (irregular)
July
July
$134
Massachusetts Plate Glass, Inc. (s.-a.)
Murphy (G. C.) Co. (quar.)
—Muskegon Motor Specialties, pref. A (quar.)_—
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer. 6% pref. (qu.)_-
$134
$234
$134
May
6
May 28
May 31
Aug.
5
May Dept. Stores (quar.)
lc
Muncie Water Works 8% preferred (quar.)
Common
July
1
30c
Ohio Water Service A_
June
May 24
1 May 24
1 May 14
Preferred
$194
Dec. 10 Nov. 25
1 June 21
June
$154
Link Belt Co
50c
Preferred (quarterly)
Mount Diablo OilMin. & Dev. (quar.)
Mountain Producers Corp. (s.-a.)
Oct.
25c
(quar.)
$234
Liquidating
Liquidating
Nova Scotia Light & Power, pref. (quar.)
$134
15c
Oahu Railway & Land Co. (monthly)
10c
Oahu Sugar Co., Ltd. (monthly)
$194
Ogilvie Flour Mills preferred (quar.)
$134
Ohio Associated Telephone Co. 6% pref. (quar.)
$134
Ohio Oil, preferred (quar.)
$134
Ohio Power Co., 6% preferred (quar.)
412-3 c
Ohio Public Service 5%, pref. (mo.)
50c
6% preferred (monthly).
—
58 l-3c
7% preferred (monthly)
t$l
Ohio River Sand 7% preferred
Nov.
25c
Lincoln Stores, Inc., common
Preferred (quar.)
$1
$1
35c
Nebraska Power 7% preferred
May
June
Quarterly
Quarterly
Moran Towing, pref. (quar.)
Morris Finance Co., class A (quar.)
Class B (quarterly)
National Transit Co
June
June
July
14*
1 June 15
1 May 24
1 June 16
1 May 10
15 May 31
15 May 31
July
1
June
17
June
June
15 May
June 10 June
Jan.
20
14
1 May
15 June
June
July
50c
Morris Plan Insurance Society (quar.)
1 July
June
Dec.
June
-
Dec. 31
July
Aug.
Quarterly
Quarterly
10
1
Sept. 30
July
$194
$134
$134
Preferred (quarterly)
Moore (W. R.) Dry Goods
(quar.)_
Holders
June
30c
1 May
1 June
13 June
June 30
Juhe
50c
15c
Monroe Chemical Co. $3.50 pref. (quar.)_
Monsanto Chemical Co. $4K class A pref. (s.-a.)
Montreal Cottons, Ltd. (quar.)
Preferred
When
Payable of Record
$194
Preferred (quarterly)
Monarch Machine Tool
(quarterly)
National Lead Co., preferred A (quar.)
National Life & Accident Insurance (Tenn.)
National Oats (quar.)_
National Paper & Type, 5% pref. (semi-ann.)__
National Power & Light, common (quar.)
30c
Quarterly
Share
Midwest Oil Co. (s.-a.)
June
June
Iron Fireman Mfg. vtc conv. (quar.)----—
vtc com.
July
May 20
May 20
$3
75c
Per
Ntame of Company
June
June
50c
3449
I Holders
When
Payable of Record
June
Special
International Power Secur., 6% preferred A
International Safety Razor A (quar.)
Intertype Corp., 1st pref. (quar.)
Second preferred (s.-a.)
Investment Corp. of Philadelphia
Chronicle
„
_
May 21
May 16
May 16
15 June
1
8734 c
June
May 20
40c
40c
July
June
$194
$194
55c
$134
Oct.
15
Sept. 15
5
Aug. 15 Aug.
_
Nov. 15 Nov.
June
May
5
20
May 20
June 15 May 31
June
May 20
June
8
July
June
June
_
15 June
1
June 15
July
May 28 May 12
_
June
July
July
June
10 May 24
1
1 June
1
1 June
4 May 20
1 May 12
May 30 Apr. 20
June
1 May
6
June
1 May 18
June
1 May 14
1
July
2 June
Oct.
1 Sept. 15
June
1 May 14
June 11. May 27
July
5 June 10
Oct.
4 Sept. 10
1-3-39
12-10-38
4-1-39
3-10-39
7-1-39 6-10-39
10-1-39
9-10-39
1-2-40 12-10-39
June
Financial
3450
Pittsburgh Coke & Iron Co., $5 pref—
Pittsburgh & Lake Erie----Pittsburgh Plate Glass
- Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quarterly)
7% preferred (quarterly).... —
7% preferred (quarterly)
—
Placer Development (Ltd.) semi-annual..—
Plymouth Oil Co. (quar.)
Pneumatic Scale Corp
Pollock's, Inc., 6% preferred (quar.)
Pollock Paper & Box Co. 7% preferred (quar.) —
7% preferred (quar.)—
7% preferred (quar.)
—
Portland & Ogdensburg RR. (quar.L --—--Potomac Electric Power Co. 6% prer. (quar.) —
5H % preferred (quarterly)
Premier Gold Mining Co. (quar.)
Prentice Hall (quar.)
Preferred (quar.).
81H
June
50c
June
July
...
SI H
SI H
June
1 May 20
Sept
Aug. 20
SI8
Dec
60c
35c
June 10 May 19
June 30 June 10
30c
June
sim
118
50c
8134
SI %
t3c
70c
!ig
58^0
SIM
-
6% preferred (monthly)..
50c
50c
37Hc
Pullman, Inc
Pure Oil Co. 6%
preferred (quar.)
5% preferred (quar.)
5H % preferred (quar.).
M
Purity Bakeries Corp. (quar.).
Sept. 15 Sept. 15
Dec. 15 Dec. 15
20
16
16
—
—
Roeser & Pendleton. Inc. (quar.)..
Rolland Paper Co., Ltd. 6% pref. (quar.)
8 1.62H
—
50c
37 He
1
31
19
31
2 June 14
June
May"
June
May
July
June 10
May
May
May
May
May
May
May
July
9
June
June
1
1
June
1
Safety Car Heating & Lighting Co
St. Joseph Lead Co
St. Louis Bridge Co., 1st pref. (s.-a.)
3% 2nd preferred (semi-ann.).
San Francisco Remedial Loan Assn. (quar.)..—
San Joaquin Light & Power Corp.—
7% prefe.red A (quar.)__
June
1
6
6
16
16
19
20
20
14
14
June 20 June 10
—
July
July
1 June 15
1 June 15
June 30 June 14
—
June 15 May 31
June 15 May 31
7% prior preferred B (quar.)
6% preferred B (quar.)
6% prior preferred A (quar.)
Savannah Electric & Power 8% debentures A—
7H% debentures B (quar.)..
7% debentures C (quar.)
6)4% debentures D (quar.)..
15 May 31
June 15 May 31
July
1 June 20
June
1 June 20
1 June 20
1 June 20
June 15 May 31
June 15 May 31
June 15 May 31
July
July
July
_
Co.,
16
2
July
1 June 20
June 30 June 15
Rustless Iron & Steel 82.50 conv. pref. (quar.).
Schirf
May
May
May
May
May
June 15 May 31
June
1 May 14
June 15 May 27
June 15 June
6
June 30
Extra
common
7% preferred (quar.)
5)4% preferred (quar.)
Scott Paper Co., common (quar.)
Seaboard Oil Co. (Del.) (quar.)
June
1
1
June
J10c
25c
37 He
6% preferred (quar.)
Seeman Bros., Inc. (quar.)
Selfridge Provincial Stores, Ltd
American deposit receipts
Servel. Inc. pref. (quarterly)
Preferred (quarterly)
15 June
June 15 June
Sears, Roebuck & Co (quar.)
Second Canadian International
Investment Co., Ltd., partic. pref. (quar.)
Securities Acceptance Corp. of Omaha, (qu.)
6234c
10 May
10
June
1 May
16
10
10
31
14
13
July
July
1 June
1 June
June 15 May
May 31 May
June
7 May
1 June 16
July
Oct.
Sept. 15
Preferred (quarterly)
Jan.
Dec. 17
Common
June
May 18
Shattuck (Frank G.) quarterly)
Shenango Valley Water Co. 6% pref. (quar.)
Sherwin-Williams Co., 5% pref. series AAA (qu.)
Sherwin & Williams (Canada) preferred
June 21 June
June
June
July
1
1 May 20
1 May 14
2 June 15
Sherwood Swan & Co.—
Extra
June
_
Quarterly
;
Sontag Chain Stores Co., Ltd. (quar.)
7% preferred (quar.)...
South Bend Lathe Works (quar.).
Southern California Edison Co., Ltd—
6% preferred, series B (quar.)
Southeastern Greyhound Lines, Inc.—
6% convertible preferred (quar.)
Spear & Co., 1st and 2d preferred (quar.)
Spencer Kellogg & Sons (quar.)
Spiegel Inc. 84.50 conv. pref. (quar.)
Staley (A. E.) Mfg. Co. cum. pref. (quar.)
7% preferred (s.-a.)
Standard Brands, Inc., $4.50 pref. (quar.)
Standard Cap & Seal (quar.)
Conv. pref. (quar.)
Standard Dredging $1.60 preferred (quar.)
(Calif.)
Standard Oil of Indiana (guar.)
Standard Oil of Kentucky (quar.)
Standard Oil Co. (N. J.), $25 par (s.-a.)
Extra
■
8100 par (s.-a.)
Extra
„
—
Standard Oil of Ohio (quar.)
Preferred (quar.).
Sterling Products, Inc. (quar.)
Strawbridge & Clothier o% preferred (quar.)
Stromberg Carlson Telep. Mfg. preferred (quar.)
Stuart (D. A.) Oil Co., partic. pref. (quar.)
Sullivan Consolidated Mines, Ltd
Sun Oil Co. (quar.)
6% pref. (quar.)—
Sunray Oil Corp
Paper Co., common
Swan-Finch Oil 6% preferred (quar.)
Swift & Co. (quar.)
4
June 21 June 10
June 21 June
Aug.
Nov.
June
10
Aug.
1
Nov.
1
30c
June
May 20
May 20
May 14
3734c
June
15 May 20
June
________
—
15 June
May 3l May 11
May 31 May 11
June 15 May 28
Simonds Saw & Steel (irregular)
Sloss-Sheffield Steel & Iror, com. (irregular)
$6 preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Sutherland
81H
7% 1st preferred
(quar.)
$1.80
7.2% 1st preferred (quar.)
6% 1st preferred (monthly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Terre Haute Water Works Corp. 7% pref. (qu.)
Texamerica Oil (monthly)
Texas Gulf Sulphur Co
Texas Pacific Coa J& Oil Co. (quar.)
Texon Oil & Land Co. (quar.)__
Thew Shovel Co., pref. (quar.)
—
50c
50c
60c
60c
$1H
7Hc
Timken-Detroit Axle, preferred
Timken Roller Bearing
(monthly)_
6% preferred (monthly)
5% preferred (monthly)
Trane Co. 6% 1st pref. (quar.)
Troy & Greenbush RR. Assoc. (s.-a.)
Semi-annually
Underwood Elliott Fisher Co. (quar.)
Union Gas of Canada (quar.)—
Union Tank Car Co. (quar.)
—
—
—
81H
81H
81H
81H
.
50c
J20c
30c
Class B (reduced)
United Biscuit Co. of Amer. (quar.)
Preferred (quar.)
United Bond & Share Ltd., common
25c
—
$1 %
20c
81H
$1H
$1H
United Dyewood Corp. pref. (quar ),
Preferred (quarterly)
Preferred (quarterly)—
United Elastic Corp
United Gas Corp., $7 non-vot. 1st pref.
United Gas & Electric Corp. common—
10c
(quar.)
81H
50c
1H%
(quar.)
o% preferred (s.-a.)_
United Gas Improvement Co
Preferred (quar.)
United Light & Railways, 7% prior pref. (mo.) _ 58 l-3c
7% prior preferred (monthly)
53c
6.36% prior preferred (monthly).
53c
6.36% prior preferred (monthly)
50c
6
~
\% prior preferred (monthly)
—
50c
\% prior preferred (monthly)
Unit.. New Jersey RR. & Canal (quar.)
ited
82H
United States Casualty Co. cum. conv. preferred 22 He
50c
United States Gypsum, common (quar.)_
81H
7% preferred (quar.)_
United Paperboard, preferred
United States Pipe & Foundry Co., com. (quar.)
50c
Common (quarterly)
—
50c
Common (quarterly)
—
50c
United States Playing Card (quar.)
25c
Extra
:
25c
Preferred
21i
58$l-3c
—
United States Plywood Corp. conv. pref.
United States Sugar Corp., pref. (quar.)
(qu.)_
United States Tobacco Co., common
Preferred—
37He
$1 H
32c
43He
United Wall Paper Factories, Inc.—
Prior preference
$1H
5c
25c
t$1.162»
86 preferred
t$l
Van Raalte Co., Inc., common
50c
1st preferred (quar.)
81H
Ventures. Ltd. (interim)
12 He
Vapor Car Heating Co., Inc., 7% pref. (quar.)_
81H
7 % preferred (quar.)
$ 1H
7% preferred (quar.)
81H
Universal Commodity Corp.
—
(monthly)
Universal Insurance Co. (quar.)
Utah Power & Light $7 preferred
____.
—
-
30c
June
40c
May 20
June
May 16
June 10 May 25
$134
81M
June 15 June
l
June 20 June 10
3s1§
July
1 June 20
June 15 June
1
20c
June
2||c
June
81H
June
5c
40c
June
June
1 May 14
14
20
16
16
15 May 16
15 May 31
15 May 16
15 May 16
15 May 16
15 May 16
15 May 31
15 June 30
1 May 16
1 May 14
1 May 16
1 May 16
15 May 31
15 May 25
l May 10
16 May 16
4
15 June
37 He
30c
June
l|May 18
July
1 Junel
40c
June
40c
40c
June
25c
10c
25c
25c
50c
50c
$2
$2
25c
1 May
June
1 May
June 15 May
June 15 May
June
June
June
June
June
June
June
July
95c
June
$1H
June
—
'.
—
$2
50c
10c
81H
Victor-Monaghan Co. 7% preferred (quar.)
25c
Viking Pump Co. (special)
60c
Preferred (quar.)
82
Virginian Railway
—
Vulcan Detlnning pref. (quar.)
$1M
Preferred (quarterly)
81H
Walgreen Co., 4H% pref. w w (quar.)—
Walker & Co. 82H class A
t25c
Walker (H.)-Gooderham & Worts, Ltd. (qu.)„
J*1
i25c
Preferred (quar.)
Waltham Watch Co.. 6% pref. (quar.)
$1H
$1
6% preferred (quarterly)
Prior preferred (quar .)
$1«
Prior preferred (quar.)
—
89
Washington Ry. & Electric Co
$1H
5% pref. (quar.)
82H
5% preferred (semi-ann.)
S1H
Washington Water Power, $6 pref. (quar.)
$4
Weill (Raphael) & Co., 8% pref. (s.-a.)
10c
Weisbaum Bros.-Brower Co. (quar.)
Wesson Oil & Snowdrift Co., Inc.—
$1
$4 Convertible preferred (quar.)
West Jersey & Seashore RR. (s.-a.)
81H
81H
6% special gtd. (s.-a.)
———
25c
Western Auto Supply Co. (reduced)
1l8Hc
Western Public Service Co. preferred A
25c
Westinghouse Air Brake Co., quarterly
25c
Quarterly
----25c
Westvaco Chlorine Products (quar.)
81H
Wheeling Electric Co., 6% preferred (quar.)
$1
Whitaker Paper Co. (reduced)
81H
7% preferred (quar.)
--81H
Whitman (Wm.) & Co., Inc., 7% pref. (quar.) _ _
81H
Williamsport Water Co. $6 preferred (quar.) —
31H
Winsted Hosier Co (quarterly)
— —
—
June
June
1
—
— .
50c
Extra
81H
Quarterly
Extra
Wool worth
(F. W.) Co. (quar.)
---Woolworth (F. W.) Co.,Ltd.,preferred (s.-a.)__
Amer. dep. rets, for 6% pref. (s.-a.)__
Wright, Hargreaves Mines, Ltd. (quar.)
-
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly.
Monthly
■-
—
Yellow Truck & Coach Mfg., preferred
Youngstown Sheet & Tube .preferred
*
15
June
15
1
July
July
July
June
15
June
15
June
May 16
July
June
June
15
May 15
15
July
June
June
May 20
May 15
June
1
June
1 May 10
June 15 May 25
June
1 May 20
June
4 May
May 31 May
1 May
June
1 May
June
1 May
June
1 May
17
21
June
16
16
16
24
15 June
15 Dec.
1
June
Dec.
1
June 30 June 11
June 15 May 20
June
1 May 16
June 15 June
1
May 31 May
May 31 May
June
1 May
1 July
Aug.
July 15 June
1 June
July
1 Sept.
Oct.
14
14
13
15
3 Dec.
June 24 June
Jan.
June
June
1 May
7 June
June lo June
June 15 June
30
10
9
9
3
12
1
1
1
June 30 May 31
June 30 May 31
June
1 May 16
July
1 June
June
1 May 16
1 June 15
July
15
June
1 May 16
1 June 15
July
July 10 June 20
June
1 May 17
1 June 15
July
1 June 15
July
May 28 May 25
June 20 May 31*
Sept. 20 Aug 31*
Dec. 20 Nov. 30*
1 June 15
1 June 15
1 May 21
July 15 June 15
June 15 May 31
June 15 May 31
July
July
June
June
1 May 20
June 27 May 10
I May 14
June
July
July
II June
1
l'June
1
June
1 May 19
1 May 19
June
July
June
5 June 17
10 June
Sept. 10 Sept.
1
1
Dec. 10 Dec.
1
June
15
~
Vermont & Boston Telegraph Co
Vick Chemical Co. (quar.)
Extra
Extra
June 15 June
June
July
June
1 May 11
June 30 June 10
1
June 15 June
25c
25c
581-3C
50c
412-3c
——
Title Insurance Corp. of St. T<ouis
Toledo Edison Co., 7% preferred
17
10c
15c
81H
—^
15
1 June 15
1 June 15
June 15 June
25c
25c
Tide Water Assoc. Oil Co
Tilo Roofing Co. (quar.)
July
July
50c
—
6% partic. pref. class A (quar.)
Simon (W.) Brewing (quar.)
Standard Oil Co.
Extra
5% 1st pref. (qu.)
30c
50c
June
—
50c
—
30c
June
is
—
6% 1st preferred (quar.)
United Aircraft Corp..
June
July
15c
United Amusement Corp. A (reduced)
May 31
30c
June 30 June
Aug.
1 June
81H
1 June 10
1 June 10
June 15
40c
50c
—
June 30
68Hc
Tennessee Electric Power Co.
14
June 30 May 21
1 June 10
July
July
July
15c
(quar terl y)
16
16
16
16
June 30 June
1
June 30 June
1
June 30 June
1
July 15 June 15
June 15 May 27
50c June
9
Reading Co., 1st preferred (quar.).
12c
Reeves (Daniel), Inc. (quar.)...
June 15
Optional payment one share of preferred for ea ch $100 in div.
Regent Knitting Mills, Ltd., non-cum. pref
Reliance Insurance (Phila.) (s.-a.)
Remington Arms Co., Inc., 6% pref. (s.-a.)._
Reynolds Metals Co., 4H % conv. preferredRich's, Inc., 6H% preferred (quar.)
Riverside Silk Mills Co., class A (quar.)
Rochester Button Co. preferred (quar.)
Rochester Gas & Electric 5% pref. E (quar.)
6% preferred C & D (quar.)
15
20
20
25
1
19
14
14
14
(quar.)
Technicolor, Inc
May 21
SIM
Suaker Oats Co. 6% pref. (quarterly).
aybestos-Manhattan, Inc.,
Preferred
1 May
June
f5c
—
—
Holders
When
Payable of Record
15c
Bearer shares
Tacony-Palmyra Bridge class A (quar.)
Preferred (quar.)
_____
Talcott (James), Inc..
1938
50c
ctfs
Sylvan!te Gold Mines, Ltd. (quar.)_———
June 15 June
6
June 15 June 15
May 31 May
June
1 May
1 May
June
July 15 June
June
May
June
May
June 15 May
July 15 July
June
May
June
May
June
May
June
May
June 15 May
June 15 May
June 15 May
June 15 May
Share
Company
Swift International Co., Ltd., dep.
Nov. 21
_
7% preferred (quar.)
Public Service of New Jersey
Rolls-Royce Ltd., ord. reg. (final)
Amer. dep. rec. ord. reg. (final).
Royalite Oil Co., Ltd. (semi-ann.)
Name of
1 June 10
75c
—
1 May 20*
15.May 20
25c
Gamble 5% pref. (quar.).
—
Prosperity Co., Inc., pref. (quar.)
—Public Electric Light Co. 6% pref. (quar.)....
Public Service Co. of Colorado, 7 % pref. (mo.)
50c
6% preferred (monthly)
....
412-3c
5% preferred (monthly)
$2
Public Service Corp. of N. J. 8% pref. (quar.)..
SIM
7% preferred, (quar.).
$5 preferred (quar.)
6% preferred (monthly)
Public Service Electric & Gas Co., 85 preferred.
SIM
Procter &
Preferred
Per
! Holders
When
Payable of Record
Name of Company
May 28,
Chronicle
Transfer books not closed for this
—-
(quar.)__
50c
60c
July
June
June
July
June
June 15 June
1
June
June 11
July
July
11
10
Oct.
Oct.
June
May 25
May 20
May
June
June
4
June
June
4
July
June 25
Oct.
Sept. 24
July
June 25
Oct.
Sept
May
May
May
May
May
June
June
June
24
16
16
16
25
Sept.
June
May 16
June
May 16
July
June
June
June
May 14
May 20
May 16
July
June 30
June
15
Oct.
Sept. 30
June
June
May 10
May
9
July
July
July
June
June
May 20
Aug.
Aug.
July
July
15
15
Nov.
Nov.
June
Oct.
15
15
3%
June
3%
June
10c
5c
July
July
25c
25c
25c
25c
25c
July
Aug.
Sept.
81H
May 16
May 16
_June 20
15 June
1
June
June
June
Oct.
18
18
18
Apr.
May
May
May
May
25
14
13
23
23
May 20
June 20
Oct.
July 20
Aug. 20
Sept. 20
July
July
June 15
June 11
dividend,
t On account of accumulated dividends.
i
Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
eduction of
Volume
Financial
146
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
week
The
statement
issued
STATEMENT
MEMBERS
OF
OF
NEW YORK CLEARING HOUSE
ENDED SATURDAY, MAY 21, 1938
Capital
Deposits,
Average
.
Deposits,
Average
date last year:
Time
Profits
*
Net Demand
Undivided
*
Clearing House
following shows the condition of the Federal Reserve
Bank of New York at the close of business May 25, 1038,
in comparison with the previous week and the corresponding
THE
ASSOCIATION FOR THE WEEK
York
New
The
City
York
Newr
by the
Clearing House is given in full below:
3451
Chronicle
Surplus and
Members
May 25, 1938 May 18, 1938
%
May 26, 1937
$
$
Assets—
I
144,984,000
38,118,000
174,886,000
25,867,200
77,500,000
City Bank
58,493,500 al,413,897,000
474,006,000
54,648,700
20,000,000
Cbem Bank <fc Trust Co.
Guaranty Trust Co
181,840,400 51,330,486,000
463,771,000
45,129,400
90,000,000
Manufacturers Trust Co
42,381,000
Cent Hanover Bk&Tr Co
21,000,000
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
c709.379.000
15,000,000
70,902,100
18,309,200
10,000,000
109,384,500
50,000,000
61,612,100
493,737.000
448,637,000
4,000,000
4,198,800
52,570,000
Continental Bk & Tr Co
500,000
Fifth Avenue Bank
245,259,000
128,391,400 dl,879,232,000
46,091.000
3,674,700
100,270,000
Chase National Bank
*773,167,000
12,527,000
Bankers Trust Co...
25,000,000
Title Guar & Trust Co..
10,000,000
1,129,100
Marine Midland Tr Co..
5,000,000
9,026,800
12,500,000
27,812,800
7,000,000
8,247,400
76,207,000
8,932,000
81,214,000
New York Trust Co
Comm'l Nat Bk & Tr Co
77,113,500
7,000,000
Public Nat Bk & Tr Co.
Gold certificates
11,317,000
372,444,000
13,389,000
20,000,000
Bank of Manhattan Co.
National
$
6,000,000
Bank ol N Y <fc Trust Co
100,481,000
289,485,000
hand and due from
on
Other cash
8,342,000
54,105,000
Total
t
-
reserves
*
As per official reports:
9,407,574,000'
908,102,600
523,151,000
54,712,000
25,438,000
2,888,000
6,042,000
1,662,000
54,217,000
2,274,000
30,613,000
2,264,000
10,068,000
Bills discounted:
Secured
by U. S. Govt, obligations,
direct or fully guaranteed
Other bills discounted..............
Total
2,292,000
...
191,191,000
Total U
trus*
Federal Reserve notes of other banks...
Uncollected items
Bank premises
All other assets...........i..—.—.——
FIGURES
Investments
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
$
85,000
3,660,000
149,616,000
9,907,000
13,629,000
5,268,000
148,398,000
10,071,000
13,407,000
887,376,000
U. 8. Treasurer—General account
579,869,000
894,925,000
889,521,000
Foreign bank..
47,742,000
204,112,000
33,467,000
46,137,000
68,664,000
628,284,000
50,016,000
199,960,000
$
S
$
S
741,017,000
81,000
5,628,614,000 5,588,846,000 4,380,359,000
__
Other deposits.....................
Manhattan—
752,625,000
Liabilities—
Y. and
Bant Notes
725,029,000
Deposits—Member bank reserve acc't.. 3,640,920,000 3,552,533,000 3,068,347,000
Dep. Other
N.
745,855,000
81,000
4,019,000
149,658,000
9,907,000
13,921,000
OF
Res. Dep.,
Including
330,691,000
184,105,000
752,711,000
Total bills and securities.......
Due from foreign banks
F. R. notes in actual circulation
Loans,
346,716,000
207,948,000
745,855,000
8. Government securities..
Total assets
NOT IN CLEARING HOUSE WITH THE CLOSING
BUSINESS FOR THE WEEK ENDED FRIDAY, MAY 20, 1938
Disc, and
210,233,000
207,948,000
..................
191,191.000
346,716,000
Treasury notes.
(a) §274,952,000; (6) §85,569,000;
BANKS—AVERAGE
1,998,000
648,306,000
INSTITUTIONS
Other Cash,
5,898,000
advances
Bonds
publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House.
The
following are the figures for the week ended May 20:
STATE
199,000
4,435,000
1,611,000
States Government securities:
United
2,130,000
50,457,000
The New York "Times"
AND
8,092,000
'
(c) $4,722,000; id) $121,964,000; (e) $32,610,000.
NATIONAL
2,136,000
199,000
4,365,000
bills discounted
1,702,000
434,000
6,481,000
402,000
1,890,000
Bills bought In open market
Industrial
28,423,000
State, March 31. 1938;
National, March 7, 1938
companies, March 31,1938.
Includes deposits in foreign branches as follows:
4,698,317,000 4,659,328,000 3,462,113,000
...
90,350,000
Treasury bills
Totals
4,602,745,000 4,565,333,000 3,377,286,000
1,194,000
1,600,000
1,717,000
83,633,000
93,972,000
92,278,000
United States Treasury.*...
Redemption fund—F. R. notes
21,378,700
115,200
6,936,400
2,837,300
456,000
7,293,000
244.871
2,847,532
Lafayette National..
6,663,500
285,300
408,000
7,942,800
People's National...
4,953,000
90,000
1,488,900
602,000
524,000
4,472,643,000 4,430,793,000 3,216,615,000
28,859,000
4,137,871
4,645,000
304,429
Total deposits.
27,361,300
20,037,000
5,580,000
National
Grace
National.
Sterling
_.
Trade Bank of N. Y.
Deferred availability Items
6,370,252
COMPANIES—AVERAGE
Cash
N.
Banks and
Gross
Trust Cos.
Deposits
$
$
$
*5,300,200
12,550,700
3,656,400
9,345,379
184,769
1,403,506
2,036.277
12,817,504
*1,833,772
19,473
50,088,900
Federation
-.v-
States
*5,238,500
*9,158,000
1,048,800
Kings
*
_
_
...—_
.
24,457,290
17,394,530
80,436,000
3,115,000
2,292,057
30,686,000
9,554,483
^County
61,000 106,885,000
39,153,428
f^r
bills
87.7%
87.6%
84.2%
524,000
488,000
553,000
purchased
.'
Industrial
ad-*
4,160,000 V
6,119,000
3,879,00 )
t "Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x
These are certificates given by
the United States Treasury for the gold
cents
to
59.06
cents,
taken
1934, devalued from
from the Reserve banks when the dollar was, on Jan, 31,
over
Empire, $3,306,600; Fidu~
$8,532,900.
Weekly Return
on
vancea
Includes amount with Federal Reserve as follows:
,
and
20,359,300
100
clary, $1,206,931; Fulton, $4,934,700; Lawyers
deposit
to
make
to
7,744,000
9,091,000
1,870,000
5,628,614,000 5,588,846,000 4,380,359,000
reserve
liability
Commitments
36,639,400
76,725,291
Brooklyn—
Brooklyn
total
F. R. note liabilities combined
12,910,722
19,028,800
28,413,400
339,800
of
for foreign correspondents
62,210,900
10,945,245
1,214,523
403,400
32,839,189
............
Ratio
Contingent
64,144,006
------
Lawyers.
United
Dep. Other
$
3,147,000
Total liabilities..
Dep.,
Elsewhere
$
Manhattan—
Fulton
'
Y. and
Res.
Loans,
Disc, and
Investments
Fiduciary
Surplus (Section 13b)
All other liabilities...................
FIGURES
50,961,000
51,943,000
7,744,000
8,210,000
3,136,000
51,943,000
7,744,000
8,210,000
Reserve for contingencies
TRUST
Empire.
Surplus (Section 7)
147,473,000
51,267,000
51,474,000
146,538,000
146,591,000
50,960,000
Capital paid in
Brooklyn—
the
being worth less to the extent of
these certificates
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the.principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System ujpon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loan*
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
reported in this statement, which were
a«
described in
This classification has been changed primarily to show the
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and chose located
•utside New York City.
Provision has been made also to Include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
The changes in the report form are confined to the classification of loans and discounts.
amounts of
securities.
cial paper bought in open
market" under the revised caption "open market paper." instead of in "all other loans,"
Subsequent to the above announcement it was made known that the
would
each
be segregated as "on securities" and
new
as
formerly.
items "commercial, industrial, and agricultural
loans" and "other loans'
"otherwise secured and unsecured."
A more detailed explanation of the revisions was
published in the May 29, 1937. issue of the "Chronicle " page 3590
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS
ON MAY 18.1938, (In Millions of Dollars)
Atlanta
Chicaoo
%
S
Dallas
$
San Fran,
$
Minneap. Kan. City
St. Louis
$
Federal Reserve Districts—
Total
Boston
ASSETS
S
$
20,679
1,154
8,413
1,098
1,744
614
555
2,847
659
362
626
8,408
606
3,400
433
696
237
284
851
292
154
240
561
37
244
47
48
13
11
39
43
9
16
10
44
3,513
242
1,432
154
232
94
140
468
Open market paper....
376
75
149
23
14
10
3
38
Loans to brokers and dealers in sees..
590
19
470
16
23
3
7
587
32
276
34
37
16
Loans and investments—total
Loans—total....
New York
$
Phila.
Cleveland* Richmond
rX
$'
;
S
S
$
$
476
.
2,131
227
988
Commercial, Indus, and agrlcul. loans:
On securities
Otherwise secured and unsecured
63
130
135
295
9
-.AAV/ 5
18
2
30
30
5
1
3
2
11
15
76
13
12
14
55
28
89
48
22
20
374
4
5
7
1
1
2
26
43
11
12
10
75
128
=•
A 'A;
■
.
Other loans for purchasing or carrying
securities
1,157 ■:7 ■(
224
58
174
31
3
92
2
2
1
695
Loans to banks
83
120
Real estate loans
55
253
48
123
28
"i'V
AA;A-
7
6
i
VA
Other loans:
On securities
11
Otherwise secured and unsecured..
809
60
260
51
43
41
50
63
28
52
26
33
102
United States Government obligations
7,989
392
3,279
308
715
282
154
1,372
220
153
231
171
712
Obligations fully guar, by U. 8. Govt.
Other securities
1,354
2,928
27
601
90
84
35
40
193
56
15
43
29
141
129
1,133
.267
249
60
77
431
91
40
112
49
290
Reserve with Federal Reserve Bank..
6,107
306
3,140
271
381
133
94
1,015
135
64
151
96
321
379
113
65
17
38
2,315
143
151
160
242
Cash In vault
Balances with domestic banks
•A
60
211
472
395
862
119
-144
130
1,059
3
18
25
91
122
349
188
248
414
115
102
38
84
23
16
.
1,306
74
590
83
102
37
1,010
779
1,042
408
325
2,129
262
288
737
199
183
872
186
United States Government deposits..
545
12
154
20
18
13
23
145
23
5,732
235
2,436
294
330
207
201
873
249
"
388
—_....
6,516
1,030
Time deposits
19
230
26
6
131
..J
vV'-V
LIABILITIES
Demand deposits—adjusted
10
218
22
'
11
40
.
14,569
5,209
Other assets—net
12
269
243
11 Av"
17
:
—
;
.
.
Inter-bank deposits:
Domestic banks
Foreign banks
315
-
9
275
6
""~~15
18
1,616
227
360
AX-
2
332
'
Borrowings
Other liabilities
Capital account.....-*
--.A.—
768
3,648
■
■
""
*»
-..
22
2401
i
7
------
A.--.---.
-
i
1
1
......
13
5
309
------
21
Includes Union Bank of Commerce Co., Cleveland, opened May 16 as successor to Union
m — —
6
23
8
93
90
371
89
Trust Co. (not licensed following
6
3
56
94
banking holiday).
i
1
82
330
3452
Financial
Chronicle
May 28,
1938
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
Bhowing the condition of the twelve Reserve banks at the close of business
on
Wednesday.
on
Thursday afternoon, May 26
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
resources and liabilities separately for each of the twelve banks.
The Federal
statement (third table following) gives details regarding transactions in Federal Reserve notes between the
week last year.
Reserve note
Reserve
The second table shows the
Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
for the latest week appear in our department of "Current Events and Discussions."
returns
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 25,
May
Thru ciphers (000) omitted
25,
May 18,
on
April 27,
April 20,
1938.
1938.
1938.
S
$
$
$
$
10.642,411
434,87(
10,641.91
9,36(
451,585
11,076,868
11,084,674
5,321
2,844
5,370
2,813
7,835
8,165
534
550
16,771
16,899
657,253
1,191,905
714,857
657,253
1,191,905
714,857
2.564,015
2,589,988
10,639,41'
8,881
411,901
10,639,91(5
8,94f
414,24^
10,640,9152
11,060,201
hand and due from U. S. Treas.ji
Redemption fund (Federal Reserve notes)
Total
May 4,
1938.
S
ASSETS
Gold ctfs.
May 11,
1938.
1938.
10,641,4112
-
AprU 6,
13,
1938.
1938.
30,
1938.
May
26,
May.
%
$
5
%
Mar.
9,222,002
9.14C
444,855
9.212,708
9,874
473,506
8,838,414
452,810
9,245,000
9,14(
452,031
11,102,850
11,104,080
9,706,178
9,675,998
9,696,088
9,146,065
5,592
2,870
6,472
3,068
9,730
3.J94
7,741
3,599
8,174
3,866
12,326
3,372
8,192
8.471
9,540
12,924
11,340
12,040
15,698
550
550
550
550
550
550
16,421
16,798
16,973
17,056
16,887
16,952
17,177
6,260
22,407
657,253
1,191,905
657,253
1,191,905
714,857
657,253
1,191,905
714,857
677,831
1,179,171
707,013
785.588
1,160,691
617,736
779,539
1,165,691
618,785
733,320
1,165,691
665,004
1,152,213
714,867
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,526,290
2,589,283
2,589,151
2,589,555
2,590,009
2,591,161
2,594,376
2,592,857
2,593,782
2,570,655
8,88(
8,38(
427,07(
11,063,10£
5,661
3,007
4,932
2,903
8,60S
534
reserves..
AprU
1938
8.86C
11,341
296,310
Bills discounted:
Secured
U.
by
direct or fully
S. Government obligations
guaranteed
Other bills discounted
Total bills discounted
—
Bills bought in open market..
Industrial advances
United States Government securities—Bonds..
Treasury notes
Treasury bills
Total U. 8. Government securities
Total bills and securities...—
Gold held abroad—
—
-
186
186
"""170
"""170
""170
20,427
527,851
44,695
47,547
21,109
597,351
44,730
46,746
19,973
527,996
44,730
46,396
23,005
550,492
44,717
45,214
20,672
523,357
44,765
45,339
14,290,895
14,362,513
14,305,284
14,337,827
Federal Reserve notes In actual circulation
4,116,875
4,123,513
4,132,337
Deposits—Member banks' reserve account
7,716,352
1,182,761
133,118
253,844
7,622,253
1,283,396
7,560,482
1,361,133
137,609
245,233
133,908
Due from foreign banks
Federal Reserve notes of other banks
Uncollected
Bank
732,608
641,469
Items
premises
All other assets
—...
Total assets
—--
"""170
"""170
19,952
578,264
16,632
663,496
44,804
44,400
14,327,165
14,382,836
4,147,997
4,120,373
7,661,269
1,321,319
131,802
211,655
1,427,718
236,245
7,503,630
1,428,693
125,674
227,746
"""228
169
170
19,683
44,806
47,978
620,270
44,795
45,831
20,138
502,834
44,837
42,940
13,073,636
12,899,603
12,900,789
12,436,099
4,120,798
4,136,806
4,158,154
4,121,705
4,184,042
7,547,076
7,472,143
140,874
118,010
7,311,529
292,237
6,943,597
117,228
198,604
7,296,340
244,166
122,005
212,038
198,121
124,041
136,725
21,615
604,558
45,776
47,202
LIABILITIES
United States Treasurer—General account—
Foreign banks
Other
deposits
—
Total deposits
135,486
213,212
80,486
9,286,075
9,288,491
9,291,768
9,285,743
9,326,045
9.323,492
7,929,631
7.874,549
7,919,115
7,284,849
Deferred availability Items
534,887
527,933
551,583
527,113
133,575
133,523
133,482
133,478
Surplus (Section 7)
Surplus (Section 13-B)
147,739
27,683
32,880
11,181
147,739
27,683
32,915
10,685
147,739
27,683
32,915
11,819
655,841
133,495
147,739
27,683
32,950
9,491
517,044
133,298
147,739
27,683
10.800
147,739
27,683
32,915
11,386
586,356
133,489
147,739
27,683
32,915
10,364
32,950
8.186
510,023
133,302
147,739
27,683
32,950
8,272
618,046
Capital paid in
597,742
133,575
147,739
27,683
32,880
14,362,513
14,305,284
14,337,827
14,327,165
14,382,836
13,073,636
12,899,603
12,900.789
12,436,099
82.5 %
82.5%
82.5%
82.6%
82.6%
80.4%
80.4%
80.5%
79.7%
1,357
1,357
1,357
1,103
1,103
523
330
82
1,532
13,260
13,144
12,700
12,678
12.735
12,825
)2,982
12,920
13,110
17,188
1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
6,986
6,198
6,572
6,527
6,836
410
7,830
11,274
9,703
10.289
14,276
359
330
285
288
280
412
365
625
613
607
702
709
508
589
430
507
445
722
61-90 days bills discounted
184
242
268
362
573
547
466
429
299
236
Reserve for contingencies
All
other
liabilities
Total liabilities
Ratio of total
14,290,895
reserves
to deposits
foreign
liability
—
purchased
bills
on
27,490
35,939
7,677
and Federal
Reserve note liabilities combined
Contingent
132,202
145,854
82.5%
for
correspondents
1,460
Commitments to make Industrial advances—
-
Maturity Distribution of Bills and
Short-term Securities—
Over 90 days bills discounted
526
378
293
309
266
294
342
336
482
299
8,668
7,835
8,165
8,192
8,471
9,540
12,924
11,340
12,040
15,698
223
297
156
95
178
224
""~297
"""220
1,663
75
75
170
253
255
886
75
2,915
—
Total bills discounted
1-15 days bills bought In open market
16r30 days bills bought In
31-60 days bills bought In
61-90 days bills bought In
Over 90 days bills bought
75
87
178
166
market
117
117
75
87
open market
104
104
open market
238
226
"""297
"~297
157
534
534
550
550
550
550
550
550
550
6,260
1,472
1,665
1,563
1,777
794
open
770
in open market
26
Total bills bought In open market
1-15 days Industrial advances.
1,526
1,419
1,581
275
1,669
1,510
274
234
204
96
153
274
192
64
367
406
522
567
470
570
462
502
343
566
923
16-30 days Industrial advances.
31-60 days Industrial advances
61-90 days industrial advances
Over 90 days industrial advances
Total Industrial
165
937
960
974
541
496
545
552
640
1,027
178
13,735
securities
Over 90 days U. 8. Government securities
Total U. 8. Government securities
14,168
14,096
14,143
14,353
19,842
16,973
17,056
16,887
16,952
17,177
22,407
95,524
252,711
232,997
173,696
1,809,087
104,311
217,598
115,354
85,874
357,781
116,668
76,209
113,610
321,701
56,482
72,472
183,568
191,294
186,586
225,169
72,472
82,166
175,878
282,846
24,767
353,460
1,813,712
1,802,990
93,734
115,354
338,218
217,672
1,799,037
63,623
237,770
193,239
1,811,097
1,827,326
1,950,653
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,412,650.
295,775
4,411,710
288,197
4,425,484
293,147
4,425,523
277,526
4,434,356
313,983
4,123,513
4,132,337
4,147,997
4,527,632
4,535,632
6,865
4,539,632
7,208
4,540,339
_
securities
14,201
16,798
7,707
5,000
securities
13.472
16,421
2,564,015
securities
13,286
16,899
4,116,875
1-15 days U. 8. Government
16-30 days U. 8. Government
31-60 days U.S. Government
61-90 days U. 8. Government
13,755
16,771
advances
4,542,497
104,311
72,939
192,321
287,451
1.947,681
292,688
1,958,805
2,318,919
^64.015
2,564,015
2.564,015
2,526,290
4,435,562
314,764
4,443,518
306,712
4,453.791
295,637
4.436,672
314,967
4,496,626
312,584
4,120.373
4,120.798
4,136,806
4,158,154
4,121,705
4,184,042
4,519,632
4,541,632
4,537,132
25,000
4,489,632
10,223
25,000
4,501,632
7,463
4,527,632
8,472
4,487,632
7,271
4.524.412
4,524,855
4,527,373|
33,461
70,223
78,920
1-15 days other securities...
16-30 days other securities
81-60 days other securities
61-90 days other securities
Over 90 days other securities
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
In
actual circulation
Collateral Held by Aoent as
Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from U. 8.
Treas..
By eligible
paper
United States Government securities..
Total collateral
•
I
"Other
cash"
does
not
Include
Federal
Reserve
notes,
f
z These are certificates given by the United States Treasury for
cents on Jan.
31, 1934, these certificates being worth less
provisions of the Gold Reserve Act of 1934.
to
4,546,840
Revised
4,526,903
4,549,095
4.536,104
11,780
18,037
20,000
4,575,169
figure.
the gold taken over from the Reserve bants when the dollar
the extent of
10,741
15,000
the
difference,
one
difference
tself
was
devalued from 100 cents to 59.00
naving oeen appropriated as profit oy the Treasury under
Volume
Chronicle
Financial
146
3453
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 25, 1938
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
Three Ciphers (000) Omitted
certificates
New Yorl
$
Cleveland Richmond
Phila.
I
$
I
ASSETS
Gold
Boston
Total
Federal Reserve Agent at—
*
Atlanta
Dallas
St. Louis Minneap. Kan. City
Chicago
%
%
J
$
*
San Fran.
%
*
%
ev
hand
on
and
due
710,189
711,965
1,297
534,673
8,881
411,903
580,571 4,602,745
228
1,600
38,979
93,972
532
719
704
980
680
539
881
322
399
24,714
38,445
30,837
20,389
56,794
19,773
9,072
29,404
14,892
34,632
11,060,201
from United States Treasury
619,778 4,698,317
559,919
749,353
327,343
240,710 2,089,339
331,893
193,319
301,968
200,368
747,894
70
58
13
187
378
10
62
232
247
283
661
10,639,417
Redemption fund—Fed. Res. notes._
Other cash *
Total reserves
295,802
311,581
219,341 2,031,865
183,366
185,077
272,242
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed
5,661
646
1,890
1,087
408
429
305
Other bills discounted
3,007
195
402
593
193
331
459
8,668
841
2,292
1,680
601
760
764
190
80
120
245
434
534
41
,199
56
51
24
19
68
3
2
16
16
..
Total bills discounted
Bills bought In open market.
Industrial advances
•
190
39
16,771
2,346
4,365
3 060
907
1,434
69
677
158
1,082
468
885
1,320
657,253
47,412
191,191
53,966
63,027
35,882
28,560
71,067
30,561
22,654
85,982
346,716
207,948
97,866
114,299
65,070
51,793
128,877
55,420
41,081
24,937
45,223
56,049
1,191,905
714,857
31,947
57,934
58,696
68,551
39,027
31,063
77,295
33,239
24,640
34,746
27,123
2,564,015
184,962
745,855
210,528
245,877
139,979
111,416
277,239
119,220
88,375
124,627
97,283
218,654
2,589,988
188.190
752,711
215,324
247,436
142,197
112,268
278,174
119,461
89,579
125,356
98,618
220,674
U. S. Government securities—Bonds-
Treasury notes
Treasury bills
Total U. S. Govt, securities
Total bills and securities.
Due from foreign banks
51,568
101,644
60,961
5
5
12
21
2
2
20,427
439
4,019
865
1,209
1,813
2,286
3,024
1,018
476
2,011
50,380
149,658
41,919
53,048
43,477
18,676
13,824
24,215
21,331
22,744
6,151
5,107
2,674
1,519
3,130
1.282
3,303
3,125
2,102
2,140
66.S58
4,548
2,212
21,721
2,324
1,055
527,851
Bank
4,428
1,950
1,703
2,090
1,697
4,082
827,192 1,062,320
520,636
378,188 2,446,392
479,563
301,001
457,782
44,695
Total assets
2,982
9,907
4,773
47,547
premises.
All other assets
16
17
SI
12
186
Fed. Res. notes of other banks
Uncollected Items
2,929
13,921
4,375
864,710 5,628,614
14,290,895
7
6
323,777 1,000,720
LIABILITIES
4,116,875
352,597
887,376
301,975
408,456
187,339
143,677
960,323
174,472
135,275
163,192
76,962
325,231
7,716,352
1,182,761
F. R. notes In actual circulation
379,328 3,640,920
385,522
486.039
209,060
158,626 1,223,520
215,972
218,629
165,561
529,494
579,869
48,750
61,829
12,254
8,572
53,931
36,891
129,961
45,398
103,781
32,958
36,502
40,081
73,510
5,727
4,662
15,850
3,996
3,063
3,862
3,862
6,027
2,749
2,163
5,588
2,676
248
2,363
9,457
12,953
202,928 1,371,494
270,954
142,478
259,141
211,867
625,414
69,101
23,380
13,725
25.0S0
23,681
13,141
3,903
2,903
4,147
4,667
3,153
3,613
3,946
3,892
25,141
10,149
22,387
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account-
Foreign
Other
43,081
133,118
Total deposits
9,590
47,742
253,844
bank
deposits
4,847
204,112
13.053
1,546
436,846 4,472,643
448,871
568,694
274,745
52,231
43,348
13,368
14,323
.1,007
3,177
1,064
9,286,075
Deferred availability Items.
146,591
43,309
133,575
9,405
50,960
12,258
147,739
9,900
51,943
13,466
27,683
2,874
7,744
4,411
32,880
1,448
8,210
2.000
3,147
902
534,887
50,805
18,495
4,445
5,626
~
Capital paid in
Burplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
835
11,181
Total liabilities
9,805
3,409
730
1,429
545
1,001
1,142
1,270
2,121
1,401
1,603
7,201
1,215
1,915
934
1,776
2,000
480
684
1,316
427
551
533
383
859
378,188 2,446,392
479,563
301,001
457,782
520,636
827,192 1,062,320
864,710 5,628,614
14,290,895
4,950
4,964
323,777 1,000,720
Contingent liability
on bills purchased
for foreign correspondents
Commitments
*
to make
"Other cash"
1,460
105
524
148
134
63
1,348
4,160
128
1,553
1,690
178
44
does not include Federal
i
-----
34
42
277
368
10
42
508
51
13,260
Indus. advs__
92
2,958
Reserve notes.
RESERVE NOTE
FEDERAL
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bant of—
certificates
hand
on
and
Minneap
Kan. City
Dallas
$
%
$
United States
980,194
92,818
317,829
159,279
987,378
189,907
139,976
368,424
9,336
15,602
27,055
15,435
4,701
173,177
9,985
84,816
15,854
432,919
24,463
196,675
29,479
7,854
43,193
352,597
887,376
301,975
408,456
187,339
143,677
960,323
174,472
135,275
163,192
76,962
325,231
4,527,632
7,707
390,000 1,000,000
801
2,177
337,000
436,000
200,000
164,000 1,000,000
192,632
138,500
177,000
88,500
404,000
1,343
445
686
190
71
120
235
433
654
177,235
88,933
404,654
5,000
81938
—
June 22 1938
June 29 1938
1938
338,343
390,801 1,002,177
United
Treasury Bills—Friday, May 27
Asked
Bid
Asked
July
13 1938
20 1938
Aug.
27 1938
3 1938
Aug.
101938
0.08%
0.08%
0.08%
Aug.
17 1938241938
one
Stock and Bond
each day
France
Francs
Francs
7,100
7,300
Rate
Bid
Asked
Banque de Paris et Des Pays Bas
1,338
446
1,352
458
101
23,500
667
1,330
33
' 481
198
23,800
684
1,360
32
488
1,210
450
192
23,300
754
778
190
1
101.12
101.14
Dec.
16 1940...
1H%
102.20
102.22
15 1941...
IH%
102.10
102.12
Mar. 15 1940...
1H%
102.19
102.21
Canal de Suez cap
Sept. 151939...
Dec. 15 1939...
1 H%
101.30
102
Mar. 15 1942...
1 XA%
103.21
103.23
Cte Distr d'EIectriclte
\%%
l H%
2%
104.2
104.4
Cle Generate d Electrlclte
105
105.2
Cle
2H%
102.18
102.20
Citroen B__
2H%
101.21
101.23
Comptolr Nationale d'Escompte
2 H%
101.14
101.16
Coty S A
102.2
102.4
Dec.
IH%
102.14
102.16
Sept. 15 1942...
1H%
101.22
101.24
June
Mar. 15 1941...
IX%
102.22
102.24
15 1940...
1H%
102.18
102.20
15 1942
...
15 1939
Sept. 15 1938...
June 15 1938...
'
...
Generale Transatlantique..
...
Courrlereb
-
Commercial de France..
Credit
EXCHANGE
Credit
Lyonnaise. ..
Lyonnaise cap
Eaux des
Closing prices of representative stocks
each day of the past week:
received by cable
as
Nord
Energle Electrlque du Littoral..
Energle Electrlque du
Kuhlmann
May
May
21
23
Allgemeine Elektrizltaets-Gesellschaft 4%..120
119
120
125
125
May
24
25
26
27
-Per Cent of,
Berliner
Handels-Gesellschaft
-
Liquide
Lyon(PLM)
L'Air
Nord
-
120
——.
Orleans Ry 6%
125
125
Pathe
162
161
162
162
162
Pecblney
114
114
Dessauer Gas
(6ijs%)
126
Capital
—-
115
114
114
Rentes.
120
121
121
119
119
Rentes 4%, 1917..---
Deutsche Bank (5%)
120
120
120
120
120
Deutsche Erdoel (6%)
138
138
138
138
1918
Rentes 4H%. 1932, A
Rentes 4H%
1932 B —
Rentes 5%. 1920
Royal Dutch
Sa'nt GobalD C & C—
Schneider A Cle
Societe Francalse Ford
Societe Generale Fonciere
(5%)
138
Deutsche Relchsbahn (German Rys. pf. 7%) 126
126
126
126
Dreedner Bank (4%)
112
112
112
112
Holi¬
112
157
157
158
156
day
159
144
145
145
Farbenlndustrie I. G.
Gesfuerel
(7%)
(6%)
149
Hamburger Elektrizltaetswerke (8%)—.—
Mannesmann
—
Roehren
(4H%)
Nordeutscher Lloyd
Relchsbank (8%)
(6%)
Siemens A Halske (8%)
76
76
113
113
78
190
231
Rhelnlsche Braunkohlen (8%)
Saizdetfurth
-
76
113
Hapag
;
160
206
-
-
-
126
144
'
144
150
151
■
76
113
112
78
Perpetual 3%
Soclete
Lyonnaise
192
192
193
Societe
230
230
229
Tubize Artificial Bilk
161
161
160
preferred..
Union d*Electrlclte.
203
190
235
485
1,570
1,370
300
537
670
1,210
785
800
375
19
1,873
74.00
72.10
70.90
77.90
76.00
97.75
6,250
1,986
1,050
65
87
1,367
Marseillaise
192
204
—
--------
Rentes 4%
228
204
Hollday
Ry.
119
Commere-und Privat-Bank A. G. (5%)
Berliner Kraft u. Llcht (8%)...
May 26 May 27
6,800
Francs
Maturity
STOCK
3469.
May 21 May 23 May 24 May 25
15 1938...
BERLIN
page
Bank of France
Dec.
THE
Exchange,
of the past week:
Dec.
15 1941
Stock
BOURSE
PARIS
Banque de l'Unlon Parisleaae..
Canadian Pacific..—...
Mar. 15 1939...
York
Quotations of representative stocks as received by cable
Int.
Asked
New
Averages—See
THE
32ds of
more
or
Int.
Bid
the
New
0.08%
Figures after decimal point represent
point.
i;-f
Rate
at
the
0.08%
Aug,
Transactions
on
page.
0.08%
July
Securities
Exchange—See following
Daily, Weekly and Yearly—See page 3469.
0.08%
July
143,620
192,703
Government
States
York Stock
Quotations for United States Treasury Notes—
Friday, May 27
Maturity
164,552 1,000,190
200,686
436,445
for discount at purchase.
0.05%
0.05%
0.05%
0.05%
0.08%
0.08%
0.08%
June 15 A 16 1938...
June 17 A 18 1938
552
5,000
Bid
1 1938
June
$
382,076
295,775
4,540,339
Rates quoted are
June
San Fran.
$
due
Total collateral-
a
St. Louis
S
4,412,650
U. S. Government Secu.ities
July 6
Chicaoo
S
$
$
banks:
to
from United States Treasury
June
S
by Agent as security
Eligible paper
June
5
Atlanta
Cleveland Richmond
Phila.
%
4,116,875
In actual circulation..
for notes Issued
Gold
New Yorl
$
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral held
Boston
Total
Federal Reserve notes:
Wagon-Llts
....
123
409
83
241
500
1,580
1,380
296
553
Ftancs
6,900
...-
191
23,600
660
1,330
30
494
1,330
....
768
_
190
190
232
490
1,550
1,350
306
1,570
1,370
541
682
1,200
781
804
375
18
1,865
73.60
71.50
70.10
77.10
75.40
96.80
6,190
2,002
1,080
67
91
1,351
576
119
415
83
-
663
1,240
801
824
375
19
1,894
74.20
72.50
71.10
78.30
76.50
98.25
6,340
Francs
1,080
67
88
1,385
576
126
427
86
Holiday
1,200
379
....
....
73.60
71.50
70.20
77.20
75.40
97.80
6,160
----
65
—
May
3454
1938
28,
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
United States Government Securities
Below
furnish
York Stock Exchange
the New
on
and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more '62ds of a point.
we
a
Daily Record of U. S. Bond Prices May
Low.
118.17
118.17
1
Treasury
(High
104.10
104.8
104.7
104.4
104.3
118.17
118.16
118.17
2 Hs.
{Low.
104.10
104.8
104.7
104.4
104.3
118.16
118.17
1 Closi
104.10
104.8
104.7
104.4
104.3
21
118.10
Total tales in $1,000 units...
118.17
118.17
118.10
Close
118.16
1
6
Total sales in $1,000 units...
3
118.18
118.17
10
1947-52
Dally Record of U. S. Bond Prices May 21 May 23 May 24 May 25 May 26 May 27
21 May 23 May 24 May 25 May 26 May 27
118.17
High
Treasury
4MB.
No
of the day.
unless they are the only transaction
the day's range,
is taken of such sales in computing the range for the year
account
109.20
109.19
109.20
109.15
Low.
109.18
109.15
109.16
109.15
109.18
109.15
109.20
109.15
Total tales in $1,000 units...
5
8
18
2
1
High
114.11
114.12
Low.
114.9
114.10
114.9
Close
114.9
114.10
114.11
114.10
15
o
1
is. 1944-64
...
11
Total taltt in $1,000 units...
[High
...-(Low.
112.31
112.27
112.27
103.6
103.4
103.6
103.4
103.4
{Low.
{Close
3 He. 1943-47
110.4
110.3
110.3
110.3
100.7
106.7
106.4
100.4
100.6
106.2
106.4
106.7
106.2
106.4
{Low I
(Close
107.18
107.18
107.18
107.17
107.18
107.17
l
27
101.17
101.19
101.17
101.16
101.15
101.18
101.19
101.20
101.16
101.17
IS
31
21
7
5
105.12
{Low
V-
—'
-
-
•>
-
-
-
-
-
•
-
-
105.12
W
-
1948....
1
(High
{Low
103.22
103.17
103.18
103.22
103.17
103.18
103.16
103.22
103.17
103.18
103.16
1
20
25
7
(High
....
Federal Farm Mortgage
106.11
106.10
107.15
107.14
{Low
106.11
106.10
107.15
107.14
(Close
106.11
5
2
Total sales in $1,000 units...
1
1
106.17
106.17
106.18
106.16
106.17
100.18
106.18
100.17
1
6
1
107.23
107.25
1944-04
106.17
25
(High
107.23
103.16
106.10
5
3 Mb.
106.18
107.22
Federal
Low.
Federal Farm
106
Close
106
....
....
----
~
106.11
-
-
«
-
-
-
-
-
106.11
•
3
----
105.30
105.31
106.1
106.1
105.29
105.30
105.31
105.31
105.30
105.29
105.30
105.31
106.1
106.1
1
5
.3
1
$1,000 units...
Mortgage
....
.
106.12
105.29
106
.
Total sales
107.22
High
Farm Mortgage
3s. 1944-49
....
105.12
107.13
100.18
106
105.30
(High
55
13
106
'
Low.
107.23
107.22
107.22
107.22
107.22
Close
107.23'
107.23
107.22
107.22
107.22
(Close
6
8
2
3
Total sales in $1,000 units...
Total tales In $1,000 units.
1
(High
108.11
38.1942-47
Federal Farm
{Low.
108.6
108.4
108.8
108.6
108.4
108.4
108.10
108.8
108.6
108.6
7
High
107.31
107.31
Low.
Close
107.31
107.30
107.29
107.26
107.26
107.31
107.30
107.29
107.26
1
1
2
107.29
51
107.26
2
104.26
1
Home Owners' Loan
108.4
108.3
Low.
108.3
108.2
108.3
108.3
108.2
108.3
109.19
109.17
109.16
109.18
109.16
109.16
109.16
109.15
109.16
109.16
109.17
Total sales in $1,000 units...
3
9
7
6
3
104.8
104.3
104.2
104
104.2
104
104.2
103.30
103.31
104.8
104.3
104.2
103.30
104.2
High
100.5
106.3
Low.
100.5
Close
Total sales In $1,000 units...
106.5
106.1
100.1
106.2
106.1
109
20
15
10
5
103.1
102.31
103.1
103
102.31
103.1
102.31
103.2
103.1
102.31
103.1
1
3
16
2
U
*2
(High
103.18
103.14
103.19
103.17
103.19
103.20
..{Low.
Odd lot sales,
bonds.
1
13
29
106.2
4
3
103.17
103.14
103.18
103.14
103.13
103.19
103.17
103.14
103.18
103.17
103.18
103.20
4
3
3
14
6
7
Total sales in $1,000 unus...
104
106.3
106.6
103.1
*
103.29
116
106.5
106.6
102.31
104.1
104.8
106.3
106.2
106.3
103.2
t Deferred delivery sale.
Note—The
(High
106.3
106.2
106.4
102.31
109.15
{Low.
106.1
106.2
106.2
102.31
2
7
106
106.4
(Close
109.15
106.2
106.7
106.4
103.1
109.15
109.17
102
106.6
(Close
109.18
106.4
106.3
Total sales in $1,000 units...
(Close
12
1
106.4
103.1
Home Owners' Loan
{Low.
Total tales in $1,000 units...
2
106.2
(High
2MB. 1942-44
(Close
104.21
:
106.4
Total sales in $1,000 units...
108.3
109.17
104.21
104.21
2Mb, series B. 1939-49 ..{Low.
108.3
109.18
—
104.23
104.23
f
■■
.....
....
....
30
104.23
'•»
....
....
106
Low.
38. series A, 1944-52.
25
(High
106
^
--
Hlgn
108.3
Close
Total sales in $1,000 units
—
Close
107.26
Home Owners' Loan
108.3
High
2
104.26
2Mb, 1942-47
13
105.31
4
104.26
107.26
Total salet In $1,000 units...
(High
{Low
Mortgage
108.4
Total salts In $1,000 units...
105.31
105.30
....
Total sales in $1,000 units...
108.6
108.10
(Close
105.30
....
(Close
108.8
{Low.
2Hs, 1945-47...
101.17
107.13
Close
2Hs. 1955-00
101.18
107.16
Low.
3 KB. 1944-40
101.20
107.15
Total sales in $1,000 units...
3Hs, 1941
2
101.20
2
Total sales in $1,000 units
88
100.18
3Hs. 1949-62
102.28
5
101.26
2 Hs.
High
.
102.28
102.29
7
101.26
100.0
Total tales in $1,000 units...
3Hs. 1940-49
102.29
102.28
(Close
106.2
100.5
107.18
IHs, 1941-43
1
102.28
ciosi
106.6
100.5
(High
103.4
102.29
(Clow
100.11
11
103.4
1
103.2
{ Low.
2Hs. 1945
100.9
3
103.4
102.28
103.2
103.1
101.21
110.3
100.9
Total tales In $1,000 units...
M
5
(High
Low.
3Hs. 1940-43
-
101.26
i
(Close
3s. 1940-48
25
Total tales in $1,000 units
IHigh
«
Total tales In $1,000 units...
2Hb. 1949-53
Total taltt in $1,000 units...
3s. 1951-55
-
fHlgh
110.3
110.4
103.4
103.2
103.2
103.1
-
4
{Low
110.3
110.4
103.5
'■
(Close
15
4
.....
103.4
7
*7
■
Total iale» in $1,000 units..
112.28
8
2
-
103.4
103.8
(High
2Mb, 1950-59
'
•--Vw')-*
5
103.8
000 units...
114.10
112.28
112.27
113
High
Total sales in $1
103.9
27
103.4
I Close
112.28
1)2.29
112.31
(Close
Total tales in $1,000 units...
2»4B. 1951-54
114.10
113
112.31
3Hs. 1940 60
119.16
114.11
26
{Low.
119.16
High
3H». 1943-45
7
(High
119.16
Close
1948 51
2
above
table
includes only
registered bonds
Transactions in
Treasury 3%s 1946-1956
Treasury 3Ms 1944-1946—..
sales
of
coupon
were:
112.27 to 112.27
............
.109.14 to 109.14
...
106.1
106
United States
Treasury Bills—See previous
United States
106
1
Treasury Notes, &c.—See previous
page.
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
for
Saturday
Tuesday
Wednesday
Thursday
Friday
the
May 21
Monday
May 23
May 24
May 25
May 26
May 27
$ per share
$ per share
S per share
$ per share
S per share
Range Since Jan. 1
STOCK
Shares
41
41
*40
41
42
*40
42
*32
*40i4
42
34
3H2
*27
32
*27
32
*27
32
35
*33
35
33
33
*31
33i2
31
31
*29
33
200
8I2
*16i8
8i2
17
*1614
17
8'4
*16i4
17
*18
20i2
18
*18
Par
30
*33
Lowest
100
34
4178
32
*40
*32
8'4
18
*40
8I.4
2(4
214
2'i
2i4
214
455s
46'2
455s
4614
45U
s4
34
978
34
978
3,
10
84
934
10
8'4
8
8i8
*16'4
19iS
2i4
46
18's
214
44
a
10
34
934
1
1
*734
8
1
1
1
1
1
*834
HI4
8
7h
734
7io
714
714
*6
*6i8
*6
*734
*7
7
8
8
*6i8
*834
14
914
*834
1414
*6'8
914
914
1414
HI4
*30
14
9l4
14'8
*29
*6>8
146
6l2
146
*7l2
10
8l2
10
6
6i8
*44
46
4114
*1212
*134
*13l2
5812
43
13i8
2
17'8
60
55
55
153s
1578
5334
*52
*
*6i8
145
*7i2
10
578
*43l2
4114
13
H34
*6's
146
146
812
*7i2
10
6'8
46
42l4
13
2
*13l2
5934
*53i8
5934
53lo
15
10
18'8
214
4514
34
934
*52
53341
1'8
712
8i2
6'8
411.2
8
r>8
978
958
95
1
7
7l2
8
*6i8
*834
14i2
13
7t2
lli2
1314
*29
"O's
1441.1 1441.4
7'2
7i2
9io
978
534
534
*4312
4118
*12i2
*134
*13i2
*58>4
46
*43i2
4014
*12l2
*134
4114
13i8
*13
1634
46
2
*512
*18i8
2i4
2i4
m2
6
1318
2
16i2
59
....
19 I8
7
10
4234
{
73JJ
*15i8
44
*5i2
*29
6i2
14634
778
16*4
7
534
1558
1678
7i2
734
161,4
*18i8
2i4
42i2
78
958
17
95
,
34
6
►
No par
Corp
6,300
Alaska Junea\» Gold Min...l0
884 Mar 31
~2~9o6
Albany A Susq RR
Allegheny Corp
1,100
5M% pf A with $30
600
pf A with $40
war.
100
6!8
103s
12i2
5M% Pf A without
war.
100
1,500
*29
*5i2
100
100
No par
6
"Too
3,200
Allen
Industries Inc
8*2
100
95s
5i2
46
2,100
4,700
Allied Stores .Corp
*13
*41i2
38
39
*lli2
134
12U
134
1634
*13
5714
50 I8
58
59
58l4
59l2
55
53
52
52
51
51
1534
1438
15
14
15
5334
52i2
52i2
5H2
52
50i8
13i2
5214
t In receivership.
14
5214
a Def. delivery,
6%
n
Aug
778 Nov
Oct
Oct
112 Oct
44i2 Nov
i2 Oct
8
Oct
146
Oct
Oct
Feb
Feb
Feb
10
Oct
1012
Oct
13
Oct
5812 Feb
52i8 Feb
455g Mar
103
0i2
Apr
110
Oct
237g Apr
258i2 Mar
1718 Aug
...No par
Corp.
51i2 Not
53l2 Oct
r
/
6ig
Dee
Oct
Oct
Jan
3318 Jan
217, Mar
85
Mar
Oct
8312
Jan
812
Oct
39*4
Jan
li4
Oct
87g Mar
Oct
52i< Mar
55
May 27
721 j
Feb 21
par
49
Mar 26
66
Jan
10
Mar 30
l7!4May 18
10
Oct
41*8
Jan
55
50
Dec
75i8
Feb
....50
New stock,
7U
10
Nov
10
(Del) ..Wo
preferred
Jan
Aug
53j
19
Jan 11
100
Jan
59*4
Jan 12
1
Feb
59
24
par
Mar 31
Jan
Oct
Mar 30
38
Jan
4*8
80U
5U
15*4
Oct
10
4i2 Mar 26
36
11
50
Mar 31
85s Mar 28
22*8 Mar
283s Feb
11
34
American Bank Note
170
85
34U Mar 31
ID4 Apr 1
U4 Mar 26
7
No par
6% conv preferred..
Am Agric Chem
171* Jan 12
21*4 Jan 17
28 May 11
97g Jan 17
Mar
Mar
Dec
1712
10i2
1
share
69
Dec
Amalgam Leather Cos Inc
Amerada
133s Feb 2
95
Apr 16
15s Jan
7
177« Jan 12
17U Jan 12
178s Jan 12
per
55
Nov
49
300
800
Jan 24
43*4
Highest
Nov
Jan 11
Jan 11
Jan 11
Mar 31
100
Alpha Portland Cem ...No
5,300
23
23gMay
9
58U Jan 10
1U Jan 7
37
share
53M
51*4
15U
3is
124
No par
200
~2~ 300
103g Jan 10
£20*4 Jan 20
$ per
36
145
preferred
Allls-Chalmers Mfg
1634
Mar 31
per
176ij Jan 10
9% Jan 10
143g Jan 19
93g Jan 12
5%
19*606
Mar 30
6i8May 27
8
1
5
Apr 16
78 Mar 31
115g Mar 31
28 May 11
4i2 Mar 30
Alleghany A W. Ry 6% gtd 100
....
139
9%
137
4
6i2 Apr 30
5
$2.50 prior conv pref.No par
Alegheny Steel Co
No par
*712
2
95
war.100
5i2
46
41
12l2
8i2
15a Jan
40
100
10
10
I4i2 Mar 31
lG^s Mar 31
par
5i8
*42l2
3858
12l2
*134
*7i2
143
Jan 14
800
Allied Chemical A Dye. No pat
Allied Kid Co
5
Allied Mills Co Inc
No par
140
52
May 2
58 Mar 30
H8
12i2
Mar 11
May 26
6I4 Mar 30
10
6l2
*8i2
36
$
Advance Rumely
No par
Air Reduction Inc
No par
Air Way El Appliance_.lV>
1
7
45
31
25
Address-Multigr
share
share
Mar 11
per
_
No par
Adams-Mlllls
200
1,400
7,900
Year 1937
Lowest
Highest
36*4 Feb
3014 Mar 23
No par
Straus
Acme Steel Co
Adams Express
100
$
No par
a
658
*538
6i8
15i8
Bid and asked prices; no sales on this
day:
Abbott Laboratories
Abraham
3,900
95
53
*52
734
17i2
1918
2i4
42
34
9'8
Range for Previous
On Basis of 100-Share Lots
Week
§ per share
YORK
EXCHANGE
Cash saie.
46^4 Apr 27
x
Ex-dlv.
y
Mar
Ex-rlghta.
8
3
11478 Mar
10U2
Jan
f Called for redemption.
Volume
AND
LOW
SALE PRICES—PER
HIGH
NEW
*124
125
17
17%
*82%
*15
*6
23
6
23
*15
6
6%
10
10
9
4
500
>170
10
*16%
19
36
*35%
178
*1%
1%
1%
16%
16*4
16! 4
*15%
519
16
1534
*45
13
3'}
*3i8
3*8
28i2
3i4
28%
28%
24! 4
12 78
12%
13
3%
2614
28%
29%
10%
27%
71
17
70
17%
*70
17*2
10
*934
*9i2
10
71
70
70
67%
67%
*17
17%
17*2
17%
17%
17%
10
*9%
9io
10%
19
1858
1912
*7%
7%
22%
*7*8
7*4
7%
2219
2278
24%
*1067g
107
32
IS
*6-%
7%
23%
24%
108
108
25
53
*51
52%
7%
634
634
23
*2214
*106% 108
23%
10s
107
129l4 129%
68i2
6812
129
*67i2
68
67%
67%
67%
67%
*70
*701.1
71
70%
70%
70
70
703g
13934 140i4
5
5*4
8%
5
*2934
5*8
2912
*25
25%
25
*33
30%
25%
13
105
105
3
22%
*2%
75
*50
*28
29
271.1
7
534
*90
4%
4%
36
36
75
*50
27
28%
*6l.i
7
*6i4
3
*234
♦
*22
105% *103
*234
7934
"538
5%
*
*2%
24
*21%
*119
*90
95%
104% 104%
*9
11%
2%
*2%
1 0534
12
234
*31
6if
22 %
35
4%
*3434
75
*50
75
*50
26
26
27%
*6%
3
5%
5%
61
*30
3012
*30
30*2
*30
30%
*30
30%
29
30
*80
84
*80
84
*81
84
*81
84
*81
84
79
79
*79
'
*79
*7812
*78i2
2534
25%
26%
43
43
*41%
26%
42%
25%
44
*41%
42%
16%
16%
15%
16%
15
15%
5%
*4%
20%
5'2
8%
20%
*4%
8%
20%
*4%
*7%
5%
9
*4%
20%
20! 8
*5
3%
110
6%
40%
*7
*107
107
*7%
20
*106
42
40
40
115
115
115
6%
6%
6%
40%
6%
41
40%
4012
*39%
*112
42
119
39%
*112
5%
40
40%
800
15%
2,400
15%
16%
5
*4%
*4%
200
4,400
106i8
107% *106
107% *106
6%
6%
6%
6%
0%
40%
4034
40%
*40i4
40%
300
39%
119
*6%
20
20%
37
37
*112
119
*35%
115
5%
5
3%
*3%
4
*3%
4
*3%
4
3%
*2%
2%
2%
17%
*2%
*13
3%
2%
*2%
*13
17%
3%
3%
2%
17%
3%
*13
3%
700
30
5%
100
3
400
2%
300
*4%
*13
1634
:
3%
3%
600
2%
318
2
37%
115
2,400
3
5
*5
*13
5%
8%
7
7
20
5%
334
9,500
20%
8
20%
*5
2%
"
42%
15
5%
17%
"*"l6
25
*5
*2
300
84
24
5%
*13
3%
*7%
107
110
*6%
*40%
25%
28%
2534
41%
1634
28%
*81
*79
24%
16%
*112
25
3", 300
60
*40
61
*3934
"5%
*48
60
*45
6%
500
5
5%
*51
61
4012
300
234
55
60
*45
*107
6%
234
61
*51
61
20
2",200
*40
60
*45
25%
75
26i.i
*47%
*51
65
*4114
300
*7934
5
5%
5,300
6%
234
*7934
60
*
43g
26%
634
234
6%
7934
*35
*51
"""266
93
4%
3%
3%
17
3%
24% Nov
-------
5,100
Jan 17
140
26
Dec
3
Oct
31% Dec
16% Jan
31
Oct
87%
Jan
Oct
72%
29%
Jan
Feb
Mar 30
Mar 30
25
Oct
45% Mar
Dec
101% Aug
36
Oot
Dec
29
Feb
58
Mar
7%
41
Nov
122
Dec
40
Oct
May 13
125
Nov
Jan 11
26%
Jan
Dec
50%
Jan
104%
Oct
143%
Jan
Jan
7%
140
Oct
187
7
67
Dec
99
Jan
58%
Dec
99%
Feb
128% May
Feb
Jan
5834 Mar 31
Apr
1
3% Mar 28
4%
Oct
6
Mar 30
13% Jan 12
8
Oct
29%
08
Apr 16
Jan 20
82
Oct
86
Jan 10
Jan
Oct
20
Feb
79%
Feb
x27% Oct
24% Nov
pref
25
Mining..50
25
Mar 26
21
May 26
Anaconda W 4 Cable..No par
29
Mar 29
60
Jan
11
39
Oct
1034 Mar 31
97
Apr 0
18
Jan 16
10
Oct
3
90
Oct
Andes
P W
Archer
7% preferred
100
Armour4Co(Del)pf 7% gtdlOO
Armour 4 Co of Illinois
6
No par
7% preferred
100
Armstrong Cork Co—No par
Arnold Constable Corp...-.5
Artloom Corp
—.No par
Preferred
^00
Associated Dry Goods
1
6% 1st preferred
100
7% 2d preferred
100
Assoc Investments Co ..No par
18 conv pref
5% pref with warrasts-.lOO
95 pref without warranto 100
Atch Topeka 4 Santa Fe..l00
6%
100
preferred
RR...100
Atl G 4 W I 88 Lines—No par
5% preferred
100
Atlantic
Refining
25
4% conv pref series A...100
Atlas Corp
1
6% preferred—
60
Atlas Powder—
.No par
5% conv preferred.
100
Atlas Tack Corp
No par
fAuourn Automobile.-No par
Austin Nichols
No par
Atlantic Coast Line
95 prior A
Aviation Corp of
Baldwin
No par
Dei (The)-.3
107% Jan
Jan 11
10
Mar 31
19
2
Mar 31
3% Feb 24
30% Jan 13
20
119
82
Apr
Jan
1
6
Mar 30
3% Mar 20
28% Mar 28
50
Mar 19
24% Mar 20
5% Mar 25
2% Mar 30
121% Mar 2
100% Jan 18
6% Jan 10
Mar 29
a;52
May 12
68% Mar
5
Oct
Dec
37%
10%
Feb
Dec
46
Feb
22
110% May
93
4%
30
Oct
70% Mar
Oct
10%
734May 12
5% Jan 13
4%
2%
Dec
58
Dec
101
Jan
5
83
Nov
125
Mar
33
Dec
71%
Dec
100
Feb
70
Dec
88
June
42
Jan 12
32% Nov
72
Jna 14
60%
"14
27% Jan 12
7% Jan 11
14% Jan 10
24
Mar
1
l07%May 20
9% Jan 10
66% Ma
Oct
29
9
Oct
18
Oct
101% Sept
7%
94
3
119
3
101
Dec
133
4% Apr
1
7% Jan 12
3
Mar 28
2
Mar 25
6% Jan 12
3% Jan 19
12% Mar 30
2% Mar 29
20% Jan 25
4% Jan 10
Mar
4%
3%
2
Oct
Dec
Sept
15
Dec
5
Mar 30
4
Mar 31
6%
6%
634
6,900
5
5%
5
5%
7,100
Baltimore 4
ctfs—
Ohio
13
—.100
6%
6%
6%
6%
6%
3,200
preferred
Bangor 4 Aroostook
Conv 5% preferred
Barber Asphalt Corp
-100
50
29
Mar 31
100
86
Jan 21
12% Mar 30
9412
15%
7%
*90%
92
*90
92
*90 %
92
90%
13%
1234
25%
12%
*25%
12%
12%
11
11
*11%
11%
*90'8
15%
*634
25%
*110% 115
15%
15%
26
15%
15%
15%
97%
*93%
*27
30
*25
*101
102
101
15%
*6®4
7'4
6%
97%
-
-
-
15
15%
15%
6
6%
*6
6%
25%
*24
25%
12%
*11%
*112
*110% 115
*9314
15%
25
6%
6%
—
101
6%
15%
*93
*100
103
12%
11%
112
1134
*11
z30
90 %
*88%
15
13%
600
Barker Brothers
170
11%
12
12,600
5\i% preferred
Barnsdall Oil Co—
12%
15
*100
103
9%
6,000
1734
1734
1,800
28%
28%
1,000
Best 4
3934
41%
43,000
13%
1,100
1,000
10
15
1,500
15
15%
29
77%
934
400
xll
97%
*93%
*
97%
29
*166"
*7
7%
*7
7%
7
*73
77%
*73
77%
*73
10
103
100
7
300
*73
77%
11%
17%
*10%
11%
10%
11
10%
10%
934
10%
17%
17%
17%
17-%
17%
17%
17%
32
45%
13%
*30%
32%
30%
29%
29%
29%
44%
45%
43%
30%
45%
17%
30%
42%
44
40! 2
43%
*13%
14%
14%
14%
1334
14
*13%
14%
13
*87
88
*87
88
87%
88
87%
87%
85
86
82
83
*17%
19
*17%
18%
18
18
*17%
17%
*17%
18
*12
13
*1214
13
12%
18%
12%
11%
17%
12%
11%
17%
62
24%
19%
12
12%
1134
1134
800
10%
10%
10%
10%
1,900
*13%
*35%
1034
17%
*30%
44%
13%
12%
11%
*13%
*35%
23%
*18%
11%
,
10%
11%
11%
*13%
17%
*13%
17%
*13
17%
*13%
17%
*35%
62
*35%
62
*35%
62
*35%
62
11%
23
23%
23
24
*19
19%
19%
19%
22%
*1834
50
5
No par
100
Beatrice Creamery..
25
S5 preferred w w
No par
Beech Creek RR
50
Beech Nut Packing Co
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation
5
Beneficial Indus Loan..No par
11
*110% 115
11%
♦110% 115
78%
*73
10
No par
6
25
*93%
*25%
103
2,100
*5%
15%
*166"
7
77%
10
*24%
97%
29
9412
14%
400
6
15%
*
30
25
*93%
1512
27
*6%
11%
112
97%
27
*73
12%
1234
11%
115
6
*24%
31
22%
20%
2234
20%
19
18
1834
*17%
17%
62
21%
18
200
------
-
13,800
500
Bayuk Cigars
Inc
1st preferred
Co
NO par
-
(Del) .No
preferred
preferred
Blgelow Sanl Carp Inc.No
Black 4 Decker Mfg Co No
Blaw Knox Co
No
Bloomtngdaie Broth erg. No
B'umenthai 4 Co ore!
Boeing Airplane Co
Bohn Aluminum 4 Brags
Bethlehem Steel
5%
7%
r
5% Mar 29
6
Mar 23
21% Mar 29
10% Mar 30
9
109
Mar 30
Apr
9
11% Mar 30
90% Apr 29
25
Apr 9
94% Apr 2
5
40% Mar
10
Oct
30
Oct
95
Mar 22
89
Dec
19
Feb 23
10 %
7%
10% Jan 12
30
Jan 19
16% Feb 23
12% Jan 13
Jan 31
115
17% Jan 13
96% Jan 17
20
Oct
47% Mar
45
Dec
32
Nov
42
10
Oct
9
Oct
108
Oct
1
Oct
9
Nov
Feb
110% Feb
43% Mar
36%
20%
115
28%
Jan
Jan
Feb
Jan
Aug
Feb
Mar
Feb
105%
43%
114% July
Dec
77% Mar 19
82%
Oct
Oct
Dec
8% Mar 29
14% Jan 16
8%
Oct
301 j
Feb
23%
62%
Jan
Jan
5% Mar 31
15% Mar 31
19
2
15
Oct
20% Mar 31
40% Feb 28
65% Jan 11
29
Dec
41
Oct
14
Oct
13
Mar 30
Mar 31
Cash sale.
Oct
13% Jan 11
34
Feb 23
Jan
Jan
90%
7%
75
6
5
Oct
9% Jan
23% Aug
8%
10% Feb 23
10% Jan 11
9%
11%
Sept
29%
3934May 27
100
9% Feb
63% Mar
30% Mar 12
par
par
par
par
Jan
Feb
103% Feb 28
8% Jan 17
83
Jan 11
20
100
par
Jan
86%
2% Oct
3% Sept
Assented
6%
5%
31
Mar
18%
3
6%
33
Feb
18% Mar
52% Mar
Jan
634
*31
Mar
Nov
5%
6%
32
Jan
37
38
5%
32
Oct
44
39%
7%
32
Deo
Mar
116%
Jan 11
105
Feb
Oct
5
Jan 11
7
*31%
104
18
43
5%
32
Feb
94% May
48
7%
32
Dec
67%
Mar 29
36
512
6%
17% Jan
July
24% Mar
100
Jan 10
80% Feb 24
80
May 20
5%
6%
Jan
Feb
08% Mar
Jan 22
7
6%
Oct
Nov
0
126
8% Jan 12
69
Jan 12
Mar 29
7%
6%
Feb
99% Mar
Jan 12
39
22% Mar 31
40 May 27
5%
6%
Feb
Mar
13%
Feb
Mar 30
7
4%
121%
111
Dec
Loco Works..No par
Voting trust
Oct
Oct
Jan
67
72
0% Mar 20
Feb
7
90
72
4% Mar 25
Feb
24% Aug
Jan 1?
72
27
17% Mar 31
101% Apr 12
5% Mar 30
38% Mar 20
97
111
94% Jan 31
35
Mar 31
69% Mar
2%
80
4
Jan
3%
Anaconda Copper
preferred No par
Copper Mining
20
Paper Co
No par
Daniels Mldl'd-No par
Feb
14%
79
1
36% Jan 11
107
25%
43« Mar 30
40
Jan
Oct
Dec
3534 Feb 23
8% Jan 10
96.50 conv
Jan
150%
20%
23% Mar 31
AnchorHockGlass Corp No par
25%
14
Jan 10
72%May
73%May 7
140%May 21
7% Jan 21
5%
6%
Oct
Jan
1934May 24
149%
Woolen—..No par
100
$5 prior conv
Jan
Feb
24
3%
Amer Zinc Lead 4 Smelt
68%
148
73%
6% Jan 12
_...
105% Mar
154
Jan
Oct
Dec
22%
3% Mar 31
_
Feb
16% Dec
24%
117% Mar 14
58
Jan
170
15%
63%
101% Mar 31
12% Mar 30
111
Oct
140
34s4 Jan 10
11% Jan 18
25
Oct
9%
2
31
Feb
Nov
Jan 17
Mar
Jan
68% Mar
129%
100
Jan 12
52
Co...100
Preferred-........
A
120
*90
3534
*234
22%
*119
93
1st
American
50
2%
120
4%
*
63,700
200
35
*90
*3434
6%
3
22%
*119
93
13%
15% Mar 31
6% Mar 31
21% Mar 30
preferred-....No par
400
27
100
4%
26%
8,300
11%
35%
*50
75
434
*9
*2%
Oct
131
13u
1,500
200
4%
27%
"""466
4
29%
Tobacco.-No par
Tobacco
Common class B
$6
13%
10534
*12%
Jan 12
Jan 12
3
14% Jan 12
35% Jan 11
66% Jan 12
7
Feb
29% Mar
Jan 15
Mar 29
4534 Apr
6% preferred
100
Am Type Founders Inc
10
Am Water Wka 4 Eleo.No par
74
*104
23
*22%
24
....
21%
35%
4%
36
7934
"5%
*9
13%
27H
*119
95%
412
278
*10
12%
*25
2334
13
*50
"558
25%
21
14
*35
7934
25
24%
*13
*92
4%
2%
30
14
36
*6l2
5
*13
*119
95"
*_...
4%
14
2214
24l2
4i2
23%
257s
5%
35
*2i2
3
*35i4
*25
27
29%
*31
*10
*93
*25%
24%
30%
5
5%
293.,
33
*104
*119
5
5%
2934
30 %
*3%
29%
4%
334
32
11
500
1,200
2934
Am Sumatra
1,700
9,300
334
334
100
Amer Telep 4 Teieg
8%
35
104
*22i2
31
3-%
4
Refining..100
American
434
*65
No par
Stores
1,500
7%
74
130
7,100
43i
*33
11
3,000
8%
*65
74
100
Foundrles-.No par
Preferred
5
35
*102
*2l2
*334
*65
74
preferred
American 8ugar
'
*65
Snuff
American
7%
8%
14
14
681.4
138
103
Amer Steel
300
2234 Apr 1
28% Mar 31
100
.25
Feb
Oct
Oct
20%
7% Mar 26
125
Feb
10%
78
1538 Mar 31
58%
53
14% Feb 23
165% Jan 12
22% Jan 15
Mar 29
58
4 Refg.A'o par
.........
33
Mar 30
May 21
13% Mar 30
25
Ship Building Co .No par
American
300
Mar 31
16% Mar 31
Seating Co ..No par
Preferred
4%
5
8%
68
13734 *136
*33
3434
*13
2434
5
9%
4*4
5*8
30
*25
5
834
151
Rolling Mill
Amer Smelting
800
22
126% 128%
65%
65%
70
69
140% *136
5
74
*334
4%
295s
4'4
140% *136
9%
8%
*65
19%
19%
127% 1291
67%
66%
1934
129% 130%
1
5*4
5U
74
19%
1934
129% 130!
137% 137*4 *136
91
*68%
19%
19%
100
6%
106% 106%
19%
19%
38%
4% Mar
Jan 10
28
preferred
Amer
6,600
634
14
2
Jan 12
9
*139
17
5%
Mar 30
19
preferred..
American
200
16%
684
21%
14%
No par
No par
500
1*8%
23% Feb 25
Mar
7%
2% Mar 31
4^% conv pref
100
American Safety Razor..18.60
13,500
16%
684
23
No par
Preferred
500
3134
♦139
Jan 11
Feb 20
2%
7% Jan 12
40% Jan 12
American
100
*51
51*2
Jan 14
18
3% Mar 29
95
900
9
118%
30%
17% Mar
Feb
11% Mar
56% Mar
52% Mar
37%
Am Rad 4 Stand San'y.No par
500
173S
*114
33%
Ts%
*106i4 107
19
19*4
12934
68%
25
25
25%
27%
Jan
21
No par
10
115
30%
Oct
Dec
Oct
68%
2%
4% Jan 13
26
Jan 13
105% Mar 24
29% Jan 18
96
5,600
143«
114
33%
115
5H2
T»~
*8%
9%
*8%
25%
25%
115
*139
*139
"l9 "
9%
No par
Amer Power 4 Light
25,000
153
14%
*65%
*17%
1434
19
19'%
*
153
14%
10%
9%
10%
934
*
Dec
Oct
Oct
20% Oct
32 % Oct
1% Oct
Jan
7%
14%
12
99% Mar 30
20
Mar 29
7,600
*69
70%
17%
*139
*22i2
26%
15%
26
*25*4
25%
2514
25%
2511
35
35*2
33%
35i8
34%
3412
118%
115l2 115i2 *11512 118% *115
*50
51%
*50%
51%
50i4
50'4
*139
30%
153
Jan
6% conv preferred
100
American News Co new No par
200
180
14%
Jan
38%
1334 Mar 28
4% Mar 30
1238 Mar 29
100
Amer Metal Co Ltd
13,800
3,700
15%
15%
68%
Oct
Amer Mach 4 Metals..No par
434
10%
*
153
153
Deo
5%
14%
23%
25%
28%
10%
17%
74% Jan 17
4%
27%
29
Mar
13%
Mar 31
23%
25
28%
Jan
225
Oct
Mar 31
5
29
17
Oct
10
24
32
Oct
2%
45
115
29%
5
175
100
*23
32%
28
Oct
3034 Mar 26
1% Mar 30
1
No par
Preferred
3,500
105
105
Nov
2
Amer Mach 4 Fdy Co..No par
*105
4%
3434
15'%
3
26%
5%
Ice
Jan
99% Mar
13% Jan
80
Jan 12
800
3
24%
60
preferred
33%
Jan 18
1,200
12%
26%
3%
5
3034
10% •10%
*434
300
29
"1514
300
5
6%
3,000
33%
1512
16%
14%
31%
10l2
1%
16%
50%
33
151
*1%
*45i.i
32%
1538
American Locomotive..No par
1%
15%
*1334
33
10*8
1,500
6% non-cum pref
Amer Interna t Corp
1%
15
33
151
American
46
105
Mar 29
American Home Products
*23
5%
12
800
Oct
12%
30'4 Mar
19% Feb 25
Jan 18
Mar 29
400
23% Mar
25% Feb 25
11% Jan 14
May 26
2
16
Oct
Oct
4% Jan 13
Mar 26
9
34%
105
5*4
10
16
Jan
6%
8%
6% Jan 17
Jan 22
1
American Hide 4 Leather
Aug
29
177
10
..No par
preferred
Amer Hawaiian SS Co
500
34
,24
2234
5%
5%
96
500
1,100
234
14
24
5;%
No par
46
24U
534
*23l2
Jan 22
No par
112
Dec
434
2% Mar 30
13% Mar 29
5% Mar 30
No par
Oct
20%
16% Jan 12
Mar 29
preferred
Amer 4 For'n Power
2%
115
*105
115
405
115
*105
4
177
$7
*15%
27%
28%
33% Aug
90
83
May 27
100
97 2d preferred A
*3%, ~j 3%
28%
33g
*3%
28
Feb
104%
8% Feb 21
13®4 Jan 15
8% Mar 30
No par
2,100
9lo
12%
Jan
7
May 16
19% Feb
2% Mar 25
2,200
16
12%
12'8
12%
Oct
Mar 29
75
100
16%
5%
36
60
,Mar 31
9
10
1st preferred
3434
5
Feb
4% Mar 29
10
Amer Express Co
54%
15%
*46
54%
Co
Amer European Sees
300
14
2%
71
Apr
6%
300
5%
5%
16%
I534
*50
54%
13
13
510
5*2
*9
Oct
110
2%
16%
5i2
*12%
9
15%
88% Mar 31
19% Feb 7
16%
3434
2%
19
*16%
36
*1%
16
28
2%
234
*2%
27«
19
36
13%
9
Jan
Jan 12
Jan 15
27%
Feb
..No par
"5~ 700
634
6%
174
J(AllegCoj25
3
14
Oct
Chicle
15
2%
3%
16%
7%
13
8
*15%
51%
3
36
1%
57g
*12l2
7
14%
634
151%
150
American Encaustic Tiling
500
13%
36
1614
1534
*4
*170
*9
*2%
*16*4
36i2
178
51
6
500
1334
*9
'
*4
3%
16%
8
Feb
Oct
American Crystal Sugar
280
♦170
3%
167
Oct
American Color type
1,500
7
16
121
11%
1,700
500
3%
Dec
80
Am Comm'l Alcohol Corp..20
*4
17%
09
17% Jan 17
American
"""866
3
27S
3%
160
100% Jan 24
1,200
*170
10
10
*1%
3
3
"""400
76
75
Oct
Dec
9% Mar 29
9%
9
9%
76
76
14%
1534
*9
*1512
*5i2
3
9%
9%
9*2
*13%
1534
2'g
9%
9%
77
Feb
28
109
89% Feb 18
preferred
9
9
share
per
80%
3
42% Jan
100
5%
534
*5%
534
5%
27
100
Highest
share 3
per
Am Coal Co 01 N
23
*15
734
10
Preferred
23
6
No par
Am Chain 4 Cable Inc.No par
95
8*4
16
19
2,300
107
23
100
9
share
per
125% Feb 2
91% Feb 23
23% Mar 31
Apr 21
7084 Jan 3
100% Mar 30
12% Mar 30
25
American Car 4 Fdy
100
11
103
8%
*9
36
30
1034
*85
8%
3%
*14
2%
*16i8
15%
30
11%
*15
17
8%
8%
14%
33
95
9%
500
3%
15
11
Can
9
share
per
Lowest
Highest
114
100
Preferred
2,900
15
108
3%
17U
8%
17%
600
9
Fdy.No par
conv pre!..
American
2,900
108
77
3%
4%
4%
*170
84
164
*85
*9
9%
80
3%
4%
50Q
3%
1834
3%
1734
934
9
*76%
*3%
3>4
3%
*4%
9%
*76%
*9*4
76
*170
9%
80
33S
9"g
9%
9%
76
83
*161
95
*534
6*2
*534
5H%
86
110
*15
23
*15
Am Brake Shoe &
80
*30%
11%
*83
*82%
95
*82i4
95
109% ♦105
10812 108% *109
95
Par
162
8334
Year 1937
100-Share Lots
Lowest
800
28
*25
*123
161
16%
11%
Shares
29%
29%
34
*30
Week
$ per share
S per share
87
16%
17%
35
11%
11%
May 27
*123
*158% 164
16%
1134
the
May 26
30
86
86%
164
*30%
1734
35
11%
10934
*107
86
1734
1.1*4
29%
*123
On Basis of
STOCK
EXCHANGE
Friday
Thursday
S per share
31%
124
♦162
*31
35
*31%
lll2
86
163
163
164
164
*29%
124
....
85%
87
*85l2
31
31
31%
31%
$ per share
S per share
S per share
125
May 24
May 23
May 21
Wednesday
May 25
YORK
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
for
Tuesday
Mondaj/
Saturday
3455
New York Stock Record—Continued—Page 2
146
Mar
16% Jan 12
98% Jan 20
17%May 26
9% Mar 30
28
Jan 12
17%
Jan 11
10% Mar 31
13% Apr 4
37 May 10
20%May 27
15% Mar 31
15% Mar 5
17% Jan 20
16%
Feb
88% July
105% Mar
20
Jan
85% Nov
129%
22% Deo
13% Nov
69%
Feb
Feb
38
Jan
Oct
29% Mar
15%
Dec
32%
Jan
9
Feb 16
50
Dec
94%
36% Jan 17
10
Oct
49%
Jan
Mar
Jan 17
21
Oct
48%
Feb
60
30
New York Stock Record—Continued—Page 3
3456
WW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
CENT
Sales
STOCKS
for
NEW YORK 8TOCK
the
Monday
May 23
Tuesday
May 24
Wednesday
May 25
Thursday
May 21
May 26
May 27
$ per share
$ per share
5 per share
$ per share
$ per share
Range Since Jan. 1
On Basis
Week
$ per share
Shares
87
88
44%
12
*86i2
88I2
88>2
88I2
♦43
44
44
44
89*2
*4334
44*2
*86*2
44%
4434
12
*10
*10
12
*10
12
*10
12
*10
15%
16
1534
16
19%
1834
19li
*212
31.1
17
*2'2
3
17%
28
*25%
*317s
28
28
*24
27
32
32
32
7ig
3134
1*2
*3134
112
*1*2
*57s
8%
8%
6i2
*8i2
*14
*2734
151.1
2934
*14*8
*2734
7
7
9
25
25
16%
31
712
*67s
6%
6'%
80
634
4's
4%
32
30r's
3%
1912
312
2014
14
1412
14l2
4
4
1412
*8
8
2
7
*55g
15i2
214
7
12
12
16
*11
1214
178
*512
6
6
*18%
278
19
27s
578
187s
278
8%
57s
19
278
*27
327s
27
27
*
1612
1578
2034
*20%
497s
*49
157S
21
51 >2
8*2
1578
2034
*49
1%
1%
6
10
5%
5%
26%
534
*5*4
538
*5%
5%
*3134
40
*3134
*70
*5*4
*3134
*6934
*13%
2%
40
75
75
14%
*3
*13*8
14%
*3
3%
75%
3*8
76
74%
5%
26*2
5%
*26
75
13
1234
*17
*75
3%
Dec
63i
8%
1,200
7%
Bullard
1%
5*2
6
1*4
14*4
50
*37*2
534
534
18*2
234
734
7*4
700
8%
20,900
17
17
9,900
500
5%
*55
200
■'mm
Carpenter Steel Co—
5
Carriers A General Corp
Case (J I) Co
1
5,100
105*2 105*2
11
1034
mm mm
22
22
21*2
2%
2%
2%
2*2
2*2
2%
2%
2*2
*10034 10234 *100*2 10234 *101
10234 *101
102-%
10
934
934
*7
*8%
10
934
9-%
*4%
5%
*4%
5*2
*4%
5*2
*4%
4*2
5*2
4%
*4
4%
*334
4
4%
*334
434
*334
*334
4*4
*91*2 104
*91*2 104
*91*2 104
*91% 104
91%
91%
34
33%
3334
35*8
33% 34
3134
33
34%
3134
2034
*7
32%
3234
33%
26
26*2
26
80*8
*78
*%
%
34
*25s
3*8
2
*1%
10
*%
1
*10
*•%
34
2
%
1%
2%
*2%
10%
*25*2
*35*4
*%
*1%
2%
10%
*%
*1*%
2
26*2
%
*1%
*8*8
1*2
9
*13
14
*4*4
13
4%
30
30
41%
*11%
*62%
65*2
*57
60
*2%
*1338
3
*133s
*57
*108*2 111
18
*17%
*62
109
17*2
90
*39*8
*65
40*2
13%
13%
*115
117
131
131
-
8
-
-
3934
*13%
*115
%
1%
9
13,
4%
40
*58%
-
8
80's
80%
*%
2
*10"
%
*l6"
%
%
2%
10%
2734
*25*2
10%
2734
40
*33
40
%
2
*1*2
1*2
*8%
*13%
4%
1*2
9
14
4*4
60
*57
60
*2%
*13:%
14
109
17%
68*2
40%
14%
117
60
109
17
*62
39*8
14%
115
43
3
109
8
81%
18
18
*8834
92
*11
*11
22
28
13%
*4%
*6%
434
5
8
11%
4%
6%
*1%
1*2
*1%
1%
*1%
9
*7
9
*8*8
9
13%
4*2
*12%
4%
*25*8
40
40%
41%
14
234
*58%
*900
11%
4%
6%
1%
42%
25%
•
7
1%
42%
26*8
*112% 118
10
7
33%
6*2
6%
11%
10%
10%
4
4
4
6*2
7
6%
*5*8
*16%
*5%
1534
6*4
6*2
*6
7
*5%
15%
16
66
"*866
10%
11
1,000
*32
6*2
534
*31%
33%
200
534
61%
5%
16,900
61%
1,100
6238
63
52
52
2934
28
29%
40%
26
26
138
Bid and asked prices; no sales
*91
95*2
95*8
35%
101%
6%
634
1*4
1%
40
38%
24*2
25%
35%
34%
on
*99
101%
634
7%
1%
1%
40
40*2
25%
2534
tnts day
t
16%
6%
52%
*99
*15%
33%
64
7%
1%
40*2
50
""500
65
31
35%
8
11
521.4
*91
110
69
63
100
"*866
11
64
7
Chlckasha Cotton Oil
Chllds Co
*52
55
20
28
29
4,700
*91
95%
33
34%
*4*666
*99
101%
100
6%
13g
14,800
41,100
38%
3,200
6%
1*4
37%
24%
In receivership,
25
a
Def
24
Oct
Oct
Oct
4% Mar 30
17% Mar 31
18
7
3,700
delivery
4
May
Mar 23
Chrysler
34 Mar 29
Mar 31
25% May 27
35% Mar 31
10
...100
59
100
54
Mar 22
5
2
Mar 24
Equipment
No par
Beacon
100
preferred.No
Commercial
Credit
11% Jan 12
Jan:22
Jan 15
8
100
4% Mar 29
4
Apr
1
13*2 Mar 29
1
5*8 Mar 30
57
50
May 3
May 16
10
23
Mar 30
84
Mar 28
31% Mar 31
90
5% Mar 30
Oct
6%
Oct
12
Oct
3
Oct
36
Oct
3% Mar
10%
Feb
884 Mar
27%
22%
Jan
Jan
15% Mar
80
17%
98
Dec
May
10234 June
19% Dec
82
135%
21%
Mar
Feb
Feb
Feb
July
10% Mar
48
103%
113
48%
Aug
Apr
Jan
Aug
Oct
00
Jan
24% Nov
13% Dec
110% Deo
93«4 Oct
56% Jan
41
Dec
8%
Oct
98*4 Nov
26
11%
5%
29% July
132% June
170%
59
Apr
June
2534 Mar
104% Jan
82*4 Feb
112«4 Mar
Jan
45
Oct
51% Feb
27% Mar
Dec
Apr
Dec
30
Jan
29
Jan
Dec
32
76
Jan 10
65
15% Jan 10
10
Oct
4
2534
Dec
9% Jan 13
i4%
Oct
34
Mar
79
Jan 15
65
Jan 18
38*4 Jan 17
95%May
18
4484 Jan 17
100
10
2
45
y
Oct
Dec
Mar 31
Ex-div.
Dec
1
8
Mar 29
221o Mar SO
z
«4
1%
Feb
7%
16«4
16%
1
preferred series..-No par
Commonwealth Edison Co. .25
Aug
9% Jan 10
22% Jan 15
21% Jan 11
25
to
Cash sale,
Jan 31
Feb
45
Dec
Feb
27*2 Apr
33
Dec
8*4 Jan 12
1134 Jan it)
par
19%
Oct
Dec
18
06
1
Dec
28*4
95
29
Mar 29
Dec
684
4
Mar 31
Mar 30
%
2%
7% Mar
6% Mar
27*8 Jan 12
95*2 Jan
20
Solvents.-No par
Commonw'lth A Sou...No par
r
7
9*8 Mar 30
Commercial
New stock,
976
May 17
May 5
3% Mar 31
4H% conv preferred-.. 100
Comm'l Invest Trust..No
par
$4.25 conv pf aer *35.No par
n
4558May 11
15% Feb 17
5
100
preferred
Jan 27
100
Columbia Gas A Elec—No par
6% preferred series A...100
5%
26% Jan 10
20% Mar 24
9
3% Mar
Oct
74
May 12
13
Jan
Dec
Oct
60
5334 Apr
32
%
1%
Dec
May
88
Mar
Dec
10
•
2
136
4
4
18% Mar
12% May
68
118
Apr
Oct
Oct
7
384 Jan
3
7% Mar 30
Mar
Dec
Feb1 28
60
Mar 28
13% Mar 31
Feb
484 Mar
13% Mar
92
76
80
100
Deo
Jan 12
May
48
90*a Mar
68% Mar
57
Mar 12
976
83% June
Oct
Mar 26
Jan
Feb
Feb
Dec
75
58
Feb
82
11
24
Apr
23%
111
46%
105*2 Mar 30
4% 2d preferred
100
Columbia Br'd Syslnc clA 2.56
Class B
2.50
Columbian Carbon v t c No
par
Columbia Plct v t c
No par
conv
Feb 23
Jan
86% Mar
13*2 Jan 12
67% Feb 3
112
111
Colo Fuel A Iron Cor
p. No par
S2.75
37
14% Mar
115
63% Jan 15
Mar 26
10*2 Mar 31
No par
Colorado A Southern
4% 1st preferred
Feb 18
Jan 12
June
3
Jan 12
Jan 12
2*2
12*4
1634
5%
67% Apr 16
32% Mar 29
No par
OH
5
1
Oct
Oct
Feb
2%
5
12% Jan 15
32*a Jan 17
40% May 13
1% Jan 20
2% Jan 11
Dec
»4
2
Jan 11
Jan
7
15% Mar 26
Cluett Peabody A Co..No par
Preferred
100
Coca- Cola Co (The)
No par
Class A
No par
conv preferred
Jan
10% Mar 26
Clev A Pitts RR Co 7% gtd.50
Climax Molybdenum.-No par
5%
Mar 30
89
Jan 10
1% Jan 10
1*4 Jan 10
4% Jan 12
Mar 29
Oct
Jan 10
1
3% Mar 30
Oct
Nov
31
2% Jan 22
14
Mar 30
5
x40
Jan 13
% Mar 28
Deo
3% Oct
18% Oct
103% Dec
25*8 Nov
Feb 23
84 Mar 26
Sept
3434
5
Jan
1%
3»4
1%
53s
8% Mar 31
12
City Stores
4
2
38% Jan 17
*2 Jan 26
23s Mar 26
134 Mar 28
25
preferred
City Investing Co
Mar
30*t Jan 12
12% Jan 11
1% Mar 23
..No par
0M%
888 Jan 10
32% Feb 23
106
89
Apr 26
% Mar 18
95
Apr 2
46% Jan 11
70
May 12
% Mar 31
1% Mar 28
5
104
48% Mar
10
Corp
City Ice A Fuel
4*2 Jan 12
27% Mar 30
23% Mar 26
No pai
Chile Copper Co
Colonl .il
*1534
*66%
58
31%
95*2
36*2
10
7
16%
16*2
3
8
Mar 25
92
11%
Jan
Jan 10
8
22
*6
28
11
..No par
*11
3,000
*3%
48% Mar
82% Jan
39% Jan
12% Jan
107% Jan
4184 Jan
2434 Jan
Mar 26
Mar 28
*8834
*52%
31%
36
~
8
4%
Oct
7
1
92
11
115
Dec
June
100
22
*16
33*2
*93
6% preferred
Chicago Yellow Cab
*11
64
100
2,100
mrnmrnrn
*900
734
Dec
19%
52
7
2
40
*8834
33
7
1,600
8
90
Jan 12
96
Pr pf ($2.50)cumdlv—No par
JChlc Rock Isl A Pacific
100
7% preferred
100
93
33
*91%
36%
*98*4 100
7
634
1%
1%
40*2
41%
25*2 26
4,700
59%
94
Jan 25
22
22
12
99
mmm
13
11734 119
105% Aug
41% May
105
No par
Collins A Alkman
1134
36*2
preferred
300
67*4
101%
conv
200
12
36*2
$3
1734
6834
*91%
500
m'mm
38%
*58%
Dec
Mar 26
75
12*2
-
Dec
13
Mar 31
106
37%
-
97
2
Clark
13*8
-
100
May 11
18% Jan 12
106
9934 Apr 11
9 7*2 May 12
19184 Aug
12984 Jan
Dec
20
Clev El Ilium 44.50 pf.No par
Clev Graph Bronze Co (The) 1
39
-
Nov
Feb
35% June
9*2 Apr
Nov
62*2 Feb 26
100
16*4
90
80
Oct
18% Mar
52% Jan
102
40
25*2 Jan
CCCAStLoulsRy Co5%prefl00
1634
Oct
Deo
Jan
97
3
55% Jan 10
Mar 28
430
110
*62
4
Dec
2%
109% Mar
12% Mar 26
6% Mar 31
81
12
*100
300
13%
*109
Jan
4%
37%
4% Jan 12
97% Jan 20
Nov
90
7% Feb 25
Apr 18
46
2
*16*2
4*8
92
Mar 30
par
*75
11
13% Nov
100
1734
68
58
60
234
Preferred
Chisago Pneumat Tool No
81
12%
33%
6%
66*4
31%
95%
3634
56
*2%
*12%
Jan 11
Chicago Mall Order Co
6
fChlc Mil St P A Pao„No par
5% preferred
100
tChlcago A North West'n.100
*75
69
31
56
100
*1634
*66
66%
*52%
80
109
17% Mar
61% Jan
18
tChlo A East 111 Ry Co
100
6% preferred
—100
tChlcago Great Western..100
4% preferred
100
tChlc Ind A Loulsv 4% pf.100
1734
81
*1634
734
8*4
66
58
*62*2
25
81
7%
66
31%
400
par
Coca-Cola Inter. Corp..No par
Colgate Palmoflve-Peet No par
8% preferred
.100
16%
16%
68*2
3138
58,800
11
64
118% 123*2
*58%
59%
59:%
17
*53
40%
11
*112% 118
_
16%
6*2
39
2%
13%
37*2
1234
1334
*112% 118
124% 126
*16
*33
20
57
2*2
109
40
38*2
13%
*5%
*16*8
7
39%
13%
111
16%
67
1,100
57
60
17
6*2
200
4%
64
*16
67
1234
41-%
11%
*57
------
25%
11%
234
*13%
100
4%
64
17
12%
1234
-
25%
4%
11%
64
16%
12%
35%
■■mmmmmrn
30
64
*11
*108
14
-
61
Oct
28
40
Jan
Deo
6%
Jan 17
5
Preferred series A
400
1*4
*16
12%
*32%
%
1*2
*138
*5*8
*1638
7
40
*35%
*%
2
*6%
*5*8
*16%
7
34
*1%
400
Cab
*11
81%
18%
*11*2
39%
*%
800
1
2
*8%
*1234
*414
*25*8
Checker
Chesapeake Corp
.No
Chesapeake A Ohio Ry
200
1,400
1
6% prior preferred
100
Cham Pap A Fib Co 6% pf 100
Common
No par
*8834
8%
83
*11
26%
%
*1%
*940
92
11%
*23%
26
26
18
*81
8834
3,800
90
83
28
2%
9*2
*1634
20
11%
9%
*62
*81
18%
*8S34
2%
18
o934
500
%
90
14%
10
2%
*62
115
200
1
*1634
40
800
2
10
*36
34
2*2
%
17%
*940
8
*%
*%
%
*%
90
128*2 130
*58%
2%
mm
2%
1
%
2%
9%
1
*%
*214
10*8
mmmm
300
"io"
...
100
%
*%
*2%
10%
*25*2
*35*4
*•%
10*2
%
•mmimmmm
2%
34
*
2
-
1
1
II.34
64%
*4
-
11
**2
2%
*
2
1
*%
2%
34
234
*_
*183S
8834
8
**2
234
3
*62%
3
400
1,200
*11
14%
20
6,300
11
44
Jan 15
Certain-Teed Products
140
97
'
Jan 11
8% Jan 10
2,400
5%
2184
*1%
37% Feb
38% Mar
Oct
91%May 27
26% Mar 29
8
%
Dec
9%
Preferred
100
Cerro de Pasco Copper.No par
10
25*2
80%
%
134
34
10
6,000
30
134
52% Sept
6*8 Feb
20%
Oct
*7
**2
Oct
Oct
Oct
30
7s
Dec
Feb
1
86
9
Jan
34% Mar
48*4
4
Jan 10
Jan 11
Jan 10
3%
24%
2
Feb 18
91
Dec
4
26
**2
*134
Jan 11
5% Jan 20
31%
%
Oct
8*4 Jan 10
24*2
%
12%
18%
49%
Mar 29
31%
*75%
Oct
Oct
4
8
80
Oct
6
24
3% Mar 31
26%
*75
2%
Jan 10
par
m
32
8
Jan 10
Century Ribbon Mills—No
m
*7
*7
No par
preferred
100
Central Agulrre Assoc.-No par
Mar
36% Mar
9*4 Feb
3384 Mar
Central Vloleta Sugar Co—19
mm
26
11%
643.1
42%
5%
100
Co
5%
18%
Oct
63% Apr 14
12%May 22
2% Mar 25
29% Mar 31
100*8 Jan 4
7% prior preferred
Celotex
Feb
Oct
200
'mm
32
40
*940
8
19%
5*2
preferred
45%
5%
36
62% Mar 31
98*4 Jan 3
Feb
16%
Jan 11
Jan 12
44
Mar 30
Oct
21
May 2
4i2 Mar 3i
34*4 Mar 28
Feb
Jan
39
Oct
Dec
700
33%
2634
*25%
41%
130*8 130%
60
*58%
*940
41-%
11*2
6434
*19
*2
2
*2%
15
423S
1134
19
19%
%
27*4
4%
*25
19
1
40
*1%
*8%
2134
*9534
2
%
1
40
97
80
*10
1
26*2
*35*4
24
*9534
%
*234
*1%
3%
11
1
11
*21%
97
**2
1
*%
11
27*2
2
34
1
*2%
*20*8
*9534
5
35%
1184
134
6*2
10«4 Feb 23
37*2 Apr 29
Oct
Central Foundry Co.
1
Central 111 Lt 4H% pref—100
Central RR of New Jersey. 100
20
8
*70
2
*■%
*234
24%
97
*7
80
*1*4
10
1
8
2
2%
*r>8
1,200
2,200
234
8
*2
400
mmrnmmm
12
3258
2658
*78
16%
61
101% 102
'
*7
16*8
*55
5%
8%May 27
12% Mar 30
Celaneee Corp of Amer. No par
-
-
Mar 31
100
Caterpillar Tractor
100
4,200
85
100
Mar 31
1
Dec
10
Jan
65% Mar
45*4 Jan
183s July
Oct
534
Feb 23
43s
118s
3684
19*4
24%
49%
2*2
10%
15«4
5*4 Mar 30
No par
100
Preferred
360
4,700
22
5*2
1
600
38%
534
Capital Admin class A
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
Mar 30
45
-.100
400
100
5*2
mm
mm
Co
Canadian Pacific Ry--25
Cannon Mills—
No par
13
37
61
1
50
Calumet A Hecla Cons Cop..6
Campbell W A C Fdy.-No par
Canada Dry Ginger Ale
6
2%
7234
69*4
17
61
22
Callahan Zinc-Lead
Canada Sou Ry
5*2
12%
234
No par
5%
26
*4%
85
17
32%
26%
15% Mar 30
Packing
preferred
10%
15
8% Feb 25
Mar 30
9,700
2,500
15*8
5*8
22
Mar 31
50
26
Mar 30
Mar 31
Mar 30
13
Jan 11
9*2 Feb 26
Mar 31
"2*566
9
14*8
Jan 17
Jan 12
6
20
50*4
1%
5%
1»4
5%
11
16
20
5
California
,
20% Jan 10
3% Jan 15
1,700
500
13%
22
30
20
20
3%
7234
634
534
16%
23s
10
5% conv preferred
20
Mar 31
Mar 28
Mar 26
Butte Copper A Zinc—
600
5%
*75
Butler Bros
400
2%
4
Mar 31
Mar 29
1,100
143s
*37*2
*2%
100
Byers Co (A M)
No par
Participating preferred-.100
Byron JackBon Co
No par
5%
71%
Debentures
JBush Term Bldg gu pf ctfs 100
33
*46*4
13
Co————No par
*14
26
5%
Watch
3% Mar 31
Burlington Mills Corp
1
Burroughs Add Mach. .No par
{Bush Terminal
-..No par
100
170
...
preferred-.-.
7%
*25*4
9*2
1534
5*4
100
6
2*2
50
26
2*8
18*4
1*4
534
9
9
16
900
12
*11
12
*55
*193s
24% Jan
24*2 Feb
117% Mar
1,100
*75
*9534
Oct
Dec
2,500
75
*22%
6%
15
Budd fE G) Mr?
4,800
40
24
Oct
76
14*4
7%
7*2
14%
*134
*434
*69
97*2
27
Jan
*3134
2034
6
8
Jan
81%
Dec
75
*22%
*9534
*1914
Jan 10
9«4 Jan
Apr 18
24%
19
19*2
75
32% Mar
61
97*2
10
5% Mar 31
100
Mar 26
23
19%
5*2 Mar 26
5
ruler red
Jan
15i2
13%
634
14%
1*2
4i2
23
24
i
Jan 24
No par
*55
*9534
Bucyrus-Erle Co
Jan 13
Bulova
17*4
1334
50
5%
Jan
Deo
34
40
5%
Jan
50
Dec
15%
41
*3134
5%
102%
5284
21
21% Jan 11
*69
5%
Jan
2,100
*17
6%
24*4
53
Feb
19
6
Dec
143s
61
4*4
*91*2 104
33
33%
7
13
23
5*2
Jan
Jan
16«4 Mar 31
10% Mar 29
500
37
Jan
8
38%
98
23
*4
47
Oct
Dec
Oct
*55
*434
z
—No par
Bruns-Balke-Collender. No par
80
100
234
Dec
1
5%
Oct
*17
*8
28
234 Jan 13
Oct
17*2
234
Jan 20
9»4 Jan 13
133g Jan 13
2%
61
938
Feb
35
23
102
Feb
53%
63s Jan 12
54% Jan 11
5% Jan 20
*22*4
284
93S
Feb
59%
Dec
Mar 26
*55
*100
23%
22
Mar 26
5*2
90
Oct
Oct
Jan 13
3
*46*4
1
6
*75
7
18
2734May 27
40
90
Jan 11
25
100
100
100% 100%
40
41%
41%
41%
38%
39*2
*105
110
*105*2 110
*105
10534
1234
11
1234
12
12%
12%
12%
*75
Dec
Jan 13
Jan 20
Brooklyn Union Gas.—No par
75
3
15%
15«4 Mar
34
Aug
Brown Shoe Co
*70
76
50% Aug
Oct
1*8 Mar 25
3% Mar 20
5% Mar 30
Transit..A'o par
96 preferred series A .No par
3
Feb
28
Dec
3
No pat
15
2*2
14
*13%
*2%
3*8
7234
74%
100% 100*2
28
Brooklyn A Queens Tr.No par
to preferred
No par
Bklyn-Manfc
Mar 30
Dec
2234
100
5%
*3134
14
18
16
Jan 10
600
40
75
1,600
1,000
_A 0 par
5
Bristol-Myers Co
Mar 29
53s Mar 31
1234 Mar 30
Jan
Jan 12
Jan 10
No pat
100
18%
14*4
734
*1-8*2
5%
14
Co. .17
Bearing
No par
Manufacturing-No par
Mar 23
Budd Wheel
1%
5*2
113i
*534
5%
2
Apr
Aug
210
734
26
34
5
Jan
25
1,500
50
5%
Dec
3%
*20
26
11
3*4
17*2
20*4
9%
15*4
*37*2
Jan 13
9*4May 6
15*4May 27
16*2 Mar 31
30*8
14
1*4
534
46%
3%
734
*25*2
14*2
.
Oct
30*8
3%
15
7
93
39
15
634
3*4
18
12
534
Oct
Apr 12
4*8
3*4
14*2
7%
76*4
4434
13%
19%
28*2
484
22%
10%
26%
30%
31*4
30
1512
2%
Roller
Brlggs & Stratton
22*4
*75*2
90
12*2
90
678
92% Jan 12
5
2734
75
102
102%
99% 100
40*2 41*2
4034 41
110
*105
*10434 HQ
*75
6%
6
Bridgeport Brass Co
900
share
per
Jan
15
Brlggs
200
Highest
share $
per
Apr
Corp—
2,300
T,700
$
40
1
5,600
1%
*6
80
*46
10
5%
26*2
4%
3414
3*4
18%
8
1634
60
5*2
*26*4
*6884
*13%
7*4
1234
28%
*2514
1434
20is
13g
15%
*3712
60
12
Bower
100
share
per
82
Boston & Maine RR—--.100
100
$
No par
Borden Co (The)
Borg-Warner
8,600
5's
7%
22*4
*12%
2734
18%
2%
734
32%
14*2
2034
6*8
10
16"»8
16's
*3712
26
13S
734
"I'.idb
Loioest
Highest
share
per
No par
B
Bond Stores Inc
32%
1%
5%
7%
Class
260
27
32
23*4
187s
278
8!4
33
15
8*2
6
6I4
10
112
6
*2734
6'2
634
*75'2
80
18*2
14*2
778
15%
*188
*5l2
11*2
534
*18*2
278
8
*15%
*178
8i2
16
*
32*2
13s
*5%
714
23*4
7
314
*24
Bon Ami mass A..
70
15*8
18*4
2%
16*2
63s
16
18
27
32*2
14
*30
33s
1914
1512
18]2
*14%
*24
2812
4
33
80
3*8
153s
23*2
*2734
*6i2
7*4
*75*2
678
678
*31
312
19%
16'2
8
2234
*77
*314
1914
1412
15%
H2
418
32
'
32
634
6*4
8*4
80
*77
15*4
167S
90
*2%
16*2
6*4
1*2
25
16
29
678
6%
1512
1878
2*2
16*2
634
*5%
8'%
*2312
*14*2
♦2784
15%
183s
*2%
*1478
6*2
2i2
16*2
6%
1612
2
6%
27%
4
*25
1578
1834
*15
I fi 12
*6i8
*26
6%
17>8
16i2
7
3134
1*2
*77
2i2
17
*25
7
*8%
15*2
18*2
234
167s
32
,1%
*6l8
157s
19«4
*14l2
6%
7
7
17
155s
1834
*2%
*14%
634
16*4
89>2
t
Range for Previous
Year 1937
of 100-Share Lots
Loioest
Par
12
18%
*14t2
Friday
87i4
44
43%
44%
*10
•
1938
28,
EXCHANGE
Saturday
*86
May
28
May 13
Dec
Nov
x68% Oct
64% Dec
30«8 Dec
80
Dec
34
Dec
86
Deo
Aug
31% Aug
12534 Apr
39% Jan
46*8 Jan
20% Jan
108
101
69%
114
80%
120
Jan
Jan
Jan
Jan
Jan
Jan
5
Oct
21%
Jan
3
1
Oct
May 11
May 11
34
Oct
4%
75%
Jan
Jan
Jan 12
Jan
Ex-rlghts.
1 Called tor redemption.
Volume
Monday
May 21
May 23
May 28
May 27
$ per share
Shares
17
17
17
17
9
*7
*7
7
*634
634
15%
64
*75
80
6
16%
16%
*7
7
*634
13%
59
*75%
80
1%
*5%
23%
1%
*1%
1%
1%
*5%
6
*1%
5%
1%
6
5°8
25
2334
24%
233g
24%
5%
22%
23%
97
97%
96%
97%
3%
96%
96%
95%
9534
8
70
50
6%
1%
600
Consol Film Industries
1
I
600
23%
22%
32,800
$2 par tic pref
-.No par
Consol Edison of N Y..No par
17
95%
93%
95
3
3
1,400
2,100
14,100
2F%
95%
103s
13%
134
13%
1%
1%
1%
85%
*81
82%
39%
10%
10
10%
978
1334
1234
1%
13%
1%
12%
134
82
1334
82
39%
82%
1%
39%
39%
110
*109
*108% 110
*108% 110
7
7
*6%
*6%
6%
6%
27% 28
2734 28
*27% 2734
3938
•
1
1
78
23%
78
24
10%
200
1
1
1
24%
24%
11%
11%
*10%
11%
45
45%
*45
46%
45
45
*4334
63
63
63
62
62%
*45
47
63%
62%
%
24
24%
47
10%
43
44
340
61%
61
61
1,700
61%
*164
25
26
25
25
97
97
237g
2378
23%
23%
7%
7%
27
6%
26%
7
26%
2434
>s
30
23%
6%
6%
25%
26%
23%
35
32
30
29%
9
8%
*6334
70
*6334
24%
*24
24%
85
*72
85
9
..
*72
*%
*634
8%
*634
.8
3%
3%
*3%
334
61
*1234
13%
5
38%
434
19%
47g
20
*38
85
72
72
3%
60
13
13
12
19
1934
20%
*55%
60
*55%
60
*55%
3438
*20
34%
*20
-
34%
17%
17%
17%
*17%
18%
*5
57g
16
5
5
3%
3%
3%
800
90
59
59
59%
-
600
13%
*12%
xZ7
63
*55%
63
*20
34%
17%
*20
34%
16
1534
16%
*5
—w
57g
5
5
17
5%
*5
534
*5
20
*55%
•
16%
634
37%
4%
18%
19%
55%
55%
*20
6%
13%
478
37%
4%
187g
434
18%
60
*20
5
4%
7%
*12%
47g
38%
38
38%
4%
%
*—
1234
*4%
5%
38%
4%
4%
17%
60
%
3%
8%
3%
%
1,300
434
4%
700
37
4%
18
20,400
18%
4%
22,000
60
1,900
200
*14
15%
15
*14
*14
15%
*14
14%
*14% 15%
7
6%
634
*634
734
7%
*634
*634
7%
*6%
7%
7%
107%
107% *105
107% *105
*104% 107% *104% 107% *104% 107% *105
14%
13%
1578
14%
16%
16%
15%
16%
16%
17%
16%
1634
21% 21%
2134
21%
2034
2034
21%
2034
*20%
21%
2034
*20%
*10
10%
10
10%
11%
*10%
11%
*10%
11%
11%
*10%
*10%
*14
9%
9%
9%
9%
9%
5%
*1%
5%
2%
5%
1%
5%
1%
5
5
*13g
*83
5%
*5%
*30%
31%
2534
3534
25%
35%
6%
*6%
6%
26
25%
25%
*3534
36%
3534
*6%
678
*6%
5%
30%
25%
8
8
33
*25%
*2%
"29
100
20
*2%
5
7
28
240
*
25%
25%
25%
2534
2,600
35
35%
35%
5%
700
13%
2,400
35
6%
6
13 i
13%
6%
13
13
13%
127g
13
*65%
70
*60%
70
6934
*64
69
*13%
1334
1334
13%
13%
13%
13%
*1314
13%
*29
30%
13%
*28%
3134
30%
*28%
3034
10
*13
13
13%
13%
13
13%
*28%
1234
30
14
13
1,400
57%
57%
*28%
13%
57%
5734
56
57
5%
*434
45%
41%
5%
4278
13%
70
*13
56
56%
*5
13%
57
57%
*5'
5%
4334
45%
103% 103%
5%
4438
103
45%
103
9
99
18
*5
40%
94%
15%
8
9
*8.
9
*8
102%
*15%
19
*1534
1234
*64
70
*64
104
104
9
*8%
9%
*5
43%
19
*1534
19
*15%
13%
*434
5%
39%
94
98
3,200
56%
56%
5%
43
700
'•
41%
95%
-
31,600
2,600
16
*15
17
200
8
*7
8
300
*10
*10
1012
*100
113
98
100
*135
135
*100
135
114
115
*113% 115
•
10
10%
3912
3734
3834
35i2
34
3412
*24-'%
2534
*25
Us
*1
*1
2214
22%
39
39
105
105
6
5%
255g
o1'8
23
39
3912
*13034 105
5'2 '
558
*51
56
5634
*53i2
57
62
*55
64
52
52
*53ig
*56
*15s
*2214
■
1%
158
10l2
10%
10
33'8
1&8
36l2
32%
25%
*1
3834
35
2512
1%
22
22
39l2
39l2
10334 105
4%
4%
148
150
165
165
4%
144% 147%
334
*156
*2%
1134
12
3
*234
14%
7%
2%
3%
14%
21%
105
5
51%
51%
3634
32%
30
1%
22
3934
105
5%
24%
1
1
21%
21%
*36
105
4%
50
*53%
54
*54
56%
*56
64
*55%
64
*55%
60
*2
2i2
*3i8
4
3
212
4
33j
2%
*3%
3%
234
3
800
2%
2%
2%
500
4
200
Eureka
6%
900
12%
1%
15,000
234
334
334
*3%
6%
14%
13%
14%
13%
1334
12
H8
1>8
1%
*1
1%
*1
4
61
13%
1%
*3%
6%
1184
*1
100
Erie Railroad.
4% 1st preferred
4% 2d preferred
Ex
"e"
"5%
*4%
*20%
21
20
20%
19%
20
1,900
25
25
25
23
23
700
Fajardo Sug Co
1034
10
10
*9
10
800
*73%
77
*73%
77
60
61
*60
70
27
27
27
*25
27
1034
1078
III4
*1034
12
1034
*74
79%
*74
79%
*60
75
*61
75
*234
278
"2%
*234
"278
278
"278
234
"234
2%
234
2%
2%
134
138
1%
2%
1%
2%
*15g
2-5s
158
1%
1%
*1512
1612
1512
15i2
15%
15%
*14%
1534
sales on this day.
234
2%
*1%
*1434
"366
3
70
Dec
127
Jan
6
7% Jan 12
60% Jan 18
5% Jan 10
21%May 10
12
Deo
43
Mar
4
Oct
20%
Feb
39%
Dec
109%
Jan
2
Oct
8% Mar
Oct
Dec
23% Mar
5% Mar 31
3
Mar 29
"234
2%
"234
i'ooo
2l»
2%
2%
1,600
1%
1%
1434
1%
1434
1,300
1534
t In receivership,
300
87
May 25
12
%
3% Mar 30
12% Mar 30
6% Apr
102% Jan
par
par
par
8%
54%
n New
8
9% Feb 17
Feb 3
Oct
Oct
18%
Jan
12%
Oct
24
Feb
96%
6
107
Oct
109
Jan
19% Nov
27
Nov
20% Nov
31% Mar
8
Oct
29
13
Oct
58% Mar
8% Feb 25
2% Jan 10
Jan 12
5
Oot
24% Mar
4
Mar 31
1
Mar 26
76
Mar 31
108
3%May 24
5% Mar 25
Mar 30
3
5
478
6
6
4
9% Jan 12
28%May
36%May
5
Mar 30
Mar 18
16
66
Jan 26
75
5
Mar 4
Jan 12
Jan 12
Jan
4634 Apr 5
478 Mar 29
31
Mar 30
87% Jan 27
15
Mar 26
6% Mar 25
11134 Jan
3
3% Mar 31
121% Mar 31
157
Jan 5
12%
29%
Oct
Dec
Oct
30
May
18%
Feb
Feb
76%
36%
Dec
23
Feb
Apr
10
Oct
29
Mar
60%
Oct
30
5%
40%
Mar
25
Feb
41%
Jan
22% Jan 11
16%
Oct
60% Feb
35
Oct
5
Dec
46% Feb
57% Dec
12% Mar
1
8% Jan 20
49% May 10
Mar 2
112
Jan 10
22
Oct
26%
79% Nov
Jan
77%
14334 July
Dec
21
55
Jan
Jan
Jan
Feb
Jan
12% Jan 17
8%
Dec
39%
3
3
8
%
Oct
1%
%
Oct
3%
1%
% Jan
90% Mar 31
l3034Mar31
109% Apr 1
May
96
% Jan
6
22
Oct
% Feb 28
134May
1078
116%
Oct
1%
Oct
% Feb 11
8% Mar 28
102
Apr 23
Oct
Dec
5
Oct
8
Feb
Mar 30
Feb
Jan
88%
15
17
34
12
Jan
27
13%May 25
30
Jan 24
May 16
39% Feb 28
II
Oct
8%
10
Oct
17%
106
Nov
122
123% Feb 23
Marl6
98
Nov
180%
137
130
Oct
135%
115% Mar 10
107%
112
116% Mar 1
7% Jan 12
167
Jan 5
Oct
Oct
115%
Jan
Oct
17
Mar
144
NOV
198
Aug
Apr 20
150
Apr
164
Nov
3% Jan
Jan 28
Jan 27
10
115
171
109%
2%
Jan
Jan
Jan
Feb
Nov
Feb
10% Mar 30
2
Mar 23
21% Jan 15
15%
Dec
37%
4% Jan 12
2%
Dec
16
13% Mar 30
6
Mar 30
21% Jan 12
10% Jan 17
1478
Dec
Oct
45%
Fob
16
Feb
Jan 11
3%
7%
Jan 12
6%
Oct
Oct
2%May 27
6% Mar 29
4
13%
3%
Oct
26%
92%
Mar
Feb
Jan
Jan
22% Mar 31
44%May 11
27
Mar 31
40%May 11
31% Mar 7
1% Apr 9
24% May 16
40% Jan 8
24
Oct
87
Jan
22
Oct
44%
Jan
14%
Oct
29
Jan
33
Nov
60
Feb
106% Jan 18
100
Nov
115%
Jan
Jan
18
2134Mar31
% Mar 26
17
Feb
3
33
Apr
6
94% Apr 5
2% Mar 29
38% Mar 31
40
Mar 31
6%May 11
3
Oct
1734
55%May 16
41
Oct
78%
Jan
May 14
45
Nov
81
Feb
Jan 10
Jan 11
51
Nov
86%
Feb
Jan
57
Mar 29
62%
1% Mar 29
278
46
par
100
2
Mar 26
2% Mar 30
2% Mar 30
2% Mar 26
5% Mar 31
10% Apr 9
1% Mar 31
% Feb 10
3% Mar 30
19%May 27
May 27
6% Mar 30
23
67
52%
96%
2%
par
par
par
par
sale.
Feb
27
15% Jan 11
100
r Cash
/Jan
62
177g Jan 12
of Pr Rico..20
stock,
86
Nov
18% Nov
24
7% Mar 29
Traction—.15
$6 preferred
100
Federal Mln & Smelting Co 100
Def. delivery,
Jan
25% Feb 25
25
Jan 20
100
Truck—No
Federal Screw Works—No
Federal Water Serv A ..No
Federated Dept Stores. No
Jan
14%
13%May 27
1934 Mar 29
9
Mar 30
& Co.No par
Federal Motor
Oct
15% Jan
1
3
Jan
17%
2284 Mar
24% Jan 10
7
Jan 10
13% Mar 31
4% Mar 29
13% Mar 29
Mar
3
Oct
2 34
Apr 27
56
48% Jan 11
18
Mar 31
81% Mar
135
Dec
3
18% Jan
4% Mar 31
36
Apr 28
1%
April
Apr 5
Feb 2
Mar 30
Mar 30
1% Mar 31
12% Mar 30
•t
a
Jan
May 27
59
-3
Preferred..
108% Apr
94% Jan 17
1% Jan 7
13% Feb 7
5% Jan 10
% Feb 14
-25
Fairbanks Morse
*99
*99
*99
*99
8%
5%
Dec1
Oct
Federal Light &
27
*4%
Jan
47% Jan
25% Apr
Nov
Corp .No par
preferred
*4%
22
~~5~7g
56%
Oct
30% Deo
80
100
-.100
Cell-O Corp
Dec
34
4
21
5
Co———5
Exchange Buffet
Feb
57%
Vacuum Cleaner
Fairbanks Co
25
3
Evans Products
3%
-100
preferred———-.100
Service
1
3%
2%
3%
*2%
*3%
4
135g
~* Bid and asked prices; no
60
No par
5% 1st pf 100
Engineers Public
218
138
*99
*54%
100
preferred
No
preferred w w..No
$6 preferred
No
Equitable Office Bldg—No
Jan
37
2sian
100%
72% Jan 12
44% Jan 11
19% Mar 31
Apr 8
70
1
$5 conv
115
Deo
28% Nov
6%
Mar 29
58
100
100
No par
No par
Battery..No par
Elk Horn Coal Corp new No par
El Paso Natural Gas
—.3
Endlcott-Johnson Corp
50
1,400
14^
75
200
Feb
Aug
56%
22% Nov
8%
31% Jan
deb
Jan
10% Mar
12% Jan 12
25
preferred--—
preferred—
""766
*1%
*99
300
54
Jan
Oct
33% Jan 12
No par
pref
Jan
37
Apr 15
20'4 Jan
Elec Storage
134
13%
*60
5
Ind Am shares
Electric Power & Light .No par
2%
*65s
*74
55
54
Feb
71%
171%
Apr
3
July
77
25% Apr 1
7% Mar 29
Manufacturing Co
2
6%
75
*49
153
No par
Elec & Mus
5%
35% Mar
46% Nov
50% Oct
3978 Jan 17
Electric Boat—
$6
49
Oct
9%
16% Jan 10
Jan 12
56
Dec
4
Eltlngon Schlld
No par
Electric Auto-Lite (The)
5
$7
Oot
24
34% Jan 11
22% Mar 30
preferred
6% cum
Eaton
40
16,300
Jan
Feb
Nov
Rolling Mills
5
Eastman Kodak (N J).No par
*1%
6%
79l2
478
4%
400
3%
21
Eastern
134
6%
*66
*10334 105
$4.50 pref
Duquesne Light
2
6%
*74
2,500
39
42s4
Oct
^8
88%
Corp
6% non-voting
134
678
III4
79l2
*
300
Jan
Oct
23
Jan 11
Silk..
...No par
8% preferred
100
Du P de Nemours(EI)& Co.20
2
*658
2H4
78
23%
7s
700
25%
Jan 14
preferred
1%
678
22%
34
Oct
25
DunhlJl International
2%
334
*4%
87g
5%
—
1%
384
21
2%
Deo
98
Co—2
Distil Corp-Seagr's Ltd No par
5% pref with warrants..100
Dixie-Vortex Co
No par
Class A
No par
Doehler Die Casting Co No par
Dome Mines Ltd
No par
Dominion Stores Ltd ..No par
Douglas Aircraft
No par
Dow Chemical Co
No par
Dresser(SR)Mfg conv A No par
Class B
No par
2
234
*1
4,400
9,000
1,100
43,900
7,900
4,900
7%
Jan
108%
5
25
178
212
*35s
2214
50
55
4%
6
5%
54
2%
22
105
14%
800
69%
Deo
65% Jan 17
No par
6% participating
20
1,100
21%
21
3934
*36
2,500
12
234
30%
23%
24%
*51
2
*5'8
2%
9%
97g
25%
7%
56
*1%
234
30
2%
*36
11%
32%
2%
*1
*155% 165
34
734
31%
*24%
1,500
37
14%
7%
9%
35%
110
3%
334
142% 145%
14%
7%
2%
8%
32%
14%
5%
*2%
6
165
12%
*12
514
*3%
*5%
11334 11334
113% 113% *113% 115
Dec
166%May 3
4% Jan 12
30
Apr 16
29
Feb
109%
37%
10% Jan 11
Match
37% Apr
37% Jan
5% Jan
Oct
65
1% Jan 15
1
Diamond T Motor Car
1,300
115
115
Oct
10678
Jan 12
32
Aor 12
5% preferred......
100
Raynolds A...No par
100
4%
4%
438
438
*4U
4%
153
155
154
154
*150i8 154
*160
166
*155i2 165
*15534 166
12
12
12%
12%
12% v 12
*3
*3
314
2«4
3
314
1412
1414
14%
14i2
1514
14'8
S»8
77«
Big
83s
8.i8
2%
212
234
258
*2i2
2%
37
18,700
*134
5
Apr
Duplan
136
114
*11-318 115%
200
96
98l4 10034
*134
*13478 136i4 *13378 136%
115
115
11434 11434
114
*113i8 115
*114'8 115
17g
*134
1%
*10
*10
103s'
10%
10%
113
*100
113/j
*100
113
9234
94%
97%
98
9334
*10
10%
113
*100
99%
9814
135
136l2
*10
10i2
113
*100
178
2% Jan 13
87%May 12
45% Jan 12
110% Feb 21
9.% Jan 17
Mar 26
Western. .50
6% pf.100
Edison..-------.-100
Mackinac Ry Coj;-_100
6%
2%
*134
16
Jan 12
22
Apr
52% Apr
92% Aug
13%
Oct
Mar 31
JDuluth S S & Atlantic
2
*134
2
*1%
3
1
Devoe &
500
5%
3534
6%
Feb
Apr
JDenv & R G West
Diamond
Jan
1%
Oct
Delaware Lack <fe
30
"27%
5
30
10%
Oct
Oct
-
Det &
105%
Oct
%
Ootf
2158 Apr
Jan
Deo
2%
7
4
5% Jan 12
1
Jan
Jan
% Jan
7%
Detroit
86
i
25%
*35
35%
*83
7
*
30%
*1%
1%
100
Jan
7% Jan
10%
...No par
America..100
Preferred.100
Cuba Co (The)
No par
Cuba RR 6% pref
-.100
Cuban-American Sugar
10
Preferred..........——100
Cudahy Packing
50
Curtis Pub Co (The)..No par
Preferred..——.
.No par
Curtlss-Wrlght—
1
Class A
1
Cushman's Sons 7% pref.. 100
$8 preferred.....
No par
Cutler-Hammer Inc newNo par
Davega Stores Corp
5
Conv 5% pref..
25
Davison Chemical Co (The).l
Dayton Pow & Lt 4
% pf. 100
Deere & Co new
No par
Preferred
—20
Diesel Wemmer-Gllbert
10
Delaware & Hudson
100
1,700
4%
1%
4%
434
86
13%
3034
*1278
*6034
*13%
3034
;
*2% /'I5'.v
3%
3%
*5%
3234
*1%
*83
86
86
*30%
8
*5%
5
*3%
5
*3%
*30%
434
1%
*1%
87
*83
87
*83
87
5
5
2
8%
9
834
9%
300
3,200
8%
8
8%
200
23,400
1,200
101% Feb 21
16% Jan 15
$5 conv pref
100
Apr
16% Jan 18
Crucible Steel of
100
76
*70
17%
5% Mar 31
ex-warrants
Crown Zellerbach
5,500
21%
20%
*%
*634
%
*55
39%
434
19%
8
■ID5-
5
5
5
38%
23
*55
13%
*13
19%
*%
*634
3%
•%
3%
23%
*72
85
*6%
60
60
*60
;
*%
%
*%
%
2434
Oct
85
4,400
300
7
100
8%
70
10% Jan 10
No par
Pref
8%
Feb
Dec
$2.25 conv pref w vr..No par
*60
13%
Jan 31
100
8%
Oct
108
19
300
6 334
3%
234 Mar 26
30%
8%
5% Jan 15
162
32%
6334
Nov
z53
22%
834
92
79%
10
*27
65%
Jan
497g
Oct
25
Crosley Radio Corp
Crown Cork <fe Seal
2,900
18%
Deo
1
40
*30%
23
Oct
21%
78May 26
21% Mar 30
29
29
Jan
4%
1
98%May 13
1% Jan 11
6%May 27
21% Mar 30
32%
*31
5%
6% Jan 12
2678May
86% Jan 21
Cream of Wheat ctfs—-No par
1,300
6%
6%
Mar
Apr 18
No par
5% conv preferred
100
600
23%
Mar
95
Mar 31
107
6%
24%
8%
75
24
102
*23
6334
23%
9%
9
75
*97
23%
6%
23%
29%
8?«
102
*97
32
*29%
*6334
24%
*72%
.
22
*23
24%
*32
29%
27
29%
21
22%
2434
*97% 102
23%
23%
6%
6%
35
*32
35
*29
24
26%
233g
24
Coty Inc...
Crane Co.
2,000
6,900
3%
3
3%
3%
3%
*3%
*97% 102
*97% 102
*32
"3%
3%
3%
3%
3%
3%
*161%
*161%
*162
164
164
....
100
*161%
■
20
No par
Continental Diamond Fibre..5
Continental Insurance...$2 50
Continental Motors
.1
Continental Oil of Del
5
Continental Steel Corp .No par
Corn Exch Bank Trust Co..20
Corn Products Refining
25
Preferred
100
700
12%
*11%
100
$4.50 pref
1,100
4,100
7,000
25%
24%
13%
63%
638
26%
87
Oct
934May 271
8% Mar 26
1% Mar 29
65% Mar 31
36% Mar 30
No par
B
preferred
8%
Continental Can Inc..
100
111
*109
Class
200
4,600
6%
24%
*11%
1
24%
2,700
37%
Jan
Oct
10
Continental Bak class A No par
26%
2434
12%
1
1
•:
24%
*11%
1%
82
July
18%
78
America.20
Container Corp of
5,700
8,300
27
27
27
5% preferred v t c
100
Consumers P Co$4.50pfNo par
10%
37%
10978 1097g
6%
63g
7
*6%
27
300
12 5g
*76
39
110
*109
1%
82
37
39%
38%
f Consolidated Textile. .No par
Consol Coal Co (Del) v t C..25
26
Oct
63
2% Mar 31
% Mar 21
2% Mar 19
600
Jan
Oct
4%
65
Mar 31
9834 Mar 24
3,100
934
13
*75
82
*78
Consol RR of Cuba 6% pf.100
22
8
Jan 15
88% Apr 16
278 Mar 30
7
Mar 30
No par
preferred—
200
12%
1%
10%
10%
13%
1%
10%
14
$5
Consol Laundries Corp
6
Consol Oil Corp
No par
$5 preferred
No par
5% Dec
Mar 19
4% Mar 26
200
3
Dec
80
Jan
5%
,
45% Mar
19% Jan
68
5
Mar 26
71
Feb
19%
7%
Ja»17
8
share
per
Oct
Dec
4%
20
10% Feb 23
19% Jan 17
4% Mar 29
55
Apr
1
No par
7% preferred
...100
6M% prior pref w w
100
Highest
share
per
5
Jan
8
434 Mar 30
Mar 29
Consolidated Cigar
500
1%
1%
39
10"g
11
20
80
57g
3
10%
Mar 29
Conn Ry & Ltg 4\4% pref.100
Consol Aircraft Corp
__1
40
7,900
3
3
3
3%
*3%
3%
8%
8
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
103
*100
103
*100
103
*100
103
103
*100
*ioo
99% 100
3%
*3
3%
3%
3%
3%
*3%
3%
334
334
*3%
*3%
%
%
3g
*%
%
%
*%
%
%
%
%
%
2%
2%
2%
2%
2%
3
2%
3
2%
2%
*2%
*2i2
12%
*834
10%
10%
15
10%
12%
1C%
15
*10
*10
*10%
*83
8534
86%
*84
*82%
*84
86%
86%
*84
*84
86%
86%
*3%
6
5%
21%
1%
*5%
1%
5%
No par
$
share
per
7% Jan 14
24% Jan 22
1
Mar 29
Congress Cigar
*74
75%
75
80
*75
80
*75
6%
64
*56%
64
378 Apr
15
...
14
$
share
per
No par
Congoleum-Nalm lno~.No par
7%
13%
6%
*56%
7%
147g
6%
634
6%
59
60%
*59
Conde Nast Pub Inc
1,500
8
*7
7,
8
734
,
1434
7
*634
*59
*59
*434
167g
15%
7
7%
*7
15%
6
16%
*7
8
*7
7%
15%
15%
15%
*434
$
Lowest
Highest
Lowest
Par
100
6
1634
*4%
16%
17
16%
7%
*7
7%
*7
15%
634
5
5
100-Share Lots
On Basis of
Week
$ per share
$ per share
S per share
6
*4%
6
EXCHANGE
$ per share
May 24
*4%
NEW YORK STOCK
the
May 25
Saturday
$ per share
STOCKS
fOT
J (J/
Friday
Thursday
Wednesday
Tuesday
Range for Previous
Year 1937
Range Since Jan. 1
Sales
CENT
NOT PER
SHARE,
SALE PRICES—PER
HIGH
AND
LOW
3457
New York Stock Record—Continued—Page 4
146
5% Jan
8%
Jan
6% Jan
6% Jan
10% Jan
6
6
6
13
10
14% May 19
1% Jan 11
2
Jan 15
11% Jan 12
33% Jan 7
33% Feb 18
ll%May 17
May 1,1
77
934
4%
Dec
Oct
23% Mar
8%
Oct
35% Mar
Oct
28% Mar
1%
5
3
Oct
6%
Dec
1%
Oct
14%
Jan
34% Mar
684
5%
Jan
Jan
1
Oct
7%
Oct
28
Jan
23%
Oct
71%
Jan
26
Oct
70
Jan
7%
Oct
29%
72%
Dec
103
Jan
Jan
Mar 15
60
Nov
150
Mar
17
90
Oct
129
Apr
4% Jan 12
2
Oct
11%
2%
Oct
11%
Feb
Feb
1%
14»4
Oct
6
Jan
75
9 912 May
4% Jan 12
2
Jan
8
18%
Jan 11
Ex-rights.
Dec
5 Called for
4384 Mar
redemption.
New York Stock Record—Continued—Page 5
3458
LOW
AND
11 IGHgSALE
PRICES—PER SHARE,
NOT PER CENT
May 23
$ per share
♦71
7434
♦27i2
20
17
May 24
$
17
$
share
per
Thursday
May 20
Friday
May 27
Week
8 per share
S per share
Shares
72
72
*27
28
*27
27%
20
*15
20
*15
20
17%
*15
*17%
17%
847g
*80
26
26
26
1434
15
14%
2634
1434
*17%
20%
*17
20
*15
16%
27
86
27%
*84%
2684
147«
15%
15
86
2634
1538
*18
20*2
*17
20%
*18%
*15
16%
20%
70
68
68
500
Fed Dept Storea 4 H%
20
26%
900
Fidel Phen Fire Ina N Y..2.50
2^600
*15
16%
*75
16%
84
25
25%
14%
20%
1234
13%
*18
16%
0% preferred series A...100
76
Apr 14
24% Mar 30
10% Mar 20
21
Apr 10
15
Apr 7
1% Mar 26
92
First National Stores—No par
20
*15
20
*15
17
*15
17g
26
*24
26
*24
25
24
24
24
24
200
*90
91
91
*90
93
*90
93
92
92
92
92
15
13
*50%
234
14%
59%
1234
60
13%
59%
234
35
24%
*2%
*28%
16
16
*52
01
*3
60
*50%
*234
*28%
3
3
35
28
28
25'2
25%
253g
3%
*28
15
15%
15%
*54
15
15%
60
3%
35
25%
*234
3%
*28%
35
2434
25
*28%
1%
100
20
Co. No par
Fllntkote Co (The)
No par
Florence Stove Co
No par
Florshelm Shoe class A .No par
80
91
*1%
Oct
25% Jan 15
20
1%
*05
Jan 18
10% Mar 31
Fllene'B (Wm) Sons
84
26
13%
*1%
z79
Firestone Tire <fe Rubber...10
~
2534
I7g
4
t Follansbee Brothers. .No par
100
Food Machinery Corp
100
4)4% conv pref
Jan 11
21
Oct
'■
Dec
15
Dec
Jan 10
1%
18
Mar 29
33% Jan 10
27
85
Mar 25
90
80
Feb 26
3
""400
35
20
Oct
24
2,100
10
11
Mar 31
20% Jan 12
11%
50
Mar 29
05
Jan 18
60
Francisco Sugar Co
No par
pf 100
25
5% Jan 12
40% Jan 13
40
F'k'n Slmon&CoInc 7%
2% Mar 31
Apr 13
Oct
Oct
No par
Foster-Wheeler
Dec
22
$7 conv preferred
3,500
Oct
Nov
26%
11%
5
Jan
3
Oct
Dec
90
34% Feb 11
18«4 Feb 10
29% Jan 12
Highest
share $
per
22%
*1%
*24%
*1%
67% Jan
$
share
per
33% Feb 23
1%
26i2
17g
$
share
per
22% Mar 30
20
*1%
pf—100
5
1,900
5,100
20
17
*75
Year 1937
Lowest
Highest
300
20
16%
85
*15
20
Par
2634
*15
Range for Previous
100-Share Lots
Lowest
70
17%
1938
exchange
26
*25
1%
On Basis of
stock
york
new
the
$ per share
71
71
share
per
84
*847f}
Wednesday
May 25
72%
27%
72%
27%
28
*15
Tuesday
Range Since Jan. 1
stocks
Sales
for
Monday
Saturday
May 21
May 28,
Oct
Dec
234
Oct
Dec
share
per
10878 Mar
45%
Jan
39% Feb
413g Mar
107% Feb
52% Mar
46% Feb
58% Feb
39% Mar
9% Feb
58
Apr
98
Sept
54% Feb
135
Jan
18%
Jan
83
Jan
25%
24
24
Free port
19% Mar 30
28
Jan 21
18
Oct
32%
Jan
Fuller (G A) prior
25%
22% Feb
4
27
Jan 21
20%
Oct
73
Jan
9% Jan
3
14% Feb 9
2% Jan 12
6%
1%
Oct
48%
Jan
Oct
7% Mar
3
Dee
11%
Dec
15% July
*39% June
Sulphur Co
10
pref-No par
No par
Gabriel Co (The) ci a.-No par
$0 2d preferred
*1%
I3g
*3U
33g
123g
*11
13s
*1%
3
*12
14
93%
434
*92
*458
534
94%
7%
*122%
*3%
9
18%
18%
55%
*46
*17%
*46
24
*22%
*22%
*112%
*112% 115
34%
35%
34%
267g
27%
27%
%
%
*7g
*30
50% *30
*58
59
62%
120
28%
120
29%
*120
28%
*534
534
361
12%
93%
*92
*79
36
8
7%
7%
7%
7%
*122% 123
*122% 123
3%
3%
3%
3%
884
8%
8%
8%
8%
1834
17%
17%
*1534 1034
*46
55%
55%
55% *46
24
2334
*2234
22%
22%
115
*112% 115
112% 112%
35%
34%
32«4 34%
35%
27
27%.
27%
26% 26%
J
%
%
%
Js
7%
General
900
General
07g
8%
7%
Cable
1534
5,000
1,300
General
1434
634
133g
40
46
*40
14%
55%
100
24
21% *20%
£21%
112% 112% *112% 113%
31%
33%
30%
31%
27
27
26%
26%
%
%
34
%
*32
50% *32
50%
300
35
*32
35%
59
*59
60
58
59
123
*120
123
*120
123
121
121
28%
3,000
*120
2034
116% 1167g
*85
1%
18%
19%
17-%
11
95
*85
95
I3g
18%
20%
13g
*18%
20
18
1834
*107g
*14%
*10%
11
*13%
10%
15%
10%
8
19%
8
*85
1%
95
1%
*18%
191
19%
I884
18%
1078
11%
14%
*14
11
10%
7%
*85
1%
95
1%
17%
19
*14
55
*85%
*52
10
10
9%
73g
1,600
95
15%
14%
*397g
4834
*39%
4834
*39%
15%
4834
2
2
2
2
2
27S
41
41
17%
*72%
334
17%
74%
*54
58
334
3%
234
2%
64
*6l3g
12%
12
39
39
38
234
*2%
64
12
17%
17%
75%
*72%
74
3%
*3%
4
*54
58
%
*54
%
3%
1%
163*
*72%
*3%
%
10
3%
*1%
*9%
12
12
11
11
23
23
*2234
2134
11-%
23
23
23
2134
2134
11%
2134
11%
15%
2134
*11%
15
2638
125
Ho
2134
1134
15%
263g
15
26
3%
*1%
9
11
11%
15%
15%
26
26
*35
50
*35
*16%
17
*16%
17%
*16%
17%
*30
42
*30
42
*30
42
834
87g
8%
8%
1
*14%
1
19
*3lo
334
*1
*14%
*11%
*24%
25%
3%
*11%
*24%
*32
35
*32
*6%
*12%
14
15
6<
*88%
90%
*85
88
8%
*1%
80%
6%
*85
*140
*1078
45%
75
134
*55
800
1,200
1334
8,900
25%
1,900
*35
80%
6%
81
*85
*55
88
1134
45%
150
*107S
45
134
150
80
6%
*85
*140
1134
*15%
*102
*7%
*104%
*59%
*18%
*7%
*55
IS
*15%
26%
I84
80
784
8
8
I
6%
30%
*1%
*4%
2434
534
*1
1
17%
1%
*14%
27
*32
35
100
——
6%
6%
12%
*88%
12%.
*12%
13
*88%
90 84
*13g
90%
75
1%
*
100
10
88
20
*55
1,600
------
400
75
*13g
1%
—
85
85
100
150
*140
150
*140
150
*140
150
10
11%
45
*10%
44
1134
44
12734 12734
6%
107g
43%
128
80
*77
6%
78%
6%
200
6%
1,900
11
*10%
11%
300
4358
*43%
46%
1,900
128
*44%
53
*44 7g
52%
*4478
52%
*91
95
*92%
95
*92%
*15%
2438
95
57
57
56
56
*93
95
*93%
95
25
534
6%
30%
1%
*4%
24%
534
63g
6%
6%
30%
1%
30%
31%
8
*16
18
*30%
*4%
32
6
8
*15
30%
*43g
*1%
1%
30%
29
*438
7
534
34
*14
7
*9334
30%
534
8
♦Bid and asked prices:
*93%
6%
30%
7%
15%
5
25
'
34
177g
*55
34
584
30%
56
95
8%
177g
*434
25
8
*55
*1%
*334
24%
5%
%
6
24-%
no sales on
-
88
57
6%
-
*77
127% 127%
*44
50
51
92%
4%
6%
6
30%
1%
29
5
24%
5%
34
7%
15%
30%
4%
this day
55%
95
6%
30
.
-
2,000
300
1,400
10
4,500
------
2,400
122
100
40
88
3334
Jan
43%
Feb
14% Jan 15
8
Oct
24
11% Feb 26
Feb 26
8
Oct
56
Oct
2078 Feb
88% Feb
29% Mar
90% Mar
01
9% Jan 10
58
1,700
784 Mar 31
7% Feb 4
Guantanamo Sugar....No par
8% preferred
100
% Mar 31
Jan 12
Oct
10
Oct
2734
Feb
Jan 10
13
Dec
48%
Feb
Jan 10
22
Dec
Jan 24
1984
Dec
47%
22%
28%
5684
42%
145%
04%
39%
23
1%
10
15% Jan 12
20% Jan 12
32"
Jan 14
127% Jan
40
6
Jan 22
'
20%
23%
129
Oct
Oct
Dec
Oct
Dec
Feb 16
11% Mar 15
884 Apr 11
Oct
Dec
78
Oct
I84 Jan 10
Jan 12
6
Feb 16
Mar 29
19
Jan 12
Mar 11
Nov
7%
7%
12
3%
12
Oct
484
Oct
Hamilton Watch Co ...No par
12
Mar 31
2i% Jan 15
1784
Dec
100 I 90
May 2
May 19
100
Jan 18
95
85
96
Jan
6
92
15
Mar 29
25
Jan 15
18
Oct
120% Feb 28
z7% Jan 19
121
Dec
Hat Corp of Amer class A..1
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.No par
Helme (GW)
25
Preferred
100
Hercules
Motors
new
8
com
117% Aug
157s Jan
126
152% Feb 17
166
Jan 11
50
Nov
131% Apr 18
51
May 20
125
39%
83
16%
No par
13%May 27
No par
stk.Na par
3,500
5,400
Illinois Central
83% Jan 26
5
3
*12%
18
*13
16
100
5
*28%
30
130
7
*4%
6
10
Leased lines 4%
RR Sec ctfs series A
n
New stock,
r
May 27
65% Jan 20
1000
109
*3984
Oct
5284
120%
3034
Mar
Nov
Jan
43% Jan
11434 Mar
5334 Deo
41
Jan
277g
Feb
May 23
44
Oct
73
Jan
78%
Dec
94
Mar
484
Oct
27
11
13
37
13
1%
7% Jan 13
27% Apr 18
3%
1%
Oct
Feb
Oct
9334May
8% Jan
53% Jan
2% Jan
10
Oct
Jan
6
Jan 13
Jan 10
4
Oct
23%
Feb
4% Aug
Dec
Oct
38
10
Oct
67% Mar
34
Dec
72
Dec
25% Mar
784 Feb 25
5
Ex-rights.
25
Oct
Oct
17% Jan
90% Mar
57g Jan
157S Jan
1%
4
12% Feb
Oct
8
Jan
2
June
12
117g Jan
Jan 10
y
37
Dec
38
Ex-dlv.
Jan
Dec
21
20
3% Apr
*
Feb
111
Jan 12
Mar 30
23
100
Cash sale.
Mar 30
135%
07»4
Nov
Oct
5gMay 26
6% Mar 30
12
Apr 6
6% preferred series A.-.100
30
Mar 29
20% Mar 30
100
*29
Mar 31
23% Mar 30
1
May 7
15%
93
May
Dec
15%
57
4
3
Dec
25% Jan 12
25
46% Jan
May
64
Dec
108
Mar 30
2
Jan
Feb
784
Mar 16
0
Mar
Feb
39%
Jan 12
48% Apr 1
17% Mar 31
102
par
May 20
29% Apr 22
11
%
5%
58
102
100
Jan
Dec
Jan 10
7%
Nov
1784
Dec
534 Mar 26
12.50
Feb
86
5
58
81
Oct
Jan 31
140
Feb 25
Nov
17
...
Feb 24
77s Jan 17
94
11
98
Class B
Feb
129
No par
Jan
58% Mar
Jan
20
Houdaille-Hershey ol A.No
Feb
105
Feb
16% Mar 25
Holly Sugar Corp
7% preferred
Homestake Mining
108
Oct
8
95
(A)_.
Nov
Jan 11
preferred...No par
Jan
Feb
Feb
107
Mar 28
conv
36
Jan
Oct
MarlO
5%
Jan
Oct
80
Holland Furnace
484
Dec
40
Hollander & Sons
Mar
1678 Feb
11% Mar
1%
par
conv
Mar
Mar
5
preferred...No par
Hlnde & Dauche Paper Co. 10
54
Jan
Mar
20%
42»4 Mar 31
12634 Jan 19
100
Chocolate....No
Jan
May
31
17
10
No par
0% cum preferred
5
2318 Dec
26% Apr
Mar 26
140
No par
Hercules Powder
May
Jan
Dec
Mar
55%
95
4
May
5% Mar 25
81
98
Jan
8
67
79
—.2
5%
284 Jan 11
50% Mar 31
1% Mar 30
100
w w
Jan
17% Mar
59% Mar
3484 Feb
7
634% preferred
Hayes Body Corp
15
59
6
Apr 7
4% Mar 30
Feb
Oct
Jan
120
484
Oct
Jan
100
Jan
Jan 11
Jan 11
1%
13%
18%
*27%
7
preferred
Jan
Oct
34
6%
Mar
13%
96
3
28
preferred
47% Mar
141
6% Jan 12
Apr 28
Apr 1
6%
Feb
50% Mar
8734 Mar
Oct
Mar 25
Hanna (M A) Co $5
pf.No par
Harbison-Walk Refrac.No par
115
138
5
6%
Def. delivery
1
Dec
30
58
a
65
Feb 21
28
24
7%
*4%
Dec
25
5%
%
634
t In receivership,
Oct
72%
3%
Mar 25
25
preferred class A
Printing
5% preferred
100
Hudson Bay Mln & Sm LtdlOO
Hudson Motor Car
No par
Hupp Motor Car Corp
1
3,800
16%
Feb 28
...10
7%
Hall
5
5%
Dec
Feb 23
47« Jan 11
Mar 28
8
22%
5
Dec
24
3
100
*3%
5%
12%
46
89
12
100
22%
1,000
Feb
60
1%
5,700
8%
Oct
Dec
45
4%
------
Feb
21% Jan 12
23%
■
Jan
67*
2
19% Jan 15
57% Jan 15
Jan
51%
58%
*83%
Jan 17
Aug
Oct
13% Mar 30
1%
1%
Jan 22
1%
3% Jan 11
80
Jan
Oct
43
34% Mar 29
*37g
£2234
1%
Dec
1
5% preferred
100
Houston Oil of Texas v t 0—25
Howe Sound Co
5
Hudson & Manhattan
100
7,100
6%
100
Greyhound Corp (The).No par
5M% preferred
10
100
6
9%
6
50% Sept
15% Oct
Household Fin
29
534
*27
12% Mar 31
23% Apr 8
Apr 12
100
300
9334
9334
-
------
55
55
-
9% Mar 30
.No par
Green Bay & West RR
Green (H L) Co Inc
Greene Cananea Copper
Hershey
200
92%
18
18
*15%
*15%
25
25
*15%
26%
2638
27%
2634
26%
26
24.%
24%
105
*102
105
*102
*102% 105
105
*102
105
105
*102
8
*7%
734
*7%
784
7%
7%
*7
734
7%
7%
1434
*14%
14-34
1434
1438
14
14%
1334
1438
13%
108
*104% 108
*104% 108
*104% 108
108
108
*104% 108
59
593,
5934
59%
5934
59%
5934
58
5834
5834
59%
20
20%
*18%
*1778
19
1934
*17%
19
*177g
18%
*17%
734
7%
7%
7%
7%
*7%
7
7%
7
7%
65g
32
--
*85
6%
Great Western Sugar
Preferred
—
1,300
19%
19%
19%
19%
*120% 132
*120% 132
5
5
*4%
*43g
*55
3
0% preferred...
Hackensack Water
*25%
1':
5
Jan
200
6%
88
Apr
10%
35
*
19
Gulf Mobile & Northern
27
Mar 30
20
600
6%
Mar 31
10
10%
11%
1
8
10%May 26
5% preferred
20
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
3
*32
75
*1%
1,700
19
Grant (W T)
3
3%
35
18
%
8
3,300
251
88
*77
8
11%
*25%
901;
*55
il",200
8
*88%
*
"""766
15
42
8%
88
95
*92
15
*30
16%
42
80%
6%
12734 12734
95
50
40
*85
6%
45
45
125
*35
50
1,500
88
11%
*127% 129% *12734 129%
*447g
55
*447g
*91
75
*1%
6%
i
125
734
*32
88
150
1534
*30
23
8%
6'
14
90%
75
1
\ 53 conv pref series...No par
Granite City Steel
No par
10%
35
*138
*79%
6%
Grand Union Co tr ctfs
22%
*32
85
100
10%
35
85
Oct
Oct
2
500
Jan
Jan
Feb
Dec
55
800
23
13%
Jan
16
52% Mar 30
2% Mar 31
*2134
13
Mar 31
5
10%
25
Gotham Silk Hose...—No par
Preferred
...100
10
Granby Consol M S & P
22%
Oct
3% Jan 10
2,900
23%
Oct
I84 Mar 26
1
84 Mar 29
10%
Oct
14
18
Oct
1
2134
25%
90
3
1
4
Jan 10
Dec
Apr
Graham-Paige Motors
23
*11%
25%
88
Jan 10
1
37
6,700
11%
14
Jan
2
117%
534
487g
70%
19%
%
22
*3
90
V
"
23
*14%
*85
58
11%
19%
1934
197g
19%
19%
1934
19% 193,
*120% 132
*12014 132
*120% 132
*32014 132
47g
5
47g
*4%
*4%
5
45j
4%
*54
58
600
1%
8»4
*12%
Nov
49%
200
3%
*10%
63,
85
Jan 13
6
Mar 30
9,700
3%
15
Jan 18
27% Jan 11
51% Jan 19
13
16
3%
V- *1
90
Mar 29
4034May
No par
71
3%
*54
1%
6%
5
No par
..No par
15%
*3
6%
*12%
*88%
Brothers
preferred
71
*14%
6%
$6
72%
3%
14%
25%
14
Glmbel
Glldden Co (The)
Mar 29
Mar 29
34%May 26
15% Mar 31
71
May 27
2% Mar 30
%
16%
Jan
Feb
1%
28»4 Jan 10
7%May 26
110
Jan
Feb
Mar
5%
13
9
19
65%
Mar 25
51
Oct
Oct
20% Mar
No par
Feb
60%
15%
Dec
28
$5 conv preferred
122%
Oct
Oct
Dec
21%
3%
8%
Feb
Oct
111
70%
16
15% Mar 31
Mar 31
Jan
Feb
*99
13% Mar 29
Gen Steel Cast 56 pref.No par
Jan
124
3
Feb
No par
5% preferred
No par
Goodyear Tire & Rubb. No par
15 conv preferred... No par
18%
15"
1
Jan
2% Jan 8
26% Jan 15
No par
1,000
%
42
100
preferred
35%
3%
*11%
*24%
6%
*12%
1
$6
35%
3%
28% Dec
May 12
General Refractories
37%
17%
*54
50
33
2%May 27
*14%
3lo
100
1
60% Apr 26
8
1
1%
19
6% preferred
Gen Realty & Utilities.
1
9%
8
No par
Signal...No par
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
~
I03g
16%
101% Apr 9
l%May 21
1234 Mar 30
85% Mar 19
Gen Railway
8,300
2%
64
9%
10%
8%
*8
""eoo
*1%
*30
8«4
No par
preferred...
Gen Public Service
4^% conv preferred.—.50
10%
*35
9% Jan 11
100
3,000
11
50
034 Mar 29
2,000
14%
15%
1434
13%
26
25
25%
25%
2534
126% *125
126% *125
126%
50
*35
126% *125
1
General Printing Ink..
11%
2%
*62
3%
1%
934
*1%
5% Feb 24
10%
2%
78
*914
*124
2,500
r
10%
2234
2134
1%
11
125
6%
3%
1%
8%
934
*9%
117%May 17
Mar 31
4
11%
72%
3%
334
%
3%
6%
64
16
58
%
3%
11178 Apr 25
21% Mar 30
oobel (Adolf)..
Goebel Brewing Co
*62
73
*54
58
$5 preferred
No par
Gen Outdoor Adv A...No par
34%
1
12%
38%
1734
*37%
38% Jan 15
11
2%
64
*01%
12%
39%
17%
17%
*71%
33g
1
%
3%
*1%
934
234
*81%
12%
May
41
41
1284
117
Gillette Safety Razor. .No par
15
64
Apr 30
900
41
12%
123
200
16
*61%
4
5,700
42
734
*184
2%
Oct
5434
93g
16
2
Nov
48
25% Mar 31
—No par
Oct
33
May 18
Jan
*41%
2
Jan
84
May 24
Jan 10
17
2
384
64%
6578
1% Jan 11
60
14
43
2
Feb
20
16
2%
Jan
44%
8% Mar 23
*6%
*2
6478
14%May 23
*41%
*2%
Oct
28% Nov
Gen Theatre Eq Corp..No par
43
4834
152
34
Gen Time Instru Corp .No par
General Tire & Rubber Co. .5
17%
*39%
126% Mar
52% Jan
Dec
100
420
43
4834
Dec
2,300
*17
*39%
Oct
22
*99
24
15%
9%
7%
10
55
6%
66
Feb 23
10%
*41%
6%
jan
28
17
*14
77g
684
72
10
Common—.
Feb
Mar
120% Feb 11
45% Jan 10
33% Jan 17
6%
*40%
11
7
714
65
7%
*51
18
15%
557g
167g
4834
Oct
1,800
77g
*41%
16%
*3978
14%
1,400
7
*52
25% Jan 12
T.ioo
6578
734
55
32% Mar
1%
7
7%
Oct
18%
57%
55
14
6%
35
JaD
Feb
Oct
Jan 10
13
3
5034 Jan
118
153
2%
17%
*0%
*55
% Mar 30
Mar 25
5
117
10%
1834
16%
General Motors Corp
J6
*u6o
—.100
preferred
25
Jan 15
Jan
Oct
Oct
Nov
Mar 11
5% Jan 12
33
106% Jan
19% Feb
15% Mar
105% Jan
86% Feb
19% Jan
31% Nov
9
18%
16%
1%
17%
18
10%
No par
Oct
Oct
91
123
1%
1%
17%
*14
Gen Gas & Elec A
500
500
Mar 30
Feb 11
17%
1%
17%
11%
15%
10%
7%
95
18%
19%
18%
11%
15%
19
19%
18%
10%
*85%
500
35
22% Mar 30
20
*287g
Mar 30
-No par
$0 conv pref series A.No par
5
11
—No par
General Electric
General Mills——...No par
2,300
29
*434
6% Mar 31
Apr 12
2% Mar 31
534 Mar 31
20% Mar 31
108% Apr 1
27% Mar 31
100
10
II534 116% 115% 115% 115% 115% 114% 114%
29%
*28%
29%
28% 28 34
*28
28
28
29%
5
*434
434
434
5
434
434
*434
434
434
*7%
8
734
734
*7%
*7%
7%
7%
73g
7%
7%
7%
*100% IO384 *100% 10334 *10031 1033., *10034 10334 *100% 10334 *100% 10034
1%
1%
*1%
134
1%
134
*1%
134
*1%
134
1%
1%
15
15
15
15
14%
*14%
14% 14%
13%
14%
13%
13%
117
*28%
No par
600
52,200
117
115
5%
45% Jan 10
60
27%
7% Jan 10
97
Mar 29
preferred
6%
Oct
4% Mar 31
..No par
Foods
Nov
4
Mar 29
7% cum preferred...—.100
General Cigar Ino
No par
General
10%
88
29
5
Class A
7%
1084 Jan 20
92%May 13
7% Jan 12
82
123
*57%
28%
27%
53,100
■5,400
Baking
$8 1st preferred.
120
7
No par
5
5
Bronze
130
MarlO
4% Mar 29
Jao 17
Jan
No par
preferred
$0
1,700
70
7%
123
9% Mar 29
Inc—3
Gen Amer Investors.—No par
200
3%
35
2914
Gen Am Transportation
pf—No par
Industries
*3
59
283g
2,800
7%
35
28
34%
Gar Wood
3%
59
29
85
34
123
16
Gannet Co conv $0
10
3
123
3%
6
Mar 30
10
5%
*79
6
2% Mar 31
preferred
10
Gsmewell Co (The).—No par
$3
1,000
1,200
170
1% Mar 29
1
Galr Co Ino (Robert)
4%
5%
94%
35
7%
100
11%
4%
94%
34
8,000
11
93%
4%
*5%
94%
35
400
3
*10%
1134
4%
1%
3
12
4%
534
*79
94%
36%
1%
3
12
*92
12
931
4%
1%
3
*10%
123
3%
8%
9
12
434
684
1%
3
1134
*92
*79
37
*7%
3%
12
92
434
94%
123
123
12
684
37
1%
3
*10%
92
43j
*79
37%
37%
7%
1%
3
12
*10%
13%
92%
4%
*534
534
*79
3
11
*12
*92
1%
*1%
3%
11
Mar
Jan
5 Called for redemption.
PRICES—PER
SALE
HIGH
AND
NOT PER
SHARE,
Range Since Jan,
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
Wednesday
Tuesday
Sales
for
LOW
Saturday
May 21
May 23
May 24
May 25
May 26
May 27
$ per share
$ per share
S per share
5 per share
Shares
On Basis of
Week
% per share
7
*5%
17
*135%
*135%
*64
67
67
9%
4
*4%
4%
90
3
3
8%
884
53%
51%
5%
5%
834
8%
44%
45%
7
4%
7,300
7%
1,600
z40%
11%
*132% 135
45,600
6%
12,500
5%
4%
4%
4%
2%
2%
*2%
834
8%
7%
2%
7%
43%
44%
42io
43%
134%
7
"
133
634
*133
135
6%
7
133
6
6%
200
7
534
6%
22%
Jan
47%
Apr
Ingeraoll Rand
No par
60
Mar 25
86
Jan 14
72
Nov
144
100
135
8
138
6
132
Oct
143
6%
preferred
Steel
Inland
Insuranshares Ctfs Inc
Feb
Jan
57% Mar 31
7% Mar 30
....No par
Inspiration Cons Copper...20
1
1
5%
4% Jan 19
684 Jan 13
3% Apr
6%
3%
1%
15% Jan 11
2% Mar 26
111% July
2%
Oec
6
Oct
11% Mar
28% Mar
98
No par
2
Mar 29
Iron
No par
Internat Agricultural...?/© par
Prior preferred
100
2
Mar 26
15
Mar 26
Int Business Machlnes.No par xl30
Internat Harvester....No par
48
Mar 31
100
Int Hydro-Elec Sys cl A
6% Mar 30
152
Preferred
100
100
Oct
16%
Jan
Oct
Oct
15%
Apr
18%
Jan
37
52i»4 Feb 23
135% Mar
1
9% Jan 12
4% Mar 29
Inter Paper <fc Power Co....15
Jan
1%
Jan 11
Jan 19
132
Aug
162
3
Jan 12
11% Jan 21
36% Mar 31
Int Nickel of Canada..No par
120
Nov
6
7'4
Mar 25
2
6% Mar 31
1
Corp
Jan
53% Nov
4%
3% Mar 31
25
Int Mercantile Marlne.jVo par
Internat Mining
189
138
3
Mar
Nov
127% May
6% Dec
2834
28%
28%
27%
28-%
26%
2734
3%
3%
¥ 3%
3%
3%
3%
3%
3%
*32 ~
33%
~32~
32"
*31 %
*23
24%
*23
24%
*23
*29%
30%
*30%
30%
*15%
1534
*56%
60
*15%
*56%
60
7%
8
734
684
8%
51,500
15,800
1,600
69
68%
68%
100
10%
*934
10%
200
Intertype
18
600
Island Creek
83«
8%
8%
7%
8%
778
8%
*115%
*50
¥l%
*934
52
*50%
*934
*125
*54
*54
55
*15%
16
66
67
65%
68%
55
15%
18-%
7%
*15%
14%
*119%
6%
7%
*15%
1834
*13
14
*13%
15%
7%
18'%
*15%
*13
15
*13
14
*7%
*119%
i.
7%
*13
■
*1084
11%
*10%
11%
*1C%
11%
*10%
*65
95
*65
95
*65
95
*6%
//74%
*3%
*85
3034
89%
31%
*784
8%
21
21
*1%
2%
*6
6
7
4%
*334
*85
89%
*784
*20%
*1%
*85
22%
*20%
*1%
*1%
*15%
34
*13%
14
17%
8
24%
24%
13%
*12
13
24
*18%
13
*22
*10-%
*338
11%
10'%
1034
*10-%
4%
13%
*3-%
4%
*3%
*1234
16%
16%
"
*3<%
*16
1234
1734
3%
*16
3%
34
%
%
%
234
*2%
23%
2%
23%
*2%
*23%
*8%
22%
26%
*6%
*%
*2%
23
¥%
3%
3%
*105
23%
3%
*2%
23
9
*161
167
*34%
16
15
40
3938
39%
106% *105
1%
*1%
41
41%
3%
16%
3%
v
100
*97
*16
16%
34
14%
14%
29
*27
*116% 120
700
2%
22%
2,000
21%
9
1%
39%
9934
*15%
16%
34
14%
14%
*26%
28%
*116 >s 120
Jan
92%
May
175
Jan
*16
14%
165
*1%
1%
14%
1%
39%
34
15%
97
15%
16%
3
95%
98
40
2%
15%
15%
16
;
138% 138%
15%
15%
32
**30%
14
14
14%
*160
17
*16
14
28%
*26
*116% 120
165
17
A.
•'..A
22
800
Lima Locomotive
34
400
Link
13%
14
1,300
37%
4,600
36%
*105
1%
1%
39%
36%
2%
2%
*26
31
32
2878
12%
13%
*116% 120
*26
2,900
1%
37
3,300
1,000
2%
800
200
31
13
2,100
2878
i
A
-
*116% 120
19
19%
13
•
*2%
*21%
*4io
10
12%
*1
2
*21%
21%
734
7%
7*2
22%
23%
2%
22%
23%
*1
2%
23
*2%
*29%
22%
*145
30
2%
*29%
21
7
22%
22
163
5%
1%
8
11%
2
21%
7%
22%
61"
5%
978
*9%
1%
1%
*1%
5%
*%
*4%
*10%
36
21%
22
35%
*35%
4%
*4%
4%
4%
4-%
4%
4%
18%
17%
17%
*17%
18%
*17%
17%
¥3"
10%
10%
8%
s%
so
*65
*
*76%
10
8%
*65
93"
*76%
9%
9%
*7%
10
8%
80
"
81"
*9%
7%
*76%
*65
93
80
Bid and asked prices: no sales on
*65
¥¥~
*76%
10%
9%
7%
*71"
80
this day,
*68
~
93""
10
8%
80
1,800
400
.
200
1%
5%
1,600
300
1,800
21%
2%
28%
21%
38,500
21%
1,000
1,000
:
10
34%
500
4%
4%
800
*1678
17%
100
34%
•
163
300
"76%
76%
26
934
9%
1,200
*7%
7%
j In receivership,
Jan 12
83%
Nov
20
Jan 12
14
Oct
Dec
43%
Jan 14
9984 Nov
Nopar
Lone Star Cement Corp No par
Long Bell Lumber A...No par
84 Mar 26
lnc
Loose-Wlles
Lorillard (P) Co
...100
10
preferred
100
preferred
5%
7%
2% Mar 28
14% Mar 31
_..25
Biscuit
Mar 31
26
93%May 26
13% Mar 31
Apr
1
125
Louisville Gas A El A ..No par
12% Mar 31
100
Ludlum
Steel..-.
1
MacAndrews A Forbes
10
6% preferred..
Nopar
Mack Trucks Inc..
No par
Macy (R H) Co Inc
No par
Madison Square Gard-.No vw
2978 Apr 20
116% Mar 30
10
1
18% Mar 31
<% Mar 29
4% Mar 30
Louisville A Nashville
Magma Copper..
Manatl Sugar Co..
Mandel
]2%May 27
Maracaibo Oil
preferred
2d preferred...-
6%
Marlln-Rockwcll
Corp
Marshall Field ACo...
Martin (Glenn
L.)
Corp
McCrory Stores
80
a Def. delivery.
n
New stock.
31
126
Jan
7
Jan 21
Mar
Oct
1034
Jan
Dec
43%
Jan
May
101
Oct
14%
Dec
28%
Oct
153s
125
14734
Oct
2834
Feb
Jan
Jan
Mar
48% Nov
99
13%
Oct
4184 Mar
2634
Oct
123% Nov
17%
Dec
25
13% Feb 10
30% Jan 11
110
36
Dec
58%
18%
Oct
Oct
63
8%
2
Jan 10
6
Dec
Jar 13
10
15-%
Mar
Jan
Mar
Mar 15
9
Feb
132% Feb
62% Mar
16%
Jan
Oct
39
Jan
Jan 13
4%
Oct
16%
12%
Jan 13
9%
Oct
29%
Jan
234
1%
Oct
Mar 31
7%
Jan 11
Jan 11
5%
Oct
684
14%
Feb
Feb
20%
Mar 30
9
Jan
3% Mar
-%
Dec
7
734 May 11
3
Oct
20
Jan
Jan 28
14% May 11
684
Jan
2% May 11
l-%
Dec
Oct
39
% Mar 30
2
l%May 12
Jan 14
I834 Mar 30
29
5% Mar 30
14% Mar 30
1
No par
2434 May 10
2%May 24
25
Mar 29
1934 Mar 31
157
Jan 26
28% Mar 31
3% Mar 26
9%
4%
Jan 12
Jan
27% Mar
165
Feb
i2% Jan
7%
10
Dec
Dec
30% Mar
Oct
29%
Apr
13%
Jan
15
10
20
Oct
74
Feb
22
Dec
4184
23
142
May
Jan 24
37%
24
6% Mar
5184 Mar
15
1 '4
3384
Oct
Dec
165
Jan
Jan
66% Mar
Jan 12
4%
Oct
15%
Jan
Mar 28
25
Jan 10
20%
Dec
44
Jan
Mar 29
21
Apr 22
June
45
Jan
91%
Feb 10
Nov
111
834 Mar 31
6
Mar 23
16
Jan 18
11% Dec
7«4 Oct
36
Jan
24%
Feb
Mar 31
79
17
20
75
61
100
Cash sale,
Jan 14
75%
2%
17%
Feb 28
7
Nopar
Corp
1
r
18
140% Mar 11
1734Miy 10
56% Jan 10
21% Jan 12
Oct
32
Jan 12
%May
3% Feb
100
100
100
Co.—--1
6% conv preferre-
Jan 18
Jan
1% Mar 31
Martin-Parry Corp
McCall
106
87% Aug
110
Feb
32%
5
100
No par
Masonite Corp
No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores...10
Maytag Co...
....No par
$3 preferred w w
No par
$3 preferred ex-warr. No par
$6 1st cum. pref
No par
Jan 12
26% July
3%
2484
9
Exploration. .1
Corp
5
preferred...
21
534 Mar 26
2% Mar 26
Midland
6% prior
43%May 10
i% Feb 23
Feb
Aug
63
June
1
Mar 29
16
f Manhattan Ry 7% guar. 100
Modified 5% guar
100
Manhattan Shirt25
Marine
251
24% Mar 30
10
Mar 26
...No par
Bros
Mar 29
22
13.1 Apr
Feb
Oct
33
Jan 12
Loft
Aug
Oct
15%
18%
5
52%
1,100
*68
12% Mar 31
Feb 28
42% Mar
29
23% May
106%
170
2
3484
Mar 25
151
Apr 18
6%
10
xlS
1458 Mar 31
20% Mar 26
2't
167
Mar 31
Market Street Ry...
1%
9
33
8
678
163
35%
37%
4%
6%
11
20
20%
28
29
*17it
100
20%
2%
163
*115
1,500
6%
2%
4%
*75%
*1
1%
6%
17%
20%
7
22%
21
28%
36
37
10
21%
6%
18%
37%
*4%
11%
*4%
3734
*%
1%
*17%
*37%
5%
5%
8
2
*1
*20
29%
22%
163
*9%
6%
2%
22%
1
*434
9%
♦21"
*145
1%
6%
11
11
28%
30/
22
1%
1%
*434
2%
2%
*145
22%
163
~
2
2
21%
163
*145
*%
1%
8
7%
30
*29
5%
5%
24%
23
*1%
1%
6%
10
10
11
*21%
2%
22
-
*7%
6%
6%
*6%
*10
1%
6%
15
*11
15
734
*1
*21
*4%
6%
*4%
*11%
*1%
1%.
*1%
*11
v
Apr
102
30
600
157
Jan 11
Jan
5
No par
360
1,700
21%
22U
Nopar
$6.50 preferred
X21
11%
Wks.No par
Belt Co
102%
81% Mar31
2
Liquid Carbonic Corp..No par
Loew's Inc.
No par
106
16
15%
*15%
15%
95
*92%
95%
93%
15%
15%
15%
15%
137% 137% *137% 138%
1478
15% X1478
15%
*30%
13%
Tobacco-.25
.—25
Preferred..a...._.....-100
Lily Tulip Cup Corp...No par
34
141-2
1%
37%
2-%
1,800
Liggett A Myers
Series B
21%
22%
3478
38
36%
38%
106
105% *105
38
*105
92%
22
13
18% Jan
43% June
213s Feb
113%
22
12%
Oct
114
22%
*4%
*11%
Dec
Oct
28%
*%
Dec
8
Oct
14
5%
2%
2284
Dec
*26%
*41"
6% Mar 29
Jan 14
11
83%
*11 6 <8 120
1%
1% Mar 29
82
3%
*30%
7
19% Mar 30
23
40
15%
5%
-.50
1
5
(The)
Lehn A Fink Prod Corp
1%
May 14
Jan 10
11%
*34
No par
Jan 12
5% Jan 13
28% Jan 12
6% conv preferred
Feb
%
24% Mar
384 Jan
% Mar 26
Lehman Corp
Feb
203
Oct
Dec
29
1,600
1,100
5%
Dec
4%
100
1,800
*4%
97
May
684 Feb 25
Mar 30
2,100
1%
2
105
Mar 29
3
Mar 30
11
7
51%
81
17
5%
27% Mar
Oct
25
27%
*84
1784 Mar
Oct
14
400
16%
*5%
Deo
934
200
16
1%
4
Dec
5
Jan
6
8978
9312
138
1%
Jan
95
10%
12%
27%
8978
27%
11
*1%
100
.50
preferred
Jan 10
8
15% Jan 12
1934 Jan 12
*27
11%
1%
conv
Lehigh Valley RR.._
Lehigh Valley Coal
31
13
31
30
93
18
*1%
Lehigh Portland Cement-..25
8% Mar
3% May
10% Mar
13% Mar
90
16
634
Nopar
No par
5
Jan
Jan
Mar
27%
29%
11
24
90
11
684
41%
27%
17%
*10
Oct
27%
91%
92%
28%
7%
8
Jan 12
6%
11%
11
27%
27%
18
*6'%
Oct
Jan
29%
*10
Jan
6
Jan
15
98
1%
24%
153s Mar
138
6%
Dec
79
11%
15
14
68%
29
*434
Jan
17%
Oct
*17%
*1%
47%
Oct
18%
*11%
15%
Dec
Dec
29 8*
1%
Oct
22
5
18
5
4
Jan 12
23
29%
15
Jan
Jan 12
33%
1834
1%
Jan
8
28
30
Bryant
Feb
Jan 10
29%
5
29%
Jan 11
18%
*10%
Dec
9
39%
1%
23%
15%
42
29%
*22%
18%May 12
27% Mar
19
22%
35% July
Mar 29
106
*3
11%
Dec
Mar 26
Lee Rubber A Tire
9% Mar
71
11
15
Lambert Co (The)
4684 Apr
Oct
Dec
100
preferred..
Dec
IS4
20
Laclede Gas Lt Co St Louis 100
5%
17»4
May
5
16% Jan 12
16
6
29%
11%
12% Mar 31
20% Mar
Llbby McNeill A Libby No par
Life Savers Corp
5
19
11%
22%
par
Oct
1,100
29%
*11%
par
Jan
5%
6%
*16
15%
*97
Mar 26
22
Jan
6938 Mar
*6
17
40
16
15% Mar 31
2% Mar 26
19%
109%
6%
*158
14%
16
Mar 30
4
2% Jan 10
Oct
Dec
28% Nov
6%
92%
93%
165
165% *157
39
1%
22% Mar
1% Mar 29
12% Jan 7
Feb
6%
34%
39%
*%
4
80
Jan
23%
1934 Mar 30
21%
*105
Jan 10
87%May 20
43% Jan 10
9% Jan 12
Jan
110
23% Mar 31
35
15
Oct
No par
24%
3934
300
3
Nov
7
Mar
Lerner Stores Corp
35
106
6
80
Jan 10
6%
Mar 26
18
984
Jan
Mar
27%
Llbbey Owens Ford Gl.No par
24%
38%
73
484 Mar 29
18
200
8%
35
14%
1,900
7
*34%
*3
*32%
8%
*8%
17
*137% 1383.1 *137% 138
17
*16
17
*16%
*33
%
2%
21%
8%
38%
26
*14%
%
2io
2278
%
25
17
*2434
40
*105
%
2%
25
*16
25
3%
44%
Oct
Nov
Mar 29
4%
22-%
*16
17
25
*35
3%
1,300
%
2%
*157
*15%
15%
3%
3%
167
*161
15%
*105%
800
Oct
15
13
3,900
*88%
92%
A'.
400
May 9
Jan 12
Jan 12
25%
91%
93
5
14%
22
28%
92%
21
8
Lane
4%
Mar
X25
*88%
93
3%
-A
800
10%
29
Jan 17
Jan 12
140
12-%
*42
Oct
22%
26%
*27
*91
15%
15%
*105%
*378
r
5
25%
88%
6%
41"
12
12
200
Jan
Mar
22
29
88%
*3%
~¥
10%
10%
10%
15
25%
par
46
121
63
par
10
Dec
Apr
18%
9
Feb
15%
115%
2
6
Feb
136
JaD 10
12% Apr
10%May
19
64»4 Nov
Jan 10
22
*27
7
90%
12
2,400
13%
par
Jan
26%
23%
29
13%
200
25
.....1
No
$5 prior preferred ...No
Kresge (8 S) Co
Kresge Dept Stores
No
Kress (S H) A Co
No
Kroger Grocery A Bak.No
Jan
126
26U
8%
*22%
26%
6-%
*6%
*23%
13%
*10%
*20%
60
No par
Jan
155
2
984 Feb 25
Mar 29
preferred
87%
65% Nov
120
Mar
19%
12
Jan
Dec
Jan
Apr
Aug
78
preferred..
100
Stores.$12.50
Kayser (J) A Co
5
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A.l
Class B
1
3
49
119% Apr
8
Mar 31
80
127
126%May 17
4984 Apr 1
12% Mar 25
Apr
30
Sept
20%
53% Mar 11
86
Jan 10
44% Mar 30
58
Mar 29
Jan 24
122
Mar
Oct
zll6
8
Jan
*8%
21%
8%
27%
*85
Jan 15
27
8%
23%
27%
*27
24
117
22%
*8%
*22%
27
25
21
*
17% Apr 1
113% Apr 30
5
$8
23%
*%
%
2%
24
5%
11
16
-
26%
Kinney (GR) Co.
4%
15%
17%
¥
107%
Nov
Kimberly-Clark
1%
34
Jan
Apr
Dec
9
300
1%
*15%
Feb
8% Nov
70
118
Kennecott Copper
15%
36%
Jan 18
pf ser B No par
Kansas City Southern
100
Kaufmann Dept
Oct
Jan 11
200
22
22
1%
13%
13
*12%
12%
12%
100
Jan
6% Oct
8% Dec
12
34
20%
*3%
-100
Jan
4938
76
22
10%
10%
4%
*105
*105
A'
*105
1234
11
---- -——- -
Feb
Feb 10
6% Mar 31
25%
10%
*20
13%
23%
-
10
Mar 31
..No par
12
13%
24
13%
23%
No par
Johns-Manvllle
Oct
8
Keystone Steel & W Co No par
*23
13%
13%
13%
.....No par
Jewel Tea Ine
Deo
63
;
800
300
25%
*20
1
....
4
44,900
4%
5%
25
4
21
9%May 18
9%May 12
13% Jan 12
4
Feb
6
6% Mar 30
7%
2,700
25
Feb
27%
12
27
110
7%
17%
*4%
Oct
26%
12
17%
65
784
17%
4%
5%
Jan 25
2934
12
17%
68%
26%May 27
17%
*4%
1
Coal..
preferred
Kendall Co $6 pt pf A ..No par
12
16%
13%
300
17%
*4%
5
13%
4%
87%
13%
17%
13%
200
*12
5
13%
50
7
34
5
.
11
85
*15%
17%
5
11
85
13%
13%
17
100
34
*15%
13%
"""160
*3%
Mar
178
*15%
2%
*7%
*20%
15
*534
No par
4%
1834
*85
52
73.4
*20%
22"s
2%
8%
8
6%
3%
Oct
27%
30%
3134
i'ioo
*15%
584
Corp
Kan City P & L
*12%
87%
16
Mar 28
5% Feb
100
Preferred
Kalamazoo Stove A Furn.-.IO
11
*85
Jan 17
No par
Jones A Laughlin St'l pref.
"
95
3%
4%
89%
r
20%
734
30%
31%
•
24
*15%
*13%
17%
4%
89%
22%
2%
3034
7
*534
*3%
6
*3%
*85
30
20
Foreign share ctfs...No par
220
13%
13
*10%
*65%
534
Inter Telep A Teleg
400
5134
*13%
7%
3584 Jan 24
Interstate Dept Stores. No par
Preferred.
1834
13
11
95
*16
7,900
*119%
¥_
*65
*50
52%
14%
15-%
14
7%
*15%
*119%
7%
7%
18%
*15l4
*11914
*119%
52
54
54
54
53%
15%
15%
"
*25
"""166
52
66
65
68%
preferred
7%
$6
63
6 3 84
61%
65%
129%
129% *125% 129% *125% 129% *125% 129% *125% 129% *125%
6684
International
122
*50%
51%
51%
"""606
7
.
*116
122
*116
52
*50%
18
18%
18%
19%
122
*116
122
.
1034
*18%
19%
19%
*116
—•
7%
7%
*68%
8%
75
*68%
103.!
*9%
19%
*18%
*115%
52%
*50%
J*
8
8%
75
*68%
10%
18%
18%
8%
.
80
1
2834
28% Mar 31
Oct
Oct
46% Mar 30
50
8
19%
100
16
57
8%
Apr 16
12
56
8-%
24
100
*14%
884
19% Mar 31
No par
15
8%
Feb
Shoe
68
8%
*8%
*68%
10%
30
*57
8%
S%
*28
*1434
8-%
Jan
57%
No par
Salt
International
16
8%
11
24%
60
8%
68%
*31
*23
29
9
8'4
Dec
International Silver
¥3"
*56%
60
4% Sept
34
6
No par
preferred
9%
Jan
28% Mar 25
Internat Rys of Cent Am..100
5%
Apr
Apr
18
68% Sept
48%
100
30
170
33i 2
19% Sopt
29%
2%
39%
100
Voting trust ctfs
29
8%
11
3%
7338 Mar
13584 Jan
Jan 12
Jan 21
18% Mar 31
2% Mar 30
5% conv pref
15,700
24%
819
8%
68%
4% Sept
*15
16
*56%
884 Sept
*23
29%
30%
*15%
16
...Nopar
......No par
24%
30%
*23
241"
30%
25
33u
23%
338
*32~
¥2 "
a32~
¥3%
8%
.
27
23%
384
28
B.,_
Class C___
Class
Apr
Apr
9%
63%
18% Oct
127% Nov
Jan 11
70
9
Mar
Oct
Jan 21
15484
May 27
141
Apr
Dec
May 25
Preferred
Jan
64%
92
82
Rubber
1384
Apr 25
434 Jan 12
13% Jan 12
3% Jan 17
29
Jan 17
100
Interlake
Jan
6
Oct
Oct
No par
Intercont'l
Feb
Oct
20
25
preferred
33%
Oct
Jan 12
Mar 30
6%
Feb
July
131% Mar
58% Nov
78% Jan 12
15
300
45%
8%
17.800
49
*148
151
151
800
14234
share
per
Oct
30
21%
141%
48
47s
234
8%
3
.
44
*133
135
6%
*20
51
49%
51%
152%
5%
5%
*2%
3
*2%
143%
50
151
2%
143
*142
Jan 10
Deo
1,100
300
8%
share ?
per
16
Interchemlcal' Corp
7,500
1,100
1,300
share
Jan 18
4
t Interboro Rap Translt—.lOO
-2
%
per
22
1,200
2-'i4
7'8
7t2
2
20i->
2%
20
*151
53%
51%
•8%
Highest
Lowest
Highest
$
share
Mar 29
14% Mar 31
10
13,900
900
per
No par
Indian Refining..
10
85
2%
2%
778
•
2%
143
17%
*80
82%
278
■
21
19
I8I.1
144
151
150% 150%
*133
135
143
.
2%
2%
2%
18%
2%
19
45%
634
8%
3%
8%
*2%
8%
145
52%
*150% 152%
5-%
684
3
*2%
*8%
9%
*133
3%
8%
3%
$
Industrial Rayon
4
17%
4
18
*17%
82%
Par
8%
4
8
4
4
17%
*278
9
4%
8
*378
82
8%
19
51%
44%
17%
82
3%
*2%
900
73
73
73
4%
17%
8%
.
600
9%
4%
2,100
73
4%
90
*82
*144
145
145
9
200
7
15%
*4ia
*15
100-Share Lots
Lowest
■IL
*13512 138
*135% 138
*63
6212
63
64%
64%
*2%
2%
1934
*2%
5%
15%
*3%
4I9
17%
18%
90
5
15
80%
64
4%
4%
4%
78
10
9%
6%
16%
*135% 138
66%
*3%
4%
*82
*82
*18%
10
18
19
18%
65
66%
9%
*3%
*4%
10%
4
17
*80% 83
138
138
84
*80%
84%
*80%
17%
*5%
15%
6%
*5%
*16%
6%
*5%
17
17
Range jor BreHous
Year 1937
1
EXCHANGE
Monday
$ per share
3459
New York Stock Record—Continued—Page 6
Volume 146
x
Apr
Ex-dlv
5
v
6%
10
Jan 11
Jan 18
Ex-rlghts.
*66
Oct
1 Called for
Jan
106% Mar
redemption
New York Stock Record—Continued—Page 7
3460
AND
LOW
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
STOCKS
Sales
May 21
May 23
May 24
May 25
Thursday
May 26
S per share
$ per share
$ per share
S per share
S per share
13%
40 >8
1412
*75%
*912
4034
14%
57#
14%
6%
30%
6'%
30%
30%
6%
82
10
30%
*6'4
8%
40%
*13%
13%
8%
13%
8*4
407#
1434
*13%
*8*4
6%
40%
12%
7%
1278
8
40%
39%
14%
5%
297#
14%
5%
30
6%
6
175%
9%
*70
1334
14%
6
*534
30%
578
30%
*6%
*75%
6%
7
82
*9%
75%
9
934
,
60
*57
60
*57
60
*57
60
*50
60
*49
57
*49
54
*49
54
*41
42
*41
42
*41
42
*57
14
30
14
12
12
33
32;%
15%
1634
32%
7%
15%
17%
87
87
17%
87%
93
*89
93
*89
*90
62%
63%
63%
5
5
*45
52
*%
*12
*16
*87
*89
93
*89
44
41%
*36
4U
42
%
*%
%
*3#
%
%
*%
%
*%
34
7«
*%
7#
7«
11%
11%
11%
*%
11%
17#
534
2%
6%
6%
2
2
6%
6%
6%
110
11%
4%
*%
*%
*%
10%
Apr
pf—100'
89
Apr 25
Minn-Honeywell Regu. No par
4% conv pref series B...100
Minn Moline Pow Impl.
1
29
30
12%
12%
12%
42
*39
*99
40
5
5
*40
43
7
40
*99
101%
101%
5
434
*40
1%
2
6%
5%
6
*39%
100
30
43
40
27
*10
200
47#
40
4%
*37
7%
8
7
7%
934
678
7
9%
9%
9%
9
87#
9
2134
2034
21%
8
*7
8
*634
7%
20
152
*149
22
Jan 26
91
Oct
106
Jan
2
53
Nov
120
Mar
98%
4%
Oct
Oct
124
Mar
60
Dec
108
94%
67
Mar
110
May 27
734 Jan 12
60
Jan 12
a4 Jan 10
1% Jan 11
*4
Jan 12
7g
1%
%
Dec
Dec
Oct
Oct
11% Jan 10
2% Jan 8
3% Jan 11
5%
1%
Oct
$ Missouri Pacific
5% conv preferred
Carpet Mills
34 Mar 30
-100
100
1% Mar 25
20
10
Monsanto Chemical Co
10
67
May
2
preferred.—..No par
Montg Ward ft Co Inc No par
Morrell (J) ft Co
No par
111
Jan
5
50
Corp..No
par
Brass
Co—
1
Mulllna Mfg Co class B_
Acme
Mar 31
10% Mar 31
8
Mar 31
Nat Aviation Corp
Biscuit
Mar
Apr 22
105
Oct
109
Sept
30
Oct
69
Mar
21
Dec
46
Feb
Feb 23
Jan 17
Jan 13
14
Jan 10
36% Dec
12% Oct
8% Oct
21%
Jan 10
15%
Jan 10
7»4 Jan 15
64% Jan 13
14% Feb 23
4%
Dec
Jan
66%
Jan
38%
Jan
26
Feb
51
Mar
978
Oct
15% Aug
Dec
50
99% Mar
Dec
36%
57
Jan 12
60
Nov
Jan 12
102
Apr
Feb
90
104
108%
20*4
Mar
Jan
7% Jan 17
3
Oct
44
Dec
634 Mar 30
7% Mar 22
47% Feb 24
12% Jan 10
15% Feb 18
5
Oct
10
Oct
8% Mar 30
13% Jan 11
8
Oct
24
Oct
18% Jan
33*8 Mar
37% Mar 29
Mar 25
6
5
10
pref
Mar
Nov
Mar 25
4
Aug
Mar
*71
Mar 30
6
Mar 29
Apr
Mar
Feb 25
4
Apr
34
9*4
34%
6%
12%
4078
107%
91%
114%
37%
30%
39%
21*8
9% Apr 7
3434 Mar 26
95
16% Mar
Aug
2% Jan
5% Mar
6% Jan
Jan 12
26
1
National
cum
Mar 31
22%May 27
Dec
1% Oct
12% Dec
Jan!
17
1
$7 conv
7%
25
11% Mar 29
Munslngwear Inc
100
Mar 30
25
6
National
152
48% Mar.
434 Mar 29
Nashv Chatt ft St Louis.. 100
700
35% Mar
Oct
Nov1
Preferred series A......100
100
9,300
Oct
15
2
1,500
7
14
87
3*8 Jan 12
9,100
2034
Jan 11
1% Mar 26
7
7
20
21%
2034
20% 21
*150
155
156% *150
156% *150
12% 12%
12%
12% *10%
11%
20%
72% Mar
26% Feb
27% Jan 12
101% Jan 12
% Mar 28
Mohawk
Jan
Oct
No par
9%
734
834
Dec
4%
Mo-Kan-Texas RR
100
678
9%
9
33*4 Nov
Jan 11
Dec
40
4,700
41
Jan 17
16
preferred...No par
-No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America—10
Myers (F ft E) Bros.—No par
Nash-Kelvlnator Corp
5
70
Jan 13
17*4 Jan 13
Mueller
100
47*4 Mar
14
105#May 27
Motor Wheel
42
16% Dec
No par
700
100%
4%
4%
1
Mission Corp
800
100
Mar
16%
43%
117#
22%
2
Motor Products
1,800
67# Jan 11
23
Mar 26
Mar 31
_
3
1,100
*39%
9%
9%
4
35
% Feb
Morris ft Essex
150
*37
49% Jan 28
100
Apr 1
>4 Jan
90
300
7%
8
21%
400
10
7
9%
23", 000
29
4%
42
1
100
100
$4.50
*9
9
10%
9%
200
1,000
4,000
*25%
11%
42
*39%
*100% 101%
100
43#
43
27
11%
Mar 30
100
2,600
734
*9%
9%
7%
152
11%
12% Mar 30
preferred
7%
2
9%
7%
10%
*9%
160
*28%
5
434
*9%
♦152
30
*40
43
7
7%
29
*11% 14%
*39% 44
*99% 101%
No par
4% leased line ctfs
.
30
Feb
Minn St Paul ft S S M
*1
*1
*1
1
1
1
VI
1%
1%
1%
1%
J 34
1%
*1%
*1%
1%
134
134
1%
1%
*1%
1%
13
12
12%
1234
12% *12%
12%
*12% 127#
1234
123#
75
75
74%
74%
74% 74%
73% 75
72% 73%
69%
72
*111
114% ♦111
114% *110
114% *111
114% *110
114% *110
114%
30
27
27
30% 3034
30% 3034
30%
2834 29%
287#
2734
25
26
25
25
*23
23
*25
*23
23
24%
22%
22%
28
28
29
*28
*29-% 30%
29% 29%
29% 29%
29%
293#
13
14
13
13
*13
13
12%
12%
12%
117#
123#
12%
*8
8
8
8
*8
9
8
8%
8%
8%
8%
8%
14
14
*13%
137#
13% 15% *12% 14
12%
11%
*11% 12%
4
4
4%
4%
4%
4%
4%
*4%
4%
4%
4%
4%
30
16%
16
%
^4
?8
107#
*1%
*12%
*12%
Oct
76
1,400
2,400
*1
Jan
3
May 27
No par
$6.50 preferred
Feb
93% Aug
86%
8% cum 1st pref-.----.l00
200
101
Dec
Mld-Contlnent Petroleum__10
1,500
Dec
Jan
Deo
534 Mar 31
41
Apr
37%
May
2
26% Mar 30
110
112%
34*4
66%
60
Merch ft Mln Trans Co.No par
Mliw El Ry ft Lt 6%
Jan
Dec
Jan 19
4,400
1,100
58%
4%
*37
*%
*%
11%
-
57%
19
10
Jan 25
72
Oct
Dec
Jan 12
Jan 13
5
93
60
Dec
78%
61
12
Midland Steel Prod
28%
Sept
*48
15
Co
5% conv 1st pref
5%
Oct
Dec
Oct
1
3% Mar 30
5
90
93
5
30%
18%
28% Jan
42% Jan
42% Mar
16% Mar
47% Jan
4
Apr
Jan
1,600
17%
90
*58
(The)
55
60
32% Apr
40
16
*89
15
Mesta Machine Co
40
600
*87•
15%
634 Mar 26
Miami Copper
28
6%
14%
18
15
Mar 26
3,600
14
28
87
15%
84
10
*12
29%
7
Apr 12
1
50
Mengel
140
15%
87
6234
*2
2%
6%
6%
*6%
12
*2
2
2
.
7«
12
14
29%
634
*%
%
1,500
15
6%
14%
17%
93
%
*%
*%
1%
12%
4
4'
4%
70
No par
21
Dec
6
100
1
Apr
share
per
Dec
7*4
11
Jan 15
Mar 26
No par
$6 pref series A
No par
$5.50 pref ser B w w.JVo par
300
53# Mar 29
Highest
share $
per
Jan 12
Feb
1
Jan 12
Jan 10
Feb 23
6
preferred
40
13%May 27
Mar 15
15
10%
45%
26%
8%
35%
87#
1
Melville Shoe.
8V#
*39%
1634
*12
7%
15%
44
46
*%
%
34
*%
*%
4%
conv
Lowest
$
share
per
28
Mead Corp
*17
1
6%
900
87#
60
58%
*107% 120
*107% 120
*107% 120
434
47#
47#
47#
4%
4%
5
47g
*44
7
62
62%
*107% 120
*107% 120
9
*884
16
30
*12
*32%
17%
20
4%
17%
4%
*86%
82
35% Mar 25
5
Stores
McLellan
54
*12
16
17%
90
*70
10
Mar 26
7
$
No par
S3 conv preferred
60
*1634
15%
17%
*86%
82
*56
4%
7%
600
*49
17%
7%
16
6
60
4%
7%
15%
6
40
*1634
7%
McKeesport Tin Plate
McKesson ft Robblns
6
54
4%
12
Mclntyre Porcupine Mines..5
2,400
3,700
1,100
5%
40
17%
33
McGraw Elec Co new
1,400
14
Range for Previous
Year 1937
Highest
$ per share
10
Jan 31
McGraw-Hill Pub Co..No par
28
*56
4%
7%
13%
5%
1
300
z28
*49
17%
12
40
Par
600
13
7%
40%
*7
40%
414
*32%
*12%
40%
17%
4%
*17
Lowest
Week
Shares
40
40
307«
May 26
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
the
S per share
8
8
147#
57#
30%
9%
9%
13
*1234
8
40%
14%
82
*7514
13%
8
Friday
1
YORK. STOCK
NEW
for
Wednesday
Tuesday
Monday
Saturday
May 28, 1938
15% Mar 31
150
100
Jan 17
10%
6
Jan
23%May 11
157
5
Feb
6%
17
Dec
145
May
Feb
71
Mar
*24% Jan
47% Mar
Mar
167
Jan
33*4
103%
Feb
*13%
13%
13
13
11%
800
Nat Bond ft Invest Co-No par
l0%May 27
17*8 Jan 10
13
Dec
*75
80
*75
80
*75
80
75
75
*73
80
*73
80
100
65
Mar 31
80
Jan 31
90
Aug
*41
43
*41
42
41
41
*39
41
*39
41
*39
40
5% pref series Aww
100
Nat Bond ft Share Corp No par
Apr 12
Mar 31
Mar 31
Mar 30
105% Mar 30
3% Mar 29
3% Mar 30
43
Jan 11
39
18%May 9
16*4 Jan 12
13
Oct
12
Oct
106%
104%
Dec
57% Aug
387g Feb
26% Feb
112% Mar
Oct
112
5%
Oct
24% Mar
4
Oct
107#
17
Oct
35
Mar
38
Mar
10%
100
17
17
17
17
17
16
17%
1634
16%
16%
1534
15%
13
13%
13%
13%
13
13%
13% 13%
13%
13%
13%
13%
*111
*111
*112 ;■
112% 112% *111
*112
*110
111% *110
1117# *110
1117# *110
1117# *110
1117#
1117# 1117#
*5
5
5
5
5
5
5%
*47#
5%
434
4%
4%
*4%
4%
4%
4%
*4%
4%
4%
4%
4%
4%
*37#
4%
19
19
19%
19
1934
1934
1934
19%
19%
19%
18%
18%
*12
15
14
*12
*12% 15
14
*12
14
*12%
*12% 15
•
2,100
10
—
—
6%
207#
10,000
7,800
"51%
52%
1534
16
24%
24%
*72
75
*71%
*2%
1534
24%
76
727#
*71
3
234
934
97g
*9%
*18
20
*65
*18
66
65
36
*31%
*101
102
*4
*31%
*101
*4
7%
14
12%
12%
"51% "51*4
51%
16
1534
2434
727b
24%
727#
234
934
65
*31%
*101
*22%
11%
24
12
12
12%
22%
11%
11
*22%
*10%
10%
10%
17%
24%
*3%
17%
24%
25%
11*4
*10
18
18%
24%
3%
85#
24%
*3%
*63
66
31%
31%
10034 101
18%
115
*109
112%
*109
123
*110
123
*110
123
*3#
*3#
%
*
57
13#
l3#
3%
3b#
*34
78
634
634
*42
533#
%
57
13#
3%
*34
3%
1%
33#
7j
*%
*634
*42%
7
*42
117#
■%
*151
155
*102
102%
20%
1934
*52
54
*%
8#
*151
155
102
72
75
5,700
1,400
400
■
*63
66
63%
63%
36
36
*30%
10034 10034 *10034 102
*4
*4
7%
7%
1034
1134
10%
10%
200
*30%
100
8%
9,300
1,500
26,500
1034
9%
70
21
9%
16%
91%
*87
91%
*78%
92
7%
8
7%
*25%
26
*25%
*1%
17#
*1%
*16%
19%
*16%
9%
9%
2134
10%
20%
103#
20%
10%
*89
99
5
*4%
9%
*89
*45#
57
1%
3%
78
6%
53%
*37
*51
220
700
W
-
-
-
-
•
1%
1%
1,100
3
3
1%
3
3
1,100
%
%
«4
%
200
6%
*42%
6%
5%
5%
1,400
52%
*42%
52%
1334
*38
734
♦
1334
*38
46
46
-
734
-
_
51
734
*114%
50
*7%
4
4
16
*14
7
10%
41
*5%
*10%
39
"7%
29
*26
13%
734
*75#
127
39
778
39
*12%
13
*38
5l"
734
4
4
15
*5%
*10%
18%
7%
13%
15
no
18
5
46
*115
4934
Bid and asked prices:
10
99
*126
.8
46
~50"
.4
10
*4%
*115
15%
6%
117#
20
*89
395#
*38
49%
7%
7
*3%
15
6%
5%
*10%
on this
8978
7
9%
------
*87%
80%
7%
28
*16%
19%
9%
20%
9%
*89
99
4%
xl7%
4%
17%
*125
7%
*38
4
15
5%
117#
day.
-"eoo
280
41,200
400
19,200
100
95
*79
178
9
%
143
*99% 101
167#
17%
*5234
537#
8%
8%
8978
*1%
19%
9%
""*%
xl43
80%
127
7%
45
13
13
*38
46
*115
4934
117#
sales
54%
*79
*89
*13
*52%
8%
80%
7%
99
*40
187#
9%
91%
178
19%
9%
20%
%
17%
*26
126
4% Jan 14
10% Jan 20
23% Jan
7
80%
75
Dec
75
Dec
12%
13%
57%
3
6%
Oct
22%
Dec
70
Feb 11
62
Dec
Mar 31
40
Jan 14
32
Dec
99% Apr 26
106
Jan 18
99% Nov
Mar 24
12
Jan 10
28
6
97# Mar 31
N Y Air Brake
No par
20
New York Central..
67#
25%
1%
16
9
19%
9%
*89
4%
17
*124
7
*34
7%
■
-■
12,400
40
26
1%
100
16%
9%
50
Mar 26
9
Nov
19% Jan 15
10%
Oct
39
29
Jan 10
Nov
°-0
87
Oct
Oct
Dec
Jan
Feb
Feb
Sept
64*4 Mar
109
Jan
37
Mar
41*4
98%
Jan
Feb
30
46
200
13%
*38
—
——
7
*3%
4
110
*13%
15
50
*5%
6%
10%
10%
*612
5%
10%
X In receivership,
Oct
135
Jan
10% pref
.50
J N Y Investors Inc...No par
111
Apr 28
111
Apr 28
113
Nov
137
Mar
N Y Lack ft West Ry Co..100
t N Y N H ft Hartford
100
56
Shlpbldg Corp part stk. .1
7%
preferred
100
N Y Steam $6 pref
$7 pref series A
X Norfolk Southern
Norfolk ft Western
Jan 10
38
No par
100
100
Jan
North American Co
6% preferred
North Amer Aviation
4
48%
5%
10%
100
600
a Def. delivery.
Feb
1% Jan 15
10% Jan 24
% Mar 18
Jan 10
88% Jan
100
Jan
Oct
Oct
30
6
63% June
4
73
1% Jan 11
June
%
Oct
26%
4*4 Mar
Jan 13
180
Oct
272
106*4 Jan 17
102
Apr
114
1334 Mar 31
4534 Apr 1
57# Mar 30
22%May 11
No par
50
1
Co.—50)
100
3
Apr 18
63# Mar 31
May 12
25
104%
Jan
105
Jan
21
30
31% Jan
'1478
978
1%
15
Oct
Dec
53% Jan
67g Mar
Oct
40
2278 Apr
73
Apr
26% Feb
9
Oct
24
Nov
96
Mar 10
90
Jan 14
5%
Oct
11
20%
Oct
247, Jan
128% Mar
11
Jan 10
Jan 12
44
Dec
75
Jan
114
May
115
June
Owens-Illlnols Glass Co. .12.60
40
Mar 30
Apr 19
66% Jan 12
6
Mar 30
11% Jan
115
17
2% Mar 26
5% Jan 11
10% Mar 25
No par
1778 Feb 23
8% Jan 21
14% Jan 13
334 Mar 29
9% Mar 26
x
Ex-dlv
v
Feb
16
Apr 19
(Cal).lO
140
Jan 12
50
Mar 30
39% Apr 28
No par
Nov
Feb
19% Mar
45% Jan
Jan 11
115
Pacific Amer Fisheries Inc.—5
Coast
10
125
114
12
100
Pacific
Oct
Nov
7*4 Jan 21
Jan
66
63# Mar 31
30% Apr 1
10
6%
36% Mar
Oct
Jan 10
122
100
Jan
Oct
327# Feb 23
12% Jan 13
1
17%
O t
Jan 13
Mar 28
Jan
Feb
91
22
May 26
Jan
57%
93
Jan 12
4
No par
Cash sale.
Oct
Jan
347g
Jan 13
99
3
9
1st pref.-No par
Outboard Marine ft Mfg
5
Outlet Co
No par
Pacific Finance Corp
3
19%May 26
7% Mar 30
conv
1st preferred
2d preferred
14% Oct
48% June
93*4 Jan 13
13% Jan 12
1234 Mar 30
No par
preferred
64% Jan 13
10% Jan 10
13# Mar 30
Ohio
Steel
Feb
678 Feb
19% Feb
76% Jan
102*4 May
112% May
198
Telegraph...60
r
Oct
•
Mar 25
Norwalk Tire ft Rubber No par
Preferred
50
New stock,
Oct
1
Mar 29
76
»
4%
3
9*4 Mar
135
87%May
6%
Jan
97
Oct
100
No Amer Edison $6 pf.No par
$5.50
2
Dec
2
100
Northern Central Ry
Northern Pacific
Otis
Oct
54%
2*4 Jan 10
6% Jan 10
100
Adjust 4% pref
Northwestern
%
Jan 18
61
62
Mar 31
85% Feb 26
No par
Jan
% Jan 10
% Mar 26
1% Mar 31
25# Mar 30
% Jan 5
434 Mar 29
Conv preferred
100
t N Y Ontario ft Western. .100
N Y
Preferred
4
7
Oct
110
1334Mar25
300
Jan
5
Apr 25
Otis Elevator
2,900
1278
25%
120
5,200
7%
317# Mar
Oct
Mar 30
5% Mar 26
17%
39
2*4
101
83% Apr
127
Oct
15
50
No par
8% preferred A
100
Oppenhelm Coll ft Co..No par
14
7
Mar 25
200
14
3%
Mar 30
2
2,100
9%
7,500
99
*12%
48
18
4%
12,900
*115
50
preferred
123# Mar 31
Oil Co....No par
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
20
3,100
1,100
4878
5%
N Y ft Harlem
57
*51
57
1%
8%
*88
2134
40
*13
54
20%
125
2
Feb 23
Jan
*
19%
1
79% Mar
100
*16%
9%
18
2%May 24
75# Mar 31
15% Mar 29
58
Apr 5
No par
1
29% Mar
75
Jan
30% Nov
19%
19%
19%
19%
*125
12634 *125
12634
8
77#
7%
77#
1
1
99% Aug
26% Nov
6% preferred series A... 100
NYC Omnibus Corp..No par
New York Dock
—.No par
*1%
1934
Co
Feb
Oct
17% Dec
20% Dec
6312 Dec
30
54
5
Natomas
4
Jan
Mar 31
% Sept
55
Jan
2,300
1,600
145
10%
21
Feb 25
Jan
Jan
Mar
101%
99
23
% Sept
55% Mar
178
10
% Jan 12
62*4 Jan 12
14% Mar 31
Oct
72
*15#
*16%
9%
*45#
% Feb 10
4434 Mar 31
6
Oct
1%
19%
9%
21%
103#
5
% Feb 11
8*8 Jan 12
*4 Jan 7
Oct
145
9%
Jan
Mar 29
617g
1434
2%
15%
"""*%
75#
150
Dec
14
101
26
26
July
16%
197b Jan 12
*42
9.1%
26
77#
127
22% Jan 10
38% Jan 12
2678May 11
4*4 Jan 11
11*4 Mar
1
"*% "%
92
4
Jan 11
Mar 29
*84
6%
8
*78%
7%
Jan
24
Oct
Mar 25
*3
54
8%
*87%
„
136
4%
7
9
148% 149%
10134 10134
18%
19%
*52
8
Jan
7
7*4 Feb
29*4 Jan
10
10
%
53
8%
171
5
4Ji % conv serial pref--.100
Newberry Co (J J)——No par
5% pref series A
...100
X New Orl Tex ft Mex
100
Newport Industries
1
10%
Oct
70
Nelsner Bros Inc
20%
Mar
153
63
500
11%
44
Jan 20
13% Mar 29
prior preferred--.100
prior preferred
100
National Tea Co
No par
300
21
Apr
Oct
159
5M%
2,300
10%
18i
18
3
13034 Feb
National Supply (The) Pa.. 10
$2 preferred
.40
2%
21
9
7
Feb
17% Mar 29
150
100
9%
Mar 30
Jan
No par
1%
155
53
80%,
878
5
1
-.10
6%
mm±-
15
15%
16%
17%
24
23
23%
24%
23%
3
3
3%
*2%
*234
8
8
8
8
Vv 8
8%
*109
112%
112% *110
111% *110
*108% 123
*108% 123
*108% 123
*%
%
*%
*%
%
%
78
20%
Co
Lead
preferred A
preferred B
17a4 Deo
N Y Chic ft St Louis Co—100
*50
19%
7%
6%
23% Feb 17
Feb 25
20
May
3
101% 101%
19% 20%
*78%
*3%
15%
*534
10%
National
18%
2%
9%
*15
16%
1%
33)
*%
17% Mar 31
11% Apr 1
112% Mar 2
1117#May 27
7*4 Jan 11
5% Feb 1
24
533#
152%
102
8%
*87
50
Nat Gypsum
"3",000
------
*%
No par
Nat Enam ft Stamping.No par
Nat Rys of Mex 1st 4% pf.10
5% 2d preferred
100
National Steel Corp
25
24
*70
*70%
10
11,100
15
*23%
preferred
100
Nat Mall ft St'l Cast Co No par
National Power ft Light No par
700
50%
14%
par
Oct
1,600
9%
7
533#
12%
21%
11%
57
"1%
7%
11%
21%
10%
25%
*8
*4
22%
12%
*109
*52
9%
7%
12%
18%
9
72
36
*110
*8
24
72
75
*15%
2%
10%
3%
8%
112%
8%
24
52
75
*7014
27#
*2%
27#
97#
9%
9%
18% *1534
18%
25%
*314
3%
15%
*70%
*2%
102
*4
7%
12%
1434
66
*63
36
~50%
1534
24%
7234
18
17
102
727#
80
2%
97#
19
"SO"
51%
15%
237#
7234
2434
*71
74%
"
"51%
16
30
100
No
Nat Distillers Prod
163
*52"
*114%
6%
No par
—100
Nat Dept Stores
300
4,200
Register
7% pref class A
7% pref class B
40
1,300
Cash
37%
12%
117#
106%
Nat Dairy Products.—No par
-
6
6%
6%
6%
5%
6%
5%
5%
5% V 534
19
20%
18
20%
19
19% 20%
19%
17%
1834
*159% 163
*150
157
*159% 163
*160% 163
15934 *140
*133
135% *133
1347# *133
*115
133
1347# *133
1347#
132% 133
16
15
15
*15%
14
14% 15
14%
14%
13%
*13%
13%
7
7%
67S
7%
67#
■7%
6%
67#
6%
6%
638
6%
6%
20%
*159
Nat
6,100
Jan
Ex-rlghts.
6%
48
12*4
Oct
Dec
Dec
51% Nov
*9%
2%
7%
4
10%
Dec
Oct
Oct
Oct
Dec
24% Mar
97
28
Mar
Jan
103*4 Aug
23
15%
40
27%
32*4
Jan
Feb
Mar
Feb
Jan
f Called for redemption
Volume
LOW
New York Stock Record—Continued—Page 8
146
PRICES—PER SHARE,
SALE
HIGH
AND
NOT PER
Sales
CENT
Wednesday
Tuesday
Monday
t
Thursday
Friday
1
Ranoe Since Jan. 1
STOCKS
NEW
for
Saturday
May 21
May 23
May 24
May 25
May 26
May 27
$ per share
$ per share
S per share
S per share
S per share
Shares
1234
26%
37%
12%
100
100
100
100
98
98
*133
137
*136
140
*136
140
26
26&8
*1212
3%
*7i2
*1
37%
12%
*24
27
1012
26%
37%
12%
13%
*24
26%
*36%
37%
26%
25%
26%
25%
25%
37%
*34%
36
36
37
400
12
12
12
500
97
80
12%
12%
*96%
98
98% 98%
136% 136% *136% 138
10%
10%
3%
3%
334
3%
9%
*7%
9%
1
7%
*78
10%
3%
9%
1%
*7%
1
1
*%
80
*136% 140
Pan-Amer Petrol & Transp-,5
^Panhandle Prod & Ref No par
8% conv preferred
.100
27% Mar 26
6%
9%
1%
65%
Parafflne Co Inc___...A''<> par
29
31%
29%
29%
1,000
*84
88%
*84
88%
*84
88%
*84
7%
*73%
76%
2
o
2%
*34%
35%
*15
15%
*1%
5
34%
5
16%
Parmelee Transporta'n.A'o par
Rust
1% Mar 29
3% Mar 30
834 Mar 31
5%
5%
2,700
Peerlees Corp
4
Mar 26
48%
48%
400
41
Mar 30
60
60%
3,400
55
Mar 31
2%
3%
*1%
16
16
3%
*16
19
*11%
12%
*11%
12%
15%
15
15%
15
*26%
*111
11%
12
15%
*2%
28
28
29%
4%
27
19%
*12%
9%
*7
10%
10%
19%
19
19)4
20
20
14
*7%
14
*12%
9
9%
9%
*12%
*64
70
*64
70
*64
70
2%
*1%
2
*1%
3%
*2%
3%
*2%
%
h
%
88%
%
87%
88
*64
2%
*1%
2%
*1%
334
2%
234
%
%
88%
89
5,400
89
6
*4
6
*4
6
*4
6
*4
6
*4
*38
50
*38
50
*38
50
*38
50
*38
50
*3%
*19%
*2%
5%
*32
5%
*3%
4%
20
20
*47
*3%
4%
20
*19%
6
51
*3%
5%
5%
5%
9
24%
*20
5
4%
*8%
*312
3%
23
*20
5%
5%
10
60
*5%
*46
5134
53%
5%
*51%
*22
4%
53
37% Jan 12
34% NOV
54%
Jan
Dec
100%
7%
Jan
Feb
4%
49%
*41%
5%
4%
478
"766
23
4%
)
3
8
3% Mar 31
20 May 5
3% Mar 30
200
163
5%
8,300
100
*8%
10
*8
9
*8
25
25
*23
25
*22
22
22
*22
26%
40
16
*15
16
15
15
14%
14%
*13
14
14
14
40
20% Apr
11% Apr
23
23
*23
25
23
23
23
23
*20%
23
*20
23
70
23
*8%
3A
*%
*%
*6%
*6%
*6%
7
*51%
*6%
*8%
9%
*8%
9
%
*%
%
*%
17%
17%
*8%
17%
*8%
17%
9
7%
*7
2%
2
51
63
8%
*%
7%
*2
63
*51%
*%
%
2%
8%
6%
20%
*2%
63«
9
6%
6%
*18
*6%
19
51%
-
7
*4%
*47
%
*%
%
*%
%
18
1734
1734
17%
17%
173s
17%
9
*8%
9
8%
8%
*5%
10
634
6%
634
2
134
%
7
*1%
634
7%
2
*1%
*%
*%
2%
*2%
2%
2%
2%
6%
6%
6
6%
8
*6%
19
*17%
47%
6
7%
20
6
48
48%
48
48
*113
25
8%
*82
*113
116
25%
9%
8%
*11%
12%
5%
*75
87%
*49%
50
2%
*16
*8%
*17%
834
*82
83
8%
5%
25
9%
11%
5%
*75
49%
2%
18%
93
19
2
116
25%
25%
116
*113
2 Hi
25%
9
8%
9%
8%
83
*82%
83
8%
10%
5%
82%
*10%
5%
87
*75
9%
11%
8%
1034
5%
5%
87
49%
2%
16
16
*8%
9%
19
*17%
*113
*75
8%
834
82%
8%
11%
5%
87
8%
*10%
5%
*75
49
4938
48
2
2%
2
*15
46%
2 ft
137%
70
8%
300
2,300
300
6%
preferred
--No
Quaker State Oil Ref Corp.
Purity Bakeries
31,000
2
*16%
19
200
15
15
15
1434
15
*1334
15
1,400
26
*22
25
*22
25
*22
24
*22
19
*17
19
*17
18
*17%
18
17
4
*40
4
4
50
4%
*35
4
4
*35
50
1
*15
*8
18%
8%
100
100
22
22
*16
17
4
4
*35
50
*84
1
93
*6
6%
*534
7
*534
7%
8
*4
7%
*6%
7%
*6%
734
*6%
734
*6%
7%
*6%
*8%
*8%
10%
1034
53%
*8%
10%
*8%
10%
11
*10%
10%
10%
*52
55
*52
54
*52
10%
1C)34
54%
45
45
*36
48
*42
*34
47
10%
10%
1%
10%
53%
*36
1%
12%
43%
1%
*49
52
47
*35%
47
*35%
45
1%
12%
43%
1%
6,100
12
12%
11%
1134
25,200
*40%
44%
40%
40%
400
44
38
38
1%
13%
13
13%
44%
*47
59
*48
55
*50%
44%
54
*44
10
10
10
10
10%
10%
10
*18
26
*20
28
*19%
28
*19%
78
78
*53
78
*.-_-
59
1%
28
*53
*53
*
*53
78
59
*11%
11%
11%
11%
11%
*85
94%
*8538
9434
*8538
5%
3634
*5%
*5%
36%
*53
*
6
36%
36%
*53
55
7%
5%
*6%
5%
9%
*8%
5%
55
37%
*53
11%
85%
*5
6
3634
37%
*53
55
50
*
38
834
10%
59
9438
5%
*
11%
11%
853s
5%
37
55
7%
19%
*53
*
36%
*53
*512
7%
*6%
7%
5%
5%
5%
5
5%
9
8%
*8
9%
*8
9%
*14
5 ft
17%
17%
*16%
18%
2%
*1%
27%
*17%
18%
14%
*17%
*1%
2%
*1%
14%
18%
2%
30%
30%
%
134
29%
29
29%
27%
*34
30%
%
*1%
I84
7I
1%
*%
1%
1%
29
%
*%
%
1%
1%
1%
I',700
"600
Jan
114% Mar
30% Oct
118%
Jan
52%
91
Oct
112%
Jan
Feb
Oct
12812
J»n
117
Oct
140%
Jan
Jan 14
132
Sept
162%
Jan
110
June
113%
Jan
Oct
72%
24%
Feb
Feb
Jan 12
143
Jan
114%May
6
9
103%
36% Jan 17
133g Jan 11
25%
8*4
81
Apr 19
98% Jan 18
85
7
Mar 29
1034May 10
16% Jan 14
7% Jan 11
5*4
Oct
23%
13%
Dec
4*4
Oct
18% Jan
12% Mar
77%May
96%
Dec
115
Nov
44
Dec
80
Jan
ftl0%May 24
484 Mar 31
Mar 30
Mar 22
1
5% Mar 30
9%May 10
Apr
63
4
Feb 26
Oct
Oct
107
Feb
Feb
5% Jan 11
2%
Oct
23>4 Jan 15
19%
Dec
10% Apr
37% Aug
24% Jan 11
29% Jan 18
20
Dec
26
26
Dec
29%
Dec
22
Jan 13
18%
Dec
47
Mar
30%
Jan 16
30
Dec
49
Jan
27% Jan 25
4% Jan 10
23
Dec
43%
Oct
13%
Jan
Jan
'39
Dec
83
1
Sept
41
Jan 21
1% Jan
11
3
3%
Jan 10
7%
Deo
Dec
Jan
4% Mar
30
22%
Mar
Feb
9*4 Jan 10
7*4
D>ec
9*4
Oct
35% Mar
8%
Oct
29% Mar
2
11% Jan 12
15% Feb 25
67% Feb 24
61% Nov
Apr 28
66% Jan 22
69
9% Mar 30
Jan
94%
20*4 Jan 15
75% Jan 15
65
Dec
Feb
Feb
47% Mar
124
Apr
Jan 13
60
Dec
110% Mar
3
Jan 10
1*4
12%
Dec
Oct
Oct
110
9%
May 26
73
17% Jan
8
9
Oct
87
Jan
8
26
Dec
98
Apr 27
85
Jan 21
76*4
Dec
139
Nov
49%
Apr
Apr
Apr
Jan
Jan
95%
30%
64% Jan 21
17% Jan
7
60
87% Jan 21
80
10% Jan 11
578
Dec
34%
46% Jan 8
68% Jan 11
8% Jan
7
40%
Dec
58
65
Oct
67
Jan
10% Nov
14
Feb
5
3
Mar 25
7% Apr 11
14% Mar 30
2%
25%
Corp.
200
*1%
Richfield Oil
100
*1434
Feb
65%
108
6% Feb
14%
86
Oct
123% Jan 13
8
Apr
Mar 29
51% Jan 31
7%
9,400*
Feb
Oct
3384 Mar 30
55
5%
31
20
43%
84% Apr 25
4% Mar 30
200
*14%
2%
35% Jan 13
98% Jan 12
Jan
62% Feb 24
1034 Mar 30
4,200
15%
18%
Mar 25
65
200
15%
122%May 18
.
7% Mar 30
17% Mar 30
400
5
"5"
Jan 21
Jan
Jan
Jan
Jan
38
400
8
*1%
*%
85
3634
*
Oct
ll%May 27
1,400
8
*1734
v
5%
11%
5
*53
5%
1%
4%
10%
10%
39% Mar 29
100
36%
55
7%
*1434
*34
85
5%
Oct
1% Mar 30
59
*11%
36%
2%
3138
*1%
n
Jan
5%
49%May
78
95
18%
7l
24
*53
5%
153s
1%
*17
*85
*1%
*%
19%
Feb
Jan
Feb
40
700
8%
78
11%
*17%
1%
8%
9%
59
*14%
30%
1%
1%
*ii~
8%
153s
*8%
Remington-Rand
10
48
1%
13
Co
200
*45
1%
13%
2,200
10%
52
22% Aug
15%
31%
34% Mar 29
Reliance Mfg
10%
49
1%
13
47% Mar
Oct
Apr 5
234 Mar 25
6
10%
Oct
Jan
July
2%
5
52
*44
10%
8%
%
141
3%
15
6%
*8%
1
Apr
Jan
Feb
11%
% Mar 29
10%
*34
1
2:97%
8%
33%
1
*8%
*%
Oct
Oct
18
50
*6%
*6
1
28
1*8
Oct
1234Mar31
1,000
*34
*434
*34
Dec
8
8
2% Jan 11
57 May 10
16% Jan 10
s4 Jan 19
Oct
18
100
4
Rayonier Inc.
100
17
23%
Jan
4
*4
60% Jan 31
37% Mar 31
2
May 13
16 May 23
818May 26
13,300
18
8%
Dec
*4 Nov
Jan 13
2158May27
8%May 26
"2,100
18
18%
Deo
45
112
87
46%
*15%
8%
Mar
30
Deo
6
101% Apr 23
13,700
18%
2% •••:
122
Dec
30
Jan
1%
132
8,300
5%
Dec
23
46
22
17
10
15
81% Jan 17
50% Jan 11
112
22%
11
32
45
3% Jan 13
86% Mar 31
116
18%
93g
*17
50
*75
Inc..
100
*8%
*22
*35
5%
87
48%
Co
600
18%
15
50
5
Jan 10
26% Jan 10
25
Car
600
120%
19%
15
*38
*10%
11
92
106
8%
Mar
117
Steel
70
82
Mar
43
39% Mar 31
Pressed
4,800
*18%
15
*4
*8%
Jan
20
Oct
2,200
2%
*15%
*8%
15
4
82
175
Oct
8
200
49%
2%
18%
9
49%
15
4
8%
834
82%
8%
Apr
4%
165
Jan 25
8% Jan 10
16% Jan 12
7
500
8%
100% Aug
Jan 15
6%
18%
82%
Dec
12
*5%
21%
4834
1
5% Mar 29
1% Mar 26
34 Feb 8
l%Mar 30
434 Mar 25
4% Mar 25
13% Mar 30
300
24
Jan
14% Aug
Jan
3,500
x23
76i2
Dec
Apr
5%
25
Oct
4
3
2%
*113
Jan
25
ft
29%
5%
116
Feb
18%
" Dec
2%
*113
Jan
56
Oct
9
100
116
Oct
Dec
36
5
600
28%
Apr
Jan
1,200
121
20%
33%
11
%
r
74%
Oct
Mar 28
100
46%
Oct
4
8
% Mar 31
"2,300
1%
47%
46%
4734
121
*116
*116
121
122
120
120
*120
2119% 119% *116
28
27%
28
28%
27%
30
29%
28% 29%
29%
29%
91
92
*90%
91
91%
*90%
92
91%
91%
90%
*90%
*104
107
106
106% *104
108
10638 107
*10534 108% *10534
118
118
*116%
121%
121% *118
*118
122% *118
122% *118
135
135
135
135%
135%
136%
136% *135
*135
136% *135
*47%
Jan
Jan
27
Oct
6%
*15%
Jan
Oct
1%
17
9%
Jan
July
13
*%
6%
17
64
2
6%
47
Dec
87%
Mar
6
5%
19
48
*17%
20
Oct
20
2%
5%
Feb
Mar 31
%
*2%
6%
Mar 29
Jan
3%
15
Pittston Co (The).
1%
:
3
May
14
95% Aug
Nov
30%
1%
Jan 17
Mar
59% Mar
Oct
5!%
50
7% Feb 26
12
6
210
8%
*%
35
Jan
Feb
Oct
4%
6% Apr 28
Mar 25
Oct
20%
1
48
20
8
8%
8
8%
5
1
preferred
7
8
May2i
Oct
%
7% Jan 17
% Mar 26
Corp.——1
1
55
8
53
*48%
6%
7
17%
7%
2
*%
Term Coal
Pitts
34
*%
*4%
%
7
9
*8%
...
*%
*2%
63
8%
25
*%
3
7
8%
*51%
^
8%
*22
2%
65
24% Jan 12
52
May 10
166
*15
Dec
7
284 Mar 18
36
Apr 13
8% Jan 10
2
Feb
Mar
6% Feb 18
61
4%May 26
7% Mar 29
Plttsb Screw & Bolt.
1*4
50% Mar 9
42% Jan 10
Mar 30
41
70
49
Mar 29
Jan
62
95% Feb 23
40
20
9%
3
May 21
1
20% Jan
700
6
2% Feb 19
4% Jan 12
Mar 31
4
300
Jan
66
30% Jan 18
51
4%
20%
18% Nov
Mar 28
2
72
23
5%
7,700
3
23
4%
*49%
*51%
*4%
51
5
5134
*4%
5
*3%
30%
5%
2234
5%
20
*32%
5%
*4%
49%
5
*4%
4%
23
*2
234
72
*5%
23%
13%
38
*46
5%
*46
51
*2
*32%
72
2934
31
30%
31%
2%
23%
23
51
50
*2%
*32%
*5% ft 6
23%
5%
23
23
23%
3
72
*2%
3%
72
*32
30l2
31%
Oct
4% Mar 30
May 4
27% Mar 31
Phillips Jones Corp.
6
50
31%
7% Mar 3
31% Jan 10
Jan
Apr 12
1% Arp 25
2% Mar 26
% Mar 26
75% Mar 29
900
87%
*%
87%
*4
31%
3
434
70
*%
88%
*38
31
21% Mar
17% Mar 31
Petroleum Corp of Am
2%
3%
%
*2%
*%
*1%
*2%
2%
3%
%
88%
13% Jan 11
Oct
15
60
70
*%
Jan
25
100
*64
*2%
Jan
91
70
66
*1%
87
Oct
30
36%
Mar
11
100
*35
20%
Jan
Feb
17
15
15,000
37
6%
19%
116%
65%
734 Mar 30
No pt
1938
*35
6%
21%
Oct
ft- Oct
48% Mar
3534
36%
6%
22
Mar
Oct
18%
20
*35
110% Sept
9
34% Jan 12
4% Jan 12
Feb
50% Mar
63
Dec
35%
21%
Dec
Dec
1,100
37
Oct
Dec
9
9
*35
13%
27
4
Jan
Feb
Feb
30%
6%
*2038
12%
76%
29%
Oct
30
9
21%
Oct
Jan 12
6%
36%
6%
2%
112% Feb
Mar 23
9%
*36%
20%
"moo
Oct
20
Feb
Jan
64
103% Mar
1%
37% Jan 11
38% Jan 15
15
1(
5% preferred
Pet Milk...
14
Mar 29
634
*6%
18%
6%
60
Nov
Jan
7%
10% Jan
23% Mar
7% Feb
8% Mar 29
190
18
19%
Oct
2%
57% Nov
31
22% Mar 26
184 Mar 26
5% Mar 26
173s Mar 26
11%
18
Oct
24% Jan 15
Mar 30
110
10
Oct
37
Jan 11
5
Oct
4
24% Jan 10
15% Jan 11
14% Mar 31
19% Mar 28
50
434
19%
14
10
Pennsylvania RR...
400
26
18%
9%
:
28
*7
934
par
200
11634
*2%
Penn-Dixie Cement...No
1%
8
51%May 21
73% Feb 25
2% Jan 10
1% Mar 24
2% Mar 30
10% Mar 30
100
12,900
21
17%
*19%
*12%
9%
T,200
15
26
434
*2%
434
*2%
21
*734
*20
■ft7ft
1138
1438
*25
27
3
400
15
28
25% 26%
*26% 28
11634 ♦111
116% *111
116% *111
*28
9%
15%
3%
33g
15
15%
*11%
15%
No par
2%
*134
2%
3%
2%
3%
*1%
3%
9%
7
60
2% Jan 10
684 Jan 12
12% Jan 8
6%May 14
5%
9%
6%
20%
*5%
*22%
29% Aug,
6134
14
*12%
3%
44%
Oct
49%
19%
21%
19%
*20
72
Oct
12
*48%
60
19
16% *16%
12%
*11%
*11%
12%
153S
15%
15%
15%
28
*26% 28
*26%
111% 111% "111% 116%
29%
29%
29%
*29%
4%
*2%
*2%
4%
*8
*8
10
10%
*2%
28
Pathe Film Corp
*3%
*31%
3
20% Feb 23
Patlno Mines & EnterprATo par
*1%
31%
37% Mar
Mar 31
300
3%
Jan
13
1,200
2%
31
Feb
Jan 10
31% Mar 31
JV<
Proof Co.—
5,100
31*
89
Parker
1%
*1%
89
Parke Davis & Co
300
9%
3%
66
800
4%
2%
7
Jan
Feb
1%
"
109% Mar
8%
Jan 20
3%
1% Mar 30
Park Utah CM
9%
3%
16%
14
~4j66
4
61%
3ept
Jan
1%
63%
*95
34%
9-%
62
Feb 11
Jan
18% Oct
ft:!-" Oct
4%
50
90
24
Mar 29
16
1
9%
5%
63%
*1%
*12%
Park <fe Tllford Inc
4
5%
*48%
32% Nov
Jan
*1%
6
Jan 21
Jan
May
Mar
26%
1%
62%
121
28%
9%
5%
52
Oct
Oct
4%
62
29
8
9%
*49
Jan 15
12% Jan 10
4%
6
4%
200%
*1%
63
17%
Oct
1%
51%
12%
1 ft Oct
Oct
9%
63
Oct
ft'.'7ft Oct
7
8%
412
50%
20%
14%
ft' 4ft'
Jan
80%
1%
5%
19%
14%
F^b
Jan 12
Feb 25
12% Jan 10
97% Jan 10
65
9%
5%
51%
19%
34%
15
Apr
Mar 26
534 Mar 31
.1
412
5%
*20
35
14%
29%
6% Mar 31
Paramount Pictures Inc.
2,800
34%
Jan
Dec
11*4
94
90% Mar 11
100
preferred
Jan
42
Mar 31
1%
51%
9%
8
7%
*15%
1%
conv
% Mar 25
100
34%
15%
34%
*15
'9
9
2
21~506
Mar 29
7
4%
♦9%
5%
9%
6%
75
3% Mar 30
..No par
.
Mar 18
10
10
10%
*1%
4%
1%
35
15
'
16
6%
*71%
Packard Motor Car
4%
88%
*84
7
76
8%
20
20
2
34%
20
2
35
34%
*15
6%
*73%
7%
*15%
8%
8%
2
88%
7%
76%
*15%
2
.2ft
v
*84
8834
7
*73%
8%
20
149
300
30
8%
Apr
300
30
*15%
133
Apr 23
15% Jan 10
10,200
32
8%
Jan 28
28
1
29%
20
140
9%
30%
8%
152
3%
*7a
33
*15%
Nov
3%
*6
-
30%
812
110
%
30
20
Jan 31
7%
3%
30%
8%
Jan
Jan
6
116
%
33%
*15i2
5384
44%
7%
1
33
7%
Jan
Oct
5,100
*30%
7%
38
Oct
10%
10%
*30
78%
Oct
16% Jan 11
24%
33
7%
22
4:34*4
10%
Pac Western Oil Corp
share S
$ per
Jan 14
40
24%
33%
*72%
share
per
28%May
10%
*30%
7l2
S
share
25
No par
24
*30
76
Corp
10%
3%
30i2
33%
7%
Ltg
24
*30
76
per
j2234 Mar 30
32% Mar 31
Pacific Mills
..No par
9% Mar 30
Pacific Telep & Teleg
87
100
Apr
1
6% preferred.
100 2132% Mar 30
24
PacificTin Corp.(sp.8tfe)lVo par
May 26
Pacific
200
110
30%
{
.'".ft;. Par
Pacific Gas & Electrlo
10%
3%
7%
10%
10%
97
Year 1
Lowest
Highest
27
*24
27
*24
27
1012
3%
3,200
26
*36
*11%
Range for
100-Share Lots
Lowest
% per share
26
Basis of
On
YORK STOCK
EXCHANGE
the
Week
*367s
3461
13
Mar 31
7% Jan 10
11*4 Jan 10
20% Jan 19
23*4 Jan 11
1% Mar 31
St.
Joseph Lead
jSt Louis-San
6%
"
Francisco..
"
2% Jan 10
25%May 27
40% Jan 12
1% Jan 12
34 Mar 23
1% Mar 25
Er-div
y
3
Jan 10
Ex-rights!
12*4
Oct
Nov
Jan
112
4%
Oct
Dec
19%
17%
Oct
38
1
Oct
Oct
Feb
Dec
31%
Dec
Jan
6%
8*4
18%
Jan
26% Nov
June
Feb
9%
65
Mar
1
Oct
4%
Mar
1%
Oct
1%
Feb
ICaTied for redemption
New York Stock Record—Continued—Page 9
3462
LOW
SALE
HIGH
AND
PRICES-PER
SHARE,
NOT PER
CENT
NEW
for
J"
Thursday
FrUlay
May 23
May 25
May 26
May 27
8 per share
$ per share
$ per share
$ per share
Shares
S per share
*2
3%
10
*6
*2
3%
10
*6
*2
3%
10
*6
8 per
*2
3%
*0
share
10
*2
3%
10
*6
Lowest
Par
3%
10
*6
14%
*14
14%
*14
14%
13
*08
72
♦68
70
*68
70
6812
*68
73
*68
73
*81
85
*81
85
*81
85
*81
85
*81
85
♦81
85
*90
94
*90
94
*90
92
*90%
94
*87
92
90
90
170
*10%
11%
10%
1634
*10%
11%
*10%
11%
10
10%
10
10
500
67
*67
*14
16%
10%
16%
16%
68
*67
%
*478
*40%
*%
.67
*%
%
5%
16
16%
*15%
66%
66
%
%
7
*4%
40%
%
%
*1%
2
%
17%
*17%
*3%
3%
*1%
17%
*3%
3%
*3%
54%
12%
54%
54%
55%
53%
55
12%
12%
53%
12
12%
11%
J2
12
12%
12%
*507#
53%
*507g
18
18
12%
*50%
4
4
yl:A.
*39
42
*39
8
8
*24%
*12%
734
26
24%
12%
1
12%
100
*99% 101
*5%
*16%
*2%
*15%
*21%
*88
534
2
'
4
12%
17
16'%
12%
100
5%
16%
17
27«
2%
2%
16%
*15%
17%
%
1%
500
1
40%
%
*1%
3%
53%
*3%
50%
11
10
1,700
%
1%
17%
250
%
40
*3%
334
3%
52
53%
12
51%
1034
12%
11%
12%
12%
12
12
*10%
12
53%
*5078
53%
*4734
50
*47%
{St Loula Southwestern.—100
5% preferred....
100
Safeway Stores
No par
5% preferred
100
6% preferred
100
7% preferred
—..100
Savage Arms Corp
No par
Schenley Distillers Corp
5
5 J4% preferred...——.100
{Scbulte Retail Stores
1
8% preferred
100
Scott Paper Co
No par
J Sea board Air Line... No par
4-2% preferred
100
50
'
•
4
7%
26
12%
*23%
117#
*99
5%
41
:
12
*99
100
5%
16%
27«
21
20
20
*88
90%
*88
90%
*88
90%
1,300
3%
200
52%
16,200
10%
6,700
26
5%
26
15
*5%
14%
*2%
15%
2%
*15%
17%
20%
90%
70%
2%
10
2,300
12%
99%
5%
14%
2%
99%
5%
100
2,100
71t
11
1134
100
1,300
41
7't
*23%
Seaboard Oil Co of Del-No par
Seagrave Corp
...No par
Sears, Roebuck <fe Co ..No par
2,600
2,900
20
3,600
89
89
200
70
72
70
70
*70
73
70
73
*02
70
490
99
*95%
99
*95%
99
*96
98
98
99
*13
*13
15
*13
12
IDs
17%
1334
15
*11
17%
117#
*11%
1334
11%
8%
14%
11
11%
11
;
400
*9
9
93«
9%
*9%
*914
*9%
9%
9%
8%
8%
12
12
12
12%
12%
12%
12%
12%
12%
12%
12%
12%
*111% 113
*111% 113
♦111% 113
*111% 113
*111% 113
*111% 113
*
2
2
2
17#
178
17#
*17g
I7#
1%
17g
*134
178
19
19
17
17
18%
18%
16%
18%
16%
1078
16%
10%
150
♦133
150
*133
150
133
*133
133
21%
21%
*21%
21%
21
21%
20%
21
11%
7%
11%
11%
738
11%
7%
11%
11%
7%
11%
23%
3%
11%
1134
10%
11%
7
12
7%
11%
23%
3%
*21
*20
25
*25S
*35%
2
*2%
*35%
3%
37
10%
*20
*2%
37
*35%
37
7
20%
9%
634
7
10
1084
10
*20
23%
*20
*2%
*35%
*2%
*35%
3%
37
2
2%
2
7%
*6%
*48%
*6%
7
75
♦48%
75
*48%
75
22
22
*20
22%
22%
21 •%
22%
21%
*19%
20%
*8%
*19%
20%
20
20%
*48%
*19%
19%
9
*8
9
34
34
39
*35
39
*34
7%
50
2034
*8
9%
*16%
7%
*100
17
1%
3%
7%.
*100
1%
20%
17
100
3%
778
17%
3%
*16%
1934
*15%
263«
28i2
29
42
%
9%
*30
46's
46
*2012
24'2
7
7
*678
714
6
*5i2
6
124
8I4
8
4i8
4
51
19%
2%
*1012
2214
*714
16%
*2514
578
47S
8U
*5l2
*39
*434
5%
35%
3%
30%
8%
*8%
*15
26
6%
5
4i2
6
*5i2
39
44l2
478
478
19%
20
18,700
8
8
8
600
39
*34
39
6%
42
*30
*22
24
*22
*30
45
16,100
20
200
58%
59%
1,500
6%
*5%
6%
2,000
678
7%
378
4
58%
6%
59
03,j
6
*5l->
6
678
2%
49%
19%
10
22
21%
*6%
16%
2338
25«8
2434
24
24%
5%
3914
*36i2
478
*434
5%
35%
5%
5%
3612
3%
31
31
8I8
8
8
3%
30%
8iS
8%
9
44%
*35
4%
5%
41i
6
5%
5%
*36
4478
5
*434
5
5%
5%
35%
3534
3%
3%
2934
30%
36%
3%
30%
8>4
8%
*4%
5%
5%
35
8
8%
3%
*29%
7%
8%
8%
8
16%
*14
3
par
xZ8
5
5%
8%
17
17
16
*54%
57
57
4
*3t4
4
4
*3%
4
*48
*54%
*3%
55
*45
49
*45
48%
3
3
*278
3
30
*11%
1%
30
10l2
*2
*9
11%
*79%
4
*358
10i2
101o
*2
2l4
338
....
81
*30
3l2
*9%
7978
834
8%
33
3534
3
*27«
*11%
30
*1%
4%
10%
*3%
4%
4
2't
10%
1134
80
8%
34
938
9%
6%
6%
6
6
5%
6
*5%
3%
8
2212
31
3l2
30
*178
2
714
47
318
It
638
"4"
*6
2134
*30
*5%
3
3%
87
4
K
~*r
7i8
*178
2
48
48
5%
6%
3%
*5%
3
*79%
8%
32%
33
8%
32%
9%
9
51
5%
5%
578
3
3
*
8%
8%
32
9%
5%
5%
*2919
30%
29%
*6%
*178
*46
3%
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291*
28
7
*6%
*178
2
48
*46
8%
18
I8I4
18
18ig
1778
*6n4
62%
61%
62i8
7412
61
18%
62%
7634
62%
17%
*72%
20%
26%
21
21
25%
26%
Bid and asked prices: no sales
on
61
*72%
*20%
2478
31
3%
3%
3%
8%
32%
2,600
878
3,200
5%
5%
278
3%
8
*3
19%
291
3%
28
28
7
6%
6%
6%
178
178
1%
48
62%
1734
59%
17%
1734
8%
61%
13
61%
60
60
73
73
7134
71%
20%
24%
20%
20
20
26
24%
25%
61%
74%
21
'
2578
this day,
200
9,500
400
1,000
3,200
600
5,200
*45%
8%
59%
t In receivership,
"moo
18% Jan 11
Mar 30
101% Jan 27
a Def
14
Feb
05
Jan
17%
Feb
44
Feb
91
Nov
Simmons Co—---—-No par
12% Mar 30
24%
Jan 11
Slmrns Petroleum
2% Apr 5
1478 Mar 30
22
Jan 13
17% Oct
2% Nov
1534 Dec
34%
Jan 10
26%
93
Feb
I
88
82%
Jan 12
Jan 13
20% Jan 10
15% Jan 15
13% Jan 15
10
Skelly Oil Co
18% Mar 31
284
Apr 1
25
100
Mar 28
100
45
..No par
91
May
Smith (A O) Corp...
10
Smith & Cor Typewr...No par
Snider Packing Corp...No par
13
Apr 8
Mar 31
Sloss Sheff Steel A Iron
56 preferred—
10
_
2
8% Mar 29
Socony Vacuum Oil Co Inc.15
10% Mar 31
111
Apr 14
128
25
Southern Pacific Co
Jan
9% Mar 317
5% Mar 30
8% Mar 30
197
Mar
June
120
Mar
13
Oct
10
Dec
934
Oct
13
Oct
110
Mar
1%
Oct
20%
Oct
130
Oct
Mar
Mar
Mar 25
4
Jan 12
4
Mar 26
Oct
Oct
31
Feb
94
Feb
23%
1
15% Mar 30
22%May 19
10
Oct
par
7% Mar 31
Jan 10
10
Dec
35
Dec
Mar 30
6% Mar 31
48%May 26
1
12% Mar 31
6% Mar 31
t Stand Comm Tobacco
1
Mar 18
1% Apr 19
2
par
Mar 31
4% Mar 30
No par
10% Mar 30
No par
13
Starrett Co (The) L S__No par
Sterling Products Inc
10
Stewart-Warner
No par
1
21% Jan 11
9%
50
Jan
Dec
28%
Feb
Nov
Apr
16
Nov
Mar
8%
2%
Oct
5
Oct
95%
48%
16%
107%
12%
14%
32%
Oct
65
Jan
Jan
Jan 10
107% Feb
5
3% Jan 10
6% Jan 12
11% Jan 12
22% Jan 14
26% Jan 12
7%
101
Oct
Oct
2%
10
14
Oct
4
Jan
Feb
50
Feb
Feb
27% Dec
26% Oct
30% May
50
Feb
42
Jan
337$
35%
35%
64%
19%
53%
Jan
Jau
%
43
Dec
Nov
76
Mar
Dec
48
Mar
62%May
Dec
75
Jan
11% Jan
5%
Oct
21
Feb
11
Jan
6%
Dec
17%
11% Jan
7% Jan
6%
Oct
33%
Jan
3
Oct
20
Feb
Mar 29
119% Feb
100
8
—.100
10
(The)...60
15
25
Mar 30
22% Mar 30
5778 Jan
125
Dec
118
Aug
9
Oct
3%
Jan
17% Jan
2478 Feb
87g Feb
1878 Jan
27
4«4 Mar 30
10%
1
37gMay 27
9
5
50
34
ww__ 1
44%
Jan
14% Mar
29% Jan
Jan
Jan
18
Oct
1%
Oct
8
Oct
17%
Dec
734
Oct
5%
Oct
2%
434
Oct
Oct
8%
Jan
4%
Oct
Mar 31
7
Jan
8%
Dec
4
47
77%
125
20%
61%
734
47%
397g
20%
28%
Jan
Jan
Jan
July
Feb
Mar
Mar
Jan
Jan
Mar
337g Mar
2334 Jan
17% Jan
1534
57%
Jan
Jan
41
Dec
5
4% Mar 31
5% Feb
4
Oct
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A OH.—10
378 Mar 30
32% Mar 30
2% Mar 29
Jan
5%
Oct
4478 Jan
47g Jan
34%
Oct
26
Mar 30
34
Jan
23%
Oct
44
7
Mar 30
5%
Oct
16% Jan
15-% Jan
54% Mar
6H% preferred
Telautograph Corp
Tennessee Corp
Apr
8
2
13
Mar 31
Thatcher Mfg
53.60 conv pref
No par
15
Mar 30
10% Feb
11% Feb
24% Mar
24% Feb
No par
58% Feb
4% Jan
55
No par
5378May 4
278 Apr 13
35
60
55
Texas Pacific Land Trust
Texas A Pacific Ry Co
Preferred
1
6% Mar 31
100
100
■
Thermold Co
Apr 12
4%
2% Mar 31
1
15
Jan
Jan
Mar
Oct
Oct
48
Feb
64
Jan
13% Mar
93% Jan
13% Feb
2%
36
Nov
Oct
Sept
10
15
Mar 24
1
Mar 31
2%
Jan
1%
Oct
Thompson (J R)
25
Thompson Prods idc..No par
Thompson-Starrett Co.No par
3% Mar 30
8% Mar 28
5%
Jan
4
Dec
15%
Jan
10
Oct
1% Mar 28
3%
Jan
1%
$3.50 cum pref
Tide Water Assoc Oil
534 Mar 30
13%
Jan
6%
10% Mar 29
15%
Jan
13%
No par
77% Apr 29
85
Jan
72
Tlmken Detroit Axle
10
Timken Roller Bearing. No par
Mar 31
I37g Jan
31% Mar 30
48% Jan
36
Mar 30
12% Jan
10
7% Jan
4
Oct
54.50
conv
pref
8
Transamerlca Corp
2
Transcont A West'n Air Inc.5
Transue A Williams St'l No par
8
4
9%
4%
478 Apr 1
2% Mar 30
Tlr-Contlnental Corp..No par
56 preferred
No par
Truax Traer Coal
Mar 30
80
Feb
8
83
Jan
Jan
Jan
25% Mar 25
2% Mar 29
31% Feb
Twin City Rap Trans..No par
Truscon Steel
6% Jan
10% Jan
5% Mar 31
Jan
8%
Oct
Oct
4034
Jan
Oct
21%
Feb
98% Aug
Oct
2878
Oct
79
Feb
Oct
17
Aug
Oct
3%
Dec
Dec
4%
Oct
7
Dec
18%
25
Oct
Nov
12
Mar
26% Mar
407S Mar
50
Mar
6
Jan
Oct
17%
Mar 30
44
Jan
39
Dec
94
Jan
6
Mar 25
10%
Jan
7
Oct
25
Mar
1% Mar 26
2%
Jan
1%
Oct
Jan
5'»% Feb
46%
Nov
678
100%
12% Jan
No par
2%
200
Under Elliott Fisher Co No par
41
3,100
57
5,200
Union Bag A Pap new.No par
Union Carbide A Carb.No par
Union Oil California
25
17% Mar 31
21% Feb
87g Dec
61% Nov
17% Oct
1,900
Union Pacific
100
55% Mar 31
88%
Jan
80
100
59% Apr 20
81
Jan
78
Oct
par
20
23% Jan
28% May
22
Nov
4% preferred
Union Tank Car
New stock
22% Jan
27% Jan
11% Mar
109% Jan
1
Ulen A Co
n
Feb
10
Twin Coach Co
Aircraft
Sept
8% Jan
15% Mar
287g Feb
10% Jan
Dec
5%
82
40
100
Preferred
United
Mar
Oct
...100
.No par
10
9% Mar
Oct
3%
pref
conv
Feb
8% Jan
1538 Mar
65% Apr
5%
15% Nov
18% Dec
Avenue Ry
Third
200
delivery
Jan
Mar
72%
200
400
Jan
Dec
Oct
24
1,900
Mar
Dec
Jan
1
26
39
49
Mar 29
45
No par
(James)
5
Feb 26
Jan
Jan
Aug
5% Mar 29
3% Mar 30
1
Without warrants...
Jan
11% Jan 10
61
36
6%May 27
5% Mar 30
49
5
(The)
Mar 29
739
Jan
Mar
5% Dec
73% Sept
19% Dec
24
29
Mar
77% Mar
9% Jan
19% Mar 26
2
Jan
65%
43%
60%
65%
I17g
Jan 21
par
Jan
Oct
2
par
Feb
155
17
46
15%
June
6%
42%
Jan
Mar 30
3% Mar 28
26,900
115
32%
Oct
16% Mar 29
26.800
54% Jan
40% Feb
29% Feb
23% Aug
Oct
Dec
Mar 14
Feb
17%
1%
35%
1%
94
Symington-Gould Corp
Nov
98
27
No par
Talcott Inc
67
32
No par
6% preferred
Sunshine Mining Co
Oct
Oct
Jan 12
Apr
Nov
Oct
Jan 14
Mar
4%
Apr
9
3% Jan lu
58
■
60%
102%
Dec
15
54.50 preferred
Studebaker Corp
Sun Oil
Jan 10
34% Feb
105% Feb
177g Mar
26
22% Jan 12'
13% Jan 12
21% Jan 10
Standard Brands
Stone A Webster .1
20
Oct
29
Sparks Wlthlngton
No par
Spear A Co
1
55.60 preferred
No par
Spencer Kellogg A Sons No par
56 cum prior pref
Mar
5%
1978 Apr 13
2% Mar 29
Mobile & Ohio Stk tr ctfs 100
Spalding (A G) A Bros. No par
1st preferred
100
54 preferred
Jan 10
24%
100
{Stand Gas A El Co ...No
28
140%
100
Sperry Corp (The) v t c
Splcer Mfg Co..
No
53 conv preferred A ..No
Spiegel Inc
Conv 54.50 preferred.No
Square D Co class B
10% Jan 10
113% Feb 28
3% Jan 13
4
Southern Railway.....No par
5% preferred
100
19% Mar 31
100
Jan 17
3%
No par
90
Oct
6% Oct
24% Dec
1478 Nov
Jan 11
Slmonds Saw <fc Steel--No par
Feb
42% Mar
Mar
9%
10
20th Cen Fox Film CorpNo par
51.50 preferred.....No par
100
3,900
300
60
8%
1,300
1%
48
9%
61%
17%
48
2,500
1,400
48
8%
300
678
,
Jan 27
Mar 20
53 div
"loo
3%
*27%
2
400
1%
4%
107g
1%
11
12
80
*4
28
30
70
87
30
*3%
*28
"""466
30
5%
278
►
18%
4
8
48%
278
27%
34
120
Dec
3'4
44
The Fair
6,100
4
478
3
87
16%
1578
4,000
57
8%
20%
9
*
79%
81
*5%
19%
67
74
11%
~*3%
9
203g
11%
7
65
26
11%
79%
4
9i8
7634
11%
21%
6678
211">
*8%
*5
878
27
10%
1%
9
20%
*29i2
65%
*74
2
8%
6
4%
67
*20%
2614
*1%
21%
914
65%
914
11
9 2
87
"4"
4
30
3%
*634
8%
32%
9%
10%
2
*1%
*3%
6
30 34
29l2
11%
10%
234
*1134
1%
2ll2
7
*3i8
2
87
22
*28is
10%
*9
*79
9i2
87
*45
3
30
938
29%
714
*46
8%
*35
10l2
2
*27„
9io
4
*6
2212
11%
79%
11%
7978
9
n
*2
11 >8
*9
3534
6
2;i
1134
12
9
6
10
1158
*3414
938
41
1578
*54%
*3%
*1134
134
8
*14
3
*1%
30
7%
16%
30
5,700
2,800
7%
161
3%
2,700
54% Apr
11% Mar
9.8% Aug
Oct
4% Mar 31
Sutherland Paper Co...
200
Jan 14
9% Feb 17
10
Sweets Co of Amer
20,000
778
.
Oct
Oct
3%
5% Jan 10
48
93
conv
Southern Calif Edison
•
98% Mar
4934 Nov
1234 Dec
preferred...100
5J4%
200
3
29%
8
05% Feb 25
16% Jan 12
1%
Silver King Coalition Mines.5
600
35
3
30
19
5%
34%
3%
16
Shell Union Oil—....No par
834 Mar 31
1778 Mar 30
7
Apr 13
30
57
1%
1
17% Mar 31
134 Mar 26
100
*54%
*3%
3
20% Apr
Superheater Co (The)..No par
Superior Oil...
1
5
36
3
2% Jan 13
27% Feb 25
5% Jan 14
Mar 30
Apr 13
6% Mar 12
Superior Steel..
900
44
*16%
♦Ills
*138
*3%
Mar 30
1,300
*434
*14
1 '8
47
3,400
*35%
19
134
Jan
15% Mar 29
3% Mar 29
978 Mar 31
5
16i2
4
Jan
8%
78 Jan
6
10
44
57
*1H2
*1%
2%
par
2,100
4.
*16
49
Jan
V Oct
% Jan
1% Mar 29
27% Mar
51% Mar
Oct
Swift International Ltd
5%
*54i«
*45
Feb
45%
34% Mar 28
Jan 24
42
Dec
1,700
3,400
378
19
49
Feb
23%
Mar 30
15
Swift A Co
5%
57
49
3%
Jan 11
3
60
1,600
5%
*16
*14
5
.
3,100
4%
*54i8
*314
16%
Dec
7%
% Oct
3% Oct
34% Nov
4
Jan 14
19%
2%
934
22
8
16%
2334
5%
9%
22
200
50
2
10
7%
9,400
10%
18%
2%
Vi,100
4978
"123%
10%
Ti
26
5%
71
Jan
08
Stokely Bros A Co Inc
6
*48
16%
4%
42
20
7
*5%
13,000
43%
16%
4%
Dec
Feb 23
1
32% Apr 8
3934 Mar 31
17% Mar 29
42
8
6
22
85
May
Standard Oil of Kansas.....10
Standard Oil of New Jersey.25
28%
16%
4%
6
3
% Feb 10
6,500
27
16%
2434
5l2
27% Jan
66
%May 24
25% Mar 31
2434 Mar 30
*714
*538
Oct
57 cum prior pref...No par
23%
2%
11
Stand Investing Corp..No par
Standard Oil of Calif. .No par
Standard Oil of Indiana
25
8
5%
100
45%
10%
23 78
4
400
16%
25%
5%
6
700
9,100
1,000
1,400
3,700
9,300
45
29.8 29 8
49%
124% 124% *123%
1078
11
10%
187S
1878
*18%
2%
10%
Dec
Jan
3,900
4
23g
Feb
z98
19
34
26%
28%
7%
11%
113
105
17%
7
19
Feb 11
Mar 26
8*4 Mar 29
15 May 27
*%
25%
27%
4
2l4
Jan
79
1638
734
19
6%
15
500
*20
59
Mar
113
1
4
1078
7%
50
5,100
46%
634
Jan
103
Dec
18%
7%
*10%
4'8
16
7
100% 100%
1%
1%
3
3%
1%
3%
4
1078
,
16
16
8%
124% 124%
678
50
100
24%
*5%
50
100
50
7%
100%
4
7%
*4914
2,000
6%
6%
50
16%
3514
*14
6
20%
*7'4
5
8l2
5834
678
22%.
8
338
3034
8i2
16i2
45%
-
*21%
16%
36
338
*20
59
4
*4914
"123% 124li
1078
1078
19's
19l8
2%
2%
2l4
11
10% 11
22
22
2214
*30
24%
678
11
*714
163s
*25i2
512
29
i,
22%
*12%
*%
26%
28%
-
2%
6
17
~
75
*13
26%
2878
4014
4678
37
2%
7
'
40
Dec
86
45% Mar 31
8% preferred
*■
*5%
*48%
16
18
Dec
70
Jan 18
par
100
6l4
3
18
18
Jan 20
93
16%May 24
2%
6%
26%
28%
*5%
4i8
1%
17
23% Jan 12
81
Mar 24
So Porto Rico Sugar...No par
75
7%
3%
67g
*14
Mar 30
2,600
21,600
7,000
6,100
20% Mar
37% Mar
Mar 29
Jan 11
par
share
per
Oct
Nov
58
1% Mar 29
3%
*35%
3%
5% Jan 26
Highest
share I
per
68
South Am Gold & Platinum. 1
20
*2%
1%
3%
26%
59
59
20
8
1%
78
45%
51
1634
7
100
*%
*20
124
*1034
738
%
♦30
46*8
24i2
59i2
16
16%
101%
7%
26
40l4
46%
59
10%
100
6%
48%
7%
10%
6%
Ids
20
37
*2
50
28%
*20l2
59%
778
7%
19
26i8
*28i2
3%
17%
19%
1
27
1%
7%
20
26%
28i2
4
7%
1%
%
*491,1
16%
2
7
4934
100%
1%
1
*5%
50
16%
7%
7%
102
♦%
*30
7%
7%
50
3%
73g
3%
18
19%
*35
7-%
1%
8%
18
7%
*8
50%
10%
7%
7%
102
21%
35
7%
49
2%
2%
*0%
9%
34
7%
51%
2%
7%
"l2"
2,500
1,700
6%
$
20%
_l
Solvay Am Corp 5M% preflOO
21
9%
7
10%
23%
share
per
9% Mar 30
10
Mar 26
No
$3.50 conv pref ser A .No
G.)._No
Sheaffer (W A) Pen Co.No
20
20%
3%
1,000
18,500
130
11
8
*6%
*48%
*133
20%
6%
75
150
5
10
Sharpe & Dohme
100
*13%
*95%
*13%
99
16
*133
2
share
Mar 26
No par
6% preferred
*95%
'■
1
per
Shattuck (Frank
100
*13
*11%
Tn/*
Rofvol
Sharon Steel Corp
200
800
16
*15%
19%
Year 1937
Lowest
Highest
$5 conv pref——....No par
900
3%
*3%
*39
7%
*88
153,1
21%
334
68
1534
*2%
1534
100
17
17
40
20
17%
2%
*16%
20%
3%
7%
*23%
1134
26
2
|
*
40
7%
5%
16%
2%
7
4
*334
*39
77#
21
21%
92%
%
2
3.000
5
*4%
vv
2,300
%
17%
*99% 100
5%
40
30
-
15%
1734
18%
3%
7%
*23%
5%
40%
1,100
66
06
%
*484
40%
*%
15
15%
*1%
17%
41
*39
7%
24%
*5%
%
*3%
41
40%
13
12%
66
%
7
*4%
40%
%
2
*1%
•
66%
%
40%
*40%
40%
13%
16%
h
7
*4 %
68%
68
16%
%
14
14%
Range for Previous
On Basis of 10O-Share Lots
STOCK
YORK
Week
May 21
the
,
1938
EXCHANGE
Wednesday
Monday
*2
Range Since Jan. 1
STOCKS
Sales
Tuesday
May 24
Saturday
May 28,
No
Corp
r
Cash sale,
Mar 31
7% Mar 30
Mar 31
Mar 30
19% Mar 30
5
r
Ex-dlv
y
80
Mar
Ex-rlghts.
10%
Nov
Oct
Jan
Jan
18% Sept
111
Feb
28% Feb
148% Mar
99%
Jan
31% Feb
35% Mar
5 Called for redemption.
Volume
AND
LOW
SHARE,
SALE PRICES—PER
HIGH
NOT PER
NEW
Monday
May 23
Tuesday
Wednesday
Thursday
Friday
May 24
May 25
May 26
May 27
Week
$ per share
S per share
$ per share
$ per share
$ per share
S per share
Shares
9%
9%
15%
*7
*7
9%
8%
15%
*15%
15%
15%
♦155s
*112% 116
*1121,} 116
*112% 116
47
*45
44% 45
44*3 44%
*14
17
*14
16
*14
15%
29
29%
•
5
5
5
*5%
*5%
6%
6134
10%
*105%
4*4
534
*65%
*%
73
*70
4%
*26%
4%
27%
4%
*25%
3,600
4
20
3,200
4
*25
27
59
61
5
6%
7
7
71
5
5
30
17%
17
434
*4
4%
8
*7%
8
62
*58%
33
31%
734
j,
32%
4%
4%
26
64%
17
55
55
66%
32
32%
*61
96%
95
95%
95
95%
94
95
3,700
32%
*32%
32%
32%
32%
x32
32
900
44%
*43%
45%
*43%
45%
4%
*4%
4%
4%
41.1
1%
1%
1%
*1%
1%
*38
9
65
*133
*16
20i2
1478
195s
34i2
1434
1478
19%
*33
*14
3l4
3%
21
111
10978
*214
2%
*7
734
734
*105
7
*634
*15
1578
78l2
6I8
78'4
6
113
*43
48
*11634 118
138
*li4
*2-%
212
2%
*1%
*19%
19
*3334
35
3334
33 34
14%
14
14%
3%
118
*7
*105
*43
*11634
*114
13g
1%
2%
2%
*2%
*158
*684
2%
*15g
*15%
79
7
1634
79
*15%
*76%
2%
32
47s
478
*28
32
2l4
2
8i2
8i2
*2114
22i2
*123«
14
*2112
*138
*1%
22
178
*712
*21I2
*12i2
21i2
*1%
H2
*1%
2l4
4%
*28
32
2%
2%
9%
*8%
2234
*21%
12%
79%
*73%
5%
5%
37%
5%
34
2%
9%
-
28%
2%
37%
18%
11
2%
32
30%
4%
28%
2i4
4%
4%
28%
2%
4%
28%
238
1%
40
60
20
300
300
"""500
.
600
78
600
10
„
2%
5%
9,000
36%
700
1834
5%
3634
*18
200
300
10
2%
v4%
4%
30
*28
2%
700
300
31
♦29
11,000
30
2%
8%
2,000
400
20
600
12%
83g
8%
20
20%
12% •*11%
13
300
20
19
1,400
9
9
20%
21%
20%
14
20%
83g
12%
*12%
21%
20
20
18%
1%
1%
1%
*1%
2
1%
1%
1%
*1%
1%
*1%
1%
*1%
1%
2934
29%
30
30
30
30
30
29
30
*28%
♦74
75
77
*74
77
*74
77
*74
75
*74
76
*78
85
*76
83
*70
83
*75
83
*75
83
*76
*89
92
89
89
85
85
84
*76
121
121
*79
84
420
*78i2
87%
84
41512 116%
*1334
13%
14%
*3
334
3%
79
78%
*120
*120
115% 115%
13%
1334
*115i2 117
1378
314
87%
3
3
*3
3%
9
*47s
9
*4%
9
*4%
9
1
1
*%
1
*%
1
*134
V:
20%
1938
75%
*120
*13l2
2%
207s
1958
7658
122
141.
*134
205«
1912
7458
'
2%
21
19%
773s
122
122
*14
15
*134
20%
19%
19%
77%
74%
120
120
14
*31l4
*12%
35
*31 *4
I3I4
*1212
13%
25
25
*2478
25
25
*50
105
105
*30
*70
110
110
*70
17
*75
1714
100
*50
*70
33
1*4
20%
,
2%
20%
*1%
20
2%
*1*4
2%
20%
19%
""260
20
"3 TOO
18%
19%
7434
69
119
120
60
*11
13
200
12%
*31%
*11%
2534
*24
33
13%
25%
18%
2,400
71%
31,800
*32
11%
11%
*11
11*4
24%
24%
*24
25
105
*30
105
*30
85
*70
110
*70
16%
18%
33
*32
16
105
*30
110
*70
16%
15%
33
"""300
400
150
16
100
*75
100
*75
*42
49
*42
49
*43
45
42
42
*13%
15
*13%
15
2,300
100
7l2
*712
158
7%
8
1%
7%
7%
16%
7%
7%
13%
13%
*11%
15
100
6%
73S
7%
6%
7
2,900
778
7%
7%
7%
lh
1%
*1%
1%
1%
1%
*1%
*11%
12%
12%
12%
11
*2%
2%
2%
*2
334
38%
11%
*7%
7%
1%
1%
1%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
*374
123s
40%
*37%
38%
*37%
12%
*37%
12%
40%
12%
4178
123s
12%
12
12%
44
44U
44
445«
44%
44%
43
43%
15%
15
15%
*1134
2%
1%
13
2%
21.1
1%
""166
7%
1*4
11
600
500
400
900
3%
1,700
37%
37%
100
11%
42%
11%
11%
1,600
43%
42%
43%
11,800
15
13%
14%
13
13%
3,400
60
47%
47%
*44
31%
1514
*48i2
64
*48%
60
*28
3134
*28
3134
*28
31%
*28%
*28%
31%
*28%
*35
37
*35
3634
*35
36
35
35
35%
35%
33
33
"""366
86
86
82
83
81
81%
80
81
78
81
76
77
300
6Q34
68%
67
68
69
67
67
67
67
700
27
68%
26%
26%
*26
27
27
26
1134
11%
113s
27
11%
*78i8
85
*78
85
11%
11%
*66%
*26%
10%
11
*75
84
*78
79%
12
12
*11%
12
11%
12
28%
29%
2534
28
12%
30
29%
29%
75i8
70%
70%
1478
1514
14%
1434
14%
1434
14%
14%
10%
10U
10%
10%
10%
3%
*3%
10%
358
10%
*312
3%
3%
3%
77
*78
12%
*66
*25
77
12i2
12%
29i2
9%
26%
103.1
*65
75%
27%
*65
28%
76%
*65
72
14
9%
49
10
31%
26
400
10
25,100
80
40
11%
11%
1,100
25%
26%
13,400
*65
12%
preferred
100
pref-—No par
6%
100
5% preferred
70
200
13
3,100
10%
13%
9%
10%
9%
9%
3,000
3%
3%
3%
3%
3%
1,000
Mar
62% Nov
8
58
Oct
2%
'Oct
5
Feb 24
1
Oct
Oct
84%
15«4 Mar 30
Mar 30
1% Apr 13
5% Mar 26
100
Mar 31
Preferred——.—.—..100
100
100
100
No par
Waldorf System
117% Jan 11
Mar 21
1
Deo
9*4
1% Mar 23
47
Nov
86
Jan
Nov
164
Jan
29
Oct
108
Jan
*4
%
Oct
16
Jan 17
42
Oct
Oct
9% Oct
14% Oct
35*4 Nov
Jan 22
15%May 12
5% Jan 21
32% Jan 21
Oct
2%
18%
Oct
Oct
37
Jan
113
Dec
135
Mar
Jan 10
50
Dec
98
Mar
118% Mar 21
2% Jan 11
117*4
Feb
2
Oct
10% Mar
Jan 11
2%
Oct
18% Mar
57
4%
3% Feb
49
82%
18*4
61%
19%
50%
10*4
99%
Walk(H)Good A W Ltd No par
No par
l734May 18
No par
2
Mar 26
100
5
23
Mar 31
48
No par
20
334 Mar 26
Mar 26
40
Preferred
Warner Bros Pictures—
53.85 conv pref
J Warren Bros
No par
$3 convertible pref ..No par
Warren Fdy A Pipe
No par
Waukesha Motor Co
-5
1
Wayne Pump Co
Webster Elsenlohr
No par
1
Wesson Oil A Snowdrift
No par
7%
6%
..—100
100
preferred
preferred
West Penn Power 7%
pref-100
preferred
100
Supply.Co.—10
Western Maryland..
-100
4% 2d preferred
100
Western Pacific
100
6% preferred
—100
Western Union Telegraph. 100
Westlngh'se Air Brake.No par
Westlnghouse El A Mfg
50
1st preferred
60
Weston Eleo Instrum't. No par
Class A
No par
Westvaco Chlor Prod--No par
6%
Western Auto
30
conv preferred
Wheeling A L E Ry Co
5%
100
100
Corp...No par
100
$5 conv prior pref-—No par
White Dent'l Mfg (The S S).20
White Motor Co
1
White Rock Mln Spr ctf No par
White Sewing Mach...No par
Wheeling Steel
Preferred
54 conv
preferred
Wilson A Co Inc
56
preferred
Woodward Iron Co
Oct
7%
Oct
2
Jan 13
Jan 18
3%
Oct
17
Oct
Deo
26%
Feb
Aug
Mar
July
Jan
Feb
Feb
Mar
Oct
2%
18
69%
Jan
Oct
33
Jan 13
Feb
Dec
4*4
7«4 Jan 10
12%
35%
Jan
Jan
Mar 31
4% Jan 13
13% Jan 13
9
Nov
16% Mar 31
24% Jan 14
16
Oct
46
11
Mar 30
17% Jan 17
11%
Oct
38%
17
Mar 30
2934 Jan 17
3
Jan 12
20
Oct
1% Mar 31
5
1% Mar 26
1%
Jan
25% Mar
71
Apr
3
31
8
1
27
1
1% Jan 28
35% Feb 24
July
23%
Oct
73% Nov
Jan 24
75
Oct
2%
Jan
Nov
Feb
50*4 Aug
9*4
Feb
2%
Jan
66
Mar
84%
Feb
Aug
Oct
108
102% Jan
9734 Jan
88
Oct
109
Feb
Mar 29
3
3
3
84
74
76
Oct
103
Aug
118
Mar 31
121
1
17%
Oct
123% Mar
10% Apr
115% Jan
29% July
11*4 Mar
23% Mar
70
Apr
83%May
111%
Jan
6
Mar 30
13
2% Mar 31
3
Mar 25
% Mar 23
1% Mar 18
16% Mar 31
1534 Mar 31
6134Mar31
Mar 31
103
9% Mar 30
31% Mar 28
102% Jan
Feb
116% Mar 24
14%
2%
Dec
4% Jan 10
Jan 10
5%
Oct
Feb 23
19
9
28% Jan 10
27*2 Jan 15
109% Jan 16
140
Jan 27
Jan 15
17%
3234 Jan 5
15% Jan 18
10
Mar 31
Mar 31
z27
60
Mar 19
60
Apr 12
90
14% Mar 26
Mar 29
95
Jan
59
75
42
May 27
Mar 26
Dec
17*4
•
Oct
1%
22%
Jan 11
20
65
1
1% Jan 11
3%
Oct
Oct
Oct
87% Nov
113
10*4
Oct
Oct
31% Nov
10*4 Oct
170
Jan
30*8
39
Jan
May
27%
34%
115
Apr
4
90
Deo
126
Aug
65
Mar
Jan
27% Jan 12
19
Oct
4
75
Nov
126% Aug
Jan 14
55
Dec
90*4 Aug
14%
Oct
6
Oct
8%
1%
Oct
23% May
33% Feb
18% Jan
Jan 13
Jan 12
Jan 21
3
Jan 22
No par
5
884 Mar 31
21% Jan 24
2% Feb 25
11
1
10
l%May 23
7
4%
Dec
3
Jan
6% Jan 10
Oct
6*4
Mar
Oct
46%
Jan
1*4
Oct
2
Dec
6% Jan
5% Sept
12
Sept
12% Feb
91*4 Mar
Oct
No par
3
Mar 24
6
4%
100
10
10
32
Mar 30
60% Jan 21
49*4
Dec
10% Mar 29
36
Jan 3
19% Jan 17
4434May 16
20
Feb 25
10*2
Dec
13*4
34
Deo
65%
12
Oct
47
27
Mar 28
Jan
Dec
11
11% Mar 29
42
Mar 29
Feb
Dec
13%
3%May 24
Mar
70
15
1% Mar 30
Mar
21%
9
7%May 26
1% Mar 31
12
4*4
11%
83% Jan
67*4 Mar
167% Jan
Mar 19
Mar
6% Mar 31
(F W) Co
WorthlngtonPAM(Del) No par
Preferred A 7%
..100
Prior pref 454% series.—10
Prior pf 4 ^ % conv series. 10
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co.
25
Yellow Truck A Coach cl B..1
Preferred
-100
Young Spring A Wire..No par
Youngstown S A T
No par
preferred
100
Youngst'wn Steel Door .No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
Wool worth
32
16% Jan 15
Mar 26
Mar
19%
Oct
Oct
8
Jan
16
Oct
Dec
18
Dec
Ward Baking class A..No par
Jan
122%
6%
4
3%
81
12*4
2%
8% Jan 17
71*4
Class B
Feb
Dec
8
Jan 24
No par
Apr
Apr
74%
115
3
8% Feb 23
44% Jan 15
19% Feb 18
Preferred
May
12%
June
4% Mar 30
30
Mar 31
Walworth Co
47
105
1% Apr 22
74
4% Jan
2% Jan
58% Jan
39% Mar
44% Jan
110% Mar 19
4% Jan 20
1534 Jan 11
120% Feb 26
20% Jan 10
4
Jan
May
135
May 27
Mar 29
No pir
Ys % pref with warrants 100
Walgreen Co
Feb
21
4
584 Mar 31
15
,
Jan 12
Mar
25
37
J Wabash Railway
5% preferredA
5% preferred B
Feb
8%
46
1% Jan 7
1% Jan 10
Mar 29
Vulcan Detlnnlng
9%
Jan 10
Feb 25
64
Mar 26
105
Deo
48% Nov
100%
May 26
60
100
Willys-Overland Motors
6% conv preferred
1%
3%
60
*67i2
6
No par
2,900
1%
*334
3%
*4812
1534
5
Chem
Wilcox Oil A Gas
14%
*48%
1514
Va-Carollna
Oct
43%
20% Jan 12
1,200
1%
Oct
Dec
Mar 21
z23>4 Feb 15
2%
3%
Oct
20
14% Mar 31
30% Mar 30
14
Apr 9
284 Mar 29
5H% cpr
110
*75
4
*37
%
71
3%
4
500
9
%
19%
4
4i8
*378
3%
*4%,
1
1,900
75
73
12%
2%
1%
*3%
*ll2
9
40
119% 119% *118% 119
*12
13%
13%
13%
*19%
12%
*2%
1%
2i8
134
4%
■
17
15
8
*%
*1%
3
3
*4%
100
*13'4
13
10
*120
17
*40'8
1 •'$
7834
140
*75
15
*7'2
60
78*4
17
*1314
*11%
2i8
83%
100
*40%
*
33
79%
78%
*120
83
83%
17
49
734
*31%
12%
14
85
84%
Deo
5
Van Raalte Co Ino
Oct
Oct
Oct
147% Mar 11
3
% Jan
Dec
3*4
13% Jan 14
May 11
27% Mar 30
% Mar 30
16
Jan
Oct
24
11% Mar 31
preferred
No par
West Penn El class A..No par
*75
49
*7i2
2%
21
No par
...100
Sales
Feb
Nov
29%
16%
3%
6%
Vanadium Corp of Am.No par
$4 conv
115% 115% *115% 116% *115% 116%
13
13
13
13
13%
13%
*4%
Vadsco
1
Wells Fargo A Co
300
"""700
29
*74
30
^Utilities Pow & Light A
5%
65
2%
Mar 31
100%
3%
Oct
63
5
134
preferred
Oct
Feb 18
42
Virginia Ry Co 6% pref...100
15
1%
*1%
21%
1%
48
100
8%
18% Feb
24«4 Mar
164% Nov
684 Dec
44
May 27
Virginia Iron Coal & Coke. 100
*73%
79
*2%
36
*32
4%
23
2%
2%
2%
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
8
Feb
Nov
*4
4%
Feb
Mar
8684 Mar
Dec
70
Feb 15
63
Oct
5%
May 10
3484 Mar
3
No par
Va El & Pow 56
1,300
15
15%
1
Jan
3%
70% Mar 5
62% Jan 25
114% Jan 10
?9% Mar 30
40
Apr 26
3% Mar 30
1% Mar 26
37
Vick Chemical Co
37%
30
Corp
56 conv pref A..
Preferred
4~400
500
21%
13
600
~
Mar 31
Mar 31
United Stores class A ..No par
Jan
113%
71
May 27
Victor Cbem. Works
*10%
2%
*32%
United Stockyards
17
Oct
81
3
x44*4Mar31
94
25
Oct
Jan
Jan
9% Mar
Oct
35% Feb 25
45% Jan
38
No par
new
Oct
9
101
Jan
68
Mar 31
155
7% pref, new
52
3
Jan 12
34%May 19
6% Jan 10
Mar 29
50
U S Tobacco
Apr
100%
Oct
35% Jan 12
23>4 Jan 15
6% Jan 13
10% Jan 13
2% Mar 31
100
Preferred
26»4
Deo
258
24
6%
10
Mar 22
No par
Preferred
U S Steel Corp
400
11%
4%
100
50
Oct
74
16984 Feb 9
8% Jan 11
4% Mar 29
50
10
Mar
78
Mar 31
Prior preferred.
100
16
7% Jan 12
162% Mar 28
25
Oct
7484 Feb 21
1% Jan 18
3% Mar 26
684 Mar 30
Par tic & conv class A .No par
No par
400
15%
1
62
May 6
%May 16
55
5
8
5% Jan 12
88$ Jan 17
13% Mar 31
3% Mar 30
5% Mar 26
1,400
*10%
2%
20
100
3
11%
36
No par
preferred
15
11%
434
*28
Freight...
U S Gypsum
3234
3
5%
36%
18%
2i4
U S
100
preferred
*234
18%
*31
Conv
3234
*18
12
100
8%
46%
106
4% Apr
No par
*13%
18%
*103s
preferred
15%
39
11
first
884 Mar 30
No par
Oct
65% Feb 25
113s Jan 6
Mar 26
33%
3
*17%
11
3
33
*38
6
10
*13%
6
5%
United Paperboard
USA Foreign Secur
Oct
35
Mar 14
19
18%
*1734
100
19
38
18
No par
19
15%
*74
82
No par
2
80% Jan 10
6% Jan 11
Mar 31
50
No par
Jan
Feb
25%
384 Jan
21% Mar 31
United Gas Improvt
$5 preferred
Deo
Deo
32%May 11
73s Jan 12
9% Jan 10
Mar 26
3
5
,..5
19
20
15%
United Eng A Fdy
United Fruit
12%
113
16%
United Electric Coal Cos
12%
6
38
18
*214
19
United Dyewood Corp.....10
Preferred
1
100
1334
18%
18%
18
18%
111
*108
*109% 111
*2
2%
*2
2%
2%
2%
*2%
8%
*8
9
9
*7
8%
*7%
113
113
*101
113
*104
112% *101
43
43
42% *42% 48
48
42%
*11634 125
125
*11634 125
*11634 125
1%
1%
1%
1%
1%
1%
*1%
*2
2%
*2
2%
2%
2%
2%
2%
*1%
*1%
2%
2%
*158
2%
7
6%
6%
*6%
6%
6%
6-%
111
ijOO
%
20%
*16
Mar
1
Mar 26
2
Oct
36%
17%
49% Feb 23
19% Jan 10
22% Mar 31
4% Mar 30
4% Mar 29
60
Apr
1
Universal Pictures 1st pref. 100
"
%
%
20%
35
1234 Apr
United Carr Fast Corp .No par
United Corp...,
No par
$3 preferred
No par
United Drug Ino_.
6
12%
38
38
32
*234
*105
20%
*109%
*2%
48
118
3
3
20
10
38%
%
*16
100
54%
*32
%
20
8
*105
113
*4212
2%
%
13%
*16
200
138
*133
38%
*32
34
20%
14%
19%
14%
111
38%
*%
■
%
14%
3%
20%
*2i4
34
20%
1434
34%
*20
21
*109
60
138
%
20
*33U
14%
3%
*51
*133
*32
100
8
54%
58
138
*16
20%
14%
1412
*1912
8'?•:
9
900
1,400
:
38
38
40
*51
14%
34
34
*16
1%
*133
38%
34
%
"4%
1%
65
*32
38%
4%
1%
138
*51%
135
*32
66,800
10
4%
*7%
9
*7%
8%
40%
*43%
44
*38
41
*38
41
8%
78
*34
200
95
4%
1%
Feb
114
4
8% 1st preferred
U S Smelting Ref & Mln
32%
44
91
Jan
39
13,700
42%
39%
110
100
No par
30,900
66
*60
Mar 29
Preferred
United Carbon
21
32%
*8%
*51i4
3812
1,500
66
Oct
U S Rubber
40%
41
135
47%
48
50
15
21% Mar 30
97
*38
62
60
49
19% Jan 11
U S Pipe & Foundry...
20
U S Realty & Imp
No par
1,700
*60%
1%
138
24%
57%
7,800
421,1
*4%
*52
23%
64
100
29%
3%
61%
134
*130
25%
58%
66%
41%
4%
9
23%
*58%
£28
61
44%
*8%
31%
1,900
43%
96%
41
29%
3%
54
14% Mar 31
110% Jan 20
U S Leather
64-%
*51
No par
300
26%
25%
62%
Jan
Feb
United Biscuit
31%
30%
117%
5^% conv pref
..—50
U S Industrial Alcohol-No par
*58%
4
243g
Oct
U 8 Hoffman Mach Corp...5
32%
4
Oct
7
100
6%
384
5%
5
—5
900
6%
4
958May 10
10% Feb 26
Transport
"""566
6%
7%
66%
share
per
Mar 30
7%
63
*32%
*43%
1%
*38
400
3,400
4134
32%
*4%
170
4
*3%
4
share $
per
634 Mar 31
55
434
4%
6
$
share
per
No par
Un Air Lines
U S Dlstrlb Corp
66%
31%
27%
*51
97%
*43%
1
2,000
7%
*58
4%
55
43%
32%
*5%
"400
4
7%
64
•
42%
43%
97%
9,700
4%
*4
66%
54%
65%
*61
42-%
*32
4%
26%
64%
26%
*51
66
*7%
*58%
8
4%
64%
*61
4
66%
26
65
4
32-%
*414
26%
6%
169% *167
*5
5%
*24
*4%
*5
5%
6%
6%
8
6%
6%
6%
*6%
65
64
69
68
67%
66%
71%
*165% 16934 *165% 16934
169% *165% 169%
5
5
5
5
5
*4%
5%
30
25
*20
*23
25
30
30
*23
15%
15%
17
15%
16%
15%
16%
*15%
69
*5
30
17
^766
6%
69%
7%
*6%
*167
*23
5%
5%
69
*165% 16934
400
70
10%
10%
70
4,200
5I4
5I4
70
4%
27%
*25
19~, 500
5
47s
5%
73
4%
4%
27%
14
27i8
4%
%
*70
10
1,000
2%
2778
2^2
2%
4%
5%
*4%
*25%
4%
*13
29
"""560
59
61
59
60%
61%
61% 61%
x9%
978 r
10%
10%
10%
10%
10%
10%
10%
*10434 107
*106
109
*106% 109
*105% 109
*105% 109
109
378
3781
4%
*3%
4%
*4%
4%
4%
4%
*4%
4%
5%
5%
6%
6
*5%
5%
6
*6
534
6%
5%
6912
69% ♦65U
*65%
69%
?65% 69% *65% 69% *65% 69%
*12
1
1
1
1
1
*%
1
*%
*%
*%
*60
61%
*5*2
62
5
73
*70
27%
15
2%
27%
29
4%
5%
6%
73
*70
4%
28
4%
*25
V
5
5
5
*5%
65s
73
*70
*13%
2%
2%
28%
5
share
per
United Amer Bosch
45
*42^2
43%
15
*14
2%
2%
28% .29
2%
291i
234
2%
2%
2!)
43%
44
44
5
Lotoesl
Highest
Lowest
Par
15,800
7%
6%
7%
7%
*6
8*2
*7
93;
8%
*7%
*14
15
15%
15%
*14%
15%
*11038 116
112% 112% *110% 116
'
*7%
7%
7%
8%
8%
8%
8%
100-Share Lots
On Basis of
YORK STOCK
EXCHANGE
the
May 21
8%
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
CENT
for
Saturday
3463
New York Stock Record—Concluded—Page 10
146
5%
66
Jan
Jan 25
35% Feb 24
54%
Oct
34
Dec
Deo
Jan
Jan
112% Mar
40*4
Dec
28% Mar 30
43
Jan 10
39*4
Dec
54
Nov
55% Mar 30
94
Jan 10
38
Oct
128
Mar
69%May 12
29% Apr 18
58%
Oct
76
Jan
21*4
Dec
62%
Jan
15% Jan 21
7%
Oct
37%
Feb
61%
20«4
8%
71
Mar 31
Jan 31
Jan 3
Mar 30
9% Mar 31
24
Mar 30
62% Mar 31
11% Mar 29
9
284
Mar 31
Jan
3
68
Dec
Jan 10
12%
Dec
43%
Jan 12
34% Nov
75
Jan 26
70
Oot
11%
2%
Dec
93
Jan 11
18%
142
46%
Jan
Feb
101% Mar
115
Jan
22% Jan 10
17% Jan 12
Oct
43% Aug
9%
Jan
New York Stock Record—Continued—Page 9
3462
LOW
SALE
HIGH
AND
PRICES-PER
SHARE,
NOT PER
STOCKS
Sales
CENT
NEW
for
j u1
Saturday
Monday
Tuesday
May 21
May23
$ per share
$ per share
*2
*2
3%
Thursday
Friday
the
May 24
May 20
May 27
Week
$ per share
$ per. share
$ per share
S per share
Shares
*2
3%
*2■
3%
10
*6
♦2
3%
10
*0
*2
3%
*6
10
*14
14%
72
*68
70
*68
J 4%
70
14%
68%
*08
73
*68
85
*81
85
*81
85
*81
85
*81
85
♦81
85
*90
94
*90
94
*90
92
*87
92
90
90
170
11%
10%
*10%
11%
*90%
*10%
94
*10%
10%
10
10
500
16%
*67
68
10%
">
16%
16%
67
16%
67
%
*4%
5*4
*43s
*40%
f:
40*4
*40%
v;
18
18
*3%
54%
334
5484
12%
J23g
12
12%
*50%
12%
12
53%
*50%
7
y'4'"
4
4
„
16%
7
40%
40%
2
%
2
17%
%
*1734
*3%
334
11%
10%
6,700
7%
*24%
*12%
26
24%
12%
24%
*23%
12%
*99%
101
12%
*16%
100
684
*5%
*5%
16%
17
*2%
2%
*15%
*21%
16%
2-%
*15%
21%
92%
21
*88
*88
12%
100
41
17
284
*47%
50
*47%
*23%
12%
11%
*99
5%
15%
2%
17%
21%
21
90%
*88
41
7%
26
90%
20
12
10
26
20
20
90%
12%
Simmons Co
Slmms Petroleum
12%
2%
14?g
18%
1.50
*133
21%
11%
7%
11%
*21
*2%
2
150
11%
7%
11%
1134
7%
11%
7%
11%
23%
3%
3%
37
*20
*2%
*35%
2
2%
*6%
71-1
*0%
22
*20
20*4
213g
9%
34
34
7i,i
20%
*8
34
738
7%
7%
11%
7
9%
0%
10%
6%
10%
10
10%
9%
10%
23%
3%
*20
23%
3%
*20
23%
37
*35%
*2%
*35%
37
1%
3%
7%
75
*19%
20
22%
20%
9
*8
9
8
♦35
39
*35
39
*34
39
7%
16%
7%
1%
3%
3%
7%
102
100
1%
3%
3%
24%
59%
*20 %.
7
*5%
6
59
26
26%
28%
29
29
*30
46%
24%
*20
7%
8
8%
7%
4
4%
4
8%
4%
6%
*5%
6
51
*491i
*123% 124%
10%
10%
19%
19%
*20
59
59
*6%
*5%
6%
6
8%
4
*49%
50
124% 124i4
10%
19
2%
10%
19
2%
10%
2%
2%
11
11
*10%
11%
22%
22%
22
22
*22
24
*7%
8
16%
*25%
103,!
26
5%
16%
*5%
5%
35%
3%
30%
8%
*8%
*15
6
44%
*434
16%
26
*7%
16%
24%
5%
5%
4%
4%
5%
5%
5%
5%
35%
36%
3%
3%
35%
3%
3%
3034
31
31
30%
8%
8
8
8%
16%
8%
9
8%
8%
*14
*14
16%
6
44%
*5%
*35
5
24%
*20
23%
20
20
59
58%
59%
1,500
6%
6%
2,000
59
58%
6%
0%
6%
6
*5%
2%
5%
5%
35%
3%
30%
29%
8% if 8
8%
8%
3%
*14
■
_
7%
16%
16%
16%
24
5%
24%
5%
4%
6
*16%
19
17
17
57
*54%
57
4
*54%
*314
*314
4
*3%
4
*3%
4
*3%
55
3
3
*11%
*1%
4
10%
*2
30
134
4
10%
2%
49
*2%
*11%
1%
*3%
10%
*2
*9
12
*9
11%
11%
11%
79%
*79%
81
9
9
*34%
9%
35%
6
6
3%
t'
*2%
3
30
10%
10%
*2
11%
2%
10%
11%
79%
80
*9%
8%
8%
33
35%
8%
34
9%
9%
9%
6
5%
6
*5%
3%
4
22%
31
3%
29%
30
7%
*1%
2
3%
7%
47
9%
3%
*_'■-
6%
*5%
3%
3
87
4~
*6
21%
*30
32%
9%
3214
5%
*5%
32%
9%
5%
5%
3
3
33
9
5%
5%
3
5%
87
87
_
21%
20%
*29I2
21%
20%
18%
29%
30
7%
*1%
2
*46
48
18
18%
18
18%
17%
18%
*61%
62%
61%
62%
74%
61
62%
76%
*72%
20%
26%
Bid and aBked prices:
21
21
2,5%
26%
no
*2919
30%
3%
*27%
30
*6%
7
6io
*1%
2
1%
*3
28
7
31
28
3%
29%
*6%
2
48
30
*3%
*46
3%
48
48
8%
62%
17%
9%
61%
17%
60
61
61%
74%
21
*72%
*20%
24%
25%
sales on this day,
8%
3%
,
600
5%
27«
278
21%
3,200
3,200
5%
*
_
1,000
87g
478
5%
3
*
32%
8%
5%
2,600
8%
32
9%
400
80
*4
9
26
8%
"3%
67
27
8%
4
9
♦
9,500
8
65
26%
12
79%
11%
*79%
*5%
19%
9%
74
200
3%
8
5,200
1
1,100
100
19%
29%
3%
*3
28
3,900
200
28
200
90
6%
6%
67g
1,400
1%
'
1%
*45%
1%
300
48
48
200
3,100
26,800
Stone A Webster
10
Oct
65
14
Oct
72%
Jan
4
Jan
1
7%
101
Jan 13
Oct
Oct
Oct
%
Mar
Mar
Jan
50
Feb
43
Dec
64% Feb 24
42
Nov
76
Mar
Mar
337fc Jan 12
26
50
Feb
75
Jan
Feb
11
Jan 13
6%
Dec
1134
6%
Oct
Jan
7%
Jan 12
Jan 12
17%
33%
3
Oct
20
Feb
677g
Jan 24
Mar 29
44%
Dec
Jan 13
118
Aug
14% Mar 10
9
2984 Jan 13
18
77%
Oct
Oct
8
Apr 13
Mar 30
125
3% Jan 11
1%
8
1784 Jan 10
17%
7*4
2478 Feb 25
878 Feb 7
187g Jan 10
27
5%
2%
434
4%
Jan 12
10%
Jan 11
8%
Jan 11
125
Oct
Oct
20% Jan
28% Mar
Oct
33% Mar
2334 Jan
17% Jan
Oct
Oct
Oct
7
Jan
47
Jan
41
Dec
5% Feb
4
Oct
5%
3434
Oct
2
Oct
0%
34
7
Mar 30
10% Feb
634 Mar 31
11% Feb
8
Jan
478 Jan
Dec
13
Mar 31
24% Mar
15
Mar 30
24% Feb
58% Feb
4*4 Jan
35
66
Apr 12
1
2% Mar 31
150 Mar 24
1
4%
Mar 31
15
Jan
Jan
Mar
44
Oct
64
Oct
1334 Mar
93% Jan
13% Feb
3%
55
2%
36
Oct
Oct
10%
Oct
40%
Jan
Jan
Oct
21%
Feb
15%
Jan
3%
Jan
Jan
10
10% Mar 29
15% Jan
1%
6%
13%
No par
77% Apr 29
85
72
Jan
Mar 31
137g Jan
3D4 Mar 30
48% Jan
Mar 30
12*4 Jan
7% Jan
9% Jan
478 Apr 1
2% Mar 30
80
Feb
8
4% Jan
83
Jaa
No par
358 Mar 28
6% Jan
10
5i2Mar 31
10i8 Mar 29
25% Mar 25
2% Mar 29
10% Jan
20th Cen Fox Film Corp No par
$1.50 preferred
No par
Twin City Rap Trans ..No par
Sept
Oct
Dec
13%
Tlr-Contlnental Corp..No par
$6 preferred
No par
Jan
4
l%Mar 28
Mar 30
40
Feb
,
Jan
5*4 Mar 30
4
Oct
Sept
48
5%
No par
Transcont A West'n Air Inc.5
Transue A Williams St'I No par
Nov
Mar
16% Jan
15% Jan
54% Mar
1%
10
8
9% Mar
2334 Oct
53s Oct
5% Oct
15% Nov
18% Dec
2% Jan
3% Mar 30
8% Mar 28
8
1534 Jan
67% Feb
8% Jan
15% Mar
65% Apr
55
Jan
*
5378May 4
278 Apr 13
Oct
Jan
Jan
47% Mar
39% Jan
Oct
4
Apr
Jan
20% July
6134 Feb
784 Mar
Dec
Mar 31
Mar 30
100
Trusoon Steel
Jan
21
10
pref.
Jan
Dec
35% Jan 7
35% Feb 16
26
.100
Avenue Ry
Feb
Apr
Mar
Dec
27% Dec
26% Oct
30% May
447g Jan
No par
24
Jan
3184 Feb
8% Jan
15% Mar
28% Feb
Dec
98% Aug
Oct
28%
30
Oct
79
Feb
10
Oct
17
Aug
4
Oct
5%
3%
22%
27%
Jan
Dec
8%
82
Oct
Dec
Feb
Jan
11% Mar
109% Jan
4%
Oct
12
7
Dec
26% Mar
40% Mar
18%
25
Oct
Nov
50
Mar
Mar
Jan
Oct
17%
16
Mar 30
44
Jan
39
Dec
94
Jan
__1
Twin Coach Co
6
100
Preferred
6
Mar 25
10%
Jan
7
Oct
25
Mar
Ulen A Co..
..No par
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
1% Mar 26
41
Mar 31
57
IS
5,200
60
60
1,900
Union Pacific
73
73
71%
71%
20%
24%
20%
20
20
26
24%
25%
7% Mar 30
Mar 31
100
17% Mar 31
55% Mar 31
5984 Apr 20
par
20
100
4% preferred
Union Tank Car
No
United Aircraft Corp
New stock
Oct
378 Mar 30
32% Mar 30
2% Mar 29
Tlmken Detroit Axle...
10
TImken Roller Bearing. No par
Transamerlca Corp
2
n
5
10
9% Jan 10
107% Feb 5
3% Jan 10
5% Jan 12
5
61%
delivery
115g Jan 12
22% Jan 14
26% Jan 12
Nov
•
17%
Def
Oct
Nov
16
4U Mar 31
59%
a
2%
2%
49
5
Union Carbide A Carb.No par
Union Oil California
25
t In receivership,
Dec
8%
Feb 26
378May 27
No par
Truax Traer Coal
Jan
2834
95%
48%
16%
107%
12%
14%
32%
11*4 Jan 10
484 Mar 30
Texas A Pacific Ry Co
100
Thatcher Mfg
.....No par
Tide Water Assoc Oil
$4.50 conv pref
50
48
15
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust
1
pref..
Dec
Oct
5
cum
Aug
Dec
Dec
34
$3.50
Jan
35
39
5
2384
5%
9
Thermold Co
Jan
Oct
Dec
19%
50
conv
36
10
10
63%
(James)
$3 dlv
Feb
Feb
Jan 15
22i8 Mar 30
-.1
Preferred
Jan
31
11% Jan 12
5H% preferred..
Telautograph Corp
Tennessee Corp
Texas Corp (The)
pref
Mar
62% May 12
7
Symington-Gould Corp ww__l
conv
Jan
Mar
94
17i8Mar 31
184 Mar 26
834 Mar 31
1778 Mar 30
1
25
$3.60
8
31
29
Mar
Dec
21% Jan 11
61
24
31
30
Mar 14
Jan
Oct
Mar
Mar
735s Sept
19% Dec
22% May 19
15% Jan 10
x39
65%
43%
60%
05%
1178
77%
9%
978 Mar 31
50
Talcott Inc
Mar 29
119i2 Feb
100
Without warrants
Mar 31
24
Oct
Jan
Mar 29
45
6% preferred..
-100
Sunshine Mining Co
10
Superheater Co (The).-No par
Sutherland Paper Co
Sweets Co of Amer (The)
Mar 18
3% Jan lu
32%
5i2Mar 29
312 Mar 30
No par
Superior Oil
Superior Steel
Mar 30
Jan 14
Jan
Jan
Oct
6i8May 27
514 Mar 30
Studebaker Corp (The)
1
Sun Oil
No par
61%
1,900
26,900
5%
49
1
8%
59%
17%
400
Oct
Oct
l2May
25i8 Mar
2434 Mar
32% Apr
3934 Mar
17i2 Mar
5
8%
62%
17%
8%
1%
35%
1%
17
Oct
Feb
155
Dec
13
Thompson (J R)
..25
Thompson Prods Inc..No par
Thompson-Starrett Co. No par
1,300
130
June
6%
42%
Oct
27
2
10
300
2,500
"*3%
66%
20%
.
Sterling Products Ino
Stewart-Warner
4%
1%
Jan 10
23% Aug
115
Oct
Oct
4% Mar 30
10'4 Mar 30
25
Third
11
7
*28
-
1078
4
3C%
-
28
1%
20%
Oct
U2 Apr 19
Standard Oil of Kansas..
10
Standard Oil of New Jersey .25
Starrett Co (The) L S..No par
100
10%
1%
8%
87
«.
*8%
11%
Standard Oil of Indiana
1%
9
8%
4"
400
30
2
8%
*___._ :
70
Mar
9
94
Stand Investing Corp. .No par
Standard Oil of Calif ..No par
The Fair..
8%
11%
79%
*5
4%
8%
76%
81
-
-
10%
*1%
9%
11%
6
65%
21%
*79
-
—
11
6
3%
*74
11%
4
*4
29%
*20%
2
4%
-
400
-
4
*1%
*3%
7
67
65%
4
10%
2
*9
1%
4
*3%
48
6%
3%
87
22
*28%
*6%
*1%
~
*11%
*3%
10%
6,100
157g
2%
*11%
4%
8
48%
27«
3
*3%
2%
11%
11%
79%
48%
*1%
4,000
57
30
1%
7%
*45
3%
*45
2,800
110
15
1
No par
2,100
30
Oct
113% Feb 28
3% Jan 13
22% Jan 127
13*4 Jan 12
2184 Jan 10
6U Mar 31
4S%May 26
12i2 Mar 31
0i8 Mar 31
par
54% Jan
40% Feb
2984 Feb
Oct
13
1734
29
$4 preferred
No par
$6 cum prior pref
No par
$7 cum prior pref...No par
4
5,700
984
Jan 10
Jan 12
Swift A Co..
2,700
Dec
13% Jan 15
16%
Jan 12
Swift International Ltd
20,000
10
15*4 Jan 15
9
1,600
35
Mar
4
1,700
3,400
200
Mar
120
Oct
Mar 25
16%
5%
197
June
13
Mar 26
23%
16% 'wVi-
157g
*2%
1%
200
*54%
*3%
*11%
*1%
4%
2
49
*14
16%
57
3
*11%
*1%
10
*45
8
3
29%
7%
77g
30
1%
9%
8
9%
3
30
6
*6
*46
3
49
9%
"4"
*30
*45
6%
6%
87
22%
8%
*35
49
600
5%
3
16%
16
*54%
22
Nov
90
2
5%
34%
3%
*14
16%
19
1,300
5
5%
36
8%
57
3,400
30
8
*16
900
2%
9%
100
8
*54%
19%
5
7%
19
50
3,100
44
30
57
f
1034
5%
*35.%
*4%
5
5%
*16
200
378
3%
*29%
8-%
9,400
5
44
35
30%
8%
4
5%
5%
*4%
5%
35%
3%
11,100
7%
67
4
Stokely Bros & Co Inc
4%
*36
44%
6
9%
21%
*6%
10%
23%
22
24%
5%
4%
200
2
2%
7
>
497g
10%
18%
19%
22
16,100
*123%
10
*54%
*48
678
3%
*48
11
2%
8
*5%
49%
10
10%
23%
5
36%
16%
45
29'g
49%
124% 124% *123%
11
10%
10%
18%
18%
*18%
5%
*5%
43%
7%
8
_
.
45%
4
*22
6,500
-
_
45
4
2%
10%
13,000
42
46 %
7
4%
*30%
*4%
28%
7%
4 >8
6
27%
*30
42
4
16%
39%
4%
26%
28%
*30
4
25%
4%
400
29 '8
16%
*5%
%
27
*%
25%
6
25%
39
1
*5%
7%
5%
4%
36
*7%
6%
4%
5
*39
8
58%
5%
*25%
6%
4%
*7%
45%
3,900
26%
42
17%
28%
26%
16%
*%
28%
*30
24%
45%
59
20%
28%
40%
46%
18%
60% Apr
102% Feb
24U Jan 10
734 Mar 31
Oct
Nov
140U Mar 26
19*4 Mar 26
155g Mar 30
Mar
4% Apr
Jan 13
Jan 21
No par
58
26
20i> Jan 10
46
JStand Gas & El Co
100
82% Jan 12
100
Mar 30
Conv $4.50 preferred. No par
Square D Co class B
1
343g Feb
105% Feb
1778 Mar
Nov
88
29
Spalding (A G) A Bros.No par
1st preferred
100
Sparks Wlthlngton
No par
Spear A Co.—
1
$5.50 preferred
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) vtc.
1
Splcer Mfg Co
No par
$3 conv preferred A..No par
Spiegel Inc
2
3,700
Feb
I
Feb
32
9,300
Jan
Feb
44
93
Jan 13
1978 Apr 13
2i2 Mar 29
3%
15
Feb
17%
3484 Jan 10
22
Mobile A Ohio Stk tr ctfs 100
6%
3
3%
91
24% Jan 11
3U Jan 17
8% Mar 30
$4.50 preferred
...No
JStand Comm Tobacco
14
65
5% Oct
17% Oct
2% Nov
1534 Dec
26% Dec
100
Standard Brands
1
%
No par
5% preferred
Oct
6% Oct
24% Dec
147g Nov
4
9i4 Mar 3l7
5% Mar 30
100
Southern Railway
1,000
1,400
17
*%
Southern Pacific Co
Jan
Mar
1914 Mar 31
25
9,100
18
7
2%
3
73g
Southern Calif Edison
7%
7
1%
18
6%
5,100
6%
128
.100
100% 100%
1%
1%
7%
100%
1%
19%
59%
2%
3%
7:
1%
3%
19
*20%
19%
100
1%
20
46%
*10%
7%
101%
100
6
46%
11
700
*13
46
20
500
16
7
40%
124
50
6%
16
26%
50
16
6%
*30
600
50
6%
*12%
26%
*28%
18,700
16
17
42
20
50
*14
28%
22%
16
7%
27
100
6%
48%
17%
%
100
...
__
16%
7%
%
2,000
6%
75
50
*15%
26%
28%
2%
■;
16%
7%
*%
-
7%
1
17%
1
124
3%
-
_
39
*34
7%
*%
*10%
1%
.
8
*1612
19%
8%
51
7%
100%
1%
7%
■_
49%
50
20%
7%
7
7%
7%
16%
7%
*100
3%
8% preferred
100
37
8
50
19%
4
22%
20%
014
75
21%
17
18
*49%
6%
21,600
7,000
6,100
20
*2%
*35%
2%
*5%
*48%
*21%
19%
2%
7
75
22%
50%
1%
*2
*6%
*48 %
*8
35
20
3%
*19%
20%
9%
16%
7%
6%
2
20%
11
9%
37
2
20%
*48%
*19%
19%
49
18
*30
*2%
2%
7%
2%
*6%
*48%
17
102
*100
1,700
10
51%
50
*16%
l6i2May 24
Solvay Am Corp 5M% preflOO
21
10%
*2%
22%
21%
*8%
1034 Mar 31
111
Apr 14
1% Mar 29
20
1134
*20
75
22
8% Mar 29
Socony Vacuum Oil Co Inc. 15
150
7%
11%
7
Mar 31
Snider Packing Corp...No par
So Porto Rico Sugar...No par
7
7
10
1,000
2,600
21
20%
par
2
8
18,500
16%
*133
150
Mar 28
May
Apr
2,500
11%
2%
7%
*48%
*133
Mar 31
Apr 1
13
10%
16%
Apr 5
Mar 30
91
Corp
Smith A Cor Typewr__.No
1%
20%
*35%
75
400
Mar 30
No par
10
Smith (A O)
1%
21%
1034
37
*48%
133
$6 preferred
100
South Am Gold A Platinum. 1
2
16%
17
133
150
21
21%
12
490
V-ww-■
11
1334
11
*11%
13%
11%
11%
*9
9
9%
9%
8%
8%
8%
12
12
12%
12%
12%
12%
12%
12%
*111% 113
*111% 113
*111% 113
*111% 113
*133
*21%
21%
25
*35%
*133
No par
..10
Slmonds Saw <fe Steel ..No par
Feb
42% Mar
120
Dec
384
44
9% Feb 17
27a4 Jan 27
2,600
*9%
*1%
1
34
Dec
58g Jan 10
Jan 14
98% Aug
Oct
60
Jan
Jan
8% Jan
54% Apr
11% Mar
Oct
15
9% Jan 11
*11%
1%
16
Feb
Feb
2%
3% Oct
49*4 Nov
1234 Dec
18*4 Jan 11
10184 Jan 27
Shell Union Oil
45
12
17
20% Apr
3%
23%
45%
Oct
Oct
Jan 14
2,900
14%
*4
1%
Feb 25
Mar 20
99
*13
3
Jan 14
48
Oct
Oct
34% Nov
Jan 13
Mar 30
200
70
98
15
18%
par
Sloss Sheff Steel <fc Iron—100
*02
98
08
Jan
5134 Mar
98% Mar
Dec
3%
Jan 24
27% Mar
Dec
%
7?4 Jan 11
42
Mar 30
Apr 13
634Mar 12
70%
*96
Mar 30
z38
*84
*13
Mar 30
3
par
25
15
16%
par
par
.100
99
19
Sharpe A Dohme
No
$3.50 conv pref ser A .No
Shattuck (Frank G.)_.No
Sheaffer (W A) Pen Co .No
6% preferred
73
71
Oct
4
Jan
66
Skelly Oil Co..
70
22
1
45%Mar31
100
*95%
*13%
6
Feb 23
85
9% Mar 30
10
Mar 26
3,600
17%
271?, Jan
No par
Sharon Steel Corp
89
99
4
05% Feb 25
I684 Jan 12
2084 Jan 11
20
73
19
No par
Sears, Roebuck A Co.-No par
Servel Inc.
1
19%
*95%
18%
3
89
*13
May 3
% Feb 10
3484 Mar 28
90%
*70
18%
66
*88
17%
11%
1%
Feb
200
70
1%
113
16
99
1%
Dec
Jan
484 Mar 31
14%
2%
70
■
z98
*15%
*13%
11%
*9%
*111% 113
2
*1%
Feb 11
19
2%
17%
20%
*95%
*111% 113
2
*1%
105
15%
16
9%
Mar 26
8*4 Mar 29
15 May 27
15
72
9-%
Jan
79
2%
*15%
99
12
Mar
113
20
16%
2%
15%
70
12%
103
Dec
10
5%
*13
*9%
12%
Jan
Dec
86
93
800
14%
*2%
5%
46
70
Jan 18
No par
2,300
99%
Dec
Jan 20
93
5M% conv preferred... 100
Silver King Coalition Mines.5
12%
99%
*5%
100
5%
100
2,100
7%
11
11%
*99
5%
1,300
41
7%
*23%
26
11%
100
*39
7%
18
81
Mar 24
95 conv pref—No par
900
3%
*3%
3%
40
7%
*23%
*2%
15'%
*88
3%
40
7-%
*95%
*11
Seagrave Corp
50
'■\W
1,300
12
*39
234
*10%
20%
17%
10
*10%
7%
*99% 100
5%
5%
16%
16%
5«4
11
12
*334
4
*334
10%
235s Jan 12
Mar 29
47
200
12
30
share
per
20*4 Mar
37% Mar
Oct
Nov
68
%
16,200
12%
53%
No par
3i2
58
2%
27%
5I2
3%
12
Scott Paper Co
"12" "Mar
Highest
share $
per
10
6
52%
12%
*50%
..100
1
-100
$
Jan 26
5%
% Jan
*3%
17
Year 1937
Lowest
share
$ per
1% Mar 29
15i2 Mar 29
314 Mar 29
50%
17
5H% preferred
JScbulte Retail Stores
8% preferred
2
share
Mar 26
4-2% preferred
.100
Seaboard Oil Co of Del.No par
3%
17%
5% preferred..-.-——100
0% preferred-.-———100
7 % preferred ....
—100
Savage Arms Corp
No par
Scbenley Distillers Corp
5
per
^Seaboard Air Line—No par
53%
17%
jSt Louis Southwestern. ..100
5% preferred
100
Safeway Stores
No par
9
100
'
.
3%
53%
*39
,
Range for Previous
Highest
1,700
2
*1%
51%
*50%
734
%
1%
250
40%
%
3%
12%
4
%
1%
%
2
500
5
40
40%
3,600
2,300
%,
*4%
5%
40
15%
66
%
17%
12
41
15
66
%
53%
IM4
-i
15%
06
17%
12%
734
7
40%
30
*3%
52
12%
53%
8
:
*h
*1%
55
42
h
*4%
66
1.100
334
53%
8
*15%
%
.
18%
55%
12%
*39
*39
%
*434
40%
10
13
73
12%
13%
16%
66%
10
%
*1%
<
13
11%
66%
%
*4%
4034
14
68%
68
%
%
%
*1%
J 7%
*3%
54%
2
16%
*67
*%
%
%
*%
*1%
*14
Par
"•
*08
14%
Lowest
3%
♦6
10
*81
*14
Range Since Jan. 1
On basis vf 100- Share Lots
STOCK
EXCHANGE
Wednesday
May 25
10
*0
10
*6
YORK
May 28, 1938
r
Cash sale,
Mar 30
19% Mar 30
5
r
Ex-dlv
y
2% Jan
5')% Feb
12% Jan
234
1%
Oct
46% Nov
21% Feb
87s Dec
61% Nov
17% Oct
88%
Jan
80
Nov
81
Jan
78
Oct
23%
Jan
22
Nov
80
Mar
28%May
Ex-rlghts.
10*4
Oct
6%
Jan
Jan
100% Jan
18% Sept
111
28%
Feb
Feb
148*4 Mar
9934
Jan
31% Feb
35% Mar
f Called for redemption.
Volume
May 24
May 25
May 26
S per share
•S per share
S per share
$ per share
S per share
7%
934
4412
*14
23.i
29
'
*14
29
*14
15
2%
28%
4%
5
5
*5%
612
6%
*70
73
*6
15%
♦14
*4%
4%
4%
4%
5%
5%
%
5
400
5%
5
7
7
70
71
5%
6%
69%
5%
7%
*6%
69
69
16934 *167
!165U 16934 *167
*5
5%
5
*5
30
*24
30
*23
United Electric Coal Cos
5
United Eng A Fdy
United Fruit
5
lJOO
17%
17
17
*15%
17
434
8
*4
4%
*7%
8
17
*4%
"
9,700
734
62
62
*58%
33
4%
31%
*4%
32%
26
2634
26
26%
6438
65
64%
65%
15i,i
15%
4
4
*3%
*4
8
3,400
U
"""560
7%
*58%
x28
66%
7,800
3%
3%
23%
25%
23%
24%
1,700
30,900
58%
64
57%
60
55
*51
55
*51
54%
49
64
*61
63
61
61%
*60%
66
*51
54
*60
48
1,500
66
47%
50
*61
66,800
4334
42%
43%
41%
43%
41%
42%
40%
42%
39%
40%
97%
96%
97
95
96%
95
95%
95
94
95
132
32
900
*43%
*38
41
32%
*32%
32%
32%
32%
*32%
32%
32%
95%
32%
*43%
44%
*43%
45%
*43%
45%
44
44
*414
4%
*4%
1%
4%
4%
4%
1%
1%
*38
9
*8%
*52
62
*51%
*130
138
9
*8%
58
*51
60
138
*133
138
*32
38%
%
34
%
3,
*%
34
%
38%
%
8% 1st preferred
Preferred
20
*19%
20
19
34%
*33%
35
33%
14%
3%
14%
14%
14
20%
20
14%
3%
3%
3%
*20
21
21
109% 111
111
*109
*2%
2%
*2%
*7
*16
*19%
1434
*14
734
7;%
2%
14%
113
*105
48
*42%
*11634 118
*43
"4"400
2%
*2%
*7
*104
*1%
*23g
1%
2%
*1%
2%
*634
7
*1%
*634
*1%
*15
15%
78%
6%
78%
6
38
38
18
18
11
11
5
Vlck Chemical Co
5
400
Victor Chem. Works
5
40
113
32
4%
4%
32
*28
*15%
6
*38
39
18%
*17%
18%
*18
18%
11%
11%
*10%
11%
2%
*31
434
*28
2
8%
*7%
*21%
*12%
21%
*1%
*1%
1%
*1%
1%
*1%
30
30
30
2%
36
2%
*32%
4%
32
4%
22%
13
2%
*8%
*21%
12%
1%
30
75%
76%
122
*120
#7a
20
19
1,400
2
1%
*75
83
*76
85
84
*79
115% 115%
13%
13%
3
1
3
*4%
9
*%
*1%
2%
78%
79
"120
'120
21
19%
77%
19%
19%
74%
77%
14
33
33
-
-
—
60
83%
7834
140
10
*120
500
*%
1
*1%
2%
20%
19%
*78
1
20
2%
20%
18%
19%
*1»4
73
71
75
7434
119% 119% *118% 119
*12
13%
13%
13%
*32
69
%
"206
2%
18%
71%
31,800
119
120
13
200
33
*32
11%
24%
*11
11%
*24
25
13%
12%
12%
*31%
*11%
*24%
25
25
25%
*24
*50
105
*50
105
*30
105
*30
105
*30
105
*30
150
*70
110
*70
110
*70
85
*70
110
*70
110
*70
17
17%
100
*75
100
*75
100
*75
*42
49
*43
45
42
42
15
*13%
15
*40%
49
15
*13%
15
*13%
8
134
*11%
13
7%
*7%
1%
*11-%
13
2%
1%
4%
4
2d preferred
Telegraph.100
Westlngh'se Air Brake.No par
Westlnghouse El A Mfg.—-50
preferred
50
Instrum't.No par
Class A
..No par
1st
4
7%
7%
7%
600
White
1%
1%
*1%
134
500
White
3%
*37%
12%
44%
15%
15
12%
2%
1%
*3%
1%
3%
3%
3%
*3%
3%
3%
3%
1,700
♦37%
38%
37%
37%
12
12%
11%
11%
11%
11%
1,600
43
43%
42%
43%
42%
43%
11,800
13%
14%
13
13%
3,400
47%
47%
*44
49
31%
14%
00
*48%
00
31%
*28
31%
*28
31%
*28%
31%
37
*35
36%
*35
86
82
*35
86
*28%
31%
*28%
30
35
35
35%
35%
33
33
"""306
83
81
81%.
80
81
78
81
76
77
300
68
*66%
69
67
67
67
67
700
27
27
*26%
10%
27
26
26%
*25
26
400
11%
*78%
12%
10
25,100
69%
68%
68%
27
*67%
67
26%
26%
*26
11%
85
l2io
11%
*78
11%
11%
85
11%
11
14%
10%
*3%
*
79%
77
77
*11%
12
11%
12
11%
11%
1,100
2534
28
25%
26%
13,400
29%
70%
70%
15%
14%
14%
14%
14%
14%
14%
10%
10%
*3%
10%
10%
10%
10%
10%
3%
3%
3%
3%
3%
28%
*65
Bid and asked prices
9%
*78
12
30
3%
10%
84
12
12%
29%
75%
29%
*66
9%
*78
12%
0% conv
900
10
29%
75%
27%
*65
no sales on
2834
76%
this day.
*65
13%
72
14
*75
*65
12%
9%
10%
3%
200
13
3,100
3%
J In receive
40
70
9%
3%
80
9%
3,000
3%
a
1,000
86
Jan
Jan
108
Jan
7
%
Oct
4%
Jan
Jan 10
%
Oct
2%
Jan
10
Jan 17
Oct
9% Oct
14% Oct
35»4 Nov
Jan 22
15%May 12
5% Jan 21
32% Jan 21
Oct
2%
18%
Oct
$6
Det. delivery,
n
Oct
37
Jan
113
Dec
135
Mar
Jan 10
50
Dec
98
Mar
11734
Feb
2
Oct
10% Mar
2%
2%
6%
Oct
183g Mar
57
118% Mar 21
2% Jan 11
4% Jan 11
1% Apr 22
5% Mar 31
8% Jan 17
Mar 21
3% Feb
4
20% Jan 10
May 27
Mar 29
81
18
Oct
122%
16
Jan
Jan
Mar
19%
Feb
49
Feb
7134 Dec
Oct
82% Aug
I884 Mar
Oct
61% July
3%
Jan 18
Jan 13
Oct
19%
7%
Oct
503g
Feb
2
Oct
10%
Feb
20%
434
Deo
99% Mar
Oct
18
Jan
33
Dec
69%
Jan
Oct
12%
Jan
2%
Jan
Mar 31
4% Jan 13
13% Jan 13
9
Nov
10% Mar 31
24% Jan 14
16
Oct
46
11
Mar 30
17% Jan 17
11%
Oct
38%
17
Mar 30
29% Jan 17
3
Jan 12
20
Oct
60% Aug
1% Mar 31
5
1% Mar 26
1%
1% Jan 3
25% Mar 31
71
Apr 8
70
Apr
1
83%May 27
74
75
2%
1
23%
Oct
July
Oct
35%
Jan
Nov
984
2%
56
73 % Nov
84
Oct
108
84%
Feb
Feb
Jan
Mar
Feb
Aug
102% Jan
3
3
88
Oct
109
Feb
9734 Jan
Mar 31
111% Jan
Jan 24
3
70
Oct
103
Aug
Feb
1
17%
Oct
123% Mar
10% Apr
115% Jan
29% July
102% Jan
Mar 29
116
Jan 28
35% Feb 24
121
110% Mar
6
24'
Feb 23
14%
Dec
2% Mar 31
3
Mar 25
4% Jan 10
2%
5%
Oct
1184 Mar
Oct
% Mar 23
1% Jan 11
1
Oct
23% Mar
484 Mar
1%
22%
Oct
11% Mar
Dec
17«4
Oct
83% Jan
57% Mar
167% Jan
13
1% Mar 18
10% Mar 31
15% Mar 31
01% Mar 31
103
19
Mar 30
9
•
3%
28%
27%
1097,
140
Mar 31
Jan 10
Jan 11
Jan 10
Jan 15
Jan 15
Jan 27
9% Mar 30
17% Jan 15
31% Mar 28
3234 Jan 5
15% Jan 18
90
14% Mar 26
Mar 29
May 27
Mar 26
87% Nov
113
Oct
10% Oct
31% Nov
Dec
115
Apr
4
90
Deo
126
Aug
65
Mar
Jan
19
Oct
Jan
4
75
Nov
120% Aug
Jan 14
55
Deo
9084 Aug
23% May
33% Feb
14%
Oct
Jan 12
Jan 21
0
Oct
8%
Oct
3
Jan 22
21% Jan 24
2% Feb 25
834 Mar 31
1% Mar 30
1
-.10
l%May 23
3
3%May 24
0% Jan 10
Mar 24
Mar 30
30
Jan
3
Jan
7
Jan
0%
Mar
46%
Jan
6%
Jan
Oct
2
Dec
438
Deo
5% Sept
Sept
12
Feb
4%
Oct
12%
49%
10%
Dec
91% Mar
Dec
34
Doc
13»4
65%
12
Oct
47
Jan 17
4434May 16
Feb 25
Mar 29
06
Mar 28
1%
18%
Oct
Oct
6
5*4 Jan
19%
20
27
1%
11
60% Jan 21
11% Mar 29
42
Jan
69
Jan 13
3
34%
95
27% Jan 12
11
10% Mar 29
Feb
Oct
Dec
13%
32
27%
Jan
Jan
May
10%
15
100
10
10
39
70
7%May 26
1% Mar 31
No par
303g
21%
9
6% Mar 31
12
170
Mar 19
Mar
preferred.--No par
5
Cash sale,
Oct
Deo
1284
Jan 24
7% Jan 10
Apr 12
r
Feb
Dec
8
65
New stock,
12% Apr
74% Apr
116
3
60
Woodward Iron Co
Woolworth (F W) Co
WortblngtonPAM(Del) No par
Preferred A 7%
100
Prior pref 4^% series... 10
Prior pf 4 M % conv series. 10
Wright Aeronautical...No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred
100
Young Spring A Wire—No par
Youngstown 8 A T
No par
5)4% preferred
100
Youngst'wn Steel Door .No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
Jan
May
15% Jan 11
12078 Feb 26
z27
preferred
47
June
Mar 19
Wilson A Co Inc
44%
105
Mar 31
preferred
58% Jan
39% Mar
110% Mar 19
4% Jan 20
Mar 31
Willys-Overland Motors
Jan
May
164
10
100
--100
Feb
21
Oct
1% Mar 23
Wilcox Oil A Gas
100
44%
15%
9% Deo
"9% "Feb
Nov
00
Corp...No par
100
pref---No par
Dent'l Mfg (The 8 8) .20
Motor Co
1
Rock Mln Spr ctf No par
Sewing Mach...No par
$4 conv
400
1,200
2,900
3%
*48%
*28
1%
38%
64
15%
2%
3%
3%
*48%
15%
11
1%
*37%
3%
3%
11
*2.
40%
12%
15
60
White
738
12%
44
White
1%
44%
12%
44%
100
7%
3%
12%
loo
2,900
2%
84%
Nov
42
117% Jan 11
74
8%
Oct
29
25
Mar 31
15
Oct
47
1%
3
1% Apr 13
5% Mar 26
100
Mar 29
1
Oct
1
135
1% Jan
Mar 30
42
7
12%
2%
46
4
54
2% Mar 29
15% Mar 30
37
Jan
Jan 12
Mar
60
Mar 26
105
150
147% Mar 11
75
15
1%
Jan
Jan
126% Mar
Oct
5
Feb 24
13% Jan 14
% Mar 30
%
75%
May 26
2% Jan 10
Feb 25
27% Mar 30
Preferred
.
48% Nov
42
3
May 27
8
$5 conv prior
6%
2%
Feb
Deo
7238 Mar
100%
5
1% Mar 26
37
58
44
3% Mar 30
20
Wheeling Steel
7%
40%
44
15%
"2,300
3484 Mar
99% Mar 30
40
Apr 26
30
5H% cpr
*11%
12%
Mar
8
70% Mar 5
62% Jan25
114% Jan 10
Prod.-No par
5% conv preferred
Wheeling A L E Ry Co
*1%
3%
*37%
12%
*48%
Westvaco Chlor
7%
1%
Feb
105
Weston Elec
13%
12%
*2%
100
preferred
6%
Western Union
6%
1%
3%
118
100
Western Pacific..--
13%
12%
2%
Dec
52% Nov
100
4%
1%
*2%
1%
3%
1%
43%
Mar
100
7%
*11%
4
41%
■-m
100
preferred..
6%
Western Maryland
1%
2%
134
*37
400
1
Western Auto Supply .Co—10
7%
1%
2%
7%
Oot
Mar 21
71
Webster Elsenlohr
*7%
8
2%
7%
16%
20
81
No par
7%
7%
*1%
4%
*3%
16%
35% Feb 25
Mar 31
45% Jan
40
No par
Wells Fargo A Co
1
Wesson Oil A Snowdrift No par
$4 conv preferred-—No par
West Penn El class A..No par
7% preferred
....100
6% preferred
100
West Penn Power 7% pref. 100
193s
3
21
48
100
49
49
*1%
16
17
100
*13%
*7%
15%
17
*75
*40%
734
16%
17
100
*42
*7%
16
17
*75
""300
Oct
z44% Mar 31
z55
Mar 31
Mar 31
110
*75
Mar
Jan
334 Mar 26
Mar 26
33
*12%
11%
Mar
72%
20
60
*11
13%
24%
112
Oct
3%
23
__
3,100
2,400
25
*31%
Dec
24
100
5
_
20
25
*12%
33
13%
25%
%
*134
19%
18%
65
Mar 26
Wayne Pump Co
15% Mar
Feb 18
2
No par
---5
Feb
43%
22% Mar
6% Jan 10
60
No par
$3.85 conv pref
Mar
34%May 19
Mar 29
10% Jan 15
3% Jan 13
Preferred
Feb
23% Mar
2% Mar 31
Mar 20
Warner Bros Pictures
Feb
21% Mar 30
8
.
20%
*19%
70
17
Class B
Jan
Jan
172
29% Deo
16% Oct
3% Oct
6% Oct
32
40
1,900
.
1
20%
700
-
-
115% 115% *115% 116% *115% 116%
13
13
13
13
13%
13%
*3
3
3
3%
*234
3%
9
9
*4%
*4%
*4%
9
2%
21
7834
79%
mm-*,--
83
83%
85
78%
*120
1%
300
154% Nov
6% Dec
9
8% Jan 11
19% Feb 18
Waukesha Motor Co
83
8434
25
Jan
137
8% Feb 23
4478 Jan 15
Warren Fdy A Pipe
1%
169% Feb
162% Mar 28
4% Mar 29
Nov
63
4% Mar 30
Mar 31
300
*1%
1%
*1%
May 10
l7%May 18
600
85
87%
1%
78
30
400
*75
29%
Mar 31
55
No par
8%
83
87%
*1%
29%
*1%
20%
3478
$ Warren Bros
No par
$3 convertible pref.-No par
70
1%
Oct
Walk(H) Good A W Ltd No par
Preferred
No par
Ward Baking class A.-No par
Walworth Co
30
29
120
*31%
20
14
20%
1%
4
2,000
*74
14
35
12%
13
8%
No par
% pref with warrants 100
Walgreen Co
21.1
*28%
120
*31%
20
■*11%
18%
2%
238
8%
11,000
30
*28
28%
75
1%
15
14%
20
12%
9
21%
1%
122
*13%
20%
9
20%
9%
122
*14
2%
8%
20%
30
*76
*134
20%
19%
74%
2%
29
*74
1
2%
4%
*74
83
2%
20%
19%
28%
2%
4%
Oct
6%
—No par
Waldorf System
300
4%
28%
77
77
1
2%
31
*29
30%
4%
28%
438
48s
Feb 15
100
100
100
J Wabash Railway
5% preferred A
5% preferred B
700
36
4%
*74
89
*134
300
77
89
20%
19%
200
30
*76
♦115% 116%
*115% 117
13%
14% *1334
13%
*3
3%
3%
3%
9
9
*4%
*4%
700
20
*74
84
2%
2%
32
9,000
*12%
75
*76
10
11
5%
10
*18
18%
36%
1834
5%
3634
5%
37%
No par
100
pref...No par
Virginia Iron Coal A Coke. 100
5% preferred
.100
Virginia Ry Co 6% pref--.100
Vulcan Detlnnlng
100
Preferred
100
preferred
6%
600
12%
92
*120
78
21%
85
84
*73%
79
*2%
"500
600
30
1%
*89
121
*32
4%
23
2%
2%
2%
36
5%
37%
5%
37%
300
15
21%
1%
*1%
21%
*78
121
6
34
*28
2%
9%
*74
*78%
20
300
15
15%
*10%
5%
12
2%
14
79%
*74
15%
38
22%
22
15%
15%
6
2%
*21%
16%
82
38
79
*17%
8%
*21%
*12%
*15%
*76%
*73%
5%
36%
18%
79
"60
43
43
♦43
48
42% 42% *42% 48
*116% 125
*116% 125
♦116% 125
*116% 125
1%
1%
1%
1%
1%
1%
*1%
1%
*2
*2
2%
2%
2%
2%
2%
2%
*2%
2%
*1%
*1%
2%
2%
2%
*1%
*1%
2%
7
6%
6%
*6%
6%
7
6%
6%
6%
16%
Chem
Va-Carollna
Va El A Pow *6
1%
*10%
2%
*2%
32
2%
3%
7% Jan 12
10
«4
z23% Feb 15
Van Raalte Co Inc
400
15
112% *101
Oct
3% Mar 20
5% Mar 30
1% Jan 18
14% Mar 31
30% Mar 30
14
Apr 9
19
Nov
70
74% Feb 21
20% Jao 12
32%
*101
Dec
11% Mar 31
19
113
5%
Vanadium Corp of Am.No par
32%
118
*105
883 Jan 17
10
*13%
1,300
Jan
1
62
May 6
%May 16
4% Apr
Jan
t Utilities Pow A Light A
1
Vadsco Sales
No par
Preferred
100
19
1,400
101
16% Feb
2484 Mar
100% Feb
Mar 31
15%
3
3
3
*2%
18%
18
18%
18%
111
*108
*109% 111
*2
*2
2%
2%
2%
*8
8%
9
*7%
8%
Jan
3
Mar
113%
May 11
33%
20
17
Oct
48
19
500
8684 Mar
Oct
Oct
134
33
48
118
12%
113
113
*105
113
20%
12%
13%
63
Oct
9
3%
100
pref. 100
*13%
19
9
*7
20%
12%
Oct
52
5% Jan 12
No par
preferred..
8%
Universal Pictures 1st
191,
*2-%
111
*16
24
5
106
Mar 31
Universal Leaf Tob
10
600
Jan 12
Mar 20
May 27
No par
2684 Apr
108% Feb
9% Mar
Mar 14
94
33%
14%
3%
*105
20%
*109%
*2%
20%
14%
13%
3
3
8
20%
14%
*16
$0 conv pref A
Oct
3
38
No par
U 8 Tobacco new
Oct
Dec
2%
Jan
Jan
Mar
100
Universal-Cyclops Steel Corp 1
"lJOO
6%
74
1138 Jan
100
100
%
16
65% Feb 25
No par
Preferred
200
54%
407g
Oct
35
8% Mar 30
United Stores class A..No par
38%
*32
50
U 8 Steel Corp
100
138
*133
38%
50
1,400
%
*3314
14%
*32
..100
13g
%
%
*16
*16
34%
*33
*%
20%
14%
20%
14%
19%
54%
*51
Oct
5
50
100
7% pref. new
—.—25
United Stockyards Corp
1
38
25%
2384 Jan 15
6% Jan 13
10% Jan 13
900
10
Mar
8%
13% Mar 31
3% Mar 30
5% Mar 26
No par
4%
8
8
9
*133
%
14%
19%
*7%
65
*32
*34
*16
9
*7%
38
40
138
*51%
*133
38%
*32
38%
*32
65
*38
41
1%
1%
1%
1%
*38
8%
8%
135
135
*1%
1%
41
*38
41
4%
4%
4%
35
Oct
35% Jan 12
U 8 Smelting Ref A Mln
3,700
*43%
*4%
1%
97%
32%
44%
4%
1®4
Deo
2
Prior preferred
200
4234
Feb
17%
Mar 22
U S Pipe & Foundry...
20
U 8 Realty A Imp
No par
U 8 Rubber
10
13,700
66
91
Partlc & conv class A.No par
100
29%
55
5
50
U S Leather
31%
*61
100
preferred
5H% conv pref
U S Industrial Alcohol.No par
66%
4
20
U 8 Hoffman Mach Corp
1,900
6%
6%
3%
No par
300
4
29%
4
100
preferred
900
15%
*58%
26%
64%
100
U S Gypsum
100
7%
4
10
S Freight..
7%
5
32%
25%
62%
4%
6%
66%
31%
27%
66%
26%
64%
*20
.No par
Conv
6%
7%
32%
o414
4%
*58
66%
32
4%
15%
16%
4
*7%
*58%
66%
32%
4%
25
No par
170
400
30
*4%
5
25
United Paperboard
USA Foreign Secur
30%
117»4
9% Jan 10
Mar 31
50
Jan
Feb
Oct
Deo
80% Jan 10
6% Jan 11
Mar 26
3
21% Mar 31
No par
United Gas Improvt-_.No par
15 preferred
No par
$5 first preferred
U S Dlatrlb Corp
2,000
4%
"165% 169% *165% 169%
16%
*23
"""400
65
64
30
5%
4
6%
6%
67%
5
30
5%
6%
66%
'165% 169%
169%
*5
5
8
68
...100
3,200
4%
6
*5%
69
*6%
6%
71%
*23
6%
10
1
Preferred
20
4
10%
6I2
5
Oct
36'4
32%May 11
7% Jan 12
1
Mar 26
22% Mar 31
4% Mar 30
4% Mar 29
60
Apr 1
No par
United Drug Ino
United Dyewood Corp
110
2
4
4%
613.1
*5l2
$3 preferred
4,200
3,600
15
Mar 29
49% Feb 23
19% Jan 10
384 Jan 8
114
4
12% Apr
United Carr Fast Corp. No par
United Corp
No par
70
27
*25
27%
*25%
27%
*25% 27% *25
*26%
59
59
59
61
60%
*60
61
61%
61%
61%
6134
z9%
9%
10%
10%
10%
10%
10%
10%
103s
10%
10%
*104% 107
*106
109
*106% 109
*105% 109
*105% 109
'105% 109
3%
3%
*3%
4%
4%
4%
*4%
4%
♦4%
4%
4%
414
5%
5%
*5%
6%
*6
534
5%
6%
5%
6
53.1
6
*6514
69% *65% 69% *65% 69% *65% 69% *65% 69% *65% 69%
*%
1
*%
1
*%
1
*%
1
*%
1
*l2
1
28
*25
19",500
2%
27%
958May 10
Jan
Highest
share $ per share
5% Oct
243, Jan
7
Oct
31% Feb
per
10% Feb 26
19% Jan 11
39
No par
70
73
4%
4%
14
100
United Carbon
$
share
per
Mar 30
5
5
Preferred
10
2%
Transport
$
share
per
6% Mar 31
14% Mar 31
110% Jan 20
No par
1,000
27%
$
No par
45
15
*70
United Amer Bosch
United Biscuit
*42%
2%
29
4%
5%
Un Air Lines
8%
*13
2%
73
15,800
""560
7%
15
*110% 116
43%
27%
5
5%
6%
7%
8%
43%
*13%
2%
29
*70
73
4%
4%
2734
4%
4%
4i2
5
5
*70
44
2%
2%
28% .29
2%
15%
44
17
*14
29%
*5%
6%
73
15%
7%
*7
*14%
112% 112% *110% 116
45
44%
15%
2«4
5
5
*5 %
*70
*7
*45 £;■;47
2%
2912
•>
9%
8%
834
16
441
7%
*7%
8%
8%
15%
15%
15% *1538
*15%
1534
*112% 116
*112% 116
•1121.i 116
83g
*7%
934
*7
Par
Shares
Lowest
Highest
Lowest
May 23
shdre
8%
9%
Year 1937
Share Lots
On Basis of 100
YORK STOCK
EXCHANGE
Friday
May 27
May 21
$ per
Range for Previous
Range Since Jan. 1
STOCKS
NEW
Thursday
Wednesday
Tuesday
Monday
Saturday
3463
New York Stock Record—Concluded—Page 10
146
Jan 25
35% Feb 24
54%
Oct
34
Dec
Dec
Jan
Jan
112t2 Mar
4O84
Deo
28% Mar 30
43
Jan 10
39%
Dec
54
Nov
55% Mar 30
94
Jan 10
38
Oct
128
Mar
61% Mar 31
2084 Jan 31
83a Jan 3
71
Mar 30
6978May 12
29% Apr 18
lo% Jan 21
58%
Oct
76
Jan
21%
Dec
62%
7%
Oct
37%
Jan
Feb
93
Jan 11
9% Mar 31
18% Jan 10
Mar 30
43% Jan 12
24
02% Mar 31
11% Mar 29
9
Jan
3
Ex-dlv.
v
284
x
Mar 31
75
Jan 26
68
Dec
12% Dec
34% Nov
70
Oot
11%
Dec
142
46%
Jan
Feb
101% Mar
115
Jan
22% Jan 10
17% Jan 12
5% Mar
Ex-right«.
7
43% Aug
9%
Jan
^ Called for redemption.
tXE
May 28, 1938
3464
NEW YORK
STOCK EXCHANGE
Bond Record, Friday,
Weekly and Yearly
Caah and deferred delivery sales are disregarded in the week's range,
NOTICE—Prices are "and Interest"—except lor Income and defaulted bonds.
of the week, and when selling outside ol the regular weekly range are shown in a footnote In the week In
No acoount Is taken of such sales in computing the range for the year.
which they
unless they are the only transactions
occur.
«
,
ES
EXCHANGE
Week Ended May 27
Y.
Friday
Week's
Friday
STOCK
Last
Range or
Friday's
BONDS
Range
Sale
BONDS
N.
Since
Price
Bid
&
Low
Asked
Jan.
No.
High
Low
N.
1
Treasury 4s.—-Dec.
Treasury 3%s
Mar.
Treasury 3%a
June
Treasury 3s
Sept.
Treasury 3s..—-June
Treasury 3%s.—June
Treasury 3%S—Mar.
Treasury 3%s—.June
Treasury 3%s
Dec.
Treasury 3%s
Treasury 8%s._-Apr.
Treasury 2%s—.Mar.
Treasury 2%8._.Sept.
Treasury 2%s__.Sept.
118.16
15 1947-1962 A O
15 1943-1945 A O 119.16 109.15
16 1944-1964 J D 114.10 114.9
112.28
16 1946-1956 M S
110.3
16 1943-1947 J D
106.2
16 1951-1966 M S 106.6
15 1946-1948 J D 107.14 107.13
15 1940-1943 J D 106.17 106.16
107.22
15 1941-1943 M S
108.4
15 1946-1949 J D 108.4
15 1949-1962 J D 107.26:107.26
Aug. 16 1941 F A
|108.2
15 1944-1946 A O 109.15,109.15
103.29
15 1965-1960 M S 104
106
15 1945-1947 M S 106
104.3
15 1948-1951 M S
15 1951-1954 J D 103*4" 103.4
Treasury 2 Ms
1948 M S
Federal Farm Mortgage Corp—
103.16
3s
Mar. 16 1944-1964 M S 106.11 106.10
May 16 1944-1949 M N 106.1
105.29
J
Jan. 15 1942-1947 J
105.30
2«s
Mar.
3s
1 1942-1947 M
S
Home Owners' Loan Corp—
8s series A
May
1 1944-1952 M N
1 1939-1949 F
1942-1944 J
2Jis series B-Aug.
2%s series G
104.11
118.18
46
116. ,4
118.18
109.20
34
107 .2
109.20
114.12
33
111. ,22114.12
113
29
110.4
3
106.11
122
107.18
40
110 .8
113
107 .18110.6
105 ,2
107.20
—..1952
—1953
Copenhagen (City) 5s
25-year gold 4 Ms
♦Cordoba (CJty) 7s
♦Gtd sink fund 6a
J
D
M N
♦Gtd sink fund 6s
7s
Cuba (Republic) 5s of 1904
105. ,21 106.20
M
S
External 5s of 1914 ser A
1949 F
A
External loan 4Mb ser C
1949 F
107.31
57
105 .19108.3
J
33
107 .4
108.13
1953 J
1945 J
107
109.19
108.4
109.19
30
104.3
164
101 .24 104.8
106.5
236
1944
Sinking fund 5%s—Jan.15
♦Public wks 5Ms_—June 30
Czechoslovak (Rep of) 8s
Sinking fund 8s ser B
106
101 27104.11
45
100 26103.11
19
100 14 103.5
External g4Ms
101.26
84
99 .18 101.26
105.12
1
102 .14105.18
103.22
53
5
106.12
101
103.22
106.1
78
103.28 106.12
103.4 106.1
106
36
4
104.26
102.9
104.26
106.7
57
103.9
35
101.9
103.13
J
103.20 103.13
103.20
37
101.5
103.20
22 M
22 M
7M
22 M
3
17%
17
1
7
7
7
17
f 7s 3d serles.1957
7
93
8 f external 4 Ms
8 f extl conv loan 4s Feb
1971 MN
S f extl conv loan 4s Apr
1972
1972 F
A
A
92
J
81M
163""
s I
s f
6Ms of 1926—.1957 A
6 Ms of 1927— .1957 A
Sinking fund gold 6s
20-year s f 6s
105
25
101M
97
33 M
36
28
100
108
9
100
107 M
112
110%
112
10
100"J
;100M
*20 4
8
19 M
23
107 M 116%
100
102 M
23 M
19M
D
♦Secured
s
Canada (Dom of) 30-yr 4a
6s—
♦Farm Loan
♦Farm Loan
s
95
32
50
104
11
50
105
J
103 %
102 4
1034
73
A
100%
99%
100 4
37
98
104
O
954
59
95
102
♦Guar sink fund 6s
♦Chinese (Hukuang Ry) 5s
83
91
57
9
55%
67
56M
1
56%
62
1940 A
2d series sink fund 5 Ms
Customs Admins 5 M« 2d
5 Ms 1st series
O
1969 A
J
1967 J
For footnotes
see page
62
...
51
62
1
19
22
234
2
22%
30
70
*95
106"
..
105 4
20
.
♦6 Ms of 1930 stamped
♦5 Ms unstamped
♦5 Ms stamp(Canad*n
♦Greek Government
s f ser
♦7s part paid
♦Sink fund secured 6s
♦ds part
paid
12
994
101
......
4
13
13
*65
106
*60
78
*60
57 %
59%
*35
*33
96% 102
101M
102 M
..
.
.
....
..
..
78 %
66M
64
23
a32 %
51
70 M
2
52M
57%
594
2
53
70 %
70 M
1
54 M
40 M
36%
72 M
53
O
J
J
A
"m%
102 M
102 %
22
102
100 M
97 M
101M
98
30
A
98 %
102%
101M
12
97 %
128
92 M
98
20
62M
35
38
29
32
28
32
29 M
35M
*29 4
29 M
32 M
14M
19
30
35 M
31
29 M
14
"17 M
*19"
*36
17 M
19M
39
14%
19M
17M
19M
17
15
17 M
19M
18M
13
15
19M
19M
16
15
19M
17M
2
15
19%
14M
12M
19 M
17M
17M
17M
15M
15M
15M
15
14%
22 %
28%
24%
-
30
30%
34%
6
24%
27%
2
24%
29
....
28
29%
32%
....
26%
30%
22%
29
25%
22%
73
19
29
17M
25
17
12
11.7
38
12M
12M
*19%
17
s
f 5s
3
14 %
14%
22%
22
22 %
21%
3
19%
85
22%
19
....
3
17
27
70
11
16%
17%
105%
104 4
104%
3
114
12%
14
11%
U4
11%
3
11%
13
104 %
13
3
13
18
11%
13
37
69%
32%
37%
14%
39
39
...
—
104
—
1
39
36 M
36%
1
112%
112%
2
1951 J
D
19
18%
112% 117%
72
75%
79
75%
61 M
76
62
12
A
70 %
Extl sinking fund 5 Ms
1965 IVI N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 F A
59%
Lower Austria (Province) 7Ms. 1950 J
"20 K
50
68%
81
49%
35
64%
D
59%
43
8
20 %
21
2
*20
66%
189
72
58%
43
D
♦Medellln (Colombia) 6 Ms
704
80%
56
5
"0 i%
82
70%
69
75%
J
S
1954 J
45%
20%
28
17M
17 M
17M
8%
1%
•
•
«
1
1
1945 Q
♦4s of 1904
1954 J
D
J
D
22%
1
Ms—1952
♦Sec extl s f 6 Ms
♦Sec extl s f 6 Ms
♦Montevideo (City) 7s
1
1
1
7
1%
1%
1%
1%
4
1%
*14
*14
5
-«
J
J
O
*1%
J
A
1952 J
New So Wales (State) extl 5s..1957 F
External s f 5s
Apr 1958
1943
Norway 20-year extl 6s
20-year external 6s
D
A
9M
9%
"ioi""
----.1963 F
A
J
«.
-
—
*
-
-
9%
9
44
9%
9
44
49
41
41
*34
41
-
»
62%
60
50
4%
4
3
3
3%
2%
5
2%
1%
57
6%
7
3%
3
67
10%
11
38%
61
37
57%
101%
101%
22
11
98%
103%
105%
11
103%
13
104
107
107%
102%
106%
103%
33
102%
102
102%
40
99% 104%
100%
101%
43
98% 108 %
102% 103%
101
101 4
105%
105%
1956 IVI 8
1965 A O
2%
.....
60%
101%
1944
External sink fund 4 Ms
External s f 4MB———
4
1
2
1
1959 M N
f ext loan
1%
14
*1%
*1%
9%
2%
1
1958 IVI s
1959 M S
♦6s series A
s
0
'
J
♦{8mall
4s
3
1%
♦ABsentipg 4s of 1904
1954
♦Assenting 4s of 1910 large—
♦Assenting 4s of 1910 small—
♦{Treas 6s of *13 assent(large) *33
Milan (City, Italy) extl 6
Mlnas Geraes (State)—
8%
*1%
J
J
♦Assenting 5s of 1899—
♦Assenting 5s large
♦Assenting 5s Bmall
105%
105%
103
97% 104%
99%
106%
D
101%
102%
A
20%
102 %
20
102%
F
20%
13
20
21%
Oriental Devel guar 6s
Extl deb 5 Ms
1953 IVI
S
55%
554
56%
20
61
62%
1958 M N
50%
504
51
Oslo (City) sf4MS
Panama (Rep) extl 5 Ms
♦Extl s f 5s ser A
1955 A
O
1953 J
D
Municipal Bank extl s f 5s... 1970
♦Nuremburg (City) extl 6s
1952
—
—-
102%
92
1
103
47%
57%
102
102%
11
96% 103%
92
103%
39
92
104%
1963 IVI N
40
40
1
40
46%
1963 IVI N
34 4
34%
1
32
41
17
33
13
17%
116
30
llM
16
30
15M
14%
*26"
O
MN
35H
109M 113M
98
102M
S
27%
72
ser B *47 M
Italian Public Utility extl 78—1962 J
Japanese Govt 30-yr s f 6 Ms...1954 F
105M 110
30
♦Peraambuco (State of) 7s
19 M
21M
♦Peru (Rep of) external 7s
1969 M S
♦Nat Loan extl s f 6s 1st ser.-I960 J
D
D
M
34 M
32 M
31
14 4
J
31M
1
33
1962 M N
O
334
032 %
109 M
1960 M S
22%
-
25M
22%
♦Mexican Irrlg assenting 4%s.l943 M N
17
112 M
*21M
D
-
31
24 4
1952
♦Mexico (US) extl 5s of 1899 £.1945 Q
56 4
56 M
111M
101%
102
D
•
85
108 M
100 M
97 M
M N
30 M
27%
A
78 M
79 M
109 M
17M
17M
15M
15M
15M
*15%
F*
23%
0
23%
24
m
$17%
99% 100 M
1979 FA
1
S
104% 108%
60
1960 M N
Extended at 4Mb to
95
O
93% 101
3
26%
25
*24
Helslngfors (City) ext 6 Ms
1960
Hungarian Cons Municipal Loan—
♦7 Ms secured s f g—
J
1945
♦7s secured b f g
J
1946
♦Hungarian Land M Inst 7%s.l961 M N
♦Sinking fund 7Ms ser B
1961 M N
♦Hungary (Kingdom of) 7 Ms.-1944 F A
98
—.1954 J
26 M
23 %
*27
♦Hamburg (State) 6s—
1946
♦Heidelberg (German) extl 7 Ms *60
7
1967 J
44
25%
—1968
Haiti (Republic) s f 6s ser A
17
A
31
7s—1964 MN
-.1968
19
J
12
98%
108
*21M
1964
99%
O
26%
Holder) '65
99%
101%
99
a32%
D
♦German Rep extl 7s stamped. 1949 A O
♦7s unstamped.-1949
German Prov A Communal Bks
♦(Cons Ague Loan) 6Ms
1958 J D
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
A
102%
100%
104% 108%
19%
22
99
108%
*98%
1965 J
1965
19M
99 M
5
9
German Govt International—
19M
101M
95
—
106
20%
96%
1949
19%
J
3469.
68%
204
101M
10M
1968 MN
F
64
....
23
108
10 %
J
A
64
65
20%
23
D
10M
1984 J
Oct 1961
♦6s extl a f gold
Jan 1961
♦Colombia Mtge Bank 6%S—1947
♦Sinking fund 7a of 1926-—.1940
♦Sinking fund 7a of 1927
1947
2
58M
D
14
55
1961 A
59
....
*55 %
*56
J
---.1949
18
56 M
J
64
56
j
External 7s stamped
7s unstamped
45
56 M
1951
56
O
1948 J
♦El Salvador 8s ctfs of dep
EstODla (Republic of) 7a
12%
55
♦6s of 1928
*55%
ser. 1961 M S
1969 A O
6 Ms 2d series
124
8
J
101% 106%
56 M
12 %
A
♦Celogne (City) Germany 5 Ms. 1950
Colombia (Republic of)—
95
56
12M
12M
{♦Farm Loan 6s ser A AprlS 1938 A O
♦Chile (Rep)—Extl s t 7b
1942 M N *17%
♦External sinking
17M
fund|6s—.1960 A O
♦Extl Blnklng fund 6s...Feb 1961 F A
17 M
♦Ry ref extl a f 6s
Jan 1961 J
J
17%
♦Extl sinking fund
M S
♦Guar sink fund 6s.
♦Chilean Cons Munlc 7s
95
*89
12
1976 F
M
78%
{♦Stamped extd to Sept 1 1935.. M S
*.12
99
6s._Sept 1961
♦External sinking fund 6s_. 1962
♦External sinking fund 68—1963
♦Chile Mtge Bank flMs
1957
♦Sink fund 6 Ms of 1926
1961
62%
Dominican Rep Cust Ad 5 Ms—1942 M S
1st ser 5 Ms of 1926
1940 A O
O
S
Oct 15 1960 A
110%
734
Irish Free State extl
12M
1960 A
103
96% 102
100
106
18
100 M
734
23
1950 M 8
f 6s—July 15 1960 J
J
f 6s
100
6
70
18M
12M
1944 J
s
1004
101M104
10
99
71M
71M
36
1.12 M
1961
96 4
68 M
14 M
O
Aug 15 1945 F
30-year 3s
♦Carlsbad (City) af 8s
♦Cent Agrlo Bank (Ger) 7s
10
103
71 %
21M
21M
1952 M N
10-year 2Mb
25-year 3Ms
7-year 2Mb
102 M
103
102
68 %
14
—1967 J
f 78
102 M
103
71%
20
Bulgaria (Kingdom of)—
♦Stabilisation loar 7 Ms
24
O
14
1977 M
$ bonds
10 M
O
"21%
D
.1961 F
105M
6
External re-adj 4Ms-4Ms—1976 A O
External s f 4%s-4%s
1975 M N
s f
13
88 M
106%
98 % 106M
96M 102
50
m.
3% external
78 4
78%
195
83 M
22 H
1962 J D
♦Buenos Aires (Prov) extl 6s—1961 M S
♦6s stamped
1961 M S
f 4%s-4%s
87 M
7M
100M
104 4
103 M
♦Budapest (City of) 6s
s
18%
02%
1942 A
D
1958 F A
—I960 J D
♦8Mb stamped
External s f 4H-4MS
28
93
5M
93
20 M
1957 M
Ry)
Brisbane (City) a f 5s
7
28
94 M
1034
101M
1952 J
(Central
7M
101M
(Germany) a f 6 Ms
1950 A O
♦External sinking fund 68—.1958 J D
1941 J
7%
5
99
30 M
1946 F A
1949 M S
D
17
4M
5
71
100
1955 J
8M
B
49
100
J
J
6
;
83 M
1956 M N
—-1955 J
8
105%
81
103
1957 J
1
96%
88%
1957 M S
♦Berlin
♦External
914
102 %
103 4
1002'n
♦External
93
6
23 M
23%
8M
8M
8M
82 M
O
1955 J
a f 58—1960 M S
Refunding
16 M
74
Antwerp (City) external 6s
1968
Argentine (National Government)
♦7s
7M
8
22%
1957
♦Braall (U S of) external 8s
90
18%
French Republic 7Ms stamped.1941 J
7 Ms unstamped
..—.1941
f 7a 2d serles-1957
TBergeD (Norway) extl
43
80%
106.7
103.2
f 7« 1st series
External 30-year a f 7s
9
5
Deutsche Bk Am part ctf 6s.- -1932
103.22 106.1
74
sec s
52
81%
1942 J
1955 F
Apr 15 1962 A
External gold 5Ms
103.5
74
♦External
62
80 M
1951 A
Denmark 20-year extl 6s
68
103.9
7*4
sec a
101%
103 .25106.7
104.10
1946
s
92% 100%
80
80
A
1945
♦External
92 M
11
79
1951 M N
♦Coeta Rica (Rep of)
105 .27108.11
1945
♦External
49
95
80 M
106 .29 108
7s series B
f 6s
High
97
*52"
33
7s series D
s
a f
s
Low
93 M
J
♦7s stamped
27
f 7s series C
♦External
♦External
External
No.
95 %
Cordoba (Prov) Argentina 78—1942 J
20
74
74
Belgium 25-yr extl 6 Ms
Since
Jan. 1
93 M
♦Dresden (City) external 7a..-1945 MN
106.6
1948
♦Bavaria (Free State) 6 Ms
Range
„
gS
KJ 63
&
96
A
106.18
102.31 102.31
♦Antloqula (Dept) coll 7s A—1945
External g 4%» of 1928
Austrian (Govt's) a f 7a...
3
Ask
High
lid
A
108.11
A
1947
Australia 30-year 6s
External 6s of 1927
Price
1957 F
1957 F
107.25
Govt. & Municipals—
s f
Friday's
103 ,26 106.11
Agricultural Mtge Bank (Colombia)
♦External
Range or
Sale
'AW
Finland (Republic) ext 6s
-1945 M S
♦Frankfort (City of) a f 6 Ms.-.1953 M N
Foreign
Week's
Last
Foreign Govt. & Mun. (Cont.)
Treasury 2%s—-June
Treasury 2 %8—Sept. 15 1956-1969 M S 102.28 102.28
Treasury 2%s_—Dec. 15 1949-1953 J D 101.17 101.15
105.12
Treasury 2%s
Dec. 15 1945 J D
3%s
STOCK
High
U. S. Government
Treasury 4%s_—Oct.
Treasury 3%s.—Oct.
ss
$£
EXCHANGE
Week Ended May 27
Y.
"21%
15%
23
15%
20
22 M
3
17%
22 M
11
22 M
2
IBM
17
10
10
16M
16M
23 M
23 M
23 M
♦Stamped
—
1947 M
♦Nat Loan extl s f 6s 2d ser.. 1961 A
♦Poland (Rep*of) gold 6s_—...1940 A
♦Stabilization loan s I 7s
1947 A
♦External link fund g 8s
1950 J
2
7
7
8%
8%
9
13
8%
8%
43
O
8 4
8 %
O
47%
47 %
S
■
84
7
42 4
39
8%
48
70
O
J
-
46
13
«
—
—
—
7
5%
7%
9%
11%
7%
7%
11%
44%
60%
07%
82%
42
62
11%
Volume
New York Bond Record—Continued—Page 2
146
Friday
Week's
Last
Range or
Sale
Friday's
BONDS
N.
EXCHANGE
Week Ended May 27
STOCK
y.
Price
1961
♦Extl loan 7%s
1966
Prague (Greater City) 7%s
1952
♦Prussia (Free State) extl 6%s_1951
D
7h
*69
M
S
O
O
♦Rio de Janeiro (City
♦Extl
1946
1953
of) 8s
62
"4
20
19
19
4
20%
20
106%
106 H
106 h
28%
11%
10%
98%
22%
23
s
8h
9
6%
10%
10%
F
A
21%
J
J
*21%
M N
IVI N
8%
38
8h
7%
11%
Bklyn Union El 1st
8h
5%
10%
Bklyn Un Gas 1st
25
9h
7%
17
13%
7%
6%
13
11%
24%
23
47%
25%
24
26
13%
9
9
7%
8%
Secured
1940 A
31%
31%
*24%
31%
27
♦7s series B
sec
1962
1958
extl
♦Silesia (Prov of) extl 7s
J
*24%
'
50
1952
External s f 6%s guar
A
1960
1964
F
♦External s f 6s
A
41%
40%
*40
M N
♦Warsaw
(City) external 7s
Yokohama (City) extl 6s
29
35
20%
28H
102%
"~3
99% 104%
8
61%
44%
48%
26
55
53
♦
50
47%
60%
43%
7
41
54%
43
5
38%
54
40%
53%
51
"23
37%
63
42%
38
50
38%
42%
42
67%
70
*
67%
21% 100
a21
a20
44
45%
40%
62
56
56
cons g
69
1945 M N
5s
1950 J
AND
56%
63%
65
1948
Coll trust 4s of 1907
1947
10-year deb 4Ha stamped—1946
Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st cons A 5s
1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 6s—1948
6s with warr assented
1948
Alb A susq 1st guar 3 He
1946
Alleghany Corp coll trust 6s—1944
Coll A conv 5s
1949
♦Coll A conv 5s
1950
♦6s stamped
1950
Allegb A West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942
Allied Stores Corp deb 4%s
1950
4 %s debentures
1961
Allls-Chalmers Mfg conv 4s
1952
M
42%
S
*87
D
43%
F
A
110%
111
2
110
111%
J
D
106
107
deb stk perpet
1946
6s equip trust ctfs
1944
Coll trust gold 6s
Deo 1 1954
Collateral trust 4%s
1960
5
4%s w w
♦Cent Branch U P 1st g 4s
98
80%
67
78
100
105
J
98%
A
*35
A
35
A
*
F
21%
M
18%
*
S
105%
A
O
A
M
S
M
S
82
*81%
104
J
46%
92
22
64
8
101
.80
79
106%
227
42
38%
10
95
145
94%
13
100
99% 104%
80
98%
102
135
99% 102%
97% 107
*97
03
Jan
"93"
"3
104%
166
series B.1955
1967
Atcbi'on Top A Santa Fe—
General 4s..
..1995
♦Adjustment gold 4s
1995
♦
Stamped 4s
..1995
Conv gold 4s of 1909...
1955
Conv 4s of 1905
—-.1965
Conv gold 4s of 1910
1960
Conv deb 4 hb
.....1948
Rocky Mtn Dlv 1st 4s
1965
Trans-Con Short L 1st 4s.,..1958
Cal-Arlz 1st A ref 4H« A
1962
Atl Knox A Nor 1st g 6a
1946
Atl A Charl A L 1st 4 Ha A
1944
1st 30-year 6s series B
1944
At) Coast Line 1st cons 4s July 1952
General unified 4 Ha A
1964
10-year coll tr6s
May 1 1945
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s
1948
Second mortgage 4s
1948
Atl Gulf A W I S8 co'l tr 5s....1959
{♦Auburn Auto conv deb
"93%
J
93
A
O
93%
103%
103%
1940
Bait A Ohio 1st g 4s
July 1948
Refund A gen 6e serlee A... 1995
1st gold 5s
July 1948
Ref A gen 6s series C
1995
P L E A W Va Sys ref 4s...
77
77
78
78
83
D
D
J
D
J
D
J
■'
J
J
S
t
"9l""
"90"
97%
J
M
"89%
"89%
105%
101%
101%
408%
J
D
J
J
*55
J
J
*57
M
S
72%
%*~5s—1950
A...1969
2000
Conv 4 Ha
1960
Rel A gen M 5e series F
1996
Bangor A Aroostook 1st 5a
1943
Con ref 4s._
—.—---.1951
4s stamped
1951
Battle Creek A Stur 1st gu 3S..1989
Beech Creek ext 1st g 3 Ha..—.1951
Bell Telep of Pa 6e serlee B.
1948
1st A ref 5e serlee C
1960
3469.
31
41
116
1
35
100
88
95
86%
94%
1942
...1941
Certain-teed Prod 5%s A
1948
Champion Pap A Fibre deb 4%s '50
Ches A Ohio 1st con g 5s
1939
1992
General gold 4%s
3%s ser D..1996
Ref A impt M 3%s ser E
1996
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s—1946
RAA Dlv 1st con g 4s
1989
2d consol gold 4s
...1989
Warm Spring V lBtg 5s.....1941
1st A ref 4 %s series
92%
87% 106%
95% 103%
100
112%
99% 112
107
84%
78
73
73%
71%
108
97
104%
94
45
76%
24
14%
31%
17%
14
31
60%
50%
12
tl^Chlcago A East 111 1st
S
101
17
65
76%
29
97%
65
3
66
65
45%
6
39%
74%
M
54%
64
112% 116%
60
115
53
115
59%
53
S
97%
96%
97 %
103%
M
112%
103%
112%
17
I
103%
114%
S
67
95% 106
16
103% 106
88
110% 121
85%
97
M N
93
93
94%
17
92%
92%
94
33
A
49
15
F
J
85%
97
106
106
J
101%
*108
J
115"
113
J
M
S
S
A
6s—1934
58.1951
A
4
15
26%
72
87
107%
158
94
111%
85%
85%
91%
59
85% 109
76
81%
19
76
"80%
80%
87%
28
80% 109%
90
90%
8%
17%
7%
16%
56% 108
22%
16%
A
O
gold 6s.....1982
{♦Chicago Great West 1st 4s...1959
{♦Chic Ind A Loulsv ref 6s....1947
♦ Refunding g 6« series B
1947
♦Refunding 4s series C
1947
♦1st A gen 5s series A
1966
♦1st A gen 6s series B._May 1966
Chic Ind A Sou 50-yr 4s
1956
Chic L S A East 1st 4 %s...—_ 1969
34%
106
42
M N
F
Chicago A Erie 1st
19%
12
42
*51
M N
M
F
{♦C A E 111 Ry {new Co) gen
♦Certificates of deposit
20
22
65
42
M N
M
A
105% 108%
27%
46
106
75%
70
*52
100
10%
"il
105
M N
10%
10%
10%
M N
67
67
1
16%
18
49
10%
1
10
16
10%
8
10
13
9%
2
10
M
S
J
J
10%
J
J
10%
J
J
9%
16%
•
M N
4
4%
J
J
5
5
J
J
*50
68
J
D
1
*112
1
9%
3
3%
60
112
14%
7%
7%
86%
112
60
30
1st A ref 6s series
100%
M N
...1958
1977
1971
B.
108%
89
6
25
17%
101
107
9
29%
23
58
1
28
108%
29%
105%
10
4
58
100
94%
3s
1949
Dlv 3%s...l949
4s
1949
General 4s
"75"
6
"97"" 112"
108%
17
Illinois Division
89
98
98
20
loo"
A
89% 104%
106
23
12%
11
"58""
108
"29%
A
89%
17%
15
81%
85
3
97%
102
61
M N
99
99
99
O
40
40
43
39%
78 %
J
D
18%
18
19%
179
15%
39%
A
O
41%
41
117
40
82%
J
D
20%
19%
45%
21%
103
17
45
34
37%
25
32%
70
31%
34
33
26%
69%
27%
29
9
27%
46
18%
17%
19
28
16
38%
15%
18%
15%
16%
19%
186
11%
34
95
106
99
108
40
48
45
15
39
105% 112%
*107%
166"
100
102%
"20
102%
101%
102%
8
60
99% 100
94%
127%
22%
9%
108%
O
90%
103%
58
"98""
F
5s extended to May 1
7%
96%
S
A
Central Steel 1st g s f 8s
7
3%
36%
M S
F
{Chic Milwaukee
118%
42
128%
26
A St Paul—
May 1 1989
J
C—May 1 1989
♦Gen 4 %s series E—May 1 1989
♦Oen 4%s series F—May 1 1989
{♦Chic MUw St P A Pac 6s A..1975
•Conv adj 5s
Jan 1 2000
{♦Chic A No West gen g 3%s..l987
♦General 4s...
1987
♦Stpd 4s non-p Fed Inc tax 1987
♦Oen 4%s stpd Fed lnc tax..1987
♦Oen 5s stpd Fed mo tax
1987
♦4 %s Stamped
1987
|*8ecured 6 %S
1936
♦1st ref g 6s
May 1 2037
♦1st A ref 4 %s stpd.May 1 2037
♦1st A ref 4 %s ser C.May 1 2037
♦Conv 4%s series A..
1949
J
A
♦Gen 4 %s series
23%
"23%
39
20
35%
23
J
J
"8%
F
A
2%
23%
24%
22%
J
series B__May 1 1989
♦Gen 4s series
♦Oen g 3 %f
127%
5
6%
5
*4%
8%
87
77
117"
50
9%
5%
9%
94
54
117%
35
94
22
*35
26
60
*25
87
51
*
20
J
J
18
19%
J
MN
J
76%
15%
O
88
J
56
59
A
77%
N
89
39
76
J
63
A
80%
43
J
54%
*15%
89
*4
S
98% 101%
94% 108
72
*5
M
104
*35
A
M
89
*80
Chic Burl A Q—III
58
17%
47%
73
90
103%
111% 114%
1
100%
Chic A Alton RR ref g
102
67%
*55
99
35
100
4s—1954
1960
f^Cent RR A Bkg of Ga coll 6s 1937
Through Short L 1st gu
Guaranteed g 6s
90
57
J
86%
75% 103%
67%
D
92
11
121
115%
120% 125%
40
98% 110%
75% 103
M N
J
19
93%
*36%
gold 4s._1949
Cent Pacific 1st ref gu
80
¥
Tol A Cln Dlv 1st rel 4s
D_
105%
77
J
97
25%
98
~83
28
M N
1941 M
Southwest Dlv 1st 3
94%
Nov
J
84
102% 105%
23
12
1
93
1941
Baldwin Loco Works 6s stmpd.
23
98%
A
J
4%s.l939
Austin A N W 1st gu g 6s
For footnotes see page
29%
23
S
F
98%
92
92%
1987
,1987
.1962
Ref A Imp mtge
29%
23
97%
""97%
1961
58%
101%
C (Del)
Ref A gen 5s serlee
100
Central N Y Power 3%s
102
Armour A Co (Del) 4s
3%s...
106%
D
103%
27
112%
95%
1951
1966
{♦Cent New Eng 1st gu 4s
Central of N J gea g 5s
112% 113%
99% 103
J
Gen mortgage 6s
Cent Illinois Light
101
1967
4s..l951
1946
5S.1947
1946
1941
1941
Cent 111 Elec A Gas 1st 5s
87
111
-
Central Foundry mtge 6s
92%
103
{Add Arbor 1st g 4s
1995 Q
Ark A Mem Bridge A Term 6s. 1964 M
1st M s f 4s ser
109
113
♦Anglo-Chilean Nitrate—
8 f Income deb
96
35
51%
103%
Q"?
55
38
11
100
103%
111
14
79%
97%
112%
78%
18
102%
O
27
124%
21%
112%
M N
115%
123%
78%
95%
*6%
102%
A
26
114%
115
114%
123%
*5
112%
A.1975
deb 4%s 1960
116
120%
114% 118%
112% 116%
♦Mobile Dlv 1st g 5s
O
Anaconda Cop Mln s f
2
67%
41%
M N
Amer Wat Wks A Elec 6s ser
116%
♦Mid Ga A At Dlv pur m
"16
83
100
J
116
116%
114%
♦Mac A Nor Dlv 1st g 6s
5%s—1943
A
117
9
116%
76
5HS---1949
3%s debentures
1961
3hb debentures
1966 J
♦Am Type Founders conv deb. 1950 J
115%
114% 117%
21
90
J
94
13
119%
119%
1950 MN
1981 F A
1947 J D
1948 J D
Cent HudG AE 1st A ref 3%s.1965
Amer Telep A Teleg—
20-year sinking fund
54
117%
118%
118%
57
83%
111
114%
116
♦Chatt Dlv pur money g
105%
12
114
119
J
M
J
J
F
93%
11
89%
101l,i«104 %
80
109
116
44
53%
21%
102%
D
M N
7
61
79
3
42
35%
3
88%
1011316l012»32
45
*26%
46 h
44%
88
{♦Central of Ga 1st g 6s. .Nov 1945
♦Consol gold 5s
.1945 M N
♦Ref A gen 5 %s series B
1959 A O
♦Ref A gen 5s series C
1959
General 4s
S
M
105%
104%
103%
60
82 H
F
101%
Celotex Corp deb
9
85%
26%
3
90
"51
51
"l8%
35
88%
10
85
44
88%
44
7%
8%
32%
10113x«
16%
7%
5
75
*63
35
35
63
A
A
35
....
74
51
A
40
~61
61%
J
96
13
100
8
8
A.Dec 15 1952
Cart A Adlr 1st gu gold 4s
*102%
"26
25%
22
1938
95
99
J
*108
22
1949
94%
95%
106% 107%
Canadian Pac Ry 4%
Coll trust 4 %s
88%
87%
73
78%
5
1957 J
July 1969 J
Oct 1969 A
1970 F
Guar gold 4%s
June 15 1955 J
Guaranteed gold 4%s
1956 F
Guaranteed gold 4%s..Sept 1951 M
Canadian Northern deb 6 %s_..1946 J
Carriers A Gen Corp deb 5s w w
88%
*60
62
107%
Guaranteed gold 5s.
Guaranteed gold 6s
62%
98%
A
20
83%
107
Canadian Nat gold 4%s
Guaranteed gold 5s
37%
89
85
83%
A
1960
1966
1940
1962
gu
deb 5s
Canada Sou cons gu 5s A.
conv
108%
95% 106%
7
1952
5
87%
F
1953
1949
Amer I G Chem conv 6%s
D
J
.1955
2030
Alptne-Montan Steel 7s
Am A Foreign Pow deb 5s
American Ice s f deb 6s
Am Internat Corp conv
J
100
28
67
*5%
Calif-Oregon Power 4s
1st A cons g 6s ser
COMPANIES
5s_1953
47
99%
F
Caro CUnch A Ohio 1st 5s
INDUSTRIAL
{ »*Abltlbl Pow A Paper 1st
Adams Express coll tr g 4s
106
65
1955
{Bush Term Bldgs 5s
"59"" "78%
95%
of
Consol 5s
TCal Pack
105%
10
65
Buff Roch A Pitts consol 4 %S..1957 M N
{§*Burl C R A Nor 1st A coll 5s 1934 A O
deposit
{Bush Terminal 1st 4s
30
70
95%
D
1957 M N
f deb 3%s
1950
Buffalo Gen Elec 4 %s ser B
1981
Buff Nlag Elec 3%s series C—1967
s
{♦Car Cent 1st guar 4s
RAILROAD
106
1947 M N
Brown Shoe
30
*26
A
105%
35%
63%
30
*20
J
1950 F
5s
45%
101
105%
55%
60
40
8
38
40%
42%
40%
1952 M N
1958 F A
1961 J D
.
%
41%
40%
M N
3%-4-4%% extl readj
1979
4-4%-4%% extl read)
1978 F A
3 Ha extl readjustment
1984 J
Venetian Prov Mtge Bank 7s..1952 A O
Vienna (City of) 6s
54
IVI N
♦Uruguay (Republic) extl 8s—1946
♦External s f 6s
43
54
O
50
43 %
M
1961
Tokyo City 5s loan of 1912
101%
101H
-.1971 J
Taiwan Elec Pow s f 6 %s
25
20%
33%
28H
A
41%
30
52
A
35
34%
60%
33
31%
32%
D
♦SHeslan Landowners ABsn 6s-.1947 F
Sydney (City) s f 5%s
1965 F
g
Debenture gold 5s
1st lien A ref 5s series B
♦Certificates
31%
50%
1st Hen A ref 6s series A
17
104%
49%
1941 J
1st 5s stamped
7%
M N
105%
41
30
45
Bklyn Manhat Transit 4%s..,1966 M N
Bklyn Qu Co A Sub con gtd 58.1941 M N
9
O
J
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison cons mtge 3%s__1986 M N
20%
1968 J
1945 J D
♦Sinking fund g 6 %s
1946 J D
Serbs Croats A Slovenes (Kingdom
♦8s secured extl
1962 IVI N
A
39
1956 M
f 7s
"24"
73
♦6s extl Dollar loan
s
{♦Boston A N Y Air Line 1st 4s 1955 F
104% 107%
60
♦7s extl Water loan
♦Saxon State Mtge Inst 7s
D
19
9
9h
1967 M S
1955 M N
1961 A O
22%
*14%
1950
1944 J
64
8%
7%
7h
1936
-
12
5%
1957
♦8s external
5%
1
Big Sandy 1st 4s
Boston A Maine 1st 5s A C
San Paulo (State of)—
§♦88 extl loan of 1921
10
8%
1952
f
45
*5%
8%
62
92%
45%
1st g 4%s series JJ
63%
82
23%
22%
10%
"~8H
355
23%
6
O
98%
92%
26
9
D
92%
24
7h
A
99% 104%
118
28
6%
J
152
30
9
1967
1952
♦Roumanla (Kingdom of) 78.-.1969
♦Saarbruecken (City) 6a
1953
Sao Paulo (City of, Brazil)—
28
104%
97%
,
30
1st M 5s series II
♦7s municipal loan
103%
22%
33
*27%
103%
29
25
13
Rome (City) extl 6 He
A
J
29
28%
21
25
10%
7%
1966 M N
1
88%
5%
♦7s extl loan of 1926
10
26%
High
26%
20%
89
4
6H
27%
26%
Low
1952 A
s f conv debs
9
D
2
3%s
9
J
No.
27%
95
7h
1946
High
27%
27%
95
7
1968
Jan. 1
aq&a
1966 A
2
♦6s extl s f g
Asked
Cons mtge 3%s series E
21
♦8s extl loan of 1921
secured
♦Berlin Elec El A Undergr 6 %s 1956
Beth Steel cons M 4%s ser D..1960
8H
O
<fe
27%
J
F
1955 A
♦Debenture 6s
28 3^
A
Since
Friday's
Bid
3%s..l943 J
cons
♦Berlin City Elec Co deb 6 %s..1951
♦Deb sinking fund 6%s
1959
8
F
Range
Range or
Sale
Price
Low
Belvldere Delaware
O
A
♦6 Ha extl
Last
EXCHANGE
A
Rio Grande do Sul (State of)—
♦8s extl secured s f
STOCK
Week Ended May 27
102% 108%
103% 109%
25
31
6%
12
3
13
106%
A
1950 M S
6%s
sec
20
7%
5%
10
76
»
20
Y.
High
Low
20
7h
7
M N
1952 A
♦Rhlne-Maln-Danube 7s A
No.
N.
Since
Jan. 1
8
7%
J
Queensland (State) extl s f 7S..1941 A
25-year external 6a
1947 F
♦External 8 f 6a
is
S3
&
BONDS
Range
Ask
High
Bid
Loir
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City of)8s
3465
Week's
Friday
22%
1
20%
30
23%
24%
24%
24%
12
20%
36
12
21
36%
7
19%
34%
9%
116
3
181
7%
2%
23
24%
8%
2%
13%
4%
M N
13%
13%
3
13%
18
M N
15
15%
8
13%
18%
18%
17%
22
18%
22%
M N
14%
15
13%
14%
17%
18
15%
18%
16%
15
*14%
M N
14%
M N
16
M N
*17"
M N
J
.
J
10
7
12%
D
9
D
8%
8%
7
11%
D
8%
9%
11%
4%
5
6%
3%
M N
4%
7%
115% 119%
125% 128%
aa.
New York Bond Record—Continued—Page 3
3466
May
BONDS
N.
STOCK
Y.
Week Ended May 27
Bennett tyros. & Johnson
%AlLROAD "BONDS
Chicago, III.
'Private Wire
T<i. T. 1-761 -<• 'Bell System Teletype -y Cgo. 543
BONDS
N.
V.
Range or
Sale
•S
Bid
Askea
&
East Ry Minn Nor Dlv 1st
Range
is
J
I^ow
♦Certificates
16%
of
A
1934
O
Low
High
42
61
45
14M
19M
2
14M
18M
53
6%
15
6
9%
8M
50
15%
17M
17
17
6%
6M
------
deposit
No.
High
*46 M
------
{♦Refunding gold 4s
♦Certificates
F
deposit
of
6M
7%
6%
m's
0%
6
6%
12
5M
6%
5%
0%
2
-I960 M N
5%
3H
4M
70
10
1962
{♦Secured 4%s series A
♦Certificates of deposit
♦Convg 4Mb--
1951 J
1951 J
Ch St L & New Orleans 6s
Gold 3 Ms
June 15
3%
*60%
D
------
D
*
—
-
—
-
—
-
—
86
—
-
-
8M
Mi
65
—
65
-
3
10
70
86
1951 J
D
*35
59
Chle T H & So'eastern 1st 5s.-1960 J
D
50
50
2
49
.-Dec 1 1900 m s
67
38
39
11
38
54 M
Memphis Dlv 1st g 4s
Inc gu
6s
78
%
78 H
—.1944 A
105
1963 J
1963 J
1951 m
1st mtge 4s series D
1st mtge 3%s series E
3 Ma
guaranteed
{♦Choc Okla & Gulf
1962
D
cons
Cincinnati Gas & Elec 3%s
1st mtge 3Ms
105%
107
103%
105M
100%
101
100%
28
97 %
85%
88%
42
71
105 M
100
87
87
4
71
92 M
62
62%
2
48M
68M
14
14 M
m
A
1966
O
------
-
A
1967 J D
4s.-.1942 m N
Cln Un Term 1st gu 6s ser C...1957 N N
1st mtge guar 3 Mb series D„ 1971 IVI N
Cln Leb & Nor 1st
con gu
Clearfield & Mah 1st gu 5s.—1943 J
J
*12
—-
-
106%
107%
------
108
*102%
108%
108%
106M
106M
106 % 109M
101% 102
12
109
4
70
48
98M
98 M
J
J
67 M
*53
1990 m N
Spr & Col Dlv 1st g 4s
1940 m S
-
18
6
69
*
W WVal Dlv 1st g 4s____._. 1940 J
J
Cleve-Cllffs Iron 1st mtge 4Mb. 1950 M N
Cleve Elec Ilium 1st M 3%s... 1966 J
J
2
—
-
57
69
St L Dlv 1st coll tr g 4s
*
----
4
104%
---.
95%
----
106
106
2
108%
O
109
21
j
Series D 3%s guar..
Gen 4Mb series A
1950 F
*103%
*102%
A
.
—
*
101%
92%
—
-
-
----
85%
21
71M 102M
65 %
92 M
73
1943
96
45
Debenture
Jan 15 1961 J
O
88%
------
j
A
95%
87
Columbus Ry Pow & Lt 4s
1965 m N
Commercial Credit deb 3MB...1951 A O
2Mb debentures
1942 J
Commercial Invest Tr deb 3 Ms 1951 J
Commonwealth Edison Co—
107 M
99%
101 %
D
J
104
1st mtge g 5s series A
1st mtge 5s series B
1953
1954
h'6%
1st mtge g 4Mb series C
1st mtge g 4Mb series D
1st mtge g 4s series F
1956
HI M
O
1951
1951
J
100
-
-
-
-
107%
-----
J
O
1956
J
1970 m N
1966 m N
1946 J d
1943 J
a
-
42 %
107%
105
-
105
-----
91
-----
1951 J
j
103M
104M
Cuba Nor Ry 1st 5 Ms
1942 J
D
32 M
1950 m N
1952 J
J
to 1946... J
D
J
Dayton Pow & Lt 1st & ref 3 Mb 1960 a
39
-----
32
J
1969 J
-
1
j
1951 IVI N
-
1951 IVI N
-----
1936 J
j
1936 J
J
104%
104%
104%
101%
90
102%
13
3
-
---
10%
4
42
42
8
4
7%
10%
112%
18
111% 113%
109
50
107% 109%
111
40
107
28
103% 107%
-
—
—'
80
....
107%
-
-
*
-
37
20
108%
109%
104
23
95%
25
104%
33
94
37
104%
111
37
....
--
95
109
102%
105
2
14
09
106
110<
104
1
103
108
70
5
16
16
A
4s__1948
0
1939 J
104
1956 M N
4s
101%
J
F
1952
70
J
1st cons g 5s..1995 J
Electric Auto Lite
23
*132%
A
102%
107%
104%
—1965 A O
*45
79%
5s stamped...........—.-1965 A 0
J
Erie A Pitts g gu 3Ma ser B...1940 J
*45
95%
....
Series C 3 Ms
J
g
44%
14
33%
23%
36
16
8
13
51
A
0
14%
14%
16%
14%
3
12%
36%
-
-
13
108%
105%
104%
105%
101%
103
6
*14
A
10%
15M
54
104 M
109
101M 106%
98 M
102
98 M
105%
47
56
5
*11
15M
40
5
8
108
11%
11M
17%
16%
11M
14
30
36
*45
64
65
99%
*91%
99%
------
*
s
f 7s
-
-
:
*91%
97
*79%
65
7
45
96
D
51
5%
5%
4%
83
92
99% 104
103
106%
102M 105
31
43
1952
{{♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
Fort St U D Co 1st g 4Mb
*3
*1%
»
1941 J
-
1
1%
■
-
97
40
40
49
6
68
115,
3%
7%
12
3%
6%
2%
2%
1%
2
17%
2%
1%
*85
37%
36
104%
*35%
----
{{♦Galv Hous A Hend 1st 5Ms A'38
A
96
0
Gas A El of Berg Co cons g 5s. 1949 J
Gen Amer Investors deb 5s A..1952 F
Gen Cable 1st s f 5 Ms A
1947 J
104%
D
.
♦Gen Elec
(Germany) 7s Jan 16 1945
♦Sinking fund deb 6 Ms
♦20-year a f deb 6s
J
1940 J
{{♦Ga Caro A Nor 1st
♦Good Hope Steel A Ir
47
J
D
F
—
-
sec
7s..1945 A
103% 103%
103
-
103
—
49%
97
.....
.....
22
100
102%
5
85
99%
48
2
39
48%
47
1
40
48%
-----
102%
98%
6
47
78
J
28
*28%
32
93
93
92
92
104%
105%
*
s
— -
—
101
98
-----
0
39
48%
101% 104%
48
104%
103%
*18
IVI N
IVI
*96
-
35%
60
*14%
D
'46
-
95%
129
*25
78%
104
98
99%
101% 106
83%
74%
85
J
34
84
79
D
25
25%
____
21
13
104
1942 J
67%
14%
....
96
98%
37%
....
106
Grand R A I ext lstgu g 4Ms__1941 J
Grays Point Term 1st gu 5s
1947 J
104
89
27
81%
-
105»H
10
J
D
w w
-
37%
103
T~r
40%
Goodrich (B F) conv deb 6s.—1945 J
Gotham Silk Hosiery deb 5s
Gouv A Oswegatchle 1st 5s
47
-
1
96
37%
1st mtge 4%s_..__.
1956
Goodyear Tire A Rub 1st 5a.. 1957
J
47
—
104%
J
J
-
—
-
104%
J
J
— —
A
J
ext 6s..1934 J
101%
98%
102%
J
1948 IVI N
Gen Motors Accept Corp deb 3b.'46 F A
15-year 3%b deb
1951
Gen Pub Serv deb 6Ms.
1939
Gen Steel Cast 5 Ms with warr.1949
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
*118
-----
A
1%
%
100
104%
J
TfFramericanlnd Dtv 20-yr 7 Ms 1942 J
J
Francisco Sugar coll trust 6s
1956 M N
104
U
1
104
106M
------
....
-----
------
70
70
8
65
77
J
64%
64%
65
V
64%
71%
Great Northern 4Mb series A..1961 J
General 5Ms series B
1952 J
General 5a series C
...1973 J
General 4Mb series D.
1976 J
J
101%
101%
103
49
96% 111%
1944
F
A
88
90%
76
84
J
78
75
71%
81%
73%
11
J
71%
J F 88
General 4 Ms series E
General mtge 4s series G
1977 J
J
1946 J
J
82%
82%
Gen mtge 4s series H
Gen mtge 3%s series 1
1946 J
J
77
77
1967 J
72%
85%
79%
64 M
106
108
108 M
—
106M
108%
5
107 M 108M
12%
19
8%
10
15
16
71%
99%
90%
82
69%
89%
103
79% 103%
42
74
95
63
82
54
60
J
63
65
5
Feb
*45
60
....
Feb
8
Greenbrier Ry
M N
1st gu 4s
1940
Gulf Mob A Nor 1st 5Ma B—.1950
1st mtge 5s series C
1950
Gulf A S 11st ref A ter 5s Feb 1952
A
A
*60
0
0
J
J
1952 J
Stamped
J
62%
-
------
----
*
6
8%
80
7
92
87
76
88
*85%
103%
104
13
103
103%
76
Gulf States Util 4s series C
1966
A
0
104
10-year deb 4 Ms
Hackensack Water 1st 4s
1946 A
1952 J
0
103
J
*108%
♦Harpen Mining 6b
Hocking Val 1st cons g 4Mb
Hoe (R) A Co 1st
mtge
{{♦Housatonic Ry cons g 5s
1949 J
J
*25%
J
112
112
*60
62
*.1944
1937
Houston Oil sink gund 5 Mb A. 1940
A
0
-
—
—
— —
—
*30
M N
IVI N
25%
Hudson A Manhat 1st 5s
101%
101%
Hudson Coal 1st s f 5s ser A...1962 J D
Hudson Co Gas 1st g 5s
1949 M N
91
91%
0
1999 J
82
90%
------
A
t 4Mb
81
55
5
63%
10
55
....
85
------
1961
s
24
120%
99% 105
100% 103%
108%
108
27
27%
108
119%
62
64%
36
38%
-----
35%
1
....
101%
12
25%
145
4
120%
99% 101%
13
30%
118% 120%
A .1957
F
A
45%
45
47
29
40
56
♦Adjustment Income 5s.Feb. 1957
A
0
16%
16
17
39
11%
23%
IlUnols Bell Telep 3Mb ser B..1970 A
Illinois Central 1st gold 4s
1951 J
0
ser
1st gold 3Ms--_
Extended 1st gold 3Ms
1st gold 38 sterling
Collateral trust gold 4s
Refunding 4s
Purchased lines 3 Ms
40-year 4%s__
28
104
5
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
52
35
105% 108M
-----
70
1950 J
Gt Cons El Pow
(Japan) 7s
1st A gen s f 6 Ms
1951
1951
..1951
1952
Aug
J
A
Springfield Dlv 1st
Western Lines 1st g
*72%
A
0
■
41
1966
F
1951 F
A
42
*
—
98
77%
93%
77%
29
____
43
13
37%
5
34%
43%
50
48%
—
19
37%
28%
*65
84
.1
*63
73
*41
54
49%
—
—
— —
45%
55%
38%
23
55
J
—
31
99
---
78
-
----
-
39
....
31
D
84
-----
72
-—---
72
*
J
J
J
——-
F
A
----
— — —
— —
----
-
-------
------
J
—
65
------
1951 J
59%
*
A
T
1951
85
88
31
—- —
106% 110%
89%
*42
31
—
91
93
—
42
10
109%
92
*
S
1955 M N
3Ms—.1951
4s
1951
g
*80
*
——————
0
M
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s
1951 J
Loulsv Dlv A Term g 3Ms.. 1953 J
Omaha Dlv 1st gold 3s
St Louis Dlv A Term g 3s
Gold 3 Mb
J
J
1952 J
1953 M N
1
108%
108%
J
1955 M N
Collateral trust gold 4s.
Refunding 5s
106 M 108M
104
103
-
85
93%
1
5%
S
97%
75
....
51%
5%
4%
1974 IVI
♦Certificates of deposit
Fonda Johns & Glov 4 Ms
92%
89% 100
55
♦1st A ref 5s series A
97
89%
96
*35
102%
92%
4
97
J
65
97
89%
94%
J
58 M
3
59
94%
1946 J
85
——
100
90
105
36
88% 101%
-
87
{♦Fla Cent A Penln 5s
1943 J
{♦Florida East Coast 1st 4 Ms. .1959 J
54 M
49
38
3
-
95
------
D
31M
_.
14
39
------
s
1954 J
41
3
108
—
43
42%
36
s
IVI
1942
30-year deb 6s series B
1
—
9%
108
'
1
9%
39
A
1942 IVI
5
39%
47%
39%
35%
99
13%
S
1942 IVI
f 5s stamped
21%
13%
11%
------
Fairbanks Morse deb 4s
1966 J D
Federal Light & Traction 1st 5s 1942 ivi s
5s International series
17
12
J
1st Hen 6s stamped
53
12%
J
Ernesto Breda 7s..—.......1954 F
70%
11%
0
Ml
1938
17
105%
33%
_
10
105M
104%
*103%
*107%
*108%
92 M 101M
100%
104%
32%
39
105%
102 M
103%
31%
113
112
46
103%
108
100
113M
10
91%
104
—
1953 A O
{♦3d mtge 4Mb
24 M
23
103
100% 103
15
♦Erie A Jersey 1st s f 6s.....1955 J
♦Genessee River 1st s f 68..1957 J
s
''
——
101
4
21%
1975
20 M
*
103
39
39
—
1967 Ml N
Fiat deb
103
— —
1953
4s series D
10
-
102%
15
J
J
♦Ref A Impt 5s of 1930
s
102% 104%
-----
2
O
J
♦Ref A Impt 53 of 1927
1st Hen
106% 109%
3
1953 A
1996
♦Series B
conv
4
103
102%
J
4s prior..1996 J
♦1st consol gen lien g 4s
♦Conv 4s series A
♦Gen
107%
D
1940 J
{♦Erie RR 1st cons
102M
44
131%
94% 104
....
El Paso A 8 W let 5s
99 M
----
131%
25
102%
90%
101% 103%
....
---
104
128
2
-
102%
1941 IVI N
...
El Paso Nat Gas 4Mb ser A—1951
Gulf States Steel
191
-
70
8
101%
104%
conv
Elgin Jolfet & East 1st g 68.
97M 103 M
*108
j
1969 J
41%
107%
38
1943 IVI N
1971 J
*10%
*10%
47%
D
o
10%
*10%
102%
d
1951 F
-
Crown Cork & Seal s f 4s
Crown Willamette Paper 6s
—
22%
99%
1955
3469
-
o'o%
♦Debenture 4s
see page
-
22%
101%
10%
11%
102 %
104%
102% 107 M
100% 101
107% 108M
107 M 108 M
104% 108
-
102
j
99 M
100
27
-
101%
♦Debenture 4s
.
107%
107%
100%
H2M
101 %
j
-
95 M
108 M
29
-
3
4M
108
105
6
103%
-
105
65
27
15
102%
-
96 M
112%
109M
110%
110%
109M
109 %
103
♦Consolidation Coal s f 5s
j
1960
Consumers Power 3 %s.May 1 1965 IVI N
1st mtge 3 Ms
May 1 1965 IVI N
1st mtge 3 Ms
.1967 m N
.
8
O
J
4Mb
44
94
{♦Consol Ry non-conv deb 4s.. 1954
♦Debenture 4s
1955
1st & ref 4Mb
1st mortgage 4Mb
70
107%
107%
103%
-
d
6s series B extended to 1946
116
102%
..1951
Del & Hudson 1st & ret 4s
Del Power & Light 1st
75
103%
a
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s... 1956
Cuba RR 1st 5s g__
*108
85
106 M
105 M
110%
111%
*60
-
99
110%
106%
47 M
98
---
-
111%
108%
107
------
J
s f 3%s A
1961
Consol Edison (N Y) deb 3%s. 1946
3 Ms debentures
1956
3 Ms debentures
.1958
Container Corp 1st 6s
15-year deb 5s
Crane Co s f deb 3 Ms
110%
65
86
O
Conn Rlv Pow
3Mb
1st mtge 3Ms
102%
104%
106%
O
1943
mtge
101%
103%
30
101M
86
25
89%
105M
109%
108
100%
108
S
1965 A
deb 3Ms
107%
99%
40
2
90
*106%
"95 M
105%
65
90%
90
111%
111%
107%
111 %
1981 IVI
guar 4Mb...
88 M
110%
1957
5
35%
*101
------
12
16
47
87
O
1955 F
1st mtge 3Mb series H
Conn & Passum Riv 1st 4s
Conn Ry & L 1st & ref 4Mb
"96"
35
A
28
76%
45
35
Columbus & Tol 1st ext 4s
For footnotes
106M
80
Columbia & H V 1st ext g 4s... 1948 A
{{♦Den & R G 1st cons g 4s
{♦Consol gold 4Mb
108
100
80 M
.May 1952 IVI N
f 5s.
108
77
Apr 15 1952
s
108% 112%
92% 104 M
73
2
97%
10
Debenture 5s.
Penna tax
99
103 M 106
26
1970
1980 IVI N
.
♦5s Income mtge
as to
99
96
M
1973
Colo & South 4Mb series A
Stamped
78
91
92%
1945
Den Gas & El 1st «& ref
59
87
Coal River Ry 1st gu 4s
Colo Fuel & Iron Co gen s f 5b.
7Ms series A extended
57
106M
.....
-----
1977
1st
102%
57
87
4Mb series C
conv
97
1972
Cleve Union Term gu 5 Ms
1st a f 6s series B guar..
Consol Oil
73 M
106%
...
*98
Gen & ref mtge 4 Mb series B. 1981
Cleve Short Line 1st gu 4 Ms... 1961
Stamped
92 M
105% 105%
1977
5s
90 M
92 M
43 M
107M
*105M
1948 m N
.
59
O
Series C 3 Ms guar
Columbia G & E deb 6s.
107 M 109
102
108%
75
67
1939
s f
6
106%
47
Cairo Dlv 1st gold 4s
109 M
102% 106 M
----
*30
J
1st
-
100
27
------
——
—
106M
*61
1977
Cleve & Pgh gen gu 4Mb ser B. 1942 A
Series B 3 Mb guar
1942 A
Series A 4Mb guar.-1942 J
-
106
d
Ref & Impt 4 Mb series E
Cln Wabash & M Dlv 1st 4s. 1991 J
28
18
d
Cleve Cln Chic <fc St L gen 4s. -. 1993
General 5s series B
1993
102 M 107%
103
110
105%
103%
5s-.-1952 IVI N
F
2
85 %
1943
1st & ref M 4 % s series
Chllds Co deb 6s
105
100%
Chic & West Indiana con 4s.--1952 J
5%
108%
♦N Y A Erie RR ext 1st 4s. .1947 IVI N
Chicago Union StationGuaranteed 4s
■'
J
Ed El 111 Bklyn 1st cons 4s
Jan. 1
Ed El 111 (N Y)
J
8%
3%
8
95
J
East T Va & Ga Dlv 1st 5s
Since
<£<§)
Friday's
Price
{{♦Chicago Hallways 1st 6s stpd
Feb 1 1938 25% part paid
{♦Chic R14 P liy gen 4s
1988
30
Week's
Last
EXCHANGE
STOCK
Week Ended May 27
6
5%
107%
D -V'iD
1965 J
{{♦Dul Sou Shore A Atl g 5s.. 1937
Duquesne Light 1st M 3 Mb
5%
110%
110%
S
J
1995 J
♦Second gold 4s...
Detroit Term A Tunnel 4Mb.. 1961 IVI N
D
Dow Chemical deb 3s
1951 J
Randolph 7711
Friaag
0
M
High
108
108
.
1
Low
3M
*18%
112%
0
A
F
ser
No.
7%
J
A
Gen & ref mtge 3Ms ser G ..
♦Detroit & Mac 1st lien g 4s...
135 So. La Salle St.
Connections
VIgby 4-5200
High
Since
Jan.
5%
4%
8%
0
J
Bonds Sold
&
4%
FA
A
E_........
ser
Gen & ref M 4s
York, <2^. Y.
Bid
IVI S
{♦Des Plains Val 1st gu 4%s.__
Detrolt Edison Co 4Mb ser d__ 1961 F A
Gen A ref 5s
One Well Street
Ask
Friday's
Sale
Price
Low
{♦Den 4RG West gen 5s. Aug 1955
♦Assented (subj
to plan).
♦Ref & Impt 5s ser B_..Apr
{♦Des M & Ft Dodge 4s ctfs...
Range
Range or
Last
Inter st P!eriod
EXCHANGE
1938
28,
Week's
Fridai
.
♦
72%
*
—
85
—
*
60
—
-
-
—
—
-
—
—
50%
75
— —
Volume
New York Bond
146
BONOS
N.
Last
EXCHANGE
STOCK
Y.
&
1963 J
Illinois Steel deb 4%s
.1940 A
Ind. Bloom A West 1st ext 4s.,
O
111 & Iowa 1st g 4s..-.-. 1950 J
J
{♦Ind A Louisville 1st gu 4s— .1956
Ind Union Ry 3%s series B_, .1986 IVI
.1961 F
Inland Steel 3%s series D
J
Ind
29
28
100
■
90
'
*
:
m
+
90~~
12%
96
Market St Ry 7s
18
"87
~
S
1947 A
Mead Corp
A.-.April 1940 Q
J
f 6s
s
Metrop Ed 1st 4Hs ser D
1968 IVI S
Metrop Wat Sew A D 5Hs—1950 A O
{{♦Met West Side El (Chic) 4s. 1938 F A
100H
100
108 %
42 H
47%
47%
1
42 H
60
57
17%
48%
20%
19
10
24
51%
53
40
58%
♦Miag Mill Mach 1st
1956 J
48%
1
40
57%
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
24
65
100%
1
100
20
13
Jack Lans A Sag 3H8
1st gold 3 Ha
19%
79 H
15
81
2%
.
19
*11%
14
14
19
48%
72%
1940 A
1961 J
1971 J
62
62
65%
38
40%
9
35%
51
88
88
90
40
80 H
94%
79%
79%
82%
50
54
83%
77
78
12
77
82
80
80
80
4
75
94
{♦Minn A St Louis 5s ctfs
—
.
—
1955 IVI
».
1947 F
1st lien A ref 6%s
Int Telep & Teleg
IY1
1st 5s B._. 1972
82
56%
56
65%
133
39 %
67%
.1939 J
87
85%
91
390
74
92
f
61
59
177
42%
4
1%
3
45%
78%
90
98%
J
1955
Debenture 5s.
{♦Iowa Central Ry 1st A ret 4s. 1951 M
45%
45%
2
94%
94%
*67%
96%
28
48-1936 A
23%
23%
Jones A Laughlln
{{♦K C Ft S & M Ry ref g
♦Certificates of deposit
1st gold 3s
Ref A lmpt 5s
1st 4s
Kansas City Term
20%
20%
1950
Apr 1950
-1960
Kansas Gas «fe Electric 4Hs—1980
♦Karatadt (Rudolph) 1st 6s—-1943
♦Ctfs w w stmp (par $645)--1943
•Ctfs w w stmp (par $925)--1943
•Ctfs with warr (par $925).-1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s.----1987
Kentucky A Ind Term 4Hs—1961
Kan City Sou
A
J
J
J
O
{♦M St P A SS M
61
61
51%
51%
90
3
22
29%
21%
-
7
16%
27%
61
71%
64%
----
„
25
62%
28
56%
44%
105
106
104
103% 108%
103%
103%
104
5
103% 106%
40
40
4
18%
18%
''Ill
M N
40
10
14%
85%
*100
*
95
*50
150%
150%
*95%
95
4
71
91H 100H
——
95
102%
100
102%
24
103%
98
99%
102%
98 H
100
103H
100%
29
93%
5
85 %
93 %
deposit
1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 5 Ha series C
1953
Coll A ref 5Ha series D
I960
Coll tr 6s series A----1942
Coll tr 6s series B
—1942
Lake Erie & Western RR—5s 1937 extended at 3% to.-1947
5
26
26
27
4
26
31%
)
83
85
7
80
90 H
L
55
56
11
48
61%
54%
55
7
47
60
49
49
1
41H
44
53%
47 H
J
*65
87
89
5s---.----—-—--1941
J
*50
89%
)
87
87%
3%a
Ltd—
1
t......
*
28%
——
95 H
15
85
51%
50
A—-1965
& N Y 1st gu g 4s
1945
Val Coal 1st & ref s f 58.1944
)
♦General
of
1st & ref. s f 5s-.-—
1st & ref s f 5s.
of
11H
7%
♦
*30
80
85
2
"66"
29
29
1
26 %
45
21
21
1
18H
39 H
21%
1
19 H
2%
5%
60%
69%
"26"
"20
J
J
J D
J
J
J
A O
1
\
21%
J
i
77
*
1st mtge 4
N
*35
19
19
43
-
—
>
*38%
8
)
110%
78—1944
A
)
1951 F
V
25
48%
42%
45
14
14
15H
11
10
23%
15
16%
25%
16%
23
;■
18
18H
71
16%
25%
15
15
16 H
20
15
23
18H
11
16%
25%
15
23
17
17
4%
16H
16H
"~4H "l8
52
16%
15%
3
6%
16H
"l7H
15%
"64
15%
*60
25%
23
25%
15
69%
14%
11%
16%
23
85
*45
16%
23
18%
*15 %
A
8
4
*15%
11
11
1
58
50%
58
3
60%
99
99
1
99
58
107H
106
105%
15
48
99
7
85
95
94%
48
84
94%
97 %
A
98
8
84
A
79
series C—1955
A
1955
A
O
J
D
Ha.---2000
Constr M 5s series A
....1955
Constr M 4 Ha series B
.1955
Mutual Fuel Gas 1st gu g 6s... 1947
Mut Un Tel gtd 6s ext at 5%..1941
14%
9
93 H
97 %
f 4 Ha
8%
93
104 %
J
f
24
93
104 %
J
f 5s series D
21%
9%
91%
s
70
14
14%
9%
11
91%
s f
70
6
14%
D
90% 101
73
74%
72%
73%
69
69
69
80
74
74
56"
58 H
50
71%
43
43
41%
69
69
M N
"56"
43
M N
40%
M N
*112%
IVI N
1978 F
4sstpd
1951 J
extended to
1946 J
IVI
Nat Dairy Prod deb 3%s w W..1951
IVI
Nat Distillers Prod deb 4 Ha. -.1945
National Rys of Mexico-
02
J
)
M
i
F
1
J
)
129%
20
123%
1
106
2
>
A
128%
105%
105%
52
♦4 Ha July
♦4s April 1914 coupon on
99%
100%
106
62%
63%
9
*30
05
"94H i66%
55%
75
— —
J
63 H
90
99i*ul00H
IVI
S
IVI
>
F
\
J
J
M
S
76%
76%
s
3
A
"86%
*
8
IVI
*75
♦4s April
1914 coupon off
No 5 on *77
Uen 4Ha—
85
80
87
75
1
76%
88 H
88 H
76
128
128%
10
118%
128
118%
3
126
129H
115H 122 H
{♦Assent warr A rets
1914 coupon on....1951
1914 coupon off...1951
♦Assent warr A rets No 4 on '51
♦4s April
♦4s April
J
J
101%
108
99 H
88%
88%
5
82%
83
2
83 H
75
74%
76%
17
74 H
90
.75%
41
65
100
104
88%
J
J
74%
')
73
4
100
100
1
8
79
81
2
*
S
sT
109%
.
75
102
102
*
IK
32
78
111
4
76
102
J
.
9
——
74 H
102
98
1954
4s
Newark Consol Gas cons
93 H
82
107 H
82
112
s;
S'
102%
99
99%
*
102%
1
100%
79
79
111 H
98
H
97 H 102%
)
1960
D
43
43%
4
43
55
V
22
24%
14
20
28 H
O
2013
3
.
78%
25%
25%
28
39
25
25
28
5
*15
18
—
«•
ill
A
91%
17%
16H
32 H
10
19
31H
1%
106
2%
2%
1%
2%
""%" "2%
1
1%
M
*25
28
,
Newport A C Bdge gen gu
N Y Cent RR 4s series A
5s series C
Conv secured 3%a
to*
1V*
13
"T%
107%
62
103
108%
65
...
116%
l20"
29%
2
24%
32%
28
28
7
24%
119%
31
123
122
%
123%
26
122%
122%
8
120%
122%
106%
107%
"13
104%
108*
122% 125
95
106%
38
64%
34
50
33
80%
98%
96%
16
84%
98%
54
57
13
47
24
24
3
24
31
25%
27%
9
22
36
*45
60%
39
39
"5
93%
96
94
94
54
24
25H
76
33
.1956
1958
F
31
32
27%
25%
22
35%
24
A
A
F
1954
O
A
4 Ha 1945
1998
1946
2013
2013
1952
10-year 3%s sec a f
Ref A lmpt 4Ha aer'es A
I
29
119H
"29"
23
33%
25%
27
22
37
28
20%
35%
deposit
A
♦Certificates of deposit
Ref A lmpt
1%
107
1st 4s. .1986
D
3%
1%
1%
107
I960
1983
NOANE lstref Almp4Ha A 1952
New Orl Pub Serv 1st 5s ser A.. 1952
1st A ref 5s series B._
1956
New Orleans Term 1st gu 4s...1953
{{♦N O Tex A Mex n-c inc 5S--1935
♦ 1st 5s series B
1954
♦1st 4 Ha series
1%
O
1st 4 Ha
5s A
♦1st 5s series C
15
O
A
*24%
25H
*25
93H 101
A—1945
{♦Manhat Ry (N Y) cons 4s.-1990
♦Certificates of deposit
J
{♦New England RR guar
♦Certificates of
80
1%
100
O
5s—1948
102
100%
100%
A
New Orl Great Nor
2
79%
IH
O
1965
Nat Steel 1st coll s f 4s
N J Pow A Light
104%
60 H
101H 105%
35
J
A
No 4 on 1926
105
36
104%
S
71%
105%
105 %
28
Nat RR of Mex prior
107H
70%
104%
105
278
96%
98
92% 101%
J
5a...1945
♦Consol guar 4s———-1945
New England Tel A Tel 5s A..1952
let g 4 H« series B
—.1961
18
101%
1%
N
100%
08
18
23 H
105%
"won
♦Assent warr A rets
*101%
99%
1977
1977
58%
62
100 %
*1H
♦4 Ha July
128H 131
121H 126
99
107H
22
*99 %
1%
1914 coup on
1957
1914 coup on—1957
1914 coup off—-1957
♦Assent warr A rets No 4 on '57
40
*45
22
D
N
65%
113%
100
A
J
36
112
40%
114H
J
♦4 Ha Jan
Feb 11957
5
J
N J Junction RR guar
3469.
38
16H
3%s.l966
1st A ref 5s.... 1941
5s series A
1955
5s series B
1955
♦1st 5 Ha series
For footnotes see page
37
Montana Power 1st A rer
17
3
123%
128%
50 H
RR—
♦Second 4s
37
17
A
{♦Naugatuck RR 1st g
McCrory Stores Corp s f deb 5s. 1951
McKessoD A Robbins deb 5 Ha. 1950
67
S
A
47
111
1940
1st & ref 5s series B
2003
1st & ref 4Ha series C-.----2003
1st A ref 48 series D
2003
1st A ref 3%a aeries E
2003
Paducah A Mem Div 4s
1946
St Louis Div 2d gold 3s
1980
Mob A Montg 1st g 4 Ha
1945
South Ry joint Monon 4s—1952
Atl Knox A Cln Div 4s
-1955
Lower Austria Hydro E16 Ha.-1944
28
138
1965
108H 118
45
A
1945
48
28 H
6%
Nassau Elec gu g
34
WW
21%
A
5s gu—1965
Unified gold 4s
16
5%
Nash Chatt A St L 4s ser A
32
1966
34
*15%
H8-...-I960
85
30 H
—
33
6
1977 M
1938 M
62
13
deb 78——1944
.1951
Ark 1st 5s ser A.—1969
60 H
38 H
55
4%—July 1938 MN
77
11H
Lorillard (P) Co
"26" "34%
37
S
1981 F
31
46%
...
99%
17
ext to...1950
Long Island gen gold 4s
1938
Unified gold 4s
1949
Guar ref gold 4a__
—1949
4s stamped
1949
20
3
40
77
\
39%
59
♦Long Dock Co 3%s
8%
4
Morris A Essex 1st gu 3
19
Lombard Elec 7s ser A
14%
6%
69
4s. 1991 M
Monongahela Ry 1st M 4s ser A '60 IVI N
Monongahela West Penn Pub Serv
96
19
1946
1952
7%
7%
14
*65 H
1978 M N
♦Secured 5% notes
85
89
15%
debs.-1947
3%
7%
5%
S
J
M N
Mohawk A Malone 1st gu g
s
17
4s series A---1962
12%
IVI
J
deposit
♦Ref A impt 4 Ha
s
17
Loews Inc 8 f deb 3 Ha
11
3
3%
{♦Mobile A Ohio gen gold 4s.-.1938 M
♦Montgomery Dtv 1st g 58.-1947 F
Gen A ref
15%
A-
2
12 H
11
♦Certificates of deposit
Gen A ref
4
Gen mtge 4H8 ser
2
4
1977 (VI
♦1st A ref 5s series I.
Gen A ref
*
Maine Central RR 4s ser
2 %
*1%
....1949 IVI N
1980 A O
Mo Pac 3d 7s ext at
71
2003
General cons 5s
2003
Leh Val TermRy 1st gug 58—1941
Manati Sugar 4s s f
5%
*1H
series H
♦Certificates of deposit
65
2003
4s
4s
"6%
5%
S
F
20
.....
1975 IVI
♦Conv gold 5 Ha
32 H
4 Ha—-1940
Louisville & Nashville
50
1965 F A
1st A ref 5s series F—
48
1
Louis & Jeff Bdge Co gu
13%
*16
Nat Acme 4 Ha
Ha
15
deposit
4s
48
24%
^
Sec 6% notes extend to.—--1943
Leh Val Harbor Term gu 5s
1954
Louisiana &
60
15
Montreal Tram
95 H
102
5
1954
1964
1974
1st A ref s f 5s
28%
-
Lehigh A New Eng RR 4s
Louisville Gas & Elec 3
52
60
3%
1949
1978
1941
1959
Mo Kan A Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A
1962
40-year 4s series B..
1962
Prior lien 4 Ha aeries D
1978
♦Cum adjust 5s ser A.
Jan 1967
6
51
5s
77
51
62 %
J*
5 Ha
18
51%
J
30
29%
J
Little Miami gen
77
95
J
{1st Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
Gen A ref
—1975
Liquid Carbonic 4s conv
95
95% 100%
62
Lehigh C A Nav s f 4 Ha A
1954
Cons sink fund 4Hs ser C—-1954
Liggett & Myers Tobacco
t
J
♦1st ref 5 Hs series B
6« debentures
1997
Lake Sh & Mich So g
Lex & East 1st 50-yr
102
*
90 H
Uniform ctfs of
Lehigh Val (Pa) cons g
General cons 4 Ha-
97
1946 J
♦1st A ref g 58
81
93%
Leh Val N Y 1st gu g
101%
*
♦Certificates of deposit
93%
♦1st mtge income reg
19%
98% 102%
1938 J
♦1st A ref 5s series G
95
1
2d gold
89%
14%
17H
102%
101
4s int gu *38 J
..1938 J
5s gu as to int
♦Certificates
150" 155~"
98
*98
cons 58
cons
♦Certificates
1
81
90
con g
{♦Mo Pac 1st A ref 5s ser A
——
150%
*85
I
1st
87
94%
80
secured 5s
Lautaro Nitrate Co
61
102
..1934 M N
♦1st A ref 6s series A
♦
89%
*50
—1961
-—1961
Kings County El L & P 6s.—-1997
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s.-----1954
1st & ref 6Hs
1954
Kinney (G R) 5 Hi ext to
1941
Koppers Co 4s ser A
1951
Kresge Foundation coll tr 4s.-1945
3 Hs collateral trust notes. - -1947
27
103% 108%
..._
90%
4Hs unguaranteed
{♦Kreuger & Toll
87" 103"
64%
25
80
1
85 H
106
20%
23%
---.
*25
M
J
J
41
27
*23
♦
♦25-year
90
23%
'
105%
Stamped—.———-——-—1961
Plain
91
*15H
101%
...
♦1st A ref gold 4s
1949 IVI
♦Ref A ext 50-yr fisser A.. .-1962 Q
♦1st
4s —1959 J
Steel4%a A—1961 IVI
Mich 1st gu g 48—1990 A
James Frankl A Clear 1st
Kanawha A
88
70
2%
68%
2%
deb g 4Hi-. 1952
Conv deb 4 Hi
1939
101
*63
{{♦Mil ANolstext4Hs(1880) 1934 D J
1st ext 4 Ha
1939 J D
Con ext 4Hs._
24
94
*89 %
{♦Mil Spar A N W 1st gu 4s... 1947 IVI
{♦Milw A State Line 1st 3Ha-. 1941 J
J
A & B—. 1947
24
*60
D
J
1st mtge 58..
~30"
*25
O
Milw El Ry A Lt 1st 5s B
14
6H
95
{♦Mid of N J 1st ext 5s
5%
14
3%
103H
5%
5H
1951 M S
1952 IVI N
1979 J
J
Ref A impt 4 Ha series C
*3%
*11%
99%
9
1977 M S
f 7s
s
104
1977 M S
♦4s (Sept 1914 coupon)
100%
15%
♦Mex Internat 1st 4s asstd
103% 109
108%
J
101% 107H
38
Int Rys Cent Amer
Lehigh
108 H
D
48
77
90
97
91
79
100%
70
i;
65
77
"~36
1956 J
6s
f
s
75
77
1941 A
Marine
Ref s f 6s series A
Lehigh
33
100
53%
15
96
68
99
107%
J
75
85
77
C...——— 1956 J
1944 A
Hydro El deb 6s
Merc
70
77
50%
48%
High
99 H
ser
106%
17%
Low
1st 6s with warr.. 1945 IW N
50%
AO
1
Jan.
75
*13H
75
75
"106%
♦1st g 5s series
Internat Paper 5s ser
No.
*68
J
J
{♦Int-Grt Nor 1st 6s ser A.—. 1952
A
♦Adjustment 6s ser A.-July 1952
♦1st 5s series B.._...—
-V-
m
Hioh
Since
S3
*95%
J
O
Marion Steam Shovel
23
Asked
dr
*80
A
1942 M N
stamped
•
{♦ManGBAN Wist 3 Ha... 1941 J
106% 107%
18
107
106%
S
Manila RR (South Lines) 4s... 1939 IVI N
1st ext 4s
1959 IVI N
42
bS
Friday's
Bid
Low
46 H
18
1947 A
Interlake Iron conv deb 4s
Int
26
33%
*
J
J
{Interboro Rap Tran 1st 5s— .1966
♦Certificates of deposit—
{♦10-year 6s—.... —-— !l932
{♦10-year conv 7% notes. .1932
♦Certificates of deposit—
-
-
35
32
O
.1940 A
C
Range
Range or
Sale
Price
NO,
High
L
Low
33%
33%
D
1st A ref 4%s series
STOCK EXCHANGE
Week Ended May 27
Last
b -2
Y.
1
Week's
Friday
13
Manila Elec RR A Lt s f 5s—1953 M
D
Joint 1st ref 5s series A--.-. .1963
Intermit
No.
High
N.
Since
Jan.
St L A N
III Cent and Chic
Int Agric Corp 5s
2
Asked
Low
BONDS
Range
Is
Friday's
Bid
Price
3467
4
U
60
Range or
Sale
Week Ended May 27
Record—Continued—Page
Week's
Friday
*110%
J
110% 111%
111
15
55
82
46
62%
| .52
39
91%
05%
66
44
73
46
53
84
59%
F
A
55 H
55
A
O
65
65
A
O
44
43%
45%
A
O
48%
48%
.50%
/
IVI
N
56%
56
59%
New York Bond Record—Continued—Page 5
3468
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended May 27
Price
River 3%s__ .1997
Debenture 4s__
J
F
Oct 1
3-year 6s...
4s collateral trust--
61
81M
S
^33 7-
28
74
27%
62
37
50
33
137
45
34
63 %
8
*70 M
79
103~
102 M
103
"27
106
106
106
4
F
51%
51%
*100%
53 M
A
O
104%
104%
A
O
104%
104 H
52 M
105 M
105
122M
M N
16
70%
99
95%
108
58%
21
35
101% 105%
2
16
*88
100
64
64
64
Gen mtge 3%s series
Consol sinking fund
100%
11
M N
IVI N
122
124%
112% 114%
22
95
103
60
80
75
16
83%
*103%
O
*90
Asked
Since
High
fiqt?
No
5
85
93
74%
M
*50
O
96 %
95
*12 M
A
M
20
M
12M
O
A
I"'
J
"l3%
M N
12M
12M
J
J
J
J
J
O
A
1st A ref 4%s ser
—-—---1957
of 1927—1967
85
O
"97%
97%
109%
82
1965 J
114
93
General 5s series B
.1968 J
102
-1970 A
-1981
D
.1984
Gen mtge 4%s series E
.1952
Conv deb 3%s——.......
General 4%s series
75%
88
J
A
92%
102
75%
A
88
.1943 A O
Peop Gas L A C 1st cons 6s
.1947 M S
Refunding gold 5s
Peoria A Eastern 1st cons 4s... .1940 A O
♦Income
April 1990
4s
"l7
4s——1992
D
M
14%
Peoria A Pekln Un 1st 5%s._. .1974 F
Pere Marquette 1st ser A 5s... .1956 J
A
J
103% 111%
"84% "29
115
13
95%
103%
69
79%
90%
42
44
A
El Lt A Pow 3
MS-1965
15
6M
14
14
*55
39
86
14
85% 101%
76
41
65%
115
10
113% 117
108
108
108%
16
107
4
40
7
4
102
5
100
62
12
56%
80%
5
51%
75%
50
76
42
45
4%
4%
101
101
56%
56%
51%
Phlla Bait A Wash 1st g 4s—. .1943 M N
.1974 F A
General 5s series B
J
1977
General g 4%s series C
D
General 4%s series D
... .1981
17%
Phlla Co sec 5s series A
.1967
D
l»
Phlla Electric 1st A ref
3%s... .1967
S
21
{♦Phlla A Reading C A I ref 6s. .1973
"55"
S
7%
O
5M
*80
O
*50
M N
107%
J
10
8%
20%
18%
.1949
s
14
23%
35
J
1937
{{♦ Philippine Ry 1st s f 4s
Pillsbury Flour Mills 20-yr 6s.. .1943 A O
1952 IW N
Pirelli Co (Italy) conv 7s
Pitts Coke A Iron conv
25
5M
1
5
♦Conv deb 6s
55
52%
57
18
1st ref 58-1837
J
103%
J
1237
F
F
9
A
1240
♦Terminal 1st gold 5s
1943
N Y Telep 1st A gen s f 4 Ms—1939
Ref mtge 3%s ser B
—-1967
N Y Trap Rock 1st 6s
1946
6s stamped
—1246
{{♦N Y Westch A Bost 1st 4 Mb 1946
Niagara Falls Power 3Ms—--1966
Nlag Lock A O Pow 1st 5s A—1955
Niagara Bhare (Mo) deb 6M8-1950
Nord Ry ext Blnk fund 6 Ms—-1950
{ {♦Norfolk South 1st A ref 5s. 1961
A
{♦2d gold 4Mb
♦General gold 5s..:
108%
106
110
104
115
105
103 M
103%
90%
90%
108
"3%
107%
10%
3%
11M
11%
108%
103%
93%
108%
97% 110%
11
103
51
11
3%
14
3
3
1
108
108%
M N
J
J
J
D
J
M
A
M
A
F
J
S
O
N
O
A
{{♦Norfolk A South 1st g
4s
35
107 M
45
F
A
M
8
F a
M N
ivi
M
62
60
3M
108%
88
96
98
9%
-
69
86%
12
8%
9
70
70
48
95%
7
3%s
guar
111
119%
97
105%
103
103%
103 %
99% 104
101
105
96% 103%
115
114
♦28%
1I5"
J
Q F
J
J
J
J
J
J
J
J
A O
J
Series J cons guar
116%
D
J
-1977
Gen 4 %s series C
Pitts Va A Char 1st 4s guar.. -1943 M N
D
Pitts A W Va 1st 4 Ms ser A.. -1958
4Mb series B.
1st mtge 4 Ms series C
1st mtge
71
56
7
56
14
100%
B
1974
1st gen 5s series
108
40
38
55%
65%
32
1977
1st 4Mb series D
109%
115%
109
*96
1960 M
Port Gen Elec 1st 4 %s—
107
107%
110%
*98%
55
55
1st 5s 1935 extended to 1950.
*101%
r.Q
72
43
59
101
10%
102%
45%
11%
132
105%
107%
45
103% 108
74%
82
19
"82% "9l"
40
*77
{♦Providence Sec guar deb 4s—1957
{♦Providence Term 1st 4s
1956
Purity Bakeries s f deb 5s
1948
{♦ Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)—
IVI N
IVI
J
"19
84%
104%
40
55
9%
18
*32
89%
90%
7
4%
8
40
90%
D
D
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 48-1951
series A
ref 4 Ma series B
*3%
S
'68%
68%
O
J
1997
-1997
72
*52
71%
71%
"36
J
52%
79%
50
54%
69
"69"
11
5%
*102
Purch money 1st
M conv
Gen mtge 4 Ms series C
M N
95
96
105""
80
80%
104%
104%
IVI N
81%
97%
J
1946
J
35%
♦Rhine-Ruhr Water Service 68.1953
J
21%
s
f 7s..-
♦Rhlne-Westphalla El Pr 78—1950 M N
♦Direct mtge 6s
1952 IVI N
100
6
13
8%
12
5%
108% 108%
101
101
102"
56
98
104%
101
101
101 M
98
6
98
"26
75
69
93%
93
69%
102 M
100 M
103%
52
100%
5
113%
113%
111M
8
111% 113%
97
105""
84
106
85
97%
35%
21%
*29
30
84
98
100
118
7
71%
87%
94% 108%
72
88%
93% 101
35%
28%
4
20
24
70
71
14
4
31
30
53
~~2
A
29%
29%
O
29
29
1952 IVI
s
95
1952
J
*104
32
2
26
32
26%
32%
105%
♦Rima Steel 1st s f 7s
31%
27
97%
Rlchm Term Ry 1st gen 5s
27
*"3
♦Cons mtge 6s of
1928
1953
1955
♦Cons mtge Gs of 1930
Richfield Oil Corp—
16
103
40
97
"163"
98%
91%
98% 103%
96% 101%
113
110
-1946
J
114
110
114%
20
-1961
98
98
99%
59
Otis Steel 1st mtge A 4Mb— -1962
67
67
71%
18
114M
116%
110% 118%
92% 106%
59
74%
4s
s
f
conv
debentures
1955
A
♦Rio Grande June 1st gu 5s—1939
D
{♦Rio Grande West 1st gold 4&-1939
J
♦1st con A coll trust 4s A
1946
*45
62%
45
110
109?*
110%
43
106 M
102 M
106 M
102 M
106%
102%
39
*45
104 %
105
105
1955
61
106% 110%
102% 106%
98% 102%
O
♦Ruhr Chemical
{♦Rut-Canadian
s
^104%
97%
105%
14%
38
34
50
68%
41
41
35
28%
44%
14%
"7%
13%
20%
118% 121
107% 110
11
7%
14%
121
121
108
121
108
7%
O
J
*6
4%s.. 1941
J
*8%
*6%
8%
20%
*22%
J
Safeway Stores 81 deb 4s
1947
Saguenay Pow Ltd 1st M 4%s.l966
104
*35"
1948
♦Stamped
89%
*33
1949
f 6s
4s stmp
con
e
D
103
102%
O
102
101%
"~6%
5%
14
12%
7
6%
73
71%
82
St Jos A Grand Island 1st 4s
1947
J
66%
70
St Lawr A Adlr 1st g 5s
2d gold 6s
1996
J
O
10%
15
12%
94
1966
23
100% 104
99% 102%
103%
102%
107%
70
*
1938
52
1940
1977 M S
8
.1962
S
{{♦R I Ark A Louis 1st 4%s„1934
Roch G A E 4Mb series D
Gen mtge 5s series E_
{♦Rutland RR 1st
90
105%
105%
27
29
103
102% 105%
102% 105%
103
♦{Rlv A G DIv 1st
♦Certificates of deposit
58 M
90 %
59
26
56%
61%
90 %
91%
40
81
71M
73
22
57
97%
74%
88 M
24
78%
92%
98
103
109
St Louis Iron Mtn A Southern—
103
101M
101%
—
101%
loifc
IVI
'
1962
1st gen 5s series C
♦Rhelnelbe Union
109
4s..1952
1948
Pitts Y A Ash 1st 4a ser A
79
103
4Mb
91
40
40
80
110
s f g
*38
50
9
Paducah A ill 1st
O
112%
104%
106
*
-1960 A
50
100% 102
7
Panhandle Eastern Pipe L
97
*37"
5 Ms '54
1956
Revere Cop A Br 1st mtge 4%S-1956
3
Pacific Tel A Tel 3%s ser B—1966
Ref mtge 3%s ser C
-1966
91%
*105
110
95% 112%
99%
92%
107%
O
76
47
2
63
106%
115%
2d ext gold 5s
107% 117
107
166"
-1959 A
88%
32
52
114
H—-1961
99%
99%
io%
42
56
49
59 %
D
1st A ref mtge 3Mb ser I
1966
Pac RR of Mo 1st ext g 4s—.1938 F
103" 109"
no"
*110%
99%
-1975 AO
45
47 M
52
A
Pacific Gas A El 4s series G—1964
D
Republic Steel Corp 4 Ms ser A_ 1950 M S
A
Gen mtge 4 %s series B
1961
60~"
J
-1943 F
-1964 IVI N
-1970
93%
62%
47 M
*7M
S
110
Remington Rand deb 4%s w w.1956 IVI s
Rensselaer A Saratoga 6s gu—-1941 IVI N
106%
1st A ref mtge 3%b ser
4%s
103%
*102
A
28
81%
5M
103
A
-1963 F
Gen mtge 5s series A
Gen mtge 5s series B
103% 104%
105% 105%
*102
-1960 F
76
92
j
D
109
104%
105%
-1957 M N
4s
28
78%
55
103%
103%
A
101% 108%
110%
103
105
69 M
79
55
-1949 F
-1953
gold
Series I cons 4%s
Gen A
*35
Q
"78" "87%
53
19
35
23
gold
10%
*35
-1967 M
Pacific Coast Co lstg 5s
-1945 M N
Series D4s guar
{{♦Postal Teleg A Cable coll 5s. 1953
J
—
106%
Potomao Elec Pow 1st M 3%s. 1966
1951
Pressed Steel Car deb 5s
Ore Short Line 1st cons g 5s. -1946
Guar stpd cons 5s
106%
*106%
15%
Ontario Transmission 1st 5s. -1945 IVI N
D
Oregon RR A Nav con g 4s. - -1946
Ore-Wash RR A Nav 4s
O
-1942 M N
16%
105
8
-1942 A
Series C 4%s guar
40"
99
118
101%
7
Porto Rican Am Tob conv 6s_. 1942
103 %
103
103%
104%
101%
13
Gen A ref 4 Ms
-1972
1st mtge 3%s
Oklahoma Gas A Elec 3%s__ -1966
.1946
4s debentures—
—
Ontario Power N F 1st g 5s.
9M
62
3%
6%
104% 108%
106% 108%
82
11M
16
11%
8%
117
117%
103%
{♦Og A L Cham 1st gu g 4s.„ 1948
—
10
107%
87
31
109%
104% 108
64
108%
107%
88
8
52
40%
105% 107
64%
8
♦Stamped
Ohio Connecting Ry 1st 4s— -1943 M S
-1965 M N
Ohio Edison 1st mtge 4s
4s
5%
*56
3M
78%
104%
106
*61M
6s—1941 M N
1996 O A
1961
No Am Edison deb 5s ser A.-.1957
Deb 6 Ms series B——Aug 15 1963
Deb 6s series C
Nov 15 1969
North Cent gen A ref 5s..-—-1974
Gen A ref 4 Ms series A
1974
♦{Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupods.1945
♦Oct 1938 and sub coupons—1946
♦Ctfs of dep stamped
Apr *33 to Oct '34 coups—.1945
North Pacific prior Hen 4s
1997
Gen lien ry A Id g 3s Jan
2047
Ref A impt 4 Ms series A
2047
Ref A Impt 6s series B...—2047
Ref A impt 5s series C—
2047
Ref A Impt 5s series D
2047
INor Ry of Calif guar g 5s_—1938
Northwestern Teleg 4Mb ext--1944
1st mtge
105%
105 M
105%
105 M
48%
20
6%
100
~78~"
103
7
48%
105 M
M N
10%
11
104%
Series G 4s guar
10
7
109%
78%
95%
105
108%
31
s
103
10%
99
33
O
Series H cons guar
104
14
99% 108
108%
A
99%
94%
106%
106%
70
*9M
North Amer Co deb 6s...
8%
108%
*107%
IVI
109
79
"6M
♦Certificates of deposit
Norf A W Ry 1st cons g
60
107
*103%
132
4%s A. 1952
Series F 4s guar
106
{♦{N Y Susq A West
112%
105%
4%s A—. -1940
Pitta C C C A St L
Series E
92
104%
104M
9M
MN
10%
4
106
105%
----1256
5%
59
104%
*78
79
97 M
105%
1st mtge 5s
89
23
108%
104 %
97
12
13
55
98
M N
J951
101%
104%
104%
J
20
12
6%
15%
59M
J
IN Y Rys prior Hen 6s stamp—1958
N Y A Rlchm Gas 1st 6s A
1951 M N
N Y Steam 6s series A
1947 M N
1st mtge
77%
95%
109% 120%
90% 106
99% 111%
91
67
114%
.1956 J
1st 4s series B
.1980 IVI
1st g4%s series C
Phelps Dodge conv 3%s deb... 1952 J D
12%
12%
21M
D
♦General
{♦N Y Providence A Boston 4s. 1942
N Y A Putnam 1st con gu 4s.-1993 A
N Y Queens
92% 101
103% 109%
103% 114
89%
71%
Apr
12%
13%
20
M N
{♦N Y Ont A West ref g
77
71%
88 M
O
129
111
108%
*109%
114
Debenture g 4 Ms
General 4 %s series A
"98%
*104%
109
O
12%
13
13
14M
96%
*13"" "l9%
12M
12M
13M
20
IVI N
1st 4sl954
{♦ Harlem RAPt Ches
1
High
85
100% 104%
91
104%
"91*
Series B 4%s guar
♦
Low
50
J
J
♦Non-conv debenture
♦Debenture 4s
Jan.
106
16
91
1970 A
1960 F
C
4%s
77
90
103% 109%
55
39%
A
1981 J
%s series B
30
40
101
"~3
122%
114
M N
IVI N
14
4
A
4 %b A. 1977
Pa Ohio A Det 1st A ref
51%
44
"54
114
♦N Y & Greenwood
♦Collateral trust 6s
33
1943 IVI N
Pennsylvania RR cons g 4s
1948 IVI N
Consolld gold 4s
4s sterl stpd dollar May 1 1948 IVI N
59
.1938 A
3 Mb—1964
4s
1965
♦Non-conv debenture 4s._—1966
♦Conv debenture 3%s_-----1950
♦Conv debenture 6s
-1948
Pennsylvania P A L 1st 4 %s— 1981 A
F
deposit...
1966
N Y Edison 3%s ser D
1st lien & ref 3%B ser E—... .1966
N Y A Erie-See Erie RR
.1948
N Y Gas El Lt H & Pow g 6s..
1949
Purchase money gold 4s
♦Non-conv debenture
84
40 M
♦Certificates of
{♦NY&NE(HostTerm) 48-1939
{♦N YNHAHn-cdeb 4s
1947
♦Non-conv debenture 3 Mb—1947
58
F
1st guar 5s
Penn-Dlxle Cement 1st 6s A— .1941 M S
D
Penn Glass Sand 1st M 4%s— 1960 J
64%
52
Range
or
Friday's
Bid
Lour
94%
98%
65%
82%
M
27 M
_59~
A
1st mtge 3%s
Lake 6s—1946
N Y & Harlem gold 3%s2000
N Y Lack A West 4s ser A—-1973
4Mb series B
--------1973
♦N Y L E & W Coal & RR 5%sl942
♦N Y L E A W Dock A Impt 68 1943
N Y A Long Branch gen 4s—1941
69%
38%
High
61
33
1938 A
N Y Connect 1st gu
{♦Serial 5% notes
77 M
2
Low
Range
Sale
66%
*
.1946 F
extended to—, .1947
4%s A— .1963
.1963
series B.
.1961
N Y Dock 1st gold 4s
28
71
45
61
F
M
Price
No.
43 M
43%
O
Last
N. Y. STOCK EXCHANGE
Week Ended May 27
Jan. 1
High
69 M
A
A
BONDS
Since
Asked
A
80
.1942 J
—
.2013
A
Lake Shore coll gold 3 %s._ .1998
-1998
Mich Cent coll gold 3%s—
N Y Chic A St Louis—
.1974
Ref 5 %s series A
.1978
Ret 4 %s series C
----Kef & Impt 4%s ser
Range
Friday's
Sid.
1938
28,
Week's
Friday
Range or
Sale
Low
N Y Cent A Hud
May
Week's
Friday
g
4s
1933 IVI N
10
46
42%
84
46
59%
62
Paramount Broadway Corp—
1st M
a
f g 38 loan ctfs
Paramount
..1955
Pictures deb 6a—-1955
conv debentures
Paris-Orleans RR ext 5%s
1947
1968
Parmelee Trans deb 6s
3%s
86 M
1944
o
Pat A Passaic G A E cons 5s—-1949
8
i'aullsta Ry 1st ref s f 78.....1942
Penn Co gu 3%s coll tr ser B._ 1941
Guar 3 Ms trust ctfs C
1942
A
*99"
103
97% 103%
D
*99%
101
D
*95
102% 103%
95
103%
8
Guar 3 Ms trust ctfs D
Guar 4s ser E trust ctfs
1952 IVI N
28-year 4s
1983 F
1944
For footnotes see paee 3409.
A
38 M
120
*
39%
120
5
2
60
90 %
94
90%
90 M 90 M
92%
31% 45
118% 120
60
6
21
70
88% 104
83
100%
*13
{♦St L-San Fran
♦Certificates of deposit
♦Con M 4 %s series A
64%
1978 IVI
34
8%
16
8%
11%
9%
36
7%
13%
36
8%
11
7
15%
13%
8
9%
154
8%
56
10
8%
8%
10%
1950
10%
S
8%
♦Ctfs of deposit stamped
{♦St L SW 1st 4s bond ctfs—.1989 M N
7%
7%
7%
6%
14
11%
45
45
2
38
25
25
6
25
34%
7
13%
24%
♦2d g 4slnc bond ctfs..-Nov 1989
J
{♦1st terminal A unifying 5s. 1952
1990
J
14%
14%
16
J
10%
10
11%
♦Gen A ref g 5s series A
18%
69
11
9
10
Hen 4s A.-1950
♦Certificates of deposit
pr
♦Prior lien 5s series B
12
62
16
*60
{♦S L Peor A N W 1st gu 5s—-1948
St L Rocky Mt A P 5s stpd-.-1955
30
9
7
87%
17
Volume
New York Bond
146
Friday
Week's
Last
Range or
Range
bonds
Last
Range or
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Jan. 1
Week Ended May 27
Price
ts
Week Ended May 27
►"■i
Bid
Price
a.
A
Asked
Low
St Paul A Duluth 1st con g 4a__1968 j
D
j
J
{♦St Paul A K C Sh L gu 4^8.1941
St Paul Minn A Man—
f
A
1940
1972
J
j
j
J
98
j
J
1124
m n
1094
48
J
j
A
o
cons
9
108
....
15
20
m n
184
15
12
*24
314
2
o
a
o
F
A
3
3
A
o
44
44
5
64
m"s
------
F
certificates
2
24
a
8
6
11
94
22
64
24
1951
1952
Shell Union Oil deb 334s
Shinyetsu El Pow 1st 634s
♦Debenture
s
f 634s
♦Silesia Elec Corp 634s
Sileslan-Am Corp coll tr 7s
Simmons Co deb 4s
South & North Ala RR gu 5s
Southern Calif Gas 434s
1st mtge & ref 4s
96 4
54
-
1034
704
234
704
----
64
10
100
9234
7934
9034 10034
1004
33
1074
1074
1074
24
*110 4
-----
ivi
Southern Kraft Corp 43£s
1946
j
110
12034
line 434s
Wash Term 1st gu 3 4s
.1945 f
1st 40-year guar 4s
95
96 4
14
8734 100
924
924
944
33
8734
1st
994
18
91
994
37
414
26
364
O
17
174
16
21
17
55
55
174
584
20
684
59
154
514
484
474
204
d
564
564
i960 ivi
S
554
55
56
1953 j
J
22
224
2361 j
J
554
56
...2361 j
J
504
51
30-year 5s
West Shore 1st 4s guar
Registered
63 4
Wheeling Steel 44s series A... 1966
m n
344
34
39
115
304
63
White Sew Mach deb 6s
45
444
51
77
444
834
834
834
834
11
{{♦'Wilkes-Barre & East
77
1044
Wilmar & Sioux Falls 5s
59
604
Southern Ry 1st cons g 5s
Devel A gen 4s series A
Devel A gen 6s
Devel & gen 634sMem DIv 1st g 58
Wheeling A L E Ry 4s
f
Mobile A Ohio coll tr 4s
32 4
79
234
41
24
26
a
394
394
43
33
28
644
*
J
404
2
75
75
1
75
97 4
70
70
70
8
584
d
1084
109
9
1044
1044
1044
J
s
1943
deb 6s. 1945
Swift A Co 1st M 3348.
1950
Tenn Coal Iron & RR gen 5s—.1951
Tenn Cop A Chem deb 6s B
1944
Tennessee Corp deb 6s ser C
1944
♦Studebaker Corp conv
1947
Tenn Elec Pow 1st 6s ser A
434s._.1939
J
J
j
ivi
1014
102
54
1074
ivi
Texarkana & Ft S gu 534s A
j
-
o
50
94
90
904
D
1044
1054
1014
1054
1004
110
1004
714
------
1064
2
64
6
73
*
814
------
74
-
-
994
o
864
20
109
1104
1977
77
77
774
15
1979
75
734
77
23
754
1980
A...1964
J
O
1937
j
J
1952
j
J
1034
1953
Tol A Ohio Cent ref A Imp 3J4s 1960
Tol St Louis & West 1st 4s
1950
Tol W V & Ohio 4s ser C
1942
Toronto Ham & Buff 1st g 4s. .1946
Trenton G & El 1st g 5s.
1949
Trl-Cont Corp 5s conv deb A..1953
♦Tyrol Hydro-Elec Pow 7 Ms. .1955
j
D
554
j
D
------
a
o
------
{♦Third Ave RR 1st g 5s
Tide Water Asso OH 334s
Tokyo Elec Light Co Ltd—
1st 6s dollar series
Guar
sec s
1952
f 7s
m
j
------
83
s
j
J
1034
ivi n
------
------
"16""
94
8
6
*54
*54
♦Certificates of deposit
Wisconsin Publ'c Servloe 4s
j
1054
1054
106""
*34
j'b
1961
{♦Wor A Conn East 1st 44s...1943
154
64
54
14
*8
ivi n
144
84
64
64
104
1064
94
J
4
5
54
96
1004
Youngstown Sheet A Tube—
e
150
994
99
994
1961 ivi n
1st mtge sf 4s serC..
week and not Included In the yearly
Cash sales transacted during the current
range.
No sales.
r
Cash sale: only transaction during
transaction
during
week,
current
n
current week,
a Deferred delivery sale; only
Odd lot sale, not included In year's range,
{ Negotiability Impaired by maturity,
t The
the dollar quotation per 200-pound unit of bonds.
Accrued
x
price represented Is
Interest payable at
Ex-Interest.
exchange rate of $4.8484.
70
If Bonds called for redemption or nearlDg
70
704
72
reorganized under
companies.
1084
*
81
1034 1064
107
maturity.
{ Companies reported as being In bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such
1164
884
No sales transacted during current
Friday's bid and asked price.
♦
t
In
Deferred delivery sales transacted during
week.
Bonds selling flat.
the current week and not Included
the yearly range:
884
854
No sales.
984 104
48
39
244
34
34
74
84 4
27
71
854
95
98
49 4
85
102
the
Exchange,
York Stock
New
1044
65
103
104
554
56 4
85
85
63
*51
*118
8
-
-
-
-
-
2
-
at
Daily, Weekly and Yearly
634
80
Railroad &
State,
United
Total
Number of
Mis cell.
Municipal dk
States
Bond
Shares
Ended
Week
Bonds
For'n Bonds
Bonds
May 27, 1938
---
95
-
Transactions
84
Stocks,
50
-
105
1034
■95"
1034
1174 1184
—
25
3
103
1
25
97
26
1034
96
67
80
25
25
7
71
704
1084
1084
1174
118
"~2
107
107
108
23
1104
1094
1114
101
101
112
112
*89
90
704
"lis"
debentures
..1952
Union Pac RR 1st A Id gr 4s... 1947
334s
June 2008 M S
June 2008 M S
6
Saturday
328,020
Monday
Sales
$2,639,000
$2,060,000
3,124,000
286.070
105
834
1084
$536,000
$43,000
883,000
312,000
4,319,000
828,000
530,000
4,743,000
490,000
257.000
4,320,000
4,517,000
10834
84
9534
1064
1064
26
103
10734
75
6
694
75
17
-
-
-
108
*204
Week Ended May
Sales at
Jan. 1 to May
27
27
1094
25
36
i
--
-
69 34
60
107
1934
-
7734
8134
10934
1937
1938
1937
1938
3,128,120
3,719,124
92,176,303
212,394,734
$1,451,000
$67,835,000
$253,089,000
166,841,000
19,894,000
$7,094,000
4,550,000
32,444,000
545,666,000
1,107,525.000
$25,332,000
$44,088,000
$717,907,000
$1,527,455,000
Bonds
96
30
734
-
$25,332,000
Stocks—No. of shares.
84
904
734
Government
—
3,987,000
State and foreign
Railroad and
Industrial
Total
104,406,000
27
107
107
$1,451,000
97
10734
10934 116
694
------
$3,987,000
10734 11434
s
-
$19,894,000
32
o
j
4,794,000
3,128,120
Total
60
o
s
84,000
113
ivi
ivi n
797,000
1024
A
ivi
225,000
3,913,000
Exchange
5s—1952
United Drug Co (Del) 5s
1953
U N J RR & Canal gen 4s
1944
{{♦United Rys St L 1st g 4s...l934
U S Pipe A Fdy conv deb 3348.1946
fU S Rubber 1st A ref 5s ser A.1947
J
453,000
760,710
New York Stock
35-year 334s debenture
United Biscuit of Am deb 5s—1950 A
------
781,170
27
A
M n
Thursday
3,385,000
3,573,000
3,839,000
.
934
894
O
Wednesday
416,700
555,450
Tuesday
11634 11834
10434 10934
1970
1971
United Clgar-Whelan Sts
99
324
*...
A
1962
34-year 334s deb
""94
1074 109 4
Friday
f
{{♦Union Elev Ry (Chic) 5s—1945
A...1942
1st lien & ref 5s
1094 114
64
95
D
ivi
Union Oil of Calif 6s series
1st Hen A ref 4s
97
304
*994
s
1945
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3J4s
94
704
1034 106 4
804
304
j
Jan 1960
♦AdJ Income 6s
3
784
754
*__,
M s
A
1960
Third Ave Ry 1st ref 4s
4s
{♦Sup A Dul dlv A term 1st 4s '36
102
724
gen
964 1014
71
87
87
864
*106
j
-
-
Gen & ref 5s series C._.
Gen & ref 5s series D__
109
11
1044
110
------
Tex Pac Mo Pac Ter 534s
95
1054 1074
1194 125
95
100
Gen & ref 5s series B
Texas A Pac 1st gold 5s
a
1949 J
103
464
102
-
1947
♦Certificates of deposit.
14
105
100
1014
D
4
s
j
A
...1951
...1943
2000
deb 334s
TexA N O con gold 5s
122
*99
1950
f g 4s
31
26
*12(1
s
------
13
56 4
1074
54
1074
9
69
994
*44
{♦Wis Cent 50-yr 1st
1064 HO
101
1054
101
1
1034
103
102
D
j
1034
102 4
1944
1953
gold 5s
Texas Corp
j
2
103
------
ivi n
12
10
10
------
"35" "eo"
99
74
OBUitlOl't'i
D
j
80
109
Staten Island Ry 1st 434s
s
----
404
M
j
♦{Spokane Internat 1st g 5s—1955 J
Staley (A E) Mfg 1st M 4s
1946 f A
Standard OH N J deb 3s
1961 j D
Gen refund
78
------
j
93
j
1942
1960 J
63
594
794
914
54
99,#i#
*984
1938 j
Conv deb 33*s
474
394
So'western Gas & Elec 4s ser D_1960 M n
cons
"484 "83"
544
294
------
75
B__1964
So'western Bell Tel 334s ser
1st
27
55
294
a
914
1004
99»»u
A
1940 M n
gu 5s..
24
754
504
63
1044 1054
1054 1104
1074
88
88
724
70
49
1044
1074
1949 M S
Winston-Salem S B 1st 4s
a
J
*100
S
M
D...1966
ser
RR 1st consol 4s
93
-
1938 M s
St Louis Dlv 1st g 4s
East Tenn reorg lien g 5s
Term Assn of St L lstg
-
103
1024
1951 J
634
-
93
174
30
-
734
984
974 1084
17
42
67 4
684
864
85
s
314
-----
804
784
s
52
644
109
1044
85
1024
1950 Ml n
63
*52
116
1946 ivi
A
116
644
111
784
j
984 102 4
1204
1094 111
1064 1094
1014 1044
1024
1194
103
110
123
1946 ivi
ser
♦5s assented
39
------
1214
o
69 4
76
1074
a
39
j
1084
1034 1054
1943
504
j
104
1054
1214
1084
103
1977 J
344
334
1955
1955
1994
S..1956
1956
1956
1996
1951
1938
4s
4s stamped
1054
1094
111
Wilson A Co 1st M 4s series A..1955 J
So Pac RR 1st ref guar
29
1194
1952 A
1st & ref 5 4» series A
43 4
j
23
45
West N Y A Pa gen gold 4s
354
1950 a O
San Fran Term 1st 4s
1014
Western Maryland 1st 4s
9434
37
.
34
79 4
434
1054
1966
ivi n
J
32
1961
Western Union g 44s
25- year gold 5s
35
82
63 4
91
1952
{♦Western Pac 1st 5s
444
71
69
32
A
West Va Pulp A Paper 44s
10634 10834
s
56
10
1214
1014
10134 105
10534 10834
S
33
48
Westchester Ltg 5s stpd gtd___1950
Gen mtge 34s
1967
10
ivi
10
105
724
*1044
1st mtge 4s ser H
1st mtge 34s series 1
100
75
64
*1074
29
ivi
13
744
.1945
108
D
13
64
49
1044
60
f 5s......1939
s
1064
o
j
1044
60
S
1044
974
A
1044
a
♦Westphalia Un El Power 6s
1951
coll)--1949
1st 434s (Oregon Lines) A—1977
Gold 4 34s
1968
Gold 4 34s
1969
Gold 4 34s
1981
10-year secured 3 J4s
1946
1st mtge pipe
7
18
84
*25
1941 ivi
Warren RR 1st ref gu g 334s...2000lF
108
Southern Natural Gas—
So Pac coll 48 (Cent Pac
114
70
{♦Warren Bros Co deb 6s
1064
D
74
o
104
j
134
10
64
o
10434 108
95
1947 J
84
1939 M s
67
------
Southern Colo Power 6s A
1980 AO
1955 a
1064
S
a
84
84
114
64
84
8
1978 ao
144
9
74
1955 a
104
F
64
84
10
6s debentures
24
7734
10
914
------
------
"74
74
a
Walworth Co 1st M 4s
7834
6134
2034
88
694
454
914
West Penn Power 1st 5s ser E..1963
81
------
1962
1961
1965
South Bell Tel & Tel 334s
70
s
1976 F
d
44
-----
*214
694
------
1951
1950
1963
Socony-Vacuum Oil 334s
1034
*75
1952
Skelly Oil deb 4s
*594
*984
------
1935
1951
1946
1941
{♦Siemens A Halske s f 7s
102
1024
20
deposit
Walker(Hlram)GAW deb 434s.1945 J
Wash Water Power
105
20
*
s
534s A. 1975 ivi
gen
of
75
*134
Washington Cent 1st gold 4s...1948 Q ivi
24
34
30
*40"
40
*
Warner Bros Pict deb 6s
104
54
14
34
24
*3
174
44
84
35
45
45
♦Certificates of deposit
4
76
35
*
994 1054
20
4
204
674
21H
21
85
♦Certificates of deposit..
1
64
:?
414
2
1941 ivi
♦Ref & gen 5s series D
12
74
54
*13
a
1935 F
{♦Seaboard All Fla 6s A ctfs__.1935
9
6
54
1933
114
2
214
1939
♦Ref & gen 434s series C
1094 116
12
414
104
♦Certificates of deposit..
31
5
104
♦Certificates
30
2
414
....1954
♦Ref A gen 5s series B
23
12
12
104
1945 m s
6s series A
2
1134
1134
a
------
12
24
24
...
-
24
24
1134
10
1024
1941
{♦Wabash Ry ref &
1
High
414
♦Omaha Dlv 1st g 3 34s
♦Toledo & Chic Dlv g 4s
1124
Low
1034
A
1941
1104
104
15
♦Certificates of deposit
♦Series B
60
....
5
{♦Alt A Birm 1st gu 4s
814
1094 113
No.
High
8
1939 f
♦Det & Chic Ext 1st 5s
♦Des Moines Dlv 1st g 4s
45
110
------
1989
7
504
Since
1939 ivi n
1966 ivi
♦2d gold 5s
10934 118J4
110
♦Certificates of deposit
♦1st A
Virginian Ry 334 s series A
{{♦Wabash RR 1st gold 5s
Range
Jan.
Asked
A
Low
10234
113
------
O
{{♦Seaboard Air Line 1st g 4s_.1950
{♦Gold 4s stamped
1950
♦Adjustment 6s
Oct 1949
{♦Refunding 4s
1959
98
1114
1094
j
A
Scioto V & N E 1st gu 4s
934
9H
*1064
*114
s
1946
4
47
m
♦Stamped
4
114
1134
J
1946
1634s series B
98
734
634
98
98
J
♦Stamped
s
93
....
84
*7
j
1943
San Antonio Pub Serv 1st 6s—1952
San Diego Consol G & E 4s
1965
Santa Fe Pres A Phen 1st 5s—1942
♦Guar
93
23
*64
Bid
High
Low
♦1st Hen g term 4s
S A A Ar Pass 1st gu g 4s
{♦Schulco Co guar 634s
No.
High
*80
{♦St Paul E GrTrk 1st 4^8—1947
tPaclflc ext gu 4s (large)
3469
Friday
3-Q
bonds
N. Y. STOCK EXCHANGE
St Paul Un Dep 6b guar
Record—Concluded—Page 6
Week's
109
32
107
105"u
10334 10634
3634
2734
114
1057i#
51
A..1951
32
324
8
32
32
2
2734
36
32
324
6
27 34
38
84
84
884
14
73
8934
Utah Power A Light 1st 5s
1951
1947
1944
1944
86
86
904
28
7834
92
stocks and bonds
{♦Utll Pow & Light 534s
{♦Debenture 5s
1947
1959
484
484
49
10
45
6034
as
484
484
49
23
45
5034
86
11
77
88
♦Un Steel Works Corp 634s
♦Sec s f 614s series
C
♦Sink fund deb 634s ser A
Utah Lt A Trac 1st & ref 5s
Vanadium Corp of Am conv
Vandalia cons g 4s series A
Cons s f 4s series B
68.1941
1955
1957
{♦Vera Cruz A P 1st gu 4 348...1934
{♦July coupon off..
Virginia El A Pow 4s ser A
1955
Va Iron Coal A Coke 1st g 5s— .1949
Va A Southwest 1st gu 4s
2003
1st cons 58
1958
j
J
a
O
f
105»»»
A
84 4
844
*1004
134
j
S
daily closing averages of representative
listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
1094
-
—
-
—
-
1094
*424
-----
62
1094
j
J
*45
a
O
46
Bonds
Stocks
10
2 34
Date
90
464
-
—
-
-
-
20
35
Total
10
First
Second
10
Indus¬
Grade
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
Rail¬
Utili¬
70
roads
ties
Stocks
45
10
20
trials
10634 10934
-
-
72
30
Indus¬
—
M n
ivi
the
104"" 104""
j
J
are
.....
M n
J
Stock and Bond Averages
Below
Total
85.96
107.98
20.26
17.91
34.20
105.67
89.45
44.81
103.89
May[27.
"43"" "6l""
108.28
20.35
17.76
34.25
105.90
90.03
44.90
103.95
May 26.
86.20
110.60
20.98
18.41
106.08
90.25
45.38
104.07
86.45
May 25.
35.11
21.43
18.78
35.72
106.05
90.99
45.90
104.20
86.79
May 24.
112.35
23.
113.97
21.81
19.09
36.27
106.14
91.06
46.12
104.43
86.94
May
21.
113.25
21.73
19.04
36.08
106.11
90.96
46.31
104.45
86.96
May
New York Curb Exchange—Weekly
3470
NOTICE—Cash and deferred delivery sales are disregarded In the week's
range
In the following extensive list
furnish
we
a
and Yearly Record
M*y 28>1938
unless they are the only transactions of the week, and when selling outside
of the regular weekly range are shown In a footnote In the week in which they occur.
No account Is taken of such sales In computing the range for the year.
complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (May 21,1938) and ending the present Friday (May 28,1938).
It is
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
which any dealings occurred during the week covered:
compiled^entirely
Friday \
Sales
Last
Par
of Prices
Low
High
Price
Investors
34
Feb
17
Jan
2%
Apr
Blauner's
26 A
100
Jan
Bliss (E W)
6%
300
5%
Mar
4%
32%
8%
Jan
Jan
Bliss &
7%
8%
600
7%
May
3A
7%
1,300
H
Mar
23
1
200
A
A
A
A
1,100
63
170
44%
Mar
63
May
Bowman-Blltmore
Mar
10%
Mar
Mar
Apr
Apr
300
15
79
.J....
common.*
79 A
6% preferred
100
3%
83 A
800
67
100% 100%
American Airlines Inc—10
100
13 A
2,000
94%
8
11%
American Beverage com_.l
100
Brazilian Tr Lt & Pow—*
93
15%
Aluminium Ltd
Co
Feb
58
1
50
Amer Box Board Co com.l
1
48
50
6%
30
Mar
%
200
6A
44
Jan
Breeze Corp.....
Jan
Brewster
15
Feb
Feb
Bridgeport Machine
Feb
Mar
Mar
5%
Feb
95%
Mar
103% May
13% May
Mar
1%
Feb
10%
common...-10c
Common class B
10c
2
A
Mar
3
%
Mar
10%
Mar
%
23%
Apr
Jan
Apr
x59%
3%
Mar
56
1A
1%
1H
3,000
21%
21%
100
20
22
1%
May
Class A
Class
Amer
~20~~
B
1%
10
n-v
~16%
Amer Foreign Pow warr...
*
23 A
Mar
Mar
Am dep rets ord
Bruce (E L) Co
Mar
Jan
27%
Mar
13
14%
Mar
18%
Jar
Mar
14%
Jan
Mar
24%
May
Jan
11%
Apr
23
Jan
54
Apr
63%
Feb
H
Mar
1
Jan
20%
21
300
16
Apr
26%
39
40
100
30
5
Jan
42
6A
4%
A
A
900
100
Mar
3
Mar
%
3,200
58
58
300
58
Mar
7%
1%
Jan
Capital City Products
Jan
Carlb Syndicate
Carman & Co class A
2%
6%
75
Jan
Jan
Jan
$6 prefer ted....
*
Carrier Corp
______*
16%
Feb
Apr
96
Apr
103%
Jan
97%
40
A
200
%
Mar
'l#
Feb
2%
2%
6%
2%
3%
900
Mar
4%
Jan
3,200
2%
2%
Mar
6%
900
4%
Mar
Mar
4%
Jan
7%
May
May
75
5
Mar
7
Jan
3%
Mar
4
Jan
8%
Common
1
Class A
1
6,500
%
*
600
3%
300
Mines
60
1%
Jan
Cent Ohio
Mar
9%
May
lu
Jan
%
Jan
Cent & South West Util 50c
Cent States Elec com....1
Mar
70
Mar
6% pref without
7% preferred
Mar
67
Mar
Conv preferred
2%
16
Mar
Mar
4%
30
Jan
Jan
Centrifugal Pipe
Mar
1%
Jan
Jan
A
200
Jan
Strip Co
Charis Corp
2%
8%
Mar
4%
%
Mar
100
4
Mar
8%
Jan
Jan
21
Jan
13
Mar
"ili "~I%
1%
1%
100
1,000
1%
1%
May
2%
Jan
Mar
2%
Jan
21
24
580
13%
Mar
19%
*
22
600
19%
May
2%
2%
3
6
1%
1%
15%
24
May
25%
May
1A
conv
100%
Mar
Mar
Jan
hi
Mar
Apr
5
Jan
550
27
Jan
Apr
22
Jan
19
Mar
27
May
2%
100
2%
Mar
4%
Mar
3%
Jan
Mar
1%
Jan
Apr
Jan
Ap
"ii
7
Jan
F.SOO
%
%
5
3,300
Jan
Jan
65%
Mar
85
00
Mar
80
Jan
5,600
17%
32
Jan
4%
200
4%
Apr
May
9
100
6%
Mar
74
74
10
21%
4%
20%
4%
9
2
17%
100
2%
17%
2%
26
5,200
17
Apr
1%
Apr
Jan
6%
Jan
15%
Jan
25
Jan
60
60
100
63
59
Apr
3%
Jan
3
14
14
200
14
82%
5
74
1%
1%
%
%
5
"83%
""76
5%
75%
1%
1,800
*16
6%
10%
Mar
14
Mar
57
Apr
10% Mar
68% May
75%
Apr
5
May
100
64
1,400
1
600
4%
Feb
23%
Feb
69
Jan
14
May
84
Feb
90
Jan
8%
Jan
Mar
77%
Jan
Mar
%
1,200
Jan
82
2%
Jar
Apr
%
Jan
3
50
Mar
7% May
5
"5"
"6%
"250
6
Mar
15
Jan
8
10%
Apr
10
Apr
3
Mar
7%
Feb
3%
3%
800
3%
Mar
5%
3%
5%
200
5%
May
Mar
200
100
14% May
100
97
800
40
6
8%
5
6
15
101% 103
14%
101%
54%
53
57
4
Jan
8%
7%
Jan
21
Mar
110
Jan
60
Mar
Feb
500
5%
Mar
9%
Mar
28%
50
%
20%
Mar
"it
39
8
9%
7%
May
37
38%
2,500
1,600
21%
Mar
5%
Jan
Jan
v-
Jan
Jan
Feb
11
May
47%
Mar
5
Mar
46
Feb
72
Feb
67?,..
Feb
Mar
Apr
4%
Mar
9%
Jan
City Auto Stamping
City & Suburban Homes.
Mar
1%
Jan
Clark
2,000
1
Mar
2%
Jan
4%
17
Jan
Feb
Controller Co
*
37
4
100
4
50
4%
4%
26
Feb
400
4
Mar
6
Jan
2%
50
50
4%
Mar
3%
Feb
10
14
1
May
6%
Jan
1%
Mar
2%
Jan
CJub Alum Utensil Co...*
Cockshutt Plow Co com..*
8%
2%
Jan
Cohn &
Mar
Jan
Colon
"4% "5%
7%
2,000
13
3%
13
14%
4,300
3%
700
3%
100
16
4%
Apr
165
Jan
Apr
119%
Feb
Mar
6%
Apr
14%
*
Mar
1,500
3i«
*
Mar
Jan
10
114%
5%
*
*
Mar
4% May
147
% pf.100
9%
.
%
9%
100
% May
*n May
1,600
9%
30
20
Mar
Rosenberger Inc.*
Development ord
For footnotes see page 3475
1%
1%
33%
3%
Jan
"600
30%
4%
500
3%
Mar
20
Jan
2%
Jan
Mar
4
"loo
35%
Mar
6%
Feb
Apr
3%
Jan
1
Mar
1%
Jan
7
"F% "l%
Feb
Mar
2
3%
Mar
10
Jan
5%
May
6%
1,000
1%
Mar
Jan
4
800
Mar
4%
600
3%
3%
3%
4%
Mar
7%
Jan
£1
4
Colorado Fuel & Iron warr.
Colt's Patent Fire Arms_25
4
conv pref
1
"33% "34"
1%
6%
1,200
May
2%
1%
Jan
Jan
Mar
61
Feb
Mar
45
60
Jan
Columbia Gas & Elec—
1%
Jan
%
Jan
Conv 5% pref erred ..100
Columbia Oil & Gas
1
Mar
10%
Jan
Mar
30%
Mar
48
Commonwealth & Southern
Warrants
Commonw Dlstrlbut
Jan
2
3
pref
Jan
Jan
3%
3%
Apr
29
10
common
Mar
20
Cleveland Tractor com...*
Cllnchfield Coal Corp.. 100
1
2%
1%
18
*
Jan
Purchase warrants
$2.50
22%
Apr
10
*
Mar
"4%
Berkey & Gay Furniture. 1
Blckfords Inc
Apr
88
Preferred BB
8%
1
Conv pref
400
1,200
Preferred B
63%
Bellanca Aircraft
Benson & Hedges com
Jan
Cities Serv P & L $7 pref- *
$6 preferred
*
2%
1
Bell Tel of Pa 6%
Feb
May
May
May
Mar
Beech Aircraft Corp
Bell Aircraft Corp com
Bell Tel of Canada
Feb
9
39
*
51
com..
com
4%
Apr
900
27
100
Corp__.l
Co com..*
Beaunlt Mills Inc
Apr
Feb
2
2%
Childs Co preferred
100
Cities Service new com..10
Claude Neon Lights Inc.-l
Clayton & Lambert Mfg..*
Cleveland Elec Ilium
*
Bath Iron Works
7% 1st pref
2%
7%
32%
18%
4%
X5A
11%
Barlow & Seelig Mfg A.-.5
Baumann (L) &
12%
Chic Rivet & Mach..
4
Chief Consol Mining..... 1
450
1
1
Jan
May
18
.10
Cherry-Burrell com
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
1
5%
Steel
*
1,700
13%
Stainless
96
25%
..5
1,800
30
Baldwin Rubber Co com.l
Baiium
40
Preferred
21
Baldwin Locomotive—
Bardstown Distill Inc
Jan
3%
Chamberlin Metal Weather
15%
%
Apr
com.
'29.100
Mar
Mar
preferred
ser
%
13
7%
22
hi
100
6%
15
Purch warrants for
8
Apr
May
May
100
100
25
Babcock & Wilcox Co
Jan
14
"300
100
1,700
6% pref xw.........25
10
Conv pref opt
warr
%
Mar
Aviation & Trans Corp__.l
Axton-Flsher Tobacco—
21%
11
Cent Pow & Lt 7% preflOO
Jan
Mar
Warrants
Mar
6
100
50
20%
1
Mar
%
common
Steel Prod
7%
.
4%
Jan
Jan
500
*
.....*
Apr
6%
Class A
$7 dlv preferred
1st preferred—
Cent Hud G & E com....*
Products.—5
5
33
31
1,800
4
90
11
Cent Maine Pw 7% preflOO
Cent N Y Pow 5% pref. 100
Automatic Voting Mach..*
Avery (B F)
6% preferred w w
1
7% 1st partic pref
100
Celluloid Corp common. 15
70
19%
Jan
Mar
Celanese Corp of America
67
A
3%
10
%
1
Silver
Castle (A M) com
Cataiin Corp of Amer
Jan
11%
Atlan Brlmingham & Coast
Automatic
Carter (J W)Co common. 1
Casco Products.....——*
'•i
...
Austin
5%
14%
...
Jan
Mar
Assoo Laundries of Amer.*
%
Jan
40
1
com
1
Mar
Assoc Gas & Elec—
7%
A
26%
1%
Carolina P <fc L $7 prel—.*
4
19%
Apr
Jan
2%
200
*
Jan
27%
Jan
Mar
Mat
900
Atlas Corp warrants
Atlas Plywood Corp
20%
1%
Mar
3%
7%
6
Atlantic Coast Line Co..60
21
Apr
Apr
100
700
Mar
Apr
May
600
2%
28%
Mar
18
3%
21%
1%
2%
Feb
16
3A
59
2%
Jan
3in
Mar
Feb
Carnegie Metals
3%
Atlantic Coast Fisheries..*
.
Carnation Co common...*
RR Co pref
100
Atlanta Gas Lt 6% pref 100
Jan
Jan
Jan
Feb
1
preferred
Option warrants
4%
Apr
Jan
5
15
2%
Apr
Apr
Jan
%
4
400
Mar
15
Jan
Mar
%
2%
17%
%
18
A
10%
88
Feb
15
Jan
£1
May
*
Mar
Industries
rets
Apr
5% May
76
*
Class B
3%
1%
Art Metal Works com
Amer deposit
■
8%
Ashland Oil & Ref Co
Eiec
5%
14%
25c
Jan
Apr
%
*
25
Jan
10%
1%
600
Arkansas P & L $7 pref—*
May
May
15%
*
1%
2%
7%
5%
27%
33
1
3A
Arkansas Nat Gas com...*
Mar
22% Mar
25% May
200
*j
400
96%
Associated
Canadian Marconi
13%
Appalachian El Pow pref.*
{Arcturus Radio Tube.—l
Mar
28%
19%
19%
shs.£l
B non-voting..... ....
Jan
May
9%
Amer dep rets pref
x3 %
Wupperman.-l
Apex Elec Mfg Co com...*
Angostura
Jan
4
2%
h
Feb
Feb
19%
19%
Calamba Sugar Estate. .20
Canadian Car & Fdy pfd 25
Canadian Indus Alcohol A*
11
*
12%
3
6%
Burry Biscuit Corp—12%c
v t c.._*
x3%
5
Mar
100
250
Feb
Jan
Cables & Wireless Ltd—
400
6%
1%
16%
Jan
1%
7A
Cable Elec Prods
10
22%
600
Mar
Jan
7
400
Burma Corp Am dep rets..
"
*3%
1%
2%
21%
5
com
25
Anchor Post Fence
10
Jan
Feb
25
American Thread pref
Preferred
1%
12%
20
""25
--*
1%
2%
21%
$6 preferred
—*
Brown Rubber Co com__.l
Bunker Hill & Sullivan 2.50
13%
Common class A
Feb
Jan
13%
.....
1%
2%
*
Mar
1
Preferred
Class A pref
6
25
Republics..-.10
Amer Seal-Kap com
2
Am Superpower Corp com *
1st preferred
*
30
Brown Forman Distillery. 1
26
Apr
2%
4%
•11
Brown Fence & Wire com. 1
Jan
Apr
1,100
American
500
100
Mar
16%
13
39
25
5%
Jan
Mar
Apr
—*
JBrown Co 6% pref
23
15%
*
27%
80
British Col Power class A.*
700
12%
Amer Potash & Chemical.*
200
10,200
Jan
reg—10s
350
104
11
Jan
Jan
Tobacco—
3%
8
Amer Mfg Co common 100
Preferred
..100
5%
5%
4%
*
24%
400
16%
Mar
Jan
Jan
Jan
British Celanese Ltd—
Jan
31% May
Feb
111%
Mar
10
""460
*
24%
m
*24 %
"9% *10%
5%
78
Buckeye Pipe Line
50
Buff Niag & East Pr pref25
$5 1st preferred
...*
15%
Amer Meter Co
Mar
8%
19%
12%
Amer Maracalbo Co
Mar
200
25
preferred—
6%
Jan
Jan
6,100
29
.20
Mach
Amer Lt & Trac com
20%
3%
27%
20%
Apr
Mar
Amer Hard Rubber Co-.50
Amer Laundry
Jan
16%
1,600
9%
,
107% 109%
1
---1
preferred
$2.60 preferred
—...
26
Preferred
American General Corp 10c
S2
28
1%
27%
15%
%
6", 900
1%
9A
*24%
Apr
500
"Is"
1%
Amer Fork & Hoe com—*
Amer Gas & Eiec com
"le"
16
1,700
2%
IVs
Cyanamld class A. 10
Class B
_____
—
Class B
25
with warrants_25
-
Mar
10%
250
bearer£l
Amer dep rets reg....£l
Am Cities Power <fc Lt,—
A
:
12
Am dep rets ord
Feb
1,600
—
S5.60 prior pref
Class
♦
Registered...
Feb
Mar
*
British Amer Oil coupon..*
Jan
50
27%
A
Class A
Jan
62
Mar
Apr
4%
""30
10%
5
"5%
7% preferred
100
Brlllo Mfg Co common...*
British Amer
Class A
9%
*
Brill Corp class B
m&sm
"IF"
11%
100
.......
Bright Star Elec clB
••j
"IF
10%
...-1
Aeronautical... 1
Preferred
Jan
Capital—
*
Centrifugal Corp.-l
11"
Bridgeport Gas Light Co
90
Mar
6%
1,000
Mar
—...
9
100%
10%
""800
Mar
H
%
,750
15%
100
"5% "6%
1
200
Mar
1
5%
100
100
Feb
12%
"l
96
1%
com.
7% 1st preferred
2d preferred
Jan
Feb
500
"82~"
"70"
ilH
50
9%
21%
1%
39%
9%
2%
2%
2%
1%
May
Feb
14
..—-
Apr
6
06
Aluminum Industries com *
Amer
7% 1st preferred—..100
25
Jan
56
100
Mar
Co com...*
BourJois Inc.._i'i.
6
9
11
Mar
1
Borne Scrymser Co
15 %
100
preferred
(H C)
Jan
6
70 %
common.
preference
Aluminum Goods Mfg..
S3
Bohack
May
8%
10
com——25
May
34
Blumenthal (S) & Co..._*
Apr
49%
68%
Mar
400
1,000
$3 opt. conv pref
Jan
Jan
Apr
%
%
6%
5%
14
1
com
Mar
*
S3 conv pref
American
Corp
50%
2
Allied Products com
American Book
Blue Ridge
33 A
56
6%
Laughlin com....5
"~70
*
com
High
Mar
65
Allied Internat Invest com
Co
Mar
1, 1938
Low
Shares
5%
new com...
1%
15%
%
High
com
2
'
Mar
May
Low
*
Machine Co com
63
preferred..
Class A conv
9
Mar
11%
Alles & Fisher Inc com...*
6%
Jan
Feb
Price
Birdsboro Steel Foundry <fc
Apr
14%
Gt Southern..50
Aluminum
Par
High
1
Range Since Jan
Week
100
common..
Invest
for
of Prices
6
Wftrrantfl
Alliance
Week's Range
Sale
800
16
3A
3%
Ala Power $7 pref
$6
Low
Shares
Conv preferred
Alabama
Last
25
B
Sales
Friday
STOCKS
(.Continued)
Range Since Jan. I. 1938
3%
16
*
Agfa Ansco Corp com—.1
Alnsworth Mfg common..6
Air Associates Inc com...I
Air Devices Corp com
1
Air
for
Week
19%
Supply Mfg class A.*
Class
Range
20
Acme wire v t c com
Aero
Week's
Sale
STOCKS
bond, in
3%
3
%
1
50
53
53
3,800
2%
Mar
4%
Jan
%
5,500
%
Jan
Feb
%
Jan
%
% May
Volume
Par
Week's Range
for
Sale
of Prices
Low
High
stocks
Par
Florida P & L $7 pref
Jan
Community P & L 56 pre! *
21%
23 k
375
16
Mar
28
Community Pub Service 25
22
22
100
18 k
Mar
25k
k
Apr
1
Mar
15
Community Water Serv__1
12X
4k
Consol Copper Mines
5
Consol G E L P Bait com ~
3k
8%
67 k
67 H
4
%
12%
5
200
4%
68
7,400
900
Jan
3k
3k
Mar
Class
Feb
5k
Ford
May
'X
70
Jan
Fox
115
Jan
'ii
Apr
lk
May
48 k
Apr
64 k
Jan
Mar
3k
Jan
Mar
81k
Jan
Fruehauf Trailer Co
lk
Mar
lk
Jan
Fuller (Geo A) Co com
5k
Jan
IX
1,300
3H
3%
8%
500
2k
Mar
50
67k
Apr
72
72
pf 100
800
May
May
8k
{Continental Secur com..5
Varnish—*
Mar
4
5k
1,100
6%
19
200
5%
500
1
5k
6
400
Croft Brewing
18k
5%
Crown Drug
Co
8k
lk
Feb
Jan
6% preferred
X
x
22 k
2 k
5k
Mar
13 k
Jan
16
200
Darby Petroleum com..
Davenport Hosiery Mills.*
7
ii a
7
7
Ilk
100
200
Ilk
7
7
10C
20
Dayton Rubber Mfg com.*
Class A
35
20
50
Derby Oil & Ref Corp com*
Preferred...—
....*
6
12k
100
S7
100
12k
Apr
Feb
{Grand Natlon'l Films Inc 1
Mar
7k
Jan
Grand
Jan
Gray Telep Pay Station. 10
Great Atl & Pac Tea—
IX
'k
100
lk
Mar
200
lk
May
i
100
ik
Mar
18
500
ik
18
14
Mar
Gorham Inc class A.
May
Mar
S3
Jan
Dubiller Condenser Corp.l
1X
Durham Hosiery cl B com
Duro-Test Corp com
*
1
lk
5
18k
100
16
Apr
19k
Jan
16k
7
200
13k
Mar
20 k
900
k
5k
Mar
lk
Jan
Jan
Mar
9k
3 k
Mar
0 k
Jan
Jan
Jan
"lk "lk
""206
Mar
7k
27
27 k
200
5
5k
700
4k
lk
k
Mar
200
8k
May
9
"33 k
33 k
35 k
3,900
67
63
20 k
110
Jan
Mar
I
Hall
*
Lamp Co-—.--
6%
65
Jan
Class
Heller Co
Jan
k
Mar
Apr
May
6 k
9k
Jan
Feb
100
lk
3k
16k
4k
3k
16 k
16k
4k
ek
Mar
700
9k
11
~23~~
54
2
lk
25c
*
Rubenstein
"166
9
3,100
7
Mar
13 k
Jan
2k
1.300
425
950
2
Mar
3k
Jan
100
6% preferred
Eastern
States
22 k
Iron.25
Malleable
Eastern
16
Corp
$7 preferred series
lk
lk
11
Jan
k
Mar
J an
Horn (A
24
Jan
2k
Mar
Jan
Apr
14
Feb
100
k
Mar
4k
$6 preferred —
Elec Power Assoc com
Mar
10k
45
45
48
300
36
Mar
54 k
May
'
49 k
49 k
52
1,600
42
Mar
59
May
100
2
Mar
4
Jan
2
6k
3
—
6k
8k
f*
!*
42,700
4
Jan
26
150
15k
Mar
35
Jan
3k
Option warrants
Electric Shareholding—
Mar
24 k
2k
Class A.
Elec P & L 2d pref A
4
700
2k
Mar
5k
Jan
2 k
Jan
75 k
Jan
400
2
300
64
25
lk
60
Apr
Apr
Elec Shovel Coal $4 pref.. *
3
May
Electrographic Corp
1
10
Mar
Electrol Inc v t c
1
1
Jan
lk
64
*
pref ww
"166
400
13 k
Mar
700
4k
Mar
9
Jan
Apr
30
Jan
Elgin Nat Watch Co
lk
300
6k
May
100
2k
5k
Mar
7
Jan
Apr
7k
'Jan
Mar
0k
18
Mar
20 k
Mar
Mar
37 k
Feb
18
100
48 k
150
Jan
55
May
28
Jan
56
May
Feb
55 k
Jan
57 k
58
May
May
49 k
53.
500
28
51
51 k
150
32
Jan
17 k
"A
600
Mar
X
3,500
7k
May
6k
»i«
Mar
7
22
May
Feb
10k
wn
Feb
Jan
13
Jan
Mar
31
Jan
h#
Mar
2
Mar
6 k
16k
com—50
May
22 k
7
1
Esquire Coronet...
European Electric
24
Jan
51
Equity Corp com—„10c
Corp—
Option warrants..
Falrchild Aviation...
1
Falstaff Brewing
I
3k
3k
1,100
8k
3k
8k
1,100
Fanny Fanner Candy com I
Faneteel Metallurgical..
*
4
100
Fedders M fg Co
5k
200
...
5
—
25
4
4k
Ferro
Enamel Corp
(Phlla).lO
1
...100
k
'
10
Apr
20 k
Jan
Mar
6 k
Jan
Ftsk
Rubber Corp
SO preferred
For footnotes see page
'
48k
4k
4k
57 k
8 k
Jan
nternat
Mar
Vtc common
7%
A
3475.
Jan
Jan
nternat
nternat
23
100
Ilk
Mar
14k
Mar
800
k
39 k
Jan
'ii
Jan
Apr
1,400
4k
Mar
60 k
7k
Jan
50
48 k
Mar
63 k
Mar
5
47 k
10
Jan
14k
May
14k
100
60
k
63 k
2", 700
3k
100
"57
9
Hydro-Elec—
Jan
50
warrants,
Metal Indus cl A *
Paper & Pow warr
nternational
Petroleum..*
Registered
—*
nternational Products—
Radio Corp—-.1
nternat Safety Razor B—
nternat
Feb
0
Apr
May
20
Apr
Feb
4
Apr
Jan
24 k
Mar
98 k
8
Jan
102k
May
Mar
11
56
Mar
70
2k
Mar
Jan
Feb
6k
Jan
Jan
lk
3
13k
k
Mar
7k
Feb
Jan
7k
Jan
3
19 k
Mar
7k
Mar
5k
Jan
Mar
2k
Jan
lk
19 k
300
ik
100
19k
3k
1,700
2,100
16k
4k
Jan
Apr
33 k
2
Mar
4k
Jan
12
Mar
17 k
Mar
6
7
2,100
Jan
0
250
3 k
Mar
5k
Mar
13k
Jan
48 k
7
3k
Jan
49 k
Feb
Feb
8k
Jan
Mar
19 k
Mar
19
Mar
7
17
16k
17
17k
17
3,100
33
7
33
7k
k
15
100
15 k
500
32
13
200
Apr
6 k
Mar
14k
Feb
Mar
k
37 k
Jan
Jan
8k
Mar
12k
13
40
10
Feb
16
15
15
10
11
Feb
19k
May
87k
87k
25
82
Apr
88 k
Jan
ik
Mhf
1 k
Jan
Ik
Mar
Ik
Feb
H
Mar
k
Mar
8 k
May
lk
1
Co of No Am. 10
Jan
Mar
k
lk
300
Feb
25
12
8k
59 k
450
48 k
Mar
91
18k
8k
58
18k
200
16 k
Mar
12
15 k
800
8k
k
6
lk
lk
26 k
26 k
"lk
6k
Mar
22
8k
57 k
stock purch
32
Mar
- —
preferred....—100
nsurance
Jan
15
48k
12k
Mar
4k
nternational Cigar Mach *
4
300
-
Apr
Mar
ndustrlal Finance—
Mar
12k
12k
1
42k
5k
Ilk
3k
58 k
preferred
100
ndpls P & L6k% Pf-100
ndian Ter Ilium Oil—
Non-voting class A
♦
Class B
*
Mar
16k
16
Mar
100
99 k
98 k
7%
Jan
May
Feb
3k
ord reg..£l
Pref $3.50 series
Flat Amer dep rights.,...
Fire Association
Am dep rets
mperlal Oil (Can) coup—*
Registered
*
mperlal Tobacco of Can.5
mperlal Tobacco of Great
Britain & Ireland
£1
ndiana Pipe Line
10
ndiana Service 6% pf.100
32
I
Fidello Brewery
*
Zinc.
Feb
Jan
8
18k
3k
k
Federal Compress &
Warehouse Co com
9
Jan
300
mperlal Chem Indus—
Apr
50 k
Emsco Derrick & Equip..6
13 k
10 k
21k
13 k
3 k
Feb
28
46
13 k
50
Div arrear ctfs
May
40
Co...*
preferred
llinois
17
46 k
5%
Jan
6
16k
300
llumlnating Sharos cl A..*
31k
15
Empire Dlst El 6% pf.100
Empire Gas & Fuel Co—
6% preferred.... —100
6k % preferred
.100
7% preferred
10()
8% preferred
100
Empire Power part stock *
1 k
20
Apr
1,800
7
7
100
7% pref unstamped..100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvarda Corp..*
Jan
13
Jan
Jan
7% pref stamped
Jan
6
ik
Jan
1
Common
Illinois Iowa Power
Common
Eureka Pipe Line
lk
Apr
{Huylers of Del Inc—
14
10k
*
$5 preferred
conv
Jan
Jan
"loo
Jan
Apr
1
5k
Jan
Jan
200
13
if
2
Eisler Electric Corp
$6
4k
3
Economy Grocery Stores.*
Jan
Mar
27
.
9
Hardart———*
5% preferred.... —100
Hubbell (Harvey) Inc...5
Humble Oil & Ref
*
Hummel-Ross Fibre Corp 5
3k
12
58 k
lk
Horn &
lk
Mar
Mar
lk
Hormel (Geo A) &
26
Mar
lk
9
Apr
Co com*
C) Co common.. 1
Jan
Mar
13
11
3
Easy Washing Mach B—*
1
Elec Bond & Share com..5
Apr
200
125
17
17
Bros Stores
31
16
Mar
6
Holophane Co common. .
Holt (Henry) & Co cl A..
14
*
A—*
$6 preferred series B—
Edison
May
Jan
6k
16
May
88
7
3k
6k
18
Co class A... 10
Hollinger Consol G M...5
52
Jan
Jan
5k
Hoe (R) &
Mar
80
Mar
Heyden Chemical...---10
Hires (Chas E) Co cl A—*
2k
43
Feb
Feb
26k
23
3k
2
Preferred w w.
25
Hewitt Rubber common..5
7k
|
Jan
Mar
k
3k
common
2 k
49
52
"ii
42 k
33
100
A
7k
49
May
50
preferred.......-50
Helena
2
9k
2
Haloid Co.-.--.-
Hecla Mining Co
k
72
preferred..———
S6
.
Feb
Jan
3
8k
lk
8k
1,200
8k
Feb
Feb
Jan
33
81
Common.......—*
4k % prior preferrd.100
36
25 k
•ti
25
*
---5
Hartford Elec Light
25
Jan
Hartford Rayon vtc
1
Jan |
Hartman Tobacco Co.,— *
Jan
Harvard Brewing Co—— 1
Hat Corp of Am cl B com. 1
Hazeltine Corp....
*
Jan
Ilearn Dept Store com—5
Jan
Feb
Feb
200
6k
Apr
49 k
Eagle Plcher Lead
10
East Gas & Fuel Assoo—
k
2k
124k
6
—
Feb
Apr
2
6
Jan
Apr
Mar
k
3k
Jan
•ii
Mar
Jan
Feb
93
May
117k
1
200
17k
Apr
be
50
75
5
5
Mar
10
175
6k
Duval Texas Sulphur
/
100
3")
42
400
lk
62
60
100
Duke Power Co
800
Jan
Mar
120
Jan
100
-100
Jan
26
40
9
Domin Tar & Chem com
Mar
6 k
118
16
15k
Mar
Jan
May
k
Guardian Investors
Mar
Mar
Feb
6k
40
Feb
22
Jan
Apr
120
Grumman Aircraft Engr.. 1
Mar
Ilk
41
Mar
*
Jan
9k
47
May
May
6k
7% 1st preferred....100
Jan
9k
108
76 k
59
Non-vot com stock
3k
3k
Dominion Steel & Coal B 25
110
Mar
Jan
2
Dobeckmun Co com
7% preferred
3k
25
*
Grocery Sts Prod com..25c
3k
13
52
k
50
Rapids Varulsh—*
Greenfield Tap & Die
Mar
51
Apr
May
4
16k
k
Gt Northern Paper
2k
*
Jan
18k
preferred
....
Mfg Co—
extend. *
Jan
com..l
10
58
2
V t c agreement
Jan
24 k
Jan
88
Gorham
14
Mar
07
May
Feb
9k
22 k
Dominion Textile com—*
75
4
Gulf States Utll S5.50 pref
3
Mar
2,400
_.*
Gulf Oil Corp
11
Jan
44
89
Jan
ik
14
Mar
5k
29k
12k
4k
29k
12k
Jan
i
5k
5k
100
*
Mar
Mar
40
125
76
Mines.. 1
8k
£1
Driver Harris Co
B
preferred....
Goldfleld Consol
10 k
22
Corp—5
Draper Corp
29 k
i3k
Distillers Co Ltd
preferred
A. *
Jan
ik
Diamond Shoe Corp com.*
Divco-Twln Truck
5
Apr
10k
Mar
8k
k
*
Mar
58
Jan
5
5k
Distilled Liquors
5k %
Class
Apr
10
-.10
Preferred
5k
Feb
Apr
"loo
57
Mar
May
Jan
lk
38
May
ik
Products...*
De Vilblss Co com
74 k
10
6
Jan
47
Preferred
4k
3k
70
Mar
May
preferred......-.-.*
Godchaux Sugars class
40
Feb
30
$5
Jan
Mar
65
Mar
10 k
Mar
Jan
May
Mar
Feb
2
Mar
5k
106
38 k
IX
1
1,400
2k
6
6% pref ww
20
Detroit Gray Iron Fdy—1
Detroit Steel
2k
Jan
k
50
28 k
Feb
17
A pr
ln
Feb
14
Apr
Apr
Jan
5k
Mar
k
Mar
Jan
11
76 k
75
Gilbert (A C) common
Feb
33
9
4k
lk
Mar
Jan
20 k
Gilchrist Co—
Glen Alden Coal
May
Jan
19 k
*
preferred
Georgia Power S6 pref..
Jan
25
2 k
Mar
S3
Jan
18
Mar
40
12k
Ilk
100
6% preferred A
Feb
ik
26
2 k'
1
Det Mich Stove Co com.
ion
lk
Gen Water G & E com—1
Jan
Mar
82
70
S3 conv preferred-...-*
Jan
Mar
Jan
May
Apr
General Tire & Rubber—
Jan
1
3k
Dejay Stores...
Dennison Mfg 7% pref. 100
Detroit Paper Prod
General Telephone com_20
*
Rayon Co A stock..
9k
5
Detroit Gasket & Mfg
Jan
8k
May
9k
1
35k
5
Jan
100
70
6
Anr
1,500
—
34
Jan
102
100
6k % preferred
Curtis Mfg Co (Mo)
k
Mar
Mar
41
66
Mar
7k
700
34
Jan
2k
"25
25
500
U
66
Jan
Mar
10k
Gen
lk
k
10k
Gen Pub Serv S6 pref
8k
7
*
"loo
5,«
10k
Gen Outdoor Adv 6% pflOO
27 k
100
200
*
preferred
Jan
Mar
»n
lk
Jan
Jan
12
16 k
16 k
lk
Jan
3k
72
Mar
Cuban Tobacco com v t c.*
Cuneo Press Inc
May
May
May
1,100
X
May
75
General Investment com.l
Jan
*16
16
*
10
May
9k
9k
_.*
7 k
3k
—25
Preferred....
Crystal Oil Ref com
10
preferred-_.__.. 100
17k
17k
500
10 X
1%
Jan
Mar
Jan
Jan
87
reg.£l
Gen Fireprooflng com
*
Mar
lk
3k
sk
11
Amer dep rets ord
3
com..25c
Mar
21k
General Alloys Co
Gen Electric Co Ltd—•
Mar
3,200
Crown Cork Internat A..*
14 k
5 k
34
5%
Feb
Crowley, Mliner & Co — *
Crown Cent Petrol (Md)_5
15
Jan
Jan
100
1
Co
100
8k
Mar
Jan
3,300
21 k
5%
250
6k
Jan
Mar
Mar
Mar
k
18k
15k
May
5
18
9 k
19
Cramp (Wna) & Sons com.l
5
6k
10
86
9k
12
Crocker Wheeler Elec—
"l5"
6k
Mar
4,100
Courtaulds Ltd.———£1
Creole Petroleum
300
Jan
Apr
28
conv
54 k
53 k
50
5% conv preferred
2
>h«
2
1
6k
6k
May
4k
Apr
2k
Mar
preferred...100
conv
4%
Warrants
1
Common
Mar
preferred......*
S3
Corroon & Reynolds—
$6 preferred A
Cosden Petroleum com__.l
Mar
15
Jan
18 k
Jan
18 k May
5k
lk
7k
2k
4
.15
preferred
Arp
4k
19
14k
175
5
1
Mar
14
-
Brew Co
"M ar
6k
5k
Jan
41k
Gamewell Co S6 conv pf.
Gatlneau Power Co com..*
Feb
61
preferred......—-*
Cooper Bessemer com
*
$3 prior preference——*
Copper Range Co
*
Copperweld Steel com.. 10
$4
Conv
Jan
200
Cont Roll & Steel Fdy—-*
4k
3k
Continental Oil of Mex—1
(Peter)
Common
Jan
k
May
Froedtert Grain & Malt—
Jan
80
Mar
4k
700
1
75
26
100
1
1
lk
1,600
6k
Franklin Rayon Corp..— 1
50
50
150
4k
16k
18 k
17k
100
5
X
50
38 k
4k
16k
Amer dep rets... 100 frcs
Jan
6k
*
B—
Apr
55
High
Low
Motor of France—
2k
1
8% preferred..
.100
Consol Royalty Oil
10
Consol Stee Corp com...*
Paint &
4k
16k
Mar
400
100
Cont G & E 7% prior
11
1938
Range Since Jan. 1,
for
Week
Shares
38 k
reg—£1
113k
Consol Min & Smelt Ltd.5
Consol Retail Stores
*
Range
Ltd—
Am dep rets ord
Jan
Price
Ford Motor of Can cl A__*
12 %
—1
V t c ext to 1946
5% pref class A
Consol Gas Utilities
Motor Co
Ford
May
Compo Shoe Mach—
Consul Biscuit Co
of Prices
Low
High
High
Low
Shares
Week's
Sale
1938
Wee t
Price
Last
(Continued)
Range Since Jan. 1,
Last
Sales
Friday
Sales
Friday
stocks
(Continued)
Cook
3471
New York Curb Exchange—Continued—Page 2
146
2k
27
5,900
3.200
Apr
tan
Jan
i7k
May
k
May
Feb
Apr
k
7
Mar
23
Mar
3k
Jan
Mar
Ik
31k
Mar
31
Mar
24 k
"3k "3k
"206
7k
2,700
6k
Apr
2k
Mar
4k
Feb
5
Mar
8k
k
Jan
k
Jan
Feb
New York Curb
3472
Friday
STOCKS
Last
(Continued.)
Week's Range
Sale
Par
Price
Exchange—Continued—Page 3
Sales
for
of Prices
Low
Range Since Jan. 1, 1938
STOCKS
Week
Low
International UtilityClass
Moore
A——
Class
B
6
1
11.75 preferred
Ys
*
—
7%
S3.50 prior pref
*
Warrants series of 1940-International
m
25
100
25 %
Vitamin...1
3 %
"~3% "*3%
3
3
414
Vh
Interstate Power $7 pref.
Investors Royalty
1
4%
Irving Aur Chute.
12
13%
9%
2%
5% %
preferred
10G
Jan
Mar
%
Jan
May
7%
3%
Jan
Jan
Jan
Nat Mfg & Stores
Mar
Apr
106
May
Jan
%
Feb
1
Jan
National Sugar
80
28%
Mar
42
Mar
26%
"
27
30
22
Mar
1%
3%
1
1%
1,700
3%
1%
3%
800
1%
13%
6%
6%
100
7
7%
400
*
Lake Shores Mines Ltd—1
100%
""99% l"66%
11%
*
„
-
-
x48 %
Class
6%
38
40
x48
1%
Preferred
♦
6%
*
common
17
19 %
Jan
5
...1
9%
9
Lone Star Gas Corp.
*
7%
7
Long Island Lighting—
Common..
*
"ok "m
Feb
Mar
3%
85%
Jan
Mar
100
Packing
*
Louisiana Land & Explor. 1
Stores
conv
9%
%
27
~%"
Jan
1%
Feb
Feb
13%
Jan
New Mex & Ariz Land—1
Feb
Newmont Mining Corp. 10
May
Mar
20%
Jan
25%
Jan
22%
10%
May
May
Mar
10%
Jan
27
29
100
1
27
25%
Apr
34%
Jan
1%
Mar
2%
Mar
9%
Jan
Mar
%
Mar
24
100
n16
200
2
31
15%
1%
100
May
45
15
May
19%
4%
1%
514
1%
6%
700
13
1214
14%
,600
100
300
2%
Jan
Mar
7%
Feb
16%
Jan
15%
2 %
2%
3%
May
23%
Mar
Mar
4%
Jan
Jan
Ohio Edison $6 pref
Ohio Oil 6% pref
1%
Feb
May
Mar
Apr
%
800
Apr
%
60
Jan
29%
»i»
Jan
Mar
%
Jan
1,500
2
Apr
900
5
May
6%
8%
Jan
5%
»16
»16
300
•u
3%
3%
200
3%
Mar
May
Jan
1%
%
Apr
Mar
4
Jan
Apr
com.
Montana Dakota Utll
May
Apr
11
60%
75
1%
7%
1
Mar
2,200
0%
Mar
27%
100
9%
60%
Mar
May
10
Feb
3%
12 %
12%
1%
1%
Feb
Mar
Mar
Feb
30
Apr
Feb
76
Mar
May
107
Feb
Jan
3%
May
Jan
Mar
x8%
6%
Mar
2,300
6%
3%
13
Mar
100
12%
Mar
1,300
1%
Mar
100
1%
Feb
4%
28%
28%
*
20%
21
For footnotes see page 3475.
2%
Mar
*
*
Moody Investors pref
Moore Corp Ltd com
*
Mar
5%
47%
May
Apr
Feb
2%
Jan
2
Jan
50
5%
May
250
36
Mar
62
Jan
Apr
15
Apr
85
Mar
102
4%
100
12
52
1%
49%
12
53%
1%
150
45%
1%
1%
49%
500
10
1,500
Jan
Jan
12%
May
Mar
72%
Jan
Mar
2%
42
Mar
72
18
54
Mar
19%
Jan
Jan
Mar
8%
6%
24%
6%
24%
6%
400
50
2
Jan
5%
300
Mar
Mar
11
May
30
Jan
20
Mar
5%
6%
600
Apr
10
Apr
101
81
5%
0%
91%
Apr
5
Mar
4
Jan
10%
6%
7%
74%
6%
75%
4,400
350
Mar
5%
Mar
70
Jan
Jan
9%
Jan
4%
Jan
19
Jan
8%
Mar
%
Jan
94%
79
May
60
800
66
Jan
Jan
ai«
Feb
Jan
Jan
1%
1%
200
%
Apr
1%
Feb
4%
5%
400
3%
Mar
6%
89%
Jan
"26% "28_"
"266
89%
26%
Jan
Jan
1%
1%
300
3%
4%
3,000
1%
1%
Apr
7%
4%
24%
Mar
1%
Mar
38%
9%
2%
3
Mar
4%
Jan
%
Mar
2%
May
300
36
36
Jan
Feb
Feb
31
Mar
37%
15
16%
300
12%
Mar
24
Jan
16
15
16
100
11%
Mar
23%
Feb
50
42
Apr
43
Jan
Jan
100
3%
Jan
Mar
4
Jan
%
1,600
Jan
%
Jan
Jan
60
40
47
Apr
66
68%
68%
10
50
Apr
77
Jan
4
Mar
6
Feb
9%
10
10
21
20%
22%
*87%
1%
3%
60
4%
9%
Mar
100
%
%
60
.....
%
3%
5
1,300
11%
11%
21%
22%
1,300
Mar
500
6%
8%
18
Mar
100
22%
May
200
.
Mar
14%
13%
24%
34%
94%
Jan
Jan
Jan
Jan
95
95
10
94%
Jan
101%
Mar
Apr
91%
9%
Jan
Jan
100
conv
Mar
1,600
0%
Mar
28%
450
21%
Jan
10%
31
90
100
90
100
89
May
93%
May
Mar
2%
5%
Mar
Mar
3%
0%
Feb
Mar
30%
Jan
Apr
27%
Jan
Mar
105%
Jan
1%
1%
500
*
29%
Pacific P & L 7% pref. 100
Pacific Public Service
*
30%
1,300
26%
26%
104% 104%
29%
5%% 1st preferred ...25
Pacific Ltg $6 pref
*
200
25
4%
27%
25%
98%
46
"5"
"5%
""400
*
*
12%
12%
13%
2,700
Pantepec Oil of Venez
1
Paramount Motors Corp.l
4%
4%
4%
8,500
3%
15%
12%
3%
4
"l5"
Mar
Jan
Apr
60
Mar
5%
Apr
17%
Jan
Feb
Jan
Jan
May
May
Jan
May
Jan
May
Feb
Jan
4%
Jan
"IB""
'""166
14
14
15%
400
13
Mar
19
Jan
40
13
May
23
Jan
"2% "2%
10
Pender (D) Grocery A
Class B
1%
5%
3
..*
'""166
14
13%
13
13
*
Peninsular Telph com
Preferred
Jan
27%
1
Oliver United Filters cl B_*
Pan-Amer Airways
Feb
8%
8
Oldetyme Distillers
com
May
May
8%
15
50
pref
87
100
85
5
com.
$3 preferred
6%
87%
*
18
*
2%
21
100
107%
Feb
Mar
15
24%
Jan
Jan
Mar
4
Jan
Jan
26
Jan
Apr
110
Feb
Mar
26
Apr
Penn Edison Co—
$2.80 preferred
Penn Gas <fe Elec cl A
Penn Mex Fuel Co
Penn Traffic Co
*
*
24
3%
4
300
2%
2%
Apr
8%
1
Apr
2%
Apr
2.50
2%
Mar
2%
Mar
Pennroad Corp v t c
1
Penn Cent Airlines com—1
Pa Pr «fe Lt $7 pref
$6 preferred
*
*
3%
1%
1%
4%
86~
1%
2,600
4%
600
1%
4%
May
350
79%
Mar
50
86
88
82
82
10
Jan
Penn Salt Mfg Co
81
Feb
Pa Water 4 Power Co—
67
67
100
59
20% May
28% May
27
Mar
Pepperell Mfg Co
54%
59%
200
54%
Feb
Perfect Circle Co
Jan
Mar
May
140
145
May
48%
46
Apr
Jan
Apr
Mar
10%
"86% ~90"~
46
Mar
33%
5%
50
Apr
28
145
Apr
Jan
10
122
Montgomery Ward A
Montreal Lt Ht & Pow
100
Jan
%
Mar
Parker Pen Co
2%
10
7%
109%
112%
Parkersburg Rig & Reel-.l
Patchogue-PlymouthMills*
May
103
200
Arp
Mar
Apr
Jan
l7/i
75
7%
3%
0
109%
80%
1%
714
Mar
10
Jan
24%
'
Jan
Feb
3%
4%
%
75
Mar
8%
xll%
Mar
47
100
xl4%
8%
27%
1
May
%
11
1
Monarch Machine Tool..*
6%
60%
8%
4%
12%
1%
1%
1
Apr
%
111
Mar
89
Overseas Securities
%
Feb
May
29%
111
Pacific Can Co
May
3%
Voehringer$2.50
*
$1.30 1st preferred
Minnesota Mining & Mfg.*
Minnesota P & L 7% pf 100
Miss River Power pref. 100
Missouri Pub Serv com
*
Tu
105
Jan
Feb
102
Jan
5%
500
200
Jan
%
111
Feb
%
5
.*
Pacific G & E 6% 1st pf.25
1
38
3
15
102
Oklahoma Nat Gas.
214
7
37%
Jan
100
6% 1st preferred
Olistocks Ltd com
5
114
Mar
1%
Feb
Ohio Power 6% pref
100
Ohio P S 7% 1st pref—.100
Feb
2
'
Engineering..*
Novadel-Agene Corp
May
85
5%
50c
Mar
12%
Ohio Brass Co cl B com..*
Jan
100
%
100
50
Mar
%
1,400
400
No Am Utility Securities.*
5
Northwest
Jan
100
5%
1,900
%
Nor Central Texas Oil
Jan
Jan
5%
Jan
1%
*
$6 preferred
North Amer Rayon cl A..*
Class B com
*
Jan
19
2
60 %
Corp
1
4%
65
%
5%
9%
12%
Common...........—1
Mar
Mar
%
600
May
1%
%
Nor European Oil com—1
Mar
2%
"7% "T%"
Nor Amer Lt & Pow—
Nor Ind Pub Ser 6% pf.100
Mar
2%
Jan
Jan
""800
5%
12%
5
Noma Electric
7% preferred
100
Northern Pipe Line
10
Nor Sts Pow com cl A.. 100
25
*
Mid-West Abrasive
.*
Jan
74%
2%
18%
100
Mar
%
*
Midwest Oil Co....
10
Midwest Piping & Sup
*
Mining Corp of Canada. _*
Class A pref
Nlles-Bement Pond
May
%
30%
%
41%
Jan
Nineteen Hundred Corp B1
14%
50
%
Mar
May
4%
x7%
1%
5
107%
4%
Mar
Jan
10%
'12%
1%
Class B common
Mar
Mar
Jan
Niagara Share—
Jan
400
38
"*7%
4%
M00
"l'6% "12%
">16
2
900
Feb
100
3%
%
Co
Class A 7% pref
53
1%
Midland Steel Products—
$2 non-cum dlv shs
*
Monogram Pictures
Monroe Loan Soc A
Mar
516
38
*
Warrants
Molybdenum
7%
Jan
13%
100
Feb
2
32
10%
100
5% 2d preferred
21
15%
..*
Midland Oil Corp—
$2 conv pref
5% 1st pref
Class A opt warr
Class B opt warr
Mar
3%
»
5
Mar
Feb
Metropolitan Ddlson
*
j
j
3
15%
New partic preferred..15
t c
Jan
Mar
45
6%% A pref erred... 100
Mesabl Iron Co
1
Metal Textile Corp new 25c
Middle West Corp com
7%
24
Mar
90
Participating preferred.*
Middle States Petrol—
Class Avtc
Feb
Mar
1%
7%
200
5%
»!•
Mar
5
6% prior preferred
214
4
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Preferred
10
Jan
Mar
47
2
100
Michigan Bumper Corp__l
Michigan Gas & Oil
1
Jan
Mar
4%
11%
200
5%
4
$6 pref
Jan
3%
1%
100
414
Mar
1%
6% pf.100
Niplssing Mines
7%
98
Warrants
3%
30
*
Merritt Chapman & Scott *
Apr
Jan
Jan
1%
90
18
*
Memphis P & L $7 pref... *
Mercantile Stores com
*
Merchants & Mfg cl A
1
%
38
100
*
*
Mar
1
Niagara Hudson Power—
Common
—10
Jan
6%
10
New York Transit Co
Jan
100
5
com
1%
4,200
114
7H
2%
100
May
1%
Founders shares
Jan
6X
1,000
pref-.100
$6 preferred
,.___.*
N Y Shipbuilding Corp—
Jan
9%
Jan
Jan
3%
N YPr&Lt 7%
Mar
63
li
8
N Y Merchandise
Jan
Mar
Mead Johnson & Co
Mock, Jud,
Common
Jan
6%
Memphis Nat Gas
Midvale
Feb
1,000
1
May Hosiery Mills Inc—
$4 preferred ww
McCord Rad & Mfg B
McWlllIams Dredging
v
14
25
42
2
Massey Harris common..*
Master Electric Co
Class B
Jan
2%
20%
Mar
100
N Y Auction Co com...
Apr
Mar
Mar
3
Jan
Jan
Mar
N Y City Omnibus—
Warrants
%
1
38%
3
1%
N Y & Honduras Rosario 10
12,800
*
c
15
850
Feb
14%
3%
*
Apr
1
Communica'ns ord reg £1
Oil
New Process Co com
Mar
Apr
15%
Mass Utll Assoc
200
Apr
Mar
3
2o
16%
15%
Mar
u16
*
16%
57
2
100
12
Mar
1
30
Marlon Steam Shovel
1,700
*
New Jersey Zinc
Jan
»n
19
May
30
27
Marconi Intl Marine
Mexico-Ohio
5
130
*
Margay Oil Corp
13%
2'%
3%
New Idea Inc com
1,100
*
preferred
Mapes Consol Mfg Co
t
New Haven Clock Co
May
Mar
1%
1
v
May
33
114
1 %
"014
13%
2%
16%
52
Tel 100
5%
14
7%
5%
8
9
15
100
6% preferred
$2 pref
Jan
32
Lucky Tiger Comb G M-10
Lynch Corp common
5
Majestic Radio & Tel
1
15
New Engl Pow Assoc
Apr
%
"""406
Apr
100
*
7% preferred
Feb
58%
N Y Water Serv
Loudon
Mangel
11
46
Mar
May
May
300
1%
Jan
6%
12%
Nevada Calif Elec com. 100
%
12%
2%
2,900
Jan
37
400
65
11%
Apr
Nestle Le Mur Co cl A...*
19
1%
May
May
25
Neptune Meter class A..
Feb
19%
114
1%
..100
7
May
100
26
(Herman) Corp..5
Jan
10 %
Lockheed Aircraft
6% pref class B
Nelson
13
Locke Steel Chain
preferred
Feb
12%
1,600
"2% "3%
Loblaw Groceterias cl A..*
7%
12%
3
25
preferred
Jan
37%
common
102%
2,600
17%
1
*
Corp
Feb
100
5%
1
Lit Brothers
Nebel (Oscar) Co com
Nehl
Mar
1%
*
Llpton (Thos J) class A
Mar
Nebraska Pow 7% pref-100
Jan
9
14
5%
Develop
25
Le Tourneau (R G) Inc.-l
Lion Oil Refining
*
New England Tel &
2%
%
Corp—1
Mar
65
Oil
Line Material Co
Navarro Oil Co
Jan
46%
*
*
Nat Union Radio
Jan
Jan
1,100
1%
1%
*
Lehigh Coal <fc Nav
Nat Tunnel & Mines
Feb
1%
5%
6,400
Lefcourt Realty common. 1
Leonard
Jan
1,200
7
*
Jan
6
May
38
20
50%
12.50
National Transit
Jan
6%
400
*
B
Jan
7
10
11%
100
6%
Refining.*
National Tea 5%% pref.
3%
Mar
Langendorf United Bak—
A
30
15%
95
50
11%
6%
Lakey Foundry & Mach._l
Lane Bryant 7% pref.. 100
Class
11%
3% May
»i« Mar
13% May
5% Mar
z5% Mar
"""lOO
*"l3% "lT%
6%
common
Koppers Co 6% pref... 100
Kress (8H)&Co
10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Apr
10%
(D Emll) Co com..*
Klelnert (I B) Rubber ColO
7
1
Nat Service common
Jan
Mar
8%
6
4
35%
5%
Klein
common.
Mar
Jan
Apr
Mar
26
pref...*
Co.-.25
Nat Rubber Mach.
*
Mar
12%
Mar
National Refining
21%
7%
Jan
May
3%
6
35
35
7%
Jan
4%
Conv part preferred — *
National Steel Car Ltd...*
Klrkl'd Lake G M Co Ltd 1
Kobacker Stores
Jan
Mar
Jan
10
300
5%
Y*
National Oil Products
May
Mar
8
National P & L $6
Jan
43%
108%
%
121
""400
5%
13%
Jan
85
Jan
Mar
"4% "4%
com...*
Jan
73
Apr
Mar
10
106
Apr
21
4
Products
Corp
66
Mar
Jan
100
Co com. I
National Baking
%
2
7%
7%
National Container (Del)
1%
21%
5% preferred D.....100
Knott
Jan
„
com..*
National City Lines com. 1
S3 conv pref...
50
61
Feb
Jan
100
Nat Bellas Hess com
Mar
500
26%
3H
9%
5%
4%
300
National Candy Co
1
—
28
68
24 %
Kings Co Ltg 7% pf B 100
Klrby Petroleum
Muskegon Piston Ring.2%
Machman-Sprlngfllled
Nat Auto Fibre com..— 1
Jan
100
Feb
May
6
15%
12%
2
Keith(G E)7% 1st pref. 100
Kennedy's Inc
5
Ken-Rad Tube & Lamp A
Kingston
Jan
High
Mar
3J4
4,000
Murray Ohio Mfg Co.—
National Fuel Gas
Kansas G & E 7% pref. 100
Breweries
Jan
4%
May
Feb
52%
Jone6 <fc Laughlln Steel-100
Kingsbury
4
Jan
7%
%
100
100
100
preferred
preferred
4%
May
Jersey Central Pow <fc Lt—
6%
7%
4%
4%
5
Mountain Sts Tel & Tel 100
%
8,700
i
Low
JMountaln States Power.*
Jan
6%
600
2%
m
2%
Jeannette Glass Co
10
Mountain Producers
Jan
Mar
%
Mar
Italian Superpower A...
Jacobs (F L) Co
3%
*i» May
11% Mar
250
m
1
———
Range Since Jan. 1, 1938
%
3%
3%
9%
Mar
25%
2%
130
100
for
Week
Shares
High
Cop com 5c
28%
2%
Interstate Hosiery Mills.
Iron Fireman Mfg v t c__ 10
Mountain City
Feb
3
1,100
Range
of Prices
IjOw
Mtge Bk of Col Am sua—
Jan
»u
400
3 yH
Jan
1
7% May
24%
Apr
400
"
Interstate Home Equip. .1
9
Mar
%
Week's
Price
(Tom,) Dlstiliery__l
Mar
300
V*
Cast
Par
High
1938
28,
Sales
Sale
(Continued)
Shares
High
May
Friday l
100
74
121%
24
Mar
Mar
May
Mar
Apr
Mar
2%
5
Feb
Jan
May
90%
Jan
82
Jan
149%
72%
77
24%
Jan
Jan
Jan
Mar
Volume
Last
Sale
Par
Week's
Price
Pharis Tire <fc Rubber—-l
Range
4X
*
*
Phila Elec Pow 8% pref 25
Phillips Packing Co
*
Low
High
44
454
34
54
500
1124
30 X
2 54
Apr
54
May
Mar
Feb
74
May
1154
Mar
314
100
294
Mar
100
24
May
Feb
Sonotone Corp
1
Conv pref series
104
Mar
21
Jan
100
xl04
Mar
17 4
1
*
1
Pioneer Gold Mines Ltd-.l
Pitney-Bowes Postage
Pierce Governor common.
Jan
14
Mar
34
Jan
Jan
Jan
Pines Winterfront
eter
^
-
^
m
«
34
354
64
5
5
554
394
39 54
5 54
130
41
554
65 %
5 54
75 54
1,800
2Ye
he
54
354
5
Powdrell & Alexander
3
Prentice-Hall Inc
12 54
1
*
*
Corp
Producers
"44
$6
33
33
200
284
Mar
19
19
50
Mar
Jan
Jan
74
90
So
Jan
100
Feb
Mar
200
•11
Mar
14
24
Mar
Mar
300
Jan
44
Jan
Stahl-Meyer Inc
*
144
Feb
95
Feb
Standard Brewing Co
*
Standard Cap & Seal com. 1
May
214
Jan
Mar
24
Feb
Feb
14
Mar
Mar
18
hi
Apr
Mar
37
94
200
Jan
34
Mar
64
Jan
Standard Oil (Ohio) com
94 *4
50
914
Feb
98
23
274
160
22
Jan
35 4
15
16
150
114
Jan
224
Jan
Mar
Mar
Mar
1654
200
Jan
4
Jan
44
Jan
Jan
Jan
Jan
14
Ye
124
Mar
18
Jan
Jan
Jan
2
22 4
Mar
24
Feb
24
100
Apr
Apr
12
Jan
7
8
150
5
Mar
144
Jan
15
Mar
18
16K
Xl6Ve
164
1,400
64
64
64
500
64
18 4
184
200
164
92
92
1
25
*
Hi*
"id
6,000
200
Preferred
Mar
Mar
92
May
uie May
"1# May
18
May
34 Mar
Jan
74
Jan
22
Jan
994
Jan
14
14
184
Jan
Jan
May
May
1
Jan
Feb
Standard Silver Lead
1
'u
Mar
Feb
994
106
Standard Steel Spring
5
64
Mar
94
Jan
1
2
Apr
34
Apr
54
Apr
54
64
1,400
he
54
4
900
84
•it
Jan
Wholesale Phosp
& Acid Works com...20
4
Apr
80
May
May
754
87
89
Jan
4
May
Apr
31
50
23 K
50
454
100
104
44
14
454
7
44
95
95
140
140
20
15
15
Mar
35 4
May
Mar
174
Feb
May
May
74
Jan
Mar
90
Mar
136
May
50
100
74 May
7
Jan
1004
Jan
140
Feb
Mar
4
154
Mar
10
Jan
4
Feb
Mar
4
Jan
4
Jan
4
JaD
4
84
--1
—1
Technicolor Inc common.*
Jan
Teck-Hughes
16
Feb
29
Feb
34
May
14
Mar
34
Jan
19
600
Mar
24
100
May
24
May
8
May
28 4
4
4
1,400
4
Mar
9
300
84
24
May
114
24
Jan
Tenn El
Mar
Mar
Texas P
24
24
24
4
4
4
1,400
4
14
800
Mar
14
Jan
4
Mar
54
Jan
1
,
14
Mar
24
Jan
Mar
rn
Jan
50
93
93
54
6
300
2
2
700
4
74
Jan
14
34
14
Mar
34
94
Tu
•it
Jan
50
304
Apr
49
Mar
6
5
Mar
9
94
Mar
Mar
38
Fel
24
100
24
Mar
4
Jan
4
4
400
4
Mar
14
Jan
50
75
73
70
5
100
24
1
"24
"24 "24
35
48
Mar
92
Jan
19
19
3,500
124
24
Apr
13
Apr
Mar
42
.——5
"566
14
200
194
14
900
4 4
Jan
Mar
14
63 4
Jan
Mar
3 4
Jan
14 May
184
24
Jan
Ye
2454
Mar
Feb
554
3154
4
Mar
54
Jan
100
4
144
Mar
19,700
Mar
154
2454
May
3,300
44
Mar
554
67 Yx
We
70
225
44
Mar
70
94
94
20
94
May
102
4
454
154
Feb
20
Ye
Jan
Mar
35
86
Ye
86 Ye
4
We
85 4
Apr
Mar
Jan
Mar
614
Mar
£1
IK
14
1,000
Sentry Safety Control
1
Seton Leather common...*
he
4
Co
Aircraft
We
454
200
'it
Jan
'it
4
Mar
154
Jan
2 Ye
400
Mar
354
Jan
We
54
Mar
754
Seversky Aircraft Corp. —1
24
2 K
Mining..5
54
54
24
64
2,000
1,300
14
654
654
254
300
20
May
24
400
2
Mar
354
Jan
Apr
14
Mar
754
254
Feb
Mar
2
Mar
154
Mar
2 Ye
500
1
non-voting.*
Products.
IK
1,000
4
400
114
Mar
Mar
654
Jan
1454
Jan
24
12"
12
Jan
$3
Feb
United
Jan
34
Apr
Mar
10 4
20
Jan
Mar
254
Mar
1254
"1254
500
5% cum pref ser AAA 100
*
°16
10
700
Apr
Jan
Apr
1114
Apr
Apr
United Shipyards cl
Jan
4
54
Jan
4
Jan
200
Mar
164
Mar
14
24
Mar
24
Jan
Mar
54
Jan
U 8 Lines pref
Jan
U S Playing Card
Jan
10
May
*
Simmons H'ware <fe Paint.*
3
235
100
1
212
Mar
243
4%
Mar
54
Jan
"i#
Jan
34
Feb
4
Mar
l,it
500
4
Mar
54
14,000
24
Mar
554
83 4
86 4
1,100
Ye
300
2 Ye
2Ve
24
2We
2,900
69
Mar
100
154
Jan
Jan
Jan
Jan
Jan
•it
Mar
14
154
Mar
354
Jan
100
Apr
Jan
3,700
1344
Mar
454
2654
Apr
Apr
77
Jan
Jan
184
18
19
50
174
Jan
2054
"68"
68
68
75
65
Apr
6954 May
2154 2154
4
4
May
20
215 4
May
200
Feb
9
94
Ye
16,200
4
24
8,100
4
May
664
704
1,100
504
Mar
41
4
42
84
4.
66 Ye
com__.l
1
pref with warr
34
U 8 Rubber Reclaiming.
34
24
4
310
954
3
Jan
Jun
Jan
May
Feb
7754
Jan
Jan
42 54
Feb
Mar
654
Jan
34
Mar
6 54
Jan
Mar
154
Jan
39
600
24
1,900
"464 "464 ""360
1*
*
10
1
Jan
6 54
230
1
4
24
U S and Int'l Securities--*
U 8 Radiator com
Singer Mfg Co Ltd—
Jan
4
Mar
K
24
25
PreferredUnited Specialties
1st
Jan
Mar
34
3
13i#
A...1
B
U 8 Foil Co class B
Simmons-Broadman Pub—
Jan
Mar
54
66
Class
15
44
8,500
dep rets ord reg
United Shoe Macb com.25
4
54
6,000
62
2 Ye
United Profit Shar new 25c
95
9Ve
Molasses Co—
16 4
2,650
10
Mar
13i«
83 4
United N J RR & Canal 100
—
preferred
107
83 4
6 Ye
4
"3 4
*
*n
54
18 4
Shawlnigan Wat & Pow..*
Jan
"184
Mar
Am
Jan
12 54
154
12
54
May
14
54
35
34
1 Ye
Sts. _10c
Option warrants
United G & E 7% pref. 100
United Lt & Pow com A. *
Common class B
Milk
Jan
20 4
254
2
Corp warrants.United Gas Corp com
United
Mar
Jan
Jan
Mar
30
May
Feb
2
Jan
44
74
si«
4
Jan
984
400
Transport
Warrants
14
500
103
30
2,000
United
Jan
Mar
Jan
Jan
4
Investment
Un Cigar-Whelan
14
9554
2
Jan
84
604
Jan
Mar
he
Series B pref
Jan
Mar
56
99 Ve
20
*
14
Mar
Feb
Mar
Feb
4
54
Ulen & Co ser A pref
44
17
Mar
44
20
*
Mar
Jan
1654
154
he
99
24
preferred
80c div.
May
May
Feb
14
225
50
49
50
1
A
United
Jan
25
Feb
Apr
354
1,300
Class
Tung-Sol Lamp Works.-
Jan
113
5
55
Mar
54
Apr
Apr
Apr
Mar
2 4
754
1154
Mar
300
Jan
3
$3 cum & part pref.
114
Jan
50
2
United Chemicals com
100
Jan
Jan
Mar
Jan
4
Jan
May
May
Mar
May
2
Feb
•1.
$6 1st preferred
21 4
24
1,500
7
74
54
10
*
com..*
Union Premier Foods Sts. 1
Union Traction Co (Pa)—
$17.50 paid-in
-.50
Apr
49 4
3475
Ye
Ye
22
May
100
4%
Union
Selfridge Prov Stores—
pag*
44
54
200
44
64
Wi
2,300
10
1Ye
13i«
Feb
26 4
54
Union Gas of Canada
5
reg.£l
8
Trunz Pork Stores Inc..
Unexcelled Mfg
484
235
Apr
Apr
Trl-Contlnental warrants
Transwestern Oil Co
Mar
12
.
Mar
294
2
14
55.50 prior stock
25
Allotment certificates—
3
24
200
Common
1st $7 pref
Conv preferred
2,500
2 Ye
74
200
Simplicity Pattern com... 1
Singer Mfg Co
100
Jan
24
294
200
Jan
7,400
9Ve
Jan
11
2Ve
294
Mar
Mar
*Mt
Shreveport El Dorado Pipe
Line stamped
25
Silex Co common
*
Feb
354
3654
2 K
294
1054
Mar
24
73
Mar
1354
Mar
4
4
73
10
Mar
74
34
114
com..25
Jan
8
100
16 4
24
114
4
7
...
100
4
1
5
Jan
500
74
84
Inc
Jan
Selected Industries Inc—
stock
12
74.
~8
84
Tilo Roofing
15
304
Common
Feb
"166
Jan
Mar
2
~~8~~
14
74
Jan
Apr
300
Seernan Bros Inc
Selby Shoe Co
Jan
454
1254
29 4
1
Selberling Rubber com—
854
Mar
300
general—
Segal Lock & Hardware..
Mar
Mar
4
44
K
54
64
19 4
w
1854
4%
Jan
300
54
Jan
34
Mar
Brook
pref
354
350
Mar
20
Lace common..
Warrants
Mar
Mar
300
19
111*
Scranton Elec 56 pref
Scullin Steel Co com
Mar
2
24
Jan
7
104
8
*
25
34
300
3Ye
29
84
Tublze Chatillon Corp..
24
2%
200
754
454
Mar
Mar
4
reg---£l
Jan
Am dep rets def reg—£1
Mar
Todd Shipyards Corp
*
Jan
Toledo Edison 6% pref-100
Jan
7% preferred A
100
Feb
Tonopah Belmont Devel.l
Jan
Tonopah Mining of Nev.l
Jan
1 Trans Lux Pict Screen—
Jar
64
364
24
36 4
Apr
7
Am dep rets ord
400
64
34
244
Tobacco Securities Trust-
44
Steel—-1
52.50 conv pref
*
Ryan Consol Petrol
*
Ryerson & Haynes com..l
Safety Car Heat & Lt
*
St Lawrence Corp Ltd---*
52 conv pref A
50
400
5
Jan
100
254
Rustless Iron &
Wi
3 Ye
24
54
2
Feb
300
38
W
Thew Shovel Co com
1354
*16
s16
May
Texon Oil & Land Co
964
We
We
38
54
Wi
1
Pow 7% 1st pf. 100
& L 7% pref. -100
Apr
Mar
1
*
Schiff Co common
90
114
Roeser & Pendleton
Rossia International
Apr
300
Mines
Apr
4
100
Inc..*
Rome Cable Corp com—5
Roosevelt Field Inc
-5
Root Petroleum Co
1
51.20 conv pref
20
Jan
24
2 Ye
1
Tlshman Realty & Constr*
Tobacco Allied Stocks
*
Tobacco Prod Exports...*
Gas Co-
Voting trust ctfs
Rochester G&E6%pfD
1244
24
Swan Finch Oil Corp
•it
200
14
Jan
Feb
Feb
200
*
Radiator—
-*
*
Sunray Oil
-1
54% conv pref
50
Superior Ptld Cement B. *
15
Taggart Corp com
1
Tampa Electric Co com..*
Tasty east Inc class A—1
Taylor Distilling Co
1
104
2,200
3
3
Jan
Apr
Sunray Drug Co
64
24 4
54
234
24
1054
1,300
$3.30 class A participat
m
54
234
100
W
11
24
Sullivan Machinery
Feb
24
24
3 Ye
11
50
1st preferred
Mar
900
~"~4
Samson United Corp com
*
2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
5
Stroock (S) Co
*
4
4
34
100
preferred
4
Eng'g—5
Russeks Fifth Ave
64%
134
74
150
Royal Typewriter
Starrett (The) Corp vtc.l
Stein (A) & Co common..*
Sterchl Bros Stores
33
tee
Feb
Jan
11
Common class B
Standard
33
M.iiiotM-
•it
24
7
100
:
Feb
Standard Tube ci B
95
103 4
*
Raytheon Mfg com
50c
Red Bank Oil Co
—*
Reed Roller Bit Co
*
Reeves (Daniel) common.*
Reiter-Foster Oil new..50c
Amer dep rets ord
preferred
224
Mar
18
25
25
(Neb)
Jan
Mar
39
Standard Products Co
53 conv preferred
Sherwin-Williams
16
Standard Pow & Lt
50
Denn
5%
Oil
Apr
4
preferred..20
pref*
10
500
14
■
conv
Standard
14
Amer dep rets reg
Feb
14
Standard Invest $554
Standard Oil (Ky).
Jan
Common-.-----——
Shattuck
$1.60
Jan
74
—*
Class B-__——
*
Raymond Concrete Pile—
Securities Corp
4
Standard Dredging Corp—
Common
64
Class A
Service
Ye
10
preferred
hi
Rainbow Luminous Prod—
Convertible
Conv
com
Mar
14
Water
1404
May
3
64
30 X
Scranton Spring
19
Am
34
Tim.*
Pyle-National Co com.-.5
Pyrene Manufacturing--10
Quaker Oats common
*
6% preferred
100
Quebec Power Co
*
Ry & Light Secur com..-*
Railway & Util Invest A..1
Scranton
19
dep rets ord reg...£l
Am dep rets ord bearer £1
Spencer Shoe Corp
*
60
Scovill Mfg
Feb
Spanish & Gen Corp—
Jan
West Pa Pipe Line..50
700
preferred
Savoy Oil Co..
Feb
55
200
preferred
preferred..
May
344
44
0%
44
$6
7%
45
Jan
5
15
St Regis Paper com
May
Apr
pref—100
Rio Grande Valley
404
74
4 K
Puget Sound Pulp &
Richmond
20
54
7% prior lien pref—100
8Pub UtU Secur 17 pt pf
"
Puget Sound I & L—
Reybarn Co Inc
Reynolds Investing
Rice Stix Dry Goods
Feb
41
3
Public Service of Okla—
Reliance Elec &
2
Mar
IK
1st preferred-...100
1st preferred
100
Pub Serv of Nor 111 com..*
6% prior lien
Mar
Mar
84
34
6%
7%
—
14
Mar
Public Service of Colorado-
Common
200
2
15
preferred
14
5 Ye
<5*4
We
preferred
254
Apr
34
Public Service of Indiana—
$7 prior
May
Mar
200
Jan
preferred
May
200
200
Mar
Prudential Investors
39
274
254
344
254
234
Mar
254
14
140
Southland Royalty Co...5
South Penn Oil
---.25
23
Gas
Jan
6
500
54
Jan
2
200
14
Jan
64
34
2
300
ht
14
Mar
41
254
100
93 *4
Prosperity Co class B
Providence
1254
Mar
Mar
6
37
Pressed Metals of Amer..
14
34
Southern Union Gas...—*
Apr
iv%
ik
300
Jan
39
Mar
20 54
18
3,200
Jan
*
1
*
V/e
14
34
Mar
18
18
14
34
94
95
Premier Gold Mining
Mar
624
100
6% 1st preferred
Pratt & Lambert Co
Mar
34
Mar
Mar
64
24
Corp of Canada.
18
Mar
Mar
Mar
64
114
254
Jan
Mar
14
44
Jan
4
common—5
$6
100
88
South New Engl Tel.-.100
Southern Pipe Line
10
54
2,000
65M
High
Jan
24
14
3 Ye
Southern Colo Pow cl A .25
preferred
100
2
2
5% original preferred.25
6% preferred B
25
54% pref series C
25
7%
900
Plough Inc
——
Polaris Mining Co
25c
Power
Mar
374
1
Pittsburgh & Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Potrero Sugar
24
1,000
50
Forgings
Pittsburgh
3
6H
.....
Pitts Bess & LE RR
Jan
"1054 ~iox
10
A
34
\4
Liw
13
Soss Mfg com
1
South Coast Corp com.,.1
Southern Calif Edison—
200
Range Since Jan. 1, 1«38
for
Week
Shares
88
1
254
254
Solar Mfg.
Jan
4
Range
of Prices
High
Low
Price
Sioux City G & E 7% pf 100
Smith (H) Paper Mills...*
Co
Phoenix Securities—
-—-1
Sale
Par
High
Low
Shares
Week's
Last
(Continued)
Philadelphia Co com
Phila Elec Co $5 pref
3054
254
STOCKS
Range Since Jan. 1. 1938
for
Week
of Prices
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Common
3473
New York Curb Exchange—Continued—Page 4
146
42
Mar
1
24
24
3
900
2
2
100
Mar
22
Feb
2
Mar
154
Mar
57
154
24
454
354
Feb
Jan
Apr
Jan
Jan
New York Curb
3474
Friday
STOCKS
Last
Par
Week's Range
for
Sale
(Concluded)
of Prices
Price
Low
High
Range Since Jan. 1. 1938
Shares
Low
United Wall Paper
i a
2
4
Price
Cities Service 5s
Jan
1966
Feb
Conv deb 5s
1950
300
A
Feb
Debenture 5s
1958
If
1,200
1A
Jan
Debenture 5s
1969
554
1A
14
1
A
1.000
1M
Mar
Cities Service Gas 54s '42
99 A
Universal Consol Oil
10
Universal Corp vtc
Universal Insurance
1
2~
2
100
8
7
7
100
7
Jan
>«
Jan
Cities
Service
Gas
Pipe
1943
Line 6s
May
Cities Serv P & L 54b. 1952
Universal Pictures com_—l
3
Mar
Universal Products Co.—*
10
Mar
Utah-Idaho Sugar
—6
Utah Pow & Lt $7 pref...*
Utah Radio Products..new
Mar
54s—
1949
♦Commerz & Prlvat 54s'37
Com'wealth Subsld 54s '48
Utility Equities Corp
Priority stock
1
VA
200
1
35
37 M
75
31
Mar
1
Mar
Community Pr & Lt 5s '57
Community P S 5s—-1960
*
VA
Apr
Feb
Jan
700
1M
Mar
(B lit) 34s ser N...1971
Consol Gas (Bait City)—
1,000
M
53
Conv preferred...
7
JUtll Pow & Lt common..1
Class B.
VA
100
.1
.6
8M
21
21
25
21
May
Cont'l Gas & El 5s...1958
Van Norman Mach TooI-5
16
16
500
11
Mar
Crucible Steel 5s
2M
Mar
1
"900
A
Mar
40
?4
conv
pref
4
«M
VA
14
7
200
Petroleum... 1
Va Pub Serv
7% pref..100
Vogt Manufacturing
*
4
5s
7% preferred
Mar
664
May
37,000
424
Mar
644
May
554
59
15,000
43
Mar
634
May
99 4
99 4
44,000
864
Apr
1014 1014
52 4
56 4
52
574
16,000
914
Mar
38,000
40
Mar
12,000
40
Mar
6,000
70
Jan
100
24,000
100
Apr
104
52
103
103
1034
69
69
73
984
984
35,000
6,000
59
128
1,000
125 4
Apr
128
May
1054 107
22,000
1034
Jan
1074
May
1044
Apr
1064
1204
Feb
124
128
1054
Mar
1954
1054 1054
3,000
11224 124
6s ser A stamped...
Mar
1943
584
764
1940
584
61
76
784 110,000
9,000
100 4 1014
190 4
Western Grocery Co
Jan
974
Mar
103 4
110
May
105 4
103
Feb
1034
i7~666
93
Mar
5s 1st scries B—.... 1950
100
1014
5,000
91
Mar
VA
"va
100
1M
6M
64
300
6
83
'
Jan
Aug 1 1952
♦Certificates of deposit
♦64s
13 4
34
Mar
Apr
Eastern Gas & Fuel 4s. 1956
400
3A
Mar
Edison El 111
24
4M
2A
Mar
2
2M
2,100
Elec Power & Light 5s.2030
Elmira Wat Lt & RR 5s '56
VA
400
2
May
8
Jan
El
(Bost) 3 4s 65
20
30 A
Mar
75
16)4
38
May
224
Paso Elec 5s A
1950
Empire Dlst El 5s
35
1952
Empire Oil & Ref 54s. 1942
Jan
Ercole Marelll
Westmoreland Coal Co.—*
Weyenberg Shoe Mfg
Williams (R C) & Co
9
100
9M
West Texas Utll *6 pref..*
West Va Coal & Coke
*
Feb
674
Mar
94
Mar
"VA
100
%
5M
1
*
200
44
100
74
108
674
674
Jen
14
67
Jan
106
Apr
814
1094
4
734
1044
69,000
93
98
Mar
21,000
83 4
Mar
864
83,000
514
2,000
834
105
1044 1054
68
68
16,000
734
15,000
74
Jan
Banks 6s- 5s stpd.__1961
102
102
Feb
Firestone Cot Mills 5s. 1948
1024
1024 1034
32,000
Jan
Firestone Tire & Rub 5s '42
1024, 1024 1034
73,000
hi
Apr
4
Jan
First Bohemian Glass 7s *57
A
Apr
1
Jan
Florida Power 4s
7 A
May
10
Jan
Florida Power & Lt 5s. 1954
6A
May
ser
C 1966
15M
VA
20",000
854
864 105,000
76
Apr
87
May
74
Mar
88
May
90
Apr
i
Deb gold 6s. June 15 1941
5%
100
54
May
64
Jan
j
Deb 6s series B
1941
General Bronze 6s
1940
66
66
"5^660
Jan
General Pub Serv 5s..1953
79
79
1,000
Gen Pub Utll 64s A. 1956
♦General Rayon 6s A. 1948
Gen Wat Wks & El 5s. 1943
684
684
764
74 4
77
Apr
"804
804
82
Apr
82
May
88
924 133,000
78
Mar
94
May
8,000
50
Apr
68
Jan
304
Apr
334
Feb
62
Feb
714
154
400
15M
144
Mar
164
14,500
VA
64
Mar
8 A
Feb
1,700
1M
14
Mar
24
Jan
5s ex-warr stamped.
7,000
76 4
Apr
Apr
86
89 M
47,000
704
Apr
Feb
81
105 A
1084
73 4
107
82 M
73,000
108
73 M
107
84 A
65
10.000
1054
38,000
1074 108M
106
j
504
504
534
"674
1294
674
"68"
Apr
65
Jan
59
Feb
Jan
354
29
108
May
May
32
May
Apr
Hackensack Water 5s.l977
1084
May
Hall Print 6s stpd
May
♦Hamburg Elec 7s
May
♦Hamburg El Underground
Jan
83
1074
90
Jan
Feb
113
Guardian Investors 5s. 1948
& St Ry 54s
904
1935
1334
1244
1938
44,000
30
Mar
414
Houston Lt & Pr 3 4s. 1966
.90
15,000
62
Jan
924
Mar
♦Hungarian Ital Bk 74s'63
Hygrade Food 6s A... 1949
89
80
80
3 000
64 4
Jan
"1
Mar
2734
27 %
20*4
Mar
24 A
24 M
25 A
1,000
36.000
204
Mar
29
Jan
26 A
25 M
26
28
37.000
214
Mar
344
Jan
25 A
28
42.000
21
Mar
33
Jan
1st & ref 54s ser B.1954
1st A ref 5s ser C...1956
35 A
36 A
6.000
23
Apr
364
Jan
5 f deb
73
75
11.000
62
Apr
804
Jan
92 4
Feb
99
284
May
6s series B
87
HI Northern Utll 5s... 1957
HI Pr & Lt 1st 6s
Indiana
ser
A. 1953
54s—May 1957
99 M
4.000
964
Apr
91 M
91 M
88
1,000
90
Feb
1004
95
May
Mar
112
120M
130
Mar
79
Feb
1960
33,000
1104
Apr
120 4
121
15,000
1174
Apr
121 A
130
122
4,000
1204
132
5,000
130
32.000
70
Apr
Jan
82 M
82 M
654
654
483
85 M
66 M
Jan
Mar
Jan
140
Mar
101M
89 A
7,000
55 4
714
Mar
104
Broad River Pow 5S..1954
104M
15,000
1014
Mar
101 M
103
22,000
1004
Mar
87
85 M
93 M
25.000
1144 1144
2,000
73
1134
Jan
1144
1224
1224
Mar
Mar
854
67
87
1044
108 4
98
1154
Feb
May
Feb
Jan
Mar
Jan
Jan
1st & ret 4Ms ser F.1967
93
5s series G
1968
99 A
4 Ms series H
1981
102
93
99 A
102»4
11.000
May
94 A
39,000
944
85 4
101
Mar
Apr
16,000
92
Apr
93
93 M
5,000
85
Mar
6,000
88
1024
954
101
May
May
May
934
May
96
5s
24
Mar
Cent States P & L 5 Ms '53
Chic Dist Elec Gen 44s'70
6s series B.
1961
45 A
48 34
44,000
324
Mar
4,000
1054
Jan
1074
May
4,000
1054
Apr
1074
Jan
107
23,000
107
1054 1054
Chicago & Illinois Midland
Ry4Ms A
1956
Chic Jet Ry & Union Stock
486 A
105
1927
Cincinnati St Ry 5 Ms A *52
105
46M
477
91 M
84
105
47 A
80
2,000
10,000
1014
Apr
Apr
42
Apr
75
May
79
Apr
41
Jan
49
May
95
1064
524
Jan
Jan
3475.
82
"
L000
Jan
May
13
Ma
63
Ma:
624
124
ib~66o
1074
21,000
854
May
Jan
Jan
Jan
110
Feb
Ap
100
Jan
Jan
874
784
Jan
794
19,000
68
Ma
854
874
89
4,000
79
Ma
91
May
84
Ap
93
May
64
Ap
824
May
1094
Mar
894
76 4
92
4,000
81
14,000
109
1,000
804
1064 1064
Jan
2,000
108 4
75
Jan
Ma
81
Jan
1,000
104 4
Ap
1074
Jan
Ap
"57"
24*.000
1094
454
1114
634
May
564
68
724
1054 1054
16,000
11104
1st lien A ref 5s
1963
524
52
♦Indianapolis Gas 5s A 1952
Ind'polls P L 5s ser A.1957
1054
43
8,000
49 4
33,000
100 4
Ma
Ma
Jan
Jan
62
May
724
May
A pi
106 4
Jan
Ap
584
Mar
International Power Sec—
648 series C
-.1955
7s series E
7s series F_
55
55
60 4
4,000
62
2,000
1952
57
59
3,000
1108
109
Debenture 6s
Interstate Publl
1957
55
International Salt 5S..1951
Interstate Power 5s.-.1957
1952
c
48
564
Ap
514
Ma
107
45
45
484
109:666
24
24
274
74
Jan
62
60
May
Mar
109
Apr
May
35
Ma
49
38,000
184
Ma
28 4
764
10,000
64
Ma
80
May
694
70
13,000
57 4
Ma
73
May
95
96
11,000
90
Ma
984
92
Ap
964
1064
Jan
Feb
1034
May
Jan
Service—
1956
44s series F
1958
Iowa-Neb LAP 5s.-.1957
5s series B
954
95
1064 1064
"i'ooo
105 4
102 4 103 4
15,000
98 4
Jan
52 4
J93
1961
1624
604
7s... 1942
165
404
604
Ma
Jan
42
46:660
40 4
42
Apr
63
Jan
78
3,000
89
40 4
Jan
85
Feb
39
Jan
46
Feb
Jacksonville
Gas—
5s stamped
1942
24,000
32
Feb
42
May
1034 1044
42
29^000
100
Apr
106
Jan
103
60,000
Apr
1054
Jersey Central Pow A Lt—
5s series B
1947
44s series C__
1961
Kansas Elec Pow 3 4s.1966
103 4
99
Kansas Gas A Elec 6s.2022
Kansas Power 5s
1947
103 4
99
98 4
1115
Jan
97
Mar
99
Jan
112
2,000
Mar
115
Mar
Apr
1014
Mar
Mar
82 4
May
117
1004 1004
"2:660
954
80
Kentucky Utilities Co—
87
Jan
1st mtge 5s ser H...1961
914
Feb
6 48 series D
1948
1955
5s series I
82
2,000
43
43
2,000
Feb
784
'874
53
5 48 series F
1955
M ay
914
53
Superpower 6s. 1963
Jan
1074
944
1950
Fraschlnl
234
Ap
Ap
..1957
Italian
34M
344
38.000
30 M
45 A
103
Ma
79
Isotta
794
304
May
76
109
May
89 M
31A
30 %
1004
79
764
May
90
13",000
104
Ap
1,000
894
41
Apr
Jan
Mar
A pi
60,000
1951
944
66 4
Feb
974
96
90
1953
Mar
Cent Pow & Lt 1st 5s. 1956
Cent States Elec 5s.-.1948
5 Ms ex-warrants
1954
5,000
82.000
83 4
2,000
2,000
1014
91
6 48 series B
Mar
77
May
55
Indiana Gen Serv 5s..1948
May
9534
76
May
254
884
97
87 4
97
94
77
344
Feb
91
1947
81
'94
Mar
214
87
Jan
Mar
May
96
6s series A
Iowa Pow A Lt 44s-.1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 7s. 1952
Cent Ohio Lt & Pr 5s. .1950
Cent Power 5s ser D..1957
33 4
93
Electric Corp—
5s series D
102
374
28
9,000
60
Indiana Service 5s
113M
1074
54
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 5s '55
Works—
374
Jan
Jan
1084 1084
5s series C
99 4
May
Mar
764
154
54
Jan
1054
106 4 1064
13
13
1949
Mar
5,000
91
1034 1034
1100
"
12,000
1064 1064
1947
39 A
112
Jan
Apr
35 M
Bell Telep of Canada—
107 4
52
35 M
57
Jan
504
Mar
20,000
107
1,000
Mar
67 M
3,000
Jan
6,000
Associated Elec 4 4s. .1953
65
93 4
55
64s ex-warrants... 1943
65
63
Apr
51
Heller (W E) 4s w w ..1946
t78
Apr
85
51
1074 1074
Houston Gulf Gas 6S..1943
5s with warrants... 1947
53
5~66O
544
Feb
5s without warrantsl947
Jan
Jan
Jan
May
Guantanamo & West 6s '58
May
Jan
Avery & Sons (B F)—
654
77
Grocery Store Prod 6s. 1945
584
1.000
75
Mar
May
1044
98 A
62
May
M av
Atlantic City Elec 44s '64
874
894
83 4
98
74'
Apr
94
102
1977
754
Gt Nor Pow 5s stpd..l950
Jan
89 M
73
May
Apr
1938
Apr
964
86
Associated Gas & El Co—
Jan
63
57
1,000
4,000
32", 000
101 4
85
5,000
58.000
3,000
18,000
Jan
Mar
85
94,000
%
764
Feb
1014
154
71,000
1074
964
88
May
1044
100
10,000
904
Apr
Mar
994
(Adolf) 44s...1941
M
112-4 113
9934 100M
1965
102
6,000
11004 1014
1953
—
78
46,000
Grand Trunk West 4s. 1950
84%
79
6s.
Glen Alden Coal 4s
4,000
1034 1034
1004 1004
1034
May
107 M
81
84
1944
97 M
Jan
844
834
884
844
Jan
93 4
page
95
74
93 »A
see
Mar
Mar
78
100
6s series B
Jan
92
3A
18.000
112
5*Chlc Rvs 5s ctfs
Jan
75
125
800
Arkansas Pr & Lt 5s..1956
1940
Feb
1054
4 M
94 A
Ark-Loulslana Gas 48.1951
Yards 5s
105
1054
Apr
Gary Electric & Gas—
Gobel
Appalac Power Deb 6s 2024
Central 111 Public Service—
5s series E
1956
May
Mar
34
101
Seating 6s stp—1946
Cedar Rapids M & P 5s *53
1014
1024
1024
Gatlneau Power 1st 58.1956
Jan
81
Canada Northern Pr 5s '53
Canadian Pac Ry 6s__1942
Carolina Pr & Lt 5s...1956
1,000
i
89
86
Birmingham Elec 44sl968
Birmingham Gas 5s...1959
102
Jan
8,000
1968
1998
May
Jan
97 M V 99
96 M
94 A
91
92 A
97'A
1st & ref 44s
1967
Aluminium Ltd debt 5sl948
5s series C
Apr
744
Feb
103 4
1st <fc ref 5s
Bethlehem Steel 6s
1054
Apr
94
Jan
1951
1st M 5s series A... 1955
1st M 5s series B... 1957
Feb
Feb
34
102
1956
1950
58
664
SI.000
1st & ref 5b
♦Convertible 6s
1024
Apr
1024 IO234
1st & ref 5s
Conv deb 54s
904
56
Mar
♦Gesfurel
Assoo T & T deb 5 4s. A'55
Atlanta Gas Lt 44s.. 1955
Apr
Apr
2
BONDS
...1968
May
714
43
200
"7Vs
Abott's Dairy 6s
1942
Alabama Power Co—
Registered
May
2M
Georgia Power ref 5s. .1967
Georgal Pow A Lt 5s_.1978
Conv deb 54s
Jan
May
954
54
3H
Yukon-Pacific Mining Co.5
Conv deb 44s C...1948
Conv deb 44s
1949
Conv deb 5s
1950
103
200
Ltd—
Amer Radiator 4 4s..1947
1044
May
May
Mav
7%
584
1
Am Pow A Lt deb 6s..2016
78
Feb
Feb
May
Apr
2
2
Amer G & El debt 5s..2028
Jan
7M
Wisconsin P & L 7% pf 100
Wolverine Portl Cement.10
1st & ref 5s —.....1946
Jan
Finland Residential Mtge
54
5c
6% preferred
£1
Wright Hargreaves Ltd..*
Apr
"2^606
94
44
Petroleum
Mar
924
Apr
com
53 4
974
1101
1004 1024
Apr
1
14
53,000
2%
Wilson Products Inc
5
Feb
20,000
4 A
*
Feb
14
794
109
jWII-low Cafeterias Inc.-l
Conv preferred
*
Wilson-Jones Co
May
34
1
4,000
514
1004
1953
Erie Lighting 5s......1967
Federal Wat Serv 54s 1954
May
24
Jan
U4
76
108
5 4
34
4
Williams Oll-O-Mat Ht._*
4M
Apr
Elec Mfg
64s series A..-..
Mar
Mar
73
Apr
4 M
1084
14
Aug 1 1952
♦Certificates of deposit
24
5,000
34
U4
Apr
May
44
100
1004 1014
U084 109
♦Deb 7s
Apr
A
1A
6
21,000
954
Detroit Internat Bridge—
Mar
900
com—..
For footnotes
May
964
103
1
7% 1st preferred
Locom
Jan
60
Det City Gas 6s ser A. 1947
Western Tab & Stat—
Baldwin
100
Mar
Denver Gas & Elec 5s. 1949
20
Debenture 5s
Apr
Mar
Mar
95
Jan
904
Mar
95
Jan
May
47
61
May
Western Maryland Ry—
Amer
103
VA
Apr
654
824
Mar
May
5A
1.25
wool worth (F W)
Amer dep rets
Apr
634
5M
Welsbaum Bros-Brower..l
Woodley
54
1004
874
97
157
12,000
300
200
Jan
May
Consol Gas Utll Co—
800
Wayne Knitting Mills...5
Wentworth Mfg.
Western Air Express
Jan
May
5M
4
May
May
6M
1
May
May
744
2M
~
Wellington Oil Co
614
984
5M
1
614
Jan
6M
ClftSS *R
Walker Mining Co
Feb
Feb
Mar
2
"v/a
100
1024
944
Cudahy Packing 3 4s. 1955
Delaware El Pow 5 4s. 1959
100
May
43 4
584
2
Wahl (The) Co common.*
Waltt <fe Bond class A..
69
55
60
*
Wagner Baking vtc
Wolverine Tube
High
Mar
60
Waco Aircraft Co
Vot tr ctfs
474
55
100
1939
Gen mtge 44s
Mar
Mar
1A
500
Venezuela Mex Oil Co.-lO
Venezuelan
Low
Shares
10.000
634
604 211,000
100
Cuban Telephone 74s 1941
Cuban Tobacco 5s
1944
63
7% preferred
Valspar Corp com
14
Range Since Jan. 1, 1938
Week
Consol Gas El Lt <fc Power
%
500
VA
y%
52 4
61 4
for
Range
100
Conn Lt & Pr 7s A... 1951
36 A
500
VA
*
Utility & Ind Corp com..5
of Prices
Low
High
»>
ht
i
Week's
Sale
High
1938
Sales
Last
614
554
554
3
*
t c.
v
BONDS
(Continued)
A
United Verde Exten__.50c
May 28,
Friday
Week
U S Stores Corp com
*
$7 conv 1st pref...——*
United Stores
Exchange—Continued—Page 5
Sales
1969
82 4
41,000
65
94
83
94 4
Apr
97
86
4,000
18,000
844
83
78
Mar
90
804
814
28,000
65
Mar
814
Jan
Jan
May
Volume
Week's Range
Last
BONDS
Sale
Continued)
of Prices
High
Low
Price
'
■
Lake Sup Dlst Pow 3
%s '66
Lehigh Pow Secur 6s—2026
♦Leonard Tletz 7%s~1946
'
'
Range Since Jan. i,
for
May
8,000
93
Jan
99
98%
20,000
84
Apr
103
Jan
25
Mar
27
May
"
84
Apr
97%
Jan
104
90%
104%
2,000
104
5,000
101
Apr
104%
Mar
90
90%
6,000
76
Apr
100
103%
103% 104% 106,000
100
Mar
Lexington Utilities 5s.l952
90%
Llbby McN & Llbby 5s *42
Long Island Ltg 6b.-.1945
Louisiana Pow & Lt 5s 1957
104%
Feb
Mar
Mansfield Mln <fc Smelt—
♦7s without
83
1952
Deb 4^8
Memphis P & L 5s A..1948
Mengel Co conv 4%s.l947
{90
"89%
76
Metropolitan Ed 4s E.1971
4s series G
1965
Middle States Pet 6%s '45
-•
105%
-
-
-
-
-
-
93
100
Apr
106%
Jan
101%
Mar
106%
May
75%
Jan
95
50
16,000
105% 106%
{75%
83
.
„
Apr
Feb
1955
47
50
10,000
38
Mar
55
Jan
39
Mar
55
♦Certificates of deposit
Debenture 6s
1951
Jan
Jan
49%
50
13,000
39M
Mar
55
Jan
51
33,000
37M
Mar
56
Jan
49%
46%
50
46%
47
10,000
47
------
51%
33,000
36 M
Mar
26%
30%
51
51
51
1,000
45%
45%
4,000
39
Jan
105%
7,000
104
106 Mi
105% 105%
10,000
103 M
Apr
Apr
106 A
Feb
86%
91% 148,000
65 M
Feb
91 A
May
423,000
57%
96
May
99%
3,000
Apr
61%
Mar
81
May
17,000
70
Mar
89
May
3,000
109
Jan
110%
Apr
13,000
81
87%
36,000
54
Apr
70%
May
99%
76%
86%
89
66
68%
6,000
21,000
2%
72
73
86
Apr
{115
"96"
31,000
92
75
75
------
10.000
51,000
81 %
117
3,000
117
12,000
47
47%
78%
82%
1954
53
46
46
5%
Feb
Tennessee Elec Pow 5s 1956
52%
8,000
53%
103% 104%
78%
82%
82%
86
29.000
47%
93
92%
96
Ternl Hydro-El 6M8—1953
Texas Elec Service 5s.l960
53%
53%
91
Texas Power & Lt 53—1956
102%
44%
Jan
108
Mar
110%
May
Apr
40
116
Apr
93%
Apr
83
Jan
118
stamped.1942
Tletz
May
Twin City Rap Tr 5
4Ms'67
N Y State E & G 4Mb 1980
Apr
57%
Feb
Mar
58%
Feb
12.000
102
Feb
105
May
28.000
70
Mar
85
Jan
28,000
74
Mar
87
Jan
18,000
86%
Feb
91%
Apr
64
Feb
80%
May
1,000
98
Feb
100%
Mar
57%
5,000
45
May
107%
62,000
105
Apr
89%
91
N Y & Westcb'r Ltg 4s 2004
1954
{113%
55%
53,000
92
3,000
■
-
—
84
Feb
108%
Jan
Jan
103%
112%
Jan
97%
105%
Apr
Jan
113%
Mar
53%
Jan
62%
Mar
88
Apr
No Amer Lt <fc Power—
80
44%
No Indiana G & E 6s..1952
107%
98%
North'n States Pow 3 Ms'67
Jan
99 A
Jan
83%
10,000
75 M
86 A
Jan
107%
35,000
106
Feb
108%
24,000
44
Mar
63%
Jan
Jan
30
Mar
34
34
Conv 6s 4th stamp. 1950
1956
♦1st s f 6s
1975
1974
1959
Un Lt & Rys (Del) 5 Ms '52
59
--
-
-
—
1,000
59
{25%
27%
26%
------
Apr
1,000
23
Jan
28
Mar
69
72
11,000
56
Mar
75
May
71%
71%
75
4,000
57M
Apr
76%
May
26%
100%
75
7,000
94%
May
64%
Feb
Feb
102%
19,000
82%
May
12,000
96
Feb
107%
May
100% 101%
79
75
6s series A
1973
70
70
1,000
53 M
Jan
74
May
74
76 M
9,000
04
Feb
80%
May
84%
85 M
35,000
75
Feb
86
May
85
86 M
5,000
75
Apr
90%
81M
1,000
75
Apr
85
Jan
t74
81M
75M
65
Apr
84%
Feb
18
19%
23,000
4Mb
Va Pub
1944
Serv 5Ms A..1946
1st ref 5s series B
1950
1946
81M
107%
14,000
16,000
105%
98% 101
93
May
72%
May
12M
Mar
21
May
5,000
103M
Apr
106
May
2,000
106 %
Jan
107%
99 %
Apr
106
8,000
97
Feb
102
7,000
96
Mar
Mar
Apr
Apr
108%
105 M
Feb
101
May
Wash Ry & Elec 4s... 1951
107M 107M
104% 104M
36,000
Registered
—,
Waldorf-Astoria Hotel—
1954
♦5s Income deb
100%
May
Wash Water ?ower 5s 1960
Apr
95%
May
West Penn Elec 5s
97%
Jan
101%
105%
Mav
West Penn Traction 5s '60
101% 101% 139,000
102
Feb
105
105
4,000
N'western Pub Serv 5s 1957
86
89
14,000
80%
105%
15,000
103%
Jan
106% 106%
8,000
104%
Mar
Apr
91
May
Feb
101
100
2030
101M
101 M 102 M
1957
West Texas Utll 5s A
88
90 M
36,000
74 M
'44
36
36 M
3,000
32%
West Newspaper Un 6s
West United G & E 5 Ms'55
105 M
105%
1,000
Jan
Wheeling Elec Co 5s.-1941
107 M
107 M
Wlsc-Mlnn Lt & Pow 5s '44
106 M
106 M
4,000
23,000
105% 105%
1,000
Feb
106%
99% 100%
18,000
96
Jan
100%
May
88
14,000
83
Apr
103%
104 M
106
May
Jan
91
18
107
105%
95
82
Mar
Jan
72M
Mar
Apr
1966
Wise Pow <fe Lt 4s
3,000
69
Apr
May
100
Mar
103%
Jan
Stamped 5s—
115% 115%
3,000
114
Mar
116%
96
95
21,000
101%
102 M
1937
.1937 "72"
♦York Rys Co 5s
1,000
95
101M
76 M
76 M
72
77
Yadkin River Power 5s '41
101% 101%
20,000
3,000
Mar
Jan
Jan
Jan
103%
May
93
Jan
103
Apr
39%
105%
107 M
Feb
108
May
105M
Jan
107
Mar
86 M
Apr
96%
96
Feb
105%
58 M
Apr
85
May
May
77
May
Jan
Jan
Feb
Feb
81
Pacific Coast Power 5s '40
27%
Utah Pow & Lt 6s A..2022
86%
Okla Power & Water 5s '48
Feb
24
106
93%
—
Jan
Apr
Mar
1952
12,000
88
Jan
47
114%
62
52
68 series A
20,000
100%
Apr
112%
69
1945
6Ms
5Ms
1,000
{113% 115
59
♦United Industrial 6Ms '41
94
..
Feb
61
Mar
Apr
—
May
N'western Elec 6s stmpd'45
1946
Feb
Jan
90 M
•''y
May
Apr
Mar
107% 107%
105
May
t-v-
97
81
United Elec N J 4s..-1949
United El Serv 7s
99%
1945 "105"
May
48
May
56%
97%
Ohio Power 1st 5s B..1952
51A
Jan
43
104 A
52%
92
101%
May
Mar
52%
92
1970
3-1H
94
107%
98%
—1969
Mar
100%
44%
70
30
Indiana P S—
1966
Jan
18M
Apr
82
8,000
30,000
81
42
54 A
Mar
Wash Gas & Light 5s_1958
__1956
Mar
48 M
Ms '52
6s
6,000
57
Nor Cont'l Utll 5%s..l948
Jan
36
United Lt & Rys (Me)—
104% 104%
Nippon El Pow 6M8--1953
72 A
82 A
106%
United Lt & Pow 6s
5,000
107
107
Jan
Apr
Ulen Co—
56%
N YP&LCorp 1st
56
54
6,000
1962
Jan
New York Pcnn <fc Ohio—
stamped.1950
Toledo Edison 5s
Feb
77
■
-
Leonard
57%
98%
75
see
Mar
98%
75
(L)
-
93%
103% 113.000
{95
------
-
55,000
102
Tide Water Power 5s. .1979
Jan
90
89%
♦Income 6s series A.1949
2022
A
Feb
New Orleaas Pub Serv—
N Y Central Elec 5 Ms 1950
6s series
-
66,000
32,000
53%
91
80%
39%
105%
86%
-
Tenn Public Service 5s 1970
Jan
40
105%
------
62
Jan
Apr
69
{58%
May
95
58%
115%
49%
------
87%
May
80%
1940
May
111
■
....
120
90
May
97
2d stamped 4s
s
2d stamped 4s
1946
Super Power of 111 4Ms '68
1st 4Ms.
1970
44
36,000
79%
{44%
45
108% 109
103%
D.1956
1951
47
26%
5s.1948
1st & ref 4Ms ser
55
♦Starrett Corp Inc 5s_1950
Stlnnes (Hugo) Corp—
New Eng Power 3 Ms. 1961
5s conv debs
Mar
55 M
49
100
109% 109%
1948
Okla Nat Gas 4 Ma
Jan
40
1,000
45
86%
5s.—„._.1950
Ogden Gas 5s
105 A
8,000
45
N V5 Gas & El Assn 5s 1947
E
May
Mar
50
78
{Standard Pow & Lt 6sl957
"66""
2030
D
81%
93
48%
101
Jan
99%
76%
Nevada-Calif Elec 5s.1956
4 Ms series
.
Mar
1,000
48%
78
101
Debenture 6s.Dec 1 1966
{♦Nat Pub Serv 5s ctfs 1978
Nebraska Power 4 Ma. 1981
6s series A
2022
5s series
May
Standard Investg 5 Ms 1939
Mar
5s series C
Jan
100
Jan
62%
Northern
Apr
May
1%
81%
5Ms series A.
93
May
94
2,000
5s.
99%
9,000
98
Mar
97
95%
14,000
Debenture
85
63
84
♦Ext 4%s
3,000
Jan
84
5 Ma
98
95%
56 %
Apr
81
Debenture
95
Apr
Feb
Apr
84
5s
Apr
83
ctfs.1937
New Eng Pow Assn
35M
38
88%
2,000
2026
Conv deb
4,000
29,000
104%
37%
30,000
Nassau & Suffolk Ltg 5s '45
5s
104
36,000
May
New Amsterdam Gas 5s '48
104%
------
93
94%
Nelsner Bros Realty 6s '48
May
Apr
Apr
94%
93%
1%
Deb 5s series B
May
106%
103 M
57%
1944
Nat Pow & Lt 6s A
May
107
110%
106 A
Apr
102M
27,000
91,000
93%
Montana Dakota Power-
♦Munson SS 6 Ms
107%
102 M
22,000
Jan
May
90%
Miss River Pow 1st 5s. 1951
5 Ma
107
107
♦Certificates of deposit
♦Convertible 6s
1935
6,000
106
May
Apr
106%
{♦Stand Gas & Elec 6s 1935
75
101M
55%
^
Mississippi Power 5s.-1955
Miss Power & Lt 5s
1957
Missouri Pub Serv 5s. 1960
92%
9,000
May
92%
Minn P & L4%s
1st & ref 5s
89
Feb
4,000
78'
105
Apr
67%
95%
93%
1943
4%s„1967
1978
Midland Valley RR 5s
Mllw Gas Light
71,000
92%
75
--—
87
92%
89%
81
Mar
109% 110
------
Memphis Com ml Appeal—
63 A
Mar
71M
106% 107%
------
Apr
May
70
7,000
107
107
So'west Pub Serv 6s. .1945
55
"~5~6o6
.
54
3,000
93
110
J an
May
46,000
81
105% 106%
Apr
Apr
101%
Jan
58
90
..
Ref M 3 Ms-May 1 1960
Ref M 3Ms B.July 1 '60
1st & ref mtge 4s
1960
High
Low
54
90
May
24%
Jan
68
1945
Week
Shares
80
54
S'western Lt & Pow 5s 1957
So'west Pow & Lt 68—2022
Apr
97
68
68
Debenture 3%s
1, 1938
Range Since Jan.
for
Range
of Prices
High
Low
------
Southeast P & L 6s.-.2025
Sou Calif Edison Ltd—
Jan
24%
{95% 101%
McCord Rad & Mfg 6s '45
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 5s. 1957
Sou Counties Gas 4 Ms 1968
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
{25%
warr'ts-1941
4%s.l954
Marlon Res Pow
Week's
Sale
Price
97%
29
Last
(Concluded)
High
Low
97
{25%
BONDS
1938
Week
Shares
95%
■/.
"97 %
Sales
Friday
Sales
Friday
•
3475
New York Curb Exchange—Concluded—Page 6
146
82
15,000
72
1,000
20
Jan
23%
May
21 %
May
Pacific Gas & Elec Co—
1941
1st 6s series B
Pacific Invest 5s ser A. 1948
80%
1942
115
Pacific Pow & Ltg 5S..1955
71
Pacific Ltg & Pow 5s..
115
Park Lexington 3s..—1964
Penn Cent L & P 4 Ma. 1977
"80%
-—1979
1st 58-——.
113
Apr
55
Mar
26,000
89
1971
85
99
Feb
88%
115
75%
101
Mar
May
May
Jan
28
Mar
34%
Jan
74%
Mar
89%
May
4,000
78
Mar
15,000
76
Apr
86%
80%
Apr
47,000
85%
91%
Penn Electric 4s F
79
1,000
{99% 100%
30
30%
1938
Palmer Corp 6s
1,000
61,000
80%
115
75%
71
93
May
88%
May
1950
6s series A
98%
98%
15,000
Apr
18,000
94
82
75
Mar
20,000
98%
99
Mar
93
series B..1959
92
92
Penn Pub Serv 6s C—1947
102
102
104%
101
101%
2,000
107% 107%
32,000
-.1954
5s series D
Penn Waten& Pow 5s. 1940
"107%
1968
Peoples Gas L & Coke—
4 Ma series
.89
89
90
1981
---1961
4s series D_
90
{♦Peoples Lt & Pr 5s—1979
8%
Phlla Rapid
*65
Transit 6s 1962
'60
Pittsburgh Coal 68—1949
Pittsburgh Btcel 6s..-1948
8%
111
Phila Elec Pow 5MS..1972
Pledm't Hydro El 6Ms
65
53%
105%
May
94
May
Mar
107%
103%
106%
Mar
108%
Apr
109
Feb
May
Jan
Jan
90%
92%
10,000
78%
Mar
91
Jan
26,000
82%
Mar
93
May
8%
111%
6%
Mar
27,000
111
2,000
65
10,000
67
Jan
May
10%
113%
79
Jan
Mar
Feb
Apr
61
Feb
7,000
105%
May
108
Feb
3,000
6,000
54
105% 106%
93
93%
53
89%
Apr
100
Jan
20%
56
3,000
19
Jan
22
Apr
55%
18,000
48
Jan
58%
Feb
107%
107%
6.000
105%
Apr
107%
Jan
107%
•mm*"
♦Pomeranian Elec 6s.. 1953
107%
4.000
107
Apr
108
Apr
35
May
65
Jan
Jan
103
Apr
20%
Portland Gas & Coke 5s '40
Potomac Edison 5s E.1956
53%
98%
106%
{107% 107%
B
4s series B__
107%
4 Ms series F
1961
stmpd.1947
PowerCorp(Can)4%sB '59
35
Potrero Sug 7s
{101
♦Prussian Electric 6s._1954
{21%
35
1,000
100%
102%
135
6% perpetual certificates
Pub Serv of Nor Illinolslst & ref 58
—1956
20%
22%
1978
4Mb series E
1980
1st & ref 4Ms ser F.1981
4 Ms series I—.—1960
14,000
135%
3,000
111% 111%
130
Jan
110
Jan
22%
Apr
V-I CO
113
Feb
3.000
103%
Apr
107
Mar
104
3,000
102%
Apr
104
2,000
101%
Apr
104%
105%
May
104
104%
6,000
101%
Mar
104%
May
105
105
1,000
104
Apr
106%
Feb
105
■
104%
105
Jan
71
98%
Mar
42,000
75
60%
Mar
102%
75
-
-
-
-
63%
68
2,000
68
J67
75
72%
7,000
59
Apr
72%
64%
50,000
53
Jan
66%
{♦St L Gas & Coke 6s. 1947
-'
San Antonio P S 5s B.1958
105%
-
-
80
12,000
73
Apr
93%
Jan
25%
Feb
29%
May
Apr
1951
1948
1968
lst4Msseries D._-.1970
B
14
2,000
28%
1,000
21
Mar
19,000
108
May
Apr
21%
109
14%
8.000
9%
105% 105%
28.000
102%
Jan
128%
Feb
111%
Mar
{129%
San Joaquin L
112
"27%
27%
25%
-
-
-
43"
_
Apr
Jan
28
Mar
25
3,000
25
Jan
99 M
99 %
9,000
98 A
Apr
101%
5,000
98
May
100%
Jan
44
Apr
59%
19%
22%
19 A
Jan
Jan
Mar
Mar
20
Jan
23
Mar
19
Jan
22%
Apr
13%
Mar
Jan
Feb
98
44
44
20 M
20 M
20
20 M
3,000
4,000
4,000
22
22
1,000
120 M
19M
19M
9M
9M
20 M
10M
14
9%
18%
9%
Jan
7 A
Mar
23
Jan
16 A
22,000
Feb
May
64
122 M
22 M
80
Feb
23%
16%
Jan
Apr
23
Jan
16
May
12 A
17M
112 M
2,000
Feb
21
24 M
22 H
115
May
Mar
18
10
t%
A
H
M
1921
certificates--.1921
{%
1945
1949
1961
155 M
10%
Apr
10%
Jan
Jan
%
Mar
A
"
A
113
Jan
Jan
Mar
Mar
1
%
Feb
65
Jan
11A
Jan
15%
Apr
11%
Jan
15
Mar
45
58
14
Jan
A
%
Jan
A
5 ,000
A
A
14
""Feb
Mar
6
15,000
7%
1M
102%
Apr
7
2,000
98 %
7M
96
3,000
96 M
10
98%
9A
80
79
(State)
♦Santiago 7s.
27
25
1927
1927
♦Santa Fe 7s stamped.
100
43
112
1,000
25
110%
15
Mar
May
105% May
130%
Apr
112
Feb
1,000
25
28
20
5,000
May
3,000
21%
Jan
27
May
11,000
96%
Apr
102
Jan
9,000
38%
Apr
50
Jan
27%
45
Jan
{106%
——
-
-
-
-
-
-
104% 105%
13,000
103% 104%
{103
104%
6,000
Jan
106%
Apr
101 %
Mar
107%
105%
May
102
Mrr
105%
Mar
102
Mar
105
Apr
delivery sales not included In year's range, n
year's range, r Cash sales not included in
Ex-divldend.
{Friday's bid and asked price.
♦ Bonds being traded flat.
range,
x
Cash sales
No sales were transacted during current
Under
year's
.
week
receivership.
{ Reported in
e
^
,
transacted during the current
week and not included in
weekly or
yearly range:
No sales.
Mar
25%
100%
value,
a Deferred
sales not included In
No par
the rule
V
Under-the-rule sales transacted
weekly or yearly range:
Alabama Power 5s
'
-----
105%
22 A
27
Jan
May
May
21%
108
Shawlnigan W & P 4Mb '67
♦5Ms
10
May
63%
108
Safe Harbor Water 4Mb '79
Scripp (E W) Co 5 Ms. 1943
♦5 Ms
80%
Apr
May
70
28%
♦Ruhr Housing 6Ms—1958
125 M
Feb
76
Apr
6%
65
32", 000
9H
7s—1958
♦Rio de Janeiro 6 Ms. 1959
♦Russian Govt 6 Ms—1919
♦6 Ms certificates
1919
♦
1952
Corp 6 Ms. 1953
5 Ms series A
1st 4 Ms series
5,000
68
Apr
Apr
Feb
May
76%
-
1st & ref 4 Ms ser D.1950
Servel Inc 5s
20 M
20 M
♦Mtge Bk of Chile
♦7s
24,000
101% 101%
71
Queens Boro Gas & Elec—
& P 6s B '52
Sauda Falls 5s
1955
♦Saxon Pub Wks 6s...1937
♦ochulte Real Est 6s.. 1951
♦Issue of Oct
♦Parana
104
104
-1966
Scullln Steel 3s
20 M
20 M
23%
Jan
17%
23
23
23
♦Issue of May
Mar
Pub Serv of Oklahoma—
Puget Sound P A L 5 Ms '49
1st & ref 5s ser C—. 1950
♦Ruhr Gas
122 M
23
1952
♦7%s stamped
1947
♦Cauca Valley 7s
1948
Cent Bk of German State &
♦Prov Banks 6s B..1951
♦6s series A
1952
Danish 5 Ms
1955
5s
1953
Danzig Port & Waterways
External 6 Ms
1952
♦German Con Munlc 7s '47
♦Secured 6s
1947
♦Hanover (City) 7s—1939
♦Hanover (Prov) 6 Ms. 1949
♦Lima (City) Peru 6 Ms '58
♦Maranhao 7s
-.1958
♦Medeilin 7s series E.1951
♦Mendoza4s stamped.1951
Mtge Bk of Bogota 78.1947
May
104
-——1966
4 Ms series D
4s series A
Agricultural Mtge Bk (Col)
♦20-year 7s...1946
♦20-year 7s——
-1947
♦Baden 7s
1951
Buenos Aires (Province)—
6s.1931
6s stamped
1931
Mtge Bk of Denmark 5s *72
Public Service of N J—
5s series C_
MUNICIPALITIES—
♦7s stamped
Penn Ohio Edison—
Deb 5Ms
GOVERNMENT
FOREIGN
AND
2
Deferred delivery sales
in weekly
or
Included in
transacted during the current week
and not Included
yearly range:
AbfreHalions
•cum
"v t
during the current week and not
1946, May 24 at 101.
Used Above—"cod." certificates of deposit; "cons," consolidated;
"conv," convertible; "M," mortgage; "n-v," non-voting stock;
" cumulative;
c." voting trust
without warrants
certificates; "w 1," when issued; "w
w," with warrants- "x-w •
3476
Chronicle
Financial
May
1938
28,
Other Stock Exchanges
New York
Estate Securities
Real
Exchange
CHICAGO
Closing bid and asked quotations, Friday, May 27
38th
B'way
St
Ask
Bid
Unlisted Bonds
Unlisted Bonds
Internat Commerce
BIdg—
1945
75
Bryant Park Bldg 6%sl945
26
11 West 42d St 6%S—1945
29
78
Bid
BIdg—
6%s
...
Pa
5
Park Place Dodge Corp—
Income bonds vtc
10 East 40th St Bldg 5sl 953
nfH.Davis &
Members
6
—
New York Stock
77
250 W 39th St BIdgs 6s '37
SECURITIES
Listed and Unlisted
Ask
10
Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Curb (Associate)
10 So. La Salle
Baltimore Stock
Exchange
Chicago Stock Exchange
May 21 to May 27, both inclusive, compiled from official sales lists
Friday
Last
Sale
Par
Stocks—
Arundel Corp
Bait Transit Co
com v t c.
1st pref vtc
Black & Decker
com
*
Price
15 %
Week's Range
of Prices
High
tow
15%
114%
1
Deposit! 1111.20
Fidelity &
Houston Oil pref
Mfrs Finance
Mar
2%
Apr
Mar
17%
Jan
67%
Jan
94
55%
112%
70
114% 114%
5
5%
Apr
115
Feb
550
4%
Mar
8%
Jan
Mar
Jan
13
50
106
75%
Mar
18%
104%
28%
Apr
35%
9%
May
Mar
Apr
%
9%
15%
14
25
6%
*
570
%
%
%
1st preferred
preferred
-
-
Mar Tex Oil
1
Common class A
7
6%
40
550
1%
1%
217
15
215
Apr
Merch & Miners Transp.
.
*
12
12
45
10
Mar
217
1%
Northern Central Ry
50
Owings Mills Distillery ..1
Penna Water & Pow
9
8%
Mar
25
1%
7%
1%
72%
May
1%
Apr
94%
Mar
%
105
59%
1,327
66
70
70
10%
11%
17
18
4s 2d Water Ser..l947
114
114
4s Annex Imp... 1051
4s Paving
1951
116% 116%
116% 119%
4s Public
120
2
10%
17
75
Apr
8%
75
72
Jan
Mar
15%
Jan
4%
Jan
Feb
9%
Mar
51%
120
50%
4%
4%
4%
1
1
30
300
Co
com
6%
Jan
Mar
1%
Jan
Mar
36%
2%
2%
Jan
%
250
850
100
8%
9%
8%
10%
500
8
Mar
13
Jan
7%
9%
7%
7%
100
7
Mar
13
Jan
9%
10
"~9%
1
7%
%
1%
12
100
7%
Mar
Mar
Jan
13%
10%
Apr
Jan
Jan
Jan
Jan
11
250
8%
Mar
14%
Jan
8
900
5%
Mar
8%
May
19%
2,700
16%
Mar
28%
5%
100
5%
Jan
Warner Corp—
(New)
18
18
-*
14%
5%
14%
*
6%
2%
5
common
Common.--.
1
Bruce Co (E L) com
Butler Brothers..
.
Mar
%
27
1%
13
5
Jan
13%
%
1%
1
56
Apr
Jan
3%
600
29
45
900
1
6%
1
..10
5% conv pref........30
Castle & Co (A W) com. 10
Cent 111 Pub Serv pref.--*
Jan
Mar
14%
100
6%
2%
5%
6%
18%
18%
16%
50%
16%
50
52%
720
Mar
52%
4%
4%
100
4
Apr
6%
Jan
1%
1%
2,550
1
Mar
2%
Jan
5%
18%
16%
50%
14
8
Apr
22%
Jan
1,300
6%
May
9%
Jan
3
610
2%
May
5%
Jan
6
850
5%
Mar
200
17%
Mar
14
41%
8%
Jan
21%
Mar
25
Apr
Jan
May
Central 111 Sec—
Bonds—
Bait Transit Co 4s
City
City
City
City
City
City
City
Mar
Burd Piston Ring com
Jan
Apr
66
2
50
Class A pref.
Jan
66
com.
Phillips Packing pref... 100
U S Fidelity & Guar
100
6%
Brown Fence & Wire—
i
Jan
6u
2%
6%
50%
( Borg
!-
Jan
15
100
2%
Berghoff Brewing Co
Jan
%
%
Mar
7%
Bendix Aviation com
Jan
11%
Mar
10%
Mar
Barlow & Seelig A com...5
May
80%
80
*
70
46
Jan
4%
Bastian-Blessing Co com.*
i
New Amsterdam Casualty5
No American Oil com
1
Apr
7%
Belden Mfg Co com
Jan
16%
36%
100
—
—
Barber Co (W H) com
Jan
%
40
850
-
—
Aviation & Trans C cap
Jan
2%
*
*
650
-
Automatic Washer com..3
i
3
217
High
5%
_
Assoc Investment com.,.*
Jan
May
50
Low
41%
8%
Asbestos Mfg
Jan
May
Mar
Mercantile Trust Co
Shares
8%
_
com
Co pref 100
Armour & Co common—5
Jan
7
May
%
250
1%
1%
1%
1
174
%
1%
Range Since Jan. 1, 1938
for
Week
High
5%
(JD) Mfg
Amer Pub Serv
Mfrs Finance—
Second
Low
Advanced Aiurn Castings. 5
Jan
30
Price
Allied Products Corp comlO
Feb
11%
9%
17%
Common (new).
Adams
Adams Oil & Gas com
Jan
123
98%
9%
14
11
26
95
*
Apr
of Prices
Abbott Laboratories-
Jan
Mar
29%
100
Jan
1
9%
.5
v t
com
17%
59
13
95
Mar
117
10
com
12%
Par
Stocks-
Week's Range
Sale
140
1%
11%
66
Finance Co of Am A
476
16%
Sales
Last
High
1%
11%
67%
Fidelity & Guar Fire
Low
12%
__.._*
100
Friday
Range Since Jan. 1, 1938
%
%
Consol Gas E L & Pow.._*
5% preferred
for
Week
Shares
320
Eastern Sugar Assoc com.l
May 21 to May 27, both inclusive, compiled from official sales lists
Sales
*
*
St., CHICAGO
(flat) '75
Park. .1955
4s School House. 1957
4s Conduit
1958
120
120% 120%
124% 124%
121
124%
122% 122%
4s Water Serial.. 1958
4,500
15
Mar
$400
114
May
400
1,700
600
23%
114
Jan
May
116% May
116% May
116%
119%
May
120
120
May
May
May
300
120%
May
120%
May
2,000
124%
May
124%
May
1,800
118
May
124%
May
300
116%
122%
May
122
100
122
May
122
May
122% 126
City 4s Dock Impt...l961
City 4s Jones Falls
1961
City 4s Sewerage Imp. 1961
1,500
118
Jan
126
May
1,000
92
Apr
94
Mar
122
Finance Co of Am 4%. 1947
93%
93%
Jan
Convertible pref
_*
Central S W—
1
Common
*
93%
94
____._—*
Prior lien
1%
93%
27%
26
27%
pref
Preferred
40
90
Apr
250
26
Mar
Mar
15%
Mar
14% May
1% Mar
21%
Jan
12%
12%
50
12
14%
1%
14%
50
1%
4,050
Preferred..
1%
50
2%
Apr
27
...*
Chic Flexible Shaft com..5
4
"53"
Chic Rivet & Mach cap..4
Jan
Mar
Cherry Burrell Corp com_5
Chicago Corp common..*
4
97
33%
5%
Central States P & Lt pref*
Chain Belt Co com
*
27
100
25%
57
650
38%
2%
Mar
53
Jan
Jan
Jan
34
Feb
59%
Feb
5%
5%
30
5%
Mar
10
Jan
57%
57%
10
52%
May
65
Feb
99%
8%
99%
8%
10
96%
Apr
100
Jan
150
8
Mar
12%
Jan
8%
8%
100
7%
May
10%
May
Chicago Towel Co—
Common
Boston Stock
May 21
to
capital.
Convertible pref
Exchange
Last
Sale
Stocks—
Par
Price
Range
of Prices
Low
for
Range Since Jan. 1, 1938
Week
High
Low
capital
25
Comp assed Ind Gases cap*
High
16
15%
100
Boston Edison Co
Boston Elevated
128
127%
130%
2,061
110%
Mar
149%
Jan
Vtc pref pt shares.-.50
%
%
25
%
Mar
1 %
Apr
17%
17%
17%
68
68
77
Cudahy Packing Co pref 100
Cunningham Dr Stores 2%
100
116%
16
15
116% 118
28
11
Mar
17%
May
246
60
Mar
243
108
Apr
16
21
108%
125
May
Feb
53%
55%
260
58%
May
14%
14%
48%
13%
Jan
40
Mar
20%
Jan
Boston & Maine—
100
Prior pref
..100
Class A 1st pref std
Class dist pref std... 100
Boston Personal Prop Tr.*
Calumet & Hecla
25
2%
48
2%
Mar
6%
7%
60
5%
Mar
12
Jan
1%
1%
1%.
80
1 %
Mar
4
Feb
2%
2%
May
9%
2%
9%
10
9%
195
8%
Apr
5%
5%
6
318
4%
4%
4%
1%
1%
2%
4%% prior preferred 100
6% preferred
100
East Mass St Ry—
1st preferred
49
20
3%
5
12%
Jan
180
5%
4%
160
1%
195
139
Mar
51
22%
Apr
2%
50c
*
29%
2%
10
50c
200
30
Inc
.1
North Butte..
Pacific Mills Co
100
1 %
Jan
2%
24%
Jan
1%
1%
125
1%
Mar
19%
20%
170
18%
Mar
Pennsylvania RR
50
Quincy Mining Co
Shawmut Assn T C__
Stone & Webster
6%
*
20
United Shoe Mach Corp.25
67
Preferred
25
Utah Metal & Tunnel
1
Vermont & Mass Ry Co 100
Waldorf System
*
Warren Brothers
135
2
2
79
81
1%
37c
2
"95c
64
6%
*
12%
20
9%
14%
1%
15%
397
1%
122
8%
6%
8%
100
8%
570
21%
287
67
71
944
42%
15
1.00
4,630
20
95c
64
70
45
Jan
Mar
May
Mar
5%
102
2%
79c
Feb
Jan
Jan
Jan
Apr
5
Jan
Mar
16%
13%
May
24%
Jan
1 %
8%
May
May
4%
10%
Mar
5%
Mar
11%
Jan
27
Jan
Jan
Jan
17
Apr
50
Mar
77%
Jan
Jan
42%
May
1%
Jan
38%
55c
64
Mar
May
103
Jan
For footnotes see page 3479.
V
5
5%
100
5
Mar
10
10
10%
200
8
Mar
1%
550
1%
Mar
6%
10%
2%
47%
May
52%
Jan
16
Jan
10%
Jan
Mfg Co com....—1
conv pref.20
11
50
8%
2%
Goldblatt Bros Inc com..*
2%
700
1%
6,100
15%
15%
7
7
13
13
100
50
4%
Mar
10
8% May
2% Mar
Jan
Mar
May
Jan
14%
4%
Jan
Mar
1
2%
Jan
Mar
23%
Mar
6
14%
1,900
12%
30
5%
8%
Mar
6%
6%
"~6%
100
Mar
Mar
16
7%
7%
Jan
Jan
7
550
5
5%
450
4
Mar
11
11%
150
11
May
14
Jan
Hormel & Co (Geo) com A *
Houdaille-Hershey cl B._*
Hubbell Harvey Inc com.5
19
19
100
16%
Jan
21
Jan
50
5%
Mar
11%
Jan
50
8%
Mar
11
com
5
7%
—
9
%
5%
6%
106
17
Indiana Steel Prod com-.l
Jan
2
Jan
8%
Jan
%
400
5%
50
5
Mar
106%
90
100
Mar
108
Jan
Mar
29
Jan
105
18
16%
200
%May
14%
4%
4%
50
4%
12%
50
12%
May
Interstate Pow $6 pref...*
2%
2%
50
2%
May
5
5
10
4%
Feb
7
May
12%
*
Jarvis (W B) Co cap
1
Jefferson Electric Co com. *
11
Katz Drug Co com
"3%
11
.
11%
500
11
15%
,V
Jan
Jan
4
Jan
5
May
May
17%
50
3%
3%
100
3
6
100
5%
15%
18%
Jan
Mar
23%
5%
Jan
Mar
17%
6
1
Jan
%
*
$7 pref
Apr
5%
Illinois Brick Co
capital.10
IU North Utll pref--100
Indep Pneu Tool s t c
*
7%
9
1
com...
6%
Jan
Jan
Feb
*
Horders Inc
Mar
7%
Jan
28%
60%
Jan
Mar
Jan
Kellogg Switchboard & Sup
Common
Kentucky Util Jr cum pf 50
6% pref
100
Kingsbury Brewing cap..l
La Saile Ext Univ
5
com
Mar
8%
Jan
Le Roi Co
1%
Mar
4%
Jan
22%
55%
Lincoln Printing com
Lion Oil Ref Co
Marshall Field
com.....
com
McCord Rad & MIg A
20
20
Mar
55%
100
53
Apr
Jan
1
200
%
Feb
1%
1%
1%
400
1%
May
3%
7
10
com
22%
55
7%
6%
150
7
May
10
Feb
200
6
Mar
9
Jan
%
"1%
Lib McNeill & Libby com.*
Jan
100
1
5%
75
48
8%
Common—
35
Apr
48
11
General Candy Corp cl A.5
Gen Finance Corp com
1
Gen Household Util—
334
50
3%
1%
'48"
Common...... -1——*
6%
87.400
Jan
5
2%
68%
Jan
7
4%
6%
66
24
Apr
15
150
2%
Bonds—
Eastern Mass St Ry—_
Series B5s
1948
Mar
Feb
150
Iron Fireman Mfg vtc
41%
14%
*
*
100
42c
3%
12%
25
Torrington Co (The)
1%
40c
2
Jan
21
950
Four-Wheel Drive Auto. 10
Hupp Motors
1%
*
Apr
May
Mar
4%
Heileman Brew Co G cap.l
Hein Werner Motor Parts 3
50c
Jan
sy4
16%
May
3%
14%
4%
3%
Harnischfeger Corp com_10
35
Jan
Mar
16%
Feb
Jan
16
7%
*
11
Feb
Jan
34
50
50
9%
15
com
Mar
Jan
426
16
Gossard Co (H W) com__*
1
850
9%
10%
2%
Great Lakes D&D com..*
Mar
5
May
Jan
19%
2.50
Old Colony RR
27c
Jan
335
90
May
29
Mar
1%
4%
13
50
20
19
88%
100
30
1%
4%
13
29
Apr
1%
1%
90
13
29
Apr
20
Narragausett Racing Ass'n
New England Tel & Tel 100
N Y N H & Hartf RR..100
1 %
5%
Jan
*
30%
2%
15%
23%
7%
_*
250
Jan
15%
*
com
Class A.
Mar
310
241
7%
7
Dodge Mfg Corp com....*
Eddy Paper Corp (The)--*
20
2%
8
11%
Jan
May
Jan
Jan
7%
200
Jan
52
3%
12%
Jan
Feb
Feb
Mar
May
15
12%
6%
70
6%
16%
42%
2
270
"12%
2%
Feb
May
Apr
10%
Fox (Peter) Brewing com.5
28
19%
Jan
4
48
21%
Gardner Denv
Jan
26%
1%
50
210
5%
Jan
Jan
Apr
18
100
51
5%
Mar
Jan
1 %
26%
1%
50
Mar
7%
13%
*
Jan
May
4
3
95
Mergenthaler Linotype
5%
20
May
50
Isle Royal Copper Co._.15
Mass Utilities Assoc v t c.l
25
Mar
50
May
3
a.
May
3%
140
Jan
2
_
12
1,050
4
10%
28
Preferred
100
5%
4%
20
Elec Household Utll cap.5
2
Class B
May
4
Elgin Nat Watch...
26
7%
Jan
28
20
Jan
100
18
30
Mar
35
coin
Jan
Adjustment
100
Eastern Steamship com.. *
*
May
22
..5
Cum class A pref
Dexter Co
Fuller
49
18
3,950
1%
"5%
Dayton Rubber Mfg com.*
FitzSim&Conn D&D
*
East Gas & Fuel Assn—
Common
20
26%
13%
12
"~4%
Common pt sh cl A—50
Dixie Vortex Co
2%
6%
25
Copper Range
18
24%
Jan
ADr
100
Herald-Traveller.*
Common
25
Consumers Co-
50
Associated Gas & El cl A__ 1
Bigelo w-Sanford Carp com *
Boston & Albany
100
18
Coleman L'p & Stove com *
Commonwealth Edison—
Consolidated Biscuit com.l
1st preferred
Amer Tel & Tel
Employers Group
General Capital Corp
Gillette Safety Razor
Hathaway Bakeries cl
10
com
New
Sh ares
Amer Pneumatic Ser—
Boston
*
Cities Service Co—
(New)
Sales
Week's
57%
Chic Yellow Cab Co Inc..*
May 27, both inclusive, compiled from official sales lists
Friday
*
6%
2
Feb
Apr
4
Jan
17%
18%
150
16%
Mar
25
Jan
*
6%
6%
7%
1,500
5%
Mar
9%
Jan
*
6%
6%
6%
200
5%
Mar
14%
Jan
3
*
*
3
200
Volume
Financial
146
Sale
Stocks
(Concluded)
Par
Price
Mlckelberry'a Food Prod—
Common.:
—--1
2n
Middle West Corp
5m
cap...5
Week
3%
4C0
3n
2N
Stocks
High
Low
Mar
4N
Jan
Cleve Cliffs Iron pref
Cleve Railway
Jan
Cliffs Corpvtc
43 N
150
42
22
23
230
20
Apr
13
14
301
11
Mar
May
1,150
IN
Mar
6,500
4N
Jan
N
Mar
Mar
7
1,600
2
Jan
Commercial Book binding *
Elec Controller & Mfg...*
N
Jan
Federal Knitting Mills...*
Greif Bros Cooperage A..*
'
Jan
Halle Bros pref
Jan
Interlake
Feb
Lamson & Sessions
jan
Jan
Leland
McKee (A G) B
Medusa Ptld Cement
*
n
100
jan
n
n
3h
n
3
42
22
6
Midland United Co—
Conv preferred A
42
2n
3
300
3
Feb
5
1
Mar
2
IN
in
in
2%
2%
100
Modine Mfg com . _ ... - - .
Monroe Chemical Co com *
"mi
i oy
20 y
150
Montgomery Ward cl A—*
139
100
7% prior lien
Miller Hart Iuc conv pref. *
3n
Muskegon Mot Spec com. *
n
National Battery Co pref.*
4%
May
1
140
Jan
50
11
Apr
13
Apr
20
11 %
n
27m
Apr
20
Mar
23
May
150
139
23
4 n
Apr
2N
50
3H
139
2N May
18
:
23
126
Natl Repub Invest
Cumul
Trust—
pref
*
conv
6
13n
Noblitt-Sparks Ind com..5
13 n
23
10
Apr
31
Jan
*
15N
15N
Jan
65
H
11
50
12
4
100
22
24
70
N
May
S
18N
65
Mar
65
Mar
10
7
22
5n
Mar
8N
3N
5
2N
Mar
4n
2
Mar
3
Jan
8
May
Jan
4N
IN
IN
Mar
100 N
141
Feb
Mar
3N
550
n
Mar
20
4n
200
2N
Apr
11n
Mar
36 n
9N
Mar
12
4N
May
8n
30
Jan
Jan
May
Feb
7
207
IN
Mar
3
17
220
May
20
Jan
45
45
15
16 n
45
May
60
Jan
N
Apr
Watling, lerchen a Hayes
47 N
Jan
63 N
New York Stock
Jan
13 H
Mar
Members
Jan
27
15n Mar
6n May
Feb
Mar
5N
28 N
Detroit Stock
*
io
10N
50
8N
Mar
17N
14
14
50
13 N
Mar
17
Feb
Stein & Co
10n
ion
50
ion
Apr
12N
Feb
6N
DETROIT
Telephone: Randolph 5530
Jan
Sou Bend Lathe Wks cap.5
Chicago Stock Exchange
Exchange
Jan
2
New York Curb Associate
Exchange
Buhl Building
Jan
20n May
5C
631
2
Jan
in
11N
IN
3N
195
274
Jan
Mar
20 N
9
11n
Jan
Mar
in
300
May
Jan
Mar
7N
■5i a
Feb
6N
16n
Wt Res Inv Corp 6% pf 100
50
.
19 n
Mar
Jan
May
129
100
Mar
4
32
9
.....
9N
29
N
200
Jan
16
ion
4n
*
110
6N
Jan
10
5N
31 n
11n
*
Weinberger Drug Inc
9n
18
Feb
340
16
5n
5n
...—1
Van Dorn Ironworks
Jan
n
85
50
Upson-Walton
Mar
Mar
180
9N
1
;
14 H
Apr
3
Jan
1
MJA Corp
May
3
Mar
65
16
_*
Richman Bros.
May
Apr
May
200
138n 139
2N
2y
20 n
13
7
25
Reliance Electric & Eng..5
10
15 %
Apr
3N
100
N
95
0N
4
3N
Metro Pav Brk7% cmpf 100
Murray Ohio Mfg—
*
3
Jan
32
Apr
22
680
3n
16
22 N
Mar
1
Serrick Corp cJBcom
4
Signode Steel Strap pref .20
23
Peerless Corp
19H May
8N
9
52 %
Jan
*
*
Mar
%
Sangamo Electric com—.*
Schwitzer Cummins cap__l
Sears Roebuck & Co com.*
4
Patterson-Sargent.
13
4
Raytheon Mfg Co com.50c
Reliance Mfg Co com...10
Rollins Hos Mills com
1
Apr
Packer Corp-—..-—.—-*
Mar
100
138n
2
Jan
Mar
100
100
25
Jan
in May
5
N
Preferred
2
9N
2H
100
N
2
un
15n
94 n
Jan
Lima Cord Sole & Heel—-1
May
550
n
1
Jan
10n
9N
Jan
Quaker Oats Co common.*
6N
Jan
14
12
300
May
Potter Co com
Mar
8
Apr
14
3n
3n
50
7N
10
3n
50
10
18N
Pictorial Paper Pkge com.5
Pines Wlnterfront com
1
5
10
8
50
22
5
10
8
50
Perfect Circle Co..
Jan
*
Electric--.---..-*
Ohio Confection A. ——*
10
Penn Gas & Elec A com..*
44 n
Jan
25
12
Mar
27
23 N
10
14n
137
Mar
22
14%
Jan
28 N
360
2N
*
37n
2
40
..10
Apr
2
11
A 10
31N
*
11
—
25
Jan
pf.100
100
conv
Feb
34 N
6N
8n
8N
com B
Penn Elec Switch
35
Jan
23 N
Northwest Utll 7%
Peabody Coal
Apr
Jan
50
com..
Mar
26
Apr
11
Prior lien pref
Mar
un
85
3n
11
Parker Pen Co com.
70
Apr
26 N
9N
13m
Northwest Eng Co com...*
Nunn-Bush Shoe
60
50
National Refining.
National Tile
5%
5n
22
60
ION
28
I
28
*
10
67 N
34N
i26n
22
10N
26 N
Mar
IN
~5H
Jan
jan
50
14n
North American Car com20
Northwest Bancorp com..*
jan
Jan
18N
31n
60
6
14 n
14n
National Standard com. 10
64 n
32
22
100
Steamship
May
65
65
Midland Utll—
50
1938
High
Low
*
2n
n'
Shares
High
100
-..*
5H
.
Low
Price
Par
3
purchase warrants
Common
(Concluded)
Range Since Jan. 1,
for
of Prices
Week
Sale
Shares
High
Sales
Week's Range
Last
1,1938
Range Since Jan.
for
of Prices
Low
3n
Mer & Mfrs Sec cl A com_l
Stock
Week's Range
3477
Friday
Sales
Friday
Last
7
Chronicle
Jan
Common
com
A
.__*
Storkllne Furniture
com
h
4
.10
Sunstrand Mach Tool com5
100
4
8
150
7N
Apr
13
24
650
22 N
Mar
27
Jan
15
Mar
18N
14N
n
Feb
16N
Feb
Mar
IN
Jan
IN
Mar
2
Feb
25
ley
16n
Trane Co (The) common.2
Utah Radio Products com *
15n
16
200
1
250
pref
in
*
common
Williams Oll-O-Matic
Wise Bankshares
Woodall Indust
in
in
560
n
in
n
200
in
50
15 n
400
2n
150
5
com
Walgreen Co
1,800
"i~K
Common...
Wahl Co
1
7
com
15
*
2%
15
2N
n May
Jan
N
Price
com.__._l
Auto City Brew
37c
Jan
Jan
Burry Biscuit com
3N
3n
600
3N May
5N
3
3
150
2n
Apr
Jan
in
IN
100
in
May
5N
2n
Mar
9n
ion
1,950
9N
May
17N
Jan
Brown
McLaren—.....
Chrysler Corp com
5
Consolidated Paper com. 10
IN
Crowley Milner common.*
Consumers Steel
1
1
High
Low
37c
Jan
700
4N
Mar
1,070
13 N
Mar
IN
145
IN
Mar
3N
Jan
900
1
May
IN
May
36
Mar
40 N
2,205
13 N
13N
200
13 N
May
2N
"70c"
Jan
5%
17N
39 N
13H
N
9N
May
1,225
l
16
12N
Range Since Jan. 1, 1938
for
Week
Shares
38c
5N
1
Baldwin Rubber com
Range
37c
Briggs Mfg common.._..*
Jan
9n
Yates-Amer Mach cap...5
Zenith Radio Corp com..*
of Prices
Low
High
Par
Stocks—
4N
IN
com
Week's
Sale
20 N
3%
*
Last
Mar
2N
Sales
Friday
Mar
15
compiled from official sales lists
May 21 to May 27, both inclusive,
Jan
IN
Mar
1
3
com
Exchange
Jan
Swift & Co
conv
Detroit Stock
Jan
7N
23 n
15
Utll & Ind
Mar
4
7n
23 n
Swift International
2N
125
2N
May
70c
70c
200
54
70c
May
Mar
77
26
62
Jan
N
Jan
15N
4N
Feb
IN
Apr
Jan
108
Jan
w. d. gradison &co.
terminal
building
IN
10N
ION
250
12
14
815
9
Mar
14N
May
6
Mar
10N
Jan
Apr
85N
Detroit Edison com..-.100
1
Det- Mich Stove com
Det
Ex-Cell-O Aircraft com. ..3
"l%
IN
12
7N
327
IN
1,025
1
Mar
IN
200
5N
Mar
ION
3
4N
4N
2N
4N
2N
405
4N
Mar
7N
Jan
500
May
4N
Jan
27N
2,996
2N
25 N
"27"
27
2N
com.—-1
Par
Sales
Aluminum Industries
A mer Ldry Mach
*
16
100
16
97
*
5
170
3n
Cin Telephone....50
Cin Union Stock Yard
*
Cohen
(Dan)
Crosley Radio
Eagle-PIcher Lead.
—
...
—
80 n
6n
10
Gibson Art...
*
Hobart A
*
Kahn 1st pref
Kroger
*
Rapid..
——*
U S Playing Card
Jan
45
6N
6n
125
"23"
10
Apr
6
Mar
Mar
14
30
24
30
30
Mar
10
93
Feb
RIckel (H W) common
Jan
Standard Tube B com
Jan
92
Feb
17N
Jan
50%
Jan
35
12%
Mar
Mar
20
39 n
17
May
29
21n
Jan
17
23
23
27
24 N
Jan
in
Jan
3N
Jan
7N
15 N
100
6N
Mai
12 N
Jan
Jan
May
10
Preferred
—100
Tivoli Brewing common.. 1
Tom Moore Dist com
1
Union Investment com—*
United Shirt Dist com...*
Universal Cooler A...._.*
IN
N
Mar
17
Jan
Mar
11N
Jan
Mar
9N
Jan
Apr
N
3N
N
Jan
Mar
Mar
3N
Mar
IN
15
Feb
125
6
5N
200
5N
IN
IN
775
1,000
1,450
200
37c
IN
40c
IN
81c
Mar
85c
87c
685
27c
32c
3,950
N
Mar
150
5N
May
"34n
55c
Jan
Jan
Jan
Jan
Apr
7N
Feb
Jan
1
Mar
2
4N
Mar
7N
5N
Jan
Mar
37 N
Feb
110
3N
31N
14N
Mar
Mar
Jan
1
1
4N
3N
34N
4n
200
5
1,485
3N
590
34 N
15
511
Jan
6N
IN
6N
IN
3N
2N
6N
116
6N
Apr
20 N
12
IN
480
IN
May
3N
Jan
4N
IN
Mar
7N
2N
Mar
Mar
4
Jan
Apr
4
Jan
8N
9
245
2N
IN
8N
Mar
14
50
103
Mar
107
415
3
Mar
4N
Mar
N
Mar
IN
6N
Jan
5
Jan
5N
IN
Jan
15
.
"7
""2%
Timken-Det Axle com..
W ar ner A ircraf t
2N
240
50c
45c
Prudential Investing com.
Jan
32 N
100
Apr
326
13n
46 %
17
1
.2
1
12N
25N
Apr
3N
Mar
Mar
Mar
100N
5n May
7%
9H
22 n
11
10
24
Apr
10
100
8n
90
30
IN
Jan
2
45c
40c
9N
May
5N
13N
46 N
Mich Steel Tube Prod.2.50
Apr J, Mid-West Abras com__50c
Jan
Murray Corp common
10
5
Jan
Packard MotorCar com..*
81
Parke Davis com.
*
Mar
13
Parker Rust-Proof com 2,50
Jan
Parker Wolverine com—*
5N May
Penln Metal Prod com—1
Jan
ION
12 N
Pfeiffer Brewing com.... *
Jan
105 N
Feb
80N
93
*
P & G
May
6n
3
11
5N
~40c~
38
145
717
500
7
7
7
McClanahan Oil com—.1
75
30
100
18N
Jan
116
10
24
Feb
202
8N
*
5N
Mar
3N
3N
80
*
Hudson Motor Car com..*
Hurd Lock & Mfg com—1
Houdaille-Hershey B
7N
15N
15 N
Lakey Fdry & Mach com.l
Masco Screw Prod com—1
224
5N
*
97
75
9
—
Mar
3n
15
2N
Mar
Jan
2N
2N
87c
87c
Kingston Prod common
1
Kinsel Drug common
..1
High
95 n
11
..*
Formica Insulation..
13
97
94
Low
Shares
3n
9
Gin Gas & Elect pref... 100
Cin Street Ry
50
Range Since Jan. 1, 1938
16 n
3N
20
Champ Paper pref
Churngold
Week
Price
*
Hoover Ball & Bear com. 10
Hoskins Mfg common....*
Hall Lamp common._
May 21 to May 27, both inclusive, compiled from official sales lists
Stocks—
Jan
7
General Motors com....10
for
Jan
16
IN
7N
General Finance com.... 1
Cincinnati Stock Exchange
0/ Prices
Low
High
Apr
6N
7n
Graham-Paige common.. 1
Week's Range
3N
10N
Jari
3N
Mar
IN
Goebel Brewing
Sale
May
IN
6N
Gar Wood Indus com
Telephone: Main 4884
Last
IN
675
..1
common..*
Freuhauf Trailer.
cincinnati, o.
Friday
1,035
Frankenmuth Brew com.. 1
Federal Mogul
Members
Cincinnati Stock Exchange
v
New York Stock Exchange
dixie
Paper Prod com—___ 1
85 N
IN
2
Detroit Steel Corp com..5
il
2CincinnatiJListedgand[UnlistedISecurities*
7
800
IN
500
3N
240
2N
884
103
103
3
3N
84c
80c
1,533
Apr
3N
2N
3N
400
3N
May
2N
2N
2N
2N
100
2N
Apr
75c
75c
com.....1
100
550
2N
May
Mar
65c
Jan
Jan
Jan
Jan
Jan
Jan
Ohio Listed and Unlisted Security
Members Cleveland Stock Exchange
Wm.Cavalier&Co.
MEMBERS
GILL I SiJWOODcfe
New York Stock
Lom Angeles
Union Commerce
Building, Cleveland
Telephone: CHerry 5050
A
T.
Cleveland Stock
& T. CLEV. 565 &
Stock Exchange
Los
Exchange
San Francisco Stock Exchange
Los Angeles
523 W. 6th St.
566
Chicago Board of Trade
Exchange
Teletype L.A. 290
Angeles Stock Exchange
May 21 to May 27, both inclusive, compiled from official sales lists
Friday
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Price
1
For footnotes see page 3479.
Shares
8
160
11
11
100
14N
14N
10
Low
4N
10
14N
Stocks—
High
Apr
8
Par
May
Mar
12N
Jan
Apr
20N
Jan
Bandlni
for
of Prices
Low
High
—
—
1
1, 1938
Range Since Jan.
Week
Price
Shares
2N
2N
2N
3,300
55c
55c
60c
600
25c
Petroleum Co...1
Berkey & Gay Furn Go.
Warrants—.
Week's Range
Sale
Range Since Jan. 1, 1938
8
11
City Ice & Fuel
Clark Controller
Last
Week
Airway Elect Appl pref. 100
Sales
Friday
Sales
Last
25c
25c
100
Low
2N
May
52 Nc Mar
25c May
High
4
Jan
1.00
Jan
47c
Jan
Financial
3478
Range Since Jan. 1, 1938
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
2%
300
1%
9
0
187
9
Mar
May
May
Mar
-
100
7
41%
100
36
7
7
Broadway Dept Store
41%
41%
Chrysler Corp—...
5
Claude Neon Elec Prods. .*
Consolidated Steel
8%
400
8%
8%
8%
200
8
8%
200
1
27%
Globe Grain & Milling. .25
400
29
500
4%
4%
4%
2,100
60c
52%c
27%
60c
General Motors com.... 10
100
4
4
4
Creameries of Amer vtc-.l
3%
17
100
600
70c
70c
80c
600
1
4c
4c
4c
Alrpl & Motor
A. T. & T. Tel. Pitb-391
BROADWAY. NEW YORK
120
Specialists in Pittsburgh Securities
Jan
95C
Jan
Jan
Jan
Apr
23%
Mar
95c
Apr
12c
Pittsburgh Stock Exchange
Feb
30%
Apr
65c
4,172
Klnner
4%
37%
May
.
PITTSBURGH, PA
BLDG.,
Tel. Court-6800
Jan
Mar
25
BANK
UNION
Jan
10
Mar
17
26%
Apr
10%
Mar
3%
17
25
Holly Development Co.1
8
Apr
25%
17
Feb
Jan
62%
8% May
52%e May
25
Goodyear Tire & Rubber. *
Hancock Oil Co A corn—*
10
Mar
8
8%
8%
H. S. EDWARDS & CO.
Mar
2%
Mar
6%
7%
8
*
pref---*
Exeter Oil Co A com
High
2%
9
pref. 100
Consolidated Oil Corp
Low
Shares
2%
Bolsa-Chlca Oil A com. .10
Brock & Co 7% 2d
May 28, 1938
Sales
Friday
Stock* (.Concluded)
Chronicle
2c May'
May 21 to May 27, both inclusive,
compiled from official sales lists
'
Sales
Friday
Last
11c
Los Ang Investment
Co.
Menasco Mfg
lie
9%
9%
10c
12,872
200
Apr
Mar
5%
18c
10%
Jan
2%
500
2
Jan
3%
3%
Mat
4%
Feb
80c
1,100
80c
Mar
1%
Jan
10c
10c
10c
2,000
6c May
15c
Jan
1
20c
2(Jc
20c
200
Apr
30c
Jan
-I
77%c May
3%
1
,
19c
77 %c
77% c
90c
1,100
1.20
Jan
*
5%
5%
5%
100
5
Jan
7%
Mar
Pacific Distillers Inc..... 1
35c
35c
35c
100
30c
Mar
49c
Jan
Pacific Finance Corp com 10
10%
10%
10%
500
9%
Mar
10
9%
9%
100
9
29%
29%
9%
29%
400
28
Mar
21
21
21%
18%
104%
Jan
-——-
Pacific Clay Products
Preferred C
Pacific C & E 6% 1st
pf.25
Pacific Indemnity Co.-.10
*
Pacific Public Serv com..*
5%
Puget Sound P & Timber. *
102% 104
5%
5%
102%
4
Pacific Lighting $6 pref.
-
-
4
Ryan Aeronautical Co..-1
4
4
4%
•
Jan
14%
9% May
29% May
Jan
23
1,100
30
101%
Mar
Mar
100
4%
Mar
5%
May
100
4
May
7%
Feb
700
5%
Jan
Feb
Fort Pitt Brewing..
Hoppers Gas & Coke
Lone Star Gas Corp
3
Mar
1,900
17c
Mar
26c May
5
Mar
7%
Jan
Phoenix Oil
2%
2%
100
2%
Apr
3%.
Jan
1.10
1.10
400
1.05
Mar
1%
Jan
153
2
1.25
109
4%
2%
23%
18
1,800
25%
25%
18
18
20
200
800
Apr
Nat
High
19%
Mat
Jan
20%
20%
21%
25
38
38
38
Jan
38
27
27
27%
200
25%
Apr
27%
Feb
25%
25%
25%
300
23%
Apr
25%
30%
15
6%
Mar
11%
1%
Jan
9%
Jan
17
May
5
120
10%
50c
Mar
385
1,600
V
Jan
Jan
23
Jan
17
Mar
20
Feb
8
Apr
14
Jan
11
Jan
20%
10
7
75C
5
Feb
96
>--:91
Mar
70c
200
Apr
105
Jan
Mar
9
Jan
Apr
1%
Feb
Apr
6%
Jan
3%
Jan
823
1
6%
100
90c
80c
Jan
5
695
1%
1%
314
1%
2c
2e
500
2c
May
53
5C
5C
500
5c
Feb
7c
Jan
100
Mar
25%
Feb
455
19%
4%
205
56
9%
90%
Jan
4%
«.
m,
21
lim-fi~
21
5%
5%
'mi
66%
4%
75
Mar
Mar :/•
Apr
4%
May
9
20
15%
Mar
20
20
75c
5%
1,485
17%
17%
90c
__5
4%
90c
Jan
Jan
Jan
•
Mar
Jan
1%
May
1
90c
1
Co
2%
18%
2%
18%
2%
725
1%
Apr
19%
609
27%
Jan
69%
76%
270
15%
62%
Mar
69%
Mar
107%
Jan
Apr
112
Jan
Mar
3
Jan
Feb
Original pref
5%% pref C
.—.25
So Calif Gas 6% pref A. .25
25
400
35
.<
24%
Mar
50
1
1
5
Renner
Jan
15
269
100%
7%
7%
66%
Apr
39
Mar
6%
100
Pittsburgh Screw & Bolt..*
Plymouth Oil Co.
Mar
10%
'
Pittsburgh Plate Glass..25
27%
Mar
May
24%
21%
7
4% May
Jan
Jan
21%
115
60c
75c
7
Pittsburgh Brewing pref..*
29
Mar
395
10%
25c
.1
11%
17
Fireproofing Corp...5
common
185
14%
28%
11%
7%
50c
5%
2.00 May
Mar
....25
So Calif Edison Co Ltd. .25
6% pref B.
Low
Shares
5%
21%
50c
*
Preferred
26
7%
McKinney Mfg Co
*
Mountain Fuel Supply.. 10
2,500
2
7%
pf.100
26c
4%
10%
1
5%
2
10%
10
Devonian Oil
25c
4%
27
^
Ducfuesne Brewing Co—5
Follansbee Bros pref... 100
Pittsburgh Forging Co___l
com.....*
6% preferred
.10
Security Co units ben int..
Signal Oil & Gas Co A
*
13
..10
Copperweld Steel
1.10
<
13
B.yers (A M) common,...*
Carnegie Metals Co
1
Columbia Gas & Electric.*
5
_
Richfield Oil Corp corn—*
Roberts Public Markets..2
Samson Corp B
Range Since Jan. 1, 1938
for
Week
i
Price
Par
Allegheny Steel common.*
Armstrong Cork Co
*
Blaw-Knox Co.
5%
2%
Republic Petroleum com.l ;■'# 4
26c
1
Rice Ranch Oil Co......
'
Stocks—
of Prices
Low
High
Range
Mar
300
2%
3%
Nordon Corp Ltd
Occidental Petroleum
Oceanic Oil Co.
Sale
Jan
3%
80c 82%c
2%
Co. 10
-1
industries Inc...2
Los Ang
10c
9%
Co. 10c
Lockheed Aircraft Corp .1
Lincoln Petroleum
Week's
May
Shamrock Oil & Gas
West inghouse A lr B rake.
*
.
Westingh'se Elec & Mfg.50
28%
Apr
100
10%
10%
11%
500
9%
Mar
21%
Jan
Lone Star Gas 6 % %
Standard Oil Co of Calif..*
26%
26%
27
300
25%
Mar
33%
Jan
Pennroad Corp vtc
-1
.2
2%
2%
2%
100
2%
Mar
3%
8%
9%
1,300
8%
Mar
12%
Jan
Union Oil of Calif.......25
17%
17%
18%
1,000
17%
Mar
21%
Van de Kamp's Bakers...*
5%
5%
5%
100
5%
Mar
6
Wellington Oil Co of Del.
1
Western Air Exp rights... 1
4%
4%
4%
100
4
Mar
6%
Jan
12c
7c
15c
5,230
5c May
30c
Apr
Yosernlte Ptld Cement pf 10
3
May
3%
Jan
Jan
Jan
9
4
Southern Pacific Co
Sunray Oil Corp..
Transamerica Corp....
-
.
29%
29%
29%
100
3
3
Jan
Unlisted
1
^
m,
1%
m,
108
100
110
110
pf.100
40
1%
1%
Feb
May
ST. LOUIS MARKETS
I. M. SIMON &CO.
Business Established 1874
Mining—
23c
7,600
12c
Mar
23c May
%c May
2c May
Blk Mammoth Cons M.lOc
22 %C
21c
Calumet Gold Mines. ..10c
1c
%c
1
10c
10c
10c
1,400
10c
Mar
22c
Jan
Mld-Western and Southern Securities
Imperial Development-25c
2c
2c
2c
10,000
lc
Mar
3c
Apr
MEMBERS
1
25c
25c
25c
300
20c
Mar
..1
4c
4c
4c
1,000
3c
Mar
Cardinal Gold
Tom Reed Gold..
Zenda Gold
lc 108,000
Enquiries Incited
25c May
all
York Curb (Associate)
New
Exchange
Stock
York
New
Jan
9c
on
Chicago Board of Trade
St. Louis Stock Exchange
Chicago Stock Exchange
Unlisted—• '
600
21% May
1%
Apr
Anaconda Copper
..50
Commonwealth & South..*
21%
21%
25%
1.25
1.25
1.25
100
Curtiss-W right Corp
1
International Tel & Tel...*
4%
4%
4%
100
7%
8%
29%
600
5%
100
27%
*
7%
29%
8%
3%
Paramount Pictures Inc..]
7%
Kennecott Copper.
North American Aviation. 1
Packard Motor Car Co
Radio Corp of America... *
Republic Steel Corp
*
Standard Brands Inc
*
Warner Bros Pictures....5
29%
Jan
9
Jan
6
Mar
10%
3%
100
3%
Mar
5%
Jan
7%
100
6%
Apr
8%
Apr
5%
100
5
Mar
7%
Jan
13
100
13
May
15%
7
7
100
7
May
9%
100
3%
Mar
7%
Jan
•/
,m'!J,'|IU_"L
•
■
1.
'■
Jan
4%
May 21 to May 27, both inclusive, compiled from official
Apr
4%
5;
St. Louis Stock Exchange
Jan
200
5%
...
.
....
..
Last
Sale
Stocks—
PUT
pref-...... 100
American Inv corn
Established
1874
fit Townsend
Members
■
New York Stock
Dr Pepper corn
Philadelphia Stock Exchange
PHILADELPHIA
......
1
Griesedieck-West Br com. *
Huttig (S & D) com
5
Hyde Park Brew com...10
30 Broad Street
International Shoe com... *
Key Co
Philadelphia Stock Exchange
Last
Laclede Steel
Sale
Stocks—
American
Par
Price
Stores __—._*
American Tel & Tel
100
Barber Co
.10
127 %
Co
_*
Budd Wheel Co
Chrysler
High
7
6%
m% 130%
"'~3%
Mar
18%
Feb
Mar
119%
Jan
3%
May
6%
Jan
2%
Mar
5%
Jan
63%
5
42%
286
...50
5%
70
4%
Mar
7%
14%
115
25
21%
Mar
31%
25%
Mar
41%
Feb
3%
50
7%
350
1%
3,098
14%
15%
114% 115%
30%
31
3,209
1%
.
Union
Mar
32%
Feb
100
17%
May
19%
4%
Feb
Mar
Apr
7%
23
Mar
May
40%
12%
50
10%
Mar
31
10
26
Jan
32%
May
2%
23%
Jan
3%
May
300
3%
33%
May
May
60
May
6%
Mar
10
170
27%
Jan
1%
200
7%
50
7%
90
4
60
29
30%
Jan
1
7%
Mar
42
May
276
28%
100
4%
Apr
7
200
6%
May
14%'
10
125
9%
Jan
8
Feb
11
Jan
May
18
Mar
May
13
Jan
Feb
8%
10%
5
Mar
8
95
May
4%
140
..V
100
5%
Let)
Apr
5%
Mar
4
Apr
5%
Mar
Apr
3%
116%
1,115
Jan
7%
May
38
100
38
May
4
40
4%
116% 119
4%
4%
May
103
4%
5%
36
'■■s
3
95
38
Apr
100
7%
7
4%
5%
14
25
65
Feb
12
Jan
6%
10
Apr
May
2
May
6%
14%
40%
Apr
27
50
42
9%
116%
Jan
40%
40
95
4%
Jan
.
285
60
8%
9%
7
21
8%
33%
60
Sterling Alum
1
com
Scullin Steel warrants
40%
Feb
May
123%
Mar
Wagner Electric
15
com
17%
17%
115
4%
May
70
50c
May
610
17%
May
54c
50c
_
20
7%
1.23
27
Jan
Jan
Jan
Jan
10%
Jan
261
35%
Mar
45%
1%
Jan
Exchange, SanFrancisco Stock Exchange, dAcngo Board ofTradt
Exchange (AssoJ, San Francisco Curb Exchange,
San Francisco
Mar
3%
New York Curb
Tacotno
Seattle
Portland
Honolulu Stock Exchange
Honolulu Los Angeles
Beverly Hills Ppsadono Long Beach
New York
Jan
3%
Members: NewYork Stock
private Leased Wires
bonds
Jan
% May
8c Co.
Dean Witter
municipal and corporation
Jan
2
3,353
21%
25
39%
40%
%
50
Preferred.
Jan
116%
1,000
39%
United Gas Impt com
Mar
112
7
21%
...
Jan
6%
1
Traction
Preferred
1%
14%
2%
30%
6%
.*
United Corp common
Jan
Mar
50
.....1
Mining
8%
Feb
25
Paper
6%
Mar
Api
3
Scott
Mar
4%
29%
97
2%
17%
3
420
17%
Tonopah
14%
*
com
Southw Bell Tel pref... 100
May
27%
Feb
Phila Rap Tran 7% pref .50
Salt Dome Oil Corp..
*
com
Securities Inv
20
21
May
1,252
Phila Insulated Wire. .—_*
Philadelphia Traction
Scullin Steel
5
88
27%
7
29
-_-.-100
co
Apr
21
27%
Jan
176
3%
6%
Mar
36
25%
29%
5
1%
*
1st pref.
109
Jan
Nat Power & Light..._..*
Phila Elec Power pref
Jan
12%
27
Phila Elec of Pa $5 pref..*
Jan
149%
114%
27%
50
11%
Mar
155
23%
RR.
Mar
111%
455
23 %
Pennsylvania
6%
859
209
General
Pennroad Corp v t C.....1
Natl Candy com
May
42
Mo Port Cement com...25
Scruggs-V-B Inc
15%
Elec Storage Battery... 100
Lehigh Valley.
7%
Rlce-Stix Dry Goods com. *
High
233
3%
Curtis Pub Co common..*
...10
Low
117%
4%
3%
...5
Motors
Week
Shares
13%
*
Corp...
Range Since Jan. 1, 1938
for
ne%
13%
Bell Tel Co of Pa pref-.lOO
Budd (E G) Mfg
of Prices
Low
20
com
105
1%
Midwest Pipe & Sply com *
Sales
Week's Range
40%
Laclede-Christy C Pr com *
May 21 to May 27, both inclusive, compiled from official sales lists
Friday
.
8%
6%
com.
55
32
32
Hamilton-Brown Sh com.*
YORK
NEW
1513 Walnut Street
*
Falstaff Brew com
105
3%
Emerson Electric pref.. 100
Exchange
High
Low
Shares
12%
5
com
High
31
Coca-Cola Bottling com..l
Columbia Brew
Week
of Prices
Low
Range Since Jan. 1, 1938
for
20%
27%
1
_
Week's Range
105
*
*
Burkart Mfg com
"
...
_
Brown Shoe com
Price
sales list
Sale*
Friday
A S Aloe Co
DeHaven
St., St. Louis, Mo.
Telephone Central 3350
May
41
8%
13
7
May
5%
7%
5%
315 North Fourth
Jan
36%
1%
Mar
Mar
Mar
8%
3%
13
4%
3%
*
4%
900
2%
3
661
*
9%
*
105%
Westmoreland Inc
1%
Jan
3%
28%
997
1%
Mar
28%
3%
*
61
22%
Mar
9%
10%
5,962
8%
Mar
105% 106%
9%
9%
232
99%
Mar
25
6%
Apr
2%
27% May
32% May
11%
Jan
106% May
10%
Oakland
Sacramento
San
Stockton
Fresno
Francisco Stock
May 21 to May 27, both inclusive,
Sales
Friday
Last
Stocks—
Par
Week's Range
Sale
Jan
of Prices
Price
Exchange
compiled from official sales lists
Low
High
for
Range Since Jan. 1, 1938
Week
Shares
High
Low
Bonds—
Elec & Peoples tr ctfs 4s '45
Lehigh
Valley 4s
1948
For footnotes see page 3479.
6%
64
7
$4,000
64
1,000
5%
64
Apr
7
Jan
.10
9%
9%
May
72
Mar
.10
3%
3%
9%
3%
165
9
155
2%
Mar
13%
Feb
Jan
4%
Apr
Volume
Financial
146
(Continued.)
Week's Range
of Prices
Low
Price
Par
High
7%
800
4%
4%
Jan
171
Utah-Idaho Sugar com...5
1
1
Wailuku Sugar Co._....20
18
18
Mar
5%
5
20
20
18
18
18
105
17
Mar
21
Jan
20
20
20
20
19%
Mar
20%
Calaveras Cement pref-100
20
45
Warner Bros Pictures
Jan
Bishop Oil Corp.
-
Calamba Sugar com
Preferred
May
Apr
50
45
45
45
*
11%
11%
11%
10
Jan
11%
May
Mining
1
Calif Packing Corp com..*
20c
20c
25c
200
20c May
38c
Jan
242
Mar
Calif Art Tile A...
Calif-Engels
Carson Hill Gold
20%
48
48
40
45%
Apr
50
Jan
90 %
30c
90%
90%
20
87
Apr
97
Jan
30c
30c
100
37 %
Caterpillar Tractor com. . *
Preferred
--.100
20
48
37%
40%
681
104 %
Di Giorgio
52%
99%
Mai
102%
Jan
2.35
1.90
5,050
210
Mar
2.35
6%
Mar
8%
Apr
106%
Apr
104
8%
16
104
22%
4
4
101
22% May
568
23%
9%
20%
20%
Jan
Union
Jan
Mar
18%
Jan
Mar
14%
Jan
10%
365
9%
30%
70
26%
Mar
34%
Jan
10
32%
May
46%
Feb
10
Co. .25
com.—2%
Galland Merc Laundry—*
34%
34
34%
70
33
Mar
36
75
75
75%
159
62
Mar
76
1.65
125
1.25
1:65
1.65
20%
7%
20%
20%
7%
26%
28%
7
Mar
Apr
25%
Apr
6
1,019
6%
6%
6% ?!
6%
3%
3%
—
Jan
2%
Mar
8%
Apr
290
26%
Jan
Mar
19
120
7%
25%
Mar
38
9
Jan
445
6%
7%
295
Apr
1,614
6% MayApr
2%
9
3%
4%
Apr
29%
20%
21%
908
67c
67c
75c
1,100
35%
35%
10
32%
Apr
Honolulu Oil Corp cap.—*
16
16
16%
470
13%
Mar
19
1.00
110
21
21
1.00
1.00
_.-10
L-dorf Utd Bk A unstpd—*
_
13%
13%
Jan
Jan
14% May
Apr
Apr
6
May
36%
130
35% May
39
May
17
17%
531
13
5%
Mar
18%
Mar
9%
9%
9%
1,300
5%
Mar
10%
Jan
62c
62c
65c
686
50c
Jan
1.13
Jan
9
11
8
8
AA_*
Oliver Utd Filters A
*
B.
---*
Pacific Coast Aggregates 10
Pacific Gas & Elec com. .25
5
North Amer Invest co.
.
preferred..
O'Connor Moffatt cl
1,857
10%
19
12
12%
200
5
5%
19%
19%
150
5%
5%
610
Mar
13
more
"In
general
a
said
23.
it is estimated on the basis of the gov¬
way,
14%
Jan
Mar
9%
Jan
ernment's official figures that the current
Mar
10%
Jan
not more
40
17
-
Jan
Mar
13%
Jan
May
10%
Jan
Apr
9%
•
19% May
Mar
15
6%
3% May
Jan
business level is
8% below the level which prevailed in the
than
In part, it continued:
period in 1937," the bank stated.
same
effect
The
industries
marked
has
been
felt
in general commercial activity and
mostly
depending
immediately
thereon,
against
as
which
has
the
been
industries, continuing expansion in
various phases of mining, and the stimulating effect of highly favorable
crop prospects with which the spring season has opened throughout the
2.05
Jan
28%
Jan
Mar
30%
Jan
27
27
186
25%
Mar
28
36
36
356
32%
Mar
40
99
Mar
105
Mar
1,816
3%
Mar
6
Jan
exports
842
13%
Mar
17%
Jan
below
activity
in
heavy
certain
Jan
149
486
103% 104
5
5%
15%
17
97
Jan
Jan
120
31%
87%
Apr
119%
Jan
10
136
29%
29%
1.40
131%
Apr
137
Feb
1.065
100
29%
Mar
42
Jan
31% May
35
Jan
31%
31%
31%
230
2
2
2
100
1%
Feb
2%
Jan
*
5%
5%
5%
215
5
Jan
6%
Feb
1
8
8
9%
8
May
25
Jan
17%
Mar
29%
Jan
2%
Mar
5%
Jan
Pig'n Whistle pref
18%
18%
19%
1,357
1,167
4%
4%
4%
455
10%
5
Jan
11%
555
9%
Mar
5%
10%
5%
—
2,008
4%
111
Mar
Mar
119
May
18
May
26
Apr
118
118
118
30
18
18
18
285
14%
7%
Jan
Dominion.
•
that
is
newsprint
of
The
capacity.
•
industries which
Among the basic
total
suffering from a curtailment of
which is operating at much
Canada's general export trade in
are
manufacture,
value
of
April was $56,253,000, as compared with $75,112,000 in March and $60,907,000 in April, 1937.
Such a decline means a loss of purchasing power
in many areas and affects the demand for foodstuffs and manufactured
However, the volume of retail trade is well maintained, and
although sales of seasonal clothing were delayed by the prevalence of cold
goods.
weather in April,
it
better than in March and just below the level for
was
A rather encouraging feature of the general business situation
is found in a 3% increase in department store sales during the month of
April, 1937.
April
compared with April of last year, this increase being 20% over
recorded for the month of March.
This improvement, however,
as
the
sales
has
to
11%
Mar
23
Jan
170
60
Mar
83
Feb
done
30%
30
28
Jan
30%
Jan
2,407
Mar
22%
be considered
four in
11%
the fact that the Easter business was
the light of
in
Jan
Mar
12%
12%
74%
74%
76
A—25
30%
29%
Southern Pacific Co—100
10%
10
1,319
13%
100
So Cal Gas pref ser
April Continued
Quarter Reports
Mar
Mar
136
_.
First
of
7%
7%
27
97
Signal Oil & Gas Co A—*
Soundview Pulp com
5
Pace
8%
23
5
*
pref. 100
Slow
at
the Bank of Montreal in its "Business Summary" of May
1,557
1.75
136
Richfield Oil Corp com.
-
the disturbed economic conditions in the United States,
1,261
103%
■S
(bank debits and industrial production)
■
leisurely movement which characterized busi¬
compared with the
same
period a year ago, has continued during the past
month, the principal cause being reaction in sympathy with
26%
Preferred.......... 100
25
■-
in the first quarter of the year, as
ness
36
Republic Petroleum com.l
Rheem Manufacturing—.1
index, with
Bank of Montreal
The
29%
1.60
Pacific Tel & Tel com —100
Rayonier Incorp com
Preferred.
•
Move
to
27
Phillips Petroleum cap.-.*
The bank's
Francisco.
San
Canadian Business Conditions During
25%
15%
R E & R Co Ltd co
declined.
29%
1.60
*
Co.,
while the other two
29%
preferred—
April from
decline of the past few months, according to the
Outlook" of the Wells Fargo Bank &
"Business
Trust
25%
5%% 1st pref
Corp com—*
S6 div_„
*
Pac Pub Ser non-v com..*
San J L & P 7% pr
:
160
•
5%
Pacific Light
Paraffine Cos co.mon
20
19
19%
25
25
6% 1st pref
120
8
9%
9%
100 V 19
12%
100
Natomas Co.
410
11%
Jan
8
105
9
9
11
.10
*
Preferred..
3%
2%
*
Meier & Frank Co Inc.
1st
630
V
1.50
Apr
17
(I) Magnin Co com..
March Calcul MachA—5
,
12
605
6
88c
Corp.. 1
Lockheed Aircraft
Magnavox Co Ltd
6%
14
•
Mar
35%
6
LeTourneau (R G) Inc—1
Ex-rlghta.
75c May
67c May
35%
*
B
Preferred
y
100, stood at the beginning of May at 91.9,
as
compared with 92.4 a month earlier and 112.5 a year
earlier.
Comparing April business with that of March,
statistical increases were registered by two factors of the
index
(department store sales and freight car loadings),
Jan
36
Hunt Bros com._
Ex-dlvldend.
1923-25 equaling
Jan
35%
Ltd—*
x
Jan
Mar
Holly Development.... —
Home F & M Ins Co cap. 10
Hawaiian Pine Co
the steep
18%
30
32%
Gladding-McBean & Co — *
Golden State Co Ltd...
*
6 Ex-stock dividend.
Endorsed.
Francisco
Jan
4%
10%
10
General Paint Corp com..*
Pay
California business activity leveled off during
73
32%
General Motors com
to
12
30%
cap...2%
Jan
Activity Leveled Off During April
Sharp Decline of Previous Months, According
Wells Fargo Bank & Union Trust Co., San
Mar
7%
10%
Metals
Jan
May
7%
from
Mar
Mar
3%
300
SO%
General
19
California Business
56
3,481
66%
Jan
33
32%
_
Mar
t In default.
current
560
4
8%
63%
20%
Foster & Kleiser
Dlv.
Listed,
May
■
8%
Fireman's Fund Ins
May
4
1%
Mar
18
100
Jan
20
Fireman's Fund Indera.
Liq
Cash sale—Not Included in r* nge for year.
2
Jan
1.65
Preferred (ww)...-._50
Ewa Plantation cap
1
110
4%
r
Mar
1.65
64 %
Emporium Capwell Corp. *
2nd
Jan
70
22%
Fruit pref... 100
Mar
8,700
8%
-
30
2.00
8%
104
500
1%
19
4%
4%
No par value
«
Jan
2.00
-1
*
Coast Cos G <k E 1st pf. 100
Consol Chem Ind A
_*
Creameries of Amer v t C—1
Crown Zellerbach com—5
Preferred
*
_
30c
1.90
1.90
2.00
Preferred
Apr
15c
104% 104%
Central Eureka Mining.-.1
Claude Neon E P (Del)..
15%
•
5
High
Low
Shares
Jan
24
20
50
preflOO
—1
Preferred.
Calif Water Service
Price
Par
Jan
190
Mar
3%
1,100
(Concluded)
1938
Week
May
10
Mar
4%
20
185
4%
Stocks
High
Low
Shares
8%
185
185
Bank of California N A. .80
for
of Prices
Low
High
Week
Engine..5
Range Since Jan. 1,
Week's Range
Sale
for
Sale
Last
1,1983
Range Since Jan.
Last
Stocks
Sales
Friday
Sales
Friday
Atlas Imp Diesel
3479
Chronicle
9%
B_*
25c
25c
117
13c
Jan
28c
Standard Oil Co of Calif-*
26%
26
26%
2,353
25%
Mar
33%
17
17
17
13
Mar
19%
70c
70c
1.20
Jan
Tidewater Ass'd Oil com 10
11%
11%
2
8%
1
Union Oil Co of Calif—.25
65c
7%
65c
17%
17%
18%
—25
12%
12%
12%
5
7%
7%
8%
year
that
and
there
wore-
five ?*teffiiays as against
April, 1937.
Mar
70c
this
April
Jan
Super Mold Corp cap—10
Texas Consolidated Oil —1
in
So Pac Golden Gate Co
Traasamerica Corp
Treadwell Yukon Ltd
Union Sugar com
United Air Lines Corp..
—
25c
Universal Consol Oil—1
9%
9%
1
2.75
2.75
Victor Equip Co com..
Preferred....
—
Agricultural—20
Western Pipe & Steel Co. 10
Yellow Checker Cab serl 50
Waialua
300
70c
Mar
11%
898
10%
Mar
15%
6,006
Mar
12%
Jan
71c
556
45c
Feb
81c May
1,079
17%
Mar
21%
Feb
200
9%
Mar
22%
5%
Mar
—The 13th annual field day of the Bond
be held
9% May
10
830
100
2%
Mar
11%
4%
Mar
2.75
150
6
May
10%
Jan
40
25
May
41%
22%
Jan
Jan
32
Feb
25%
20
20
20
365
22
22
22
50
6%
14%
22
Jan
Mar
May
Lake,
Welch
June
Saturday,
Jan
439
25
25%
8
Amer Toll
Copper
50
Anglo Nat Corp A com...*
Argonaut Mining...——5
Atlas Corp com
—5
Aviation Corp of Del
3
Bancamerica-Blair Corp—1
Berkey <fe Gay Furn Co—1
Bunker Hill 6c Suliivan2.50
..10
Calwa Co com
127
50c
Bridge (Del) —1
Anaconda
127
Roob of Selected Investments Co., Secretary, and
J. Cavanaugh of Fuller, Cruttenden & Co., Treasurer.
President; Edward A.
Audran
Jan
110
50c
52c
21
149%
Jan
Mar
70c
Jan
11%
785
11%
21
May
36
Jan
32
25%
11%
3 ■'
Apr
46c
11
Apr
17
Jan
200
22
■::'■■■
111%
2,100
129%
2
Mar
4%
Jan
3
6%
■v-
4
6%
100
6%
May
8%
Jan
3%
3%
100
3%
May
4%
—Paul
&
Augustus
Williamson
Inc., announces that Joseph
Co.,
4%
673
3
Mar
5%
%
1,000
%
%
11
11
1.10
1.10
1
% May
Jan
Mar
Sanders,
T. Yeckley will represent them in Altoona and Howard
York Stock Exchange, announce the
790 Broad St., Newark, N. J. under the
management of Archie Josephson, who will specialize in the shares of New
Jersey Building & Loan Associations and conduct a general brokerage
opening of a branch office at
business in stocks, bonds and
commodities.
—Announcement is made that Hume
three years Mr.
17%
Jan
1,10 May
1.50
Jan
and for 17 years
Jan
2%
Jan
Jan
10%
716
1%
50c
50c
50c
100
28c
Jan
*
8%
8%
8%
550
7%
Mar
Continental Oil Co (Del).5
24%
24%
24%
100
May
Curtiss-Wright Corp.
1
Electric Bond & Share.—5
General Electric Co—_..*
4%
395
24%
3%
Jan
tax collections
7%
400
5%
Mar
9%
Jan
municipalities of the State as of Dec. 31,
34%
34%
34%
305
May
40%
Mar
*
60
60
60
50
34%
44%
20
22
22
22
100
2,639
Consolidated Oil Corp.
.
—
_.
—
Great West El Chem com.
Preferred...
-
—:.
—
-
1%
1%
4%
4%
7
7
1%
Inc.,
previously was with Thompson Ross & Co. and predecessor
*
Claude Neon Lights com.l
Coen Cos Inc A com
For the past
Young was associated with Haskell, Scott & Jennings,
companies.
.50c
C. Young has become associated
Co., 208 South La Salle St., Chicago.
with Webber, Darch &
100
1.10
them in Williamsport, Pa.
—Sprayregen & Co., members New
Mar
300
11
F. Euler, Irad M. Lewis,
Frank Sindoni, Herbert P. Spragge and Horton
have become associated with them in their Philadelphia office
B.
and that William
Jan
4
6%
3%
3
Crystal
Edward H. Welch, of McGuire,
B. Oldershaw of Blyth & Co., Inc., Vice-
President; Hal
Co.,
&
Traders Club of Chicago will
11, at the Crystal Lake Country Club,
Officers of the club are:
Illinois.
R. Baldwin Jr. will represent
UnlistedAmerican Tel & Tel Co. 100
NOTICES
CURRENT
Jan
9%
6
6
6
..5
——
335
21
4.95
Jan
9%
25% May
Mar
5%
Mar
60
May
Mar
22
May
7.00 May
Mar
Idaho-Maryland Mines..1
Intl Tel & Tel Co com....*
6%
6%
7
8
8
8%
690
1
26c
26c
30c
1,102
1
1.75
1.75
1.90
985
1.50
Mar
3.20
28%
28%
28%
215
28%
May
39%
Feb
16c
16c
17c
4,600
15c
Mar
38c
4%c
3,590
9%c
Jan
New York, have prepared
legislation which contains a record of
statement of the current finances of the counties and
and a
1937.
S. L. Zander and
Co., Inc., have become
associated with the investment banking firm of Amott, Baker & Co., Inc.
—Albert Fried & Co., 120 Broadway, New York City, have prepared a
—J.
O.
Charles
Jan
3%c
Ingen & Co., Inc., 57 William St.,
detailed study of New Jersey bond
Parisette, J.
H. Stover, 3rd, E. R. Grauer,
all formerly of Lord, Abbett &
Trinka,
Jan
com—*
M J & M & M Cons..
1
Mountain City Copper. 5c
North American Aviation. 1
Nor A merican Co com
*
Oahu Sugar Co Ltd cap.20
Onomea Sugar Co-- ——20
Packard Motor Co com..*
Pioneer Mill Co
20
Radio Corp of America..*
Riverside Cement Co A..*
So Cal Ed Ltd co
.25
—B. J. Van
a
Italo Pet of Amer com
Preferred
Kennecott Copper
—.
Studebaker Corp com..—1
U S Petroleum Co..
1
United States Steel
com..*
3%c
6
Feb
9% May
26c May
50c
3%c May
8%
8%
120
6%
Mar
17%
-100
16%
Apr
20%
17%
19%
20%
310
19%
22
22
22
May
May
8%
17%
3%
12
5%
5
20%
4
95c
40%
V
3%
12
5%
5
20%
4
95c
40
10
150
3%
15
12
5%
5
20%
4
'
1,165
40
323
310
95c
200
40%
620
22
3%
11
4%
5
19%
4
75c
40
Mar
May
Mar
Apr
..
Jan
Jan
9%
17% May
35
Jan
5%
20
7%
—Ern&st
7%
May
7
Jan
Mar
1.55
60%
Jan
2
r,:" "
'
Radio-Keith-
Bank of Montreal, 64
in
London,
Wall St., New York, has.available
Canada.
of the Provinces of
Corp. announces that it has moved
Wall St., New York City.
—George H. O'Neill is now associated with
new
with Baker, Weeks &
of .their London office, 6 Loth bury,
V-:•
'■
"C*~
—First Continental Securities
into
quarters at 60
Penington, Colket & Wisner
their bond department.
Eric Etherington
Jan
May
c
for distribution road maps
Feb
24
Mar
Boissevain has become associated
—The Agency,
Jan
Mar
W.
Harden, as assistant manager
e
Jan
Jan
of reorganization of the
Orpheum Corp.
Jan
35
memorandum on the amended plan
their sales
has become associated
department.
with B. W. Pizzini & Co. in
3480
Financial
Chronicle
May 28, 1938
nil
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, May 27
Province ol Alberta—
Bid
5s
Jan
1 1948
4*s
Oct
1 1956
Ask.
Province of Ontario—
48*
5s-.
Oct
47
6s
Sept
5b
May
1 1959
98*
99*
4s
June
1 1962
Prov of British Columbia—
5s
July
4 Ms
Oct
Bid
/46*
/45
12 1949
93
1 1953
94 *
4Mb
1
1942
Stocks (Concluded)
95
91*
4
Mar
2 1950
109
Ottawa Electric
99
4s.
Feb
1 1958
108*
109
4Mb
May
1 1961
109*
110*
Province of Quebec—
Prov of New Brunswick—
4Mb
4Mb
Apr
15 1961
Province of Nova Scotia—
103* 104*
Sept
1 1960
115* 117
June 15 1943
5Mb
4Mb
107* 108*
15 1952
Mar
Nov
72
2
5
11
11
12
245
10
11*
775
15 *
15*
40
*
70
72
4Mb
5s
July
1 1944
101
15 1944
79%
94*
5
20
5
Mar
30
14
May
40
95
Feb
3
*
50
3
3M
2,480
11
12*
425
31
32
740
24
19
19M
727
13
13
19
11M
11M
11M
63
65
......25
60 M
Tuckett Tobacco pref..100
United Steel Corp.
"T*
Preferred
Sept
1 1946
95
96
Dec
1
1954
97*
4Ms
July
1 1960
91*
98*
92*
Western Grocers pref. .100
Dominion Government Guaranteed Bonds
Ask
Bid
Sept
June 15 1955
1 1951
4Mb
Feb
1 1956
4Mb
July
1 1957
5s
July
1 1969
5s
Oct
1 1969
5s
Feb
1 1970
6 Ms
July
Ask
123* 124*
Jan
1
1962
.......
_
...
3s..
Jan
1 1962
97*
Associated Breweries
for
7*
(N) Grain
Low
High
3*
20*
13*
Bawlf
3*
20*
13*
98 *
109* 109*
7*
7*
Low
12
Jar
13*
55
11*
A pi
13*
It
163
165
276
10
10
10*
British Col Power Corp A. *
29
29
29
3
3
46
46
46
Preferred
100
8*
90
Mar
10*
2.25
1,915
7*
Mar
12*
Jan
25
27*
Apr
33*
160
55
2*
38
786
Mar
Apr
Mar
7*
4
12*
81
89
Apr
110
12
50
12
May
12
May
17*
20
17*
Mar
19*
Jan
3*
Jan
10*
12
Jan
35
35
37
105
30
Mar
40
Feb
11*
26*
11
11*
2,030
Mar
12*
26
27*
1,660
18*
Mar
26
Apr
Apr
10*
11
275
10*
May
20
Jan
Apr
106
Jan
Mar
67
May
Preferred
100
55
97
63
1
65
3
370
2*
Mar
4*
Jan
3
310
1.50
Mar
4
Jan
2*
2*
2*
7
7*
275
6
Mar
10*
Mar
5*
5*
5*
6,818
5
Mar
8*
Jan
8
8
8
6*
Mar
Jan
Jan
13*
100
*
25
Dominion Glass
100
63
*
Preferred
48
13
70*
27*
18*
27*
18*
98
98
98
148
148
Preferred
100
Dominion Textile
*
Preferred
Paper
6*
Electrolux Corp
11
Mar
15*
Jan
20
70
Apr
75
Jan
465
320
26
Jan
98
Mar
108
Jan
145
Feb
150
May
9
Mar
6*
250
74
6
116
145
145
10
5
5
165
13*
Jan
45
58
13*
Mar
32*
180
74
100
16
Mar
2,405
58
100
21
11*
58
100
*
1,175
"74"
•___*
East Kootenay Power
Mar
70*
29*
18*
148
10*
47
11*
64*
2,165
100
10*
80
54*
13*
..100
Dominion Steel & Coal B 25
Dom Tar <fc Chemical
*
7*
"2*
50*
100
13*
25
16*
Jan
4*
Mar
10
Jan
80*
Mar
84
Feb
58
May
70
Jan
144*
May
150
Feb
4
Mar
100
May
8*
100
Jan
May
*
Preferred
General Steel Wares
45
11*
Mar
15
11
11
11
100
8*
Mar
10*
Foundation Co of Can
Gatineau
10
10*
1,489
7*
Mar
15*
10*
84*
5*
84*
157
75
Mar
85
5*
405
5
Mar
59
60
80
45
Mar
70
Mar
53*
6*
4*
5*
53*
6*
30
53
Mar
56
Feb
35
36
13*
14
100
*
Preferred
100
'""5*
60
Goodyear T pref lnc 1927 50
Gurd (Charles)
*
Gypsum Lime & Alabas..*
Bridge
~~6*
4*
5*
Preferred
100
Holllnger Gold Mines
5
Howard Smith Paper
Preferred
"l4"
*
60
5
Mar
5
510
4
Mar
5*
165
5
Mar
50
35
Apr
1,305
12*
12*
91
91
35
*
23
23
25
185
Imperial Oil Ltd
*
Imperial Tobacco of Can_5
17
16*
17*
3,227
14
1,072
100
Hudson Bay Mining
Preferred
14
14
£1
7
*
Industrial Accept Corp
Int Nickel of Canada
24
24
41*
45*
*
42*
Intl Bronze Powder pref.25
Internat Pet Co Ltd
*
"26*
7*
260
11*
10*
Mar
Mar
8*
7*
8*
8*
53
14*
16
Feb
Mar
Jan
May
7*
Feb
13*
Feb
Feb
Feb
665
7
60
23
Apr
29*
Jan
7,146
37
Mar
52*
Feb
23*
Mar
31*
74
Jamiaca P S Co Ltd pref 100
Lake of the Woods
*
May
84
130
130
10
130
25
24
Apr
Jan
27
130
Jan
Mar
Feb
Jan
12
12*
191
10*
Mar
16*
Jan
6
6*
630
4*
Mar
7*
Feb
12
"28*
Jan
15
29
*
Jan
Jan
Mar
2,320
Mont L H & P Consol
Jan
98
27
6
Jan
28*
19*
14*
72
12
Mar
Mar
25*
*
May
Mar
25*
26*
*
Jan
20*
71
McColl-Frontenac Oil
Jan
Mar
90
International Power pf.100
Massey-Harris
28*
12*
29*
518
11
Jan
14
Feb
2,374
27
Mar
31
Jan
Montreal Telegraph
40
Montreal Tramways...100
86
84
86
National Breweries
*
38
38
38*
25
42
42
42
205
38
Mar
42
National Steel Car Corp..*
May
39*
39*
41*
670
31
Mar
Noranda Mines
*
May
58*
57*
60*
5,281
42*
63*
*
28
28
29*
148* 148*
1,175
23
Mar
31
Feb
5
150
Mar
150
Mar
Preferred
Ogllvie Flour Mills
Preferred-
100
56
56
Mar
8
Jan
Mar
3
1.90
2.00
145
1.25
Mar
2*
Jan
10*
90
Mar
13*
Jan
23
7
Jan
59*
58
Jan
162*
160
Apr
178
205
206
139
197
Mar
208
Jan
296
296
55
296
May
305
Feb
171M 172
39
170
Mar
191*
Jan
.....100
..100
Royal
56
296
100
Jan
60
Feb
Feb
Jan
HANSON BROS Canadian Government
Mu|)jcjpa|
established issi
56
Sparks St., Ottawa
Public Utility and
Montreal
|ndustrjal ^
330 Bay St., Toronto
Montreal Curb Market
May 21
May 27, both inclusive, compiled from official sales lists
to
Friday
25
48
1,089
50
Jan
62
Jan
83
Apr
89
Feb
34*
Apr
41*
Jan
48
Mar
May
Sales
Last
Stocks—
Par
Week's Range
for
Sale
Jan
Mar
25
108
May
1.25
59*
Jan
Mar
new
Mar
7
565
160
Jan
92
*
108
7
7
Jan
52*
7
Locomotive
10
110
Feb
2
100
Jan
46
Jan
483
Dominion Bridge
Dominion Coal pref
Hamilton
166
435
Distill Corp Seagrams
Dryden
Mar
3*
Canadian Pacific Ry_.__25
Cockshutt Plow
*
Con Min & Smelt
147
3*
10*
Preferred 7%
100
Canadian Cottons
100
Canadian Indus Alcohol..*
Class B
*
May
6
Feb
90
17*
*
Jan
158
Mar
53
Apr
3*
Celanese
63
Mar
3
Jan
Mar
10*
Canadian Car & Foundry. *
Preferred
25
Canadian
111
Apr
7
1.15
50
*
Mar
100
Apr
(new).*
Canadian Bronze
Canadian
9*
4.
12
Canada Forgings class A..*
Can Northern Power..
Canada Steamship
Preferred
8*
Mar
109*
180
163
*
54 M
45
230
Apr
Brazilian Tr Lt <fc Power.*
*
Jan
Jan
160
Mar
100
*
13*
69
10M
255 St. James St..
2
15
2
Canada Cement
30
Mar
Mar
163
High
45
2
Building Products A
Jan
10*
11M
56
INCORPORATED
Shares
2
Bruck Silk Mills
Mar
7M
Jan
Jan
160
Range Since Jan. 1, 1938
*
100
Bell Telephone
16
163
Week
Preferred
100
Bathurst Power & Paper A *
Mar
2*
1.90
50
Sales
of Prices
*
10
Jan
Feb
*
100
Exchange
Week's Range
.100
21
100
Nova Scotia...
108M
Sale
Preferred
Mar
Jan
5*
Canadienne
Montreal......
4s
Last
Alberta Pacific Grain A..*
48
2
100
Canada
1 1946
Grand Trunk Pacific Ry-
Friday
Price
17
Apr
Commerce
114* 114*
116* 117*
114* 115*
114
114*
116* 117
119
119*
118* 119*
Montreal Stock
Par
Mar
10
61
Jan
Feb
Feb
Banks—
May 21 to May 27, both inclusive, compiled from official sales lists
Stocks—
Mar
17*
30
4M
110
2*
273
158
4
2
*
Preferred
Canadian Northern Ry—
4Mb
60 M
9*
17 *
7
.....
*
B
8
158
Windsor Hotel pref-.-.100
Winnipeg Electric A
4Mb
8
*
Jan
100
8M
15
63
4Mb
Canadian National Ry—
Feb
12M
A preferred
111* 112*
Bid
Jan
18
98
5
Steel Co of Canada
5s
95*
15
16*
12M
Ask
Bid
102 *
Mar
Mar
Mar
9M
8*
14
98
St Lawrence Paper pref 100
Canadian Pacific Ry—
15 1942
May
12M
Simon (H) & Sons......
Southern Canada Power._*
Ask
78*
Sept
Dec
Mar
125
98
St Lawrence Corp...
70*
1 1951
Railway Bonds
6s
101*
33*
May
125
10*
.*
Jan
May
23
125
Sherwin Williams of Can.*
Canadian Pacific Ry—
4s perpetual debentures.
Apr
27
125
125
High
99
27
Shawlnlgan W & Pow...
Bid
Low
10
Regent Knitting..... _._*
Rolland Paper v t
74M
15 1946
Oct
Range Since Jan. 1, 1938
Shares
Saguenay Power pref—100
Prov of Saskatchewan—
5s
4Mb
5s
High
100* 100*
...100
Quebec Power
106
15 1960
Apr
Ms
Low
Ry...... *
Preferred...
109*
97
Dec
Price
Par
Power Corp of Canada...*
93
90
Aug
June
Week
Price Bros & Co Ltd
1 1941
15 1954
2 1959
4*s
5s
for
of Prices
Ottawa L H & P pref—100
Province of Manitoba—
5s
Week's Range
Sale
ill*
116* 117M
121M 123M
108* 109M
115* 116M
15 1965
Jan
Sales
Last
Ask
111
15 194.3
Exchange
Friday
of Prices
Week
Price
AbltibI Pow & Paper Co..*
6% cum pref
Aluminium
"~13*
*
Asbestos Corp Ltd
Bathurst P & P Ltd B
1.70
Range Since Jan. 1, 1938
Shares
3,547
Low
High
1.00
Mar
2*
*
57*
15
760
9*
Mar
19
Jan
82
20
83*
Apr
90
Apr
57
61
1,869
65*
Feb
3
Brewers & DlstUl of Van. .5
Brit Amer Oil Co Ltd
*
3
3
3*
133
cum pflOO
3*
133
10
5
5
Mar
2*
2*
1,139
133
5
47
Mar
4*
Mar
132
Feb
5*
133
1
5
May
7*
19*
19*
733
17
Mar
21*
13
13
67
10
Jan
14
Calgary Pow 6%
85*
85*
10
85
Apr
85
19*
cum pflOO
Can & Dom Sugar Co
*
Can Nor P 7% cum pf.100
72
Preferred
_
—
*
Can Vickers Ltd
cum pref
105
2*
2*
19
Cndn Light & Pow Co.. 100
Cndn Marconi Co
1
7%
_
73
104
*
14
14
19
14
1.00
*
6
6
32
100
Catelll Food Prods Ltd...:*
„m„^
3
10
39
1.10
135
14*
25
10
May
10
18
Mar
34
May
3* May
6
33
4
30
15c
1.10
685
5*
5,057
5
5
1.60
30
5
Donnacona Paper A
*
4
4
4*
Donnacona Paper B
*
3*
3*
4
Fairchild Aircraft Ltd
5
Fleet Aircraft Ltd
*
6
5*
*
Fraser Companies Ltd
*
«.
■»
M
-
45
1,595
150
3*
Mar
35c
Jan
Mar
1.60
Feb
May
4*
Jan
5
Mar
3*
Mar
6*
Jan
3
Mar
6*
Jan
6*
Apr
3
Mar
8*
Jan
Jan
200
40c
Feb
50c
Feb
325
9
Mar
Feb
987
10
Mar
16*
17*
10
12
Mar
15
Jan
13
65c
75c
657
3*
155
"""70c
16
16
22*
_
22*
70c
9
85
5
70c
100
9
125
55c
1.50
Mar
12*
31
Jan
Mar
23
May
40c
Mar
Mar
17
Jan
Apr
50
Feb
86*
Jan
98
May
46
1.50
May
226
5*
7*
Mar
6*
Mar
15*
Jan
95
Feb
50
32*
97*
56
1.50
1.50
6
9*
9*
25
85*
50
78
15
5
10
100
5
105
105
11
Apr
92
4
5
5
98
A
*
Jan
7
38*
85*
97*
_
Jan
Jan
Mar
2*
6
6
_
1.00
13
97*
*
Mar
Jan
22*
38
Page-Hersey Tubes Ltd..*
Pow ofCan6%cmlst pf 100
Quebec Tel & Pow A
65
357
15c
90c
40c
14
_
*
Reliance Grain Co Ltd
*
Sou Can Pow 6% cm pf 100
Walkerville Brew Ltd
*
100
8*
13
.
Preferred-
Mar
18*
12*
MacLaren Pow & Paper. *
Massey-Har 5% cum pf 100
McColl-F Oil 6% cm pf 100
Melchers Distilleries
Mar
70c
Jan
3
Mitchell (Robt) Co Ltd..*
2
May
Mar
12*
"""65c
*
*
May
25c
4*
14*
12*
*
Mackenzie Air Service
1.60
106
12
Lake Sulphite
Lake St John P&P
Feb
30
105
16*
12
l
Loblaw Groceterias A
8
Jan
40c
..
-
Voting trust ctfs
*
Intl Paints 5% cum pref.20
Intl Utilities B
6*
1.35
16*
•
Ford Motor Co of Can A.*
Foreign Pow Sec Corp
8
Feb
Mar
Mar
15c
*
15
Feb
May
95c
4*
Dominion Stores Ltd
Jan
19
May
May
3
1.00
5
Apr
2*
50
15c
5
110
Jan
Apr
1,020
1.00
Preferred
74
Jan
Mar
Feb
Mar
7*
Commercial Alcohols Ltd. *
1.60
14
Apr
•
1.00
Celtic Knitting Co Ltd
*
City Gas & Electric Ltd..*
Claude Neon Gen Adv
*
25
59*
103
635
Jan
Jan
Feb
British Columbia Packers *
Can Breweries Ltd
Jan
13*
82
~
*
Beauharnois Pow Corp
Belding-Cort 7%
High
1.35
100
Ltd
Tjow
1.00
2*
Mar
4*
99*
Mar
4*
Jan
Feb
Jan
Mar
Jan
May
104*
6
May
Feb
106
Jan
1.40
1.50
355
1.10
Apr
1.60
37*
38*
315
32*
Mar
44*
Jan
18*
18*
35
17*
May
19
Feb
44 *c
45c
3,600
l*c
1.40
Walker-Good & Worts(H) *
$1 cum pref
*
1 *c
1.000
19c
19c
1,800
36c
36c
3,600
35c
Mar
8c
8c
3,000
7c
May
3c
5c
20,000
Jan
Mines—
Aldermac Copper Corp
*
Alexandria Gold
1
Beaufor Gold
1
Big Missouri Mines
1
Bouscadillac Gold Mines. 1
Brazil Gold & Diamond..1
*
No par value.
19c
_
8c
42c
lc
17c
Mar
67c
Mar
3*c
Mar
33c
3c May
57c
13c
8c
Jan
Jan
Feb
Jan
Feb
Feb
i
Volume
Financial
146
3481
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Last
Sale
Stocks
(Concluded)
Price
Pa
Week's Range
of Prices
High
Low
4e
Gold Dredging—
26o
26c
3,820
325
85c
93c
700
5c
4%c
5c
20,000
6%c
6c
7c
5,900
69o
69c
500
Capitol-Rouyn Gold
Cartler-Malartlc G M Ltd
Castle-Trethewey
Mines
-
Central Cadillac G M Ltd
"33c
31c
35c
17,550
Central Patricia Gold
2.40
2.30
2.44
2,100
Consol
25c
*57%
57
100
57 H
25c
Chlbougamau
Dome Mines Ltd
V 605
4c
5,800
4c
24%
May
Apr
10c
560
2%
Mar
100
2%
69c May
Canadian Locomotive. .100
7
7
25
7
May
May
74c
Mar
75c
3.20
20c
Mar
41
47%
Mar
Apr
Mar
6%e2 Jan
1.05
Jan
1.73
Apr
1.96
Mar
3.25
Mar
4.90
Mar
6.95
Jan
28c
Mar
55 He
13c
__
Kirkland Gd Rand Ltd
Kirkland Lake Gold
13c
3,349
10c
10c
233
1.02
J-M Consol Gold (New)
1.02
400
12c
Apr
10c
99c
Mar
46%
Mar
Feb
15 He May
Canadian Wineries
*
2H
Caribou Gold
1
Castle-Trethewey—
CentraliPatricIa
Centr alj Porcupine
1
1
2.36
1
11c
Chemical Research
1
Chromium
*
Mackenzie-Red
M qlntyre-Porcuplne
McVittie-Graham
Jan
199%
Cosmos
1.03
600
80c
Mar
1.10
Apr
Crows Nest Coal
41M
195
35%
Mar
Feb
Dark water..
18c
1,000
16Hc
Jan
Apr
Davies
30%c
Jan
44
21c
80c
Mar
17
1
10c
1,000
8c
Apr
20c
Jan
2.75
Mar
5.40
Jan
Distillers Seagrams
Preferred
Feb
Dome Mines
30c
30c
4,000
2.00
500
1.55
Apr
2.70
Jan
1.37
1.37
1.53
1,000
1.40
Mar
2.65
; Jan
Perron Gold Mines Ltd—
1.25
1.25
1.30
Jan
1.77
Feb
Pickle Crow Gd
4.40
4.45
4.45
2,900
850
1.02
3.90
45c
45c
300
50c
Mar
65c
Jan
Jan
40c
*
Dominion Tar pref
Dorval Slscoe
2,300
1.21
1.21
200
1.21
May
14c
17c
11,600
14c
May
Reward Mining
San Antonio Gold
14%c
Shawkey..
4.30
5.15) Jan
42c
Jan
6HC
Feb
1.48
33c
92c
91 He
1.03
6,700
96c
Mar
Slscoe Gold Mines Ltd
2.15
2.14
2.25
2,685
2.01
May
1.02
1.00
1.15
600
88c
Mar
43c
43c
63c
10,317
48o
May
95c
95c
80o
Mar
20c 22 He
3,500
13,150
5.00
50
25c
25c
7.15
7.30
7,850
900
Sherritt-Gordon
Stadacona (new)
Sullivan Consolidated
"Tic
Thompson Cad
4.95
Ventures Ltd
Wood
Cad......
25c
.....
Wright Hargreaves
19c
Mar
4.75
22c
6.55
Apr
Mar
Mar
1.39
78c
1.23
DominloABank
Mar
1.45
1.50
2,300
102
10
300
1.86
Mar
3.10
45c
1.10
Home Oil Co
Royalite Oil Co
46c
2,700
39Hc
40c
1,100
1.07
1.23
2,570
39 %
39 He
Davies-.....—.........
41 H
610
40o
Jan
Mar
70c
Jan
Feb
65Hc
Mar
to
Sale
Stocks—
Par
Price
6%
*
100
preferred.-
1,370
2%
510
8%
Mar
19%
Jan
5,000
7c
Mar
14c
1%C
Mar
4%c
Mar
18c
Mar
32c
Apr
Apr
3
1
2 Ho
2Hc
900
1
20o
20c
1,000
*
3
3
Alberta Pacific Grain pf 100
21
65
23
„
A P Consolidated Oil
20c
1
2
Amm
40
10%
Jan
2,695
20c
May
Copper
*
40c
40c
45c
25,997
40c
1
21c
27c
77,800
16%c
*
1.44
20 He
1.44
1.50
11,950
Anglo-Can Hold Dev
95c
Mar
Jan
Mar
25
36 %c
70c
May
May
May
Jan
Feb
28%c May
1.65
4.15
Astoria-Rouyn
Augite-Porcupine.Gold. .
.
4,500
15c
Feb
33c
Mar
6c
6c
6Hc
3,500
5c
Mar
10c
Jan
2%c
2%c
2Hc
5,800
1
26 He
26c
29c
11,200
8Ho
8Hc
1,000
Aztec Mining.
50c
Bagamac Mines
-_1
""13c
Cons
1
69Hc
Bank of Canada
50
13c
65c
17c
4,550
72c
10,258
May
Bralorne
Brazil
Mines—
*
*
Traction
13c
Mar
62c
Jan
57 %c
Jan
27c
1.03
60c
*
Burt
(FN)
Calgary & Edmonton
Calmont Oils
25
*
12c
12c
8c
Mar
20c
Jan
14%
14%
5
13%
2,888
11
17%
14%
Feb
13%
1.10
1.10
1.23
5,104
91c
1.47
Apr
15c
15c
500
27c
14,446
1
26c
26c
Sm..*
22 %
22%
Howeyi,Gold
Hudson Bay Mln &
Imperial Oil
Imperial Tobacco
100 "265""
17
*
14
---5
-
Canada Bread
8.80
9.00
1,525
8.00
Mar
9.15
Feb
10 %
2,040
7%
Mar
B__
Preferred-
Canada
lie
2 %C
Mar
6%c May
46
47
Apr
62%
Feb
22c
Jan
3
.Jan
2.30
2.20
31
3H
10
16H
50
50
May
46
Mar
Mar
13
Jan
Apr
108
Jan
31
65
29
Apr
36
Jan
65
3H
10
65
130
135
58
Mar
72
Jan
128
May
150
Jan
Mar
3%
114
2
10
10H
180
6%
162
19H
25
15
105
25
2H
1,737
19H
150
Apr
3%
12
Jan
Jan
May
22
Jan
May
26
May
1.10
Mar
2.40
May
14%
Mar
19%
May
34
157
Mar
4H
4%
20
4
Apr
5%
Feb
17%
17H
17H
125
16
Apr
17%
7 H
7H
7%
185
163
6%
Apr
177
9
Mar
62
5
62
May
70
Apr
16,774
37
3,689
23
Mar
52%
31%
Mar
5
5
May
8%
Jan
50c
Mar
1.00
Jan
Jan
15%c
15c
17c
10,731
13 %o
Cons
45c
46,280
14c
10,237
37c
1
40c
Consol (New stock). 1
12Hc
12c
1
1.43
1.30
90c
1.00
5,900
-1
1.02
1.00
1.07
18,075
1
30c
30c
33c
11,500
Lake Shore
1
50 %
49%
50%
4,323
LakeSuplhite
Lake of Woods
*
3%
50
12
12
*
*
1
Level
Gold
Little Long Lac..
4,800
82c
16c 'May
60c
Mar
1.50
45c
Mar
1.50
28c
Jan
McDougall-Segur
Manitoba & East
—
46
2
Mar
Maple Leaf Milling
Mines—
Massey Harris
Preferred
McColl Frontenac—
Preferred
13
13%
Feb
3c
Mar
5c
Feb
74c
Mar
85c
Apr
6c
6c
6%c
6c
Mar
2%C
2%c
8,700
1,000
1%C
Apr
8%
8%
200
8%
70c
80c
9,650
Corp.
value.
*
...—*
56
Jan
Mar
May
60c! Mar
65
Apr
1.13
Feb
Jan
15c
Jan
2%C
9
May
1.12
Feb
Feb
6.00
3.60
3.50
3.85
6,205
3.50
May
22
22
22%
207
19%
Mar
24
20%
20%
70
18«
Mar
21%
Jan
Jan
*
Jan
4.40
4.25
4.50
12,170
3.501 Mar
5.55
3.20
3.10
3.50
55,179
1.30
Jan
3.90
34c
37c
8,500
25c
Mar
49c
Feb
Mar
27c
Jan
17c
5,000
17c
1 He
1 %c
l%c
4,000
l%c May
2%
2%
ft 3%
450
9c
9c
10c
5,700
2,370
17c
1%
Mar
9c
Mar
4%
Mar
Mar
Jan
4c
2%i! Jan
Mar
19%c
Jan
7%
89
28
Mar
50
Jan
12%
357
11
Mar
14
Feb
96
98%
172
905
Jan
Mar
May
41%
86%
35%
99
39%
16c
6%
38%
12%
1.00
6
38
6%
Mclntyre
Mercury Oil
37%c
Jan
20 H
100
*
100
Mines
5
Lake——1
McVittie-Graham
1
McWatters Gold
*
Feb
58%
Mar
25
McKenzle Red
Jan
Jan
Mar
59c
Mar
1,000
*
1
*
Mar
11%
85c
1
-*
Mar
2.30
43c
*
*
Macassa Mines
—-.1
MacLeod Cockshutt
1
Madsen Red Lake
1
53c f Jan
Mar
40c
Mar
62%
70c
Feb
12c May
85c
39c
Jan
9%
3 7c* May
1.30
39c
A_.
No par
1,500
May
62%
B
Mining
3%c
Feb
85c
25
1
*
Legar Co Ltd pref
Maralgo
25
Mar
1
—1
Oro
Lee Gold
Loblaw
12
3c
3c
—*
Cap Gold
Leitch
3%
1.55 153,324
Mar
1
Lapa Cadillac
*
Jan
6%
Mines
Mar
*
*
50
24
-
3
2H
preferred
Feb
7
163""
2d
4%
30 %
130
*
Canadian Cannerslst pf.20
Mar
89
15
-----
3
40
25
Canners.
Jan
174
2
Canadian
May
62c
129
9%
15
Preferred
31c
1,500
41
25
Cndn Bk of Commerce. 100
Jan
92
8H
*
Breweries
3.10
1.80
3H
*
Canadian
Feb
Mar
6,095
35
Canadian Bakeries pref, 100
Canada Wire B.
23%
90
41
90
*
*
15
May
May
Feb
25
2.52
-
Canada Steamships
Preferred
10c May
76
32c
Jan
32,740
2
May
4%
525
68%C
17%c
4Hc
100
65
18,000
Lava
3Hc
14,200
30
48c
Laura Secord
Mar
2
105
60c
Lamaque Contact-
Jan
6
65
60c
Gold
Jan
Mar
65
40%C
Jan
11c
16H
*
Malting
Canada Permanent—.100
Jan
4,650
ll%c
14%
44c
Feb
15Hc 15%c
lie
Mar
60c
7%
Feb
37
13%
1
1
21%
39c
70
1,160
International Utilities B..1
Jan
18,200
Te%
*
Canada Packers
13
14
Jan
67%
214
62
Intl Utilities
Mar
49c
2
50
100
5
13%
Jan
Mar
19%
27
Mar
16%
Mar
6%
11%
145
Apr
Mar
15
45%
8.80
28%
57
26%
Kerr Addison..-—
Jan
33o
Mar
190
41%
Jan
Mar
20%
49
26%
Jan
22c
Jan
37o
40
42%
Jan
Mar
May
15c
3,815
*
Apr
Mar
1.45
106
Apr
Mar
17%
60
International Nickel
Apr
1.00 May
1,458
13%
207%
205
International Pete. .—-—*
12c
*
Canada Cement
45c
1,100
6
"~65~~
-100
preferred
3,500
16%
60
100
AfErle
25
Jan
34
.1
Canada Bread
Mar
May
12c
4c
Feb
Feb
4c
14%
A
11c
Mar
12He
Jan
13H
Feb
Apr
7c
*
Hill
Burry Biscuit
8%
*
Preferred .——100
120
46
Mar
4%
Jan
*
International Metals A... *
4,700
3%c
Mar
Holllnger Consolidated . —5
Home Oil Co
*
Homestead Oil
1
Jan
9c
*
Jan
1.09
J
Feb
9H
33%
Buffalo-Canadian
2%
Mar
Hinde&Dauch
Laguna
15Hc
May
61c
Highwood-Sarcee
Jan
1
2
Harker
58c
Buffalo-Ankerlte
15
Jan
1
42c
Jan
33
Mar
Kirk Hud Bay
44c
Jan
12
Mar
Mar
Kirkland Lake
*
11c
Mar
17c
Jan
1,655
Mar
4%
Mar
Feb
5H
5c
9o
50c
20
20
10c
166%
9H
Feb
9c
Feb
5
Feb
8c
16
500
352
18%
9%c
Mar
117
6c
8
18H
Mar
5c
9c
Mar
Brown Oil
Bunker
4c
500
3%
20c
19 %
Building Products
Jan
1,000
5%c
72% ' Jan
2.54
4%C
8c
10
Jan
Apr
Jan
146%
"l9H
12c
4c May
Apr
379
*
Feb
Apr
5%
5
40o
2c
Apr
B A Oil
May
2%
Mar
Brewers & Distillers
lec
1.10
44 c
30
Feb
220
2
60
27%c
51,910
8,900
95
33
Jan
Mar
2%
Mar
"8 He
9H
Jan
14c
2.15
5
9H
*
...——__1
Apr
68c
2%
J M
Ribbon preferred..50
Mar
1.99
Jelllcoe
Biltmore Hats
5c
4%c
3 He
Jan
Bobjo Mines
3c May
31o
Mar
8%
2%
Jan
Blue
32o
2.02
Mar
30c
May
Mar
5%c
3Hc
194
1,900
86
Mar
8c
*
2,600
35c
Mar
5
1
1.07
35c
74%
4%c
1
96%
3H
35c
Feb
Hard Rock
100
.1
Feb
10%
Harding Carpets
96%
Big Missouri
53c
Feb
56
745
Jacola
25,200
18%
Mar
Mar
5%
Feb
27c
Mar
6%
51%
4%
5,900
24c
Jan
14%
27c
52
6c
*
—
32c
162H 165
Feb
25
1
Jack Waite
24c
20c
61
4%
Feb
163
30c May
5%c
12,200
May
.1
Jan
14c
54%
2%
77c
210
Bloodgood Kirkland
Feb
8
59%
2%
74c
305
Bell Tel Co of Canada. 100
5c May
Feb
Mar
53%
74c
Apr
3
May
Apr
5
59%
*
Mar
3
20c
1.74
3.25
4%c
-
2%c
20o
Jan
53 H
1
195
1.04
144
Gunnar Gold
290
*
2,900
1,138
10%
Mines
2
30c
Jan
4c
Great Lakes Paper
17
*
793
33c
*
50
Mines—
295
100
16%
10
Mar
3%c May
7,000
207
Beatty 1st pref.
16%
20c
295
Beauharnois
7c
16c
206
Beattie Gold—
5c
32,100
17,800
Goldale Mines
100
30c
25c
40c
Jan
8%
Jan
20c
18c
Bank of Nova Scotia.-.100
*
11 %c
16%
84
Jan
18c
*
Mar
6.95
9,325
6,300
10,100
94
Base Metals Mln
Mar
May
21%
44c
60
Bank of Montreal
9
4%
75
Mar
40c
59
60
May
Mar
5,500
20c
6%c
102
4.70
540
3c
Imperial Bank
3.05
20c
1
-
' Apr
101
16
4,374
3c
God's Lake Mine
Feb
Mar
Mar
11,000
85
Feb
19%
34
5%
5c
Glenora
Huron
1,675
160
1
Ashley Gold
206
Apr
Mar
32
Jan
3.05
16c
_*
Apr
16
25%; Jan
Mar
46,800
Jan
3.05
1
Anglo-Huronian
Arntfleld Gold
Bank field
Mar
20c
Gold Mines
Aldermac
189
High
1.70
Afton Mines Ltd
Feb
2%
1.97
18c
Grandora
15H
Ajax Oil & Gas
60
1.05
5%
Granada
1.35
9c
Apr
Jan
25
85%
*
Goodyear Tire
Jan
8c
Mar
33,175
16c
Feb
1.00
_*
Jan
75
33,625
5%
Apr
Low
16
Jan
Jan
Gypsum Lime & Alabas—♦
Shares
Mar
Mar
84%
1.45
Week
11
66%
47%
Mar
15c
4%o
"lOH
46c
50
6
6
73
Mar
26c
Great West Saddlery
Acme Gas & OU_
Alberta Pacific Grain
3%
2.21
Feb
C5
May
19o
Apr
16c
47 H
13 H
1.50
14
1.60
3%
2.00
CO
38
Mar
5c
Halcrow-Sway ze
AbltibI
1.48
3%
2.10
11 %c May
7c
5H
Mar
Range Since Jan. 1. 1938
for
of Prices
High
4,800
5c
100
Mar
Sales
Low
4,300
9c
30c
95c
Exchange
Week's Range
13c
8c
.
Preferred
Last
12c
20c
-
A
33 %
May 27, both inclusive,, compiled from official sales lists
Friday
5
16H
Federal-Kirkland.
Graham-Bousquet.
May 21
200
5.75
Preferred..
Toronto Stock
975
5
75
Gold Eagle
Goodfish MlDlng
43c
11%
5
75
18
General Steel Wares
2.48
10%
45
75
5.50
Gillies Lake Gold—
2.35
Calgary k Edmonton
Dalhousle Oil Co Ltd....
"16%
25
Jan
58He Apr
53
202
1.52
Mar
Mar
2,413
102
*
15c
Mar
58%
310
12c
1.51
9c
57
200
Francoeur
41 He
1,805
10
17
Ford
1,000
13%
70
5.50
Jan
2,500
12%
17
Jan
45c
6,100
Fanny Farmer
8.10
9Hc
12,210
21c
Falconbridge
43c
43 c
Brown Oil
45c
34
Fontana Gold
9 He
Anaconda Oil Co Ltd
500
38c
*
Feb
1.42
11 He 11 He
18% |18%
100
Preferred
1.45
Feb
5
East;Crest Oil—
East.Maiartic
Easy Washing
Apr
Oil—
38
33
Fernland Gold
5.00
Apr
18H
Dom Scottish Inv pref.-.50
Jan
38c
29
33
Gatlneau Power
Angla-Can Development.
"57""
100
Equitable Life
Mar
Feb
200
Eldorado
May
24
25
*
Preferred
Jan
May
100
DominionCoal pref
Dominion Foundry.
Jan
3.40
Sladen Mai
Feb
Mar
1.78
*
Jan
17
70
T3H
100
Jan
130
19c
1
Dominion Stores
4.50
"flHc
*
Petroleum
110
471
32
30
100
Denlson Nickel Mines
3,229
182H 183
17
17%
183
*
3.50
62c ® Jan
49 H
100
Gas
3.25
Apr
Jan
Mar
Jan
May
11%
Jan
5.50
9c
Mar
64%
Mar
2.60
Feb
7
Mar
3.50
3Hc
72o
55
l%c
600
Jan
48
1,300
4,400
43c
5
1,000
9c
5,250
Smelters
4.45
4c
60c
16
4.25
2.90
Feb
50c
Mai
Consumers
4c
45c
11%
46%
178%
Jan
9c
May
50
2Mc
2.75
25c
13%
Mar
9c
Feb
2,500
13
3.50
Read Authier Mine
Feb
38c
30c
...*
25c
Red Crest
3.20
15c -
Bakeries
2c
Mar
May
Jan
Mar
Cons
Cons
Mar
75c
2.10
8%c
1.84
2.00
M.Ltd—
7,250
7,675
12,300
Mar
25c
Quebec Gold-
72c
2.42
1.10
Feb
Mar
Mar
70c
2.30
10Hc llHc
1,100
5c
Mar
Feb
1.20
58 %
2.90
2.25
1.15
3%c May
3.20
54c
Apr
Jan
1.17
2.00
3.25
—
Jan
Mar
1.65
*
Pato Consol Gd Dredging
Pend Oreille M & Met
Pandora Cad
Feb
Mar
8%
3%
Coniaurum Mines
2,025
600
Pamour-Porcupine M
1.28
115
Jan
580
1,400
2
500
Mar
1.50
1,000
45c
300
10
155
10c
3.25
2%
2.21
Feb
8%
3c
44c
McWatters Gold
Montague Gold
O'Brien Gold
2%
Jan
4
7%
50 H
18c
Mar
Jan
4%
7%
41%
-
Mlnes.
Jan
5
May
35
*
1.00
Lake
110
Apr
26%
Cockshutt Plow
2c
4.35
Mines
5
4,804
5%
12%
Feb
27c
3c
Lee Gold-
7,300
2.17
5H
Mining
90c
Apr
5%
120
120
25
Feb
3c
-
85c
*
100
pref
50%
Lake Shore Mines
Lamaque Contact GoldMacassa
;
Canadian Oil
CPR..;
7,050
12c May
Canadlan^Malartic
Feb
9,950
1,300
Dredge.
Feb
60
c
1.57
32c
22
3
2.20
30o
154
3
2.00
200
26 H
26%
28
525
26 H
2%
3 He
1.48
5.75
26
*
High
Mar
Mar
2%
1.50
5.75
26 H
7%
18%
B.*
2.12
Falconbridge Mickel
Francoeur Gold M Ltd—
710
Canadian Ind Alcohol A..*
Eldorado Gold M Ltd
"
11%
Jan
East Malartlc Mines
Duparquet Mining Co.—
11%
25
Preferred
11%
Feb
Jan
3Hc May
Low
*
15c
Mar
5c
Mar
Range Since Jan. 1, 1938
Shares
9%c
3%c
Mar
Price
Par
Can Car & Foundry
for
Week
Canadian
1.27
2.12
(Continued)
of Prices
Low
High
Feb
Mar
69c May
Feb
J*n
30
77c
24c
Stocks
High
Low
Shares
Can Malartlc Gd M Ltd—
Brownlee Mines (1936)
Sales
Week's Range
Sale
1, 1938
Range Since Jan.
for
Last
Week
5c
Bulolo
Exchange
Friday
Sales
Friday
1.00
Jan
45
"
1.10
Jan
1.04
14,010
69c
Mar
15c 18 %c
11,000
10c
Mar
24c
Mar
47c
5,500
32c
Jan
80c
Mar
10c
10c
1,700
10c
May
18c
Jan
1.70
1.75
4,712
1.45
Mar
2.49
Jan
43c
1.75
Financial
3482
Chronicle
May 28, 1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Last
Sale
Par
Stocks (Concluded)
Price
0J
Prices
Low
High
234C
234c
30c
Last
Low
Shares
234c
30c
3,800
2.07
71,350
Mar
500
1434c 1634 c
Mar
22c
1,000
1
Jan
Kirkland Townsite...
Malroblc.—
Moneta Porcupine ..
1
1.77
Moore Corp
*
28
29
115
25
Apr
35H
Jan
147
148
16
143
Apr
15034
Feb
National Steel Car.— III*
5c May
134 c May
3Hc
Jan
Pawnee-Kirkland
4134
Jan
Pend Oreille
14Hc
Montreal L H & P-...
-——.——--100
Kirkland
1
A-iw
-
Morris
1.70
5c
National Brew
5
225
5
May
190
29
120
May
25o
234c
Noranda Mines
*
*58 k"
Nordon Oil--
1
734c
.....1
2Hc
—
Northern Empire
234c
1,500
2c
May
15c
6,300
12c
May
505
Mar
38c
1.69
Feb
35HC
434c
58
1.65
Jan
Mar
Jan
Mar
48
2.15
6334
May
6134
6.434
10c
3,200
234c
3c
57c
57c
900
2/c
Apr
31c
Mar
700
7.a0
May
8.10
Apr
50
334
May
334
2.75
Mar
5.45
7.50
7.65
-5
334
334
3.15
3.50
7c
Apr
6,500
2c
Mar
1,350
50c
Mar
334
3.25
1.37
1.30
1.51
234c
*
Okalta Oils...
234c
234c
40c
23,734
1.50
1.50
434
434
5
76c
91c
13,200
10,950
.........1
*
*
Preferred.....
Oro Plata......»
*
83c
Pacalta
*
8c
Oils
Pandora-Cadillac
Pantepec Oil
1
834c
88
3.25
3.60
29c
12Hc
1.50
5H
1.45
Mar
Jan
17c
Feb
96
Feb
Mar
4.30
Feb
May
63c
Feb
Apr
600
29c
4
734c
700
May
Jan
20c
Jan
8c
25
6,900
May
22c
Mar
Feb
7H
40c
41c
23,600
38c
Mar
69c
Feb
13 34c
13c
15c
12,200
12 He
Jan
23c
Mar
Pend-Orielle Mines
*
1.26
1.20
1.30
6,310
1.02
Jan
1.76
Feb
Pete Cobalt.
1
He
34c
He
8,000
34
Mar
134c
Jan
19
c
Photo Engravers
...*
Pickle Crow...____.....1
18
18
16
Mar
4.60
4.35
4.65
12,540
3.80
Mar
5.10
Jan
Pioneer
3.05
3.00
3.10
1,450
2.80
Mar
3.30
Mar
May
9934
May
2.41
Feb
100
..1
Prairie Royalties
Premier..
Pressed
Metals
18
96
50
96
1.37
Mar
7,400
30c
Mar
2,100
1.81
Mar
17,900
38c 43 34c
1.80
"1*90
1.85
13
*
96
5
1.97
1.75
25c
...1
1.90
14
10
500
Feb
52c
Apr
2.42
Mar
Feb
19
Jan
.....1
*"70c
67c
75c
26,250
67c
May
1.34
Feb
Quebec Mining.__._..__. 1
46c
46c
40c
700
41c
Mar
70c
Jan
2.85
2.75
2.95
1,816
2.60
Mar
4.55
Jan
9c
9c
500
9c May
45C
29,200
36Hc
Read Authier
1
Red Crest...
Red Lake Gold.......
Reno
.
.
_
1434c
17c
1
57c
50c
57c
7,100
1434c May
3934c
Jan
934c
994c
11c
9,615
934c May
172 34
17234
18
*
.
1
100
Gold....
3834
...
.
Roche Long Lac
Royal Bank
172
170
190
Feb
3434
Mar
i2c
6,100
10c
Mar
20c
1.25
3,860
1.11
Mar
17c
3734
4134
845
Jan
Feb
Jan
15
15
15H
20
12
Mar
23
Jan
3534
*
3534
3534
100
31
Apr
36
May
United Fuel
10c
4,100
9 He
9Hc
.100
pref—
37 H
25
......
III*
Waterloo M fg A
37
*
Walkerville Brew.....
1.50
1.50
...—:
1.00
1.00
9 He
May
25c
30
Mar
42
Jan
Jan
so
Industrial and Public
1.25
Apr
1.50
May
25
:
1.00
May
1.75
Jan
Utility Bonds
Closing bid and asked quotations, Friday, May 27
Bid
Ask
Bid
Ask
Abitibi P & Pap ctfs 5s 1953
/40H
41H
MacLaren-Que Pr 534s '61
9934 100
Alberta Pac Grain 6s. .1946
82 H
84
Manitoba Power 534s_1951
70
8534
86
Bell Tel Co Of Can 5s. 1955
Maple Leaf Milling—
1U34 11234
60
62
Co 5s...--.-1958
Burns &
Calgary Power Co 5s_.1960
Canada Bread 6s
1941
294s to '38-5 34s to '49...
Massey-Harrls Co 5s..1947
97 H
97 H
McColl Frontenac Oil 6s '49
103 H
Minn & Ont Paper 6s_1945
/27
Montreal Lsland Pr 5 34s '57
103 H 104H
n«.
10f>
Canada North Pow 5s. 1953
m
104
Canadian Inter Pap 6s 1949
-
104H
88 H
Canadian Lt & Pow 5s 1949
—
114
Consol Pap Corp 534s 1961
36
1961
Dom Gas & Elec 634s_1945
63 H
East Kootenay Pow 7s 1942
95 H
Eraser Co 6s
64 H
95
94 H
1956
97 H
98 H
104H 105H
102
9234
100H
Saguenay Power 434s A '66
434s series B
...1966
95 H
Gt Lakes Pap Co 1st 5s '55
103 H 103 %
88
90
Int Pr & Pap of Nfld 5s '68
101
_
9334
102
10234
102 H 103 H
10434 10534
10034 10134
Shawinigan W & P 434s '67
Smith H Pa MUls 434s '51
United Grain Grow 5s_ 1948
103
103 H
103
Provincial Pap Ltd 534s '47
1949
Jail 11950
Gatineau Power 5s.
10134
94
Price Brothers 1st 5s. .1957
37 H
1956
Eastern Dairies 6s
101
.1973
Montreal Tramway 5s 1941
Ottawa Valley Pow 5 34s '70
Co—
4s
5034
1956
334s
99
11434
Power Corp. of Can 4 34s'59
5s
...Dec 1 1957
ex-stock
Donnacona Paper
50
3 34s
43
534s
2934
.1939
value) 3s
par
97
Cedar Rapids M & P 5s '53
98 H
105
Montreal LH&P(850
89H
100
Canadian Vickers Co 6s '47
55
534s
1961
84
6s
1951
47
88
66
68
Winnipeg Elec 6s Oct 2 '54
80
86
United Securs Ltd 534 s '52
Lake St John Pr & Pap Co
71
49
*
No par value.
/Flat price,
n
Nominal.
34c
CURRENT
NOTICES
Mar
1.55
13c May
Jan
—The annual spring field day of the Bond Club of New Jersey to be held
Mar
1.80
Jan
*
*
2.00
3.00
Feb
will be
834
Jan
trophy, according to details made public by Fred J. Brown of H. L. Allen
4
4
70
3
May
73
74
10
71
Apr
10,650
2.00
14,950
86c
Mar
834c
9c
2,700
7c
234c
234c
1,000
95
May
1.12
.
... .
South End Pete
.
1
8 He
__*
Spy Hill Royaities___-_25c
Stadacona. *
Steel of Canada
..._._*
Preferred
25
Sterling Coal.....
*53ic
1,000
52c
14,783
6494
282
56
61
61
Sullivan Cons
1
Supersllk A
Sylvanite Gold
80
54
Apr
63 H
5
4
Feb
6c
10,200
*
5
2.40
475
2.00
Mar
1,000
10c
Mar
3,700
85c
Mar
prize will be competed for by new members.
Jan
1.23
Mar
1.50
5
1.25
Mar
2.25
Mar
3.20
4,675
2.60
Mar
3.60
Feb
1234
13
30
12 H
May
16
Jan
234c
234c
534
2c
Feb
3Hc
Jan
___*
4.60
4.60
4.75
3,225
4.40
Mar
5.70
Jan
1.18
1.15
1.21
2,300
1.10
Mar
1.57
Jan
.
Toburn
_
.
.
_
1.78
Mar
2.90
2.07
120
15
15
1534
35
12
Mar
17
Jan
Toronto General Trusts 100
75
75
75
25
73
Mar
85
Mar
110
110
110
62
110
May
122
Jan
Toronto Mortgage.-.
50
Exploration.. 1
Uchi Gold
1
Gas...
1234
United '0118-..........W.*
United Steel.......
35c
2,600
33c
1.46
15,850
90c
1234
608
1834c 1934c
8,200
35c
"l.ll
19c
1.35
12
4
Mar
Jan
66C
Jan
1.90
Mar
11
Mar
1534
Jan
13c
Mar
26c
Jan
.
3
Mar
Jan
6
Walkers
Preferred
434
320
4.65
4.55
4.90
2,172
4.00
Mar
7.40
Jan
*
...
*
2.53
2.14
2.75 194,682
1.02
Mar
2.75
May
*
_
Amulet.
3694
3694
3834
1,847
30 34
Mar
4434
Jan
18
18
1834
597
17
Mar
1934
Feb
10c
10,000
*
Wendigo Gold
1
West Can Flour pref
100
Westflank Oil...
*
West Turner Petroleum 50c
Westons
*
White Eagle
8 J4c
834c
30
30
13c
li.
Stanley Krusen of Brown Harriman & Co., Courtlandt Parker of
W. Pressprich & Co., J. Winner Parker of Parker & Weissenborn, Inc.,
/
—The Cincinnati Stock Exchange has inaugurated
odd lot dealers.
common
Under the
an
new
The
is to stimulate
purpose
in Cincinnati newspapers.
which,
members
as
eligible to execute commission orders
Jan
Mar
14Hc
Mar
14
Mar
3 He
Mar
Co. and
more
4c
534c
2,500
3c
Feb
6c
May
firm
A.
9
Feb
2
2
125
1.50
May
3.15
Jan
2
14
1.25
Mar
2.75
Jan
Preferred...
100
Wood Cadillac
1
25c
25c
3,700
23c
Wright Hargreaves
*
7.15
7.05
7.35
7,540
6.50
Mar
Ymir Yankee Girl
*
14c
14c
16c
5,100
14c
York Knitting
*
4
4
4
May
May
8
May
4
Mar
16
Jan
43c
of
O.
recently
Stocks—
Brett Trethewey
Canada Vinegars
Marconi
Par
30c
Mar
Wampler & Co., Inc.,
3 He
3He
334c
16
15 H
16
Shares
20
Low
3c
15
High
Mar
Apr
12c
Jan
17 H
Feb
1
1.00
1.00
500
95c
Mar
1.40
Jan
5
2.25
2.25
200
2.00
Mar
4.00
Jan
Mar
Consolidated Paper
Dalhousie Oil
*
*
Dominion Bridge
*
Foothills
*
34c
"*434
34c
500
34
Mar
134
4H
5H
1,120
2,550
3H
Mar
7
44c
29
55c
44c
29
60c
•
Exchange,
are
exclusively
the Cincinnati Stock Exchange in
a
Vice-President of the Continental Illinois
general partner in the New York Stock Exchange
on
Co.,
will
June 1.
Mr.
become
a
40c
Jan
Mar
69c
Jan
200
2134
Mar
32
Jan
2,200
45c
Mar
90c
Vice-President
of Stern,
Mr. Dunhill will direct the company's
Co., Inc., after May 31.
Dunhill has been identified with the securities business in
Savings Bank.
Subsequently, he became
Illinois Merchants Trust Co. and, from
President
of the
tinued
with
the
Apr
Chicago
1922, when he entered the Investment Department
Continental
Illinois Co.
Continental
Illinois
investment banking business.
Coast Copper
Cobalt Contact
1
Stock
on
He
1929 to 1933,
Co.
an
was
officer
a
Vice-
represented that company
in New York for two years and then returned to
Ranoe Since Jan. 1,1938
34,100
to the Cincinnati
May 17 and listed firms
Sales Department activities and as recently announced, Stern,
Wampler &
of the
Week
*
on
Co., Inc., will conduct the securities business and investment supervisory
Sales
1
series of advertisements
a
service of Lawrence Stern &
Feb
Exchange—Curb Section
Price
assure
Jan
May 27, both inclusive, compiled from official sales lists
for
a
Slaughter &
of the Illinois Trust &
of Prices
Low
High
to
Feb
8.20
4H
—Reginald Dunhill, formerly
and New York since
Week's Range
and
Apr.
2
Sale
securities
listed stocks and bonds.
134c
Last
Cincinnati
Jan
Feb
1,115
Friday
the
of
18c
3,500
Toronto Stock
certain
The series will call attention
34c
13c
510
volume in
35
Mar
May
134c
:
must agree
transaction appearing on the
a
The first of these advertisements appeared
1034
195
from
Exchange, members of the Exchange and securities listed thereon.
11c
11
away
100 shares in stock in which
the odd-lot dealer who
The Cincinnati Stock Exchange is sponsoring
134c
10
of registered
Cincinnati brokers of execution of their small lot orders.
1034
*
one-eigth
go to
8c
38,450
a system
opened in Procter and Gamble
New York Stock Exchange ticker three minutes after the order is received.
11c
B
registered must
Mar
8c
3,000
was
rules all orders for less than
odd-lot dealer is
to execute the order
1034
1
The first odd lot book
stock.
9Hc
28
25
30
13c
*
Wiltsey-Coghlan.
Winnipeg Electric A
434
include J. Ashley Brown of
C. Wallace Smith of II. M. Byllesby & Co., Inc., and Edwin C. Stengel.
Jan
2.07
*
....1
Toronto Elevators
A special
Co., H.
90c
1.50
3.05
Tashota
each of three classes of handicap competition.
of the field day committee
Brown, Thomas & Co., James G. Campbell Jr. of Estabrook & Co., Cyrus
R. Currier of Adams & Mueller, Carlos D. Kelley of Fidelity Union Trust
Jan
92c
Tamblyns..
.
Other members
Mar
~3*05
95c
for this tournament and for
there will be prizes for first and second low net and first and
Jan
1
Hughes
In addition,
second low gross in
May
19c
The trophy is to be awarded
score
John R. Woolford of JR. W. Pressprich & Co. won
Jan
3.80
:
bond club golf
the trophy last spring.
May
1534c
Apr
934c
having low aggregate net
the tournament last fall,
Jan
69H
1034c 1034c
Co., Chairman of the field day committee.
to the member
Jan
25c
77c
Mar
4
&
Country Club in Union Township, New Jersey,
featured by the final round of competition for the
Jan
10c
May
42c
2.25
1034c
Mar
June 3 at the Suburban
on
Jan
1.38
Apr
834c
*
-.1
6134
4
3.40
5Hc May
534c
420
6234
*
Sudbury Basin......
Sudbury Contact
534c
42c
Jan
24c
2Hc May
6234
100
Straw Lake Beach
Canadian
434
91c May
2.27
to
21H
Mar
1.75 May
98c
May 21
Mar
155
2.10
.
Mar
2
35,800
33,788
1.03
_
3
18
1.07
2.20
Walte
25
120
334
234
Feb
Apr
860
334
20
1934
Jan
234c
115
2.00
1
Ventures
3
.
......
*
3c
■:
May
13c
1
Tawagmac
.
-
HI*
.
134c Mar
lHc May
10734
91c
Siscoe Gold
Union
10
14c
Sladen Malartic
.
5,000
92c
100
.
500
lHc
Jan
Mar
2.00
B
Texas Canadian
Majestic..—
Jan
48 %
10c
1.22
1
Preferred
Teck
134c
lHc
10734 10734
lc
..1
Sherritt Gordon..
.
1.30
Jan
12c
Silverwoods pref.....:
.
2,000
8,485
134c
Supertest ord..
TemLskaming Mines.. ...l
Feb
1.24
Shawkey Gold
Slave Lake—_
Jan
2Hc
1.55
Mar
.1
St Anthony
Jan
500
lHc
Mar
May
Jan
64c
24c
..1
Royalite Oil
San Antonio
Simpsons
15c
*
Jan
2c
2.62
3c
lc
1
Standard Paving pref. .100
Jan
Preston E Dome
434c
3c
1.35
-
Beauharnois Pr Corp 5s '73
7Hc May
78
"~40c
Porto Rico pref
Powell Rouyn
Mar
3c
1.39
May
Apr
Jan
1
Gold.
4234
Jan
1
Cons
31
1 He
Jan
Pay ore Gold..
Paymaster
Mar
Mar
10734
Apr
Mar
2,90
8c
2.30
534c
48c
Apr
4
5.315
15c
5 He May
Jan
1.14
Mar
1.00
Jan
46c
135
434
14c
Mar
234c
31c
14
434
1134c
...1
Gold
8,625
8c
1
.
734c
29c
3:25
..1
Fartanen-Malartic.
7
8534
Page-Hersey
_*
Porcupine......*
1.23
3,000
44c
40c
Jan
27
32
Jan
*
-.1
O'Brien Gold
24c
443
366
...1
Shawinigan W & P—
Apr
29 H
4134
Robt Simpson pref... .100
Rogers
Feb
2834
4,
Standard Paving
12c
Jan
lHc
May
3934
1
Robb-Montbray
23c
Apr
lc
Jan
8%
Mar
5,455
734c
-.1
North Star pre!-.-
Paulore
Apr
2934 c 2934c
Norgold Mines
Normetal
Northern Canada
Pamour
75,150
Mar
1,500
12c
14c
1,500
High
Mar
40
"""1
Ritchie Gold
Feb
7H
210
12c
15c
1
........-.5
13 34c
1.68
*
New bee Mines
28c
12c
5
28 H
Oil Selections
....
Low
105
3,700
*
"
Jan
17c
-
Mandy
Mar
2.56
May
5
26c
New Golden Rose
Olga Gas
Omega Gold
Orange Crush
38
190
Naybob Gold—...
Niplaslng
100
5
100
.
2,500
190
National Groceries.....
National Trust-
Mar
1.60
13,900
194c
3834
5c
1
-
7C
l?4c
3834
Murphy Gold
38c
Range Since Jan. 1, 1938
Shares
534
5H
14Hc 16Hc
lc
lHc
—.1
30c
14J^c
20C
Week
Price
IIIi
Jan
1
14Hc May
for
of Prices
Low
High
#
Hamilton Bridge
Jan
4Hc
Par
Stocks {.Concluded)
High
Week's Range
Sale
Range Since Jan. 1, 1938
for
VLr fifi Jr
w eewt
25c
Model Oils
Monarch Oils
Sales
Friday
Sales
Week's Range
Gold
Minto
Toronto Stock Exchange—Curb Section
Exchange
Friday
Chicago, where he
until its
withdrawal
from
con¬
the
>
^
—Eastman, Dillon & Co., members of the New York Stock Exchange,
Morris Tilden has been appointed manager of the
announce that William
Municipal Bond Department of their Philadelphia office.
been
actively
identified
with
the
Mr. Tilden has
Philadelphia municipal market for
a
number of years.
During the past 17 years he has been associated with
Edward B.
&
Smith
Co.
as
manager
of their Municipal
Philadelphia and with Smith, Barney & Co.
associated with Brown Brothers & Co.
Department in
Prior to this period he
was
Volume
Quotations
Bid
1
Jan
1977
98*4
Bid
a4*4s Apr
99*4
100
101*4
103
104*4
a3 J4s Nov
a3 *4s Mar
1 1954...
1 1960
103
103
104*4
104*4
a3*4s Jan 15 1976...
103
104*4
o3*4s July
a4s
May 1 1957
a 4s
Nov
a4s
May 1 1959
a 4s
May 1 1977
a4s
Oct
1 1980..
114
a4*4s Mar
a4*48 Mar
—
—
Par
116
117*4
118
119*4
118*4 119*4
1 1977
119 *4 120*4
<z4*4s Nov 15 '78
«4*4sMar 1 1981
n4*4sMay 1 1957
a4*4sNov 1 1957
a4*4s Mar 1 1963
a4*4s June 1 1965
a4*4sJuly 1 1967
a4*4s Dec 15 1971
a4*4sDec 1 1979
119*4 121
120*4 121*4
116*4 117*4
a4*4s Jan
114*4 116
1 1960
1 1962
1 1964...
a4*4s Sept
....
-
Ask
ft4*4s June 1 1974
a4*4s Feb 15 1976
109*4 110*4
113*4 114*4
1 1958
1 1966
a4*4s Apr 15 1972..
,
106*4 108*4
1 1975
New York Bank Stocks
City Bonds
Ask
1 1975
a3*4s May 1 1954
a3*4s July
3483
Over-the-Counter Securities -Friday May 27
on
New York
a3s
Chronicle
Financial
146
109*4 110*4
109*4 110*4
115*4
114*4 115*4
119
120*4
116*4 117*4
119
——
Ask
2L*4
Kingsboro
National... 100
65
40
Bensonhurst National...50
Chase
...13.55
City (National)
12*4
Commercial National..100
Ask
Bid.
Par
20
48
Merchants
Bank.
100
99
75
78
National Bronx Bank...50
35
26*4
28
National Safety Bank. 12*4
12
21*4
23
Penn
105"
40
14
9
11
43
48
116
122
Exchange
Peoples National
Fifth Avenue
100
750
First National of N Y..100 1560
Flatbush National
100
34
800
Public National....
23
24*4
1600
Sterling Nat Bank & Tr 25
20*4
22*4
Trade
16
19
44
10
50
Bank
25
..12*4
120*4
120
Bid
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
121*4
122*4
122*4 124
124*4 126*4
121
Chicago & San Francisco Banks
Par
115*4 116*4
Ask
Bid
Par
American National Bank
& Trust
Bid
Ask
Harris Trust & Savings. 100
100
158
275
290
Northern Trust Co
172
,90
515
100
Continental Illinois Natl
Bank & Trust... .33 1-3
New York State Bonds
Bid
3s 1974
52.35 less
3s 1981
52.45 less
1
1
4*4s April 1940 to 1949—
Highway
52.60
-
-
-
-
-
»
111*4
SAN
56
165
FRANCISCO—
Bk of Amer N T & S A 12
>41
Par
114*4
Aetna Cas &
135
Canal Imp 4*4s Jan 1964..
Can & High Imp 4*4s 1965
135
132
....
126
_
.
Bid
Ask
Par
..
83
87
Home Fire Security
41
43
Homestead Fire
10
10
22*4
23*4
Importers & Exporters...5
25
64
68
Ins Co of North Amer
10
18*4
20*4
Knickerbocker
5
5
18*4
20*4
7*4
Lincoln Fire
Bid
Aetna
Authority Bonds
Life...
Gen & ref 4s Mar 1 1975.
Gen & ref 2d ser 3 ?4s '65
105*4 107
104*4 106
Gen & ref 3d ser 3 *4s '76
ser 3s 1976
100*4 102
97
98*4
Gen & ref 4th
Gen & ref 3*4 s
1977
George Washington Bridge
98
99*4
4*4s ser B 1940-53. M&N
109
Equitable
M&S 60.75 to 1.75%
1942-1960
M&S
...M&S 61.00 to
2.25%
110*4
M&S
1942-1960.-..
107
109
4s 1946
100
......
Bid
53.50
Honolulu 5s
1959
103*4 104*4
U 8 Panama 3s June 1 1961
1952
1955
103 *4
Ask
3.00
100*4 102
4*4s July 1952.
5s
Feb
1952
106
108
5s
5 *4s Aug
1941
109
110
...
July 1948
117*4 119
110*4 112*4
109
110*4
Fire
528
(Providence). .5
10
National Liberty
National Union Fire
2
2
19
New Brunswick
21
14
15*4
25
27*4
Northern
2*4
Employers Re-Insurance 10
2*4
3*4
10
New York Fire
25*4
...5
10
35
5
11*4
75
12.50
2.50
River..
42
40
Excess.
North
Northwestern
103*4
9*4
25*4
43*4
38*4
13*4
8*4
23*4
40*4
New Hampshire Fire_-_10
New Jersey
20
24
54*4
7
99
19*4
5
19*4
6
20
New Amsterdam Cas
538
7
6
*17*4
52*4
10
17
5
10
78
22*4
24*4
National.25
112
117
102
7*4
38*4
Pacific Fire
25
98
36*4
Phoenix.
10
69*4
71*4
94
98
Preferred
14
Fire Assn of Phila
46*4
49
Providence-Washington
16*4
30*4
6
10
Fireman's Fd of San Fr.25
111
Firemen's of Newark
111
Franklin Fire
5
Bid
3*4s 1955 opt 1945—.M&N
3s 1956 opt 1946-. ...J&J
103*4 103*4
4s 1946 opt 1944
J&J
111*4 111*4
3s 1956 opt 1946
103*4 103*4
4*4s 1958opt 1938...M&N
101»i« 101*4
28*4
10
_
9*4
23*4
Reinsurance Corp (N Y)_2
Republic (Texas)
Revere (Paul) Fire
31*4
Rossia.
5
16
17*4
St Paul Fire & Marine.. .25
37*4
16*4
5
18*4
33*4
20*4
Rhode Island
10
7
6
21*4
10
10
Corp 5
23*4
18*4
5
7
3*4
180
4*4
187
39*4
Seaboard Fire & Marine..5
5
9
10
Seaboard
10
19*4
21*4
Globe & Rutgers Fire... 15
19
22
28*4
30
60
63
Security New Haven
10
Springfield Fire & Mar..25
21*4
23
Stuyvesant
5
Globe & Republic
Ask
104*4 104*4
8
21*4
Gibraltar Lire & Marine. 10
Ask
5
Accident
77
73
5
109
Conversion 3s 1947
Glens Falls Fire
M&N
National Casualty
National Fire
5*4
Georgia Home
Bid
28*4
76*4
General Reinsurance
10314 103*4
4
4*4
109 •
U S conversion 3s 1946
Federal Land Bank Bonds
3s 1955 opt 1945... ...J&J
6
Merchants
26*4
Federal
Govt of Puerto Rico—
115*4 117*4
Merch & Mfrs Fire New'k 5
41
com
Fidelity & Dep of Md.._20
4*4s Oct
Hawaii 4*4s Oct 1956
23
39
73*4
Continental Casualty
Eagle Fire
4*4s July
5s
Apr
104*4
41
21*4
.10
Carolina
Ask
101*4
38
Bankers & Shippers
25
Boston
......100
Camden
United States Insular Bonds
Philippine Government-
3*4
46*4
6
10
City of New York
.10
Connecticut Gen Life. ..10
Bid
43*4
Merch Fire Assur
Baltimore American...2*4
1939-1941
9*4
2*4
12*4
112*4
Inland Terminal 4*4s ser D
58*4
8*4
30*4
25
Automobile
8*4
56
«
3
American Reserve.
1939-1941
10
2
10*4
28*4
Surety
2*4
13*4
7*4
5
6
American
Ask
E
111
As k
Maryland Casualty..;.;.—1
Mass Bonding & Ins..12*4
..10
American of Newark...2*4
American Re-Insurance. 10
Bid
Holland Tunnel 4*4s ser
46
1*4
12
.
American Home.
Ask
Port of New York—
Surety
Aetna
American
Port of New York
i
Bid
10
10
Agricultural
...
10
American Alliance
Highway Imp 4*4s Sept '63
38
Insurance Companies
52.00
126
Barge C T 4*4s Jan 1 1945.
-
54
160
100
Improvement—
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J '60 to '67
Barge C T 4s Jan *42 & '46
-
National
Ask
World "War Bonus—
Canal & Highway—
5s Jan & Mar 1964 to '71
First
Bid
Ask
2d
„
15
preferred
Great American
5
Great Amer Indemnity... 1
7
9
104*4 107*4
3*4
4*4
5
Sun Life Assurance
9
8
Surety
100
410
460
100
403
413
Halifax
Jolrit Stock Land
Bid
Ask
99*4 100*4
Lafayette 5s
Atlantic
99*4 100*4
Lincoln 4*4s._
3s
Burlington 5s
/45
/40
Central Illinois 5s
55
100
4*4s
California 5s
102
Chicago 4 *4 s and 5s
/28
/5*4
Dallas 3s
45
31
10*4
11*4
10
66*4
U S fidelity & Guar Co-2
U S Fire
4
46*4
48*4
50
52
U 8 Guarantee
44
46*4
22*4
24*4
Westchester
27*4
29
5
86
89
99*4
North Carolina 5s
100*4
99*4 100*4
/31
34
101
Bid
Ask
Bid
1953
All series 2-5s
84
'53
'53
Pacific Coast of Portland 5s
100
99*4 100*4
Pac Coast of Salt Lake 5s..
100
Arundel Deb Corp 3-6s
99
100
Pac Coast of San Fran 5s..
100
Wayne 4*4s__
100
102
Pennsylvania 5s.
100
101
First of Montgomery 5s...
First of New Orleans 5s...
99
100
Phoenix
105
107
■
m
-
m
-
Associated Mtge Cos Inc—
First Texas of Houston 5s.
First Trust of
99*4 100*4
4*4s
Potomac 3s
101
St Louts 5s
/28
102*4
San Antonio 3s
100
75
Greenbrier 5s
78
Southwest
79
Southern Minnesota 5s
100
5s
102
5s
68
Potomac Bond Corp
1953
41
Cont'l Inv Bd Corp 2-52 '53
48
Empire Properties Corp—
2-3s__.
.1945
49
73
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Inc 2-5s.
1953
/14*4
30
100*4
Union of Detroit 4*48
5s
99
100
99*4
3-6s
88
Virginian 5s
99*4 100*4
Iowa of Sioux City 4*4s—
93
96
Virginia-Carolina 3s
99*4 101
99*4 100*4
-
•
-
-
Issues)
..
72
1953
2-5s
.
.
.
.
-
Potomac Cons Deb Corp—
1953
42
44
Potomac Deb Corp 3-6s '53
42
44
3-6s
Potomac Franklin Deb Co
_____
42
1953
3-6s_
—
-
Potomac Maryland Deben¬
88
100*4
86
3s
70
(all
33
16*4
43
77
'53
Debenture
Cont'l Inv DebCorp3-6s
Illinois Midwest 5s.
Greensboro
52
1954
Series B 2-5s
76
99*4 100*4
100
76
Fremont 4*4s
Arundel Bond Corp 2-5s
106*4 108
101
Chicago 4*4s
Fletcher 3*4s
1954
Series A 3-6s
55
100*4 101*4
5s
Ask
Nat Union Mtge Corp—
Allied Mtge Cos Inc—
First Carolinas 5s
99*4 100*4
.2.50
Surety Guaranteed Mortgage Bonds and Debentures
99*4 100*4
Denver 5s
First of Fort
Fire
88
New York 5s__
Oregon-Washington 5s
10
101
85
Ohio-Pennsylvania 5s
6*4
Travelers
28
Home
Ask
100
5s...
23
26*4
61*4
Hartford Steam boiler... 10
Bid
Atlanta 3s
21*4
10
Hartford Fire
Bank Bonds
10
Hanover
....
ture
Corp 3-6s
72
1953
Potomac Realty Atlantic
Deb
Nat Bondholders part ctfs
(Central Fund'g series)..
/21
Nat Cons Bd Corp 2-5s
'53
3-6S.1953
73
Nat Deben Corp
42
25
.......
44
Corp 3-6s
42
1953
Realty Bond & Mortgage
deb
44
.1953
3-6s
Unified Deben Corp 5s
29*4
1955
31*4
Joint Stock Land Bank Stocks
Par
Atlanta..
100
Atlantic
Bid
Ask
Par
New York
30
38
45
North
Carolina
Bid
Telephone and Telegraph Stocks
Ask
..100
10
12
.100
57
62
Dallas
100
80
85
Pennsylvania.
...100
20
100
20
25
Potomac
100
75
80
Des
Moines
100
45
50
San Antonio
100
48
52
First Carolinas...
100
4
5
1
Par
25
Denver
Fremont
7
1
Lincoln
100
2*4
2
Virginia
Ask
166
Pac & Atl Telegraph
13
116
118
Peninsular Telep com
36
40
100
Bell Telep of Pa pref... 100
Cuban Telep 7% pref..100
161
19
16
23
25
100
110
115
100
Preferred A
25
*
110
5
Virginia-Carolina
100
70
80
50
58
26
31
87*4
90
Int Ocean Telegraph... 100
Bid
F I C 1 *4s—June
Ask
15 1938 b .20%
F IC 1 *4s.—July
15 1938 b .25%
15 1938 b .25%
FIC l*4s—Sept
F IC I*4s—Oct
Ask
115*4
60
Tel..100
100
Emp & Bay State Tel..100
Franklin Telegraph
100
Bid
FIC 1*48...Nov
FI C 1 *48—Dec
FI C 1 *4s„_ Jan
15 1938 b .30%
15 1938 b .30%
FIC 1 *4s—Feb
FI C 1
*4s—Apr
Allied Corp—
preferred
—*
Telephone—
$6.50 1st pref
Mtn States Tel &
So & Atl Telegraph
13
16
135*4 138*4
65
25
Sou New Eng Telep.-.100
S'westem Bell Tel pref. 100
105
Wisconsin Telep 7% pf_100
115
Ask
15 1938 b .35%
Rochester
Gen Telep
$6
J4s—.Aug
Bid
17
113
Bell Telepof Canada...
Federal Intermediate Credit Bank Debentures
F IC 1
par
New York Mutual Tel. 100
92
87
100
Preferred
1*4
Bid
(N J) com.*
Am DIst Teleg
116*4 117*4
118
15 1938 b .35%
16 1939 b .40%
15 1939 b .40%
15 1939 b .45%
Miscellaneous Bonds
.
Bid
New York Trust
Par
Bid
Associates Invest 3s.
Companies
River Bridge
Ask
Par
Bid
Ask
Banca Comm Italians. .100
90
102
Fulton
100
185
200
Bk of New York & Tr. .100
Guaranty
100
208
213
Bronx
County
.
328
337
10
Bankers
40
42
7
4
Brooklyn
5*4
74
79
79
37*4
39*4
Clinton Trust
10
10*4
100 1580
20
Central Hanover
L
50
Manufacturers
11*4
25
28*4
32*4
20
33
35
20
43*4
50*4
25
79
82
54
60
..25
11*4
14*4
New York
10*4
12*4
Title Guarantee & Tr...20
Corn Exch Bk & Tr__ ..20
42*4
43*4
Underwriters
100
20
21
United States
100 1505
Empire
..10
Preferred
4*4
75
7s...1953
97*4
5*4
Sept 1 1939
101.17 101.19
1940
1 1943
.Dec
28..
Apr
2s
Federal
way
1943-opt/39
For footnotes see
page
101.8
101.10
103*4 104*4
Authority 3 *4s '68
1
revenue
1944 5 2.50 less
3*4s revenue
100.2
100.4
102.14 102.17
1949 5
Reynolds Invest'g 5s 1948
3.00
49
less
1
51
Trlborough Bridge—
f revenue *77 A&O
108
109*4
101.9
101.12
4s
4s serial revenue..1942 5
2.10
less
1
101.2
101.5
4s serial revenue..1968 5
3.60
less
1
Natl. Mtge Assn
2s May 16
100.15
Dec 1960 50.50% less *4
4*4s
3*4s
1938
June 1 1939
100.11
New York City Park¬
Fed'l Home Loan Banks
July
15 1938
Marine Parkway Bridge
100.15 100.17
85
1555
Aug
1 *4s
101
Ask
Home Owners' L'n Corp
2s
*4 % notes Nov 2 1939.
Federal Farm Mtge Corp
l*4s
Bid
Ask
Commodity Credit Corp
l*4s
Continental Bank & Tr.10
Colonial Trust
96*4
1620
82
Chemical Bank & Trust. 10
Irving
Kings County
Lawyers
1946
Bear-Mountain-Hudson
3485.
s
Financial
3484
1938
28,
May
Chronicle
Quotations on Over-the-Counter Securities—Friday May 27—Continued
Railroad Bonds
Mtmbtn Krw
.1956
70
94
.1995
30
40
.1951
106
Connecting Railway of Philadelphia 4s...
Louisville Dlv. & Terminal 3 )4s
Dividend
Asked,
Bid
48
54
Alabama & Vicksburg (Illinois Central).
.100
6.00
Albany & Susquehanna (Delaware & Hudson)
.100
10.50
89
94
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
.100
6.00
30
34
..50
2.00
25
28
(New York Central)
.100
8.75
65
70
Boston & Providence (New Haven)...
.100
8.50
30
40
2.85
41
45
Betterment
(Pennsylvania)
stock
(
45)8.
72
63%
.100
5.00
68
73
.100
5.00
55
65
..50
3.50
66
—50
2.00
40
43
70
..25
2.00
35
39
.100
5.50
45
50
.100
Georgia RE & Banking (L & N~A C L) —
Lackawanna RR of N J (Del Lack & Western).... .100
9.00
4.00
37
50.00
109
.....
98%
97
...
95
100
86
1948
...
-
111
88
80
---
53
51
103%
115%
83
:
105
114
Philadelphia & Reading Terminal 5s_...
Pittsburgh Bessemer & Lake Erie 5s
85%
Portland Terminal 4s
Providence & Worcester 4s
.....
75
65
...
100
Terre Haute & Peoria 5s
84
78
Toledo Peoria & Western 4s
104%
4)4s
106%
99
95
Toronto Hamilton & Buffalo 4s
103%
United New Jersey Railroad & Canal 3%s—
132
.100
-
83
Pennsylvania & New York Canal 5s
Terminal
-
-
79
Memphis Union Station 5s...
New London Northern 4s
New York & Harlem 3)4s
New York Philadelphia & Norfolk 4s
Norwich & Worcester 4)48
Toledo
....
65
5
—
& Gulf 5s
...
Ctfnchfield & Ohio common 5% stamped.
Cinn Chicago & St Louis pref (N Y Central).
99%,
67
4s
Southern
Indiana Illinois & Iowa 4s
.100
98%
.1962
.....
Illinois Central-
Ear in Dollars
.
66
60
91
Kansas Oklahoma
Cleveland & Pittsburgh
60
.1951
Chicago Stock Yards 5s
Cleveland Terminal & Valley 4s
2-6600
(Guarantor In Parentheses)
Cleve
98
.1961
Florida
Carolina
31
94
Chicago St. Louis & New Orleans 5s
Guaranteed Railroad Stocks
(New York Central)..
72
28
1955
...
Duluth MIssabe & Iron Range 1st 3)4s
Canada Southern
33
70
Chicago Indiana & Southern 4s
Tel. RE ctor
Sine* 1855
Boston & Albany
30
..1940
Cambria & Clearfield 4s
STOCKS
92%
.1939
Boston & Maine 5s..
GUARANTEED
NEW YORK
91
..1943
Boston & Albany 4)48
York Slock Exchange
Dcalcrt in
120 Broadway
1939
Atlantic Coast IJne
Baltimore A Ohio 4)48——
Joseph Walkers Sons
Asked
Bid
Guaranteed Railroad Stocks
500
Delaware (Pennsylvania)
_■
Fort Wayne & Jackson pref
(N Y Central)
Michigan Central (New York Central)...
Morris & Essex (Del Lack & Western)....
Northern
Central
(Pennsylvania)
Oswego & Syracuse (Del Lack & Western)
Pittsburgh Bessemer & Lake Erie (U 8 Steel)
51
76
30
35
Alabama Power $7 pref..*
39
Arkansas Pr & Lt
37
1.50
3.00
75
7.00
130
140
.100
7.00
145
150
Rensselaer & Saratoga (Delaware & Hudson)..... .100
6.82
42
.100
6.00
121
St Louis Bridge 1st pref
(Terminal RR)
Bid
Bar
Associated
47
127
7% pref *
59%
61%
69
71
*
$6.50 preferred
*
$7 preferred
..._*
Atlantic City El 6% pref. *
Bangor Hydro-El 7 %pf. 100
Birmingham Elec $7 pref. *
—
3.00
60
65
.100
6.00
121
127
United New Jersey RR & Canal (Pennsylvania)... .100
10.00
215
220
Utica Chenango <fc Susquehanna (D L & W)...... .100
Valley (Delaware Lackawanna & Western)....... .100
6.00
40
45
Carolina Pr & Lt $7 pref.. *
5.00
50
Vlcksburg Shreveport & Pacific (Illinois Central).. .100
5.00
37
41
5.00
45
50
..50
3.50
20
25
..50
3.00
48
52
...
•
5
4
4%
Preferred
Warren RR of N J (Del Lack & Western)
West Jersey & Seashore (Pennsylvania)..
Railroad
Ask
*
$6 preferred
Nassau & Suf Ltg 7% pf 100
12
20%
70%
63%
21%
Nebraska Pow 7% pref. 100
105
72%
Newark Consoi Gas..
124
65%
New Eng G & E 5)4s% pf *
71
73
61
63
71%
74%
Mountain States Power—.
7% preferred....... 100
Cent Pr & Lt 7% pref-100
6
37
41
91%
93
Power $5 pref*
7%
68%
70%
17%
19%
5.00
*
19
21
55.75
5.00
Gas & Elec of Bergen.
100
124
184
65.00
2.75
2.75
63.10
2.50
65.75
__
Cent RR New Jersey 4 %s
4.00
63.25
-
Canadian Pacific 4%s.
2.75
55.75
4.00
63.25
3%S Dec 1 1936-1944Canadian National 4%s.
5s
53.50
4.00
5.00
Chesapeake & Ohio—
62.75
4%s
2.00
61.75
67.00
6.00
67.00
5s
6.00
6.00
67.00
5s...
Chic Milw&St Paul 4%s
1.00
67.00
Chicago & Nor West 4)48
6.00
Chicago" R Y& Pacific—"
Denver & R G West 4%s.
85
66.00
5.00
5s-
66.00
5.00
5)48
66.00
5.00
88
....
92
88
Great Northern 4%s
6s—...
92
88
■
92
88
5s.
'in
~
-
—
—
11
YNH'&Hartf 4)4si
92
62.80
2.15
61.80
—
1.25
Hudson County Gas...100
Northern Pacific 4)48
52.50
1.50
Interstate
51.75
1.10
Interstate Power $7 pref.*
53.00
2.25
-
-
* -
-- .
-
—- -
-
-
-
Jan
July 1937-49
&
52.85
2.25
53.75
Dec 1 1937-50
Pere Marquette 4%s
2.75
53.25
2.50
52.50
2.00
90
94
92
St Louis-San Fran 4s
-
95
55.50
4.75
55.50
St Louis Southwestern 5s—
1
—
—
5s
53.75
53.25
2.75
52.25
1.50
51.50
1.00
51.50
1.00
..
5s
61.75
1.10
64.50
Maine Central 5s
1.10
61.75
—.
5s—
3.75
.
Pacific
—
100
7%% preferred50
Jer Cent P & L 7 %
pf-100
7% pref. 100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
7% preferred
100
5% conv partic pref. .50
Memphis Pr & Lt $7 pref. *
4)48.
Amer Wat
Wk & El 5s '75
Appalachian Elec Power—
1st mtge 4s
..1963
s
f debenture
4)4s—1948
•
23
21%
4
5%
39
37
51.70
1.00
51.70
5s
52
55
75
77
106
108
1.00
29
31
33
7% preferred
24
26
Utah Pow & Lt $7 pref...*
62%
65%
Virginian Ry
Utility Bonds
Bid
62%
64
82
84%
Federated Util 5%s...1957
104% 105%
100% 100%
35
1
2
7% preferred
100
Diamond Shoe pref....100
95
—
10 %
12)4
8~"
Fishman (M H) Co Inc..*
5)4 s-
Bar
Bid
Eastern Sugar Assoc
Preferred
1
1
4%
11
8%
26%
109%
28
110%
92%
50
Marragansett Elec 3%s '66
103%
104%
Newport N & Ham 5s. 1944
N Y State Elec & Gas Corp
100%
102%
.100
6)4% preferred..... 100
Murphy (G C) $5 pref .100
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
*
50
54
—-1973
61
8-year 8s with warr.1940
87
89
87
88
North Boston Ltg Prop's—
105%
105%
26
Secured notes 3%s._ 1947
Ohio Pub Service 4s. .1962
100%
101
-
Old Dominion par 5s. .1951
50%
-
Parr Shoals Power 5s. .1952
86
Pennsylvania Elec 5s. 1962
96%
98
106%
107
4)4s—1958
23
4s... 1983
20
inc
4)4s._1983
4s
^
21%
Sink fund inc 5s. —1983
5%8._1983
25
15
Sink fund inc 4-5s.. 1986
21
67
75
S
1154
12
3)4
5
_
-
23
4)4s-5)4s—.1986
_
^
-
-:-
25
27
1
23
Sink fund inc 5-6s.. 1986
S f inc
f inc
West Indies Sugar Corn.. 1
Penn Telep
lien
3-6s——1961
Public Serv of Colo 6s
'
91
53%
Peoples Light & Power
1st
_
Corp 1st 4s '65
89
1961
Pub Util Cons
5%s—1948
St Joseph Ry Lt Heat & Pow
58%
105%
64
60%
106
66
18
23
97
99
Blackstone V G & E 4s 1965
109
Cent Ark Pub Serv 5s. 1948
81
84
San Antonio Pub Serv—
Central G & E5%s_._ 1946
1st lien coll trust 6s. 1946
65
67
71
1st mtge 4s
1963
Sioux City G & E 4s. .1966
Sou Citie3 Util 5s A.. 1958
99% 100%
69
Tel Bond & Share 5s.. 1958
Texas Public Serv 5s..1961
77
Utica Gas & El Co 5s. 1957
122
Western Mass Co 3%s
1946
Western Pub Serv 5%s '60
105%
Wisconsin G & E 3 %s_ 1966
104%
104%
101%
105
98
19)4
20)4
ser
G '60
Consoi E & G 6s A—.1962
1
1965
5%s-6%s---1986
Bellows Falls Hy EI 5s 1958
Income 5)4s with stk '52
Colorado Power 5s—.1953
Par
86
52
Ask
Bid
101
48%
4)4s
101
102%
-
-
-
104% 105
Bid
Ask
6s
series
B
1962
/2%
105%
41
26%
28%
Debenture 3%s
1948
41
103
5%
12%
88
48
deb
Conv deb 5s
10
Kress (SH) 6% pref—
Miller (I) Sons common..*
Savannah Sug Ref com
Iowa Sou Util 5%s—1950
.1973
Conv
Sink fund inc
Kobacker Stores...
As*
103
1967
Kan Pow & Lt 1st 4)4s '65
Keystone Telep 5%8—1955
2%
42
42
Consolidated Edison Co—
6%
60%
103%
103%
95%
97%
102%
Idaho Power 3%s
1973
Sugar Stocks
.10
59
Green Mountain Pr 5s. 1948
25
Central Public Utility—
.
108%
1973
Conv deb 4s
Cent Maine Pr 4s
Cuban Atlantic Sugar.
107%
85
Sink fund
Bar
$5 preferred
Ask
100% 100%
Kan City Pub Serv 4s, 1957
Sink fund inc
30
Cumberl'd Co P&L 3%s'66
Dallas Pow & Lt 3%s,1967
85
Cons ref deb
*
33
118
75
6s
Chain Store Stocks
pref
98
63%
84
8s without warrants. 1940
conv
100
As*
Assoc Gas & Elec Co—
$2.50
..100
99%
4.75
Bohack (H C) common...*
92%
United Gas & El (Conn)—
75
5)4s
7% preferred
59
Mtn States Pow 1st 6s. 1938
65.50
1)4
58%
Missouri Pr & Lt 3 %s. 1966
Conv deb 5)4s_
10
184
31%
5.00
85
79
26%
27
5.00
1
3%
89
26
56.00
9)4
6% preferred C.. —100
Sioux City G & E $7 pf. 100
30%
56.00
75
21
Income deb 4)4s—.1978
Western Pacific 5s
*
:.;'8 5§'
Income deb 4s_-— .1978
4.75
100
56)4
85
4.75
7% preferred
93
*97%
85
65.50
B—G Foods Inc common *
Republic Natural Gas.... 1
98
84
75
5s.
65.50
Bickfords Inc
...
33%
24%
Missouri Pacific 4)48....
5s
6
Queens Borough G & E—
6% preferred
100
27
Income
2.50
3
100
*
Texas Pow & Lt 7% pf. 100
Toledo Edison 7% pi A. 100
25
53.50
_*
.
36
43%
Western Maryland 4)4s_.
Berland Shoe Stores
7% preferred..
100
pref—100
Pacific Pr & Lt 7% pf.
Penn Pow & Lt $7 pref
87%
110%
75
Wabash Ry 4%s
Ask
..*
25
South Jersey Gas & El .100
Tenn Elec Pow 6% pf_100
.100
7% preferred
24
3.50
Bid
*
6% pref series B...
42%
3J4s—.1978
deb 3%s
1978
3.75
Bar
91%
pref
Southern Calif Edison—•
Assoc Gas & Elec Corp—
Virginia Ry 4)4s
Edison $6
Rochester Gas & Elec—...
Income deb
Associated Electric 58.1961
64.25
—..
-
108% 110%
Bid
64.50
5)48---
*.
97% 100%
Public
Minn St P & S S M 4s...
5%s._.
_
Mass Utilities Associates—
4.00
4)4s
.
—*
(Minn) 5% pref
4.00
2.75
Union
7% preferred-_—
2.50
53.25
5.00
Gas..*
Amer Utility Serv 6s. 1964
Texas Pacific 4s
5.00
Natural
3.00
53.00
54.75
5s
62%
4.75
54.75
Southern Pacifiv 4%s..
Southern Ry 4)4s
65.75
—
Kan Gas & El
5s
65.75
Louisv & Nash 4%s
.
Jamaica Water Supply—
2%s series G non-call
Internat Great Nor 4%s.
3.25
_
Iowa Southern Utilities—
4s series E due
1.00
*
_.__100
$6 preferred
7% preferred
Pennsylvania RR 4)4s
58.
-i
96
100
pref
Okla G & E 7%
.
Idaho Power—
1.50
5.00
3.25
*
5.00
65.75
64.25
—
5.00
61.75
64.25
.
56.00
Illinois Central 4%s
5s.
i
5s
$6.50 cum preferred.
$7 cum preferred
52.25
Hocking Valley 5s
Long Island 4)4s
16%
.
56.00
— .
5s
;
$6 cum preferred.
5s........-..'.J
N
Reading Co 4)48...
83
Trustees' ctfs, 3 % a.....
Erie RR 5%s._.
-
86
100
18%
6.50
-
7%
63
*
Power-
$7 preferred
3.00
1
States
*
Ohio Power 6% pref— .100
Ohio Pub Serv 6% pf—100
184
Federal Water Serv Corp—
54.00
i
preferred
cum
—
Ohio
New York Central 4)4s.._
■
—
31
6.50
-
15
116
5.00
-
preferred..
27
55.50
5s
19)4
26)4
114
New Orl Tex & Mex 4%s_.
5s
100
Lt 7% pref. 100
2.00
N Y Cliic & St L 4)48.
.
Derby Gas & El $7 pref —*
Essex Hudson Gas..... 100
Dallas Pr
65.00
Maine 4%8.__
cum
7%
65.00
&
$6
(Del)
..100
7% preferred
.
$7 prior lien pref.
New Orl Pub Serv $7 pf.
New York Power & Light
Northern
Continental Gas & El—
Ask
22%
63
Consoi Traction (N J) .100
Bid
4
Penn
25
51)4
123
Coasol Elec & Gas $6 pref *
Consumers
West
59
61
67.50
5s-
5s..
Ask
104)4
120
0/.0O
Cojpt Line 4%s.
Baltimore M Ohio 4%s.—
;
49
New Eng Pub Serv Co—
100
100
7% preferred
pref. 100
Missouri Kan Pipe Line..5
Pub Serv 7% pref
62.60
Atlantic
Boston
6% preferred..
Equipment Bonds
Bid
25
preferred
*
Miss Rlv Pow 6%
Monongahela
106
Buffalo Niagara & Electern
$ 1.60
—
Mississippi P & L $6 pref.*
-
Central Maine Power—
.100
preferred.
Mississippi Power $6 pref *
$7 preferred
Electric
Gas &
Original preferred
.100
Second
Tunnel RR St Louis (Terminal RR)
Bid
80
4.50
—50
—
Ask
4.00
..60
..50
Preferred
Utility Stocks
Par
..50
Pittsburgh Fort Wayne & Chicago (Pennsylvania). .100
Preferred
Public
56
44
31
5.00
New York Lackawanna & Western (D L & W)_... .100
28
80
40
1990
Pittsburgh 4s
West Virginia &
41
3.875
—50
75
4)4s
Valley
Vermont
2
3
For footnotes
see page
3485.
103%
—.1947
4%s.
Wis
Mich
Pow
3%s.„1961
101%
102%
98
98%
38%
40
59%
60
74
78%
10"%
77
Volume
Industrial Stocks and Bonds
Water Bonds
Alabama Wat Serv 5s. 1957
Ashtabula Wat Wks 5s '58
'58
Atlantic County Wat 5s
Birmingham Water Wks—
1957
5s series C
Muncie Water Works 5s '65
100
104%
New Jersey Water
98%
97
100%
Alabama
100%
American Arch
—1951
5%s
103%
5%
80
75
80
86%
98
102
1957
104%
Newport Water Co 5s 1953
Ohio Cities Water 5%s '53
75
(;.Vr:s(
102
105%
102
5%s series A.____. 1951
City of New Castle Water
1941
'■
.1948
101
97
Richmond W W Co 5s. 1957
91%
104
101
(<• rf
98
1942
St Joseph Wat
100
1942
100
5s series D_
1960
4s ser A.'66
106
105
1958
4%s
74
09%
71
75
1952
98% 101
South Bay Cons
97
South
100
Wat 5s '50
106
1st mtge
5s.------.1955
110
5s series A
1960
5s series B
1960
105
1954
101
Spring! City Wat 4s A '56
1954
103%
Terre Haute Water 5s B '56
1962
104
1966
1st mtge 3 %s
103% 105%
105
Good
Graton &
99% 102%
1951
.1950
KokomoW W Co 5s-1958
104
102
Long Island Wat 5 Ms. 1955
Middlesex Wat Co 5 Ms '57 ■107
Westmoreland Water 5s '52
97"
—1956
Par
'
Ask
Investors Fund of Am Inc.
2.55
2.91
Affiliated Fund Inc__.l%
3.36
3.«9
Investors Fund C
7.91
8.45
Amerex Holding Corp...*
17
18%
Keystone Custodian Funds
2.67
2.96
Corp
Continental
Amer &
6
Amer Gen Equities Inc
3%
25c
Corp*
%
4
'
4
;
.
■
Basic Industry
Shares
—
10
13.05
22c
27c
Broad St Invest Co Inc..5
Fund
Inc...
21.07
21.47
.1
10%
11%
Canadian Inv Fund Ltd—I
3.30
3.65
Century Shares Trust---*
19.47
20.94
Commonwealth Invest— 1
2.68
2.87
Bullock Fund Ltd
13.41
12.0
13.16
..._
_
_....
....
7.76
10.4
Series S-2__
3.43
Series S-4.
Major Shares Corp......*
2.59
12.20
British Type Invest A...1
Boston
12.26
...
Series K-2
":
5M
Bankers Nat Invest Corp *
20.71
Series 1)1.
Series K-l
58c
51c
Am Iasurance Stock
Assoc. Stand Oil Shares..2
26.12
18.93
Series B 3
7
23.97
Series B-2
■
.....
Maryland Fund Inc...10c
Mass Investors Trust.... 1
Mutual Invest Fund
1 %
4.61
9.60
1.01
5%
1.87
Wickwire Spencer Steel..*
Wilcox & Gibbs com_._.50
42
WJR The Goodwill Sta
*
24%
26%
Worcester Salt
'.25
26%
28%
__
5%
7%
%
4.25
4.53
1
9.Pi
10.55
Agriculture..
150
preferred.... 100
preferred
.
100
.
.
.
6.07
39
Inc common.. 1
Co
19
100
90
Deep Rock Oil 7s
1937
/71 %
7%
44%
Haytian Corp 8s
1938
/7
*
107
*
100
19
22
Nat Radiator
14%
16
N Y Shipbuilding 5s..1946
Preferred.
Nat Paper & Ty pe com...
preferred
New Britain Machine..--*
6%
Conv.
Scovill
100
Preferred 6%%
Northwestern Yeast--.100
5
Pharmacal
Leather common...*
46
Witherbee Sherman 6s 1963
35%
*
1st 5s
9
7%
Alden 1st 3s.._.._...1957
B'way Barclay 1st 2s.
1956
.
1944
1st 3s——
Colonade Constr'n 4s_1948
34
100
Cumulative Trust Shares. *
Insurance stock
7.60
8.23
5.78
6.27
Metals
6.28
6.81
Oils..
7.15
7.74
Railroad equipment
4.85
5.27
Steel
3.71
5.62
6.10
No Amer Bond Trust ctfs
Deposited Bank Shs ser A1
2.15
Series 1950-
2.37
1
1
——
Series 1958...
Shares
2.90
1
4.30
4.90
Class A
25c
96c
1.06
Class B
D
Dividend Shares
Eaton & Howard Manage¬
15.15
ment Fund series A-l
16.27
24.19
25.73
2.11
24
5M
*
%
Plymouth Fund Inc... 10c
Quarterly Inc Shares..10c
30c
7.88
98
5%
1
35c
8.63
15.22
16.38
30c
50c
10c
2.24
2.49
Selected Amer Shares. .2 M
8.24
8.98
Insurance stk series. 10c
2.95
3.28
Selected Income Shares
3.35
Fixed Trust Shares A...10
7.23
Equity Corp S3 conv pref 1
Fidelity Fund Inc
...*
20%
23%
Royalties Management-
Fiscal Fund Inc—
Bank
stock
.—...
series
55c
61c
12.79
13.46
1.60
2.10
Foreign Bd Associates Inc.
Foundatiou Trust Shs A.l
3.30
3.55
Inc. 2
13.07
14.14
State Street Invest Corp. *
3.92
4.50
Super Corp of Am Tr ShsA
Fundamental
Invest
Fundamental Tr Shares A2
Spencer Trask Fund
Standard Utilities
Inc.50c
40c
65
3.55
.....
43c
68 M
2.55
AA
2.67
Corp....*
25.52
27.44
Trust.*
g3.77
4.11
Agricultural shares
34c
92 c
Supervised Shares
Automobile shares
59c
66c
Aviation shares
1.00
1.10
Building snares
98c
1.07
Chemical shares.
95c
1.04
Food shares
71c
79c
General
Investors
BB
C.
3
7.74
Series C
1
Series D
1
1.95
Trustee Stand Oil Shs A.l
5.62
Series B
1
61c
Trusteed Amer Bank Shs B
Merchandise shares
76c
84c
Trusteed Industry Shares.
Mining shares
98c
1.07
U S El Lt & Pr Shares A..
Petroleum shares
89c
98c
Investing shares.
RR equipment
Steel shares..
......
__
1.41
1.51
75c
83c
2
2%
Un N Y Tr Shs ser F..___ *
1
%
%
42c
82c
15.55
shares
Shares.
(Del)l
97c
1.07
1.13
1.2.5
%
%
Iusuraushares Corp
10
Wellington Fund
1
27
31
11.52
Investm't Banking Corp
Bancamerica Blair
V~:
'
5%
48
/30
31%
5%s series F-l
/49%
50%
fZ9
4%
42
/19
21
19th & Walnut 8ts (Phila)
5%
45
47
44%
46%
28%
31
29%
.....
33
July 7 1939
1st 0s
Oliver Cromwell
(The)—
Nov 15 1939
1st 6s
/6
1 Park Avenue—
■7''83"''■'
2d
'
■
37
4l"
39%
.1951
mtge 6s.
103 E 57th St 1st 6s... 1941
165 Bway Bldg 1st 5%s '51
42
16
/40%
34
.
.:_
20
42%
Prudence Co—
75
5%s stamped....-.1961
3s-...-...-1957
">
-
5%
/4%
6s....1944
30
33
1949
36
55
Realty Assoc Sec Corp—
5s Income.
...1943
/41
.....
43
Roxy Theatre—
1957
45%
47%
.1956
25%
28
38
2%-4s (w-8)
35
38
47
48%
42%
44%
42
43%
Lexington
units
2s
with
stock... —1956
/20
22
60 Park Place (Newark)
54
...1947
3%s
...
40
61 Broadway Bldg—
.........1950
w-s...1963
34
3%s with stock..-.1950
32
60
Syracuse Hotel (Syracuse)
1st 3s
1955
34
64
...
Corp
Theatre Rlty
1st 6s.............1947
89%
90%
Textile Bldg—
36
38
Trinity BIdgs Corp—
.1958
1st 4s (w-s)
1952
1947
54
36%
1939
1st 5%s
-.1951
1st 5s (L I)
3s with stock
Sherneth Corp—
1st fee & leasehold
Lefcourt Manhattan Bldg
Mad
-
Savoy Plaza Corp—
60%
Hotel St George 4s... 1950
1st 4s
-
Hearst Brisbane Prop 6s '42
Hotel
/4%
/45%
5%s series C-2.....
^
27
25
Graybar Bldg 5s
1946
Ilarriman Bldg 1st 6s. 1951
2 Park Ave Bldg 1st 4s
52
1946
38%
53
...
61
(The) Ave Apt
1st 3s 1957 w-s
...
Walbridge Bldg
Hotel
3s
27
Majestic Apt Inc—
4s w-s 1948 stamped...-
with stock
(Buffalo)—
1950
17
—
Wall & Beaver St Corp—
4%
Class B
First Boston Corp
Schoelkopf, Hutton &
Pomeroy Inc com
Metropolitan Chain Prop—
6s.
*
Corp. 1
Central Nat Corp cl A
Institutional Securities Ltd
Insurance Group
1st
24
5%
lst4%s
w-s.......1951
20
21%
1%
12.72
14.46
Invest Co. of Amer com.
12%
Un N Y Bank Trust C-3-*
58c
1
Bank Group
58c
81c
11%
93c
Investors..*
Corp
Voting shares
Income
Ludwig Baumann—
1st 5s (Bklyn).
1.C0
Guardian Inv Trust com.*
Incorporated
.......
72c
'27%
Bldg—
6%s stamped..1948
Fox Theatre & Off Bide—
1st
1st & gen 3s w-s
4.96
52c
1939
42 Bway 1st 6s
Fuller Bldg deb
22
1946
4s with stock stmp._1956
5 % s series BK j.;> i
London Terrace Apts—
91c
..... .
Tobacco shares
Huron Holding
B
8.41
85c
52c
shares
_
55c
40 Wall St Corp 6s.-.. 1958
Loew's
1.99
.
'52
Film Center Bldg 1st 4s '43
Income 5%s
4.64
D_
Group Securities—
1st 3s inc '46
1949
Broadway
00
N Y Title & Mtge Co—
Lincoln Building-
4.64
...
-
1st leasehold 3s. Jan 1
1st 4s
1.74
......
—
Hotel units.......-
1400
93
58
N Y Majestic Corp—
47%
Lewis Morris Apt Bldg—
Trustee Stand Invest Shs
General Capital
52%
Eastern Ambassador
1st 4-5s extended to 1948
1.74
B
B
20c
*
Investors
5.68
6.46
7.02
18c
7.96
Standard Am Trust Shares
Sovereign
10
B
7.46
102
Ask
5%s series Q.
—1950
%s.
Dorset 1st & fixed 2s.. 1957
500 Fifth Avenue 6 %s.
5% deb series A..
Representative TrustShslO
Republic Invest Fund_25c
Equit Inv Corp (Mass)..5
1st 3
80
90
2s
63%
50
52d & Madison Off Bldg—
26
—*
—
01%
Court & Remsen St Off Bid
50 Bway Bldg
1.85
.......
Pacific Southern Inv pref
3.50
C
1948
1945
4-6s.
77
N Y Athletic Club—
Broadway Motors Bldg—
Chanin Bldg inc 4s...
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
1.82
Series 1955.....
2.58
Diversified Trustee
49 M
No Amer Tr Shares 1953.*
1.28
Deposited Insur Shs A...1
Deposited Insur Shs ser B1
39%
Metropol Playhouses Inc—
S f deb 5s
1945
32
Chesebrough Bldg 1st 6s '48
7% preferred
37
100% 102%
Metropolitan Corp (Can)—
6s...
.........1947
22%
/20%
B'way & 41st Street—
6.58
Machinery
29 M
108%
Bid
30
•
46
26 M
ie%
86
107
Mortgage Certificates
Ask
ill
6.15
109
...1962
2d conv income 5s. -1962
Real Estate Bonds and Title Co.
5.67
10
/13%
Woodward Iron
11
9
2.14
Forster Insurance
1945
60
1
Common B share
1946
5s
Mfg 5%s
56
7.03
Crum &
8%
75
1948
6s
42
6.12
23
deb
33%
7.33
20
73%
5
New Haven Clock-
Norwich
98
Kelsey Hayes Wheel Co—
110
3%
5.64
115
94
82
..1940
f 6s
80
Ohio
48%
86
79
conv s
41
5%
76
123
92
100
7% preferred
6.77
10
9%
45%
95
Muskegon Piston Ring.2%
National Casket-——*
6.49
100
100
preferred...
107
1st
Building supplies._....
Electrical equipment
com
52
*
Cont'l Roll & Steel Fdy
113%
Bank stock
8% preferred..
._100j 47
Am Wire Fabrics 7s..1942
21
Aivation..____________
Crum & Forster
12
22
42%
1.82
Series ACC mod
5%
9
Chicago Stock Yds 5s. 1961
*
Preferred....
1.82
.
4%
American Tobacco 4s. 1951
4%
3%
2.14
..
16%
Bonds
100
1
—...
15
75
200
100
_
Accumulative series... 1
Series AA mod
15%
95%
1%
20
5
Young (J S) Co com...100
7% preferred
,..100
5%
14%
4%
12%
com....100
1.12
Corp. 1
New England Fund
N Y Stocks Inc—
100
4
Ohio Match Co
2.58
National Investors
*
1
17.88
8.79
..._.
t c 1
104%
13%
91%
5.05
16.85
2.48
Shares pf.100
614
3.81
10
Corporate Trust Shares..1
Series AA.
1
Continental
8.50
11.51
Nation Wide Securities 25c
Voting shares
com v
$7 1st preferred
6%
1st 6%
9.88
Shares—
19
$3 cum preferred.
%
2d 8 %
9.29
1
45
39
.
Macfadden Pub common. *
100
hid
40
zl6
White Rock Min Spring—
7
6%
*
preferred
preferred—. —100
*
.
King Seeley Corp com... 1
Investing Companies
New common
12
5%
Lord & Taylor
Adminis'd Fund 2nd Inc.*
Amer Business
33
Mock Judson & Voehringer
Ask
3%
100
Knight com
6% preferred..
Bid
2%
West Dairies Inc
3
Kildun Mining Corp__.__l
Merck
Par
%
100
West Va Pulp & Pap com.*
Pref erred
.100
18%
2%
11
Corp.... -.1
Humor
1%
6
%
(Northam)—
conv
7%
Harrisburg Steel Corp....5
105
-
5
Dye Works. *
—
104
-
_
W'msport Water 5s—1952
104
.
101%
101
1960
1949
5s series B 4
101
1
Welch Grape Juice com..5
20
17
31
Lawrence Portl Cement 100
6s series A
92
Monongahela Valley Water
5%s
...1950
Morgantown Water 5s 1965
0/
70
_
York Ice Machinery
100%
5s series C
Monmouth Coasol W 5s '56
,
99
76
10
Warren
5%
4%
103% 104%
Great Lakes SS Co com
Wichita Water—
1st mtge 5s
Iso
shares
Preferred
91
1st mtge 5 %S-
91
,
2%
30%
United Piece
53
49%
*
_.
Great Northern Paper.
.....1950
5s series B
8b
104
1%
Preferred
General Foods $4.50 pf
104
....-i„.1958
--
7
6
28%
4
2%
2%
101% 104%
93
11%
*
United Merch & Mfg com *
3
Gen Fire Extinguisher.
Western N Y Water Co—
6
5
10%
United Artists Theat com.*
35"
£16%
101
Joplin W W Co 5s.—1957
.
30
103
„
1%
3%
22
*
Tubize Chatillon cum pf
112
W Va Water Serv 4s..1961
Indianapolis Water—
Indianapolis W W Secure—
.
....100
(Jos) Crucible...100
1949
^
_
.*
Steel common
34
Union Water Serv 5%s '51
6s series A
20%
6%
32
Texarkana Wat 1st 5s. 1958
101% 103%
i_.20
5%
Trico Products Corp
56
28
Garlock Packing com_.
—
236
230
2%
*
3%
Tennessee Products
53
91%
.
7%
%
4%
12%
8%
Taylor Wharton Iron &
"%
30
'■■vv.-.vi
.
3%
11
..5
Sylvania Indus Corp
15%
29%
%
Foundation Co For shs.
101
%
%
Strom berg-Carlson Tel Mfg
I*
__._*
American
90%
5s series B
6s
97% 100
4%
4%
$3
103%
com
Standard Screw
J*
3
10
Shops.
Preferred.-
103%
5%s series B
Huntington Water—
6s
13%
27%
109
4
1
Exploration
Preferred...
54%
Fohs Oil Co...——
Haekensack Wat Co 5s. '77
-
6
Federal Bake
Pittsburgh Water—
*
Standard Coated Prod. 10c
I*
2%
38
Draper Corp.
77
7% pref
Conversion._.l
Skenandoa Rayon Corp._*
77
98%
1952
.
*
Douglas (W L) Shoe—
Conv prior pref
101
99
74
5s series B._
5s
18
53
Dixon
Shenango Val 4s ser B 1961
5s series A
Illinois Water Serv 5s A '52
Singer Manufacturing__100
Singer Mfg Ltd.
Corp
Preferred
—
Scranton-Spring Brook
Water Service 5s. 1961
1st & ref 5s A..
1967
Greenwich Water & Gas—
1977
45%
Dentist's Supply com... 10
Devoe & Raynolds B com *
:::
Scranton Gas & Water Co
6s series B
43%
16%
Dennison Mfg class A
107-
94%
94
E St L & Interurb Water—
5s series A
20
Dictaphone Corp
—
Water of Utica—
1958
1958
18%
C'rowell Publishing com..*
87 preferred
..100
...
101%
Roch & L Ont Wat 5s. 1938
100
Scovill Manufacturing..25
Columbia Baking com
*
•SI cum preferred
._.*
■
105
106% 108%
Pittsburgh Sub Wat 5s '58
Plainlield Union Wat 5s '61
68
Connellsville Water 5s 1939
56
Chic Burl & Qulncy.-.IOO
Chilton Co common.... 10
102
99
'
64
—
100
103
Prior lien 5s.
62
1st mtge 5s
...1948
Pinellas Water Co 5%s. '59
1946
50
*
Beneficial Indus Loan pf_*
Burdines Inc common
1
101
1950
„_1948
Phila Suburb Wat 4s..l965
58
*
72%
2%
73%
Remington Arms
Products
Belmont Radio
96
95
1st consol 5s
1946
Pollack Manufacturing.__*
Pure Oil 5% conv pref....
19%
13%
25
Bankers Indus Service A_*
1st consol 4s
105
...
105
Peoria Water Works Co—
Community Water Service
5%s series B
94%
100
Art Metal Construction. 10
101
.
88%
18%
11%
Pathc Film
3
Petroleum Heat & Power.*
79%
1st & ref 5s
1957
1st 5s series C—_7.
Pilgrim
99%
101
5s...
11%
96%
1st coll trust 4%s__1966
103
City Water (Chattanooga)
5s series B
1954
11%
Hardware
Maize
Ask
—10
75%
Water 5s.1954
Penna State Water—
1951
5s
Amer
Bid
Petroleum
pref
cum
American
Par
•
26%
Ore Wash Wat Serv 5s 1957
104
103%
Citizens Wat Co (Wrash)—
'
22%
Ohio Water Service 5s.1958
Calif Water Service 4s 1961
Chester Wat Serv 4 Mis '58
Ask
2%
*
American Mfg. 5% pref 100
Andian National Corp
*
Ohio Valley
Bid
*
pref
conv
8%
89%
New York Wat Serv 5s '51
105%
Inc.
American Hard Rubber—
84
101
104
_
4%s__
1951
5s series B
Mills
American Cynamid—
New Roehelle Water—
•
_1954
.
5%s series A
Butler Water Co 5s
Coasol
5s 1950
1954
5s series B
6s series A
Pur
Ask
Bid
Ask
Bid
3485
Chronicle
Financial
146
*
3%
28
*
2
10
15
4%
33
......-....---1948
No
/Flat
value,
par
price,
dividend.
v
n
1%
2%
t Now
Westlnghouse Bldg—
1st fee & leasehold 4s '48
65%
Interchangeable,
b Basis price, d Coupon, e Ex-Interest,
quotation, w i When issued,
w-s With stock. £ ExYork Curb Exchange, z Ex-stock dividend,
Nominal
listed
on
New
York Stock Exchange.
t Quotations per 100 gold
10c
90
Now selling on New
5
16%
a
87
rouble bond, equivalent to 77.4234 grams
of pure gold.
Financial
3486
Chronicle
May 28, ms
Quotations on Over-the-Counter Securities—Friday May 27—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks, Bonds and Coupons
m
ray
m
/8
716
Apr 15 '35 to Apr 15 '38-
Tel. H An over
iik
/10k
/12 k
2-5422
i
13 k
UIH 112k
Foreign Unlisted Dollar Bonds
21k
(20
6
8s
7
m
18
29
Costa Rica Pac Ry 734 b '49
/17 k
19
/II
18
/II
5
19
22 k
6
Dueeseldorf 7s to..... 1945
19
7
5
88.
7
Dulsburg 7% to
1945
East Prussian Pow 6s_1953
13 H
7s
8
78-
9
68
r>
3
Brandenburg Elec 6s..
Electric Pr (Germ)
21 k
Brazil funding 5s.. 19:
5
1
British Hungarian
196
4
4
734s
1967
Natl Mtge 7s.*63
Frankfurt 7s to
1946
18 k
French Nat Mall 88 6s '52
-
Buenos Aires scrip
Burmelster A Wain 6s. 194
bank
45
/40
)
/117
-
-
-
/10
/15
I
11
16k
6
/5 k
63^8
/94
/25
/16
18
/16
/65
18
Budapest 7s
Colombia 4s
19f
Cordoba 7s stamped
>95
194
...
July to Dec 1936.
37
Jan to
General
reasons
However,
FILING
OF
REGISTRATION
SECURITIES
it is
they
are
Robert
W.
Public Investing Co. (2-3710, Form A-l), of
Philadelphia, Pa., has filed
a registration statement
covering 300,000 shares of $1 par cashable capital
stock.
Of the total registered, 238,517 shares are to be offered
publicly
market, and the balance, 61,483 shares,
company.
be
used
principal underwriter.
Filed May 24, 1938.
are to be reserved for con¬
investment.
Frederick Peirce &
Frederick Peirce is President of the
The last
previous list of registration statements
issue of May 21, page 3326.
was
given
trustee under supplemental indenture
the New York Stock Exchange that
the
as
of May
stock of the Standard Oil Co. of Calif,
collateral held under said indenture and that
common
company has
13, 193$, 5,000
were
withdrawn
3,000 shares of
common stock of the Standard Oil Co. of New
Jersey were deposited as
ollateral under the indenture.—V. 146, p. 2673.
23 k
1951
Saxon State Mtge 6s..1947
/23 k
Slem A Halske deb 08.2930 /405
*
~
7k
«
-
—
•
-
—
-
-
—
Mtge Bk Jugoslavia
1956
/58
61
...1956
/58
61
Oct 1932 to April 1935
/62
6s
Coupons—
1937
to April
Stettin Pub Utll 7s.
Certificates
(47
1946
__
/21k
1930
/ 70
/58
1936
4s
23 k
..
-
_'
-
-
—
_
_
_______
__
1946
Certificates
4s_..1946
/65
/53
1955
64
67
/9k
10k
Toho
Electric
7s
1947
Union of Soviet Soc Repub
-
-
-
101
62 k
1943
gold ruble
Unterelbe Electric 6s_.1953
Vesten Elec Ry 7s
1947
Wurtemberg 7s to
1945
J86.50 91.10
22 k
/21k
/21
/20 k
23
22 k
order.
Gusts, adv. deps__
Acer, taxes, wages,
Accts. receivable
zl65,856
144,713
510,340
3,878
363,426
Sund. deps. & advs
Inv. in other co-_-
2,012
x
Inventories
y
Prop.,
plant
product
3,324
on
179,594
103,124
velopm't costs..
13,574
10,920
Unamort. leasehold
.
Ac
10,357
4,799
18,175
inc., est
Res. for
new
12,480
1st pref. (par $9)-
11,223
9,283
8,035
Earned
x
After
1937.
y
in 1937.
$980,499
reserve
After
z
$689,699
24,678
84,916
512,559
312,892
(since
sur.
150,640
Total..
118,488
$980,499
May 5, 1931)...
Total....
9,568
24,678
101,879
.
Capital surplus
10,751
_
17,400
cata¬
Com. stk. (par $1)
Sund.prepd.exps.
0,174
for Fed. tax
log costs
de-
improvements
commls.,
Jlfar.31,'38 Sepl.30,'37
$123,095
$112,583
21,837
Pref. div. pay
Pro v.
&
equipment....,New
Liabilities—
Accounts payable.
1,000
1,000
$689,699
for doubtful accounts of $10,637 in
reserve
1938 and $4,928 in
for depreciation of $121,453 in 1938 and $51,576
Includes notes receivable.
Note—Unissued shares of common stock were reserved at March 31,
1938, as follows:
(a) 28,358 shares for conversion of 1st pref. stock,
(b)
17,000 shares under options granted to officers at $8.50 per share, exer¬
cisable at various dates to Oct. 1, 1942.—V. 146, p. 3326.
Akron Canton & Youngstown Ry.-
From Jan. 1—
Gross from railway.
Net from railway.
_
27,585
1936
$183,426
67,013
36,137
499,499
_
781,594
301,499
143,174
731,167
278,012
159,420
p.
1937
72,983
def37,918
___
Net after rents
146,
$181,154
61,838
1938
Net from railway
Net after rents.
—V.
-Earnings-
$119,832
16,384
def9,542
April—
Gross from railway
1935
$160,276
44,365
22,472
686,142
250,439
153,763
2837.
Alabama Great Southern RR.—To Pay
$3 Common Div.
Directors have declared a dividend of $3 per share on the ordinary stock
payable June 28 to holders of record May 31. An extra dividend of $4 per
share, in addition to a regular semi-annual dividend of $1.50 per share was
paid on Dec. 24, last.
Month
Earnings for
Net from railway
Net after rents
From Jan. 1—
Gross from railway
of
1938
$523,591
103,834
87,892
Gross from railway
_
Net from railway
Net after rents^
,
1,966,840
284,132
278,363
April
and
Year
1937
to
Date
1936
1935
$646,983
199,832
134,540
$521,682
129,827
66,417
$428,024
63,300
16,174
2,509,238
747,935
1,969,951
455,762
231,886
1,572,920
174,209
28,602
474,657
RR.—Earnings—
April—
May 15, 1937 securing 10-year 4 34 % debentures of the
notified
shares of
-rom
as
/22 k
0ke
Mar .31 ,'38 Sept.Z0,'Z7
$45,874
$82,271
Market, sees.(cost)
Alton
The Manufacturers Trust Co.
23 k
—V. 146, p. 2837.
Adams Express Co.—Collateral—
dated
13
/22 k
Associates, Inc.—Balance Sheet~
April—
Tim Bo Lok Corp. (2-3711, Form A-l), of Hawthorne, N. J., has filed
registration statement covering 24,900 shares of $10 par common stock
to be offered at $10 per share.
Proceeds will be used for mill machinery and
working capital.
Hession, Maher & Griscom were named as underwriters.
Harold A. Myers is President of the company.
Filed May 25, 1938.
our
10
58 k
7s unstamped
for
a
in
Air
Cash
to be used for investment.
Sponsored by depositor.
Porter is President of the company.
Filed May 24, 1938.
to
—
61
Assets—
ACT
are
are
...
/34
UNDER
STATEMENTS
(2-3709, Form C-l), of New York, N. Y., has
registration statement covering 600 Fundamerican trusteed certifi¬
Plan A, investment contracts to be offered at $ 1,200 each.
Proceeds
Proceeds
13
10
/24
/22
/Ilk
/6 k
always possible to arrange companies in exact alphabetical
as near alphabetical position as possible.
Fundamcrican Corp.
be
25
/21
/15
/12k
always
a registration statement
covering 67,000 shares of $1 par common
Company plans to offer 29,500 shares presently at $2.50.
The
will
/21k
7k
23 k
23 k
UTILITY—INDUSTRIAL—MISCELLANEOUS
not
Consolidated Gas, Electric Light & Power Co. of Baltimore (2-3708,
Form A-2), of Baltimore, Md., has filed a registration statement covering
the issuance of $18,000,000 series O 334 % 1st
refunding mortgage sinking
fund bonds, due June 1, 1968, the price of which will be
supplied later.
(For further details see subsequent page.)
at the
__
/6 k
(21k
f Flat price.
remaining shares are to be offered in the near future at prices ranging from
$2.50 to $5.00 per share.
Proceeds will be used to pay loans and for work¬
ing capital and equipment.
No underwriter named in the registration
statement.
R.J. Funkhouser is President of the company.
Filed May
23, 1938.
Co.
22k
'
Laboratories, Inc. (2-3707, Form A-l), of Hagerstown, Md.,
versions.
%
Panama
/ll
/99
has filed
,
/25
/8
/56 k
2d series 5s
21
/20k
4s.
Republic of Cuba (2-3706, Form SCH-B) has filed a registration state¬
covering the issuance of $85,000,000 434 % bonds of the external debt;
of the Republic of Cuba, 1937-1977.
(For further details see preceding
page, under "Current Events and Discussions.")
cates
1947
7%
ment
a
—
Fe 7s stamped. 1942
Tollma 7s
Independence Shares Corp. (2-3705, Form C-l), of Philadelphia,
Pa., has filed a registration statement covering 6,000 Independence Trust
shares purchase agreements, of which 400 are fully-paid units and 5,600
are instalment payment units,
both to be offered at $1,200 per share.
Proceeds are to be used for investment in Independence Trust shares.
Sponsored by depositor.
A. H. Gear is President of the company.
Filed
May 19, 1938.
filed
2314
/13
following additional registration statements (Nos.
3705 to 3711, inclusive) have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is approximately $112,158,655.
stock.
24k
/96
/96
The
Torvic
«•
Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mechanical
a.- —
m
y
Santander (Colom) 78.1948
Sao Paulo (Brazil) 6s_.1943
Stlnnes 7s unstamped.
/25
1938
May
...
68
720k
3334
98
Bank
/21k
/20
/70
/5
1948
Oct 1935
/37
/36
/34 k
/33
/27
/26
July to Deo 1937
/II
/34
/57
.
/38
Jan to June 1937...
City Savings Bank
-
-
66
11
/40
/36
Jan to June 1936
68
7s assented.
Chilean Nitrate 5s....l9t
'47
1957
8s ctfs of deposit-1948
2334
Nat
July to Deo 1935
Bk 6s
7%
/21
/21k
Saxon Pub Works 7s..1945
-
f2 2
July to Dec 1934..
Jan to June 1935...
195
Madgeburg 6s
Rio de Janeiro 6%
1933
Rom Catb Church 6k0 '46
R C Church Welfare 7s '46
Santa
f21%
Meridlonale Elec 7s._. 11
mn
'36
8%
/22k
Munich 7s to.
f2lk
Jan to June 1934
Central German Power
..1946
1941
Salvador
7k
/6k
(Ger¬
5s.
56
Luneberg Power Light A
Office
July to Dec 1933
Chile Govt 6s assented...
1968
Santa Catharina (Brazil)
Munlc Bk Hessen 7s to
Funding 3b
1946
Int ctfs of dep July 1 '38
German defaulted coupons:
4
37
20
many) 7s_
State
/46
1948
Conversion
11
/10
/2
22 34
Building A Land-
German
28
/35
4s scrip
Coupons—
100
1940 /100
German
/23
...
24
1937 /100
6s
—
/24
8s
56
53
24
/2034
German Atl Cable 7s.. 1945
195 ?
-
Gelsenklrchen Min 6s. 1934 /100
~
Farmers
68
,
-
53
/58
/44
J22
/50 k
/24
/22
97
20
-
/28
23
/II
'L
Coupons
7s ctfs of deposit. 1957
/II
18 k
/15
2234
2234
/18
7s
1956
1930-1937
scrip
Poland 3s__
Saarbruecken M
/14
/18
Income..--.-.1967
»
—
'
1960
income
7s
7
Ind Corp—
6^8
-
m.
934
24
European
4
/17
/18
2
/834
/22
/20k
/20k
/21
/22
/22
6k a '50
1953
Mortgage A In
vestment 734s
1966
634B
12k
Bank
7^8
Brown Coal
nl
Cundlnamarca 634b-- -1969
Dortmund Man Utll 6s '48
Bavarian Palatinate Cons
..
...1949
58
24
24
i
1
/28
Rhine Westph Elec 7% '36
6s
1941
/89
/22 k
Costa Rica funding 6s_ '51
/20 k
/17
/32
8
Cities 7s to
A at
2214
/16
/12
/Ilk
/3 k
/3 k
/3 k
roy
8
7a.
Bid
A sk
/20 k
/26
/22 k
/22 k
/16
/20k
23 k
22 k
/20k
1952
Prov Bk Westphalia 6s
70
Antloqula
City 6ks
Prov Bk Westphalia 6s '33
720
Hid
Ask
/21k
t
..1945
Protestant Church
)
6
1946
Porto Alegre 7s
/20
Great Britain A Ireland—
Anhalt 7a to-
7s
to
Panama 5%
& CO., INC.
St., N. Y.
7s
Panama
17
German Young coupons:
52 William
Oberpfals Elec
Oldenburg-Free State
German Dawes coupons:
Dec 1934 stamped
BRAUNL
Bid
Ask
Bid
German scrip—
Inactive Exchanges
Gross from railway.....
Net from railway
Net after rents
From Jan. 1—
Gross from railway.
Net from railway.
Net after rents
—V. 146, p. 2837.
....
1938
$1,122,421
137,915
defl25,067
4,714,183
737,314
def293,220
1937
1936
1935
$1,368,539
328,678
47,865
$1,251,189
269,849
2,777
$1,069,195
169,875
def54,105
5,442.788
1,579,555
500,892
4,963,875
1,029,779
13,523
801,064
def36,629
4,250,811
Volume
Alabama Power
Period End.
Gross
x
_
.
_
_
$1,619,986
_
680,083
217,690
Prov. for deprecia'n
8,832,335
1,995,500
$8,317,816
401,229
income
403,03 1
4,800,463
$8,795,987
4,830,565
$341,582
195,178
$3,517,353
2,342,138
$3,965,421
2,342,138
195,178
pref. stock-
on
$19,623,822
$744,614
Int. & other fixed chgs__
Net
$1,677,392 $19,901,550
705,153
8,889,918
227,625
2,693,816
$719,212
_
$1,623,283
$1,175,215
$146,404
$122,804
Balance
Period End. April 30—
.—1937
$317,982
Gross income_
Divs.
1938—12 Mos
1938—Month—1937
and taxes,
exps.
American-Hawaiian Steamship Co. (& Subs.)—Earns.
Co.—Earnings—
April 30—
revenue.
Oper.
3487
Financial Chronicle
146
1936 for Federal surtax on undistributed
all taxable income was distributed.
No provision was made in
a small amount provided by a subsidiary company.
No
Operating earnings
Operating expenses
Net profit from opers.
Other income
$41;754
1 rov.
$42,254
75,223
Cr9,291
for depreciation
on sale of secure..
_
Exps.
incident
to
_
profits
as
1937 except for
provision has been made for such tax in 1938.—V. 146, p. 2673.
Allied Mills,
Directors have declared
share on the common
13.
Previously regular
dividend of 10 cents per
a
stock,
payable July 1 to holders of record June
quarterly dividends of 25 cents per share were
p. 3000.
American Chain & Cable
146,
distributed.—V.
American
Cigarette & Cigar Co.—Stock Dividend—
The directors have declared
a
of common
Cigarette &
dividend of l-40th of a share
This payment will be made June 15 to holders of
record June 3.
A similar payment was made in each of the five preceding
quarters.
A dividend of l-20th of a share was paid on Dec. 2, 1936.
Stock dividends of l-40th of a share of common B stock were paid on
Cigar common held.
Sept. 15, June 15, and
March
on
16, 1936.
See also V. 145, p.
1247.—
V. 146, p. 1536.
American Crystal Sugar Co. (&
Consolidated
Subs.)—Annual Report
(Company
31
for Years Ended March
Wholly-Owned Subsidiaries)
Income
Account
(No portion of Results from Amalgamated Sugar Co.Operations
1938
1937
1936
and
Included)
1935
Gross sales less returns &
allowances:
prof$16,073
$572,994
V
See S. M. A. Corp., below.—V. 146, p. 3000.
American I. G. Chemical
Years End. Mar. 31—
Income
Corp.
-Earnings-
1933
1937
1936
1935
$6,235,810
319,745
$6,947,693
298,126
553,143
1,411.655
$5,155,959
202,836
218,241
1,431,943
$4,308,377
—-_x$4,186,110 y$4,684,769
3,975,755
3,567,061
$3,302,939
2,754,470
$2,527,868
1,572,470
$1,117,708
$548,469
$955,398
.
Gen. & adminis. exps...
Fed. tax & other deduc-.
418,060
Interest
1,311.896
-
Surplusx
Of
188,262
129,231
1,463,017
$210,355
which
$150,641 transferred to reserve for contingencies, $265,000
appropriated earned surplus for debenture retirement and
$3,770,468 transferred to earned surplus.
y Of which $400,000 transferred to raserve for contingencies, $750,000
transferred to appropriated earned surplus for debenture retirement and
$3,534,768 transferred to earned surplus.
z Of which
$261,380 transferred to appropriated earned surplus for deben¬
ture retirement and $3,041,559 transferred to earned surplus
transferred
to
Statement
(1)
1937, $14,284,473; resulting
$111,000 debentures into 1,221 shares of common A
stock, $80,475; rastoration of previous write-downs on securities sold dur¬
ing the year and other adjustments, $208,624; balance at March 31, 1938,
$14,573,571.
(2) Earned surplus, balance at March 31, 1937, $10,100,934; transferred
from profit and loss, $3,770,469; transferred from appropriated earned
surplus, $1,075,000; sundry adjustments, $334; total, $14,946,736; divi¬
dends paid, $3,975,755; balance at March 31, 1938, $10,970,981.
(3) Appropriated earned surplus, balance at March 31, 1937, $816,380;
transferred from profit and loss for debenture retirement, $265,000; total,
$1,081,380; transferred to earned surplus on retirement of $1,075,000
debentures, $1,075,000; balance at March 31, 1938, $6,380.
conversion
of
.A■■■■■.
;
Comparative Balance Sheet March 31
Refined sugar & dried
Assets—
sugar
mfg.
applic. to
on
Stock of subs, co.27 007,558
e
1,247,536
726,523
stock taxes
Less excise tax
Sundry Invest'ts.
$11,997,110 $15,269,005 $10,359,960 $13,115,278
Net sales
loan
6,
Demand
9,868,646
11,988,879
8,330,993
10,894,326
$2,128,463
f2 531,944
loan
co.
$3,280,126
$2,028,967
$2,220,952
291,567
215,137
219,052
313.590
5, 850,000
Deb.
retire,
Accts.
b
&c
dis¬
.
6,380
3,000,000
816,380
2,898,134
1,160,000
.
sec
12,386,200
1937
.
*
12,355,675
d Common B stock
Debentures...
_
-
3,000,000
3,000,000
.22,957,000 25,318,000
accrued
interest
£526,098
581,250
99,543
346,483
liabilities
1,638,780
1,857,589
Res. for conting..
taxes
Deferred
725,000
400,000
Capital surplus
14,573,571
Earned surplus...10,970,981
14,284,473
31,861
fund.
Marketable
$
Com. A stock
Accrued
receivable.
Deferred
c
Accts. payable and
Divs. & int. rec'le.
farms,
Other income—Int
2,500,000
to
Cash
;
Gross profit from sales
Net oper. inc. from other
incl.
213,702
due
1939
subsidiaries...
(incl. sell.,
other by-prod.,
787,521
1 958,081
Secured
— -
-
June
Cost of sales
26,895,164
U. S. Govt, secure.
481,759
sales
Liabilities—
$
$
a
^
1938
1937
1938
--.$12,487,869 $15,269,005 $11,086,483 $14,362,814
pulp
of Surplus for the Year Ended March 31, 1938
Capital surplus, balance at March 31,
from
Less processing & floor
souces,
$23,679
158,583
V..
on
B stock of American Tobacco Co. for each share of American
of
Cr5,764
mirnm.rnmm
$188,731
38,150
Net income.
Dividends
Co., Inc.—Div. Reduced—
May 19 declared a dividend of 15 cents per share on the
common stock payable June 15 to holders of record June 3.
A dividend
of 25 cents was paid on March 15 last and dividends of 50 cents per share
were paid in each
of the three preceding quarters, the June 15, 1937.
dividend being the initial distribution on the larger amount of shares now
outstanding.
See V. 144, p. 3826, for detailed dividend record.—V. 146,
p. 1536.
Directors
$98,295 loss$165,004
255,171
300,898
Cr 13,871
American Home Products Corp.—Acquisition-
a dividend of 50 cents per share on the common
payable June 23 to holders of record June 8.
The last previous
disbursement was the $1.50 dividend paid on June 15, 1937.—V. 14b,
p. 2673.
Directors have declared
10-Cent Common Div.
$182,282
17,277
mari¬
Net loss before Federal
income
taxes
—V. 146, p. 2838.
stock,
American Bank Note Co.—To Pay
$86,832
11,462
GY63
time strike
Inc.—r0-Cent Dividend—
$3,234,380
3,416,662
$117,722
63,561
No provision was made in
:
$4,885,879
4,799,047
$115,910
1,811
500
:
Total profit before deprec. & Fed. inc. tax
Profit
1938—4 Mos.—1937
1938—Month—1937
$1,583,318
$1,307,391
1,265,637
1,467,408
Approp. earned sur
6,380
816,380
19,325
25,261
.28 673,281
31,484,543
49,463
10,100,934
35,737
charges-
,
39,289
21,794
20,395
$3,517,057
74,570
184,546
$2,268,415
172,410
56,233
$2 554,080
239.011
19,089
785,421
180,000
Total
19,539
$2,459,320
53,685
111 ,266
count, &c
Interest and discount
Miscellaneous taxes, &c
Idle plant maint., incl.
-
47,286
Prov. for Fed. inc. taxes
235,000
400,000
Prov. for contingenciesOther deductions.
At
cost
..66,883,553 69,060,783
Total
or
$29,618,707 in
g
755,515
248,192
802,043
66,883,553 69,060,7831
lower,
b At cost or lower.
Aggregate market value,
1938 and $47,034,548 in 1937.
c Represented by no par
shares stated value $25 per share; 1937. 494,227 shares; 1938,
495,448
shares,
d Par value $1.
e At cost,
f Includes accrued interest of $31,944.
a
Total.
Accrued interest on debentures only.—V.
145, p. 3965.
54,166
abandonment
.
1
_
15,223
Depreciation of property
$1,234,465
Surplus, beginn. of
American Power &
Period End. Feb. 28—
140,000
Net income
a
867,654
200,000
10,350,717
yr.
$1,807,707
10,721,775
$1,200,130
297.806
$915,261
12,656,394
res.
$10 par.
cap.stk.purch.
11,095,855
72,434
Dis.
on
Total
Divs.
on
i
85,370
--
$12,666,226
$11,585,182 $12,529,482 $13,657,025
413,471
426,452
385,094
pref. stocks
Div. on com. stock
Sund. adjs., &c. (net)--Prem. on deb. purch___;_
"9",833
on
11,460
Portion
2,515.980
7,600,090
applic.
to
interests
$9,317,831 $37,565,470 $36,492,476
44,782
238,425
189,228
$9,362,613 $37,803,895 $36,681,704
other
4,039,904
-.—
Int. chgd. to construct'n
Crl05,922
$5,765,938
1,792,915
4,023,687
Cr73,099
16,006,257
0345,386
15,978,059
0127,095
$5,412,025 $22,143,024 $20,830,7401,792.785
7,171.657
7,170,934
min.
19,064
*......
Net equity
paid
prem.
_
9,068,189
2,262.533
$9,629,749
70.171
72,446
78,731
$3,596,928 $14,898,921
$13,581,075
14,898,921
13,581,075
24,107
22,312
817,384
fact., &c.
Through
&
public
Pref. divs. to public
Through exch. of 2d.
pref. stock
Through acq. of beet
sugar
to
Balance
Red. in cap. surplus:
1938- -12 Mos.—1937
$9,699,920
Gross income
Int.
deductions.
4,981
819
2,530,844
approps
Net oper. revenues—
Other income (net) —
909.915
727.932
1938—3 Mos.—1937
Operating revenues
$25,610,945 $24,755,197 $98,776,006 $92,132,400
Oper. exps., incl. taxes.. 13,450.352
13,174,833
52,142,347
48,039,834
Prop, retire. & deplet.
' -
Increase in cap. surplus:
Through con v. of no
par com. to
Light Co. (& Subs.)- -Earnings—
of A. P. &
L. Co, in inc. of subs
13,555
2d pf. stk. called
$3,953,959
Amer. Pow. & Lt. Co.—
Surp. end of year
$10,472,156 $10,350,717 $10,721,775 $12,656,394
Earns.per sh.on com.stk.
$2.33
$3.79
$1.38
$2.39
a
Net equity of A,
in inc. of subs
Other income
Including capital surplus.
Assets—
IT. 8. Treas.
Liabilities—
$
'
$
16,234,.501
16,217
30,000
30,000
Accounts payable,
120,730
199,944
667,060
838,799
Bank acceptances.
275,000
400,000
8 997,026
5,151,247
176,338
secure
Cash
.
1, ■
Inventories
Adv. acct. crops.
7
■
Other assets_
161,313
3,664
Accts. receivable.
834,898
1,451,000
44,158
36,873
_
16,720
6 ,419,820
6% pref. stock
c
Common stock
.
-
Accrued interest._
taxes.
3,639,660
15,125
18,164
Add'l beet paym'ts
39,358
88,393
714,593
557,764
495,960
liabils.
5,917
6,033
Res. for insurance.
411,745
Notes pay. to bks.
Deferred chzrges..
825,000
378,409
1,100,000
7,983,695
Other curr.
Capital surplus.
Res. for contlng's.
b After
c
26,612,389 23,951,695
140,000
140,000
488.460
394,848
468,062
2,910,793
2,908,744
carried to consol
earned surplus
Total
-.26,612,389 23,951,695
of
sideration
American
Radiator
& Standard Sanitary
Corp.—No
May 18 failed to take any action with
respect to payment of a dividend on the common shares at this time.
A
regular quarterly dividend of 15 cents per share was distributed on March
31, last —V. 146, p. 3001.
Directors at their meeting held
$2,772,295 $11,658,173 $10,228,376
for
Accumulated Dividends—
dividend of $1.12
per share on the no
dividend of 93 % cents per share on the no
The directors have declared a
par
$6 cum. pref. stock and a
holders of record June 9.
par $5 cum. pref. stock, both payable July 1 to
Like amounts were paid on April 1, last and on Dec.
p.
Common Dividend—
$3,151,032
The above statements include full revenues without con¬
possible revenue losses of one subsidiary involved in rate
litigation for which a reserve has been provided by appropriations from
surplus.
For the 12-month periods ended Feb. 23. 1938 and 1937, such
appropriations amounted to $616,021 and $632,538, respectively. (2) Pro¬
vision by subs, for Federal surtax on undistributed profits in the amount of
$73,321 is included in the three-month and 12-month periods ended Feb. 28,
1938, and in the amount of $4,930 in the three-month and 12-month periods
ended Feb. 28, 1937.
No provision has been made by American Power &
Light Co. and subsidiaries thus far in 1938 for surtax on undistributed
profits.
Notes— (1)
2,367,021
$9,520,475 in 1938 and $8,869,209 in 1937»
by 363,966 shares of $10 par value.—V. 146, p. 1699.
depreciation
Represented
983,696
Earned surplus.
Total
105,122
725,216
6,419,820
,639,660
690,113
Salaries & wages-
Accrued
$3,602,633 $14,963,814 $13,605,182
97,893
725,443
%
$
16,917
investments
64,893
Int. & other deductions1937
15, 857,354
b Fixed assets
Other
3,596,928
5,705
Expenses, incl. taxes...
1938
1937
3,953,959
20,409
$3,974,368
Total
Consolidated Balance Sheet March 31
[Excluding Amalgamated Sugar Co.]
1938
P. &. L.
1389 for record of previous
American Safety
20, 1937. SeeV. 146,
dividend payments.—V. 146, p. 3327.
Razor Corp.—To Pay Smaller Dividend
Directors have declared a
dividend of 40 cents per share on the common
payable June 30 to holders of
quarterly dividends of 50 cents per
stock
3328.
record June 10.
Previously regular
share were distributed.—V. 146, p.
Financial
3488
have declared
dividend of 10 cents per share
a
on
the
capital stock, no par value, payable June 10 to holders of record June 1.
This compares with 20 cents paid on Sept. 10, last; 10 cents paid on Dec.
10, 1936, 20 cents on Sept. 1, 1936, and on April 1, 1935, and S3 per share
on April 10, 1934.—V. 146, p. 1061.
^
American Stores Co.—Sales—
.1
consolidated herein]
Period Ended March 31,1938—
3 Mos.
—V. 146 p. 2675.
202,926
Operating expenses
—
State, local and miscellaneous Federal taxes.
Federal and State normal income tax.
Undistributed profits tax
24,294
2,685
Corp.—Extra Dividend—
of 90 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable June 15 to holders of record
June 1.
An extra of 50 cents was paid on Dec. 15, last; one of SI.25 was
paid on June 15, 1937, and extra dividends of 50 cents were paid on Dec.
15, 1936, and on Dec. 16 and Sept. 16, 1935.
An extra dividend of 25
cents per share was paid on Sept. 15, 1934.—V. 145, p. 3489.
Co.—Dividend Halved—
Directors on May 18 declared a dividend of 25 cents per share on the
common stock, payable July 2 to holders of record June 6.
Previously
regular quarterly dividends of 50 cents per share were distributed.—V. 146,
p. 1536.
Works & Electric Co.,
Water
American
Inc.-
35,120
1,190
98
$23,113
kwh., a decrease of 25.7% under the output of 50,723,000 kwh. for the
corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years follows:
1937
1938
38,666,000
39,542,000
37,701,000
—V. 146, p. 3328.
1936
1935
1934
45,791,000
37,100,000
44,433,000
44,766,000
44,605,000
50,513,000
50,876,000
51,191,000
50,723,000
37,658,000
38,207,000
38,269,000
Net income
1, 1937, date of reorganization, to March 31, 1938.
From May
a
Note—The accrual for Federal normal income tax in the three-months'
period has been computed in accordance with the requirements of the
Revenue Act of 1936.
No provision has been made for Federal undis¬
tributed profits tax.—V. 145, p. 3646.
Arkansas Power & Light Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$651,199
$628,786
$9,109,343
$8,344,859
344,239
366,084
4,779,141
4,636,160
96,000
42,000
1,067,746
595,200
Period End. April 30—
Operating revenues.
Oper. exps., inc. taxes..
Prop.retire, res.approps.
35,957,000
35,278,00)
35,691,000
35,528,000
(net)
$210,960
$3,262,456
10,928
Dr35.364
119,509
$3,227,092
1,020
$231,630
304
$3,233,008
18,512
$211,980
$231,934
$3,236,742
146,385
151,071
10,692
9,468
01,010
01,541
1,809,973
117,086
Crl4,208
$3,251,520
1,813,573
84,900
08,697
$1,323,891
$1,361,744
$210,960
Operating income
Other income (net)
Grossincome.
Int. on mtge. bonds
Other int. & deductions.
Int. chgd. to construct'n
Net income.-...x
Divs.
Directors
at
Copper Mining Co.—Passes Common Div.—
applic. to
-.
pref.
9,650
$55,913
$72,936
stocks for the period,
a
meeting
held May 26 took no action on the dividend
paid on Dec. 20, Sept. 27 and on June 28, 1937, and a
cents per share was paid on March 9,1937.
See V. 146, p.
of previous dividend payments.—V. 146, p. 3328.
Anchor Hocking Glass
949,265
dividend of 25
1389, for record
x
Dividends
$1,265,687.
accumulated
Latest
and
dividends,
unpaid to April 30, 1938, amounted to
amounting to $1.75 a share on $7 pref.
stock and $1.50 a share on $6 preferred stock, were paid on April 1,
Dividends on these stocks are cumulative.
Associated Electric Co. (&
the
Subs.)—Earnings—
12 Months Ended March 31—
Total operating revenues
1938
15 members to
11.
Herman
Krannert, L. B. Williams and J. O. Deegau were the new directors elected,
while J. E. Baker, H. J. Carr, C. Y. Ferris, J. J. Martin Jr., Carleton
Macy, I. R. Stewart and Allan S. Lehman retired from the board.
Hugh G. Laughlin was elected Secretary at the organization meeting of
directors succeeding G. C. Siems.—V. 146, p. 3173.
12,178,855
Operating income
Other income (net)_
Anglo-American Mining Corp., Ltd.—Earnings-
Revenue from sale of quicksilver
Revenue from other sources
_..
Total
Subsidiary companies' deductions from income
1936
$77,066
$113,472
21,348
Interest
$117,998
37,038
1,160
2,280
31,950
1,555
$137,100
117,669
$110,570
76,125
$156,197
$19,431
_
$34,445
$50,772
_,
revenue
Loss oper. costs (incl. development)
-.
on
on
-V. 146, p. 1062.
A. P. W.
Paper Co.—Earnings——
Cost of sales
1938
Balance of income.
$2,429,293
1,674.378
$2,183,670
1,495,999
$2,306,460
y1,632,037
$591,235
I>rl5,145
$754,915
7,291
$687,671
$674,423
Dr25,789
Gross profit„.
__
Total income
Depreciation
$576,090
122.154
______
$762,206
117,580
491,947
155,468
$692,287
119,311
467,126
151,196
$648,634
119,136
$126,747
$2.^788
$45,345
$104,252
Interest
Net loss.
_
_
_
_
...
4,616
431,848
148,835
Gen. & admin, expenses-
x Revised,
y Including compensatory tax.
Note—No provision has been made for surtax
V. 146, p.1062
on
478,580
155.169
undistributed profits.-
Properties, Inc.—Earnings—
Rental from A. P. W. Paper Co., Inc.
Interest earned
;
i
48
Total.
on acct.
$28,856
2,624
2,525
of subs, to class A stock
Taxes..
9,322
4,933
—
Depreciation.
_
_
Net profit..
$9,453
Dividends
The A. P.
n ,772
W. Properties,
Inc. was organized under the plan for con¬
solidation of plants of A. P. W. Paper Co., Inc. to finance the remodeling
of the letters Liberty Mill and the construction of a new
storage ware¬
house and office building.
The A. P. W. Properties, Inc., owns, free from
all liens, the land (1,457 acres more or less) just north of the Liberty Mill,
the storage warehouse and office building erected upon it, together with the
two sealing machines used by the A. P. W.
Paper Co., Inc., all of which is
under lease to the A. P. W.,Paper Co., Inc. for a rental sufficient (after
payment of all operating expenses) to provide 4% dividends on all of the
outstanding class A stock, and 6% dividends on all of the outstanding class
B shares of the A. P. W. Properties, Inc.—V. 145, p. 2381.
Arkansas
&
Memphis
Railway
Bridge
&
Terminal
Co.—Notes—
_
Supreme Court, May 23,ordered vacated a decree issued by Circuit
Appeals restricting the scope of a Federal Power Commission
inquiry into six Pennsylvania subsidiaries of the Associated Gas & Electric
of
The Circuit Court's decree required that the Commission for the present,
investigation and hearings to the question of whether it has
jurisdiction to conduct the broad inquiry it had proposed into intercor¬
porate affairs of the utilities.
confine its
The
Government
May 7 authorized the com¬
pany to issue not exceeding $49,025 of demand promissory notes, to be
delivered to the holders of a like amount of outstanding notes issued with¬
out the authorization of the Commission, upon the surrender of such notes
for cancellation.—V. 145, p. 100.
Arnold Constable
on
previously. In addition
1937.—Y. 146, p. 2525.
a
the
Circuit
Court
did
on
an
not
have
au¬
the grounds the
appeal could be
taken to Federal courts.
The Circuit Court in its ruling instructed the Commission to confine
evidence at the hearing to what is "apparent and logical."
The subsidiaries being investigated when the lower court's ruling was
handed down, were Metropolitan Edison Co., Northern Pennsylvania
Power Co., Pennsylvania Electric Co., Erie Lighting Co.,
Power Co. and the Solar Electric Co., all in Pennsylvania.
Clarion River
Weekly Output—output of 81,933,324 units (kwh.).
units.—V.
dividend of 50 cents
was
This is
a
decresse of 5,694,-
146, p. 3328.
Associates
Directors
Investment
paid on Jan. 21,
Co.—50-Cent Common Div.—
May 16 declared a dividend of 50 cents per share on the
value, payable June 30 to holders of record June 15.
Like amount was paid on March 31, last, and previously regular quarterly
dividends of 75 cents per share were distributed.
In addition, an extra
dividend of $1 was paid on Dec. 31, last, and an extra of 75 cents was paid
on Dec. 31, 1936.—V.
146, p. 3003.
common
on
stock,
no par
Atchison, Topeka & Santa Fe Ry. System—Earnings—
(Includes Gulf Colorado & Santa Fe Ry. and Panhandle & Santa Fe Ry.)
Period End. April 30—
1938—Month—1937
1938—4 Mos.—1937
Railway oper. revenues.SlO,861,480 $13,518,248 $43,225,764 $52,382,872
Railway oper. expenses.
9,410,804
11,403,495
40,357,802
42,580,295
Railway tax accruals...
1,193,272
1,205,312
4,934,887
4,948,158
Other debits or credits..
Dr66,670
Dr844
Dr391,522
Dr 107,292
Net ry. oper. income.
$190,733
$908,596def$2458,447
x Includes
for 1938 and 1937 respectively $336,605 and
$4,747,126
$373,365 for
month and
$1,442,792 and $1,420,677 for four months accruals of
retirement and unemployment insurance faxes.—V. 146, p. 2839.
railroad
Atlanta Birmingham & Coast RR.—Earnings—
April—
From Jan. 1—
Gross from railway
Net from railway
Net after rents
146,
$289,261
30,411
def23,496
$345,740
49,999
2,218
$272,688
25,839
1,203
1935
$260,260
25,240
def9,615
1.152,531
107,689
def96,477
1,356,007
228,051
56,633
1,118,296
120,915
def7,682
1,001,433
54,433
def66,711
p.
1936
1937
1938
Net from railway
Net after rents
—V.
Corp.—12 Y^Cent Dividend—
Directors have declared a dividend of 12 H cents per share on the common
stock, pat $5, payable June 28 to holders of record June 18. A like amount
was paid on March 21, last and
compares with 25 cents paid on Jan. 28,
last, and dividends of 12H cents paid on Dec. 15, last, and each three
months
contended that
thority to interfere with the Commission's proceedings,
Commission had not issued any final order from which
Gross from railway
The Interstate Commerce Commission
Co.—Ruling of Lower Court
■'
U. S.
415 units, or 6.5% below the figure of 87,627,739 units a year ago.
Gross output, including sales to other utilities, for the week was 88,378,800
.$28,808
.
Administrative expense
Int. on collections received
—
Reversed—
For the week ended May 20, Associated Gas & Electric System reports
Income Account for Nine Months Ended March 31, 1938
_
$1,381,059
Note—No provision is made in this statement for Federal surtax on un¬
distributed profits, if any, for the year 1938.—V. 146, p. 1539.
net electric
A. P. W.
247,863
$1,485,894
system.
xl935
1936
1937
$2,268,239
1,677,004
__
Other income
>
2,030,764
3,550,000
9,605
11,373
247,863
Amortization of debt discount and expense
Court
Sales
2,030,013
unfunded debt
Associated Gas & Electric
9 Mos. End. Mar. 31—
463,680
105,424
Net oper.
profit, before deducting
depletion, depreciation,
$7,219,291
366,563
1,697,681
3,550,000
funded debt
Interest
193 7
1938
$6,755,611
$7,325,143
Other taxes
2,127,755
1,479,298
$6,958,623
366,520
Federal income taxes
10,933,883
1,922,641
1,952,213
317,499
1,895,952
Provision for retirements
Grossincome
3 Months Ended March 31—
Revenue from sale of gold and silver
bullion
1937
.$25,225,783 $23,360,791
Maintenance
Directorate Reduced-—
reduced from
1938.
Note—No provisions have been made for Federal surtax on undistributed
Operating expenses.
was
$412,479
profits for the 12 months ended April 30, 1938 and 1937.—V. 146, p. 3002.
Corp.—Stock Increased—
Stockholders at their annual meeting on May 16 voted to increase
authorized common shares from 1,000,000 shares to 1,500,000 shares.
The board of directors
949,265
$374,626
Balance
ordinarily due at this time on the $50 par common stock.
A dividend of
25 cents was paid on March 28, last; dividends of 50 cents per share were
$3,113,499
$220,702
-
whether paid or unpaid
Anaconda
$186,418
Miscellaneous income deductions
Net oper. revenues...
Rent from lease of plant
38,313,000
$320,226
129,471
3,891
445
debt
General interest
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended May 21, 1938, totaled 37,701,000
Week End.
$297,478
22,748
■Weekly
Output—
April 30
May 7
May 14
May 21
27.185
6,300
$59,521
Interest on long-term
extra dividend
American Sugar Refining
$1,187,444
766,241
90.240
$59,213
308
income
(net).
Net operating
Other income
Gross income
American Sumatra Tobacco
The directors have declared an
11 Mos.a
$289,119
Total operating revenues
1938—4 Mos.—1937
$8,948,778 S36.442.892 S39.091.265
S8.577.112
Power Corp.—Earnings—
[The accounts of the subsidiary company are not
—
1938—Afont/t—1937
Period End. April 30—
1938
28,
May
Arkansas-Missouri
Seal-Kap Corp. of Delaware—Div. Reduced—
American
The directors
Sales-
Chronicle
2839.
■
Atlas Corp.—Smaller Dividend—
The directors
common
stock,
have
no par
declared
a
dividend
of 25 cents per share on the
value, payable June 20 to holders of record June 6.
This compares with 40 cents paid on Oct. 15 last, and April 15,
and on Sept. 5, and March 16, 1936, while in September, 1935, an
dividend of 30 cents per share was distributed.—V. 146, p. 2839.
I
1937,
initial
Volume
Financial Chronicle
146
Atlantic Coast Line RR.railway....
From Jan.
.
1937
1936
1935
$4,816,375
$4,042,656
1,181,469
468,177
$3,935,808
1,038,880
347,777
.
18.102,150
5,031,034
2,044,210
-
.
after rents
1,515,520
709,535
.
16,606,581
4,610,781
2,052,001
19,677,222
6,545,374
3,444,717
15,567,174
4,137,703
1,745,986
146, p. 2840.
and
stock.
action
during the year
on
1937 five dividends of $1
per
expense.
593,520
Net profit from operations.
Other charges
$45,047
3,761
$69,192
3,079
$41,286
2,599
$66,113
2,578
-C$43,884
$68,691
Operating
were dis¬
share each
Other income.
Total income
Provision—State and Federal income taxes
Mail
1938
1938—Month—1937
April 30—
4 Mos.—1937
$51,633,197
3,399,789
996,901
586,764
1,725.518
$8,441,522 $13,256,995 $34,413,244
852,453
920,170
3,307,721
257,839
254,824
1,033,317
138.055
162,583
379,622
365,030
491,476
1,422,199
revenue....
revenues....__
All other oper. revs
$15,086,048 $40,556,103 $58,342,169
5,260,654
1,517,194
4,065,029
13,296,565
3,683,521
9,713,245
2,252,574
1,601,307
446,901
1,490.414
373,841
20,105,157
4,984,188
17,775,106
4,255,180
oper. revenues...$10,054,899
Maint. of way & structs.
835,565
Ry.
Maint.
of equipment
Traffic-
Transp.—Rail line.
Transp.-—Water line...
Miscell. operations.
125,534
402,911
Transp.
Net
for
investmentfrom
revs,
137,944
575.948
Cr494
506,366
492,099
1,700,793
Cr4,220
$494,685
_
_
$3,740,846
883,133
299,867
131,079
$2,426,767
Net ry. oper. income.
146, p. 2840.
Accts.
$5,323,637 $15,303,081
3,631,497
4,248,748
700,712
960,269
699,681
605,343
$291,747
$9,488,721
364,030
360,278
1,574,158
1.219
96, 125
87,976
27, 665
6,498
$379,754
79,474
$1,197,518
281,076
$300,280
21,639
$916,442
67,790
$970,031
64,038
$202,379
59,935
1,220
funded debt.
Other deductions...
Net income
$278,641
58,993
1,223
$848,652
239,470
6,455
$905,993
236,315
6,526
$141,224
Gorss income
$218,425
$802,727
$663,152
146, p. 3328.
a
payable July 1 to holders of record June 15.
Previously regular
quarterly dividends of 40 cents per share were distributed.
In addition,
an extra dividend of 25 cents per share was paid on Oct. 1, last.—V. 146,
after
1
....
502,800
107,981
30,591
Earned surp.(def.)
31,299
43,301
Treas. stk. at cost.
/->r6.892
7)r6,892
$834,348
$838,222
$838,2221
$834,348
Total..
Biltmore Hats,
Ltd.—Sells Debentures—
made arrangements to sell privately $175,000 of serial
debentures, of which $15,000 will mature annually for the next five years
and the balance of $100,000 in May, 1944.
Interest on the first three
maturities will be at 3H%, the next two maturities at 3M%, and at 4%
for the balance.—V. 146, p. 2358.
The company has
Birdsboro Steel
Foundry & Machine Co.—Earnings—
3 Months Ended March 31—
Net loss.
After all charges including depreciation and
x
145, p. 3811.
^ ^
1938
1937
$40,404 prof$ 140008
Federal and State taxes.—
'
Birmingham Electric Co.—Earnings—
Period End. April 30-*-
Operating revenues
Oper. exps., incl. taxes.
Amort,
of
1938—Month —1937
$610,160
$610,691
468,968
_
1938—12 Mos.—1937
$7,089,408
$7,649,837
5,292,494
5,734,508
limited-term
311
314
3,725
3,785
50,000
40,000
640,000
480,000
$91,412
$111,141
303
942
$1,271,604
6,658
$1,313,129
3,123
$91,715
$112,083
$1,278,262
$1,316,252
45,750
4,605
45.750
549,000
51,964
549,000
$677,298
$716,046
investments.
Prop, retire, res. approp.
Net oper, revenues
(net).
Other income
Other int.
458,705
.
„.
.' -v '■■■
bonds_
& deductions.
4,490
Bayuk Cigars, Inc.—New Vice-President—
Beech Aircraft
Corp.-—Earnings—
1938
$35,364
x
N et loss.
y
$0.01
Earnings per share.
x
...
—
.....
normal Federal income taxes
charges but before provision for Federal surtax on undistributed
y On 239,349 shares.—V. 146, p. 432.
After deductions for operating expenses,
and other
earnings,
Bell Aircraft Co.—Gets
Berkshire Street
Hartford
&
Ry.—ICC Revokes Order—
RR.
Department of Public Utilties of Massacompany's application for a reduction in cap¬
reorganization scheme.
The RFC had agreed to
accept in substitution for the Berkshire stock and notes, $160,000 of re¬
funding 1st mtge. bonds of the Hoosac Valley Street Ry.—V. 146, p. 2197.
The Commission acted after the
stock
as
part
Bethlehem
See
United
of
a
Shipbuilding Corp.—Acquisition—
Bethlehem
Steel
of Wilmington,
Del. and Birmingham Gas Co., of Birmingham,
report on a plan of recapitalization
solicitations under the plan.
a
Corp.—Plan ' of
Management
Stock
By a vote of 3,065,392 to 5,235, stockholders on May 19 approved the
proposal to end the management stock-ownership plan and purchase ageement of 1930.
Despite the opposition to the plan by a stockholders' group
which had caused adjournment of the corporation's annual meeting from
the original date of April 12 until May 19, the opposition was able to muster
only 4,384 common shares against 2,389,858 for the management and 851
preferred shares against 675,543 for the management.
Under the abrogated plan, officers and certain employees were permitted
in 1930 to subscribe to common stock at $91.60 a share. At the end of 1937,
there were 200,120 shares of common held under the agreement.
During 1937, purchase agreements covering 6,500 shares were canceled
and these shares were reacquired by the company.
Under the cancellation arrangements, the corporation would take back
the stock from
the purchasers under the plan and refund their money,
All shares will be
though not plus the 5% interest originally specified.
returned to the corporation and the plan completely wound up by the
end of 1939.
Ala., for
declaration with respect to
application also contains a declaration regarding the issue of se¬
privilege or right to alter the rights of holders
of outstanding securities,
of securities, in
and an application with respect to the
acquisition
connection with the plan.
Security holders and others who desire to attend or participate in the
hearing are requested to notify the Commission by June 4, 1938.
This application includes a request for a report by the Commission on
of Birmingham Gas Co. and also covers other
in connection with the Plan.
Plan of Recapitalization
steps to be taken
Birmingham Gas Co. is reported in the application
ing securities as follows as at April 30,1938:
to have had
outstand¬
gold bonds, 5% series due 1959
$5,915,000
6% notes due Oct. 1,1938 (publicly held)
600,000
6% notes due Oct. 1, 1938, endorsed by American and secured by
4,825 shares of capital stock of Commonwealth Distribution,
Inc., owned by American (held by First National Bank,
Birmingham and Birmingham Trust & Savings Co.)
162,434
6% notes due Oct. 1, 1938 (held by Sloss-Sheffield Steel & Iron
Co. and Alabama By-Products Corp
—
102,354
x Note-interest bearing note held by American (parent)
405,000
Matured notes due in 1932 and 1935 (publicly held)
—
$1,000
1st mtge.
preferred stock, $6 series ($10 par), shares
($2 par), shares
29,789.44
—
200,000
1, 1935: extended to Oct. 1, 1938, with
further right to renew for successive periods of three years each until the
following obligations have been fully paid; (a) 4M% notes due Oct. 1932,
and any notes issued and delivered in exchange therefor or for any thereof
and maturing Oct. 1, 1935; (b) the indebtedness to the Birmingham banks;
(c) the indebtedness to the coke oven companies.
American Gas & Power Co. is reported to be indebted to Birmingham Gas
Co. as at AprJ 30, 1938 in the sum of $1,293,920 for principal and interest
on its certificate of indebtedness.
The plan includes the following:
(1) No change in the 1st mortgage 5% gold bonds of Birmingham due
May 1, 1959.
f
t
(2) The exchange of the publicly held 6% notes of Birmingham on the
basis of $500 in cash and a new 6-year 434 % sinking fund note in the princi¬
pal amount of $500 for each $1,000 principal amount of 6% notes surx
Dated Nov. 15, 1932; due Oct.
rendered.
The exchange of the 6 % notes of Birmingham held by the Birmingham
on the basis of 50% in cash and the remainder in new notes of Birming¬
90 days after date with an option to Birmingham to renew
for two successive 90 day periods.
The new notes are not to be endorsed
(3)
Banks
ham maturing
although they are to be secured by the same
old notes.
be divested lightly of their con¬
Supreme Court Justice Ferdinand Pecora
proceedings brought by three small share¬
holders to restrain officers and directors from submitting for consideration
at a stockholders' meeting May 19 a proposal to revoke the management
stock ownership plan promulgated in 1930.
The application for the injunction had been based on allegations that
approval of the proposal would relieve directors and officers of obligations
amounting to $16,000,000 arising from their subscription to stock under the
plan and on charges that a directors' committee had not made a full dis¬
closure of the situation in soliciting proxies for the meeting.—V. 146, p. 3174.
of a corporation's policies,
dismissed on May 18 injunction
trol
a
curities or the exercise of a
by American,
by Court—
Declaring that stockholders should not
and
Common stock
Ownership Abrogated—
Writ Denied
9, 1938, in the Commission's Washington offices in
the application (File 50-5) of American Gas & Power Co.,
1st
Shipyards, Inc., below.—V. 146, p. 3174.
Commission announced May 24 that hearing
connection with
a
Commerce
cgusetts denied the Berkshire
ital
Reorganization Plan—
The Securities and Exchange
has been set for June
The
Commission has revoked a previous order
which authorized the Reconstruction Finance Corporation to surrender for
cancellation certificates for 48,981 shares of capital stock of Berkshire
Street Ry. and $3,333,000 of that company's promissory notes, held by
RFC as part collateral for a $6,000,000 loan to the New York New Haven
Interstate
429,174
.
$248,124
Dividends on these stocks are cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended April 30. 1938 and 1937.—V. 146, p. 2841.
Army Contract—
awarded a $3,168,265 contract for furnishing the
U. S. Army with 13 fighter planes.
The planes are of a "pusher" type having their propellers behind the
wings to facilitate machine-gun fire and are the first of their type bought
by the Army.—V. 144, p. 763.
This company has been
The
429,174
51,206
$286,872
x Dividends
accumulated and unpaid to April 30, 1938, 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, 1938.
1937
prof$3,126
Nil
6 Months Ended March 31—
x
$61,843
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$41,360
Net income
Balance
Harry C. Carr, Treasurer, was on May 20 elected an additional Vicethe organization meeting of the board.—V. 146,
p. 2677.
107,981
30,591
—V. 146, p. 3329.
743.
President of this company at
3,000
32,375
502,800
Preferred stock
stock,
p.
1,500
38,588
year....
Capital surplus...
Interest on mtge.
dividend of 25 cents per share on the common
67.630
Common stock...
496,192
494,869
Gross income
Bastian-Blessmg Co.—Smaller Dividend—
Directors have declared
4,760
71,079
payable due
Insurance
value)
$1,252,382
282,351
$217,088
14,709
___
Other income
123,547
Res. for conting. &
(net
&c.
.
V.
...
$15,732
4,731
Accrued taxes....
26,181
9, 454
assets
81,500
113,771
.
standing...
Notes
rents, &c.._
1,484,330
$288,403
71,315
Net revs, from opers..
—V.
2, ,795
Other assets
Fixed
Apr. 23 '37
Apr. 22 '38
LiabiUtiesAccounts payable
Meal coupons out-,
Prepaid insurance,
x
(incl. maint.
and depreciation)....
exps.
on
$220,156
(net of
Inventoiies.
Bangor & Aroostook RR.—EarningsApril 30— 1938—Month—1937
1938—4 Mos.—1937
operating revenues
$652,433
$740,032
$2,771,676
$2,736,712
Int.
res.
$203,440
reserve)
Period End.
Operating income.
Apr. 23 '37,
Notes payable
in bank..
Gross
Tax accruals
Apr. 22 '38
hand and
2,270,528
Crl.219
—V.
Oper.
on
Total
$1,809,294
899,421
232,984
192,204
$54,741
Condensed Balance Sheet
Assets~
Cash
ry.
operations
Railway tax accruals
Equipment rents (net).
Joint facility rents (net)
13,950
$35,0S4
Goodw., leaseholds
General expenses
8,800
Net profit.
Baltimore & Ohio RR.—Earnings—
Period End.
Freight revenue
Passenger revenue
429,778
Profit
the dividend usually due at this time on the
A dividend of 25 cents per share was paid on April 1, last,
no
tributed.—V. 146, p. 3003.
Express
429,100
$604,217
535,025
Babcock & Wilcox Co.—Dividend Omitted—
Directors took
common
:
Apr. 22, '38 Apr 23, '37
$1,067,667
$1,033,995
Net sales (Incl. sales tax)
Cost of sales
1—
Gross from railway
Net from railway
—V.
'
_16 Weeks Ended—
$638,567
Net from railway.
Net after rents.______
Net
B/G Foods, Inc.—Earnings—
-Earnings-
1938
$4,583,734
1,371,300
458,669
April—
Gross from
3489
collateral as the
.
.
The voluntary cancellation by the coke oven companies of Birming¬
ham notes held by them, or the extension of such notes in whole or part, or
(4)
other disposition
thereof.
,
$6 series, of Birmingham
dividends thereon on the
preferred stock (par $10);
liquidating value, ($50) and two shares of common stock for each share of
first preferred stock, $6 series, surrendered.
(6) The cancellation of the $405,000 note of Birmingham now pledged
as partial security for the outstanding secured debentures,
5% and 5%
(5) The exchange of the first preferred stock,
together with $38 per share accrued and unpaid
basis of one share of new $3.50 cumulative prior
series, due Aug. 1,
1953, of American.
y
3490
Financial
(7) The cancellation of the certificate of indebtedness of American held
by Birmingham in the principal amount of SI,086,744 upon which interest
in the amount of .$197,176 had accrued as at April 30, 1938.
(8) The payment by American to Birmingham of the sum of $550,000 in
cash together with the delivery of 60,000 shares of Birmingham common
stock and the $405,000 non-interest bearing note.
(9) The consent of the holders of the secured debentures, 5% and 6%
series due Aug. 1, 1953 of American to a modification of the debenture
agreement securing the same so as to authorize the release from the lien
thereof of 200,000 shares of the common stock of Birmingham, being all of
its issued and outstanding common stock, and the $405,000 note of
Birming¬
ham upon surrender by American of $400,000 principal amount of said
secured debentures for cancellation.
The Securities and Exchange Commission announced May 13 that Ameri¬
Gas & Power Co., a registered holding company, and Birmingham Gas
Co., American's subsidiary, has filed an application (File 50-5) under the
Holding Company Act for a report on a plan of recapitalization and a declar¬
ation with respect to solicitations on the plan.
Under a refinancing plan proposed for Birmingham Gas Co., preferred
stockholders are being asked to exchange their present holdings in the com¬
pany's $6 preferred stock together with claims for $36 per snare dividend
arrearages for new $3.50 prior preferred and common stock.
The plan
provides for the issuance of one share of the new prior preferred and two
shares of common stock for each share of $6 preferred stock presently out¬
standing.
It is stated that consummation or this plan will strengthen the
financial condition of the company and permit the resumption of preferred
can
dividends.
Other features of the plan include the settlement of intercompany ac
counts between Birmingham Gas Co.
and its parent, American Gas &
Power Co., under which the parent would settle its net indebtedness to its
subsidiary, amounting to $874,203, for $550,000 in cash and 60.000 shares of
Birmingham Gas Co. common stock.
Disbursement of the cash thus to be
received would include a 50% payment of principal amount of Birmingham
Gas Co. 6% notes due Oct. 1, 1938, and a six-year extension of the due
on
the remainder together with
a
reduction in interest rate thereon to
4!^%.
Discharge of Birmingham Gas Co.'s current indebtedness to
local banks and creditors would also be made from the cash settlement to
be received from its parent.—V. 146, p. 2032.
(E.
definite periods for payment are specified, but rather as a deferment due
to
necessity of conserving working capital until business conditions improve.
The previous dividends on these new classes of preferred stock, which
were issued around the first of the year, were paid on March 1, last, see
V. 146, p.1542.—V. 146, p. 2032.
Boston Elevated
Hearing
Ry.—Stock Purchase Hearing Postponed
the matter of retiring Boston Elevated Ry common stock,
up before the Massachusetts House Ways and Means
Committee, has been indefinitely postponed, Chairman Bigelow of the com¬
on
scheduled to
mittee
come
announced.
The
for
reason
this
is
the
fact
that
the
committee
decided to take up first a bill relating to the Massachusetts Housing Au¬
thority law and spokesmen stated that many hours would be necessary to
hear the housing matter.
John P. Fitzgeriad stated that the Elevated acquisition ought to be
postponed in view of the present financial condition of the City of Boston.
He wanted more time to have the matter advertised and stated that the
people interested would fill the Gardner Auditorium, State House.—V. 146,
p. 2841.
•
Boston & Maine
RR.—Earnings-
Period End. April so—
Operating
Operating
1938—Month—1936
1938—4 Mos.—1937
$3,208,685
2,642,041
$12,783,172
10,738,993
$16,243,046
$1,239,908
320,168
228,927
15,493
$2,044,179
1,243,015
761,646
35,287
$4,849,155
1,216,094
799,002
57,949
$51,025
80,543
$675,319
80,651
$4,231
403,600
$2,776,110
371,870
$131,568
$755,970
$407,831
$3,147,980
623,657
expenses
$4,166,477
2,926,569
$566,644
322,198
183,066
10,355
revenues
628,182
2,487,973
2,524,489
$127,788def$2080,142
$623,491
Net oper. revenue.
Taxes..
______
Equipment rents—Dr.
_
Joint fac. rents—Dr
Net ry. oper. inc.
Other income
Total
deducts,
11,393,891
(rentals,
interest, &c.)
Net income
def$492,089
__
New Director—
John R. McLane has been elected a director of this railroad.
He fills
the post left vacant by the death of Frank P. Carpenter.—V.
146, p. 3004.
Boston
1938
1937
Land & bldgs. (less
Liabilities—
1938
1937
(less deprec'n)..
41,442
35,069
23,032
Cash
23,461
Ins. prems. (nomi¬
standing
$1,380,200
2,000
2,000
(nominal value).
10,000
&c., collections.
held
203
1,568
341,931
145,
334,930
$1,716,551
Surplus
Total
Bridgeport Brass Co.—Earnings—
Earnings for 12 Months Ended April 30, 1938
Gross sales, less returns, allows. &
delivery expense
Cost of goods sold..
.____
Gross profit
Maintenance and repairs.....
.....
...$16,482,332
.....
.
"I""""""""
-----
III"""
;""
""""
I.I.III "
...
Selling, general and administrative expenses
Provision for doubtful accounts
...
Discounts allowed
$2 ,312,097
720,408
191,272
294,477
22,727
1 ,077,386
33,908
146, p. 3004.
Period End. April
30—
Gross earns, from oper..
1938—Month—1937
$3,071,883
Ltd.—Earns.
1938—4 Mos.—1937
$3,108,668 $12,064,697 $11,763,010
Operating expenses
1,445,700
1,398,506
5,716,042
5,437,929
x
Net earnings..
$1,626,183
$1,710,162
$6,348,655
$6,325,081
x
Before depreciation and
amortization.—Y. 146, p. 2841.
Budd Wheel Co.—Participation Dividend—
The directors have declared
a participating dividend of 25 cents per
addition to the regular quarterly dividend of $1.75 per share on
share in
the
both payable June 30 to holders of record June 16.
31, last, Dec. 31, Sept. 30 and on
pref. stock,
1st
Similar payments were made on March
June 30, 1937.—V. 146, p. 2842.
Camel
New
common
Co .—Stock
Pen
York,
are
stock.
Offered—Biel, Russell & Saxe,
per share 33,000 shares of
as a speculation.
offering at S3
The stock is offered
,
Company—Incorp. in New Jersey, on Dec. 5, 1935.
in
the
manufacture
"Camel Pen," a
and
sale
of fountain
Company is engaged
including the patented
pen filled with water instead of ink.
Company has com¬
pens,
plete ink-making machines and manufactures and sells "Camel Ink Cart¬
ridges."
Company is equipped to and also manufactures and sells me¬
chanical pencils and vacuum ink fcwintain pens.
In Dec., 1935, the company acquired the business of American Writing
Instrument Co., together with 14 United States patents and patents for
Great Britain, France, Germany, Canada and Australia.
Company occupies a plant built especially for its purposes at West
Orange, N.J.
The "Camel Pen" differs from other fountain pens in design.
When
sold, each pen contains in concentrated cartridge form the equivalent of
five bottles of ink which will last the average user for a period of one year.
All that the user must do as the pen goes dry is to refill the pen with ordinary
Company has 15 domestic patents and five foreign patents covering the
"Camel" is registered
construction
of its pen.
Company's trade mark,
in the United States Patent Office and in Canada.
A vacuum ink fountain pen has also been developed by the company.
This pen is manufactured under the dealer's name and imprint.
Com¬
pany's vacuum ink fountain pen appears to compete favorably in appear¬
ance and ink capacity with others on the market.
Company has sold these
pens to well-known department stores and chain stores, including R. H.
Macy & Co., New York; Kresge Department Stores, Newark, N. J.; The
Fair, Chicago, 111.; Palais Royal, Washington. D. C.
The Outlet Co.,
Providence, R. I., and others.
Purpose—Proceeds of the current financing is expected to be used, in
part, for sales promotional and advertising purposes.
Capitalizatim—Company was incorporated on Dec. 5, 1935, with an
authorized capitalization of 500 shares of preferred stock (par $100) and
15,000 shares of common stock (par $5).
On April 2, 1937, authorized
common
stock was increased to 25,000 shares, par $5 per share.
On
April 4, 1938, the authorized common stock was increased to 115,000 shares
and par was reduced from $5
per share to $3 per share.
Each share of the
$5 par common stock (for which at least $10 per share was paid) was con¬
verted into 3 1-3 shares of $3 par value common stock.
In Dec., 1935, company acquired the business of American Writing
Instrument Co. for which it paid $23,200, in cash, and issued 232 shares of
preferred stock.
Directors granted preferred stockholders the right to convert each share
of preferred into 20 shares of ($3 par) common.
To date, of 207 shares of
Ereferred stock convert. Conversion outstanding, the holders of 106 shares
agreed to previously issued and offer expires Oct. 1, 1938.
ave
Of the
15,000 shares (par $5) were issued for $10 per share,
paid-in surplus; 300 shares ($5 par) common were issued
share.
These 15,300 shares ($5 par) common
were converted into 51,000 shares of $3 par value common.
16,333 shares of $3 par common were issued in satisfaction of cash loans
to the company of $49,000.
966 shares of $3 par common stock were
authorized to be issued as a stock dividend on the preferred stock.
Management—The officers and directors of the company are; H. E.
Spaulding, Pres., Treas. and Director, New York; Joseph V. Wuestman,
V.-Pres., Gen'l Mgr. & Director, Union County, N. J.; Eugene W. Spauiding,
Sec. and Director, New York; Ralf L. Hartwell, Director, Orange, N. J.;
Ernest Biel, Director, 60 Broad St., New York.
Royalty.—Company has a patent agreement with American Writing
Instrument Co. which provides for the payment of a royalty to Ameican
Writing Instrument Co. of 5c. on each water-filled pen sold by the com¬
pany, with a guaranteed minimum payment of $250 monthly, and a further
royalty of 1% of the gross proceeds of all articles, other than water-filled
pens, which may be sold by the company.
common
$5 of which
was
at not less than $10 cash per
Canada Cement Co., Ltd.—Accumulated
Dividend—1
Directors have declared
a dividend of $1.25 per share on account of accu¬
cumulative preferred stock, par $100, payable
June 20 to holders of record May 31, leaving accumulations of $30 per share.
See also V. 145, p. 4112, for record of previous dividend payments.—
V.
on
the
0H%
146, p. 102.
Canada
Dry
Bottling
Co.
of
Cuba
(Compania
Em-
botelladora Canada Dry De Cuba, S. A.)—Stock Offered-—
R. S. Watts & Co., Inc., Chicago, are offering at $1.25 per
as
a
($1 par).
Stock offered
speculation.
&
Business—Company was incorporated under the laws of
Republic of Cuba on March 7, 1938, with its office and plant in Havana.
Was organized to exclusively bottle, sell and distribute various drink
products throughout the Republic of Cuba under the world known trade
mark "Canada Dry" including the ginger ale of that name.
Company
operates under a franchise from the Canada Dry International, Inc., which
corporation heretofore and since 1925 have marketed the products in Cuba.
The following products are to be manufactured, bottled and distributed
from dry extracts prepared by Canada Diy International, Inc. of the
U. S. A. under its formula, to-wit:
Canada Dry Ginger Ale, Canada Dry
Sparkling Water, Canada Dry Mate (South American herb drink), Canada
Dry Cream Soda, Canada Dry Grape Soda, Canada Dry Quinine Tonic,
Canada Dry Root Beer, Canada Dry Almond Soda (Horchata), Canada
Dry Lime Soda (Highspot).
Canada Dry Ginger Ale and other products have been sold in Cuba since
can be found in the leading hotels, clubs and restaurants through¬
:
Net loss for the period.
out the country.
Co. of Cuba, the products sold in Cuba under this world trade mark have
been imported bottled from New York with consequent high duty and
$73,805
19,290
7,925
149,711
$103,121
-V. 146, p. 2842.
Bristol Brass Corp.—Dividend Reduced—
The directors have declared
a dividend of 25 cents per share on the com¬
stock, par $25, payable June 15 to holders of record May 31.
A
was paid on March 15, last; one of $1 was paid on Dec.
15, last; $1.25 was paid on Sept. 15, last, and previously regular quarterly
dividends of 50 cents per share were distributed.
In addition, an extra
dividend of 50 cents was paid on June 15, 1937, and an extra of 25 cents
of
101,884
Total gross income.
Provision for Market fluctuations of normal inventories.
Interest expense
mon
director
$28,079
._
dividend of 50 cents
a
1925, and
Net loss from trading or manufacturing-
Other income
14,170,235
......
Depreciation
f
and
Brazilian Traction, Light & Power Co.,
History
2219.
Taxes (other than income taxes)
Rents (outside offices)
of Massachusetts
share 50,000 shares of class A stock
$1,723,961 $1,716,551
p.
Governor
former
Allen,
for
726
Total
G.
Mutual Life Insurance Co.'s interests.—V.
1,218
$1,723,961
Suspense,
262
10,000
Notes receivable..
$1,380,200
Social Security tax,
depoa. & tenants
nal value)
Accts.
receivable
—V.
Boston & Providence RR.—New Director—
Frank
mulations
Capital stock out¬
depreciation) ...$1,646,762 $1,646,021
Mach'y & equip't
Corp.—hew Director—
the John Hancock Mutual Life Insurance Co., has been elected a director
of this railroad to fill a vacancy.
He will represent the John Hancock
Storage Warehouse Co.—Bal. Sheet March 31—
Assets—
•
Bohn Aluminum & Brass
Simon D. Den Uyl, Secretary and Assistant Treasurer, has been elected a
director, succeeding O. W. Eggenweiler, resigned.—V. 146, p. 2678,
W.) Bliss Co.—No Preferred Dividend—
Directors have decided not to take any action with regard to payment
a dividend on the new preferred stocks at this time.
Decision not to pay
dividend on June 1 cannot be construed definitely as an omission as no
of
a
1938
May 28,
See V. 144, p. 3488, for detailed record of
paid on March 15, 1937.
previous dividend payments.- -V. 146, p. lo43.
was
'
(10) American now owes Continental Bank & Trust Co. of New York
$150,000 which is secured by the pledge of .$1,200,000 of American's secured
debentures; $400,000 of such debentures are to be released from such pledge
and made available for surrender by American for cancellation and retire¬
ment.
On the basis of continued pledge of the remaining $800,000 of
secured debentures of American and the pledge by American of 140,000
shares of the common stock of Birmingham, Continental Bank & Trust Co.
of New York will increase said loan from $150,000 to $700,000,
thereby
making available to American $550,000 for payment to Birmingham as
provided above.
date
Chronicle
However, prior to the franchising of Canada Dry Bottling
freight charges added, resulting in a charge of 25c. per 6 oz. (split) bottle.
By reason thereof sales have been confined principally to the luxury or
The case distribution in 1937 (6 oz. bottles capacity) of
Canada Dry Ginger Ale was approximately 144,000 cases. To tremendously
broaden the scope of sales and enable it to be sold in Cuba at 5c. per 6 oz.
(split) bottle, Canada Dry International, Inc., granted the franchise to
Canada Dry Bottling Co. of Cuba, to manufacture these products locally
thus effecting large savings in freight charges, duty, &c.
Purpose—The purpose of the issue of class A stock is to secure funds for
the purchase of equipment required under the franchise recital of Canada
Dry International, Inc., and for working capital to continue to supply the
present distribution outlets of Canada Dry products and the enlargement
of such distribution.
On the basis of proposals in hand the expenditure for
equipment, bottling and case supplies will be approximately $27,000; the
residue of $23,OUu being for working capital.
restricted field.
Volume
Financial
146
Chronicle
authorized capital of the corporation consists of
50,000 shares of class A stock (par $1) and 50,000 shares class B stock
(par SI).
vi;.
r,
Holders of the class A stock and holders of the class B stock of the com¬
pany each have one vote for each share of each class of stock held by them.
Class A stock is preferred as to assets of the company in the event of
liquidation, dissolution or winding up or sale of all its assets in an amount
equal to the par value thereof before any distribution or payment may be
Capitalization—The
,
Plants,
an
office for stock transfer purposes
of class A stock at 105 South La Salle Street, Chicago.
Banker—Company has sold 50,000 shares of class A stock to R. S. Watts
effectively registered under the Illinois Securities Law. The aforesaid stock
collateral security to the notes aforesaid.
of R. S. Watts & Co., Inc., aggregating
notes
rediscounted
&c_.
Securities & investments
Cash.
$50,000, have been
by Canada Dry Bottling Co. of Cuba, at par and without
bankers at Havana, Cuba.
recourse, with its
From
Int.
England—Earnings-
1938
$91,678
def20,399
def61,828
1937
$133,680
20,765
def25,061
1936
$116,022
def20,670
def68,419
1935
$78,256
def36,863
def87,432
410,854
def67,949
def240,375
480,361
447,497
def70,472
def231,569
360,914
def93,340
def287,842
April—
Gross from railway.
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
3,046
defl77,410
—V. 146, p. 2843.
<$
123,626,140
615,235
656,517
129,875
2,458,314
Paper Co. for sales of
Inventories
Due from affiliated
company
Sinking funds and restricted deposits.
Accts. & notes receiv. not curr. due—
Prepaid insurance and taxes.
Depl. on pulpwood still in inventory.
Def, assets, prep. & def. exp. applic.
to future operations
T°tal
-
141,787
6,786,082
6,760,589
2,070,574
1,694,067
2,459,619
19,043,084
138,917
135,214
133,267
171,766
15,983,451
1,076,155
15,792,563
75,547
229,422
337,574
109,130
966,051
222,662
4,180,213
152,388
4,513,925
170,013
4,463,528
156,934.361
From Int. Paper Sales Co., Inc
From others
Unamort. debt discount and expenses
Canadian National Lines in New
1935
1936
<$
121,141,282
51,078
864,347
Accounts receivable:
*
& Co., at par receiving in return promissory notes of R. S. Watts & Co.,
due in equal proportions 30. 60 and 90 days from the date the issue is
as
$ :
.122,081,154
(book value)
50,380
703,107
■
.
properties,
newsprint
Transfer Agent—Company maintains
The
1937
.
Assets—
a
made to the holders of class B stock.
is held
3491
Consolidated General Balance Sheet Dec. 31
152,817,839
152,096,171
1937
At
1936
(it
1935
dp
85,407,405
86.116,235
674,000
2,457,965
366,913
1.861,335
694,040
85,261,050
1,724,000
2,309,408
430,645
1,670,519
632,892
53,358
r." hi nti pq—.
n
.
1
194,808
319,965
169,631
978,948
.
Funded debt
Bank loans secured
Accounts payable
Accrued interest
1,640,335
361,349
2,418.705
622,026
Accrued payrolls. &c
Accrued taxes
Serial obligations
currently due
sec. note of Can. Int. Paper Co.
due various dates to Mar. 12, 1938,
______
5%
Carolina
Clinchfield
&
Ohio
Ry.—Reconstruction Fi¬
nancing—
The interstate Commerce Commission oh May 20 approved the purchase
for itself by the Reconstruction Finance Corporation, at a price not in
excess
of the principal amount and accrued interest, of the secured and
.
guaranteed note of the company for $14,150,000.
The note is to bear interest at the rate of
on or
5% per annum and to mature
before 10 years after the date thereof. The proceeds of the sale of the
be used to meet the maturity on June 1, 1938, of $14,150,000
note would
of
30-year bonds issued under and secured by first mortgage, dated
1, 1908.
The Commission also authorized the company to issue (a) a promissory
5,000,000
5,000,000
5,000,000
17,301,411
973,713
515,730
10,088,000
10,000,000
33,840,000
11,234,311
11,099,842
919,156
689,054
12,105,600
10,000,000
33,840,000
13,006,303
6,614,581
860,482
563,985
11,601,200
10,000,000
33,840,000
8,465,950
......156,934,361
152,817,839
152,096,171
Due to Canadian Int. Paper, Ltd
Reserves
Preference shares of subs, company—
Capital stock ($100 par)
Paid-in surplus
Deficit
5%
June
exceeding $14,150,000, and (b) not exceeding
$14,150,000 of 1st and consol. mtge. gold bonds, series B, to be pledged as
collateral security for such note; the note and the bonds to be delivered to
the Atlantic Coast Line RR. and the Louisville & Nashville RR., lessees,
note in the face amount of not
to provide for the retirement
of $14,150,000 of outstanding first mortgage
5% 30-year gold bonds, due June 1, 1938, of the Carolina Clinchfield &
Ohio Ry.
Authority also was granted to the Atlantic Coast Line RR. and the
Louisville & Nashville RR., as lessees, to assume obligation and liability,
jointly and severally, in respect of the payment of the interest on the note
and bonds authorized, and, as guarantors, in respect of the note —V.
146,p. 2843.
Carolina Power & Light Co.—Earnings—
Period End; April 30—
$390,808
1,669
$4,830,238
$392,477
191,667
5,668
$4,853,626
191,667
5,966
$180,886
Net oper. revenues
$195,142
$2,479,029
Other income (net)
508
$378,519
Int.
mtge. bonds..—
on
Other int. & deductions.
$4,696,236
32,894
23,388
$4,729,130
2,300,000
64,304
Crl,569
2,300,000
74,597
Int. chgd. to constr
Net income
$2,366,395
Dividends applicable to preferred stocks for the
or
unpaid
1.255,237
...
Balance......
1.255,237
$1,111,158
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended April 30, 1938 and 1937.—V. 146, p. 2843.
Caterpillar Tractor Co.—Balance Sheet April 30—
Liabilities—
$
$
■
Cash.
2,753,483
11,214.942
less reserves
14 ,666,242
Accrued
Pats.,
and goodwill
Pf. stk.
1
...
buildings,
y
equipment, &c .20,521,380 18 .812,275
Miscell. properties
197,040
Prepaid
469,303
1,0,85,060
1,874,604
(par $100) 11,515,200
Common
stock.
9,411,200
Capital surplus...13,733,577
Earned
2 ,669,734
payroll &
expenses
Dividends payable
Res. for Fed. taxes
19,312,849 15 ,142,176
trade-mks.
Land,
1,199,236
'
$
$
Accounts payable.
J ,907,993
Notes & accts. rec.
Inventories
1937
1938
1937
1938
Assets—
surplus..i14,569.129
580,706
1 ,016,305
2 ,353,891
6 .014,776
9 ,411,200
13 733,577
16 ,979,904
insurance
Canadian Car & Foundry
Directors have declared
stock
x
53,857.308
After
In 1937,
reserve
y
52,760,0921
for depreciation of
53,857,308 52,760,092
Total.
$11,657,331 in 1938 and $11,176,734
Represented by 1,882,240 no par shares.—V. 146, p. 3330.
June 24.
V. 146, p.
1938
Canadian Pacific
Ry.—Earnings—
1938
a dividend of 59 cents ner share on company's
stock, no par value, payable June 30 to holders of record June 10.
quarters and on April 1, 1937 and previously regular quarterly dividends
of 50 cents per share were distributed.—V. 14.5, p. 3812.
Celotex
1937
on
1935
Corp.—Listing—
Stock Exchange has authorized the listing of 43,744
common stock (no par), on official notice of issuance,
making the total amount applied for 352,429 shares.
The directors on April 18, 1938, authorized the execution and delivery of
an agreement between the
company and Pheonix Securities Corp. (Del.
providing for the acquisition by the company from Phoenix Securities
Corp, of 9,496 shares of 6% cumulative prior preference stock and 109,360
shares of common stock of Certain-teed Products Corp. and as consideration
therefor, the issuance and delivery by the company of 43,744 of common
stock and the payment of $569,760 in cash, of which $142,440 will be
payable on date of closing (July 1, 1938, or such earlier or later date as
may be approved by the parties to the agreement), $142,440 on June 1,
1939, $142,440 on June 1, 1940 and $142,440 on June 1, 1941.
The proposal to acquire shares of Certain-teed Products Corp. from
Phoenix Securities Corp. was considered by the directors at a special
meeting held on Dec. 16, 1937, and appropriate action was taken auth¬
orizing its submission to the stockholders at the annual meeting Jan. 18,
1938, at which meeting 100,235 shares were voted in favor of, and 19,831
shares against the proposal.—V. 146, p. 2681.
New
York
Operating revenues—
Oper. exps., incl. taxes.
of
loss 12,226
125,499
159,032
192,390
$49,015,070 $46,193,003 $38,697,427 $36,199,346
31,099,991
y40.995,219 y38,812,970 y33,214,134
bonds and prior liens.
Int.
obliga. of subs—
Depletion
Depreciation
on
Amort,
on
&
of disct.
1,349,108
2,144,591
1,308,021
2,231,513
1,899,094
695,231
2,228,211
1,920,816
613,326
2,165,288
336,712
Cr7,135
375,347
17,980
1,385,800
2,003,304
2.039,896
584,787
2,178,360
1,426,514
1,981,845
1,991,662
584,786
2,034,397
exp.
funded debt
Prov. for doubtful accts.
373,133
7,357
6,648
356,765
9,610
644
504,400
Profits tax on subs, cos.
504.400
506,116
92
Unpaid divs. on 5% pref.
of subsidiaries
L—
Prov. for income taxes._
Net loss
—
—
$698,529
Surplus
Amort,
1
exps.
adjust,
$1,711,468
2,828,885
......
$3,600,395
$3,792,433
05,325,800
35,753
281,440
$98,769
10,477
$909,296
141,855
$839,068
154,960
$91,012
18,958
1,166
Cr 1,053
$109,246
18,958
$1,051,151
631
9,800
CY709
03,908
$90,366
preferred stocks for the
period, whether paid or unpaid
$817,759
$653,478
on
—
mtge. bonds
charged to const—.
227,500
$71,941
Net income
Dividends applicable to
Balance
8,465,950
Deficit, Dec. 31 —---$11,234,311 $13,006,303
y After deducting other income of $435,639 in
and $167,456 in 1935.
10,191,364
668,001
5,730,930
$8,465,950 $10,191,364
1937, $115,326 in 1936
„
—.
108,054
108,054
$709,705
.
$545,424
Note—No provisions have been made for Federal surtaxon undistributed
profits for the 12 months ended April 30, 1938 and 1937.—V. 146, p. 2843'
Central Maine Power Co.—Earnings1938—Month—1937
$521,526
$549,177
-
Period End. April 30—
Operating revenues
Operating expenses
State & municipal taxes.
Social
security
60,260
57,935
3,789
25,955
3,282
30,277
38,610
332,964
20,570
191,177
$251,798
4,677
$271,757
4,023
$3,170,995
43,167
$3,481,927
39,306
$256,475
106,867
*
185,926
$3,214,162
1,284,050
15,405
$275,780
107,142
4,515
15,105
43,565
221,528
$3,521,233
1,337,385
67,095
339,960
$128,877
108,099
-$149,018
108,099
$1,665,019
1,297,182
$1,776,793
1,297,182
taxes—
„
Federal and State
Federal taxes (incl. inc.)
Net operating income.
Gross income
Pref. div.
1938—12 Mos.—1937
$6,673,027
$6,772,569
2,397,764
2,437,196
681,131
693,262
179,724
—
_
_
_
5,326
-
Other deductions
years
35,221
354,700
$994,028
334,437
7,849
01,736
Gross income.,.
Int.
Net income.
13.006,303
2,979
24,000
$80,815
10,197
Net oper. revenues...
Other interest (net)
prior
Deficit Jan. 1
$3,624,831
2,468,570
......
(net)—Cr2.470.521
to
$4,049,017
2,749,800
2,913
15,000
_
...
Bond interest
-
of debt disct. &
applic.
JMos.—1937
$308,629
182,881
limited-term
Non-oper. income (net).
26,732
Write-down non-op. pl'ts
Transfer from reserves
1938—12
$320,870
222,142
.—
Cost of sales & exps. (net)
Interest on first
mtge.
Other interest
Co.- —jEarnings—
1938—Month—1937
Other Income (net)—.
Int.
1934
$49,027,296 $46,067,504 $38,538,395 $36,006,956
Total income.
$244,000
Calendar Years
1936
bonds & debs,
redeemed
Decrease
$2,627,000
additional shares of
Other interest
Paper Co.-—Earnings—
Consolidated Income Account for
Profit
1937
$2,383,000
Traffic earnings
146, p. 3330.
—V.
Prop, retire, res. approp.
Dividends of 62 M cents per share were paid in each of the three preceding
Gross sales.
$636,999
Earnings for Week Ended May 21
Amort,
Co., Inc.-—Smaller Dividend—
Canadian International
Decrease
$3,862,173
—V. 146. p. 3330.
The directors have declared
common
1937
$3,225,174
Grossrevenues
investments
California Ink
■
preferred
on account
Period End. April 30—
Total
Co.—44-Cent Pref. Div.-r-
dividend of 44 cents per share on the
a
of accumulations on July 11 to holders of record
Similar amount was paid on April 11 and on Jan; 10, last.—
1704.
payable
Central Arizona Light & Power
34,366
54,654
taxes, &c
Dividend—
Directors have declared an initial dividend of 4% on the ordinary stock
payable May 31 to holders of record April 13.—V. 146, p. 1543*
The
$1,223,792
period, whether paid
Cable & Wireless (Holding), Ltd .—-Initial
1936
Earnings of System for Week Ended May 21
$971,869 $12,158,490 $11,395,690
501,061
6,208,252
5,739.454
80,000
1,120,000
960,000
$378,011
.
1937, $20,220,129 in
Canadian National Ry.—Earnings—•
$964,742
496,731
90,000
Oper. exps., incl. taxes.
Prop, retire, res. approp.
Total................
a After
property reserves of $22,015,429 in
and $18,629,327 in 1935.—V. 146, p. 433.
1938—12 Mos.—1937
1938—:Month—1937
Operating revenues.
x
given to Int. Paper Co. for ad vs.
and assigned by them
Due to International Paper Co......
requirements.
(
„„„
Note—Preferred dividends have been paid at one-half of
since Oct. 1, 1934, and arrearage for the quarters ending
Dec. 31,
1934, March 31, 1935, June 30,
1935, were paid on Jan. 1,
1, 1938, and April 1,
Jan.
the regular rate
Sept. 30, 1934,
1935, Sept. 30, 1035, and Dec. 31,
1937, April 1. 1937, July 1, 1937, Oct. 1,
1938, respectively.—V. 146, p. 3176.
1937,
Financial
3492
Chesapeake & Ohio Ry.—Earnings-
Central of Georgia Ry.—Earnings—
1935
1938
1937
1936
$1,184,544
91,081
def40,921
$1,547,641
306,464
203,321
$1,298,721
215,764
100,520
$1,234,091
169,091
58,354
Gross from railway...
4,863,866
Net from railway....
423,488
def97,218
6,018,951
1,206,749
5,106,115
709,421
224,253
4,752,342
592,204
141,906
April—
Gross from railwayNet from railway,.-Net after rents
—
_
Net after rents—
—
678,454
Gross from railway
1938
$2,275,971
596,421
15.864
Gross from railway.
9,353.688
2,379,878
179,816
.
Net from railway..
Net after rents....
1937
$3,217,315
1,189.504
598,467
11,150,694
3,316,775
1,102,300
Operating revenues
Operating expenses
1935
$2,556,953
860,367
479,439
-
State & municipal taxes
Social
Security taxes—
_
10,457,560
2,448,905
496,116
9,586,382
2,343.346
955,996
$2,059,778
1,165
7,358
13,691
95,820
6,519
50,880
$640,829
3,784
$725,802
3,684
1,829
$644,61.3
245,000
7,023
21,673
$729,486
264,224
1,252
72,188
$25,460
18,928
$370,917
227,134
$391,822
227,136
1,331:
6,575
$47,805*
$50,364
Net operating income.
Non-oper. income (net).
47
49
1
$.50,413
20,417
Other interest
...
$47,852
20,417
1,029
1,756
Gross income..
Bond interest..
146
(net)....
Other deductions
$27,211
....
Pref. div. requirements.
1,127,034
149,543
18,928
Paper
Chicago Milwaukee St. Paul & Pacific RR.—No In¬
Northern RR. Bonds—
1, 1938 on the Milwaukee & Northern RR.con¬
solidated mortgage 4 Yi% bonds and 1st mtge. A.lA% bonds will not be paid
on that date.- -V. 146, p. 2»44.
~ "
The interest due June
Chicago Rivet & Machine Co.—Smaller Dividend—
The directors have declared a dividend of 10 cents per
share on the new
$4 par common stock, payable June 15 to holders of record May 28.
This
compares with 15 cents paid on March 15 last; 50 cents paid on Dec. 15
last; 45 cents paid on Sept. 15 last, and an initial dividend of 30 cents paid
on this issue of June 15, 1937.
The common stock was recently split on a 2-for-l basis, two new $4 par
shares
being issued for each old no-par share.
144, p. 1271, for detailed record of dividend payments on old
V.
stock.—V.
common
146, p. 1065.
&
Fibre
Co.-
(Including Chicago, Rock Island & Gulf Ry.)
Definitive Debentures
Period End.
1938—Month—1937
1938—4 Mos.—1937
$5,746,880
$6,550,409 $23,760,261 $25,692,182
5,484,175
5,803,845
21,088,144
22,062,499
April SO—
Total ry.oper.revs
made
was
Chemical Fund,
on
Inc.—Registers 1,000,000 Share Issue—
Company, an investment company of the management type, filed
May 14 with the Securities and Exchange Commission at Washington, a
registration statement covering 1,000,000 shares of common stock.
The
company has only one class of shares with no bonds or debentures.
The
shares are to be offered initially at $10 per share.
The company was formed to provide a medium for diversified investment
investment in the chemical field under guidance of competent technical and
economic advice.
F. Eberstadt & Co., Inc. is named in the registration
Ry. oper. expenses
Net
advice.
$262,705
678,990
fr. ry. opers.
Extension
$3,629,683
prof76,482
and the secured 4 Hs series A
agreement (which otherwise
expired July 21, 1938) for an additional period of three years,
i. e.. to and inc.. Jily 21, 1941, u lless sooner terminated by the committee.
The depositaries for the 1st & ref. mtge.. 4s are Central Hanover Bank &
Trust Co., 70 Broadway, New York, and Harris Trust & Savings Bank,
Chicago.
The depositaries for the secured 414% gold bonds, series A, are
City Bank Farmers Trust Co., New York, and Continental Illinois Na¬
tional Bank & Trust Co., Chicago.—Y. 146, p. 3177.
would have
,
Chicago St. Paul Minneapolis & Omaha Ry.-—Earnings
1938
1937
1936
1935
$1,163,295
149,087
def53,348
$1,340,486
174,219
def42,703
$1,349,251
164,330
def50,212
$1,128,728
115,188
def38,513
April—
Gross from railway
Net from railway
Net after rents.
Gross from railway
Net from railway
consultant
Net after rents.
aspects of the chemical industry, to assist in
evaluating trends in the chemical industry and in selecting the most de¬
$2,672,117
924,444
of Deposit Agreement—
For general management and supervision, including fees of directors
and consultants, the company will pay annually an aggregate of Yt of 1%
of the value of its average net assets. The Manager has retained the services
of Arthur D. Little, Inc., chemists and engineers of Cambridge, Mass., as
technical
$746,564
159,958
The committee for the 1st & ref. mtge. 4s
has extended the
duration of the deposit
The registration statement discloses that the company has entered into
a management
contract with F. Eberstadt & Co.. Inc., which provides
for general management and supervision of the company's affairs, subject
to its board of directors, including the furnishing of statistical service and
rev.
Net ry. oper. deficit
statement as disti ibutor of the shares.
on
Dividend
Chicago, Rock Island & Pacific Ry.—Earnings—
May 20 that 4%% sinking fund debentures
(1938 issue) may be obtained in definitive form in exchange for and upon
surrender of outstanding temporary debentures at the main office of the
Chemical Bank & Trust Co., New York, or the First National Bank of
Cincinnati. Ohio.—V. 146, p. 2529.
Announcement
35,546,279
14,577,812
11,132,975
terest Paid on Milwaukee &
—V. 146, p. 3330.
Champion
Ready—
41,170,205
18,021,664
14,664,880
19 declared an extra dividend of 50 cents per share,
quarterly dividend of $1 per shard on the common
stock, par $25, both payable June 27 to holders of record June 3. .Like
amounts were paid on March 28 last.
An extra of $1.50 was paid on
Dec. 20 last.
The company has paid extra dividends of 50 cents per share
in September, March, and June of each year from 1929 to and including
1937.
Extra dividends of $1 per share were paid in December of eachyear
from 1929 to 1935, inclusive.
In addition an extra dividend of $1.50 was
paid on Dec. 21. 1936, and a special extra dividend of $5 per share was paid
on Dec. 31, 1934.—V. 146, p. 2359.
See
Net income
..
in addition to the regular
1938—12 Mos.—1937
$2,162,520
1,257,077
155,103
Federal and State.
Fed. taxes (incl. income)
42,655,895
18,380,183
13,322,877
w
The directors on May
1938—Month—1937
$154,240
$167,184
96,197
83,057
14,659
12,913
_
$8,139,586
2,882,981
1,901,221
30,786.638
9,459,941
5,962,488
..
Net after rents
Corp.—Earning s-
Central Vermont Public Service
April 30—
$9,862,357
4,187,146
3,055,285
Chesebrough Mfg. Co. Consolidated-—Extra
1936
$2,725,172
693,623
178,589
—V. 146, P. 2843.
Period End.
.
Gross from railway. __
Net from railway—.
Central RR. of New Jersey—EarningsApril—
.
—V. 146, p. 3330.
146, p. 2681.
Gross from rail way
Net from railway..
Net after rents—
From Jan. 1—
.
Net from railway
Net after rents
1935
1936
1938
1937
$7,309,517 $10,030,234
2,191,956
4.094,855
1,218,788
2,736,107
April—
,
From Jan. I—
From Jan. I—
—V,
1938
28,
May
Chronicle
From Jan.
—V.
1—
5,384,395
352,717
5,272,828
4,886,964
515,417
351,598
def528,197
def308,822
def452,225
4,423,240
440,814
defl73,334
146, p. 2845.
sirable companies for investment,
4
Chicago Yellow Cab Co. (& Subs.)—Earnings—
In
commenting on the opportunities for investment in the chemical
fie.d, the registration statement says:
"Chemical research has discovered
not only new products and processes but even entire new industries. Through
its contributions to the improvement of health, comfort and general wellbeing, it has definitely raised the standard of living. Depression has tended
to intensify its efforts in research and discovery. This industry's successful
accomplishments in the past augur well for its future. Its record here and
abroad through years of economic, social and political upheaval is con¬
3 Mos. End. Mar. 31—
x
Earns,
x
The
registration statement
says
that the objective of the management
chemical field
wnose
stocks of such companies although bonds, debentures, preferred stocks or
other securities of such companies, and securities issued or fully guaranteed
by the United States of America, may be purchased, or the company's funds
may be kept in cash, whenever and to the extent that this seems advan¬
tageous.
The company does not intend to engage in active trading or to
seek short-term profits
through attempting to anticipate minor advances
or
recessions in market trends.
Federal taxes,
(no par).—V. 146, p. 3007.
&c.
y
1935
1936
1937
loss$95.802
Nil
$171,663
$0.43
$70,206
$0.17
On 300,000 shares capital
Chrysler Corp.—New Vice-President—
Forest H. Akers has been appointed Vice-President in charge of sales of
the Dodge division, succeeding the late W. M. Purves.
Frank J. Timmens
has been appointed general sales manager for Dodge.—V. 146, P. 3178.
expected that the company's portfolio will consist, in the main,
Cincinnati New Orleans & Texas Pac. Ry .-EarningsApril—
investments to such securities. As a matter of policy the company will not
invest more than 5% of its assets in the securities of any one corporation.
The company is obligated to repurchase any of its own
shares, tendered by
holders, at approximately their asset value.
The certificate of incorporation provides comprehensive safeguards and
restrictions governing the management ot tne company, prohibiting among
other things, borrowing, lending, or pledging any of its assets,
purchasing
margin, sel.ing snort or engaging in any underwriting activities.
Net after rents
391,834
1935
$1,087,672
345,346
238.236
5,849,321
2,206,944
1.658.301
274,851
$1,347,352
520,490
5.165,738
1,928,970
1,473,463
4,182,626
1,349,051
960,166
1936
From Jan. 1—
Gross from railway
4,707,567
Net from railway..1,302,629
Net after rents
1,009,449
—V. 146, p. 3331.
Cincinnati Newport & Covington Ry.
Co.—Tenders—
Holders of first and refunding mortgage 6% bonds due July 1, 1947, are
being notified by the Central Trust Co., Cincinnati, Ohio, trustee for these
bonds that it has approximately $10,000 in cash in the sinking fund which
be used for the purchase of bonds of this issue. Bondholders are, there¬
fore, invited to submit offers to trustee for the sale of their bonds, which
bought at the lowest prices obtainable.
Offers must be received
by the trustee not later than June 4.—V. 119, p. 1509.
can
will be
Cities Service
Directors
are
William Haynes, publisher and editor,
Chemical In¬
dustries; James J. Minot Jr., partner, Jackson & Curtis; Auguste Richard,
Pres., Spool Cotton Co.; Franz Schneider Jr., V.-Pres., Newmont Mining
Corp.; F. Eberstadt, Pres., F. Eberstadt & Co., Inc.; Ernest C. Brelsford,
V.-Pres., F. Eberstadt & Co., Inc.; Maynard E. Simond, V.-Pres., F.
Eberstadt & Co., Inc.
1937
$1,546,401
670,102
506,495
1938
$1,205,655
369,078
Gross from railway
Net, from railway
of securities listed or traded on the New York Stock Exchange or the
New York Curb Exchange, but the company is not obligated to limit its
on
$12,139
$0.04
share.
past record of earnings and dividends, current per¬
formance and future prospects seem to afford the best combination of safety
Of principal, reasonable return and promising possibilities of appreciation.
It is expected that the company's portfolio wih consist principally of common
It is
per
After depreciation,
stock
fidence-inspiring"
will be to select, after careful study and investigation and with the assistance
of competent technical advice, securities of established companies in the
1938
Net profit
y
Co.—Agent—
The Guaranty Trust Co. of New York has been appointed agent to accept
the shares of old common stock and issue thereagainst shares of new $10
par value common stock.—V.
Citizens
Ofncere are:
F. Eberstadt, Pres.; Clayton DuBosque and Grinnell
Martin, V.-Pres.; Daniel Breitbart, Treas.; and Edward B. Conway, Sec.
Traction
146,
Co.
p.
3331.
(Pittsburgh)—Div. Passed—
,
Suilivan & Cromwell appear as Counsel and Price.
Auditors—V. 146.
o.
Waterhouse & Co.
as
3330.
Chesapeake Corp.—Controversy Between Wm. C. Potter
and R. R. Young—
William C. Potter, Chairman of the Guaranty Trust Co., New York, on
May 20, declared that the statement by Robert R. Young that the Guaranty
Trust Co. had consistently blocked the dissolution of the Chesapeake Corp.
and the distribution of its Chesapeake & Ohio stock is not true.
Mr. Potter
also said that the statements attributed to Mr. Young in the daily
press
regarding the arrangement by which the board of directors of the Chesapeake
& Ohio Railway were elected May 19 are not correct.
These statements are contained in a letter by Mr. Potter to bondholders
of the Alleghany Corp.
Mr. Young in his statement syas that Mr. Potter has again misinformed
the Alleghany bondholders.
He asserts that, by backing C. L. Bradley,
deposed President of Alleghany, and John P. Murphy, deposed Secretary,
the Trust company had impeded the dissolution of the Chesapeake Corp.,
which is controlled by Alleghany.
Directors have decided not to take
on
common
shares
was
at
Harry W.
this
action on payment of a dividend
A regular semi-annual dividend of
any
time.
last paid on Nov. 16, 1937.—V. 141. p.
743.
New Directors
Stores Co.
Schacter and
Alfred W.
B as band
elected directors of
S. Joseph was
Secretary.—V.
were
the company at the annual meeting held May 18.
Irwin
made Assistant Treasurer and Hugo D. Walz Assistant
146,
p.
3007.
Columbus & Greenville Ry.—EarningsApril—
1938
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 146, p. 2845.
Meeting Postponed—
Both regular and special meetings of the Corporation, scheduled for
May 24, were held briefly and adjourned to May 28 without transaction of
business.—V. 146, p. 3006, 2844.
the
$1.50 per share
1937
1936
$87,529
6,256
.
$110,678
12,595
$85,678
134
defl,441
def3,505
389,663
42,202
13,455
440.441
79,651
37,882
def 1,288
311
338,578
16,294
1935
$73,273
2,504
2,309
272,461
def16,647
defl8,979
Commercial Solvents Corp.—Common Div. Omitted—
Directors have decided to omit the dividend usually payable at this time
the common shares.
A regular semi-annual dividend of 30 cents per
share was paid on Dec. 22, last.-—V. 146, p. 2846.J
on
Volume
Financial
146
Colorado
Southern—Annual
&
however, it is
Report-
Operating Statistics for Calendar Years
Under
1936
1935
1934
5,920,350
4,534,087
4,144,879
1141802,533 913,476,763 827,938,507
$5.06
$4.98
$5.12
$2,084
$2,235
$2,033
353,550
310,512
221,469
207,095
65,097,634
60,388,784
42,874,106
38,971,745
1937
6,964,180
Revenue freight (tons)..
Rev. freight (ton-miles).1384315345
Av. frt. rec. per tr. mile.
$5.20
Av. rev. per ton of fr't..
$2,039
Passengers
carried
Pass, carried
one
mile..
$0.99
$3,253
Av. pass. rev. per tr. m_
Av. rev. per passenger. _
$0.83
$0.86
$3,585
$1.00
$3,332
$3,539
1,777,295
110.064
297,405
732,978
665,610
264,906
90,593
266,487
revenues_$15,861,400 $14,056,026 $12,292,944
$11,797,868
167,372
140,594
Dr771,874
Dr571,854
Incidental.
Joint facility
...
Total oper.
Operating Expenses—
Maint. of way & struct.
Maint. of equipment...
„
1,248,894
1,991,808
1,567,238
2,683,745
1,464,166
2,394,424
1,455,554
2,120,951
390,173
391,256
349,116
333,264
5,556,467
105,945
5,021.603
86,611
4,567,728
4,121,127
48,318
715,637
13,459
Traffic
Transportation.
Miscellaneous operations
75,546
870,425
12,255
794,106
15,890
705,679
13,098
expenses..$11,005,747 $10,136,275
$9,261,477
$8,601,582
$4,855,653
al,234,559
$3,919,751
1,246,160
$3,031,467
696,438
$3,196,286
1,061,503
471,821
Jt. facil. rents (net)—Dr.
503,127
312,669
312,724
416,276
300,918
5,143
382,247
320,238
Net ry. oper. income.
$2,805,297
$1,889,046
$1,617,834
$1,427,154
General....
Trans, for invest.—Cr._
Total oper.
Net
revenue
Railway tax accruals
Uncollec. ry. revenue
Hire of equip, (net)—Dr.
■
Non.Oper .Income—
hold¬
stock of the company.
our
If bonds are issued for the latter purpose, there are further limitations
which require that the additional bonds issued shall not exceed 75% of the
of the property additions, and then only if net earnings are at least
vaue
twice the interest charges.
These restrictions, therefore, provide cus.omary and, we believe,
adequate
protection to stockholders.
initial step under the authority requested today, we propose to sell
$33,000,000 of new 3 H % bonds to be known as series I.
Under the terms
1934
1937
1936
1935
$14,201,988 $12,340,184 $10,133,973
794,027
1,149,996
1,034,640
666,956
Mail and express
737,446
755,933
290,517
All other transportation.
376,472
356,529
Operating Revenues—
Freight
Passenger
that the issuance of bonds be approved by the
mortgage additional bonds may be issued only for two prin¬
cipal purposes.
One, to provide funds to retire a like amount of outstand¬
ing bonds, and two, to provide funds to reimburse the company for property
additions.
As
Years
Consolidated Income Account for Calendar
necessary
of at least two-thirds of the outstanding
ers
(Consolidated)
3493
Chronicle
Miscell. rent income
91,124
91,472
87,417
Divs. & miscell. interest.
63,997
872
77,871
1,237
79,746
4,230
86,517
105,683
2,458
$2,961,291
$2,059,626
$1,789,229
$1,621,812
3,303
2,556,821
2,672,798
Amort, of disc, on fd. dt_
3,255
2,343,970
6,048
44,560
3,207
Miscell. income charges.
19,106
5,006
52,030
18,618
58,648
11,147
an
of the mortgage,
$30,000,000 of the new bonds will be issued for refunding
the series A and B 5% bonds of the same amount, and $3,000,000 will be
issued to reimburse the company for property additions already made.
The interest rate of 3 ^ % will be the lowest paid by the company in its
history
The
on money so
new
borrowed.
a sinking fund, commencing in the year 1943,
bonds will have
which
will retire $330,000 of the bonds
fourth of the issue prior to maturity.
annually,
or
approximately one-
This sinking fund feature is in keeping with the present-day thought that
some provision should be made for regular, periodic reductions of funded
debt.
For many years it was not the practice of utilities and railroads to
make any such provision.
practice in 1935
as
our
We recognized the desirability of adopting this
series H bonds, issued in that year, have a similar
sinking fund.
In connection with the issuance of these series
a new supple¬
executed.
the new 33-£% bonds
about June 1 and immediately thereafter the 5% bonds of
I bonds,
mental indenture to the compmy's mortgage will be
Should our plans carry through as now projected,
will be sold
on or
series A and B will be called for redemption.
The other part of the financial plans proposes
the issuance at the present
convertible
issuance of
$130,000,000 of convertible debentures and this is the first
such authority.
This issue of debentures will bear 2>Vi%
time of not less than $39,083,195 or more than $42,303,840 of
debentures.
In January, 1937, stockholders authorized the
not
exceed
to
action
under
interest and will mature in 20 years.
Of course, any
of this character is subject to market conditions.
financial transaction
$544,352
132
b$488,143
b$846,550
Bal. transf. to P. & L_sur$544,219
b$488,143
b$846,550 b$ 1,133,079
"rights" to stockholders at par
and each $100 will be convertible into four shares of Edison stock.
Sub¬
scription warrants will be issued giving each stockholder the right to sub¬
scribe for $5 of debentures for each share of stock held on the record date,
which will probably be June 9.
As the convertible debentures will not be issued in units of less than $100,
subscriptions to them will have to be made in multiples of $100.
The
rights of stockholders to subscribe will expire on June 24.
The proceeds of the debentures will be used in part to retire $19,429,000
of Commonwealth Subsidiary Corp. 5H% debentures, due in 1948, and
$6,300,000 of bank loans.
The balance will be used to increase the com¬
pany's general cash funds.
It is of interest to note that since September, 1936, subsidiaries of Com¬
monwealth Edison Co. have retired more than $27,000,000 of funded debt
in 1936 under Railroad Retire¬
b Deficit.
and preferred stock held by the public.
Substantially all of the funds for
the retirement of securities were supplied by Commonwealth Edison Co.
Miscellaneous income
Gross income.
_
Deductions—
Miscellaneous
rents
Int.
on
funded debt
Int.
on
unfunded debt—
Net profit
Div. approp. of inc
a
2.472,387
4,664
55,077
12,434
Includes credit adjustments of accruals
Act of 1935 amounting to $178,523.
ment
RR.—The
Island
Burlington-Rock
operating results
following comparative
8,678
table shows
1935
1936
1937
Calendar Years—
Total ry. oper. revs
.
3,620
1934
$791,543
913,942
79,421
$1,375,325
1,213,829
71,253
$906,037
981,685
80,410
$865,065
Railway oper. deficit_prof$90,243
Equip, rents (net)—Dr.
205,837
Joint facil. rent income.
145,233
Jt. facil. rents (net)—Dr.
134,332
$156,058
141,003
$203,260
144,738
146,061
125,424
146,992
125,622
110,728
148,776
119,549
$104,693
$276,424
$326,628
$283,443
Total ry. oper. exps
Railway tax accruals
996,462
71,862
122
Uncollec. ry. revenues..
Net ry. oper. deficit..
$201,942
Ft. Worth
Southern
& Denver
Ry.
City Ry.
Assets—
Investment in road and equipment..$84,261,226 $31,951,277
Cr31,595
Improvements on leased ry. propertySinking fund
986
Deposits in lieu of mtged. prop. sold.
144
29,213
Miscellaneous physical property
330,932
1,118,186
Investments in affiliated companies.. 25,004,416
Other investments..
—.....—
Cash....
Time drafts and
50,000
13,121
deposits
Special deposits
Interest and
—
...
Rents and ins. prems. paid in
advance
funded debt
Other unadjusted debts
Total
T 4 fi
.
.
82,083
332,615
691,864
605,294
5,687
25,113
22,604
"2,671
178
3,087
18,616
7,290
42,490
31
153,986
2,631
Working fund advances
Other deferred assets
on
649,261
31,477
786,432
2,022
.
1,362,720
5,414
494
831
"¥.518
$3,393,824
$9,243,800
4,673
769,000
148,881
1,885,505
Graints in aid of construction
-
Dividends matured unpaid
Funded debt matured unpaid
— —
Un matured rents accrued
Other current liabilities
6,600
355,832
11,231
8.148
liabilities.....-^.--29,687
liability
753,589
Deferred
Accrued depreciation—equipment
Other unadjusted credits
Add'ns to prop, througn inc.
& surp..
Funded debt retired thr. inc. & surp.
8.064,539
1,774,275
352,226
1938
railway.$477,517
55,369
def51,454
Net from railway
Net after rents
1937
$620,140
145,088
61,341
1—
Gross from railway
Net after rents
68,931
152,231
46,822
18,440
233.620
529,701
3,863
4,011,272
95,789
1,915,268
200,864
defl82.189
6,750,384
11,695
29,220
7,472,658 Prl,058,839
$3,393,824
Dale
1936
$560,604
$452,886
129,915
45,314
40,351
def23,655
2,454,340
541,338
180,897
2,088,038
348,345
38,692
1,723,601
115,848
defl53,956
special meeting of stockholders
has been called principally for the
from time to time,
mortgage bonds
purpose of authorizing the board of directors to issue
under the provisions of the company's mortgage, first
judgment it is wise to do so.
This type
of mortgage is common among the larger corporations and is almost uni¬
versally used by the utilities.
Prior to 1933, bonds could be issued under
it solely by action of the board of directors without the approval of stock¬
holders.
Since the passage of the Illinois Business Corporation Law in 1933,
subscriptions will have to
be made in multiples of $100.
The rights of
June 24, 1938, and subscriptions
stockholders to subscribe will expire on
payable in full on or before that date.
is a so-called open-end mortgage.
Co.,
Named—Hasley Stuart &
Inc.
Heads
Group—
According to an amendment
filed with 8EC, the $33,000,000 3 H % first
to the public at 102M- The amend¬
will be 3 XA % and the maturity date
mortgage bonds, series I, will be offered
ment also discloses that the coupon rate
total issue of debentures will not be more than $42,303,840 nor less
$39,063,195.
The debentures are being offered stockholders pro
par.
Any of the debentures not taken by stockholders will be
bought by the underwriters.
Names of the underwriters and the amounts to be underwritten by each
at
follow:
,
% of Unsub¬
scribed for
Debentures
Halsey, Stuart & Co.,
Brown Harriman
Inc...
12.56%
—
8.78
& Co., Inc
Glore, Forgan & Co
Harris, Hall & Co., Inc..
Lee Higginson Corp..
Lehman Bros
A
CL Becker & Co., Inc
Bonbright & Co., Inc...
1935
address:
The company's mortgage
Subscription warrants will be issued to stockholders of record at the close
of business, June 9, 1938, on the basis of the right to subscribe for $5
principal amount of debentures for each share of stock held on the record
date.
Since the debentures will not be issued in denoms. of less than $100,
728
1,079
Commonwealth Edison Co.—Financing Approved—
At the special meeting of stockholders held May 20, the proposed new
financing was approved.
James Simpson, Chairman, made the following
whenever in their
limitations of tne indenture
under which the debentures
rata
146, p. 2845.
This
value of $25 each, subject to the
will be issued.
of the
than
„
Net from railway
par
May 25 authorized the offering to stockholders
WiThe
27,253
$115,786,598 $37,701,461
Earnings for April and Year *o
—V.
1.497
481,000
7,614,486
Total
From Jan.
Edison stockholders from this pro¬
substantial.
Underwriters
986
Sinking fund reserve
Profit and loss
Gross from
public on account of these retirements,
Application has been made to the Illinois Commerce Commission, asking
for its approval of the issuance of the new securities.
A registration state¬
ment covering the proposed issue was filed with the Securities and Exchange
Commission at Washington on May 12.
While the sale of these new securities, totaling about $73,000,000, is a
will be
Preferred stock
April—
the
$1,020,000
45,489
8,176,000
208,574
443,242
21,707
80,800
651,272
$31,000,000
17,000,000
96,974
Long-term debt
47,444,300
Traffic & car-service balances payable
150,645
Audited accounts and wages payable.
593,047
Miscellaneous accounts payable
42,513
Interest matured unpaid—
6,521
Common stock
Tax
are
gram
of the
fa 14 p o
Unmatured interest accrued
to
advantages gained and to be gained by
The directors on
$ 115,786,598 $37,701,461
-
sold
Offering of Debentures at Par—
810
94,968
546,362
supplies
dividends receivable
Other current assets
Discount
836,224
405,791
.
conductors
Miscellaneous accounts receivable—
Net bal. rec. from agents &
were
right to subscribe pro rata at par to not less than $39,083,195 or more than
$42,303,840 of convertible debentures, 3}4% series due 1958.
Each $100
of debentures will be convertible into four shares of the company's stock
Valley
Ry.
$2,179,799
911;100
1,465,826
securities
although the $6,300,000 of bank loans now to be retired were used to provide
part of the funds.
After giving effect to the new bonds and debentures, and to the retire¬
ments of securities, since September, 1936, over-all charges will have been
reduced about $1,300,000 per annum.
It is therefore apparent that the
318.345
Wichita
1,339,486
Traffic and car services balances rec.
Material and
13,936
1.201,919
No
debentures will be offered through
large financial operation, it should be looked upon only as a step in our
general plan.
We hope, as soon as conditions justify, to proceed with our
program of refunding or retiring certain of the remaining publicly-owned
securities of subsidiary companies.
Our ultimate objective is to simplify
the consolidated capital structure of Commonwealth Edison Co. and its
subsidiaries and effect a marked reduction in the ratio of the amount of
bonds and preferred stocks to the total consolidated capitalization.
The stockholders also voted to cancel shares of Edison stock which are
in the company's treasury.
Company acquired these 102,335 shares prin¬
cipally because of the discontinuance in 1934 of the employees' saving fund
and by purchase from subsidiary companies.
The principal reason for
canceling the shares is to simplify the company's financial statements.
The cancellation in no way affects stockholders' rights or privileges.
General Balance Sheet Dec. 31, 1937
Colorado &
The
3.79
3.79
3.79
— —
—
—
3.79
3.02
3.02
__-~3.02
•
3.02
3.02
1-52
..—
1.52
1.52
—i.——
— —.
Republic Co
—
—
Kidder, Feabody & Co.
—
F. S. Moseley & Co
Bacon, Whipple & Co—
—
Bancamerica-Blair Corp
Blair, Bonner & Co
Clark, Dodge & CoCoffin & Burr, Inc
- — —; —Goldman, Sachs & Co—
Hayden, Stone & Co
Hemphill, Noyes & Co
Hornblower & Weeks.
Ladenburg, Thalmann & Co—.----------------W. C. Langley & Co
Paine Webber & Co
Schroder Rockefeller & Co., Inc
J. & W. Seligman & Co
Stern, Wampler & Co., Inc. —
— — — — — —
Stone & Webster and Blodget, Inc
G. H. Walker & Co.
White. Weld & Co
—
Dean Witter & Co---Mitchell, Hutchins & Co.
Central
-
-----— -
}-52
'
.
Bonds
$4,150,000
2,900,000
1.250,000
J'oeR'RRR
1,250,000
1,250,000
1,000,000
1,000,000
HRR'RRR
}'RRR'RRR
^-'RRR'RRR
fRR'RRR
RRR'RRR
RRR'RRR
RRR'RRR
1-52
500,000
J'fo
1.52
'rRR'RRR
rRR'RRR
1-52
1-52
152
} £2
152
1.52
1.52
}-£2
1-52
1.52
-76
rRR'RRR
500,000
.>00,000
RRR'RRR
500,000
rRR'RRR
RRR'RRR
500,000
oOO, 00
fRR'RRR
fRR'RRR
RRR'RRR
250,000
3494
Financial
Chronicle
% of Unsub¬
scribed for
Allyn & Co., Inc—Ames, Kmerich & Co., Inc
— -
Bonds
.61
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
-
.61
.61
Alex. Brown & Sons—
H. M.
.61
Byllesby & Co.. Inc
Paul 11. Davis & Co
.61
■ -
Dominick & Dominick
.61
-
Estabrook & Co
.61
.61
Graham, Parsons & Co...
Haligarten & Co—
.61
Illinois Co. of Chicago
.61
.61
.61
.61
.61
Newton, Abbe & Co—
E. H. liollins & Sons, Inc
Schoelkopf, Hutzler & Pomeroy, Inc
Schwabacher & Co
.61
Speyer & Co
Spencer Trask & Co
Babcock, Rushton & Co
Alfred
.61
—
.30
.30
L. Baker & Co_
.30
J. E. Baker & Co
Baker, Weeks & Harden
Cassatt & Co., Inc
Eastman, Dillon & Co_.
Edgar, Kicker & Co
Far well, Chapman & Co
—
.30
-
.30
'
.30
-
.30
.30
.30
First Cleveland Corp
Fuller, Cruttenden & Co
.30
-
.30
Jackson & Curtis
Kean, Taylor & Co
Laurence M. Marks & Co—
.30
—
.30
Mitchum, Tully & Co—
.30
—
Charles K. Morris & Co., Inc
.30
-
.30
G. M.-P.
Murphy & Co
Nichols, Terry & Dickinson, Inc
.30
Otis & Co
.30
—
.30
Arthur Perry & Co., Inc
It. W. Pressprich & Co.
.30
Putnam & Co
—
—
.30
rl
RIter & Co
.30
Securit ies Co. of Milwaukee, Inc
.30
-.
.30
Sills, Troxell & Minton, Inc..-Strauss Securities Co
.30
-
Stroud & Co., Inc
Thrall-West Co
.30
—
.30
•
-
Washburn & Co., Inc
Wertheim & Co.*
.30
.
Whiting, Weeks & Knowles, Inc
The bonds
before
<•
are
--
.30
.30
.
100,000
100,000
100,000
redeemable at par plus a premium of 6^% if red.
on
or
Wendell L.
Consolidated Income—The system's consolidated gross revenue for 1937
amounted to $148,856,073, an increase of $13,501,186. or 10% over 1936.
Of the total gross revenue, 81 % was derived from electric (40% in the North,
41% in the South), 8% from gas, 9% from transportation, and the balance
of 2% from steam or hot water heating, water, ice and other miscellaneous
The gain in the gross revenue for the first 10 months was $12,568,440, or 11%: November and December showed increases of $664,772 and
$267,974, or 5% and 2%, respectively, over the corresponding months of
1936.
This dec-lining trend still continues.
Operation expenses and maintenance amounting to $59,482,761 were
$4,792,764 more than in 1936, due principally to increased wages, higher
cost of materials and supplies, and increased fuel costs. The mounting cost
of government is reflected in the tax bill of the system.
In 1937 the charges
for taxes amounted to $19,438,986, of which $18,764,823 was charged to
tax accounts and $674,163.51 was charged to various operating accounts.
This is a tax bill of $53,257 per day for the system.
Provisions for depre¬
ciation and retirement of property aggregated $15,774,988 for 1937, an
increase of $3,926,789 over 1936.
After deduction of operating expenses, taxes, interest and other charges,
the consolidated net income for 1937 amounted to $15,124,835, an increase
of $1,775,025 over 1936.
In the first three quarters of 1937 the consolidated
net income gained $2,647,030 over the same period of 1936, but tne last
quarter of 1937 showed a decrease of $872,004 below the same quarter of 1936
For the first quarter of 1938 the consolidated net income was $1,440,816
less than for the same period of 1937.
sources.
Corporate Inoome and Dividends—The total income of the corporation
aggregated $11,368,993, of which 77% was from dividends and 23% from
interest, practically all from subsidiary companies.
The net income of the
corporation amounted to $7,257,384, equal to 4.84 per share on its 1,500,000 shares of outstanding preferred stock.
Dividend payments of
distribution can be made on the common stock.
Service Rendered—Comparative figures showing principal services rendered
by the system, as measured by kilowatt-hour sales, gas sales in cubic feet,
and customers, are as follows:
Electric Sales
1937
Industrial
Residential
July 1,1958; 1,692,154 shares capital stock, $25 par value, and 8,460,768
rights to subscribe to conv. debs., evidenced by subscription warrants.
►
Of the proceeds received from the sale of the 1st mtge. 334% bonds,
$30,000,000 will be used to redeem the 1st.mtge. bonds, series A and B.
t
Stockholders of record at the close of business on June 9, 1938. will re¬
ceive warrants evidencing rights to subsribe to the debs, on the basis of $5
principal amount of such debs, for each share of stock held.
The debs, are
convertible into shares of stock, $25 par value, at the rate of four shares of
stock for each $100 principal amount of debs.
The 1.692,154 additional
shares of stock being listed will be reserved for conversion of the debs.
The above mentioned securities will be admitted to trading as follows:
Bonds and debentures: Upon notice of registration under the Securities
Exchange Act of 1934 becoming effective; stock: upon notice of registration
under the Securities Exchange Act of 1934 and notice of issuance; rights:
"when issued" basis.
Weekly Output—
The electricity
output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended May 21, 1938 was 121,911,009
compared with
133,139,000 kilowatt-hours in the cor¬
responding period last year, a decrease of 8.4%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year.
company
kilowatt-hours
Kilowatt-Ifour Output
1938
1937
Week Ended—
-
—
121,911,000
121,142,000
119,973,000
119,314,000
133,139,000
132,755,000
131,383,000
132,267,000
8.4%
8.7%
8.7%
10.7%
Period End. April 30
1938—Month—1937
$357,175
$319,333
159,729
150,787
18,612
24,129
40,003
31,246
revenues
Maintenance
Taxes.
Net oper. revenues—
Balance
$4,116,467
1,881,994
234,014
375,973
$113,170
1,607
$1,836,349
7,483
$1,624,485
$114,777
13,322
$1,843,832
320,648
$1,628,272
271,928
$101,455
2,354
69,894
$1,523,183
31,207
840,399
$1,356,344
25,302
831,573
33,249
Gross income
$107,493
Interest to public
Int. to parent co_
Amort,
1938—12 Mos.—1937
$4,507,321
1,968,578
261,779
a440,615
$138,830
1,912
Retirement accruals
4,337
70,887
of debt disct.
—
—
21,688,218
7
7
5,828,888.576
1,283.443
1,200,864
516,889,009
118
101
6,345,777,585 1,283,561
1,200,965
Wholesale to other elec.
cos.
& distr. systems
Total.
—
599,066,244
7,072,067,202
-—
—■—Gas Sales in Cubic Feet
1937
3,787
&
5,882.301,500
Space heating
2,813.643,700
Industrial & comm'l.. 5,544.864,500
5,621,504,100
1,819,654,900
4,704,384,800
253,730
13.432
15,036
242,976
10,412
14,830
14,240,809,700 12,145,543,800
Total.-.
For the first
772,374,184,
282.198
268,218
10 months of the year the gain in kilowatt-hour sales
expense:
492
1,211
532
578
211
.
To public
To parent company
11,657
6,760
2,576
14,543
6,944
1,289
$630,582
$476,691
100,788
197
Net income
$31,046
$27,206
Divs. paid & accrued to preferred stocks:
99,855
5,831
in construction work and appliance sales activities.
Fixed Capital—A total of $41,549,637 was expended
during 1937 for
and improvements to the system's properties.
Approximately
92% of this amount was electric, 3% gas, 3% transportation, and the
remaining 2% general and miscellaneous.
During 1937 retirements, abandonments and miscellaneous sales of
property, &c., aggregated $19,051,342.33.
Financial—The new money required for construction work in the north
is being financed in large part through the sale by these northern
companies
of the following issues:
additions
Southern
Indiana Gas & Electric Co.
1st mtge. bonds. 3.35%
due 1961
$525,188
525,188
$371,005
371,005
832,794
7.605
812,945
18,628
.5,831
deducted in arriving at above:
Interest earned
Interest not earned
Preferred dividends
Other
4.606
6,760
Miscell. earnings from sybsidiary companies
Common dividend from sub.—Not consolidated__
Other income
2(6,684
4,258
_
.
Expenses, taxes & deductions from
gross income,.
bl86,449
73,117
306
278
$1,563,709
893,428
$1,312,747
904,225
Amount available for dividends and surplus
b$670,281
$408 522
a No
provision has been made for the Federal surtax on undistributed
profits for the
year
1938 since any liability for such tax cannot be determined
b Includes $186,443 representing amount assigned
until the end of the year,
to
as
14,623 shares of common stock of General Public Utilities, Inc
received
a dividend, in lieu of cash, in
December, 1937.—V. 146, p. 3331.
Consolidated Car Heating
Directors
have
declared
Co.—Special Dividend—
special dividend of $2.50 per share on the
common stock, payable May 25 to holders of record
May 20
The regular quarterly dividend of $1 .5j per share was
paid on April 15
last. See also \
145, p. 4114.
.
2,000,000
5,500 shs.
-
Pennsylvania Power Co. $6 pref. stock (no par)
Southern Indiana Gas & Electric Co.
series of 1936, due 1961—
Central
Illinois
Light Co.
1st
-
&
1st mtge.
bonds, 3.35%
$600,000
-
consol.
mtge.
bonds, 3>£%
series, due 1966
2,000,000
8,500,000
Ohio Edison Co. 1st mtge. bonds, 4% series of 1937, due 1967-Consumers Power Co. 1st mtge. bonds, 3H% series of 1937,
due 1967--
9,000,000
r
The proceeds to issuing companies from the sale of the above bonds and
stock amounted to $23,117,750.
The bonds of the Ohio Edison
Co. and Consumers Power Co. were registered under the Securities Act
pref.
of 1933 and soid
through underwriters, and the remaining issues
provately.
were
sold
.
requirements
and
corporation:
maturities,
and
sold
a
the
following
securities
to
this
,
Tennessee Electric Power Co. 1st & ref. mtge. 5%
due June 1, 1956, at 90
1967, at 100
gold bonds
-
$1,000,000
6,795,000
-
South Carolina Power Co. 1st lien & ref. mtge. 5% gold bonds
due Jan. 1, 1957, at 90
-
Total..
$600,000
-
Pennsylvania Power Co. 1st mtge. bonds, 4% series of 1936,
Georgia Power Co. 1st & ref. mtge. 5% gold bonds due March 1,
4,606
Balance applicable to parent company
Bal. of earns, applic. to parent company
cos.
was
15% over 1936; in November and December there were
decreases of 3,831,718, or 1%, and 42,252,849, or 7%, respectively, under
the corresponding months of 1936.
Sales to industrial customers began
to decline in October, when the sales were off 2%; in November and De¬
cember the decreases were 8% and 18%, respectively, under the same
months of 1936.
Electric customers increased to 1,283,561, a gain of
82,596, or 7% over the preceding year.
Gas sales in cubic feet increased 17%. while revenue from these sales
increased 11% over the previous year.
There were 13,980 new gas cus¬
tomers added during the year, which is a gain of 5% over 1936.
Revenue passengers carried by the electric railway and bus systems
aggregated 184,992,024, a decrease of 452,854 under the previous year.
The total amount paid out during the year by the corporation and the
system companias in wages and salaries was $43,222,774, compared with
$37,636,318 in 1936, and the number of employees at the end of the year
was 25,901 compared with 24,360 at Dec.
31,1936. including those engaged
or
The southern companies, on the other hand, were not able to interest
investment houses in the purchase of securities to finance their construction
Public
Parent company
Miscell. inc. deductions.
Earns, from sub.
Customers End of Yr.
1937
1936
1936
Residential
series of 1936, due 1961
$140,743
Non-oper. income (net)_
20,050,013
6,473,000,958
— — -
— .
Total-—-—
v
Community Power & Light Co. (& Subs.)—Earnings—
Operating
Operation
interurban
and
railways.
due
May 21
May 14__
May 7
Apr. 30
—v. 146, P. 3331.
3,894,348,049
3,276
3,167
911,592,095
197,166
195,079
924,660,756 1,081,500 1.001,156
76,599,458
1,494
1,455
—
The Chicago Stock Exchange has approved the application of the company
to list the following securities: $33.000,000 par value 1st mtge. 3 34 % bonds,
series I, due July 1, 1968; $42,303,840 par value conv. debs., 334%.series,
a
(incl. farm)
lighting.
street
Street
Customers End of Yr.
1937
1936
1936
4,189,415,250
1,038,754,770
1,146,006,338
78,774,587
Commercial
Munic
of the dates July 1, 1939, and Jan.
successive reductions in premuim of
Listing Application Approved-—
per share were made in each of the four
any
May 31, 1939; with successive reductions if premium of M of 1%
1 and July 1, 1940; and with further
34 of 1% on Jan. 1, and July 1 in each
of the years 1941 to and including the year 1953 and if redeemed on or after
July 1, 1953, without premium.
75 cents
quarters of 1937 on the corporation's $6 cumul. pref. stock.
Dividends on
the preferred stock were paid in full to Jan. 1, 1935 and at the rate of $3 per
share per annum since that date, leaving $9 per share, or $13,500,000
accumulated and unpaid at Dec. 31,1937, which must be provided for before
June 1 of each of the years 1939 to and incl. the year 1962; with a further
reduction in such premium of 34 of 1% on each of the dates Dec. 1, 1962,
and June 1, 1963, and if red. on or before June 1, 1963, without premium.
The debentures are red. at par plus a premium of 4% if red. on or before
June 30, 1939; with successive reductions in premium of 34 of 1% on each
Willkie, President, in his remarks to stockholders, states in
part:
on
on
1938
28,
Commonwealth & Southern Corp.-—Annuat, Report—
Debentures
A. C.
May
-
850,000
Loans to subsidiaries, all to the southern companies of this system,
aggregated $8,656,000 at Dec. 31, 1937, of which $1,350,000 was to
Tennessee Electric Power Co., $4,300,000 to Georgia Power Co., $931,000
to Gulf Power
Co., $948,000 to Mississippi Power Co., $750,000 to South
Carolina Power Co., and $377,000 to Southern Tennessee Power Co.
The corporation during 1937 sold at cost $563,500 of Tennessee Electric
Power Co.
5%
gold bonds due 1956 and $23,o00 Chattanooga Rys. 5%
bonds due 1956 to the trustees under tne sinning ana insurance funds and
sold privately $3,000,000 of Georgia Power Co. 1st & ref. ntge. 5% gold
bonds due Marco 1, 1967 (being part of a block of oonds purchased from
that company in 1931) to an institutional investor for its investment
portfolio.
The difference between the price received for the bonds and
the amount paid Georgia Power Co. therefor was paid over to that
company.
The corporation also during the year invented $28,705 in the purchase
of 1,099 40-100 shares of common stocn: of Tennessee Electric Power Co.
and 20 shares of pref. stock of other subsidiary companies
and .ncreased
i nvestment in the common stock of the Pennsylvania Power Co.
by
its
$500 000
without the issuance of additional shares.
Public Utility Holding Company Act of 1935—The U. S. Supreme Court
case of "Electric Bond & Share Co. et al. vs. Securities and
Exchange
In the
Commission et al." on March 28, 1938, rendered its decision upholding
the constitutionality of the registration provisions of the above-mentioned
Act.
This corporation promptly filed with the SEC its notification of
registration.
Preparation of reports and other documents necessary for
the completion of registration is now in progress.
Declaration with respect
to organization and conduct of business of subsidiary service
company
Volume
Financial
146
pursuant to Rule 13-22 under the Act was filed on April 27, 1938, with the
Commission by Commonwealth & Southern Corp. of New York, which
renders supervisory service to operating units.
Valley Authority—Four of our operating companies, namely
Tennessee Electric Power Co., Alabama Power Co., Georgia Power Co.,
and Mississippi Power Co., are located in whole or in part within the
area of operations of the TVA.
These companies have made reasonable
increases in their power load and gross revenue during the last five years
and have continued their policy adopted over 10 years ago of instituting
low promotional residential rates and
promoting high residential use.
Although the 1937 gross revenue of these companies was 114 H% of their
gross revenue in the year 1929, their 1937 net income after pref. dividends
was only 37%
of tne comparable net income in 1929.
This inability to
earn a satisfactory return has been in part due to the rapidly rising cost
of operation, particularly taxes, but principally to the impossibility of
refinancing the companies' senior securities at low interest rates as have
utility companies in other parts of the country unaffected by the potential
competition by the Federal Government and its agencies.
For instance, Tennessee Electric Power Co. in 1929 had a gross revenue
of $14,752,227 and earned $2,615,251 net after pref dividends, while in
the year 1937 its gross revenue was $16,164,657 and its comparable net
was $1,050,393.
If the company had been able to refinance its senior
securities on the same basis as operating companies of the Commonwealth
& Southern system in the northern part of the country were able to do, it
could have made a satisfactory return.
Although tnis company has never
failed in any year to earn or to pay its bond interest and pref. dividends,
nevertheless its 6% bonds are selling currently on the market at approxi¬
mately 85% of their face value and its 7% pref. stock (par $100) at approxi¬
mately $50 per share.
It is needless to say that which such market prices
for its senior securities, the company has been wholly unable to publicly
finance its construction requirements.
If Commonwealth & Southern
Corp. had not advanced a substantial portion of the necessary funds for
such purpose, the company would have been in serious difficulty.
The management recognized several years ago that the possibility of
these companies' ultimate survival was doubtful in the face of the program
of the TVA in the building of generating piants and transmission lines,
plus the policy of the PWA in making outright gifts of 45% of the cost of
constructing duplicate distribution systems to cities in the area and loaning,
at low interest rates, the balance of the cost of construction.
The com¬
panies accordingly offered to sell their properties as systems to the Federal
Government.
The first offer was made in
1934.
Thereafter similar
Tennessee
offers
accepted or rejected.
The
management thought it their obligation and duty, in view of this uncer¬
tainty, to test in the courts the constitutionality of the TVA power program,
and likewise the right of the Federal Government to make gifts and loans
to cities with which to duplicate existing utility distribution systems; also
to seek injunctions wherever possible to prevent the duplication of the
facilities of these companies by the Federal Government or by such munici¬
palities.
The right to have the legality of gifts and grants by the PWA
to cities adjudicated was passed upon by the Supreme Court in January,
1938.
The Court held that because the companies were not possessosr of
exclusive franchises they were not entitled to sue and that such injunctions
theretofore granted in such cases should be dissolved.
A test of the con¬
stitutionality of the TVA was recently had in the U; S. District Court at
Chattanooga, Teiin., in a trial before three judges.
This Court, while
finding that the utility companies would suffer great damage from TVA
operations, held that the Federal Government along with municipalities
had the right to thus compete with tne utility systems "even if their business
be curtailed or destroyed."
The case is now pending on appeal in the
Supreme Court and will probably be heard by the Court during its fall term.
After the PWA case had been decided by the Supreme Court and when
It became apparent to the management that the District Court was going
to uphold the constitutionality of the TVA Act, the companies again
publicly offered to sell their properties to the Federal Government.
Since
the
were
repeatedly made, but were
rendition
of these
never
resulted in the dissolution of all
previous injunctions preventing duplication of our properties in the TVA
territory, there is nothing to prevent the duplication of either the generation
and transmission or distribution systems.
Under such circumstances, we
know of no other way by which the investment of the security holders
can be preserved, except by the sale of the properites to the Government;
unless it be that the Federal Government may determine to adopt a dif¬
ferent power policy from the one presently being pursued.
Active negotiations have been going on for the last several weeks with
the TVA.
The TVA has notified us that it is interested in buying directly
and for municipalities all of the property of Tennessee Electric Power Co.,
the northern portion of the property of the Mississippi Power Co., the
property in 15 counties in northern Alabama of the Alabama Power Co.,
and in certain areas in northwest Georgia belonging to the Georgia Power
Co.
By agreement between the TVA and the companies, certified public
accountants selected by the TVA are presently engaged in examining and
making reports respecting these companies.
From latest information, these
reports will be completed about the middle of May
We have proposed
to the TVA in connection with such contemplated purchase, that (1) it
pay for these properties as going business concerns the amount invested
therein, and (2) that since the TVA has selected the property which it
desires to take over, it should agree not to sell power directly or indirectly
in the balance of the territory served by these companies.
We make this
request in order that the balance of the property may be successfully
financed and operated.
Needless to say, the management does not believe in the operation of
utilities by the Federal Government directly or indirectly through munici¬
palities.
Our first obligation, however, is to protect, insofar as we can,
the
whom
for
investors
decisions,
we
are
trustees.
If
Federal
the
Government,
Inc. from subsid.
Dividends
common
Int
on
.
1934
$8,787,482
$6,272,976
$7,464,909
$7,130,177
2,508,224
73,287
2,404,852
2,017,236
2,561,743
82,603
148,2.59
156,255
,.$11,368,994
468,608
a.569,365
3,073,635
$8,760,431
3,077,819
$9,630,405
.543,943
86,284
3,076,485
$9,848,174
350,004
84,869
3,103,557
$7,257,385
6.284,767
$4,861,856
6,098,562
$5,923,694
4.673,318
$6,309,744
7,858,413
bonds, notes &
advances..
.
_
Inc. from outside
_
_
..
i
sources
Total income
General expenses
500,417
...
Taxes..
Interest
Net inc. carried to
sur.
Previous surplus
Total surplus
Cum. pref. dividends...
Direct surplus items
b
1935
1936
&
stocks
a320,339
$13,542,152 $10,960,418 $10,597,012 $14,168,157
4,498,672
4,498,568
4,498,450
8,996,697
c237,475
498,142
Surplus, bal., Dec.31. $8,806,005
$6,284,767
...
$6,098,562
1937
1936
S
A$8€ts~~~m
S
(Company Only)
y
Pref. stock
Due from subsid,
x
Com. stock
companies
—
12,170,284
z914,435
14,032
5,860,295
—...
Cash
500,000
Bank certificates
of deposit
U.
S.
&c._
debt—int. on
51 ,874,500
51,874,500
1 ,002.929
1,002,929
681,590
272,180
Misc. curr. liab.
45,652
29,650
4,697,000
5,055,000
....380,905,099 380,835,570
Capital surplus.
Total
108.707
reserve
Earnled surplus.
Total
$
funded debt--
Conting.
Govt, se¬
curities,
Funded
Accrued
1936
S
150 .000,000 150,000,000
168 ,366,640 168,366,640
Accrued taxes—
8,656,000
8,003,244
Accued int. rec.
127,782
8 .806,005
2.896.197
6,284.767
380,905,099 380,835,570
x Represented
by 33,673,328 shares of no par value,
y Represented
by 1,500,000 shares of no par value
z Includes dividends receivable, &c.
Net
2,329,248
523,143
185,055
earnings
$70,608,488 $64,691,368 $60,838,185 $57,626,505
on funded & unfund.
debt of the corp. and
its subsidiaries
24,063,425
Divs. on pref. stocks of
24,426,883
26,006,532
25,134,253
13,582,307
14,144,325
14,247,539
14,283,256
1,458,351
1,252,593
1,098,548
1,091,769
1,239,083
Cr634,504
15,774,988
116,662
Cr447,105
11,848,199
18,191
Cr318,228
10,378,805
16,546
CY210.576
9,867,479
$15,124,836 $13,349,811
4,498,672
4,498,568
$9,406,798
4,498,450
$7,443,777
8,996,697
subsidiary companias.
Amortiz.
of
debt
disc't
andexpense
Misc. ,incl. amort .of pref.
stock prem., discount,
commission & expenses
Int. charged to construe.
Prov. for retirement
Net
res.
income
xDivs.
on
pref. stock...
Surplus
$8,851,242
$10,626,164
$4,908,348 z$l,552,920
x
Applicable to Commonwealth & Southern Corp.
y Includes provision
forFederal surtax on undistributed profits,
z Deficit.
Consolidated Balance Sheet Dec. 31
1937
A. C SCtS
1936
1935
^
1934
<g»
1,057,374,166 1,045,358,686 1,040,085,043
Property, plant& equlp..l ,079,872,462
Investm'ts in & advances
to affil. and other cos..
3,882,888
3,858,522
3,846,656
Sink, fund & special deps.
Debt, disc't, prem. and
9,447,334
1,684,675
38,358,946
3,674,981
612,569
exp. in process of amort
Def. chgs. & prep'dacc'ts
Cash
22,184,831
18,330,537
22,281,580
20,604,048
10,970,671
7,078,685
19,903,356
2,198,214
16,133,604
2,507,189
15,280,621
U.S. Govt, securities
13,764,829
500,000
16,342,500
693,000
19,341,000
Acc'ts¬es receivable.
25,536,111
Materials and supplies...
13,100,628
23,432,959
10,392,457
19,011,111
8,257,287
10,752,000
8,666,555
16,548,048
8,286,196
1,162,848,900 1,173,802,555
1,119,287,227
150,000,000
168,366,640
225,142,047
247,650
52,010,500
436,493,100
Bank ctfs. of deposit
Total
1,194,040,376
9,824,109
Liabilities—
a
Preferred stock
182,631
244,615
51,874,500
51,874,500
462,188.200
150,000,000
168,366,640
224,229,381
247,348
51,874,500
448,845,500
265,475
35,672,300
4,796,616
10,614,843
150,000,000
150,000,000
b Common stock
168,366,640
168,366,640
Subsid. cos.—Pref. stock.
225,896,481
224,729.294
Min. com. stock & sur.
Corporate funded debt...
Subsid.
cos.
funded debt.
477,071,800
Funded debt of sub. cos.
called for red. or matur¬
ing subsequent to Dec.
31, 1936, 1935
Equipment and purchase
Deferred liabilities
4,896,420
Accounts
5,408,702
930,899
4,797,823
5,119,799
12,305,831
10,531,643
money
780,382
obligations
payable
Accrued taxes..........
Divs. accrued or payableInt. and other pref. divs.
1,009,533
4,202,853
........
1,167,050
4,871,299
3,320,282
11,229,069
1,071,242
........
........
5,122,864
accrued or payable....
5,440,640
c6,403,540
c5,557,667
631,298
48,186,738
676,814
658,569
61,724,281
55,362,602
544,439
50,226,489
1,924,146
1,918,812
1,489,490
1,749,476
1,095,926
Casualty Ainsur. reserve.
1,677,146
2,076,198
Other reserves
3,496,503
1,544,585
574,098
1,871,983
459,714
127,782
21,895,682
399,572
1,151,927
15,399,160
2,859,846
1,170,342
8,925,321
905,331
4,486,899
Miscell. current liabilities
Retirement reserve
Contingency reserve
Contribution for ext. and
prem. on pref. stock...
Capital surplus
Earned surplus....
1,194,040,376
Total....
a
2,632,505
1,162.848,900 1,173,802,555 1,119,287,227
Represented by 1,500,000 shares of no par value,
b Represented by 33,673,328
of no par value,
c After deducting amounts deposited for interest and
shares
dividends payable.
Accumulated Dividend
The directors on May 24
on
Preferred—
declared
a
dividend of 75 cents per share on the
preferred stock, $6 series, payable July 1 to holders of record June 10.
A payment of like amount (which is one-half of the regular rate) was made
in each of the 12 preceding quarters.—V. 146, p. 2686.■
Monthly Output, Electric and Gas—
Output—Electric output of the Commonwealth & Southern
of April was 585,352,087 kilowatt hours as
compared with 725,223,359 kilowatt hours for April, 1937 a decrease of
19.29%.
For the four months ended April 30, 1938, the output was 2,444, 397,247 kilowatt hours as compared with 2.862,805,006 kilowatt hours
for the corresponding period in 1937, a decrease of 14.62%.
Total output
for the year ended April 30, 1938 was 8.099,001.530 kilowatt hours as
compared with 8.254,285,212 kilowatt hours for the year ended April 30.
1937, a decrease of 1.88%.
.
Gas Output—Gas output of the Commonwealth & Southern Corp. system
for the month of April was 1,188,998,000
cubic feet as compared with
1.298,077,900 cubic feet for April, 1937, a decrease of 8.40%.
For the
four months ended April 30, 1938, the output was 5,571,422,000 cubic
feet as compared with 5,586,078.700 cubic feet for the corresponding period
in 1937, a decrease of .26%.
Total output for the year ended April 30,
cubic feet
1938 was 15,116,352,700
feet for the year
Earnings for
Period End.
Gross
as
April and 12 Months Ended April 30
1938—Month—1937
April 30—
6,073.166
tirement reserve
6,381,542
78,395,612
73,278,475
1,339,716
Oper. exps. & taxes...
Prov. for deprec. & re-
1,338,945.16,337,134
12,801,991
$4,419,687
other fixed chgs..
3,346,292
$4,666,901 $52,995,919 $54,566,976
3,276,163
39,629,243
39,438,946
$1,073,394
$1,390,738 $13,366,676 $15,128,029
Gross income
Net income
y
1938—12 Mos.—1937
$11,832,569 $12,387,389 $147728,666 $140647,442
re venue...
Int. &
compared with 13,912.649,800 cubic
ended April 30, 1937, an increase of 8.65%.
Divs. on pref. stock...
749,794
749,792
8,997,386
8.997,227
$4,369,290 $6,130,802
x Includes provision for Federal surtax on undistributed profits for 1936
and 1937.
No provision has been made for such tax in 1938.
y Reflects
deduction for full preferred stock difidend requirement at the rate of $6
per share per annum. Dividends were paid in full to Jan. 1, 1935, and at the
rate of $3 per share per annum since that date.—V. 146, p. 2686.
$323,600
Balance
1937
Liabilities—
Inv. in sub. cos.358,634,420 357,235,959
m
2,291,520
446,599
203,638
Int.
$4,673,318
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 of acquisition arising principally
from sale of capital assets.
Balance Sheet Dec. 31
2,503,868
597,806
83,948
Total income
$148,856,073$135,354,886$122,182,637$114,890,318
expenses
48,782,472
44,931,516
39,357,077
35,8o5,486
Maintenance...
10,700,290
9,758,481'
7,874,839
7,329,282
Taxes,incl. Fed. inc.tax.yl8,764,823 yl5.973,521
14,112,535
14,099,045
x
177,082
_
12,886,984
Operating
...
Payment in settlement
of Fed. income taxes.
Transportation
12,951,710
Water, ice, heating &
miscellaneous.
2,409,156
Non-oper. revenues..
550,751
Other income
80,656
1934
$90,546,916
9,651,243
11,891,030
11,654,712
Corp. system for the month
cos.—
pref.
on
Consolidated]Income\Account for\Years'JEnded Dec. 31A
Electric
for Years Ended Dec. 31 (Company Only)
1937
3495
Gross Earnings—
1937
1936
1935
Sub. oper. cos.—Elec__$120,783,693$108,478,090 $97,267,862
Gas
12,080,107
10,804,189
10,081,988
wnich
therefore, is willing to pay for the properties on some such basis as above
suggested and will agree not to sell power in the areas not purchased, we
feel that, under all circumstances, the sale of the properties would be wise.
Income Account
Chronicle
Consolidated
rector
Oil
$640,946
Cor p.—Preferred
Stock Reduced—Di¬
Resigns—
Stockholders at a meeting held
May 18 authorized a reduction in the
preferred shares from 1,000.000 to 306,758 by reducing the number of
authorized but unissued shares from 943,242 to 250,000 shares.
A death benefit plan and a retirement allowance plan to include officers
of the company in addition to employees also were approved by stock¬
holders after some debate.
W. S. Fitzpatrick resigned from the board of directors.—V. 146, p. 2533.
Financial
3496
Consolidated Cement Corp.—Earnings—
Net sales.._
--
— —
_.
Cost of goods
sold
—------Selling, general and administrative expenses
Mill overhead applicable to nonoperating periods, &c
..
—
.
SI,386,746
862,201
334,624
88,443
'
Net profit from operations—
--
—
Other income (net)
---■—- —
--
Net profit before interest
Interest and other deductions—
$101,478
5,512
—
of
The funding of the note indebtedness of the company through the sale
a debenture issue is planned by the company.
The issue, it is proposed,
will be for
of record May 31 will be notified of the pro¬
create the issue and unless 33 1-3% of these stockholders offer
objection by June 20, the company will proceed with the issue.—
146, p. 3181.
posal
to
written
—V.
Notes—The
above
$20,297
--------
---
.
includes
for
charges
depreciation
and
depletion
on
quarry lands aggregating $165,847.
the partial dismantlement of the idle plant at
properties and
operating plants,
Losses recorded in 1937
on
the net amount of
$175,125 were charged to the special reserv.3 for valuation of plants, proper¬
ties and quarry lands.
Balance Sheet Dec. 31, 1937
Mildred,
Kan.
and
other
on
property retirements in
Assets—Cash, $350,003; receivables (less reserves of $13,895), $50,456,
inventories, $345,551; investments, &c, $1,488,320; plants, properties and
quarry lands (less reserve for
depreciation and depletion of $1,289,397),
$3,211,734; deferred charges, $116,746; total, $5,562,810.
Liabilities—Accounts payable, $27,445; accruals, $63,311; provision for
returnable sacks, $19,914; 15-year 1st mortgage 6% cumulative-income
bonds, $1,627,850; 15-year 6% cumulative-income notes, $186,940; special
reserve for valuation of idle plant, properties and quarry lands at Mildred,
Kansas and other properties, $1,887,126; class A stock (issued 100,617 no par
shares), $100,617; class B stock (4 shares no par), $16; capital surplus;
$1,539,141; earned surplus $110,449; total, $5,562,810.—V. 145, p. 2841;
V. 143, p. 2673.
$516,110
277,329
20,667
$483,065
252,996
26,539
$6,568,997
3,405,874
588,196
5,451
$6,318,834
3.289.383
712,059
$218,114
$203,530
$2,569,476
58
74
518
$2,317,392
2,823
$218,172
46,667
x38,727
$203,604
70,125
4,428
$2,569,994
606,917
x356,502
$2,320,215
747,292
55,525
Net income...
$132,778
$129,051
applicable to preferred stock for the
period, whether paid or unpaid
$1,606,575
$1,517,398
507,386
507,386
Balance..
$1,099,189
$1,010,012
revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.
Accident res.
York, Inc.
Definitive
Int.
& deductions
Dividends
-
Includes amount required to amortize debt discount and expense over
x
the life of the outstanding debt
Consolidated Film Industries, Inc. (&
1937
1938
Net profit
$157,681
Earns.persh.oncom.stk.
$229,704
$0.05
Nil
After all charges and taxes.—V.
146,
1935
$290,249
$0.17
$212,536
$0.02
May 24 filed with the Securities and Exchange Commission
a registration statement
(No. 2-3708, Form A-2) covering the issuance of
$18,000,000 series O, 'SH% first refunding mortgage sinking fund bonds
due June 1, 1968, the price of which will be supplied later.
The net proceeds, which are to be estimated in an amendment, will be
applied toward the retirement of $18,000,000 series K, 3%% bonds, which
are to be called for
redemption on or about Aug. 17, 1938.
White, Weld & Co. is the principal underwriter.
Herbert A. Wagner
of Baltimore, Md., is President of the company.—V. 146, p. 3009.
outstanding ($1,536,000) first mortgage 5% bonds due June 1,
1938, have been called for redemption on June 1. Payment will be made at
the Fidelity Union Trust Co., Newark, N. J.—V. 138, p. 681.
Consumers
Power
Joseph Mercadante, recently resigned, did not
up for re-election as a director.—V. 145, p. 108.
come
Delaware & Hudson
1937
$2,529,558
752,401
578,724
1936
$1,983,638
208,483
66,675
6,609,388
1,063,165
—425,074
9,017,394
2,191,282
1,529,241
8,009,844
1,006,407
583,947
Gross from railway
Net from railway
Net after rents
—
Period End. April 30—
1938—Month—1937
Gross revenue
$2,992,299
$3,146,960
x
Oper. exps. and taxes.
1,518,138
1,616,727
Prov. for depreciation..
335,500
335,500
1938—12 Mos.—1937
$37,738,715 $34,401,878
19,527,276
17,282,195
4,026,000
3,292,000
Delaware Lackawanna & Western
April—
1938
$3,598,976
Gross from railway
706,493
Net from railway
Net after rents
—V.
198,371
__
From Jan. 1—
Gross from railway.
14,065,557
2,523,561
.
Net income.-.
$1,194,733 $14,185,439 $13,827,683
363,447
4,436,013
4,151,371
$746,203
285,389
65,278
$831,286
285,389
65,278
$9,749,425
3,413,375
783,339
$9,676,311
4,335,519
65,278
$395,536
Divs. on pref. stock
Amort, of pref. stk, exp.
667,264
_
$480,619
$5,552,711
$5,275,514
No provision was made in 1936 or 1937 for Federal
surtax on un¬
distributed profits as all taxable income was distributed.
No provision has
been made for such tax in 1938.—V.
RR.—Earnings—
1937
1936
1935
$5,013,822
1,622,533
1,092,853
$4,264,045
1,095,062
729,915
$3,942,038
946,096
17.440,746
4,367,579
2,616,502
16,197,229
3,043,422
1,658,412
14,924,589
2,802,153
1,443,336
613.152
(Denver & Salt Lake Ry.- -Earnings1937
1936
1935
1934
$2,602,o25
84,941
70,366
$2,074,817
49,962
57,773
8,905
$1,454,747
42,517
71,586
10,230
38,393
$2,652,728
90,805
66,622
9,138
37,655
43,419
11,554
39,602
$2,806,256
$2,856,949
$2,234,877
$1,620,006
461,185
654,864
29,219
810,801
438,259
711,201
27,978
721,573
115,784
93,941
251,474
18,474
332,965
134,365
C7rl6,369
Operating Revenues—
Freight
Passenger
Mail
Express
Total oper. revenues..
Operating Expenses—
Maint. of way & structMaint. of equipment
Traffic
—
Cr51,654
Cr76.127
$1,938,668
918,280
270,548
$1,276,681
958,195
179,634
$814,851
805,155
166,470
109", 625
Cr572,959
97,324
736",595
Cr540,402
Cr518,732
5,363
Cr279,839
$930,161
$1,090,810
$1,260,698
$913,122
6,450
8,191
Transportation
261,026
423,916
23,127
514,719
116.482
Cr62,589
$2,022,153
784,103
317,277
.
General
Balance
628,662
348,114
2847.
146, p.
All other
Gross income.
$1,138,661
Int. & other fixed charges
392,457
7,723,679
146, p. 3332.
Calendar Years—
Co.—Earnings—
1935
$2,058,690
326,461
231,734
1—
Gross from railway
Net from railway
Net after rents.
—V.
RR.—Earnings—
1938
$1,664,755
373,564
206,190
April—
Net from railway
Net after rents
Consolidated Traction Co.—Bonds Called—
Corp.—New Director—
Charles J. Gass, Vice-President and Secretary, was elected a director at
on
AH of the
Includes provision of
the recent annual meeting.
From Jan.
Consolidated Gas Electric Light & Power Co. of Balti¬
more— To Issue $18,000,000
334% Ponds—
Company
the 12 months ended April 30, 1938.
$28 for the 12 months ended April 30, 1937.—V. 146, p. 3010.
1871.
p.
additional amortization of $32,500
an
Note—No provision for Federal surtax on undistributed profits has been
-Earns.
Subs.)
1936
plus
for current month and $292,000 for 12 months ended current month.
Dardelet Threadlock
3 Mos. End. Mar. 31—
x
bonds....
mtge.
on
Other int.
Ready—
The City Bank Farmers Trust Co. as trustee has announced that begin¬
ning June 1, 1938, it will be prepared to deliver 20-year 3
debentures
series due 1958, due Jan. 1, 1958, in definitive form against the surrender
and cancellation of temporary bonds.—V. 146, p. 2846.
x
approp—
Net oper. revenues—
Other income..—-
made during
Consolidated Edison Co. of New
Debentures
1938—12 Mos.—1937
1938—Month—1937
Period End. Apr. 30—
Operating
Net loss...
-Earnings-
Light Co.
Dallas Power &
127,287
---
$10,000,000 of 10-year debentures paying not more than 4y2%
aUThe^ preferred stockholders
$106,990
— --
1938
28,
Co., Inc.—Plans $10,000,000 Issue
Crown Cork & Seal
I
iM
Year Ended Dec. 31. 1937
Earnings for
May
Chronicle
5,998
18,414
5,343
59,100
9,151
85,095
117.737
Transp. for investment.
x
146,
p.
2688.
Continental Oil Co. of Del.—New Vice-President, &c.—
George F. Smith, formerly Treasurer of this company, has been appointed
Vice-President and Treasurer, and Joseph Dyer, formerly manager of pro¬
duction, has been named Vice-President in Charge of Production.—V. 146,
p. 3009.
Continental
A
Securities
Corp.—Hearing Postponed—
May 24 in
New York Federal Court has been
postponed until June 27 on petition of
counsel for Arthur A.
Ballantine, trustee.
In asking for the postponement
counsel stated that bondholders' committee was in the
process of being
formed.
Asked by Federal Judge Robert P. Patterson if
a
reorganization seemed
the trustee's attorney
said that reorganization would depend on
settlement by the defendants named in a suit filed in
whether there is a
federal Court last week and what form this settlement would take.
Some
of those named as defendants in the
suit, which included more than 90,
have not been served as
yet, it was stated.
The appointment of a trustee for the
corporation followed a request for
reorganization of the company on March 17 by three holders of the trusts'
5%
debentures.—V.
146,
p.
3332.
Contract Purchase Corp. (&
Subs.)—Earnings—
Earnings
—V.
145,
charges and taxes
per share on
p.
140,720
common
$46,796
$0.26
™
Net operating revenuei
Tax accruals
Uncollectible
shares
facility rent income.
May 25, announced that
Net railway oper. inc.
Oth er Income—
Inc. from funded
Income
from
secur__
unfunded
securities and accounts
1,876
5.584
$1,115,222
$1,327,018
$1,012,952
345,900
345.900
345,900
345.900
107,445
91,472
71,269
56.843
150
151
151
161
First mtge. bonds
Income mtge. bonds._
60,000
412,500
59,081
605,000
150,000
660,000
150,000
440.000
Interest on unfund. debt
Miscell. income charges-
603
34
124
97
9,620
11,129
9,747
7,458
$936,218
$1,112,767
$1,237,191
$1,000,459
8,691
2,455
89,826
12,494
& oth. inc.
'
«r
.
«•
Deductions—
Rent for leased roads:
Moffat Tunnel
Northwestern
Terminal
RR. Co__
Miscellaneous
Interest
rents
funded debt:
on
to profit and loss
1937
action had
a
directors' meeting
no
been
Impt.
County Power & Light Co.—Earnings—
Cumberland
Securities
Corp.
and
Berwick
&
Salmon
Falls
Electric Co. for all periods]
Period End. April 30—
Operating revenues
Operating expenses
State & municipal taxes-
1938—Month—1937
$354,910
$388,377
183,098
208,274
30,090
30,862
1938—12 Mos.—1937
$4,689,672
2,721,512
363,045
$4,627,470
2,760,538
360,995
35,373
313,313
18,590
135,967
Social
Security taxes—
Federal and State
Fed. taxes (incl. income)
3,609
18,290
*
2,530
27,504
485,813
18,893
450,981
19,885
206,951
360,506
Cash
255,231
563,271
62,073
79,416
185.569
154,075
Traffic &
$119,823
6,218
$119,207
5,248
$1,256,429
55,533
$1,351,380
58.277
Gross income
Bond interest
$126,041
32,749
$124,455
33,735
$1,311,962
400,632
Crl9,514
174,369
$1,409,657
470,415
2,317
267,574
.
Other interest (net)
Other deductions
Net income
Pref. div. requirements.
146, p. 2689.
60
236
11,775
$
Long-term debt... 12 ,500,000
12,500,000
_
_. _
77,201
Traffic & car serv.
balance
26,571
29,380
payable..
165,743
184,922
37,056
78,806
Int. matured unpd
58,818
76,161
412,500
605,000
payable
Audited accts. and
wages
Unmat'd
interest
accrued—
conductors
13,805
Other current liab.
19,909
15,935
rec.
131,340
132,892
Unadjusted credits
1 ,257,383
1,184,174
Material & supplies
Accrued int. receiv
546,263
1,218
704,933
Corporate surplus:
Rents receivable..
Other curr. assets-
365
40,365
524
278
Deferred assets
467
467
105,234
71,695
.19,452,459
19,654,319
20,333
Miscell. accts.
debits
Total
—V.
11,643
1936
5,393,082
.
Miscell. accts. pay.
car serv.
balances receiv.
Net balance receiv.
from agents and
$
5 ,393,082
102,133
Capital stock
Govt, grants
railway property
Invest, in affil. cos.
Other investments
Unadjusted
Net operating income
Non-oper. income (net).
Liabilities—•
$
17,059,350
leased
on
1937
1936
$
17 432,183
Road & equip
Special deposits
—V.
106
$944,909
Total oper
Assets—
Pref. Dividend—
taken with respect to
a dividend on the
7% cum. pref. stock at this time.
A dividend
of $1.75 per share was
paid on account of accumulations on March 31,
last.
See V. 146, p. 1237 for detailed record of
previous dividend payments.
—V. 146, p. 3181.
Cumberland
_
Comparative Balance Sheet Dec. 31
Bufnagel, Chairman of the Board, following
llncluding
39
revenue
Hire of equip.—net
Jt.
2223.
Crucible Steel Co. of America—No
held
exps
Total deductions
Net income bal. trans,
Earnings for 6 Months Ended March 31, 1938
Net income after all
oper
Miscellaneous income
hearing in the reorganization proceedings scheduled for
likely,
Total
146,
p.
2,400
Addti'nsto prop¬
in¬
erty
thru
come
& surpl.
63,383
60,568
Prof. & loss def.
584,119
550,909
19,452,459
19,654,319
Total
2847.
Detroit Steel
Corp.—Dividend Deferred—
Directors have decided
payment of the dividend ordinarily due
"pending return of more favorable business
to defer
at this time on the common stock
conditions."
$81,589
$26,590
$78,709
$24,580
$756,475
$306,145
$669,351
$267,464
A regular quarterly dividend of 25 cents per share was paid on March 31,
last.
In addition, extra dividends of 25 cents were paid on Dec. 20 and on
Sept. 29, last.—V. 146,
p.
3333.
Volume
Financial
146
Detroit & Mackinac
Consolidated Balance Sheet Dec. 31
Ry.—Earnings—
1937
1938
1937
$62,460
11,125
4,698
$77,948
22,620
14,867
$50,542
7,698
12,110
214,971
20,028
Gross from railway
Net from railway.*
Net after rents
_
267,535
64,283
32,921
1935
$52,122
5,472
1936
176,184
511
April—
9,414
From. Jan. 1—
Gross from railway
Net from railway.
Net after rents
def6,089
____
169,523
821
def8,421
defll,490
Interest—
Real
$
equipment
y
11 ,330,169
12,085,667
Misc. investment-
246,206
246,206
Cash_.__.__
192,033
411,244
3,498
3,498
947,147
648,073
Marketable
securs.
Traf. bals. & other
due 1995, will
Detroit Toledo & Ironton
April—
val. pf.
Net after rents.______
1935
1936
$677,183
333,617
1937
$677,783
346,845
220,562
620,804
374,222
after rents
17,691
249,805
3,594,284
2,1)7,693
1,537,596
1,136,808
2 70 507
(cash)
Old
in
Do¬
8,591
8,591
7,040
52,470
Equip, trust obllg. 3,471,000
Note payable (non-
3,702,400
300,000
300,000
449,691
400,571
Non-par val. pref.
current)
Divs.
int.
& rents
47,228
88,552
Taxes accrued
23,520
149,736
Operating reserves
105,870
105,870
73,714
______
192,537
199,667
22,368
def'd
Int.
41,117
44,619
192,537
199,668
payable
pensation insur.)
Replacement fund
Other
232,680
stockholders'
Min.
Working liabilities
13,204
Insurance fund...
/
2,922,727
1,6)6,071
3,125,127
1,734,766
1,165,738
1,751,607
52,470
_.
Spec, depos. (com¬
$754,644
399,08/
284,802
224,475
1—.
Gross from railway
Net from railway
7,040
17,419
Rents paid In adv.
Def'dlns. prem
RR.—Earnings—
1938
$367,235
104,415
58,943
Gross from railway
Net from railway
stock.
$
.
stock called
Working funds...
I
z
4,436,411
4,436,411
stock
No par conv. pf.
stock.
232,680
Common
minion SS. Co._
working assets..
1936
$
Liabilities—*
&
property
non-par
The interest due June 1, 1938 on the first 4% lien bonds,
146, p. 2847.
*
Net
x
1937
1936
$
Assets—
Dep. for redem. of
be paid on that date.—V.
From Jan.
3497
Chronicle
15,105
Reserve for marine
losses
Other
debit
items.
credit
def'd
32,537
56,338
4,084,945
4,463,678
items
Profit and loss
—V. 146, p. 2847.
Total
Dictaphone Corp.—Obituary—
Lawrence
James
May 10.—V.
Mcintosh,
of this company,
Vice-President
died on
146, p. 3182.
special meeting held May 25 stockholders voted for an increase
capital stock by creation of an additional 152,220 common shares (no par).
a
The
in
shares are to rank in obligation and privileges with the existing
shares, the right being reserved by directors, in their discretion, to
new
common
allot and
otherwise deal
them
with
as
if these shares
formed
Dart of the
original capit.l of the company, without any obligation to offer them to
the existing shareholders.
The common shares to be issued and allotted
will be at such price, not exceeding $25 per share, as may be fixed from time
to time by the d.rectors or for such other consideration as the directors may
consider of equivalent value to the consideration price, or for such greater
consideration as the fcoird may deem it expedient to fix, with the consent
of the oe.retary of State of Canada, subject to legal regulations.—V. 146,
p. 3L>3.
Duluth Missabe & Iron Range
Net after rents
From Jan.
1936
$2,006,421
1,167,273
749,434
$168,264
def356,415
def410,300
1935
$156,735
def311,738
def408,436
512.050
2,439,432
474,702
dfl ,636,072
defl45,881
def537,432
....dfl,850,813 dfl,240,181 dfl,711,928
388,773
dfl ,390,505
dfl,556,659
146,
p.
2848.
Duluth Winnipeg
& Pacific Ry.—Earnings—
1938
1937
$122,875
34,933
8,135
$100,179
12,907
defl 1,523
384,938
15,688
def86,249
Net after rents
From Jan. 1—
509,816
127,720
22,172
V
Gross from railway
Net from railway
Net after rents
1935
$80,450
1,953
defl4,464
1936
$72,093
defl6,083
def36,183
April—
Gross from railway
Net from railway
<
325,828
1 5,461
def35,102
480,073
107,945
7,784
—V. 146, p. 2848.
the common stock, par
$10.
A regular quarterly dividend of 10 cents
share was paid on April 1, last.—V. 146, p. 2206
Gas & Fuel
Eastern
the
6% cumul. pref. stock, par $100.
paid on account of accumulations on
1396.
was
p.
payable at this time
A dividend of 75 cents per share
April 1, last.
See also V. 146,
12 Months Ended April 30—
1938
1937
a Consolidated income
$10,597,775 $10,838,303
Netinc.afterallchgs.avail.fordivs.
2,427,745
2,874,984
a Available
for Federal taxes, depreciation and depletion reserves, int.
and dividends.
Note—There
146,
]'
■
"y.
I
Oper. Subs, of—
1938
National Pow.&Lt. Co
*
73,880,000
193 7
118,907,000
52,972,000
80,173,000
no
provision
for
surtax
Eddy Paper Corp.—Stock Increased—New Director—
has
$403,800
value of preferred outstanding.
Representing the new
Harry C. Stevenson was elected to the board
par
stock interest thus developed,
succeeding H. M. Kieckhefer.
Application Approved—
The Chicago Stock Exchange has approved the application of the cor¬
poration to list 7,151 additional shares of capital stock, no par value,
which are to be exchanged for 3,932 shares of common stock of the Rochester
Folding Box Co., on the basis of 1.82 shares of Eddy stock for each share of
Rochester stock.
This additional stock will be admitted to trading upon
notice of registration under the Securities Exchange
official notice of issuance.—V. 146, p. 2691.
Edmonton Street
Period End. Apr.
Total
on
undistributed profits.—V.
$56,717
42,112
43,027
$16,304
5,776
10,000
4,447
$13,690
$70,070
$68,517
5,776
6,000
23,105
4,362
23,105
50,000
18,533
$3,920
_
_
Taxes____-
—V.
1938—4 Mos.—1937
$248,552
$246,808
178,482
178,291
$58,417
.___
$2,449
$21,570
$6,035
Total oper. expenditure-
Renewals
Act of 1934 and upon
Ry.—Earnings—
1938—Month—1937
30—
revenue
deficit
Gross
—Earnings—
._
_.
...
Oper. exp. & taxes incl. prov. for abandoned prop'ty
Electric Controller & Mfg.
Co.—Dividend Reduced—
the common
holders of record June 20. Previously
regular quarterly dividends of $1 per share were distributed.
In addition,
an extra dividend of $4 was paid on Dec. 20, last, and an extra dividend of
$2.50 per share was paid on Dec. 21, 1936.
Directors have declared
a
dividend of 75 cents per share on
stock no par value, payable July 1 to
New Director—
H.
vacancy
Jones, has been elected a director of this company filling
left by the death of F. H. Ginn.—V. 146, p. 1239.
1938
$1,533,259
the
Addressing Machine Co.—Earnings—
1,362,388"
Calendar Years—
1937
$1,852,172
1,678,055
Net sales
—
_
_
_
__ _
_
_
Cost of sales
______
Selling expenses
1937
$1,745,112
786,938
686,280
$170,871
....
Depreciation
$174,116
xl 1,536
78,106
46,789
75.539
$81,178
Balance
Interest
$51,788
—
—
__
Administrative expenses..
679,983
590,481
22,989
75,555
$145,925
6,855
39,451
Depreciation
$239,722
$113,329
Net profit
Other income (net)
Final net profit
1936
$1,608,730
30,295
95,674
Shipping expenses
$203,963
2,351
38,110
Excludes $30,650 bond interest deferred by court order.—V. 146, p.3334.
Net
Eastern Massachusetts Street
Period End. April 30—
Railway oper. revenues.
Railway oper. expenses.
profit.
Ry.—Earnings—
1938—Month—\ 937
$530,833
$547,814
333,450
338,585
Assets
$73,707
$823,169
40.676
174,904
$910,904
162,458
$154,339
5,608
Net after taxes._____
_
$168,553
6,957
$648,265
20,113
$748,446
26,337
Investments
inc.
$175,510
53,044
$668,378
205,433
$774,783
216,331
101,168
417,228
419,092
$9,027
Depreciation.
$159,947
51,043
99,877
Gross corporate inc
Int. on fd. dt, rents,&c_
$21,298
$45,717
_
Divs. payable..-.
414,946
Mtge.
37,312
Preferred stock...
32,300
482,059
2nd
33,000
40,142
37,000
374,200
389,200
25,530
payable
pref. stock...
897,200
Capital surplus..
-
Certificates for common shares of the company have been introduced for
trading on the Amsterdam Bourse.—V. 146, p. 3333.
Steamship Lines, Inc. (& Subs.)—Earnings—
1937
Calendar Years—
1935
1936
1934
$9,646,708 $10,299,463
9,601,205
9,035,490
$9,921,316
8,733,962
$9,539,817
8,544,633
$45,503
13,716
$1,263,973
15,327
$1,187,354
13,756
$995,184
22,539
$59,219
$1,279,300
$1,201,111
$1,017,723
165,272
173,536
518,356
619,583
729,072
x232,904
89,320
Earned surplus
30,000
378,569
395,105
204,783
211,975
506,652
(net)
Patents
(net)
525,882
...$2,254,143 $2,253,677
Total.$2,254,143 $2,253,677
loss$279,588
93,072
$528,040
410,088
$492,208
289,192
$222,413
301,646
def$372,660
$117,952
$203,016
366,779
$0.55
366,779
Nil
Interstate
Commerce
Net oper. revenue
Other income
Grossincome
Other expenses._______
Taxes
Dividends....
out¬
standing (no par)
Earnings per share
directors
Erie
Dismissed
the company's
have declared
a
dividend of 50 cents per share on
the
RR.—Earnings—
[Including Chicago & Erie
__
_
Net from railway._____
Net after rents
Net from
146.
1937
1936
$5,323,642
$7,557,939
2,4 )0,515
1,535,295
$6,671,080
825,427
17,358
railway..21,045,535
3,034,532
def251,850
railway
Net after rents.
—V.
RR.]
1938
Gross from railway._
Gross from
366,779
Nil
Including $14,797 surtax on undistributed profits.
dismissed
Empire Power Corp.—Accumulated Dividend—
The
...
Balance, surplus
has
$2.25 cum. partic. stock, no par value, payable June 10 to holders of record
June 1.
Similar payment was made on March 10 last and compares with
75 cents paid on Dec. 15 and Nov. 10 last; 50 cents paid on Sept. 15, June
15 and March 15, 1937, and Dec. 15 and Oct. 1, 1936; a dividend of 40
cents was paid on July 1 and March 16,1936; 75 cents on Nov. 9,1935, and
50 cents on May 20, 1935, and Nov. 10, 1934.
See V. 145, P. 2545, for
detailed dividend record.—V. 146, p. 1240.
April—
Net income
Commission
def$79,233
366,779
$0.92
The
application for a loan of $23,000 from the Reconstruction Finance Cor¬
poration, which was filed on April 23, 1938, the road having desired to
withdraw the application.—V. 123, p. 3034.
66,238
Operating revenues
Operating expenses
922,200
30,000
377,690
416.649
Common stock.__
Emmittsburg RR.—-Application for RFC Loan
A msterdam—
stock
3,590
Mach. & equipm't
Total.
(E. I.) du Pont de Nemours & Co., Inc.—Stock Listed in
com.
$55,565
5,896
Prov. for taxes
38,455
104
32,300
515,676
_.
bldgs.(net)
370,530
37,937
38,772
1936
$75,140
18,187
6,547
$139,360
before prov.
for retire, losses
—V. 146, p. 2848.
Eastern
_—
1937
payable
464,634
expenses-
Pref. stock for s. f_
Land &
Accts.
372,385
_-°
Other assets (net).
Other income
$143,820
Accrued expenses.
Merch. inventories
Prepaid
Sheet Dec. 31
Liabilities—
1936
J 1)37
—
Cash
Accts. & notes rec.
(net)
$209,229
43,044
—______
________
Condensed Comparative Balance
1938—4 Mo$—1937
$2,211,754
$2,296,847
1,388,585
1,385,943
$197,383
Net ry. oper. revs
Taxes.
x
33,000
18,446
146, p. 2848.
Elliott
Eastern Manufacturing Co
Shares
'
3011.
p.
Net
'
%
*14.5
*7.2
*7.8
At the recent shareholders' meeting, approval was given to increase to
200,000 shares from 178,000 in amount of authorized common stock of
which increase 7,151 shares will be issued in connection with purchase of
3,923 common shares of Rochester Folding Box Co.
The acquisition con¬
stitutes all common issue of Rochester Folding Box which, however, also
T.
is
3 Months Ended March 31—
x
XYICVG&SC
Amount
*17,187,000
*3,840,000
*6,293,000
Decrease.—V. 146, p. 3334.
Total
Associates—Pref. Div. Omitted—
Trustees have decided to omit the dividend usually
on
i"-1
Amer. Pow.& Light Co.101,720,000
Elec.Pow.& Light Corp 49,132,000
Operation surplus
Directors have decided to omit the dividend ordinarily due at this time
per
Input—
For the week ended May 19, 1938 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 compared
with the corresponding week during 1937, was as follows:
Fixed charges
Eagle Picher Lead Co.—No Common Dividend—
on
_.-.13,327,297 14,135,714
Total
u
Gross from railway
Net from railway
Net after rents
—V.
def436,848
________
1—
"Ry,—Earnings-
1937
1938
April—
Gross from railway
$165,965
Net from railway.def377,099
13,327,297 14,135,714
x After
depreciation reserves,
y Represented by 366,779 no par shares.
Represented by 63,806 no par shares.—V. 146, p. 3011.
Ebasco Services, Inc.—Weekly
Dominion Rubber Co.—Stock Increase Voted—
At
x
D.
3186.
28,927,449
9,073,732
5,730,163
1.996,831
1,2267,702
26,012,510
7,101, 69
4,607,927
1935
$6,035,345
1,485,847
901,999
23,772,227
6,099,255
3,790,882
Financial
3498
Equity Fund, Inc.- -Earnings3 Months Ended March
Total income
-
Expense
$10,866
$5,778
1,988
1,050
2,823
xl50
loss$22,787
41,653
Provision for Federal taxes.
38.387
_
Federal Light & Traction Co. (& Subs.)—-Earnings—1938—3 Mos.—xl937
xl938—12 Mos.—xl937
Operating revenue
$2,526,105 $2,552,422 $9,433,299 $8,990,165
Oper. rev. deductions___
1,688,154
1.634,833
6,060,535
5,560.146
Period End. Mar. 31—
1936
536
— --
-
1937
1938
loss$21,378
:vv;^874;;T.
31-
-
46,409
Total....—
$43,069
$14,068
$
$31,438
1935.
Accrued
stock tax.
.
..
1,500,950
surplus.
492
1,236,027
Wi 3.498
18,806
46.180
438,959
185,361
185,059
145,931
174,538
733,339
587,492
693,672
574,422
$397,163
66,561
$482,614
66,561
$1,603,703
$1,647,636
266,244
266,244
Int., disc't & other chgs.
of Federal L. & P. Co_
depreciation__
income
—
F.L.& P. Co.
Pref. divs.,
$1,013,743 $1,332,5201
..
144,373
Z)r 1,389
..
$1,013,743
Total
'1.332.526
$330,602
$416,053
$1,337,460 $1,381,392
$0.53
$0.79
$2.55
$2.63
profit and loss adjustments made to Dec. 31,
surplus
sh. on com.stk
Bal. to earned
14,068
Treasury stock.
542
V
.
.
Total
$3,540,052
432,670
184,854
other chgs.
77,273
Capital surplus.
capital
Fed.
$3,542,059
109,867
46,301
Net
$1,000
92,633
Earned surplus.
Dividends recetv..
$957,694
110,027
1937
$2,192
Paid-in
1,045,004
4,075
1,398,075
2,775
Investments
Def.
1938
taxes..
Capital stock...
$282,247
$211,752
hand
$884,361
of subsid.
Prov. for
Liabilities—
1937
1938
Assets—
$3,430,019
110,032
companies-
Int., disc't, &
11,631
Balance Sheet March 31
Cash In banks and
$3,372,764
169,295
Pref. divs. of sub. cos.__
$18,866
March 31
Additional excess profits tax for
on
Other income-Gross income-—-----
--"--.v.'
Earned surplus
$2,739
40,329
$46,281
32,213
$18,866
-.---
Dividend paid
x
$7,894
$917,589
40,105
$837,952
Operating income
1.
Earned surplus, Jan,
1938
May 28,
Chronicle
Earn, per
Includes the portion of
x
s
1937, applicable to the period.
Note—Provision for estimated Federal normal income and
undistributed profits tax is included in each period.—V. 146, p.
—V. 146, p. 1874.
estimated
1709.
Corp.—State Treasurer of Michigan
Assets—
First Income Trading
Emporium Capwell Corp. (& Subs.)- -Earnings—
1938
30—
3 Months Ended April
1937
$5,354,978
Net sales of department stores
profits of units before Fed, taxes on income:
Department stores..
Real estate used in department store operations.
Heal estate not used in dept. store opearations..
General administration expense—Net
Prov. for all Federal taxes (est.) on income
Takes Possession of
On
$5,977,159
Net
State
of the
122,159
185,485
49,926
loss7,193
lossl3,372
26,516
49,489
loss22,591
lossl3,758
28,542
$125,003
50,625
$170,084
4,380
50,625
$70,589
2,652,244
$115,079
3,408,326
$2,722,833
$3,523,404
-
Preferred stock of subsidiary.
Preferred stock of subsidiary.
information supplied by the Michigan Securities Commission, the
Treasurer has taken possession of the available assets and records
corporation preparatory to seeking a receivership.
Control of the
investment trust, last year was acquired by an eastern group
through purchase of manager* fcnt stockTheodore Fry, State Treasurer, said that following the sale of the manage¬
ment stock, there occurred "a sudden and severe depletion and disappear¬
ance of assets."
He added that because most of the assets and records were
in New York, he had called the situation to the attention of the New York
company, an
City and Securities and Exchange Commission authorities.
The corporation, a Delaware corporation, was organized
trading investment trust.
in 1933 as a
.
Consol. net profit
_
.
-
Capitalization consisted of class A management stock
4800
Atinnnrl
in
HAH
tho
nf
inxrcket-nrfi'
etnflr
and class B insolfl Tlllhli<?lv
Was
Michigan.
Proceeds, according to the company's registration papers,
be invested in securities in accordance with a restricted investment
were to
'!
Total
—_——
-
-
■
55
Premium on purchase of 7 % pre
Adjustment of prior year taxes.
Cr 1
policy.
Fiscal Fund,
103,213
Dividend
Surplus, balance close of period
Earnings per share on capital stock.
$2,722,780
$0.17
—
-
.—„
-
The restrictions were observed, State officials
•
$3,420,191
$0.27
have declared a
Directors
dividend of 5H cents a share on the Bank
dividend of 6 cents a share on the Insurance Stock series.
botn issues are payable June 15 to holders of record June 1.
Stock series, and a
Dividends
on
146, p. 1709.
See also V.
3334.
—V. 146, p.
Earnings-—
Florida East Coast Ry.
Equitable Office Building Corp.—Earnings—
Years Ended Apr. 30—
Rental income (incl. rent
on
1937
1938
.
1935
Gross from railway-----
's own offices)
$3,217,531
320,288
$3,103,253
297,326
$3,215,717
291,513
$3,582,817
Net after rents.
284,242
_
_
-
—
-
,400,579
83,852
Total oper. income...
Depreciation
—
— _
Other oper. expenses...
Prov. for doubtful acc'ts
(other
than
estate & Fed. inc.
real
tax)
Alterations for tenants.
Net oper.
$3,867,060
78,391
74,922
275,782
807,533
605,197
63,806
145,274
$1,807,769
5,504
252,382
806,200
577,004
21,883
55,945
91,695
161,855
91,440
200,035
$1,295,197
8,009
$1,465,681
14,678
$1,462,697
9,572
_
income....
......
46,490
35,225
91,058
182,391
Other general expenses..
Other income
$3,507,230
44,106
247,010
816,833
622,585
25,607
—
Real estate taxes
Taxes
$3,537,820
82,790
247,010
788,800
607,953
10,005
40,286
Net income before int.
funded debt, &c.._
on funded debt.
on
Prov. for Fed. inc. tax..
Surtax
on
$1,480,360
1,124,883
58,500
8,500
$1,303,207
1,100,977
40,000
46,000
Interest
undis. profits.
$1,472,270
1,151,695
45,000
$1,813,273
1,173,102
93,500
Net income....
Dividends paid
$288,476
258,629
$116,229
....
$275,576
$546,671
86,210
Net from railway
Net after rents
—V. 146, p.
$0.14
$0.33
$0.32
$0.63
charged to income
(as above)
in accordance with rates allowed by U. S.
Treasury Department, $247,010 (1937, $247,010); balance charged to
surplus, $263,787 (1937, $241,272); net income insufficient for amortization
requirements by $147,558 (1937 excess by $47,204),
'4':- ""'.V-
Assets—
Land
4
S
1938
$
17 ,816,156
17,816,156
c
12,916,360
Equit. Life Assur.
Miscell. equip't
23,365
going
value....
4 390.000
Cash
held
8,986.645
17,944,163
fund
197,719
debentures 5,867,000
Interest,
a
debentures.
35,000
6,195,000
Acc'ts pay., taxes.
for
acquis, of corp.'s
5%
8,986,645
4,390,000
182,359
Sinking fund deps.
Capital stock
Society mtge...17,738,967
6% gold mtge. bds
35,000
35-yr. 5% sinking
24,620
.
Rights, priv., ten¬
ancies and
$
Liabilities—
$
..12 ,679,056
b Building.
1937
43,748
&c._._
601,521
686,610
Res. for Federal
count of
Income taxes
90.545
70,952
393,493
176,500
Other current liab.
Rents received in
386,196
182,679
1,116,694
advance, &c....
7.068
28,400
ac¬
employ.
Cash
Acc'ts receivable
55,147
..
Empliy.
56,419
Invest, in mortgage
3013.
retlrem't
fund reserves...
111,537
Other
investments
Inventories.
7,708
343,516
182,679
176,500
1,414,203
1,151,052
Surplus
1,485,458
1,549.848
6,956
Deferred charges..
404,701
Total
a
1
1
undistributed
profits
Total
taxes,
^...36,795,282 37,217,662
b After
depreciation reserve in 1938 and $7,295,730 in
862,098 no-par shares.—V. 146, p. 1874.
deducting $7,543,376
1937.
c Represented
by
Ex-Cell-0 CorD.—Smaller Dividend—
Directors have
declared a dividend of 10 cents per share on the common
stock payable July 1 to holders of record June 20.
Previously regular quar.
dividends of 20 cents per share were distributed.
In addition, an extra
dividend of 30 cents was paid on Dec. 22, last.
See also V. 145, p. 3496
for detailed record of previous dividend
payments.—V. 146,
p.
Federal Screw
2849.
Works—May Recapitalize—
Company has called a meeting of stockholders for June 13 to vote
proposed reorganization and recapitalization plan.
Under the
on a
plan, holders of each $1,000 in unsecured convertible 61^%
notes, of which $1,737,000 was outstanding on Dec. 31, would receive $500
in new 5% mortgage bonds and 50 shares of new
preference stock.
Holders
of the 199,3/5 shares of no-par common stock
outstanding would receive
new
shares
on
a
share for share basis.
$642,882
$5,813,159
221
2,650
2,650
Operating income
Other income (net)
$685,847
11,662
$643,103
11,536
$5,815,809
547,684
$5,357,633
422,435
$697,509
216,667
110,000
$654,639
216,667
$6,363,493
2,600,000
1,320,000
243,741
$5,780,068
2,600,000
1,320,000
301,582
$2,199,752
$1,558,486
1,153.008
1,153,008
$1,046,744
$405,478
Gross income.
Int.
on
mortgage bonds.
on debentures—
determined.
and 400,000 shares of
Of the
common
stock,
no
par or up
mortgage
bonds,
be
may be
to $5 par as may
no par or $1
par as
108,562 shares would be reserved for
common
conversion of preferred stock.
The plan
will be declared operative, management states in a letter to
holders, only if a sufficient number of note holders to assure
consummation of the plan consent to deposit their notes.—V. 146, p. 3012.
security
20.604
Other int. and deductions
x
Dividends
$350,238
$303,166
to pref. stocks for the
applicable
period, whether paid or unpaid
Balance
-i
-
110,000
24,806
—
—
-
1938, amounted to
$5,716,217.
Latest dividends, amounting to 88 cents a share on $7 pref.
stock and 75 cents a share on $6 pref. stock, were paid on April 1, 1938.
x
Dividends
of rate
on
accumulated
and
unpaid to April 30,
these stocks are cumulative.
consideration
provided by
Income account includes full revenues without
in litigation for which a reserve has been
reduction
appropriations from surplus in amount of $624,678 for the 12 months
ended April 30, 1938. and of $563,616 for the 12 months ended April 30,
1937.
(2) Includes provision of $67,882 for Federal surtax on undistributed
profits for the 12 months ended April 30, 1938. No provision has been made
for the 12 months ended April 30, 1937.—V. 146, p. 2850.
Fonda Johnstown & Gloversville RR.—Reorganization
ref. mtge. bonds filed
of reorganization for
of the elecrtic division and
The protective committee for the 1st consol. gen.
with the Interstate Commerce Commission a plan
The plan proposes the abandonment
substitution of buses for this service.
protective committee is composed of F. J. Lisma.i, Chairman;
Littater, William G. Edinburg, and Joseph H. Loeffler, and
(or about 52%) 1st consol. gen. ref.
mtge. bonds, now outstanding.
The committee believes, if the electric division which operates the interurban electric railroad between Gloversville and Schnectady and between
Gloversville and Fonda be abnadoned and bus service be substituted there¬
The
represents the holders of $2,968,000
approximately $300,000 and net available for fixed charges approximating
$30,000.
This sum, added to the 5-year average of $98,356, available from
the steam division, would make a total of $128,355, which sum would be
sufficient to cover all of the charges, both fixed and contingent, as proposed
under the plan, including the amount necessary for a contingent income
sinking fund of H of 1 % (estimated at $12,663 for the proposed funded debt)
In view of, and based upon facts as it is expected will be shown through
testimony and evidence prior to the conclusion of the hearings before the
Commission, the committee requests that pursuant to the provisions of
Section 77 of the Bankruptcy Act as amended, the Commission find, and
the Court affirm the finding that, at the time of the finding:
(1) The equity represented by the debtor's 6% preferred stock has ho
value; and that
(2) The equity represented by the debtor's common stock has no value;
and
that
(3)
The interests of the creditors of the
and are not entitled to
secured by any lien
debtor whose claims are not
priority of payment over any
mortgage bonds have no value.
However, if unsecured creditors or stockholders of the
there will be a substantial improvement in the earnings of
■
.
„
'
debtor feel that
the debtor, they
exercise the right under this plan to purchase the senior fixed interest
bearing bonds of the debtor and to receive a bonus of common stock upon
may
.New capitalization would consist of $868,500 of 5%
86,850 convertible preference shares of
determined,
$5,354,983
$685,626
221
for (it is expected that by July 1, 1938 such substitution will be effected),
that the debtor will be in a position to carry through this plan of reorganiza¬
tion.
It is believed that the new bus lines will have a gross revenue of
36,795,282 37,217,662!
Includes
1938—12 Mos.-r-1937 .
$14,440,726 $12,933,953
7,760,900
6,845,637
866,667
733,333
Lucius N.
If
Add'l dep. rec'ts..
Darticip. & accr.
interest rec
3,875,896
1,197,202
683,111
the road.
l ,071,548
Invest, held for
4,033,753
1,541,953
1,043,280
Net oper. revenues—
Rent from lease of plant
Notes—(1)
1937
4,743,207
1,918,284
1,334,617
Period End. Apr. 30— 1938—Month—1937
Operating revenues.--- $1,475,098
$1,340,326
Oper. exp., incl. taxes._
706,139
630,777
Prop, retire, res. approp.
83,333
66,667
Dividends
Comparative Balance Sheet April 30
1938
5,210,215
2,363,534
1,716,369
Florida Power & Light Co.—Earnings—
Net income—-------
Note— Depreciation provided equivalent to amount of cash required for
amortization of funded debt, $510,797 (1937, $488,282); less depreciation
190,723
$1,069,276
402,265
251,888
_
Interest
Earns. per sh. on 862,098
shs. cap. stk, (no par).
$904,682
328,119
410,013
$1,013,352
348,173
192,106
$1,303,505
629,723
From Jan. 1—
Gross from railway
Maintenance & repairs..
1935
1936
1937
1938
April—
1936
Net from railway.
operating income.
corp.
Other
said, until last August.
Inc.—Dividend—
This right is in addition to the 10-year options which it is
contemplated to give to such claimants so that there may be a continuing
interest in the debtor's estate
by the claimants for that period of time.
such purchase.
However, the giving of such right and the granting of such options is in no
recognition that unsecured creditors and stockholders
of the debtor now have any equity in the debtor's estate or probably or
event to be deemed a
possibly will have at any future time any equity
in said estate.
"
Volume
Financial
146
Chronicle
3499
W Theory and, Purpose of Plan—For many years the steam division has shown
a regular,
though diminishing, profit from operations, available for interest
on bonds and dividends, &c., while the electric division has shown sub¬
stantial losses and bus operations have shown small losses on a simlar basis.
cumulated dividends due upon the present preferred stock now held.
The
proceeds received shall be applied to the general funds of the corporation,
$5 to be allocated to capital and $5 to paid surplus account.
The
chase one share of
Common Stock—Holders of
Court
reconized this condition and appointed consulting enginerers
and recommend steps which might be taken to prevent the drain
on the debtor's estate by the
high and constant losses occasioned by opertion of the electric division in running its interurban electric railroad.
Certain recommendations were made by the consulting engineers and
followed by the trustee, Mr. Hees, with the approval of this committee.
However, after a reasonable trial period, the results shown from operating
on a 1-cent
per mile fare basis, which was in accordance with the suggestion
of reducing fares, as well as from
operating on other higher basic rates, were
to
,
Condensed
Balance
Sheet
capital expendi¬
tures amounting to approximately $343,000 will have to
be made.
By supplanting the interurban electric railroad with buses, there will be
salvage from track and overhead material of approximately $125,000, which
can be applied
against the purchase of the new bus equipment entailing the
expenditure of approximately $100,000.
It is expected that the buses will
give better service as more trips will be made, and the operations will be
economical to the debtor's estate.
It is
lines will have a gross revenue of approximately
believed
that the new
bus
$300,000, which is approx¬
imately equal to the present combined gross revenue of the present Inter¬
urban electric railroad and present bus line.
With such revenue, it is be¬
lieved that the debtor should net at least $30,000, available for interest on
bonds, dividends and contingencies, which would augment such sums as
may be available from the steam division.
Such a result, if accomplished,
would be beneficial to the debtor's estate and would be a material improve ment over the large losses
resulting from the operation of the interurban
electric railroad.
1*} order to accomplish this result, application has been made to the New
York P
S. Commission and to the ICC for authority to abandon the inter¬
urban electric railroad between Gloversville and
Schenectady and between
Gloversville and Fonda, N. Y., and to substitute motor carrier
lieu thereof.
"
service in
To have new 1st mtge. bonds due in 30 years,
all of the assets of the reorganized company.
31
'
which are to have a lien
In order to consolidate the capital structure of the reorganized com¬
pany, to exchange new 1st mtge. bonds for the securities of the Johnstown.
Gloversville & Kingsboro Horse RR., thereby enabling the reorganized
company to do away with its leased lines.
(3) To offer new 1st mtge. bonds sufficient to raise additional working
capital and provide for reorganization expenses.
(4) In view of the financial condition of the debtor, to give 1st consol.
bondholders new ref. mtge. bonds, new con v. conting. interest bonds and
common stock, as well as certain rights.
(5) To give the present preferred and common stockholders and the se¬
cured and unsecured creditors options to
purchase new common stock and
rights.
If this plan materializes as contemplated, the control of the debtor will
be given to the 1st consol. bondholders.
$
$
$
$
122,375,918 123,275,143 141,004,515 144,958,979
Mach'y & equipment...125,645,403 118,519,374
91,536,808
82,811,705
Inventory
135,943,385
95,002,834
68,568,702
63,634,223
♦Cash
—
—
317,387,396 378,119,715 377,310,316 361,667,154
3,570,439
2,442,300
3,129,588
4,093,500
.
Deferred charges.
Total
......704,922,541 717,359,366 681,549,929 657,165,560
Capital stock
Accounts payable, &c.._
Reserves
...
Profit and loss...
Total
*
17,264.500
17,264,500
17,264,500
17,264,500
70,387,417
79,729,171
70,346,432
49,527,681
9,184,688
17,699,023
10,961,346
10,096,988
608,085,936 602,666,672 582,977,651 580,276,392
704,922,541 717,359,366 681,549,929 657,165,560
Includes notes and accounts receivable, securities, patent rights, &c.
The
following tables
taken from the Boston "News
are
Bureau":
Changes in the profit and loss account since the war, based on figures
reported to the Massachusetts Commissioner of Corporations and Taxation,
shown below:
are
$654,851,061
697,637,788
622,366,893
642,476,497
442,041,081
$608,085,936
Dec.
31, 1927
31.1936
602,666,672
Dec.
31,1926-
31. 1935......
582,977,651
Dec.
31, 1934
580,276,392
Decii31,1925—
Deo. 31,1924
Dec.
31, 1933.
576,517,079
Dec.
31, 1923-..
Dec.
31.1932
580,440,603
Feb.
Dec.
31,1931.
655.302,247
Feb.
28, 1923—...
28,1922..
Dec.
31, 1930
708,888,247
Apr.
Dec.
31, 1929.".
664,427,424
June
Dec.
31, 1928
582,629.563
Dec.
31, 1937
30,1921.
30, 1920-
359,777,598
240,478,736
182,877,696
165,679,132
— ...
since the ten months ended April 30,
profit and loss surplus, and exclusive
ousiness (as company does not make
its stock) have been as follows
Net earnings and profits per share
as indicated by changes in the
_
1921.
of any dividends withdrawn from the
public the dividends paid on
Years to
Profits
Nil
New 1st mtge. 4% bonds, due Nov. 1,1968
Incomenotes
Dec.
________
New ref. mtge. 4% bonds, series A, due Nov.
New
31, 1936
Dec. 31.1935
26,426.698
7.65
Dec. 31, 1927--.10SS 42.786,727
Sufficient shares to carry out the terms of the plan shall be
3,565,617
1.03
Dec. 31,1926
6,860,462
3,480,331
1.98
Dec. 31,1925
31, 1933...loss
Nil
Dec.
Dec.
31, 1932...loss 79,247,669
Nil
Dec.
3,956
authorized
and issued.
Options—Options to purchase shares of new no par common stock shall be
Each option will give the holder the right to purchase one share
$10 per share on or before Nov. 1, 1948.
The
money so received shall be applied to the general funds of the corporation,
$5 to be allocated to capital and $5 to paid surplus account.
Rights—Rights will be given to the present holders of the 1st consol.
mtge. bonds, to secured and unsecured claimants, and to holders of preferred
and common stock, to purchase, within 90 days after the date when this
plan shall be declared effective, at their principal amount and accrued in¬
terest, senior fixed interest bearing obligations of the reorganized company
This right shall be in such form as is approved by the reorganization mana¬
gers and shall include the following provisions:
To the extent available,
such rights will apply to new 1st mtge. 4% bonds with which there will be
delivered; as a bonus, five shares of new no par common stock for each $100
of new 1st mtge. bonds so purchased.
It is anticipated that there will be
available, for such subscription, $250,000 of new 1st mtge. bonds.
This
sum represents the amount required to furnish new working capital and
provide for the reorganization expenses.
These bonds will be allocated to
subscribers in the order that their subscriptions are received.
In the event and to the extent that subscriptions exceed the amount of
new 1st mtge. bonds available therefor, new ref. mtge. bonds will, at the
option of the subscriber, and within such aggregate principal amount as the
Commission shall prescribe, and in the order of receipt of subscriptions, be
delivered, together with 10 shares of new no par common stock as a bonus,
for each $100 of new ref. mtge. bonds so purcnased.
The proceeds from
new ref. mtge. bonds so subscribed for shall be applied, first, to redemption
of new 1st mtge. bonds and thereafter to any proper corporate purpose
approved by the ICC.
This right to subscribe will be limited as to the 1st consol. bondholders,
to an amount equal to the sum of 70% of the principal amount of bonds now
held, plus unpaid coupons due thereon and interest due on both the entire
principal amount and unpaid coupons; as to the secured, and unsecured
creditors, to the full amount of their claims allowed by the Court; as to the
preferred stockholders, too an amount equal to the par value of preferred
stock held, plus accumulated dividends thereon; and as to the common
stockholders, to an amount equal to the par value of old common stock
($100 par) now held.
Treatment
of Existing Securities and Distribution of New Securities
principal and interest accrued and unpaid'to Nov. 1, 1938, all equally
secured by the mortgage or pledge, as the case may be.
It is proposed to exchange new 1st mtge. bonds for present gen. ref. 4's,
1950, at the rate of $1,000 of new 1st mtge. bonds for each $1,) )() of prin¬
cipal and interest due on the presently outstanding gen. ref. 4's due 1950.
It is proposed to exchange new 1st mtge. bonds for the 5% bonds of the
Johnstown. Gloversville & Kingsboro Horse RR. at the rate of $1,00b of
new 1st mtge. bonds for each $1,000 of 5% bonds now outstanding.
The
5% bonds held for the sinking fund under the lease are to be canceled and all
cash held in the sinking fund is to revert to the reorganized company upon
effectuation of this plan.
It is proposed to exchange new 1st mtge. bonds for the common stock of
the Johnstown, Gloversville & Kingsboro Horse RR. at the rate of $100 of
new 1st mtge. bonds for each share $100 par of common stock held.
It is proposed that holders of the 1st consol. gen. ref. 4 % % 1952 be given
new ref. mtge. bonds equivalent to 10% of the principal amount now held
and be given new conv. conting. interest bonds equivalent to 20% of the
principal amount now held, and that new common stock be issued at the rate
of \y2 shares of new common stock for each $100 of balance due on prin¬
cipal and interest.
Secured Claims—Holders of certain claims have a lien on certain property.
executory contracts not fully secured and
allow this class of creditors to have recourse to the security thereunder and
intended
It is
to
disaffirm
all
result ,to class such creditors as general
creditors for such balance.
The only fully secured claim is that of New York
Trust Co.
This institution holds collateral which in the opinion of the
trustee for the debtor is worth to the debtor approximately $100,000 as
to the extent that any
deficiency
may
security for a loan, the balance on which is $36,875.
In order to obtain this
valuable collateral it is intended to give this creditor $36,875 of the new 1st
bonds, or to sell sufficient of said bonds to realize the amount neces¬
to satisfy the loan.
All claimants will have the right to subscribe to
mtge.
sary
interest bearing obligations.
Unsecured Claims—Holders of claims not having any lien and not entitled
senior fixed
priority of payment over any mortgage bonds shall be entitled to receive,
with respect to each $100 of claim allowed by the Court, an option to pur¬
chase two shares of new common stock at the rate of $10 per share.
The
to
proceeds upon exercise of option shall be applied to the general funds of the
corporation, $5 to be allocated to capital and $5 to paid surplus account.
Preferred Stock—Holders will receive an option to purchase One share of
new common stock at $10 per share for each
$100 of par value and ac¬
257
Feb.
28, 1922x
81,797,861
473
Apr.
30, 1921x
p.
y
$5 par stock in
666
667
476
691
334
100
57,601,040
17,198,564
1935 and 1934; previous years
$100
440.
Foote-Burt Co.—No Common Dividend—
Directors at their meeting held May 23
on the no-par common stock at
of new common stock at
The claim of each of the several classes of debt consists of the total of the
44,460,823
par.—V. 146,
issued.
.
Nil
31. 1930.
Ten months,
x
75,270,895
115,078,383
115.105,416
82,263,483
31, 1923x
Feb. 28, 1923......119,298,862
31, 1931...loss 53,586,000
Dec.
Dec.
x
1924.
31, 1929
Dec.
570,000
1,140,000
_
f, i§78
conv.
conting. interest bonds, series A, due Nov. 1,1988
Common stock (no par)
;
x
31. 1937...loss $3,095,070
Dec.
Dec.
$823,000
Per Sh.
Nil
Nil
436
Years to
Profits
31, 1928.__loss?72,221,498
yPer Sh.
^
Dec.
Dec. 31,1934
Proposed Capitalization
1
Assets—
Real estate
Dec.
(2)
1934
1935
1936
Dec.
Thisplan proposes:
(1)
Dec.
(As filed with Massachusetts Commissioner of Corporations)
It is believed by this committee that the operations of the interurban
electric railroad should be discontinued and that in its place additional buses
should be put into operation.
There are many reasons for such action.
more
and $5
Ford Motor Co., Detroit—Financial Statement—
1937
To continue the operation of the interurban electric railroad
option to pur¬
an
stock at $10 per share for each four shares
The proceeds received shall be applied
corporation, $5 to be allocated to capital
paid surplus account.—V. 146, p. 3335.,
not favorable or economical.
on
stock will receive
common
common
new
of present common stock now held.
to the general funds of the
to report
dividend
took no action on payment of a
this time. A regular quarterly
dividend of 20 cents per share was distributed on March 15, last*. See also
V. 144, p. 3500, for detailed record of previous dividend payments.—
V.
146, p. 912.
Fort Dodge Des
Moines & Southern RR.—Committee-—
Upon application, John L. Hugg (Chairman), E. McLain Watters, and
E. Kennedy have been authorized by the Interstate Commerce
Commission to serve as a protective committee for holders of company's
Walter
first-mortgage 5% gold bonds, due Dec. 1, 1938.
On account of the default in the payment of the interest
due Dec. 1, 1929,
both the first-mortgage 5% gold bonds, due Dec. 1, 1938, and the series
7% debentures, due June 1, 1933, C. H. Crooks, in the early part of 1930.
was appointed receiver.
.
A protective committee, consisting of four members, was organized in
1930, to represent holders of the first-mortgage 5% gold bonds, due Dec. 1,
1938, and it solicited and secured the deposit of approximately $4,350,000
of sich bonds, or about 83% of the $5,250,000 of this issue outstanding.
This committee was dissolved in February, 1938, on account of the interests
originally represented by two of the members having changed and the re¬
tirement of another member from active business.
Some of the deposited
bonds have been returned to the certificate holders and the others are in
process of being returned.
The remaining member of that committee,
J. L. Hugg, is a member of the new committee.—V. 146, p. 1397.
on
A
.
,
Co.—Adjusted Balance Sheet—
Foundation
Doty, President, in letter to stockholders states:
have occurred since the annual meeting of stock¬
holders which the management considers of sufficient importance to bring
John W.
Certain
transactions
attention.
These transactions are as follows:
As explained in the annual report for 1937, the reclamation work has
completed by the company under its contract with the Greek Govern¬
ment dated Sept. 7, 1925, as amended, and all existing reciprocal claims
have been adjusted by the payment of $20,000 to the Greek Government,
since the issue of the report for 1937.
The special deposit made as security
for the performance guarantee in connection with this contract has been
reduced by such payment of $20,000 and the balance of $80,000 has been
to your
(1)
been
returned to the company.
(2)
,
.
Current unsecured liabilities
aggregating $209,091, by the P^yMent
for $10,000
par value
of $25,000, which have been issued to a creditor.
This transaction increases
the company's capital liabilities by $25,000 and adds $164,091 to its capital
of $10,000 in cash, have been converted into a 3 % demand note
and 25,000 shares of the company's capital stock of an aggregate
surplus
(3)
-v.''.
current
Other
liabilities,
have been converted into a
secured by the same
partially secured, aggregating
3 % note payable Dec.
$313,317,
31,1939, such note being
the part
collateral and certain special agreements on
of the company.
The balance sheet at
,
Dec. 31, 1937, included in the report to stockholders
for 1937, has been revised by the treasurer of the company to give effect to
the foregoing transactions.
Balance Sheet Dec. 31
•
1937
Assets—
Liabilities-
1936
1936
1937
$89,988
$559,622
Accounts payable-
44,630
38,379
Due to off.&empl.
5,717
1,983
102,530
Notes & loans pay.
$644,328
$442,434
20,669
304,330
Customers'
122,121
129,336
49,252
45.051
Accrued liabilities.
48,110
(not current)...
420,091
467,645
Other liabilities...
Securs. of affiliates
23.114
23.990
Llab. as custodian.
e412,552
7,837
543,099
597,934
Llab. under tr. f'd_
17,229
9.950
13,112
Res.
marine insur.
8.030
16.566
6.649
17,229
16,566
125.000
2,000,000
34,024
29.739
Capital stock...
Capital surplus.—
Earned deficit
1,309.454
1.086,998
184,670
1,841,634
Current assets
a
So. Amer. accts.
Mat'Is & supplies
.
Oth. sec. lnvest'ts.
Indebt.
affil.
of
b Fixed assets
Other assets..
c
—
Trust fund
Deferred charges._
Total
a
....
$1,883,878 $2,070,140
1,845
deps_.
d
Total.....
97.201
'
$1,883,878 $2,070,140
<««i stable
securities and materials in
exportation of currency.
b After
of $825,543 in 1936 and $728,716 in 1937.
c Gash
marketable securities held in trust,
d Represented by 125,000 $1 par
v>asu
accouuws
rcceivawc,
Bolivia in which there are restrictions on
reserve
and
for depreciation
in 1936.
e Note payable to bank due
(collateral pledged, $276,447); accounts payable $11,615;
$87,o20.
Note—The 1937 balance sheet (see V. 146, p. 3336) has been revved in
accordance with the letter of Pres. John W. Doty above.—V. 146, p. 3336.
in 1937 and 100,000 shares, no par,
Dec.
31,
1939
accrued commissions,
„
,
,
.
Financial
3500
Fort Worth & Denver City
April—
Net after rents
From Jan. 1—
Gross from railway...-.
The directors have declared a dividend of three cents per snare on com¬
1935
1936
$460*560
132,533
67,408
1937
$531,425
161,493
89,888
_
$402,023
83,389
27,749
_
1,546,593
266,572
41,699
1,841,935
548,374
300,139
2,000,491
587,704
311,174
2,050,655
483,367
156,695
Net from railway
Net after rents
—V. 146, p. 3187.
shares of beneficial interest, par $1, payable June 15 to holders
This compares with two cents paid on March 15. last:
pany s
of record May 27.
12 cents paid on Dec. 15 last* 10 cents paid on Sept.
on June 15 and March 15,1937; 40 cents paid on Dec.
May 1, 1936.
on
sales in
Galveston Electric Co.Operating revenues
Maintenance
Retirement accruals.
—
Taxes
on
$312,792
188,547
26,262
18,370
a33,189
$267,071
169,450
31,259
1,131
These figures
Canada.
Attorney General Gummings Renews Auto Prosecutions—
21,183
$46,423
8,487
$44,047
1,797
$5,330
$3,221
71
$54,910
4,267
$45,845
328
$5,002
Net Income
a
12 months through April, 1938, sales totaled
increase of
1938—12 Mos.—1937
$3,221
$3,149
$50,643
$45,585
equip, notes
260
No provision has been made for the Federal surtax on undistributed
profits for the
cannot be deter¬
year 1938, since any liability for such tax
mined until the end of the year.—V. 146, p. 3013.
Gaylord Container Corp.—Listing—
The
New York Stock Exchange has authorized the listing of 100,000
of 5j!^%
cumulative convertible preferred stock, ($50 par); and
539,221 shares of common stock ($5 par), which are issued and outstanding;
and 200,000 shares of common stock upon official notice of issuance in con¬
shares
version of its 5lA % cumulative convertible preferred
of common stock on official notice of issuance upon
stock; 60,000 shares
exercise of options,
making the total amount applied for: 10o,000 shares of 5 A% preferred
stock, and 799,221 shares of common stock.
Company was formed in Maryland on June 16, 1937, by the consolidation
of Robert Gaylord, Inc.
(Md.), and Bogalusa Paper Co.," Inc. (Pa.);
The Maryland corporation was formed on April 29, 1937, to transfer the
place of organization of Robert Gaylord, Inc. (Mo.) (formed May 15, 1913),
from Missouri to Maryland and was accompanied by the transfer to the
Maryland corporation of the business, assets, and liabilities of the Missouri
corporation.
The Pennsylvania corporation, organized June 17, 19)2 as
Great Southern Lumber Co., on June 15, 1937 acquired all of the business,
assets, and liabilities of Bogalusa Paper Co., Inc. of La., a wholly owned
subsidiary formed Sept.7,1916.
Prior to such acquisition the PennsyJ vania
corporation had disposed of all of its assets except stock in the Louisiana
corporation.
The consolidation, therefore, was in effect a consolidation
of the business of Bogalusa Paper Co., Inc. of La., and Robert Gaylord,
Inc. of Mo.
The first of the explanations
Gross sales, less discounts and allowances
1937 to Dec. 31,
16,
Selling, administrative and general
expenses
Motor Co.,
Chrysler Corp., General Motors Corp. and their three finance
companies, on charges of coercion of dealers in the financing of purchases.
With this statement the Attorney General issued a resume of the de¬
partment's basic policy under which these ^explanatory statements will be
They would be intended to guide business men on the probable
action in like situations, he said; help the department in framing a con¬
sistent policy of anti-trust law enforcement; warn those engaged in similar
illegal practices, and call the attention of Congress to the way the law
would be applied.
issued.
The statement concerning the automobile finance case, likewise carried
outline of policy.
The department said it still believed the anti-trust
been broken, and would go ahead with "substantially the same
evidence," as at Milwaukee, where Judge Geiger dismissed the grand jury
in December last.—V. 146, p. 3187.
an
laws had
General Public
Utilities, Inc. (& Subs.)—Earnings—
Period End. April 30—
Net oper. income
$1,184,161
65,747
188,201
129,573
27,040
_______
______________
_
_
_;
______
State taxes._____________________
—-I
Net profit-------
Preferred dividends
Common dividends
Non-oper. income
Gross income.
_.
Charges of subsidiaries.
Int. on 1st mtge. & coll.
trust 6 >£% bonds
25,931
$133,247
31,034
$1,860,334
Divs.
71,353
_
_
$773,598
137,213
_
394,448
Note—Depreciation and depletion of $277,054 and amortization of patents
charged against income for the
,
_
$2,488,590
667,244
l ,518,118
_______________
Sinking fund for red. of pref.
avail,
for
3,242
Accounts payable.
Fed. & State tax.
Amount
Patents & trade-marks
Goodwill
$388,400
fund
on
payable
36,198
701,790
inc., est.
95,457
Prop, lease-purchase contract
7,200
Prop, lease-purchase contract
7,765,165
Reserve for workmen's
$591,079
$411,760
Federal
for the calendar
years 1937 and 1936 in the figures for the 12 months ended April 30, 1938
and 1937, respectively.—V. 146, p. 2851.
General Railway Signal Co.—No
Common Dividend—
Directors at their meeting on May 26 took no action on the payment of a
on the common shares at this time.
A regular quarterly dividend
dividend
of 25 cents per share had been distributed on April 1,
General Water Gas & Electric Co.
last.—V. 146,
3015.
1937
$2,799,420
1938
$2,808,935
958,572
899,635
134,260
271,698
279,597
137.329
Taxes (other than Federal income)
Provision for depreciation
p.
(& Subs.)—Earnings
Maintenance-------..
314,666
288,158
—
_____—_—
Net operating revenues
Other income
_
$1,110,209
—
$1,214,229
223,651
177,033
Total income
com p.
1
Common stock
Capital surplus.
Paid-in surplus._
Earned surplus.
on
on
Amort, of subs, debt discount and expense
Amort, of rate case expense
392,210
__
241,937
______
$12,871,969
unfunded debt.
—
—
__
—
Other deductions ______
Dividends
Int.
Total
_—
subs, funded debt.
on
on subsidiaries preferred stock.
15-year 1st lien & coll. trust bonds.
(estimated)
_
_
Prov. for Federal income tax
$1,287,243
465,865
25,295
36,461
35,106
1,672
21,393
263,472
46,417
1,437,881
$391,560
Interest
Interest
2,696,105
3,247,924
Preferred stock
-$12,871,969
—
55,146
5,000,000
claims
5,449
150,392
____
$27,617
Note—No provision has been made in the above statement for
9,600
______
__
38,910
sinking
to
—
40,255
_______
Deferred charges
38,910
12 Months Ended April 30—
141,297
_
Sundry inv., adv., <fcc_.
Property, plant & equipment
3,242
com.
Operation
Accru. tax.—cap. stk. & gen.
95,458
Cash value of life insurance.
$450,670
Total operating revenues
Liabilities-
stock
859.189
$629,989
_
Consolidated Balance Sheet, Dec. 31,1937 (Co. and Subs.)
Assets
______
856,238
$30,860
undistributed profits taxes other than reflecting the accruals
period.
Cash
71,353
$37,288
__
Gen. Pub. Utils.
on
Bal.
$1,683,230
373,371
374,106
$34,045
Net income
and trade-marks in the amount of $174 were
Total
5,784
$1,643,918
39,312
stock & surplus
Total income.
Income charges,
Normal income and excess-profits taxes._
Surtax on undistributed profits..
Inventories,
$1,834,403
undis¬
tributed profits—.—
$1,156,182
27,978
__________________
___
Receivables...
23,405
$127,463
$139,783
31,142
Federal normal inc. tax_
$5,536,623
2,330,607
223,018
534,259
527,072
83,183
4,080
Depreciation
General taxes
$413,422
175,278
19,948
44,015
40,408
6,310
$137,101
2,681
Maintenance
on
$5,146,588
2,134,959
263,941
537,593
462,525
80,245
$444,351
189,787
20,213
45,306
45,087
6,856
Operating expenses.
Federal surtax
1938—12 Mos.—1937
1938—Month—1937
Gross oper. revenues-__
Inc., $5 pref. stock—
Operating profit.______________
Other income
1937
$6,7/4,487
4,573,427
1,044,877
_
Cost of goods sold
which the Department of Justice has promised
regarding its reason for anti-trust prosecutions came May 18,
Attorney General Cummings stated that new prosecutions of the
three major automobile financing companies would be attempted next
week at South Bend, Ind.
He said evidence would be given to a grand jury regarding the Ford
make
when
_
Consolidated Income Statement for Period June
1938, sales of 130,150 units were at a record
increase of 7.3% over sales in the first
1937.
372,355 units—an
12.7% over the volume in the 12 months ended April 30,1937.
include the products of the corporation's American, Cana¬
dian, English and German factories sold outside of the United States and
For the
-Earnings—
$5,330
Balance
April of last year.
four months of
Non-oper. income (net).
Int.
Sales—
dealers in the overseas mar¬
April totaled 32,957 units, representing a decline of 4.9% from
In the first four months of
to
Net oper. revenues.__
15 last; 5 cents paid
15,1936, and 8 cents
1551.
volume level and represented an
1938—Month—1937
$26,679
$22,565
15,186
14,506
1,925
2,425
1,531
252
2,706
2,160
Operation
p.
General Motors Corp.—Overseas
Corp.—Registers with SEC—
See list given on first page of this department.
Period End. April 30—
See also V. 146,
Sales of General Motors cars and trucks to
kets during
Fundamerican
1938
28,
General Investors Trust—Threes-Cent Dividend—
Ry.—Earnings—
1938
$464,780
86,317
2,748
Gross from railway
Net from railway
May
Chronicle
$483,595
454.944
"23,432
37,922
33,122
72,015
271,525
61,324
-Y. 146, p.3187.
Net income
Earned per share:
General Electric Co.—Dividend Reduced—
The directors
on
May 27 declared
a
$3 preferred stock
Common stock
dividend of 20 cents per share on the
common
stock, no par value, payable July 25 to holders of recor d June 24
This compares with 30 cents paid on
April 25, last; $1 paid on Dec. 20, last;
40 cents paid on Oct. 25, July 26 and
April 26, 1937; and an extra dividend
Edition to a re£ular quarterly dividend of 25 cents
Dec. 21, 1936.
three months
A dividend of 25 cents
paid
was
paid
on
on
Oct. 26, 1936, and each
previously.
a
8,u^ *n the U. S. Supreme Court over the validity
fo£an improved tungsten filament for electric light bulbs.
toZJP
Appliance Corp. had obtained
_
iWi Su
r.
™
ing that the Wabash
a ruling by a lower Federal
patent was invalid, the General Electric Co. contend¬
Appliance Corp. was infringing.—V. 146, p. 2692.
General Foods
The
New
York
General Gas & Electric
issued and
1938
1937
$24 473 344
$23,103,986
8,565,068
1,442,074
1,945,145
301,421
2,534,410
■%
_
Provision for retirements
Federal income taxes
Other taxes
"
402 622
9' qon' qoq
II-Z:::::::::::
461 104
2
677*917
$8,315,867
207,581
®7 $214
®o
$17,175
revenues
unfunded debt
$5 prior preferred stock
koi
koo
x
revenue....
Oper.
exps.
Prov. for
24,050
251,774
9 243
IIIIIIII
59 678
299,919
106,267
$661,102
on
and taxes,
$1 129 830
any,
this statement for Federal
for the
year
1938.—V.
146,
p.
surtax on un¬
1551.
1937
$484,728
depreciation__
1938—Month—1937
1938—12 Mos.—1937
$2,409,967 $28,767,168 $27,680,743
1,247,427
14,933,293
14,091,910
230,000
2,760,000
2,018,750
$2,322,842
1,146,417
230,000
$946,426
558,815
$932,540 $11,073,874 $11,570,083
534,116
6.585,253
6,349,762
Net income.
Divs. on preferred stock.
$387,610
245,862
$398,424
245,862
$4,488,621
2,950,350
$5,220,321
2,949,788
$141,748
$152,562
$1,538,271
$2,270,533
No provision was made in
tributed
profits,
as
1936 or 1937 for Federal surtax on undis¬
all taxable income was distributed.
No provision has
been made for such tax in 1938.—V. 146, p.
Gillette Safety Razor Co.—To
Directors have declared
Balance of income.
his maiie
distributed profits, if
May 14—
Gross income
Int. & other fixed charges
x
6*.9751897
to
Georgia Power Co.—Earnings—
Period End. Apr. 30—
44.Q
6^820[266
1
1938
$365,794
1937
$21,000
—V. 146, p. 3337.
Balance
Subsidiary companies' deductions from"fnco'mel11
Interest on 5% notes and
interest-bearing scrip._
—Jan.
Wi.ek End. May 14—
1938
Operating
Gross
$7,633,220
181,361
(net)
Gross income_
on
are
9i908,'l52
Maintenance-
Dividends
Georgia & Florida RR.—Earnings—
Corp. (& Subs.)—Earnings—
12 Months Ended March 31—
Total operating revenues
Interest
a subsidiary,
This decision has been affirmed by the Appellate Division
Appeals of the State of New York.
An appeal by the
company to the Supreme Court of the United States has been dismissed
by that Court on the ground that the company had a remedy in equity
in the State Courts.
The company has brought an action in equity to
restrain the Public Service Commission from enforcing said order.—V.
146, p. 2852.
finally upheld.
—
Exchange has authorized the listing of 159,000
*4.50 cumultative preferred stock, (no
par), which
outstanding.—V. 146, p. 3187.
Other income
York, adverse to Consolidated Water Co. of Utica, N. Y.,
is
Corp.—Listing—
Stock
$6.33
$1.17
and the Court of
Loses Patent Suit—
*v
$5.13
$0.76
Note—The operating revenues for each period are stated after deducting
$120,000 in respect of estimated annual reduction which will result if the
rate case decision of the Public Service Commission of the State of New
a
2693.
Pay lb-Cent Dividend-
dividend of 15 cents per share on the common
stock, payable June 30 to holders of record June 6.
Previously, regular
quarterly dividends of 25 cents per share had been distributed.—Y. 146,
p. 2693.
/
Volume
146
Financial
Chronicle
Georgia Southern & Florida Ry.—Earnings—
April—
1938
Gross from railway
$206,384
35,768
12,220
$182,656
22,418
186
$153,307
20,578
743,423
94,945
929,323
795,523
124,698
592,152
50,372
9'1U
156'652
43,183
Net from railway
*146 Fp Q2852"
248,737
Goebel Brewing Co.—Dividend Action
Net from railway
12,931
Deferred—
Directors have decided to defer action on payment of the common divi¬
dend ordinarily due at this time until a later
meeting. A regular quarterly
divided of 5 cents
per share was paid on March 28, last. See V. 145, p.
3656, for detailed record of previous dividend payments.—V. 146, p. 3015.
Gotham Credit Corp.— Volume
of Business—
^7^£orporation announced on May 25 that its total finance charges
were
$o2,620 in the first four months of 1938, compared with $26,794 in the
perod last year, while the volume of business increased to $262,599
from $132,660.
Total finance charges for April were $12,876,
against $9,859 in April,
1937, and the business volume was $65,779, compared with $48,599.—
V. 146, p. 2852.
FromZan
V
April—
1938
Gross from railway
1937
1935
1936
687,225
371,968
$2,213,368
651,595
454,231
$1,838,966
383,511
189,412
5,528,169
defl06,959
8,735,451
2,457,751
7,909,061
1,947,731
6,735,346
1,337,889
renfe
JL4o> p. ZoQo«
def87l,093
1,284,952
1,292,230
Grand Union
Co.—Listing—
•
The
New
York
Stock Exchange has authorized the listing of 289,604
shares of common stock (par
$1) in exchange for presently outstanding
voting trust certificates upon the termination of the voting trust, and 13
shares
of
shares of
of the
stock
common
common
which
are
presently outstanding,
and 239,325
stock upon official notice of issuance upon conversion
159,550 shares of
Directors
conv.
surrender thereof properly
endorsed to the company's distribution agency
15 Exchange Place, Jersey City, N. J., will be entitled to receive cer¬
common
voting trust certificates.—V. 146,
on
Hilton-Davis Chemical Co.—Stock Increase Voted—
At
a
recent
articles of
special stockholders' meeting proposal was approved to amend
incorporation making it possible to issue 5,000 additional shares
5,000 additional shares of preferred stock.
of common stock and
stock will be offered in the near future
Y°rk,
p.
Irving
April—
1938
Gross from railway
subsidiary.
$136,979
24,266
20,278
$126,954
35,212
19,388
$129,013
34,339
23,655
458,685
94,783
30,663
553,202
136,700
80,040
509,553
126,917
69,456
$106,881
14,074
from opers..
$43,077
Taxes assign, to ry. oper.
Interest
11,003
1,666
16,971
$32,611
8,376
$150,981
44,104
6,666
67,886
$120,956
33,274
Crl51
951
137
894
$10,924
$31,292
$37,188
Net
rev.
Depreciation
Profit and loss
^
Net
revenue
Operating
Operation
Electric
revenues
-
—
-
-
16
49,437
1,191
Co.—Earnings1938—Month—1937
$255,753
$236,856
119,413
110,981
33,496
31,233
24,962
27,578
29,339
27,727
Net oper. revenues
on bonds
1938—12 Mos.—1937
$2,934,104
$2,550,773
1,448,686
1,252,077
346,791
407,601
282,846
325,009
272,035
a343,415
Other interest, &c
of
debt
dis.
546
wmyoiy
654
7,398
7,419
$23,807
$186,613
$169,909
xo
ox
tuv
upuxxuxx
t/uau
undistributed profits.—V. 146,
1935
1934
$6,868,052
8,586,549
$7,196,373
9,656,288
_d$ 1.886,037
103,502
Other income.
$776,214
47,369
$1,718,497
53,514
$2,459,915
159,599
$1,782,535
$728,845
36,597
$2,300,316
a
$1,664,983
15,116
2,938
438,610
119,985
b
.
Interest
1936
14,134
paid.
196",438
8,735
See d
$5,867,608
1,944,622
1,598,215
$5,527,072
2,534,648
18,794,219
2,186,977
defl.132,277
23,238,553
20,892,730
4,090,928
2,038,083
19,350,512
4,784,853
2,008,786
1,882,947
xii
$416,403
1,192,617
1937
Date
$7,087,151
2,119,255
1,601,490
xo
3017.
$1,521,079
c3,407,116
.
.
it will not exceed $10,000,000 and will
$4,986,521
857,520
32,432
jlu
p.
Hupp Motor Car Corp. (& Subs.)— EarningsCalendar Years—
mortgage 6% bonds, series F as security for notes which the carrier expects
to negotiate in order to meet its casn requirements during 1938.
The company said in its application to the ICC that it "cannot at this
time determine the exact amount which it will have to borrow," but said
probably amount to approximately
$7,000,000.
The supply of available cash, the company said, has been greatly reduced
due largely to application of more than $15,000,000 cash during the past
year to retirement of funded debt and the purchase of new equipment.
The company said it has paid or expects to pay during the first six months
of the current year out of cash in its treasury certain of its maturing ob¬
ligations totaling $4,683,000 and it also will be required to meet approxi¬
mately $6,700,000 of interest charges on July 1, 1938.
$397,023
209,958
9,736
$28,211
Net income
iiin
$409,393
189,867
25,514
&
expense
jl
$41,952
16,146
1,343
$45,925
15,271
1,896
Interest
has asked the Interstate Commerce Commission for
authority to pledge and repledge not exceeding $15,000,000 of its general
to
«
$13,435
Period End. April 30—
company
Year
12,359
™
-V. 146, p. 3188.
a
and
__
Replacements
surtax on
Ry.—Planning Loan of $7,000,000—
of April
1938—4Mos. —1937
$355,562
$439,632
295,575
248,681
$144,057
6,924
_
472,636
102,763
67,781
Earnings■ for Month
an
$29,740
2,871
Net rev. from transp.
Rev. other than transp.
Amort,
April—
fill
to
Ltd.—Earnings—
1938—Month- -1937
expenses
Retirement accruals
From Jan. 1—
Gross from railway
Net from railway-Net after rents.,
—V. 146, p. 2853.
director
1935
$109,299
18,986
1,337
Net from railway
Net after rents
a
$41,466
1,610
Operating
Taxes
.
elected
$94,650
64,910
Maintenance
RR.—Earnings—
1937
'
1936
been
$116,439
74,972
Houston
due June 1
has
Honolulu Rapid Transit Co
Period End. April 30—
Gross rev. from transp
Federal Judge C. B. Davis has authorized Berryman Henwood, trustee
Green Bay & Western
Way land Bonbright Jr.,
existing vacancy.—V. 146, p. 2537.
3015.
of St. Louis Southwestern Ry., to
pay an instalment of interest
on the first
mortgage bonds of Gray's Point Terminal Ry., a
—Y. 85, p. 600.
Net from railway
Net after rents
through Distributors Group, Inc.
t^cording to A. B. Davis, President.
formerly prohibited issuance of preferred stock
outstanding preferred.
Amendment reduces requirement to two years' dividend requirements on
preferred, or $3 .—V. 146, p. 3338.
Gray's Point Terminal Ry.—Interest—
The
def5,879
May 25 declared a dividend of 25 cents per share on the
payable June 25 to holders of record June 14. A dividend of
paid on March 25, last; and a year-end dividend of 75 cents
per share was paid on Dec. 21, last, on the
larger amount of stock now out¬
standing.
See V. 145, p. 3499 for detailed record of previous dividend
payments.—V. 146, p. 2853.
stock for the number of shares represented by such
Great Northern
2,651
was
pref. stock, $3 series, and 8,000 shares of
stock upon official notice of issuance upon exercise of options,
and 35,200 shares of common stock
upon official notice of issuance to
officers and employees, making the total amount
applied for 572,142 shares.
The common stock is held in a
voting trust which expires June 1, 1938.
The holders of voting trust certificates on or after June
1, 1938, upon the
at
def71,731
stock
40 cents
common
tificates for
2,000
434,190
55,658
def36,200
^Hercules Powder Co., Inc.—Declares 25-Cent Dividend—
common
524,654
V
6'460
507,983
92,197
Holly Sugar Corp.—New Director—
Gross from railway
v
16«125
562,915
114,984
if net cirrent assets were less than
$12.50 a share on
$2,347,473
Net from railway
—
$126,374
27,333
The Hilton-Davis charter
$1,380,876
def60,952
def248,726
Net from railway
Net after rents..-.
From Jan. 1—
1935
1936
$149,340
32,708
448,583
39,897
ai46 ^2853
of ^ew
RR.—Earnings—
1937
$163,215
45,254
def12'160
1—"""""
Gross from railway.
Net from railway
same
Grand Trunk Western
1938
$122,652
17,035
Gross from railway
7,340
rrom Jan. 1—
Gross from railway
3501
Ship Island RR.—Earnings—
April—
1935
1936
$156,880
3,222
defl9,277
z
Net from railway
Net after rents
—V
1937
Gulf &
542,997
177,953
120,236
271,827
891,288
12,082
85,000
32,263
12,808
80,849
305,058
60,596
$1,817,486
Prov. for loss
$1,079,143
$2,607,115
$4,398,445
fn respect
of loans & commitm'ts
Miscell. deductions
From Jan. 1—
Gross from railway
Net from railway-
Net after rents...
4,549,266
2,181,305
—V. 146, p. 3015.
Green Mountain Power
Net
a
c
Included in cost of sales,
Includes
on Dec. 1, Sept. 1, June I and March 1, 1937, on Dec. 1, Sept. 1 and
June 1, 1936, and on Dec. 2, Sept. 2 and June 1, 1935, and compares with
$2.25 per share paid on March 1. 1935, and 75 cents paid each quarter from
June 1, 1933 to and including Dec. 1, 1934.
Prior to June 1, 1934 regular
share
were
paid.—V. 146
p.
1243.
Group No. One Oil Corp.—To Pay $100 Dividend—
The directors have declared
a dividend of $100 per share on the capital
value, payable June 30 to holders of record June 10.
This
with $50 paid on March 31 last; $100 paid on Jan. 3 last; divi¬
dends of $50 per share paid on Sept. 30 last and in each of the four
preceding
quarters, and dividends of $100 per share previously distributed 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. 146, p. 1400.
1
stock,
Guarantee Co. of North America—Extra Dividend—
The directors have declared an extra dividend of $2.50 per share in
addition to the usual quarterly dividend of $1.50 per share on the common
stock, par $50, payable in Canadian funds
30.
Similar
distributions
including Jan. 16
1933.
tax.—V. 146, p. 1076.
have
Gross from railway
Net from railway......
Net after rents
From Jan.
been
on
July 15 to holders of record
made
each
Non-residents of Canada
Gulf Mobile & Northern
April—
quarter
are
since and
subject to
Consolidated Surplus Accounts for
Year Ended Dec. 31, 1937
Capital Surplus—
1,1937
Excess of par value of 1,512,091 shares of capital
stock of $10 each previously outstanding over
par value of 756,04534 shares of $1 each issued
in exchange therefor
$14,364,864
Less amt. thereof app.ic. to shs held in treasury._
1,837,898
Balance as at Jan.
a
5%
1937
$725,743
306,740
62,445
165,542
233,358
115,144
2,187,725
605,664
192,584
2,568,880
2,252,493
953,730
767,882
355,899
1936
$605,594
1935
$499,698
168,754
88,773
'
Net from railway
Net after rents
...
12,526,966
consideration received over $1 par value of 988,971
stock sold during the year
Excess of
shares of common
---------
$5,775,465
Balance
Excess
provision "in"prior period for liabilities and
United Theatres,
460,320
1,796,746
468,612
64,385
from
Balance
—--------
.
Commissions and sundry expenses incident to
25,779
15,769
Ltd.—Accumulated Div.—
$5,881,398
recapitalization
in 1937, cnarged against capital surplus in
with resolution of board of directors dated
May 9, 1938
-
and refinancing
accordance
Balance as at
Dec. 31, 1937
-
416,027
$5,465,371
— —
169,655
accumulations on the 7% cumulative preferred stock, par $100, payable
June 30 to holders of record May 31, leaving arrearages of $7.75 per share.
1243.
expenses
sale in 1937 of capital assets charged off or
written down on the books in prior years.
-----Reinstatement in the accounts at the est. value at Dec. 31, 1937,
of factory equipment charged off in prior period
Proceeds
S8.805,568
Charged against capital surplus
resolution of stockholders
The directors have declared a dividend of $1.50 per share on account of
—V. 146, p.
1,977,942
—$14,581,033
Accumulated deficit from operations to Dec. 31, 1936, elimi¬
nated by charging such operating deficit against capital sur¬
plus in accordance with a resolution of the stockholders dated
April 17, 1937
— — . —
8,805,568
Balance
146, P. 2853.
Hamilton
_
$76,125
RR.—Earnings—
1938
$538,404
162,034
1—
Gross from rail way.....
—V.
b Included in depreciation and amortization,
prior to commencement of manufacturing
no par
compares
June
expenses
operations of $235,348.
d Including depreciation of plant and equipment
$145,287 ana amortization of dies, jigs, &c., $175,483.
Note—The amount provided for depreciation relates principally to build¬
ings, due ^0 the fact that substantially all machinery and equipment acquired
prior to Jan. 1, 1937 had been fully depreciated in previous years.
last,
per
factory
of
Corp.—Accumulated Dividend—
The directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 cumulative preferred stock, no par value, payable
June 1 to holders of record May 20.
A like payment was made on March 1
quarterly dividends of $1.50
loss
Deficit
as
at Dec. 31,
in accordance with
1937
Surplus as at Dec. 31,
1937—
8,805,568
1,817,486
$3,647,886
Financial
3502
Chronicle
May
Comparative Consolidated Balance Sheet Dec. 31
1937
in
in
1
el
...
another
1
corporation
Goodwill, trade
Adv.
Gross from railway..
.
consolidated
132,188
54,203
114,653
113,778
receivable--
Prov.
13.063
-.-.
Dealers' dep.,
120,640
Capital surplus...
95,538
78,700
20,552
8,805,568
5,022.421
poration.
Land and a building thereon previously owned by the Common¬
Alcorn Co., subject to a mortgage in the principal amount of
$210,000, which matured on Jan. 30, 1935, were written off on the books of
such company in 1937 following foreclosure proceedings by the mortgagee.
Hupp Motor Car Corp. and its other subsidiary companies disclaim lia¬
bility on the mortgage.
Hupp Motor Car Corp. was lessee of the property
under a 20-year lease dated Aug. 1, 1930, the rental payable being $32,000
per annum plus property taxes.
As of Jan. 28, 1935, the lease was canceled
by mutual agreement between Hupp Motor Car Corp. and The Common¬
wealth Alcorn Co,
The mortgagee, however, has instituted suit, claiming
that Hupp Motor Car Corp. is liable for a deficiency under the mortgage
and for continued payment of rent under the lease.—V. 146, p. 915.
Hudson & Manhattan RR.—Increased Fare Recommended
Interstate Commerce Commission Examiner Irvin L.
Koch on May 17
that this railroad be per¬
fare between Hudson
Terminal, New York, and stations in Jersey City and Hoboken, N. J.
The examiner's recommendations were made in a report in which he
found not justified the carrier's proposal to increase the fare to 10 cents.
"A fare of 8 cents," he said, "would restore the 2-cent spread prior to
1920 between the uptown and downtown fares, thus eliminating respondent's
criticism of the present spread as having had the effect of diverting a sub¬
stantial number of passengers from the uptown to the downtown line."
The additional 5% increase in wages, plus two weeks paid vacation,
provided for in the contract recently signed by Hudson & Manhattan RR.
with its trainmen and station employees are contingent only upon the road
obtaining permission to raise the passenger fare on its downtown lines to
a
report to the Commission
mitted to increase from 6 cents to 8 cents its passenger
10
Gross from railwayNet after rents
Illinois Iowa Power Co. (&
Subs.)—Earnings1936
Calendar Years
$25,140,082 $24,455,476
Operating revenues
Operating expenses
a
Maintenance
2,069,171
414,700
Appropriation to depreciation & retirement reserve
2,276,311
Net operating revenues.
2,000
$8,018,864
516,075
108,255
47,629
36,402 /
$8,436,431
515,509
..w.
Income from subsidiaries not consolidated
Dividends on com. stk. of Super-Power Co. of 111.
_
Other non-operating revenues
420,060
$8,690,824
6,109,362
162,783
23,935
C'r7,547
419,912
$2,476,814
$1,982,377
$8,988,343
5,928,143
163,803
25,329
Cr25,808
Gross income
Interest on funded debt
Amortization of bond discount & expense
Other interest charges
_
construction
Interest during
Dividends on preferred stocks of subsidiaries.
b Net income.
...
a
Operating revenues include sales to subsidiaries not consolidated of
$337,463 in 1936, and $353,335 in 1937.
b Of which, for the year ended
Dec. 31, 1937, $872,871 is applicable to the four months prior to May 1,
1937 and $1,603,943 is applicable to the eight months ended Dec. 31, 1937.
Note—The accounts for the year ended Dec. 31, 1936, have been restated
on
the basis of excluding from the consolidated income statement the
revenues, expenses and other details of operations of Illinois Terminal
RR. Co. and its predecessor companies and Central Terminal Co.
cents.
Consolidated Balance Sheet Dec. 31, 1937
concessions to labor will not
Earnings for Month of April and
Period End. April 30—
Gross oper. revenue....
go
into effect,
A ssets
Liabilities—
-
$123,504,132
Property A plant...
1938—Month—1937
$614,918
$669,679
434,524
431,693
& taxes.
expenses
Year
to
Investments
a
Date
in
3,261,869
_
51,361,043
4,139,901
owned subs, not consolid..
1938—4 Mos.—1937 ^
$2,482,934
$2,641,774
1,799,849
1,697,253
Cash in banks A on hand—
Operating income.
Non-operating income
Power Co
7,976,500
Funded debt of subs
Accounts payable
1,653,377
3,348,530
Accrued taxes.
$683,084
47,555
$944,521
49,007
Materials A supplies
$250,214
293,018
$730,640
1,152,388
$993,528
Prepaid insurance A exp
Other deferred charges
Unamort. bond dis. A exp__
59,446
26,177
1,172,614
100,450,400
-
105,015
$237,986
12,228
$95,520
Includ. int.
$42,805
$421,748
$179,086
Accrued interest
581,770
Sundry current A def, liab
Contributions
Loss
$16,119
39,606
$23,487
;
Other income
756
Total loss
....
$22,731
16,238
....
Other expenses
Net loss...
Preferred dividends
-
-
----
$38,970
11,810
—
banks
and
hand, $311,872; accounts receivable,
$202,506; inventories, $20,240; accounts receivable, due from associated
companies, $140; accounts receivable, due from officers and employees, $72;
accrued interest receivable, $63; investments and deferred
charges, $46,440;
fixed assets (after reserve for depreciation of
$324,918), $1,106,633; other
assets, $277; total assets, $1,688,243.
$22,391; 6% cum. pref. stock (par $20), $785,820; common stock—Author¬
300,000 shares (no par), (100,000 shares reserved for warrants to
ized
1, $200,000; capital surplus, including paid-in surplus,
twchase commons-stock); issued, 200,000 shares at the$174,142; earned
stated value of
surplus, $500,212; total, $1,688,243.—V. 145, p. 2076.
.
preferred stocks of subsidiaries,
c Less reserve of $513,411.
a For
e Represented
by 783,805 no par shares at a
on
construction of property,
stated value of $25 per share.—V.
Illinois Terminal
1938—Month—1937
$440,391
$399,357
225,793
207,100
37,500
32,000
Net oper. revenues
Other income (net)..
$ 177,098
1938—12 Mos.—1937
$4,916,651
2,523,661
1937
Calendar Years—
Gross income....
Int. on mortgage bonds.
$177,398
56,250
5,217
$1,938,990
Dr998
$159,731
54,167
7,476
Cr2,768
$2,351,506
687,244
108,158
Cr36,063
$1,937,992
650,000
77,894
Cr9,190
Net income
$115,931
$100,856
Dividends applicable to preferred stocks for the
$1,592,167
$1,219,288
414,342
$1,177,825
$804,946
_______
unpaid
ivole—No provision for Federal surtax
on
undistributed profits has been
moaths cPded April 30, 1938.
Includes provision of
$26,700 for the 12 months ended April 30, 1937.—V. 146,
Illinois Central RR.—Directorate
p.
3017.
Increased, &c.—
c**May 18 approved a change in the meeting place of board
to Chicago and a new policy as to members of board which
places a majority interest m the road among men who live in the immediate
was
eP&r,ge4 f.rom 12 t0 I4 members
Governor of Illinois
tp
wii
lin
Gen.
,
^
ri
is a
in addition to
permanent ex-officio member.
directors, elected for term expiring 1939
were
James Norris
®ayler<L for term 1940, John L. Beven; for term 1942, Thomas
w?!? and W.aS mrome J * Hanauer; for the term 1943,
^
Wood
R.
Paw
Robert ip
E.
w
King.
from the board are John D. Peabody and Cornelius VanW^8ie T7U?18 ^x?1Ile
1^39, and R. W. Goelet, whose term expires
5 ft*.while Vincent Astor and R. E. Connoily were retired as terms ex¬
$1,300,327
56.024
$1,256,275
98,682
$1,356,352
98,423
225,000
Net railway operating incomeOther income
300,000
664,880
!
Bridge
Interest on funded debt.
Amortization of discount on funded debt.
Miscellaneous deductions.
618,983
1,077
15,826
—
18,389
hereafter three directors shall be elected each
year, two of them for five
years and one for a four-year term.
$274,659
$296,706
Net income.
a
Of which, for the year ended Dec. 31, 1937, $243,472 is applicable to
predecessor companies and $53,233 is applicable to the new company.
Notes—(1) The properties now operated by Illinois Terminal RR Co.
were directly owned or leased by a predecessor company in recent years
and operated as a unified system.
Intercompany rentals between the
predecessor companies have been eliminated in combining the results of
operations.
(2) The accounts for the year 1936 have been reclassified
on the basis of the classification of accounts prescribed by Interstate Com¬
merce
Commission
Balance Sheet Dec. 31, 1937
Liabilities—
Investment in road A
Improve
equip..$52,164,356
69,470
leased ry property
Dep. in lieu of mrtged prop.
sold
on
2,500
....
Misc. physical property.....
Adv. to RR Credit Corp.
774,257
53,544
Cash
290,059
....
7,153
Special deposits
Traffic A
car serv.
Net
rec.
bal.
bal. rec..
from
113
_
Capital stock, ($100 par)....$25,000,000
Grants in aid of construction.
123,126
4% 1st A ref. mtge bonds....
Bloomington,
Decatur
A
Champaign RR,
—
bonds.
809,000
i
2,844,000
------
car serv.
11,347,000
1st A ref.
mtge 5% bonds.
St.Louis,Springfield A Peoria
RR, 1st A ref. mtge o%
Traffic A
agents A
bal. payab.
11,152
388,987
payable.31,435
interest accrued.
245,531
79,510
Audited accts A wages pay...
rec._
88,633
Misc.
Materials A supplies.-------
455,401
Unmatured
Other current assets
142,881
2,382
Other current
conductors
Miscellaneous accounts
Deferred assets.------
Unadjusted debits...-..-—
-
64,819
accounts
264,875
liabilities..
28,491
Other deferred liabilities.
Tax liability
-
Accrued depreciation—equip.
Other unadjusted credits
-
Paid-in surplus
approving the changes in directorate shareholders authorized that
$1,539,039
Dr283,587
044,876
$1,228,565
27,710
facility rents (balance)
pired this year.
In
$2,175,061
636,022
$1,535,626
Dr352,188
Cr45,128
Railway operating income
Hire of equipment (balance)
Joint
Assets—
Balance
new
i&36
$5,998,626
3,823,565
$2,125,091
589,465
Net revenue from railway operations
Railway tax accruals
414,342
Seven
_
$6,196,308
4,071,216
—
454,000
876
o
442.
_,
$5,593,078
2,802,948
439,500
$2,350,630
300
or
p.
Gross income
$160,257
Dr526
period, whether paid
146,
RR.—Earnings—
(Combined Results of Operations of Illinois Terminal RR and its Predecessor
Companies)
a
Other int. & deductions.
Int. chgd. to construct'n
.$190,221,791
Total
$45,702,028; Central Terminal Co., $5,648,063;
liquidation, $10,951.
b For payment of dividends
Illinois Terminal RR,
a
Subsidiaries in process of
Rent for leased roads.
Rent paid to Illinois Iowa Power Co. for McKinley
Idaho Power Co.- —■Earnings—
Period End. April 30—
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.
13,566,872
1,518,680
surplus
on
Accounts Payable, trade creditors, $5,678; accrued liabilities,
®
335,607
10,963,321
...
Railway operating revenues
Railway operating expenses
Balance Sheet March 31,1938
in
$190.221,791
Total
Earnings for Period Jan. 1 to March 31, 1938
81,863
_
Reserves...
Co.-—Earnings—
Total income from contracts before overhead.
Total overhead chargeable to operations
_
by consu¬
Paid-in surplus
Earned
Hunter Steel
105,015
2,470,212
1,115,656
—
Consumers' deposits
d
adjustment income bonds at 5%.—V. 146, p. 2854.
on
765,717
—
Sub. pref. stk. div. payable.
mers
Deficit
6,520,050
.
Funded debt of Illinois Iowa
2,459,490
302,807
$192,248
287,767
Income charges
Common stock
Acc. A notes rec.
$180,394
11,853
Gross income
e
b Cash on deposit
c
$24,175,000
19,595,125
Serial pref. stock, ($50 par).
Pref. stocks of subs
Wholly-
Due from subs, not consoli..
x
10,453,494
1,630,221
1,789,988
411,535
9,565
2,141,808
1,710,738
Taxes, other than income taxes
—
Provision for income taxes
Provision for surtax on undistributed income of sub
Cash on dep. with trustees.
x
1,184,183
27,623,847
5,991,497
3.910,912
3017.
—V. 146, p.
Should the final increase in the fare fall below the amount asked for by
the company the additional
i t is pointed out.
Oper.
31.353,388
6,830,081
3,778,189
r
From Jan. 1—
76,125
wealth
in
32,813,725
6.869,924
3,171,332
.
Net from railway
Total
$7,719,368
1,609,512
748,540
Net after rents......
5,465,371
1,817,486
6,142,414
Deficit
$7,934,358
1,606,188
672,210
.
...
1935
$7,012,370
1,727,278
1936
1937
$6,924,484
1,498,684
637,318
29,057,457
6,772,689
3,325,934
Gross from railway...
Net from railway.
After reserve for
recommended
31,192,638
6,618,627
3,819,775
1938
19,579
depreciation of $7,072,279 in 19.37 and $6,963,387 in
1936.
b Par $1.
c
Par $10.
d Including accrued payroll and other
expenses,
e Investment in a subsidiary company not consolidated; repre¬
sents ownership of the entire outstanding capital stock of The Common¬
wealth Alcorn Co.
The only assets of this company as at Dec. 31, 1937
were a small bank balance and a minor amount owing by the parent cor¬
a
35,689,019
7,915,257
4,048,594
April—
57,174
15,036
credits..
119,584
-$6,142,414 $5,022,421
38,130,444
8,590,186
4,029,860
Earnings of Company Only
wages...
Deferred
—
$7,887,966
1,899,467
1,165,215
1,537
85,000
Ac-
Accrued
Deferred charges..
-
$8,783,747
1,861,342
788,702
of
657,194
banks-—
Net after rents
From Jan. 1—
on
1,180,575
......
Claims against
Total
1,537
—
loss
cancellation
commis'ns, Ac-
mat'ls ordered
closed
for
Net from railway...
$9,373,098
2,120,520
961,609
33,525,158
8,003,523
3,922,759
-
Net from railway...
payments on
Inventories
$7,997,004
1,802,362
731,759
Net after rents
1
&c
names,
Cash.....
Accts.
1935
1936
1937
1938
April—
Gross from railway..
Capital stock
bl,648,285 C13186.280
Note payable....
100,000
Accounts payable.
405,457
77,104
Taxes payable....
d324,214
279,139
Rental payable...
25,500
Owing to sub. not
Ac
$4,518,284 $3,966,430
sub. not
consolidated
Invest,
$
Liabilities—
bldgs., ma¬
chinery,
Inv.
1930
$
1936
1937
Assets—
L'd,
•
1938
28,
Earnings of System
.
Profit A loss—debit balance.
Total.
$54,195,081
Total
——...
782,159
2,710,518
276,693
9,355,028
22,917
$54,195,081
Volume
Financial
146
Earnings for Month of April
April—
1938
Gross from railway
Net from railway.
Net after rents
From Jan.
Year
Subway Division Operations
Period End. Apr. 30—
Gross oper. revenue.
1935
$515,152
196,444
185,158
130,389
130,408
2,133,638
815,048
543,695
$427,405
136,116
94,022
$495,393
1,649,257
423,456
172,950
.
1.945,864
—
Operating
1938—Month—1937
1938—10 Mos.—1937
$3,580,840
$3,831,832 $35,148,797 $36,641,248
2,188,245 ^ 2,156,646
22,403,523
21,123,732
_
expenses
Net oper.
Taxes
revenue
714,772
505,757
342,804
$1,675,185 $12,745,274 $15,517,516
195,586
1,915,178
1,694,711
$1,479,598 $10,830,096 $13,822,805
218,707
2,187,076
2,187,076
Balance
Used for purch. of assets
1,673,588
512,558
$1,392,595
206,297
Inc. from operation.. $1,186,297
Current rent deductions
1—
Net after rents
3503
Date
to
1936
$419,231
107,582
46,337
Gross from railway.....
Net from railway......
—V.
and
1937
Chronicle
218,707
146, P. 2854.
$967,589
$1,260,891
of enterprise
Crl6,531
8,165
Balance—City
and co.
Payable to city under
contract No. 3
$984,121
$1,252,725
$8,678,110 $11,476,882
arrangements
have been made to obtain funds equal to the unsubscribed
balance by bank loans.
It is expected that bonds will be ready for delivery
on or about
May 24, at the principal office of the company, 47th St. at
Sacramento Ave., Chicago, 111., against payment therefor in Chicago
Gross inc. from
oper._
Fixed charges
$984,121
823,998
$1,252,725
876,877
$8,678,110 $11,476,882
8,391,236
8,732,247
funds.
Company will act as its own subscription and transfer
agent for the warrants.
The bonds are to be issued in denom. of $1,000 and are to be in both
coupon and fully registered forms.
Principal and int. are payable at office
$160,122
$375,847
Non-oper. income
778
1,026
$160,901
$376,874
Illinois Zinc Co.—Bonds Offered—
;
•
The company is offering to stockholders of record May 14 for
subscription
by them
or their assigns from May 24 to June 24, 1938, inclusive, on the
basis of the right to subscribe for $6.31 of bonds for each share of capital
stock $600,000 1st mtge. & coll. trust 6% convertible 5-year bonds series A.
To the extent that the bonds
are
not taken and
of New York Trust Co., New York.
Interest payable (M. & N.).
Redeem¬
able at any time in whole or in part upon at least 30 days' notice upon
payment of principal amount and accrued int. to redemption date, with
premium of 2% of principal amount.
Convertible at option of holder, at
any time before maturity or on or before the 10th day prior to any redemp¬
tion date, for capital stock without
par value on the basis of 50 shares of
capital stock for each $1,000 of bonds.
Purpose—The net proceeds from the sale of the $600,000 bonds, will, it
is estimated, amount to
$590,240 after deducting expenses estimated in
the amount of $9,760.
.
The New York Trust Co. has loaned the company from time to time
during the past 18 months various sums aggregating $450,000 as of Feb. 28,
1938.
The amount of indebtedness is expected to increase prior to the
expiration of the rights of stockholders to subscribe for the bonds.
The New
York Trust Co. proposes to lend to the
company an amount not exceeding
$600,000, maturing May 1, 1943, the proceeds of which will be used, in
whole or in part, by the company to pay its indebtedness to the New York
Trust Co.
The new loan from the New York Trust Co. will be in a principal
amount equal to the amount of bonds not subscribed for by the stockholders
and will be evidenced by the
company's collateral note due May 1, 1943,
with interest at the rate of
6% per annum, secured by the pledge of an
equal amount of the bonds and will provide, among other things, that the
holder of the note may, at its election, at any time take in payment of all or
any part of such loan at the time outstanding a principal amount of bonds
equal to the principal amount of the loan thus paid.
The company proposes to take advantage of the foregoing proposal on
the part of the New York Trust Co. to the extent necessary to carry out
the purposes of this financing.
The proceeds of the bank loans referred to above, which as of Feb. 28,
1938 were outstanding in the principal amount of $450,000, were used for
the following purposes:
Additional buildings, machinery & equipment at the smelting plant
near Dumas, Texas
$300,000
Development cost, and machinery and equipment for the sub¬
sidiary company's mines near Hanover, New Mexico
134,000
Additions to the subsidiary company's concentration and treat¬
ment plant near Deming, New Mexico
16,000
The proceeds of additional sums received from the present financing, will
be used for the following purposes:
To purchase machinery and to pay moving costs on machinery now
owned, for use in the new strip rolling mill located in Chicago, Ill_$108,200
To redeem or to reimburse the
company for amounts expended in
acquiring $30,000 principal amount of 6% 6-year con. notes,
series A, redeemed May 1, 1938
31,800
Net inc. from oper
underwriters
Assets—
receivable
Inventories
97,158
382,724
-
Mines, plant properties, equip¬
ment, &c
2,592,389
Patents,
processes, &c
1
...
Prepaid exps. and def'd charges
Notes payable—bank
Accounts
11,280
cust's acc'ts..
Accruals....
43,729
...
Long-term liability.
Capital stock
Paid-in
Operating
1938—Month—1937
$893,737
$966,990
926,298
880,105
expenses
Net oper. revenue
$2,744,634
15,932
$295,644
$2,760,567
1938- -10 Mos.—1937
$9,392,979
8,558,495
$86,885-def$359,836
def$32,560
$8,935,360
9,295,196
$834,483
Rental of jointly operated
lines:
Queensboro Line
$5,031
3,899
3,827
6,341
$5,012
3,916
3,487
6,528
$50,456
White Plains Rd. Line
Other rent items
37,411
64,422
$49,631
38,698
34,929
65,175
$19,101
$18,945
$191,526
$188,434
Bal. of net oper. rev..
def$51,661
Lexington Ave. Line.
39,236
$67,940 def$551,362
$646,048
Fair—Flushing Line—In accordance with the orders of the court
authorizing the provision of 50 steel cars and certain alterations and changes
in track, instalation of
signals and additional power facilities to be made
available for operation of express service to
Flushing and to handle the
traffic expected on the Flushing Line due to the World's Fair in
1939, the
Receiver and the Interborough staff have given i itensive consideration to
all of the work involved, with the result that orders and
contracts have
been given covering substantially all of the
necessary work.
While it is
impossible at this time to give the total cost of the project, contracts total¬
ing $1,539,330 have been awarded for a new substation, car bodies and
trucks, motors and control equipment, and many other items entering into
the work.
There have been additional materials requisitioned, but not
ordered, which will cost approximately $59,100, making the total of materials
ordered or awaiting order $1,598,490.
There will be numerous small items
ordered from time to time practically up to the date of
completion of the
World's
respective jobs.
New Committee for 7
% Convertible Notes'—
-
„
On May 11, 1938, the committee which then consisted of J. P.
Morgan,
chairman, A. M. Anderson, H. M. Addinsell, F. H. Ecker, N. Penrose
Hollowell, G. Hermann Kinnicutt, Clarance Stanley and Henry S. Sturgis,
substituted in lieu thereof a committee consisting of J. Herbert
Case,
chairman, George C. Cutler, Artemus L. Gates, Charles G. Meyer, and
Henry S. Sturgis.
At the same time J, P. Morgan & Co. resigned as
depositary and was succeeded by City Bank Farmers Trust Co.; Robert
P. Howe resigned as acting secretary, and was succeeded by Frederick G.
Curry, as secretary; Davis Polk Wardwell Gardiner & Reed resigned as
counsel, and were succeeded by Shearman & Sterling.
Bankers Trust Co.
as
registrar.
committee and filed
with the depositary on March 25, 1938, and certain
Aug. 31, 1932 for the 1st &
5% gold bonds due 1966 were also approved by the court and
adopted by the protective committee of which J. P. Morgan is chairman.
—V. 146, p. 2854.
amendments to the deposit agreement dated
ref. mtge.
x2,378,500
surplus
Earned
30,000
-
_
surplus..
Capital
49,958
$400,000
65,515
—
payable
Adv. pay'ts on
$286,874
8,770
Manhattan Division Operations
Period End. Apr. 30—
Gross oper. revenue
continues
Liabilities—
$107,225
Accounts
158,846
Pursuant to Article Tenth of the deposit agreement dated
July 19, 1932,
amendments to the deposit agreement were approved by the U.S. District
Court for the Southern District of New York and were adopted by the
Consolidated Balance Sheet Dec. 31, 1937
Cash
.
Balance
.
are no
0 35,090
paid for by stockholders,
current
Underwriters—There
$8,643,020 $11,635,729
deficit..
Interlake Iron Corp.
335,171
1,423
36,164
Calendar Years—
Gross
(& Sub.)—Annual Report
1937
1936
1935
1934
sales
$25,528,878 $19 ,265,159 $15,479,120 $11,886,014
b Cost of goods sold.
18,584,165
14 939,707
12,591,205
9,423,922
Maint. and repairs
1,548,230
,098,233
818,594
740,529
c Provision for taxes
440,629
329,616
271,210
258,625
Sell., adm. & gen. exps.
499,121
343,789
429,538
397,356
a
—_
Total
x
$3,229,4541
Represented by
95,140 shares
Total
.$3,229,454
(no par)
at stated
value of $25
per
share.—V. 146, p. 3339.
Prov. for doubtful accts.
receivable
Rents.
Independence Shares Corp.—Registers with SEC—
Income
Month
8 Months
$1,462,881
$11,710,863
1,150,484
9,531,932
from
railway operationNon-operating income..
9,352
14,426
15,415
24,620
31,004
Gross profit.
Total other income
$4,445,042
387,309
$2,514,618
457,291
$1,280,081
394,020
$963,672
265,349
Gross income
Interest on funded debt.
$4,832,352
449,722
$1,674,101
645,521
53,977
$1,229,022
667,354
55,869
1,276,642
384,567
1,189,561
333,935
$2,971,909
606,810
52,009
1,000
1,626,698
9,567
94,680
$2,406,553
$581,143
stock tax
Independent (Subway) System of N. Y. City—Earnings
Period Ended Feb. 28, 1938—
Total operating revenues
Total operating expenses
11,692
$312,396
$2,178,931
1,006
6,925
Amort, of bd. disc. & exp
Int. on promissory note.
3,417
1,948,787
G'r310,062
Depreciation
Excess of
revenues over
operating expenses.
$313,402
-V. 146, p. 2044.
Indiana Associated
Period End. April 30—
$2,185,856
Other
charges
Prov. for Fed. tax.-
Netprofit
Telephone Corp.—Earnings—
1938—Month—1937
1938—4 Mos.—1937
Operating revenues
Uncollectible oper. rev..
$127,015
$107,229
$498,078
123
104
484
$126,892
67,337
$107,125
57,035
$497,594
269,022
$422,098
226,116
$59,555
$50,090
$228,572
$195,982
50
50
200
149
property
Operating taxes
$422,509
Net operating income-
15,164
70,876
60,630
$34,876
24,081
$157,496
107,789
$135,203
91,675
—V. 146, p. 3018.
a
$
equipment
Cash
28,595,700 30,170,130
Thomas E.
1937, accounted for
Accounts payable
.5% loss.
The Manhattan Division
during the month of April carried 16,717,534
7.37% as compared
reported less traffic than in
the corresponding month of last year, with losses
ranging from 5.13% on
the Sixth Avenue Line to 9.41% on the Third Avenue Line.
The loss on
the last mentioned line has been greater than that of
any other line for the
last four months and for the last three months the loss on the
line has been
greater than at any time since early in 1934.
The number of passengers carried on the entire
system
82,453,593, a decrease of 6,070,891,
with April, 1937.
or
in April
was
approximately 6.86%, as compared
'
$
10,729,900
Due to Dalton Ore
780,298
10,658,338 11,499,400
594,869
600,000
1,983,997
1,899,960
-
547,785
75,000
wages...
76,583
803,884
119,462
Accrued taxes
Accrued
773,318
645,357
Co
Accrued interest..
Inv. in & advs. to
561,511
123,713
Res've for conting.j
reiinlng, &c
capital
stk.res.forempl-
passengers, a decrease of 1,330,891, or approximately
with April, 1937.
All lines on this division
9,000,000
2,963,858
other companies
Murray Jr., receiver, in his monthly report states:
debt
2,009,038
8,225,994
Stocks & bonds of
Traffic—The Subway Division during the month of April carried 65,736,059 passengers, a decrease of 4,740,000, or
approximately 6.73% as
compared with April, 1937.
All lines on the division reported less traffic
than in the corresponding month of last
year, with losses ranging from
5.16% on the Queens Line to 7.70% on the Broadway-Seventh Avenue
Line.
The extra Saturday during the month as
compared with April.
Funded
2,571,292
Int. in Mather Col¬
Co.'s
1936
$
Capital stock.—44,000,000 44,000,000
1,227,462
11,407,460
—
Inventories
lieries
1937
Liabilities—
b
Land, plant and
Ore Co
Interborough Rapid Transit Co.—April Earnings—
d$686,607 d$l,009,166
1936
%
Assets—
Accts. & notes rec.
$40,873
28,247
325,402
Consolidated Balance Sheet Dec. 31
1937
18,632
Net income
57,838
13,065
a
Less commissions, discounts, returns and other allowances,
b Ex¬
clusive of provisions for depreciation, maintenance and repairs and taxes,
c Other than Federal income and capital stock taxes..
d Loss.
411
Operating revenues
Operating expenses
Net oper. revenues
Rent for lease of oper.
50,804
13,065
Prov. for Federal capital
See list given on first page of this department.—V. 146,
p. 3018.
874,759
280,811
282,660
Capital surplus...
1,316,587
1.901,062
Earned surplus...
own
1,149,555
1,132,388
51,187
Cash in closed bks.
75,327
28,435
28,791
Deferred charges.-
153,315
415,787
Other assets
58,170,955 58,996,5341
Total
a
After
Total
58,170,955 58,990,534
depreciation of $18,448,620 in 1937 and $16,594,871 in 1936.
2,000,000 no par shares.—V. 146, p. 3018.
b Represented by
International
Agricultural Corp.—Pref.
Dividend—
dividend of $2 per share on the prior pref. stock
June 10.
A dividend of $3 per share
paid on June 17, 1937.—V. 146, p. 3018.
Directors have declared a
Davable June 20 to holders of record
was
International Harvester Co.—Smaller Dividend—
May 19 declared a dividend of 50 cents per share on the
stock, payable July 15 to holders of record June 20. Previously
regular quarterly dividends of 62}A cents per share were distributed. In
addition, a final dividend of $1.50 per share was paid on Oct. 15, last.
Directors on
common
—V.
146. p. 3188.
Financial
3504
International Great Northern RR. —Earnings—
1936
1937
1938
April—
1935
$966,341
62,818
def110,656
Net from railway
Net after rents
$1,117,652
162,821
def24,845
$1,005,697
176,460
18,666
$929,967
122,568
1,233
4,041.728
Grose from railway
4,423,404
756,866
21,873
3,826,441
569,760
def2,815
3,776,977
615,238
94,889
From Jan. 1—
Gross from railway
472.208
Net from railway
Net after rents.
def211,311
_
Chronicle
May
1938
28,
suspicion whatsoever regarding the inaccuracy of the financial statements'
and that at the present time they are large holders of the common stock.
The two witnesses, both directors of the company and partners of the New
York Stock Exchange firm of Ernst & Co., were Howard M. Ernst and
Bertran S. Rosenbaum.
Falsification of the firm's books for the past three years by an accountant
was discovered last February.
In 1937 false entries amounting to $1,600,000
were made in cash, accounts receivable and inventory.
The 1936 statement
of condition showed a total of $879,380 falsified, and in 1935, $471,000.
V. 146. p. 1244.
—V. 146, p. 3340.
Interstate Department
Other income, net-...--
incl.
— --
2,003,146
—
$8,424,684
5,194,205
819,764
1,969,495
4,875,474
871,739
inc.).
chased power.—
Taxes (other than
Balance---
funded debt and
other debt of subs—..
Int. on debs, of Interna¬
20,654,455
3,986,144
7,633,062
20,233,701
3,872,317
7,267,323
$8,868,103 $33,171,786 $33,657,271
on
2,883,973
2,919,897
11,626,174
12,098,277
398,520
398,520
1,594,080
230,748
System
expense...-
241,292
961,932
924,486
and
—
charged
against operations
Prov. for deprec.
Prov. for inc. taxes
Prov.
Federal taxes—
Federal surtax
1,449,313
1,484,03 1
611.156
677,641
_
5,516,237
2.303,107
1,884,996
1,705,739
7,429,904
7,277,936
currently
""226
~Cr215
$442,438
y260,400
$474,087
$44,646
301,378
$0.65
$104,524
219,592
$3.22
$182,038
216,762
$257,087
Earnings per share.
$1.24
$1.47
xFive quarterly
y
_
„
Surplus8hs.com.stk.out.(no par)
dividends,
173,600
603.878
of
255,104
550,723
1937
1938
Liabilities—
1938
Preferred stock...52,464,000
y
—-
373,468
1,331,910
1,304,555
6,000
7,225
1,225
431,498
$627,152 $1,856,492
$1,443,334
Notes—(1) Operating expenses for the quarter and the year ended
March 31, 1937 include an amount of $219,900 provided as a special reserve
than normal" water conditions during the early months
of 1937.
This amount was credited back to operating expenses later in
1937 so that the figures for the year ended March 31, 1938 include a credit
of this amount.
(2) The above figures include deductions for accrued
and unpaid dividends on the 6 % 1st pref. shares of Canadian HydroElectric Corp., Ltd., for periods prior to March 31, 1937 at the rate of
$731,742 per year.
Dividends on these shares were eliminated as a result
of the amalgamation in Sept., 1937 of that company, with Gatineau Power
Co
Dividends amounting to $609,785 per annum, on the 5% preferred
stock of Gatineau Power Co. issued in connection with the amalgamation,
became cumulative after Jan. 1, 1938 and the above figures include deduc¬
tions for dividends on these shares for period subsequent to Jan. 1, 1938
because of "better
only.
Results for periods ended March 31, .1938 are after deducting the
minority interest in the earnings of these properties applicable to common
Gatineau Power Co. distributed as a result of the amalgamation
This deduction amounts to $40,107 for the quarter and $182,050 for the
shares of
ended March 31, 1938.
(1) Preferred stock, July 15, 1934 to March 31, 1938, $1,853,412;
(2) Class A stock, April 15,1932 to March 31, 1938, $10,209, 223; (3) Class 13
stock (all held by International Paper Co.) April 15, 1929 to March 31,
193^—$4,571,246 class A stock also has certain participaing rights and,
subject to rights of preferred stock, liquidation value of $60 a share plus
accrued dividends.
(5) The accounts of Canadian subsidiaries included in
the above figures are stated at parity of exchange without adjustment fo
any difference between Canadian and United States funds.
It is the practice
of the companies to reflect in current operations any difference between this
rate and current quotations at the time funds are actually purchased or
transferred.—V. 146, p. 2539.
Cash dividends—-—.
— -----
$525,166
2.811,
448
I. M. C. Corp..
10,999
1,092
Other
;
—-——
—
Minority
1 Merest.
Res.
replace't
59,586
30,100
5,947
x
Total
-
$537,705
-
Office expenses, rents, interest,
145,605
&c.
21,500
After
depreciation and
amortization,
shares in 1938 and 219,592 shares
Iowa Public Service Co.-
Represented
by
301,378
1937.
z After reserve.—
y
in
Operating revenues.
_
$3,740,983
28,492
$4,107,447
$3,769,476
452,639
$4,465,364
1,907,786
308,513
400,000
438,030
1,772,192
255,910
350,380
339,880
1.600,455
218,537
280,000
342,83.5
$1,450,954
803,185
38,844
$1,411,034
812,381
38,855
' $1,389,085
$1,327,649
837,347
$608,926
334,902
$559,797
334,902
$4,621,642
1,985,835
286,267
445,946
Depreciation reserve
Taxes, incl. Federal
earnings
charges
Interest
Amort, of dt. disc. & exp
Net income
Divs.
on
1st pref. stock!
2d pref. stock./
Common dividends
Balance.
_
-
_
a
on
After proportion
—
824,166
39,189
$525,730
334,973
$450,599
335.071
'
$76,575
$274,024
$190,757
$115,528
provision for Federal
1937
1936
$
$
Assets—
Plant
and
incl. real estate.29 285,039
Investments, Ac..
28,085,931
1 767,715
$7
1st
100,830
1,527,100
stock
(no par)
$6
357,700
1st pref.
(no par)
..
816,552
854,660
$7
102,109
107,108
Due to affil.
secure.
4,178
1,126
Accts. & notes rec.
445,336
Accts. & notes pay.
22,758
407,899
18,745
348,265
269,706
Accrued accounts.
amortization
10,123
2,643
—
stock
1 ,247,800
....
...
debt
Dividends
497,236
funds)
444,220
Miscell.
Mine examination expenses
251,420
19,000
$347,537
180,024
for mining venture losses
Netprofit___
_
Provision for Federal normal income tax
on
undistributed profits.
Adjust, of Federal income tax applic. to
year
1936
$728,120
102,027
Net profit on investment transactions
on common stock
62,988
$311,786
62,500
28,000
$154,276
12,500
65,716
llab.
21,277
115,713
123,986
2 ,564,640
2,472,838
curr.
Island Creek Coal Co. (&
1937
1936
$136,143
$922,002
$106,028
Receivables
9,942
49,439
4,328,977
3,008
5,214,223
1,408
a
Special
dep.
Deferred charges.
.
Liabilities—
1937
3,385
Net
divs.
66,710
Res. for taxes of a
220,566
$2,452,298
257,353
$2,789,105
234,751
509,974
127,295
250,000
$1,667,083
220,000
638,111
153,413
165,000
$1,238,420
$1,153,269
263,152
697,199
261,062
65,000
Com. stk. ($1 par)
561,373
Capital surplus-._ 4,716,019
557,961
Total
subsidiary
4,680,146
103,318
Dr330,542
company
1937
S
Property acc'ts..12,346,343
Interstate
$5,263,929 $5,374,483
Hosiery Mills, Inc.—Bearings—
As hearings concerning falsification of financial statement of the company,
the past three years were resumed before Assistant Attorney General
Ambrose V. McCall, two directors of the company testified they "had no
151,614
151.614
154,831
1,187,729
1,187,729
1,484,662
$188,423 def$100,923 def$186,073
593,865
593,865
593,865
$2.32
$1.83
$1.69
$27,590
593,86.5
$2.54
in
Liabilities—
S
y
y
Appal.
1936
1937
1936
11,525,366
5
Preferred stock,
Common stock..
Paid-in
Coals, Inc., pref.
25,269
25,269
593,865
593,865
surplus.—11,124,721
11,124,721
10,101
Acc'ts pay., &c
726,847
852,780
19,630
16,378
Acer. tax. pay.,&c.
173,953
213,251
1,218,901
U. S. Treas. bonds 4,000,000
Acc'ts & notes rec. 1,560.701
Inventories
738,895
752,732
Federal taxes
230,565
Other
investments
Cash
147,271
Deferred charges..
dissolved during 1935.
reswve^for fining venture losses of $254,833 in 1937 and $73,356
In
151.614
1,187,729
_
$5,263,929 $5,374,4831
$2,568,539
$2,212,763
248,228
540,136
111,128
160,000
(6%)--.
Assets—
x
3,385
65,000
■
For payment of taxes of a
b After
1934
215,632
Surplus
Com.shs.outst'g (par $1)
Earnings per share
dissolv.
Treasury stock
a
1935
$1,997,131
227,161
Common dividends
Invest,
during 1935
Res. for conting..
Inv. transct'n surp
Total
1936
$2,225,137
203,951
_
income
Preferred
Subs.)—Annual Report—
$2,765,227
$1,527,765
Exps., int. & sundry tax
Deprec. & depletion
Gross sales taxes, &c
$1,281
138,564
co.
33,443,731 32,381,876
b Accounts payable only.
$2 969,179
Total income
1936
$10,197
Prov. for taxes
subs.
of
cash & acct. rec.
b Invests. & advs.
230.909
1,631,163
Consolidated Balance Sheet Dec. 31
Accounts payable-
hand.
on
19,587
250,024
.
Total..
1937
Income from operation..
Other income-
Balance Sheet Dec. 31
Cash in banks and
..
1 ,902,201
412,000 shares $15 par.
Reserve for Fed. taxes.-
"~5~633
$221,285
117,968
...33,443,731 32,381,876
Represented by
146, p. 3340.
a
$329,117
111,853
1934.
Dividends
Assets—•
549,419
61,889
—V.
Calendar Years—
Maria del
Oro, S. A__
Provision for Fed. surtax
34,500
517,964
Surplus
22,000
14,308
300,000
_____
Santa
b53,231
payable
Other reserves.
145,735
Legal fees & expenses in connection with litigation
reserve
15,265
15,678,000
due
Res. for deprec'n
$514,060
1,247,800
20,154
16 ,450,500
cos
Funded debt..
Funded
2,154,362
within 1 year
Cash (incl.working
_
pref.
(no par)..
Materials and sup¬
plies
2d
398,000
2 ,032,246
stock
_
Deferred charges &
Marketable
$
1,451,200
pref.
6,180.000
$6.50 1st pref. stk.
.
of
process
1936
$
a6 ,180,000
(no par)
2,091,649
154,540
Special deposits &
—
1937
Liabilities—
Common stock
equip.,
1,305
540
for Calendar Years
1937
regarding Compania Minera
surtax.
Balance Sheet, Dec. 31
of Federal income taxes but exclusive of net profits
Profit realized on sale of securities
Provision to
39,703
'
148,320
~~
_
Note—The company has made no
investment transactions.
Investment Transactions Account
1934
$4,056,481
50,966
Gross earnings
Operation
on
1935
$4,427,153
38,211
Maintenance
Divs.
1936
1,575,871
45,771
_ _.
Non-oper. revenues
Net
-Earnings—
1937
Calendar Years—
Total..
$370,599
370,599
Net income
on common.
1,599,274
Crl,212
Adjust, of Fed. inc. tax applic. to year 1934
a
31,087
$8,247,608 $7,480,637
Def'd liabilities..
Provision for Federal normal income tax
6,293
25,975
2,460,239
for
of fixtures, &c__
V. 146, p. 2539.
prepaid accts
1936
$499,448
estate
$8,247,608 $7,480,637
no-par
in
regular
Notes pay. on real
236,620
Due fromaffii. cos.
Interest—Accrued on advances to subsidiaries:
International Mining Corp. (Canada), Ltd
2,022
Current liabilities-
Surplus
Total
Directors have declared a dividend of 10 cents per share on the common
1937
32,210
Bond disct. & exp.
Dividend—
Calendar Years—
2,340
61,104
accounts
sinking funds
stock, payable June 20 to holders of record June 6.
Previously
quarterly dividends of 15 cents per share were distributed.
255,000
Accr.add'l comp__
227,079
Misc. other assets.
1938:
International Mining Corp.—10-Cent
546,002
4,504
850,036
3,958,614
3,935
Adv. to employees
(3) Additional provision for depreciation was
charged directly to surplus by a subsidiary in the amount of $1,750,000
during the 12 months ended March 31, 1938 and 1937.
(4) Undeclared
cumulative dividends on shares held outside the company at March 31,
Mortgages payable
banks.------—
$397,027
1937
$2,480,000
1,133,482
1,913,192
Deposits In closed
Deferred
Common stock__
1,542,412
1,200,693
604,834
1,984,383
781,748
2,974,010
Cash
Acc'ts rec., &c_
1,282,413
_
Dividends
203,602
Six quarterly dividends.
Land, buildings,
z
337,352
profit...-
Total
x217.000
Consolidated Balance Sheet Jan. 31
Inventories
403,629
Other income.
$764,732
189,765
101,096
372
Assets—
Minority interest in net
earnings of subs.
Other charges against in¬
come of subsidiaries.
year
$732,822
197,246
92,912
leaseholds, &c. .82,212,539 51,764,422
subsidiaries-.
■
$1,249,275
199,825
149,958
17.119
$882,002
3,586
-----
—
of subsidiaries
Net
$738,457
26,275
Cr345
5,585,504
1,711,601
paid on
pref. and class A stocks
paid on pref. stocks
45,542
$368,585
173,250
150,689
Net profit..
Preferred dividends
Divs. being curr.
Divs. not being
$687,280
interest
Minority
undistributed
for
profits tax
$1,156,306
92,969
$673,502
209,825
94,387
1,050
Total income
Depreciation
Common di vidends._
—
Amort, of debt disc,
$569,929
103,573
profit
Operating
Other income
1,594,080
Hydro-Electric
tional
sales
Costs and expenses
'
Stores, Inc.(& Subs.)—Report—
1938
1937
1936
1935
$26,947,882 $28,008,524 $23,938,449 $23,585,656
26,377,953
26,852,219
23,251,169
22,847,199
Years End. Jan. 31—
Net
pur¬
Maintenance--.—
Int.
Subs.)—
$16,175,044 $16,851,567 $65,445,448 $65,030,613
Total revenue
exps.
(&
1938—3 Mos.~1936
1938—12 Mos.—1937
$15,495,233 $16,119,216 $62,276,799 $62,073,965
679,810
732,351
3,168,649
2,956,648
Period End. Mar. 31—
Operating revenue
Oper.
System
Hydro-Electric
International
x
After
1936.
Dividends payable
1,782,835
1.198,972
Reserves
173,752
37,903
409,867
Profit & loss surp.
37,903
397,035
6,708,750
6,520.328
152.520
20.031,743 19,938.905
Total
in
4,500,000
Total
-.20,031,743 19.938.905
depreciation and depletion of $11,342,363 in 1937 and $11,009,525
y Par value $1 per share.
April Production—
Month of—
Coal mined
(tons)
—V. 146, P. 3018.
x
April, 1938 March, 1938
184,476
221.393
April, 1937
318.477
Volume
Financial
146
Investment
Co.
America—To
of
Chronicle
Pay 50-Cent Cash and
100% Stock Dividend—
Period End. April 30—
Total oper. revenues
Total railway expenses.
entirety from capital surplus and involves no capitalization nor distri¬
bution of earnings. Previously regular quarterly cash dividends of 60 cents
distributed.—V.
were
146,
p.
2539.
stock
common
$286,656
308,825
$0.93
interest, normal Federal
(par $1)
_
share
per
1937
1938
$14,310
482,935
$0.03
..
_
Earnings
After
depreciation, amortization of patents,
income and excess profits taxes and other deductions.
x
Year
Date
to
1938—12 Mos.—-1937
$6,702,453
4,182,812
1,189,765
$6,746,085
4,169.707
1,054,918
General taxes
Social security taxes
$121,505
22,692
10,781
$134,741
24,802
7,543
$1,329,876
263,853
104,713
$1,521,460
291,174
50,283
$88,030
$102,396
123
237
$961,310
21,218
$1,180,003
Dr7,003
$88,153
70,792
$102,633
40,133
6,088
71,471
$982,528
490,428
75,942
861,510
$1,173,000
416,082
76,863
855,307
$28,476
$15,060
$445,352
$175,253
Total bus expenses
Net
_
Gross income
Interest
on funded debtOther fixed charges
Total depreciation
Consolidated Income Account for the 12 Months
-V. 146, p. 2696.
Kansas Oklahoma & Gulf Ry.—Smaller Dividend—
Ended March 31, 1938
$57,606,845
50,628,298
1,432,066
781,007
Depreciation.
!.
Depletion & obsolescence of mineral properties
excess profits taxes & surtax on undistributed
takprofits based on Revenue Act of 1936-.:
____
x
40,481
5,356
Net loss
Johns-Manville Corp. (& Subs.)—Earnings—
Sales, net of returns and allowances
Manufacturing cost, selling & admin, expeness, &c
oper. revenue
Non-operating income..
Note—Company states that no provision has been made for surtax on
undistributed profits.—V. 146, p. 2045.
x
and
$576,024
347,377
93,905
(F. L.) Jacobs Co.—Earnings—
3 Months Ended March 31—
x^Net profit
Shares
of April
1938—Month—1937
$568,906
341,913
105,488
its
share
Month
Operating income
W Directors have declared a cash dividend of 50 cents per share and a stock
dividend of 100% on the common stock, both payable June 30 to holders
of record June 15.
Company stated that the stock dividend is payable in
per
3505
Earnings for
Directors have declared
a
dividend of $1.50 per share on the series O
§7° no^-cumulative preferred stock, payable June 1 to holders of record
May 24.
ir
This compares with $4 paid
7j„and dividends of $3
V. 146, p. 2856.
Dec. 1, last; $2 paid
on
on
June 1,
paid on Dec. 1 and June 1, 1936.—
per share
Prov. for income &
883,314
Kansas Gas & Electric
Period End. Apr. 30—
$3,882,159
Net income
218,750
Dividends received from Johns-Manville Credit Corp
$6,245,573
3,337,111
981
93
55,000
50,000
620,000
600,000
$176,074
$182,179
1,099
$2,287,481
15,954
$2,276,958
15,275
$183,278
60,000
$2,303,435
720,000
$2,292,233
720,000
15,000
14,198
180,000
106,031
07,230
180,000
97,778
02,048
Net income
$94,485
$94,080
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,304,634
$1,296,503
revenues
Oper.
$4,100,909
Net income
Note—No provision has been made for Federal surtax on undistributed
profits for three months ended Mar. 31, 1938.—V. 146, p. 2539.
Johnson &
exps., incl. taxes..
Amort,
of limited-term
Property retirement
serve
this company
devote his full time to the Chairmanship of the Board of Directors.
He said the step meant he was placing the New Brunswick, N. J., plant
under independent management, as other plants have been for 10 years.
Arthur R. Clapham, Vice-President and general sales manager, was
elevated to the Presidency.—V. 139, p. 3811.
Other income (net)
Kalamazoo Stove & Furnace Co.—Annual
Report—
1935
1936
1937
$7,597,391
Calendar Years—
__
$7,547,125
$5,156,600
2,357,287
3,952,109
2,159,219
2,676,881
1,508,145
$1,339,358
$1,435,796
$971,574
28,733
536
...
Gross income.....
Int.
on
Int.
on
$5,972,638
3,095,587
re¬
appropriations
Net operating revs
Johnson,—New President—
Robert Wood Johnson resigned on May 17 as President of
to
Net sales
1938—12 Mos.—1937
investments
Computed at revised rates adopted in 1937.
x
Co.—Earnings—
1938—Month—1937
$502,771
$489,503
271,697
257,324
Operating
$176,610
60,000
15,000
9,201
Cr2,076
mortgage bonds.
debenture bonds
Other int. & deductions.
Int. charged to construe.
520,784
520,784
$783,850
$775,719
Cost of goods sold, incl. mat., labor—
factory expense
Sell., adver. & adminis.
3,900,746
expenses
Operating profit
20,491
$914,516
1,935,907
In cash.
Bal. at close of period
Shares outstanding
Earnings
x
per
_.
...
$2,973,235
x280,320
757,008
$1,935,907
300,000
$1,895,404
164,016
$3.59
$4.78
share
Kaufmann
Department Stores, Inc. (& Subs.)—Earns.
Calendar Years—
1937
Net sales
1936
24,606,900
22,214,986
18,700,967
17,263,742
Gross income
$2,764,520
$2,190,087
$1,451,685
$1,201,551
25,321
$2,190,087
173,437
89,595
40,182
373,209
$1,494,175
173,315
203,000
$1,226,873
164,974
25,808
127,074
90,224
$1,513,664
10,133,008
$1,041,234
9,819,023
$818,793
9,400,776
46,729
Other income
Net profit
50% stock dividend in the amount of $1,000,000, an amount of
charged to capital surplus which arose during the year 1936
stock, no par value, to common stock par $10
share, and the balance of $280,320 was charged to earned surplus.
Other charges
(net)
Interest
49,110
466,035
585,984
Fed. & State inc. taxes..
Other taxes
Net profit
42,490
$2,811,249
177,990
Depreciation
123,012
was
for year—
$1,532,129
Previous balance
Refund on Fed. income
10,220,992
tax of
prior
year
Cash
Receivs.
5294,612
3,293,779
Prop.,
banks
Accts.
1.382,405
$275,000
pay.
crued
&
114,509
78,799
623.956
694,223
30.000
32,116
Federal taxes
98,367
146,405
Res. for self Insur.
Cust.'s adv. pay..
&
plant
equip, (net)
Deferred charges.
255,804
expenses.
_
269,700
Commissions with¬
94,904
136,982
3,000,000
2,250,422
or
declared:
Balance at Dec.
common
-V. 146, p. 2856.
$5,179,083
138,374
1,467,863
Motorbus pass, revenue
Other motorbus receipts
18,317
21,148
Non-operating income
Gross
$6,824,785
re venue.*
407,897
397,079
Way and structures
E q uipment
*
.... -
Power—maintenance
_
23,494
—
823,207
1,718,631
Power—operating.
Transportation
38,943
428,095
Traffic..
General and miscell..
373,019
1,156,477
Injuries and damages..
Motorbus oper. expenses
Taxes
365,183
$1,092,760
492,395
.
Interest
on
bonds..
Miscell. charges
Net income
79,354
— —
Reduction
was
$5,037,275
133,995
1,081,819
16,059
7,193
$6,708,749
404,860
379,969
23,846
844,279
1,637,297
35,862
418,731
375,601
1,006,660
324,390
$1,257,254
x380,182
74,051
$960,535
x.387,155
86,495
a
425,790
19,386
845,502
1,612,675
,
36,451
413,735
382,073
854,222
318,023
$803,021
854,454
$486,885
877,413
$51,433
$390,528
of interest charges during years 1935-6 shown in above
largely occasioned by issuance of series B bonds (bearing
1933-36 and 6% and 7% thereafter)
in exchange for series A bonds (bearing interest of 6% per annum), pursuant
to the voluntary readjustment plan consummated in 1933 and accepted
by over 97% of the bondholders. Interest in 1937 and thereafter is payable
at rate of 4% per annum as result of reorganization plan consummated in
1937 under Section 77-B, whereby series C 4% bonds were issued in ex¬
change for all outstanding series A and B bonds.
5,500,000
jects..
C, 4%._
12,144,500
5,338 Equip, trust notes, secured..
240,989 Audited accts. & wages pay..
307,640
88,405
Miscell. accounts payable—
...
Cash in banks & on hand
... -
Due from employees..
-
Bond int. pay., Jan. 1, 1938.
9,515
263,861
16,313
303,174
.
Materials & supplies—..—
Prepaid insurance & taxes—
Unamort. bond discount
Total
a
—
-
$26,766,684
Unclaimed int. & divs
Accrued taxes...
Deferred liabilities
Reserves
Surplus
Total
187,000
57,308
...
242,890
Inventories
4,117,816
948,179
3,960,412
Instal.
37,915
55,555
Cash
Prepaid accounts
.
note
to bank
925,766
„
Res.
7,080,787
600,000
1,000.000
pay.
300,000
300,000
127,214
127,875
225,618
April 1.
for
900,000
1,250,000
Notes payable
236,507
insur.
and conting
Dividends payable
Surplus
23,220,594 22,774,534
Total
—V. 146, p.
2,320,973
2,342,704
10,787,469 10,220,992
Total
23,220,594 22,774,534
2045.
Kendall Co. (& Subs.)—Annual Report—
Dec. 31, '37 Dec. 26, '36 Dec. 28, '35 Dec. 29, '34
deprecia¬
$1,603,006 $2,267,640 $1,367,590 $1,400,883
675,975
654,973
629,146
734,775
Years Ended—
before
Profit
tion, interest & taxes.
Depreciation
Gain
on
ture
$771,737
13,436
423,031
$764,317
$1,208,204
233,237
34,720
long cotton fu¬
transactions
on
capital
disposed of
Gain
—
assets
14,177
Bond interest
Other interest charges.
Amort, of bond
Other
$1,591,665
9,708
$712,617
10,639
41,061
$868,232
13,385
Interest received
_
discount
amortiz. charges.
Ghgs. agst. red. of debs.
Loss
on
disposition of
$881,617
251,220
42,372
4,290
21,917
33,495
$1,615,551
228,150
21,640
25,915
233,082
23,349
25,915
25.915
~
2*282
292",696
6,016
107,423
27,414
233,280
24,906
82,947
85,046
Exp. for rehabil. & start¬
ing produc'n at plant
purchased during year
Surtax on undist. profits
147,168
fixed assets
Provision for taxes
1,891
75,154
on
Net
profit for year...
Previous surplus
52,624
$451,275
1,392,196
$872,792
950,712
$285,585
877,372
$515,967
807,649
$1,843,472
203,321
$1,162,957
208,802
$1,323,616
11,169
$1,823,504
202,643
198,708
29,955
"3". 444
218,567
13,420
$1,428,769
$1,392,196
$950,712
$877,372
99,029
425,175
5,536,128
785,367
Pref. divs. series A
dividends
Provision for partic. div.
Common
200,213
214,255
$26,766,684
Represented by 345,481 no par shares at stated value of $20 per share.
Mortgages
176,139
4,478,053
.
$587,400
(par
$12.50)..
5,500,000
194,936
4,924,998
Investments
1936
$506,800
7,080,788
Common stk.
72,017
529,017
2 9,148
—
Non-oper. properties
Accts. & note receivable
$6,909,629
Capital stock.
1st mtge. bonds, ser.
Expends. & uncompleted pro¬
Other assets
a
1937
Pf. stk. (par $100)
Accts. & notes rec.
Divs.
Liabilities—-
...$25,280,921
566,463
$1.34
pref. stock of
subs, in hands of public
Consolidated Balance Sheet, Dec. 31, 1937
Jk. 3 SCt3
Liabilities—
1936
account..$7,026,360 $7,194,363
484,247
property.
470,389
Prop,
Accts. pay., &c...
interest of 3% per annum during years
Operating properties
566,463
566,463
$2.60
$1.75
undistributed profits.
Consolidated Balance Sheet Dec. 31
$6,276,341
407,949
$521,011
861,989
_ _
Balance, deficit
x
1935
$5,222,733
140,442
1,319,234
17,251
9,089
$340,978
(before depreciation)
Prov. for deprec., renewals & retires..
statement
1936
1937
Calendar Years—
Railway pass, revenue
Other railway receipts
Earnings—
566,463
$2.63
1937
Goodwill
Public Service Co. (& Subs.)
$9,819,023
out¬
Note—No provision made for surtax on
Outside
Kansas City
31.--$10,787,469 $10,220,992 $10,133,008
stk.
1,935,907
$6,177,120 $6,249,228
Total
339,878
57,750
16,925
standing ($12.50 par).
Earnings per share
Assets—
$6,177,120 $6,249,228
Total
594,786
51,777
80,685
1,358,006
44,933
22,741
904,434
41,067
20,150
Miscellaneous charges..
3,000,000
held..
Capital stock
Earned surplus...
paid
Preferred
Shs.
1,289
14,008
$11,753,121 $11,646,672 $10,860,257 $10,233,576
Common
$450,000
ac¬
701,549
Other assets
Divs.
Notes payable—to
$723,885
3,338,010
1,630,071
(net)
Inventories
Total
1936
1937
Liabil ities—
1936
76.626
IIIIII
Balance Sheet Dec. 31
1937
1934
expenses
from the change of common
Assets—
1935
$27,371,420 $24,405,074 $20,152,652 $18,465,293
Cost of sales and oper.
Of the
$719,680
per
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended April 30, 1938 and 1937.—V. 146, p. 3018.
$2,018,416
$3.05
Total surplus
Dividends in stock
$785,347
1,233,068
$2,250,422
300,000
Net profit
Previous earned surplus
$1,077,831
1,895,404
$2,850,422
Normal inc. & excess-profits taxes
Surtax on undistributed profits
$1,000,308
63,060
151,900
74,300
...
$1,457,114
106,184
213,300
59,800
600,000
Total income
Other deductions
21,318
$1,359,849
175,633
195,400
Other income
Balance
Financial
3506
Comparative Balance Sheet Dec. 31
Consolidated Balance Sheet
1,496,401
1,205,604
Cash..
Liabilities—
%
I
Accounts nad notes
69,577
stock—
69,577
439
investments
35.031
39,822 Prov.
Common
Misc.
439
(<Usc. on
boiids
67.367
mach'yY
equip¬
&c
ment,
633,977
d
28,142
44,340
e
75,154
389,864
holds & improve¬
457,823
300.890
Deferred expenses-
769,974
and
180,848
13,911,514
199,310
200,288
360,396
1,728,576
359,744
1,428,769
Earned surplus...
Total
1,392,197
17,267,488 18,645,137
1936.
1936.
50,358,565 38,120,499
Total..
3,502,600
Common stock--
of assets of Seedtown Products.
The bill of complaint alleged
Kerlyn Oil Co,—Earnings—
1938—9 Mos,—1936
1938—3 Mos.—1937
$152,093
$123,771
$68,093
$0.62
$0.50
$0.20
$0.27
depreciation, taxes and certain extraordinary charge917.
'
After depletion,
Kimberly-Clark Corp. (& Subs.)—Annual Report—
20,339,914
17,293,782
15,630,991
1,361,239
1,150,583
13,010,967
$3,781,775
174,658
$2,576,468
199,792
$1,824,470
149,634
$1,006,526
218,223
$3,956,433
$2,776,260
y522,500
377,154
$1,974,104
xl92,500
399,459
$1,224,749
y800,000
369,856
395,994
23,348
287,576
42,175
$1,457,265
597,780
548,076
$1,052,395
597,780
182,696
1,929,696
Total income
1,818,483
1,629,191
1,198,403
Other income
1,175,131
1,161,487
Federal income taxes
Int., amortization, &c_
-
Prov. for doubtful accts.
x90,000
412,347
102,172
100,948
Other int., cash discount
361,290
on sales, &c-.
Net loss of subsidiary—
prof36,078
Net profit
Preferred dividends
$2,360,417
597,780
975,846
Common dividends
x
Estimated,
y
222,871
prof40,699
$438,056
597,780
$271,919 def$159,724
487,173
487,173
$0.93
Nil
$311,409
487,173
$786,791
483,173
$3.61
Surplus
Shs.comstk.out.(no par)
Earnings per share
which amounts were considered to be collectible to the extent
50% and 40%, respectively, d Approx. quoted market value at Dec. 31,
f Includes accrued real estate taxes and accounts payable.
Note—Contributions pledged and unpaid which will not be taken up in
$1.76
Includes provision for Federal
surtax
Condensed Consolidated Balance Sheet Dec
Lake Shore Electric Ry.—Final Distribution—
1937
Dec. 1,1937, gives notice that pursuant to a final order of distribution made
by the Court on May 13, final distribution is authorized to be made as
follows;
Upon presentation of the bonds and coupons in bearer form or accom¬
panied by assignments in blank duly executed to Cleveland Trust Co., as
agent of the special master, on or after May 23, final distribution will be
made upon the same on the terms stated below.
Final distribution will be so made at the following rates, respectively:
For each $1,000 Lake Shore Elec. Ry.
bonds dated Jan. 1,1903
$
Cash
$
1,204,227
556,225
Notes
Deposit for payrn't
of bond interest.
Dep.
Accounts
138,000
of bonds
205,030
securs.
Other market
486,452
1,063,624
appertaining to such
appertaining to such
Fremont & Norwalk RR. 5%
20-year bonds, dated Jan. 2,1900
For each $30 of July 1,1932, coupons appertaining to such
For each $30 of Jan. 1,1933, coupons appertaining to such
For each $30 of July 1,1932, coupons
For each $30 of Jan. 1,1933, coupons
See also V,
Lake
Funded debt_.10,000,000
5,520,000
327,227
262,024
Res.
8,721,191
8,721,191
551,674
Due from affil.
co.
of
x
After
u
-
438,270
421,706
.
9,963,000
(par $100)-.
9,963,000
y Common stock..19,534,687 19,494,667
7,174,438
Surplus.......... 7,670,815
-.50,855,823 45,787.9451
Lake
Federal
50,855,823 45,787,945
depreciation and depletion of $14,417,412 in 1937
y Represented by 488,173 no par shares in 1937
489,173 in 1936.—V. 146, p. 2857.
Knudsen Creamery Co.—Accumulated Dividend—
The directors have declared
of accumulations
on
the
dividend of 37 y* cents per share on
$1.50 class A cum. and partic. shares,
a
value, payable May 25 to holders of record May 14.
A similar
was made on Feb. 25, last, Dec. 23, Nov. 25, Aug. 25 and Feb.
and on Nov. 25, Sept. 10, May 5, and Jan. 27, 1936, this latter
first payment made on the issue since Aug. 1,1934, when a regular
dividend of like amount
was
account
no
1,200,000 shares of
$783,931
com.
stock of S.
S? Kresge Co. 1... 1,440,000
Interest and other income.
3,075
Total incomeRents paid
Taxes paid or accrued (real estate)..
Salaries and wages
.
Fuel, water and light
_
""
Insurance paid
Repairs and renewals
Depreciation and amortization
~~~
,
_
----"
Miscellaneous expenses and supplies
~
-----"
Interest paid or accrued
...$2,227,006
132,740
56,244
56,173
12,563
2,865
18,328
I
211,796
13/774
610,633
27,350
.....
""
-----
Amortization of debt discount and expense
Taxes paid for account of noteholders
"~'r
"
------
.
$2,035,454
1,111,258
$1,819,795
863,329
192,953
53,795
234,419
24,180
21,800
99,580
33,237
$161,064
6,227
$152,070
8,307
$590,197
39,188
$730,275
35,831
$167,291
49,000
1,222
Gross income
Int.
on
long-term debt.
.
General interest (net)
Amort, of bd. disc, &
exp
$160,377
$629,385
196,000
Cr2,472
38,775
$766,106
231,934
4,995
48,253
10,828
1,780
9,089
1,396
$470,438
236,717
48,941
1,602
9,693
9,712
commission & expenses
2,630
2,321
Miscell. inc. deductions.
114
249
$104,631
59,179
$97,551
59,179
$384,475
$45,452
$38,371
$147,758
Net
of
pref.
stock
income
Pref. stock dividends...
Balance..
Note—The accrual
for
236,717
Federal normal income tax has been
accordance
with
the requirements
.....
Surplus at Dec. 31, 1936
Discount
on
collateral trust notes reacquired
Total surplus
Contributions paid in 1937
Balance at Dec. 31, 1937
No
146,
Lakey Foundry & Machine Co.—Earnings—
Period End.
x
April 30—
Net profit
x After depreciation,
345
1938—6 Mos.—1937
1938—3 Mos.—1937
$6,377
$36,498
$1,083,694
$2,229,357
3,485
$3^316,536
Drl44,532
$3,172,004
$62,601
146, P. 1556.
$10,109
&c., but before Fed. inc. taxes.—V.
Co.—Meeting Aug. 15—
A special meeting of the stockholders for the purpose of voting on a
proposed recapitalization plan has been adjourned until Aug. 15 without
any action being taken.—V. 146, p. 2046.
Lawrence (Mass.)
Gas & Electric Co.—Proposed Financ¬
ing—
company, a constituent of New England Power Association, has
a
petition with the Massachusetts Department of Public Utilities
requesting permission to issue $1,500,000 of first mortgage bonds with a
maturity of not exceeding 30 years and with an interest rate of not exceed¬
ing 3Y>%.
It is proposed that the proceeds of the new bonds will be
utilized for the redemption on Aug. 1, 1938 of $1,500,000 of first mortgage
4M% bonds due Aug. 1, 1940.
The
filed
Under
this
plan of refunding, a registration statement
filed with the Securities & Exchange Commission
A stockholders' meeting
will shortly be
together with an applica¬
tion for exemption under the Public Utility Act of
is approved, invitations for bids will be requested
Massachusetts statute.
Balance, surplus
$233,721
computed
of the Revenue Act of 1936.
provision has been made for Federal undistributed profits tax.—Y.
p. 2046.
in
Lamson & Sessions
Income—Rentals
1938—12 Mos.—1937
$485,955
258,289
State normal
distributed.—V. 146, p. 2539.
Earnings for Year Ended Dec. 31, 1937
on
&
Earnings—
1938—3 Mos.—1937
par
payment
25, 1937,
being the
quarterly
(The) Kresge Foundation—Earnings—
Divs.
Superior District Power Co.
Net operating income
Other income (net)
and $13,657,110 in 1936.
and
Sulphite Paper Co., Ltd.-—Permanent Liquidator—
$521,989
Operating expenses
277,926
State, local, and miscell.
Federal taxes..58,817
.
Total
>
Total oper. revenues
for
reserves
2540.
an investigation and audit of the company's affairs and had co¬
operated to the fullest extent with the receiver and manager. When this
was finished he expected
to be in a position to deal with plans to raise
money for refinancing the concern.
"Several outlines of such plans, de¬
veloped by those interested in the company, already have
been shown
me," he said, "but as far as I am aware, there is no official plan as yet."
—V. 146, p. 1714.
Amort,
6% cum. pref. stk.
—
238.89
7.33
7.17
149.445
extraord.
obsolescence
Property
-—29,957,006 28,246,386
Deferred charges..
331,775
538,580
x
Total...
for
«_
conducted
121,793
414,118
Other assets...-.-
(cost).
1,108,131
122,043
on
on com.
p,
bonds..
bonds
138,000
17,708
1,528,721
149,445
Div.
146,
income tax.....
stock
Div.
4,095,703
sec.
sec.
88,820
sal¬
taxes,
bonds
bonds
1st mtge.
$95.00
2.92
2.85
11.04
.33
.32
Creditors recently held a meeting at Toronto at which D. K. McClelland,
provisional liquidator, was appointed permanent liquidator. In his report
to the meeting, Mr. McClelland stated that not including capital stock or
$120,000 owing in wages, the liabilities of the company totaled $4,250,000.
There was no opposition to Mr. McClelland's appointment as permanent
liquidator, and six inspectors were appointed as follows: E. I. Jenkins,
Toronto; C. N. Salvisburg, Hamilton; C. P. Wadge, Toronto; Eric Willis,
Toronto; Neil C, Poulson, Montreal, and G. C. Burden, Montreal. Re¬
porting verbally to the meeting, the liquidator said he had visited the
Lake Sulphite plant at Red Rock. "After viewing the unfinished buildings,
I would say that the noteholders, creditors and shareholders must cooperate
to the fullest extent in order to save a most difficult situation."
He had
1st
pref. stock
18,788
2,105,448
in
400,000
130,977
co...
on
aries and wages.
267,642
2,471,974
5,959,481
cos.
1,191,381
1,316,719
bonds...
mtge.
Inventories
affil.
Int.
Acer,
Notes & accts. rec.
Invest,
$
payable.--.
Due to affil.
Acer.
for retirem't
U. S. Govt,
1936
$
payable
"i—
For each $1,000 Toledo,
Period End. Mar. 31-
1937
Liabilities—
1st consol. mtge. 5 % gold
...
For each $30 of July 1,1932, coupons appertaining to such bonds.
For each $30 of Jan. 1,1933, coupons appertaining to such bonds
For each $1,000 Lorain & Cleveland Ry. bonds dated Jull 1,1897—
31
1936
Coen, special master, appointed by the final decree of the U. S.
District of Ohio, Eastern Division, filed
W.
District Court for the Northern
undistributed
on
1937, and to
paid amounted to $216,553 at Dec. 31,
until
$270,566 at Dec. 31, 1936,—'V. 144, p. 2659.
profits.
Assets—
50,358,565 38,120,499
-
1937
1936
1935
1934
$27,249,788 $22,863,864 $20,246,139 $16,529,315
-.
Total
Cash held by trustee
Dec. 31,1936,
F.
that John L. Kellogg, as President of
Seedtown Products, "set up a dummy board of directors and made it appear
that the organization was worthless"; that because of his actions the business
was dissolved and sold at auction in Chicago on May 22,
1932, and that
subsequently Mr. Kellogg repurchased the assets for $220,000,
Frederick McGraw of Detroit, counsel for the stockholder group, said
that among assets of Seedtown Products were patent rights for the manu¬
facture of a breakfast food.
The suit, he said, asks that dissolution of
Seedtown Products be set aside and a receiver appointed.—V. 146, p. 3341.
Operating profit
32,270,867 24.816,655
2,229,357
3,172,004
for payment of interest due Jqn. 1, on collateral
b Including $110,000 held by trustee for payment of interest
due Jan. 1, 1938, on 4% collateral trust notes,
c Accrued rental receivable
from S. S. Kresge in respect of Newark property at net rental of $30,000 per
month.
In addition, there is receivable from other tenants in respect of
rentals (accrued for the most part in 1934 and prior years) which, however,
will not be taken up in the accounts until collected, a total of $130,418 as of
a
depreciation,
Cost of sales
12.778
trust notes,
the accounts
Sell., gen. &adm.exps._
Depreciation
5,500,000
1937, was $18,813,500 and at Dec. 31, 1936, $22,950,000. e After deducting
from Marshall, Mich., May 20, 19 stock¬
Inc., Chicago, have filed suit in Calhoun
alleging that they had been damaged to the extent of
$20,000,000 by John L. Kellogg, Chicago; VV. K. Kellogg, President of the
Kellogg Co. of Battle Creek, Mich.; Seedtown Products and the Kellogg
Co. They asked an accounting of profits made by the defendants from use
Net sales
5,390",000
4,907,000
colla* / /
teral trust notes. 5,324,000
Contributions by
County Circuit Court
Calendar Years—
10-year 4%
Deferred credits..
According to a press dispatch
holders of Seedtown Products,
x
Real estate mtges.
------.13,728,912
Trust fund:
of
offs.—V. 146, p.
4,417,000
founder
stock. 3,422,000
1,751,745
preferred
$49,727
7,960
coll.
Surplus..
Kellogg Co .—Sued for $20,000,000 Damages—
Period End. Mar. 31-—
3K%
trust notes
1,921,266,
1,091,000)
x After
depreciation of $7,882,743 in 1937 and $7,220,985 in
Represented by 400,451 no-par shares in 1937 and 397,442 in
Net earnings
Earns, per share on class
A stock-.-.----—■
10-yr.
4,855,000
—V. 146, P. 2046.
x
13,610
deposits
partlc.
Capital surplus...
162,763
and
lease¬
est.,
ments.
1,315,948
17,267,488 18,645,137'
Real
possible
accept's.
y
goodwill
Total
for
Adv. by customer.
5,275.138
5,255,642
patents,
names,
543,811
Cum
Trademarks, trade
53,977
44,332
Securities owned35,871,070 23,327,320
payrolls, &c—
20-yr.5K% deb
% debs. 5,625.000
283,477 15-yr.
Sinking fund pay'ts
2531000
Land, (buildings,
Mlscell. accts. pay.
taxes...
ceivable
Dividends payable
Prov.for Fed.taxes
Bankers'
238.753
247,238
expenses
Unamort.
Accrued real estate
C7.000
,
Accrued interest..
Other receivables.
Interest,
additional taxes.
Unexpired
Insur.,
prepaid Int. and
deb
Accrued
S
162.917
f254,916
510.401
110,000
•
>
Accrued rental re-
625,684
7,507,074
524,208
Preferred shares--
y
250,000
530,170
7,508,657
b514,940 i
Cash in banks
aCash held by trust
250,000
1936
Liabilities—
$,
1,550,000
brokers
197,937
Deb. bonds, ser, A
&
through
455,556
1937
.
$
Accounts payable-
2,831,461
230,296
Inventorles
x
Notes payable
Notes
pay,,
sold
2,484,874
receivable
Value of life lnsur.
%
1936
1937
Dec. 31 '37 Dec. 26 '36
Dec. 31 *37 Dec. 26*36
Assets—
28,1938
May
Chronicle
1935. If the refunding
in accordance with the
„
3 to authorize the new
property.—Y. 120, p. 1747.
has been called for June
bonds and the mortgaging of
Lehigh Coal & Navigation Co.—New President—
S.
D.
Warriner, former President, was
elected temporary President of
it was announced on May 17.
Lehigh & New England RR.
this company to succeed J. H. Nuelle, resigned,
Mr. Warriner was also elected President of the
to succed Mr.
Nuelle.—V. 146, p. 3019.
Volume
Financial
146
Lee Rubber & Tire
1937
1936
1935
$6,642,780
5,651,905
$4,100,427
3,808,393
$3,705,493
x4,510,299
$488,091
27,192
$990,875
32,538
$292,034
33,816
$323,392
22,297
$515,283
$1,023,413
$325,850
1,515
96,978
118,660
7,400
Total income
261
Interest..
129,547
242,299
95,877
Depreciation
See
Excise taxes—
x
105,301
Federal taxes
Net
profit
April 1, last, and compares with 40 cents paid on Jan. 3 last and on
Sept. 25 last.
In addition, a special year'end dividend of 40 cents was
on Sept. 25,
1937.
i.
The company's stock was split up on a 2-for-l basis on
July 19, 1937.
I rior to tne
split-up regular quarterly dividends of 65 cents per share were
distributed .—V. 146, p. 3191.
$345,689
Operating profit
Other income
178,029
paid
3,382,101
.
Loblaw Groceterias,
Period End.
May 30—
.Sales
95.707
x
Net profit
137,012
$112,970
63,616
$101,297
64,116
$473,277
64,366
Ltd.—Earnings—
1938—4 Wks.—1937
1938—48
$1,827,121
$1,599,520 $20,330,132
77,880
76,124
916,774
After charges and income taxes.—V.
x
Lockheed Aircraft
$314,105
64,366
...
Dividends.
3507
on
Corp.- -Earnings—
6 Mos. End. April 30—
1938
Net sales...'.
$4,998,390
Expenses, &c
Chronicle
146,
p.
1937
$17,571,786
880,898
3019.
Corp.—Gets Government Order—
This corporation has been awarded a contract by the U. S.
Army Air
Corps for 13 personnel-transport airplanes, at a cost of $570,913, including
parts and equipment, it was announced on May 25.
Addition of
this order brings the backog of unfilled business to
approximately $4,800,000
compared with approximately $3,000,000 as of the same date a year ago.
—V. 146, p. 3191.
spare
Surplus
-
$249,739
4
$49,354
$ 37,181
$408,911
146,
Includes Federal excise taxes.—V.
x
281.
p.
Legare Co., Ltd.-—Listing—
preference shares have been approved for listing on the Toronto
Exchange and Montreal Stock Exchange.
Company has outstanding 29,622 shares of 6%, conditionally cumulative
redeemable preferred stock ($25 par), 10,000 common shares (no par),
and $397,475 in first mortgage bonds.
Sales for the 15^-month period ended Dec. 31, 1937, were $2,496,830, and
after all charges earnings on the preferred stock in the same period amounted
to $2.35 per share.—144, p. 2659.
London
The
Stock
..
,
.
Navigation Co., above.
Earnings for Month
to
Net after rents
$297,572
78,467
1,328,220
361,269
290,938
1,276,658
311,898
1.088,419
229,902
250,923
234,008
83,608
2858.
Lehigh Valley RR.—Earnings1935
1936
1937
1938
April—
$4,955,236
1,298,841
780,562
$4,047,502
1,267,923
869,478
$3,548,087
152,742
13,149,025
2,545,715
551,243
Gross from railway
17,594,440
4,573,866
2,510,070
15,570,676
3,527,785
2,005,753
13,531,123
3,122,747
1,840,329
$3,156,539
Net from railway
Net after rents
629,807
From Jan. 1—
Gross from railway
More Collateral for
958,464
692,627
a
8,000 shares of capital stock of the Ironton RR., and 1,000 shares capital
stock of the Lehigh Valley Harbor Terminal Ry.—-V. 146, p. 2858-
Lehn & Fink Products Co.—To
The
declared
have
directors
a
Pay Smaller Dividend—
per share on the
June 1. This
62 x/2 cents paid on Dec. 14
1, 1936; 62H cents paid on
Dec. 1, 1935. See also V. 145, p. 3501.
dividend
of 20 cents
stock, par $5, payable June 14 to holders of record
compares with 30 cents paid on March 14, last;
and on June 14, 1937; 87M cents paid on Dec.
June 1, 1936, and 50 cents
--V.
146.
p.
paid on
3341.
1938
$33,050
156
81
9,801
.
1937
$35,153
4,185
Assets—
Accts. & notes rec_
12,092
Accrued Interest
Inventories
-
2,252
20,612
20,569
Investments
x
y5,327
2,388
Prepaid insurance..
"i-
bldgs., fix¬
Land,
'
:
■
1938
$15,030
_
$15,671
4,791
Accounts payable.
1937
5,615
1,384
Accrued payroll--Res.
for
Federal &
State taxes
Capital stock
90,000
90,000
Earned surplus
57,919
60,547
z
:
de¬
tures,
auto,
livery
equipm't.
1
1,313
$167,739
$173,217
Deferred charges
$355 674
fog ggQ
I-.II 165i000
$81,794
income'has
follows:
Cum. income int. of 1% of the prin. amount of bonds
outstanding,
payable June 1, 1938 to holders of record at close of business.
May 20, 1938as
$55,000
on acct. of cum.
sinking fund requirement of 1% of original >
principal amount of bonds, paid May 20, 1938$26,794
In accordance with the foregoing, bondholders of record at
the close of
business May 20, 1938 will receive on June 1, 1938,
\y2% on their bonds,
being fixed interest for six months and in addition 1% on their bonds,
being the cum. income interest, a total of 2y2%. Taking into account the
fixed interest payment of 1 y2% made Dec. 1, 1937, bondholders will have
received in respect of the above 12 months' period 4% of
principal by way of
Paid
interest.
Balance Sheet
as
at March
Cash
$112,064
deposit
on
31, 1938
Liabilities—
Cash & bank balances
112,738
14,020
Accounts and note receivable.
1,368
Investments
10,035
Fixed assets..
5,564,072
Deferred charges..
18,257
Accounts payable
Accrued accounts
Prepaid rent &
$12,915
173,261
deposits...
6,149
Mortgage indebtedness......
5,500,000
sec.
$4 preferred stock
125,000
Comrnon A stock (par $1)
57,000
34,666
Com. B stock (par $1)
Deficit....
Total
$5,832,554
Total
76,437
...$5,832,554
.....
—V. 145, p. 3013.
Long Island Lighting Co.—Preferred Dividends—
The directors at
meeting held May 20 declared a dividend of 87.5 cents
preferred stock, series A 7%, and a dividend of
the cumulative preferred stock, series B 6%, both
payable July 1, to holders of record on June 15,
These payments repre¬
sent one-half the regular quarterly dividends due at this time on these
stocks.
Like amounts were paid on April 1 and on Jan. 1, last, and prior
thereto regular quarterly distributions were made.—V. 146, p. 2698.
a
share
75
on
cents
a
a
the cumulative
share on
&
North
West
RR.—Court
Will Not
Ap¬
Plan—
Goddard recently indicated that he would
not approved the reorganization plan for the road, outlined and sponsored
by the Interstate Commerce Commission.
He adjourned the hearing to
May 24, at which time efforts to formulate a compromoiseplan will be made.
The road, through its attorney, John A. Sheppard, filed its own pro-1posed plan with the ICC after a majority of creditors approved it, but the
Commission rejected it and substituted a plan along different lines.
Mr.
Sheppard and representatives of bondholding and creditor committees have
opposed the ICC plan.—V. 146, p. 3192.
Federal
Judge
Henry W.
Louisiana Power & Light
1
495
Goodwill
bonds
98,490
94,991
Total
disposed of
prove
Liabilities—
on
3%
In accordance with the mortgage provisions, the available net
been
Louisiana
Lessings, Inc.—Balance Sheet March 31Cash
at
Inventory
Loan—
sharp decline in value of its securities, the company has
been called upon by Manufacturers Trust Co. to furnish additional collateral
for an outstanding loan of the bank which amounts to $5,000,000.
In an application filed with the Interstate Commerce Commission the
company has asked for authority to pledge additional collateral of $1,000,000 of its gen. consol. mtge.
bonds.
In addition the company
also proposes to pledge certain stock as further security for the loan.
This stock consists of 1,250 shares capital stock of Buffalo Creek RR.,
common
bonds
Assets—
Net from railway
Net after rents
Because of
on
Available net income
1935
$375,231
135,818
107,627
1,027,679
174,626
156,589
Net from railway
$675,929
320,255
Expenses
Date
1936
$443,450
193,097
150,436
Net after rents
From Jan. 1—
Gross from railway..
—V. 146, p.
Year
1937
$276,487
64,605
55,712
..
Gross cash receipts
Fixed interest
April and
of
1938
April—
Gross from railway..
Net from railway...
bonds of the
mtge.
corporation;
Avail, net income before real estate taxes & int.
Real estate taxes
Lehigh & New England RR.—New President—
See Lehigh Coal &
Terrace, Inc.—Earnings—Interest—
According to statement of available net income of the corporation for the
12 months' period ended March 31,
1938, filed with Empire Trust Co., as
trustee under the mortgage securing the 1st &
gen.
Total
$173,217
17,739
x After reserve for depreciation of $131,640 in 1938 and $123,940 in 1937.
Accounts receivable only, z Par $1.
■
The earnings for the three months ended March 31 was published in
V. 146, p. 3191.
Co.—Earnings—
Period End. April 30—
1938—Month—1937
Operating revenues.....
$549,033
$623,129
Oper. exps., incl. taxes346,953
406,384
Prop, retire, res. approp.
59,000
55,500
1938—12 Mos.—1937
$7,590,909
$7,441,862
4,930,992
4,778,322
692,000
737,000
y
$143,080
$161,245
$1,967,917
$1,926,540
$143,080
3,487
$161,245
$1,967,917
25,231
:$1,928,638
$146,567
72,963
5,204
$162,090
72,976
4,623
$1,993,148
56,402
$1,949,931
875,245
52,200
$84,491
Dividends applicable to preferred stock for the
period, whether paid or unpaid- —
$1,061,182
$1,022,486
Net oper. revenues.__
Kent from lease of plant
2,098
(net)
Lexington Utilities Co.—Accumulated Dividend—
Directors have declared a dividend of $1.62^ per share on account of
accumulations on the 6y2 % cumul. pref. stock, par $100, payable June 15 to
holders of record June 4.-■—V. 146, p. 2697.
Operating income
Other income (net)
Lima Cord Sole & Heel
Corp.—Earnings—
Consolidated Income Statement of Predecessor
Sales (net)
Cost of goods
—
sold
Selling, administrative and general expenses
Provision for depreciation
Int.
Cos. Year Ended Dec. 31, 1937
_ _
---— -----
$1,017,084
850,732
93,499
13,339
$89,513
3,697
Operating profit
Other income
$93,211
21,574
32,840
11,374
1,737
Total income
Other
deductions
provided for possible loss on purchase commitments.
excess-profits taxes
undistributed profits
;
Under provision for prior year.
Reserve
Normal income and
Surtax
cn
304
$25,382
116,534
Net profit
a
Previous earned surplus.
$141,916
42,225
TotalCash dividends
on common
Earned surplus
a
stock-
—
of predecessor cos. acquired on Dec. 31, 1937-
Acquired from predecessor companies on Dec. 31,
General Balance Sheet Dec. 31,
$99,691
ments
and
(less reserve, $2,500),
other assets, $8,396;
$48,291;
property,
inventories,
plant
and
$226,587;
invest¬
equipment,
&c.,
Liquid Carbonic Corp.—To Pay 20-Cent Dividend—
Directors have declared a
dividend of 20 cents per share on the capital
holders of record June 15.
on
mtge. bonds.—
Other int. & deductions.
Net income
$68,400
875.564
356,532
356,532
$704,650
Balance
$665,954
Note—Includes provisions of $18,920 and $31,860 for Federal surtax on
undistributed profits for the 12 months ended April 30, 1938 and 1937,
respectively.—-V. 146, p. 3020.
Louisville Gas & Electric Co. (Del.) (& Subs.)—Earns.
31—
Operating revenues
Operating expenses, maintenance and taxes
1938
Years Ended March
Net oper. rev. (before approp.
Other income (net)..
1937
—$11,135,570 $10,231,056
5,630,982
5,159,781
$5,071,275
342,652
for retire't res.)__ $5,504,588
223,531
Net operating revenue and other income (before
appropriation for retirement reserve)
$5,728,119
Appropriation for retirement reserve
1,200,000
Amortization of contractual capital expenditures._
37,000
$4,491,119
Interest charges (net)
11,069,412
Amortization of debt discount and expense.
160,197
Amort, of flood andrehabil. exp. indurred in 1937
312,500
Other income deductions
20,303
Divs on pref. stocks of Louisville Gas & Electric
Co. (Ky.) held by public
1,354,920
Gross
(less reserve for depreciation, $56,747), $129,600; deferred charges, $13,205;
total, $445,746.
Liabilities—Notes payable, $102,000; accounts payable, $48,221; accrued
Federal capital stock and local taxes, interest and insurance, $1,538;
Federal taxes on income (estimated), $13,110; mortgage debt, $14,355;
deferred liability, $12,349; reserves, $50,189; capital stock and surplus,
common
(par $1) stock (authorized 200,000 shares; 112,600 shares to be
issued in exchange for a like number of shares of predecessor company),
$112,600: earned surplus, $99,691, less cost of 1,661 treasury shares to be
issued, $8,307; total, $415,746—V. 146, p. 2212.
stock, payable July 1 to
21,293
$5,413,928
1,200,000
37,000
1937.
1937
Assets—Demand cash deposits and office fund, $19,665; trade accounts
receivable
845
1
Gross income
Like amount was paid
$4,176,928
1,181,037
142,696
income
Net income
Dividends on common
—
stock-
$1,573,786
1,464,642
15,516
.
1,354,920
$1,482,759
901,319
above figures for the 12 months ended March 31, 1937,
of additional taxes applicable to the
in 1937 and charged to surplus.
(2) No provision was made by Louisville Gas & Electric Co. (Ky.)
for Federal or State income taxes or for surtax on undistributed profits
for the year 1936.
No surtax on undistributed profits was incurred by
the other companies consolidated herein for 1936.
No provision for surtax
on
undistributed profits during 1937 or 1938 is included in the above:
Notes— (1) The
have been adjusted to reflect $55,730
Tieriod of 1936 included therein, paid
Financial
3508
statement
such surtax will be incurred by the
those years
in revenue due to the flood at
it is estimated that no
as
Chronicle
cars,
the engineer said, so
and February, 1937.—V. 146, p. 2859.
Louisiana Steam Generating Corp.—Notes—
Commission recently approved a declaration
by the corporation, a subsidiary of Engineers Public Service Co., a regis¬
tered holdmg company, covering the issue and sale from time to time of
not to exceed SI.000,000 unsecured notes to be dated as of the respective
dates of issue and all to mature Nov. 19, 1940.
The notes in question are
to bear interest at the rate of 3% per annum, which interest rate is, how¬
ever, subject to adjustment from time to time.
Declarant proposes to issue all of the notes covered by this declaration
to its parent company,
Engineers Public Service Co., for the purpose
of evidencing loans which will be made by Engineers to declarant from
time to time to enable declarant to make certain additions and improve¬
ments
to its plant and
property.
Louisiana Steam Generating Corp.
has at the present time no bonded debt, and its indebtedness (other than
current indebtedness) which is presently evidenced by SI,875,000 of 3%
unsecured notes duo Nov. 19, 1940, is likewise held by Engineers Public
Service Corp.
Engineers also owns ail of the capital stock of declarant.
There are now inder consideration before the Commission certain pro¬
posals whereby the properties of Louisiana Steam Generating Corp. will
be consolidated with those of Baton Rouge Electric Co. and Gulf States
Utilities Co.
Accordingly Gulf States Utilities Co. has joined as a party
to the declaration and has stated that it will assume the obligations of
Louisiana Steam Generating Corp. if and when the merger should be
consummated.
No orders have been issued by the
Commission with
respect to such matters.—V. 146, p. 3020.
1911,
that their age ranges from 57 to 27 years.—V. 146,
3192.
p.
Maryland Fund, Inc.—Stock Div.—Smaller Cash Div.—
The Securities and Exchange
May 23 declared an extra distribution of 3% in stock
The directors on
in addition to a cash dividend of 1H cents per share on the common
stock,
payable June lo to holders of record May 31. A regular quarterly
dividend of 5 cents in addition to an extra dividend of 2H cents per share
was paid on March 15, last.—V. 146. p. 1247.
both
f
Oscar) Mayer & Co., Inc.—Extra Preferred Dividend—
extra dividend of 25 cents per share in ad¬
to the regular quarterly dividend of $2 per share on the 8% second
participating preferred stock, par $100, both payable June 1, to holders
of record May 24.
Similar amounts were paid on March 1, last.—V. 146,
p. 1717.
Directors have declared an
dition
Merrimac Hat
Corp.— To Pay 25-Cent Common Div.—
dividend of 25 cents per share on the common
Directors have declared a
stock, payable June 1 to holders of record May 24. This compares with a
dividend of 50 cents paid on Dec. 1, last, and dividends of 25 cents paid on
Sept. 1 and on June 1, 1937, this latter being the
larger amount of shares now outstanding.—V.
first dividend paid on the
146, p. 1559.
^
Mesta Machine Co.—To
Pay Smaller Dividend—
Directors have declared a dividend of 50 cents per share on the common
par $5, payable July 1
to holders of record June 16. Previously
regular quarterly dividends of
$1 per share were distributed.
See also
V. 144, p. 3508, for detailed record of previous dividend payments.
—V. 146, p. 3343.
stock,
Corp., Ltd.—Accumulated Dividend—
MacKinnon Steel
yards, repair shops and power plant used by the Sixth Avenue Elevated
line, which the city hopes to purchase for $12,000,000.
The 233 cars in use on tne line were purchased between 1881 and
company or its subsidiary companies for
1311 The above figures reflect the loss
Louisville in January
1938
28,
May
declared a dividend of SI.75 per share on account of
cumul. pref. stock, par S100, payable June 15 to
31.
Like amount was paid on March 15 and on
Dec. 15. last, this latter being the first dividend paid by the company since
February, 1933, when 87 XA cents per share was distributed on this issue.
Prior to this latter date regular quarterly dividends of SI.75 per share were
paid.—V. 146, p. 1558.
The directors have
accumulations on the 7%
Michigan Public Service Co.—Earnings-
holders of record May
local
&
RR.—Earnings—
22,385
21,571
89,761
760,494
$3,978,816
3.088,110
1,000
Net oper. income
Other income (net)
$4,519,688
3,073,949
Equipment rents, Dr__.
$195,007
75,514
24,923
27,103
$890,706
266,729
137,874
110,030
$1,445,739
280,730
161,903
Joint fac. rents—Dr....
$384,549
69,281
39,272
23,830
30,691
$252,166
3J,909
$376,073
132,622
$881,930
134,592
$98,159
$284,075
$508,695
$1,016,522
Net oper. revenues...
Taxes
$88,080
$86,302
55
$387,953
4,570
$322,755
Drll
$88,069
47,801
10,165
$86,358
48,356
9,881
$392,523
192,444
40,270
$323,325
5,916
5,987
23,815
674
607
2,652
24,00o
3,111
Gross income
.
$67,467
income.
Int.
on
Jong-term debt—
interest
General
Miscell. income deducts
_
Net income-
Gross income
—
723,095
694,715
$109,199 def$214,400
$321,807
174,876
170,981
def$72,822
193,925
40,254
$23,512_
$21,526
$133,340_
$62,028
_
accrual for Federal normal "income tax "in the current period
computed in accordance with the requirements of the Revenue
Act of 19,36.
It is estimated that the company has no liability for Federal
undistributed profits tax on its operations for the current period.—V.
146, p. 2541.
has
Net incotne
570
mmNote—The
Deductions (rignts, int.
&c.)
10,296
Amort, of bond discount
121,176
& expense
Net ry. oper.
Other income
83,194
3,279
Fed. normal inc. tax
725,623
Operating revenues
Operating expenses
$970,563
561,335
616,650
miscell.
1938—4 Mos.—1937
1938—Month—1937
S920.630
SI, 145,043
April 30—
1938—12 Mos.—1937
$234,550
126,676
$1,104,660
145,189
$256,656
Federal taxes.
Maine Central
Period End.
1937
1938—3 Mos.
Period End. Mar. 31—
Operating revenues.
Operating expensas
•
been
_
-V. 146, p.
3021.
Mandel Brothers,
Inc.
Minneapolis Brewing Co.- —Balance Sheet April 30
Earnings—
Liabilities—
1936
1938
1937
$19,377,722 $18,668,825 $16,247,084
1935
Years Ended Jan. 31—
Net sales.
Cost of
goods sold
Expenses (excl. of
for depreciation)
18,132,503
) 18,881,885
$15,518,512
10,142,343
I 5,565,501
prov.)
110,608,902
5,567,406
J
Cash in banks & on hand
Federal
on
&
State
$195,322
stamps
rev.
hand
50,730
—
Inventories
-
—
——_
Income credits—interest
Deferred
Fixed assets—-
237,412
153,111
146,364
$689,433
$219,045
and
194,630
75,000
12,172
180,129
for
Reserve
__.b2,306,955
loss$97,534
209,952
195,392
9,372
charges..
Net profit
Dividends paid
Earnings per share on
capital stock, no par..
"4", 183
$0.10
$1.33
$1.39
1938
Liabilities—
1937
1938
Nil
y
Goodwill
Accounts
trade
1
1,022,720
956,841
1,775,528
Sundry Investm'ts
27,909
Inventories.
2,274,988
1,791,649
rec.
Total....
x
y
After
65,456
depreciation
of
14,460
100,065
13,161
95,124
Maintenance
46,088
Depreciation
State, local & miscell. Federal taxes
115,629
on
unfunded debt
$2,003,484
38,364
$2,041,848
110 902
1,017^350
l.OOS^OS
104,100
CY3.215
104,100
CY2.842
$823,779
funded debt.
Interest
$1,988,423
21,843
$791,075
on
$5,047,919
1,866,072
440,854
587,957
149,552
100 957
;
$5,429,353
2,173,960
478,736
625,000
163,233
$2,010,266
expenses
Maintenance
Gross income
_____
Amortization of debt discount and expense
Interest charged to construction
Balance of income.
-V. 145, p. 3501
Manhattan
-
Gross income
Interest
1937
1938
Other income
$4,689,535
99,030
$4,859,688
2,364,847
37,401
Net operating income
on
41,092
Ry.—6th Ave. Elevated Valued—
George W. Burpee, engineering accountant, testified
on
-
div.
requirements
x
136,091
186,226
$203,930
subsidiary companies amounting to approximately $142,000 in the current
period and $87,000 in the 1937 period, could not have been distributed to
Middle West Corp.
•
...
Income Account
(Corporation Only)
1938
3 Months Ended March 31—
testified in the Federal Court that the easement of
light and air along the
Sixth Avenue elevated lines is worth more than
Other companies
Interest—Sub. companies
committee for the first mortgage bondholders to sell the elevated lines to
the city for $12,500,000, less amount of back taxes overdue
against the
of
x Befpre
Federal surtax on undistributed profits, and after deducting
full cumulative div. requirements for the period on preferred stocks of
subsidiary companies held by the public.
Note—The above income account has been prepared on the basis of
deducting three months' div. requirements on all issues of senior and
junior preferred stock and doas not take into consideration the prior claim
on income of such senior preferred stocks that have dividends in arrears
or other restrictions.
Because of such restrictions net income of certain
Dividends—Sub. companies
Preferred stocks
$36,000,000 based on
present-day valuation of the abutting properties.
Testimony was taken
at hearing before Federal Judge Patterson on the
proposal of the protective
sotcks
$350,853
Avenue elevated line is worth $11,346,000.
Of
the $11,346,000, a total of $4,346,000 represents the cost of easements to
the Manhattan line, and $7,000,000 the cosc of
reproduction
J -Osgood Nichols of the legal staff of the
Interborough Rapid Transit
on pref.
public
Balance of net income
1
May 16 in Fed¬
eral Court that the Sixth
of
in
net income
direct sub. cos. held by the
1,614,567
268,633
Prov. for earned portion of divs. on pref. stocks
subs. cos. held by the public; and min. int.
Unearned
$2,004,723
1,660,770
Net income.
$4,788,565
2,374,043
35,142
337,467
37,189
,147,714
-
long-term debt
General interest (net)
Amortiz. of bond discount and expense
Miscell. income deductions
12 Months Ended March 31—
_
$4,761,303
98,386
Federal normal & State income taxes.
819,901
1,873,638
1,435,252
339,034
2,206,102
$1,484,374 in 1938 and $1,420,615 in 1937par shares in 1938 and 306,600 no par shares
Total operating revenues.
Interest
821,659
1,932,434
1,549,873
404,865
Other income (net)
Provision for taxes
A
....$7,220,246 $7,326,859
Total
Provision for retirements
1937
$14,774,533 $14,149,528
4,992,167
5,304,398
581,865
165,164
Co.—Earnings—
Operating income...
Total operating revenues
93,713
rent
Represented by 297,300 no
Operating
1938
Operation.
Accrued tax, &c..
|
$3,449,760
Corp. (& Subs.)—Earnings—
514,173
Res. for lnsur., &c.
162,121
Capital surplus
2,206,102
Earned surplus...
296,741
111. occupat. tax..
Accrued
799,999
;
—
,
92,747
in 1937.—V. 146, p. 444.
Manila Electric
Middle West
99,612
Sundry accruals..
30,474
Total
3,950
1, 117,843
surplus.
3 Months Ended March 31—
salaries
2,370,702
74,849
$7,220,246 $7,326,859
$3,449,7601
43,832
500,000
[Excl. of Cent. Illinois Pub. Serv. Co. and Lake Superior Disst, Power Co.]
Accrued wages and
1
name—————
Deferred charges..
363,561
—
a After
reserve
for dountful accounts of $54,862.
b After reserve for
depreciation including accrued depreciation at date of appraisal of$l ,310,468*
The earnings for 4 months ended April 30 was published in V. 146, p. 3344,
1937
Capital stock...$3,290,259 $3,428,435
payable.
442,999
582,544
xProp. and impt.$2,053,644 $2,102,342
Notes&acets.
109,216
Earned surpl as
Total
Balance Sheet Jan. 31
...
cus¬
Common stock---
$30,114 1os8$297,109
$407,630
306,600
$413,925
222,975
i
Cash
of
hands
Premiums reed, on bonds sold.
8 ,802
Including provision of $28,000 for surtax,
&
173,148
in
paid for
Reserve for contingencies
"
Capital
Assets—
State in¬
&
Long-time liabilities.
alOO.OOO
a
800
Fed.
come taxes
tomers
deprec. of prop,
improvements...
Miscellaneous
7,188
76,993
Containers
Prov. for
7,343
197,137
Accruals
108,527
93,703
$733,249
earned, &c
_—-
:
payable
Bond deposit
95,321
assets.——-—:--—'
$48,749
monthly
336,690
._
Other assets..
$72,681 loss$191,237
$536,322
$495,837
Operating profit
Accounts
1938
'Y
Contracts payable—signs—due
a356,216
Notes, accounts receivable, &c
"
Notes payable---Trade acceptances
1937
consolidated—
$145,310
14,062
Common stocks
$16,037
23,241
8,530
12,600
22,914
14,179
22,914
14,975
48,508
1,338
consolidated—
Bonds
——
Notes
Other companies
Other income
.
7,382
system.
Court Will Rule
on
Lease in Two Weeks—
Federal Judge Robert J. Patterson announced
May 26 that ne plans to
hand down a decision within two weeks on the
of
the
I.
R.
T.
for
long-pending application
permission to disaffirm its lease of the Manhattan
elevated lines.
The announcement
an
was made during a bondholders*
hearing, at which
I. R. T. engineer placed a reproduction cost of $9,602,000 on elevated
Net income, before
profits
—V. 146, p. 2699.
'
9,729
$111,508
29,420
6,312
10,640
$201,246
Total income
General and administrative expenses
State, local and miscell. Federal taxes.
Federal normal income tax
$65,135
$240,486
21,450
8,061
Federal surtax on undistrib.
Volume
Mexican
Financial
146
3509
Chronicle
books of the company, a surplus previously
Light & Power Co., Ltd.- -Earnings—
of certain properties.—V.
created through the'revaluation
146, p. 3345.
[Canadian Currency]
earns,
Oper.
exps.
from oper..
& deprec
other
236,397
388,305
104,934
106,420
400,540
$1,011,589
159,677
$1,166,396
$3,784,652
600,427
221,820
234,675
33,455
498,278
42,461
revenue
36,162
499,829
55,356
943,283
132,396
2,059,557
192,759
$55,897
79,529
$173,790
67,796
def$143,772
378,287
$42,406
279,612
$23,632prof$105,994
28,833
7,559
13,741
14,911
$522,059
83,806
54,957
$237,206
$66,207 prof$83,522
Dr36,836
Dr27,709
481,270
475,965
$660,823
Dr152,049
1,926,552
$350,253
Drill,979
1,907,201
$420,152
$2,739,424
$2,369,433
v-
revenues
Mtce. of way & struc...
Mtce. of equipment....
Traffic
$3,550,434
expense
Transportation expense.
General expenses Net railway revenues.
Taxes
Net deficit after taxes.
Hire of equipment
Rental of terminals
166,582
144,918
$6,672,719
24,883,314
3,991,387
538,072
31,002,730
7,473,912
3,396,810
27,517,869
5,973,248
2,420,924
Other income—net
Int.
on
funded debt—^
$584,313
Net deficit
1938
Gross from railway....
Net from railway
4,019,951
984,680
207,202
496,575
Net after rents
—V. 146, p. 2860.
Monsanto Chemical Co.—New
Montana Power Co. (&
Operating
19§6
1938
1937
$1,821,278
155,559
$1,976,707
329,157
defl39,982
$2,321,333
607,197
325,627
6,908,187
108,045
8,118,595
1,103,646
7'437>680
dfl,102,989
99,901
def387,387
April—
Gross from railway.____
Net from railway.
Net after rents
1935
;
$1,832,936
Oper.
Prop,
183,204
def72,903
62,398
Net from railway.
Net after rents.
6,365,550
28,346
def937,838
,979,109
exps.,
incl. taxes
& deplet.
retire.
res. approps..
E.
G.
Clark
elected
was
Clark also
Mr.
—V. 146, p.
was
a
succeeding F. R.
who resigned late last year.
director of this company,
promoted to the post of
Period End. Apr.
$543,235
264,728
$6,600,941
3,136,718
526,667
$3,009,223
95
4,239
1,214
$223,955
135,797
6,109
$239,757
136,217
6,044
Crl,343
$3,090,733
1,634,180
71,835
Cr3,906
$3,010,437
1,645,070
67.079
03,451
$82,106
$98,839
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,388,624
$1,301,739
990,784
990,707
Gross income
mortgage bonds.
}
Other int. and deductions
Cr 57
Int. charged to construc.
Net income.,
$311.032
x Dividends
accumulated and unpaid to April 30, 1938, amounted to
$309,660.
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 1,1938. Dividends on these stocks are cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended April 30,1938 and 1937.—V. 146, p. 3022.
— —
,
$397,840
-
Period End. Apr. 30—
Operating revenues
1938—Month—1937^
$551,975
375,551
$571,357
395,675
60,000
4,835,460
681,633
4'§40,566
$143,124
$1,598,194
$1,599,103
1.195
1,573
$115,682
$142,608
$1,596,999
$1,597,530
168
195
1.878
2.184
$115,850
68,142
8,570
$142,803
68,142
6,918
$1,598,887
817,700
84,416
$1,599,714
$39,138
$67,743
the period,
$696,761
$706,510
33,300
$115,682
Net oper. revenues—
(net).
Operating income.
Other income (net)..
..
on mtge. bonds
Other int. & deductions.
Int.
Net income...
-
to prepaid stock for
Balance
Dividends
3 86,533
817.700
75,504
403,608
$302,902
--— —
-
accumulated
403,608
$293,153
whether paid or unpaid—
x
1938—12! Mos.—1937 .
$7,115,287 $6,236,202
516
Oper. exps., incl. taxes._
Prop, retire, res. approps
applic.
$5,765,915
$6,237,208
1,694,499
637,290
329,424
128,283
$3,704,278
Other int. & deductions.
Int. chgd. to construct'n
37.365
36,247
16,700
$266,690
$461,565
$3,205,282
_
Net income
Balance
44,125
957,450
and
956,928
$2,247,832
-
$2,747,350
Notes—No provisions have been made for Federal surtax on
undistributed
profits for the 12 months ended April 30,1938 and 1937.—V 146". p 2861.
unpaid
to April 30,
Quar. End. Apr. 30—
y Net profit......
Earns, per sh. on com..
y
1938, amounted to
1938
1937
z$2,101,946 x$3,466,355
$0.33
$0.60
Subs.)—Earnings—
1936
1935
$2,836,838
$2 178 326
$0 54
$0 40
x After provision of $70,000 for Federal surtax on
undistributed profits
After depreciation, interest and Federal taxes,
z After
provision for
Federal surtax
undistributed profits.
on
Common Dividend Halved—
Directors have declared
a
dividend of 25 cents per share
on
the common
stock, payable July 15 to holders of record June 10.
Previously regular
quarterly dividends of 50 cents per share were distributed.—V. 146, p. 3193.
(Philip) Morris & Co., Ltd.—Lehman Bros, and Glore,
Forgan to Underwrite Issue—New Pref. to Bear 5% Dividend—
A group headed by Lehman Brothers and
Glore, Forgan & Co have
severally agreed to underwrite, subject to certain terms and conditions an
offering of 77,873 preferred shares of a newly authorized issue of 100 000
shares.
Subject to a registration statement filed with the Securities and
Exchange Commission becoming effective the 77,873 shares of preferred
stock
are
to
be
offered
at
$100
a
share
to
stockholders of record June 2
for
subscription at the rate of 3-20ths of a share of preferred for each share
neld.
Subscription warrants will be issued to stockholders
promptly after June 2.
At a meeting of directors held May 23 the shares were
designated as
5% convertible cumulative preferred stock, series A.
Stockholders have
of
Mississippi Power & Light Co .—Earnings—
Divs.
$687,518
162,281
160.994
1,936,429
529,495
422,142
327,433
455,000
$3,086,494
$239,757
$223,860
Net oper. revenues—
Other income
*
$6,209,160'
28,048
Montgomery Ward & Co., Inc. (&
41,667
_
x
$5,780,855
Drl4,940
8,973
561
investments
Balance
403
period, whether paid or unpaid
$6,675,123
3,052,989
38.750
$485,620
219,532
Property retirement re¬
serve appropriations.
x
Subs.)—Earnings—
44,125
33,848
1938—12 Mos.—1937
1938—Month—1937
Operating revenues
Oper. exps., incl. taxes._
on
Vice-President, cSee.—
Dividends applicable to preferred stock for the
30—
m
V •
M
3,201,476 V 2,608,915
558,530
^1145,694
162,819 def 211,837
$687,115
debentures
Light Co.—Earnings—
Amortiz. of limited-term
Int.
mtge. bonds
on
General Traffic Manager.
3022.
Minnesota Power &
fdef50,324
$468,292
on
Int.
Newman, Vice-President in charge of traffic,
$676,347
41,138
|[64,964
$470,835
Dr2.543
Other income (net)
Int.
New Director—
VWWr 19351
$874,032
>173,123
1938—Month—1937
1938—12 Mos
1937
$1,129,868
$1,410,382 $14,736,870 $13 927 754
529,832
611,899
7,249,331
6,7441592
'
129,201
111,368
1,706,684
974,002:
revenues
Net oper. revenues...
Gross from railway
23,052,238
3,323,368
591,745
directors have elected Dr L. F. Nickell of London, England, as a
Vice-President, and William C. Bern is and Carl T. King of Springfield,
Mass., as Assistant Vice-Presidents, respectively. Dr. Nickell is Managing
Director of the British subsidiary of the
company: Mr. Ben: is and Mr Kintr
are connected with the Fiberloid
division.—V. 146 p. 2860
Period End. April 30—
Ry.l
1936
$1,146,315
341,771
204,286
3,880,800
783,629
Gross from railway
Net from railway.
52,145
60,901
1937
$894,909
168,687
23,942
-
Net after rents
From Jan. 1—
Earnings of System
[Including Wisconsin Central
1935
$5,968,131
1,233,460
914,000
340,944 ifcr 213,477
Mobile & Ohio R R.—Earnings—
April—
The
Net def. after rents
Date
$7,414,128
1,529,333
582,525
Net after rents
—V. 146, p. 3344.
643,636
1,002,921
2,121,168
220,087
to
1936
Gross from railway
Net from railway.....'.
$4,175,137
Year
1937
$5,783,331
687,796
def110,238
...
...
_
$3,190,044
194,067
53,714
44,446
of April and
1938
Gross from railway
Net from railway
Net after rents.
From Jan. 1—
_
Freight revenue
Passenger revenue
Total
Ry.
1938—4 Mos.—1937
1938—Month—1937
$862,209
$1,006,261
Apr. 30—
-Earnings
replaced [Darwin S. Barrett Jr. on the board
Earnings for Month
April—
Minneapolis St. Paul & Sault Ste. Marie
[Excluding Wisconsin Central Ry.l
All
Alfred Fritzche on May 23
of directors.
$672,011
$722,913
3022.
Period End.
Missouri Pacific RR.—New Directors-—
—1937
$2,187,166
1,515,155
$2,338,318
1,615,405
$213,581
$220,447
Net earnings
—V. 146, p.
1938—3 Mos
1938—Month—'1937
$746,559
$730,272
526,112
516,691
Period End. Mar. 31—
Gross
common
until June 22 to exercise their warrants, at the end of which time
any un¬
subscribed balance may be offered to the general public. New
preferred is
convertible into common stock snare for share at any time prior to
tion
redemp¬
subject to adjustment of the conversion ratio in certain events. At the
present time total outstanding capitalization consists of 519 151 shares
($ 10 par) common stock.
While no specific allocation of the proceeds of this
financing has been
made, it is contemplated they will be applied to pay outstanding bank loans
and that any remaining balance
will
be added to the general working
capital of the company.
The aggregate amount of
it is expected on June
bank loans on March 31, 1938 was $8,850,000
1, 1938 win be $7,500,000.
Proceeds of these
company's general cash balances and what amount
was applied to any specific purpose „he
company cannot state accurately.
However, during the period from March 31, 1936 to March 31, 1938, in¬
ventories increased from $8,231,559 to $20,838,265, and a new manu¬
facturing plant at Rictimond, Va., was recently constructed and a sub¬
stantial part of the cost paid, in addition to which other additions to
manufacturing facilities were made.
and
loans were added to the
Company is engaged principally in the business of manufacturing cigar¬
smoking tobaccos for its own account.
Of consolidated net sales
tne fiscal year ended March 31, 1938 neb sales of cigarettes constituted
$622,229, after giving effect to adividend of $1.50 a share on $6 preferred
stock declared for payment on May 1, 1938.
Dividends on this stock are
ettes and
cumulative.
approximately 9734% and net
and sundry mercnandise 234 %
Note—No provisions have been made for Federal surtax on
profits for the 12 months ended April 30, 1938 and 1937.—V.
Missouri Illinois
RR.—Earnings—
1938
April—
undistributed
146, p. 3022.
1937
1935
$92,751
25,543
12,287
338,340
81,927
27,130
$120,271
35,307
7,052
14,323
$89,965
20,817
5,675
344,205
73,768
476,625
158,540
74,985
317,461
58,379
2,348
Net after rents
From Jan. 1—
Gross from railway
Net from railway
10,498
Net after rents
Missouri-Kansas-Texas
Lines-
and consolidated
$481,844
$71,616
1938—4 Mos.—1937
$8,590,067
$9,868,018
7,470,478
7,515,136
defl57,757
1,131,811
.1,421,123
1,401,050
$1,578,881
$269,239
-V. 146, p. 2860.
Monongahela
West
Reduce Par Value of
Penn
Public
Service
Co.—-To
Stock—
Company has filed with the Securities and Exchange Commission a
declaration (File 43-119) under the Holding Company Act covering the
reduction in par value from $25 per share to $15 per share of 584,098 shares
common stock.
The applicant is a subsidiary in the registered holding
company system of the American Water Works & Electric Co., Inc.
A surplus of $5,840,980 will be created by the reduction in par value.
The reduction is being made in connection with the elimination from the
31, 1935, consolidated net sales
income $1,556,566.
Although
were
the
and consolidated net income $5,663,220.
New preferred shares are redeemable in whole or part, at any time at
$110 per share if on or before June 1, 1940 at $107.50 per share if on or
before June 1, 1941, and at $105 per share tnereafter.
An annual sinking fund beginning not later than June 30, 1939 calls for
the setting aside in cash of 5% of consolidated net profits of each preceding
after preferred dividends.
York Stock Exchange has authorized the listing of 77,873
5% convertible cumulative preferred stock, series A, on official
issuance and satisfactory distribution, and 77,873 shares of
common stock (par $10), upon official notice of issuance upon conversion
of the cumulative preferred stock.—V. 146, p. 3193.
The
New
shares of
notice
of
Mountain
Deficit after fixed chgs
net
Listing of 5% Conv. Cum. Preferred Stock Authorized—
Earnings—
Period End. April 30—
1938—Month—1937
Operating revenues
$2,091,394
$2,567,220
Operating expenses
1,876,924
1,940,688
Inc. avail, for fixed chgs. defl26,605
277,848
Fixed charges
355,239
349,464
•
annual report has not yet been issued the prospectus shows that for the
fiscal year ended M§rch 31, 1938, consolidated net sales Were $55,613,034,
fiscal year,
—V. 146, p. 2860.
of smoking tobaccos, smokers' articles
More than 99% of consolidated net sales
saies
made in the United States.
For the fiscal year ended March
were
$15,632,590,
1936
$91,322
20,717
Gross from railway
Net from railway
for
ters with
States Telephone & Telegraph
Co.—Regis¬
SEC—
See list given on
first page of this department.—Y. 146, p. 3345.
Muskogee Co.—2o-Cent Dividend—
The directors
have declared a dividend
of 25 cents
per
share
on
the
stock, no par value, payable June 15 to holders of record June 1.
This compares with 65 cents paid on Dec. 15, last. 35 cents paid June 15,
common
1937; 65 cents paid on Dec. 15, 1936; 35 cents paid on June 15, 1936; 20
paid on Dec. 31, 1935; 25 cents paid on June 15, 1935; 20 cents on
Dec. 15, 1934; 25 cents on June 15, 1934, and on June 15, 1933, and 50
cents per share paid on June 15, 1932.—V. 146, p. 1249.
cents
Financial
3510
Mountain Producers
1937
1935
—
Field overhead supervision
General administrative expense.---_
Working interest expense
Produc., real est'e & pers. prop, taxes
$1,816,919
187,140
$2,004,059
393,357
6,693
87,473
7,022
48,306
14,324
3,221
$1,787,908
414.089
5,729
$1,443,663
333,882
35,999
Interest
$1,731,901
56,007
$2,239,119
409,976
2,523
84,519
7,282
48,822
Total gross revenue—
—
sinking fund payable semi-annually, to retire a minimum of $160,000 of
year, plus additional debentures contingent on earnings.
payable M. & N. at office of the fiscal agent in N. Y. City. Red.,
at option of company, at any time prior to maturity, in whole or in part,
upon at least 30 days' notice, at 103 if red. prior to May 1, 1939, with
successive reductions in redemption price of M of 1% of such principal
amount on May 1, 1939 and on each May 1 thereafter, to and incl. May 1,
1948. and on and after May 1, 1949 at 100; together in each case with
accrued interest to the redemption date. Company has agreed to reimburse
the holder of any debenture for certain personal property taxes imposed
under the laws of Conn., Georgia, Maryland, Penn. and Virginia, and
certain Mass. income taxes.
debentures each
al936
SI,958.386
280,733
Int., divs. and miscel. revenue
$1,220,508
347,745
38,815
Capital stk., franchise, &c, taxes
11.316
Other expense
10,729
-------
83.742
4,323
50,354
8,306
Listing—Company has agreed to apply, at the request of the under¬
writers, for listing of the debentures on the New York Stock Exchange.
855
Company—Incorp.
$1,663,950
224,528
25,653
99,143
Depletion
Depreciation
Intang. develop, cost
--
-
88,775
80.900
$1,213,046
956,150
—
Balance Sheet Dec. 31
Cash-
1937
1936
1937
Liabilities—
$
$
Assets—
$
93,526
43,428
3,127,552
Dividends payable
8,314
101,894
13.5,137
Accounts
247,835
3,428,279
U. 8. Gov. oblig'S-
1936
$
payable-
618,542
—-------
Munic. & other bds
23,625
23.625
Res've for taxes._
142,691
accts. rec.
237,638
192,823
Res. for contr. rec.
.
22,858
Notes
Crude oil
53,001
-
Capital stock ($10
47,181
2,369,750
2,261,000
inven'ry
Stks. of affil. cos.
154,500
Storage oil contract
Contr.
1,707,766
1,891,247
Earned deficit
7,648,413
7,701.276
--10,262,582
10,406,270
def'd
rec.,
96,477
97,302
3,120,770
3,520,021
.10,262,582
10,406,270
&c----
charge,
a
15,935,840 15,935,840
par)
154,501
160,000
Stks. of other cos.
Surp. from apprec.
(unrealized)
734,429
Note of. affil.- co—
Oil lands & leases
lease equlp't.
&
Total
—
—
.
After depletion
a
Total
-V.
andldepreciation
Mountain States Power
—
-
.
--
144, p. 4188.
Co.—Earnings—
1938
Years Ended Jan. 31—
Operating-.expenses, maintenance and
$3,681,814
2,425,275
$1,387,578
243,223
2,591
Dr55,022
$1,256,539
243 ,Gob
2,571
Drb,736
1,578,370
300,000
$1,495,431
300,000
Net oper. rev. (before approp. for retire't res.).Rents from lease of properties
—
Interest on securities andtnotes receivable, &c—j.
Income from
1937
$4,107,953
taxes—2,720,375
Operating revenues
Aug.
29,
1925.
Company
is
an
ground lime, and limestone; base, finish, white, molding and sound control
plasters; insulation boards; metal lath and metal lath products; texture
casein paints; all of which it markets under the trade names "Gold
bond," "Macoustic" and "Craftex." In connection with the production of
certain of its products, the company is licensed by other manufacturers
under patents owned by them.
The company's products are used principally in the building materials
industry but have special industrial, agricultural and chemical uses for
which they are sold in bulk, although these sales are small in relation to the
total.
Its products are distributed directly to retail lumber and building
material dealers, principally east of the Rocky Mountains, and there are
presently approximately 9,000 active accounts.
In order to provide its
customers with a full line of building material products, the company sells
certain incidental items manufactured by others.
Company maintains
district sales offices at Atlanta, Boston, Buffalo, Chicago, Dallas, Min¬
neapolis, New York and Philadelphia, from which the surrounding sales
territory is covered by approximately 200 salesmen.
The sales of the company for the year 1937 were divided among the fore¬
going classes of products in approximately the following percentages;
Gypsum and metal laths, 31%
gypsum and finishing plasters,
22%;
gypsum wallboards, 21%; lime, 14%; insulation and sound control pro¬
ducts, 7%; paint, 5%.
About 45% of the company's sales for 1937 were sales of gypsum and
metal lath and gypsum wall board manufactured by processes covered by
license contracts under patents.
The two such patent licenses considered
most important by the company expire in January,
1947 and October,
1952.
None of the license agreements under which the company operates
$985,007
$753,048
956,150
1,195.205
a The
statement includes transactions of the Wyoming Associated Oil
Corp., a wholly-owned subsidiary to July 1, 1936.
On that date it was
liquidated into Mountain Producers Corp.
Net operating incomeDividends paid
on
and
101,332
Provision for Fed. income taxes
Delaware
/ constitute a
248
Loss on surrend. leases
in
important unit in the gypsum industry in the United States.
Its products
diversified line of related building materials including gypsum
wallboards, lath and block; gypsum stuccos and plasters; hydrated and
Oper. Inc. before depl., depr. & Fed.
income taxes
May 28, 1938
a
Corp.—Earnings—
Calendar Years—
Gross oil and gas sales after payment
of royalties
Production cost---
Chronicle
merchandis6„and jobbing (net)
Income (before
appropriation for retirement resevre)
AppropriationJbr retirement reserve
Net operating revenue'and other
$1,278,370
$1,195,431
Interest on funded debt
477", 521
Amortization of debt discount and expense.
42,090
373,781
15,769
477,521
45,917
387,799
12,703
$369,207
$260,489
Gross income
11,000
Rent for lease of electric property
Other interest (net)
Other income deductions
terminate in accordance with their terms prior to the expiration of the
respective patents covered thereby or any renewals thereof.
Company operates gypsum mines and quarries and plants for converting
the rock therefrom into its products at Akron and Clarence Center, N.
Y.,
Fort Dodge, Iowa, Medicine Lodge, Kan., National City, Mich., and Rotan,
Texas, Plants for the production of gypsum products are operated at New
York, N. Y., and Portsmouth, N. H., utilizing rock brought from the
company's wholly owned Canadian subsidiary's deposits at Cheticamp,
Dingwall and Walton, Nova Scotia.
Company's lime plants are located
at Luckey, Ohio, Oranda, Va., and York, Pa.
Metal lath is produced at a
plant at Niles, Ohio, and insulation board at a newly constructed plant at
Mobile, Ala. Company believes its reserves of the essential raw materials
used, viz.;
gypsum rock, gypsite and limestone, are sufficient for many
years' supply at current rates of production.
Recent Developments—A list of the major acquisitions of
existing businesses
during the past five years, are described as follows:
In July,
1933, company acquired all of the assets of Macoustic En¬
gineering Co., Inc., including its wholly owned subsidiary Macoustic
Engineering Co., Ltd., of Canada (now National Gypsum (Canada) Ltd.).
In February, 1934, the land, buildings and equipment of the
Niles, Ohio,
plant of Kalman Steel Corp., a subsidiary of Bethlehem Steel Corp., were
purchased, and the plant was equipped for the manufacture of metal lath.
During August, 1935, a controlling stock interest in Universal Gypsum &
Lime Co. was acquired and as of Dec. 30, 1935, the business and
properties
were
taken
over.
As of
Net income
—
-
-
In the above comparative summary of income accounts, net
31, 1937, has been reduced by $32,288 to
adjustments applicable to the period of 1936 included therein or
amortization of debt discount and expense charged to surplus in 1937 and
sundry .other items charged or credited to surplus in 1937 which have been
applied retroactively in the accounts.
km (2) No provision has been made for Federal income tax of for surtax on
undistributed profits for the years 1936 or 1937, as it is estimated that no
such taxes will be payable for those years.—Y. 146, p. 3345.
Notes—(1)
Income for the year ended Jan.
reflect
Muskegon Piston Ring Co.—Common Div. Omitted—
Directors took
the payment of a dividend on
A dividend of 25 cents was paid on March
no
stock at this time.
action
on
the common
31, last; one
paid on Dec. 22, last; 50 cents paid on Sept. 30, 1937, and pre¬
viously regular quarterly dividends of 25 cents per share were distributed.
In addition, an extra dividend of 25 cents was paid on Dec. 19, Sept. 30
and on June 30, 1936.—V. 146, p. 1560.
of $1 was
National Bond & Investment Co.—Dividend Reduced-—
Directors have declared
dividend of 20 cents per share on the common
a
stock, payable June 21 to holders of record June 10.
Previously regular
quarterly dividends of 36 cents per share were distributed.
In addition,
dividend of 36 cents
an extra
was
National Grocers Co.,
paid
on
Dec. 21, last.—V. 146, p. 3194.
Ltd.—Earnings—
Years Ended March 31—
1937
$871,674
109,023
1938
1936
68,418
79,937
129,722
132,467
$733,181
125,435
81,823
98,891
$446,229
z361,767
Operating profit
Depreciation
$550,247
y310,086
$427,032
x310,086
$755,880
111,510
Bond interest and other expenses
Provision for taxes
Sept. 1, 1936, the company purchased the business and properties
Gypsum Products Co., consisting of owned and leased gypsum
deposits, machinery and equipment at Cheticamp, Dingwall and Walton,
Nova Scotia, and plants, machinery and equipment at New
York, N. Y.,
and Portsmouth, N. H.
As of Nov. 2, 1936, the company purchased the
business, machinery and
trade names formerly owned by Craftex Co., which was
engaged in manu¬
facturing and selling texture and casein paints.
During 1937, the company acquired property located on tidewater on
Mobile Bay at Mobile, Ala., which it remodeled and
equipped for the
manufacture of a complete line of structural and acoustical fibre insulation
of Atlantic
boards.
•
Early in
1938, the company acquired the entire capital stock of Best
Cement Co., which for many years has been
engaged
in the manufacture and sale of crushed
gypsum rock, Keen's cement, white
plasters and other gypsum products.
Company owns 2,000 acres of land
containing estimated reserves of over 30,000.000 tons of white gypsum
rock, located near Sun City, Kan., and at present is mining from an ad¬
jacent tract of 200 acres under lease expiring in 1981.
Brothers
Keene's
Funded Debt and Capital Stock—The capitalization of the
company and
as of Dec. 31, 1937, adjusted to give effect to the issue of the
debentures and to the retirement of certain
presently outstanding indebted¬
ness is as follows;
subsidiary
Authorized
4
££% sinking fund debentures
7%
5%
cum. 1st pref. stock
($100 par)
non-cum. 2d pref. stock ($20 par)
Cumulative preferred stock (no par)
Common stock ($1 par).
Outstanding
$3,500,000
$3,500,000
35,056 shs.
57,534 shs.
50.000 shs.
58.000shs.
alOO.OOO shs.
2,500,000 shs.
bl,171,188.028 shs.
No shares of cumulative preferred stock may be issued unless ail shares
of first preferred stock and second
preferred stock shall have been either
purchased or redeemed or irrevocable provision made for their redemption.
a
b
During February and March. 1938, company issued 63.270 shares of
stock in exchange for 6,327 shares of capital stock of Best
Brothers
common
Net profit
Preferred dividends-
__
Includes $103,362 dividends for the six months
ended June 30, 1927.
y Includes $103,362 dividends for six months ended Dec. 31, 1927.
z In¬
cludes $155,043 dividends for nine months ended Sept. 30, 1928.
x
Cash
on
1938
hand and
rec.
Advances
on
$110,006
res.
for bad debts).
2,143,469
.
2,135,142
nidse.
purchased
71,005
2,775,957
192,647
185,922
Deferred charges..
118,120
177,420
Accr. taxes,int.,&c
2,701,810
$7,597,114 $8,141,447
1,000,000
1,045,822
bonds..
Reserves..
7% red.
cum.
51,681
2,953,200
Common stock._
295,852
1,192,934
SurplusTotal.
1,026,635
$10,159,377
7,140,936
Sell., gen. & admin, expenses
2.064,270
Provision for doubtful accounts-----70,359
2,953,200
295,852
1,108,472
Royalties received
Miscellaneous other income
1,100,000
$7,597,114 $8,141,447
Represented by 295,852 no-par shares,—V. 146, p. 1560.
May 31.
1. last.—V. 146,
p.
Dividend of $1.75
per
share was paid on April
1560.
National Gypsum Co.—Debentures
Offered—An issue of
$3,500,000 of 41/2% sinking fund debentures due May 1,
1950, was publicly offered May 25 by W. E. Hutton & Co.,
Kidder, Peabody & Co., Johnson, Lane, Space & Co., Inc.,
Scott &
Inc., by
Stringfellow, and Schoellkopf, Hutton & Pomeroy,
of a prospectus, at 100 and accrued interest.
means
Dated May 1, 1938; due May 1, 1950.
$1,000, registerable
as to
principal only.
Operating profit
—
_J
Gross income...
Income deductions
Interest, debt discount and expense..
U. S. and Canadian income taxes
Accumulated Dividend—
Directors have declared a dividend ot $3.50
per share on account of ac¬
on
the 7% cumulative preferred stock, payable July 1 to
cumulations
holders of record
1937
Net sales...
Cost of goods sold
1936
$7,661,550
1935
1,549,956
47,085
$4,284,065
2,633,873
1,002,628
36,287
$883,812
58,734
46,879
$1,160,111
50,644
40,181
$611,277
13,733
35,311
$989,425
50,199
95,066
156,733
$1,250,936
2,391
64,845
165,044
$660,321
4,409
41,789
81,660
4,904.398
pref.
stock
x
equipment
Earnings Years Ended Dec. 31
757,269
51,681
200,039
128,934
2,710,966
Land, buildings &
x
$857,586
96,950
2,250,898
Inventories
of Dec. 31, 1937, consisted of 53 shares of 1st
pref. stock, 99,813 shares
of 2d pref. stock and
3,194 shares of com. stock,
$670,919
Accts. & notes pay
4% 1st mtge. serial
Investments
Total
1937
Divs. pay. April 1_
$116,734
(less
treasury, is 1,234,458.028 shares.
as
1938
Liabilities—
Bank advances
In banks
Accts.
1937
Cement Co.
The 63,270 shares of common stock issued in the
exchange consisted of 62,975 shares previously unissued and 294 shares
reissued from the company's
treasury.
After completion of the exchange,
the amount of common stock
outstanding, exclusive of amount held in
Note—Stocks held in treasury not included in the amounts
outstanding
Balance Sheet March 31
Assets—
Keen's
Coupon debentures in denom. of
Company has agreed to provide
Net income.
$687,427
$1,018,656
$532,463
Upon completion of this financing the annual interest requirements on
long-term funded debt to be outstanding will be $157,500.
Application of Proceeds—Company intends to use the net proceeds from
the sale of the debentures, estimated at $3,329,535 after
expenses, ap¬
proximately as follows;
Payment of 4% mtge. note due Sept. 1, 1940,
$1,250,000; redemption of 15-year 6% sinking fund gold bonds (due April 1,
1943) at 103 %, $751,900; constructing and equipping a new plant, $900,000;
payment of purchase money notes secured by conditional sales obligations,
$100,000; additions to working capital, $327,635.
I#Company's Canadian subsidiary, National Gypsum (Canada) Ltd., has
agreed to reimburse the company to the full extent of that portion of the
4% mortgage note and purchase money mortgage securing the same which
it assumed and agreed to pay, viz: $482,186; and said subsidiary,
by re¬
solution of its board of directors, has duly authorized and directed its
Volume
officers
Financial
146
Chronicle
to
make, execute and deliver its promissory note in the sum of
$482,186, due Sept. 1, 1940, bearing interest at the rate of 4% to the
immediately
company
upon
plasters, boards and other
presently estimated at $900,000.
gypsum
$21,920,791 $20,897,295 $84,221,736 $78,272,295
a
Oper. exps., incl. taxes 12,558,717
12,049,326
47,955,759
44,797,159
Prop, retire, res. approp.
2,144,618
1,832,888
7,684,397
6,470,412
Net oper. revenues
Rent for lease of
Underwriters Offering—The names of the several principal underwriters
and the respective amounts of debentures severally to be purchased by
each, are as follows:
®"7 01" ASO
$7,217,456
_
National
—
$1,100,000
900,000
400.000
350,000
200,000
550,000
Gross income
Int. to public &
Refining Co.—Ohio Supreme Court Ruling—
case can
still be carried to the U. S. Supreme Court.—V. 146, p.
1937
$20,757
minority interests
.
NatlPow. &Lt. Co.—
Net equity of N. P. & L.
Co. in inc. of subs
Other income
Exchange has admitted the
listing and registration.—V. 146, p. 2701.
no par,
Report—
accordingly the company received from its subsidiaries a total of only
$6,398,876, instead of the net equity amount of $10,542,915.
financing
1937.
during
$510,169 to its investment in stocks of subsidiaries.
It
It also added
added
in Birmingham Electric Co., a subsidiary, through the pay¬
$226,500 to that company in conformity with an agreement entered
approved by the Alabama P. S. Commission and the City
Commission of Birmingham, whereby company obligated itself,
among
other things, to advance $500,000 to Birmingham Electric Co. in connec¬
tion with that company's program for improvement and betterment of its
transportation system.
The payment of $226,500 completed the amount
to be paid under this agreement.
Securities junior to Birmingham Electric
Co.'s preferred stock are issuable to National Power & Light Co. for the
$500,000.
The long-term debt in the hands of the public of all of the subsidiaries of
the company was reduced $2,108,092 during the year through payment of
principal, through the operation of sinking funds or through pin-chase.
maturing prior to 1941
$1,000,000.
As of this date this amount has been
reduced $780,000 through the payment at maturity on
April 1, 1938, of
Knoxville Traction Co. first mortgage bonds.
Operations of Subsidiaries—Operating revenues, operating expenses and
net revenues of subsidiaries for
1937, as compared with those for 1936, were
than
follows:
1937
Operating
Operating
revenues
__
expenses
Maintenance..
...
Taxes
Property retirement
Net
revenues
reserve
appropriations
1936
__$84,221,736 $78,272,295
32,072,552
30,073,108
6,027,919
6,077,114
9,855,288
8,646,937
7,684,397
6,470,412
from operation
$28,581,580 $27,004,724
Public
Utility Holding Company Act of 1935—The Securities and Exchange
brought suit in the U. S. District Court for the Southern
District of New York against Electric Bond &
Share Co. (which owns
approximately 46% of the common stock of this company) and certain
associated
holding companies, including this company, to compel the
companies to register under this Act. .Before the trial Court, counsel for
Securities and Exchange Commission contended that the Court
should
confine its decision to that portion of the Act requiring the companies to
Commission
register, while counsel for this company and the companies associated with
it sought an adjudication of the constitutionality of all provisions of the
including the reorganization or
"death sentence"
provisions
of sec¬
tion 11.
On Jan. 29. 1937, the trial court handed down an opinion to the
effect
that the registration provisions of the Act are constitutional and
separable
from its other provisions.
The U. 8. Circuit Court of Appeals on Nov. 8,
1937, upheld the trial court's ruling and on March 28, 1938, the U. S.
Supreme Court also affirmed the decree of the lower court, expressly
reserving to the companies, however, all their constitutional rights and
as to all other provisions of the Act save that of
registration.
In conformity with that decree National Power &
Light Co. and its
subsidiary, Lehigh Power Securities Corp., registered with SEC on April
8, 1938, and these companies and their subsidiaries are now engaged in
preparing for filing with the Commission the data required by the Act and
by the rules and regulations of the Commission.
remedies
1937—3 Mos.—1936
Other.
$2,179,525
51,054
$2,436,526
49,808
Total income..
$2,230,579
$2,486,334
Exps., incl. taxes
a48,157
It. & other deductions..
337.885
$1,844,537
$2,054,687
$7j094,578
1937—12 Mos.—1936
$6,398,876
$6,438,361
125,475
104,335
$6,542,696
b73,098
337,701
56,524,351
al74,174
1,358,201
$2,075,535
$4,991,976
(2)
Figures for
1936
as
previously published have in certain
Balance Sheet Dec. 31
1937
S
Investments
10, 894,613
25O~666
250,000
496,760
994,608
85,464
deposits..
Short-term note3
Loan
t,
Balance
:
Net income for the 12 months ended Dec. 31, 1937
on
Dividends
on common
$6 preferred stock
stock
Earned surplus, Dec.
31, 1937
$6,361,149
4,991,976
—
Dividends
;
....$11,353,124
1,678,296
3,273,670
series A
1936.
9 ,500,000
9,500,000
15 ,000,000
series B
15,000.000
Accts. payable.
Accrd. accounts
36,116
30,025
100,000
19,663
419,574
144,010
419,574
183,150
183,099
Pref. div. pay..
Accrued int. on
long-term debt
362,500
237,500
4,360
4,821
Conting .liability
281,378
,401,158
6,368,408
from
rec.
-
subs
—subs
Accts. receivable
—others.....
for add'l
Conting. right to
receive
inv.
.Junior
of Birm'm
and expense..
Special deposits.
Deferred charges
226,500
Reserve
2, 578,808
285,000
2,607,025
147,358
281,378
147,358
Surplus..
285,000
...157,859,485 158,046,4901
Total
junior
Electric Co
disc't
Unamort.
In
cash
secur.of Blrm.
226,500
Electric Co.—
Total
157,859,485 158,046,490
x Represented
by: $6 pref. stock (value in liquidation $100
279,716 shs.; common stock, 5,456,117 shares.
a
share)
Consolidated Balance Sheet Dec. 31
Assets
1937
1936
Plant, properties, franchises, &c
$519,683,350 $511,707,128
Invest, (sees.,long-term advs., &c.—ledg. value)
4,254,562
4,399,537
Special funds..
1
1,417,905
Cash in banks, on demand
28,121,713
29,156",560
Cash in banks, time deposits
1,869,500
2,446,963
U. S. Govt. & other short-term securities
1,864,646
2,623,016
Short-term notes
2,144,391
4,635,417
Notes receivable
35,085
73,476
Accounts receivable
7,777,592
8,330,711
Materials and supplies
6,315,343
5,302,486
Prepayments
485,259
240,956
Miscellaneous current assets
412,581
263,105
Reserve funds
2,691,110
2,133,589
Reacquired securities ...
1,443,804
1,450,302
Special deposits & redemptionifunds. _
yl,656,698
31,279,135
Notes & accts. rec., not current
62,351
375,654
Securities guaranteed by subs. (contra)
186,000
Consigned materials (contra)
33,939
Deferred charges
11,501,233
10,881,494
Contingent assets (contra)
232,039
.
Total
$591,969,167 $615,519,469
-
Liabilities—
1937
■
1936
$125,839,095 $125,839,095
Subsidiaries stock._95,839,241
96,015,135
Long-term debt
...
267,713,157 269,821,250
Accounts payable
2,408,542
2,196,038
Dividends declared.1,745,837
1,745,837
Notes payable..---- —-----—...
14,200
10,200
Customers' deposits
1,988,610
2,637,229
x
Capital stock.....
...
I
[
Accrued accounts
Miscellaneous current liabilities...
14,647,566 f
<
12,549,627
119,093
Matured and accrued interest on long-term debt
&
redemption accts. (cash in special deposits).
Mtge. bonds of a subs, maturing April 1, 1938.
Natural long-term debt and matured int
Notes & accounts payable, not current
guaranteed by subsidiaries (contra)
Securities
Reserves
-
-
-
.
29,866,900
767,000
109,051
/
.
—
------
-
-
-
Contributions in aid of construction
Contingent liabilities (contra).
Undeclared cum. divs. on pref. stocks of subsidiar es held by public.
147,828
47,017,809
455,443
232,039
410,410
Minority int. in surpl us (& deficits) of subs. (net)
Surplus—Appropriated
Tota'
80,622
186,000
33,939
84,233
43,639,549
32,633,336
412,981
33,826
244,507
30,003,407
$591,969,167 $615,519,469
Represented by National Power & Light Co. (no par value); $7 pref.
(entitled upon liquidation to $100 a share); pari passu with
authorized, 9,063 shares; issued, none. $6 pref., cum. (entitled
upon liquidation to $100 a share); pari passu with
$7 pref.; authorized,
500 000 shares; issued and outstanding, 279,716 shares.
Comnrno, author¬
ized
7,500,000 shares; outstanding (less 12,810 shares held in treasury)
5,456,117 shares,
y Special deposits only.—V. 146, p. 115.
x
cumulative
$6 pref.;
New
England Gas & Electric Association—New Chmn.
has been connected with the company since 1927.
President since 1929, has resigned his position as President
Chairman of the Board of the Association, also retaining
the Chairmanship of the boards of various subsidiaries, which latter positions
he has occupied for several years.
Frank H. Golding, who
$6,401,158
Includes Federal surtax of $2,139 on undistributed profits for the
year
1937.
b Includes Federal surtax of $1,410 on undistributed profits for the
a
$
125,839,095
5% gold debens.
Accts. receivable
sec.
1936
$
Capital stock. 125 ,839,095
0% gold debens.
x
12,044,850
U.S.Treas. bills
Time
1937
Liabilities—
141, 919,434 141,217,764
Cash
(.Company only)
1936
$
Assets—
$4,968,257
b218,009
1,356,430
Summary of Eearned Surplus for the 12 Months Ended Dec. 31, 1937
Earned surplus, Jan. 1, 1937
$6,368,408
Miscellaneous adjustments (net)
7,260
Total
$9,136,015
218,009
1,356,430
been re-arranged in the above statement.
cases
Earned, less amount accruing to minority int.
Net income
year
$8,669,017
for Fed.
undis.profits dCr$l7,074
$42,815
$110,679
$58,815
prov. for Fed,
surtax on undis.profits
2,139
1,411
2,139
1,411
c Addition due to reclassification of
accounts,
d Credit due to reversal of
Consignments (contra)
Sundry credits..
Statement of Income (Company Only)
Period End. Dec. 31—
Gross inc.—From subs..
$2,465,486 $10,668,390
73,098
174,174
337,701
1,358,201
prov.
litigation.
The total funded indebtedness of all subsidiaries
as
$8,564,682
104,335
Notes—(1) The above statement includes full revenues of a subsidiary
without provision for possible revenue losses, not
exceeding $120,000 for
each 12-month period, from natural
gas rate reduction now involved in
to its
1934
less
$2,415,678 $10,542,915
49,808
125,475
51,054
$2,493,162
ment of
aggregates
$2,828,150
b sncls,
investment
in
$8,564,682
Bal. carried to consol,
earned surplus
and
into
$2,415,678 $10,542,915
accounts.
subsidiaries and which it would have received if all subsidiaries had paid
out all available current earnings.
However, not all of the subsidiaries
were in a position, for various
reasons, to pay to the company these amounts
no
$2,828,150
surtax on
stock,
P.B.Sawyer, President, says in part:
Consolidated Income—The statement of consolidated income reflects the
operations of subsidiaries and also sets forth the net equity of this company
in the income of its subsidiaries.
The statement is entirely distinct from
the company's statement.
Net equity of company in the income of its subsidiaries for 1937 was
$10,542,915.
This net equity, plus the income of this company from other
sources amounting to $125,475,
give a total of $10,668,390.
After the
deduction of expenses, taxes and interest of this company a balance of
$9,136,015 was carried to consolidated earned surplus.
After allowance for
dividends on this company's $6 preferred stock there was a balance equal
to $1.36 a share on tnis company's common stock.
For the year 1936 the
corresponding balance was equal to 99 cents a share for the common stock.
The net equity of the company in income of subsidiaries
($10,542,915)
is the amount applicable to company on its holdings of securities of its
Financing—Company itself did
9,097
48,157
337,885
a
common
National Power & Light Co.—Annual
1,352
$2,879,204
Incls.
12,381,253
Crl6,872
3,821
Int. & other deductions.
•
Idea, Inc.—Listing and Registration—
12,060,489
Cr21,569
$3,932,776 $16,609,219 $14,637,016
1,515,746
6,062,483
6,063,237
488
Net equity of N. P. &
L. Co in inc. of subs.
$39,865
141,913
to
b Exps., incl. taxes
The New York Curb
3,086,791
Cr3,689
2701.
1938
Net loss
—Y. 145, p. 3504.
2,999,348
Cr3,674
$4,344,053
1,515,415
Pref. divs. to public.
Portion
applicable
National Pole & Treating Co.-—
3 Months Ended March 31—
23,426
$7,015,87b $28,648,139 $27,001,397
other
Int. charged to construe.
Total
to
35,455
95,098
39,763
11
_
Other inc. deductions
The Ohio Supreme Court has affirmed a Court of Appeals decision setting
a Common Pleas Court injunction which blocked consummation of a
recapitalization plan for the company.
The injunction was secured in
1936 by the National City Bank, Cleveland, acting for minority preferred
stock interests.
The plan provided that holders of the $8 preferred stock
which had accruals of $28 on Dec. 31, 1937, be given 1 1-3 shares of new
$6 prior preferred stock and % shares of common.
The present $25 par
common would be converted into no
par common having a stated value of
$20 3/ share
*
_
$6,979,626 $28,558,154 $26,862,811
97,841
349,067
404,815
61,589
259,082
266,229
$7,339,727
Otherpncome
aside
New
•<
$7,015,081 $28,581,580 $27,004,724
cCr66,936
$7,284,392
Kidder, Pea body & Co., New York—
Johnson, Lane, Space & Co., Inc., Savannah, Ga
Scott & Stringfellow, Richmond, Va_
Schoellkopf, Button & Pomeroy, Inc., New York
Blyth & Co., Inc., New York
—V. 146, p. 3194.
The
*■"
plants
Name—
W. E. Button & Co., New York.
1937—12 Mos.—1936
Operating revenues
The cost of this unit
products.
Income
1937—3 Mos.—1936
Subsidiaries—
The company proposes to utilize a part of the net proceeds from the sale
of the debentures for the construction of a unit for the manufacture of
gypsum
Statement of Consolidated
Period End. Dec. 31—
the discharge of the aforesaid 4% mortgage
note in full.
is
3511
1
and has been
and has been made
Financial
3512
He is succeeded
President of the Association and various subsidiaries
as
^^Isaacir^HadTock^ who
Vice-President, has retired.—V. 146,
has been
3195.
p.
Nebraska Power
1938—Month—1937
of
Amort,
2,055
48,333
41,667
$235,331
$211,111
81
$235,412
61,875
17,500
limited-term
Net oper. revenues—
Other income
Gross income
Int.
mortgage bonds.
on
debenture bondsOther int. & deductions_
Int.
1938—12 Mos.—1937
$7,810,605
$7,089,478
4,293,680
3.929.014
$582,993
330,215
investments
on
8,932
CY2.443
Int. chgd. to construc n.
33,794
569,166
516*667
858
$2,913,965
27,860
$2,643,797
169,146
$211,969
61,875
17,500
9,145
CY5.749
$2,941,825
742,500
210,000
107,934
Cr32,110
$2,812,943
742,500
$129,198
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$149,548
Net income
$1,913,501
210,000
94,967
CY30.838
$1,796,314
499,100
$1,297,214
been made for Federal surtax on undistributed
profits for the 12 months ended April 30, 1938 and 1937.—V. 146, p. 3023.
Note—No provisions have
Nevada-California Electric Corp. (&
1938—Month-—1937
Subs.)— Earnings
1938—12 Mos. —xi937
$407,534
$425,580
37,590
165,039
47,669
50,093
20,888
198,722
38,268
47,777
$107,142
3,704
Operating revenues
$5,731,873
272,710
2,206,446
598,338
579,840
$5,580,500
194,191
2,082,746
531,974
599,287
$119,924
6,151
$2,074,537
90,669
$2,172,301
92,653
$110,846
114,785
$126,075
110,931
$2,165,207
1,367,309
$2,264,955
1,339,292
6,990
1,072
7,101
2,012
84,291
14,488
88,229
13,536
loss$12,002
$6,031
$699,119
$823,896
74,044
I>5,485
Maintenance..
Other operating expenses
Taxes
...
Depreciation
Net oper. revenues
Other income..
Gross income
Interest...
...
Amortiz. of debt disct. &
expenses.
Miscell. inc. deductions.
Net
income
Profits
retire, of bonds
on
and debentures
Other
debits
miscell.
&
credits to surplus (net)
CY5.076
CY1.602
Dr 9,200
CY6.010
def$6,924
$7,634
$763,963
$824,422
Earned
surplus avail,
for
red.
of bonds,
dividends, &c
x
In order to make proper comparison 1936 figures (as to major items)
revised to conform with Federal Power Commission classification
were
effective
Jan.
1937.
1,
Note—This statement properly omits
extraordinary debits to surplus
arising from amortization of pension funds, &c.—V. 146, p. 3195.
New
Gross from
Net from
$66,082
def3,902
$65,389
def6,587
def22,87l
From Jan. 1—
Gross from railway...
Net from railway....
def25,718
def27,958
226,708
def22,719
defl04,717
._
Net after rents
146, p.
1936
253,998
def24,924
defll0,106
262,905
def23,533
261,693
def70,245
defl51,200
1937
1938
Gross from
railway
railway
1936
1935
$262,382
93,171
34,047
$272,644
57,523
$219,099
71,909
25,222
$199,677
58,452
26,992
961,288
259,555
36,987
Net after rents
1,085,848
435,375
225,271
842,316
235,033
57,849
728,845
161,285
28,061
119,571
1—
Gross from railway
Net from railway
Net after rents
New York Ontario & Western
Earnings for Month
April
Gross from
From Jan.
From Jan. 1—
Gross from railway
Net from
93,005,704 124,701,645 113,874,852 100,440,749
14,335,000
32,132,270
26,332,512
23,423,070
dfl,716,403
17,389,567
12,167,585
10.053,662
railway.
Net after rents
Increases Bank Loan—
The company has drawn an additional $5,000,000 from a bank loan the
issuance of collateral for which recently was authorized by the Interstate
Commerce Commission.
The total credit is for $20,000,000,
of which
$15,000,000 has
now
New York
April
Net after rents.
From Jan. 1—
Gross from railway
Net from railway......
Net after rents
146,
Year
to
p.
1936
1935
$3,570,395
1,170,495
616,390
$3,311,031
$2,634,918
767,7.33
427,860
11,179,549
2,495,200
666,741
.
1937
$2,705,698
615,460
207,649
15,024,161
5,371,551
3,078,920
12,989,785
4,570,561
1,262,059
817,100
2,832,684
11,152,202
3,634,436
2,124,815
3197.
New York City Omnibus
York
New
x
$1,051,997
260,320
226,915
$693,655
214,333
145,469
2,301,231
373,520
15,484
2,985,352
617,415
303,432
2,802,938
657,627
332,245
1935
1,986.857
def947
def328,783
&
Queens Electric Light
& Power
Co.—
New York
Susquehanna & Western RR.—Earnings—
1938
$253,276
85,769
15,129
Net after rents..
From Jan. 1—•
Gross from railway
Net from railway
Net after rents.
1937
$327,176
140,475
1,054,300
377,989
89,702
railway
Net from railway
1,206,667
1936
1935
$273,126
74,610
20,671
$312,988
1,249,251
.377,680
185,631
1,266,320
351,240
69,240
467,664
206,023
92,976
44,654
119,757
—V. 146, P. 2862.
RR.—Earnings—
1938
Gross from railway.....
Net from railway
$357,939
Net after rents
....
1936
1935
$451,321
125,541
63,180
$357,318
56,330
8,293
$378,592
87,306
32,908
1,300,630
118,076
def68,785
1,533,913
310,043
97,053
1,357,570
191,856
27,670
1,466,160
255,909
50,916
Net after rents
From Jan, 1—
Gross from railway
Net from railway
1937
60,060
8,770
—V. 146, p. 2862.
Norfolk & Western
n
Ry.—Earnings—
1938—Month—1937
1938—4 Mos.—1937
RpilPW
Freight
Pass., mail &
$4,914,782
express...
284,154
Other transportation
23,171
Incidental & jt. facility.
35,852
$7,459,539 $20,354,225 $30,506,447
339,441
1,101,927
1,276,064
29,777
99,109
116,942
64,237
152,836
246,665
Ry. oper. revenues... $5,257,960
Maint. of way & structs.
705,657
$7,892,994 $21,708,099 $32,146,118
856,594
2,818,303
3,501,509
1,504,692
5,103,714
5,510,972
133,978
557,340
529,992
1,701,509
6,263,678
7,080,818
22,610
63,804
72,632
224,693
694,972
895,294
CY1.975
Crl8,664
CY3.711
Maint. of equipment...
Traffic
Transp. rail line.
Miscell. operations
General expenses
Transp. for investment.
1,231,626
134,628
1,499,889
15,253
162,747
CY158
$1,508,316
689,364
$3,452,626
1,232,062
$6,208,262 $14,573,564
3,551,183
4,685,447
$818,952
Crl52,197
Drl0,869
$2,220,564
Cr382,716
013,071
$2,657,078
$9,888,116
0638,579 01,245,652
Dr53,704
Dr51,152
Net ry. oper. income.
Other inc. items (bal.)..
$960,280
Dr71,332
$2,590,210
Dr43,149
$3,241,954 $11,082,616
0130,110
0203,829
Gross income
Int. on funded debt
$888,947
178,525
$2,547,061
178,817
$3,372,064 $11,286,446
714,629
715,267
Net income
—Y. 146, p. 2862.
$710,422
$2,368,244
$2,657,435 $10,571,179
Ry. tax accruals
Railway
Equip,
oper. income.
rents (net)
North Central Texas Oil Co., Inc.—Interim Dividend—
$1,013,512
238,153
203,333
After interest
on equipment
obligations, interast on bonds assumed from
Railways Corp., amortization and other charges, but before
any prov. for Federal surtax on undistributed profits or excess profit tax.
Note—Net income for April, 1938, and 1937, is before deduction of
$19,933 and $19,353, respectively, charged to income in respect of provision
for amortization of amount to be amortized on
basis of recapture contract
New
130,197
53,282
Proceeds will be used to discharge an
obligation of $7,000,000 due and
payaole to the Consolidated Edison Co. of New York, Inc., and to the
extent of the balance remaining to be drawn from time to time as such
proceeds are required for the acquisition of property, the construction,
completion, extension or improvement of the company's plant or dis¬
tributing system as may be duly authorized by the Public Service Com¬
mission.—V. 146, p. 2862.
Corp.—Earnings—
[Incl. Madison Avenue Coach Co., Inc., and Eighth Avenue Coach Corp.]
Month of April—
1938
1937
Gross...
Net after Fed. income taxes & depreciation.
x Net
income
Date
1936
$703,918
170,902
93,264
Joint facil. rents (net)..
Date
1938
Gross from railway
Net from railway
—V.
and
to
$10,000,000 Bonds Placed Privately—The company has placed
privately with several life insurance companies an issue of
$10,000,000 1st & consol. mtge. bonds, 324% series, dated
May 1, 1938, due May 1, 1968. • Bonds were sold at 101
and int. City Bank Farmers Trust Co., trustee. Redeem¬
able as a whole at any time or in part on any semi-annual
interest date upon 30 days' prior published notice to and
including May 1, 1943, at 105, and thereafter at a decrease
in premium of 1% for each five-year period which elapses
to May 1, 1958, and thereafter to and including May 1, 1963,
at 101 and int., and thereafter to maturity at 100.
Net. ry. oper. revs...
Chicago & St. Louis RR.—New Director—
Allan P. Kirby on May 25 asked the Interstate Commerce Commission
for permission to serve as a director of this railroad.
of April
Year
—V. 146, p. 2861.
been borrowed.—V. 146, p. 3348.
Earnings for Month
and
1937
$632,454
1—
Gross from railway
Net from railway......
Net after rents
ClTlPYfttlYl
1938
1937
1936
1935
$22,947,750 $30,677,027 $28,588,688 $25,169,292
4,038,472
7,967,661
7,020,154
5,783,735
82,340
4,205,629
3,391,596
2,449,336
railway
Net from railway
Net after rents
of April
1938
Gross from railway
$428,440
Net from railway......
def45,191
Net after rents..
defl23,939
April—
Period End. April 30—
RR.—Earnings—
Ry.—Time Extended—
Sept. 21 the time for the filing by
of a plan of reorganization under Section 77 of the National
Bankruptcy Act.
—V. 146, p. 2861.
New York Central
RR.—Earnings—
Federal Judge Hulbert has extended to
April—
-Earnings-
total authorized issue
the company
Norfolk & Southern
April—
From Jan.
$66,171
defl7,900
def37,962
a
1938—Month—1937
1938—4 Mos.—1937
$5,948,984
$7,311,892 $22,969,076 $27,566,605
a Net ry. oper. income.,
def154,905
893,267
def708,367
3,112,965
c Net deficit after chgs__
bl ,208,700
b 129,020
b4,806,112
b788,305
a The
leases of the following companies were rejected on dates stated
below, but net railway operating income includes the results of operations
of these properties: Old Colony RR., June 2, 1936; Hartford & Connecticut
Western RR., July 31, 1936; Providence Warren & Bristol RR., Feb. 11,
1937.
b Effective as of those dates no charges for the stated leased
rentals are included covering the Old.Colony RR., Hartford & Connecticut
Western RR., and Providence Warren■& Bristol leases,
c Before guarantees
on separately operated properties.—V. 146, p. 2861.
2861.
New Orleans & Northeastern RR.-
Net from
defl03,442
1935
1938
28,
official notice
the conversion of the notes, making
upon
Period End. April SO—
Gross from
$55,323
def3,423
railway...
railway
Net after rents.
—V.
1937
1938
(no par)
Total oper. revenues
April—
Jersey & New York RR.—Earnings—
April—
stock
of issuance, from time to time, upon
the total amount applied for 119.477 shares out of
of 131,404 shares.—V. 146, p. 3347.
499,100
$1,414,401
Balance
Period End. Mar. 31—
common
New York New Haven & Hartford
$645,076
359,357
Prop, retire, res. approps
May
and 49,477 additional shares or
Co,—Earnings—
Period End. April 30—
Operating revenues
Oper. exps., incl. taxes
Chronicle
on
The directors have declared an interim dividend of 10 cents per share
the common stock, par $5, payable July 1 to holders of record June 15.
A
dividend of 20 cents was paid on Dec. 15, last; dividends of 15 cents
paid on July 1, 1937 and on Dec. 16, 1936, and a special dividend of
10 cents was paid on Dec. 16, 1935, this latter being the first dividend
were
paid since Sept. 2, 1930 when a quarterly dividend of 15 cents per share
was distributed.—V.
146, p. 3349.
York
in monthly instalments.—V.
New York Dock
146,
p.
ceeding
2861.
$2,100,000 6% promissory note maturing in not more than three
renew or refund its now outstanding 5% promissory
presently held by International Holdings,
Canadian corporation.
years to
Co.—Listing of Notes and Stocks—
The New York Stock Exchange has authorized the
listing of $3,441,050
convertible 5% notes, dated April 1,
1937, to become due April 1, 1947.
issued and outstanding in the hands of the
public, or held by the depositary
agent under the plan of recapitalization of the
company, for delivery to
holders of certificates of deposit of
5% serial gold notes, series due 1938 upon
the surrender of such certificates of
deposit; and $93,000 of convertible 5%
notes dated April 1, 1937, to become due
April 1, 1947. upon official notice
of issuance to holders of 5% serial
gold notes, series due
1938, depositing
under the plan of recapitalization, and
70,681 additional shares of
$5 non-cumulative preferred stock (no par) upon official notice of
issuance,
same
from time to time, upon the conversion of the
notes, ma iring the total amount
applied for 170,681 shares out of a total authorized issue of 187,720 shares;
Northeastern Water Co., Inc.— To Renew Note—
Company, a subsidiary in the registered holding company system of the
Associated Gas & Electric Co., has filed with the Securities and Exchange
Commission a declaration (File 43-118) covering the issuance of not ex¬
a
be issued to
note in the same amount which is
Ltd.,
a
Northern Alabama
April—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 146, p. 2862.
Ry.—Earnings—
'
1935
1937
1936
$47,951
14,762
def2,113
$64,281
26,929
8,467
$57,858
24,097
8,175
$43,870
11,456
def3,446
196,300
67,523
280,867
131,605
62,675
243,453
108,373
44,053
191,566
64,671
986
1938
def5,531
Volume
Financial
146
North Continent Utilities Corp.
1936
1935
1934
$3,476,598
2,389,416
244,099
$3,896,305
2,610,053
231,513
20,969
227,919
201,588
$3,385,713
2.338,052
208,718
31,115
172,316
$751,971
138,244
$805,852
135,399
$649,491
105.041
$635,513
106,201
$890,215
$941,251
$754,532
$741,714
549,524
607,290
573,126
581,116
205.547
3,377
208,001
210,433
3,774
2,965
215,130
6,533
35,119
Retirement expense
Uncollectible bills
37,258
35,473
36,173
18,421
Taxes, general
Net operating income.
Non-operating income.
_
Gross income
Subs, utility cos. deduc¬
tion from income
Int.
bonds
on
&
-
of debt disct.
&
expense
Uncollectible oper.
Operating
profit for
loss$69,586
$82,443
$93,790
year...
Operating taxes
1937
$
Assets—
$
Plant,prop.,rights,
franchises,
Organization
a
17,329
17,329
535,20 7
725,889
639,766
Fund, debt of subs.
561,476
Inventories-
rents, &cI
20,385
18,438
281,698
Inv. in Capital Ice
75,871
tion reserves...
32,733
76,479
Res.for loss on inv.
62,632
522,164
606,456
48
263
600
25",666
21,667
273,333
260,000
$97,405
17,465
$119,294
17,491
$1,310,439
206,772
$1,368,298
208,015
$79,940
$101,803
$1,103,667
Dr71
Dr90
Drll3
$1,160,283
Drl0,304
Int. on mortgage bonds.
Other int. & deductions.
$79,869
28,321
16,360
$101,713
30,300
16,478
$1,103,554
348,457
203,940
Int. chgd. to construc'n.
$1,149,979
374,969
194,326
Crl8
limited-term
investments
31,139
Min. int. in subs..
3,836,704
3,669,118
4,831,269
181,924
4,936,658
94,022
193,087
192,236
.....
Capital surplus
Earned surplus
Total
by 45,726 shares
...
109,496
(no par) of declared value as shown,
par).—V. 144, p. 3012.
b Represented by 170,428 shares (no
Northern States Power Co.
Period End. Mar. 31—
Net oper. revenue._
(net)
Net
oper.
rev.
other income
a
Approp. for retire,
pref.
on
co.
Minority
stk.
on
$3,858,848 $14,703,866 $14,590,163
16,893
55,638
81,700
640,000
$3,875,742 $14,759,505 $14,671,864
640,000
2,900,000
2,900,000
$2,912,984
925,571
157,452
34,928
$3,235,742 $11,859,505 $11,771,864
1,230,004
3,718,494
5,667,181
574,301
630,262
----149,731
52,740
88,289
12,825
on
5,118,357
16,941
160,416
16,941
1,375,000
62,719
160,416
65,967
$1,434,341
$1,665,824
$5,984,740
Gross income
Cr2
Cr219
Crl09
$35,206
$54,937
Dividends applicable to
preferred stocks for the
period, whether paid or unpaid
$551,376
$580,793
334,182
334,178
$217,194
$246,615
Net income
x
—-
accumulated and unpaid to April 30, 1938, amounted to
Latest dividend on 7% preferred stock was $1.75 a share
paid
Latest dividend on 6% preferred stock was $1.50 a
share paid on Oct. 1, 1932.
Dividends on these stocks are cumulative.
interest
April
1,
1938.
Note—No provisions have been made for Federal surtax on
undistributed
profits for the 12 months ended April 30, 1938 and 1937.—V. 146, p. 2863.
Northwestern Public Service
Calendar Years-
for resale
Operation
1936
1935
1934
$2,836,238
$2,781,737
$2,551,973
$2,326,744
160,651
125,932
1,063,657
166,356
305,823
940,179
150,330
304,939
254,368
60,950
248,325
40,000
$768,474
8,606
$804,650
8,949
$747,390
11,828
$777,081
398,100
9,423
$813,599
401,636
6,025
$759,218
415,953
10,181
$653,038
435,904
10,449
24,901
7,703
25,128
25,944
28,780
$336,954
$380,809
$307,140
$177,905
171,969
109,884
193,472
103,917\
123,619
66,396/
$55,101
$63,718
....
expenses
1,081,624
173,643
331,000
272,786
48,058
_
Maintenance expenses.
_
Provision for depreciat'n
State and local taxes
Federal income taxes
Net
from oper.
earns,
Other income (net)
Total net earnings.
on funded debt.
Interest
General interest
681,817
681,817
2,727,270
and expense
Misc. inc. deductions
Net income
7% preferred dividends.
6% preferred dividends
.
585,394
2,341,578
Balance....
2,341,578
a Before
appropriation for retirement reserve.
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937 are
in accordance with the Classifications of Accoimts prescribed by
regulatory commissions effective Jan. 1, 1937 which differ in certain re¬
spects from the classifications previously followed by the companies.
In
certain instnaces the figures prior to Jan. 1, 1937 have been adjusted in
accordance with the new Classifications of Accounts.
(2) Northern States
(Minn.) has made no provision for Federal and State income
the year 1937 as it will claim as a deduction in its income tax
returns for that year unamortized discount and expense-and redemption
Power Co.
taxes for
premiums and expense and duplicate interest applicable to bonds redeemed
during the year 1937, which deduction, it is estimated, will result in no
taxable income for that year.
During the period from Jan. 1 to Feb. 28,
1937 Northern States Power Co. (Minn.) made provision for Federal and
State income taxes in the amount of $79,500 which was reversed over the
...»
1937
Assets—
Weekly Output—
franchises,
>
amortization...
496,566
471,665
2,456,700
6% cum. pref. stk.
($100 par)
&c..14,255,429 1 4,123,834
Bond disct. & exp.
in
process
of
1,831,400
Common stock..
1,694,875
1,694,875
7,962,000
Accounts payable.
114,169
7,962,000
y
Funded
Prepaid accts. and
deferred charges
1936
$
7% cum. pref. stk.
($100 par)
2,456,700
1,831,400
debt
60,283
53,897
Other assets
106,630
109,677
Accrued interest..
213,394
Cash
216,959
171,374
Custom'rs deposits
153,456
Deps. for bond int.
205,656
202,299
Accrued State and
Marketable
174,701
11,737
x
securs.
local taxes, &c..
181,904
81,869
73,057
Custom's ad vs. for
warrants & notes
&c._
384,985
380,976
Mat'ls & supplies.
222,354
223,677
receivable,
191,378
Income taxes
Custs.' accounts,
108,946
213,109
152,773
construct
4,500
Reserves
882,370
794,086
193,375
327,988
296",3 75
Contribs.lnaidsof
construct
Earned surplus...
Total
x
in
16,098,665
After
reserve
P.
Total.....
16,098,665 15,774,039
for uncollectible accounts of $47,062 in 1937 and $41,560
1936.
145,
15,774,039
y Represented
3340.
Ohio Edison
by
52,150 no
par
shares.—Y.
146,
p.
922,
V.
Co.—Earnings—
Period End. April 30— 1938—Month—1937
1938—12 Mos.—1937
Gross revenue
$1,503,277
$1,717,519 $19,245,008 $18,675,288
x
751,616
200,000
838,473
200,000
9,349,405
2,400,000
8,997,957
1,675,000
$551,661
285,776
$679,046
262,103
$7,495,603
3,248,451
$8,002,331
$265,885
155,577
$416,943
155,577
$4,247,152
1,866,923
$4,663,215
1,866,923
$261,367
$2,380,229
$2,796,292
Oper. exps. & taxes...
for depreciation..
Prov.
Gross income
—
Int. & other fixed chges.
Net income
Divs.
on
pref. stock
$110,308
Balance
x
No provision was
made in 1936
or
3,339,116
1937 for Federal surtax on undistrib¬
No provision has been
uted profits as all taxable income was distributed.
made for such tax in 1938.—V. 146, p. 2703.
Oklahoma Natural Gas Co. (&
12 Months Ended
April 30—
Sub.)—Earnings—
1938
'
1937
Maintenance
Taxes (not
$7,951,334
2,945,941
$7,868,077
2,948,795
191,357
Operatingrevenues
Operation
224,874
Net operating revenues.
Non-operating income (net)
Balance.
817,005
694,249
$3,997,030
12,812
$4,000,159
$4,009,843
incl. Fed. surtax on undistrib. profits).
$4,049,129
48,970
1,091,826
1,226,032
$2,918,016
1,486,912
$2,823,098
$1,431,104
$1,247,434
133,200
133,200
ouput of the Northern
Northern States Power Co.
(Minn.)—Listing—
authorized the listing of $75,000,000
1967, and 275,000 shares of cumula¬
preferred stock, $5 series (no par), all of which are now issued and
outstanding.—V. 146, p. 3199.
The New York Stock Exchange has
1st &ref. mtge. bonds, 3)4% series due
tive
Northern
States
Power
Co.
(Wisconsin)—Additional
Gross income
Interest and
Common Stock—
See Northern States Power
Co. (Del.) above.—V. 146, p. 2863.
amortization, &c
Net income
paid & accrued conv. 6% prior pref. stock._
for Federal surtax on undistributed
profits (for fiscal year ended Nov. 30, 1937)
Divs.
1,575,664
Provision
Balance
a40,000
$1,257,904
$1,114,234
provision has been made for the Federal surtax on undistributed
profits for the fiscal year beginning Dec. 1, 1937, since any liability for such
tax cannot be determined until the end of the fiscal year.—V. 146, p. 3349
a
Issue of
$36,946
1937
Mobilities—
$
Retirement accruals
States Power Co. system for the week
ended May 21, 1938 totaled 25,010,372 kilowatt-hours, an increase of 2.1%
compared with the correspondng week last year.—V. 146, p. 3349.
Electric
$647,239
♦
5,799
140,959
$136,827
1936
$
Plant, prop.,rights,
period from March 1 to June 30, 1937.
Under date of May 6, 1938 the Public Service Commission of Wisconsin,
pursuant to an application dated May 5, 1938 of Northern States Power Co.
(Wisconsin) supplementing its application dated Jan. 6, 1938, authorized
that company to issue 80,000 shares of its common stock, of the par value
of $100 per share, for $8,000,000 of the open account due Northern States
Power Co.
(Minn.) provided the remaining balance ($8,980,000) due to
Northern
States Power Co.
(Minn.) from Northern States Power Co.
(Wis.) on open account be canceled. Such order was conditioned, among
other things, upon the following:
(a) That Northern States Power Co.
(Wis.) change to earned surplus the expired debt discount eand expense
(which at Dec. 31, 1937 amounted to $652,232) and beginning Jan. 1,
1938, it amortize the unexpired portion of such debt discount and expense
by charges to income at the rate of $32,825 annually,
(b) That Northern
States Power Co. (Wis.) transfer to a reserve for contingent tax deficiencies
the balance of its earned surplus account as at Dec. 31, 1937 after writing
off the expired bond discount and expense of $652,232, any portion of such
reserve not used to absorb the contingent tax liability existing as of Dec. 31,
1937 to be transferred to its reserve for depreciation of utility plant, (c) That
Northern
States Power Co.
(Wis.) transfer $4,000,000 of the capital
surplus of $8,980,000 created by the cancellation of the indebtedness on
open account due to Northern States Power Co. (Minn.) to its reserve for
depreciation of utility plant and transfer the remainder of $4,980,000 of
such capital surplus to a reserve for adjustment of the book cost of its
investments, the reserve so established to be utilized to absorb adjustments
in the book cost of property includible in utility plant in service account,
before being used for any other purpose,
(d) That for the year 1938 and
annually thereafter until further order of the Commission Northern States
Power Co. (Wis.) make provision annually for depreciation at the rate
of $600,000 per annum,
(e) That the book cost to Northern States Power
Co.
(Wis.) of the dam and power house acquired from Cornell Wood
Products Co. be segregated in a separate account for the determination
of the amount of such book cost properly includible in utility plant be held
in abeyance pending the use of such property in utility service.
The order further provided that upon compliance with all the terms and
conditions of such order, the order „of March 4, 1938, be superseded by the
provisions of said order of May 6, 1938.
,
Balance Sheet Dec. 31
6% cum. pref.
shown
992,762
106,246
309,833
240,663
30,000
Note—No provision for undistributed profits tax.
2,727,270
585,394
120.809
Amort, of bond discount
7 % cum. pref.
stock
Co.—Earnings—
1937
Total gross earnings
Power and gas purchased
$5,251,257
343,750
stock
Divs.
15,428,672
of
held by pub_.
Net income.
Divs.
$3,550,301
2,682
_
Int. charges (net)
Amort, of dt. dis. & exp.
Other inc. deductions
sub.
$35,137,193
$9,328,385 $35,737,786
4,121,756
15,850,636
1,347,780
5,183,283
&
res.
Gross income
Divs.
1938—12 Mos —1937
$3,552,984
Taxes
a
(Del.) (& Subs.)—Earnings
1938—3 Mos.—1937
$9,235,068
4,121,062
1,563,705
Operating revenues
Oper. exps. & maint
Other income
revenues
Other income (net)
Total....-....24,858,840 25,200,384
.24,858,840 25,200,384
Represented
res. approps
Rent for lease of plant--
on
unadjusted
credits...
80,000
......
own se¬
curities at cost..
1938—12 Mos—1937
$4,428,105
$4,418,532
2,844,070
2.789,634
$368,088
227,079
$1,081,180.
2,760
Miscell. reserve
Misc.
selling
stk.
1938—Month—1937
of
32,883
740,822
_
$2,281,241
2,196.008
508,479
$343,403
220,998
Maint. & purifica¬
211,138
Deferred charges.
$1,619,694
1,465,797
April 30—
Operating revenues
Oper. exps., incl. taxes..
contrib.
462,790
Refrigerating Co
Miscell. assets
$540,489
Northwestern Electric Co.—Earnings—
9,261
for
extensions
$436,338
395,524
...
Period End.
630,768
1,789,414
curr.
$3,648,808
1,367,567
Balance
75,000
649,972
1,983,233
Res.
to non-util. subs.
a
5,287,000
liabil..
282,347
Invest, in and adv.
exp. on cap.
3,915,500
5,130,000
Retire, reserves...
Total
Prepaid insurance,
7,276,054
$3,106,203
1,486,509
net income.
170,485
6% conv.gold notes
5Hs
(net)-.........
3,958,614
170,485
1st lien coll. & ref.
607,904
_
Accts. & notes rec.
Company's
.
500,324
Cash
Discount &
—
stock
3,958,614
3,911,500
b Common
7,819,198
$884,011
343,522
Operating income.
pref.
Non-cum.
stock (conv.)
&c..21,750,945 21,537,178
exps.
1,921,992
—V. 146, p. 3025.
$
Liabilities—
41,832
$808,945
372,607
...
Net oper. income
Net oper.
1936
1937
1936
45,868
loss$99,191
Comparative Consolidated Balance Sheet Dec. 31
•
10,599
$2,806,003 $10,925,401 $10,924,862
1,986,725
revenues
Prop, retire,
Net
11,857
rev._
expenses
Net oper.
1,955
2,120
2,486
2,858
income
gross
Telephone Co.—Earnings—
^Operatingrevenues.__ $2,795,670
Amort,
Miscell. deductions from
Bell
Period End. April 30—
1938—Month—1937
1938—4 Mos—1937
Operatingrevenues
$2,807,527
$2,816,602 $10,971,269 $10,966,694
con v.
gold notes
Miscell. int. deductions.
Amort,
213.259
22,843
3513
Northwestern
■Report—
(& Subs.)-
1937
$4,042,374
2,775,868
252,013
Calendar Years—
Operating revenues
Oper. & maintenance
Chronicle
No
Financial
3514
Chronicle
Can
common
and
Co.—Earnings—*
Pearl River
1937
1938
12 Months Ended March 31—
Net profits.
1936
The
Pacific Finance
Business and Sells Assets—
Pennsylvania-Central
Registration—
Company has notified the New York Stock Exchange that on April 20,
1938, its wholly-owned subsidiary, Pacific Co. of California, retired from
the business of dealer and broker in stocks, bonds and commodities by sale
of its business and substantially all its assets, changing its name to
Pac
£100,000 of non-voting 5% pref. stock with sinking fund provisions for its
retirement, and £125,000 of common stock.
The preferred stock was pur¬
chased by Pac Corp. and the common stock was purchased by certain
individuals who are active in the management of the new corporation and
of the old corpora¬
who, for the most part, were active in the management
tion—V. 146, p. 2544.
quarterly dividend of 40 cents per share on the common stock,
15.
Similar pay¬
An extra dividend
of 20 cents in addition to a quarterly dividend of 30 cents per share was
paid on Jan. 2. 1937 —V. 146, p. 1411.
a
par £10. both payable July 1 to holders of record June
ments were made in each of the five preceding quarters.
1938—-Month—1937
£438,916
£418,529
2.32,092
253,664
_
£5,759,348
57.708
692,900
1938—12 Mas.—1937
3,231,615
Pennsylvania
investments
term
$5,434,398
2,922,973
57,908
Earnings of System
Period End. April 30—
1938—Month—1937
1938—4 Mos.—1937
Ry. operating revenues.£27,994,917 £39,568,726£111,088,943$154,466,333
Ry. operating expenses. 20.672,745
29,360,983
85,904.365 116,966,874
from ry. oper.
£7,322,172 £10,207,743 £25,184,578 £37,499,459
2,524,500
2,490,077
8,510,300
8,394,312
392,193
364,655
1,666,922
1,464,610
Railroad retire, taxes.._
359,673
496,870
1,510,179
1,988,842
Equip, rents—Dr. bal..
676,950
127,417
2,352,755
550,737
Joint fadil. rents—Dr. bal
145,354
157,573
581,741
739,406
rev.
Railway taxes
Unemploy. ins. taxes...
Netry.
income. £3,223,502
oper.
1938—Month—1937
1938—i Mos.—1937
Ry. operating revenues_£27.919,068 £39,491,403 £110,823,199£154,189,773
Ry. operating expenses. 20,583,959
29.267,758
85,584.380 116,615,124
692,500
rev.
from ry, oper, $7,335,109 $10,223,645 $25,238,819 $37,574,649
Railway taxes
ins. taxes...
2,516,789
392,098
358,987
675,380
145,686
Unemploy.
Railroad retire, taxes...
Net oper. revenues...
Rent from lease of plant
£127,344
17,465
£128,729
17,491
£1.834,702
206,773
$1,818,925
208,015
$146,220
:
-
.
_
$2,026,940
3,301
30
£2,041,475
2,629
£145,136
85,417
18,017
£146,250
85,417
18,324
£2,044,104
1,025,000
230,986
£2,030,241
1,025,000
231,438
£41,702
Operating income
Other income (net)
£42,509
$788,118
Equip, rents—Dr. bal..
Joint facil. rents—Dr. bal
$773,803
$144,800,
32>
.
£6,571,151 £10,562,681 $24,361,552
Period End. April 30—
Net
131
_
res. approp
RR.—Earnings—
N'.:'
[Excludes L. I. RR. and B. & E. RR.l
Amortization of limited-
Prop, retire't
and
Corp.—Listing
Airlines
Earnings of Company Only
Light Co. (& Subs.)—Earnings—
Period End. Apr. 30—
Operating revenues
Oper. exps., incl. taxes.
certificate
admitted the capital stock, £1 par,
listing and registration.—V. 146, p. 3351.
to
Net
Co.—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share in
Pacific Power &
14 issued a
May
The New York Curb Exchange has
Corporation. and the business formerly conducted by it will be continued by a
new California corporation using the name Pacific Co. of California.
The
new Pacific Co. of California has a paid-in capital of £225,000, consisting of
addition to
on
northeasterly direction to its terminus at a point known as Rowlands,
approximately 22.5 miles, all in Pearl River and Hancock Counties. Miss.
—V. 141, p. 123.
Corp*—Subsidiary Retires from Brokerage
Pacific Indemnity
Valley RR.—Abandonment—
Interstate Commerce Commission
*$220,144
*£179,862
£0.92
—
£77,000 in 1937, which undistributed amounts are not reflected in the
above.—V. 14*6, p. 3027.
income account of your company as given
$293 ,336
y Earnings per share.
£1.13
£1.50
x After
depreciation and Federal income taxes,
y On 195,000 shares
capital stock,
z Before surtax on undistributed profits.—V. 145, p. 3980.
*
1938
28,
The portion of these earnings which accrued to your company's 35%
stock interest amounted to £115,000 in 1938 as compared with
£112,000 in 1937.
Of these earnings £80,000 were undistributed m 1938
Oppenheim Collins & Co., Inc.— Sales—
Company reports total store net sales for three months ended April 30,
1938, of £2,190,643 as compared with £2,475,744 in corresponding period
of previous year, a decrease of 11.5%.—V. 146, p. 2055.
Pacific
May
Net ry. oper. income.
$3,246,169
2,482,385
364,280
495,940
126,085
157,887
8,369,759
1,463,199
1,985,191
545,571
740,650
8,485,759
1,666,545
1,507,476
2,346,574
583,063
•
$6,597,068 $10,649,402 $24,470,279
New Director—
Gross income
Interest
mtge. bonds.
Other int. & deductions.
on
Thomas Newhall was on May 25 elected a director of this railroad
ceeding Percivai Roberts Jr., who resigned recently.—V. 146, p. 2865.
suc¬
Pennsylvania Salt Mfg. Co. —To Pay SI Dividend—
Net
income
Dividends applicable to preferred stocks for the
x
or
unpaid--
458,478
-
Balance—-
458,478
£329,640
period, whether paid
£315,325
x Dividends
accumulated and unpaid to April 30, 1938. amounted to
£229,239, after giving effect to dividends of £1.75 a share on 7% pref. stock
and £1.50 a share on £6 pref. stock, declared for payment on May 2, 1938.
Dividends
these stocks are cumulative.
on
Note—Includes provision of £2,038 for Federal surtax on undistributed
profits for the 12 months ended April 30, 19381
No provision has been
made for the 12 months ended April 30, 1937.—V. 146, p. 2863.
Telephone & Telegraph Co. (& Subs.)—Earns.
3 Months Ended March 31—
Net profit
x
x
per
share
1938
1,805,000 shs.
on
After depreciation, interest,
other charges.—V.
dividend of £1 paid on Dec.
Oct. 15, 1936, and regular
previously.
In addition the
July 15 and April 15, 1936,
V. 146, p. 3200.
146,
com.
stock--
amortization,
£3,811,411
£1.43
1937
£5,330,767
£2.27
Federal income taxes and
Pan American
Airways Corp.—Plan Voted—Directorate—
Stockholders approved an amendment to the management stock purchase
increasing the amount of shares which may be purchased by the
management group to 80,000 shares from 60,000 and decreasing the price
plan,
&
p.
All retiring
directors were re-elected.—V.
145,
2401.
for retirements.
res.
American Petroleum &
a
Earnings
1938
Transport Co.—Earnings
y£866,340
£0.18
per share.
1937
'
1936
1935
$607,844 xloss$30,099
£0.13
Nil
y£869,498
£0.18
a On 4,702,944 shares common stock
(par £5).
x Before Federal taxes,
Before any provision for possible surtax on undistributed profits, z After
taxes, depreciation, depletion, normal Federal income taxes, &c.
Note—Effective Jan. 1, 1938, the policy of writing off all advertising
expenditures as made was adopted as against previous practice of deferring
the same over interim periods and certain other relatively minor changes
in accounting practice were made.
The net effect of these changes will be a
relatively minor decrease in profit as finally determined for the entire year.
However, first quarter earnings are slightly increased over what would
have been reported except for the changes.—V. 146,
p. 2545.
y
Paraffine
Directors
a
recent
dividend
meeting
the
on
when the board will hold
have
common
at
to defer decision on
this time until June 6
special meeting to consider dividend action.
A
dividend of 50 cents per share was paid on March 28, last, and four quarterly
dividends of £1 per share each were paid during 1937.—V. 146,
p. 2863.
Park &
a
Tilford, Inc.—No Common Dividend—
Directors took no action on payment of a dividend on the common shares
at this time.
Company paid an extra dividend of £1 per share in addition
to a
regular quarterly dividend of 50 cents per share
was
announced
dividend it
was
at
that
time
that
in
view
on
Dec. 20, last.
It
of the
payment of the extra
likely that no furtner common dividends would be declared
in March and June of this
year,
when they would ordinarily have been
considered.—V. 146, p. 3351.
Pathe Film
1938
Film developing &
printing sales (net)
Film rental income (net of distributors' allowances)
Income from other operations (net)
1937
Producers' participations & amortiz. of advances.
Operating expenses
Selling, general & administrative expenses
£238,648
£251,614
2,484
49,125
3,581
£241,132
Total
£304,320
44,539
215,790
31,070
839
.
interest
218,263
30,289
.
Other income
loss£8,259
42,812
£34,553
227
Net profit
Earnings per share
Net
The
DuPont
Film
.
Manufacturing Corp.
368,436
8,588
11,254
5,398
6,826
5,102
6,395
4,994
Z
£269,013
£226,896
11.411
5,102
5,584
£196,340
£185,014
1937
1936
Funded debt
225
88,493
153,354
110
5,964
249,018
267,086
Cash In closed bank
(less reserves)..
Receivables
cos.
779
Mat'ls & supplies.
57,984
54,667
4,542
318,223
6,189
289,596
12,125
12,810
Prepayments
Debt disct. & exp.
Other def. charges.
320,840
26,001
52,588
177,358
172,584
Deferred liabilities
1,343
6
1,401,563
1,385,490
5,779
Other reserve.....
Contributions
for
Total.........12,402,372
After
reserves
12,198,7701
7.454
7,454
extensions.
640
638
7% cum. pref. stk. 1,910,200
Com. stk. 60,000
1,910,200
Minority
Interest.
shs. (no par)...
950,000
950,000
356,971
331,672
12,402,372
12,198,770
Earned surplus
x
132,357
Accounts payable.
Consumers' deps.
Retirement res've.
hand
Due from affll.
7,250,000
7,250,000
Accrued liabilities.
11,408,878
221
Cash in banks and
x
1936
Liabilitirs—
Property, plant &
equipment
-.11 ,670,875
Total.....
of £20,519 in 1937 and £21,235 in 1936—Y.
The
directors
accumulations
146,
3352
p.
have
on
declared
a
dividend of £3
per
share
on
account of
June 1 to
the £6 cum. pref. stock, no par value, payable
holders of record May 18.
Similar amount was paid March 1, last,
and on Sept. 1, 1937.
Dividends of £1.50 were paid on June 1
March
V.
1, 1937, and
146, p. 3352.
Pere
a
dividend of $13.50
was
paid
on
Dec. 1,
Nov. 5
and on
1936.—V.
Marquette Ry.—Would Pledge Collateral—
The company
has filed an application with the Interstate Commission
asking authority to pledge and repledge $10,045,000 of first
mortgage 4% gold bonds, series O, to secure £3,000,000 of short term
obligations to be issued.
No arrangements have been made as yet for the
proposed borrowing, it is stated.
According to the application the cash receipts for 1938 of the carrier will
not be sufficient to meet its needs unless there is a substantial increase in
Commission
19.83% decrease in operating revenue in 1936
Operating revenues estimated by the road for
£25,837,000, against actual operating revenues for
of £32,229,000 —V. 146, p. 3028.
this year were set at
previous year
Pet Milk Co. (&
Subs.)—Earnings—
3 Mos. End. Mar. 31—
Net sales
Depreciation
£61,773
2,400
Loss
on
1938
1937
1936
£6,987,767
6,886,243
£6,520,617
1935
£5,611,828
5,592,942
171,345
168,575
150,246
£5,128.852
4,991,541
178,736
$67,051
1,277
£77,627
53,537
$41,425
1,400
£152,459
111,880
£65,774
Costs and expenses
Other income.
(the common stock of which
after all charges of £329,000
compared wth £321,000 in the cor¬
profit,
761
Consolidated Balance Sheet Dec. 31
1937
Assets—
£24,090
£40,025
£40,579
12,562
6,447,998
2,558
cap. assets..
Interest.
_
Federal income tax..
Minority interest
Net loss
Preferred dividends.
Common dividends..
Deficit.
■»
•»
488
7,986
3,795
636
430
432
£78,994
£36,509
$44,158
110,339
110,338
110,338
$44,985
21.887
110,339
£189,333
£146,847
£174,808
£177,211
170
-
your company owns 35%) had a net
for the first three months of 1938 as
responding period of 1937.
378,651
13,632
-
income
£12,921
48,852
£34,326
£59,373
on common stock.
£0.03
£0.08
Note—Provision for depreciation and amortization included above, £6,167.
—_
376,129
disc't
Loss
Total income
Interest expense
£576,311
308,125
5,698
charges
of debt
and expense
Miscel. deductions
Loss
Profit from operations
583,569
£599,151
1,406
business.
It estimated a
under the previous year.
Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
604,455
604,627
£625,319
1,480
Peoples Water & Gas Co.—Accumulated Dividend—
decided
shares
£1,180,766
company—Int.
Amort,
Companies, Inc.—Dividend Deferred—
their
at
payment of
1934
£1,182,720
£ooz,145
682
funded debt..
Other
on
3 Mos. End. Mar. 31—
zConsol.net prof it
1935
$1,229,946
653,829
~
Miscell. Invest....
Pan
1936
1937
Subs.—int.& other dedu.
£15 from £20 a share.
The plan was originally adopted a year ago, to
succeed a previous five-year stock purchase plan, but was not placed in
operation because of the drop in market price of Pan American below the
£20 a share purchase price.
The stockholders also approved a reduction in the authorized number of
19.
15, 1936; a quarterly dividend of £1 paid on
quarterly dividends of 75 cents distributed
following extra dividends were paid:
£1 on
and on June 28, 1935, and Oct. 15, 1929.—
£1,255,973
Gross income
to
17 from
the common
on
Oper. exps., maint., tax.
Parent
3350.
p.
share
per
Pennsylvania State Water Corp. (& Subs.)- -Earnings
Gross earnings
on
directors to
have declared a dividend of £1
par £50, payable June 15 to holders of record May 31.
This com¬
with £1.25 paid on March 15, last; £3 paid on Dec. 15, last; $2 paid
on Sept. 15, last; £2.50 paid on June 15, 1937; a dividend of £1.25 paid on
March 15, 1937; an extra dividend of £2.25 in addition to a quarterly
pares
Calendar Years—
Pacific
Earnings
The directors
stock,
......
'
-'
1,145
20,312
-
3,974
■
Financial
146
Volume
1,297,863
b90,928
122,500
1,470,367
66,256
1,435,152 Sundry accts. pay.
a2,300,000
23,704 Notes payable
2,700,000
Accrued taxes
& notes
21,793
Misc. accts. receiv.
Fed. Income tax.
Due from empl. <fe
16,520
16,829
3,571,242
4,242,307
669,901
agents
Inventories
648,357
Invest. & ad vs.—
6,953,940
6,867,189
Goodwill
914,109
Def. chgs. to oper.
164,664
914,109
112,821
and
Res. for insurance.
equipment.
64,197
195,403
240,482
151,397
241,845
Res.
for
possible
150,000
4,704
150,000
adjustm'ts
price
Min. int. in subs.*
Real est., mach.
y
Acer. sals. & wages
66.414
1,344,609
hand
on
1,106,985
1,333,272
28,852
Accounts payable.
Customers' accts.
x
S
S
Liabilities—
$
.
Cash In banks and
Dec.31'37
Mar.31*38
Dec. 31'37
S
3,192
Common stock--
7,798,534
z
Earned
in addition to the $1,000,000 allowed them last
December, although they had not yet received it.
The company's move, if granted, would give it the $3,000,000 it asked
for last December, which was cut to $1,000,000 by Judge Welsh.
Last
month, however, the U. S. Circuit Court allowed the $3,000,000. but on
May 12 Joseph Gilfilian, counsel for the company, had the case sent back
to Judge Welsh for the pin-pose of presenting another petition for an allow¬
ance and at the same time overcoming the protest of P. R. T. and the
Public Utility Commission that the Circuit Court has no jurisdiction in such
matters.
According to company's petition, P. R. T. now owes the under¬
liers more thaa $25,000,000 in rentals fixed by the 1902 lease and although
it has $6,000,000 in cash and $5,000,000 invested in
U. S. Government
bonds, the underliers have received only $3,100,000 in the last four years,
the last being $2,000,000 in February, 1937.
use
Consolidated Balance Sheei
Mar.31'38
Assets—
7,798,534
3,130,658
2,941,326
surplus
3515
Chronicle
and occupancy payment
Commission Denied Review in P. R. T. Case—
The Pennsylvania Public Utility Commission was on May 16 denied a
S. Supreme Court review of the action of the Third Federai Circuit
U.
15,105,601 15,579,876
SI20,047 in 1938 and
$119,736 in 1937.
y After reserve for depreciation of $6,400,898 in 1938
and $6,268,764 in 1937.
z Represented by 441,354 no par shares,
a $1,700,000 current and $600,000 maturing $200,000 annually from 1939 to
After reserve for
x
Total....
15,579,876
15,105,601
Total
doubtful debts and discounts of
Court of Appeals in refusing to disallow a payment of $1,000,000 to the
Union Traction Co. of Philadelphia and associated underliers from funds
of the Philadelphia Rapid Transit Co.—V. 146, p. 2218.
Philadelphia Suburban Water Co.—Earnings—
b Includes interest.—V. 146, p. 2056.
1941.
12 Months Ended
Gross
Earnings—
Co.-
Pfeiffer Brewing
1937
$4,755,586
excise taxes
1,883,071
1936
1935
$3,974,552
1,609,662
$6,019,410
2,398,413
yl934
$2,814*125
1,120,574
$2,872,516
1,751,454
$2,364,890
1,241,948
$3,620,998
$1,693,551
1,809,189
821,369
Gross profit
$1,121,063
290,600
Shipping and delivery. _
274,423
Selling and advertising. _
160,000
Administrative
$1,122,942
228,206
272,371
162,095
$1,811,808
$396,039
8,193
$460,270
$1,110,053
11,734
Calendar Years—
Sales....
Fed. & State
Profit from
operations
Other income
685,945
132,802
Operatior (including maintenance)
Taxes (not including Federal income tax).
$872,182
121,297
157,561
79,474
258,653
270,090
173,012
Amortization and other deductions
Federal income tax
24,090
121,398
234,648
$638,229
$638,188
Balance available for dividends
—V. 146. p. 3352.
Pierce Oil
$513,851
7,998
$1,121,786
Corp.—Earnings-
8,915
$44,137
4,712
$28,286
$39,424
Net profit....
loss$28,286
—V. 146, p. 3353.
Allowances for Fed. inc.
&
1937
1938
3 Months Ended Mar. 31Income
$521,849
2,632
$466,542
$404,231
2,831
Total income.
159,464
$1,679,002
676,359
25,851
107,624
230,981
$1,694,792
676,425
Net earnings
Interest charges
Expenses.
Other deductions
$2,493,377
654,910
$2,513,539
Retirement expenses (or depreciation)
6,272
.
1937
1938
April 30—
revenues
profits taxes
(estimated)
excess
z60,934
184,800
$340,465
743,725
Previous earned surplus.
Excess
Federal
income
73,714
64,000
$392,828
821,131
$934,354
448,933
$448,933
$1,084,190
257,672
25,873
Additional Fed. tax, &c_
$1,213,959
468,494
$800,645
$0.79
$743,725
$1.00
Earned surp. Dec. 31.
Earns, per sh.on cap.stk.
mon
$821,130
y
$125,027 are included in above for
$19",401
14.498
$22,856
loss$19,401
loss$14,417
shs.
Consoli¬
Corp. com¬
Oil
Period from May 15
only.
$46,666, $96,310, $112,1934, 1935, 1936 and 1937,
159,699
stock
loss$19,401 loss$14,417
adjustment for
States
and its
1927, 1928, 1929 and 1930.
$9,236 loss$136,842
Net profit.
$1.21
$2.39
Includes special cash dividend of $175,685.
to Dec. 31.
z Allowance for Federal income tax
Note—Allowances for depreciation aggregating
1937
$135,071
112,214
$9,236
12,334
dated
1,740
x
1935
$81
1936
1938
$25,284
16,048
Loss sustained on sale of
$1,383,478
x562,347
-
Corp.—Earnings—
Profit
...
Dividends declared
Petroleum
Expenses
190
tax restored
256 and
Pierce
3 Mos. End. Mar. 31—
Total income.
above
Note—The
account
income
may
be subject to
and interest and penalties thereon, claimed by the United
Bureau of Internal Revenue to be due from Pierce Petroleum Corp.
taxes,
late subsidiaries
taxpayers
as
for the years
—V. 146, p. 335.3.
respectively.
Balance Sheet Dec. 31
$374,115
x
71,692
210,542
65,088
Accts. receivable
Inventories
Accounts payable.
208,612
Contr.
50,611
...
126,857
Accrued
1,345,789
21,500
expenses.
Customers'
Property,
plant
and equipment.
Capital surplus...
Earned surplus
x
$2,140,277 $2,043,718
in 1936.
y
103,887
72,387
61,803
673,460
389,331
270,031
743,725
488,015
.$2,140,277 $2,043,718
of $10,780 in 1937 and $14,331
After allowance for depreciation of
$525,400 in 1937 and $120,1936) no par shares,
135 in 1936.
z Represented by 429,453 (390,412 in
declared value of $1.25 per share.—V. 146, p. 2865.
(& Subs.)
1937
1936
1935
1934
$36,624,102 $41,386,116 $36,057,806 $43,303,709
Calendar Years—
sales
Costs, deprec., depletion
and
545,276
Other oper. income
36,643,980
39,037,863
$1,621,720 loss$586,174
623,829
607,293
$4,265,847
835,259
39,764,396
Grossprof.fr. sales_loss$l,042,744
$21,120
2,478,885
$5,101,106
2,444,247
Gross prof, from oper_loss$497,468
Sell., admin. & gen. exps.
2,410,079
$2,245 ,"549
2,408,887
$2,907,548
277,976
$163,337
132,578
$2,457,765 pf$2,656.859
294,782
322,950
$2,629,572
$30,759
3,877,707
$2,162,983 pf$2,979,809
3,942,802
3,961,821
Cr4.995
4,522
Loss from operations.
Other income
Gross loss.
...
4,314,108
1,012
Income charges
Minority
interest
_
loss
Net
Previous
surplus
...
Profit and loss credits
507
$3,908,974
26,775,847
935,282
$6,944,692
21,476,130
907,473
$6,100,791
39.719,012
1,566,469
$986,534
41,158,784
225,853
$23,802,156 $35,184,689 $40,398,103
7,555,256
600,000
155,951
2,326,025
853,586
79,091
deductions
Profit & loss surplus..$14,520,341
$21,476,130 $26,775,847 $39,719,012
Consolidated Balance Sheet Dec.
1937
31
S
Property acc'ts.69 542,870 71,739,163
208,472
201,966
Invests, (at cost).
y
Capital stock...
Funded
debt
Accounts payable.
County & local tax
refunds
receiv.
accrued...
Mtges. payable
Wages
209,797
441,656
1 ,395,623
1,380,163
655,625
917,782
Work. comp. res..
78,729
119,535
Min. int. in subs..
Notes & accts. rec.
3,,673,605
4,381,686
Accrued int. rec..
17,384
20,116
hand-.... 2,,474.022
1936
$
Liabilities—
x
$
5,600,000
5,600,000
53,652.866 54,403,867
1,478,512
712,744
1,014,300
698,828
30,000
2,408.637
and accrued Int.
Employees'
.....
Special deposits.
Coal
on
Acer. int. & taxes.
comp.
fund, <fec_...
Cash
Miscell. liabils
Other reserve
Surplus
4,532,969
1,414,456
229,805
106,430
1,574,190
30,412
1,578,326
29,400
772,705
867,252
.14,520,341 21,476,130
mat'ls & 8up.,&c
rec.
and
2,743,399
395,570
2,163,806
(non-curr.).
2,677,395
187,490
83.104,546 87,218,9901
8,145,728
1,370,531
1,412,423
3,707,552
def294,650
def7,004
$1,153,769
151,249
5,897,066
974,186
1,179,381
4,981,134
849,615
1,030,777
190,291
3200.
Pittsburgh & Shawmut RR.—Earnings1937
1938
April—
Net after rents
From Jan. 1—
Net after rents
—V. 146, p.
$36,469
$30,661
def5,930
def3,738
def 12,421
249,382
12,549
22,832
205,311
1,137
1,096
247,193
30,499
169,242
def27,694
def29,074
Gross from railway
Net from railway
1935
1936
$19,367
def26,324
defl2,785
$34,799
def4,131
def6,005
Gross from railway
def9,283
37,779
2866.
Pittsburgh United Corp.—Decision
Not Appealed—
appeal from the Pennsylvania Supreme Court decision
in Pittsburgh United Corp. case.
The next step will be to petition the
lower court in Pittsburgh to confirm the modified decree of the Supreme
Court.
This is merely routine and should not take much time.
It will be
There has been no
up to the court to order the
unstamped preferred stock
trustees to notify the holders of stamped
of Pittsburgh United of the situation
distribution.
and
and
^
handed down at Philadelphia, the State Supreme Court
United's rule of distribution so that instead of preferred
$147.91 2-3 a share for each share held, as originally
agreed, they will receive but the residue of U. S. Steel common left after
creditor payments and this will be valued at the current price at the time
of distribution.
This has been estimated to mean that preferred stock¬
holders will receive but one and a fraction of U. S. Steel common for each
share of Pittsburgh United held.
In its decision,
modified Pittsburgh
Distribute
To
Steel
Stock
distribution of U. S. Steel
About July 1—
Corp. common stock to
holders of Pitts¬
Preferred
burgh United Corp. preferred stock will begin about July 1.
not yet surrendered their stock to the People's Pittsburgh
Trust Co., trustee, for conversion have urtil June 23 in which to do so.
The Common Pleas Court at Pittsburgh has ordered that the debts of
holders who have
the company
shares of
first be liquidated,
which will require sale of a large number of
market prices. However, under
U. S. Steel common at current
this must not be classified as distress stock and the trustee may
convert this stock into cash on stock exchanges or at private sale at such time
and in such amounts as the trustee may deem advisable.—V. 146, p. 3353.
the ruling,
Pittston
3 Months
Sales &
Co.—Earnings—
1938
$8,263,431
7,771,831
28,454
Ended March 31—
operating revenues
-
-
doubtful notes, &c.
367,630
1936
1937
NOT
AVAILABLE
Total
83,104,546 87,218,990
Philadelphia Rapid Transit Co.— Union Traction Co.
Seeks New Payment—
May 16 filed a petition in U. S. District Court at
behalf of itself and other P. R. T. underliers for a $2,000,000
Union Traction Co. on
$95,516
Operating profits
78,823
Other income (net)-.----------*---
Represented by 1,400,000 no par shares,
y After depreciation, de¬
pletion and obsolescence of $32,782,350 in 1937 and $31,491,492 in 1936.
—Y. 146, p. 3352.
on
Net after rents
Ordinary taxes
x
Phila.
1935
1936
$1,635,065
358,157
406,343
accts.
Def'd debit items.
Total
Gross from railway
Net from railway..
Prov. for
2,289,042
$1,967,033
236,548
246,365
From Jan. 1—
Cost and expense.
Iron & st'l prods.,
Notes
1937
1938
$930,479
def53,255
16,849
Net after rents.
The
1937
1936
S
Assets—
Pittsburgh & Lake Erie RR.—Earnings—
April—
Gross from railway
stockholders receiving
Total surplus
$15,438,911
Loss on prop, abandoned
762,618
Approp.for contingencies
Other
1935
$84,765
850,435
'
$0.10
Net
Net from railway
37,666,847
operating tax
Subsidiaries]
1936
profit
$119,147
$121,890
$99,211
Shares cap. stk. outst'ing
893,611
891,089
872,067
Earnings per share
$0.13
$0.14
$0.11
x After charges and Federal taxes.—V. 146 p. 3028.
1937
1938
3 Mos. End. Mar. 31—
x
—V. 146, p.
Philadelphia & Reading Coal & Iron Corp.
Net
Co.—Earnings—
[Including Domestic and Foreign
Net from railway
Total
After allowance for doubtful accounts
30,161
108,860
800,644
Capital stock.z
Total...
Pitney-Bowes Postage Meter
depos.
for containers..
1,350,869
103,973
$74,095
payable for
equipment
36,938
87,527
taxes, &c
Containers
125,000
Notes payable
Prepaid insurance,
y
$117,124
payable
Dividends
$255,353
1936
1937
Liabilities—
1936
1937
Assets—
Cash
Total income-.
-
(net)
Deprec. & amort., &c—
Profit on sale of prop
$174,339
-----
170,242
Interest paid
Federal income taxes
Subs. pref.
dividends.
Minority interest
235,303
Crll,709
22,137
45,516
6,368
$293,518
Net loss
—V. 146. p.
'
3028.
$172,634
173,356
225,162
Cr9,321
32,112
86,818
6,987
$559,759
164,862
261,371
Crl0,663
14,930
58,394
Cr4,795
$342,480 prof$75,660
3516
Financial
Pittsburgh & West Virginia Ry.-
Earnings—
1937
1938
April—
$336,235
81,657
Gross from railway...—
Net from railway
884,172
Net after rents
170,247
Net from railway
Net after rents
From Jan. 1—
The
1935
91,815
$330,684
126,780
132,652
$200,008
44,387
53,195
1,462,015
1,168,115
453,889
398,062
441,766
953,847
283,237
311,475
?5M7I
472,864
notes to
Quarterly Income Shares, Inc.—Rights to Stockholders—
Company, one
Plymouth Oil Co.—Earnings—
$251,339
1,020,000
$0.25
8hares
capital stock
Earnings per share
x
After
depletion,
depreciation,
3353.
P.
$229,626
1,050,000
$0.22
Federal
$954,230
1,020,000
$0.94
income
$0.83
taxes,
&c.—V.
April, 1938 March, 1938
82,945
146.
serve
appropriations.
22,917
275,000
$740,375
4,520
$735,855
487,250
50,998
425
442
$750,765
3,962
$64,777
$43,284
40,604
4,009
$746,803
487,250
50,173
40,604
mortgage bonds.
Other int. & deductions
4,379
Crl28
.
Int. charged to construe.
def$l,329
period, whether paid or unpaidBalance, deficit
$210,010
$197,607
430,167
430,167
$ 220,157
$232,560
...
-
-
unpaid to April 30, 1938, amounted to
$1,836,186.
Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Dec.
24, 1937.
Dividends
on
these stocks
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended April 30, 1938 and 1937.—V. 146, p. 3029.
Postal Telegraph &
Earnings
for
Calendar
Cable Corp.—Earnings—
Years
(Including
1937
Gross earnings
on
28,306,632
27,227,131
26,966,704
$2,049,748
114,513
$1,398,663
191,961
$1,248,423
169,718
x2,542,382
coll. trust 5s
Net loss..
x
1934
$622,280
110,777
84,874
x2,537,032
86,538
x2,538,215
60,038
2,542,328
...
$2,200,597
$686,672
236,597
$1,418,052
$1,590,540
Accrued but not paid.
Consolidated Balance Sheet Dec. 31
1937
Assets
$
153,733,563
-
153,313,322
4,925,192
130,632
242,145
434,614
24,987
5,089,047
4,483,637
128,125
Special deposits
Bond discount and expense
227,470
Prepaid accounts and other deferred charges
296,471
39,195
5,935,841
314,054
3,419,404
1,854,536
Miscellaneous investments
Cash
Working funds
Accounts and notes receivable
Materials and supplies
Total.
X
1936
$
'n
Plant and property
Investments
170,432,296
Common stock
25,441,250
30,529,500
683,800
28,067
101,536
124,000
11,058,072
14,715.763
11,058,072
12,515,167
Other deferred liabilities..
188,598
Reserve for depreciation, replacements & renewals.
Reserve for repairs of ocean cables
Paid-in surplus
:
170,432,296
.
Represented by
42,533,447
reserve
Total
57,356,074
1,078,061
2,066,677
8,312,862
2,660,073
117,379
116,246
117,114
42,579,429
181,025
-
x
169,810,464
25,441,250
Minority stockholders' equity in subsidiary cos...
Liabs. of P. T. & Cable Corp. as of June 15, 193560,048,910
Due to I. T. & T. Corp. and associated companies.
1,120,752
Accounts payable, interest and taxes accrued
2,010,740
Employees' benefit and pension reserve
8,356,731
Notes payable
2,660,073
Insurance and casualty reserves
124,103
Dividends accrued on pref. stock of associated cos.
143,598
Deficit
3,864,048
1,786,475
30,529,500
683,800
22,948
Non-cumulative preferred stock
Preferred stock of Associated Cos
Special foreign exchange
1,017,650 shares at
a
stated
169,810,464
146,
value of $25.—V.
a
Investing Co.—To Pay Smaller Dividend—
W Directors have declared a dividend ot 7% cents per share on the
common
stock, payable June 15 to holders of record May 31. A
regular semi-annual
dividend of 10 cents per share was paid on Dec.
27, last.
Registers with SEC—
See list given on first page of this
department.—V.
Public Service Co. of New
Period End. Apr. 30—
Operating revenues
Operating expenses
State & municipal taxesSocial security
taxes—
Federal and State
Federal taxes, incl. inc.
215,096
78,231
Non-oper. inc. (net)
Bond interest
Other interest
(net)
Other deductions
Prov. for special reserveNet income
5,593
19,356
3,441
21,862
$144,837
4,434
56,018
707
9,181
$83,365
$52,176
p.
as
at
Dec.
1, 1937.—V. 146, p. 3029.
position
in
1, last, and prior
of $1.50 per share were distributed.
The road has no funded debt and all except a few shares of its
common
stock is owned by the Chicago
Burlington & Quincy.
Despite this favor¬
able financial position, with no interest charges to be
met, the road still
could not make a profit.—V. 122, p. 1759.
Radio-Keith-Orpheum Corp.—Amended Reorg. Plan—
The
proposed amendments to the plan of reorganization provide as follows:
Old Debentures—Holders of old debentures will receive for each
$100 in
principal amount of old debentures, upon surrender of such old debentures
stock
1938—12 Mos —1937
$5,746,417
2,824,997
797,331
46,322
298,226
22,060
161,173
$155,015
2,881
$1,935,910
$1,940,856
43,441
35,113
$157,896
56,018
$1,979,351
672,212
Crl6,028
108,909
$1,975,969
642,164
Cr3,317
9,250
"*
all unpaid interest coupons attached thereto, one share of
and five shares of new common stock.
11,462
111,202
71,300
new
pref.
Claims of Rockefeller Center, Inc.—The claims of Rockefeller
Center, Inc.,
are for damages flowing from the termination of two
leases, the first for the
Center Theater and the Radio City Music Hall, and the second for office
space, all in building in Radio City, N. Y. City.
The theater lease ter¬
minated, by its express terms, on the appointment of a permanent receiver
for the debtor.
The claim is based on a convenant in the lease
that, upon
termination, the debtor would pay as liquidated
damages for the
landlord's loss of its investment in constructing and
such
equipping the theaters,
equal to the unamortized cost of the theaters and equipment com¬
provided in the lease.
The trustee objected, on the ground,
among others, that this clause provided for a penalty and not for liquidated
damages.
Special master Thacher upheld the clause and recommended for
a
sum
puted
as
allowance the claim for the nuamortized cost of the two theaters and
their
equipment in a net amount, less certain credits, of $8,270,338.
The lease
for office space terminated, by its express terms, on the
appointment of a
})ermanent receiver for the debtor.
The first claim with reference to this
is based on a covenant therein that the debtor,
upon such termination,
would pay tne landlord, as damages, a sum which, at the time of
ter¬
mination, would represent the difference, if any, between (a) the
aggregate
rental and (b) the aggregate rental value for the residue of the term.
By an indenture supplemental to the original lease for office space, the
ease
debtor surrendered
over half the space
originally leased, but agreed to
on Dec. 1,
1937, at the same rate and upon the same terms as the
original lease, an amount of space equal to one-half of the surrendered
space not then leased to others.
The second claim with reference to the
lease
lease of office space is for an amount which, on the date of the
appoint¬
ment of the permanent receiver, would
represent the value to the landlord
of said agreement in the supplemental indenture to lease on
Dec. 1, 1937,
such one-half of the surrendered space then
unoccupied.
Over the objection of the trustee the
special master recommended for
allowance the first claim for the difference between the
aggregate cash rent
less the aggregate rental value for the balance of the
term, in the amount
of $1,335,291, subject, however, to the deduction of
a discount
of 6%
per annum on each instalment of rent reserved from Feb. 17, 1933 (date of
appointment of permanent receiver) to the day upon which it was required
to be paid by the lease, the net amount thereof
being estimated by the
trustee to be $880,291.
The second claim was disallowed, without preju¬
dice, however, to any application the claimant might make to the Court
for the equitable treatment in any
plan of reorganization.
The claims as recommended for allowance
by the special master have
been contested by the trustee, but have not
yet been passed upon by the
Court.
The difficulty of the questions involved and the
importance to
of making new arrangements for such office
the debtor
space
as
it may
or later need
in the RKO
Building, and also for securing an im¬
portant interest in the operations of the two theaters, make settlement with
Rockefeller Center, Inc., desirable.
Accordingly, upon the consummation
of the plan, Rockefeller Center.
Inc.,
(a) Will surrender the claims recommended for allowance by special
now
,
master Thacher on
aggregate
the theater lease and the lease of office
space estimated
$9,150,628, and also surrender the contingent claim with
the
one-half of the surrendered office
space not leased to
on Dec. 1, 1937.
Will grant a lease to the debtor of office space in the RKO
Building
of approximately the amount of
space now occupied by the debtor, for
a term
of approximately 12
years at a rental of $2 per square foot per
annum, with the right to the debtor to have
any additional space on or below
the 18th floor, it may require which
may from time to time be available
at the market
price of such sapce current at the time of renting.
(c) Will enter into an agreement with the debtor providing for the
operation of Radio City Music Hall and Center Theater for a term of
others
(b)
approximately 12 years, under the direction of a committee of seven indi¬
viduals, of whom four shall always be persons selected by Rockefeller
Center, Inc., and three shall be persons selected by the debtor.
The
an
$95,945
$1,214,258
$1,139,841
$52,176
$624,036
$586,965
Note—Figures for all periods include operations of former
wholly owned
subsidiary, Manchester Street Ry., which was merged with this
company
Pref. div. requirements.
immediate
are
agreement will provide among other things that:
(1) The debtor shall receive an annual fee of
787.
$476,692
$6,091,895
220,899
2,9251987
75,475 J
885.450
$149,271
Net oper. income
144,
Hampshire—Earnings—
19387-214071(71—1937
$463,113
the
the declaration
The company has applied to the Interstate Commerce
Commissiion for
to abandon
its entire line running between Quincy, 111., and
Kansas City, Mo., a distance of approximately 25J miles.
reference to
dividend of 10 cents per share on the
common
stock, no par value, payable June 1 to holders of record May 20.
Previously
regular quarterly dividends of 15 cents per share were distributed.
In
addition, an extra dividend of 10 cents was paid on Dec. 1 and on
Sept. 1
1937, and extra dividends of 5 cents per share were paid on June
1 and on
March 1,1937.—V. 145, p. 3507.
Public
and
thereto regular quarterly dividends
146, p. 2706,
to
Progress Laundry Co.—Dividend Reduced—
Directors have declared
income
warrant
—V.
with
Companies)
1935
$30,634,567 $30,356,380 $28,625,794 $28,215,128
Charges of subs, cos
General int. charges of
P. T. & Cable Corp..
Int.
Subsidiary
1936
Operating & gen. exps.,
taxes & depreciation.. 30,012,287
Net earnings
to
requirements, necessitate the maintenance of a conservative
order to preserve the financial situation of this
company."
A dividend of 75 cents was paid on April 1 and on Jan.
cumulative.
are
not
permission
accumulated and
Dividends
net
earnings outlook of the
such, in the opinion of the board of
of a dividend on the com¬
pany's 6% cumulative preferred stock at this time.
The unprecedented
increases in all municipal State and Federal taxes,
coupled with increases
in labor and material costs as well as increasingly expensive
governmental
as
Quincy Omaha & Kansas City RR.—To Abandon Line—
$19,922
Net income
x
current
Cr 630
Dividends applicable to preferred stocks for the
x
"The
Queens Borough Gas & Electric Co.
258,334
$43,726
on
All
follows:
$3,354,998
2,356,289
22,917
Gross income
Int.
1938—12 Mos.—1937
$3,405,645
2,379,880
$65,202
.
one
Queens Borough Gas & Electric Co .—Div. Omitted—
directors,
Net oper. revenues.
Other income (net)—Dr.
stockholders may purchase
a reduced premium basis.
on
The board of directors on May 20 omitted the dividend which would
ordinarily be paid on July 1, 1938 on company's 6% cumulative preferred
stock.
The board's statement setting forth the reasons for the omission
Co.—Earnings-
1938—Month—1937
$299,217
$279,544
211,098
212,901
Period End. Apr. 30—
Operating revenues
Oper. exps., incl. taxes..
Property retirement re¬
held
outstanding, of which there are 2,391,793, were sold by
the fund at a premium of 8 2-3% of the asked price.
By exercising rights,
stockholders will be permitted to purchase shares on a 2% premium basis.
A portion of the premium will revert to the fund.
The balance is intended
to cover costs and commission in handling the rights transactions.
The
rights are equivalent to an advantage of 63c. per share over previous offer¬
ings, based on current market prices.—V. 146, p. 3355.
—V. 146, p. 3201.
Portland Gas & Coke
now
of the shares now
April, 1937
111,815
104,818
of the largest mutual-type investment funds, has just
and Exchange Commission at Washington a
of common stock rights to existing stockholders and a
Securities
additional share for each share
$869,946
1,050,000
Pond Creek Pocahontas Co.—Production—
Month of—
Coal mined (tones)
the
limited offering to the general public.
The terms of the offering provide that
1938—4 Mos.—1937
^/
.
with
proposed offering
1938—Month—1937
Commerce
promissory-
be used in the purchase of 274 buses from Yellow Truck & Coach
Mfg. Co.
The notes to be issued will bear 4% interest. Total purchase
price of the buses will amount to approximately $1,836,111.—V. 146, p.1414.
filed
Period End. April 30—
Consolidated net profit
1938
Transport—Notes—
has filed an application with the Interstate
asking for authority to issue $1,224,000 serial
company
Commission
—V. 146, p. 3201.
x
May 28,
Public Service Coordinated
1936
$222,473
33,100
22,287
Gross from railway
Chronicle
$25,000, chargeable as
services rendered in
operating expense, for consultant and advisory
connection with the operation of such
theaters;
(2)
After
all
operating expenses are paid, Rockefeller Center, Inc.,
the first $700,000 of surplus earnings of the Music Hall.
$100,000 of surplus earnings, Rockefeller Center, Inc., shall
receive three-quarters and the debtor
one-quarter.
The remaining surplus
earnings shall be divided equally between Rockefeller Center, Inc., and
the debtor.
If after paying operating expenses of the Music Hall, the
surplus earnings thereof shall be less than $700,000 in any year, the de¬
ficiency shall be made up to Rockefeller Center, Inc., out of any surplus
earnings in excess of $60,000 of the Center Theater for that year.
(3) After paying operating expenses of the Center Theater, Rockefeller
Center, Inc., shall receive annually the first $60,000 of surplus earnings.
Of the next $100,000 of surplus earnings, Rockefeller Center, Inc., shall
receive three-quarters and the debtor one-quarter.
The remaining surplus
earnings shall be divided equally between Rockefeller Center, Inc., and the
debtor.
If after paying operating expenses of the Ceneter Theater, the
surplus earnings thereof shall be less than $60,000 in any year, such de¬
ficiency, not exceeding $60,000, shall be made up to Rockefeller Center,
Inc., out of any surplus earnings in excess of $700,000 of the Music Hall
shall
receive
Of the next
for that year.
(4) If a picture policy or a combination picture and stage show policy
shall be put in effect in respect to the Center Theater, all surplus earnings
of the Center Theater in excess of $60,000 shall be divided equally between
Rockefeller Center,
Inc., and the debtor; and if in connection with any
the operation of
such policy
the Center Theater
shall be taken over in
whole
be
agreed upon.
the term shall be
be mutually
(5) Each year of
accounting period.
deemed a separate and
independent
terminate the
the
if receiver
the debtor
of RKO Radio Pictures, Inc., and such receiver shall not be discharged
within 30 days after such appointment; or (b) if over any period of three
successive calendar years the earnings of the debtor, as defined in the
agreement, for such period shall be insufficient to pay the interest obligations
for the
period on the outstanding indebtedness of the debtor; or
Rockefeller Center, Inc., shall have the right to
agreement (a) if a court of bankruptcy shall take jurisdiction over
property of the debtor or of RKO Radio Pictures, Inc., or
a
shall be appointed for all or substantially all of the property of
(6)
or
be limited to a period not exceeding
stock is available for distribution.
Such
provided may be increased or decreased
subject to approval by the Court.
Atlas Corp. intends to underwrite or procure a responsible underwriting
of the purchase of said shares ot the extent necessary to produ ce $1,500,000
at a price per share and upon terms to be proposed by it at the time of such
underwriting which shall be subject to the approval of the Court.
New Capitalization of Debtor—Upon final confirmation of this plan all
of the assets of the debtor will become free and clear of any lien or encum¬
brance of the indenture securing the old debentures of the debtor.
The
secured notes will be paid.
Upon the assumption that unsecured allowed
claims, other than those of Rockefeller Center, Inc., as finally determined
same
Radio Pictures, Inc., shall be consolidated with
corporation or corporations or shall convey or
transfer all or substantially all of its property to any other corporation
or corporations in such
manner that the method of operation of, or the
will aggregate approximately $8,000,000, the debtor will
approximately the following capitalization, exclusive of shares
stock (a) to be issued to provide the $1,500,000 additional
cash, (b) which may be issued as compensation, (c) reserved for the exercise
of warrants and purchase rights and for conversion of new pref. stock: ^
and
of
said agreement shall be
Center, Inc.
RKO Distributing Corp.
expires Aug. 31,
1940, is not extended (or a new contract made between the parties to said
contract or their successors) all references to the name of the debtor and
its subsidiaries shall, at the option of either party, be removed from the
said contract of May 7, 1934, expires.
(8) The debtor shall assume no obligation in respect to
of operating said theaters, or either of them or to share
any
losses which might result from such operation, or to make any
respect
in
to
said
theaters or the
the expense
in
possible
payment
operation thereof, to
v-.-.1
Xnc
use
and(or) alteration
building and (or) property
for purposes other than theater purposes if (x) in the preceding calendar
year after paying operating expenses of said Center Theater the surplus
earnings thereof were less than $100,000, or (yj in case such surplus earnings
for such year have been more than $100,000, Rockefeller Center, Inc.,
shall pay to the debtor a sum equal to the share of the debtor in such earnings
in excess of $100,000 multiplied by the number of unexpired years of the
agreement: and if the Center Theater building and property shall, at
predominantly other
the right
however,
that in the event
be again
operated to any substantial extent for theater purposes during the life of
the agreement (in respect to the Music Hall), the debtor shall have the
right at its option to have said theater again subjected to the operation of
the agreement.
In case the debtor should exercise such option the amount,
if any, previously paid to it by Rockefeller Center, Inc., pursuant to the
foregoing clause (y) applicable to the remaining years of the agreement shall
be reimbursed to Rockefeller Center, Inc., each year out of the debtors
share of the surplus earnings of such year of the Center Theater.
The
withdrawal of the Center Theater from the operation of the agreement,
aforesaid, shall not however, affect the annual fee of $25,000 provided
for above in paragraph (1).
■
In consideration of the foregoing the debtor will issue to or upon the
order of Rockefeller Center, Inc., 500,000 shares of new common stock
of the debtor.
,
Other Unsecured General Claims—Unsecured allowed claims, including all
principal thereof and all interest thereon, will be disposed of by distributing
the holders thereof for each $100 of so much of the amount of said
claims
does not include interest accruing after Jan. 27, 1933, 10 shares
any
time, be thus used
and (or) altered for purposes
either party to the agreement shall have
Theater from the agreement, provided,
of such withdrawal, if the Center Theater
than theater purposes,
withdraw the Center
to
have
common
new
6% cum. pref. stock (par $100) to be authorized in the aggre¬
gate par value of not in excess of $13,000,000 and to be
distributable to holders of old debentures
Common stock, to be authorized in such aggregate amount
of shares as may be approved by the Court for the purposes of the plan and for other corporate purposes, and
Music Hall when
(9) Nothing in the agreement shall preclude the
by Rockefeller Center, Inc., of the Center Theater
allowed,
then
showing of pictures in, the theaters affected by
substantially changed to the detriment of Rockefeller
(7) If the existing contract made between
and The Center Music Hall, Inc., dated May 7,1934, which
Rockefeller Q^nt'^r
claims, but such right will
30 days after said new common
amount of new cash so to be
(c) if the debtor or RKO
or
merged into any other
whatsoever
to their respective
in proportion
substantially
to subscribe
entitled
allowed
shall receive additional compensation,
of the compensation provided for
in part by the debtor, the debtor
while such policy is in effect, in excess
or
in (1), to
3517
Financial Chronicle
146
Volume
as
follows:
distributable primarily as
to be
$12,718,500
;Vsvf)'
(a) To holders of old debentures
(b) To Rockefeller Center, Inc.,
635,925 shs
and the holders of other
general claims
1,300,000 shs
(c) To holders of old common stock._
429,593 shs
The directors of the debtor shall have the right to enter into agreements
by which executives or employees (or their nominees) of the debtor or its
subsidiaries or directors of the debtor shall have the right within five
years after confirmation of this plan to purchase shares of new common
stock of the debtor.
The aggregate amount of shares at any time pur¬
chasable under all such agreements shall not exceed 10% of the number
of shares of new common stock issuable under the other provisions of this
plan.
The price per share at which shares may be purchased pursuant
to such rights shall be at least the average market price per share of the
new common stock of the debtor on the New York Stock Exchange during
the 30-day period immediately preceding the granting of such rights or
during the entire period, if less than 30 days, that it has been listedlon
such Exchange prior to the granting of such rights.
Atlas Corp. for its services rendered in connection with the reorganization
proceedings and the plan shall be entitled to receive such number of shares
of new common stock and (or) warrants for the purchase of new common
stock, as the Court shall approve and shall be reimbursed in cash for its
reasonable expenses.
The terms of any such warrants issued to Atlas
Corp. shall be such as the Court may approve.—V. 146, p. 3355, 3029. ^
unsecured
Railway Express Agency,
Inc.—Earnings—
:v
$
.
138,750,744 130,953,289
2,715,620
2,640,984
2,643,644
2,791,241
inc..163,579,220 158,162,098
Total revenue &
$
$
160,787,979 155,446,478
$
Charges lor transports.
Other revenue & income.
1934
1935
1936
1937
Calendar Years—
141,391,728 133,596,933
92,668,065
4,534,170
Other deductions._____
1,603,127
131,531
1,605,622
28,098
85,951,219
1,559,005
1,742,570
32,812
79,755,461
1,517,531
1,738,167
56,135
x
Rail trans, revenue.
58,008,584
59,326,143
52,106,122
50,529,639
x
Payments
100,440,936
y3,395,042
Operating expenses
Express taxes
fund*, dt.
Int. & disc, on
to
as
of new common stock.
All contingent or indeterminate
claims asserted prior to the time of con¬
firmation of this plan, which the Court after hearing shall designate as
entitled to be dealt with under the plan, shall be disposed of as follows.
Most of these ciaims inure to the benefit of landlords under leases made
to subsidiaries of the debtor or companies affiliated with the debtor or such
subsidiaries which were guaranteed by the debtor.
If, after the con¬
firmation of this plan, an event should happen which, had it occurred
prior to such confirmation would have entitled any holder of a contingent
or indeterminate claim to assert a claim against the debtor in these pro¬
shall, nevertheless, be entitled to assert his claim
any and all defenses or objections which
creditor or stockholder of the debtor would
these proceedings (other than the objection
that such claim had not matured at the date of confirmation of this plan).
Any recovery thereon shall be limited to the amount for which such claimant
would have been entitled to have his claim allowed herein, had default
occurred prior to confirmation of this plan, not exceeding, in the case
ceedings, such claimant
against the debtor subject to
the debtor, its trustee, or any
have been entitled to make in
without acceleration reserved in the lease
next succeeding the default. The debtor
may discharge such claim, whether established in such maximum amount
or in any lesser
amount, by making payment thereof in cash or at its
option in such number of shares of new common stock of the debtor as
under this plan the claimant would haveeb entitled to receive had he
established his claim as an unsecured claim duly allowed by the Court in
this proceeding before confirmation of this plan.
Any of said contingent
or indeterminate claims may also be adjusted and settled on terms satis¬
factory to the debtor.
Any such adjustment or settlement pending con¬
summation of this plan shall be subject to approval by the Court.
No
such adjustment or settlement shall be deemed adversely to affect any
party who may theretofore have consented to the plan.
All such contingent
landlord's claim, the rent
in question for the three years
of
a
indeterminate claims not so
rejected and disaffirmed by this
or
Old Common
share of such
asserted shall be
plan.
Stock—Holders of old common
stock on surrender
1-6 of a share
of $10 per share.
The 2,577,554^
class A
■
shares of old common
property &
equipment
Misc. phys. prop..
Other
investments
Cash
x
stated
certificates
agreement
dated
remained
debentures and
only
and shares of old common stock represented by
issued by J. & W. Seligman & Co., as depositary, under an
between the debtor and J. & W. Seligman & Co., as depositary,
Dec. 21, 1931.
As of Dec. 31, 1937, the amount of $168,365
to be paid by subscribers to complete full payment of old
old common stock represented by said certificates which have been
certificates which have been partly paid
receive such proportion of the new
entitled to receive if their certificates
their payments made bear to their full subscriptions.
partiy paid.
Holders of such
shall be entitled under this plan to
securities which they would have been
had been fully
The holder
paid as
of any such
certificates, however, may
complete the full
dated Dec. 21, 1931, provided that
after the confirmation of this
issued by J. & W. Seligman
shall be entitled to receive
such new securities of the debtor as will be issuable against the old de¬
bentures or old common stock of the debtor for which their certificates
would be exchangeable.
When and as J. & W. Seligman & Co., as de¬
positary, shall be advised by the debtor from time to time that new securities
of the debtor have been issued pursuant to the plan against any such out¬
standing certificates, it shall deliver the old debentures and certificates
for old common stock of the debtor represented by such certificates, to the
payments required by said agreement
such payment snail be made within 20 days
plan.
The holder of any of said certificates
& Co., as depositary, which shall be fully paid
debtor for
cancellation.
and Underwriting of
provide the debtor with
Sale
Additional Shares of New Common Stock—
additional cash in the amount of $1,500,000
sufficient number of shares of new common
offered for sale, at a price per share which
of the Court, to the holders of unsecured
Center, Inc. (which shall be considered for
a
be
allowed claim in the
amount of
stock of the debtor will
shall be subject to the approval
allowed claims and to Rockefeller
that purpose as the holder
$5,000,000).
Such creditors shall
1937
55,922
76,816
4,444,085
agencies
.■...
979,776
receivable..
Mat'ls & supplies
798,720
(at cost)
Traffic
_
Accts.
Int., divs. &
receivable
4,715,469
unpaid...
wages
972,369
4,539,804
11,000
Express prov.
Unpd.
4,179
12,550
assets .
174,790
13,605
96,808
744,411
2,536,066
6.646,301
adv.
Misc. accts. &
557,048
rents
7,000
2,115,696
liab. 5,277,241
unpaid
payable
Working fund adv.
753,163
curr
9,164,395
76,746
Matured fund.debt
3,417
Other
cos...10,721,312
bal. pay...
52,701
Audited accts. and
from
rec.
$
100,000
18,400,000 20,000,000
bonds
affiliated
4,703,645
bal.
Net
1936
Non-negot. debt to
3,463
Traffic bal. rec...
100,000
5% ser. gold coup.
658
Loans & notes rec.
$
Liabilities—
Cap. com. stock..
17,072,303 17,893,034
3,044,565 2,906,596
493,839
429,652
19,446,481 23,379,377
701
or¬
money
&c.
1,522,237
liability-_
1,543,816
ders, checks,
Est. tax
1,406,150
2,960,922
Mat'd int., divs. &
debits
3,000
4,525
521,118
Other current liab. 1,132,028
Deferred liabilities
1,720
Unadjust. credits. 1,158,632
Unadjusted
516,646
rents unpaid--
x
Total.....
47,275,970 51,789,651
Total
int. and
payable—
Unmat'd
rents
Used in express
2,506,385
3,650
1,321,061
.47,275,970 51,789,651
operations.—V. 146, p. 3029.
Pay 15-Cent Div.—
Raybestos-Manhattan, Inc.—To
May 18 declared a
stock, no par value, payable
The directors on
common
dividend of 15 cents per share on
June 15 to holders of record May
the
31.
with 37Yi cents paid on March 15, last; 50 cents paid on
Dec. 15, and on Sept. 15, last, and previously regular quarterly dividends
37y2 cents per share were distributed. In addition,
cents was paid on Dec. 15,1936.
This compares
■
outstanding.
Issued by J. & W. Seligman & Co. as Depositary—Included
stated $12,718,500 of old debtntures outstanding and in the
2,577,554% shares of old common stock outstanding, are
1936
$
2,748
Special deposits.
of
special dividend of 25
Balance
stock of the debtor now out¬
old debentures
of an
Real
therefor:
stock theretofore
in the above
To
x
Sheet
$
Assets—
Cash
-
Mkt. sees, (at
Notes, accts.
cost)
& tr.
1,504,070
375,398
15,889
receiv'le.
inventories. 5,075,215
Invest.
& sundry
counts
Mdse.
receivables—...
equip.
-
1938
$
Liabilities—
7,173,983
come
for
taxes
taxes
107,171
93,833
595,157
231,986
541,733
250,000
250,000
on
12,369
163,899
9,721,800
7,433,344
Surplus
—
z Treasury stock.. ZY898.047
9,721,800
7,466,089
Income
trade
goodwill
>
in¬
Res'veforconting.
Res. for Federal &
State
$
1,016,943
543,597
Accrued taxes.
Provision
1937
420,409
146,337
113,561
payableAccrued salaries &
Accounts
1,548,427
y
Capital stock—
595,157
Trade names,
&
8,261
4,704,328
672,183
Prepaid exps. and
deferred charges
mks.
3,034,555
7,544,590
Land, buildings,
mach. &
$
2,077,284
156,622
J;".:
wages
accept's ree'le. - 1,763,698
Other current ac¬
x
(Inch Subs.)
March 31
1937
1938
(exclusive of
Certificates
above
Assets—
stock will receive for each
of the certificate
Sheet Dec. 31
General Balance
1937
$
„
.
of new common
16,437 shares held in the treasury of the debtor)
include shares represented by certificates still outstanding for class A stock
of the debtor which, by amendment to the charter made in December, 1931,
was reclassified into
% of a share of old common stock for each share of
standing
ment
deemed to have been
stock; and
(b) An option warrant entitling the holder thereof to purchase at his
election, for a period of 10 years after the date of issuance of such option
warrant, one share of new common stock at the price of $15 per share or,
for a period of five years after the date of issuance of such option warrant,
and upon surrender thereof, y% of a share of new common stock at the price
(a)
to rail and other carriers—express privileges,
y Includes
$2,153,569.80 account reversal of accruals for 1936 railroad retire¬
tax.
The 1936 figures have not been restated to exclude such tax.
credit of
17,743,370 19,392,449
Total
17,743,370 19,392,449
x
After depreciation of $10,856,070 in 1938 and $10,295,637 in 1937.
Represented by 670,012 shares of no par value, z 43,512 shares
at various dates and prices.—V. 146, p. 3355.
Total
acquired
y
Co.—Earnings—
1938—4 Mos.—1937
1938—Month—'1937
$5,783,847 $15,414,754 $21,804,679
$3,835,938
3,637,781
12,362,675 14,382,323
Railway
3,021,078
$814,860
$2,146,066 $3,052,079 $7,422,356
Net rev. fromry. oper.
308,522
534,626
1,087,936
2,002,598
Railway tax accruals
Reading
April 30—
Period End.
revenues.
oper. expenses.
Railway oper.
Railway oper. incomeEquipment rents (net)-Joint facility rents (net) _
Net ry. oper.
—V.
146, P.
income.
2867.
$506,338
$1,611,440
$1,964,143
Dr 13,959
Drl2,317
Cr4,813
Dr846
CY88.129
CY26.171
$497,192
$1,598,277
$2,078,443
$5,419,758
CY56.053
Dr27
$5,475,784
3518
Financial
Real Silk Hosiery
■■.
1937
1936
1935
b
See
$374,459
$167,152
75.377
-
income
Interest—
Special charges
Federal taxes, &c~_-v-..v
Fed, surtax
$642,221
50,559
$420,715
23,782
178,318
69,200
$692,780
48,692
166,561
_al7,744,498
See a
See a
a331,586
$191,322
83,748
458,335
4,971
$2,741,551
37,546
$2,162,678
104,102
a 50,012
163,465
329,1/9
$2,779,097
$1,515,920
275,000
$2,172,034
275,000
991,955
960,295
960,300
960,322
.
32,800
102,696
Income from operations
Total income
-
-
Interest expense
Loss
operation of rental properties and space, &c
Special charges.
on
b Provision for Federal and State income taxes.
profits
13,347,450
490,224
32,792
263,813
$2,103,495
59,183
expenses..
Other income
undistrib.
on
and
Other expenses
$148,980
42,342
137,106
32,500
.
$374,459
46,256
$242,530
12,840
.
.
general
—
Net profit
Net profit—
$20,583
$116,615
$374,830 def$355,732
Dividends
on
2,070
Dividends
on
dividends
Preferred
a
Cash—.
Balance, surplus
$20,583
On Noble Street
$116,615
$374,830 def$357.802
_
Liabilities—
1936
1937
$530,898
— —-
Cash dep.
brokers
$497,650
Accts. receivable--
310,882
267,267
Ciaims & other cur¬
rent accts. rec.i
9,795
4,808
,
Cash
surren.
1,249
2,772
1/620,688
loans & ad v.
1,677,493
&c
Funded
value
72,640
life Insurance—
Prepaid
149,625
deferred charges
debt
posits,
903
Fixed assets.
903
due
8,319
1,933,215
111,000
6,693
&c
6,742
401.462
401,462
Funded debt
308,853
112,000
^
890*226
890,220
1,710,100
1,850,000
345,750
Goodwill, tr. mks,,
V'&C
345,750
18,702
96,584
a
$4,331,557 $4,636,221
Total
.
—
.
—
b Par $5.-—V. 146,
$
1936
1937
Liabilities—
$
v
.
69,395
1,330,749
4,088,262
1.418,482
4,466,358
co-
2,030,701
1,786,134
Sundry receivables
(not current)
167,254
149,229
Fed'l Income tax..
296,346
72,502
Divs. on pf. stock.
Dem. pur. money
68,750
68.750
mtge. note of sub
Accrued accounts.
51,150
53,350
Inventories
Sub. & affil.
Deposits
Award for condem¬
nation
of
plant
property
Property, bldgs.,
117,008
mach'y & equip.
Pats., trademarks,
8,326,565
7,178,915
2,271,846
2,283,065
plants, &c
Deferred assets
March
in stock of
a
Notes
502,251
515,827
1,098,999
_-
.
paid together with
share of $4.50 preferred
an
extra
p.
1415.
Reo Motor Car Co.
Calendar Years—
(& Subs*)—Earnings—
1936
1935
1934
Sales (net)...
..$13,069,351 $13,171,225 $16,135,552 $13,836,299
Cost of sales
11,788,882
11,202,178
13,312,492
11,820,566
Sell., gen. & adm. exps..
2,108,679
2,290,100
2,299,034
2,368,318
.
512,726
$828,210
106,789
Z)r 12,897
Loss
Depreciation.
39,901
67,354
$734,318
Interest received (net)--
$321,053prof $524,026
79,564
71,709
$212,887prof $635,636
353,313
409,220
$93,941
407,159
28,602
269,343
_
Tool amortization
253,572
Prov. for for. inc. taxes.
Other charges
697,864
Net
228,092
Previous deficit
Excess of res. for deps. in
closed banks
Total deficit
IIIIII
$1,399,125
3,377,985
5-yr. 2%%
Total earned deficit..
Total.
—22,563,818 21,329,562
Richfield Oil Corp, (&
dismantl.
141,381
136,546
5 000,000
5,000,000
&c—.
pref.
cum.
8 967,772
7,901,733
2,325,559
1,014,075
Total
-.22,563,818 21,329,562
Subs,)—Earnings-—
Consolidated Income Account Period March 13, 1937 to Dec. 31, 1937
$33,622,142
1,380,350
—-
Total
$35,002,493
Cost of sales and services—
21,017,630
8,330,508
3,526,306
—
Selling, general and administrative expense
Depreciation, depletion and amortization
Dry hole losses and abandonments---—--—Profit
300,782
——————
SI ,827,267
23,874
...
Non-operating income, less charges-.
————...
Total profit
Interest on debentures
Amort, of deb. discount, less $12,995 discount
reacquired
—
-
—
«.
$1,851,140
234,773
—
.....
on
debentures
——
80,023
43,348
-
Other interest
Provision for Federal income taxes (incl. $806 surtax on undis.
—-
86,540
-——-
Net profit...
$219,860
3,132,022
$958,341
2,153,572
$1,406,456
:
Dividend paid.
996,660
_
Earned surplus at Dec. 31, 1937.
$409,796
Consolidated Balance Sheet Dec. 31, 1937
Assets—
Liabilities—
$18,230,616
less
and
notes
receiv,
$435,010 reserve.-...
Accounts payable
$3,014,274
Accrued taxes
2 962,456
1,526,588
Other accrued liabilities
269,654
Crude oil and refined products 12 ,351,380
Long-term debt
Materials and supplies.:
Reserve for contingencies....
1 ,088,231
MLsc.
$3,351,882
26,103
$3,111,913
20,110
$4,262,624
$6,244,917
780,000
Sales, excluding State and Federal gasoline and oil taxes
Other operating revemie.-—
Cash
$4,235,371
27,254
Extraordinary charges for moving
960,300
bearer
1
for
460,000
-V. 146, P. 3355.
457,241
541,739
$6,244,917
Inc. taxes foreign corp.
x
191,289
27,196
$1,982,292
4,262,624
280,000
Capital surplus... 1, 000,000
surplus... 1 990,370
Accounts
loss.
for
deb.
$352,585
446,275
x6()4~832
342,770
1,780,000
Earned
profits of subsidiaries)
Operating loss
Other income.
352,952
bonds
.
1937
687,807
418,673
960,300
Z%%
stk. (par $100).
Common stock
„
paid on Jan. 3, last; one of 35 cents was paid
1, last; 25 cents paid on July 1, 1937; and previously, quarterly
cash dividends of 15 cents and stock dividends of 1% were distributed.
In
addition, a special dividend of 15 cents was paid on March 26, 1937.
Company announced that a reduction in wages of salaried employees
will be made on June 1 ranging from 5% to 25%.
No reduction was made
Oct.
hourly rates.—V. 146,
549.723
of pl't, obsoles.,
gtock for each
A dividend of 25 cents was
in
payable
conting.,
share of common stock held.
on
180,000
<
money borrowed
15-yr.
5%%
was
1
jear.————.
Accounts payable.
Res.
an
1-100th of
within
turing
180,000
ma¬
payable for
purch. of metal.
p. 1888.
25, last a dividend of 25 cents
945,073
notes
Remington Rand, Inc.—-Common Dividends—Wages Cut
dividend
Notes payable
Funded debt
Notes
DeveLof products,
decrease in sales the company points out that last
year, Easter sales fell within the first quarter period and
furthermore,
the first quarter sales of 1937 included considerable speculative buying in
anticipation of higher prices and resulted in a 46% increase over the pre¬
vious year.—V. 146, p. 1086.
shares
$
Notes & accts. rec.
...$4,331,557 $4,636,221
interim cash dividend of 20 cents per share on
payable July 1 to holders of record June 10.
On
1936
$
2,946,324
In explanation of the
common
$1.97
2,630,181
Gross sales for quarter ended March 31, 1938, amounted to $426,129,
compared with $880,236 in March quarter of 1937, a decrease of $454 107
or
51.6%.
the
—
Cash
(Robert) Reis & Co.—Sales—
Directors have declared
— __
Consolidated Balance Sheet Dec. 31
1937
Assets—
After deduction of depreciation reserves totaling $4,943,639 in 1937 and
$4,622,274 in 1936.
_
1,022,742
$1.21
Includes provision for depreciation
.
76,959
Total
—
,
de~
Reserves
1,755,409
—
11,899
251,769
5,283
161,701
In current year.
129,882
Investments
a
262,774
_
Miscellaneous
and
exps.
70,985
13,092
12,242
214,675
121,606
2,710
Due to employees.
-
of $589,550 for property, plant, and
equipment, and $121,700 for amortization of intangible assets,
b Including
$10,225 in 1937 and $3,568 in 1936 for surtaxes on undistributed profits.
a
$300,338
Accounts payable.
Accept's payable..
Cust. deposits
Accruals
—
to
Cust.'s advances..
Miscell. accts. rec.,
Inventories
—
62,897
444.286
1936
$277,710
12,242
payable
banks.
989
707
1937
Reserve for taxes.
Notes
with silk
—
62,986
36,893
stock—
15-year 3%% debenture bonds
common stock outstanding (no par)
Earnings per share-
Condensed Consolidated Balance Sheet Dec. 31
Cash.
common
In
_
prior years.
Assets—
preferred stock (cash)
Shares
Realty Co. pref stock only,
b The 1935, 1936 and
1937 statements include charges of $327,800 for 1937; $436,788 for 1936
and $473,274 for 1935, for depreciation computed on the same basis as in
a
1936
.$20,179,579 $16,875,831
—
.
Provision for depreciation
Amortization of patents and licenses
$624,028
475,048
See b
1937
Net sales, less returns, allowances, &c
Cost of goods sold, selling, administrative
4,225,570
$642,221
See b
v:\
Calendar Years—
$4,849,598
39,500
Balance.
Other income
Total
$167,152
-
May 28, 1938
Reynolds Metals Co. (& Subs.)— -Earnings—
1934
Sale, less returns, &c_ .$11,864,648 512.349,284 $11,891,487
Cost of goods sold
sell¬
ing. &c. expenses
11.697,496
11,974.825
11,249,265
Operating profit
Depreciation
——
Chronicle
Mills, Inc. (& Subs.)- -Earnings—
$3,377,985
$3,132,022
expenses and obsolescence for tools,
dies and manufacturing materials.
invest, and advances,
less $48,270 reserve
440,246
Capital assets
x50 099,631
Deferred charges————.
Total
x
reserve
Capital stock..
285,276
y74,437,250
Earned surplus
409,796
1 961,976
$87,134,5371
—
After
sented
7,191,699
Total—
$87,134,537
for depreciation
by 3,986,637
no par
and depletion of $3,517,084.
shares.—V. 146, p. 3202.
y
Repre¬
Consolidated Balance Sheet Dec. 31
1937
1936
$
$
1937
Richmond Fredericksburg & Potomac RR.-Earnings
1936
'
Assets—
Cash
on
hand and
in banks
693,88
1,123,999
Drafts outstand'g,
sight and foreign
Net receivables
Inv.
In
974,884
29,440
879,897
290,634
25,253
889,415
297,516
not
19,982
3,975,712
cellaneous acc'ts
x
Total fixed assets
x
209,046
3,008,489
247,169
After
134,137
3,361,259
178,180
11,211,424
_
Total
for
;::.
845,403
8l",541
171,239
of
mtge.
62,056
conting.,
376,454
324,146
10, 000,000
9,000,000
6, 244,917
Capital surplus
4, 871,815
Treasury stock__Drl, 000,000
4,871,815
April—
1938
Gross from railway
Net from railway
credits
Deficit
__
Gross from railway
Net from railway
Net after rents
—V. 146, p. 2867.
Total
depreciation of $5,976,055 in
9,332,018 11,211,424
1937
and
$5,883,247 in
1936.—
Ritter
Dental
Republic Steel Corp.—No Preferred Dividend—
stock, series A, and on the 6% cumulative convertible preferred stock. A
regular quarterly dividend of $1.50 per share was paid on the series A stock
on April 1, last.
See Y. 145, p. 3829, for record of dividend payments on
the 6%
cum.
Revere
conv.
preferred stock.—Y. 146,
p.
share
paid on account of accumulations on the 7 % preferred stock on
Dec. 20. last, and a dividend of $1.31% per share was paid on the
5%%
was
preferred stock
on
Dec. 20, last.—V. 146,
p.
3202.
Inc.
2,378,088
539,845
249,054
(& Subs.)-
1937
Admin. and selling exps.,
(incl. royalties)
$247,53
703,345
551,26
891,171
823,514
$564,278
1934
110,215
Total income
Prov. for doubtful
91,791
$405,876 loss$303,732
91,408
104,781
$656,069
$497,284 loss$198,951
17,200
z85,268
85,131
116,882
6,800
z86,792
36,067
108,047
$278,772
175,000
159,800
$418,362
318,750
119,850
notes
receivable.
Federal taxes
Other deductions
Depreciation
dividends.
Common dividends
Earnings
1935
$1,109,221
$583,253
Other income
and accts.
1936
$1,387,792
$473,038
Operating profit
Preferred
Copper & Brass Inc.—Pref. Divs. Deferred—
2,642,797
540,112
179,121
$1,364,209
2707.
Directors at their recent meeting decided to defer payment of dividends
on the 7% and 5M % cumulative preferred stocks.
A dividend of $1.75 per
3,328,689
1,044,390
527,727
1935
$608,176
206,644
113,830
$641,343
126,185
26,229
Manufacturing Co.,
Calendar Years—
V. 146. P. 3355.
Directors at their meeting held May 25 took no action with
respect to
payment of the July 1 dividend on the 6% cumulative prior preference
1936
$804,412
255,774
135,681
2,923,083
609,938
162,488
Net after rents
From Jan. 1—
148,345
31,560
__
1937
$730,359
158,071
38,649
4,262.624
payable._
Deferred
Capital stock
9,332,018
Deferred charges.
36,539
158,329
foreign sub
Res.
Miscell.
4,204,551
Land contr. & mis¬
$
•
650,000
Accrued payroll
Taxes
commit. & misc.
consolidated
Inventories
demand
Real est.
securs.
subs,
$
421,741
_
Bank loan payable
on
Claims upon closed
banks
Marketable
Liabilities—
Accounts payable
...
28,437
y58,171
4,383
101,726
21,574
r
xl6,709
114,261
$304,566 loss$351,495
225,000
per sh. on com¬
stock (no par)
$0.81
Nil
$1.52
$0.65
Includes Federal capital stock tax.
y Including Federal income tax of
$48,990.
x Includes surtax on undistributed
profits of $2,177 jn 1937 and
$174 in 1936.
mon
x
Volume
Financial
146
Consolidated, Balance Sheet Dec. 31
Liabilities—
1937
1936
$826,731
$1,307,604
Assets—
Cash
1936
See f
293,609
e
accr
$133,858
82,124
f424,542
1,092,823
244,795
Other accrd. liabils
34,005
$101,865
74,430
34,784
1,783
28,698
121,938
22,794
110,544
2,500,000
2,544,512
2,500,000
2,544,512
628,511
758,030
Trade notes & in-
accrued
stal. contracts..
Accts. receivable.
♦
1937
Accts. payable and
.
payrolls
Fed. inc. tax
1,100,277
44,000
Other curr. assets.
22,825
22,226
246,439
283,183
Amounts, Maturities and Offering Prices of 4% Serial Notes
Deferred income..
Inventories
a
Non-curr.
Fund
rec
foreign sub
Res.for conting.,&c
7%
deposited
525,000
with trustee
cum.
Common stock..
1,090,657
1,100,280
c
b Fixed
1,659,205
1,733,516
58,503
Earned
assets
55,523
Deferred charges..
pref. stk.
($100 par)
......
Investments
surplus
Common
d
stock
a
After
reserves
b After
1936.
Dr2,964
Dr87,684
reacquired
$5,987,747 $6,143,995
Total....
$5,987,747 $6,143,995
Total
$25,135 In
for doubtful accounts of $30,033 in 1937 and
for depreciation and amortization of
reserves
appreciation
arising from appraisal of $1,448,404 in 1937 and $1,262,790 in 1936.
c Rep¬
resented by 160,000 no par shares,
d Represented by 9,800 common shares
at cost in 1937 and 200 common shares at cost in 1936.
e Includes surtax
f Includes trade notes and instalment contracts
Made with foreign government in connection with contract
equipment.—V. 146, p. 3355.
undistributed profits,
on
of $212,313.
g
to furnish dental
Roan
Antelope Copper Mines, Ltd.—Dividend—
Directors
declared
have
dividend
a
of
36
cents
per
American
share,
payable June 7 to holders of record June 2. Prior to a distribution on Dec.
21, last, of two additional American shares for each share held, the company
paid a cash dividend of $1.85 on Nov. 5, 1937.—V. 146, p. 3030.
Directors
declared
have
final
a
for 1937 of 11%, making a
During 1936 dividends totaling
dividend
17% distributed during the year.
163^% were paid.—V. 146, p. 286.
took
payment of a dividend in the second quarter of 1938, it was announced by
Herbert Abraham, President, who stated that the directors took the con¬
of deferring action until they had some clearer indication
trend of business during the second half of the year.
dividend of 15 cents per share was paid on Dec. 20, last.—V. 146,
servative position
as to the probable
A
2868.
p.
Co.—Div. Passed
St. Louis Rocky Mountain & Pacific
Directors have decided
time
the
on
share
was
common
to omit
the dividend ordinarily
payable at this
A regular quarterly dividend of 25 cents per
March 31. last.—V. 146, p. 3356.
shares.
distributed
on
Safeway Stores, Inc. (& Subs.)—Earnings—
Years End. Dec. 31—
Sales..
Cost of sales..
1937
1936
1935
1934
$381,868,220 $346,178,061$294,697,600$242,966,383
309,220,997 278,195,615 236,124,248 189,920,910
64,579,933
3,772,889
Operating income
58,932,632
3,590,545
50,941,276
3,242,732
45.519,243
2,830,071
$4,294,400
Operating expense
Depreciation
$5,459,270
$4,389,344
$4,696,158
252,259
79,659
76,346
95,824
$4,546,659
711,803
$5,538,929
334,037
$4,465,690
340,147
$4,791,982
238,670
a752,980
3,829
al,014,120
33,519
698,930
16,839
686,485
$3,078,047
$4,157,253
966,283
1,220,636
1,210,848
53,409,775
956,869
1,997,252
$3,866,827
982,274
2,396,545
788,090
1,585,300
$455,654
8,937,278
$488,008
8,449,270
Other income
Total income—
Interest, &c__
for
Federal
and
Prov.
Canadian taxes, &c.__
Minority interest
...
Net income...
Preferred dividends
Divs.
In
on com.
stk.: Cash
5% pref. stock
$103,038
10,168,602
Surplus
Previous surplus.
Adjustments.
•
Earned surplus
935,434
$425,670
9,392,932
0350,000
.$10,271,640 $10,168,602
'...
...
$9,392,932
$8,937,278
$3.07
$3.61
Earns. per sh. on average
amount shs. outstand¬
$2.62
ing during year
a
Includes $14,897 in
$4.03
1937 and $64,217 in 1936 surtax
on
undistributed
profits.
Consolidated Balance Sheet Dec. 31
1937
1937
1936
$
Assets—
i
Liabilities—
$
$o?n'nSR
iJn'nSS
220,000
1936
Notes pay., banks.
3,219,345
2,957,701
Accounts payable.
1,626,708
1,223.178
State sales taxes..
262,355
214,199
690,942
Sundry accts. rec.
409,108
Mdse. inventories.31,886,370 30.745,926
Accrued expenses-
1,942,092
1,951,709
Dividends payable
237,178
924,616
1,133,815
Deb.
Govt, accts. rec. &
county &
State,
warrants
inunic.
expenses.
728,770
636,709
702,019
24,476,351
21,732,536
Res.
645,942
c
Fixed
assets
sinking
pay.
Invest. & advances
Prepaid
5,907,731
6,099,202
fund
850,000
cur
for
10,000,000
Fed. and
Can. inc. taxes.
10-yr. 4% s. f. deb.14,150,000
dian subsidiary.
(balance
64,272
529,958
8,399,700
5,509,100
7% cum. pref. stk.
651,146
unamort.)
7,918,400
(par $100).-.-- 5,573,200
expense
(par §100)
6% cum. pref. stk.
5% cum. pref. stk.
(par $100)
2,373,390
d Common stock
9,795,648
9,795,648
Paid-in surplus--.il,787,415
11,347,013
Earned surplus
Treasury
....71,863.956 66,726,173
Total
a
.
_
1,585,300
10,271,640 10,168,602
stocks..Dr385.454
Total...
Dr45,872
.71,863,956 66,726,173
After reserve of $143,098 at Dec. 31,
1936.
c
1937, and $146,686 at Dec. 31,
After reserve for depreciation of $17,717,340 at Dec. 31, 1937,
$16,732,200 at Dec. 31, 1936.
d Represented by 806,624 no-par shares
Dec. 31, 1937, and 698,984 no-par shares at Dec. 31, 1936.—V. 146,
2868.
and
at
p.
St. Louis-San Francisco Ry.
1946
290,000
300,000
1947
1948
101^%
100%
1945
98{
96H
96%
Vo
Bonds of 4% Series—Dated
April 1, 1938, due April 1, 1963 to Bankers
Trust Co., New York, and R. G.
Page, Plainfield, N. J., trustees.
Prin¬
cipal and int. (A. & D.) payable in lawful money of the U. S. of America,
which
at
time of payment is legal tender for public and private
payable at principal office of Bankers Trust Co., New
debts.
York,
Bonds
!n 9°,Vpon form- registerable as to principal only, in denom. of $1,000 and
m fully registered form in denom. of
$1,000, $5,000 or multiples of $5,000.
Principal
ana
is
interest is
payable at office
or agency
of company in New York.
Company covenants to reimburse holders (if an individual or a fiduciary
individuals) of bonds for Penna. personal property taxes not
exceeding in the aggregate 5 mills per annum on each dollar of taxable
value, not in excess of the principal amount thereof.
Red. (in addition to
being redeemable for sinking fund) at option of company, in whole or in
for one or more
gart byApril at any time on 30 days' and on at following prices: 105 on103
lot, 1, 1942; 104 thereafter notice or before April 1, 1946; or
efore
thereafter and
on
before
or
April 1, 1950; 102 thereafter and on or before
on or before April 1, 1958; and at principal
case plus accrued int. to re¬
April 1, 1954; 101 thereafter and
April 1, 1958; in each
demption date.
Notes—Dated April 15, 1938, due serially as above.
Chemical Bank &
Co., New York, trustee. Principal and int. payable in lawful money
America, which at time of payment is legal tender for public
and private debts.
Principal payable at principal office of trustee in New
York, and int. payable at office or agency of the company in New York.
Notes in coupon form, registerable as to principal only, in denom. of
$1,000 each.
Red. in whole at any time or in part from time to time, at
option of company, by lot if less than all the notes of one maturity are
redeemed, upon 30 days' notice at following prices: 104 in case of notes
maturing on April 15 in each of years 1939 to 1943, incl.; 102 in case of
notes maturing on April 15, 1944; 101 in case of notes maturing on April 15,
1945; and 100H % thereof in case of notes maturing on April 15 in each of
the years 1946 to 1948, incl.; in each case plus accrued int. to redemption
date.
In event that less than all of the notes outstanding are redeemed,
notes of the latest maturities
are
to be redeemed first.
Listing—Company has agreed, when requested by Mellon Securities
Corp. and Dillon, Read & Co., to make application for the listing of the
bonds of 4% series on the New York Stock Exchange.
Purpose—Net proceeds of approximately $18,270,237
(exclusive o'
but after deduction of expenses in the estimated amount of
$156,013), together with $1,960,000 to be r&Sived from the sale of 28,000
additional shares of common stock to American Light & Traction Co., a
accrued int.
parent of the company, will be applied substantially as follows:
(1) To redemption on or before Jan. 1, 1939, of: $5,550,000
San Antonio Public Service Co. 1st mtge. & ref. gold bonds,
30-year 6% series A (due Jan. 1, 1952) at 110%, which, excl.
of accrued int. will require the sum of
$6,105,000
(2) To redemption on or before Aug. 15, 1938, of: $11,000,000
San Antonio Public Service Co. 1st mtge. & ref. gold bonds,
30-year 5% series B (due Jan. 1, 1958) at 105%, which, excl.
of accrued int. will require the sum of
.11,550,000
(3) To redemption on or before Sept. 1, 1938, of: (a) $984,000
San Antonio Gas & Electric Co. 1st mtge. 41-year 5% gold
bonds (due Sept. 1, 1949) at 105, which, excl. of accrued int.
will require the sum of
1,033,200
(b) $984,000 of San Antonio Traction Co. 1st mtge. 41-year
5% gold bonds (duo Sept. 1, 1949) at 105, which, excl. of
accrued int. will require the sum of
i.
1,033,200
(4) For general corporate purposes
508,837
Company intends to offer all holders of the outstanding bonds the op¬
portunity of surrendering their bonds and coupons, if any, to the respective
indenture trustees prior to the respective redemption dates, and of receiving
in such case the redemption monies applicable thereto, and interest accrued
to such date of surrender.
Capitalization—Upon the issue and sale of the $16,500,000 of bonds
of
4% series and of $2,500,000 of notes and the application of the net proceeds
thereof together with other funds to the redemption of all of the now out¬
standing funded debt of the company, the outstanding capitalization of the
company, tabulated as of Dec. 31, 1937, but reflecting the sale of securities,
will be as follows:
First mtge. bonds,
System—Earnings-
Period End. Apr. 30—
1938—Month—1937
1938—4 Mos- -1937
$4,054,492 $13,775,369 $16,892,700
Operating revenues
$3,352,810
3,501,380
13,079,439
14,174,586
Operating expenses
3,155,531
Net ry. oper. income—
264,597
def782,752
1,204,328
def$52,803
12,256
Other income—
20,801
62,678
49,834
—
4% series due 1963
Outstanding
xUnlimited
$16,500,000
4% series notes
$2,500,000
2,500,000
8% cum. pref. stock of 1925 (par $100).
30,000 shs.
30,000 shs.
7% cum. pref. stock of 1926 (par $100)...
10,000 shs.
10,000 shs.
7% cum. pref. stock of 1927 (par $100)5,000 shs.
5,000 shs.
Com. stk. (no par) stated value $70 per share. __y55,000 shs. y55,000 shs.
x
bonds of
1938, upon
Additional 1st mtge. bonds, 4% series due 1963 and 1st mtge.
other series may
Min. int. in Cana¬
Deb. discount and
f944
280,000
102H %
102%
Exclusive of accrued interest from April 15,1938, to date of delivery.
x
229,270
Accts. rec., trade
$260,000
270,000
102^%
1943
xPrice to
Public
Due
April 15
Amount
101 K%
102K %
1941
240,000
Principal
Authorized
8,093,239
a
Public
$
8,164,138
Cash
xPrice to
of the U. S. of
action on May 24 with respect to
no
Due
April 15
Trust
Ruberoid Co.—No Common Dividend—
The directors of this company
Principal
amount thereof after
Royal Dutch Co.—Final Dividend—
total of
3519
(Inc.), Bonbright & Co., Inc., Blyth & Co., Inc., Shields &
Co., Ladenburg, Thalmann & Co., Lee Higginson Corp.,
F. S. Moseley & Co., Harris, Hall & Co.
(Inc.) and Riter
& Co.
Both issues were oversubscribed the day of offering.
Current amt due to
g Good faith depos.
Chronicle
be issued under the indenture dated April 1,
compliance with the provisions thereof,
y On or before the delivery by
the company of the securities being offered, it intends to file an amendment
to its charter, increasing the number of authorized shares of its common
stock from 55,000 to 83,000, and intends to sell and issue the additional
28,000 shares so authorized to its parent, American Light & Traction
price of $70 per share, which is to be stated value thereof.
Co.,
at a
History and Business—Company was incorporated in Texas on July 6,
1917, for a period of 50 years, and succeeded to the business of San Antonio
Gas & Electric Co. and that of San Antonio Traction Co.
Company is engaged in the generation of electric energy, and the pur¬
chase, transmission, distribution and sale of electric energy and natural gas
to residential, commercial, industrial and other customers in the City of
San Antonio, Texas.
Company also operates motor buses in and near San
Antonio.
Company estimates the population of the territory servhd with
electric energy to be 313,000, and with gas to be 270,000.
Company sells
electric energy and gas to the U. S. Army for distribution at Fort Sam
Houston, and also electric energy for use at various flying fields, posts and
camps.
„
and a very small amount of
Approximately 88% of the electric revenue during the past
three years was derived from the territory within an 11-mile radius of the
center of San Antonio.
Electric revenue for the calendar year 1937 was
derived from the various classes of customers as follows: residential35.1%,
commercial 41.7%, industrial 11.7% and miscellaneous 11.5%.
In addition to its own production, company purchases, under contracts,
all of the electric energy generated at three hyrdo-electr ic stations (aggregate
capacity 8,800 kw) of Texas Power Corn, and at one hydro-electric station
Company sells 60-cycle alternating current
direct current.
(capacity 2,400 kw)
of Texas Hydro-Electric Coro.
All such stations are
$1,254,163
23,307
on
the Guadalupe
approximately 10 miles below New Braunfels
Company has a contract with Central Power &
Light Co. for the sale and exchange of electric energy.
Such contract also
provides for the purchase of electric energy by the company in the event of
$1,230,856
ctji
emergency.
located within a distance of
def$32,001
Deductions from income
3,570
$276,854 def$720,074
5,181
21,054
Bal. avail, for int., &c.
def$35,571
$271,673 def$741,129
Total income
Company has a contract
—V. 146, p. 3030.
San Antonio Public Service
Co.—$19,000,000 Securities
Offered—The first public financing for the company in 10
undertaken May 26 with the offering of $16,500,000
1st mtge. 4% bonds and $2,500,000 4% serial notes through
years was
underwriting group headed by Mellon Securities Corp.
The bonds, due 1963, were priced at 99, to yield 4.05%, and
the serial notes, due in varying amounts from 1939 to 1948,
an
priced to yield from 2.72 to 4.50%.
Other members of
syndicate include Glore, Forgan & Co., The First
Boston Corp., Halsey, Stuart & Co., Inc., Otis & Co.
were
the offering
River.
with Texas Power & Light Co., expiring Dec.
31,
for the sale of electric energy.
During 1937 company received
$143 950 under this contract, of which $112,500 represented minimum
monthly payments.
This contract may be modified in connection with the
contracting parties' joint negotiations with the Lower Colorado River
1938,
A";obipany purchases natural
1000 btu per
gas, having a heating value of approximately
cubic foot, at its receiving stations under contract from United
Line Co., which company is not affiliated with the company, and
distributes such gas in and near San Antonio.
Gas operating revenue for the calendar year 1937 was derived from the
various classes of customers as follows: residential, 63.2%; commercial,
25.1%; industrial, 9.6% and miscellaneous, 2.1%.
Principal Underwriters—The names of the principal underwriters and the
respective principal amounts of 1st mtge. bonds, and 4% serial!notes,
severally to be purchased by each, are as follows:
ft* ^
Gas Pipe
.
Chronicle
Financial
3520
Balance Sheet Dec.
-Amount Underwritten—
Bonds
Notes
Pittsburgh.......
Glore, Forgan & Co., New York...
The First Boston Corp., New York.......
Halsey, Stuart & Co., Inc., Chicago.
Otis & Co., Cleveland....
Bonbright & Co., Inc., New York. —....
Blyth & Co., Inc., New York
$2,900,000
.
1,165,000
-
1,075,000
970,000
970,000
Smith, Barney & Co., New York
Shields & Co., New York..
Ladenburg, Thalmann & Co., New York..
Lee Higginson Corp., New York.....—.
F. S. Moseley & Co., New York..
Harris, Hall & Co., Inc., Chicago....w—
Riter & Co., New York
Russ Roe & Co., San Antonio Texas......
163,000
147,WO
970,000
...
.
177,000
'
York..
Brown Harriman & Co., Inc., New
Invested in road and equipment
177,000
177,000
1,165,000
1,165,000
147,000
88,000
44,000
37,000
37,000
37,000
37,000
14,000
147,000
585,000
—
290,000
—
245,000
245,000
245,000
—
245,000
100,000
50,000
50,000
IS
Mahan, Dittmar & Co., San Antonio, Texas..
Dillon, Read & Co., New York!—
1
—
7,000
7,000
440,000
2,900,000
Income Account for Calendar Years
1937
Operating revenues...
Electricity and gas purchased
Operation
1936
$8,093,297
1,496,957
2,701,446
$7,805,768
1,589,288
2,525,516
471,197
662,855
774,800
81,400
—._
450,950
603,175
699,919
66,400
2,000
Maintenance
Provision for retirement
reserve
State, local, &c., taxes
Federal income taxes
Surtax
on
^Net
...
undistributed profits
$1,909,952
Interest on funded debt
981,400
General interest
19,659
Amortization of debt disc. & expense
29,616
Miscellaneous deductions
20,977
$1,874,674
981,400
14,628
29,615
$1,605,884
981,400
16,467
39,589
1
Net income
$858,300
345,000
110,000
Dividends preferred stock
Dividends common stock
$849,030
345,000
110,000
$568,428
345,000
x The above income account for the
year 1935 Is based upon the Income
contained In the company's annual report for that year after
applying thereto certain reclassifications to make it consistent with the
income account for the year 1936.
account
Balance Sheet Dec. 31
1937
1936
$
$
Assets—
1937
Liabilities—
Plant, prop.,rights,
franchises, &c. .31,390,836 32,958,283
a
Investment
1936
$
$
c
&
81,384
692,439
prepaid accounts
Accounts
Accrued
598,960
500,000
5,500,000
18,518,000
340,235
337,835
419,589
229,351
payable
taxes
Fed. Income taxes
448,083
447,173
572,523
507,689
warrants
rec._
&
18,518,000
159,718
207,049
78,318
Accrued interest..
of bond Interest.
&
1,000,000
Def. liabilities-..
695,475
347,807
263,406
Deposit for paym't
Materials
1,000,000
Funded debt
Cash
3,000,000
7% pref. stk...
500,000
Common stock
d3,850,000
96,592
Deferred charges &
Accts.
3,000,000
..
b 7% pref. stk...
ad¬
vances...
8% pref. stk
518,300
296,213,895
61,179,262
23,894,100
Preferred 6% capital stock
37,300
Governmental grants
13,889
Equipment obligations
5,063,664
Mortgage bonds proprietary companies.
16,690,000
Seaboard Air Line bonds
96,615,500
Secretary of Treasury of United States—Notes.
6,759,000
Union Switch & Signal Construe. Co. def'd pay't..
930,338
Receivers' certificates
22,017,900
Non-negotiable debt to affiliated companies
560,482
Traffic and car service balance payable
897,169
Audited accounts and wages payable
2,379,100
Miscellaneous accounts payable
1,442,019
Interest matured unpaid
54,089,033
Funded debt matured unpaid
33,447,882
Receivers ctfs. matured unpaid
184,000
Unmatured interest accrued
2,283,358
Unmatured rents accrued
21,892
Other current liabilities
100,448
Other deferred liabilities
574,864
Tax accrues
1,615,853
Accrued de*
.iation on equipment
22,904,596
Reserve for outstanding stock of proprietary cos
19,026
Other unadjusted credits..
6,402,131
Additions to property through income & surplus
874,206
Funded debt retired through income & surplus
4,205
Profit and loss, deficit
63,490,507
61,179,262
23,894,100
37,300
13,889
346,891
Miscell.
curr.
liab.
69,268
Liabilities—
Total.
100,480
616,908
148,544
April—
576,034
surplus...
Total
33,841,928 35,399,911
Represented by 30,000 shares of 1925, $100 par.
b Represented by
10,000 shares of 1926, $100 par.
c Represented by 5,000 shares of 1927,
$100 par. d Represented by 55,000 shares at stated value of $70 per share
in 1937 and 55,000 shares of $100 par in 1936 —V.
146, p. 2384
a
*
Loss
__
146,
P.
Schulte
Co.,
Inc.)
1938—4 Mos.—1937
$114,955
$60,887
depreciation and special charges and
PeriodEnd. Apr. 30—
Earnings
per
15,043,504
3,115,452
1,080,249
$1,904,242
1,781,426
1,781,426
$1.06
$0.34
Notes rec., secured 8,119,86!)
Misc. accts. ree'le.
44,786
8,612,386
Accounts payable.
22,432
xl937
4,309
after
deferred
Transportation
Miscell. operations
General
Transp. for invest.—Cr
xl936
xl935
for
leased
Years End. Dec. 31—
Gross income.
1.20 cts.
1.27 cts.
1.29 cts,
1,885,770
1,528,774
1,519.660
262,368,305 198,912,187 193,736,144
366,444
1,000,000
Com.stk.(par $10)
1.76 cts.
1.84 cts.
$5,560,554
7,982.739
1,851,994
14,279,589
560,865
1,691.650
100.267
106,782
Net loss
$5,680,979
7,088,191
1.589,712
12,249,918
447,795
zl.848.579
90,441
$4,341,282
$2,641,636
$3,201,743
976,907
175,543
924,245
140,286
676,250
139,680
1,027,390
151,222
9,359,622
9,374,213
9,435.071
10,052,684
"$4,630,279
$6,097,462
y
Net deficit
x
Combined corporate and receivers'
305,338
245,071
9,557,499
10,251,923
Total
March 31
was
published in
Corp.—Earnings—
1936
1934
1935
$136,465
125,355
120,454
366,828
$119,426
110,463
93,400
$44,350
81,986
42,499
$109,345
$723,403
246,749
Prov. for Fed. inc. taxes.
$84,436
$80,135
25,000
46,662
prof$38,164
199,705
Dividends paid
$5,464,243
7,380,839
1,720,760
13,060,407
467,717
zl .358,370
58,312
1,012,600
255,722
305,339
1.78 cts.
xl936
xl935
xl934
$33,030,230 $29,927,284 $26,687,274 $26,834,794
5,532,973
4,626,017
3,659,102
3,446,873
1,005,770
987,465
940,837
984,780
1,374,621
1,252.081
1,237,078
1,278,211
1,847,284
1,553.209
1,405.826
1,316,784
5,960,010
8,665,811
1,942,287
15,815,284
653,811
1,800,574
1,012,600
10,251,923
Inventory adjustment__
roads,
$7,609,364
$8,029,553
y Exclusive of interest
on adjustment
mortgage (income bonds),
z Operating expenses for 1934
include an accrual of approximately $292,000 of which
approximately
$291,000 was charged to general expenses, made pursuant to the
provisions
accounts.
of the Railroad Retirement Act of 1934. In view of the
unconstitutionality
of the Act the accrual was canceled in
April, 1935 accounts as
required by
the accounting regulations of the Intertstate Commerce Commission.
Note—Figures for 1935 were reclassified in accordance with revised
Interstate Commerce Commission classification of accounts.
281,988
1,000,000
1937
Admin.,exp., tax.,& int.
Deprec. and depletion._
$5,881,794
interest, &c
income..
earnings for the three months ended
4,309
10,711,978
expenses..$34,737,510 $31,820,609 $29,394,024 $28,814.733
8,053.368
6,525,446
4,536.095
5,046,709
Taxes.
2.551,929
2,540,331
2,218,221
2,197,914
Uncollectible ry. rev
38,271
Operating income
$5,501,438
$3,985,114
$2,317,873
$2,810,524
Other income
380,355
356,168
323,763
391,219
Rents
9,557,499
40,421
Shattuck Denn Mining
xl934
Total oper
Gross income
42,773
charges
Total
The
Net operating revenues.
Deduct—
Hire of equip.—Dr. bal.
Joint facility rents
Deferred
5% cum. pref. stk.
(par $50)
V. 146, p.2548.
Report-
Totaloper.revenues..$42,790,878 $38,346,055 $33,930,118 $33,861,442
Operating Expenses—
Maint. of equipment
Traffic
2,235
63,762
xl937
Maint. of way & struc..
134,663
Earned surplus
deducting
Income Account Calendar Years
-
173,628
119,580
2,235
4,308
11,091,808
1,879,612
;
65,116
172,184
66,084
1.13 cts.
E^ess
Other
59,153
Dealers' partic.res.
and
15,570,446
Freight
Acer, taxes, &c
15,205
Capital surplus...
Combined corporate and receivers' accounts.
£?s?,enger
49,901
45,208
wholly-
4,308
13.155,558
Pass, carried 1 mile
307,909,533
Rev. per pass, per mile..
1.80 cts.
Mail
in
6,938,500
10,562
Reserves
Repos. auts., &c_.
Invest,
Dec. 31 '37
$
$
6,328,500
Traffic Statistics for Calendar Years
Operating Revenues—
Mar. 31 *38
Liabilities—
$
$1.27
Seaboard Air Line Ry.—Annual
x
Corp.—Balance Sheet—
31 '37
$2,292,428
1,781,426
$636,367
.
Passengers carried
12,593,658
3,030,036
1,543,580
Notes pay., unsec.
1938—6 Mos.—1937
$603,184
1,781,426
After depreciation, interest and other
charges, and
estimated undistributed profits tax.—V. 146,
1565.
p.
Revenue tons carried
Rev. per ton per mile
13,438,389
2,476,569
955,460
1,468,012
owned subs
x
Average miles operated.
16,414,310
4,430,543
2,517,820
$
Furn., fixt. & eq._
$0.33
share.
$3,405,943
1,339,547
933,999
1,236,544
Prepaid exps.
1938—3 Mos.—1937
profit
1935
1936
$3,435,045
669,519
299,236
Seaboard Commercial
Assets—
3202.
Shs .com .stk .out. (par $ 1)
23,125
80,391
1,042,405
2,039.381
21,271,774
19,026
6,293,850
863,876
4,205
57.913,461
—V. 146, p. 3203.
Cash
Servel, Inc. (& Subs.)—Earnings—
xINet
7,551,727
From Jan. 1—
Net from railway..
Net after rents.
Corp. (& Subs.)—Earnings—
expenses,
32,900,397
252,000
1937
$4,025,203
1,011,511
569,162
Mar. 31 '38 Dec
1938—Month—1937
prof.$8,375
$4,127
After adminisctration
x
credits.—V.
41,526,686
1938
$3,829,633
854,265
341,691
Net from railway
Net after rents
Gross from railway
....33.841,928 35,399,9111
of
6,759,000
930,338
24,752,900
340,647
1,316,562
2,079,517
1,997,349
297,510,711 296.213,895
Gross from railway
Earned
Schulte Retail Stores
3,645,148
16,690,000
96,622,500
Earnings for Month of April and Year to Date
4,797
4,008", 701
Capital surplus...
Period End. Apr. 30—
53,087
Com. stock (2,600,321 shares, no par value)......
Preferred 4-2% stock
467,351
4,344,121
Reserves
(Exclusive
870
43,338
Claims in suspense
Other unadjusted debits
110,000
Contrib. for ext...
Total
588,231
prepaid
premiums prepaid
Insurance
520,279
stock...
393,257
297,510,711
Rents
Dlv. pay. on com
sup¬
plies....
1,089,644
—.—
Working fund advances
Other deferred assets
Total
$1,597,986
7,898
earnings
163
61,042
47,276
353,539
61,713
67,389
50,424
844,869
Other current assets
541,965
641,829
6,100
$1,868,518
6,155
r^Net
144
78,888
49,672
Rents receivable
xl935
$6,932,006
1,458.372
2,248,882
436,870
$1,904,642
5,310
earnings from operations
Other income (net)
1936
1937
•$
..250,442,523 244,941,796
98.004
Deposits in lieu of mortgaged property sold
75,693
3,501,920
Miscellaneous physical property
3,560,153
9,585,946
Invest, in affil. companies—Stocks, pledged
9,590,946
10,924,047
Bonds, pledged
10,924.047
4,310,110
Notes, pledged
4,581,332
3,672,190
Advances
3,573,548
3.087,066
Other investments
1,707,204
5.623,870
Cash...
2,707,297
Time drafts and deposits
2,150,000
1,050,000
46,634
47,337
Special deposits.
33.536
65,135
Loans and bills receivable
936,533
1,113,042
Traffic and car service balances receivable
296,954
258,483
Net balance receivable from agents & conductors..
Miscellaneous accounts receivable—
Individuals and companies
603,759
870,361
United States Government
393,508
423,607
Other companies for claims.
24,775
18,992
Materials and supplies
4,935,525
3,519,346
Interest and dividends receivable
161,342
477.755
177,000
—
311
A ssets—
$440,000
1,165.000
Mellon Securities Corp.,
1938
28,
May
Balance Sheet Dec. 31
Assets—
x
1937
Mines,
Liabilities—
1936
plant,
y
equipment, &c..$6,080,684 $6,420,190
Cash.
69,794
304,615
U. S. Govt,
1936
1937
Capital stock—$3 994,095 $3,994,095
Notes
&
accounts
z41,426
payable..
Accrued
95,527
securs.
120,814
120,814
taxes....
14,516
11,447
Accts. receivable..
157,036
55,830
Accrued payroll...
16.244
12,408
8,787
19,123
Prov. for inc. taxes
25,000
Ore in transit
Unsold
copper
Reserves
on
hand.
389,723
391,037
Mat'ls & supplies.
63,737
53,742
Investments
53,700
10,970
..
11,658
4,318,111
1,072,045
38,500
7,680
.—
4 ,318,111
1 ,233,586
202,170
Deferred charges..
Total....
x
$7,186,775 $7,371,200
Paid-in
surplus...
Deficit
Total..
.$7,186,775 $7,371,200
After depreciation and depletion,
y Represented by shares of $5 par
z Accounts
payable only;—V. 145, p. 3829.
value,
Shawinigan
Water
&
Power
Co.—Proposes
Techincal
Reduction of Capital to Eliminate $4,555,450 Bond Premium,
Discount and Expense—
Julian C. Smith, President, announced May 18 that a special general
meeting of shareholders of the company had been called for June 15 for the
of considering and, if deemed advisable, of approving a by-law
by the directors which, while involving a technical reduction of
capital has for its real object a simplification of the company's balance sheet.
purpose
enacted
The proposal will involve elimination by a single operation of an item of
$4,555,450 of unamortized bond premium, discount and expense, which
normally would be written off by annual appropriations over a period of
years and will result in a corresponding reduction of the stated value of the
company's 2,178,250 issued shares of common stock from $72,118,447 to
$67,562,997.
In a letter to stockholders calling the special meeting, Mr. Smith said:
"The balance sheet as at Dec. 31, 1937 shows on the asset side an item of
$4,555,450 under the heading of 'Unamortized bond premium, discount and
expense (less appropriation)'.
As the heading indicates this item represents
the unamortized balance of discount on bonds of the company sold in the
Volume
Financial
146
3521
Chronicle
Consolidated, Balance Sheet Dec. 31
redeemed at a premium prior to
and (or) refunding of such
past at less than par; premiums on bonds
maturity and expenses incidental to the sale
1937
of events this item would be written off over a
of years by appropriations made annually from the company's
earnings.
Directors have reached the conclusion that as the item is shown
as
an
asset merely as a matter of accounting it can properly and with
advantage to the company and its shareholders be eliminated from the
asset side of the balance sheet by a single operation. The desired elimination
Cash
can be effected by a corresponding reduction in the amount shown on the
liability side of the balance sheet as attributable to the issued no par value
Misc. accts. & note
"In the ordinary course
period
$
Liabilities—
2,588,842
,988,417
4, 349,248
5,185,933
6, 661,551
rec., trade, &c__
Inventories
Simmons Co. debs.
7,649.248
(current)
118,729
134,680
466,243
497,619
___13,,391,547
13,819,632
Prov.
_
thereby involved but the equity of
the shareholders in the property, assets and earning power of the company
will be in no way impaired and an annual charge against future earnings
Deferred charges.
Goodwill
410,056
1
State,
Fed.
cap.
for
738,233
tax
834,850
1,120,344
& misc.
1,316,452
Federal
income tax
242,071
1
_
stk.
Prov.
1,105,445
453,351
trade.
for
local,
•_
140,000
_.
Accts. pay.,
invests
Fixed assets
565,000
of subsidiaries
Prepaid insurance,
int., taxes, &c_
rec. &
$
$
Serial notes & bds.
Notes and accts.
common
"A
shares of the company.
technical reduction of capital is
a
1936
1937
1936
$
Assets—
issues.
Accrd. int., wages,
&c.._
Res. for selLinsur.
75,000
approvals will be obtained from the
proper governmental authorities and that the proposed reduction in capital
if approved by the shareholders will be confirmed by supplementary letters
patent to be issued in due course."—V. 146, p. 2708.
403,833
588,243
will be avoided.
Fund, debt of subs.
expenses,
"It is anticipated that all necessary
Gold debs, of Sim¬
mons
132,900
12,458
11,003
6,018,636
5,666,180
Capital surplus... 8,578,627
Earned surplus..- 3,800,900
8,498,097
3,430,967
(W. A.) Sheaffer Pen Co.—Earnings—
Years Ended-
y$988,662
30,377
205,726
Bonuses
Interest paid
Other deductions
1,573
38,267
Ct 126,138
Other income
Prov. for income taxes.,
b
Feb. 28, *37 Feb. 29, '36
y $669,482
y$982,653
20,801
21,616
100,276
199,629
3,406
5,025
26,730
54,902
Cr88,654
Crl04,068
z87,252
x154,500
Feb. 28,'38
xl60,750
28,*35
Feb.
$580,531
27,068
34,300
819
Total
profit
Previous earned surplus.
Miscellaneous credits
Total
Divs.
on
Divs.
on common
pref. stock...,
Excess of cost
value of
$651,048
1,692,773
15,494
stock.
$2,359,316
21,282
over
1,809,118
14,496
$1,652,252
21,340
240,618
21,368
12,819
54,052
9,981
5
151,347
5
$1,692,773
$3.14
$1,469,550
$2.56
Undistributed capital & surplus: Capital stock of
Simms Petroleum Co., 463,650 shs. outstanding,
$4,636,500
par $10 per share
Capital surplus: Balance, Jan. 1, 1938
cap.
Collections
$1,760,048
and accounts arising prior to
on notes
charged subsequent thereto.
Earned
surplus.
Earns, per sh. on com. stk.
6",752
$1,809,118
$3.97
$2,163,254
$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 $1,811,148 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'
Includes provision of
Profit and
surplus: Baiance, Jan. 1, 1938—
Restoration to surplus: Amounts equal to charges
made against reserve for loss in title and other
litigation, &c., deducted from fixed portion of
sale price of Simms Oil Co. stock
Portion of reserve for loss in title and other litiga¬
mss
Comparative Balance Sheet Feb. 28
Co. stock to
provide for loss under court de¬
litigation
Notes & accts.
$895,444
$705,982
46,678
32,652
109,157
875,297
1,104,983
903,598
Unpaid
456,930
452,069
Officers'
61,558
405,150
$7,993,941
Total
$60,023
Acer. taxes & exps.
760,785
rec.
Mdse. inventories.
1,594,558
5,194
Less deficit for 3 months ended Mar. 31, 1938--
$53,510
payable-
Accounts
611,251
.,599,752
1937
1938
Liabilities—■
1937
1038
...
11,855
cisions and contingent losses in other
'Jl'otcll
Assets—
$976,646
tions, &c., representing amount deducted from
contingent portion of sale price of Simms Oil
accrual.
Cash
1,762.882
2,834
stock
on
subscription notes
Prem on pref. stk. retired
x
Co.]
Simms
Capital Interest of Stockholders, Mar. 31, 1938
June 1, 1935 and
in treasury
Prov. for loss
Co.—JReport for Quarter—
[Including
19,567
$2,008,789
stock
common
b Authorized
1936) shares
85,630
516,097
$2,501,720
13,161
318,552
31,385,793 30,118,026
Total.....
1937 and $285,387 in 1936.
2,000,000 shares of no par value. 1,149,286 ($1,133,236 in
issued and outstanding.—V. 146, p. 2385.
of $328,131 in
reserves
$432,715
1,219,537
$519,671
1,469,550
$678,106
Capital stock
31,385,793 30,118,0261
After
a
Simms Petroleum
Net
6,859,000
.10,000,000
Co
Pref. stk. of subs..
Com. stk. of subs.
Operating profit
Depreciation
75,000
1,079,300
Less dividends in liquidation on
Simms Petroleum Co.:
capital stock of
Customers' credits,
Other assets.
x
_____
464,411
_
pay.
Pats., trade-in arks
and goodwill
_.
em¬
42,678
accts..
121,493
1
36,919
_
Unrealized profit on sale
State inc. taxes.
for
"Life¬
produced, plus escrow funds,
$611,251 reserved for contingent loss in
and when oil is
50,000
50,000
130,750
265,800
less
Common stock__
Earned surplus...
796,005
794,030
2,163.254
1,809,118
litigation; realization in full on these items be¬
ing subject to reduction under various con¬
y
tingencies as set forth in the agreement
14, 1935)
-
Total...... ...$3,644,524 $3,475,344
$3,475,344
After
fully recovered from fixed portion
price:
not
Cost (ledger value) of Simms Oil
C.
I.
Corbin
has
been
elected
Vice-President of this company,
a
Shell Transport &
have
a
final
dividend for the
year
1937 of 12)^%
for the
year
escrow
Preferred Shares—
Less
for
redemption and stop transfer
certificates.—V. 146, p. 2869.
orders
have been
_
_
163,470
_
_
_
-
-
miscellaneous
-- -
-
_ - - - - -
—
debit
pally representing
by the New York Curb Exchange that 4,950
5% cumulative preferred stock, series AAA, par value $100 of this
company have been drawn for redemption on June 1, 1938, at $105 a share
plus accrued dividend.
Notices with respect to the redemption of these
shares were mailed by the company on April 30, 1938, to stockholders of
record at the close of business on that date whose certificates were drawn
Notice has been received
adjustments,
i,800,521
princi¬
cost of defending certain
litigation against Simms
shares of
„
$6,637,0ol
funds
Total.
Sherwin-Williams Co.— To Retire
217,799
$7,242,499
Balance, Jan. 1,1938
Receipts for 3 months ended Mar. 31, 1938 on
contingent payment fixed in agreement of May
14, 1935, being $157,485.33 principal and $19,668.84 interest, less $13,684.53 deposited in
Trading Co., Ltd.—Final Dividend—
declared
making a total of 20% distributed during the year, as same as
1936.—V. 146. p. 927.
',024,700
Less original fixed portion of sale price and addi¬
tional realizations (net) to Mar. 31, 1938:
a
Directors
of sale
Co. stock sold-
Total
Leroy A. Van Bom el, President, announced on May 25. Dr. Corbin fills
vacancy caused by the retirement of Horace S. Tuthill.—V. 145, p. 4128;
V. 135, p. 2186.
$2,229,046
Expenses in connection with sale
Sheffield Farms Co.—New Vice-President—
Dr.
of May
Less portion of cost (ledger value) of Simms Oil
Co. stock and expensas in connection with sale
depreciation allowance of $492,003 as at Feb. 28, 1938 and
$461,626 as at Feb. 28, 1937.
y Represented by 159,201 no par shares
(after deducting 3,154 shares in treasury) as at Feb. 28, 1938 and 158,806
no par shares (after deducting 3,549 shares in treasury) as at Feb. 28, 1937.
—V. 146, p. 927.
x
$459,628
of Simms Oil Co. stock:
Contingent portion of sale price (principal of amt.
rec. from Tide Water Associated Oil Co. if, as,
stock....
time" prod. guar.
Preferred
Total..... ....$3.644,524
7,534,313
(before deducting unrealized portion of
cost of Simms Oil Co. stock sold)
63,660
Prov. for Fed. and
',302,488
231,825
31, 1937
Total
173,924
Oust, credit bals__
Res've
$15.75 per share paid prior to Dec.
$.50 per share paid on Feb. 28, 1938
121,901
173,677
in mdse
58,296
...
Deferred charges.
and
ployees'
Land, bldgs., maehin'y & equip.
payroll.
12,015
Oil Co. (net)
453,994
$6,788,505
Remainder: Unrealized
profit on sale of Simms
$1,775,052
Oil Co. stock
placed against such
liConsolidated Balance Sheet, Mar. 31,1938
Liabilities—
Sierra Pacific Power
Period End. April 30—
Operating
Operation
revenues
__
1938—Month—1937
$138,793
$154,018
43,160
51,152
10,716
17,454
Net oper. revenues.
__
Non-oper. inc. (net)____
Accounts
1938—12 Mos—1937
$1,911,109
708,208
121,240
a255,645
$1,744,589
$816,015
4,104
$775,777
4,372
$65,105
24
_________
10,205
20,323
$74,695
Maintenance.
Taxes..
Co.—Earnings-
41
•
632,229
89,629
246,954
Accrued
interest
Due from a director
-
rec.,
instal.
brantes Oil Corp
$74,720
7,642
_
$65,145
$820,119
7,640
92,917
$780,150
97,228
$67,077
10,825
$57,595
$727,202
130,994
$682,922
126,993
$.56,252
Balance..
'
Int. & amortization, &c.
Net income
$46,959
$596,208
210,000
263,654
$555,929
10,546
Pref. divs. declared
Common divs. declared.
a
No
profits for the year 1938 since any
mined
until
the end
Simmons Co.
of the vear.—V.
257,500
1937
$44,360,131
saies
Cost of sales, incl.
146,
p.
3031.
(& Subs.)—Earnings-
Calendar Years—
Net
209,226
Federal surtax on undistributed
liability for such tax cannot be deter¬
provision has been made for the
1935
1934
1936
$41,331,717 $30,691,555 $26,186,926
24,739,525
22,262,704
749,056
644,634
1,422,540
1,496,633
607,708
1,316,209
1,000,595
31,795,492
841,734
1,125,429
916,722
1.942,169
652,717
$3,318,006
3,755
$4,057,452
54,146
$1,359,371 loss$878,174
68,348
70,390
admin. & adv. exps___
35.204,023
968,633
Reserve for depreciation
1,069,794
Maint. of properties—_
1,014,586
Reserve for taxes
1,784,493
Int. & other deductions.
Advertising
625,434
1,281,909
513,722
737,210
payable.
—
Accrued taxes...
#
$28
13,619
30,621
—--
prof.
i
contingencies, &c—
of stockholders.
b50,000
2,234,680
Reserve for inc. & excess
d Capital int.
97
— ...
Deferred charges
Nil
________
.
—
a2,229,046
331
----$2,328,948
.$2,328,948
Total
of May 14, 1935, relating to sale of Simms Oil Co. stock,
provided that $4,155,000 of the consideration therefor was payable by Tide
Water Oil Co., (now Tide Water Associated Oil Co.) only if, as, and when
oil is produced.
Instalments on this contingent payment are due monthly
in an amount equal to one-fourth of the value of the net oil and gas produced
from the Simms Oil Co. properties, except that for each of the first 36
months the instalments are one-fourth of such value less $6,250.
The principal amount of this contingent payment remaining unliquidated
on Mar. 31, 1938, was $2,520,885.
In addition, interest at 3% is receivable
thereon.
The amount to be received by Simms Petroleum Co. from tide
Water Associated Oil Co. on this contingent payment, and also from the
escrow funds, is subject to reduction in the event that liability is established
under the covenants of warranty in the agreement of May 14, 1935, or if
a
The agreement
certain other
sell.,
2,669
Fixed property..-.—-----—
Total
Gross income
c
taxes,
maturing
subsequent to Mar. 31, 1939
Investment in cap. stk. of So-
Notes
Contingent assets
Retirement accruals...
1,830
72
8
reserve).
receivable..
Notes rec. (less $291
Accrued expenses
to
non-admitted contingent liabilities of Simms Oil
established.
made on May 7, 1936, it was provided that
therein are
,
By agreement
Oil Co.
(now Tide Water
,
,
Co. referred
^
Tide Water
the last
Associated Oil Co.) might withhold from
contingent payment a sum equal to approximately $b7 ,UOU
plus interest if, at the time payment of such funds to Simms Petroleum Co.
would otherwise accrue, the title to a certain oil property is still in conportion of the
tmvprsv
Net profit
Pref. divs. of subs
At Mar.
brought against Simms Oil Co., et al by the
of Virginia Oil & Refining Co. were in the process or
31, 1938, two suits
Trustee in Bankruptcy
adjudication under a decision of the United States Circuit Court of
Appeals. The loss to Simms Petroleum Co. under these suits has not
finally determined but is estimated to approximate $305,000.
At Mar. 31, 1938, certain litigation was pending against Simms Oil Co.
in addition to the suits referred to above, involving possible liability of the
nature referred to in note a, which, if unsuccessfully defended, would result
final
Net income.
Dividends paid.
Shs. com. stk. outstd'g'
(no par)
_
Earned per share
$3,314,251
$4,003,306
2,577,118
1,149,286
1,133.236
$3.53
$1,291,024 def$948,564
3,399,708
$2.88
1,133,236
$1.13
1,133,236
Nil
been
3522
Chronicle
Financial
May 28,
in loss to Simms Petroleum Co., Included in such
litigation is a suit brought
by the State of Texas for violation of the State anti-trust statutes, involving
possible maximum penalities in excess of $1,400,000, and five other suits
involving the titles to certain of the Simms Oil Co. properties.
The above
reserve has been provided for these and other possible losses of this nature.
It is impossible to determine with even
approximate accuracy at the present
time the ultimate cost of these items.
The reserve shown above is believed
Comparative Balance Sheet Dec. 31
1937
$
1 ,528,202
Cash....
1937
1936
%
Assets—
779,420
839,930
1,114,622
744,442
27,018
20,853
iles.:
21,737
Prop, held for sale.
499
Sinking fund...-,
x Real est.,
bldgs,
25 cents paid on
Skelly Oil Co. (& Subs.)—Earnings—
Calendar Years—
Gross oper. income
1937
Costs, exps., taxes, &c__
Operating profit
1935
1936
x
After
61 West 39th St.
Corp.—Trustee—
Earnings of the company, for the first four months of this year are about
one-third less than those for the same period in 1937, John A. Brown,
President, told stockholders at their annual meeting May 26.
He said
hoped conditions would not cause further deterioration.
Mr. Brown estimated gasoline sales by the company in the first four
months of this year were about 500,000 barrels more than in the similar
period last year, but he added that demand for all other oil products showed
a substantial reduction.
He estimated that the earnings of the company's
refineries in the United States in the first quarter of this year were approxi¬
mately $1,700,000, about 40% below those for the similar period last year.
In response to a question from a stockholder, Mr. Brown said the com¬
pany's relations with the Colombian Government were "reasonable, fair
and satisfactory and we have no reason for thinking that we will have any
difficulties."
He said the company's investment in the Barco Concession
in Colombia, in which the Texas Corporation had a joint interest, would
amount to about $15,000,000 when the pipe line and terminal facilities were
completed.
The pipe line is being laid and Mr. Brown was of the opinion
that by the middle of next year oil would be moving through it.—V. 146,
p. 2869.
he
Solvay American Corp.—EarningsYears End. Mar. 31—
Dividends received
$5,664,483
468,060
.$15,967,163 $12,173,900
463,209
480,334
Deprec., depletion, &c__
8,475,507
6,404,852
$9,041,330
603,041
5,568,340
$6,132,543
617,712
4,616,128
1938
1937
1936
1935
$4,073,845
$3,359,448
4,253
$3,136,829
5,045
$3,127,132
3,043
$3,363,700
146,170
23,810
$3,141,874
$3,130,175
156,619
26,781
Interest received
General, &c., expenses
Taxes paid and refund..
Interest paid.
_
Prov.
for Fed.
income taxes
_
&
State
284,100
185,126
$6,488,346
298,350
1,509,523
Net income
*438,400
$4,850,315
y2,287,350
$2,585,849
$713.57?
x No
provision for surtax on undistributed profits has been made as
dividends paid are in excess of estimated taxable net income,
y Dividends
on preferred stock
($34.50 per share) for the period from April 30, 1931 to
Jan. 31, 1937.
z
Including
approximately
$32,000
Federal
surtax
on
profits.
Consolidated Balance Sheet Dec. 31
1937
%
x
40 ,868,979
38,014,854
1937
Property, plant &
in affil.,
6% pref.stock....
companies
Pref. stk. pur. fund
2 ,040,560
_
Employees
Deferred
accts.
2,118,208
42,781
<fc
notes
581,832
472,145
3 .453,141
Cash
34,598
27,894
3,110,521
&
accepts.
receivable
taxes.
2 ,778,291
2,315,586
6 ,010,188
4,447,493
619,509
681,569
56,485,282
common in
Itv), J). o^Uij
2,605,807
7,938
in
on
Earned
Treasury stock
297,24.5
on
145,
p.
1937
8,020,729
.Dr69,000
230,123
one
American
...
Investments written off.
property retired
connect,
on
.
undis. profs.
Net
income.
Preferred dividends
Common dividends
Balance surplus
Surplus at Jan. 1
Prem. on purch. of pref.
treas.
33,167
49,770
I
I
1935
stock
Surplus at Dec. 31-..
1934
$1,205,809
890,240
129,268
$1,282,964
831,338
127,785
65,303
18,750
66,754
205,211
61,211
.....
with
read j. of pref. cap. stk.
Prov. for Fed. inc. taxes
Surtax
The
at a special meeting
on
_
67,714
23,184
$1,474,827
bl, 113,825
188,438
98,729
$868,463
456,631
$411,832
6,083,318
loss$25,221
loss$15,838
Represented by 300,000
49,475.880
pref.
no-par
._
68,174,427 68,742,332
Total....
shares,
y
3,054,667
2,087,270
After reserves of $10,000,000
South Porto Rico Sugar Co.—Dividend Halved—
Directors have declared a dividend of 25 cents per share on the common
stock, no par value, payable July 1 to holders of record June 10.
Pre¬
viously regular quarterly dividends of 50 cents per share were distributed.
In addition, an extra dividend of 80 cents
per share was paid on Oct. 1,
last.
F. M. Schali, Treasurer of the company, in commenting on the reduction
in dividend said: "In view of the low
prices for sugar prevailing in the United
States and
the
world
markets substantially reducing the
company's earnings
board
considers it necessary to reduce the dividend on the common
the current quarter to 25 cents.
Although present conditions
and prices indicate that profits for the year may not exceed the $1 a share
already paid on the common stock the directors feel justified in declaring
25 cents for the current quarter in view of the surplus available."—V. 145,
stock
for
p.3509.
South West Pennsylvania Pipe
Calendar Years—
Gross oper. income.
Oper. & general expenses
Taxes paid.
1937
Lines—Earnings1935
1936
1934
$703,230]
40,619
$6)0,107
549,283
52,435
$662
loss$l,611
32,824
35,990
$99,9321
45,977
$33,486
Net oper. income
Other income.
;
_
Net income.
def$25,221
6,108,538
,def$15,838
6 124,377
Previous surplus.
Total surplus
Adjustments
$6,495,150
Common stock..49,475,880
cum.
March 31, 1938 and 1937.—V. 146, p. 448.
Balance, deficit
$6,083,318
$6,108,538
; a After the deduction of all expenses of operation, research,
administra¬
tion, repairs and renewals, taxes, other than Federal income tax.
b In¬
cluding special dividend of $11.21 per share.
x
..68,174,427 68,742,332
Dividends
16,577
$6,690,597
290,025
13,964,800
withheld
5Yi%
Total income..
Miscell. deductions
148.977
$212,025
6,495,150
426,735
stock (par $100) 13,570,600
12,816
214.043
$34,379
164
313
570
$33,322
70,000
$34,066
455,000
$144,438
175/100
a$ 138,650
$36,678
$30,562
$36,350
281,074
$420,934
695.533
780,959
1,178,675
$244,390
$274,599
$750,397
Dr54,865
$1,142,325
Dr361.365
$695,533
$780,959
35,000
$3.96
$566,351
525.U71
549,353
j
54,845 i
Not-
50,892
266.627
Total.
at
127,469
-
865,039
198,939
?
1,956.961
2,613,942
payable
Earned surplus.
Dr33,000
51,223,337
Earnings—
1936
21,060
225,002
bk.—pref.
1937
$
Acer, taxes & taxes
x
3,340,256
the basis of
$2,330,588
receivable..
stock sinking fd.
562,075
3668.
$2,976,745
897,922
Liabilities—
Accts.
8,306,853
depletion of $64,026,844 in 1937 and
shares,
1938
$
1,592,237
8,276,853
56,485,282
.
Total.....
profits of $17,175 in 1938 and $20,640
1937
.
Cash in
1,592,237
surplus.
$6.16
undistributed
3,271,711
2,581,521
Investments...-64.656,654 65,933,953
Divs.
cap.
surp.
reserves
on
$
Assets—
4,799
Int.
aPPro,val of S. M. A. stockholders
7.—V.
liens
purch. property
Interest on notes
in
$7.02
Includes surtax
1937.
y
,
Depreciation
Depletion
on
$4.65
a
in
439,651
Sloss-Sheffield Steel & Iron Co.
Exps.
$7.79
Earns, per sh. on 300,000
com. stock (no par)
451,079
y Earned surplus since
Sept. 30. 1935.
z 4,600
1937 and 2,200 shares of common in
1936, at par, $15.
Calendar Years—
Gross income
Loss
11,884
$2,328,619
Unadjusted credits
Home Products share for
every three S. M. A. shares outstanding.
_
38,450
$2,784,534
Balance Sheet March 31
M°arn°t directors of this company has authorized the transfer of sub¬
stantially all its property and business to the American
Home Products
underl.
41,425
year
Cash.
51,223,3371
tLexchange for 70,798 capital
10,000,000
retired
247,752
Corp.—Property Transferred-
v,Slii ectTt0
held on June
900,000
pref.
$3,054,667
825,725
4fneoTr<?s®rv<^o0i' depreciation and
in
1936.
$bd,339,872
on
&
762,787
2,775,000
res._
39.420
600,000
z
Int.
on
600,000
Balance, March 31--- $2,087,270
during the
600,000
y
a
stock called
1,230,594
Res. for conting
to be
paid
$2,927,226
9,633,104
_
$5,664,477
1938
taxes.....
Tax A las.
S. M. A.
17,873
231,605
Capital surplus...
*
52,493
2,328,419
(def.) of sub
V
Premium
99,450
pay
.....
stock
shares of
$4,529,678 $13,160,330
806,694
819,827
Serial due currently
Min.
*
$5,906,376
785,285
2,025,000
_
_
Reserve for income
Inventories......
Prepd. def. charges
Tota1---
Total surplus
Preferred cliv»dends
Common dividends
Accrd. gen. A prop.
Notes
a~71~878
$2,201,059
2,328,619
6,630,000
Accounts payable.
receivable
770,826
1,197,300
a80,565
$3,121,842
2,784,534
10,800,000
Other defd. oblig'n
62,961
19,549
reaiiz'n of invest.
15,128,229
11,700,000
Notes payable
Pref. stk. div.
90.000
account
6,630,000
Common stock... 15,128,229
&c.,
on
154,180
15,809
Net income
$2,609,810
Balance, March 31-.^-.
3,054,667
Proportion < f spec, cash
reserve fund applic. to
gold notes redeemed. "
$
Funded debt
equipment
Inv.
1936
$
Liabilities-—
186,296
Prov. for Fed. inc. taxes
Approp. for invest,
1936
S
Assets—
$4,073,971
_.
Less
2540,100
Preferred dividends
Common dividends
undistributed
126
Total income
Total income.
6,495,149
Socony-Vacuum Oil Co., Inc.—Earnings Off One-Third
for First Four Months—
$8,270,676
770,654
Interest
6,690.597
24,930,927 25,331,896
Colonial Trust Co. has been appointed corporate trustee for $1,900,000
first mortgage bonds.
$15,162,277 $11,474,925
804,885
698,975
Other income (net).____
10,000,000
depletion and depreciation reserve of $14,213,270*
and underlying liens on purchased property, not
$1,170,900).—V. 146, p. 3203.
deducting
$13,196,061)
(1936,
6,700,000
9,931,800
assumed $1,153,900 (1936,
1934
$41,483,607 $35,748,987 $29,326,140 $24,616,568
26,321,330
24,274,062
21,055,464
18,952,085
17,641
6,047,300
Total
24,930,927 25,331,896
Total
Final determination has not yet been made of its liability for
a dividend of 12^
cents per share on the
stock, payable June 10 to nolders of record June 1. This compares
March 10 and on Dec. 26, last; 75 cents paid on
Oct. 10, last; dividends of 50 cents paid on Aug. 15, 1937 and on Dec.
26,
1936, and a dividend of 25 cents per share paid on Sept. 10, 1936, this
latter being the first dividend paid since Dec.
1, 1930, when 50 cents per
share was distributed.—V. 146, p. 1090.
with
24.865
Land rentals
Com. (par$100).Earned surplus
franchise taxes.
Sivyer Steel Casting Co.—Dividend Halved—
111,794
con¬
Pref. stock
Internal Revenue has determined that the Federal income tax liability
of Simms Oil Co. for the period from May 1, 1935, to date of dissolution
The directors have declared
46.053
190,845
&
tingencies
or
common
21,927
Fed.Inc. tax—
28,067
Research
equal to the amount by which $200,000 exceeds the aggregate Federal
income, capital stock, and excess profits and corporate franchise taxes of
Simms Oil Co. from May 1, 1935 to Dec. 31, 1939.
Simms Oil Co. ceased
operations in March, 1936, and was dissolved Apr. 15, 1936.
The Bureau
87,435.
51,281
comp.,
Ac
equipment..-20 078,246 x20826,976
sum
Including estimated Federal income and undistributed profits taxes for
current and prior years.
d Represented by 463,650 shares of Simms Petroleum Co. outstanding
(authorized capital 500,000 shares, $10 par; 36,350 shares in treasury): Un¬
distributed capital and surplus, $459,628; less amount thereof representing
unrealized portion of cost or Simms Oil Co. stock sold, $453,994.
Remainder
of undsitributed capital and
surplus, after having made provision of $50,000 for reserve for income and excess profits taxes, contingencies, &c.
(which reserve is related to realization of contingent assets), $5,634.
Con¬
tingent equity, arising from sale of Simms Oil Co. stock, represented by
amount receivable from Tide Water Associated Oil Co. if, as, and when oil
is produced, plus escrow funds, Jess reserves (per contra): Unrealized
cost,
$453,993; unrealized profit, $1,775,051.—V. 146, p. 1090.
922,617
248,313
64,809
—
Insur. Fire
filed.
c
922,617
248,998
rellning
664
59,096
6,461
30,977
A
Repairs
Work.'s
Deferred charges..
4,631
20,565
Interest accrued
No reserve has been provided in the accounts for future expenses of
administration.
No value is included above for the right of Simms Petroleum Co. to receive
from Tide Water Associated Oil Co. under the agreement of May 14,19,15, a
was
391,264
Workmen's comp¬
Other assets
A
70,829
443,827
Taxes accrued—-
674,138
investments
■
239,511
68,082
1 ,784,307
(less res.).
%
250,060
Unpaid wages
Inventories—...
Total
1936
$
Liabilities—
Accounts payable-
1,734,600
Notes A accts rec.
by the Board of Directors to be a reasonable estimate thereof, but it may
prove to be excessive or substantially inadequate.
b This reserve has been provided to cover Federal income, excess profits,
and undistributed profits taxes for future periods as well as similar taxes, if
any, for the period from Jan. 1, 1935 to Mar. 31, 1938 in excess of the
amount accrued on the books.
The estimated tax liability for the years
1936 and 1937 and for the first three months of 1938 unpaid at Mar. 31,
1938 is included above under current liabilities.
No tax was paid for 1935,
and the return for that year was accepted by the Bureau of Internal Revenue,
as
1938
Prof. & loss, surplus.
Shs. outst'd'g (par $50)
Earnings
w_
a
per share
,
_
Cr6l7
06,475
$245,013
$281,074
35.000
$0.98
35,000
$0.95
After adding rentals and interest of $58,563.
Available
$145,009
35,000
$4.13
175,000
Volume
Southern Pacific RR.
Comparative Balance Sheet Dec. 31
Accounts
Investments
760.160
760,559
Materials & suppl.
25,990
25,981
Taxes accrued
7,167
14,987
Deferred
63,938
80.373
MlsceU. reserves..
Other
Deferred debits.
Accts. receivable
-.
69,539
-.
81,305
Cash
245,013
17,405
5,653
1,325
281,074
Earnings for Month
..$2,031,149 $2,083,582
Total..
1937 and §3,118,537
for amortization in
deducting S3,140,591
3694.
After
*
5,122
1,073
Surplus
$2,031,149 $2,083,582
Total....
2,703
credits..
railway
Net from railway.
Greyhound Lines—Preferred
Southeastern
From Jan.
last.
'
■)'•
.
Issuance
'■!
v..
railway
railway
42,764,709
9,696,795
4,173,353
36.055,266
8,090,857
3,298.354
44,110,718
5,354,858
def1,944,585
—
-.
Net after rents
.
16 authorized the issuance
by the company of not exceeding $254,811 of equipment-purchase notes,
maturing serially over three years, to finance purchase of new motorbusses
—V. 146, p. 927.
Co.—Preferred Stock Offered
Southern California Water
offering was made May 23 by a banking group
by Chandler & Co., Inc., of 20,000 shares of 6%
Southern Ry.-
dividend.
share and accrued
Banks, Huntley
Co., Inc., Bond & Goodwin, Inc., and Griffiths-Wagen-
$8,609,006
2,622,152
1,568,508
$7,648,662
2,137.348
1,397,751
66,758,952
1,644,778
1,044,840
27,958,541
6,163,698
2,164,648
..
35,031.635
30,100,608
8,119,341
5,203,066
26,552,511
6,397,408
3,890,501
From Jan. 1—
Gross from railway
a
..
railway
..
Net after rents.
._
—Second
Other members of the offering group are:
seller & Durst.
Chandler & Co., Inc., are also making a concurrent offer¬
ing of $117,000 1st mtge. 4J^% bonds, series of 1960, at
92 and int. ■
These bonds are owned by and proceeds will go
to American States Utilities Corp., the parent company.
preferred stock is entitled to preferential
dividends at the rate
Q.-M.
Dividends are cumulative.
the basis of one vote for each share.
Entitled upon dissolution or liquidation and before the payment of any
liquidating dividends on the common stock to a liquidating dividend of
not to exceed $25 per share plus accrued dividends.
Red. in whole or in
part at any time at the option of the board of directors, upon 30 days'
notice, at a premium of $1.25 per share and dividends.
Terms of Offering—There is no firm commitment to take the 20.000 shares
of 6% cumulative preferred stock.
The interest of the agents or under¬
writers is proportionately as follows:
of $1.50 per share per annum, payable
All shares of stock have voting power on
$175,000
150,000
100,000
Griffith-Wagenseller & Durst, Los Angeles__
75,000
Purpose—The gross proceeds expected to be realized from the sale of all
of the preferred stock are $420,000.
After deducting expenses, the net
proceeds from such sales are estimated at $408,300.
Proceeds will be used
Co., Inc., Philadelphia, Pa.
Banks, Huntiey & Co., Los Angeles, Calif—.—
Bond & Goodwin. Inc., New York
Chandler &
History and Business—Company was
1929.
Company
is
a
properties and plants.
incorp. ii California on Dec. 31,
operating
uthity
public
company.
The general
character of the business done is the production, transmission, distribution
and sale of water in a number of communities in California, and the sale
and distribution of
nardino
Mountains
electricity in the Bear Vadey District in the Sao
in San Bernardino County, Calif.
Company
Ber¬
also
ice plant at Barstow, Calif.
For the most part, the systems operated by the company are not physically
connected, being largely dependent upon local sources of supply.
During the 12 months ended Dec. 31, 1937 the company derived approxi¬
mately 95.1 % of its revenue from the sale of water, 3.1% from the saie of
electricity and 1.6% from the sale of ice, the balance being non-operating
operates a small
income.
Funded
Debt
and
Capitalization
amended its articles of incorporation,
which provides that the number of shares into which the capital stock is
divided is changed from 100,000 shares (par $100) to 400,000 shares (par
$25), of which 80,000 shares shall be shares of 6% cumulative preferred
stock and 320,000 shares shall be shares of common stock.
By reason of
amendment, the 15,483 shares of common stock outstanding at Dec. 31,
1937, have been changed into 61.932 shares of common stock, par $25 each,
without effecting any change in the aggregate par value of such shares
or common stock outstanding.
The 20,000 shares of 6% cumulative pre¬
ferred stock to be offered are part of the 80,000 shares of 6% cumulative
preferred stock authorized.
After giving effect to the rearrangement in the capital structure and to
the issuance and sale of the 20,000 shares of 6% cumulative preferred stock,
the following is a summary of the capitalization:
Authorized
Outstanding
Since Dec. 31, 1937, company has
First mortgage
$3,617,000
*
bonds
6% cumulative
80,000 shs.
20,000 shs.
-320,000 shs.
61,932 shs.
preferred stock ($25 par)
Common stock ($25 par)
bonds may be issued in series, subject to
the restrictive provisions of the indenture, in unlimited amount.
*
The indenture provides that
Comparative Income Account for Calendar Years
1937
Years Ended Dec. 31—
.
1936
1935
$1,168,567
$1,131,044
805.159
..
754.538
667,904
$376,505
2,099
$346,251
2,724
$365,260
162,905
$378,605
204,377
$348,975
186,906
$202,355
$174,228
$162,069
1.851
Other income (net)
Net earnings
.
Interest and other deductions.
-
Feb. 28, 1938, company reported operating
(1936, $174,373); operating expenses and taxes,
$124,983 (1936 $120,713); net earnings, $40,922 (1936 $53,660); other
income. $352 (1936 $427); total income, $41,275 (1936 $54,088); interest,
&c., deductions, $27,529 (1936 $35,608); net income, $13,746 (1936 $18,480).
—V. 146, p. 3203.
For the two months ended
of
revenues
Week of May—
1937
Southwest Natural Gas
1
—Jan.
14
1937
to May
1938
$2,548,435 $41,381,332 $51,317,851
$2,059,494
Co.—Pref. Div. Reduced—
Directors have declared a dividend of 75 cents per share on the $6 preferred
A stock payable July 1 to holders of record June 20.
A regular quarterly
dividend of $1.50 per share was paid on April!, last.—Y. 145, p. 2407.
Southwestern Associated
Period End. Apr.
Operating
1938—4 Mos.—1937
$375,424
$104,636
$97,884
$410,938
200
100
800
400
$104,436
59,791
$97,784
$375,024
Uncollectible oper. rev__
Net oper. revenues
Operating taxes
Net
operating income
146, p. 3032.
59,096
$38,688
$161,334
7,030
35,843
$151,494
27,785
$35,651
1
,
$410,138
248,804
$44,645
8,994
Operating revenues._
Operating expenses
-V.
Telephone Co.—Earnings-
30—
revenues
$31,658
$125,491
$123,709
223,530
'
1
Bell
Southwestern
Telephone
Co.—To
Redeem
7%
Preferred Stock Through Bond Issue—
issued a statement May 23 as follows:
meeting of the board of directors of the company held May
A. C. Stannard, President,
"At
a
decided to proceed immediately with
Securities Act of 1933, of a further
was
23, it
plans for the registration, under
issue of bonds to be authorized,
secured under its first and refunding mortgage.
Subject to the registration
statement, if filed, becoming effective, to the obtaining of any required
commission consents and to the obtaining by the company from under¬
writers of a binding commitment for the purchase of such bonds, it is the
present intention of the company then to call for redemption its issue of
7% cumulative preferred stock."
The company has outstanding an issue of $21,785,000 7% preferred stock
so that the amount of bonds to be issued should be in the neighborhood of
$25,000,000.
The present funded indebtedness
of the Southwestern
amounts to $45,000,000 of 3^% first and refunding mortgage bonds, due
in 1964.
This issue resulted from a refunding program undertaken
in
December, 1935, when a similar amount of 5% bonds was retired.
Morgan
Stanley & Co. headed the underwriting syndicate in the refunding program
and is expected to handle the currently proposed $25,000,000 issue.—V.
146, p. 3203.
the
Southwestern Gas & Electric Co.
1938—3 Mos.—1937
Period End. Mar. 31—
Operating revenues
Operating expenses
State,
local
and
$1,816,801
892,747
and
State
$1,682,250
811,251
miscl.
651,341
601,456
94,534
74,968
157,597
$666,585
7,793
$643,864
8,386
$2,970,069
29,468
$2,888,383
34,635
$674,378
196,000
3,883
$652,249
200,500
3,205
$2,999,538
794,500
19,636
$2,923,019
812,500
28,517
45,811
1,443
48,472
2,645
189,454
4,044
200,227
$1,991,904
618,422
$1,881,410
618,422
X
Net oper. income
(net)-—
Gross income
Int. on
long-term debt—
General int. (net)
Amort, of bond discount
and expense
Miscell. inc. deductions
$427,240
Net income
Pref. stock
1938—12 Mos.—1937
$6,861,726
$7,589,240
3,214,289
3,535,485
429,470
2,873
normal
income tax—
Other income
■Earnings—
152,167
162,934
Federal taxes
Fed.
$1,014,155
$363,408
Operating expenses and taxes--
1938
Gross earnings (est.)....
—V. 146, p. 3357.
10,996,653
6,975,878
—.
improvements to company's
for additions and
1935
$7,081,822
1,820,246
819,807
..
Net from railway
Net after rents
1936
1937
1938
railway
Net from
preferred stock at $23
-Earnings—
April—
Gross from
headed
The 6%
55,556,493
12,878,909
6,171,399
—V. 146, p. 3357.
—Public
&
.
of Notes—
The Interstate Commerce Commission on May
cum.
1935
$9,745,694
2,270,478
1,025,074
1—
Gross from
Net from
to Date
..
—_
Net after rents
Dividend—
May 19 declared a dividend of 30 cents per share on the
6% non-cumulative preferred stock, par $20. payable June 1 to holders of
record May 20.
An initial dividend of like amount was paid on March 1,
on
and Year
April
of
1938
1937
1936
--$11,346,981 $13,744,895 $11,310,449
2,746,521
2,801,420
1,426,488
1,252,641
1,007,433
def404,112
April—
Gross from
in 1936.—V. 144, p.
The directors
Abandonment—
The Interstate Commerce Commission on May 14 issued a certificate
permitting abandonment by the company and abandonment of operation
thereof by the Southern Pacific Co., lessee, of part of the so-called Herman
branch line of railroad owned by the former and operated by the latter,
extending from a point at or near Caruthers to points at or near Hardwick,
approximately 11.35 miles, together with sidings, spur tracks, and ap¬
purtenances, all in Fresno and Kings Counties, Calif.
Capital stock
81,086,986 $1,147,744
Plant
1937
1936
$1,750,000 $1,750,000
28,124
payable.
27,236
Liabilities—
1936
1937
Assets—
*
3523
Financial Chronicle
146
dividends—
Balance
—
jy0ie—The accrual for
$397,427
154,605
154,605
$272,634
$242,821
364
$1,373,482 $1,262,988
current period
Federal normal income tax in the
computed in accordance with the requirements of the Revenue
Act of 1936.
No provision has been made for Federal undistributed profits
tax.—V. 146, p. 2387.
been
has
$165,905
Southwestern Light & Power
Period End. Mar. 31—
Co. (& Subs.)
1938—3 Mos.—1937
Earnings
1938—12 Mos.—1937
$2,571,812
$2,446,397
1,434,006
1,551,663
Pipe Line Co.- -Earning
1935
1936
1937
Calendar Years—
1934
14,388
15,143'
$18,418
22,594
def$20,655J
$84,879
$41,012
$1,417
40
159
203
$84,839
$40,853
$1,214
a$60,617
45,000
25,000
30,000
25,000
$39,839
$15,853
def$28,786
$35,617
$0.85
.
Total income
Miscell. deductions.
Net income
Dividends
Balance, surplus.
.___
$0.40
$0.12
$0.61
available
22,071
a
After adding rentals
Net oper.
1937
investments
$626,412
611,609
Materials & suppl.
8,054
Deferred debits...
2,874
22,229
117,515
x
Plant..
Other
—
Accts. receivable-.
Cash
:
Total..
x
1936
$1,388,694 $1,427,104
Total
22,150
53,669
$196,779
877
— .
on
$210,968
1,222
$703,592
5,610
$717,293
5.047
$212,190
88.393
88,430
2,141
$709,203
353,575
8,674
$722,341
354,122
8,900
3.520
Net income
5,137
1,089
20,364
5,230
20,574
3,871
$99,434
$115,393
$321,359
$334,873
_
—
375
1.211
5,097
Miscell. income deducts
Federal normal income tax in the current period
accordance with the requirements of the Revenue
No provision has been made in the current period for federal
jy0ie—The accrual for
been computed in
Act of 1936.
undistributed profits tax.
1937
1936
$1,000,000 $1,000,000
$674,609 Capital stock
921
1,328
679,775 Accounts payable.
1,040
8,863
3.928 Taxes accrued....
90
1,245
2.797 Deferred credits..
4,995
18,245 Miscell. reserves3,766
418,904
374,646
47,750 Surplus
After amortization amounting to
1936.—V. 146, p. 927.
Liabilities—
241,428
58.914
& expense
has
and interest of $38,991.
income(net)
long-term debtGenera! interest (net) —Amort of bond discount
Int.
Balance Sheet Dec. 31
Assets—
257,266
Other income
Earns, per sh. on 100,000
shares ($10 par)
62,983
Undistributed profits tax
Not
Operating profitOther income
408,141
19,552
tax
228,918
$704,243
normal inc.
Fed. & State
$223,406]
21,989
Taxes
$210,780
177,974
$62,890
Oper. & general expenses
Operating expenses
State,
local & miscell.
415,910
67,312
Total oper. revenues
Federal taxes
$306,521
214,974
28,657
Gross operating income.
$699,555
$197,657
Southern
.$1,388,694 $1,427,104
$1,348,730 in 1937 and $1,304,206 in
Accumulated Dividend—
The directors
have declared a dividend of $1.1214 per share on account
the $6 cum. pref. stock, no par value, payable July 1
of accumulations on
holders of record June 15.
dividend of $1.75 was paid on
to
A like amount was paid on April 1, last; a
Dec. 18, last; dividends of $1.12)4 were paid
April 1, 1937; a dividend of $1.75 was paid on Dec. 19,
1936; $1.12)4 paid on Oct. 1 and July 1. 1936; 75 cents paid on April 1.
1936- dividends of 50 cents paid in each of the 10 preceding quarters, 75 cents
on July 1, 1933. and $1.50 per share previously each three months.—V.
146, p. 2387.
on
July 1 and on
Financial
3524
«
1935
1937
1936
$5,696,103
288,708
1,645,222
352,434
Gross inc. from oper__
x
Depreciation
Selling & general exps—
Keserach & development
......
the management has stated that accumulated arrears
on prior stocks will be paid off as soon as
practicable.
The claim by Axton-Fisher Tobacco Co.
against the U. S. Treasury
Department for refund of processing taxes aggregating $1,462,077 is still
pending.
Wholly-Owned Sub. Cos.)
Consolidated Income Account {Incl.
$3,588,018
1934
^'?yi'§nn
137,899
183,427
949,818
254,195
216,717
1,212,529
291,033
May 28, 1938
be forecast,
cannot
Sperry Corp.—Earnings—
Calendar Years—
Chronicle
Consolidated
958,930
216,370
Income
Account for
1937
Operating income
$3,409,739
Other income........
464,823
$1,867,739
1,186,716
$1,594,572
453,2o9
$1,888,146
421,630
Gross income
$3,874,563
31,721
$3,054,454
$2,047,831
$2,309,776
31,702
54,139
45,169
40,853
861,279
429,747
351,201
390,818
$629,364
420,766
$57,577
44,378
$13,199
Net profit
Divs.
Transfer fees and miscel-
$37,302
$208,598
142,602
40,358
13,253
10,920
loss 17,302
and
loss.31,546
2,883
57,701
2.339
151,712
608
404
$26,630
117,356
$253,861
98,967
$397,230
$240,616
40,663
78,718
110,668
9,732
93,906
20,463
2,240
5,136
fl45
4,449
d90
""605
loss$136,671
$71,637
$238,230
$119,008
e.$0.16
b$0.55
a$0.23
from invest.
Service fee.....
laneous expenses
Prov. for Fed ! income
franchise
rec.
Interest.
<—
Com.
tob. pur., &c
on
Net prof.on sale of sec.
capital
Miscellaneous.
stock taxes
Profit
$2,949,860
3,709,744
Miscell.
$2,570,569
3,048,861
39,425
$1,651,461
1,884,678
$1,878,104
495,630
19,376
$6,659,604
2,418.678
adjustments..
$5,658,855
1,949,111
$3,536,139
487,278
$2,393,110
487,278
21,155
.
Adm. & gen. exp
Interest, &c
Adjust, of tobacco inv..
Misc. charges
......
Dividend paid
Obsolete
bldg. demolish.
of
stk.
cap.
$3,709,744
$3,048,861
2,015,565
1,949,111
1,949,111
1,949,111
$1.46
$1.32
$0.85
$0.96
1937
1936
Assets—
1937
Liabilities—
$
2,250,545
accrued royalties
progress, invent.
1,045,389
wages,
Prov.
1,688,632
5,245,732
Accrd.
for
3,371,238
Contr. and work in
cl,229,786
ress...
432,762
.
Deposits
•
473,127
Prov.
policies....
b Plants & equip..
3,368,049
212,991
484,029
249,133
68,547
74.055
apprec.
purch. (net)
32,300
contracts
Due
.
from
and
a
59,184
50,818
42,013
1,695,537
Cap. stk. (par $1). 2,015,565
Capital surplus
4,334,246
4,240,926
35,949
officers
.14,517
16,138,553
1,949,111
3,664,248
3,709,744
Less allowance,
.
Earned surplus
11,692,593
b Less
Total
16,138,553
for
depreciation,
c Representing
completed, less amounts
allowance
percentage of sales prices based
invoiced.—V. 14.5. p. 3830.
the
on
Assets—
.:
Fisher
11,692,593
extent
1936
1935
in
Gross income
$1,580,115
164,755
$1,596,480
179,691
$3,088,265
185,500
25,500
647,821
$3,200,777
872,780
36,692
230,570
15,873
556,101
$1,744,870
646,346
40,286
63,921
365,604
343",950
Net profit
Surplus, Jan. 1
$1,292,709
2,645,830
$1,488,760
2,267,070
$628,713
1,848,357
$669,800
1,435,456
Totai surplus
Divs. paid on pref. stk..
Common dividends
$3,938,539
210,000
600,000
$3,755,830
$2,477,070
210,000
$2,105,256
256,899
t,128,539
$2,645,830
300,000
$3.61
300,000
$4.26
gen. & sell exps.
916,246
20,489
Other charges
Federal taxes
Surtax on undist. profits
Depreciation
Earned surplus
Shs. of
com. out.
(no par)
Earns, per sh. on
com..
2,900,268
2,938,504
102,623
109,504
132,295
—
value
$1,776,171
641,067
43,707
77,646
1937
buildings,
mach'y & equip.
$
$2,267,070
300,000
$1,848,357
300,000
$1.39
$1.37
1937
5,374,900
827,838
4,336,506
751,492
840,124
3,176,823
1,020,714
1,110,879
2,637,619
vs..
.
Accts. & notes
Inventorias
Invest, and ad
Deferred charges..
$
policy
6,028,750
6,028,750
Dr1046582
&
28,429
sundry
271,322
Employees' saving
3,128,539
2,645,830
Total....
11,244,176
9,863,103
30,000 shares of
219,059
.
From
Jan.
1936
$71,782
14,043
$55,983
9,994
4,986
373
1-
z
in
1935
22,659
253,499
48,089
14,543
204,460
37,846
6,623
145,396
defl3,299
def34,411
1st
Tobacco
Co.,
Inc.—Report—
manufacturers
of cigarettes and tobacco
Net earnings of that company for 1937 were
$241,069, exclusive
$456,674 charged to surplus, resulting from a flood in the Ohio
River Valley in the early part of 1937.
Reduced earnings are attributable
to larger
advertising and sales promotion expenditures which were made
necessary in order to rehabilitate established markets which
had suffered
from the absence of that
company's brands during the flood period.
During
the first five months of 1937 Axton-Fisher
Tobacco Co. operated at a net
loss.
Total sales for 1937. despite curtailed
production in the early part
of the year, exceeded the
prior year sales by $2,023,998.
The sales
products.
of losses of
of Axton-Fisher Tobacco
further progress.
Co.
for
Standard's company's operations
the
figures
first
were
two
months
of
1938
indicate
adversely affected by the omission
of dividends on the
part of Axton-Fisher Tobacco Co.
It was necessary
for that company to omit dividend declarations
on all classes of its
capital
stock during 1937 because of
(1) certain restrictions upon dividend pay¬
ments under a bank credit
agreement, and (2) the decrease in
sulting from the 1937 flood.
surplus
re¬
It should also be noted that the
requirements
business call for the investment in at least
2)4 years leaf tobacco
because tobaccos must be
sufficiently aged before being used in manufacture.
While the time of resumption of dividends
by Axton-Fisher Tobacco Co.
of that
50,818
8,983
9,279
mtee.
stk.
cap.
note
of
rec.
National Herald,
Inc
Def. debit, items..
x
par
$4,257,592 $4,439,763
Total
..$4,257,592 $4,439,763
Represented by 283,192 no par shares,
y Represented by shares of $1
z After reserves of $38,468 in 1937 and $37,696 in 1936.
a Exclusive
of Axton-Fisher Tobacco Co.
unconsolidated
an
subsidiary.—V. 146,
p.
3032
Weekly Output—
Electric output of the public utility operating con panies in the Standard
Gas & Electric Co. system for the week ended May 21, 1938, totaled
98,401,322 kilowatt-hours,
sponding week last year.
a
decrease of 5.9%
compared with the
corre¬
Statement of Consolidated Income
(Exclusive of Deep Rock Oil Corp., and debtor under Section 77-B of the
Bankruptcy Act, as amended and Beaver Valley Traction Co.
(.subsidiary of Philadelphia Co.), 11 receivership, and the subsidiaries of such
companies).
Calendar Years—
x
1937
Net income
and
1936
$3,337,169
After Federal
depletion
$3,571,406
income
taxes, appropriation for retirement, depreciation
interest, amortization, subsidiary preferred and
reserves,
dividends held by public and minority interest.
Note—The 1937 figures are the same as shown in the preliminary detailed
statement, on page 1568 of "Chronicle" of March 5.
x
Net income
x
1936
$2,137,854
$2,116,801
After taxes, interest, amortization, &c.
Consolidated Balance Sheet Dec. 31
(Including Subsidiaries)
1937
Assets—
Cash
1936
1935
$
hand, demand deposits and
time deposits.
28,751,937
Notes and accounts receivable (net)..
7,360,934
Inventories.
8,349,096
Other current assets
3,501,871
on
of
values
owning
companies'
of securities
consolidated
over
27,332,226
22,710,972
7,452,284
6,882,086
7,456,928
6,533,667
3,459,151
3,498,710
72,543,601
73,536,320
73,086,004
660,688,378 644,634,858 639,463,806
22,286,214
22,280,669
22,205,632
ledger
of subsidiaries
the latters'
book
value thereof
65,834,434
46,434,418
Other assets
795,163
Total
916,546,048
Liabilities—
Notes payable (banks)
Notes payable (other)
Company's principal asset is represented by its substantial investment
Axton-Fisher
22,843
50,818
&c.._...
Excess
$38,989
def4,463
defl0,426
in part:
says
2,275,959
Land, wareh'ses,
Chattel
Deferred charges
Standard Commercial Tobacco
Co.,
Ery Kehaya, President
2,168,393
260,234
Intangibles
1937
$62,475
8,793
1,189
Net after rents.
Capital surplus...
4,968
267,874
Comm. award.,
Prop., plant & equipment, &c
1938
—V. 146, p. 2871.
238.887
U. S. Mixed claims
.....
208,293
19,167
def9,077
170,275
200.000
34,828
311,025
Inbestments
Spokane International Ry.—Earnings—
Gross from railway
Net from railway.
229,197
5,027
29,558
preferred stock.—V. 146, p. 3357.
April—
202,666
secured
399,795
x After
depreciation of $7,141,626 in 1937 and $6,946,753 in 1936.
y Represented by 100,000 no par shares of cumilative
pref. stock, $3
dividend, and 300,000 no par shares of common stock,
z
Gross from railway.....
Net from railway.
Net after rents
1i6,743
200,000
Note—The 1937 figures appear i i detail form in statement on page 1568.
22,616
399,795
9,863,1031
Tobacco stock..
Earned surplus...
Res. for conting
1937
245,906
.
1,534,431
Earned surplus
11,244,176
173,147
512.648
Corn
Earnings for Calendar Years (Company Only)
965,152
accr..
Reserve for taxes
fund deposits
Capital surplus
Total
188,582
503,558
Stand
To¬
Comm.
common
Treasury stock.„Dr 1046582
Notes payable
1,500,000
Accounts
payable
7.
998,179
3,776
1936
$
Liabilities—
rec.
Cash.
Axton-Fisher
on acct.of pur,
Misc. receiv,partly
x
Capital stock
y
4,051
7,157
Federal
1936
$
Assets—
2.565
33,471
stock
of
Finance Corp...
Com .stk .of Stand¬
bacco Co
of
Due
Due from Standard
ard
141,578
459,309
.
Due on acct.of pur.
Invest, in for sub.
life insur.
149,218
605,375
4,355
-.
.
Ta xes pay a ble
Deferred credits
Tobacco
insur.
Comm.
awards....
Accts. payable.
Axton-
1936
143 4,492
*434,4°2
TV ixed
Bank loan secured.
Standard Gas & Electric Co.—
210,000
900,000
Land,
253,175
Invest, of tobaccos
Consolidated Balance Sheet Dec. 31
x
92.500
B
coin.
Total
Admii.,
1,700
1937
Common stock..
Claims
3,040 ;
200
...
of
Fisher
1934
$2,887,138
313,639
Tobacco
Co
<fc
$2,893,586
194,679
y
Reserve for
Securities owned..
Invest,
31
Liabilities—
$72,328
748
bonds
1937
Other income
1936
$3,288
Axton-
Receivables
Spicer Manufacturing Corp. (& Subs.)—Earnings—
Calendar Years—
Gross profit
1937
from
On 434,491 shares and
e
subsidiary.
Balance Sheet Dec.
Due
22,686
...
—
38,000
undistributed profits,
on
on a
Comm.Export &
of for'gn
Deferred income.
employ
Total..
guaran¬
exchange
purchase1
on
f Normal tax
.
Cash
products..
Patents & develop.
Dep.
114,513
con¬
instal,
tee of
1
c
568,124
Res. forcontlng
Res. for unrealized
144,362
1
1,010,441
2,324,925
on
for
Nil
d Includes $40 for surtax
stk.
&
2,466,744
Deferred charges..
577,376
serv.
16,956
Patents.
729,907
tracts.....
Value of life insur¬
ance
&c_
income
—
74.207
73,377
on
Co
712,786
774
—
shares,
b On 434,492 shares of new common stock and
outstanding after exchange of old preferred and common shares,
Exclusive of Axton-Fisher Tobacco Co. an unconsolidated
subsidiary,
script,
$
828,770
franch. and cap.
Stock taxes.....
Contracts in prog¬
Investments'.
$
Accts. payable and
4,106,528
Notes, accounts,
rec., Ac
1936
78,655
-
scrip
'Cash.'-.......---.
Consolidated Balance Sheet Dec. 31
2,997
On 283,191
a
Including $333,292 income from patents, royalties and technical services
in 1937, $251,107 in 1936, $176,499 in 1935 and $147,602 in 1934. y Includes
profit on sale of securities, 1937, $183,795; 1936, $1,058,522; 1935, $367,875;
1934, $347,700
per
share
stock
common
out¬
x
a
Net profit..
$1,884,678
standing (par $1)
Earns, per sh. on capital
stock.
Cash
Federal taxes......
Earnings
$4,240,926
Shs.
1934
3,800
1,395
18,750
31,348
Other income:
Interest and discount
Years
1935
c
Cost of sales.
y
Calendar
1936
$222,484
185,182
c
Net sales
Accts.
pay.
70.106,855
39,502,743
635,123
899,668,102 884,625,600
6,300 ,000
400,000
4,755 ,873
3,717,091
3,016.864
636 ,568
460,000
385,000
5 ,072
4,517
11,986,796
3,695,557
1,769,421
9,082,707
4,648,158
1,631,244
.
52,629
(incl. payrolls & sundry
accruals)
Serial payments of (current) long-term
debt
Accts. payable to affil. cos. not con¬
solidated, current
Accrued taxes.
14,488 ,624
Accrued interest
3,723 ,403
Dividends payable and accrued
1,723 ,776
Deferred liabilities and unadjusted
credits
3,301 ,721
Gold notes due Oct., 1935.
24,649 ,500
Gold debentures
49,000 ,000
Subsidiaries funded debt
281,683 ,516
Res. for retire. & depletion
105,588 ,632
4,250,043
24,649,500
I
follows:
Preferred stocks of Standard Gas & Electric Co-
Insurance
Other
Capital stock & surplus.
_
Total
Arrived at
3,015
4,093,055
24,649,500
49,000,000
276,233,300
91,368,927
2,290 ,224
2,156,552
3,082 ,362
2,931,682
2,832,862
10,915 ,625
9,977,761
9,513,424
a404,401 ,149 403,700,287 405,958,359
Contribution for extension
a
65,662,923
46,034,824
1,817,918
49,000,000
282,285,567
98,619,742
2,220,137
.916,546,048 899,668,102 884,625,600
as
represented by 368,348 shares of $7 cumulative preferred,
100,000 shares
Volume
Financial Chronicle
146
of $6 cumulative preferred and 757,442 shares of $4 cumulative
all of no par value), $87,350,943; common stock of Standard Gas
investment
in its own capital stock reacquired
$1,431,250;
surplus, $19,913,748; total (as above), $413,401,150.
Calendar Years—
Gross operating income
.sscts
S
Cash
Deprec. of bldgs. & equipment
Divs.
and
accrued
int.
on
$81,112
60,192
1,219,305
467,948
1,247,322
432,625
quoted market values at Dec.
1,213,891
243,601
securities
Investments
75,157
305,333,376
a
1937
Total
Accts. pay. (trade)
Accrued liabilities.
847,683
167,283
869,343
c
-
73,649,500
2,290,224
87,350,943
reserve
Preferred stock
Com.
stock,
no
par,
outstanding
Jfcqg
Total
,
a
_• -■ "■
■■■
■
-
.
Interest
on
1937
$299,617
32,801
demand lean
-
$332,419
161,283
17,558
Jf
on
$698,085
12,391
$672,676
16,771
$658,166
20,893
$710,476
35,156
$689,447
47,398
8,997
330,218
12,495
361,495
353,741
327,109
144,883
109,388
6,000.
64,505
12,450
35,321
5,600
$244,624
$274,019
—
._
rendered, &c
bl936
Prov. for income taxes—
Net profit.
$147,896
$446,246
Superior Oil & Gas Co., fully owned subsidiary, was
Balance Sheet
1937
Assets-
$89,486
as
at Dec. 31
Notes
$234,007
142,416
116,601
16,907
13,034
197,600
gas
Prepaid expenses..
253,517
6,821
5,174
68,900
_
Accts. receivable-
Crude
oil
on
Accrued
hand
—at market
Oil
....
materials
field
and supplies
^Unrealized depreciation of $2,295,877 in value of investments based upon
market quotations or estimated values at Dec. 31, 1937, is not included
in the above income statement, nor in the statement of capital deficit.
This compares with an unrealized appreciation of $2,982,545 on investments
in
Inv.
stocks
non-affll.
oil
Dividends receivable in the amount of $9,780 as at Dec. 31,
1937, have
maintaining consistently the practice of the corporation.
and
con¬
gas
and
r—
330,000
1st
mtge.
84,933
6% notes
for
conting.
5,765,357
2,453,491
963,990
1,071,100
values.
inc.
Fed.
tax
15,000
liabilities
on
purch.
properties- 1,489,154
1,388,979
Capital stock
2,600,773
Capital surplus
Obligs.
of oil
$955,626
7,897
—
16,729
(non-
Res.
Deficit for the Year Ended Dec. 31, 1937
-
81,965
taxes—
pay.
Co.
pro¬
equipment.
.
Federal
for
Superior Oil & Gas
501
501
ducing properties
Intangible
royalties —
Income
current)...
land,
Property,
yl936
$225,914
54,251
84,614
payable.
wages
&
salaries, Interest,
taxes and oil and
Notes
of
cerns—at cost..
x
31, 1936.
Accounts
143,046
$370,000
payable
Prov.
70,505
Cash
1937
Liabilities—
yl936
$267,617
Advances collect-.
Balance Dec. 31, 1936
Res. for N. Y. State franchise tax provided in 1936, not required
merged with the
operations of the parent company for the entire
b Consolidated figures.
1937.
year
established practice.
Statement of Capital
—
Adjusted balance
as at
Miscellaneous deductions
Earned surplus
$947,730
275,145
Dec. 31, 1936
(net)
$672,585
148,020
—
Provision for
reserve
for contingencies.
.
.
ii
$820,604
Capital deficit Dec. 31, 1937
Note—Previous to Feb. 28,
1931, relaized profits were in excess of losses
transactions.
Since that date, the net excess of
losses sustained over realized profits on such transactions, with the exception
of an amount of $302,606 charged to general reserve account prior to
Dec. 31, 1934, has been charged to the above account.
Unrealized depreciation of $2,295,877 in value of investments based
upon
market quotations or estimated values at Dec. 31, 1937, is not
included in the above capital deficit statement, nor in the statement of
income account.
This compares with an unrealized appreciation of $2,982,545 on investments at Dec. 31, 1936.
sustained
on
security
Mar. 31*38
$234,413
Cash in banks
Invest'ts at cost..
$153,184
5,517,622
6,442,216
affil. company.
_
202,459
209,959
Acc'ts receivable—
securities
sold..
Accounts payable.
200,000
48,306
617,127
Funded debt
2,501,000
x Cum. pref. stock
2,750,300
mtge.
__
$16,375
$18,746
2,839,000
2,750,300
629,183
$16,375
174,945
no-par
Stark Electric RR.—Interest
y
$204,811
$213,040
364
$205,188
$213,404
5,450
97,279
$18,746
454
454
5,450
8,236
100,171
Cr 25
$99,567
Balance
Represented
by
394,331
Payment—
gold bonds (7%, due Dec. 1, 1952) are being
Trust Co., successor trustee, pursuant to
Ohio, Court of Common Pleas, made May 9,
1938, has been paid interest accrued from April 1, 1936, to Sept. 30, 1936,
at the rate of 7% per annum on its claim filed in behalf of outstanding
bonds of the above-mentioned issue and the unpaid interest thereon.
Pursuant to said order, said accrued interest will be distributed to the
holders of said bonds at the rate of $43.61 for each $1,000 bond having
attached coupons due June 1, 1932, and subsequently thereto (approxi¬
mately proportionate distribution on $.500 and $100 bonds bearing similar
coupons) upon presentation of said bonds and coupons at Manufacturers
Trust Co., Corporate Trust Department, 45 Beaver St.,! New York, N. Y.
—V. 136, p. 2975.
35,000
.....
$75,700
undistributed
months ended April 30,1938 and 1937.—V. 146, p. 3033.
$64,567
-
Note—No provisions have
profits for the 12
$110,700
35,000
$7,690
$10,056
applicable to pref. stock for the period,
paid or unpaid
been made for Federal surtax on
Symington-Gould Corp.—Earnings
Ended April 30
1938
.$6,020,115 $6,815,800
Total...
shares,
717,144
48,000
8,231
820,604
149,994
$6,815,8001
by 55,006 no-par
shares.—V. 146, p. 3357.
Represented
$978,184
48.000
377
Consolidated Earnings for 3 Months
x
$1,019,366
766,555
—
bonds
200,000
692
$6,020,115
Total
640,626
1938—12 Mos.—1937
Net income--whether
Inc. acc't balance-
6,490
Common stock..
1,912,408
Power Co. —Earnings
charged to construe.
Dividends
Capital deficit
3,109
interest..
on
1,053,979
Total
1938Month—1937
$87,661
$84,598
67,286
61'852
4,000
4,000
Gross income
200,000
394,331
Dep. to secure bid-
Prepaid
$77,828
394,331
Misc. acc'ts rec—
9,815
Net oper. revenues.
Other income
1,000,000
Note payable-
y
rec—
30—
Operating revenues
Oper. exps., incl. taxes—
Prop, retire, res. approp.
Int.
1,081,066
Dec. 31 *37
$36,546
Res. for conting—
7,651
Accr.int.
Mar. 31'38
Demand loan
Notes receiv. from
Superior Water, Light &
Period End. Apr.
Int.
Liabilities—
Dec. 31 '37
After reserve for
1,492,491 in 1936.
Other interest
Balance Sheet
Assets—
x
•
—
74,604
$7,487,632 $4,160,408
depletion and depreciation of $9,401,614 in 1937 and
y Consolidated figures.—V. 146, p. 3032.
..$7,487,632 $4,160,408
Total
^ Deficit
389,629
in the statement with the
13,550
$174,945
bl934
parent company, as of March 31, 1937.
The operations of Superior Oil &
Gas Co. for the three months ended March 31, 1937, have been consolidated
$27,388
62,097
89,486
indebtedness
of stock
Including results of operations of American London & Empire Corp.
from Jan. 1, 1936 to date ot its dissolution, April 8, 1936.
WiNote—Excess of realized profits over losses sustained for the year, on
security transactions, amounting to $248,350, as well as $25,270 due to
the acquisition of the corporation's own debentures at a discount, have been
credited to capital deficit account, in accordance with the corporation's
not been included;
$646,980
11,186
.
Prov. for deple. & deprec
Loss
on
leases
sur¬
x
at Dec.
$937,850
7,505
$945,355
15,009
—
Total income
Int.
10,297
-
$71,910
Income account balance Dec. 31
bl935
$1,113,267
415,182
$1,062,305
533,818
$1,089,012
442,032
al937
Expenses incident to sale
a
April 8, 1936
488,437
Defl5,159
defl95,637
$1,471,667
Net oper. income—
Other income
Corp. to
Balance for tne year
Consolidated income account balance Dec. 31--.Net adjustment of 1936 tax reserve
538,335
def8,278
defl53,656
Expenses
$340,903
185,936
12,461
36,521
68,298
18,851
37,817
25,000
526,647
def3,090
defll9,414
Superior Oil Corp.—Earnings-
xl936
$274,224
66,679
;
1935
124,244
def 355
def43,859
Calendar Years—
Gross income
Standard Investing Corp.—Earnings—
debentures
1936
138,351
4,573
def33,221
—V. 146, p. 2871.
payable in liquidation, $100 per share and dividend,
arrears thereon.
$4 cumulative preferred, without par
shares; issued 757,642 shares, less 200 shares
reacquired and in treasury, outstanding, 757,442 shares; maximum amount
payable in liquidation, $50 per share and unpaid cumulative dividends —
V. 146, p. 3357.
Interest received and accrued
1937
128,593
def2,834
def30,735
481,956
def9,395
defl44,140
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1,500,000
Years Ended Dec 31—
Cash dividends received
.$5,083,801 $5,402,361
Total--
1938
119,702
def486
def34,049
Net after rents
. ,
.
_
amount
Other expenses
Provision for reserve for contingencies
Federal surtax on income of A. L. & E.
332,059
surplus
Rapid Transit Ry.—Earnings—
railway
Net from railway
accumulated and in
Federal, State and city taxes
$5,402,361
Gross from
reacquired and in treasury, outstanding, 368,348 shares; maximum amount
payable in liquidation, $100 per share and dividends accumulated and in
arrears thereon.
$6 cumulative—issued and outstanding, 100.000 shares;
on
425,265
137,990
22,035
Staten Island
Prior preference, without par value—authorized, 750,i.00 shares, repre¬
as follows;
$7 cumulative—.ssued, 378,000 shares, less 9,652 shares
Interest
12,955
April—
sented
maximum
587,902
Earned
depreciation of $2,188,424 in 1937 and $2,163,158 in 1936.—V. 144, p. 2148.
87,350,943
317,175,819 314,946,540 312,842,923
—authorized,
16,171
2,904,223
60,759
a After reserve to reduce to
approximate market values,
b After reserve
for dountful accounts of $1,000 in 1937 and 1936.
c After allowance for
16,564
73,649,500
2,156,552
21,626,070
21,626,070
111,173,242 111,173,242
16,849,988
14,829,259
21,626,070
111,173,242
18,994,638
;
33,328
s
*2,162,607 shares
Capital surplus
Surplus account...
4,410,075
(par
stock
$25)
.$5,083,801
Total.
2,040,792
2,065,087
11,573
73,649,500
2,220,137
87,350,943
2,087,979
a
4,160,075
Com.
2,886,954
Properties
miscell. Items...
3,223
years&int. thereon
Indebtedness to affdiate
Funded debt.
$174,202
Prepd. & def. chgs.
-
Accrued liabs., inc. prov. for est. ad¬
ditional Federal inc. taxes for prior
Insurance
curr. assets.
$138,032
59,802
Capital surplus
1,018,060
174,922
823,644
1936
1337
$405,245
Investments.
Other
317.175,819 314,946,540 312,842,923
Liabilities—
Accounts payable
<
Liabilities—
1936
$304,314
b Custs. accts. rec.
2,001,787
1,695,955
loss$20,920
Balance Sheet Dec. 31
Assets—
Cash
11
1,500,165
__
x$74,326
44.099
_loss$96,125
44,099
Subject to Treasury Department review, the company has no Federal
income or undistributed
profits tax liability for the taxable year ended
Dec. 31, 1936.
•
Inventory
Office furniture and fixtures
Deferred charges
39,936
2,500
_
x
other investment
on
accts.
Dividends paid
on
stocks of affiliates
Divs. receivable
$133,206 prof$10,786
37,081
21,103
5,661,186
securs., to ap-
31, 1936
Adjust. of reserve for doubtful
2,941,062
1,026,495
7,551
securities of affiliates.
Accrued divs.
111,784
158,337
prox.
100,210
100,210
305,435,133 305,059,148
receiv.
125,338
153,910
Non-operating income—net
1935
$
5,382,863
1,026,495
V.:
1,922
Cash, special deposits
1935
$5,924,321
5,719,362
106,333
179,738
general
Adjust, of marketable
7,424,793
1,026,495
1,768
on demand.
Cash deposited for note, &c., interest-
1936
$5,942,094
expenses
oper. &
Taxes.
consolidated
1936
$
Earnings—
1937
$5,334,231
5,188,189
Costs,
Balance Sheet Dec. 31 (Company Only)
1937
3525
Standard Oil Co. of Nebraska
preferred,
& Electric
Co, (represented by 2,162,607 no par shares), $21,626,070 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 (in preferred stocks, $138,109,950, in common stocks, $21,221,153; in surplus, $3,447,993), $162,779,096, capital surplus of Standard
Gas & Electric Co., $111,173,242; surplus of subsidiary appropriated for
of plant, all selling & gen. exps.,
prov. for res., for State taxes & for Fed. norma
inc. & excess prof, tax
l°ss$2/2,830
1937
Inc. after deprec.
2o,/ou
Other income—net
$387,355
68,840
Holders of first mortgage
notified that the Manufacturers
an
order of the Stark County,
NeprofS7—
——
S246.070profS456.195
subject to adjustment
Smington-Gould Corp. and of Gould Coupler
months ended April 30, 1937\—V. 146, p. 2872.
Note—The above figures are
of the
Taggart
and include earnings
Corp. for the three
Corp.—Acquisition—
This company
will acquire the properties
of its subsidiaries and assume
proposal which will be submitted to stockholders
June 8.
Since it was organized Taggart Corp.
has been a holding company, owning all the issued capital stocks of Taggart
Bros. Co., Taggart Oswego Paper & Bag Corp. and Champion 1 aper Corp.
their funded debt, under a
at the annual meeting on
3526
which
in
Financial
turn
all
ewns
the capital stock of Carthage Power
Corp.
Chronicle
The
subsidiary companies make kraft and manila rope paper and convert it into
multi-wall and other type of heavy paper bags, used for
packing cement,
flour, plaster, lime, gypsum and other products.
Direct ownership of the business and properties of the subsidiaries is
desirable because of recent changes in the income tax laws and the
possiblity
of enactment of further statutes, Roy K. Ferguson,
President, said.—V. 145,
p. 2246.
May
Earnings for Month of April and
Period End. Apr. 30—
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res, approp.
.
_
Net oper. revenues—
1938—Month-—1937
Period End. Apr. 30—
Operating revenues
Operation.
Maintenance
Taxes
Net oper. revenues
1,801,198
265,778
a587,279
$1,851,442
03,801
238,868
520,074
$156,352
Dr74
Dr 144
$1,948,015
Dr2,589
$167,507
35,833
$156,208
35,833
$1,945,426
430,000
$1,855,243
430,000
$131,673
$120,374
1,090
$1,515,426
10,580
$1,425,243
575
$131,098
Balance
Retirement accruals
Gross income.
$119,284
$1,504,846
70,000
1,303,984
$1,412,430
70,000
1,269,508
Interest
Net income.
Pref. divs. decl
Com. divs. decl-_-No provision
profits for the
12,813
$62,358
$63,826
1,125
$882,587
$64,951
$899,530
32,417
361
385,484
5,695
$32,173
for the
$508,351
until the end of the year.—V. 146,
p.
Net income.
x
403
$743,531
11,320
16,943
$34,095
Dividends
applicable to pref.
period, whether paid or unpaid
$754,851
389,000
4,933
$360,918
297,618
297,618
$210,733
$63,300
x Dividends
accumulated and unpaid to April 30, 1938, amounted to
$595,236.
Latest dividend amounting to $6.75 a share on the $6 preferred
stock, was paid on Dec. 9, 1937.
Dividends on this stock are cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended April 30,1938 and 1937.—V. 146, p. 3359.
Period End. Apr. 30—
Operating revenues
Oper. exps., incl. taxes._
Prop, retire't res. approp.
Net oper. revenues
$243,956
593
$244,698
140,542
2,891
$255,486
Int.
on
Other
mortgage bondsinterest
1938—12 Mos.—1937
$8,532,729
$7,732,961
4,483,811
4,017,043
1,033,333
583,328
$254,893
742
Gross income
a
Co.—Earnings—
1938—Month—1937
$692,897
$654,187
365,608
349,294
83,333
50,000
Other income (net)
dividend of 50 cents per share on the common
stock, payable June 15 to holders of record June 1.
This compares with
25 cents paid on Dec. 23, last; 50 cents paid on Sept.
1, last, and an initial
dividend of 50 cents per share paid on Dec. 26, 1936.—V.
145,
stock
Balance..-
3359.
Technicolor, Inc.—To Pay 50-Cent Dividend—
Directors have declared
$63,664
29,166
Texas Electric Service
has been made for the Federal surtax on undistributed
1938, since any liability for such tax cannot be determined
year
lot. on mtge. bonds
Other int. & deductions.
1938—12 Mos.—1937
$3,873,175
$3,632,036
2,604,765
2,514,909
385,823
373,596
1,692,428
$167,581
Non-oper. inc. (net)
a
1938—12 Mos.—1937
$4,602,270
$4,302,813
1938
28,
Date
$313,287
218,399
31,062
1,306
Gross income
1938—Month—1937
$383,433
$382,200
140,579
158,761
25,006
20,907
50,266
46,180
to
$312,674
217,814
32,502
Other income.
Tampa Electric Co.—Earnings—
Year
140,542
$3,015,585
7,718
$3,132,590
$3,023,303
1,686,500
28,200
$3,134,033
$1,308,603
$1,426,665
1,443
1,686,500
20,868
p. 3831.
Net
Telephone Bond & Share Co.—Accumulated Dividends—
The directors
meeting held May 25 declared dividends of 28
7% 1st pref. stock and 12 cents per share on the $3
paid June 15 to holders of record June 1.
Like
March 15 last.—V. 146, p. 2063.
cents per share on the
1st
pref
stock,
amounts
were
be
to
paid
on
Tennessee Central Ry.April—
$190,113
33,390
5,035
38,874
10,771
49,792
28,604
721,251
146,119
859,107
218,140
117,673
792,207
213,110
136,739
railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
...
Net after rents
32,385
1936
—V. 146, p. 2872.
Tennessee Corp. (&
Calendar
Years—
1935
$171,106
45,234
29,690
720.125
182,915
117,946
Subs.)—Earnings—
1937
1936
1935
1934
$9,656,717
$7,915,474
18,470
145,430
$7,033,244
20,902
100,164
$13,483,985
$9,777,78.3
$8,079,374
$7,151,159
10,194,512
7,700,343
1,078,958
176,654
6,465,601
931,337
155,488
5,704,447
806,025
159,083
419,040
26,623
335,306
278,988
15,953
O1,597
8,589
10.365
Dr5,216
a80,874
01,260
Cr38,692
30,188
Cr54,597
$934,678
$353,298
128,054
$186,104
$230,896
857,896
$0.22
857,896
Sales
..$13,292,946
Other income..........
39,060
Other oper. revenues...
151,978
Total
Cost of sales,incl.all ml'g.
exps. except deprec...
Sell. & admin, exps
Interest..
Amort,
1,194,931
218,961
.....
of issue
exp.
on
debentures
Other interest paid.....
Other deduct, from inc..
3,271
24,416
150,505
609,104
...
Depreciation
.....
_
_
_...
Miscellaneous expense.
Res. for minor, interestDiscount on bonds pur¬
chased and retired
Res. for Federal taxes.
1,090
10,188
■
■■
75,980
08,464
_
5,453
Dividends paid..
14,446
298,794
standing ($5 par)....
per share.....
853,696
$1.09
Earnings
853.696
$0.41
Including $957 provision for Federal
taxes
on
$0.27
undistributed profits.
Consolidated Balance Sheet Dec. 31
1937
x
1936
Assets—
$
Fixed assets....16 ,347,482
Investments
3,584
.....
Cash
21.755
345,394
395.612
5,000
Govt, securities...
5,000
3,275.064
Inventories.. ....3 ,795,602
Accounts
&
notes
Liabilities—
y
817,380
764,408
current assets
10,990
Deferred charges..
Other assets
245,543
314,656
350,276
325,759
1936
$
Capital stock
$
4,268,480
3,823,100
4.268,480
4.071,000
Accounts payable-
522,756
334,592
Notes payable.
100,000
200,000
Prepayments
24,771
Funded
z
debt
Res. for deb.
receivable, <fcc._
Oth.
1937
$
16,312,829
f._
18,600
18,600
Oth er reserves....
265,412
151,930
s.
Other liabilities
Accrued
19,909
15,244
559.982
expenses.
Capital surplus
9,890,045
571,986
9,890,045
Earned surplus...
2,371,693
1,827,631
56,502
65,577
Minority
interest
in subsidiaries..
Total.........21,921,252 21,415.0851
Total
21,921,252 21.415,085
After deducting reserves for
depreciation and other reserves of $9,166,379 in 1937 and $8,702,261 in
1936.
y Represented
by $5 par shares,
z
On
account
of sales
contracts.—V.
146, p.
1417.
Tennessee Electric Power
Co.—Earnings—
Period End. Apr.
Gmss revenue.
30—
1938—Month—1937
1938—12 Mos.—1937
$1,313,591 $16,238,528 $15,502,614
752,480
9,485,237
9,187,792
>105,000
1,260,000
1,260,000
Provision for deprec'n..
$1,321,980
740,617
105,000
Gross income.
Int. & other fixed chgs__
$476,363
235,768
$456,111
$5,493,291
2,815,317
$5,054,822
231.658
$240,595
129,398
$224,453
129,380
$2,677,974
1,550,883
$95,072
$1,127,091
$773,971
RR.—Exchange of Bonds—
The Interstate Commerce Commission
on May 14 authorized the
company
exceeding $33,361,000 1st & ref. mtge. bonds, series A. to be
exchanged for an equal amount of matured and unmatured prior lien
bonds, now held by the Southern Pacific Co. and its affiliated companies.
Action on that part of the application requesting
authority to issue
$27,246,000 of 1st & ref. mtge. bonds, series A, for the purpose of paying
in part open-account indebtedness due the Southern Pacific Co. was deferred
upon company's request.
The bonds to be refunded and retired consist of the following:
$4,935,000
of Morgan's Louisiana & Texas RR. & Steamship Co. 1st mtge.
7% bonds,
due April 1, 1918; $1,494,000 of that company's Alexandria extension
6%
bonds due July 1, 1920; $322,000 of Iberia & Vermilion RIi. 1st
mtge.
5% gold bonds, due Aug. 1, 1943; $13,418,000 of Galveston Harrisburg
& San Antonio Ry., Mexican & Pacific extension, 1st mtge.
5% gold
bonds, due May 1, 1931; $2,539,000 of that company's Mexican & Pacific
extension 2d mtge. 6% bonds, due July 1, 1931; $300,000 of Houston
East & West Texas Ry. 1st mtge. 5% bonds, due May 1, 1933; $300,000
of Austin & Northwestern RR. 1st mtge. 5% gold bonds, due July 1,
1941;
$2,000,000 of Texas Midland RR. 1st mtge. 4% 30-year refunding bonds,
due Aug. 1, 1938; $862,000 of the applicant's 1st mtge. 7%
bonds, with
interest rate reduced to 6%, due Aug. 1, 1935; $2,575,000 of applicant's
Sabine Division 1st mtge. 6% gold bonds, due Sept. 1, 1942; $3,997,000
of applicant's Dallas Division 1st mtge. 4% gold bonds, due Aug. 1, 1930;
$269,000 of applicant's consoi. mtge. 5% gold Donds, due July 1, 1943;
$350,000 of Texas Transportation Co. 1st mtge. 5% gold bonds, due
Aug. 1, 1923.
Of the indebtedness to be retired, $5,466,000 will consist
of unmatured bonds and $27,895,000 of matured bonds.
The unmatured
funded debt to be refunded consist principally of bonds held in the treasuries
of the Southern Pacific and its affiliated companies.
The matured funded
to issue not
to
be
refunded
includes
all
the
bonds
under
non-negotiable
debt,
except $6,178,000 of prior bonds pledged by the Southern Pacific under
an indenture securing
Central Pacific European loan debentures, which
are guaranteed
by the Southern Pacific.
Differences in accrued interest
on the exchange of these bonds for proposed bonds are to be
adjusted by
appropriate credits or debits to open-account balance, or by cash payments.
The applicant will create a new mortgage to be known as the 1st & ref.
mortgage, dated Jan. 1, 1938, under which the Chemical Bank <fc Trust
Co. will become trustee.
The proposed bonds will be issued under and
secured by this mortgage.
The bonds issuable thereunder will be limited
so that the aggregate
principal amount thereof at any time outstanding,
together with 1st & ref. bonds reserved for refunding purposes, will not
exceed $200,000,000, nor twice the par value of the then outstanding
fullypaid capital stock of all classes of the applicant, or of a successor corporation.
The proposed bonds are to be designated as series A, and the
mortgage
specifically provides that series A bonds are to be dated Jan. 1, 1938,
except as otherwise provided in respect of registered bonds, are to bear
interest at the rate of 4Yi% per annum, payable semi-annually on Jan. 1
and July 1, and are to be payable Jan. 1, 1987.
They are to be issued
as coupon
bonds, with the privilege of registration as to principal, in the
denomination of $1,000, and as registered bonds in the denominations
of $1,000, and such
multiples thereof as the board of directors may pre¬
scribe, coupon bonds of $1,000 denomination and registered bonds to be
interchangeable.
The series A bonds are to be redeemable, in whole or
in part, at the applicant's option, on any semi annual interest date
up to
ana
incl. Jan. 1, 1982, at 105 plus accrued interest, and thereafter on
any semi-annual interest
date at their principal amount and accrued
interest plus a premium equal to M of 1 % of the principal thereof for each
six months between the
redemption date and the date of maturity.
The indeture also provides for a sinking fund for the series A
bonds,
the applicant covenanting that so long as any of them are
outstanding
it will pay to the trustee on or before July 1 in each year
beginning July 1,
1939, as and for a sinking fund for the purchase or redemption of series A
bonds a sum equal to Yz of
1% of the series A bonds theretofore issued, or
equal to the net income of the applicant for the preceding year, whichever
is less.
The sinking fund payments may be made, either in cash or in
series A bonds, or
partly in cash and partly in such bonds, the bonds to
be accepted at their
principal amount.
All moneys paid to the trustee
for the sinking fund will be
applied from time to time to the purchase of
series A bonds, at private sale or in the open market, at a cost not
exceeding
the redemption
price on the interest-payment date next succeeding such
purchase, including accrued interest, but excluding brokerage charges and
other expenses.
Provision is also made for the applicant to sell to the
trustees for the sinking fund any bonds owned by it.—V. 146, p. 2872.
$2,324,846
$111,197
$1,050,987
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended April 30, 1938 and 1937.—V. 146, p. 3033.
debt
_
Shares capital stock out¬
a
22,780
95,135
375,678
$932,925
Texas & New Orleans
1937
$201,723
375,678
Balance
Earnings—
1938
$168,905
Gross from railway.
Net from
income
$101,265
$114,944
applicable to preferred stock for the
period, whetner paid or unpaid
Dividends
their
at
x
Operating
Net
Divs.
exps. & taxes
income
on
preferred stock.
Balance
Pr°vision
*■
was made in 1936 or 1937 for Federal
tributed profits, as all taxable
income was distributed.
been made for such tax in
1938.—Y. 146, p. 3360.
Tennessee
2.729,976
1,550.874
surtax on undis¬
No provision has
Service
Co.-
■U.
S.
investments
Supreme Court
The Unites States Supreme Court
has agreed to consider the
validity of
Tennessee Valley Authority in a case
brought on an appeal by 18
utilities operating in southeastern
United States.
The utility companies
appealed from a decision by a special
three-judge Federal court which refused
them an injunction against
activities of TV A and dismissed their bill of
the
complaint.
In their appeal they told the court that
directors of the TVA were
engaged
in
creating a huge federally-owned and operated utility which would
com¬
pete with, if not destroy, each of them.
The lower court had held the TVA
Act constitutional, had found that
authority did not exceed its powers under that Act and had ruled
that
no
immunity from lawful competition "even if their business be
the
utilities had
or
destroyed."
Apr. 30—
revenues.
Oper. exps., incl. taxes._
Amortiz. of limited-term
Prop, retire't
Public
Agrees to Consider Validity of TVA-r-
curtailed
Texas Power & Light Co.—Edrnings—
Period End.
Operating
1938—12 Mos.—1937 '
1938—Month—1937
$898,801
451,707
$814,745 $11,400,272 $10,251,667
432,415
33
5,500,631
5,166,781
133
89,994
65,617
1,066,363
636,502
Net oper. revenues
Other income (net)
$357,067
$316,713
$4,833,145
252
344
7,077
$4,448,384
9,204
Gross income
Int. on mtge. bonds
$357,319
177,708
10,000
14,778
$317,057
$4,840,222
2,132,500
120,000
227,594
$4,457,588
2,132,500
120,000
175,499
$2,360,128
$2,029,589
Int.
on
res. approp
deb. bonds
Other int. & deductions-
177,708
10,000
17,646
Net income
$154,833
$111,703
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
—
Balance..-.
—
—
-
865,050
865,050
$1,495,078
$1,164,539
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended April 30, 1938 and 1937.—V. 146. p. 3034.
Volume
146
Financial
Texas & Pacific
Ry.—Earnings—
Period End. Apr. 30—
Joint facility rents (net).
Net ry. oper. income.
$235,862
Other income-Total Income
Misc. deductionsFixed charges
x
$589,479
40,016
1,316,713
$249,715
notes,
&
Plant
1937
1936
1935
1934
$6,195,159
4,545,536
$4,565,523
3,376,803
$3,849,761
2,734,405
Balance.
Other income
$1,672,794
87,609
$1,649,623
$1,188,720
84,664
$1,115,356
76,115
$1,760,403
161,541
303,981
28,022
182,015
$1,724,822
$1,273,384
206,351
217,224
$1,191,471
280,892
175,000
209,855
38,756
99,965
$1,084,844
428,845
367,062
$1,015,567
440,082
330,355
$811,053
440,795
146,822
$635,614
440,822
36,705
$288,936
146,832
$245,130
146,832
$3.92
$223,436
146,836
$2.52
$158,087
60,704
244,840
$5
828,991
cum.
convert.
prior pref. stock
960,000
2,932,900
329,404
Earned surplus... 2,516,723
a
Treasury stock..
Dri,575
949,860
2,846,100
Capital surplus
830,896
115,497
16,711
Common stock..
2,515,216
13,513
exp., &c._
Total-
200,000
597", 226
z
2,888,149
In
patent
Prepaid
100,000
167,779
501,649
x
rights, &c
$6,593,880
4,921,086
137,749
...
Subs.)—Earnings—
Cost and expense
not current
&
orders
100,000
Accounts payable.
Accrued accounts. "
Reserve.
2,482,052
124,182
plant
equipment
$744,554
1,513,272
other
assets
Prop.,
y
1936
$600,000
Prov. for inc. taxes
mkt.val.) 3,012,206
Invest.
1937
$981,981
100,000
Mtge. note of sub.
1,372,704
of
Goodwill,
Thatcher Mfg. Co. (&
Liabilities—
Notes payable
Mtge. note of sub.
receivable
Inventory (lower
process
Calendar Years—
Net sales
1936
$247,542
trade
accepts. & accts.
33,236
loss$81,074
1937
$321,547
Cust.
1,323,677
-V. 146, p. 2872.
expense and interest.
Consolidated Balance Sheet Dec. 31
$2,101,467
10,161
329.603
.loss$72,079
$1,275,655
1937
$93,492 prof$284,230
depreciation, development
Assets—
cost or
$270,415
14,005
328,489
1938
loss
After
Cash
$1,950,227
151,240
$1,131,887
143,768
Net
x
1938—4 Mos.—1937
$8,276,550
$9,902,946
6,674,860
5,992,318
755,605
600,298
492,065
537,532
30,189
14,515
$550,887
38,592
34,553
3527
3 Months Ended
March 31—
1938—Month—1937
$1,978,803
$2,592,699
1,475,243
1,700,348
143,921
201,858
122,906
133,043
871
6,563
Operating revenues
Operating expenses
Railway tax accruals
Equip. rentals (net)
Net income.,
Chronicle
171,600
2.154,337
123,724
-..$8,663,276 $7,863,9631
Total
..$8,663,276 $7,863,963
x
Total income..
Depreciation.
Federal inc. tax, &c
Federal surtax.
Other deduct
Net profit
Preferred dividends.
Common dividends
Surplus..
Shs.
stk. (no par)__
com.
Earnings
per share
75,199
203,179
250,302
$4.46
1937
1936
&C-.
of
not
327,747
397,789
472,111
Miscell, reserves..
672,337
712,979
22,273
6,931
Capital surplus
24,443
Mktable.
to
145,056
1,285,781
1,895,297
1,149,110
656,145
623,360
rec.
and employees-_
8,369
849,059
68,471
$1,238,538
146,457
$3,612,792
720,044
$2,321,195
$1,384,995
704,910
1,462
714.731
reserves
a469,000
63,817
a460,000
122,546
227,666
74",000
214,621
142,571
$1,811,247
165,707
1,476,225
$2,160,202
163,042
1,962,250
$1,173,202
175,047
$426,125
$169,314
$34,910
$998,155
$232,658
984,150
$1.68
981,500
$2.03
980,000
$1.02
980,166
$0.24
Surplus.
Shares
1,879
$5,682,746
(11,375 in
1,928
Total
5,682,746
1936) shares company's
Thermoid Co.
no par
out¬
per share
Including provision
for Canadian
convertible
cwn
b After depreciation of $3,359,999
Represented by 132,000 no par shares,
shares.—V. 146, p. 3204.
1937
$1,950,836
Assets—
buildings,
mach.,equip.,&c 4,844,741
Cash
yl935
yl934
Marketable
$1,536,339
$1,188,021
■V
4,829,488
1,554,121
1,348,883
1,094,265
980,748
$471,370
$601,953
3,509
809,820
Accounts payablePayrolls,comm.,&c
130,598
Accrued expenses.
State taxes, &c
interest
86,986
611,909
2.796,569
3,911,524
5,469,622
3,954,942
30,852
$442,074
23,969
$207,273
2,099
Goodwill, &c._...
1,307,688
612,093
1,437,432
616,320
$474,879
144,705
$632,805
191,791
181,005
x46,211
$466,043
189,638
137,735
25,550
$209,373
188,322
124,342
10,600
Depreciation
184,596
Prov. for Fed. inc. tax__
Proper, of net income of
So. Asbestos Co. applic
z24,000
to min. stkholders int.
901
$213,417
$113,119 def$113,892
Includes $1,500 for surtax on undistributed
profits, y Does not include
Southern Asbestos Co.
z No provision has been
made for Federal
surtax on
undistributed profits as it is believed no such tax will
be payable.
* In
addition there was paid in common stock on
preferred a div. of 85,742 2-3
shares which was charged to
capital surplus at $1 per share.
Consolidated Balance Sheet Dec. 31
1936
$97,905
$166,808
Notes & accts.
Inventories
750,811
1,568,011
1,058,300
1,308,754
72,260
46,801
1st
35,827
Notes pay., bank.
rec.
...
Liabilities—
$3
Cash dep. with skg.
fund trustee....
a
exp.,
lien
coll.
Pur.
3,008,555
359,735
2,711,145
239,492
2
&c.
2
Goodwill, &c
money
& mtg.
$476,388
399,560
Total
a
$5,857,280 $5,567,128
After
—V.
146,
reserves
p.
for depreciation.
b
& adm. exps__
Other deductions (net)__
1937
on
4,420
1936
$24,836 prof$140,049
Liabilities—
1937
1936
Accounts payable.
$59
Capital stock.....
329,660
$4,323
329,660
Surplus
827,048
842,534
51,283
51,283
Dividends recei v..
300
300
214
251
Stores Corp....
2,500
Rec. from Tobacco
Rec.
in market¬
from
11.988
12,107
96,811
167.032
1,206,808
of $1
par.
70
Tobacco Prod¬
ucts
Corp.
of
N. J
71,000
$5,857,280 $5,567,128
......
Investments:
x
49,668
1,755,372
......
United
Prods.Corp.N.J.
1934
215,102
142,706
24,500
$1,528,441
867,040
92,592
139,511
48.000
$905,813
2,154,337
$785,256
1,906,657
$709,395
1,242,023
$3,060,150
48,546
Common dividends
a
$5,074
6,457
19,138
1
40,605
1935
494.881
Miscellaneous debits
Balance, surplus
Shs. com. stk. (no par)..
Earnings per share
$170,064
$2,676
20,564
1,594
$394,666
41,254
Represented by shares
Adjustments, &c
Total surplus
Preferred dividends
21,612
1
380,239
curr.
$1,978,105
984,045
undist. profits
•
$19,232
2,695
18,811
able securities..
1936
Federal taxes
Net profit
Previous surplus.
$170,000
$375,023
Invest,
$2,643,580
1,429,886
81,447
184,165
131,325
31,.500
1,712,928
143,892
Depreciation.
Surtax
$11,126
$3,325
_
$15,486
Cash
Thompson Products, Inc. (& Subs.) —Earnings
gen.
1937.
in
729,946
Office furn. & fixts
Total
x
729,946
1
1
$1,156,768 $1,176,517
Total
$1,156,768 $1,176,517
100 shares capital stock (entire issued capital).
The company's invest¬
Corp. of N. J. is carried at the approximate book
value of the assets of that company.
The value of the investment is
contingent upon the amount of taxes which may be payable by Tobacco
Products Corp. of N. J. upon $36,286,129 received from the American
Tobacco Co. in commutation of lease in January, 1935.
On June 7, 1937,
the treasury department assessed $4,967,890 as tax, penalty and interest
against Tobacco Products Corp. of N. J. and demanded and received, on
account of the tax so claimed, that company cash balance of $725,638.
which was its only asset.
The amount of and persons liable for payment of
any such taxes have not been finally determined, but in the opinion of
counsel Tobacco Products Corp. of Delaware is not liable therefor.—V.
144, p. 3856.
'
ment in Tobacco Products
Manufacturing profit. $3,144,942
Sell.,
16.488 694
Balance Sheet Dec. 31
88,750
446,620
3204.
Calendar Years—
a
16,413,791
64
1937
Claim receivable..
subsidiary
Total
Total
7,244
year
Total income.
310,000
Accrd. wages, int.,
Surplus
702,018
1,555,412
20,619,800
secur.
Other corporate expenses
Interest
200,000
bond
taxes, <fcc
Prov. for Fed. tax.
1.880,210
Treasury stk Dr..
863
Net loss.
Min. stkhldrs.' Int.
in
sale of
purch. during the
Assets—
taxes
lnstl,
216,670
Corp. of Delaware—Earnings—
1937
1936
1935
'
1934
$3,325
405,560
due Jan.
Accts. due others.
Mtge.
on
155,484
298,663
95,223
730,520
Int. on bank balances.
Miscell. int. received
2,514,500
2,446.000
12,586
305,566
$301,645
trust
28, 1940.
Local
Years End. Dec. 31—
Dividends received
Profit
120.841
103,041
y510,000
on
pref. stock
Res. for contln.,&c
Deferred income..
-
pref.
(par $10).
5% bonds
Prop'ty, plant &
equipment....
cum. conv.
stock
1936
Gold notes.......
and advances...
Prepaid
Common stock.
b
Miscell. investm'ts
1937
92.145
106,540
y469,000
186.659
16,488.694
Stock transfer expense.
1937
Cash...
202,605
16,413,791
Tobacco Products
x
$
9,841.500 30,000,000
722,901
790,365
x After
depreciation of $7,475,088 in 1936 and $7,918,090
Includes Federal and Canadian taxes.—V. 145, p. 3831.
381
$120,677
*120,400
Pref. dividends
Assets—
Deferred charges..
y
payable
1936
2,656,000
Capital surplus...
and patterns...
Total....
Dlvs.
2,157,600
Earned surplus...
Inventories
Dies, Jigs, fixtures
Interest
undistributed
$
Cum. 7% pref. stk
Common stock
130,549
sees. &
receivable
Operating profit
on
1937
Liabilities—
$
Notes, accts., &c.,
gen. exp.
Miscell. income—net
surtax
962,936
accrued
__
and
1936
$
Land,
x
Time deposits and
accrued interest.
1936
$2,025,491
1937
preferred
Other assets......
ciation
Sell., admin. &
taxes
Consolidated Balance Sheet Dec. 31
6,315.850
(& Subs.)—Earnings—
Calendar Years—
Gross profit before depre¬
193.467
profits amounting to $60,000 in 1937 and
$20,000 in 1936.
$6,315,8501
etock at cost and four shares of common,
in 1937 and $3,729,246 in 1936.
c
Represented by 146,836
stock
com.
standing (par $10)...
a
27,568
150,666
Net profit
Earnings
banks...
d
Special
28,878
assets of reorgan.
16,021
$2,170,013
151,182
$3,061,741
717,677
Preferred dividends....
Common dividends-....
Part, in non-liquid
a
$3,276,152
336,640
Federal & State taxes...
Other deductions
4,978
1,165,799
Deferred charges._
Total
$2,832,921
228,819
Deprec n & amortiza'n..
Interest expense
T
salesmen
Inventories
1934
$4,123,800
2,885,262
23,795
1.074,243
securs..
Accts. & notes
1935
$4,614,846
2,444,833
.-
Total income.
906,662
1
Advs.
82,918
Earned surplus...
259,800
1936
$5,923,622
2,647,470
Other income
174,234
Accruals, taxes, &c.
25,273
consolidated
1937
1,596,173
394,968
Indebted, of affil.
Axle Co.—
$5,085,593
2,252,671
Operating profit.
$1,320,000
1,596,173
_
Accounts payable.
not
consolidated
Cash
Timken-Detroit
Calendar Years—
Gross income
1936
...$1,320,000
31,917
_
affil.
paid dividends of $2
Sept. 30.—V. 146, p. 3360.
$1.32
678,433
Unretired stock.
a
March 31, last.
During the year 1937 the company
per share on March
31, June 30 and on
146,836
1937
stock..
1,142,767
Time* Inc.—Interim Dividend—
Directors have declared a dividend of
$1 per share on the common stock,
payable June 30 to holders of record June
20.
Like amount was paid on
Convertible pref.
d Common stock.
.'
Investments
Sec.
c
$1,158,141
Corp.—Registers with SEC—
Expenses.
Liabilities—
b Real est.,
bldgs.,
machinery, &c.$1,690,071
Licenses, formulae,
Tim Bo Lok
See list given on first
page of this department.
45,919
Consolidated Balance Sheet Dec. 31
Assets—
Represented by 9,600 (10,000 in 1936) no
par shares,
y After reserve
depreciation of $1,340,102 in 1937 and
$1,098,418 in 1936.
z Repre¬
by 293,290 (284,616 in 1936) no
par shares,
a 50 shares preferred
stock, at cost.—V. 146, p. 1730.
for
sented
$2,516,723
293,290
$2.92
95.200
$381,298
908,390
3,491
$2,691,913
50,613
426,285
60,078
$1,951,418
44,761
$2,154,337
284,610
$1,906,657
$1,242,023
263,160
$2.60
263,160
$1.35
After deducting cost of goods sold.
42,462
147,003
$2.58
$1,293,179
Tobacco Securities Trust
Co., Ltd.—Interim Div.—-
Company paid an interim dividend of 20 cents per share on the American
depository receipts for ordinary registered stock on May 23 to holders of
record April 28.—V. 145, p. 3512.
51.150
Tor vie
Laboratories, Inc.—Registers with SEC—
See list given on first page of this department.
Transue & Williams Steel
Directors took
Forging Co.—No Com. Div.—-
no action on payment of a dividend on the common shares
An extra dividend of 15 cents in addition to a regular quarterly
dividend of like amount was paid on Dec. 1. last.—V. 146, p. 2550.
at this time.
Financial
3528
Oil Co.—Earnings—
Transwestern
x
P.
3831.
»•
-Earnings-
Trico Products Corp.profit----—•——
Gross
Other income
Total Income
-
Net profit
-
-
$8,095,513
$3,792,245
amortiz., general expenses.
for Federal income taxes.
— —
Admmis. sed., deprec.,
b Provision
$4,184,561
1,960,769
$5.61
Dividends paid.
stock..
Earnings per share on capital
After deducting cost
a
.
2,650,525
1,260,426
&c.
'
401,366
167,884
Cash...
Cash surr.
205,715
227,151
life insur. pollc's
material.
.
Inventories.
2,002,578
Oth. oper. reserves
1,126,703
a
Employ, stock pur¬
chase
Prepd.
epnsation insur.,
2,903,873
893,085
1,586,730
receivable
Accts.
122,896
118,286
accounts.
ins.,
687,890
Capital stock
Earned surplus
b Treas.
64,252
7)r824,879
7)71683483
106,376
Insurance fund...
Invests, in & ad vs.
to
7% owned for¬
80,525
d Patents
1,847,869
270,394
16,361,126 15,439,867
Total
16,361.126 15,439,867
Total
Telephone & Telegraph Co.—Earnings—
Apr. 30— 1938—Month—1937
1938—4 Mos.—1937
$2,057,996
7,186
$512,976
1,964
$520,218
2,021
$2,011,979
7,358
Operating revenues._
Operating expenses—--
$518,197
368,335
$511,012
388,962
$2,050,810
1,513,756
$2,004,621
1,534,136
Net oper. revenues...
$149,862
$122,050
40,488
$537,054
207,774
$470,485
Operating taxes..
50,883
...
$329,277
79,192
$81,562
39,633
$98,979
37,820
Net oper. income
—V. 146, p.
36,053
$277,295
249,475
has issued an order declaring
company.—V. 146, p. 2711,
& Paper Corp.—Listing—
Stock Exchange has authorized the listing of 6,541
capital stock (no par) on official notice of issuance to
certain of the officers and employees of the corporation pursuant to a profitsharing plan for the year 1937, recommended by the directors on March 22,
1937, and adopted by the stockholders on April 13, 1937, modified, so as
to provide for the payment in stock, upon recommendation of the directors
on March 2, 1938, by action of the stockholders on April 12, 1938, making
the total amount applied for 1,061,983 shares.—V. 146, p. 3034.
York
New
Halved—
Carbon Corp.—Common Div.
declared a dividend of 40 cents per share on the com"
mon
stock, payable July 1 to holders of record June 30.
Previously,
regular quarterly dividends of 80 cents per share were distributed.
New Vice-President
A. Rafferty were on
and J
F. H. Haggerson
156,132
RR.—Earnings—
Union Pacific
$314,353
135,380
$8,139,508 $10,054,482 $32,292,473 $41,090,322
Freight revenue.
Ry. oper. revenues._
Maint. of way & struct.
_
equipment
..
Transportation
operations
Misc.
Company, said to be one of the leading producers of military and naval
pyrotechnics for the United States Army and Navy, has completed registra¬
150,000 shares of common stock ($2 par), with the Securities and
Exchange Commission.
Company has no funded debt and no preferred
stock, and upon completion of the issuance of the new common stock, will
have 261,730 shares outstanding.
Underwriters named are MacBride, Miller & Co., Inc., and Whitney-
tion of
provide capital for the company's expansion program
of aircraft float lights, aviation flares and signals for
both Government and commercial aircraft, marine signals and flares for
$2,354,594
$2,143,613
eight months ended March 31, 1938, the company earned $68,510,
which is equivalent to 61 cents per share on the 111,730 shares now out¬
standing.
This compares with $52,133, or 46 cents per share for the fiscal
year ended July 31,
1937.
The present dividend rate is 20 cents per
share per annum.—V. 146, p. 2873.
In the
Dr2
$9,882,639 $10,808,483
1,252,363
1,374,081
4,948,357
5,125,531
$1,102,231
Equipment rents (net)-.
514,472
Joint facility rents (net)
14,896
$769,532
542,479
49,508
$4,934,282
2,121,196
157,801
$5,682,952
1,922,139
188,672
$572,863
$177,545
$2,655,285
$3,572,141
Railway oper. income.
_
2873.
—V. 146, p.
Food Stores, Inc.—Sales—
21, 1938, amounted to $1,311,375,
$992,069 for the four weeks ended May 22,1937, an increase
Union Premier
weeks ended May
Sales for the four
Navy,
items.
593,755
1,353,774
02,092
CY915
from ry. oper.
Railway tax accruals
in the manufacturing
Coast Guard and commercial vessels, railroad track torpedoes,
commercial pyrotechnics and firecrackers, and a large number of similar
1,584,080
$10,363,250 $12,373,360 $40,645,178 $50,044,899
5,847,187
3,532,690
2,092,603
1,099,304
10,844,620
7,812,738
2.743,179
2,122,410
1,369,981
1,315,379
378,528
341,436
17,983,239
15,417,755
4,215,642
3,778,052
1,059,090
959,007
273,151
243,587
2,132,297
1,727,062
526,644
424,782
Net of items
Phoenix Co., Inc.
The financing will
773,469
412,409
Transp. for invest
rev.
550,824
412,585
180,803
285,063
134,724
Incidental revenue
Net
203,184
1,210,870
Express revenue
Triumph Explosives, Inc.—Stock Offering—
4,514,850
1,567,396
540,249
1,179,386
4,649,499
152,001
340,414
1,210,567
Passenger revenue..
Mail revenue.
General expenses
3034.
1938—4 Mos.—1937
1938—Month—1937
Period End. April 30—
Maint. of
Vice-Presi-
May 24 elected
146, p. 3205.
V.
dents of this company.
Traffic.
Net income
$300,200
249,475
Union Bag
All other transp. revenue
•
$21,104
20,790
and Exchange Commission
has ceased to be a holding
Union Carbide &
Tri-State
revenues....
Uncollectible oper. rev..
—
Directors on May 24
Represented by 675,000 no par shares,
b 42,231 shares in 1937 and
20,626 in 1936.
c After reserve for depreciation of $1,745,396 in 1937 and
$1,483,861 in 1936.
d After reserve for amortization of $401,138 in 1937
and $375,759 in 1936.
e After reserve of $42,758 in 1937 and $39,055 in
1936.—V. 145, p. 3984.
Operating
$597,252
175,707
82,905
61,345
100,010
Holding Company—
company
The
a
Period End.
$570,199
133,936'
2550, 2388.
Land, bldgs.,ma¬
chinery & equip,
a
$43,133
11,161
8,290
2,578
The Securities
that
117,082
3,206,855
274,131
eign subs, co—.
c
Not
$567,242
30,010
6,557
additional shares of
6,142,880
106,376
12,478
7,750,000
4,913,737
67,877
7,144,254
60,000
12,478
8,750,000
5,745,213
60,000
(at
stock
cost)
taxes
& other expenses
Investments
773,145
1,278,288
Rea. for work.com-
2,448,562
Marketable secur.
e
124,256
43,034
.
1,477,098
1,302,073
$527,425
42,774
$24,826
20,790
(net).
Net income
Pref. div. requirements.
In¬
for Fed.
come taxes
$42,000
1,133
$45,430
11,161
7,204
2,239
.
.... .
Other deductions
400,000
1,086,954
Accrued expenses.
Prov.
Deps. agst. future
deliveries of raw
(bank)
payable.
Notes pay.
Accounts
val. of
49,426
Dr 144
S
Liabilities—
$
$
12,546
116,792
$45,574
1936
1937
1936
1937
1,003
9,726
1,378
(net)
Other interest
1,614,619
165,689
9,282
Gross income..--.
Bond interest.
Balance Sheet Dec. 31
1,659,424
167,366
14,631
income
Net oper.
Non-oper. inc.
$199,326
131,069
15,528
$194,031
123,166
Operating revenues.
Operating expenses.. —.
State & municipal taxes.
Social
security taxes—
Federal and State. ...
Fed. taxes (incl. income)
$6.90
1938—12 Mos .—1937
$2,483,553
$ 2,403,533
1938—Month- —1937
30—•
Period End. Apr.
-Earnings-
& Electric Co.
Twin State Gas
1,983,532
and allowances and
of sales, discounts, returns
patent expenses, but before charging depreciation, amortization,
b Including normal, undistributed and excess profits taxes.
Assets—
2090.
1936
$7,614,423
481,090
$7,217,978
2,192,457
1,233.276
-
-
-
the common
p.
1937
$6,690,051
527,927
Calendar Years—
a
Twin Disc Clutch Co.— Year-End Dividend—
have declared a year-end dividend of 75 cents per share on
stock, no par value, payable June 27 to holders of record
June 17.
This compares with 50 cents paid on April 1 and on Jan. 3, last;
$1 paid on Oct. 1, last, an extra dividend of 25 cents in addition to a dividend
of 75 cents paid on June 25, 1937: 75 cents paid on March 25,. 1937. and on
Dec. 28, 1936: 50 cents on Oct. 1 and July 1, 1936, and 25 cents per share
paid each three months from Oct. 1, 1934 to April 1, 1936, incl.—V. 145,
The directors
1938
1937
x Profit
—$2,951
$113,553
After taxes, depletion, depreciation, surrendered leaseholds, interest,
&c., but before provision for Federal income and profits taxes.—V. 145,
March 31—
3 Months Ended
1938
28,
May
Chronicle
compared with
of $319,306, or 32.19%.
For the 20 weeks ended May 21, 1938, sales
with $4,796,902 for
or
the 20 weeks ended May
totaled $6,490,327, compared
22, 1937, a gain of $1,693,425,
35.30%.
preceding four weeks ended April 23, 1938, sales showed an
over the corresponding 1937 period.
has in operation through its wholly-owned subsidiaries
26 Food Fair super-markets, compared with 15 super-markets and nine
service type stores in operation at this time last year.—V. 146, p. 3034.
For
the
increase
of 30.33%
The company now
Truscon Steel Co.—Earnings-—
1937
* 1936
1935
1934
$23,527,812 $21,916,289 $13,828,439 $11,815,096
22,026,352
20,512,144
13,001,298
11,099,578
Cost of sales & expenses. 20,930,420
19,110,571
12,707,137
10,913,643
Calendar Years—
Gross sales
Net sales.
(& Subs.)—Earnings—
Union Tank Car Co.
—
;
1937
1936
1935
1934
$2,535,517
$2,547,611
$1,608,335
$1,591,331
130,613
Calendar Years—
after oper. exps.
and depreciation
Int. on certificates, <fcc__
Earns,
.,095,932
153,287
$1,401,572
$294,161
$185,935
81,064
36,143
48,233
1,249,219
380,487
Operating profit.
Other income
$1,482,636
389,772
361,699
xl75,000
$330,304
293,096
391,990
$234,168
293,651
298,751
profit
Depreciation
Other deductions
289,014
xl40,000
Prov. for Federal tax
Net
$439,718
332,391
dividends
Balance, surplus
Earns, per sh. on com.
x
$223,774 def$354,782 def$358,235
$0.27
stock..
Includes $38,000 in
surtax on
$556,165 loss$354,782 loss$358,235
332,391
$107,327
Net profit
$0.42
Nil
Nil
1937 and $50,000 in 1936 provision for estimated
undistributed profits.
Comparative Balance Sheet Dec. 31
1937
1936
1,922,261
828,465
b Notes and accts.
receivable...
c
Patents, &c
601,049
7,742,533
200,855
71,182
84,918
258,371
charges-
Other assets.
573,729
200,855
Fixed assets
Accounts payable-
S
1936
8
3,323,910
3,323,910
7,658,060
income
Other income
Common dividends.....
Accrued
Indebt.
197,534
Steel
liabilities
to
& struc. contr's.
debt
67,330
130,494
291,981
331,635
130,087
272,058
30,220
22,082
4,000,000
284,687
4,000,000
157,566
348,239
348,240
Capital surplus.
1,242,118
1.241,926
Prof. & loss def.
a
After deducting $3,984,556 reserve
074 in
1936.
1,300,694
16,459.265 16,572,780
Total.
for depreciation in 1937 and $3,896,-
1936.
c
$78,721def$1413,686
Adjustments
Previous surplus
$704,605
Dr165,535
5,044,263
4,965,543
6,379,227
$5,044,263
1,167,693
$4,965,543
1,157,744
$1.26
$5,705,848
par).
sh. on com._
1,180,742
$5,583,332
1,178,293
$1.71
$1.79
Shs.
com.
out. (no
Earns, per
x
After deducting loss on
sale of investments
Consolidated Balance Sheet Dec.
$
31
1937
1936
S
Assets—
$1.36
of $664.
Liabilities—
$
1936
5
1,184,785
579,562
24,593
44,913
a U. S. Govt, notes 3 ,028,812
161,877
228,162
10,000 Res. for gen. taxes
aMunic. obliga's.
282.181
269,899
8,993 Res.tor Fed. taxes
8*439
Acer. int. on inv.
402,073
355,075
1,429,201 Res. for annuities.
,276,954
Acc'ts receivable165,913
177,651
946,802 Misoell. reserves..
Material & supplies 1 ,041,578
30,000.000
502.630 d Capital stock—30,000,000
288,330
c Other assets
5,583,332
Earned surplus— 5,705.848
bTank cars, plant,
27,065.145 e Reacquired capi¬
equip. & fixtures30 ,351,396
tal stock.---—-Dr,251,703
16,664
17,378
Deferred charges..
Cash
...
1 ,096,517
4,796.506
3,028.812
Accounts payable.
Accrued wages
1,408,021
b After deducting $474,300 reserve for doubtful accounts,
freight* &c., in 1937 and $451,911 in
$10 par.—"V. 146, p. 3034.
1,608,701
...
$122,515
._
Represented by shares of
a
1
1
Goodwill, pats.,&c
.37,109,408 37,804,755
Total
16,572,7801
$1,580,172
1,385.154
"
Appr. of real est.
.16,459,265
225,528
$1,475,392
1,396,671
_
Surplus:
Total
xl56,222
$2,113,634
1,409,029
1937
Repub.
Reserves..
70,091
$2,016,412
1,893,897
5,583,332
Balance
18,000
Adv. bill'g on erec.
Funded
$1,354,644
475,830
Corp. & its
subsidiaries.
$1,319,170
Payment in full covering
annuity prem. accrued
liab.under ann'ty plan
Unpaid
payrolls,
commissions, &c
106,074
$2,043,5-44
7,659,060
383", 325
Mortgages payable
3,985,797
7,646,588
.
2,931,626
3,699,019
Investments
Deferred
Common stock..
2,087,259
...
Inventories
a
Preferred stock
289,165
Profit & loss surplus..
1937
Liabilities—
Assets—
Cash
■
------
504,067
....--
Total income
Preferred
:—'
571,190
$1,964,327
/
52,086
Taxes....
Total
_
At cost
b After reserve
$54,392,096 in 1936.
c
e
of $56,856,909 in 1937 and
stock, at cost, held lor
shares in 1937 at $147. <61, and
Represented by 1,200,000 no par
shares at cost. V. 146, p. 303o.
Including company's own
employees' stock acquisition plan, 8,758
21,707 shares in 1936 at $364,674.
d
shares,
37,109,408 37,804,755
Total
for depreciation
Represented by 10,500
Volume
146
Financial
Chronicle
United Air Lines Transport
Corp. (& Subs.)—Earns.—
United
Period End. Mar. 31—
1938—3 Mos.—1937
1938—12 Mos.—1937
16,159,259
12,331,199 101,436,014 102,583,364
1099287,679 1048461,229 4639636,031 4424046,678
Express pound-miles.-_328.888.111
356,987,617 1520715,547 1626281,877
Revenue plane-miles...
3,145.526
3,163,803
15,127,062
16,513,264
Total operating revenues
$1,861,586
$1,746,304
$9,577,826
$9,892,014
Operations
1,791,056
1,665,034
6.921,009
7,533,482
Maintenance
340.001
282,655
1,561,499
1,193,817
Depreciation
307,650
298,095
1,236,869
1,324,260
Net salvage on
equip.sold
6,050
0156,465
053,693
Crl69,262
Property, franchise and
3529
Biscuit
other taxes
15,251
14,628
61,234
47,451
43,758
32,082
147,659
186,686
$689,632
$428,517
21,962
tax on undist.
25,782
profits)
$667,671
Directors have declared a dividend of 75
cents per share on the common
no par
value, payable July 1 to holders of record June 15.
Pre¬
viously regular quarterly dividends of
$1 per share were distributed.
In
ad™°.n- aa extra dividend of 50 cents was paid on Oct.
stock
Period End. Apr. 30—
Profit from operations
$l,019.422prof$320,418
14,557
71,823
18,420
59,231
Calendar Years—
Gross prof. fr. manufact.
Other income
$47,609 loss$302,433
$250,131
$50,101
Gross income
Gen. administrative and
Net income.
x
$48,398
*No provision has been
United
$19,254
Prov.
1936
Liabilities—
Real est., plant,
equip., &c.....33,487,787 83,329,153
Goodwill,
x
Capital stock
600,000
331.691
323,207
Prov.for Fed.taxes
45,000
803,523
1,063,741
29,789
41,231
Note payable, non-
1,989,694
2,259.085
329,727
296,578
re¬
ceivable, &c
receivables.
Inventories
______
Deferred charges..
pay'le
ceptances
636,913
current
Real estate mtge._
Earned surplus....
Capital surplus...
Total
...36,791,673 $7,216,0781
Represented by 278,399
no par
Total..
shares,
y
write-down.—V. 146, p, 2388.
Penn.
Cash.
109,304
$4,043,644
57,911
3,272,864
$2,796,072
57,932
2,659,204
$1,607,838
$686,418
59,171
624.177
$712,869
Gross profit and other st<
_._
Accts. rec., trade.
Inventories
Other
curr. assets.
Notes
receiv.,
$78,936
818,216
$3.35
$457,270
$3,069
818,216
$1.86
818,216
$0.77
Store, depot and agency oper.
operating income.
^
& gen. exps. (before deprec. &
amortization)
_
Profit from store and agency operations.
Profit from real estate opers., before
deprec. &
Other income.
Total
^
_
_
___.
37,002
352,617
3,322,585
4,571,237
12,601
Balance
a
$73,655
$54,743
company's bonds, repre¬
over cost thereof,
less
amount
145,973
Total profit representing earned
surplus for period.
$200,716
Consolidated Balance Sheet Dec. 31, 1937
4
Liabilities—
$3,254,190
Notes & accts. receiv. (net)..
Accts. rec. from wholly owned
sub. not consol
501,010
inventories....
Accounts payable
$2,568,134
Accrued taxes
436,201
Accrued interest
5,232
5,784,200
83,057
Other accrued liabs
180.941
Prov. for Fed. income taxes..
171,664
Investments & advances
al,350,582
Agents' deposits, &c
Fixed assets
b5,966,152
Accrued adm. <fcreorg. exps..
Funded & mtge. debt
Deferred charges
441,878
estate
owned
in
fee,
176,214
7%
2,016,192
896,742
747,234
826,400
...
cum.
124,669
2,776,789
and
827,600
pref.
Common stock.
70,000
c
4,099,380
4,091,080
12,100
Capital surplus
1,467,324
Earned surplus
4,054,940
1,445,517
3,319,739
.16,648,692
14,206,463
5,513,201
5,278,929
301,200
_
300,800
drawings,
Total
65,745
...16,648,692
80,691
14,206,463'
Total..
reserve for depreciation of $4,133,128 in 1937 and $3,856,047 in
b Represented by $100 par shares, c Represented by $5 par shares.—
After
1936.
United Gas
Improvement Co.—Weekly Output—
Week Ended—
Electric output of system
—V. 146, p. 3361.
(kwh.)
May 21, "38 May 14, *38
83,187,400
83,891,409
United Shipyards, Inc.—Sale
The stockholders at
a
May 22, '37
86,599,759
Approved by Stockholders—
special meeting May 25, approved the sale of the
property and business of the company to Bethlehem Shipbuilding Corp. for
$9,320,000.
A total of 336,750 class A shares out of a total issue of 411,690
shares
voted in favor of the sale with 925 shares opposed.
were
Class B
Supreme Court Justice John H. McCooey in Brooklyn denied on May 24,
an application by several class B stockholders
for a temporary injunction
restraining the corporation from selling most of its plant and good-will to the
Bethlehem Shipbuilding Corp.
At the same time the Court granted a showcause order returnable on May 27.
A similar application to Justice Bernard
L. Shientag in Manhattan was denied on May 23.
The application, brought by William Yoost in behalf of himself and other
class B stockholders, argued that the sale price agreed upon was too low
and that the interests of those holding approximately $2,500,000 in class B
stock would be jeopardized.
He estimated the value of the plant and good¬
will at $18,000,000.
The class B stockholders are former holders of preferred and common
stock in the company who exchanged their shares for the class 13 stock in
accordance with a reorganization plan for United Shipyards under Section
77-B of the Federal Bankruptcy Act.
The plan was approved in 1936.
—V. 146, p. 3207.
United States Distributing
368,409
570,992
553,857
200,716
__
-
$ 17,303,244
As
Real
billings
payments
stock
investments
6,809,588
foixows:
Merchandise advances to agents, $552,600; securities
deposited under lease agreements, &c., at cost, $28,019; other sees, at or
below cost, less reserve, $60,313; mtges. receiv. on real estate, less
res.,
$114,333; claims against closed banks, less res., $49,382; cash held
by
ntge. trustee, $45,933; invest, in The Lincoln, Inc., a wholly owned sub.,
$500,000.
follows:
850,163
tomers, &c
b
patent rights
$3,904,483, less—reserve for
deprec.,
on bldgs., $240,564, total $3,663,919; furn.. fixts. & eqpt., $4,408,784, less—res. for deprec. $2,871,081, total $1,537,703; improves, to lease¬
holds, less amort., $713,833; construction in progress, $50,695.—V.
146,
Corp.—Earnings-
Consolidated Income Account for Calendar Years
1937
4,774,275
Earned surplus
Total
6,078
278,825
Reserves
500,000
Common stock (par 10c.)
Initial surplus
$ 17,303.244
1,472,963
local.
85.409
Res. for contingencies.
Cum. $5 pref. stock
Total
784,267
payments,
credits
to
cus¬
3,619,716
60,000
S
877,940
Def'd
Land, bldgs.,ma¬
chinery & equip.
taxes,
State and Fed—
1,400
1936
S
pay.
stockholders who have no vote opposed the sale.
Federal taxes
Cash
Acer,
409,675
3,006,687
295,524
Patts.,
accts.
V. 146, p. 3035.
$9,086
9,826
Profit from operations
of principal
Liabilities—
Trade
Adv.
592,151
...
Mtge. receivable-
$6,881,026
$449,583
37,156
204,714
134,058
....
charges
Depreciation and amortization.
Interest on 5% sinking fund bonds-..-...
excess
1937
?
& accrued wages
Ltd
$6,245,484
635,542
$309,422
121,527
18,634
...
amortiz,
Other
Profit derived from purchases of the
58,256
1.092,312
6,571,604
________
Provision for—Federal income tax
Surtax on undistributed profits.
572,563
252,374
Dr2,329
255.819
Dr23,318
1936
1,141,560
Invest, in Davy &
United Eng. Co.
$25,463,550
19,218,067
_
819,876
$4.86
not
current
a
re
___
1,524,828
Deferred charges..
p.
144,286
secur¬
Notes receiv..trade
Other
b As
8,400
399,442
.«
_______
ities.
Corp.—Report—
Consolidated Income Statement, July 17, 1937 to Dec. 31, 1937
Store and agency operations:
a
104,899
576,373
11,984
661,038
Balance Sheet Dec. 31
Assets—
After depreciation and special
from pub. telep., vending macbs. Ac-
$1,666,370
'
207,235
1937
$6,791,673 $7,216,078
reorganization of United Cigar Stores Co. of America and subs.,
pursuant to the plan of reorganization approved by the Court, was effected
and the business taken over from the trustee on
July 17, 1937.
Net. sales for the year 1937 were $54,919,400 as
compared with $55,359,280
for the year 1936, a decrease cf
$440,000, or about % of 1%.
However,
gross profit from sales increased
approximately $600,000 over 1936 due
mainly to improved merchandising methods.
At the year end, the company
had 1,531 retail outlets,
comprised of 1,122 United Cigar stores and agencies,
and 409 Whelan Drug stores and
agencies.
comms.
$3,052,354
a Includes
$288,753, income arising from acquisition of Davy & United
Engineering Co., Ltd., stock.
310,000
def2,201
The
Display adver.,
$4,723,221
911,469
347,832
1,044,797
1,343,605
Net sales after
deducting stamp and sales taxes
Cost of sales...
$1,504,673
161,697
State
per share..
Marketable
United Cigar-Whelan Stores
1934
187.666
Cr6,565
1
Balance, surplus
634,256
294,000
1935
$2,825,926
226,427
810,979
306,611
D) 13,965
Shares of common stock-
Earnings
45,407
1,343,605
profits.
-Earnings—
1936
$6,663,162
I
301,346
trade ac¬
226,289
$267,371
212,681
for
Net profit
Preferred dividends.
Common dividends.
530,897
530,118
Notes &
151,152
Notes & accts.
1,194,968
A cerued accounts.
tracings
Cash.
$233,404
undistributed
on
$4,535,555
Prov. for Federal capital
stock & income taxes.
Prov. for Fed. surtax._.
1936
384,938
Notes pay. banks.
surtax
1937
$2,580,000 $2,580,000
Accounts pa>able.
&
pats.
1937
for
$847,614
421,723
133,029
9,491
16,000
capital stock & income
Consolidated Balance Sheet Dec. 31
1937
92,353
17,629
24,000
$109,001
made
$6,148,591
a514,570
taxes
Assets—
$789,757
422,370
Engineering & Foundry Co
selling expense
Depreciation
Disposal of cap. assets._
building.
Merch.
8*361
6[000
V. 146, p.1263.
1938—9 Afos. —1937
$307,937
146,477
41,967
2,493
8,000
" 108^317
34,194
14,830
71,299
609,913
y9,738
155,476
charge-offs
senting
$205,270
Federal income tax
,
Earnings-
1938—3 Afos.—1937
_
1934
1935
depreciation—N. Y. office building.
During 1936
Chicopee Realty Corp. initiated the policy of providing for depre¬
ciation of its New York
property,
y Loss of N. Y. building including loss
sustained by Chicopee
Realty Corp., a subsidiary company, which was
dissolved in December, 1937.
z Includes
$19,254 depreciation of N. Y.
x
_
Interest
Other deductions
the
Misc.
1, last.—V. 146,
United Electric Coal Cos
113,446
20,000
25,000
Net profit
y
plant facilities and general
corporate purposes.—V. 146. p. 3034.
$5,800,034
5,538,988
133,296
undist. profits
operation of
Includes
and the New York
United Carbon Co.—Smaller Dividend—
$7,201,213
6,729,469
135,233
236,978
Flood loss
x
the notes, the Conti-
amount of cash loaned to the company $1,750,000 was
ap¬
of existing loans and
$250,000 will be applied to the exten¬
$9,035,480
8,293,129
x163,654
185,089
z205.476
Chicopee Realty Corp.
Miscell.
76,489
1936
$9,236,595
8,536,318
Amort .of tools, dies, &c.
Prov. for Fed. inc. taxes.
on
notes was issued under
agree¬
in payment
sion ot
Corp. (& Subs.)—Earnings-
1937
Depreciation..
from
Securities and Exchange Commission
$2,000,000 in
Co- received $1,000,000 of
Royalties, depl. & deprec
Calendar Years—
$2,000,000
$l,095,910prof$206,972
$402,736
United American Bosch
Surtax
total of
a
$25(To0^00nal Bank °f Chicag0 $750'000
Co
.PC .tiie total
plied
1894.
Net sales...
Costs and expenses
-Borrows
P.oobU.
interest, &c
Loss
Trust
115,000
Net loss from oper
Inc. from misc.
property,
Net loss
—V. 146. p.
April 15
«oJJaw&ctu.reiS. Trust
64,909
182,104
38,792
on
ments with three banks.
old age
benefits tax
Gasoline and oil taxes
Fed. inc. taxes (incl. sur¬
America-
rePort to the
states that
53.206
...
of
from Banks—
Revenue passenger-miles
Mail pound-miles
Unemployment &
Co.
1936
1935
1934
revenue.,.$20,426,188 $20,561,137 $21,105,899 $24,527,855
18,502,035
18,681,116
19,200,983
22,748,353
admin, expenses.
853,788
1,072,245
1,078,007
970,352
Sales & oper.
Cost of sales, &c
Gen. &
$809,150
222,453
$1,070,365
112,931
$807,776
103,242
$826,909
Other income (net)
$1,183,296
z564,153
$911,018
$1,054,287
Deprec., depletion, &c._
584,648
636,901
prof22,019
25,635
294,483
311,466
305",908
y31,774
x50,413
Cr32,034
26,226
052,016
12,616
09,650
$299,009
loss$12,127
$29,341
$129,144
Loss
on
sale
227.378
$1,031,602
593,586
and demoli¬
tion of property, &c.
_
Int. paid (less received) _
for Fed. & State
223,712
102.370
Prov.
Social Security taxes.
Federal taxes, &c
Minority interest
_
86,667
-
3360.
The company
000
has sold the Hotel Lincoln for a cash consideration of $360,the mortgage of $4,062,500, subject to adjustments for the current
and current liabilities of the hotel and the brokerage fee.
The funds
over
assets
remaining after all adjustments will be paid to the trustee who will
probably
advertise for tenders of bonds of the company.—V. 146, p. 3360.
Federal surtax on undistributed profits,
$8,336 provision for Federal surtax on undistributed profits,
Not including approximately $46,500 depreciation on buildings of a sub¬
x
v
z
Includes $18,891 provision for
Includes
sidiary
corporation.
Financial
3530
1937
1937
1936
$
A s set 8—
$
15 ,257,390 15,505,347
312,295
174,898
•equipment
Cash
Comp.
ins.
cash
&
Common stock.. 2,009,383
2,009,383
210,000
198,800
Ileal estate mtges.
sink.
mtge.
1,732,052
1,987,511
Notes payable.. — 4,193,308
Accounts
payable
and accrued
1,532,076
3,846,099
fund bonds.
2,689,091
1,822,286
288,842
288,842
& State unempl.
128,518
32,179
47.951
336.792
Prov. for Social Security taxes....
Prov. for Federal
taxes, & Ins. cl..
Prov.
for
lnsur.
funds,
for
Prov.
market¬
able securities.
9,991,550
1,,831,981
3 ,004,481
receivable
Inventories...—
_
1,715,102
Federal
15,259
Insurance
Leaseholds & lmpt.
to leased prop'ty
123,589
Accrd. Int. receiv.
21,955
Other
47,751
Investments
293,470
Other assets......
Good-Will—- ——
1
1
Deferred charges..
114,923
146,842
121,116
Equit. notes (noncurrent)
.-
.
17,974
181,738
245,000
674,328
837,327
surplus
.....21,296,677 21,172,748
Total..
21,296,677 21,172,748
160,390
213,378
235,000
Conting. reserve..
Capital & earned
Total
118,413
191,728
20.227
income.
and depletion of $4,130,451 in 1937 and
After reserves for depreciation
$4,189,261 in 1936.
y After reserve of $161,519 in 1937 and $292,038
1936.
z Represented by 401,8763^ shares (no par).—V
145, p. 3213.
in
Paperboard Co., Inc.—$3 Preferred Dividend—
United
Directors have declared a dividend of $3 per share on the 6%
non-cumul.
pref. stock, par $100, payable May 28 to holders of record May 25.
A divi¬
dend of $6 per share was paid on May 27, 1937 and one of $4.25 per share
was paid on Dec. 31, 1936, this latter being the first dividend paid on the
preferred stock since April 15, 1929, when a quarterly dividend of $1.50
per share was distributed.—V. 146, p. 3361.
United States Distributing
Corp. (& Subs.)—Earnings
1938
1937
1936
1935
Costs and expenses
$4,756,983
4,495,079
$5,458,470
5,124,526
$7,055,885
6,832,281
$5,933,633
5,692,047
Other income (net)
$261,904
13,306
$333,944
34,312
$223,604
12,388
$241,586
46,448
$275,210
51,122
150,704
Oil, 188
$368,256
56,794
141,794
Cr 13,457
$235,992
61,968
155,936
Cr8,775
$288,034
75,210
164,890
Drl5,257
3 Mos. End. Mar. 31-
Total income
Interest (net)
Deprec., deple. & amort.
Profit on sale of prop. ,&c
Prov. for Fed. & State
27,360
9,436
*23",930
*2*566
*1*0*784
Profit....
Loss applic. to min. ints.
$47,775
$159,195
$24,363
10,724
$21,893
Net profit
Earns, per sh. on 99,915
$47,775
$35,087
$30,395
hk
United States Steel Corp. —102 Underwriters Named for
$100,000,000 Debenture Issue- -Morgan Stanley & Co., Inc.,
Heads Group—
The corporation in an amendment to its registration statement covering a
proposed offering of $100,000,000 of debentures filed under the Securities
Act of 1933, has named 102 underwriters who will distribute the issue and
the amount of the debentures to be handled by each.
Morgan Stanley &
Co., Inc., will head the large group.
Underwriters and allotments follow:
j
Adolph Lewisohn & Sons
W. L..Lyons & Co
Mackubin, Legg & Co.-
Co., Inc.-$12,000,000
5,500,000
150,000
Bacon, Whipple & Co
200,000
Baker Watts & Co
250,000
Bancamerica Blair Corp
600,000
A. G. Becker & Co., Inc
400.000
Biddle, Wbelen & Co
300,000
Blair, Bonner & Co
-200,000
Blyth & Co., Inc
3,300,000
Boettcher & Co
150,000
Bonbright & Co., Inc
1,750,000
ridge & Co.---—
Alex. Brown & Sons
$159,195
8,502
United States Leather
Period End. Apr. 30—
undistributed
Loss
$1,133,425 x$l,015,970
174,825
138,702
135,000
$483,441
Drl ,993
...
x$445,461
$1,272,127
Drl 1,887
x$706,145
Cr 164
$491,434
(net)..
x$445,625
$1,284,014
x$702,498
Dr3,647
Profit.—V. 146, p. 1571.
United
States
Smelting,
Refining
Mining
&
Co.—
Consolidated Income Account for Calendar Years
1937
1936
1935
1934
prod. costs.Sll,635,224 $10,636,284 $12,350,226 $11,127,845
127,521
107,003
81,118
48,555
Earns, after
Co——
Burr, Gannett & Co
Central Republic Co
200,000
400,000
500,000
E. W.Clark & Co...
500,000
Cassatt & Co., Inc
Coffin & Burr, Inc
R. L. Day & Co
Dominick & Dominlck
379,693
erty rights
Eastman, Dillon & Co
Elkins, Morris & Co-------
...
-
Shs.
$11,176,400
1,055,349
1,477,523
Goldman, Sachs & Co—----Graham Parsons & Co
150,000
600,000
Stern Brothers &Co
250,000
Harris, Hall & Co., Inc
700,000
Stern Wampler & Co., Inc.—
500,000
Stone & Webster and Blodget,
Hay den Stone & Co
1.000,000
750,000
Hemphill Noyes & Co
Tucker, Anthony & Co—
500,000
500,000
W.E.Hutton&Co
1,250,000
G.H. Walker & Co
350,000
1937
Cap. stk. &
sur.
cos. not
1936
$
Liabilities—
$
■■ ■■■
26,438.250 26,438.250
23,397,400 23,397,400
of
held 1,701,105
1,654,558
88,900
89,900
9,179,245
206,693
Accts. payable, &c
Drafts in transit..
1,246,335
463,736
437,700
Res. for taxes, &c_
2,781,400
2,472,489
115,345
83,536
73,369
1,018,774
834,372
Cash & certificates
co..
Divs. declared
Illinois Co. of Chicago
200,000
Washburn & Co., Inc
A
200,000
600,000
Weeden & Co
200,000
500,000
Wells-Dickey Co.--------
250,000
2,750,000
1,000,000
Kidder, Peabody & Co
Ladenburg, Thalmann & Co.
500,000
Laird, Bissell & Meeds
8,416,868
10,067,082
1,331,184
1,479,392
b After all reserves/—V.
5,948,931
stock
2,500.000
Dillon, Read & Co
from
purch.
6,504
various
other things, for modernization, extension and replacement of
Total.
Co.-
-Initial
estimated costs of registration
for the $100,000,000 issue at about $380,000, as follows:
Federal stamp taxes, $100,000; printing registration statement, pros¬
pectus, indenture, &c., $50,000; accounting services, $20,000; legal services,
$55,000; preparation, authentication and delivery of debentures, $96,000;
engineers' services, $25,000; Securities and Exchange Commission filing
fee, $10,500; Stock Exchange listing fee, $12,000; miscellaneous, $11,500.—
V. 146, p. 3362.
United Stores
Corp.—Earnings$348,453
136,723
19,736
$45,782
$747,733
608,970
$191,995
1,503,395
loss$57,259
$289,845
329,863
_sur$138,763
$1,311,400
$57,259
$40,018
Federal taxes
Preferred dividends
Deficit.
...........
Includes $201,118 profit from sale
8,653,087
.71,479,993
71,506,738
Dividends
on
dividend payments on smaller
% cents per share on the
outstanding, likewise payable
This stock had also been split-up
on March
1, last.
Previously, regular quarterly
share were paid.—Y. 146, p. 1573.
shares
now
on
four-for-one
a
Cum.
$6
conv.
2,492,375
4,579,895
2,537,375
252,087
pref. stock
b Class A stock.
of
New Jersey
308
of Del. stock...
624,100
624,100
c
252,096
Common stock..
4,579,895
pay. on
250,000
27,373
Accounts payable-
31,544
McCrory
Accrued interest--
97
Stores Corp. stk,
Unclaimed divs...
3,070
2*814
Reserve for taxes.
142,000
212,100
Inv.
in
and obligations.
Inv.
in
Stores Co
5,360,825
5,564,863
McLellan
Pay. to Tob. Prod.
-
4,521,088
4,521,096
Office furn.&fixt.
1
214
Corp. of Del
Capital surplus
2,927,6391
Total....
a
10,577.921
10,813,513
Total
251
2,961,845
138,763/
Earned surplus
...10,813,513 10,577,921
Represented by 99,695 (101,495 in 1936) no-par shares,
b Repre¬
by 915,979 no-par shares,
c Represented by 504,074 (504,192 in
no-par shares.—V. 145, p. 3984.
sented
Utah Radio Products Co.—Unlisted
Trading—
admitted to unlisted trading privi¬
leges the new capital stock, $1 par. New capital stock issued share for share
in exchange for old capital stock, no par, in accordance with plan as set
forth in notice of annual meeting addressed to stockholders of company,
dated March 24, 1938.—V. 146, p. 3207.
The New York Curb Exchange has
Utah Light & Traction
Co.—Earnings
1934
1937
1936
1935
$1,159,704
1,087,482
$1,135,582
1,028,817
$1,042,641
918,514
$999,245
912,140
$72,222
554,616
$106,765
522,010
$124,126
501,294
2,785
$87,105
546,877
2,440
$626,838
621,813
8,963
$628,775
622,300
10,416
$628,206
621,987
10,162
$636,422
623,554
16,819
$3,938
$3,941
$3,944
$3,950
Net revs, from oper.
Rent from leased prop..
_
Other income.
Gross corporate inc
Int. on mortgage bonds.
Other int. & deductions.
Universal Pictures Co., Inc.—Vice-President Resigns—
J. Cheever Cowdin, Chairman of the Board, announced that at a meeting
of the directors held May 19, Charles R. Rogers was relieved of his duties
as Vice-President in charge of production at the studio.
At the same meet-
$
Liabilities—
7$1,598
103,452
Corp.
1936
1937
1936
$
•
Net loss
,
of investments.
Comparative Balance Sheet Dec. 31
1937
New
15 to holders of record May 31.
.dividends of $1.75 per
$419,070
73,722
10,503
45,000
91,804
11,237
initial dividend of 43
June
basis
1934
1935
1936
1937
x$907,861
127,151
3,292
29,685
Exps., franch. taxes, &cInterest paid..
initial quarterly dividend of 32 cents per share
See V. 145, p. 3361 for detailed record of
amount of stock previously outstanding.
is
manufacturing plants and facilities of subsidiaries for which it
estimated $80,000,000 will be expended.
The corporation's registration statement
6,504
8,380,943
outstanding payable June 15 to holders of
record May 31.
Prior to the four-for-one split-up, which was approved on
March 1, last, regular quarterly dividends of $1.25 per share were distributed
an
4,750,000
loans and the remainder added to cash funds of the company to be drawn
of
preferred stock.
Profit & loss acct._
250,000
-
proceeds from the issue, $50,000,000 is to be used to retire bank
Of the
now
preferred
500,000
Lee Higginson Corp
Calendar Years—
an
400,000
Inc
Dean Witter & Co
Yarnell A Co
Stock—
Directors have declared
Whiting, Weeks & Knowles.
1936)
146, p. 2065.
Tobacco
1,000,000
White, Weld & Co
150,000
500,000
400,000
Wertheim & Co
2,500,000
1,466,984
6,037,201
Cap. surp. arising
of
Spencer, Trask & Co-.-__-.-
Jackson & Curtis.
940,933
938,220
Res. for conting..
Total.........71,479,993 71,506,738
a
200,000
demand
9,756,040
amount
250,000
Stroud & Co., Inc
1,000,000
Inv. in Tob. Prod.
sub.
Directors also declared
200,000
750,000
—
Bank loan
Inventories
larger
...
Inc.
Hornblower& Weeks.
J. J. B. Hilllard & Sons
Prod.
Notes receivable &
b
250,000
Hallgarten & Co..
Accts. receivable..
Bonds of sub.
common
200,000
Stein Brothers & Boyce
$52,839
4,280,160
new
400,000
600,000
Starkweather &Co
528,765
$8.35
$7.21
Government
the
700,000
4,750,000
William R. Staats Co
528,765
$10.31
5,543,249
on
750,000
1,000,000
500,000
$165,504
securities
:
250,000
Singer, Deane & Scribner
528,765
$
States
500.000
—.
$116,103
528,765
$9.48
.
Common stock
United
Inc
Res. from Tobacco
Preferred stock
of deposit
750,000
300,000
Assets—
account..39,328,509 40,602,573
Deferred charges.. 5,738,280
4,932,058
Fire insur. fund.._
1,000,000
Green Ellis & Anderson
$6,052,968
1,637,818
4,362,311
1936
loans
500,000
1,750,000
Glore, Forgan &Co
$7,090,972
1,637,818
5,287,650
ment
Accts. receivable..
600,000
600,000
—
Smith, Barney & Co
Speyer&Co.
$5,455,276
1,637,818
3,701,355
$
Stocks and bonds.
350,000
E. H. Rollins & Sons, Inc
L F. Rothschild & Co
150,000
x
Property invest¬
U. 8.
600,000
Riter & Co
First of Michigan Corp
$8,543,461
2,490,493
1937
b
750,000
300,000
Robert Garrett & Sons
$9,881,568
2,790,595
Consolidated Balance Sheet Dec. 31
Assets—
250,000
Arthur Perry & Co., Inc. --R. W. Pressprlch & Co._...
Shields & Co
Net income
100,067
stock out.
200,000
Paine, Webber & Co
J. & W. Seligman & Co
$8,189,072
2,733,796
def$272,144
common
standing (par $50).
Earnings per share
400,000
Otis & Co
750,000
Cash
Surplus
400,000
475,000
250,000
$6,653,324
1,637,818
5,287,650
.
G. M.-P. Murphy & Co
W. H. Newbold's Son & Co.-
First Boston Corp
$9,112,258
2,458,933
.
400,000
1,250,000
Estabrook & Co.
--
Profit for year
200,000
—-
F.S.Moseley &Co
250,000
Equitable Securities Corp...
Total income
Total income........$12,142,438 $10,743,287 $12,431,344
Expenses....
1,262,511
1,053,882
1,054,239
Corp. & Fed. tax, &c„.
1,676,475
1,411,842
1,405,851
Provision for surtax....
6,400
1,000
Minority interest
..."
84,794
87,490
89,687
Preferred dividends
Common dividends.
Mitchum, Tully & Co
Moore, Leonard & Lynch
—
Calendar Years—
Net earnings........
250,000
500,000 Schroeder, Rockefeller & Co.,
Inc
1,750,000
350,000 Schwabacher & Co
Securities Co. of Milwaukee,
250,000
Dick & Merle-Smith
from sale of prop¬
Deprec., depi. & amort.
4,750,000
1,750,000 Salomon Brothers & Hutzler.
750,000 Schoellkopf, Hutton & Pomeroy, Inc
500,000
Clark Dodge & Co
Other income
Prof,
350,000
4,750,000
Brown Harriman &
upon, among
loss.....
500,000
Mellon Securities Corp
Merrill Turben & Co
W. C. Langley & Co...
Lazard Freres & Co
1938—6 Mos.—1937
x$625,893
77,432
103,000
$424,061
59,380
Federal income taxes
Net
150,000
---
W. W. Lanahan & Co
Co.—Earnings—
1938—3 Mos.—1937
Operating loss
Deprecia'n & depletion..
$0.30
$0.35
$1.60
$0.48
Note—No provision- has been made for Federal surtax on
profits.—y. 145, p. 3213.
x
Laurence Marks & Co
Newton, Abbe & Co
Lough-
Chanute,
Bosworth,
250,000
150,000
150,000
Kean Taylor & Co....——.
shs. 7% cum. pref. stk.
(par $100)
Interest accrued
—1,750.000
Lehman Bros...
Kuhn, Loeb & Co
Aimstedt Brothers
Hay den Miller & Co
•
Social Security taxes..
Federal taxes
h*
1938
28,
May
Morgan Stanley &
20,734
clains, &c., def.
Unearned
x
8
9,991,550
1st
Notes, trade ac¬
ceptances & aects
y
z
1936
8
Liabilities—
Preferred stock...
Prop., plant and
x
Chronicle
ing Clifford Work, who has been associated with RKO and Orpheum for
more than 25 years was elected Vice President and General Manager at
the studio, both to take effect immediately.—V. 146, p. 1896.
Consolidated Balance Sheet Dec. 31
Notesi\oies—(.1)
paid interest
earned,
T"*\
Oi
JNO provision
on
tne
amounting
1 QQ7
'Ax
to
nas
un¬
oeen juauc m mo
payable if, as, and when
$1,542,131, for tne period from Jan. 1, 1934, to
6%
_
income demand note,
trryv
Vk/X/ivX WXodo T/Xl*
H QflOfQ
1
V Atl
Volume
146
Financial
Chronicle
Undistributed profits for the 12 months ended Dec.
31, 1937 and 1936,
since no taxable undistributed adjusted net income was indicated for these
Van
3531
Camp Milk Co.—Annual Report—
Years Ended March 31—
periods
1937
$
$
Assets—
Cash in banks
Liabilities—
$
$
Cap.stock($25 par) 1,150,875
1,150,875
Long-term debt,..12,652,115 12,446,000
Accounts payable.
33,369
39,064
6%
inc.
demand
note—Utah Pow
(on
demand)
Special deposits
29,109
19,743
9,194
Accts. receivable.
30,920
28", 549
74,521
.
71,048
Materials & supp.
Prepayments
2,532
Misc.
4,787
curr.
assets,
& Light
Loans &
7,330
Power
count & expense
26,485
30,543
1.094,507
Deficit,
—
&
Utah
Light
249,382
317,255
8,357
158,746
166,382
3,206
Accrued accounts.
curr.
34.746
37,185
228,090
...
149,733
$68,085
91,197
$208,029
51,365
Net profit before provision for
income taxes
Fed., State income & undist. profits taxes
$159,282
28.002
28,002
$259,394
«i oi
A^et,,profit f?om
operations
urov. for
Preferred dividends
Common dividends
134,705
...-20.946.874 22,496.250
20.946.874 22,496,250
Total
Assets—
Period End. April 30—
Operating re venues
Oper. exps., incl. taxes..
of April
Yelar
and
Cash
1938—12 Mos.—1937
$118,012
207,447
rec.
Net oper. revenues
Rent from lease of plant.
$598
51,665
$15,021
610,724
$101,052
527,385
$625,745
$628,437
620,897
8,780
622,300
10.078
41,306
$52,263
Gross income
Int. on mtge. bonds
$1,150,903
1.049,851
$11,279
$52,585
51,858
1,055
51,629
Other int. & deductions-
961
Balance, deficit
$327
$3,941
$3,932
$328
Note—(1)
No provision has been made in the above statement for unpaid
income demand note, payable if, as, and when earned,
amounting to $1,542,131 for the period from Jan. 1, 1934, to Dec. 31, 1937.
(2) No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended April30, 1938 and 1937.—V. 146, p. 3035.
interest
on
the 6%
Utah Power & Light Co.
Years Ended Dec. 31—
Operating revenues
Oper.
1936
$4,951,146
Gross corporate inc
Int. on mtge. bonds
$5,367,843
2,350,063
$4,955,793
2,350,550
300,000
204,689
Cr5,254
747,299
300,000
199,503
Prop, retire,
res.
766,500
approp
$4,235,008
2,377,186
300,000
206,678
surplus
$603,845
284,127
$515,516
284,127
$757,333
$790,255
$319,718
$231,389
periods.
Consolidated
Balance
1937
$
3,839
3,645
918,691
527,359
Special deposits.
53,648
46,274
55~, 540
Accts. receivable
1,727,247
1,802,028
Matls.A supplies
902,991
900,207
32,354
25,778
46,635
28,418
1,638,790
1,805,629
*
Mlsc.curr. assets
Mlscell. assets..
Deferred charges
Subs.
stock
Long-term debt-
54,958,787
1,145
52,507,000
1,145
52,713,115
com.
61,341
657,382
Accts. payable..
Matu. long-term
..120,941,579 120,970,993
545,421
debt &Int
Misc.
curr.
506,516
52,811
Customers deps.
Accred. accounts
299,629
378,472
1,333,825
1,277,168
liabs.
37,350
1,948
Misc. liabilities-
Deferred
183,402
7,380,999
3,435,093
Total
Represented by Utah P. & L. Co. (no
54,469
7,170,873
3,408,300
.120,941,579 120,970,993
par
value); $6 pref.
cum.
(en¬
titled upon liquidation to $100 a share); pari passu with $7
pref.; authorized,
210,000 shares; outstanding, 41,921 shares; $7 pref. cum. (entitled upon
liquidation to $100 a share); passi passu with $6 pref.; authorized, 300,000
shares; outstanding, 207,605 shares; common, authorized and outstanding,
3,000,000 shares.
Earnings for Month
of April
and
Year
Date
to
'
$289,768
$384,110
Drl26
171
$289,642
195,470
25,000
$4,379,352
2,423
$4,446,140
$4,381,775
2,348,901
15.705
$384,281
195,879
25,000
16,212
$4,451,104
2,350,550
300,000
204,127
Cr4,637
$53,467
$147,190
$1,536,629
Other income (net)
Gross income
on
Int.
on
mtge. bonds
deb. bonds
Other int. & deductions.
300,000
196,245
Int. charged to construe.
Net income
x
Dividends applicable to preferred stocks for the
period, whether paid
or
unpaid
4.964
$1,601,064
1,704,761
1,704,761
$168,132
Balance, deficit
$103,697
Dividends accumulated and unpaid to April 30,
1938, amounted to
$6,676,981. 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, 1938.
x
Dividends
these stocks
cumulative.
Note—No provision for Federal surtax on undistributed profits has been
made during the 12 months ended April 30, 1938.
Includes provision of
$4,000 for the 12 months ended April 30, 1937.
on
Land, bldgs., machry. & equip.
(net)
1,072,614
1,000
p.
p.
1 to
par
holders of record
April 1, last, and on Dec. 21 and on
3522 for detailed record of previous dividend
Net profit.
x
$2,027,271
$2,079,135
146, p. 2066.
Venezuelan Oil
Concessions, Ltd.—Final Dividend—
Directors have declared a final dividend of 2 shillings less tax on common
stock for year 1937, same as
previously.—V. 145, p. 2869.
Victor
Equipment Co.—Preferred Dividend Deferred—
Directors have decided to defer payment of the dividend
ordinarily due
on the $1 cumul.
pref. stock.
A regular quarterly dividend of
at this time
25 cents per share was paid on March 15, last.—V.
146, p. 3035.
Vicksburg Bridge Co.—Succeeds Old Company—
8ee Vicksburg Bridge & Terminal Co.
Bridge
&
Terminal
Co.—New
Company
The holders of 1st mtge. bonds and 7 % debentures are being notified
that,
pursuant to the orders of the U.S. District Court for the Western Division
of the Southern District of
Mississippi, the plan if reorganization dated
Dec. 1, 1937, has been confirmed and consummated, and
Vicksburg Bridge
Co. has been organized as a corporation under the laws of Delaware
as
new
company contemplated in the plan.
The securities and cash to
issued and distributed pursuant to the plan to the holders of bonds and
the
be
de¬
bentures, respectively, are ready for delivery.
The Vicksburg Bridge Co. has made arrangements for the distribution of
securities and cash pursuant to the plan of reorganization, as follows:
(a) To the bondholders: Each holder of first mortgage bonds of the debtor
is entitled to receive first mortgage bonds of Vicksburg Bridge Co. with
attached voting trust certificates and cash, as provided by the terms of the
Elan, as follows: to receive $500 bonds in mortgage bonds of the debtor the
of first the aggregate principal amount of
older is entitled For each
$625 with attached voting trust certificates representing five shares of the
stock of Vicksburg Bridge Co. and $16.25 in cash.
(b) To the debentureholders: Each holder of a $500 7 % debenture of
the debtor is entitled to receive $100 in cash and voting trust certificates
representing five shares of D common stock of the Vicksburg Bridge Co.
common
Kenyon
p.
D.
Wells is President of the Vicksburg
Bridge Co.—V.
146,
3207.
Viking Pump Co.—Special Dividend—
The directors have declared
a special dividend of 25 cents
per share on the
value, payable June 15 to holders or record June 1.
paid on March 15, last; a special of $1.25 was paid on
Dec. 15, last; 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
25 cents paid on Sept. 15 and June 15, 1936, on Dec. 15, 1935, and June 1,
1935, and on Dec. 20, 1934, this latter being the initial distribution on the
issue.—V. 146, p. 1263.
stock,
common
Like amount
no par
was
Wabash
Ry.—Earnings—
1938
3,085,326
531,886
def60,576
April—
Net after rents
964,913
433,561
3,732,812
910,500
416,146
3.602,682
969,793
547,160
16,226,080
4,268,742
2,148,213
14,895,826
3,635,667
1,728,662
13,726,446
3,407,288
1.632,747
It—
From Jan.
Gross
from
Net from
1935
1936
1937
3,973,127
12,327,313
railway
railway
1,597,332
def713,054
Net after rents
—V. 146, p.3035.
Wagner Electric Corp.—No Common Dividend—
Directors took no action on the common dividend due at this time.
A
dividend of 25 cents per share was paid on March 21, last; one of $1.25 was
Dec. 20, last; 50 cents on Sept. 20, June 21 and on March 20, 1937;
$1.50 paid on Dec. 21, 1936, and 25 cents per share paid on Sept. 21, 1936.
For record of previous dividend payments, see V. 146, p. 1419.
paid
on
Waldorf System,
Inc.—Will Pay Smaller Dividend—
May 23 declared a dividend of 10 cents per share on the com¬
par value, payable July 1 to holders of record June 20,
Previously, quarterly dividends of 20 cents per share were distributed.
See V. 145, p. 3672 for detailed record of previous dividend payments.
—V. 146, p. 3208.
Directors
mon
stock,
on
no
Warner
Co.—Earnings—
Consolidated Income Account {Including Qeorge A. Sinn, Inc)
1936
1935
386,797
$4,049,484
2,852,834
34,939
420,262
$2,670,255
2,044,064
27,331
460,873
from operations.----- $1,120,131
Selling expenses.
282,120
Administrative and general expenses.
168,366
Income charges (net)
121,865
$741,448
182,247
133,615
102,787
$137,985
Calendar Years—
1937
$5,722,062
4,174,305
40,830
^
Net sales
Cost
-
-
depreciation
Gross profit
162,959
126,230
70,997
2824.
Corp. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
z
Total...
Represented by 13,668 (14,528 in 1937) shares (no par) stated at $80
Net
Vadsco Sales
127,040
1,000
$2,079,135
Provision for
$6 cumulative preferred stock, both payable July
Like amounts were paid on
June 1.
payments.—V. 146,
388,352
147,404
1,092,432
Estab. milk supply
system
Provision for depletion
Preferred Dividends—
See Y. 144,
Capital surplus
14,558
are
The directors nave declared dividends of $1.16 2-3 per share on the
$7
cumulative preferred stock, no par value, and $1 per share on the no
Oct. 1, 1937.
15,000
70,000
1,162,240
75,000
338,964
14,593
Gross from railway
Net after railway
Period End. April 30—
1938—Month—1937
1938—12 Mos.—1937
Operating revenues
$1,002,262
$1,031,879 $13,181,684 $12,335,011
Oper. exps., incl. taxes..
621,369
583,827
7,927,098
7,134,906
Prop, retire, res. approps
91,125
63,942
875,234
853,965
Int.
27,762
Res. for contlngs..
70,000
x $4 cum.
pref. stk. 1,093,440
Com. stk. (par $1)
75,000
48,931
credits
to income
Net oper. revenues._.
$263,131
15,000
new
payable
Reserves
x
$
54,958,787
.
Earned surplus.
Total
1936
$
•
Capital stock
Notes and loans
rec
Prepayments
31
1937
banks
Notes & loans
Dec.
Liabilities—
x
(on demand).
in
Sheet
1936
$
property,
franchises,&C.115,591,965 115,740,189
Cash
$211,507
26,568
and
exps.
Vicksburg
$1,358,509
568,254
Balance
Investments
exps...
Formed—
$1,751,777
994,444
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
undistributed adjusted net income was indicated for those
Assets—
and
pay.
Res. for Inc. taxes.
Res. for declines..
2
Bal. carried to earned
Preferred dividends
Plant,
16,580
745",575
Portion applic.to min.int
Accts.
1937
'••
14,353
35,355
2,413,069
300,000
216,164
$2.19
1938
17,541
■
defd. charges...
$4,190,322
747",298
4,647
$4,154,967
$127,040
March 31
Id.
& surp. reserve.
Prepd.
x
$4,189,558
45,450
59,160
37,500
136,405
17,541
insur.
subscribers'
per share.—V.
1934
1935
$5,365,521
2,322
Int. chged. to construc'n
136,405
ruptcy
Reciprocal
as at
Earned surplus
rupt) net
Trustee in bank¬
(& Subs.)—Earnings—
Net revs, from opers..
Other income
on deb. bonds
Other int. & deductions.
1,096
res._
Total....... ..$2,027,271
1937
Int.
180
closed
Due fr. Van Camp
Prods. Co.(bank¬
$13,228,812 $11,845,125 $10,361,563 $10,000,750
7,863,291
6,893,979
6,172,004
5,845,782
incl. taxes._
exps.,
in
4,170
471,881
572
$19,458
$1.01
.
accrued
1,441
155,693
$223,696
56^250
Liabilities
306,997
banks, less
$1,132,810
1,117,789
1937
Cow notes recetv.,
Deps.
1938—Month—1937
$96,754
$95,593
96,156
84,314
stock.
$304,466
Accts. & notes
Inventories
Date
to
common
35,698
oon
*55
__I_H
_
1938
less reserve
Earnings for Month
IIIIZIIII""~
...
Balance Sheet
(net)
Total
~
Balance, surplus
Earnings per share on
7,147
Misc. liabilities...
Del. credits to inc.
140,849
75
liabs.,
Reserves..
general expenses
Miscellaneous income—net
8,200,000
6,425,548
Matured long-term
debt & interest.
Misc.
4,113,260
r
Net profit
Co
Co
11,410
St/ivrV.-V
selling, administration &
advances
payable
5,006
Mlscell. assets
TJnamort. debt dis¬
1936
1937
1937
$4,471,022
1938
-
1936
Plant, prop., Iran
chlses, &c
20,769,325 21,228,113
$4,074,923
3,865,988
Balance Sheet Dec, 31
xl938
loss $46,585
xl937
y$21,992
Does not include Vadsco Realty Corp.
z After
charges, depreciation and
taxes,
Loss of Vadsco
xl936
y
$8,831
loss $10,817
Before provision for income
Federal
taxes.
Realty Corp., a wholly-owned subsidiary, in first quarter
of 1938 was $16,076, after depreciation, against loss of $15,114 in first
quarter of 1937.—V. 146, p. 3362.
inc.
before
specifically
items
$547,780
54,505
$322,799 loss$222,202
109,287
12,476
$602,285
set forth below
Income from securities
362,679
36,298
$432,086 loss$209,726
373,867
395,345
36,625
36,777
$203,308
$21,594 loss$641,848
1935
Net
ordinary
income
before bond
int., &C-------Interest on 1st mrge.
bonds, &c
Amort, on bond dis. & expense
Net income for the year
Financial
3532
Sheet
Balance
Consolidated
1937
Assets—
1936
1937
S
properties charged to film costs,
of studio
31
Dec.
1936
$
$
$
Liabilities—
Cash
961,470
896,233
Account# payable-
131,256
80,271
Accts. A notes rec.
337,462
Accrued account#.
199,330
968,343
446,405
825,519
In#tal. of long-term
Exclusive of studio depre*
c
for Federal surtaxes on undistributed
earnings.
962,847
Inventorle#
14,353
381,763
Acer. Int. A
ciation.
Note—No provision has been made
214,181
Accrd; int. receiv.
432,987
14,241
1,209,997
30,011
Investments
Sink. A ins. funds.
a
a
8,803,880
66,479
trol co. pay. cur.
9,034,876
176,704
6% bds. 5 ,457,000
680,459
Other obligation
Deferred credit
58,050
264,706
166,898
..
Bond discount and
—
224,203
expense...:
5,541.000
625,500
111,700
workmen'#
unproduced
Net
.
2 ,262,950
.-
12,290,091
563,838
a
1,367,050
1,879,210
Accts.
2,953,695
3,953,379
17,798,707
1
-.
2,043,392
,827,338
181,780
accts. reserve
4,718,130
accruals
4,580,560
114,278
3,536,245
188,023
Sundry
34,566
of foreign subs
992,565
867,445
3,420,248
2,641,153
Ac..
1,104,372
1,117,211
Deferred Income
1,405,321
1,616,883
622,009
(non
current)951,700
646,857
Royalties
323,177
pay..
Res. for Federal
670,717
1,353,546
1,673,825
8,301,100
1,701,391
1,823,920
8,245,007
1,122,315
taxes
396,952
1,285,773
.
Adv.
—
pay.
deprec.,
deposit.
Goodwill
3,889,978
4,097,733
Due to affil. cos.
Dep. to sec. con¬
tract and sink,
fund
payable.
Funded debt due
dNet curr.iiabil.
oper.
A special
Mtge.
1,337,500
2,256,595
842,441
$4,927,405
of $4,794,999 in 1937 and
After depletion and depreciation
Notes payable..
19,006,723
3,808,944
within lyr., Ac
ritories-..—
107,676
11,961,660
.....12,290,091
Total
11,961,6601
4,068,516
1,872,627
21,372,385
Invest, and adv.
Total
19,006,723
c
in foreign ter¬
com¬
125,732
pensation A rnlsc
b 1st pref. stock.. 1 ,367,050
c 2d pref. stock...
1 ,337,500
181,780
d Common stock..
Capital surplus—
Earned deficit.
5,670,885
Common stock
assets
curr.
of subs.
$
5,670,885
Rights A scenes
lies, for fire insur.,
1st mtge.
Prepaid insurance,
license, taxes, Ac
Inventories
Feb. 27, '37
$
stock—
135,484,712
135,091,138
4,985,547
Acct. A notes rec
adv. fd#. to con¬
Liabilities—
b Pref.
Property acct.,
Cash
Instal. on contr. to
Feb. 26, '38
26, '38 Feb. 27, '37
$
Ac
18,000
18,000
debt (current)._
30,042
bldgs.
equip., Ac
Consolidated Balance Sheet
Feb.
Assets—
rent#, Ac;
Prop., land, min¬
eral dep. A
ground
1938
28,
May
Chronicle
......
Deferred charges
fr.
Remit,
film,
for'n
held
subs.,
In
abeyance
Notes pay.
b 7% pref. capital stock, cum. $50 par,
c 7% 2d pref. capital
stock—cumulative $25 par.
d Common capital stock, par $1 each.
—V. 144, p.3859.
in 1936.
39,100
I Purch. money or
conting.
obli-
gat'n, Ac.,ma¬
Virginian Railway—Construction—
turing after
Commission on May 12 issued a certificate
authorizing construction by the company of a branch line of railroad
extending from a connection with its Guyandot River branch, opposite Cub
City, milepost 36.8, northeasterly up the Guyandot R.ver about 0.4 m.le.
thence crossing the river at the mouth of Cub Creek and extending north¬
easterly along that creek about 7.6 miles, a total distance of approximately
8 miles, all in Wyoming County, W. Va.
The
Interstate
William White has been elected a Vice-President
General
debt
Warren Bros.
stock
of
1937
1935
1934
$4,977,930
Gross income.
1936
$4,657,132
4,236,934
$4,648,380
4,194,465
284,707
Depreciation
$239,340
207,508
256,262
Other credits.
$313,084
301.237
105.238
Total income..
Exp. of non-op. cos., &c.
Interest, &c
Income tax provisions.
Minority interest, Ac—
For'n exch. losses, Ac
Losses on sale of capital
assets
(net).
Miscell. loss, Ac., net
,
—
_
$169,208
329,892
loss$32,879
662,607
$446,848
348,780
.509,059
35,719
$56,822
Profit
$499,100
367,051
486,120
521,747
10,706
3,709
50,833
47,412
25,732
60,047
41,463
$127,189
$460,004
$539,366
$503,450
144,348
34,159
152.951
296,871
$271,538
Loss
Net sales.
,163
$692,317
$800,321
Propor. sh. of controlled
loss
Net oper.
$
490,425
586,853
607,512
Funded
279,472
Current liabilities.
631,909
172,487
99,351
pay.of sub.co
Account payable.
Loan
Govt. & municipal
obliga'ns
A
un¬
Notes pay'le
2 858,938
Total income—
(not current)
514,028
a
on
Int.
oper.co.
8,836
2,466,956
c$3
2-3* cum uf.
78,200
2,040,350
Deficit
7,564,519
750,604
7,564,519
552,835
x
x.36,800
30.060
41,218
$395,880
$189,834
$351,277
478,044
348,754
171,400
$3.31
175,000
$2.26
1937
and
Cash.
equipment.$2,121,529 $2,109,012
731,709
787,677
securities
Market,
23,826
2,239
(at cost).......
stock...
66,650
253,872
894,105
819,707
rets..
27,791
77,804
Prov. for Fed. and
20,288,7321
..19,188,200 20,288,732
Total
Represented by 16,422 shares of no par value in 1937 and 16,722 no
shares in 1936.
b Represented by 4.692 no par shares,
c Represented
by 40,907 no par shares in 1937 and 40,807 no par shares in 1936.
d Repre¬
sented by 472,923 shares of no par value,
e After depreciation of $1,933,246
in 1937 and $1,809,098 in 1936.—V. 146, p. 124.
a
par
Washington Water Power Co. (;& Subs.)—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$764,779
$883,327 $10,907,606 $10,378,557
451,913
496,152
6,318,860
5,752,960
92,685
83,743
1,044,344
1.028,711
$303,432
$226,894
$304,844
82,963
82,963
Other int. & deductions.
3,282
2,568
Int. charged to construct
:.
1,412
$3,544,402
33,550
$3,596,886
31,930
$3,577,952
995,550
58,663
Cr4,115
Total
p.
Reserves
33,668
Capital surplus... 1,805,150
Earned surplus...
447,155
on
mtge. bonds
Net income.
$140,649
$219,313
Divs. applic. to pref. stock for the period, whether
paid
or
unpaid
_
355,795
depreciation of $1,744,146 in 1937 and
Represented by 175,000 no par shares.—V. 145,
for depletion and
reserve
y
2093.
Grape Juice Co.—Interim Dividend—
dividend of 15 cents per share on a
shares.
The cash dividend will be
June 10 to holders of record May 31 and the stock dividend on
June 20 to holders of record May 31.
Cash dividends of 25 cents per share
on
paid on March 21, last, and on Dec. 10, last; a dividend of 75 cents was
Aug. 24 and on May 28, 1937, and cash dividends of 50 cents per
were distributed on Feb. 27, 1937, Oct. 31 and June 15, 1936, and on
Dec. 15, 1935, tnis latter being the first dividend paid since 1933.—.V. 146,
p. 124.
were
paid
on
share
Wentworth Mfg.
$2,527,854
$2,597,613
622,518
Co.-
-Bal. Sheet
1937
$1,611,942
Bank
conduct
loans,
accts.
Property not used
in
crued
of
19,000
360,522
business
April 30—
trade
ac¬
pay.,
taxes
and
19,200
other expenses..
359,248
Dividends payable
Conv. pref. stock.
Deferred charges A
46,599
prepaid expenses
55,112
Com.
stock
...
stock
treasury
$2,193,843 $2,045,502
Total
x
$357,727
71,484
x540,000
512,520
Total
Represented by 39,940 (40,000 in 1937) no par
512,370
539,371
660
Earned surplus
Pref.
$654,054
8,464
539,190
($1.25
Paid-in surplus
y
1937
1938
Liabilities—
1938
$1 ,767,722
Assets—
Current assets
par).....
Gross income
1,801,774
...$4,297,010 $4,127,107
Total
.$4,297,010 $4,127,107
....
After
x
$1,646,518 in 1936.
$3,628,816
995,550
45,450
Cr9,797
622,518
$220,181
11,713
Int.
51,152
30,158
88,010
Real estate mtges.
Fixed assets
Net oper. revenues
Other income (net)
62,692
State taxes
32,728
Def'd charges, Ac.
Accounts
12,275
375,183
Treasury
paid
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approps
1936
1937
Capital stock...$1,750,000 $1,750,000
payable,
94,633
Ac
112,676
43,594
Dividends payable
85,669
y
Directors have declared an interim cash
g'dwill.
Period End. April 30—
261,563
Liabilities—
1936
stock dividend of 5% on the common
.19,188,200
261,557
175,000
175,000
$1.08
$2.01
undistributed profits not as-
Surtax on
y
property
Plant,
Welch
176,729
agree¬
Total
y39,600
Including $300 surtax.
con v.
1,372,651
$474,009
81,513
80,378
Consolidated Balance Sheet Dec. 31
78,200
2,045,350
stock..
$384,695
89,314
57,548
S6SS«lbl6
A sundry
278,700
1,435,859
$567,911
.....
Inventories
17,500
d Common stock..
in Spain
$300,273
110,454
Notes A accts. rec.
35.159
273,700
cumul.
$509,202
76,523
$717,965
...
Shs. outst'g (no par val.)
Earnings per share
1st pref.
pref. stock
to
Land, bldgs.,mach'y, equip.,Ac. 1 638,265
Deferred charges..
214,936
ments &
cum.
2d pref.
27,758
2 108,696
e
Pats., license
$1
b $1.16
contracts
in A advs.
368,156
(non-
afnnlr
Guaranty deposits
Investments
370,245
$242,724
75,476
Net profit
Dividends-
2,980,523
current)
3,537,540
396,198
Accts. A notes rec.,
Ac.
781,846
6,731,772
_
pledged tax liens 10 ,667,509 10,899,349
Pledged Gov.obllg.
debt
Reserves
$464,938
44,264
$642,489
Deprec. & depletion
Provision for Federal and
$
6,453,970
2;838,188
Cash...
Accts. A notes rec.
Inventories
1936
$
Liabilities—
$2,023,425
1,638,729
2,591,591
income
Assets—
1937
1936
$
1934
$1,678,584
Miscellaneous income.
Consolidated Balance Sheet Dec. 31
1937
Assets—
1935
$2,503,160
2,038.222
General expenses, &c...
x
Net
Years
1936
$3,234,080
—-
State taxes
4,868
3,985
d Subsidiaries
(where current
1937
57,301
5.129
28,669
6,363,301
Pipe Corp.—Earnings—
Consolidated Income Account for Calendar
$629,728
499.525
T, 440
license cos.' losses
Warren Foundry &
3,797,650
191,541
262,296
1,120,000
56,774,519
b Represented by 103,107 no
par shares,
c Represented by 3,801,344 shares, par $5.
operating in foreign territories having exchange restrictions
liabilities exceed current assets).—V. 146, p. 931.
$3,956,312
180,858
4,756,107
165,001
Costs, exps. & ord. taxes
■'*
235,849
Total.......178,593,715 174,727,581
174,727,581
178,593,715
depreciation and amortization,
After
a
Years
surpl
1,242,000
Capital surplus- 57,094,331
Operating deficit
1,272,218
Total...
Co.—Earnings—
A
subs
Res. for conting.
in addition to his duties
Consolidated Income Account for Calendar
635,553
74,550,937
Min. int. in cap.
146, p. 3035.
Manager.—V.
444,287
71,941,434
Mtge. and fund.
New Vice-President—
as
1
year
Commerce
563,921
in
7>r60,416
.$2,193,843 $2,045,502
shares,
y
6,085 shares
at cost.
Balance
$1,905,336
$1,975,095
Nofe—Includes
undistributed
provisions of $3,401 and $1,500 for Federal surtax on
profits for the 12 months ended April 30. 1938 and 1937,
146, p. 2874.
respectively.—V.
provision has been made for Federal surtax on
profits.—V. 146, p. 3363.
Note—No
West Coast Telephone
undistributed
Co.—Accumulated Dividend—
declared a dividend of 75 cents per share on account
6% cum. pref. stock, par $25, payable June 1
to holders of record May 20.
This compares with 37 H cents paid on
March 1, last: $1.1216 paid on Dec. 1 last; 75 cents paid on Sept. 1 and
June 1, 1937; 37H% paid on March 1
1937: 75 cents paid on Dec. 21,
1936, and dividends of 3716 cents per share paid on Dec. 1, Sept. 1, June 1
and April 1, 1936, this latter being the first payment made on the preferred
stock since June 1, 1932, when a regular quarterly dividend of 37 M cents
per share was distributed.—V. 146, p. 1419.
The directors have
Warner Bros.
Pictures, Inc. (& Subs.)—Earnings—
26\ Weeks Ended—
Profit before
Feb. 26, '38 Feb. 27. '37 Feb. 29, '36 Feb. 23, '35
charges..)
Not
Amort, of film costs.Available
Prof, after film amort.
Amor. & deprec. of prop.
Interest
Prov. for
inv.
in affil.
cos
Prov. for conting
Profit..
Other
income
$7,940,387
2,400,461
2,206,991
13,850
107,000
$3,212,085
219,360
Not
Not
1$15,071,821
Available
Available
J a9,736,665
$9,558,650
b2,414,467
2,318,550
257.609
$7,300,179
b2,600,484
2,420.204
129,026
$5,335,156
b2,790,658
2,440,962
158,510
50,000
$4,518,025
292,873
of accumulations
West Virginia
tions Paid
$2,150,465
267,061
loss$54,974
177,568
Profit.
Federal taxes
Net profit
.
in
$3,431,446
2,828
$4,810,898
509
604,000
770,000
$2,824,618
$4,040,389
$2,417,526
11,281
430,000
$122,594
2,857
253,252
$1,976,245 loss$133.515
Includes depreciation of studio properties,
b Exclusive of $564,018
1938, $471,631 in 1937, $352,250 in 1936 and $240,651 in 1935 in respect
a
Water Service Co.—Dividend Accumula¬
Up—
dividend of $6 per share on account of accumula¬
pref. stock, no par value, payable July 1 to holders
Directors have declared a
tions
on
the $6 cumul.
of record June 15.
Minority interest
the
on
preferred stock.
This payment will clear up all accumulations on
See V. 146, p. 1898 for detailed record of previous
this issue.—V. 146, p. 3036.
the
divi¬
dend payments on
West Disinfecting Co.—Bonds Called—
notifying holders of its 1st mtge. sink, fund gold bonds,
The company is
due July 1, 1940 that there has been drawn by lot for redemption on Julyl,
1938 out of moneys in the sinking fund, $11,800 principal amount of these
Volume
Financial
146
Chronicle
bonds.
Payment of drawn bonds at 101 % of their principal amount will be
made on July 1, 1938 by the Chase National Bank, successor trustee.
—V. 144, p. 3859.
West Texas Utilities
Period End. Mar. 31—1
Total oper. revenues
Co.—Earnings—
1938—12 Mos.—1937
$5,499,895
$4,922,917
2,670.757
2,895,540
1938—3 Mos.—1937
$1,275,004
Operating expenses
State, local & miscell.
719,383
$1,142,518
682,839
392,527
73,967
368,259
$369,448
3,803
$2,137,859
24,059
$1,883,900
$456,612
282,173
3,747
$373,251
289,320
3,899
$2,161,919
1,142,582
14,258
21,188
4,824
21,769
4,490
85,767
18,757
87,459
15,343
$144,679
$53,772
$900,554
90,231
$452,611
4,001
Net operating income.
Other income (net)
Gross income
Int. on long-term debt..
General interest
Amortiz. of bond disct.
LAf' £■
Net income..
New
in
which has long carried the bulk of bituminous coal produced
The present
holdings by the C. & O.
as
beneficial
owner
through Western
Pocohontas Corp. of the New River Co.
stock, consist of 15,224 shares of
preferred
or
22%
of the total outstanding 69,000 shares, and 7,326
snares of the common or
19% of the 39,000 shares outstanding.
Common
eferred stocks have equal
voting rights so the combined holdings of
the Chesapeake & Ohio of
22,500 shares represent about 21% of the voting
power of the New River Co.
capitalization.
Weston Electrical Instrument
Corp.—Earnings—
Consolidated Income Account Jor Calendar Years
1937
~
and expense.
Miscell. inc. deductions.
Stock
by the New River Co.
the
17,490
Corp.—Acquires
The company has
acquired stock in the New River Co..
The Western
Pocohontas Corp. is controlled
by the Chesepeake & Ohio Ry., and the
acquisition is believed to have been made to protect the future interests of
$621,988
97,270
5,739
Pocahontas
River Co.—
$1,901,390
1,162,836
13,763
Federal taxes
Fed. normal income tax.
3533
Western
_.f
.
Profit after costs &
exps.
Other deductions
1936
1935
1934
$682,694
19,794
Operating profit
$425,270
26,778
$265,089
13,215
$662,900
51,133
.
Other income
$441,012
12,945
$428,067
45,512
$398,492
23,406
$251,874
15,062
Note—The accrual for Federal normal income tax in the current period
has been computed in accordance with the requirements of the Revenue
Act of 1936.
It is estimated that the company has no liability for Federal
Depreciation
$714,033
182,395
undistributed
federal taxes
xl08,752
$473,579
177,108
40,171
$421,898
158,318
38,117
$266,936
148,853
16,363
.>422,885
54,752
160,583
$256,301
58,124
136,496
$225,462
y85,940
$101,720
y104,000
8207,550
$61,681
$139,522
def$2,280
$2.10
$1.23
$0.98
$0.20
profits
tax
on
its
operations
for
the current period.—V.
Total income
146, p. 3036.
_
Net profit
Western Dairies,
_
Common dividends
Calendar Years—
1937
Net sales..
$19,286,473
Cost of goods sold (including selling,
delivery and administrative exps.)_
.
Class A dividends.
Inc.—Earnings—
1936
1935
$18,073,248 $15,674,542
Surplus.
Earns, per sh.
on 160,583
shares......
common
14,690,146
17,080,234
18,327,013
Includes
x
dends
Net
earnings before deprec., int.
charges and provision for Federal
$31,165 surtax
3 Mos. End. Mar 31—
Profit after expenses
Other deductions (net)..
-
income tax
$959,461
528,747
$993,014
509,732
$984,396
Net operating income.$430,713
$483,281
16,552
$481,059
18,987
Depreciation
503,336
Net
14,606
earnings,
before int. charges
and provision for Federal income
Federal taxes.
Net profit
Class A dividends
$445,319
116,762
19,000
$499,833
127,876
32,000
and class A stock of
$339,957
$306,341
subsidiary
$146,073
Market,
a$135,533
220,284
213,210
384,772
410,790
1,395,703
$331,148
255,707
12,295
$301,464
$769,112
136,968
$599,150
133,498
$402,588
146,881
as
at Dec. 31...
Assets—
c
$255,707
Patents & goodwill
Deferred charges..
$632,144
1937
$465,652
$271,408
8611,826
in banks and
Notes payable
hand
Accounts
993,737
267,051
846,653
Reserve
169,827
104,780
Funded
541,061
239,568
expenses-
265,123
Res.
for
I.
in
&
from
1,355,638
to
406,572
4,604,676
65,266
trolled
480,757
4,596,101
7,314
charges.
Res.
sation
c
$3
23,202
Co., Ltd.,Kng
157,755
insur....
cum.
&
d Commonstock..
Capital surplus
Earned
surplus
a
After
reserves,
Total
90,000
,440,014
459,899
2,440,014
423,643
632,144
459,899
493,486
465,652
$7,210,378 $7,462,192
b After
and $4,696,389 in 1936.
c
reserve for depreciation of $5,029,304 in 1937
Represented by 61,000 no par shares,
d Repre¬
146, p. 124.
sented by shares of $1 par.—V.
Western Maryland
Period End. Apr. 30—
equipment
—
1,432,875
.
Operating
revenues
Total oper. expenses
Net oper. revenue.
Taxes
$304,486
85,000
$456,247
Operating income
Equip, rents (C'r.
$336,247
28,423
Joint facil. rents (net)..
$219,486
7,284
Dr9,573
Net ry. oper. incomeOther income.
$217,197
8,238
Gross income
Fixed charges.
Net
Cash
Gross
—V.
earnings
class
1938—4 Mos.—1937
$4,443,745
$6,305,785
3,150,731
4,005,100
—V.
146,
Net from railway.
Net after rents
holders
of
preferred stock might be exchanged for the new $5 pref. stock, plus onehalf share of common stock, had been extended from June 15 to Sept. 14.
146,
p.
2875.
Wisconsin Central
Freight revenue.
Passenger revenue—__
1
to
$832,713
May
14—
1938
$6,945,391
$809,689
106,914
158,472
$1,154,937
96,284
27,586
387,483
29,570
25,614
402,718
45,768
$3,123,535
398,702
594, i 87
109,180
1,615,310
154,338
$99,662
82,929
$433,406
88,727
$251,817
321,152
$1,061,240
223,325
$16,732
38,762
51,744
$344,679
58,757
43,816
def$69,335
150,233
222,597
$837,915
212,865
174,894
$242,104 def$442,165
Dr89,920
Dr290,964
129,333
541,378
$450,154
Dr379,276
518,490
$1,274,507
$447,612
—
_
Net ry. revenues..
Taxes.
Hire of equipment
Rental of terminals....
Net after rents
Int.
1936
1935
$1,040,148
def73,669
def236,788
$861,523
5,788
def 116,496
3,830,176
184,492
def360,745
3,403,291
238,496
def268,949
3038.
Westinghouse Electric & Mfg. Co.-
-Plans
$12,000,000
I mprovements—
The company has announced that it will spend
$3,943,458
364,470
636,327
95,124
1,593.455
192,841
108,538
216,224
151.145
1937
$4,871,093
$3,618,696
72,661
Transportation expenses
General expenses.
1938—4 Mos.—1937
$2,800,304
98,863
224,367
61,750
•
revenues
Traffic expenses _
Ry.—Earnings—
1938—Month—1937
$717,615
$1,056,667
30,323
25,608
Period End. Apr. 30—
Net after taxes
def$13,318
—Jan.
Dividend—Exchange
the 6% cum. pref. stock, par $100, payable July 1 to
June 14.
Similar payments were made in preceding
record
$92,256
4,906,546
246,919
def405,185
4,172,728
777,870
430,863
quarters.
'
The directors also announced that the time limit in which the old 6%
on
..
approximately $12,000,000
on
new
buildings, machinery, equipment and other improvements and
repairs this year.
A similar amount was spent in 1937, but this outlay was
to meet increased production needs, whereas this year's appropriation, A.
W. Robertson, Chairman, said is to help effect the return of prosperity
and to prepare the company for increased production when business con¬
ditions improve.
Areas in which major projects are planned or are already under
way and
the amounts involved are: New England, $2,000,000; New Jersey, $1,500,000; Pennsylvania, $6,500,000; Ohio, $600,000; Maryland, $200,000. and
Indiana, $50,000.
About $5,000,000 of the $12,000,000 will be spent for
equipment, including machinery.—V. 146, p. 3208.
—
funded debt—
def$73,774
Dr75,506
138,487
$287,768 prof$22,851
Net deficit
—V. 146, p.
3038.
Wisconsin Investment Co.—10-Cent Dividend—1declared
Directors have
Corp.—Preferred
Steel
$1,879,762
1,047,049
3,597,348
def942,600
defl549,616
174,199
4,497,366
1,054,757
711,289
The directors have declared a dividend of $1.50 per share on account of
$1,032,293
1,045,611
1937
1935
$974,275
170,094
88,101
Time Extended—
$354,402
262,146
$1,229,637
defl81,076
def342,229
1936
$1,150,410
268,844
2875.
p.
Wheeling
$1,859,601
20,161
def337,930
def473,134
1,627,356
__
$993,568
38,725
From Jan. 1—
Gross from railway
5,446,152
1,875,683
289,069
_
$351,653
2,749
1938
Net after rents
—V. 146, p.
2,893,278
464,150
Gross from railway
Net from rail way.
Drl3,017
$956,310
$3,835,872 $3,790,418
1937
$1,256,881
311,181
274,146
1938
Other income (net)
railway
railway.
Total
$710,905
109,798
63,504
Mtce.of way & struc. exp
Mtce. of equipment
Western Pacific R
R.—Earnings-—
April—
a855,225
Wheeling & Lake Erie Ry.—jEarningsGross from railway
Net from railway
def $35,855
Gross from
127,504
2,500,000
and
$1,825,685
87,753
Dr53,837
146, p. 3208.
Net from
127,504
2,500,000
898,566
A
$943,014
100,688
Dr50,134
$316,312
—
of
All other revenue
$226,205
tingencies, &C
Capital stock...
_L
$225,435
261,290
(est.)...
28,609
2
$2,300,685
475,000
Week End. May 14—
1938
1937
111,564
con¬
surplus are stated after deduction of $13,668 for dividend
stock payable Jan. 3, 1938.
b After reserve for doubtful ac¬
$23,358 in 1938 and $21,918 in 1937.
c After reserve for de¬
preciation of $1,426,566 in 1938 and $1,382,690 in 1937.
d Represented by
27,376 class A shares and 160,583 shares common stock both of no par
value.—V. 145, p. 3675.
a
on
Total
income.
for
52,716
$1,293,014
350,000
120,000
Reserve
1,396,094
2
57,654
$3,835,872 $3,790,418
counts
—V.
Ry.—Earnings—
1938—Month—1937
$1,050,837
$1,447,836
746,351
991,589
$167,516
42,607
93,268
Prop., plant and
accumulations on
Total.........$7,210,378 $7,462,192
$173,928
pay¬
77,019
part.-
stock,
accts.,
rolls & expenses.
109,352
80,819
Net after rents.
compen¬
preferred
Accounts payable.
Dec. 31 '37
From Jan. 1—
cos
for
def$5,957
Mar. 31 '38
Earned surplus...
Net after rents.
plan
preservation
of assets of con¬
affil.cos.(atcost)
def$10,907
Liabilities—
d
acct.
W. E.
Aptil—
expenses
incident
for
and advances to
Deferred
92,519
companies.
Investments, prin¬
cipally stocks of
.
"67,456
2,000.000
66,736
.
interests in sub.
502,546
equip.
43,118
,750,000
of
...
Mln. stockholders'
products,
b Plant &
Fed'l
debt
subsidiaries
supplies...
Prepaid
for
income taxes
materials &
raw
$69,175
942,315
959,091
receivable
ished
$57,878
—.
254,631
Inventories of fint
rec.
1936
payable.
Sundry notes and
accts.
1937
Accrued liabilities.
& accts. receiv'le
a
Invest,
Total
Liabilities—
1936
Customers' notes
$11,231
17,188
Fed. taxes on inc..
receivable.
101", 124
Consolidated Balance Sheet Dec. 31
on
accts.
4,877
Other assets
Balance
$46,299
17,060
40,146
Acer,
Inventories..
Preferred dividends
a
&
8,809
$301,01.6
465,652
2,445
Total
Cash
&
secur.
b Notes.
bonds and debentures retired
on
1935
$53,515
1,919
37,119
3,246
$90,333
$43,340
Dec. 31 *37
8,541
Net income
Pre\ ious surplus
Profit
1936
$102,583
3,910
41,774
10,600
$104,021
13,688
13,688
Mar. 31 '38
accrued interest,
companies.
Including divi-
Consolidated Balance Sheet
Assets—
Cash
Net earnings
y
$171,747
2,733
43,394
21,600
$57,028'
_
Surplus
$500,047
150,706
43,000
$309,557
...
taxes
Portion of earnings applic. to prefer¬
ence
1937
1938
Common dividends
taxes
Interest charges
Provision for Federal income
undistributed profits,
$112,201
Crl,135
44,607
11,700
Depreciation
Other income
on
in arrears.
a
dividend of 10 cents
per
share
on
the common
stock, payable July 1 to holders of record June 10.
This compares with
a dividend of 20 cents paid on Dec. 15, last; 10 cents paid on July 1, 1937;
20 cents paid on Dec. 15, 1936 and an initial dividend of 10 cents per share
distributed on July 1, 1936.—V. 146, p. 3363.
Wisconsin Power & Light Co. (&
Subs.)—Earnings—
1938—3 Mos.—1937
$2,238,505
Total oper. revenues— $2,349,498
1,203,399
Operating expenses
1,263,864
306,233
State, local, &c. taxes.
333,173
Federal & State normal
41,700
income tax.__.-_-—
56,520
Period End. Mar. 31—
_
46,450
3,551
$3,018,447
9,162
$690,723
356,370
2,204
$2,877,831
1,449,035
13,826
$3,027,609
1,477,382
8,792
$687,172
Gross income—;
$699,429
361,420
4,707
debt _ -
General interest (net)
Amortiz.
of debt
—_
disct.
$8,788,529
4,527,106
1,196,526
183,745
$695,941
3,487
Int. on long-term
,337,776
4,983,883
1,304,687
$2,865,461
12,370
Net
operating income.
Other income (net)
1938—12 Mos.—1937
Financial Chronicle
3534
May 28, 1938
Consolidated Balance Sheet Dec. 31
327,917
».
81,206
90,473
327,660
Miscell. inc. deductions.
1,376
2,834
4,839
8,322
$250,718
$238,842
$1,082,470
$1,205,196
and expense.
;
1937
Note—'The accrual for Federal normal income tax has been computed in
with
accordance
the Revenue Act of 1936.
It is es¬
liability for Federal un¬
its operations for the current period.—V. 146.
the requirements of
timated that Wisconsin Power & Light Co. has no
distributed
P.
profits tax on
6,576
13~4~977
444,290
836,069
575
Accounts payable.
6,475
Accrued accounts-
Cash
Interest.
York Railways
1937
1936
1935
1934
$2,790,294
2,219,073
$2,600,986
1,916,434
$2,434,961
1,646,883
$2,443,754
1,650,906
Operating income.$571,222
Non-operating income-13,721
$684,552
25,129
$788,077
33,359
$792,848
41,657
$584,943
'~~$709,681
$821,436
290,417
309,163
309,381
Total income
Bond & other int. chgs.,
115,252
309,571
count and expenses.--
32,517
90,097
36,979
36,979
36,979
110,889
489
102,807
25,134
122,955
prof--
Net inc. for the year..
$171,422
$235,599
$352,120
$377,066
Federal surtax
on
Consolidated Earnings
for 12 Months Ended March 31
1938
—
Provision for retirements.
$2,676,849
1,322,908
160,942
265,374
90,663
303,258
164,758
272,337
123,549
284,052
$509,243
25,170
$473,424
Maintenance
$2,824,652
1,541,621
10,631
—
-
1937
$462,793
Total operating revenues.
Operating expenses.
$534,414
305,300
---
....
Federal income taxes..
—:
Other taxes
--------
Operating income..
Other income
Gross income
Interest,
on
Interest
on
Deferred accounts
1st mortgage
273,313
bonds
2,445
$188,233
Total
13,405,125 14,150,913
176,032
2,757,982
848,119
558,675
..-.13,405,125 14,150.913
1266.
—V. 146, p.
W.) Wool worth Co,—New Director—Expansion—
(F.
of the Boston district, has been elected a director,
Parson.
E. H. Lotz, Manager
H.
succeeding
T.
deal involving an aggregate of more than $1,000,000 in rentals and
a
taxes, the company has
obtained
long-term lease, to take effect July 1,
a
1939, on the properties known as 320-22 Jackson Ave, and 148 Claremont
Ave., Jersey City, N. J., it was announced on May 25.
Under the terms of the lease, according to Alexander F. Roe, broker,
who
negotiated the deal, upon expiration of leases held by tenants in the
Eresent buildings, those use of the Woolworth firm will be erected.—V. 146,
uilding for the exclusive structures will be demolished and a new 2-story
3208.
p.
Yazoo &
Mississippi Valley RR.1,072,520
railway....
from
4,467,701
1,230,834
railway...-
Net from railway
Net after rents
—V. 146, p.
875.596
172,189
def26,468
4,335,631
1,085,176
238,505
3,568,791
627,130
defl22,212
1—
From, Jan.
Gross
1935
1,064,379
251,830
31,162
5,316,719
1,720,262
820,228
85,641
Net fater rents-.-
1936
1936
1,438,740
514,332
280,399
303,678
Net after rents
Earnings—
1937
1938
April—
Gross from
36,978
$174,393
Balance of income
<fcc_._.
75,325 Reserves--
52,045
-
Earned surplus.
3,902
23,272
unfunded debt
Amortization of debt discount and expense
-
Total
In
Pro v. for Fed. inc. tax.-
66,826
167,972
2.541,786
20.000
Contrlb. for ext.--
.
paid and accrued
Amortization of debt dis-
518,631
Consumers deposit
114,440
$834,505
Operating revenue
Oper. expenses, &c
64,547
449*068
21,024
252,965
5,328
220,247
Int. rec. on invests.
Materials & suppl.
Accts. receivable.
Co. (& Subs.)—Earnings—
Calendar Years—
6.106,000
6,475
62,900
Dlv. on pref. stock
matured
tor
1.600,000
2,500,000
Mat. bond interest
531
Due from affil. cos.
Notes receivable..
Dep.
2714.
5% cum. pref. stk. 1,600,000
Com. stk. ($50par) 2,500,000
Funded debt."
4,990,000
239,076
Investments
$
$
Liabilities—
$
12,605.762 12,446,105
Fixed capital—
1936
1937
1936
$
Assets—
Net income
359,225
...
2878.
Yukon Gold Co.—New Name—
The company
—V.
146,
has changed its name to the
Yukon-Pacific
Note—No provision is made in this statement for Federal surtax on un¬
distributed profits, if any, for the year of 1938.
See Yukon
Yukon-Pacific Mining Co.
3364.
p.
Mining Co.—New Name—
Gold Co., above.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
continued firm with
COMMERCIAL EPITOME
Friday Night, May 27, 1938.
Coffee—On the 21st inst. futures closed 10 to 15 points
higher, with sales totaling 56 lots, most of which were in
September and December.
The Rio contract closed 2 to 5
points higher, with sales totaling 8 lots.
No reason for the
sudden upshoot of values was immediately apparent, but
some
attributed it to Brazilian weather conditions.
Profit
taking on the advance and hedge selling against actuals
supplied the offerings.
The rally today put the Santos
contract ahead for the week.
Compared with values on
May 14th, Saturday's levels were 2 to 12 points higher,
while the Rio contract was 1 to 9
points higher.
On the
23d inst. futures closed 5 to 7 points off in the Santos con¬
tract, with sales totaling 41 contracts.
The Rio contract
closed 4 to 7 points down, with sales totaling 41 contracts.
Light selling, from Brazilian sources mostly-found demand
lacking, with the result that most of Saturday's gains were
lost.
Santos contracts in early afternoon were 9 to 10 points
lower, with March at 5.95c., off 10 points, while Rios were
6 points lower.
Cost and freight offers from Brazil were
about unchanged, with one
shipper offering Santos 4s at
6.70c., and Peaberry 4s at 6.45c.
Fbr equal monthly ship¬
ment September-February 4s were offered at 6.65c., while
for shipment January-June next
year, buyers
could get
coffees at 6.50c.
A cable from Brazil to the Exchange
stated that the National Coffee
Department had ordered
that the next crop be divided into three
classes—30% N.C.D.
quota, 30% "free," and 40% retained.
Havre futures were
3% francs to 2 francs higher.
On the
off
in
24th inst. futures closed
the
Santos
contract,
unchanged to 2 points
with transactions totaling 18
lots.
The Rio contract closed 4
with sales totaling 12 lots.
points up to 1 point down,
Trading was dull.
The actual
market was steady and
activity there was also restricted.
Santos contracts, in early
afternoon, were unchanged to 1
point higher, with December at 5.96c., up 1 point, while Rio
contracts were unchanged to 1
point lower, with March
selling at 4.15c., off 1 point.
Cost and freight offers from
Brazil were unchanged.
Desirable grades of Santos 4s
were
offered at from 6.70 to 6.90c.
Milds
were
firm with
shipper asking 9J^c. for May-June shipment Manizales.
Havre futures were % to 2l/2 francs lower.
one
On the 25th inst. futures closed 5 to 9
Santos
points off in the
contract,
with sales totaling 38 lots.
The Rio
closed 9 to 5 points down, with sales
totaling 13
The market was lower on
light
contract
lots.
selling.
Three Santos
(Haiti) notices were issued.
Today is the last
trading day for May contract.
Santos futures opened 4 to
5 points lower, while Rios were 1 to 2
points off at the open¬
ing.
The Rio May position slumped off 17 points to 4.15c.
Cost and freight offers from Brazil were about
unchanged,
with good quality Santos 4s at from 6.60 to 6.75c.
Milds
and
one
A
Havre
roasters.
Tomorrow
will
slighlty better interest
a
futures
be
a
were
1
to
on
the part of
francs higher.
1%
holiday in Brazil and Havre markets
(Ascension Day).
On the 26th inst. futures closed 1
in
the
point off to 2 points up
Santos
contract, with sales totaling 15 contracts.
The Rio contract closed 2 points off to unchanged, with
sales
totaling
10
A
contracts.
holiday in Brazilian
French markets served to curtail interest.
and
Santos contracts
1
higher with trading confined to the September posi¬
was selling at 5.84c., up
1 point.
Cost and
freight offers from Brazil were light because of the holiday.
Santos 4s generally were at from 6.70 to 6.75c., although for¬
ward shipment coffees were at a discount.
In Santos yes¬
terday the official spot price on hard Santos 4s dropped 100
reis per 10 kilos, and the price on type 5, Rio flavor, was off
a
like amount.
Soft 4s were unchanged.
Mild prices
today were steady, but the business was spotty.
Today
futures closed 8 to 3 points up in the Santos contract, with
sales totaling 46 contracts.
The Rio contract closed 3
points up to 1 point down, with sales totaling 11 contracts.
were
tion, which
The coffee market showed little movement in either direction
light trading.
Santos contracts, in early afternoon, were
points higher to 1 point lower, with September at 5.85c.,
up 2 points.
Rio contracts were unchanged to 3 points lower,
with December at 4.07c., off 3 points.
Cost and freight
offers from Brazil were about unchanged, with Santos 4s
offered at from 6.60 to 6.70c. generally.
The No. 7 spot
price in Rio de Janeiro was up 200 reis per 10 kilos, the
first change since May 16.
Havre futures were 2^ to 4
on
2
francs lower.
Rio coffee prices
July
September
closed
December
follows:
4.09
4.07
—.4.11
Santos coffee prices
closed
July
September
as follows:
5.81 March
5.89 May
5.93
December _;
Coffee
as
4.22 March
—4.20 May
-
Exports
from
Brazil
5.95
5.96
—
Increased
During
April
Above March and Year Ago
Exports of coffee from Brazil during April totaling 1,481,bags recorded a further increase when compared with the
1,408,961 bags exported in the preceding month and the
970,009 bags exported during the corresponding month a
year ago, according to a report to the Department of Com¬
merce by the office of the American Commercial Attache at
961
Rio
de
Janeiro.
The
Commerce Department's
ment, made public May 18,
The April volume of exports of
month for the past
volume
was
between
coffee from Brazil set a new high for that
13 years, with the exception of April, 1931, when the
exceptionally large as a result of the coffee-wheat transaction
Following the
the United States and Brazil, the report stated.
usual trend, exports
far the
announce¬
further stated:
of the Santos type amounting to 1,032,301 bags was by
largest variety shipped, according to the report.
Volume
146
Financial
Cocoa—On the 23d inst. futures closed 14 to 17 points off.
Transactions totaled 583 contracts. The market broke 14 to
15
points under active liquidation and hedge selling, to new
lows.
The turnover up to early afternoon was
large, reaching 500 lots. At that time July was selling at
4.11c., a price which means about lH»c. to the cocoa farmer.
Some speculative buying is going on, based on the theory
that at
such
levels
cocoa
is cheap.
Warehouse stocks.
decreased 2,200 bags over the week end.
They now total
678,445 bags. Local closing: May, 4.05; July, 4.10; Sept.,
4.22; Oct., 4.27; Dec., 4.36; Jan., 4.41; March, 4.50; May,
4.61.
On the 24th inst. futures closed 6 to 2 points net
higher. The market dropped to new low ground today, but
at these levels encountered some fair short covering that
carried prices back to the earlier higher levels. The opening
range was unchanged to a loss of 4 points.
Transactions
totaled 225 lots, or 3,390 tons. London noted a loss of 3d.
to 6d. on the outside, while on the Terminal Cocoa Market
futures ranged l^d. lower to 3d.
higher, with sales totaling
2,540 tons. Short covering was no little contributing factor
in the local market's improvement.
Local closing: May,
4.11; June, 4.11; July, 4.15; Sept., 4.26; Oct., 4.29; Dec.,
4.40.
On the 25th inst. futures closed 8 to 11 points net
higher. In the early trading prices showed a net loss of 8
points in the May delivery, this same contract showing a
net gain for the day of 11 points.
Transactions totaled 416
lots or 5,574 tons.
London outside prices rose 3d. to 9d.,
seasonal
while futures
on
the Terminal Cocoa Market
ran
4J^d.
to
7
Ad- higher, with 2,190 tons changing hands. In the local
market hedging pressure ran
considerably less, as did the
urge of longs to liquidate.
The May delivery closed out
today. Eighteen more transferable notices were tendered
against it, bringing the final total of deliveries to 87 lots.
Local closing: June, 4.17; July, 4.24; Sept., 4.35; Oct., 4.40;
Dec., 4.50; Jan., 4.55; March, 4.65; May, 4.75..
~
'
,,
oc,u
.
,
»
,
.
,
1
.
.
,
On the 26th inst. futures closed 14 to 10 points net
13
Renewed hedge
,
lower,
selling
largely responsible for the drop m the market today,
prices touching the previous seasonal low, but not breaking
through this level.
Trading was hght, with a total of 170
lots to early afternoon.
There was nothing new in the
situation.
Warehouse stocks declined another 2,200 bags,
The total now is 674,421 bags
London was steady.
Local
closing: July, 4.10; kept., 4.21; Oct., 4.26; Dec., 4.36; Jan.,
4.41; March, 4.51; May, 4.62.
Today futures closed 2 to
Transactions totaled 301 contracts.
was
4 points up.
Transactions totaled 220 contracts.
Cocoa
futures in the early trading experienced
heavy liquidation
and hedge pressure, with the result that the market
dropped
into new low ground with July
selling at 4.03c.
However,
on
manufacturer buying and better speculative demand,
prices rallied above last night s close, with July selling at
4.11, up 1 net this afternoon.
Warehouse stocks decreased
about 150 bags.
They now total 676,800 bags, compared
with 1 258,000 bags a year ago
Local closing: July, 4 13;
Sep'-, 4.23, Oct., 4.28, Dec., 4.40, March, 4.54, May, 1939,
4.64.
Sugar—On the 21st inst. futures closed unchanged to
point higher. In light trading the market ruled steady,
though prices barely moved. Transactions totaled 157 lots,
or 7,850 tons.
Selling was believed to be hedging against
actual purchases in Cuba, these offerings
being well absorbed by short covering and new speculative
buying. In
1
the market for raws about 10,000 tons in
nearby and late
May and first half June arrival positions were on offer in
Saturday's session at 2.68.. In one quarter a bid of 2.67c.
would have been accepted, but buyers, it was
believed,
would not pay better than 2.65c. In the world
sugar contract trading was relatively light, with prices
closing 2 A to
6 Yi points lower.
Raws in the London market were unchanged, with offerings at 5s. Futures closed %d. lower to
unchanged. On the 23d inst. futures closed 1 to 3 points net
lower in the domestic contract, with sales
totaling 192 contracts.
The world sugar contract closed 1 point up to un-
changed, with sales totaling 198 contracts. Domestic sugar
futures dropped to new low ground
today. Demand was
confined to scale-down covering and hedge
selling by producers together with trade commission house
selling more
than supplied whatever demand developed. In the raw market about 10,000 tons of nearby Philippines were offered
at
2.68c., while bids of 2.67c. were solicited.
Buyers were
again withdrawn. World sugar contracts refused to follow
the domestic prices down further.
On light buying gains of
registered by early afternoon.
In
London futures were irregular at %d. higher to
Ad. lower,
Raws there were still offered at 5s. per cwt.,
equal to about
.92c. per pound f.o.b. Cuba.
On the 24th inst. futures
closed 2 points up to unchanged in the domestic
contract,
with sales totaling 247 contracts. The world contract closed
point up to unchanged, with sales totaling 40 contracts,
Domestic sugar contracts turned steadier,
reflecting the improved tone in the raw market following the sales yesterday
at 2.65c., a five-year low for duty-free sugar recorded in 1932.
In the early afternoon with sales of 200 lots the market
stood unchanged to 2 points higher.
In the raw market
buyers were reported willing to pay 2.65c. and possibly as
high as 2.68c. for certain arrival positions, while the market
appears to be at least temporarily cleared of nearby "distress" lots. World sugar contracts, in early afternoon, were
A to
IA points
were
Chronicle
T
,
_
1
,rtT1vJ11? s
3535
higher, with ^ptember at .89^c., up 1 point,
ear r
*99®* Trading was extremely dull.
J} MPures were a farthing per cwt. either way. On
c*osed unchanged from the previous
i
Trading was very light, in fact the market
Inn ie
*
^il1(9.1Hn(?er^0;ae was steady, however.
9i
| °l Philippines due to arrive about the
Tlin„Tl.r
end of June were offered at 2.75c., while for
7 shipm©nt 2.80c. was asked. Refiners were showing
^
AK
c
c
•
Ample stocks of both
the almost
raw and refined,
non-existent demand explains their
st0cks of refmed are Probably
i?Vn Years* World sugar contracts were llA to 2 A
mf oarjy afternoon, with September at 91c.,
having f
^or.a mo1menl aJ. 92c. This
<V?ser /\7° J P?in^ ,UP» with sales totaling 40 con{?*>*»• Most °f th.® buying in the world contract was be®
~e Jdge lifting. London futures were unchanged
0 /2 point liigber.
®
i
ias^*
?s ^osed 5 to 3 points off in the
P
1
w
...
contract, with sales totaling 261
.
contracts.
In the
|a^Y ?}?o?0n tke0market sJj°°d 1 to. 3 P°mts lower, with
J©Pt. at 1.81c., off 2 points. The previous lows were equaled
t surpassed. In the raw market an easier tone develP
•
?c°ad hand Philippines for mid-June arrival were
orierea at 2.70c., yrhile ramors persisted that Puerto Rican
?
arrive, had sold at 2.63c., which would
™ "hsaJanew low Pnce. World sugar contracts closed 1 to
n?
yer' X1e? to
ng 161 contracts. The
r,
penary trend of this market was attributed largely to
proved political situation m Europe. London futures
r® 111111changed to Ad- lower, while raws were offered at
c-w£? e9aal to about 91 Ac. per pound f. o. b. Cuba,
J™* frei^ rates reduced to lbs. 6d. per ton against a
Sj22r/5 2 points up 9d- the domestic ago. Today futures
o
as+17snot so long
closed 4 to
in
contract, with sales
totaling 246 contracts. The world sugar contract closed 2
t0 i point up> with sales
totaling 64 contracts. Domestic
sugar futures showed gains of 1 to 2
points in early afternoon
after opening 1 point lower.
Sept. was selling at 1.80c., up
i point, after
selling at 1.79c., a new seasonal low.
In the
raw market offers
ranged from 2.65 to 2.68c., depending on
shipping positions.
It
was
rumored that
some
nearby
sugars
sold yesterday at a new low of 2.63c.
Borne of the covering
in the futures market was believed to be
against the possi-
bility of Washington action over the long holiday. Meanwhile demand for refined continues
very poor.
The trade
waits for a reduction in price which
they believe will be
applied to undelivered portions of old, April 13, contracts
as has been done in the
West.
World sugar contracts were
unchanged to 1 point higher in early afternoon.
The premium the July month commands over
Sept. is still
0f discussion in the trade.
London futures
were
a matter
14 to ltd.
ower
prices
were ah
foUows:
Ju|y_
September
January (new)
_
l .781March (new)
1.82 May
.
_
.1.88
"""""""IIIL89
1.841
.
Sugar Carry-over of Java on April 1 Increased 45,425
Tons Above Last Year—First Rise Since 1933
Java's sugar carry-over on April 1 this
year amounted to
286,558 long tons as against 241,133 tons carried over last
year, an increase of 45,425 tons, or 15.8% according to
Lamborn & Co., New York.
This year's carry-over records
the first increase since 1933 when 2,492,622 tons were held
prior to start of new crop operations.
The firm further
announced:
Sugar production during the past
For
season totaled 1,392,151 long tons,
of 1,400,000 tons has been decreed by the local governHarvesting of this crop is now under way.
1938,
ment.
a crop
Sugar exports by Java for the
crop year ending March 30, 1938, totaled
1.017,226 tons as against 975,003 tons in the previous
™
season, an increase
™0P£°a ,^Pratoated
329'500 ton8' wh"e in the prev,OU8 CTOp year " was 309'449 t0n8"
Lard—On the 21st inst. futures closed unchanged to 2
points higher.
Trading was light and fluctuations extremely
narrow.
There was very little to report, the market ruling
quiet during most of the short session.
Liverpool lard
futures were also quiet, with prices unchanged from previous
finals.
Hog prices at Chicago and other packing centers
in the Mid-West advanced moderately last week owing to
the lighter receipts than expected.
Today hog receipts
for the Western run totaled 15,000 head against 7,600 head
for the same day last year.
On the 23d inst. futures closed
unchanged to 2 points off.
The market opened unchanged
to 5 points lower.
At the lows of the session prices were
only 2 to 5 points decline.
Easiness in grains attracted a
little selling.
However, this pressure was partly offset by
the higher hog market.
Clearances of lard from the Port
of New York over the past week-end were light and totaled
only 22,400 pounds, destined for Antwerp and Southampton,
Liverpool lard futures were steady and unchanged from the
previous finals there.
Hog prices at Chicago closed 10c.
higher.
Hog sales ranged from $8.35 to $8.80.
Total
receipts of hogs at the leading Western markets were 59,500
head against 48,800 head for the same day last year,
On the 24th inst. futures closed 10 to 12 points net lower,
Factors operating against lard values today were weakness
in hogs and easiness in grains, which influenced considerable
Financial
3536
Liverpool lard futures were un¬
Export clearances of lard from the
Port of New York were 268,095 pounds, destined for Antwerp
and Hamburg.
Western hog marketings totaled 59,500
head against 44,600 head for the same day last year.
Hog
prices at Chicago declined 5c. to 10c. early in the day.
Sales of hogs ranged from S8.35 to $8.75.
Hog receipts at
11 markets including Chicago,for week ended May 21, were
267 477
head, compared with 230,330 previous week,
224,949 week before, 170,425 last year, and 235,425 year
before.
Receipts were the largest last week since the latter
selling of
lard contracts.
changed to 3d. lower.
part of February.
On the 25th inst. futures
,
closed 2 to 7 points net lower.
were 5 points lower to 2 points higher.
relatively light and without any noteworthy
feature.
Lard shipments from the Port of New York were
again fairly heavy and totaled 297,000 pounds, destined for
London and Liverpool.
Liverpool lard futures were barely
steady and final quotations there were 3 to 6d. lower.
Receipts of hogs at the principal Western packing centers
totaled 52,900 head against 36,000 head for the same day
last year.
Prices on hogs at Chicago ended 10 to 15c.
higher.
Sales ranged from $8.25 to $8.75. ,
On the 26th inst. futures closed 12 to 15 points net lower.
The market opened 5 to 7 points lower, but later eased 15
points below the previous final quotations.
Export clear¬
ances of lard from the Port of New York totaled 207,400
pounds yesterday, destined for London and Manchester.
Hog prices at Chicago were 5 to 15c. lower.
Hog sales
ranged from $8.25 to $8.80. Total receipts of hogs for the
Western run were 51,900 head against 36,500 head for the
same day last year.
Today futures closed 8 points down to
5 points up.
Trading was fairly active, with considerable
switching from the near months to the distant deliveries.
Opening prices
Trading was
DAILY CLOSING
PRICES OP LARD FUTURES
8.15
8.50
8.70
8.77
8.15
8.50
8.70
8.80
Jul/;..
September
October
Pork—(Export),
mess,
Wed.
Tues.
Mon.
Sat.
May
$26.8734
IN CHICAGO
per
Fri
Thur.,.
7.05
8.00
8.20
8.50
8.50
8.05
8.32
8.55
8.65
8.10
8.40
8.57
8.67
8.12
8.o2
8.45
Oils—Linseed oil prices are
reported
easy.
One crusher
quoting 8.6c. on Tuesday, lowered the quotation to
8.4c. for tank cars.
Quotations: China Wood: Tanks, 9.8c.;
Drums, lOMc.
Coconut: Crude, Tanks, .0334; Pacific
Coast, .02 34.
Corn: Crude, tanks, nearby, .07.
Olive:
Denatured, Spot drums, 85 to 95. Soy Bean: Crude, tanks,
West, forward—.0534 to .0534; L. C. L., N. Y.—.08. Edible:
76 degrees—9MLard: Prime—9c.; Ex. winter strained—
834c.
Cod: Crude, Norwegian, light filtered—31c.
Tur¬
pentine: 28 to*30c. Rosins: $4.75 to $7.65.
Cottonseed Oil sales, including switches, 251 contracts.
was
Prices closed as follows:
Crude, S. E., 634c.
June...
n
|October
7.85@ 7.90(November
7.80@ n
(December
7.63©
|January
7.90©
-
7.50© 7.60
—
7.50© n
7.45© 7.46
7.46©
Rubber—On the 21st inst. futures closed 11 to 19 points
net lower.
Weaker cables and easier securities were the
July
August
September.
...
was light,
1 ribs,'spot
Opening
points lower, the market immediately developed
contributing factors in the decline,
Trading
with only 850 tons transacted.
Standard No.
in the trade, also moved lower to 1134c, off 34c1
to
27
weakness
on
trade
and
commission
Short
house selling.
covering and scattered buying later lifted quotations from
their lows.
The outside market was relatively dull.
Local
closing: May, 11.15; July, 11.21; Sept., 11.38; Oct.,
Dec., 11.52; Jan., 11.57.
On the 23d inst. futures closed 9 to 2 points off.
11.42;
The
opened sharply lower in response to weak cables
London and Amsterdam.
After initial losses of 19 to
market
from
points, which put the market into new low ground for
the season, the market rallied under covering of shorts and
commission house buying.
In the early afternoon, however,
prices still were 7 to 9 points net lower.
Sales to that time
totaled 1,330 tons.
London closed 34 to 3-16d. lower.
Singapore also declined.
United Kingdom rubber stocks
increased 1,451 tons.
The total now is 84,753 tons.
Local
closing: July, 11.17; Sept., 11.29; Oct., 11.35; Dec., 11.47;
Jan., 11.55; Feb., 11.59; March, 11.64.
On the 24th inst. futures closed 10 to 17 points net higher.
Stronger London and Singapore cables did much to influence
a higher level of values in the local market.
Transactions
on the Exchange here totaled 1,340 tons.
Standard No. 1
ribs, spot, followed the trend to close 34c. higher at 1134c.
The opening range was 3 to 22 points net higher.
Prices
sold off somewhat on a weaker stock market, with the trade
28
selling and covering.
interest
in
March
A
very
and
few lots
December.
were
continued dull, with shipment offerings too
bought by factory
The
actual
market
1938
28,
high, and as a
proved unworkable.
Local closing: May, 11.20;
July, 11.27; Sept., 11.42; Dec., 11.61; March, 11.77.
On the 25th inst. futures closed 7 to 2 points net higher.
result
improvement in this market continued as traders evened
in advance of the forthcoming quota meeting of the inter¬
national committee.
After opening 6 points lower to 2 points
The
up
higher, the market advanced on transactions involving 1,050
tons.
By early afternoon prices were up 12 to 14 points
with September at 11.54 and December
favorable. Lon¬
don closed steady, unchanged to l-d6d. higher.
Singapore
was
steady and unchanged.
Local closing: May, 11.27;
July, 11.31; Sept., 11.44; Oct., 11.51; Dec., 11.65; Jan.,
11.72; Feb., 11.75.
On the 26th inst. futures closed 12 to 17 points net lower.
Transactions totaled 284 contracts.
The market was lower
today as a result largely of foreign selling and scattered
liquidation, but the fall was checked by dealer and other
buying on the recession.
Afeter selling 5 to 14 points lower,
the market later stood only 3 to 6 points off.
Subsequently,
however, fresh selling developed and prices ended at about
the lows of the day.
The trade generally is awaiting the
quota meeting next week.
London closed unchanged to
l-16d. lower.
Singapore also was unchanged to l-16d.
on
active positions,
at 11.75.
lower.
Tire statistics were regarded as
Local closing: July, 11.16; Sept., 11.32; Oct., 11.36;
Dec., 11.49; Jan., 11.55; March, 11.66.
Today futures
closed 22 to 12 points net higher.
Transactions totaled 241
early today, showing
the opening when cables were
lower and c.i.f. offerings increased.
It also was said that
rubber had declined in the outside market here.
However,
on
the dip trade interests bought and rallied prices.
In
early afternoon July stood at 11.17, up 1 point, while Sep¬
tember at 11.92, was off 3 points and December at 11.45c.
was off
4 points, on sales of 1,610 tons up to that time.
London closed unchanged to 7-32d. lower, with the trade
awaiting developments next Tuesday.
Local closing: July,
11.31; Sept., 11.45; Dec., 11.63; Jan., 11.69; March, 11.78.
contracts.
Rubber
futures cracked
declines of 17 to 20 points at
barrel (per 200
pounds); family, $24.8734 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export) steady. Family (export), $28 per
barrel (200 pounds), nominal.
Cut Meats: Quiet. Pickled
Hams: Picnic, Loose, c.a.f.—4 to 6 lbs., 1334c.; 6 to 8 lbs.,
13c.; 8 to 10 lbs., 1234c.
Skinned, Loose, c.a.f—14 to
16 lbs., 18c., 18 to 20 lbs., 1734c. 'Bellies:
Clear, f.o.b.
New York—6 to 8 lbs., 18c.; 8 to 10 lbs., 17c.; 10 to 12 lbs.,
16liic.
Bellies: Clear, Dry Salted, Boxed, N. Y—16 to
18 lbs., 1234c.; 18 to 20 lbs., 1234c.; 20 to 25 lbs., 1134c.;
25 to 30 lbs., 11:34c.
Butter: Creamery, Firsts to Higher
than Extra and Premium Marks: 2434 to 2534c.
Cheese:
State, Held '36, 22 to 24c.; Held '37, 1934 to 2134c.
Eggs:
Mixed Colors:
Checks to Special Packs—1934 to 23c.
who
May
Chronicle
Hides—On the 21st inst.
futures closed 8 to
10 points
Opening unchanged to 17 points off, the list
ruled easy during the greater part of the morning. The drop
in the securities market together with the warlike news from
abroad did much to discourage buyers from putting out new
lines, while on the other hand the same factors tended to
stimulate offering.. Transactions totaled 3,480,000 pounds.
Local closing: June, 8.64; Sept., 8.97; Dec., 9.25.
On the
23d inst. futures closed 1 point down to 3 points up. Trans¬
actions totaled 135 contracts.
Trading was active and the
market was weak in sympathy with other markets. With no
new
spot developments over the week end, there was no
incentive to buy.
While spots were quiet, tanners were
described as watching the spot market closely.
In early
afternoon June contracts stood at 8.59c., off 5 points; Sep¬
tember at 8.91c., off 6, and December at 9.19c., off 6 also.
Sales to that time totaled 3,270,000 pounds.
Local closing:
June, 8.64; Sept., 8.96; Dec., 9.27; March, 9.58. On the
24th inst. futures closed 4 to 6 points net lower. The opening
range was 3 points off to 5 points advance, with the list
drifting lower as the session neared the close. The con¬
tinued downward trend of the stock market was believed to
net
lower.
depressing influence. Transactions totaled 6,Stocks of certificated hides in warehouses
licensed by the exchange decreased by 2,966 hides to a total
of 784,606 hides. No important developments were reported
in the domestic spot hide situation.
Local closing: June,
8.57; Sept., 8.90; Dec., 9.20.
On the 25th inst. futures
closed 22 to 29 points net lower. The opening was weak at
10 to 21 points down from the previous final..
On heavy
trading prices drifted still lower and closed at slightly above
the lows of the day.
Trading was the heaviest it has been
in many months, today's transactions totaling 17,720,000
pounds. During the course of the session there were 4,040,000
pounds tendered for delivery against June contracts. The
stocks of certificated hides in warehouses licensed by the
Exchange increased by 789 hides to a total of 785,395 hides.
The last trading reported in the domestic spot hide market
included 1,500 heavy native and 1,500 Texas steers, both
April-May take-off at 934c. & pound. Local closing: June,
8.31; Sept., 8.65; Dec., 9.00.
have had
a
760,000 pounds.
On the 26th inst. futures closed 7 to 10
points net lower.
Reported activity in spot hides at steady prices caused some
short covering in hide futures which rallied the market from
recent lows.
In the early afternoon on sales of 800,000
pounds the market stood 1 to 9 points higher.
Towards the
drop of 17 to 28 points
from the highs of the day, with net losses as above noted.
Transactions totaled 62 lots.
Sales of spot hides overnight
totaled 29,000 pieces.
Local closing: June, 8.23; Sept.,
8.58; Dec., 8.90.
Today futures closed 10 to 4 points up.
Transactions totaled 97 contracts.
After opening 8 to 23
close the market suffered a severe
hide futures rallied on publication of
revealing a further decline in visible
stocks and news of spot sales at steady prices.
The market
was firm in the early afternoon and
1 to 2 points higher,
with June at 8.25c., up 2 points, on sales of 2,08U,000
pounds.
Certificated stocks in licensed warehouses in¬
creased by 711 hides to 786,203 pieces.
Local closing:
June, 8.33; Sept., 8.62; Dec., 8.91.
points lower, raw
monthly statistics
Volume
Financial
146
Ocean
Chronicle
3537
The
Freights—A spotty demand continues to feature
the freight market.
However, there was a little more
activity in evidence during the latter half of the week. Char¬
New York spot market was
unchanged at $1.62
crack double extra silk.
Yokohama Bourse
ters included: Grain:
changed at 700 yen a bale.
Local closing: June, 1.523^;
Aug., 1.48; Sept., 1.48; Oct., 1.47; Nov., 1.47; Dec.,
1.463^.
Today futures closed unchanged to 1 point up. Transactions
Gulf to Antwerp or Rotterdam, June,
option picked ports United Kingdom 3s.
Gulf to
Antwerp or Rotterdam, June 1-15, 2s. 9d., option picked
ports United Kingdom 3s., Ireland, 3s. 3d.
St. Lawrence
to full range United Kingdom,
May, 3s.
St. Lawrence to
Antwerp or Rotterdam, June 11-14, cancelling, basis, 2s. 9d.
Sugar: Cuba to United Kingdom-Continent, June, 16s. 6d.
Charters: St. Lawrence to Antwerp or Rotterdam; June;
basis, 2s. 9d. St. Lawrence to Antwerp or Rotterdam; early
Sept.; basis, 2s. 9d. St. Lawrence to Antwerp or Rotterdam;
Oct.; basis, 2s. 9d. St. Lawrence to Antwerp or Rotterdam;
Nov. 1-12; basis, 2s. lO^d2s. 9d.,
totaled
of anthracite coal
June 1.
Shipments both at New York
moving out better, with some
shippers reported running behind in shipments. The present
movement is believed to be
employed to stocking up in the
yards against the price advance. Retailers also report that
delayed buying has entered into the market with the activity
running approximately 20 to 30"% better than a few weeks
ago.
It is further expected in the trade that the activity will
increase in the next week before the 25c. per ton on the larger
sizes becomes effective.
The smaller sizes are reported slow,
not being affected by
any advance on June 1.
There was
little change in the production of Pennsylvania anthracite in
the week of May 14 (820,000 tons) from the week of May 7,
the decrease of 3,000 tons
amounting to less than y2 of 1%.
tidewater and
on
on
the line
lower.
48
contracts.
are
still in the
doldrums, with
prices more or less nominal. With advance business in the
goods market close to a record low, the situation is not re¬
garded as particularly impressive to dealers who have looked
sharp
future.
recovery
in the demand for wool in the immediate
It is
pointed out, however, that from another angle
some hopeful
aspects.
The deflation in
business has been so thorough and wool machinery curtailed
to such a low point, that a balanced
appraisal suggests a
major change for the better just around the corner. Extreme
dullness in wool trading tends to bring new pressure on prices
from manufacturers and top-makers who have
already been
able to procure some amount of wool below the Boston
price
level.
The View is held that if the mills had not been
buying
in the West and elsewhere, there would have been a more
the
situation has
active
at
Certain quarters expect a temporary
spurt in wool goods sales during the next few weeks, owing
to the necessity of clothing manufacturers
placing some ad¬
A substantial improvement in
goods sales is not looked for, however, until September,
at which time clothing manufacturers will
begin ordering for
the spring season.
ditional orders for fall needs.
wool
the
23d
inst.
futures
closed
y2a. up to y2c.
Transactions totaled 37 contracts. Japanese cables
were
disappointing. Sentiment also was influenced by re¬
ports of earthquakes in central and northern Japan, which
are silk districts.
The opening was y2c. higher to J^c.
lower,
but the market was steady throughout the forenoon.
In
early afternoon May stood at $1.55^, unchanged; December
at $1,493^, up H, on sales of 140 bales.
The price of crack
double extra silk in the New York spot market declined lc.
to $1.62.
Yokohama closed unchanged to 6 yen lower.
Grade D silk declined 2y yen to
6973^ yen a bale. Local
closing: May, 1.553^; June, 1.53; Aug., 1.50; Dec., 1.483^.
On the 24th inst. futures closed 2c.
higher to y2c. lower.
The 57 transferable notices issued
today on the local ex¬
change, wtre readily taken care of. May closed 2c. higher,
and nad a strengthening effect on the rest of the
list. The
principal feature of the activity today was trade switching
down.
again.
call
The total sales amounted
showed
to 890 bales.
prices unchanged to l^c.
better
The
opening
on
slightly
better cables and stronger securities. The
average quotation
of crack double extra remained
unchanged at $1.61. Yoko¬
hama
reported a gain of 2 to 5 yen, while Kobe was 1 to 5
yen higher.
Grade D remained unchanged in both cities,
697H yen at Yokohama and 700 yen at Kobe. Spot sales
in the Japanese markets
totaled 625 bales and futures
amounted to 2,625 bales.
1.51 H; Aug., 1.50; Oct.,
new
steady, with June
$1,533^,
lc., and Sept. at $1,483^,
up
of 260 bales
that time.
to
The
y2o>.
up
on
sales
Yokohama Bourse closed
unchanged to 7
yen lower.
Grade D silk was unchanged at
In the New York spot market crack double extra
unchanged at $1.62.
Local closing: June, 1.53;
700 yen.
was
July, 1.50; Aug., 1.483^; Sept., 1.48; Oct.,
1.47^; Noc.,
1.47; Dee., 1.47; Jan., 1.47J^.
COTTON
Friday Night, May 27, 1938
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the
week ending this
evening the total receipts have reached
14,112 bales, against 17,042 bales last week and
16,918
bales the previous
week, making the total receipts since
Aug. 1, 1937, 6,959,794 bales, against 6,146,695 bales for
the same period of
1936, showing an increase since Aug. 1,
1937, of 813,099 bales.
The Movement of
Local closing: May, 1.573^; July,
1.48^;
Nov., 1.483^; Dec., 1.49.
y2<s. higher to 3^c. lower.
unchanged to y>c. higher. Trans¬
actions totaled 710 bales, this
being the largest volume in
some time.
The principal feature of the session
continues
to be trade switching.
The May position expired at noon
today, and trade began in January. An advance of y2c. to
$1.61 y2 was reported for crack double extra silk. Both
Jap¬
anese markets were
reported 1 to 5 yen higher. Grade D
moved up 2l/2 yen to 700 at Yokohama and remained
un¬
changed at 700 yen in Kobe. Spot sales for both centers
amounted to 825 bales, while futures totaled
3,450 bales.
Local closing: June, 1.523^;
July, 1.50^; Aug., 1.49; Sept.,
1.493^; Oct., 1.48; Nov., 1.48; Dec., 1.483^.
On the 25th inst. futures closed
The opening range was
On the 26th inst. futures closed
unchanged to 2 points off.
Transactions totaled 84 contracts.
The market was
Sat
Galveston
the
Mon.
Tues.
Wed.
256
1,213
213
320
Houston
633
71
20
6
Thuts.
4
_
New Orleans
Mobile
135
Savannah
Charleston
104
954
Fri.
Total
355
765
101
13
237
1,336
1,401
1,938
914
839
456
12
227
25
120
80
184
138
140
10
Lake Charles....
4,879
1,965
5,100
490
314
472
«
4
4
~"ii
203
684
684
4.181
14,112
....
Wilmington
1
Norfolk
91
12
14
46
29
Baltimore
Totals this week.
906
2.286
3,031
1,480
2,228
The
following table shows the week's total receipts, the
since Aug. 1, 1937, and the stocks
tonight, compared
total
with last year:
1937-38
Receipts to
May 27
1936-37
This
Since Aug
This
Week
market here.
Silk—On
reporting sales of the
cocoon crop at 35 kake in
Japan today, were
about in line with the trade's
expectations, with the result
that they were not an
important factor in the raw silk futures
market.
In early afternoon
prices were
Receipts at-
a
Cables
was un¬
are
Wool—The wool markets
for
Grade D silk in the outside market
spring silk
silk
Coal—Latest advices report an improvement in anthracite
sales, due largely to the expected increase on the larger sizes
for
prices closed 1
to 5 yen
1, 1937
Week
Galveston
,879
,965
Houston..
Corpus Christi
,876,382
,794,667
399,004
11,847
,081,871
>,100
490
Mobile
14",800
2,754
299,565
98,835
4,148
Pensaeola, &c
Jacksonville
"115
3,615
Savannah
314
472
203
127,630
191,770
78,880
27,513
54,953
684
24,318
Lake Charles
4
Wilmington
1
Norfolk
1,760 1,693,046
3,004 1,281,395
6
283,875
23,146
77,770
Charleston
;
1938
1,979,634
209.574
Beaumont
New Orleans
Stock
Since Aug
1. 1936
655
133,799
488
75
165,973
56,000
25,458
39,093
1,737
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
62,728
3
60
New York
100
Boston
Baltimore.
Totals
14,112 6,959,794
3,577
1,050
1937
372,286
289,822
27,202
15,170
375,261
49,859
4,334
1,980
135,820
26,340
5,289
15,281
23.993
200
4,371
1,375
25,457 6,146,695 2,548,227 1,348,583
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
Galveston
Orleans.
Mobile
—
Charleston
1935-36
1,760
1934-35
1933-34
1932-33
655
16,329
8,970
20,107
3,533
1,596
651
593
3,819
"""472
.""488
"""407
""319
"""573
4.399
1
60
361
1,066
""499
1,408
318
3,004
14,800
2,754
490
...
Savannah
Brunswick
1936-37
4,879
1,965
5,100
314
Houston.
New
1937-38
4,510
5,722
4,214
14,759
3,008
4,482
8,103
370
18,683
23,505
23,564
8,582
534
...
—
Wilmington..
Norfolk
203
75
527
675
All others—.
""688
l",861
1,029
l",685
"3",391
"4451
Total this wk_
14,112
25,457
52,470
21,846
33,148
88,978
Newport News
"
"
"
Since Aug. 1_. 6,959,794 6,146,695 6.518,588 3,939,675 7,064.420 8,179,788
The
exports for
the week ending this evening reach a
were to Great Britain,
1,809 to France, 9,137 to Germany, 6,100 to Italy, 2,050
to Japan, 100 to China, and 11,573 to other destinations.
In the corresponding week last year total exports were
39,317 bales.
For the season to date aggregate exports
have been 5,284,512 bales, against 5,089,773 bales in the
same period of the previous season.
Below are the exports
total of 34,982 bales, of which 4,213
for the week:
Week Ended
Exported to—
May 27, 1938
Exports from-—
Great
Britain
Ger¬
France
many
2,322
Houston
Japan
China
Other
7,008
679
4,116
3,727
16,223
550
1415
1*809
New Orleans
5,559
"740
3,311
350
63
33
5428
2,021
1,088
Total
6,036
33
Corpus Christi..
Savannah
Italy
972
Galveston......
59
306
1,744
2^050
Charleston
Norfolk
"ioo
"275
2,425
100
11,573
34.982
8,197
39,317
11,161
75.119
122
Los Angeles
steady
the trade awaited first sales of the spring silk cocoon
crop
Japan tomorrow.
In the early afternoon prices were
up
3^c. to down 1 ye., with June at $1.53 on sales of 420 bales.
as
4.213
1,809
9.137
6,100
2,050
1937
8,747
4,905
9,219
5,300
2,949
Total 1936
25.639
9,699
6.780
10.566
11,024
Total
-
in
Total
"250
Financial
3538
Chronicle
May
export movement, which had
Exported to—
From.
Great
France
Export* from—
Britain
Galveston
286,115185,696
260,435 166,831
92,349! 74,840
Houston
Corpus Christl
Beaumont
Lake Charles.
Mobile
-
Jacksonville..
Japan
Italy
many
238,996 150,753
4,250:
123i
451,610252,102
6,805
24,335
98,426 18,779
1,543
...
Orleans.
New
j.
Ger-
1
f
178,835122,904
57.294! 52,979
3,825!
144,130145,168
3,125
43,272
139
China
Total
Other
186,065 43,542260,4991351,666
125,059 28,085 207,3211089,470
3,829 58,285 372,502
32,926
79f>!
8 Q9A
—J
206,2841249^003
45,566
4443
"200
50
2,613
14,513
j
24,821
18,391
1,742
53,827
97,297
160,518
"357
395
54,021
714
6,321
102.152
50,919
100
41,388
Pensacola, &c.
Savannah
Charleston...
61,699
a.93,631
60
11,510
36.241
177
7,347
1 000
6"018
Norfolk..-..
4,369!
5,373;
1,130,
7,719
Gulf port
420
22,567
2,157
1,200
1,621
34,995
2,235
200
Wilmington..
17,484
934
"16
Boston
341
32
286
250
Baltimore
144
18
398
2
562
Philadelphia.
Los Angeles..
271
561
322
200
102,734
21,897
28,398
1,163
Francisco
25,252
100
10,863
San
3,149
York...
New
1,160
8,661
8,110
14,944
9.019
143,984
6*657
2,127
78,269
66,258,
3,435
73,484
3,481
383,102
179,392
55
55
Seattle
834,003493,082
1562,252 738,783
Total
600,738. 89,741965,913 5284.612
well as liquida¬
and prices gave
way steadily.
All active positions except March and May
sold under the 8^c. level, with July at 8.37c., Oct., 8.43c.,
and March, 8.50c.
Offers from the South were light, and
most available contracts came from abroad.
With prices
now below the 8Ho. level for near months, it was expected
that
1936-37 1126,242
Total
1935-36 1296,308666,809
810,304360,870 1466,542
37,732886,912 5525,477
Canada—It has never been our practice to include in the
of cotton shipments to Canada, the reason being that virtually
Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view
N OTE—Exports
to
above table reports
all the cotton destined to the
however, of the numerous inquiries we are
receiving regarding the matter, we wll
that for the month of April the exports to the Dominion the present season
been 14,124 bales.
In the corresponding month of the preceding season
the exports were 15,914 bales.
For the nine months ended April 30, 1938, there
were 197,955 bales exported as against 222,856 bales for the eight months of 1936-37.
say
have
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Leaving
Ger¬
Great
Houston
Orleans.
200
3,600
2,031
1,879
Galveston
New
France
_
1,516
1,464
Other
Foreign
Stock
Coast¬
many
wise
3,000
4,171
1,120
the market
carried
14,400
2,000
10,901
1,442
7
3,658
672,043
725,238
717,361
142,640
40,408
48,994
28,626
120,337
23,200
18,626
9,563
Savannah
"87
"40
1,064
1,191
Other ports—
8,574
11,707
19,185
Total 1936-.--
3,220
2,549
10,551
8,291
5,469
11,682
26,830
35,142
36,118
There
5,665
3,443
3,692
52,580 2,495,647
58,310 1,290 273
81,228 1,558,487
delivery was quite
active during the past week, with the market continuing
its downward course, this downward trend becoming more
pronounced the latter half of the week.
The action of the
in
cotton
market has convinced
ment
9c.
itself
to
and
loan
hold
demand
for
the
for
many
future
in the trade that the govern¬
cotton
is not sufficient in
American
market
situation,
or
against
an
unfavorable
supply
to counteract the influences gov¬
erning the general world situation.
On the 21st inst. prices closed 1 point higher to
Favorable weather over the cotton belt and
3 points
an
easier
stock market
effectively countered steadier Liverpool cables
today.
After an early advance of 5
to 7 points, prices eased and closed at the lows of the day.
The market opened steady at 5 to 7 points advance, and lost
virtually all the gains in the later trading.
The Liverpool
market came in 8 to 12 American points better than due.
The Bombay market, while slightly higher, showed a ten¬
dency to lag behind Liverpool, and Bombay houses were
moderate sellers of the near months, although buying distant
positions in a small way.
There was some foreign hedging,
probably against Brazilian cotton, and foreign houses ap¬
peared to be selling on balance.
Trade interests were the
best buyers, but the demand was not aggressive.
A favor¬
able weather map and prospects for generally satisfactory
conditions during the coming week combined with the weak¬
in the cotton market
in the stock market
were
with
The selling
list sold at
prices closed 1 to 3 points net lower.
moved within a narrow range, but the entire
new
low levels for the movement and at the lowest
point reached since April 7 last.
July broke through the
old resistance point of 8.50,
selling down to 8.48, and closed
at 8.51, while October declined to 8.54 and ended at 8.57,
or 2 points net lower.
The maximum declines for the day
were
2 to 6 points.
Considerable July cotton was sold
both for domestic and foreign account, and Bombay houses
sold
on
differences.
discouraging
extended
little
than
The action of outside markets
otherwise,
discounts under
more
than
check
the
while
the
fact
was
value
of
9c.
Southern
spot
8.26c.
was
inst.
prices closed 13 to 17 points net lower.
displaying a mixed tone throughout the earlier part
of the session, cotton prices broke sharply in the afternoon
and
volume
cipal
end
of
$1
than
more
of the trading period
business.
of
A
a
was
heavy
leading spot house was the prin¬
down.
Further foreign selling
scale
the
on
bale.
a
the list
points below yesterday's closing levels in
buyer
in
was
declines
recorded
Shortly before the
20 to 2A
evidence, together with commission house and Wall
Street
liquidation, especially in the July and October
con¬
Futures touched the lowest levels since Dec. 8 last
At times the market acted nervous, rallying on local
but giving ground easily on small selling orders.
year.
covering,
25,000 bales of the July, October and December de¬
were sold by several Wall Street wire houses.
De¬
liveries
spite the narrowing of differences between New York and
Bombay, brokers with Bombay connections sold the July
option.
Moderately heavy liquidation of new crops was
transacted through commission
houses.
The buying was
done by the Continent, local professionals and trade shorts.
Today prices closed 8 to 4 points net lower.
cotton
futures
continued
to
slip into
new
low
Prices for
ground
for
the current movement today, although a slight recovery from
early lows
experienced in the afternoon dealings.
the morning low prices, which was
after the noon hour, was attributed largely to
was
The improvement from
witnessed
commission
house
and
trade
buying.
A short
time before
the close of business
active-positions showed declines of 14
to 17 points from the closing levels of the
previous day in
moderate
a
points,
volume
of
October
and
sales.
July sold at 7.93c., down 15
lower at 7.94c.
The
16
was
points
market moved
into new low ground for the current move¬
under heavy liquidation, which largely reflected the
ment,
weakness
at
Liverpool.
In
subsequent dealings
prices
re¬
bounded $1 a bale from the lows
on short covering by local
Selling from abroad subsided.
professionals.
The official quotation for middling upland
^
New York market each
May 21 1° May 27—
Middling upland
cotton in the
day for the past week has been:
Sat.
8.52
Mon.
Tues.
Wed.
8.51
8.37
8.21
Thurs.
8.08
Fri.
8.01
Premiums and Discounts for Grade and Staple—The
Government
aggressive
selling.
loan
premiums and discounts for grade and
staple in relation to the base grade, Middling %, established
for deliveries on contract on June 3, 1938.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the
Secretary of Agriculture,
and staple premiums represent 60% of the
average premiums
over J^-inch cotton at the 10 markets on
May 26.
7A
prices
level
did
Trade price
Spot houses
15-16
1 In. &
H
15-16
Inch
was more
that
fixing furnished the best source of demand.
reported a continued indifferent demand.
Southern spot
markets, as officially reported, were unchanged to 5 points
lower.
Average price of middling at the 10 designated spot
markets
loan
officially reported, were 10 to 17 points lower.
Average price of middling at the 10 designated spot markets
as
table below gives the
On the 23d inst.
market
the
below
cotton
markets,
the bearish factors contributing
to the decline.
The
since last
the lowest level reached
heavy undoing of spreads from both of
was heavy, particularly in July,
although offers extended throughout the entire list.
There
was considerable hedge selling against foreign growths and
pressure from abroad was greater than the buying power of
the market could comfortably absorb.
Attractive differ¬
ences
were responsible for the increased pressure.
Offers
from the South continued light, and as far as the domestic
situation was concerned, holders were not inclined to part
the
lower.
ness
to
was
these centers.
About
Speculation
loan.
off from the previous finals.
This was largely influenced by
the weakness displayed in the Liverpool and Bombay mar¬
tracts.
Total 1938
Total 1937
Government
the
The opening was barely steady at 9 to 10 points
December.
dealings
Total
Charleston
Mobile
Norfolk
into
officially reported, were 10 to
17 points lower.
Average price of middling at the 10 desig¬
nated spot markets was 8.41c.
On the 25th inst. prices closed 16 to 19 points net lower.
Continued heavy foreign selling caused a futher sharp
decline in cotton prices today.
The levels reached in this
session were 34 to 36 points down from last Saturday and
as
After
Shipboard Not Cleared for—
May 27 at—
Britain
move
spot markets,
On the 26tli
On
will
cotton
more
Southern
kets.
697,741! 705,253 359,115 1507,844 22,678 670.900 4089,773
Total
been running ahead of last
year.
Heavy selling for foreign account, as
tion by tired longs furnished many contracts
Aug. 1,1937/0
May 27,1938
1938
28,
Inch
Longer
Inch
Inch
Vhite—
.64
on
on
Good Mid
.10
on
.31
on
on
.89
.83
.11
.58
.05
on
St. Mid
.06 off
.14
on
Good Mid
.51
on
.76
.98
on
Mid
.66 off
.46 off
St. Mid
.34
on
.61
.82 on
Basis
.26
.46 on
.18 off
.24 off
Good Mid
•St. Good Ord. 2.22 off 2.17
.12 off
St. Mid
•Good
.78 off
•Mid
•Low Mid
Low Mid
Ord
2.80 off 2.77
Extra White—
Tinged—
.48 off
.32 off
.15 off
.75 off
.58 off
.42 off
1.54 off 1.44 off 1.36 off
♦St. Low Mld__ 2.32 off 2.27 Off 2.21 off
.61
on
.76 on
.98 on
.34
on
.61 on
.82 on
Even
.26 on
.46 on
Good Mid...
1.19 off 1.05 off
.61 off
.36 off
.18 off
•St. Mid
1.71 off 1.65 off 1.57 off
2.42 off 2.36 Off 2.32 off
a..
St. Low Mid
influence of
•St. Good Ord. 2.22 off 2.17 off 2.13 off
unfavorable factors.
These included
Mid
Low Mid
•
large stocks of cotton with prospects of a huge carry¬
over, dwindling consumption owing to mill curtailment and
slow demand for textiles, and more
latterly a falling off in
on
Good Mid
On the 24th inst. prices closed 16 to 20
points net lower.
It was believed that the market was
beginning to feel the
numerous
on
.35
.25 off
St. Mid
8.55c.
the
.53
•St. Low Mid.. 1.48 off 1.40 off 1.33 off
•Low Mid
2.29 off 2.24 off 2.21 of!
.61 off
.36
1.40 off 1.30
8t. Low Mid
db
Longer
Spotted—
Mid. Fair
St. Good Mid-
Mid
1 In
Good Ord
1.40 off 1.30 off 1.24 off
2.80 off 2.79 off 2.78 off
•Mid
•Mid
Not deliverable on future oontract.
.91 off
Ofay—
Good Mid
St. Mid
*
2.91 off 2.86 off 2.85 off
Yel. Stained—
.57 off
.38 off
.19 off
.81 off
.60 off
.43 off
1.41 off 1.30 off 1.22 off
Volume
Financial
146
New York
quotations for middling upland at New York on
May. 27 for each of the past 32 years have been as follows:
1937
8.01c.
1932
1931
1929
11.74c.
1928
12.30c.
1927
11.60c.
9.15c.
1926
1925
5.60c.
„
—
-
—
„
—
1936
1935
1934
1933
1930
13.27c.
1924
8.65c.
1923
-
„
—
-
—
-
16.20c.
1922
.19.85c.
1921
21.10c.
1920
-
—
-
—
-
—
16.75c.
—23.75c.
-
1917
—32.65c.
1911
29.05c.
1910
—22.00c.
1909
—
-
-
1916
—28.65c.
„
-
1913
1912
32.30c.
1918
1915
14.30c.
12.00c.
11.40c.
17.70c.
15.30c.
11.40c.
11.50c.
12.35c.
1914
13.15c.
40.00c.
-
1919
18.90c.
-.21.50c.
-
-
—
-
12,90c.
1907
-
1908
9.55c.
—
-
cable and
as
The total sales of cotton
For
the
convenience
which show at
closed
are
on
the spot
on
the reader,
day.
same
we
1938
1937
1936
1935
785,000
601,000
143,000
103,000
1,203,000
928,000
202,000
207,000
12,000
704,000
209,000
226,000
275,000
611.000
87,000
527,000
53,000
21,000
13,000
10,000
7,000
598,000
457,000
533,000
Total European stocks
1,801,000
India cotton afloat for Europe...
698,000
216,000
123,000
20,000
81,000
54,000
23,000
10,000
158,000
14,000
68,000
70.000
9,000
5,000
1,385,000
10,000
Stock at Barcelona
Stock at Genoa—----Stock at Venice and Mestre
Stock at Trieste
Total
Continental Stocks
19,000
SALES
Market
Closed
Closed
Steady, 1 pt. dec
Quiet, 1 pt. dec
Quiet, 14 pts. dec—
Quiet, 16 pts. dec—Quiet, 13 pts. dec
Quiet, 7 pts. dec
__
well
States, for Friday
bales.1,028,000
175,000
Total Great Eritain-Stock at Bremen—
Stock at Havre
Stock at Rotterdam
also add columns
Futures
__
by
up
as
complete figures for tonight (Friday)
May 27—
'
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday..
made
this week's returns, and
consequently all foreign
brought down to Thursday evening. To make
Stock at Liverpool.—
Stock at Manchester
~
Spot Market
as
Foreign stocks
only.
each day during the
we
tonight,
follows.
as
are
are
the total show the
indicated in the following statement.
of
telegraph, is
add the item of
exports from the United
glance how the market for spot and futures
a
afloat
figures
Market and Sales at New York
week at New York
3539
The Visible Supply of Cotton
Quotations for 32 Years
The
1938
Chronicle
Barely steady.
Steady
Barely steady.
Barely steadySteady
Very steady
Contr 'ct
Spot
Total
-
300
300
_
"200
"200
231
23l
—
Total week-
731
Since Aug. 1
47,109
82,000
American cotton afloat for Europe
105,000
Egypt, Brazil,&c.,aflT for Europe 150,000
Stock in Alexandria, Egypt
401,000
Stock in Bombay, India
1,264,000
Stock in U. S. ports
Stock in U. S. interior towns
U. S. exports today
Total visible supply
731
152", 200
2,548,277
2,194,843
7,504
199,309
Of the
1.237.000 1,225,000
146,000
107.000
121,000
148,000
181,000
155,000
137,000
135,000
109,000
185.000
232,000
220,000
1,131,000
873,000
813,000
1,348,583 1,639,715 1,638,752
1,107,259 1,594,234 1,301,899
8,218
25,620
9,313
8,553,574 5,596,060 6,024,569 5,592,964
above, totals of American and other descriptions
are as
follows:
American—
Futures—The
at
highest, lowest and closing prices
New York for the past week have been as follows:
Saturday
May 21
Monday
May 23
Tuesday
Wednesday
May 24
May 25
Thursday
May 26
Friday
May 27
Range..
Closing
8.49n
8.48n
8.52- 8.60
8.48-
8.52-
_
8.51
8.34n
8.18n
Closing
_
8.53
8.52
8.37-
8.47
8.21- 8.31
8.00-
8.37-
8.38
8.21- 8.22
8.08
8.24
7.81- 8.03
8.01-
8.02
Aug.—
Range
U. S. port stock
U. S. interior stock
U. S. exports today
Total
8.05n
—
.
Closing
8.54n
8.53n
8.39n
8.56 n
.
8.55n
8.4ln
8.22n
8.08n
8.02n
8.23n
8.09n
8.03n
352,000
53,000
44,000
24,000
31,000
82,000
150,000
401,000
8.25- 8.35
8.01- 8.28
7.83-
8.05
8.25- 8.26
8.10
8.04-
8.05
8 26n
8.11«
8.28- 8.40
8.04-
O
Range.
.
8.59-
Closing
.
8.67
8.54- 8.59
8.43-
8.57
8.59
8.44
8.54
jor
Total East India, &c_
Total American
Range..
8.60re
8.58n
Range..
8.62- 8.68
8.56-
Closing.
8.62
8.59
_
8.45n
8.05n
Dec.—
8.60
8.47-
8.56
8.47
8.28
8.13
8.48- 8.56
8.29- 8.39
8.09-
8.60«
8.48n
8.29
8.63n
8.48n
8.30n
7.85-
8-08
8.07-
8.30
8.08
Jan.(1939)
Range..
8.65-
Closing
8.70
8.63n
8.65n
.
8.59-
8.61
7.85-
8.08
8.14n
8.07-
8 08
8.15n
8.09n
8.30
Feb.—
—
Closing.
Mar.—
8.68-
-.
8.76
8.62-
8.67
8.50-
8.66
8.68
Closing.
8.63
8.32- 8.42
8.09-
8.32
8.50- 8.51
8.16- 8.18
8.34
79.2-
8.12
8.12
Closing
.
8.68n
8.70n
8.34n
8.53n
8.18n
8.13n
May—
Range.
.
8.72- 8.80
8.70-
Closing
.
8.72
8.71n
8.71
8.56-
8.37- 8.47
8.13- 8.38
7.95-
8.37
8.66
8.56n
.1,264,000
8.20
8.15
—
8.15
Nominal.
Range of future prices at New York for week ending
May 27, 1938, and since trading began on each option:
July
1938—
Aug.
1938-
of
2,529,005 bales
over 1935.
over
May 27
8.60
May 21
Aug. 27 1937 11.36 July
7.65
Oct.
July
May 25
8.31
May 25
8.31
May 25 1938
9.39
Feb.
18 1938
7.83
May 27
8.67
May 21
7.83
May 27 1938
9.48
Feb.
23 1938
Stocks
Season
Week
May
Week
27
Receipts
Ship¬
ments
Week
Season
2,151
31,942
8,153
1
52,552
144
175
50,296
58,639
347
69,161
170,958
60,410
1,005
90,345
23
41
391
101,003
68
26,104
33,782
130
7
1
65,886
24,210
23,998
3
536
66,043
"47
21
63
Ala., Birm'ara
12,059
Eufaula
Montgom 'y
—
1938—
Jan.
1939—
Feb.
7.85
Selma
May 27
8.68
May 21
7.85
May 27 1938
9.50
Feb.
23 1938
7.85
May 27
8.70
May 21
7.85 May 27 1938
9.51
Feb.
23 1938
7.92
May 27
8.76
7.92
9.20
1939..
Mar. 1939—
Apr.
1939
May
1939—
—
8.34
May 25
May 21
8.34 May 25
7.95
May 27
8.80
May 21
May 27 1938
Ark.,Blythev.
Forest City
Helena
Apr.
29 1938
8.34
May 25 1938
8.34
May 25 1938
7.95
May 27 1938
8.94
May 14 1938
....
Hope
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Pine
-
-
90
36,546
236
145,692
46,344
582
89,430
940
186,833
1,588
20,462
65,415
62,126
302
31,276
61
16,531
5
1,260
24
1,740
29,881
177,371
1,369
2,090
'
—
-
4
22
Rock
Little
-
1,195
348
Jones boro—
Newport-
,;v
-
-
"753
Bluff.
Walnut Rge
_
17
1,583
'
784
17,532
45,353
230,112
171,631
1,118
134,108
Columbus..
500
31,450
300
34,800
Macon
435
47,176
660
45
16,867
25
La., Sbrevep't
147,234
477
366
259,556
„
-
538
Week
Stocks
May
New York
May 20 May 21 May 23 May 24 May 25 May 26
July (1938)
47,200
20.200
35,900
50,700
May. 26
61,700
93,800
764,300
27,000
13,100
22,500
41,500
59,300
68,800
17,900
7,200
16,700
30,100
29,300
900
500
1,800
9,900
5,300
38,000
3,200
653,100
408,500
135,500
March
7,500
6,300
17,900
18,500
18,000
38,100
270,000
May
2,100
1,200
2,700
5,200
4,900
5,600
16,700
October
December
__
January (1939)
Inactive months—
September (1938)
all futures..
200
102,600
48.500
100
97,500 155,900 178,700 247.500 2,248,200
28
Open
Contracts
May 18 May 19 May 20 May 21 May 23 May 24
May 24
900
3,000
3,650
1,550
4,000
9,850
115,150
October
1,500
5,550
5.650
2,350
7,700
16.050
December
1,800
2,850
3,200
1,250
4,050
5,850
155,200
60,700
July (1938)
50
January (1939)
"300
—
"450
300
3~450
4,500
"600
1.700
25.650
300
500
100
May
100
4,500
11,950
13,050
8,600
33.850
361,700
34,620
27,689
924
38,774
96
•
7,838
2,828
2,765
5,908
3,850
8,068
37,777
5,988
15,941
10,145
14,418
18,726
140,865
82,511
36,000
24,195
23,807
3,154
770
1,573
56
4,049
486
141,146
1,606
493
17
65,711
273
25,097
126
18,830
4
10,798
317
"87
52,106
109
13,294
33
City
6
76,067
274
27,072
Mo., St. Louis
2,990
189,458
3,032
3,967
4,001
51,392
315,475
N.C., Gr'boro
124
8,578
267
3,630
178
10,339
100
3,118
175
521,752
1,440
143,529
113
2,547
87,098
1,738
5,897
58,112
141,467
1,396
13,792 2614,596
45,986
20,136
576,985
17
7,528
176,615
1,793 224,549
10,827 2526,822
18
38,932
16,244
226
Atlanta
Augusta...
Rome
707
59,271
-----
260
-
-
-
-
40,444
682
51,404
29,505
321
137
Greenwood.
497
301,011
1,903
60,184
45
Jackson
Natchez...
Yazoo
8
850
8,259
3,977
722
400
384
841
5,326
536
22,642
10,856
6,949
1,472
1,728
1,998
3,370
670
888
91
119
119
4,001
Oklahoma—
15 towns *S. C., Gr'ville
Tenn., Mem's
Texas, Abilene
~16
Austin
1,447
13,969
36
2,319
114,244
283
33,938
7
93,407
50
22,815
4
683
..
Paris
Robstown..
San Antonio
-
-
-
-
15,661
7,639
6
Waco
Total .56 towns
Includes the
90,918
23,723 6514,302
--
46
....
61
136
18,973
13,630
45.216 2194,843
7
6,405
82,654
17,656
13,701
8,952
35,1.54
79,577
25,515 5968,579
33,452
329
78,542
333,506
1,614
349
15
146
....
1,300
5,097
730
41
153
101
2,471
77
599
80,882 1107.259
combined totals of 15 to was in Oklahoma.
above
decreased
41,912
91
Texarkana.
*
32
18,042
8
30
Brenham
500
16,650
49
2,284
133
14
Athens
The
Total all futures
24,247
Vicksburg—
—
Dallas
New Orleans
1,939
13,445
29,384
355,248
199,290
17,625
45,614
21,198
100,171
164,397
38,823
260,887
62,696
20,997
39,194
Ga., Albany
Columbus..
Contracts
81,496
9,285
52,600
55,327
168,066
32,625
60,451
54,557
19,607
191,895
27,904
46,184
21,989
2
M,
32,908
Miss., Clarksd
Open
March—
of 2,-
27 1937
8 1937 11.36
8.31
1938—
Total
gain
_
Oct.
Dec.
a
Movement to May 28, 1937
1938
Ship¬
Receipts
27 1937
Sept. 1938—
Nov. 1938
1936, and
detail below:
Towns
9.63
7.81
52.000
57,000
19,000
73,000
121,000
109,000
220,000
813,000
At the
Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Range Since Beginning of Option
1938.-
409,000
Continental imports for past week have been 63,000 bales.
The above figures for
1938 show a decrease from last
week of 23,226 bales, a gain of 2,957,514 over 1937, an
ments
June
346,000
68,000
43,000
29,000
71,000
107,000
135,000
232,000
873,000
2,401,000 2,235,000 1,904,000 1,873,000
.—6,152,574 3,361,060 4,120,569 3,719,964
Movement to May 27,
Range for Week
Option for—
83,000
53,000
28,000
27,000
146,000
137,000
185,000
1.131,000
960,610 bales
8.34- 8.34
_
—
445.000
Total visible supply.
8,553,574 5,596,060 6,024,569 5,592,964
Middling uplands, Liverpool
4.46d.
7.36d.
6.64d.
6.92d.
Middling uplands, New York
8.01c.
13.30c.
11.77c.
11.30c.
Egypt, good Sakel, Liverpool
8.56d.
12.61d.
8.97d.
8.61d.
Broach, fine, Liverpool
3.76d.
6 15d.
5.22d.
5.85d.
Peruvian Tanguis, g'd fair, L'pool
5.46d.
8.91d.
C.P.Oomra No.1 staple,s'fine, Liv
3.91d.
6.05d.
increase
April—
Range.
Continental stock
Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Nov.—
Closing
...
Indian afloat for
8.31- 8.31
_
340,000
255,000
202,000
60,000
35,000
35,000
150,000
154,000
159,000
179,000
129,000
104,000
20,000
107,000
115,000
148,000
181,000
155,000
1.348,583 1,639,715 1,638,752
1,107,259 1,594,234 1,301,899
8,218
25,620
9,313
6,152,574 3,361,060 4,120,569 3,719.964
Manchester stock
H*,re stock
Oct.—
n
American.-.-.-.
East Indian, Brazil, &c.—
Liverpool stock
_
Range—
Range
2,194,843
7,504
Bremen stock
Closing
Sept.—
Range
676,000
122,000
182,000
251,000
66,000
105,000
2,548,227
Other Continental stock
American afloat for Europe
7.98«
July—
bales.
Manchester stock
Bremen stock
Havre stock
Junef, 1938)
Range
Liverpool stock
totals
show
during the week
that the interior stocks have
21,493 bales and are tonight
Financial
3540
1,087,584 bales less than at the same period last year.
receipts of all the towns have been 1,792 bales less
the
The
than
week last year.
same
Overland Movement for the Week and Since Aug. 1—
We
give below
statement showing the overland movement
made up from telegraphic
a
for the week and since Aug. 1, as
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1937-38
Week
Via Mounds, &c
Via Rock Island
Aug. 1
3.032
1,150
298
Via St. Louis
-
Week
441,278
Tennessee
682,164
Louisiana
291,725
Texas.
Mississippi------—.
586,902 Virginia--
4,837
10,470
1,342,283
20,470
1,737
8,345
275,009
9,529
62,728
13,018
454,104
9.277
9,277
308,369
11,614
529,850
9,717 1,033,914
.
Leaving total net overland
8,856
842,539
348
foregoing shows the week's net overland movement
9,717 bales, against 8,856 bales for
and that for the season to date the
this year has been
the week last year,
aggregate net overland exhibits an increase over a
of 191,375 bales.
1937-38
Sight and Spinners'
Takings
Since
Week
Aug. 1
6,959,794
25,457
9,717
85,000
Total marketed
1,033,914
4,490,000
8,856
130,000
6,146,695
842,539
5,875,000
.
■
108,829
mill
Southern
12,483,708
*21,493
Interior stocks in excess
of
1,443,512
164,313 12,864,234
*55,367
*76,804
takings
454,025
consumption to May 1
over
Sinci
Aug. 1
14,112
—
.
Excess
Came into sight during week
Total in sight May 27
North,
18,781
998,658
87,336
*
year ago
1936-37
Week
I
108,946
14,381,245
spinn's'takings to May 27.
13,786,088
1,134,105
21,465
1,592,041
Decrease.
Movement into
sight in previous
years:
Since Aug. 1—
Bales
Week—
Bales
1935
132,829
97,956 1934
128,411 1932
1937—May 29
1935—May 31
1934—June
1.
Arkansas
California
Georgia
-.-
—
North Carolina
Oklahoma
117,911
84,647
South Carolina
252,774
278,689
1,633,586
9,628
-
1,372,389
24,106
9,254
Including movement by rail to Canada.
In
76,788
48,658
Flordia
684
-
Receipts at ports to May 27
Net overland to May 27
Southern consumption to May 27-
Bales
Missouri
New Mexico
9,519
209.258
158,961
r
The
State—
Bales
779,312
125,229
565,577
68,822
995
337
863,009
248
*
-—-------
—
3,789
5,672
.18,994
Total to be deducted
State—
Alabama
Arizona.-.-.
4,098
to N.
Corporation announced on May 20 that "Advices of Cotton
Loans" received by it through May 19, 1938, showed loans
disbursed by the Corporation and lending agencies of $234,247,279.57 on 5,362,521 bales of cotton. This includes loans
of $6,634,321.80 on 158,171 bales which have been paid and
the cotton released.
The loans average 8.39 cents per pound.
Figures showing the number of bales on which loans have
been made by States are given below:
314,387
151,917
5,144
Deduct Shipmenls-
Overland
12,855,708
8,679,370
12,352,253
Activity in the Cotton Spinning Industry for April,
1938—The Bureau of the Census announced on May 20,
according to preliminary figures 26,539,440 cotton
spinning spindles were in place in the United States on April
30, 1938 of which 21,786,054 were operated at some time
during the month, compared with 22,288,098 for March,
22,356,638 for February, 22,327,444 for January, 22,328,472
for December, 22,791,550 for November, and 24,727,106 for
April, 1937.
The aggregate number of active spindle hours
reported for the month was 5,265,957,018.
Since the in¬
auguration of this inquiry in 1921, the average hours of opera¬
tion for the day shift for all of the mills was used in comput¬
ing the monthly percentage of activity.
The hours of em¬
ployment and of productive machinery are not uniform
throughout the industry.
However, in order that the statis¬
tics may be comparable with those for earlier months and
years, the same method of computing the percentage of
activity has been used.
Computed on this basis the cotton
spindles in the United States were operated during April,
1938, at 85.7% capacity on a single-shift basis.
This per¬
centage compares with 101.0 for March, 98.9 for Feb¬
ruary,
93.5 for January, 92.0 for December, 105.2 for
November; and 146.4 for April, 1937.
The average number
of active spindle hours per spindle in place for the month
was 198.
The total number of cotton spinning spindles in
place, the number active, the number of active spindle hours,
and the average hours per spindle in place, by States, are
shown in the following statement:
that,
Active Spindle Hours
Spinning Spindles
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Closing Quotations for Middling Coiton
on-
Saturday Monday
Tuesday
Wed'day Thursday
Friday
Galveston
8.58
8.38
8.28
8.12
8.00
7.93
New Orleans
8.70
8.67
8.50
8.23
8.18
Mobile.
8.42
8.41
8.27
8.33
8.11
7.98
7.91
Savannah
8.67
8.66
8.52
8.36
8.23
8.17
Norfolk—
8.80
8.80
8.65
8.50
8.35
8.25
Montgomery
Augusta
Memphis
8.60
8.82
8.55
8.40
8.25
8.15
8.05
8.81
8.67
8.51
8.38
8.31
8.60
8.45
8.30
8.20
8.10
_
.
Houston
8.50
Little Rock
8.50
8.60
8.45
8.45
Dallas
8.17
8.16
8.17
8.16
'
8.35
8.30
8.02
8.02
8.20
8.05
8.00
8.20
'
In PLace
Active Dur¬
April 30
ing April
United States
26,539,440
21,786,054
5,265,957,018
198
18,816,872
16,428,336
4,166,702,093
221
6,921,496
801,072
4,757,946
599,772
978,988,752
141
120,266,173
150
219
All other States
nnaeu
May 27
for April
State
Cotton growing States
New England States.
of the week:
weeic
1938
28,
Cotton Loans of CCC Aggregated $234,247,280 on
5,362,521 Bales Through May 19—The Commodity Credit
4,001
825
10,416
points
Via other routes, &c
May
188,096
122,756
Via Louisville
Via Virginia
1936-37
Since
Aug. 1
Since
May 27—
Shipped—
Chronicle
8.05
7.95
7.86
7.73
7.66
7.86
7.73
7.66
Alabama
1,903,580
Average
Total
Massachusetts
Mississippi.,
New Hampshire
•
New York.
2,436,638
103,278,806
692,827,767
122,958,312
504,572,289
207,593
Maine
417,372,365
2,813,968
612,784
3,831,204
..
485,454
704,924
Georgia
1,548,674
628,360
3,243,206
Connecticut
139,600
642,080
164
214
174
132
219
45,464,680
101,820,704
485,090
159
355,388
North Carolina..
•
236,952
46,028,759
130
6,064,192
5,161,282
203
Rhode Island
1,016,416
694,886
1,231,308,699
141,967,561
South Carolina
5,714,224
5,299,372
1,392,479,281
244
600,068
553,856
154,392,768
257
Tennessee
140
New Orleans Contract Market—The
for
leading contracts in the New Orleans
week have been as follows:
closing quotations
cotton market for
the past
Saturday
Monday
Tuesday
May 21
May 23
May 24
Wednesday
May 25
Thursday
Friday
May 26
May 27
June(1938)
8.67
—
8.63
8.48
8.74
—
8.71
8.55-
December.
8.76
—
8.72
8.58
8.38-
Jan.
8.77
—
8.73
8.58
8.39
July.
August
8.30- 8.31
8.19- 8.20
8.21-
8.22
257,278
212,628
69,811,621
271
Virginia
634,064
556,680
548.190
130,417,088
111.256,318
206
736,860
Revised
Estimates
8.18
151
Cotton
Area in
...
Yield of
Production*
Ginnings
Cotton (500-Lb. Gross 1937 Crop
Cultivation
..
8.56
Area
July 1,
Picked,
Thousand
Thousand
Acre,
Bales),
by Census
Acres
November
Acres
Pounds
Thousand
May 19.
1938, Bales
State
(1939)
February
the
Crop of 1937, By
States—The Crop Reporting Board of the Bureau of Agri¬
cultural Economics, from the reports and data furnished by
crop correspondents, field
statisticians, cooperating State
agencies, and Census reported ginnings makes the following
revised estimates of the cotton crop of 1936 and 1937.
September
October
of
8.15
8.36
Texas
All other States
Worth
Fort
per
Spindle in Place
8.39
8.23
8.20
8.24
8.28
8.23
8.48
8.32
8.27
Picked per
Weight
8.21
8.41
Lint
—
as
Bales
Reported
.
V
March...
8.83
8.79
—
8.626-8.63a
1936
1937
1936
1937
1936
1937
558
360
346
1936
1937
May
8.87&-8.89a 8.846-8.86a
8.686
—
—
Tone—
Missouri
414
Virginia
569
410
308
Ov/U L/O.
Cross)
April
404
Options...
Steady.
Steady.
Steady.
Steady.
Barely stdy
Quiet.
Barely stdy Barely stdy
Dull.
397,226
Steady.
Four New Members of the New York Cotton
—At a meeting of the Board of
54
67
53
66
298
312
33
43
Quiet.
North Carolina..
973
1,111
957
1,103
298
338
597
780
781,483
Steady.
South Carolina..
1,416
1,705
1,399
1,695
279
289
816
1,023
1,023,319
Georgia
Spot
2,299
2,674
2,276
2,661
228
270
1,086
1,500
1,505,946
Florida
Exchange
Managers of The New York
Cotton Exchange on May 24, the
following were elected to
membership: Vadilal Chunilal of Vandilal Chunilab Bombay,
India, who do a commission business; Ashton H. Hay ward
of
New
Orleans,
La; Jacob Walter Schwab, President of
Cohn-Hall-Marx Co. of New York
City, who do a textile
business, and Paul Emil Monath of E. J. Schwabach & Co.,
New York City, who
do a commodity business.
Mr.
Chunilal is also
tion,
a
member of the East India Cotton Associa¬
the
Liverpool Cotton Association, and the Bombay
Bullion Exchange.
Mr. Hay ward is also a member of the
New Orleans Cotton
Exchange.
Mr. Schwab is also a
member of the New York
Commodity Exchange, Inc.
Mr.
a member of the New York
Coffee and Sugar
Exchange, the New York Cocoa Exchange, the New York
Commodity Exchange, Inc., and the Dallas Cotton Ex¬
change.
Monath is also
40.373
90
120
88
118
170
162
31
40
837
995
829
989
250
320
433
661
660,394
Alabama
2,335
2,705
2,321
2,694
236
290
1,145
1,631
1,636,363
Tennessee
34,605
Mississippi
3,010
3,495
2,998
3,467
305
372
1,911
2 692
2,692,427
Arkansas
2,764
3,099
2,731
3,062
227
298
1,295
1,904
1,915,206
Louisiana
1,409
1,575
1,401
1,569
260
337
761
Oklahoma
2,501
2,471
2,251
2,372
62
156
290
773
763,403
12,080 12,769 11,597 12,539
121
197
2,933
5,154
5.163,895
111
163
156,409
Texas
New Mexico
Arizona
118
162
116
159
457
490
1,104
1,103,622
208
208
299
438
501
191
313
312,908
624
368
620
574
570
442
738
738.700
25
.
299
370
.
California
31
25
30
313
361
16
23
18,743
All other
United States. 30,903 34,471 30,028 34,001 197.6 266.9 12.399 18,946 18.945,022
Ga. Sea Island.a
15.8
3.0
15.4
97
77
0.6
2.5
21
38
21
230
269
18
12
140
139
140
210
179
61
52
b
90
0.7
c
California
(Old Mexico) d
*
132
4.1
4.0
Egyptian/a
Lower
3.8
0.3
~"~3S
Fla. Sea Island.a
Ariz.
140
e52,292
Bales rounded to thousands, allowances made for interstate movement of seed
cotton for ginning and added for United States total.
linters.
d Not
a
Included
included
in
in State and United
California
51,288 running bales,
as
Not including production of
States totals,
nor
in
United
b 250 acres,
c
70
bales,
States total,
e Ginnings
enumerated by California Crop Reporting Service.
figures,
Volume
Financial
146
Comments
Cotton Report of May 25,
Department of Agriculture in giv¬
May 25, also added the following com¬
3541
Chronicle
Rain
Days
Concerning
1938—The United States
ing out its report
on
of acreage, yield and production of the 1937 cotton
crop, the Crop Reporting Board estimates the area in cultivation in the
United States on July 1, 1937 to have been 34,471,000 acres; the area havvested 34,001,000 acres; and tne yield of lint cotton to have been 266.9
pounds per harvested acre.
The report of the Bureau of Census, published
on May 19 placed final gainings for the 1937 crop at 18,945,022 equivalent
500-pound bales.
The revised acreage estimate for the United States is about two-tenths of
1% above the preliminary estimate made last December, and the revised
yield per acre is about nine-tenths of 1% above.
The final production is
1.1% above the December preliminary estimate.
The United States aver¬
age yield per acre for 1937 of 266.9 pounds is the highest on record.
The
next highest yield was 223 pounds per acre in 1898.
The 1937 production
was also the nighest on record.
The next largest crop was realized in 1926
when 17,978,000 bales were produced.
Each forecast made during the season showed marked improvement in
prospects over the preceding forecast, as the 1937 season was ex¬
traordinarily favorable for the production of cotton from spring until late
fall.
The forecasts during the season are necessarily based upon indica¬
tions at the time the reports are prepared, and upon the assumption that
weather conditions after that time will be about average.
Percentage
made by the Crop Report¬
ing Board during the 1937 season with final production are as follows;
Aug. 1, 17.7% below final production; Sept. 1, 15.0% below; Oct. 1, 7.2%
below; Nov. 1, 3.7% below; and Dec. 1, 1.1% below final production.
It was found necessary to revise the estimate of acreage in cultivation in
1936 for Oklahoma, which brought about a slight revision in the United
Reduction in Cotton Yields From Stated
1937—The U.S. Department of Agriculture also
public
May 25, the following:
on
Total production
from a full yield per acre of cotton during the season
is reported to have been 23.1% of a normal or
of 1937 from various causes
reduction in yield from all causes reported
1909.
In 1936 the reported reduction was
38.5%; in 1935, 36.8%; in 1934, 42.6%, and in 1933, 28.6%.
Loss from boll weevils in 1937 was reported slightly above the low 1936
figure, but still was only about half the average loss from this cause during
the 10 years 1927-36.
Weevil damage in 1937 was reported at 5.3% com¬
pared with 4.9% in 1936, 8.1% in 1935, and the 10-year (1927-36) average
of 10.4%.
Weevil damage was reported less than average in all States,
with the exception of Virginia and North Carolina, where the losses were
reported around 10%.
Loss due to insects other than boll weevil was re¬
ported at 3.0%, which is the same as reported in 1936.
Loss from deficient moisture, or drought, was reported at 5.7% compared
with 16.2% in 1936, 9.2% in 1935, and 20.7% in 1934.
Tne greatest loss
from deficient moisture occurred in Oklahoma where the loss was reported
at 20%.
Damage attributed to excessive moisture was 1.5% compared
with 1.9% in 1936 and 3.7% in 1935.
The greatest damage due to exces¬
sive moisture was reported to have occuired in Missouri and Florida where
full yield.
This is the smallest
since the inquiry was started in
reported at 6%.
including frost, floods, heat and hot winds,
reported at 4.1%, compared with 8.4% in 1936, 6.5% in 1935, and
7.3% in 1934.
Plant diseases are reported to have caused a loss of 2.2%,
the same as reported in 1936 and 1935.
In 1934 it was reported at 1.9%.
This statement on losses is based upon reports of correspondents made
in March, on a crop damage inquiry in which the correspondents were
asked to report the percent of a normal yield per acre of cotton harvested
the preceding year, the percent of loss in yield, and to distribute the loss
to stated causes.
The resulting indicated percentages represent the con¬
solidated judgment of the crop reporters and are useful as a rough index
of relative losses from the stated causes.
the loss was
"Other climatic" influences,
52
3.12
88
54
1.42
86
56
1
2.65
86
55
90
60
75
93
59
76
0.02
88
70
79
1
0.20
88
60
74
1
0.50
90
58
74
1
0.06
86
60
3
0.91
89
67
77
2
0.18
90
60
75
2
0.46
92
64
78
3
3.40
0.46
98
66
92
1
86
70
78
3
2.92
84
66
75
4
3.36
94
68
81
4
3.58
99
67
83
2
0.34
94
60
77
2
2.21
96
64
80
3
0.70
2.67
96
60
78
99
67
83
95
59
77
2
1.17
1.71
100
66
83
4
2.56
92
56
74
4
0.91
86
52
69
6
2.02
94
58
76
3
1.18
92
66
79
2
0.12
86
57
73
2
0.46
90
60
75
2
0.60
86
54
Louisiana—Alexandria.
dry
dry
1
Shreveport.
Mississippi—Meridian.
Vicksburg
Alabama—Mobile
.
Miami.
Georgia-
South
Carolina—Charleston
_
)
3
_
Greenwood
1
II
Conway
North Carolina—Charlotte
Tennessee—Memphis.
nt
on
Causes in
made
52
90
1
Little Rock
Pine Bluff
90
0.59
2
States total for that year.
Report
at the
(Zero indicates
no
70
by tele-
points named at
May 28, 1937
Feet
Feet
13.0
19.1
7.8
Memphis
Above
zero
of gauge.
18.7
Nashville..
Abov6
zero
of gauge.
15.6
Shreveport
Vicksburg
Above zero of gauge.
Above zero of gauge.
9.9
6.9
17.3
34.5
16.5
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The
figures do not include overland receipts nor
consumption; they a,re simply a statement of the
weekly movement from the plantations of that part of the
crop which winally reaches the market through the outports.
Southern
Week
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
End.
1938
1937
1936
1937
1938
1936
•
1936
1937
1938
Feb
86.337
66.019
64,035 2543,310 1880.455 2103.575
59,413
19,670
42.943
82.658
64,149
39,957
Nil
1,667
il¬
92,663
67,964
48.205 2500.609 1810,771 2057,037
38,439 2479,799 1744,860 2012,824
71,853
2,043
ls.
67.994
54.793
49,069
Nil
1,713
25.
47,032
61.190
47,370 2460,874 1685,484 1967,167
48,797 2431,771 1622,611 1940,895
17,929
Nil
22.525
35.770 2397,991 1569.244 1902,472
35.607 2362,621 1503,310 1871,482
10,815
16,110
3,173
25.
Mar.
4.
Nil
Apr.
1.
44,595
59,427
8.
51.480
50.142
26,976
42,828
30,687
45,944
40,673
44,904
40,825
13.
24,610
16,918
17.042
28,231
39,157 2263,791 1255,379 1732,379
40,509 2237,238 1206,606 1693,071
45,482 2216.336 1162,626 1651,649
27.
14
112
25.457
52,470 2194 843 1107.259 1594,234
29.
34,922 2338,818 1440,172 1833,913
34.771 2322.171 1387.245 1814,475
20,044 2289.937 1322,016 1779,076
Nil
6,06
Nil
4,617
Nil
Nil
Nil
14,040
13,710
15,333
Nil
Nil
May
State
6.
1935
1936
1937
1935
1936
1937
1935
1936
1937
%
%
%
%
%
%
%
%
%
9
16
3
8
0
6
12
8
18
2
5
0
2
9
4
Nil
Nil
Nil
11
o
Missouri
Virginia
73
May 27, 1938
15.
Other Climatic
72
of gauge.
STATED CAUSES.
Excessive Moisture
71
zero
damage or less than 1%)
Deficient Moisture
71
.
Above
20.
FULL YIELD PER ACRE FROM
1935. 1936 AND 1937
71
71
New Orleans
22.
FROM
'
has also been received
its of rivers
graph, showing the h
8 a. m. of the dates given:
were
REDUCTION
Mean
High
1.01
1
crop
comparisons of forecasts of cotton production
Low
Inches
3
Oklahoma—Oklahoma City...
ments:
In revising statistics
-Thermometer
Rainfall
..
2
31,296
The above statement shows:
4
14
2
2
4
4
2
South Carolina.
5
12
3
3
1
3
3
3
3
6
15
3
2
0
2
3
4
2
3
6
2
5
0
6
3
6
5
12
15
3
2
1.200
4,061
Nil
Nil
(1) That the total receipts
in 1936-37
Florida
Nil
Nil
Nil
from the
Georgia.......
Nil
Nil
North
Carolina
3
2
0
1
12
4
4
9
10
3
1
1
2
3
5
3
Mississippi
12
8
3
1
0
1
4
4
2
Arkansas
16
19
6
4
0
2
8
12
4
6
10
2
2
0
2
9
7
2
18
54
20
4
0
0
12
17
9
7
14
7
6
5
1
7
11
9.2
16.2
5.7
3.7
1.9
1.5
6.5
plantations since Aug. 1, 1937, are 8,410,924 bales;
were 6,216,627 bales and in 1935-36 were 6,991,607
bales.
(2) That, although the receipts at the outports the
past week were 14,112 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 21,493 bales during the week.
Tennessee.
Alabama
Louisiana
Oklahoma
Texas..
......
5
World's
Other Insects
Roll Weevil
Plant Diseases
4.1
8.4
State
1935
1936
1937
1935
1936
1937
1935
1936
1937
%
%
%
%
%
%
%
%
%
6
2
Cotton—The follow¬
1
2
Supply and Takings of
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
Missouri
2
2
1
0
0
0
Virginia
<—
North Carolina
4
3
4
2
1
10
2
2
2
9
4
11
1
South Carolina.
2
2
2
15
5
11
2
Georgia... ....
2
2
2
12
6
10
1
Florida
2
2
4
15
7
7
Tennessee—..
2
2
1
4
1
1
Alabama.
1
2
0
obtainable;
the takings or amounts gone out of
also
sight for the like period:
1
1936-37
1937-38
Takings,
2
1
2
1
2
1
1
1
2
4
3
1
Vissible supply May 20-----
•
Cotton
Week and Season
Week
2
9
4
5
1
Visable supply
2
2
9
3
4
1
1
I
American in sight to May
Arkansas
2
2
4
1
2
4
2
2
Louisiana
2
2
2
11
5
6
3
2
Oklahoma
1
0
1
6
1
2
6
o
5
Texas.........
3
3
3
7
8
5
10
5
6
Other
A v. of 13 States
2.2
2.2
2.2
2.2
8.1
4.9
5.3
3.0
3.0
108", 946
87,336 14,381,245
70,000
2,260,000
557,000
37,000
1,968,200
42,000
442,000
12,000
27.
Bombay receipts to May 26. Other India ship'ts to May 26
Alexandria receipts to May 25
5.0
4,899,258
13,786,088
2,849,000
1,020,000
600
1,852,600
502,000
8,000
4,339,022
2
2
2
aupply to May 25 *6—
41,000
41,000
5,928,674 24,908,946
8,825,136 23,947,467
Total supply
Season
5,729,128
8,576,800
Aug. 1
2
Mississippi
1
We.k
Season
Deduct—
Returns
by Telegraph—Reports to us by telegraph this
evening denote that hot, dry weather is needed in Texas
It has been necessary to do a lot of
Visible
Total takings to May
Of which
for the cotton crop.
replanting
in
many
Weather
sections.
conditions
—
-
_.
5,596,060
5,596,060
8,553,574
332,614 19,312,886
237,014 13,516,286
271,562 15,393,893
165,562 10,646,093
106,000
4,747,800
27 a_--
American.
Of which other
have
8,553,574
supply May 27--
5,796,600
95,600
71
78
3
1.48
88
50
69
1
0.28
88
58
73
Europe from Brazil Smyrna, West Indies, &c.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills, 4,490,000 bales in 1937-38 and 5,875,000 bales m 1936-37
—takings not being available—and the aggregate amount taken by Nor¬
thern and foreign spinners, 10,903,893 bales in 1937-38 and
13,437,886
bales in 1936-37, of which 6,156,093 bales and 7,641,286 bales American.
3
4.51
94
75
b
2
0.05
90
62
76
1
2.94
90
70
80
*
been favorable for Arkansas.
Rain
Inches
Brownsville
High
84
dry
Austin.
-ThermometerLow
Mean
Rainfall
Days
Texas—Galveston.
-
56
86
70
78
0.30
90
60
75
94
58
76
2
1.12
98
56
77
2
0.04
90
48
2
0.64
94
54
1.36
90
62
86
54
70
88
58
73
dry
El Paso
Nacogdoches
dry
...
1
Palestine
India Cotton
76
1
Henrietta
Estimated.
Movement from All
Ports—The receipts
74
2
dry
Corpus Christi.
Dallas
Embraces receipts in
0.48
69
Paris.
1
0.30
90
52
2
0.58
90
62
1
0.46
90
56
73
1.28
88
54
71
1937-38
1936-37
1935-36
May 26
Receipts—
Since
Since
Since
India
Aug. 1 as cabled,
Week
76
2
Bombay and the shipments from all
ports for the week and for the season from
for three year*, have been ar* fallows:
71
San Antonio
of Indian cotton at
Taylor
Weatherford
■___
Week
Bombay
70 (MX)
-
Aug. 1
1.260.000
Week
Aug. 1
41.(XX) 2.849.000
Aug. 1
01.000 2.090,000
3542
Financial
Chronicle
May 28, 1938
Bales
For the Week
NORFOLK—To Manchester—May 25—Manchester Producer, 63
To Hamburg—May 27—City of
Hamburg, 59
CHARLESTON—To Liverpool—May 19— Scnoharie, 50
To Manchester—May 19—Schoharie, 1,308
To Denmark—May 19—Schoharie, 46
To Hamburg—May 19—Schoharie, 350
To Czechoslovakia—May 19—Schoharie, 260
LOS ANGELES—To Japan—May 21—Arimisan Maru,
1,100;
Tasmania, 700
May 19—Niagara Maru, 250
To China—May 21—Tokai Maru, 100
To Canada—May 12—Kingsley, 75
To Melbourne— ? —Mariposa, 200
Since Aug. 1
Exports
Great
Conti¬
nent
Great
China
Conti¬
Japan &
Britain
nent
China
Jap'n&
Britain
from—
Total
Total
Bombay—
1937-38-
5,000
11,000
16,000
39,000
218,000
1930-37-
7,000
72,000
69,000
73,000
1935-36-
7,000
15,000
22,000
98,000
350,000 1312,000 1735,000
360,000 115,0000 1608,000
649,000
906,000
Otherlndla1937-38-
14,000
23,000
37,000
193,000
364,000
557,000
1936-37-
24,000
17,000
41,000
404.000
616,000
1020,000
1935-36-
19,000
4,000
23,000
335,000
520,000
855,000
1937-38-
14,000
28,000
232,000
582,000
649,000 1463,000
1936-37-
24,000
24,000
53,000
72,000 120,000
477,000
1935-36-
19.000
11,000
15,000
433,000
966,000 1312,000 2755,000
880.000 1150,000 2463.000
Total
Total all—
11,000
45,000
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
29,0(X) bales.
Exports from all India ports record a decrease
of 67,000 bales during the week, and since Aug. 1 show a
decrease of 1,292,000 bales.
—
Cotton
increase
High
ard
and
1936-37
210,000
9,906,444
1
This
To Liverpool
To Manchester,
3,000
8,951,242
Since
Week
Exports {Bal s)—
Aug.
This
To America-
Total exports
24,000 1000599
Note—A
_
—
can tar
Si
Week
1
166,519
7"6OO 159,967
17,000 649,100
25,013
-
&c
To Continent and India
Aug.
This
ce
Week
1
1,000 180,455
190,712
669,295
1,000 40,962
7",000
9,000 1081424
Market—Our report received
Barcelona
♦
*
Venice
.67c.
Japan
»
*
Copenhag'n.57c.
.72c.
.67c.
Shanghai
*
*
Naples
d.45c.
.60c.
d.45c.
.6UC.
Bombay
.50c.
.65c.
Leghorn
d.45c.
60c.
Oslo
.58c.
.73c.
Bremen
.52c.
.67c.
Gothenb'g
.57c.
.72c.
Stockholm
.63c.
.78c.
Hamburg
,52c.
.67c.
*
No quotations,
x
*
Only small lots.
12",65o
Aug.
Amount afloat
Of which American
187,665
144,395
597,634
34,482
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
spot cotton have been
Spot
8K
Lbs.
Mlddl'g
32s Cop
ings, Common
to Finest
Upl'ds
Twist
to Finest
Tuesday
Quiet.
Quiet.
Quiet.
12:15
s.
d.
d.
8.
d.
d.
d.
s.
12«@13«
9
@10
4— 10H@11^ 10
11- 10K@11 H 10
18- l0H@n H 10
@10
3
5.13
13
@10
@10
@10
3
5.06
13H@15
3
5.10
14
@15H 10
3
3
5.21
s.
6
4.75d.
Futures
1
Market
to
25- 10
@11H 10
@10
4H@10
@14H 10
10
7.41
2
8-
5
to
2
to
Steady;
Steady;
Sat.
Steady;
Steady;
Easy;
pts. 2 to 3
pts. 9 to 11 pts. 3 to 4 pts. 17 to 18 pts
decline.
decline.
decline.
decline.
decline.
Liverpool for each day
Mon.
Tues.
are
Wed.
given below:
Thurs.
Frl.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
d.
4.77
d.
d.
d.
d.
d.
d.
d.
d.
d.
4.61
4.58
4.59
4.55
4.57
4.48
4.48
4.46
4.44
4.31
4.27
4.66
4.63
4.64
4.60
4.61
4.52
4.51
4.49
4.47
4.36
4.30
4.74
4.75
4.72
4.73
4.60
4.59
'
4.77
4.63
4.62
December
4.81
January 1939
4.83
4.81
4.82
4.78
4.79
4.69
4.69
4.66
4.65
4.54
4.48
7.88
March
4.87
4.85
4.86
4.82
4.83
4.73
4.73
4.70
4.69
4.59
4.52
4.97
14
@15K 10
7^@10 10 H
7.95
May
July
@10
4.91
7H@10 10H
7.97
October
@10
4.79
14K@15 H 10
14^@15^ 10
14tf@15^ 10
9
w*.
4.80
—
~
-
-
4.67
4.41
4.48
4.63
...
-
—
4.46
„
7.87
9
9
9
@11
@10
4.89
9
@10
4.94
@10
9
4.80
14
6
@10
9
9
6
@
9
9
4.69
14H@15^ 10
6
@10
9
9M@10M
9X@10X
6
@
9
9
4.77
i4y$@i5H 10
6
4H@
9
7X
4.68
14^@15H 10
6
9
7.29
9
9
3
9
6
4.46
14
6
@10
9
4.90
-
-
~
m
t+
-
4.87
-
4.94
4.77
4.91
4,95
7.12
9
@10
@10
9
2027..
-
7.45
9
-
4.97
-
4.99
7.22
9K@10H
-
4.95
7.36
-
—
-
-
«
4.81
«.
4.73
-
4.56
4.77
«...
-
4.85
~
«
—
4.59
-
4.81
4.63
7.49
@10
14^@15K 10
10
@15
6
9
4.92
...
9
7.47
@11
BREADSTUFFS
May
613.
@10
@
10
@15
Friday Night, May 27, 1938
Flour—With
wheat
week, and with bearish
Shipping
News—As
shown
on
a
previous
the
page,
exports of cotton from the United States the past week have
reached 34,982 bales.
The shipments in detail, as made
up
from mail and telegraphic reports,
are as
follows:
Bales
GALVESTON—To Buena
Ventura—May 19—Margaret Lykes, 329
Colombia—May 19—Margaret Lykes, 636
Copenhagen—May 19—Vasaholm,622
Genoa—May 20—Montello, 772
Naples—May 20—Montello, 200Gdynia—May 19—Vasaholm, 1,009..-May 20^~Vigilant,
To
_
To
_
To
3,166
200
To
Gothenburg—May 19—Vasaholm, 24
23—Breedijk, 250
24
To Ghent—May
To
250
Cobalt, 1,336
1,336
Manchester—May 20—West Cobalt, 986
To Guayaquil—May
17—Margaret Lykes, 179
To Valparaiso—May 17—Margaret Lykes, 36
To Puerto Colombia—May 17—Margaret Lykes, 464
To Bremen—May
24—Augsburg, 1,115
NEW ORLEANS—To
To Venice—May
To
To
To
To
To
179
36
464
Marseilles—May 24—Istria,~287l~"~__I.
23—Maria, 920._.
To Trieste—May
23—Maria, 744
To
986
920
.
744
_
Valparaiso—May 24—Contessee, 700
Panama City—May 20—Santa
Marta," 10
."III"..
Antwerp—May 19—Michigan, 500;
Antverpia,
275..
May 20—Boschduk, 350
Havre—May 19—Michigan, 565;
Antverpia, 342
Dunkirk—May 19—Michigan, 615
Bremen—May 12—American Press, 816..May i8^Kell"er___
wald, 3,127
To
Rotterdam—May
17—American
Press,
350
May
To Genoa—May 20—West
ello, 2,427
35
To
Harshaw, 492__ .May ~25—Mont¬
o
Venice—May 20—West Harshaw, 4g6I"I~II~""I
Trieste—May 20—West Harshaw, 85
100-.
.
781
Bremen—May 26—Leannern, 1,15611111111"""
Gdynia—May 26—Vasaholm, 500
500
525
215
breaking
badly
the
during
concerning crops and weather
maintain
their
hand-to-mouth
the upward side
in wheat values.
steady.
low spot
Local
mill
Odd
holdings.
Flour
offices
carlots
note
turnabout to
prices
holding
are
lack
general
a
being
are
a
sold
to
Directions against contracts
of
replenish
are
spotty.
Wheat—On the 21st inst. prices closed 3^c. to
higher.
The market rose sharply in the early
%c. net
prices
Chicago
showing maximum gains of
l^c.
the
on
trading,
Board.
Winnipeg quotations leaped upward 2psc. The tense
European political conditions, together with a 7% jump in
Italy's wheat prices, ran the Chicago wheat market up
rather
briskly, and the Winnipeg market even exceeded
Chicago's strength, the Canadian market showing net gains
of
2^c.
ket
The fact that trade cables credited Liverpool
bulges to increased
nervousness
over
war
mar¬
possibilities,
attracted special notice. So many false alarms on this
score,
however, had previously been received that most traders
on
ist
the
Chicago Board
advices.
North
tinued light.
cated
were
inclined to minimize
American
wheat
On the other hand,
a
export
new
alarm¬
business
con¬
Canadian survey indi¬
larger European demand in the coming
season,
and
estimated probable world shipments at nearer
600,000,000
bushels than 500,000,000.
On the 23d inst. prices closed
Kc. to l^c. net lower.
touched
a
new
In the
four-year low.
severe
drop today prices
Influenced
50
by the easing
political situation abroad, offerings became freer and prices
yielded rather easily. Easing markets abroad and bearish
33
crop reports
C71
"
Uddevalla—May 26—Vasaholm, 50
OHRISTI—To Bremen—May
21—Ki"ei.'33 III11111111
200
100
Liverpool—May 21—Schoharie, 525...
2i—Schoharie, 215..—
H^burg—May 21—Schoharie, 90___May 26-^Learhh~er"n,
CORPUS
919
460
85
2(0—Georgia,100...May 23—Toro'nto"," 166
Varburg—May 20—Georgia,
To Manchester—May
To
To
950
142
1,616
vKrS'Roping—May 23—Toronot, 5001 _"_ 11111111111111
To
615
_
SAVANNAH—To
To
1,125
907
20—
18—Kellerwald, ~1~,61(L
To
10
^
To Ghent-—May
19—Antverpia, 142
To Hamburg—May
To
700
3,943
______
Boschdijk, 600.
1,115
287
should
consumers
buying interest.
4,175
HOUSTON—To Liverpool—May 20—West
flour
fairly
772
__
__
To
news
policy, at least until definite signs indicate
622
_
prices
constant, not only here but abroad, it was only natural that
329
636
To Puerto
a a
4.46d.
Steady;
7.70
9
29.
,
4.61d.
Easy;
7.94
7X
7M@10 10 H
9
22-
,
4.63d.
Quiet;
Steady;
7 pts. 1
advance.
New Contract
9
9
9J*@im
9^@ll*i
9^@11H
9H@10H
Quiet.
pts. 3 to 5 pts. 1 to 2 pts. 7 to 10 pts. unch. to 2 6 to 9 pts.
decline.
decline.
decline.
decline.
pts. decl.
May 1938
July
October
9
1-
Quiet.
to
d.
2
Friday
Quiet.
4.70d.
Steady;
Steady;
[
|
P. M.
May 21
Apr.
15-
Market,
May 27
0
Thursday
advance.
opened
Cotton
Mar.
f
4.73d.
Steady:
Mlddl'g
Upl'ds
d.
@10
Wednesday
1
Mid.Up'lds
Feb.
10H@11H 10
follows:
Monday
(
Market,
P. M.
Shirt¬
ings, Common
as
Saturday
were
by cable to¬
Twist
dDlrect steamer.
The tone of the
1
12,000 964,176
32s Cop
Salonica
May 6
May 13
May 13
May 27
53,000
43,000
36,000
48,000
1,215,000 1,196,000 1,197,000 1,203,000
819,000
800,000
794,000
797,000
28,000
27,000
39,000
51,000
13,000
3,000
12,000
21,000
116,000
127,000
111,000
94,000
39,000
43,000
33,000
16,000
1937
Cotton
Piraeus
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Prices of futures at
1938
d.
1.00
.67c.
.52c.
Total imports
Of which American
night from Manchester states that the market in both yarns
in cloths is dull but steady.
Merchants are buying
very sparingly.
We give prices today below and leave those
for previous weeks of this and last year for comparison:
25..
1.00
.60c.
.52c.
and
Shirt¬
.85c.
d.85c.
d.45c.
Antwerp
Havre
Since
receipts for the week ended May 25
210,000 cantars and foreign shipments 24,000 bales.
Lbs.
ard
1.00
,60c.
is 99 lbs. Egyptian bales weight about 750 lbs.
814
.85c.
d.45c.
Flume
Total stocks
11,000
8,193,980
This statement shows that the
Manchester
Stand-
Density
Trieste
Of which American
This week
High
ard
as
.67c.
Forward
1935-36
•
Receipts (centars)—
Since Aug.
are
.67c.
s
1937-38
Alexandria, Egypt,
May 25
Sland-
Density
New
from
cotton
Rotterdam .52c.
Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Receipts
75
Manchester.52c.
Liverpool
Genoa
Alexandria
Stand¬
Density
.52c.
100
200
34,982
for
as
High
260
2,500
—
Freights—Current rates
furnished by Lambert & Barrows, Inc.,
follows, quotations being in cents per pound:
York,
63
59
50
1,038
46
350
1.550
500
both
as
concerns
domestic and foreign wheat,
Volume
other factors
were
bling l%c.
since
the
contributing to today's declines.
Tum¬
bushel to 74%, July wheat hit the lowest point
a
touched
market
wheat
winter
new
Financial
146
harvest
With the
73% in April, 1934.
under
now
way
Southwest,
in the
of
grain is worth less in Chicago at the beginning
crop
harvest than in any season
Barring the 1930-34
since 1933.
slump, wheat is the lowest in 30 years. Traders said the
prospect of the second largest winter wheat crop on record
the
is
the market, although lack of
important factor in
Hedging is expected to
into trade channels.
prices closed 1 %c. to 2c. net lower . Bearish
speculative interest restricts trading.
appear
soon
as
On the 24th inst.
weather
wheat
new
as
dropped to
with
continued flat, only
July delivery.
odd lots of North American wheat being
Liverpool weakened under the influence of bearish-
worked.
here and
as
probably have
sizable exportable surplus
a
Crop estimates for the
surprise to the trade.
a
Disclosure
offerings from Russia and India.
that France will
came
bushels, as
The yield,
country range from 316,000,000 to 328,000,000
against
of 254,000,000 bushels last year.
a crop
will allow exports
if realized, will be the best since 1934, and
of
the
and
Balkans
of any general European crop
time
and
Germany,
indicate little possibility
to
seem
news
wheat in
generally favorable condition of
Russia
This
50,000,000 bushels, advices state.
some
the
tension
Kansas City led the way
Export trade
low ground again.
new
the
easing of
an
little support, so that prices
very
break under 70c. in the
a
ness
with
together
reports
abroad, found wheat with
moves
shortage
as was
feared
a
short
Rains during the past week or 10 days have
ago.
On the 25th inst. prices closed %c.
production.
bushel on the
Winnipeg wheat market and 4%c. on the Chicago Board
smashed the low price record today that, except between
1930 and 1934, extended back 30 years.
It was the third
The price collapse of 5c.
3%c. net lower.
a
day that Chicago quotations had reached new
successive
largely because of prospects that the 1938
bottom levels,
getting under way now in Texas would
production. Notwithstanding the series of
breaks, trading today was characterized
by pronounced absence of purchase support rather than
unusual pressure to sell.
Favorable weather developments
in the United States and in parts of Europe, disturbing price
tumbles abroad and enlarged liquidation of Chicago May
contracts, together with almost total suspension of North
American export business—all combined to depress prices.
Indications of added warlike tension between Germany and
domestic
harvest
result in bumper
sensational price
Czechoslovakia received little immediate notice.
lc. off to %c. up. End-ofholders of May delivery
proved to be of too large volume today to permit
On the 26th inst. prices closed
the-month
contracts
sales
liquidating
by
Before the day ended May
wheat touched a new five-year bottom
record of 70%c.,
showing about 2c. overnight loss, but with rapid fluctua¬
price rallies to be sustained.
tions
including
being witnessed in the last few minutes,
fleeting high of 74%c.
the
attributed
was
to
C°rn—On the 21st inst. prices
closed %c. off to 1/%g. up.
acted as a detrimental
influence to prices for this grain, corn arrivals being 524
cars
today.
New export purchases were limited, and rural
offerings heavy.
Lake shipments for the week totaled more
than six million bushels.
On the 23d inst. prices closed
% to ^c. net lower.
Dis¬
couraged by lack of an export demand and reflecting the
weak wheat market, corn ruled
heavy at slight declines
during most of the session.
Primary receipts proved quite
liberal at 1,016,000
bushels, against 1,065,000 bushels a
week ago.
On the
24th inst. prices closed
to %c. net lower.
Rather light export sales and primary receipts of 1,793,000
bushels on Monday, as against 1,114,000 bushels on the
day last week, seemed to put pressure on the grain.
However, the outlook is not so unpromising with Argentina
having a short crop at higher than world prices.
South
same
Africa is
United
professional traders.
Today prices closed % to %c. net lower.
were
expected to have no more than 8,500,000 bushels
and the Danube is about cleaned out of corn.
for export,
At the
the
time wet weather is
same
new
On
25th
inst.
prices closed % to 13^c. net lower.
receipts rather liberal and the wheat markets
showing pronounced weakness, it was only natural that corn
should,rule heavy and prices drop to lower levels.
Sep¬
tember corn touched new low record prices for the season.
corn
On the 26th inst. prices closed
ing in
this
market
ticular
feature.
lower.
Although
was
Chicago wheat
lower today, rallies proving to be only transient.
both foreign and domestic, were a
North American export business remained at almost
the
vanishing point.
Reasons given for abrupt Liverpool
price downturns included talk of fresh bearish figures on
big
crop
production
in
this country,
in dry areas of Australia.
rains
showed
rallies.
weak, off 4%c.,
cotton at
New
Buenos
Aires
together
quotations
also
served
good
Liverpool, however, later
and disappointing action
York
with
were extremely
of securities and
adverse
as
influences.
Helping Chicago rallies was an upturn in wheat at Winni¬
peg, where gains of lc. a bushel were scored at some stages.
This
represented about 2c.
extreme
lows.
Open
Winnipeg jump from preceding
in wheat totaled 64,210,000
interest
bushels.
DAILY
CLOSING PRICES
OF
WHEAT
Sat.
No. 2 red
DAILY
CLOSING
Mon.
.94
—
PRICES
90%
WHEAT
OF
Sat.
May
July
September
and
May...
*122%
July.........105%
September— 92%
*
Based
132»»
on
When
Made
I
NEW
YORK
Wed.
89%
Thurs.
88%
88%
Fri
87%
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri
Mon.
79%
76%
--77%
Season's Hiah
IN
Tues.
78
75
75%
Season's
July 29, 1937 May...
Sept. 28, 1937 July..
Feb.
9, 1938 September
transactions since official opening:,
trading prior to July 29.
76
73%
74%
Low
...
72^
72%
73%
and
70%
71%
72%
July
71%
72%
74
When
72%
73%
Made
May 26, 1938
May 26! 1938
May 26,1938
29; sold
as
high
as
in unofficial
DAILY CLOSING PRICES OF
BONDED
Sat. Mon.
May
July
October
„
117%
104%
85%
WHEAT IN
Tues.
116% HOL.
101% HOL.
83% HOL.
Wed.
WINNIPEG
Thurs.
111%
96%
78%
110
95%
79%
prices
trading
tremely narrow, yet
price record.
Open
%c. off to %c.
relatively
Today
corn
closed
light
was
unchanged
in
*4c.
ex¬
season's low
the
totaled
corn
to
fluctuations
and
prices touched
interest
up.
Trad¬
without par¬
light and
44,461,000
bushels.
DAILY CLOSING PRICES
OF
Sai.
No. 2 yellow.
DAILY CLOSING PRICES
OF
Sat.
May
72%
September
May
—
_
When
July
Sept.
Mar.
and
*74
66%
63%
Wed.
71%
Mon.
Thurs.
70%
Tues.
57%
57%
5858%
59%
59%
Season's High
NEW YORK
IN
Tues.
CORN FUTURES
July---.
July.—
September
CORN
Mon.
72%
—
Wed.
56%
57%
58%
70%
Fri.
70%
CHICAGO
IN
Thurs.
Fri.
55%
55
56%
56%
56
57%
58"
57
Made
I
Season's Low and
29, 1937 May
54%
30, 1937 July
56%
26, 1938(September
57%
Made
May 26, 1938
May 26, 1938
May 26, 1938
When
*Based on transactions since official opening, July 29; sold as
81 in unofficial trading prior to July 29.
high aa
Oats—On the 21st inst. prices
closed ^c. lower to %e.
Trading was light and without special feature. On
the 23d inst. prices closed
^c. to ^c. lower. These declines
were largely in sympathy with the reactionary trend of the
other grains. On the 24th inst. prices closed
to %c. net
lower.
There was very little of interest in this market,
trading being very light. On the 25th inst. prices closed
unchanged to %g. off. This market ruled steady, though
trading was devoid of anything of real interest.
On the 26th inst. prices closed l%c. off to %c. up.
The
higher.
weakness
of
the
May delivery
was
the Tbature,
and
was
attributed to switching operations and outright liquidation.
Today prices closed Ys to Yic. net lower.
of activity
amount
There
was a
fair
in this grain, with prices easing off in
sympathy with wheat and corn.
DAILY CLOSING PRICES
Fri.
110%
95%
79%
OF
OATS
Sat.
May
July
September
Season's High
Based
on
28%
26%
26%
Low
Thurs.
28
26%
26%
26%
26%
26%
Fri.
26%
26
When Made
Apr. 5,1938
and
26
Oct. 2, 1937]July
Jan. 10, 19381 September
CHICAGO
IN
Wed.
Tues.
28%
26%
26%
When Made
I
Season's
July 29, 19371 May
and
*33%
32%
30%
May
July
September
FUTURES
Mon.
29
27%
26%
-
25%
Apr.
26%
Apr.
5. 1938
5.1938
transactions since official opening, July 29: sold as high as
42% in unofficial trading prior to July 29.
DAILY CLOSING PRICES
Favorable crop reports,
factor.
hindering the seeding of
here.
crop
the
With
*
prices
corn
a
Announcement of proposed big flour
States Government assisted the
late rallies.
Transient dips carried Chicago July delivery
to a fresh bottom price record, 71%c., off lc. a bushel over¬
night, but July as well as other deliveries displayed at
times notable power to recover.
The best buying in Chicago
by
purchases
3543
Exceptionally large receipts of
Italy, however, will definitely have a
changed the picture.
short wheat
Chronicle
OF OATS FUTURES IN WINNIPEG
Sat.
May.
July
Mon.
Tues.
—
52
-—47%
-
October
49% HOL.
45% HOL.
38%
38% HOL.
-
Wed.
48
44
36%
Thurs.
Fri.
47%
44%
47
44
37%
36%
Rye—On the 21st inst. prices closed y±c. to %q. net
higher. The firmness of this grain was attributed largely
to the strength displayed in wheat.
On the 23d inst. prices
closed lc. to
off.
The weakness displayed in this
market is attributed largely to the same influences that
affect wheat. With bearish weather and crop reports from
domestic and foreign sources, a declining stock market and
no real incentive to take the upper side, the weakness of
the grain markets can be easily explained. On the 24th inst.
prices closed %c. to 2^c. net lower. This grain made a full
response to the sharp reaction in wheat.
With export de¬
mand practically nil and bearish weather reports both from
domestic and foreign sources, it was not surprising that rye
dropped
wheat.
so
sharply in sympathy with the sharp declines in
On the 25th inst. prices closed ye. to ]4g. net lower.
In view of the pronounced weakness of the wheat markets,
especially at Winnipeg, it was rather surprising, the relative
steadiness of the rye market, though prices in some instances
did drop almost a cent a bushel. Today's levels registered
new
seasonal lows for rye.
On the 26th inst.
prices closed ^4c. up to YLc. down.
The
delivery was the feature, with the price showing an
advance of lc.
a
bushel, largely due to short covering.
May
This
about
improvement,
even
with
however, was short-lived,
the
previous
final
price.
May closing
Today
prices
Financial
3544
%c. net lower.
With the wheat market con¬
downward trend and advices overwhelmingly
bearish as concerns the crops of the world, the grain mar¬
kets are receiving no aggressive support.
What support
there is comes largely from shorts covering, and this applies
to the rye market.
%
closed
to
its
tinuing
PRICES OF RYE FUTURES IN CHICAGO
CLOSING
DAILY
May
Thurs.
57%
55
54%
54%
57
55%
-
September--
-------
55%
54%
54%
53%
54
52%
54%
52%
— -
—
— — —
—
— — — — -
. — —
DAILY CLOSING
--
HOL.
Wed.
Fri.
—- ——
— — — —
55
54%
54%
54%
May.
July----------October—
56 %
53%
-- -- -
——
Wed.
56
HOL.
56% HOL.
-57%
- —
- -
—
Tues.
Man.
Thurs.
Fri.
55
55%
55%
51
50%
50
55%
Spring oats, high protein
Spring patent*
.5.80
5.50(
4.55(
4-19(
..
Hard winter clears
Fancy pearl.Nos.2,4&7 5.00@5.25
....
...
GRAIN
Oats, New York—
No. 2 white
37 ^
Rye, No. 2, f.o.b. bond N. Y.. 71
Barley, New York—
47% lbs. malting
57%
Chicago, cash
.35-50
70%
1937
Barrels
Bushels
Bushels
Bushels
Bushels
2,850
15,500
561,500
-
25,500
Brit. No. Am. Col.
3,000
3,145
241,218
1,000
"4",606
4,760,061
2,574,000 114,306.000 5,867,000 64,805,000
4,894,775
3,194,000 106,770,000
7,000
the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 21, were as follows:
visible
of grain,
supply
comprising
STOCKS
GRAIN
Wheat
United States—
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
1,000
Boston—
29,000
2,000
56,000
216,000
40,000
21,000
13,000
15.666
164,000
26,000
10,000
34,000
2,000
19,000
257,000
26,000
2,000
i"36:666
14,000
4,000
4,000
6,000
New York
Philadelphia
Baltimore
—-
—
1,000
95,000
4,000
7,141,000 11,530,000
1,166,000
—
Wichita
-
Hutchinson
St. Joseph
City
Kansas
—— — -—
—
City--:-
—
St. Louis
——
Indianapolis---——-—
240,000
129,000
1,000
542,000
290,000
202,000
17,000
2,022,000
33,000
42,000
56,000
298,000
48,000
3,000
20,000
818,000
54,000
4,000
11,000
1,029,000
170,000
473,000
320,666
Wheat
Corn
Oats
bbls.196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rye
Barley
1,090,000
212,000
17,000
390,000
—
4,167,000
885,000
5,687,000
323,000
2,369,000
------
3,121,000
6,063,000
1,321,000
Minneapolis
Duluth
afloat
572.000
1,231,000
133,000
1.000
3,000
2.000
120.000
3,595,000
262,000
3,778,000
435,000
203,000
90,000
1,260.666
—
23,000
2,001,000
1,998,000
1,823,000
4,808,000
4,938.000
6,216,000
Canal—---------
Total May 21,
1938- 32,395,000 31,144,000
May
14, 1938-
Total May
22, 1937-
Total
Note—-Bonded
97:666
grain
9,706,000
34,710.000 34,365,000 11,849,000
16,520,000
3,649,000
6,279,000
on
62,000
York,
included
not
bushels; Buffalo,
above: Barleij—Duluth,
188,000; on Lakes,
2,000
82,000
331,000
111,000
114,000
749,000
191,000
107,000
415,000
4,000
4,000
Erie, 38.000;
Canal, 100,000, total, 3,449,000 bushels, against 10,717,000 bushels in 1937.
535,000
1,000
560,000
488,000
Milwaukee.
15,000
199,000
57,000
46.000
12,000
262,000
108,000
90,000
98,000
100,000
35,000
165,000
35,000
456,000
80,000
11,000
1,321,000
163,000
40,000
145,000
35,000
65,000
31,000
31,000
I-ouls
Peoria.
-
-
Kansas City
Omaha
19,000
Joseph.
St.
Wichita
Sioux
331,000
...
Rye
Bushels
Bushels
Barley
Bushels
3,000
790,000
101,000
12,099,000
465,000
852,000
1,103,000
11,224,000
4,570,000
219,000
3,889,000
1938- 32,572,000
354,000
Ft. William & Pt. Arthur
385,000
Other Can. & other elev.
1,000
27,000
1,000
2,000
79,000
Tot. wk. '38
347,000
5,053.000
6,591,000
2,537,000
232,000
1,173,000
Same wk '37
306,000
3,136,000
2,009,000
1,813,000
461,000
880,000
Same wk '36
395,000
6,829,000
3,469,000
2,077,000
727,000
5,461,000
1,172,000
6,238,000
32,395,000 31,144,000
Total May 21,
9,706,000
2,001,000
4,808,000
32,572,000
5,461,000
1,172,000
6,238,COO
Summary—
American
Canadian-.
------
—
Total May 21, 1938—
937,000
1,246,000
426,000
9,249,000
36:000
V, 000
1,453,000
Buffalo
Oats
Bushels
Lake, bay, river &seabd.
"
18,000
City-
Corn
Bushels
Canadian—
2C7.000
3,210.000
196,000
St.
bushels; on
Wheal—
21,000
2,761.000;
Wheat
bush 56 lbs bush 48 lbs
329,000
250,000
...
Toledo
157:660
1,025:666
Lakes, 601,000; total, 622,000 bushels, against 1,547,000 bushels in 1937.
Flour
Indianapolis
6,000
353,000
1,231.000
Milwaukee.
On
-
4,000
179,000
afloat—----
Lakes
On
New
Duluth
—
2.000
1,000,000
771,000
220,000
801,000
981,000
5,596,000
1,047,000
148,000
982,000
232,000
7,000
below regarding the movement of grain
of the last three years:
Chicago
Minneapolis
12,000
84,675
The
we
Receipts al-
5,000
67,000
1,8*50:666
Total 1938— 113,925
Total 1937
give the receipts at Western lake and river ports
the week ended last Saturday and since Aug. 1 for each
for
1,000
232:660
25,000
Other countries—
Detroit-------------
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First
63,352,000 3,678.000 32,619,000
47,849,000 2,185,000 31,996,000
172,000
1,188,000
1,322,000
63,930
Kingdom.
Continent
Buffalo
All the statements
970,000
1,355,000
10,000
2,138,991
471,352
So. & Cent. Amer.
United
Sioux
Coarse
0»rn, New York—
No. 2 yellew, all rail...—__
July 1
1938
Barrels
Omaha
1.70
4.00
>4.451
,
May 21
1937
Chicago..—-----------
4.15(3 >4.50
6.45 (
2.30
>5.30 j
Wheat, New York—
87%
No. 2 red, c.i.f.. domestic..
Manitoba No. 1. f.o.b. N.Y. .119%
July I
1938
Peoria....---—------
good
Cornflour
4.70< >5.15, Barley goods—
-4.85
4.30
Hard winter patents
May 21
1937
'
Oa:s
>4.35
Since
July 1
1938
Fort Worth
Rye flour patents
Seiniuola, bbl
Nos.1-3-
>5.30
>4.85
Week
Galveston
wrj)UR
Clears, first spring
Soft winter straights
riard winter straights.
Since
New Orleans.
follows:
Closing quotations were as
Week
55%
55
55%
54%
HOL.
53
Since
May 21
July 1 to—
PRICES OF BARLEY FUTURES IN WINNIPEG
S>>t.
Week
and Since
Made
26,1938
26, 1938
26,1938
Thurs.
.
57% HOL.
56% HOL.
58%
57%
juiy
October:.-.--
Tues.
Man.
Sat.
—
When
May
May
May
53%
52%
PRICES OF RYE FUTURES IN WINNIPEG
DAILY CLOSING
•\fav
and
—54
Aug. 10, 1937 May
53%
Feb.
9, 1938 July
Feb.
9, 1938 September52%
84
72%
69%
September
Low
Season's
When Made
and
High
May.-.--.--July
Fri.
Corn
Wheat
Flour
Week
Exports for
West Indies.——-
58%
-
July-::::::
Season's
Wed.
Tues.
Man.
Sat.
1938
May 28,
Chronicle
...
15,167,000
64,967,000 31,144,000
3,173,000 11,046,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended May 20
and since July 1, 1937 and July 1, 1936, are
following:
1,460,000
shown in the
1
16,027,000 261,499,000 269,390,000
17,274,000 191,956,000 137,207,000
1937
1936
1935
....
98,764,000 24,564,000 88,938,000
70,979,000 16,093,000 76,928,000
receipts of flour and grain at the seaboard ports for
May 21, 1938, follow:
Total
Week
Exports
Since
July 1,
1,
July
May 20,
1938
1938
Bushels
No. Amer.
1937
1936
Bushels
Bushels
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Baltimore-
4,000
2:660
18,000
111,000
24,000
270.000
624,000
Sorel
573,000
1,184",000
200,000
16:666
"
—..
9~6~,666
887:666
300,000
2,217,000
5,104,000
199,000
123,000
885,000
5,543,000
32,302,000
25,843,000
1,577,000
1,492,000
3,968,000
231,000
2,821,000
544,000
347,000
596,000
24,000
5,571,000
19,470,000
15.140,000
1,415,000
1,299,000
29,8,000
ThreeRivers
Tot. wk. '38
82,000
Since Jan. 1
1938
Week 1937.
Since Jan. 1
1937
*
011
---.
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the
ended Saturday, May
"
13,216,000
countries
136,000
27,968,000
Total
8,021.000 447,718,000 515,586,000
..
Loans
$20,702,683
made
on
CCC
of
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
determined in this
Sorel
manner
2,327
7,338,554
67.000
953,000
923,000
1,848",660
6i",o6c
Halifax
Quebec
Three
Prince
..
lb"3:660
573",000
264:666
796:666
206:606
96,000
..
887,000
82,000
144,000
Rupert
Same week
Report for the
summary
of
1938—
1937
2,574,000 5,867,000
3,194,000
113,925
140.000
103,000
855,000
84,675
282,000
501.000
22.000
The destination of these exports for the week and since
July 1, 1937, is as below:
week
was
warmer
Subnormal
than
normal in most of the country from the
northeastward, as well as in the extreme
Plains
and
temperatures were recorded over
the
Southwest.
In southeastern
most of the upper
sections the week
ranged from 4 degrees to 8 degrees warmer than normal, while
terior of the Pacific Northwest plus departures ranged from 4
in the in¬
degrees to
In the eastern Great Basin and upper Rocky Mountain
the week was from 4 degrees to 7 degrees cooler than normal.
9 degrees.
The
temperatures
througnout the country were
'
Yellowstone Park, Wyo.
weekly totals were
Middle
Atlantic
States
,
.
•
.
,
in most of the Ohio and lower
Oklahoma and northern Texas.
also moderate to fairly heavy in portions of the
and some north-central sections.
Rainfall was
Precipitation was moderate to heavy
Valleys, as well as in much of
Missouri
The
region
generally in ex¬
of 40 degrees, except in more northern portions and locally in the AYest.
lowest temperature for the week was 28 degrees at Modena, Utah and
Minimum
cess
Total week
—
3,358,022
92,720
1,164,243
4,203
Week Ended May 25—The
the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended May 25, follows:
general
Great
140,666
4,000
Rivers
1,391,264
-—
1,020,368 Ohio.
24,755,130 South Dakota
25,377 Wisconsin
3,606,817
Indiana
West.
9,000
449,000
_
Montreal
Bushels
State—
Missouri
Nebraska
lower Great Plains eastward and
131,000 1,184,000
—
thus far has been .4842 cents.
Bushels
Colorado.
Illinois
The
96,000
Orleans..;
Galveston.
"uooo
32,000
May 19 Aggregated
Bushels—Announcement Ayas
Figures showing the number of bushels on which loans have
been made by States are gi\ren beloAv:
194,000
Port Arthur, Texas~
18,413,000
May 20 by the Commodity Credit Corporation
by it through May 19,
1938, showed loans disbursed.by the Corporation and held
by lending agencies on 42,759,025 bushels of corn.
Such
loans aggregated $20,702,683.48, based on a loan rate of
50 cents per bushel, of 2lA cubic feet of ear corn testing up to
Uy2% moisture; the average amount loaned per bushel
Weather
38,925
120,000
Albany
Baltimore
Texas City..
New
199,000
75,293,000
on
Minnesota
58,000
480,000
7,875,000 330,105.000 398,147,000
Through
42,759,025
Iowa
York
984,000 181,526,000 353,986,000
9,376,000
23,554,000
Kansas
New
25,741,000
Other
State—
several seaboard ports for the week
21, 1938, are shown in the annexed
statement:
Exports from—
7,000
8,098,000
that "Advices of Corn Loans" received
4_, 000
Halifax
.
Bushels
Bushels
65,188,000
583,000
59,588,000 156,284,000
88,800,000
2,861,000 110,218,000
Corn
lTo.OOO
is", 000
Boston
10 3 000
796,000
131:666
Quebec
1,000
18,000
1,848,000
264,000
el". 000
—
17,000
ie:666
2,000
923,000
Galveston..
Montreal
Australia
1936
.
12,000
10,000
14,000
"
9,000
New Orl'ns*
4,000
7,000
95,000
66,000
31,000
_
Barley
bush 56 lbs bush 48 lbs
1,
July
1,
1937
5,828,000
1,322,000
India
153,000
York.
Philadel'ia
Rye
3,254,000 164,282,000 173,150,000
448,000
76,860,000 60,008,000
Argentina.
Receipts at—
July
Bushels
Black Sea.
Since
Since
Week
Since
May 20,
15,673,000 294,227,000 158,866,000 119,742,000 22,203,000 84,573,000
the week ended Saturday,
New
Corn
-
Wheat
Since Aug.
Volume
Financial Chronicle
146
the central and west Gulf coast, while much of the
far Southwest and extreme West experienced a practically rainless week.
light in Florida and
on
Eastern Drought Relieved—Too Wet in Much, of
West
Additional widespread, substantial to heavy, rainfall has relieved the
droughty conditions that had developed over a large eastern area from
the Ohio Valley eastward and northeastward.
In fact, field work over
much of the Ohio Valley is now being retarded because of heavy rains
and wet soil, practically the entire area having received from around 3 to
as much as 6 inches of rainfall during the past week.
Also the soil is now
in good condition rather generally in the Atlantic area as far south as
northern North Carolina.
Rainfall was also generous to heavy practically everywhere between the
Mississippi River and the Rocky Mountains, and, in general, interfered
with normal field activity.
There was considerable damage from soil
washing and flooding of lowlands in many places, especially in the lower
Plains and the tipper Mississippi Valley.
The weekly rainfall in parts of
eastern Kansas amounted to from 5 to 7 inches, while the northwestern
Plains, including much of Montana, had from 2 to nearly 4 inches.
In
general, the soil is now too wet over most of the principal agricultural
sections of the country, with the Great Plains area, where there had been
a long tendency to dryness, better supplied with moisture than for many
years at ttiis season.
Two droughty sections remain, the Southeast and far Southwest.
In
much of the south Atlantic area local showers were beneficial, buta gen¬
eral rain is still needed from southern North Carolina southward to Florida
and south westward to the lower Mississippi River, with the drought being
especially severe in the Florida Peninsula.
Also, in the far Southwest,
including principally New Mexico and Arizona, moisture is still badly
needed.
From other Rocky Mountain States westward the situation, on
the whole, is unusually favorable.
The entire Corn Belt had frequent rains during
has been further delayed.
In fact, very little was
the week and planting
seeded in much of the
principal-producing area.
In Indiana planting is
3545
south-central;
barley being harvested.
and
be¬
Progress and condition
or winter wheat fair
to good; heading; heads well filled; ripening in extreme
south; red rust prevalent.
Pastures very good.
Livestock good.
Gardens and minor
crops satisfactory advance.
Arkansas—-Little Rock: Progress of cotton good to very good, due to
rain, but too wet locally; condition rather poor to very good;
replanting; some poor stands; still planting locally; chopping fair
advance; few squares in extreme south.
Progress of corn very good; grow¬
ing nicely and being cultivated; condition fair to
very good; some poor
stands,
very favorable for meadows, pastures, potatoes, sweet potatoes
and tomatoes.
Wheat and oats being harvested.
Some potatoes marketed*
I ennessee—Nashville:
Progress and condition of corn very good; warmth
ravorable; planting not over; cultivation progressing.
Cotton planting
ran*
advance; condition and progress rather poor; some replanting neces¬
sary.
Progress and condition of winter wheat very good, except too wet
warmth and
much
locally;
some rust appearing; some fields soon ready to cut.
Tobacco
setting progressed rapidly; crop growing well; mold damaging plants in
beds.
Hay crops, potatoes and gardens good to excellent.
THE DRY GOODS TRADE
New York,
Friday Night, May 27, 1938
Adverse weather conditions prevailing in
many sections
of the country and the continued low level of industrial
activities,
again
business.
Seasonal apparel lines continued to be
asserted
retarding influence on retail
particularly
affected, with purchases mostly confined to low-priced
merchandise.
Little doubt is felt, however, by retail mer¬
a
chants that the advent of real
■
about half done and it is three-fourths finished in
much of Illinois, but some early fields are becoming quite weedy.
It was
too wet in trie lower Missouri Valley, with about one-fourth planting yet
undone in Missouri and many fields becoming weedy in eastern Kansas
Oklahoma, with considerable repianting necessary in the latter State
extreme
summer
weather will
quickly
end to the present apathy on the part of the buying
public, notably as far as seasonal merchandise is concerned.
Department store sales, throughout the country, during the
put
an
of washing.
In the northern Plains wet fields delayed work, although
about half of the crop has been put in as far north as South Dakota.
In Minnesota planting is very backward, but was resumed on lighter
soils and uplands the latter part of the week.
In Iowa frequent rains de¬
week ending May 14,
according to the usual survey of the
Federal Reserve Board, fell
16% below the corresponding
layed field work and there has been a considerable acreage lost in early
planted because of erosion, silt covering, and rotting seed; there is some
yellowing because of wet, cloudy weather; 57 % of the corn has been planted,
18% below normal and 6 days late.
Federal Reserve Bank reported a
cause
Grains—Good growing weather in most eastern sections of the
Belt was reflected in improved progress and condition generally,
Small
Wheat
although some grain was beaten down by wind and rain in the lower Ohio
Valley.
Winter wheat is ripening in Kentucky and is heading north¬
ward to southeastern Iowa and southern Nebraska.
Growth is generally
too rank in Missouri and some yellowing is reported.
Wet weather re¬
tarded
rust
and caused some injury in eastern Kansas;
black stem rust is reported in this State and
growth
ana
some
orange leaf
injury from
apparent in western and south-central areas.
Over the northern Great Plains condition and progress of winter wheat
late
freezing is
becoming
In the far Northwest
reported at the close.
Rye is heading northward to South Dakota and oats are ripening from
Oklahoma eastward.
Barley is being harvested in Oklahoma where winter
wheat is heading and ripening in extreme southern sections.
Some wheat
and other small grains are mostly fair to excellent.
the week was generally favorable, with good progress
and oats
were
harvested in Arkansas and good oat
yields are reported in
portions of the Southeast.
fairly favorable in the eastern Cotton Belt,
but north-central and northwestern sections are too wet.
Temperatures
were generally above normal, especially in the eastern belt.
Cotton—The weather
was
...
In
Texas
cotton
made fair progress, with
stands and general condition
mostly fair to good.
Chopping was delayed by wet soil in central dis¬
tricts and planting is not yet finished in the northwest; considerable re¬
planting is necessary in the persistently wet areas.
There was too much
rain in Oklahoma and planting made slow progress, with considerable
damage by Washing.
In the central States of the belt conditions were mostly favorable in the
south, but they were largely unfavorable in northern sections, because
of too much rain in many localities, althougn in a good many places general
progress of the crop was satisfactory.
north as southern Arkansas.
In
the eastern
A few squares are forming as far
belt the weather was mostly
favorable, especially in the
the area.
In southern
north, but more rain is needed in the southern part of
Georgia stands are poor and growth slow because
too
dry in
beneficial.
of dryness.
localities of South Carolina, although local
Chopping is about finished in the southern part of
many
It is still
rains were
the eastern
area.
The Weather
Bureau
furnished the following
resume
of
conditions in the differnt States:
Favored crops and farm
Virginia—Richmond: Warm; moderate rains.
work.
Transplanting sweet potatoes and tobacco about finished in east,
starting in west.
Meadows and pastures good to excellent; haying begun.
Wheat and oats heading and filling; corn doing well.
Planting cotton
continues.
Preparing ground for planting Spanish peanuts.
South Carolina—Columbia: Warm; local moderate rains more favorable
for cotton growth; chopping making very good progress; first cultivation
completed in south; still too dry in north for good stands of late
planted; some replanting.
Progress of corn, truck, tooacco, gardens and
pastures checked, but beneficial local rains last 2 days.
Oat harvest about
over in south; threshing; oat and wheat harvest active in north with late
oats yielding well.
Georgia—Atlanta: Too dry, except for cotton; warm.
Unfavorable for
sweet potatoes, truck and tobacco in south; cutworms damaging truck
crops
in middle.
Cotton planting in north near completion; chopping
good advance in north and middle; much cultivation; stands poor and
about
„
growth slow in south.
Progress and condition
chopping nearly finished;
Florida—Jacksonville: Severe drought continues.
of cotton fair in
north, deteriorating elsewhere;
deteriorating on uplands and fair on lowlands,
except fairly good to good in extre.i e north where at critical stage and
needing rain badly.
Citrus damaged extensively; young trees dying
rapidly and old shedding fruit and leaves.
Miscellaneous crops fair in
extreme north, poor elsewhere.
Ranges dry, with extensive fires burning.
Scattered light rains at end of week helpful, but inadequate.
Alabama—Montgomery: Light to moderate rains.
Warm nights favor¬
able for growth; rains will improve germination.
Condition of cotton
mostly fair to rather good; planting about done; chopping general.
Har¬
vesting oats continues.
More rain needed for setting out sweet potatoes.
Miscellaneous field and garden crops mostly good; rain needed.
Mississippi—Vicksburg: Cotton planting practically completed; prog¬
ress of chopping mostly very good, with occasional stands rather poor and
average condition seasonally belated.
Progress and cultivation of corn
very good with planting continuing.
Rain needed in most of southern
third and locally elsewhere.
Progress of gardens and truck generally ex¬
cellent.
Pastures fair to good, except poor in southern thirti,
Louisiana—New Orleans:
Beneficial rains early in week, but more
needed locally.
Progress of cotton good; chopping good advance; condi¬
tion generally good, though replanting locally in northeast.
Progress and
condition of other crops generally satisfactory.
Good advance harvesting
oats, making hay, digging potatoes and setting sweet potatoes.
Texas—Houston: Warm; light to locally excessive rain, except dry in
extreme west and along coast.
Progress and condition of corn fair; rain
and warmth helpful, but fields in wetter areas becoming grassy; chop¬
ping in extreme west, tasseling general in central.
"Winter wheat and
minor grains fair to good progress and good condition; rain mostly favor¬
able but some rust damage in wetter areas.
Oats ripening; some harvested.
Cotton fair progress and fair to good condition generally; stands mostly
fair to good; chopping in extreme west, but delayed by wet soil in central;
considerable planting yet to be done in northwest; some planting and re¬
planting in central account wet soil.
Truck fair. Ranges good to ex¬
cellent; cattle mostly good.
Fruit fair in central.
Oklahoma—Oklahoma City: Warm; moderate to excessive rains.
Much
replanting of spring crops.
Some local hail, wind, and flood damage.
Cotton planting slow advance; too wet for that already up; considerable
to replant.
Progress and condition of corn fair; needs sunshine and culti¬
vation.
Oats heading generally; ripening in south; some harvested in
fields clean.
week
of
1937.
In
the
metropolitan area the New York
decline of 12.3% for the
week, while in Newark stores the dollar volume decreased
10.6%.
Trading in the wholesale dry goods markets continued
quiet, although a growing number of small reorders was
received, reflecting the reduction of inventories in many
retail establishments to a figure where a slight upturn in
the demand will necessitate fill-in purchases.
Little buying
was done
by stores in the industrial sections of the country,
whereas merchants in the South and Southwest showed
more
willingness to cover nearby requirements.
Business in silk
goods, following its recent fair activity, turned quiet, and
the delivery situation on wanted fabrics, notably of the sheer
variety, appeared considerably eased, with prices showing
slight concessions.
Trading in rayon yarns was unsettled,
owing to the series of moderate price reductions announced
during the week, for all classes of yarns.
While so far-the
cut in prices failed to greatly stimulate buying on the part
of users, it was predicted in some quarters that yarn pur¬
chases for fall goods will soon expand sufficiently to enable
producers to advance their quotations.
Domestic
Cotton
Goods—Trading in the gray cloths
inactive, and prices showed a slightly
easier trend.
Although stocks of cloths in converters'
hands are admittedly small, and mills adhered to the policy
of drastically curtailing their output, buyers showed little
interest in offerings, owing, on the one hand, to the slow
movement of finished goods caused by adverse weather
conditions, and, on the other hand, to the further slump
in raw cotton values and the general weakness in other
commodity and security markets.
Sentiment in producing
circles, however, remained fairly confident as it was felt
that, with the expected resumption of Government pur¬
chases of cotton goods for relief purposes and the arrival
of seasonal warm temperatures, retail stocks will be quickly
cleared and wholesalers will be called upon to replenish
dwindling inventories.
Business in fine goods continued
markets
very
remained
quiet
as
the reduction in
rayon
prices injected
a new
element of
uncertainty, inasmuch as buyers were awaiting
downward price adjustments for a number of cloths before
entering the market.
Closing prices in print cloths were
as
follows:
39-inch 80s,
6^c.; 39-inch 72-76s, 6>£c.;
39-inch
68-72s, 5c.; 38^-inch 64-60s, 4^c.; 38^-inch
60-48s, 3Mc.
Corn mostly
Woolen
Good*—Trading in men's
wear
fabrics expanded
moderately, as cutters' operations showed a mild upturn
and, as a result, manufacturers displayed somewhat more
willingness to lay in supplies of goods at current low price
levels.
While staples fabric continued neglected, growing
interest was shown in fancy weaves for shipment until the
end of July or the beginning of August.
Reports from retail
clothing centers continued their poor showing, with rainy
and cool weather interfering with the sale of summer apparel.
Business in women's wear goods experienced a mild upturn
as
garment manufacturers placed initial orders on the new
lines.
Although the slow movement of goods in dis¬
channels restricted the volume of sales, it was
fall
tributive
confidently anticipated that more seasonal weather con¬
ditions will quickly result in the placing of substantial orders
by manufacturers.
Foreign Dry Goods—Trading in linens
but increased interest
was
remained quiet,
shown in fancy linens for June
,
Reports from foreign primary centers continue
dearth of substantial buying orders on the
part of importers. Business in burlap turned slightly more
active, both for shipment and spot deliveries.
Prices ruled
a trifle easier, reflecting
the lower trend in Calcutta and,
in part,
the decline in the sterling rate.
Domestically
lightweights were quoted at 3.40c., heavies at 4.70c.
promotions.
to
stress
the
Financial
3546
Chronicle
28, 1938
May
similar bill was to be introduced.
George L. Martin, Kelley, Richardson
& Co., Inc., Chicago, was chairman of the committee.
It has been found by experience that members of the Association have
been most responsive to suggestions from the Municipal Securities Com¬
Specialists in
attention has been called to any omissions.
The desire
practically all investment dealers to have and retain the
the business has proved to be^an
mittee where their
on
Illinois & Missouri Bonds
the part of
respect of the responsible members in
effective control in such matters.
GENERAL
CIRCULAR
RECOMMENDATIONS
Municipals
describing offerings of bonds, notes, or other evidencesTof
State, city, county, town, village, or similar regularly
municipality or other political subdivision should contain
information on the following points:
g-xJj
1. The legal name of the borrower with accurate and complete descriptive
title of the issue offered.
(Accurate nomenclature.)
Circulars
STIFEL, NICOLAUS &, CO., Inc.
105 W. Adams St.
314 N.
DIRECT
CHICAGO
WIRE
ST.
Broadway
LOUIS
indebtedness of a
constituted
2.
Total amount of issue.
3.
4.
Date of issue.
Date of maturity of issue; or if serial maturities
News Items
privileges of interchangeablity of form and
and
Connecticut—Legal Investment List Current Changes—
The following bulletin was issued as of May 20 by the State
Bank Commissioner, showing the first amendments to the
legal investment list for savings banks of May 1, published
in full in our issue of May 14—V. 146, p. 3221:
Addition
Deductions
New York & Queens Electric Light & Power Co., 1st & consol. 3Hb, 1965.
New York State Electric & Gas Co., 1st mtge. 4^8, 1980
1st mortgage 4Mb, 1960.
1st mortgage, 4s, 1965.
Debt Limit Evasion in "Pump-Priming" Bill Assailed
by I. B. A.—The following resolution was adopted by the
Board of Governors of the Investment Bankers Association
of America, at its regular
spring meeting in White Sulphur
Springs, W. Va., which ended on May 18:
Whereas, A sub-section of H. J. R. 679, the so-called "pump-priming''
measure now before Congress, provides:
"In the event that, due to constitutional limitations, any State, Territory,
possession, political subdivision or other public body shall be unable to
participate by way of loan and grant in the benefits of this title, the Adminis¬
trator, with the approval of the President, may advance moneys to any
such public agency upon agreement by such public agency to pay back in
annual instalments, over a period of not to exceed 25 years, at least 55%
of the amount so advanced with interest thereon for the period of amortiza¬
tion;" and,
Whereas, Debt limitations are designed to protect taxpayers, present and
future, and to enable public bodies to establish and maintain credit by
protecting investors in their securities; and
Whereas, experience has demonstrated the dangers and costliness of
imprudent fiscal policies and excessive debt and tax burdens, even though
within prescribed debt limitations,
Therefore, Be It Resolved, That the Investment Bankers Association of
America, through its Board of Governors, in the public interest and for the
protection of investors, strongly protests this proposed evasion or circum¬
vention of State constitutional or statutory debt limitations.
Massachusetts—Changes in List of Legal Investments—
The following is the text of a bulletin (No.
6), issued by the
State Bank Commissioner on May 18, showing tbe latest
revisions in the list of securities considered
eligible for invest¬
by savings banks in Massachusetts:
Added to the List of July
1, 1937
Nashville, Tenn.
1939.
Equipment Trusts
Hocking Valley Ry., Equip, trust, series 1923, 5s of 1938.
Matured Apr. 1, 1938.
Southern Railway, Equip, trust, series
X, 5s of 1938.
Lc>ng Island RR., Equip, trust, series E, 5s of 1938.
Matured Apr. 1, 1938.
Matured May 1, 1938.
Virginian Railway, Equip, trust, series D, 5s of 1938. Matured
May 1,1938
Municipal Circular Recommendations
Advanced by
Committee—The following is the text of a state¬
ment by John S.
Linen, Second Vice-President, the Chase
National Bank of New
York, and chairman of the Munic¬
ipal Securities Committee, I. B. A. of A., regarding the
B.
legal
investments
for
certain
purposes
Purpose of issue adequately described.
11. Latest obtainable financial statement with
source of information clearly stated:
in
certain
States.
10.
date
of statement
and
Assessed valuation and, if possible, the basis of assessment in rela¬
tion to actual value, for both real and personal property (separately if
available).
Actual valuation may also be stated at dealers' option if an
official estimate of such valuation is obtainable; in such cases date and
source of such statement should be given.
(b) Total bonded debt, including present issue, payable from general
taxes and such other bonded indebtedness for which the municipality is
either primarily or ultimately generally liable.
(c) Less self-supporting debt and less sinking funds for other than selfsupporting debt.
Bonds payable primarily from special assessments, but
ultimately from general taxation, should be included in the total bonded
debt, but may be shown by appropriate footnote as representing only
contingent liability of the municipality.
The amount of such indebtedness,
however, should not be deducted in the statement arriving at the net debt.
(d) Net bonded debt.
(e) Notes or other evidences of indebtedness issued in anticipation of
later funding into bonds should be included within the financial statement.
(f) Debts of any other political subdivision having the power to levy
taxes upon the taxable property of the issuing municipality should be shown
when official figures or reasonably accurate estimates are available.
Such
figures may be given as approximate rather than actual.
If the above
cannot be complied with a statement shall be made to the effect that the
bonded debt of the issuer does not include the debt of any other political
having the power to levy taxes upon the taxable property,
subject to the taxing power of the issuer (not necessary in circulars describ¬
ing issues of a State).
(g) Population; last official census figures should be given when avail¬
able, and if later estimate is used, give date and source of same.
subdivision
12.
Description, location, and characteristics.
Kind of bond—general obligation, guaranteed obligation, assess¬
bond, special tax, special fund, or special revenue bond.
14. Explanation of proposed method of payment:
(a) Special tax or fund or special revenue—(not necessarily included if
bonds are ultimately general obligations payable from full taxing power).
(b) If payable from limited property taxes, it should be clearly evidenced
that the bonds are payable from ad valorem taxes levied upon all taxable
property within the limits imposed by law.
(c) Priority of issues, if any, should be shown.
(d) Tne amount of taxes levied and tne collection record for the preced¬
ing three years should be shown where available.
(Not necessary in cir¬
culars describing bonds of a State.)
(e) If bonds are payable solely from special taxes or special funds this
should be stated specifically and the source of such taxes or funds clearly
and completely described.
If bonds are payable solely from special revenues,
see subdivision No."19,
Special Revenue bonds.
15. Actual yield or yields, or dollar price or prices with approximate
yield or yields, or "Price on Application."
Not "At the Market."
(a) Indicate fact that accrued interest is to be added.
13.
ment
Name and location of attorneys approving legal features: and whether
or to be approved.
Date of issuance of circular.
District bonds:
18.
Of first importance in a circular is a direct and
complete description of
political subdivision—exactly what it includes and
and purposes are—and a full definition of the
available revenue producing powers.
19. Special Revenue Bonds:
Reference is made to a resolution adopted by the Board of Governors on
May 11, 1937, that part of which outlining specifications is as follows:
That advertisements or circulars describing revenue bonds shall
clearly
indicate the nature of the obligation.
That the customary form of the ordinary municipal circular and advertise¬
ment be varied to prevent confusion in the mind of the casual or careless
municipality
what
Utilities
Removed from the List—Railroad Bonds
New York & New England RR.: Boston
Terminal, 1st 4s,
Sunbury, Hazelton & Wilkesbarre Ry., 2d 6s, 1938.
Matured May 1, 1938.
I.
Whether
9.
the
As of Apr. 16, 1938: Providence Gas
Co., 1st mtge. 4s, series B, 1963.
As of Apr. 16, 1938: Bangor Hydro-Electric
Co., 1st mtge. 3Hs, 1963.
Railroad
denominations; and
(Optional.)
16.
Municipal Bonds (Only)
Public
(or)
whether registerable fully or only as to principal.
8. Federal or State tax exemption privileges.
(Optional.)
17.
Town of Groton, Conn.
Town of Southington, Conn.
Charlotte, N. C.
than one
already approved
Municipal Bonds and Notes
Town of Bar Harbor, Me.
Town of Paris, Me.
>
more
(a)
Fall River Electric Light Co., 1st 3)^s, 1968.
ment
or
maturity, list or indicate each maturity with amounts thereof.
5. Options of prior payment, clearly stated, if any.
6. Rate and dates of interest payments with place or places of payment.
7. Whether in coupon or registered form with denominations thereof
A.
voluntary action of dealers in State and municipal securi¬
ties, which are exempt from regulation of the Securities and
Exchange Commission, to provide the fullest possible infor¬
mation to investors:
-An interesting and impressive step in the direction of
self-regulation
entirely free of any governmental agencies is presented
by the report of the
Municipal Securities Committee of the Investment Bankers
Association of
America dealing with revised circular
specifications for municipal securities.
As a result of objections raised
by State and municipal officials and
municipal dealers, securities of States and their
political subdivisions and
agencies have been exempted from the provisions of the
Maloney Bill as
reported to the House Committee except for the
section dealing with fraud.
arealso exernPt from present Federal
regulations except those dealing
with
its
special
or
powers
reader.
That the type of obligation be described clearly in the caption, and with
prominence consistent with that accorded to the name of the municipality.
That priority of obligation, if any, be stated
specifically.
the statement of assessed valuation, total debt, &c.,
That
if included,
be given a secondary rather than a primary position.
That in connection with such statement of assessed valuation, &c., a
statement shah be made, and prominently displayed, to the effect that the
assessed valuation reported is not subject to taxation for the
payment of
principal
20.
or interest of the bonds.
General:
Where a default or forced refunding may have occurred either as to
principal or as to interest, the circumstances should be weighed carefully,
considering whether it was purely technical or not, the extent and duration
of it, and its effect upon the ability of the issuer to meet its existing obliga¬
tions.
Determination should be made, in the light of ail of the circum¬
stances, whether the default or forced refunding constitutes a material fact
(a)
and if
so
reference should be made to it.
(b)
Pricing optional bonds—Where optional bonds are redeemable at
the usual procedure should be followed, the yield to be computed on
bonds selling at a premium to the first cad date, and on bonds selling at a
discount the yeild to be computed to the ultimate maturity.
However, on
bonds callable at a sliding scale of premiums, it is preferable to use a dollar
price without reference to yields, but if yields are shown the buyer should be
par
informed of the yield to him on the most disadvantageous basis and when
this is specified then any other yields shown for any other call dates are
permissible.
The aim of these recommendations is to continue to bring about full dis¬
of all material facts which would have any bearing upon the security
The above outline will serve as a guide but should other factors
closure
offered.
arise, full disclosure of such material facts should be appropriately set out.
fraud.)
It is significant that in spite of this
exemption these further efforts are
being made by the municipal dealers to revise and
improve upon circular
t^at even ^reat'er
made
available
assurance can be given the investing
ade<4uate disclosure of all
The special committee appointed
for the revision of circular
appointed before any
essential information will be
by the Municipal Securities Committee
specifications, it is interesting to note, was
knowledge was had that the Maloney Bill or any
Municipal Year Book, 1938—A new edition of the an¬
nually published Municipal Year Book, edited by Clarence E.
Ridley and Orin F. Nolting, has been published recently by
the International City Managers' Association, 1313 East
60th St., Chicago.
This new issue contains 620 pages and
retails at the customary price of $5.
Volume
146
Financial
Chronicle
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING,
ST. LOUIS, MO.
Financial Chronicle
3548
COUNTY CP. O. Placerville), Calif.—EL CAMINO
SCHOOL BOND SALE—The $8,000 issue of coupon El Oamino Grammar
School District bonds offered for sale on May 16—V. 146, p. 3223—was
purchased by Dean Witter & Co. of San Francisco, as 3 Ms at par, according
to Arthur J. Koletzke, County Auditor.
Denom. $1,000.
Dated June 1,
1938.
Due from June 1. 1944 to 1951, incl.
Interest payable J. & D.
DORADO
EL
HUNTINGTON BEACH, Calif.—BOND OFFERING—Sealed bids will
8 p. m. on June 6 by C. R. Furr, City Clerk-Comptroller,
of an issue of $100,000 park and playground bonds.
In¬
terest rate is not to exceed 3 M %, payable J. & D.
Denom. $1,000.
Dated
June 15, 1938.
Due $10,000 from June 15, 1930 to 1948, incl.
Bidders
are requested to state the interest rate on which the bid is made.
Each
bid must be on the basis of a single rate upon all the bonds, no bid on the
basis of a split interest rate will be considered.
The opinion of O'Melveny,
Tuller & Myers of Los Angeles, approving the validity of the bonds, will be
furnished.
A certified check for 3% of the principal amount of the bonds
bid upon, payable to the City Treasurer, is required.
be received until
for the purchase
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—REPORT ON
IMPROVEMENT DISTRICT BONDS IN DEFAULT—The following in¬
been compiled by the Gatzert Co., 215 West 7th St.,
formation has just
JuOH AnK6l0SI
report shows that 31 of the 61 Acquisition & Improvement
Los Angeles County were in default of principal and
May 1, 1938. The principal in default totaled
$526 716, the past due interest was $323,731 38, with $17,456.49 cash in
the funds, leaving a total shortage of $832,990.89.
There are about $4,The following
(or) interest payments on
000,000 par value of Acquisition & Improvement District bonds outstanding
Angeles County.
Only 5 of the 18 Road Improvement Districts in the County were in
default on May 1.
The principal in default amounted to $31,872.17,
unpaid interest was $6,316.26, with $2,257.87 cash on hand, showing a
shorta © of $35 930 56
8
Angeles County general obligation, flood control, high school
district, school district, drainage, waterworks and sanitation district bonds
aggregating approximately $145,000,000 in principal amount were up to
date in both principal and interest payments on May 1, 1938.
in Los
Al^^Los*
District Bond Issues in Default
Los Angeles County
1,1938
as of May
Acquisition & Improvement Districts in Los Angeles County,
the following 31 are in default of principal and (or) interest:
Of the 61
No.
Balance
No. of
Principal
Interest
List.
in I).'faiut
in Default
.$10,000.00 $2,304.20
24....-.108,400.00 38,233.94
25
400.00
7.40
30
43,500.00 35,110.12
32
-.15,451.94
1,363.49
40.
14,964.06
1,914.79
10
of
Principal
Interest
Balance
Dlst.
in Default
in Default In Fund
in Fund
.$10,000.00 $6,053.2212,525.70
$366.19 137
8,500.00
7,421.47
189.28
297.91 144
7,990.13
529.70
29.81 145...... 10,500.00
6,500.00
3,933.61
739.82
2,972.13 146....;.
1,000.00
124.37
489.85
125.86 167......
677.00
184
9,500.00
2,803.10
520.35
67,500.00 72,452.53
14,78
54...... 10,700.00
1,418.88
137.80
56
500.00
141.12
64
13,000.00 15,950.60 1,188.01
202
24,000.00
1,665.36
12.05
6,000.00
380.12
842.82
6,000.00
2,308.52
44,000.00 43,674.02
3,500.00
201.30
44......
203.
207
-
218......
..
79
200.00
223
Of
-
18
the
Road
improvement
following 5 are in default of
No. of
Principal
Dist.
in
Difault
$500.00
96
280
294...—
Interest
in Default
-
23,382.25 $4,361.82
1,000.00
73.74
121.65
534.69
bonds of 1923.
COUNTY
CROWLEY
TION—At
an
(P.
O.
election to be held
Rocky
on
the issuance of $70,000 refunding
Ford),
HAXTIN SCHOOL DISTRICT (P. O. Haxtin), Colo.—BOND SALE
LA
JUNTA, Colo.—INJUNCTION EXPECTED—The Southern Colo¬
is expected to file a petition for an injunction to restrain
proceeding with issuance of $497,000 municipal power plant
revenue bonds recently approved by the voters.
rado Power Co.
city
from
PUBLIC
PUEBLO
WORKS
WATER
DISTRICT
will
cease on
1938.
June 1,
Bidder—
Discount
Oooley & Co....
0.27%
—
Putnam & Co._____
Halsey, Stuart & Co., Inc., and the R. F. Griggs Co
xO.37%
Plus $11 premium.
x
Other bids
Bidder—
1,000.00
238.45
247.31
21,000.00 24,814.17
1,100.38
Districts in Los Angeles
County,
the
No.
of
Dist.
Principal
Default
in
were as
follows:
Rate
Cooley & Co—_._
0.27%
—
F. L. Putnam & Co. (plus $11 premium)
Home National Bank and Hartford Trust
______0.29%
Co._
0.35%
-.0.36%
0.369%
Halsey, Stuart & Co., Inc. and R. F. Griggs Co, (plus $11 premium).0.37%
Eddy Bros
0.50%
F. S. Moseley & Co__
______
First Boston Corp.—
principal and (or) interest:
$400.85 309.
536.41 315—
528.49
Interest
in Default
$918.28
Balance
in Fund
$792.12
6,071.64 $1,880.70
NEW
to W.
BRITAIN,
Conn.—BOND OFFERING—Sealed
Whittier
WHITTIER SCHOOL BONDS SOLD—The $250,000 issue of
High School District bonds offered for sale on May 24—V. 146,
Union Bank & Trust a syndicate Weedon
Co., H. B. B. Robinson
{i. 3224—was awarded to Co.; Crowell,composed&of E. and Rollins & Sons,
•
Angeles, as 2Ms, paying a premium of $6,001.99, equal to
basis of about 2.55%.
Dated June 1, 1938.
Duefrom June 1,
& Co., all of Los
102.4007, a
1943 to 1963 incl.
The second highest bid was submitted by the California Bank, of Los
Angeles, offering a premium of $1,467.50 on 2% % bonds.
addressed
(Eastern Standard Time)
WATER
DISTRICT
(P.
O,
BOND REFUNDING
Journal" of May 23
reported as follows:
"
An agreement has been reached by the Reconstruction Finance Cor¬
poration and Metropolitan Water District of Southern California whereby
refunding bonds bearing an average interest rate of 4 M % will be exchanged
for $200,000,000 of Colorado River Aqueduct 5% bonds already sold to the
RFC.
By this move the district will have taken advantage of present favorable
bond market conditions regardless of whether the RFC decides to hold the
securities or sell them for public distribution.
COUNTY (P. O. San Rafael), Calif .—MATURITY—It is
by the Clerk of the Board of Supervisors that the $30,000 Sausalito
MARIN
District bonds purchased by Kaiser & Co. of San Francisco as
2Ms, at a price of 100.16, as noted here recently—V. 146, p. 3224—are due
$3,000 from June 1, 1939 to 1948, giving a basis of about 2.22%.
School
a. m.
June 1 for the purchase of $50,000 1M%
series, 1st issue.
Dated Jan. 1, 1938.
July 1 from 1939 to 1948 incl.
Principal
and interest (J. & J.) payable at the First National Bank of Boston, or at
the New Britain National Bank, New Britain, at holder's option.
Bonds
will be engraved under the supervision of and authenticated as to genuine¬
ness by the First National Bank of Boston; their legality will be
approved
by Messrs.jStorey, Thorndike, Palmer & Dodge, of Boston, whose opinion
will be furnished the purchaser.
All legal papers incident to this issue will
be filed with said bank where they
may be inspected.
Bonds will be
delivered to the purchaser on or about Friday, June 10, 1938, at the First
National Bank of Boston, 17 Court Street Office, Boston.
on
coupon sewer fund bonds, 15th
Denom. $1,000.
Due $5,000 on
Debt Statement, May 15, 1938
Assessed valuation (last completed grand list)
Bonded debt limit (5%)___
Total bonded debt, not including this issue.
Water bonds, included in total debt.
Subway bonds included in total debt___
Net bonded debt (3.6%)
Sinking fund, not including water or subway sinking funds
—
METROPOLITAN
bids
H. Judd, President of the Board of Finance and Taxation, care of
New Britain National Bank, New Britain, will be received until 11.30
Los Angeles) Calif .—AGREEMENT REACHED ON
—A dispatcn from Los Angeles to the "Wall Street
O.
CONNECTICUT
256.34
...
(P.
MERIDEN, Conn.—NOTE SALE—R. L. Day & Co. of Boston obtained
on May 23 of $500,000 notes at 0.26%
discount.
Dated May 25,
1938 and due Nov. 25, 1938. Other bids were:
330.83
COMPTON UNION SCHOOL DISTRICT BOND ELECTION— The pro¬
stated
2
award
390.24
posed issuance of $400,000 school construction bonds will be submitted to
the voters at an election to be held on June 3, according to an announcement
of Scott Thompson, Superintendent.
ANGELES
NO.
Pueblo), Colo.—BOND CALL—Geo. T. iiumof, Ex-offi.io City Treasurer,
payment on June 1, 1938, on presentation to the First Na¬
tional Bank of Pueblo, district bonds numbered 121 to 135, incl.
Interest
has called for
396.11
(P. O. Los Angeles), Calif .—BALDWIN
BOND ELECTION—According to an announce¬
ment of V. R. Long, Clerk of the Board of Trustees, an election will be
called on June 3 to submit to the voters the proposed issuance of $25,000
school site and school construction and repair bonds.
LOS
Colo.—BOND ELEC¬
June 7 voters will be asked to approve
3M% bonds.
DETAILS—It is now reported by the County Treasurer that the $25,000
building bonds he purchased some time ago, as noted here in March, were
sold as 4s at par, are dated July 1, 1937, and mature as follows: $2,500
from 1938 to 1941 and $3,000, 1942 to 1946.
1,511.02
LOS ANGELES COUNTY
nc
COLORADO
PUBLIC WATER WORKS DISTRICT NO. 2 IP. O.
Colo.—TO RETIRE BONDS—In June the district will retire
$100,900 of an issue of $25j,9uo general improvement and maintenance
COLORADO
1,000.00
240......
Balance
in Fund
bonds.
WILLITS, Calif.—BOND SALE—Blyth & Co., San Francisco, pur¬
chased on May 16 an issue of $25,000 sewer bonds, dated July 1, 1938,
maturing frdm Jan. 1, 1939 through 1963, on a premium bid of $27 for
3Ms.
Reoffering prices will yield from 1.50 to 3.25%.
4,500.00
PARK SCHOOL DISTRICT
Union
grade school construction
238
661.63
2,000.00
420.46
112...... 27,000.00
4,507.65
63.72
115...... 24,500.00 24,665.76
136...— 30,500.00 22,287.01 1,369.22
97-.-.--
fiscal year.
TULARE COUNTY (P. O. Visalia), Calif.—STRATHMORE UNION
ELEMENTARY SCHOOL DISTRICT BOND ELECTION—At an election
to be held on June 8 voters will be asked to approve the issuance of $70,000
230
93.74
-
(P. O. Modesto)
Calif.—TAX DELIN¬
QUENCY—The County Tax Collector recently reported that tax de¬
linquency for 1937-38 stood at 4.70% as compared to 6.08% for the year of
1936-37.
For 1937-38 the total to be raised was $1,859,934 of which sum
$1,806,890 was collected before the deadline. In the previous year the total
was $1,405,986 of which $1,334,654 was collected before the charge became
delinquent. Tax rate for 1937-38 is $1.90 compared with $1.47 in previous
237......
6.02
60.23
1,100.00
__
_
92......
COUNTY
Pueblo)
*
District bond issues in
Statement of
May 28, 1938
STANISLAUS
Population, Census 1930
—
,
_
$123,325,331
6,166,266
6,108,000
930,000
376,000
4,421,619
380,381
68,128.
Total uncollected taxes for all years prior to 1935, $186,033.06.
Year
1935
Tax levy
Uncollected
as
of
Apr. 30, '38
1936
1937
$2,644,595.00
77,903.80
$2,742,149.00
83,124.57
$2,755,080.00
141,031.72
Taxes due May 15, delinquent June 16.
C. L.
S 1 ELD ON,
City Treasurer.
Note—Subway bonds, issued for construction of underground wire con¬
duits, are general obligations of the City of New Britain and are payable,
both as to principal and interest, from the revenues of the Subway Depart¬
ment.
By authority of Section 470, of the General Statutes, they are
deductible in figuring net bonded debt.
STAMFORD,
town
Conn .—RELIEF BONDS AUTHORIZED—At a recent
meeting the issuance of $300,000 relief bonds was approved.
MONTEREY COUNTY (P. O. Salinas), Calif .—SAN ARDO SCHOOL
BOND OFFERING—Sealed bids will be received until 10 a. m. on June 6,
FLORIDA
by C. F. Joy, County Clerk, for the purchase of a $50,000 issue of San
Ardo Union School District bonds.
Interest rate is not to exceed 5%,
payable J. & J.
Denom. $1,000.
Dated July 1, 1938.
$2,000 from 1939 to 1960, and $3,000 in 1961 and 1962.
payable at the County Treasury.
Due
as
Prin. and int.
Said bonds will be sold for cash and at not less than par and accrued
interest to date of delivery, and each bid must specify the rate of interest
offered and must state that the bidder offers par and accrued interest to
date of delivery, and state separately the premium, if any, offered for the
bonds for which the bid is made.
Bidders will be permitted to bid different
rates of interest for different maturities of said bonds.
A
certified or cashier's check for
a
sum
not less
than
10%
of the
County.
The San Ardo Union School District has been acting as a union school
district under the laws of this State continuously since July 1, 1923.
The assessed valuation of the taxable property in said school district is
$1,206,748 and there is no outstanding bonded indebtedness.
A satisfactory legal opinion approving legality of the bonds
will be
furnished without charge to the successful bidder.
BERNARDINO
COUNTY
(P.
O.
San
Bernardino)
Calif.—
CREST FOREST SCHOOL BOND SALE—The $37,000 issue of Crest Forest
Elementary School District bonds offered for sale on May 23—V. 146, p.
3224—was awarded to the William R. Staats Co. of Los Angeles, as 4Ms,
paying a premium of $15.00, equal to 100.04, a basis of about 4.49%.
Dated June 1, 1938. Due from June 1, 1939 to 1948, incl.
SOUTH GATE, Calif.—BONDS VOTED—SPECIAL ASSESSMENT
REFINANCING APPROVED—At a recent election voters approved the
Issuance of $1,050,000 city bonds.
The County Supervisors have pledged
$50,000 toward the refinancing program of the city in a move to assist
special assessment districts.
The County will contribute the above sum
toward the city's purchase of $2,700,775 in bonds of nine special assess¬
ment districts for $1,600,000.
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE
-
-
-
Branch Office:
First
National
Bank
Building
T.
Building
-
-
FLORIDA
TAMPA
S.
Pierce, Resident Manager
par
value of the bonds bid for, payable to the order of the Clerk of the said
Board of Supervisors, must accompany each bid.
Said bonds will be delivered at the office of the County Treasurer of said
SAN
BONDS
follows:
FLORIDA
FLORIDA,
State of—REPORT ON MUNICIPAL BOND MARKET
—The following statements are given in the May issue of the monthly
bulletin on Florida bonds, prepared by A. B. Morrison & Co., Congress
Building, Miami;
During the past month there has been, in our opinion, a decidedly better
tone to the Florida municipal bond market.
Demand has been better,
more bonds have been
showing, and prices are higher in the majority of
situations. We believe this improvement is due to a realization on the part
of many investors that business conditions generally in Florida are far
better than in most States; that the majority of Florida municipalities are
well able to meet their debt requirements as at present set up; and that the
yield at current markets and the probable future appreciation are most
attractive.
Lakeland illustrates perhaps as well as any
statements above relative to the ability to meet
situation the truth of the
debt service and the bonds
constituting an attractive investment. After innumerable difficulties, legal
and others, Lakeland has finally secured the validation of its refunding
bonds by the Florida Supreme Court. It expects to begin actual exchange
of refunding bonds within the next 30 days.
Granting there are uncertain¬
ties in the picture, as there always are before any refunding is fully con¬
summated, yet the favorable factors, in our opinion, far outweigh the un¬
certainties. Here is a city of over 21,000 people, substantial, attractive and
Volume
Financial
146
steadily growing, which has just had one of the biggest
tourist seasons in
which enjoys a year-round business as a trading and
tributing center for a rich agricultural and phosphate mining region,
which owns a utilities plant which is a large revenue producer.
Any
its history, a city
3549
Chronicle
dis¬
and
one
analyzing carefully, as we have done, the debt-paying ability of Lakeland
will, we believe, agree with us that it is well able, apparently, to meet the
graduated interest rate on its refunding bonds and eventually retire princi¬
pal. At the present current rate of 3% and with the probable enhancement
in value over a period of years, the bonds look most attractive to us, even
considerably above present markets.
Lakeland is only one of a large number of situations which, in our opinion,
are basically sound and whose bonds offer attractive possibilities.
We will
be glad to furnish detailed information on any of these communities to
JOLIET SCHOOL DISTRICT NO.
_
ObbERING—J.
each bidder must file
a
certified check in the amount of $500. payable to
the order of the District
Secretary.
Blank bonds, ready for execution, and
approving opinion of Chapman & Cutler of Chicago will be furnished
the
FLORIDA
(State
TENDERS
of)—BOND
State
INVITED—The
a. m. June 3, at the Gover¬
matured or unmatured original
or refunding road and bridge, or highway bonds, time warrants,
certifi¬
cates of indebtedness and negotiable notes of the Florida Counties, and
Special Road and Bridge Districts therein as follows:
Brevard, Broward, Charlotte (except McCall S. R. & B. Dist.), Desoto,
Glades, Hardee. Hernando, Indian River (except Atlantic-Gulf, Fellsmere
& Vero Bridge Dists.). Jensen R. & B. District, Levy District 7, Martin,
Monroe, Okaloosa, Okeechobee, Osceola and Palm Beach S. R. & B.
Dists. No. 8. 17, 21, and Cross State Highway Bridge District.
All offerings submitted must be firm for 10 days subsequent to the date
of opening, i.e., through June 13, and must state full name, description,
and serial numbers of bonds, interest rate, date of issue, date of maturity,
and price asked.
The offer must specifically state exactly what coupons
are attached and will be delivered with the bonds for the price asked.
Bonds
that are in default of interest must be offered at a flat price which price
shall be understood to be the price asked for such bonds with all maturities
of past due defaulted or unpaid coupons attached, and notice is hereby
given that if any such coupons have been detached prior to delivery of any
bonds accepted and (or) purchased hereunder, the face value of such
missing coupons will be deducted from purchase price, and offerings must
until 10
office in Tallahassee, sealed offerings of
Tax free and registerable as to principal only.
Bonds
are
authorized refunded under the State School Law, Section 201.
Simultaneously with the delivery of the said school refunding bonds, a
of said school district bonds maturing July 1, 1938 shall be
paid and canceled.
Area of district approximately 18 square miles, including the City of
Joliet, and population of district estimated at 65,000.
like amount
Total bonded indebtedness, $1,243,000.
Bond maturities:
1938,
$70,000; 1942, $70,000.
$70,000;
1939,
COUNTY
HILLSBOROUGH
(P.
O.
Tampa), Fla.—REFUNDING
recently validated $1,609,000
BONDS VALIDATED—Circuit Judge Parks
highway refunding 4)4% bonds to refund special assessment paving 5 and
534% bonds.
Bonds will mature in not to exceed 20 years.
Refunding
will be handled by D. E. Arries & Co. and Kuhn, Morgan & Co., Tampa,
and R. E. Crummer Cp.. Orlando.
MILTON, Fla.—BOAT) ELECTION—At an election to be held on June 20
will be asked to approve the issuance of $30,000 city library and
5% semi-ann. debentures, dated June 1, 1938 and
due $1,500 annually 1940 to 1960.
voters
warehouse construction
BEACH
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICT
$25,000
2891—
NO. 8 (P. O. West Palm Beach), Fla.—BONDS NOT SOLD—The
issue of 434 % semi-ann. school bonds offered on May 23—V. 146, p.
received, according to the
Dated April 1, 1938.
not sold as no bids were
was
the Board of Public Instruction.
Superintendent of
Due $1,000 from
April 1, 1941 to 1965.
1934-35
1935-36
1936-37
1937-38
$555,607.00 $520,060.52 $511,335.97 $528,836.83
440,927.79
430,487.55
443,617.22
*
Year—
Levy.
Collected
*
In process of collection.
Since July 1, 1934, we have collected
$265,101.96 in back taxes in addi¬
unable to allocate it to individual years.
$29,813,780.
Tax rate, $17.50 per $1,000
tion to above collections, but we are
1937
assessed
valuation,
valuation.
No
previous
issue
has
been
contested.
pletion and delivery of definitive bonds, interim receipts will be furnished
a few days after the award, if desired.
The aunroving oninion of Thomson,
Wood & Hoffman of New York, if desired, will be furnished at the expense
Mr. McGonagle will be available for further information
and consultation, at the Bankers Trust Co., New York, after June 15.
Interest and principal on all Hawaiian Territorial bonds are payable in
New York, if desired.
of the Territory.
IDAHO
No defaults in the payment of
This District
Overlapping Debt—
City of Joliet
County of Will
Joliet Township High School District
IRRIGATION DISTRICT (P. O. Council), Idaho—BOND
SALE—We are informed by Clyde I. Rush, District Secretary, that $26,000
bonds were purchased recently at par and
different local investors.
Denom. $500 and
$1,000.
Dated Jan. 1, 1937.
Due in from 1 to 15 years.
Interest pay¬
able Jan. 1 and June 30.
He states that $4,000 bonds are still on hand for
sale.
(This notice corrects the sale report given here recently on $30,000
coupon flume rebuilding
accrued interest by about 20
5%
ILLINOIS
BENSON, 111.—BONDS SOLD—An issue
sold as 4%s, at par, to Negley, Jens &
was
of the Board of
Superv.sors, pending passage of legislation by the general
assembly.
LAWRENCE TOWNSHIP HIGH SCHOOL
DISTRICT (P. O. Law-
renceville), 111.—BONDS VOTED—At a recent election voters approved
the issuance of $150,000 physical education building construction bonds.
MAPLE GROVE SCHOOL DISTRICT NO. 48
BOND
(P. O. Moline), 111.—
election will be held
proposed issuance of
ELECTION PROPOSED—BOND SALE—An
submit to the voters the
at the close of the month to
NEVADA
CHICAGO SANITARY
has decided to redeem
on
bonds of 1935, all of which
Bonds will mature over 20 years.
O.
(P.
TOWNSHIP
111.—BONDS SOLD—A.
Odell),
O. North Henderson), 111.
road improvement bonds awarded
NORTH HENDERSON TOWNSHIP (P.
—BOND SALE DETAILS—The $26,000
White-Phillips Corp. of Davenport, as previously reported in these
columns—V. 146, p. 3379—-bear 314% interest, dated April 1, 1938, and
mature Jan. 1 as follows: $2,000 from 1941 to 1947, incl., and $6,000 in
to the
1948 and 1949.
revenue
ILL.— WATERWORKS BONDS AUTHORIZED—An
which authorizes the issuance of $49,000 water
of a municipal waterworks system.
bonds to finance the construction
SANDWICH, III.—SEWAGE BONDS
AUTHORIZED—The City Coun¬
construction
cil has determined to issue $30,000 sewage treatment plant
bonds and $20,000 municipal water works system construction
election
defeated
DISTRICT, 111.—BOND CALL—The district
of
STEELEVILLE, 111.—BONDS SOLD—The Town Clerk reports
$30,000 general obligation and $2$,000 revenue sewer bonds.
WINTHROP
HARBOR, III.—BONDS SOLD—The H.
purchased as 534s the $8,000 Lake Front
Sons Co. of Chicago
bond issue
due
Nov.
authorized at the May 24 election.
1, 1949.
SCHOOL DISTRICT NO. 430, 111.—
OFFERING—L. S. Stuckev, District Secretary, will receive sealed
bids until Tune 7 for the purchase of $5 ),0 )) 3% school construction bonds.
Dated July 1, 1938. Due serially from 1940 to 1954 incl. Issue was approved
at an election on May 14.
DECATUR, \\\.—GYMNASIUM BONDS VOTED—At a recent elec¬
voters approved the issuance of $125,000 high school gymnasium
auditorium construction bonds by a 7 to 1 majority.
tion
ELDORADO TOWNSHIP (P. O. Eldorado), 111.—BONDS
SOLD—An issue of $30,000 road bonds approved at an election on Jan. 29
EAST
SCHOOL TOWNSHIP (P. O. Carlisle), Ind.
Sullivan State Bank of Sullivan was awarded on
$22,000 school building bonds as 2 34». at par. Due
1954 incl.
HADDON TOWNSHIP
—BOND SALE—The
—In connection
BOND
HENRY COUNTY (P.
O. New Castle), Ind.—BOND SALE
EAST ST. LOUIS, 111.—REF UNDING
UNDER CONSIDERATION—
Education is reported to have under consideration the issuance
$550,000 refunding bonds to refinance outstanding issues.
The Board of
ROAD DISTRICT NO. 2 (P. O. Albion),
Municipal Bond Corp. of Chicago purchased an
of $6,000 road construction bonds.
COUNTY
111.—BONDS SOLD—The
TOWNSHIP
(P. O.
Monticello),
III.—ROAD
election the voters approved the issuance of
bonds.
CREEK
BONDS VOTED—At a recent
$100,000 road graveling
HARDIN, 111.—BONDS SOLD—An issue of
sewer bonds was sold to Barcus, Kindred & Co.
INDIAN CREEK
$10,000 general obligation
of Chicago.
(P. O. Norris City), III.—BOATD SALE DETAILS—
$16,000 road bonds purchased by the H. C. Speer & Sons Co. of
previously reported in these columns, were sold as 434s at par.
follows: $1,000 in 1942 and $3,000 from 1943 to 1947, inclusive.
The
as
/
Chicago
Due as
DETAILS
these columns of the sale of
John Nuveen & Co. of Chicago, as
the bankers paid par plus a premium
of $507,65, equal to 100.923, a basis of about 2.07%.
Dated June 1, 1938
and due $3,000 on June 1 and $2,500 on Dec. 1 from 1939 to 1948 incl.
with the previous report in
$55 000 advancement fund bonds to
2i>s—V. 146, p. 3379—we learn that
HOWARD
COUNTY
Kokomo), Ind.—BOND SALE— The
fund bonds of 1938 offered on May 20—
O.
(P.
$100,000 series A advancement
3225—were awarded to the Harris Trust <fe Savings Bank of
Chicago, as 124s, at a price of 100.319, a basis of about 1.69%.
Dated
May 15, 1938 and due $5,000 on June 1 and Dec. 1 from 1939 to 1948 incl.
Lazard Freres & Co., second high bidder, offered 100.307 for l%s.
V
146,
Other
p.
bids—The above bonds were also
Bidder—
Lazard Freres &
Halsey, Stuart & Co.,
John Nuveen & Co.
bid for as follows:
Hit. Rate
Inc.
and Bartlett,
Knight & Co.,
-------
2%
ldl.039
100 01
2%
2%
2%
Corp. and Fletcher Trust
Co., jointly
— — —
City Securities Corp. —
Channer Securities Co
Central Securities Corp:
100.307
100.089
2%
--
-
jointly- —---------------National Bank of Chicago.
Farwell, Chapman & Co
Brown Harriman & Co.
Indianapolis Bond & Share
Rate Bid
l%%
134%
!
Co
First
been sold.
OFFERING
school building
been postponed
O. Stringtown), Ind.—BOND
POSTPONED—It is reported that the offering of $43,000
bonds, noted in our issue of May 21—V. 146, p. 3379—has
from May 26 to June 15 at 7 p. m., C. S. T.
DISTRICT (P. O. Chicago), III.—NO
RECEIVED—Frank O. Birney, District Treasurer,
reports that no tenders of refunding bonds of 1935, series A and B, were
received on May 20 in connection with the district's call for tenders of
such bonds in an amount sufficient to exhaust the sum of $4,132,000 avail¬
able for that purpose in the sinking fund.
SANITARY
C. Speer &
improvement
Dated May 1, 1938 and
INDIANA
CENTER TOWNSHIP (P.
May 14 an issue of
serially from 1940 to
TENDERS OF BONDS
the sale
Brown reports
111.—BONDS SOLD—City Clerk C. E.
of $12,000 well bonds has been sold locally.
This retirement will complete 1938 operations on all bonds
callable this year.
District's intention to call in the debt followed to receive
tenders of said bonds on May 20.
rate.
bonds.
STEELEVILLE, III.—BOND ELECTION—At an election to be held on
June 18 voters will be asked to approve the issuance of $30,000 sewer system
construction 4>4% bonds.
of $5,000 water system bonds
Rowe of Peoria.
July 1 a total of $4,128,000 series B refunding
bear 4% interest, except a bond of $1,000 bearing
DANVERS COMMUNITY HIGH
S.
Huyck & Co. of Chicago purchased $25,000 4% road bonds, dated May 1,
1938, in $1,000 denoms. and due annually on May 1 as follows:
$2,000
1940; $3,000, 1941; $2,000, 1942; $3,000, 1943; $2,000. 1944; $3,000, 1945;
$2,000, 1946; $3,000. 1947; $2,000 in 1948, and $3,000 in 1949.
Principal
and interest (M. & N.) payable at the Northern Trust Co., Chicago.
The
bonds are secured by and payable from a direct unlimited ad valorem tax
levied against all of the township's taxable property.
Legality to be
approved by Chapman & Cutler of Chicago.
that an issue
CARROLLTON, III.—BONDS DEFEATED—M the May 19
the proposal to issue $4 0,000 water works improvement bonds was
by a count of 548 to 471.
GOOSE
620,000
687,000
COUNTY *(P.
an
STOCKTON,
BELLEVILLE, 111.—RELIEF WARRANTS AUTHORIZED—The City
Council recently authorized the sale of $30,000 tax warrants for the con¬
duct of the city's relief administration Office.
issue
...
O. Waukegan), 111.—BIDS REJECTED—All
anticipated bond issue of $375,000 tuberculosis sanitarium con¬
struction and maintenance bonds were rejected by the f.nance committee
LAKE
bids for
bonds—V. 146, p. 3379.)
EDWARDS
Share
$799,000
570,000
780,000
Bonded Debt
$799,000
1,230,000
875,000
Joliet Park District
RIDGEWAY,
MESA
of
or
principal or interest have occurred.
ordinance has been passed
Ferry), Idaho—BOND ELEC¬
TION—An election will be held on June 3 at which voters will be asked to
approve the issuance of $50,000 court house construction bonds.
BOUNDARY COUNTY (P. O. Bonnert
has
litigation threatened
No
pending.
premium of $55.
HAWAII, Territory of—BOAT) OFFERING—Sealed bids will be re¬
ceived by W. C. McGonagle, Treasurer of the Territory, up to 10 a. in.
(Daylight Saving Time), on June 27, at the Bankers Trust Co., 16 Wall
St., New York City, for the purchase of a $2,886,000 issue of coupon public
improvement bonds.
Bidders will be required to name one interest rate,
in multiples of 34 or l-10th of 1%, for all maturities.
Denom. $1,000.
Dated July 10, 1938.
Due on July 10 as follows: $160,000 from 1940 to
1956, and $166,000 in 1957.
Interest payable J. & J. 10.
Sale will be on
an all or none basis: no special form is required for tenders.
Pending com¬
CHICAGO
•
$20,000 school construction bonds.
Legal details are now before Chapman
& Cutler.
Bonds will be sold to Jensen & Co. of Chicago as 3s, with a
HAWAII
5%
1941,
$75,000; 1940, $75,000;
Tax Collections
be submitted on this basis.
PALM
Denom.
Low interest rate preferred to high premium.
er-
i,
$1,000.
Financial Statement
Board of Administration will receive
nor s
111.—BOND
O. Joliet),
Saving Time) on
June 6 an issue of $50,000 not to exceed 5% interest school refunding bonds.
Sealed bids will be received to be opened at hour stated; supplemental oral
bids will then be received.
The bonds will be dated July 1, 1938 and
mature $20,000 July 1, 1956 and $30,000 July 1, 1957.
Principal and
interest (J. & J.) payable in Joliet or Chicago, as dasired.
To qualify,
interested.
those
(P.
86
Skeel, Secretary, announces that the Board of School
G.
Inspectors will offer for sale at 7 p. m. (Central Daylight
—
234%
100.919
JJJO-70
234%
inn'All
234%
100.066
HUNTINGTON, Ind .—HEATING PLANT BONDS AUTHORIZED—
The City Council recently authorized the issuance of $48,000 steam boiler
heating plant
—
— — —
construction bonds.
INDIANAPOLIS,
Ind .—COMPLETE LIST OF BOND BIDS—As
previously noted in these columns—V, 146, p. 3379—the city awarded on
Mav 19 an issue of $225,000 re.ief sewer bonds of 1938 to the First National
Bank of Chicago, as 2s, at 101.28. a basis of about 1.86%, and $70,000
municipal airport development bonds to Brown Harriman & Co., Inc.,
New York, as 134s, at 100.4599, a basis of about 1.40%.
The following is a
complete list of the bids submitted for each issue:
3550
Financial
Chronicle
For $225,000 Sewer Bonds
Bidder—
Interest
First National Bank of Ch icago
2%
Bank..^
Co., Inc., and Charles Clark
& Co
The First Boston Corp
1,257,77
1,154.81
2 %
-
John Nuveen & Co
......
Mercantile Commerce Bank & Trust Co. and Alrastedt Brothers
899.78
729.00
402.75
2%
2%
2%
---
Phelps, Fletcher Trust Co. and Fenn & Co
Smith. Barney & Co. and Bartlett. Knight & Co
Brown Harriman & Co., Inc
Haleey, Stuart & Co., Inc...
$2,880.00
1,580,50
2%
_
Lazard Freres & Co., and The Boatmen s Nat. Bank
Harris Trust and Savings
Campbell, Phelps &
Premium
2%
2%
2%
2%
..
382.50
181.50
128.25
2%
Bancainerica-Blair Corp. and City Securities Corp..
The Union Trust Co.
2.482.42
Premium
Brown Harriman & Co., Inc.
Lazard Freres & Co. and The Boatmen's Nat. BankHarris Trust and Savings BankStern Brothers & Co
-
-
Campbell, Phelps & Co., Inc., and Charles
—
Smitn, Barney & Co., and Bartlett, Knight & Co..
Phelps, Fletcher Trust Co., and Fenn & Co
F. 8. Moseley & Co
Halsey, Stuart & Co,, Inc
The First Boston Corp
.
John Nuveen & Co
and
Trust
1K%
1 K %
1 Yi %
1 lA%
Co.,
1K%
1K%
1 K %
1K%
1 A%
1K%
1 K%
Almstedt Brothers
Blyth & Co., Inc., and First of Michigan Corp
The Union Trust Co. ot Indianapolis
5.60
399.00
133.97
189.00
KENDALLVILLE, I nd.—BOND SALE DETAILS—'The $35,000 sewage
treatment works bonds awarded to Bartlett, Knight & Co. of
Chicago, as
previously reported in these columns—V. 146, p. 3380, were sold as IKs, at
par.
Dated June 1, 1938 and due Jan. 1, as follows: $2,000, 1940;
Ind.—BOND
SALE—The
$22,500 'coupon
Bidder—
Int. Rate
Premium
2K %
2K %
2K %
__
John Nuveen & Co
Indianapolis Bond & Share Corp
Kenneth Johnson
$119.00
75.87
52.60
162.00
2K %
NEW ALBANY SCHOOL TOWNSHIP (P. O. New
Albany) Ind.—
BOND OFFERING—William P. Kreutzer,
Township Trustee, will receive
sealed bids on June 7 at 7 p. m. for $44,100
township not to exceed
semi-ann.
and Jan.
in 1953.
4K%
(J. & J.) bonds. Denom. $735. Due $1,470
semi-annually July 1
1, 1939 through 1951; $2,205 July 1 and Jan. 1, 1952, and $1,470
Interest must be stated in multiples of
required.
NEW
WICHITA,
Kan .—BOND OFFERING—C.
C. Ellis, City Clerk, will
on June 6 at 7:30 p. m. for
$75,000 internal improvement
semi-ann. bonds.
Denom. $1,000.
Due approximately
one-tenth each year in one to 10 years.
Dated June 1, 1938. Bids must
be accompanied by a certified check for 2% of the
bid, and must be pre¬
pared and submitted on blanks to be obtained from the City Clerk.
receive sealed bids
refunding
2%
K of 1%.
KENTUCKY
KENTUCKY, State of—OFFER MADE
right-of-way
bonds offered May 23—V. 146, p. 3225—were awarded to the
Fletcher
Trust Co. of Indianapolis, as 2s, for a premium of
$25, equal to 100.111,
a basis of about
1.77%.
Dated May 1, 1938 and due as follows: $1,500
Jan. 1 and July 1 from 1940 to 1946 incl. and
$1,500 Jan. 1, 1947.
Other
bids were:
Bartlett, Knight & Co.
SABETHA, Kan.—BONDS AUTHORIZED—An ordinance has been
passed which authorized the issuance of $52,000 selvage disposal and water
works extension and improvement refunding bonds.
$3,000
in 1941, and $5,uOU from 1942 to 1947, incl.
KOKOMO,
I OLA, Kan.—BOND ELECTION—The proposed issuance of
$45,000
park improvement bonds will be submitted to the voters at an election to
be held on June 2.
56.70
101.00
39.90
27.93
22.40
IK %
1 %%
1 %%
IK %
Certified check
•
CASTLE, Ind.—BOND OFFERING—John Rutlidge, City Clerk-
Treasurer, will receive sealed bids until 2p.m. on May 31 for the purchase
of $16,300 not to exceed 4K % interest sewer
improvement bonds.
Dated
May 1, 1938.
Due Jan. 1 as follows: $1,000 from 1940 to 1955, incj. and
$300 in 1956.
Bidder to name a single rate of interest,
expressed in multiple
of K of 1%.
Interest payable semi-annually.
A certified check for $500,
payable to the order of the city, must accompany each proposal.
The
bonds are direct obligations of the city,
payable out of unlimited ad valorem
re-
yield from
KANSAS
and
Bancarnerica-Blair Corp., and City Securities Corp.
bidders
Kan.—BOND SALE—The
89.53
70.00
/
successful
at prices to
BAXTER SPRINGS SCHOOL DISTRICT (P. O. Baxter
Spring.),
$35,000 issue of 2K% semi-ann. gymnasium
and auditorium bonds offered for sale on May 23—V.
146, p. 3380—was
purchased by the Brown-Crummer Co. of Wichita, at a price of 102.035,
a basis of about 2.13%.
Due $3,000 from 1939 to 1943, and $4,000 from
1944 to 1948.
$322.00
151.25
132.30
144.90
Clark
& Co
Bank
INVESTMENT—The
Airport Issue
Bidder—
Mercantile-Commerce
FOR
SHELL ROCK, Iowa—BOND SALE—The two issues of bonds
aggre¬
gating $8,000, offered for sale on May 23—V. 146, p. 3380—were awarded
jointly to the First National Bank, the State Bank of Waverly and the
Waverly Savings Bank, all of Waverly. according to the Town Clerk.
The bonds are divided as follows: $5,000 improvement fund and
$3,000
grading fund bonds.
3,669.00
2,727.00
Interest
Blyth & Co., Inc., and First of Michigan Corp
OFFERED
BONDS
the above bonds for public subscription
0.60% to 1.90%, according to maturity.
offered
60.75
2 K %
2K%
2K%
-
For $70,000
May 28, 1938
COUNTY (P. O. Des Moines), Iowa—BOND SALE—The
$345,000 issue of coupon funding bonds offered for sale on May 25 at
public auction, was awarded jointly to the Harris Trust & Savings Bank
of Chicago, the Iowa-Des Moines National Bank & Trust Co. of Des
Moines, and the White-Phillips Corp. of Davenport, as 2s, at a price of
100.87, a basis of about 1.85%.
Dated April 1, 1938.
Due from Nov.
1, 1939 to 1947 incl.
POLK
—The "Wall Street Journal" of
a
Cincinnati caption-
FOR PURCHASE O? BRIDGES
May 26 carried the following report under
offered $7,500,000 for two bridges connecting this
city
Kentucky, according to letters being mailed to stockholders
briages.
of State to sell bridge revenue bonds,
approval of the present owners' title to real estate, and upon result of
traffic survey to he made by State, A. Clifford
Shinkie, President of the
Covington & Cincinnati Bridge Co., stages in letter.
State of Kentucky,
through its highway commissioner, has already
purchased a number of interstate and intrastate bridges, including two of
the four connecting the State with Cincinnati.
Offer made by Kentucky includes $5,009,000 for the
suspension bridge
owned by Covington & Cincinnati
Bridge Co.. and of $2,500,000 for the
central bridge which is owned by the
Broadway & Newport Bridge Co.
Kentucky
has
witn Northern
of two companies now owning the
Offer is contingent upon ability
KENTUCKY, State of—WARRANT CALL—Call
has been issued
by
John E. Buckingham, Treasurer of the State, for the
redemption on May 31
of $1,008,100 State warrants.
Included are Nos. IB1522-1580 of series
1,
Nos. IB 101-565 of series 2, Nos. IB175-1534 of series
3, Nos. IB312-341
of series 4, and Nos. IB414-459 of series 5.
Interest will cease on that date,
and July, 1938, and all subsequent
coupons must be attached on warrants
turned in for payment.
Louisiana
taxes to be levied and codected on all of its taxable
property.
Successful
will be furnished with approving
legal opinion of Matson, ltoss,
McCord & Clifford of Indianapolis.
No conditional bids will be considered.
Municipal Bonds
bidder
Bought and Sold
VINCENNES CIVIL TOWNSHIP (P. O.
Vincennes), Ind.—BOND
OFFERING—Perry D. Green, trustee, will receive sealed bias until 1 p. m.
June 23 for the purchase of $10,500 not to exceed
5% interest refunding
bonds.
Dated July 1, 1938.
Denom. $500.
Due $5,000 on Jan. 1 and
$5,500 July 1, 1948. Bidder to name a single rate of interest,
expressed in
a multiple of
M of 1%.
Interest payable (J. & J.).
Tne bonds are direct
obligations of the civil township, payable out of unlimited ad valorem taxes
on
Whitney National Bank
of
be levied and collected on all
will furnish at its own expense the
New
Orleans
to
or its taxable
property.
Civil township
approving legal opinion of Matson, ltoss,
McCord & Clifford of Indianapolis.
No conditional bids will be considered.
Purchaser will be required to provide and
pay for printing of the bonds.
Purpose of financing is to provide for payment of similar amount of
5%
funding bonds.
VINCENNES
SCHOOL
TOWNSHIP
(P.
O. Vincennes),
Ind.—
BOND OFFERING—Perry D. Green, Trustee, will
receive seated bids until
1
p. m. on June 23 for the purchase of $4,000 not to exceed
5% interest
Dated July 1, 1938.
Denom. $1,000.
Due $1,000 on
July 1 from 1941 to 1944 incl.
Bidder to name a single rate of interest,
expressed in a multiple of K of 1 %.
Interest payable (,T. & J.). The bonds
are direct
obligation of the school township, payable out of unlimited ad
refunding bonds.
valorem
taxes
be levied
to
and
collected on all of its taxable property.
Successful bidder will be furnished at
township's expense With approving
Ross, McCord & Clifford of Indianapolis.
No
conditional bids will be considered.
Purchaser will be required to provide
and pay for printing of the bonds.
legal opinion of Matson,
is stated
the
by the City Clerk that
$12,000 sewage disposal plant bonds purchased
jointly by the Carleton
D. Beh Co., and Shaw, McDermott &
Sparks, both of Des Moines, as 2Ms,
at a price of 100.50, as noted here
recently—V. 146, p. 3225—are due on
Dec. 1 as follows: $500 in 1939;
$1,000, 1940 to
1942; $1,500, 1943; $1,000,
1944; $1,500, 1945; $1,000, 1946; $1,500, 1947 and
1948, and $500 in 1949,
giving a basis of about 2.69%.
CORNING, Iowa—BOND ELECTION—At
the proposed issuance of
submitted to the voters.
$80,000
the primaries on
courthouse construction bonds
MOINES,
Iowa—PROPOSED
BOND
ISSUE
proposed issuance of $323,000 bonds for -Works
projects has been delayed temporarily by the
will
6
be
DELAYED—The
Progress Administration
City Council in order to
rearrange funds from which the bonds will be retired.
ment fund would be illegal, the Council
was
Use of the improve¬
informed. The bonds will be
grading fund $70,000 on main sewer fund;
$43,000 on the sewage treatment plant bond
fund; $110,000 on the parks
and cemetery care fund.
issued in
sums
GREENE
of
$100,000
on
TOWNSHIP
(P. O. Marengo), Iowa—BOND SALE—The
of coupon school construction bonds
offered for sale on May
p. 3225
was purchased by the
Farmers Savings Bank of
Williamsburg, Iowa, as 4s at par.
Due $100 on June and Dec.
1, from
1939 to 1948, incl.
$2,000
18
V.
bond refunding terms for the
an
election
Parish
on
the
new
district.
CONCORDIA PARISH SCHOOL DISTRICTS
(P. O. Vidalia), La.
will be received until July 6 by J. S.
Burris, Secretary of the Parish School Board, for tne purchase of the follow¬
ing bonds aggregating $52,500:
$27,500 School District No. 6 bonds. Due on
Aug. 1 as follows: $3,000,
1939 to 1941; $3,500, 1942 to 1944, and $4,000 in 1945 and 1946.
25,000 School District No. 7 bonds. Due on
Aug. 1 as follows: $1,000,
1939 to 1950; $1,500,1951 to 1956, and $2,000 in 1957 and
1958.
—BOND OFFERING—Sealed bids
school bonds offered
3Ks.
We
on May 24—V.
146, p. 2893—paying a premium for
Dated July 1. 1938. Due from 1939 to 1952.
informed subsequently by the Secretary of the Parish School
were
Board that the bonds were
purchased for a premium of $450, equal to
100.128.
He states that all the sealed bids were
rejected and the bonds
were sold at
private sale to the above firm.
141.24
Breaux
146,
JEFFERSON, Iowa—BOND ELECTION—At an election to be held on
June 6 voters will be asked to approved the
issuance of $50,000 jail building
construction bonds.
OSCEOLA COUNTY (P. O.
Sibley), Iowa—BOND SALE—The $194,000 issue of primary road bonds offered for sale at
public auction on May 20
—V. 146, p. 3225—was awarded to a
group composed of the Iowa-Des
Moines National Bank & Trust Co., Des
Moines, the Harris Trust &
Savings Bank, Chicago, and the White-Phillips
Corp., Davenport, as
2Kb, paying a premium of $801, equal to 100.4128, a basis of
about 2.175%.
Dated June 1,1938.
Due from 1945 to 1950; optional on and after
May 1,
1944.
paving certificates were awarded
Bridge, at a price of 101.35.
NEW
ORLEANS, La.—REPORT
SOLD—It
on
May
is reported
17 to
that
$8,-
L. F. Dupuis of
ON CERTIFICATE REDEMPTION—
Bringing the total of such redemptions to $3,459,960 within two years,
redemption of not less than $253,500 of refunding paving certificates on
July 1 is provided in an ordinance adopted recently by the Commission
Council of New Orleans.
The certificates, in excess of such payments
scheduled for July 1, 1944, will be drawn on
May 17 and redeemed on
July 1, Mayor Robert Maestri, said.
Since revision in 1936 of the paving
collections, numerous property owners are now paying assessments in full,
the Mayor said, and the
city is therefore able to redeem its refunding
certificates at a big interest saving.
ODESSA, La.—SCHOOL
in the
near
BOND ELECTION—At an election to be held
future voters will be asked to approve the issuance of $300,000
high and grade schools construction bonds.
VERNON
issue
ELECTION—'The
date for
proposed issuance of $300,000 Rodessa school construction bonds, to define
boundaries for a new Rodessa
high school subdistrict and to recommend
LAFAYETTE, La .—CERTIFICATES
June
DAVENPORT, Iowa—BONDS TO BE ISSUED—The City Clerk was
recently authorized to give public notice of the
City Council's intention
to issue $60,000 sewer and street
repair bonds and $85,000 corporate Credit
Island refunding bonds.
DES
O. Shreveport), La.—NEW RODESSA HIGH
JEFFERSON DAVIS PARISH CONSOLIDATED SCHOOL DIS¬
TRICT NO. 1 (P. O.
Jennings), La.—BOND SALE—We are informed
by Scharff & Jones, Inc., of New Orleans, that
they purchased the $350,000
IOWA
BEDFORD, Iowa—MATURITY—It
LOUISIANA
CADDO PARISH (P.
SCHOOL SUBDISTRICT PROPOSED—BOND
School Committee have been instructed to set a
PARISH
WARD
SEVEN
SCHOOL
DISTRICT
(P.
O.
Leesville), La.—BOND
of the Parish
OFFERING—We are informed by the Secretary
School Board that he will receive sealed bids until 2 p. m.
June 14 for the purchase of a $20,000 issue of school
building bonds.
Interest rate to be specified by bidder. Denom. $500. Dated
July 1, 1938.
on
Due from July 1, 1939 to 1948 incl. Interest
payable J. & J. Legality to be
approved by Holmes & Ferguson of New Orleans.
A certified check for
$500 must accompany the bid.
(This notice supplements the offering report given in our issue of May 21
146, p. 3380.)
—V.
WEBSTER
PARISH
SCHOOL
DISTRICT
NO.
6
(P. O. Minden),
La.—BONDS VOTED—At the election held on May 16—V. 146, p. 3226—
the voters approved the issuance of the
$75,000 gymnasium construction
and equipment bonds
by a count of 85 to 7. It is stated by the District
no definite
offering date has been scheduled as yet but it will be
September, in all probability.
Clerk that
around
0
Volume
Financial
146
MAINE
SOUTH
PORTLAND, Me.—BOND SALE—Edward L. Robinson &
Co., Inc., Portland, purchased a new Issue of $15,000 1 %% permanent
road improvement bonds and have placed the entire loan at prices to yield
from 1.35% to 1.75%, according to maturity.
The bonds are dated June 1,
1938, and mature June 1 as follows: $3,000 from 1940 to 1944, incl.
Prin.
and int. (J. & D.) payable at, and bonds will be certified as to genuineness
by, the Canal National Bank of Portland.
Legality to be approved by
Bradley, Linnell, Nulty & Brown of Portland.
The bonds, according to
the bankers, are tax-exempt in Maine and interest exempt under existing
laws from all
Chronicle
Halsey, Stuart. <fe Co., Inc
Smith, Barney & Co
1938)
.$12,650,325
581,000
Borrowing capacity April 1, after giving effect to this issue
50,000
Bonds maturing balance 1938
A
15,000
Taxes uncollected as of April 1, 1938: 1935, $2,668.70; 1936, $2,924.02;
1937, $1,066.05.
Population: 1930 Census, 13,800; 1937 (est.), 16,000.
....
Total bonded debt (including this issue)....
;
-
—
CITY,
Md.—BOND
OFFERING—James
A.
Kirk,
President of the Board of Commissioners, will receive sealed bids until
12:15 p. m. on June 7 for the purchase of $60,000 4% coupon water works
and
sewerage
bonds.
Dated June 1,
1938.
Denom. $500.
Interest
payable J. & D.
Authorized by Acts of State Assembly of 1937, Chapter
468, page 925.
A certified check for 5%, payable to the order of the
Treasurer, must accompany each proposal.
The bonds will be in denoms. of $500 and mature annually as follows:
$2,500 from 1941 to 1943, incl., and $3,500 from 1944 to 1958, incl.
The
are exempt from all
State, county and municipal taxation in the
State of Maryland.
MASSACHUSETTS
BARNSTABLE COUNTY (P. O. Barnstable), Mass.—NOTE SALE—
Tne issue of $60,000 notes offered May 24—V. 146, p. 3381—was awarded
to the Cape Cod Trust Co. of Harwich, at 0.16% discount.
Dated June 1,
1938 and due Dec.
ier
15, 1938.
Second high bidde
Co., which named a rate of 0.19%.
was
the
Hyannis Trust
Mass .—BOND
OFFERING—James
J.
McCarthy, City
Treasurer, will receive sealed bids until noon (Eastern Daylight Saving
Time) on June 1 for the purchase of all but no part of $11,494,000 coupon
bonds, divided as follows:
$3,100,000 municipal relief.
Act of 1938 bonds, issued under authority
of an order of City Council of May 24, 1938.
Due $310,000
annually on June 1 from 1939 to 1948 incl.
7,000,000 funding loan, Acts of 1938 bonds, issued by order of the City
Counsil of May 24,1938.
Due June 1 as follows: $467,000 from
1939 to 1948 incl. and $466,000 from 1949 to 1953 incl.
894,000 courthouse bonds, issued by authority of Chapter 474, Acts
of Massachusetts, 1935.
Due June 1 as follows: $45,000 from
1939 to 1952 incl. and $44,000 from 1953 to 1958 incl.
500,000 sewerage loan bonds, issued under authority of orders of City
Council of Dec. 21, 1937, Dec. 29, 1937, and April 12, 1938.
Due June 1 as follows: $17,000 from 1939 to 1958 incl. and $16,-
May 24
was
notes of¬
made in equal amounts between the Merchants National
May 26, 1938 and mature Feb. 23, 1939.
000 from 1959 to 1968 incl.
Discount
First National Bank of Boston
Second National Bank of Boston.
0.329%
F. S.
0.34%
0.336%
Moseley & Co
CAMBRIDGE,
Mass.—SEEKS $400,000 LOAN AUTHORITY—The
City Council has approved a bill to be presented to the State Legislature
authorizing the borrowing of $400,000 for school improvements, to be repaid
in 10 years. Legislature previously declined to approve loan of $1,000,000
CHICOPEE, Mass.—BOND SALE— The $160,000 coupon bonds offered
were awarded to Tyler & Co. of Boston, at a price of 100.299 for a
combination of lj^s and 1%8, as follows:
$100,000 macadam pavement bonds were sold as 1 ${s.
Dated May 1,
1938 and due $20,000 on May 1 from 1939 to 1943 incl.
May 27,
60,000 water main bonds were sold as 1 %s.
Dated June 1,1938 and due
$6,000 on June 1 from 1939 to 1948 incl.
E. H. Rollins & Sons, Inc. of Boston, second high bidder, offered to pay
100.269 for the entire $160,000 bonds as 1 %e.
EVERETT, Mass.—NOTE SALE—The $400,000
in Massachusetts and from the Federal income tax.
Each
.
0.47%
HAVERHILL, Mass .—BOND OFFERING—Gertrude A. Barrows, City
Treasurer, will receive sealed bids until 11 a. m. (Eastern Standard Time)
on June 1 for the purchase of $120,000
coupon bonds, divided as follows:
$100,000 Municipal Relief Loan Act of 1938 bonds. 125th issue.
Due
$10,000 on June 1 from 1939 to 1948 incl.
20,000 Sewer Loan of 1938 bonds, 126th issue.
Due $2,000 on June 1
from
1939
1948 incl.
to
of 1 %; no bid to be for less than par and accrued
or none.
Prin. and int. (J. & D.), payable at the
National Shawmut Bank of Boston.
These bonds are exempt from taxation
multiples of
interest, bids to be for all
are engraved under the supervision of and certified
genuineness by the National Shawmut Bank of Boston; their legality
in Massachusetts and
as
to
Thorndike, Palmer & Dodge of Boston, whose
to this
Bonds
purchaser at the National Shawmut Bank of Boston,
will be approved by Storey,
opinion will be furnished the purchaser.
All legal papers incident
issue will be filed with said bank, where they may be inspected.
will be delivered to the
St., Boston.
Financial Statement May 1, 1938
1937 Tax rate
1937 Tax levy.
Uncollected
— -
city Feb. 23, 1822.
Population: 1930 Fed.
census,
781,188;
820,190.
Financial year, Jan. 1, to Dec. 31.
Assessed
1, 1937, $1,590,544,700.
1937 tax rate $38.70,
divided as follows: city tax, $23.09; school tax, $9.93; State tax, $.3.45;
countjr tax, $2.23.
The City of Boston has never defaulted on any debt or other obligation.
census,
Tax
Collection
-
-
1934-
of Year of Levy
$ 16,556,882.43
Levy
$62,055,203.06
62,099,063.80
61,631,965.90
63,061,757.84
1937
—
May 21,1938
$12,021,750.11
2,143,118.26
413,693.50
450,208.79
1,724,485.33
15,740,933.35
16,800,173.97
18,622,131.49
1933 and prior years—
Tax titles in possession of the City of Boston and not included in the above
outstanding tax figures, $7,020,106.21.
Taxes are due and payable July 1 and Oct. 1.
4M% interest begins
Oct. 1 on all taxes remaining unpaid after Nov. 1.
6% interest begins
Oct. 1 on all taxes in excess of $300 remaining unpaid after Dec. 31.
Statement
Debt
as
of May 21.
Gross Debt
$74,412,800.00
1,575,333.27
Water debt
822,000.00
Traffic tunnel debt.. 19,500,000.00
Rapid transit debt— 55,217,700.00
Total
1938
Net Debt
$63,884,844.19
1,475,315.77
822,000.00
18,943,075.65
42,976,435.06
556,924.35
12,241,264.94
$151,527,833.27
$23,426,162.60
$128,101,670.67
Rapid Transit Debt—The income received from the rentals of the subways
and
tunnels
in
the City of Boston,
with the exception of the Governor
Square Extension of the Boylston Street Subway, is more than sufficient
to meet the interest requirements and provide for payment into the
sinking
funds established for the retirement of the debt at maturity.
Total
Rapid Trans tdebt...
Governor Square Extension (Partially self-supporting)
-.$55,217,700
4,940,000
___
Entirely self-supporting.
$50,277,700
-----
Under the Legislative Act authorizing the construction of the Governor
Square Extension of the Bcyiston St. Subway it is provided that if in any
year the rentals received are not sufficient to meet interest and sinking
fund requirements, one half of the amount
unpaid shall be pa.d to the City
by the Commonwealth of Massachusetts and the other half shall be raised
by the City in the tax levy of the following year.
Traffic Tunnel Debt—Under legislation authorizing the construction of
the Sumner Traffic Tunnel, it is provided that interest and sinking fund
requirements shad constitute a prior lien on tunnel receipts.
During the
year 1937, interest and sinking fund requirements totaled $1,035,956.58,
whereas, revenue from tolls produced $808,951.81.
From these figures
It is evideat that in 1937, 78.09% of debt and interest requirements were
financed directly from receipts.
Floating
Debt
Outstanding
1937--
Issued in
1938-
-
$14,005,000.00
22,000,000.00
--
Total
-$36,005,000.00
Tax tities loans against tax titles in possession
Less: Reserve for repayment in the hands
$7,3o9,456.43
of the City
Treasurer
428.305.85
Temporary loans in anticipation of Federal grants (PWA)
$6,881,150.58
$105,000.00
BOSTON, Mass.—NOTE SALE—The $2,000,000 notes offered May 24
awarded to C. J. Devine & Co. of New York, which bid an interest
0.58% and paid a premium of $78.
Dated May 27, 1938 and due
were
rate of
Dec. 27
1938.
Other bids
were:
37,857.01
-
against tax titles
117,355.47
412,599.99
—
hand
MASSACHUSETTS, State oi—RELIEF BONDS EXPECTED—If a
bill to transfer $8,000,000 from the highway fund for the account of cities
and towns is successful, it will be necessary for the Governor to submit a
special unemployment bond message seeking the issuance of about $5,000,000 of bonds.
METHUEN, Mas a.—NOTE SALE—The issue of $50,000 notes
offered
of Boston, at 0.534%
Bank of Boston, next
highest bidder, named a rate of 0.54%.
Other bids:
n,
Bidder—
Mansfield & Co
^-57%
—
Bancamerica-B lair Corp
0 . o / 9/<?
O.bU/fe
0.t>9/<>
-
Merchants National Bank of Boston—
National Shawmut Bank of Boston.
-
MIDDLESEX COUNTY (P. O. East Cambridge), Mass.—NOTE
SALE—The $5,000 notes offered May 26—V. 146, p. 3381—were awarded
to the First National Bank of Boston, at 0.21% discount.
Dated June 1,
1938, and due on June 1, 1939. The Merchants National Bank of Boston,
second high bidder, named a rate of 0.23%.
•
Discount
Bidder
National Shawmut Bank of Boston.
Washburn & Co
Second National Bank of Boston
0-25%
----
-
0.25%
0.66 k
------
0.40%
Day Trust Co.-
PALMER, Mass.—NOTE SALE—The $100,000 notes offered May 24—
V
146. P. 3381—were awarded to the Second National Bank of Boston,
at 0.239% discount.
Due Dec. 9, 1938.
The Merchants National Bank
of Boston, second high bidder, named a rate of 0.26%.
m
Other bids:
tu
Bidder—
Co..------First National Bank of Boston
New England Trust Co
Whiting, Weeks & Knowies
R. L. Day &
PITTSFIELD,
-
0.27%
—
0.29%
0 -31 /g
0,35 /o
-
-
Mass.—RELIEF BONDS NECESSARY—At a recent
Finance Committee, Mayor James Fallon indicated
for the city to issue bonds to meet relief costs.
meeting of the City
that it would be necessary
ROCKPORT, Mass.—NOTE SALE—The $125,000 coupon water notes
awarded to Estabrook & Co. of Boston asl %sat a
offered May 27 were
price of 100.022, a basis of about 1.745%.
Dated March 1, 1938, and due
March 1 as follows: $7,000 from 1939 to 1943, incl., and $6,000 from 1944
to 1958, incl.
The Gloucester National Bank of Gloucester, second high
bidder, offered to pay
101.599 for 2s.
SOUTHBRIDGE, Mass.—NOTE SALE—The First National Bank of
Boston was awarded on May 24 an issue of $100,000 notes at 0.278% dis¬
count.
Due Nov. 5, 1938. Other bids were:
Bidder-
,
,
#T
0.324%
0.408/®
WALTHAM, Mass .—NOTE SALE— The issue.of $100,000 notes offwed
awarded to the Merchants National Bank of Boston, at 0.39%
Mav 25 was
each on Feb.
best bidder was the First National Bank of
0.41% and offered a premium of $1.
Waltbam Savings Bank of W altham bid a rate of 0.54%.
discount.
Dated May 25, 1938 and due $50,000
March 15, 1939.
Next
which named a rate of
The
WATERTOWN,
Total
107.1/
153,000.00
Second National Bank of Boston
Bancamerica-Blair Corp
Temporary loans in anticipation of ail revenue:
Issued in
Tax titles held
_
1
-
-
Other bids:
Sinking Fund
$10,527,955.81
100.017.50
City debt.
County debt.
_
.
above)
Sinking funds other than water
discount.
Uncollected
3,717.85
2,291,716.56
,—
-
Uncollected incl. prior years
Total bonded debt, mcl. this issue
on
2,223.290.82
2,227,427.23
Uncollected
1935 Tax levy.
May 23 was awarded to the Second National Bank
Due May 9, 1939.
The First National
Statement
Uncollected End
1936
1935—
-
-
—
1936 Tax levy
Loan
nn
_
_
-.$51,722,825.00
42.40
1937 Assessed valuation
Cash
as a
Bidder to name rate of in¬
All of the bonds will be dated June 1, 1938.
terest in
bidder.
Incorp.
0.43%
■
First National Bank of Boston—
Water debt (included in
and actual valuation Jan.
notes offered
.
Washburn & Co
proposal must be accompanied by a certified check on a Boston National
bank or trust co., or by cash, equal to 1% of the amount of loans bid for,
and payable to the order of James J. McCarthy, City Treasurer.
Accrued
interest from June 1,1938, to date of delivery is to be paid by the successful
Financial Statement—General Information
revenue
were awarded to the Merchants National Bank of Boston at 0.39%
discount. Dated May 26, 1938, and due $200,000 May 1, 1939, and $200,000 May 25, 1939.
Second high bid of 0.397% was made by the Second
National Bank of Boston.
Other bids:
Bidder—
Discount
National Shawmut Bank of Boston
0.42%
May 26
40 Water
and
payment on or about June 23, 1938.
They will be in denoms. of $1,000
each, payable as to both principal and semi-annual interest (J. & D.) at
the office of the City Treasurer.
Bidder to name rate of interest in multiples
of 34 of 1 %; no bid to be less than par and accrued interest, and a different
rate of interest may be bid for ail but no part of each purpose loan to be
issued.
Award will be made on the basis of the bid figuring the lowest
net interest cost to the city (total interest for the duration of the loan from
June 1, 1938, less the amount of premium bid).
The bonds are exempt
1935 State
•
Other bids:
Bidder—
The bonds will be dated June 1, 1938, and will be ready for delivery
from taxation
$24.00
23.00
39.00
3.00
Bank of Boston and the National Shawmut Bank of Boston, as each insti¬
tution bid a discount rate of 0.31% for the loan.
The notes are dated
bonds
BOSTON,
...
Premium
0.67%
0.68%
0.70%
0.73%
for tnat purpose, according to report.
MARYLAND
CHESAPEAKE
int. Rate
CAMBRIDGE, Mass.—NOTE SALE—Award of the"$500,000
fered
Federal income taxes.
Financial Statement (As Officially Reported April 1,
Assessed valuation (1937).
3551
Bidder—
Chase National Bank & Salomon Bros. & Hutzler
First National Bank of Boston
Town Selectmen are
Mass.—BOND
15 and
Boston,
AUTHORIZATION SOUGHT—'The
seeking authorization for the issuance of $50,000 muni¬
cipal garage construction bonds
tion project material bonds. f t
and $150,000 Works Progress Administra¬
WORCESTER, Mass.—OTHER BIDS—The $500,000 notes awarded
Worcester County Trust Co. at 0.165% discount, as previously re¬
to the
ported in tnese columns, were also
bid for as follows:
3552
Financial
Bidder—
Discount
Second National Bank of Boston
0.18%
0.19%
0.195%
0.20%
0.28%
0.288%
Merchants National Bank of Boston
Day Trust Co
-
Washburn & Co
—
First Boston Corp
First National Bank of Boston
Chronicle
May
1938
28,
It is proposed under the plan of refunding to combine issues 1 and 2 in
the amount of $226,000 and issue a like amount of series A 4% waterworks
general obligation bonds, to be dated July 1, 1938, and mature serially
from
1939 to 1953 incl.
$68,500 5% refunding bonds, to be refunded into a like amount
B 4% general obligation bonds to be dated July 1, 1938, and
serially in 1941, and from 1944 to 1953.
The right is reserved of
redeeming this bond on any interest date on 60 days published notice.
To combine issues 4 and 5, $35,000 6% street improvement and $35,000
Issue 3,
of series
mature
6% sewer bonds, and issue a like amount of series C 5% general obligation
refunding bonds to be dated June 15,1938, and mature from 1939 to 1951.
MICHIGAN MUNICIPALS
IRONWOOD, Mich.—CORRECT!ON—In V. 146, p. 3381 it was re¬
ported that the State Public Debt Commission had approved a plan for
The plan in question does
not apply to Iron wood but to the City of Iron Mountain, Mich.
refunding $365,000 of the above city's bonds.
Cray, McFawn & Petter
PAW
PAW,
Mich.—BOND OFFERING—Nyle L.
Adamson,
Village
Clerk, will receive sealed bids until 8 p. m. (Eastern Standard Time) on
June 1, for the purchase of $75,000 not to exceed 5% interest coupon elec¬
GRAND RAPIDS
DETROIT
Telephone Cherry 0828
Telephone 9-8255
A.T.T. Tel. DET 540-541
A.T.T. Tel. Grpe. 7
Dated June 1, 1938.
tric light and power revenue bonds.
and $500.
Due June 1 as follows:
Denoms. $1,000
$3,500 from 1939 to 1953, incl. and
$4,500 from 1954 to 1958, incl.
The bonds may be called for payment in
the inverse order of maturity, in whole or in part, on any interest paying
MICHIGAN
beginning June 1, 1943.
Principal and interest (J. & D.) payable at
Trust Co., trustee, Grand Rapids.
Department of the Village, including
moneys received from the sale of electricity over and above the reasonably
necessary expense of the operation of the Electric Utility of the village shall
be pledged to the payment of said bonds and interest.
date
the Michigan
ANN
ARBOR, Mich.—BONDS DEFEATED—At the May 10 election
the proposal to issue $270,000 school building construction bonds was
defeated by a vote of 629 to 500.
BAY
CITY,
Mich.—BOND OFFERING— O.
A.
Kasemeyer,
City
Comptroller, will receive sealed bids until 7p.m. (Eastern Standard Time)
on May 31 for the purchase of $74,000 not to exceed 3% interest emergency
bonds.
Dated .June 1, 1938.
Denom. $1,000.
Due June 1 as follows:
$24,000 in 1939 and $20,000 in 1940 and 1941. Bidders requested to bid
at par and state lowest rate of interest.
Principal and interest (J. & D.)
payable at the City Treasurer's office.
The city will furnish bonds and
transcript of proceedings. Purchaser to furnish legal opinion. A certified
check for 2% must accompany each proposal.
DETROIT, Mich.—TENDERS WANTED—The city, through John
N. Daley, Controller, announces that it will receive tenders of its callable
refunding bonds up to June 8, in the amount of approximately $850,000.
Only 1962-63 maturities of callable bonds will be accepted. Tenders will
be accepted on the basis of the highest net yield to the city as computed
from the dollar price.
EAST
GRAND
RAPIDS,
Mich.—FINANCIAL
STATEMENT—
Following is the latest official report on the finances of the city.
Last
previous bond sale was held on April 4 when a $35, joO 3 M % refunding issue
was awarded to Stranahan, Harris & Co. of Toledo, at 100.57, a basis of
about 3.15%.—V. 146, p. 2407:
Financial Statement
General city bonds
$220,000.00
254,000.00
Amount of bonds
outstanding for water works
Special assessment bonds.
Total present bonded debt, including this issue
Amount of sinking fund.
Floating debt.
819,051.18
1,293.051.18
76,485.88
None
Bonded Debt by Interest Rates
2%
$65,600.00
$85,000.00
3M%...
3....
2M%
41,000.00
49,957.89
2M%
134,000.00
150,091.25
4%
%
79,000.00
2%%—.
77,000.00
4M%
3%
82,704.63
82,730.26
4j^%
Assessed valuation (1937).
184,400.00
-
$1 293 051.18
$ll!332i600!00
Actual
valuation (estimated)
Tax rate (1937), $15.40 per $1,000 valuation.
Population (1930 Census), 4,024.
16,189,428.00
Amt. collected during year
Delinquent
$171,726.81
of levy.. 121,038.28
50,688.53
Unpaid as of Feb. 28, 1938.
Special Assessment Taxes—
Amount levied
Amt. collected during year
Delinquent
village after deducting premium offers, if any.
Interest
premiums shall not be considered as deductible in determining the net
on
interest cost.
The bonds shall be secured
of
by
a mortgage on
the entire Electric Utility
including land, reservoir, buildings, easements, electric
electric generating equipment, poles, lines, meters, transformers,
any and all electric equipment installed and in use, or on hand to be used
in connection with said utility, all franchises, rights of way and any and
all right, title and interest which the village may have in personal property
or real property used or to be used in connection with said utility, and said
mortgage shall include a franchise permitting the purchaser in the event
of foreclosure to operate said utility for a period of 20 years.
The approving
opinion of Miller, Canfield, Paddock & Stone, of Detroit, will be furnished.
Purchaser shall pay the cost of printing bonds.
Enclose a certified check
for 2 % of the par value of the bonds payable to the Village Treasurer.
the
Village,
equipment
,
ROYAL
OAK
WANTED—E.
CITY
SCHOOL
DISTRICT,
Mich.—TENDERS
C.
Hobart, District Secretary, will receive sealed tenders
dated Oct. 1, 1935, until 7:30 p. m.
(Eastern Standard Time) on June 23.
Offerings should be firm for five
days and give such details as series number and series letter of bonds
tendered for sale.
Price named must be for bonds together with Oct. 1,
of series A refunding bonds of 1935,
1938, and subsequent interest coupons attached.
Tenders specifying the
price shall be accepted up to the amount available in the fund.
lowest
SOUTHFIELD TOWNSHIP SCHOOL DISTRICT NO. 10 (P. O.
Birmingham, Route 1), Mich.—TENDERS WANTED—Director Walter
H. Kinsel will receive seaied tenders until 8 p. m. on June 4 of 1937 refunding
Proposals should be quoted flat.
ZILWAUKEE TOWNSHIP SCHOOL DISTRICT NO. 1, (P. O. R.F.D.
No. 2) Mich.—BOND OFFERING—J. H. Krueger, Dist. Sec'y., will receive
sealed bids until 7 p. m. (Eastern Standard Time) on May 31 for the pur¬
chase of $30,000 not to exceed 5% interest school bonds.
Dated June 1,
1938.
Denom. $1,000.
Due $6,000 on Jan. 15 from 1939 to 1943 incl.
Principal and interest (J. & J.) payable at the Saginaw State Bank, Sagi¬
The district is authorized and required by law to levy upon all its
naw.
taxable property such ad valorem taxes as may be necessary to pay the
bonds and interest thereon within the limitation prescribed by the State
Tax History
1935
General Taxes—
The bonds shall be awarded to the bidder whose bid produces the lowest
interest cost to the
bonds and 1937 certificates of indebtedness.
$7,000.00
254,667.15
...
Amount levied
,
Entire income of the Electric Utility
Constitution.
1936
1937
$172,276.77
131,708.02
$174,539.84
40,568.75
$29,532.91
$23,569.25
$40,453.04
$115,095.51
of levy..
21,215.77
93,879.74
$115,095.49
and
an
1942.
The present assessed valuation of the district is $4,960,325
additional 3-mill levy has been voted for a five-year period, 1938 to
At
no time in the past 10 years has the tax delinquency in the dis¬
trict been 10%, according to report.
The district will furnish bonds and
transcript of proceedings; purchaser to furnish legal opinion.
A certified
cneck for 2%, payable to the order of the District Treasurer, must ac¬
company each proposal.
$101,615.26
MINNESOTA
20,842.03
94,253.46
ADA, Minn.—BOND ELECTION—At
UnpaidasofFeb.28, 1938..
—..
$72,194.17
$77,798.73
$90,977.19
Tax-paying period extends from July 1 to July 1 and property is certified
delinquent on Oct. 10.
Sinkiny Fund—Sinking fund consists of the following:
City of East Grand Rapids bonds
$64,853.40
Cash
11,632.48
Total
$76,485.88
The city has not only balanced its budget, but is
operating well within
its current budget, and has levied taxes to provide
properly for all maturing
indebtedness.
GLADSTONE,
Mich.—CORRECTION—E.
H.
Waterhouse,
City
Manager, informs us that the report of an offering of $5,000 batn house
building bonds on May 24 was in error.
No sale date has been set as yet,
although it probably will be held in the early part of July.
The bonds
will be dated Aug. 1, 1938, bear interest at not more than
5% and mature
serially from 1940 to 1949, incl.
Interest payable F. & A.
GROSSE ILE TOWNSHIP (P. O. Grosse He), Mich.—BOND SALE
—The $4,500 4% water supply system junior revenue bonds offered
May 23
—V. 146, p. 3381—were awarded to the Wyandotte
Savings Bank of
Wyandotte, the only bidder, at par. Dated Sept. 15, 1938 and due Sept. 15
as follows:
$500, 1950; $1,000 in 1951 and 1952; $2,000 in 1953; redeem¬
able
on
the 15th
IRON
day of any month.
MOUNTAIN,
of the
plan providing for a readjustment of the bonded
city through an exchange, at par for par, of new refunding
bonds for all of the bonds
presently outstanding has been approved by the
State Public Debt Commission and is now
being submitted for approval
of holders of existing indebtedness.
The exchange of bonds, with adjust¬
ment of interest, will be made at the office of Charles A.
Parcells & Co., 639
Penobscot Bldg., Detroit.
The legal
approving opinion of Miller, Canfield, Paddock & Stone of Detroit will accompany the new bonds. Bond-
?lrewS -w^
advised when the exchange
can be made. The readjustment
city officials, is based on assurance of the prompt
payment of both principal and interest charges on the new securities.
In
this connection, it is pointed out in the
plan submitted to bondholders
that the relief provided therein is
necessary if the city is to avoid default on
its general obligations.
This has been averted to date despite the fact that
c reductions in the assessed
valuation, with a resultant sharp falling
of debt in the opinion of
tTtu1-? anuuad.incoine> has been suffered by the municipality in
recent years.
cut in direct proportion to the decrease in
income, the slight lengthening of maturities and small reduction in interest
rates provided for in the
refunding plan is believed
While operating costs
the credit
j
described
city is to be maintained.
The following information is
the Plan, a copy of which has been
furnished by Charles A.
Co. of Detroit:
1' 1938, the City of Iron Mountain
an election to be held on June 20
the issuance of $45,000 hospital construc¬
CLEVELAND, Minn.—MATURITY—It is now reported by the Village
Clerk that the $15,000 village bonds purchased by local investors as 2Ms,
noted here recently—V. 146, p. 3382—are due in from one to 20 years;
as
callable after 10 years.
FAIRFAX, Minn.—BOND ELECTION—At an election to be held on
May 24 voters will be asked to approve the issuance of $35,000 sewage
system and sewage disposal plant bonds.
HOKAH, Minn.—BOND SALE DETAILS—It is now reported by the
Village Clerk that the $14,000 general obligation bonds sold as 2s, as noted
here recently—V. 146, p. 3382—were purchased by a local investor, at a
price of 100.07, a basis of about 1.99%.
Dated June 1, 1938.
Due$l,000
from July 1, 1940 to 1953, incl.
TRAVERSE
32
COUNTY INDEPENDENT SCHOOL DISTRICT NO.
(P. O. Wheaton) Minn.—BONDS TO BE SOLD—It is reported by the
District Clerk that the $30,000 3% school addition bonds approved
voters on May 17, will be
purchased by the State of Minnesota.
20 years.
by the
Due in
MISSISSIPPI
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Kos¬
ciusko), Miss.—BOND OFFERING— Sealed bids will be received by Mrs.
Ruby Noweil. District Clerk, on June 6, for $6,000 school construction and
equipment 6% semi-annual bonds.
Dated June 15, 1938.
Denom, $200.
Due $200 annually on June 15, 1939 to 1949, incl., and $400 on June 15,
1950 to 1959.
No bids for less than par and accrued interest will be ac¬
cepted.
NATCHEZ, Miss.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $300,000 3 Yi % semi-annual coupon municipal industrial
in April, as noted in these columns—V. 146, p.
2732—were purchased by a group composed of Lewis & Thomas, the First
National Bank, both of Memphis; White, Dunbar & Co. and Fenner &
Beane, both of New Orleans, paying a price of 101.595, a basis of about
3.28%.
Dated Feb. 5, 1938.
Due from Feb. 5, 1939 to 1958, inclusive.
construction bonds sold
NEWTON, Miss —BONDS AUTHORIZED—'The Board of Aldermen
recently authorized tne issuance of $46,000 street improvement refunding
not to exceed
6% bonds.
MISSOURI
absolutely essential if
of the
taken from
Parcells &
have been
to approve
tion bonds.
CARMACK
Mich.—REFUNDING PLAN SUBMITTED TO
BON DHOLDERS—A
debt
voters will be asked
a recent election voters ap¬
proved the issuance of $175,000 school construction and addition bonds.
Vote was 1,704 to 124.
BOONVILLE, Mo.—BONDS VOTED—At
will have the following
bonds outstanding:
$156,000 5% water bonds dated Jan. 1, 1924 and
maturing serially $19,500
ftftn™ually
ly
and including July 1, 1946.
70,000 5% water bonds dated July 1, 1925 and
maturing serially $7,000
go
c^ualy ju y 1'.1939, to and including July 1, 1948.
68,500 5% refunding series B bonds dated
July 1, 1934, and maturing
DISTRICT No. 2 (P. O.
reported by Grover C. Layne,
addition bonds approved
recently by the voters, have been purchased by the Mississippi Valley
CENTER
Center),
CONSOLIDATED
SCHOOL
Mo.—BONDS SOLD—It
was
District President, that $20,000 school building
Trust Co. of St. Louis.
cnn
|®ri^ly as foilow8: S2 0g0July 1, 1940 $2,000, July 1, 1943;
JTul,y V %44$L59°' July !• 1945; $13,500, July 1, 1946;
In'too'
July !' I948- $500, July 1, 1949;
I9)509, July 1.1950; $7,500, July 1,1951; and $6,500, July 1,1952.
6% street improvement
t
nnn
35,000
bonds dated June 15, 1921, and
maturing
ok nnn lor
annually June 15, 1939, to and including June 15, 1945.
35,000 6% sewer bonds dated June 15, 1921, and
maturing $5,000 annu¬
ally June 15, 1939, to and including June
15, 1945.
*J^,?verlaPping ,d^ °fJhe city amounts to $61,250, its proportion of
$35,000 county and $52,500 school district indebtedness.
COLUMBIA, Mo.—BOND ELECTION—At an election to be held on
June 8 voters will be asked to approve the issuance of $225,000 sewer system
improvement and extension bonds.
GLENDALE (P. O. Webster Groves) Mo.—BOND SALE DETAILS—
It is now reported by the City Clerk that the $10,000 3% semi-ann. public
improvement bonds purchased by Francis Bro. & Co. of St. Louis, as noted
here recently—V. 146, p. 3382—are due $5,000 in 1956 and 1957, and were
sold for a premium of $34.50, equal to 100.345, a basis of about 2.98%.
HIGGINSVILLE SPECIAL ROAD DISTRICT (P. O. Higginsville),
Mo.—BOND ELECTION—At an election to be held on May 31 voters
Volume
Financial
146
-will be asked to approve
the issuance of $30,000 road graveling and
improvement 3H% 20-year bonds.
bridge
MELROSE SEWER DISTRICT (P. O. Clayton), Mo.—BOND OFFER¬
ING—Sealed bids will be received until 8 p. m. on June 1, by Martin P.
Moore, Secretary of the Board of Trustees, for the purchase of an issue of
$123,000 sewer bonds.
Bids will be received at 4904 Jennings Road,
St. Louis County, Mo.
Interest rate to be specified by the bidder in a
multiple of }4. of 1 %, and all of said bonds shall bear interest at the same
Denom. $1,000.
Dated June 15, 1938.
Due on Feb. 1 as follows:
$4,000, 1941 and 1942; $5,000, 1943 and 1944: $6,000,1945 to 1948; $7,000,
1949 to 1951; $8,000, 1952 to 1954; $9,000, 1955 to 1958, all incl.
Prin.
and int. (F. & A.) will be payable at a place to be designated by the pur¬
chaser, subject to the approval of the Board of Trustees.
.The district will
furnish the legal opinion of Charles & Trauernicht of St. Louis, and will
pay for the printing of the bonds and registration fee at the office of the
State Auditor.
Delivery of the bonds will be made on or before June 20,
1938. The bonds win be sold for not less than par and accrued interest. A
certified check for $2,000, payable to the district, must accompany the bid.
Additional information may be secured from Adrian L. Bushman, Attorney
for the District, 3 South Meramec, Clayton, Mo.
rate.
NEVADA
CLARK COUNTY EDUCATIONAL DISTRICT NO.
Melrose
time and in the
The
District
same manner as
District, being
was
State and county taxes.
a new one,
has
no
It has no in¬
financial history.
debtedness other than the bonds which may be sold pursuant to
said authorization.
the afore¬
The District has an estimated population of 6,000 to 7,000.
The assessed
valuation of the District, upon which the issue is based, being the assess¬
ment of June 1. 1935, is $2,460,615.90.
The actual valuation is estimated
at
$4,101,026.50.
The legal debt limit of the District applicable to the
above bond issue is 5% of its assessed valuation of taxable property within
the District as ascertained by the June 1, 1935, assessment, namely,
$123,030.80.
The District is located entirely in St. Louis County and in the
and West Walnut Manor School Districts.
NORTH
KANSAS
CITY
(P.
O.
Kansas
City)
Normandy
Mo.—BOND SALE
DETAILS—It is stated by the City Clerk that the $70,000 library, lecture
hall and swimming pool bonds sold as 2^s, as noted here last March—
V. 146, p. 2090—were purchased by the City National Bank & Trust Co.
of Kansas
City, and mature in from
one to
20
(P. O. Over¬
NEW
NASHUA,
N.
HAMPSHIRE
H.—LOAN
OFFERING—Bids
will
be
received
until
10 a. m. (Eastern Standard
Time) on June 1 for the'purchase at discount of
$100,000 notes, payable May 4, 1939.
'
"
JERSEY
NEW
ALLENTOWN, N. 3.—BOND OFFERING—W. B. Mannering, Borough
organized as a body corporate and
political subdivision of the State, under the provisions of an Act of the
General Assembly of Missouri, approved on Jan. 13, 1934, and by decree
of the Circuit Court of St. Louis County.
Pursuant to said decree, the
voters of the District, on May 10, 1938, elected the undersigned trustese,
and by a vote of 794 to 55 authorized the issuance of $123,000 of bonds of
the District for the purpose of constructing a system of sewers.
The validity
of the law under which the District was organized was sustained by the
Supreme Court of Missouri on Oct. 7, 1935.
The interest and principal of
these bonds are payable out of funds received from a direct ad valorum tax
which may be levied without limitation as to rate or amount, upon all
taxable property of the District, and said taxes are to be collected at the
Sewer
1
Nev.—BOND OFFERING—Sealed bids will be received until 11
a. m. on June
6, by Elmer S. Bowman, President of the Board of Edu¬
cation, for the purchase of a $55,000 issue of building bonds. Interest rate
is not to exceed
5%, payable J. & J. Denom. $1,000. Dated July 1, 1938.
Due on July 1 as follows:
$1,000 in 1940, and $3,000 from 1941 to 1958.
Iso bid for less than
par and accrued interest will be considered.
Prin. and
int. payable at the
County Treasurer's office in Las Vegas.
A certified
check for 5% of the amount of the bonds bid for is required.
ton)
Information Concerning Melrose Sewer District
The
3553
Chronicle
years.
ST.
LOUIS, Mo.—SCHOOL BOND ELECTION EXPECTED—With
preparations under way for a Public Works Administration grant, it is
probable that the proposed issuance of $4,000,000 school construction
bonds will be submitted to the voters at the primary on Aug. 2 along with
a proposal for $750,000 fire house and
equipment bond issue.
Clerk, will receive sealed bids until 7:30 p. m. on June 6 for the purchase
of $20,000 3)4% registered
public improvement bonds issued to provide
funds for improvement of the water system.
Dated June 15,1938. Denom.
$1,000.
Due $1,000 on June 15, 1939 to 1958, incl. ^Principal and semi¬
annual interest payable at the Farmers National Bank of Allentown.
The
amount necessary to be raised by the sale is $20,000.
A certified check for
2% of the amount of bonds bid for, payable to tne order of the Borough
Treasurer, must accompany each proposal.
BAYONNE,
N.
J.—WATER
BONDS
FIRST
PASS
READING—An
ordinance providing for the issuance of $29,250 water main construction
bonds recently passed a first reading at a meeting of the Board of Com¬
missioners.
The above bond issue will be used to take up $875,000 tax revenue note8
of 1937, $484,165.90 tax revenue notes of 1936 and $150,834.10 tax antici"
pation notes of 1938, all due June 30, 1938; also $275,000 tax revenue bond8
of 1934, maturing Aug. 1, 1938.
The new bonds will bear interest at noc
more than
5% and mature as follows: $75,000, 1940; $100,000, 1941!
$125,000, 1942; $25,000, 1943; $150,000, 1944; $175,000, 1945; $200,000,
1946; $50,000, 1947; $200,000, 1948; $225,000, 1949; $235,000 in 1950 and
$240,000 in 1951.
CAPE
MAY, N. 3.—BOND SALE DETAILS— In connection with the
previous report in these columns of the sale of $84,000 bonds, of which a
$70,000 sewer issue was taken by the State, we learn that the $14,000
improvement loan was sold to the Pennsylvania Co. for Insurances on
Lives and Granting Annuities.
FORT
The sale
was
made as 4s, at par.
LEE, N. J.—TAX COLLECTIONS—The following report on tax
by the borough as of April 30, 1938, was made public by the
collections
Municipal Finance Commission of New Jersey:
Collections of 1938 taxes to date amount to $114,065.44, or 18.78% of
the 1937 levy of $607,370.67.
Collections of 1937 taxes for a similar period
were
$106,445.80,
or
17.20% of the 1936 levy of $618,935.82.
Total collections of 1937
of the
taxes
now
amount to
$367,787.79,
.
.
or
levy of $607,370.67.
60.55%
^
1936
taxes now amount to
$441,234.63, or 71.29%
Total collections of 1935 taxes now amount to
of the levy of $663,443.26
$462,634.78, or 69.73%
Total collections of
of the
levy of $018,935.82.
„
.
MONTANA
BOZEMAN,
Mont.—BOND
proposed
issuance
of
$316,500 school construction bonds will be submitted to the voters at an
election to be held on June 8.
with $18,773.16 collected during a similar
Collections of assessment title liens in
BROWNING, Mont.—BONDS PUBLICLY OFFERED—Brown, SchlessOwen & Co. of Denver, are offering for public subscription a $36,000
4H% refunding bonds at prices to yield from 2.50% to 4.75%,
according to maturity.
Denom. $1,000.
Dated May 15, 1938.
Due on
May 15 as follows:
$1,000, 1939 to 1942, and $2,000, 1943 to 1958, all
incl.
Optional on and after May 15, 1949.
Legal approval by Myles P.
Tallmadge of Denver.
man,
issue of
GREAT FALLS, Mont.—BONDS TO BE RETIRED—On July 1, the
city will retire $3,000 Third Street sewer bonds, 1930; $9,300 water refunding
bonds, 1936: $16,000 water construction bonds, 1930; $21,000 warrant
funding bonds, 1931, and $3,000 Valeria Way sewer bonds, 1927.
Mont.—BOND SALE DETAILS—In connection with
MONTANA, State of—HIGHWAY BONDS PROPOSED—The State's
12-man committee
on
highway finance has requested the issuance of $3,-
000, JdU highway dentures to be paid with department revenue after out¬
standing debentures are retired in 1941.
The new series would be callable
in five years, payable in 10 years and would bear interest at not to exceed
3%.
MONTANA,
State of—TONGUE RIVER PROJECT BONDS SOLD—
Tongue River
project bonds to the Federal Reserve Bank of Min¬
The State Water Conservation Board recently sold $660,000
water
conservation
MONTANA, State of—TO RETIRE BONDS—State Treasurer Ray N.
announced recently that the State would retire $287,000 edu¬
cational bonds
to be
on July 1, leaving $516,000 bonds outstanding.
completely retired by July 1, 1941.
SANDERS
COUNTY
HIGH
SCHOOL
DISTRICT
NO.
Issues
are
2
(P.
O.
Mont.—BONDS SOLD—It is now reported by A. S.
Ainsworth, Chairman of the Board of Trustees, that the $100,000 school
construction and improvement bonds offered for sale without success when
all bids were rejected on May 14, as noted here—V. 146, p. 3383—have been
sold to the State Board of Land Commissioners, as 2^6, at par, and mature
in 20 years.
SANDERS COUNTY HIGH SCHOOL DISTRICT NO. 14 (P. O.
Hot Springs), Mont.—BOND OFFERING—It is stated by R. E. Snider,
District Clerk, that he will receive sealed bids until June 18, for the pur¬
chase of
a $5,000 issue of building bonds.
Interest rate is not to exceed
6 %, payable semi-annually.
Due in 20 years. optional in five years. These
bonds were approved by the voters on May 14.
FRENCHTOWN
SCHOOL
Mont.—BOND
sold and issued the entire issue may be put into one single bond or divided
into several bonds, as the council may determine upon at the time of sale,
both principal and interest to be payable in semi-annual instalments during
If serial bonds
are
issued and
sold they will be in the amount of $875 each; the sum of $875 of said serial
bonds will become due and payable on the first day of January, 1939, and
like amount
on the same day each year thereafter until all such bonds are
The bonds whether amortization or serial will be redeemable in
any interest payment date on and after Jan. 1, 1943.
The bonds
will be sold for not less than par value and accrued interest.
Enclose a
certified check for $175, payable to the Town Clerk.
a
paid.
full
on
banks.
N. J.—BOND OFFERING— George L. Hartman,
Finance, will receive sealed
(daylight saving time) on May 28 for the purchase of
$53,000 not to exceed 3H% interest coupon or registered general improve¬
ment bonds.
Dated April 1, 1938.
Denom. $500.
Due April 1 as fol¬
lows: $2,500 from 1939 to 1941, incl., and $3,500 from 1?42 to 1954, incl.
The price for which the bonds may be sold cannot exceed $54,000.
I rincipal and interest (A. & O.) payable at the Phillipsburg National Bank &
Trust Co., Phillipsburg.
A certified check for 2% of the amount of the
bonds, payable to the order of the town, must accompany each proposal.
The approving legal opinion of Dillon, Vandewater & Moore of N. Y. City
will be furnished the successful bidder.
The bonds are payable from ad
valorem taxes to be levied on all of the town's taxable property.
FINANCIAL STUDY PREPARED—In connection
with the above
PHILLIPSBURG,
Director of the Department of Revenue and
a.
m.
offering a comprehensive analysis of the finances
and economic status or
the town has been prepared for distribution by Palmer & Co., registered
municipal accountants, First National Bank Bldg.. Easton, Pa.
SAYREVILLE, N. J.—BONDS VOTED—The voters recently approved
construction bonds by a vote of 497
the issuance of $106,000 high school
to
327.
TRENTON, N. 3.—LIST OF BIDS—The following is a complete list of
for the $86,000 water bonds award of which, as pre¬
viously noted in these columns, was made to Adams & Mueller of Newark:
Bidder—
Bate
Premium
Adams & Mueller,
Iftc'nn
2%%
244.24
- -
2%%
3%
3%
787.33
255.57
-
-
y---
Halsey, Stuart & Co., Inc.
Minsch, Monell & Co,.—
J. S. Riopel &
2M%
-
--
-
Graham, Parsons & Co.
E. H. Rollins & Sons
H. B. Boland & Co__._
-
Co. and MacBride, Miller & Co_„_
Kean, Taylor & Co. and Van Devanter, Spear &
Co., Inc
-----—-----H. L. Allen & Co..
M. M. Freeman & Co
John B. Carroll & Co. and C. A. Preim & Co
NEBRASKA
NEBRASKA, State of—SEEK RFC BRIDGE FINANCING—It is
reported that attempts to obtain Reconstruction Finance Corporation
financing for the Dodge Street bridge have been delayed by refusal of
Henry Keiser, Chairman of the Bridge Board, to submit an application
for the loan to the Federal Agency.
GROVE
SCHOOL
DISTRICT
(P.
O.
Newman
Grove)
Neb.—BONDS SOLD—It is reported that $25,000 3% semi-ann. refunding
bonds were purchased recently by the Kirkpatrick-Pettis-Loomis Co. of
Omaha, at a price of 100.40.
3%,
17.20
3Ufa
Iai'co
3 XA%
3ol.57
---
TOWNSHIP (P. O. Union), N. J.—BONDS NOT SOLD—
The issue of $55,000 not to exceed 3% interest coupon or registered land
UNION
WEEHAWKEN
24—V.
146,
1 as follows:
and 1958.
TOWNSHIP
(P.
p.
3228—-was not sold.
Dated
$3,000, 1939 to 1955 incl.; $2,000
O.
SALE—The $550,000 coupon or registered
Weehawken), N. 3.—BOND
general funding bonds offered
3384—were awarded to B. J. Van Ingen & Co., Inc.,
New York; Colyer, Robinson & Co., Newark; Minsch, Monell & Co., Inc.,
N6w York, and VanDeventer, Spear & Co.
Inc., Newark, as^3^s,
a
price of $542,569.50. equal 98 649, a basis of about 3.45%. Dated April 1.
1938 and due $50,000 on April 1 from 1941 to 1951 incl.
Redeemable at
township's option on April 1, 1940, or on any April 1 and Oct. 1 thereafter
and before maturity at par and accrued interest provided notice of such
intention is published in a New York City financial journal at least 30 days
prior to date fixed for redemption.
...
The successful banking group reoffered the bonds for public investment
priced from 101.75 to 99.50. Two other bids were made for the issue. J. S.
Rippel & Co. of Newark, second high bidder, offered to pay 98.314 for 3Hb.
while an offered oi J9.40 for 3 y2s was made by an account composed of A. C,
Aiivn
c.. E. H. Rollins & Sons, Inc.; Schlater, Noyes & Gardner,
I .c
11 of New York, and MacBride, Miller & Co., Newark.
May 25—V. 146, p.
,
NEWMAN
VOTED—
MONMOUTH COUNTY (P. O. Freehold), N. J.—BONDS SOLD—
The County Clerk informs us that the $272,000 refunding bonds recently
approved by the State Funding Commission have been purchased by local
purchase bonds offered May
from the date of issue.
3.—BONDS
District Clerk.
June 1, 1938 and due June
in 1956, and $1,000 in 1957
years
N.
DISTRICT,
an election on May 17 the voters approved an issue of $36,000 high school
building construction bonds by a count of 189 to 12.
Harold Snyder is
Dated Jan. 1. 1938.
Amortization bonds wia be the first choice and
serial bonds will be second choice of the council.
If amortization bonds are
period of 20
period.
$6,243.95
compared with $5,558.04 collected in 1937 to April 30.
OFFERING—Frank T. Hooks, Town
Clerk, will receive sealed bids on June 21 at 2 p. m. for $17,500 water system
6% bonds.
A certified check for $175 must accompany each bid.
a
amount to $1,592.18,
the bids submitted
Thompson Falls),
TOWNSEND,
now
At
neapolis.
Shannon
1938
Collections of assessments receivable in 1938 to April 30 were
bids until 10
the sale of the $150,000 water system bonds to the State Land Board, noted
here recently—V. 146, p. 3228—it is stated by the City Clerk that the
bonds were sold as 2.90s, at par, and they mature in a 20-year period.
compared
period in 1937.
compared with $2,180.57 collected in 1937 during a corresponding
as
as
LEWISTOWN,
1938 amount to $14,531.16 as
Collections of tax title liens in
ELECTION—The
-
.
NEW
MEXICO
O. Albuerque), N. M.—BOND CALL—
The following bonds have been called: Bridge bonds 4M%. dated Jan. 1.
1910* opt
Jan. 1, 1920; due Jan. 1, 1940; Donds 81 to 100 incl.
Called
June' 1, 1938, by County Treasurer, Albuquerque.
BERNALILLO COUNTY (P.
3554
Financial
JAL, N. Mex.—BONDS OFFERED—It Is reported by the City Treasurer
that the S35,000 water system construction bonds approved by the voters
April 5 are now being offered for sale,
by the bidder.
on
Due serially in 10
In¬
years.
terest rate to be named
TUCUMCARI, N. Mex.—BONDS OFFERED FOR INVESTMENT—An
issue of $100,000 414% water works extension revenue bonds are being
offered by Boettcher & Co. of Denver, for public subscription.
Denom.
SI,000.
Dated April 1, 1938.
Due as follows: SI,000, Oct. 1, 1938;
$2,000, April and $1,000, Oct. 1, 1939 to 1941; $2,000, April and Oct. 1,
1942 to 1946; S2.000, April and $3,000, Oct. 1, 1947 to 1949; $3,000, April
and Oct. 1, 1950 to 1954: $4,000, April and $3,000, Oct. 1, 1955 to
1957,
and $4,000 on April 1, 1958; optional on April 1, 1948.
Prin. and int.
(A. & O.) payable at tne City Treasurer's office.
Financial Statement
Assessed
valuation
as
of July 1, 1937
$1,714,966
„■
Outstanding general obligation bonds
164,000
Cash sinking funds
19,649
Not included in the above statement are $30,000 hospital bonds and
$35,000 sewer bonds authorized at an election April 5, 1938, which have been
sold at
3 H % interest rate.
Overlapping indebtedness consist of approxi¬
$10,000 Quay County bonds and $75,000 Quay County School
a
mately
District No. 1 bonds.
The city is operating on a
year wero
cash basis and tax collections for the last fiscal
99.81 of the total levy.
Tucumcari has never defaulted in the payment of principal or interest
any
on
of its general obligation bonds and the School District and Quay County
have
a
similar
record.
NEW
YORK
BRONXVILLE, N. Y.—BOND SALE— The $36,000 issue of coupon
or registered general improvement
bonds offered for sale on May 24—
V. 146, p. 3228—was awarded to Adams, McEntee & Co. of New York
as 1.90s, paying a premium of $61.20, equal to 100.17, a basis of about
I.87%.
Dated June 1, 1938.
Due from June 1, 1939 to 1948, incl.
The other bids received were as follows:
Bidder—
Rate
Marine Trust
Co., Buffalo.
...
;
Geo. B. Gibbons & Co
A. C. Allyn & Co., Inc
R. D.White & Co
Premium
2.00%
2,00%
2.10
2.40%
2.40%
2.60%
C. F. Herb & Co., Inc
M. & T. Trust Co
-
$115.20
90.80
14.04
50.40
101.00
election voters approved
the issuance of $36,000 water supply and sewage disposal system
improve¬
ment
bonds.
N.
a recent
ISLIP UNION FREE SCHOOL DISTRICT NO. 1, Suffolk
Y.—BONDS PUBLICLY OFFERED—Adams, McEntee &
County,
Co., Inc.!
New York, are offering $150,000 coupon 2.90% bonds due Aug. 1, 1950 to
1955, at prices-to yield from 2.25% to 2.40%, according to maturity. The
bonds, issued for school purposes, are, in the opinion of counsel, valid and
legally binding obligations or the district, which has power and is obligated
to levy ad valorem taxes on all its taxable
property for payment of the
bonds and interest, without limitation of rate or amount.
The bonds are
legal investment for savings banks and trust funds in New York State, in
the opinion of the bankers.
MECHANICVILLE, N. Y.—OTHER BIDS—The $70,000 general city
bonds awarded to the Manufacturers & Traders Trust Co. of
Buffalo, as
2s, at 100-319, a basis of about 1.945%, as previously reported in these
columns—V. 146, p. 3384—were also bid for as follows:
Bidder—
A*
Int. Rate
£' 4.llyn
R. D. White & Co
State Bank of
Albany
E. H. Rollins & Sons, Inc
Marine Trust Co
Rate Bid
2%
2.10%
2.10%
Tne
100.156
100.281
100.007
100.148
100.31
100.037
2.40%
2.60%
2.60%
__
Wood, Trubee & Co
NEW YORK, N. Y.—BOND SALE—A
comprehensive banking group
headed by the National City Bank of New York was awarded on
May 24 a
total of $50,000,000 corporate stock and serial
bonds, the accepted tender,
on an all or none basis, being a price of
100.50 for a combination
of $10,as 3s and $40,000,000 serial bonds as 3
Ms,
In addition to this bid, the successful group
tender for all or any part of the
offering, the terms of which
were a price of par with interest at
3M%.
The entire $50,000,000 loan is
made up of the following issues:
000,000 40-year corporate stock
net interest cost of
a
submitted
3.1309%.
a
$10,000,000 corporate stock to provide for the supply of water.
1
and various
1
Due $330,000
from
municipal purposes.
1939 to 1963, incl.
Due $120,000
annually
on
1,500,000 serial bonds for various municipal purposes.
Due $100,000
annually on Aug. 1 from 1939 to 1953, incl.
2,400,000 serial bonds including $1,650,000 for school construction and
$750,000 for various municipal purposes.
Due $240,000 an,
nually^on Aug. 1 from 1939 to 1948,
1,650,000 serial bonds for various
All of the above issues bear
date of'June 1, 1938.
Interest on the cor¬
porate stock is payable Dec. 1, 1938, and
semi-annually on June 1 and Dec.
1 thereafter; on the serial bonds interest
is payable Aug. 1, 1938, and semi¬
annually thereafter on Feb. 1 and Aug. 1.
Purpose of the financing is to
provide cash for the payment of contract liabilities
and for awards for lands
acquired for the separate purposes indicated
above.
The sale will not
increase the city's debt within the
Constitional 10% limitation.
the following:
Inc.; Halsey,
Stuart & Co., Inc.; Lazard
PYeres & Co.; Mellon Securities
Co.; First
Boston Corp ; Phelps, Fenn &
Co.; Kidder, Peabody & Co.; Stone & Web*
Blodget, Inc.; Kean, Taylor & Co.; Mercantile Commerce Bank
i
??
*
^
S?".
e
m*
£
£^ion£ii
Bank in the award were
Bank of New York; Brown Harriman & Co.,
a'
,?• J* Van !p?en & Co.; Darby & Co.; Eastman,
Anglo California National Bank of San Francisco: Manu-
fecturers & Traders Trust Co. of
Buffalo; George B. Gibbons & Co.; Inc.;
i
VSi
P* Moulton & Co.; Union Trust Co. of Indianaopolis, OUs & Co., Cleveland; First of
Michigan Corp.; Dean Witter
ii Washburn & Co.;Charles Clark & Co.; Edward Lowber Stokes &
£°Y Pannahs' Balhn & Lee; McDonald-Coolidge & Co., Cleveland; FarwSLS?S™ago: UR.Monell
S. Dickson & Co.; Field, Richards &
Shepard, Inc., Cincinnati, Mmsch,
& Co.,
Inc.; Francis I. duPont
and^ra TRiupt
Pr
of
"
&
Cleveland;
William R. Compton Co., Inc.
RESULT OF SALE—City CompivfJ
' AfeGoldrick stated as follows in commenting on the result
the transaction.
.1 am entirely gratified at the
outcome of this sale which
wa^ somewhat more ambitious than the previous one in March. The amount
K?!. i~0<iay wa® 8Uhstantially larger and the average maturity was
t
i +ifef Vk r?i5a
successful bid is most favorable and
^
Pie
y 3,8 taken advantage of most helpful market
? other group competed for the obligations, this account
being under the
u
leadership of the Chase National Bank of New York.
This
th«Uiin nnnn™°ar^Lol i°r none basis. offered to pay a price of 100.349 for
mil
A? At
n
3s and the balance of $40,000,000 as 3 Ms.
«
I
as
\interest cost to the city of 3.1381%,
compared to 3.1309% on which the award was
obtained by the National
SALE—The
$15,542
fully
registered
sale consisted of•
Ttio
Denom. $242.
Due
Denom. $110.
Due
Denom. $466.
Due
Other bids:
Bidder—
Roosevelt &
Int. Rate
Premium
3.40%
3.50%
$35.75
15.71
Weigold, Inc
R. D.White & Co
SOUTH
CORNING
(P.
O.
Corning),
N.
Y.—BOND OFFERING
H. Giebler, Village Clerk,
POSTPONED—We are informed by Charles
that the sale date of an issue of $6,000 not to exceed 5% interest coupon or
registered water works bonds nas been changed from May 25, as previously
noted in these columns, to June 8.
Sealed bids will be received until
3:30 p. m. on that date by Howard Clark, Village Clerk.
The bonds will
be dated June 1, 1938.
Denom. $400.
Due $400 annually on June 1 from
1941 to 1955, incl.
Rate of interest to be expressed in a multiple of M or
l-10th of 1% and be the same for ah of the bonds.
Principal and interest
(J. & D.) payable at the First National Bank, Corning.
A certified check
for $120 must accompany each proposal.
The approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
YORK,
LEICESTER
AND
CALEDONIA
CENTRAL
SCHOOL
1 (P. O. Retsof), N. Y.—BOND SALE—The $220,000
registered school building bonds offered May 27—V. 146, p.
3385—were awarded as 2Ms to the Marine Trust Co. of Buffalo and R. D.
White & Co. of New York, jointly.
Dated May 1, 1938 and due May 1 as
follows: $9,000, 1939 to 1942 incl.; $10,000, 1943 to 1946 incl.; $11,000,
1947 to 1950 incl.; $12,000 from 1951 to 1954 incl. and $13,000 from 1955
to 1958 incl.
The bankers, in re-offering the bonds, scaled them to yield
from 0.75% and 2.50%, according to maturity, and announced the re-sale
of all but $11,000 of 1948 within less than one hour of obtaining the award.
DISTRICT No.
coupon
or
NORTH
CAROLINA
SANITARY
SEWER
DISTRICT
O.
(P.
Archdale), N. C.—BOND ELECTION—At
an election to be held in the
future voters will be asked to approve the issuance of about $85,000
of sewer system and water bonds.
near
BUNCOMBE COUNTY (P. O. Asheville), N. C.—SINKING FUND
PURCHASES—It is stated by Curtis Bynum, Secretary of the
Sinking Fund Commission, that the following refunding bonds were pur¬
chased for sinking funds, as a result of the call for tenders on
May 24:
Buncombe County, $36,000 at 30.70; Asheville General, $36,000 at 30.90
Asheville Water, $68,000 at 58.72; Asheville Local Tax Sch. Dist, $7,500 at
30.85; Beaverdam Water and Sewer Dist., $1,000 at 29.50; Skyland Sanitary
Sewer Dist., $1,000 at 29.50; Swannanoa Water and Sewer
Dist., $5,000 at
31.00; Weaverville Public Sch. Dist., $1,000 at 60.00.
BOND
MARSHVILLE,
N.
C— REFUNDING OF STREET IMPROVEMENT
BONDS
AUTHORIZED—The
issuance
of
Board
of
Aldermen
has
authorized
the
$76,000 bonds to refund $76,000 5\4% street improvement
bonds, dated April 1, 1927.
No payments of principal have been made
on
incl.
municipal purposes.
Due $330,000
to 1943, incl.
500,000 serial bonds for construction of
rapid transit railroads.
Due
$125,000 annually on Aug. 1 from 1939 to 1942, incl.
annually on Aug. 1 from 1939
Cftn
Y.—BOND
N.
$4,598 Sewer District No. 1 extension bonds of 1938.
$242 on May 1 from 1939 to 1957 incl.
2,090 Water District No. 3 extension bonds of 1938.
$110 on May 1 from 1939 to 1957 incl.
8,854 Water District No. 5 extension bonds of 1938.
$466 on May 1 from 1939 to 1957 incl.
All of the bonds will be dated May 1, 1938.
Due June
6,600,000 serial bonds including $3,000,000 for construction of schools
and $3,600,000 for various
municipal purposes.
Due $220,000
annually on Aug. 1 from 1939 to 1968, incl.
3,000,000 serial bonds including $1,500,000 each for school construction
,
•
NISKAYUNA,
bonds offered May 24—V. 146, p. 3385—were awarded to the Schenectady
Trust Co. of Schenectady, as 3s, at par.
The Manufacturers & Traders
Trust Co. of Buffalo, second high bidder, offered to pay 100.199 for 3.10s.
ARCHDALE-TRINITY
and $4,200,000 for various
municipal purposes.
annually on Aug. 1 from 1939 to 1973, incl.
1938
28,
PUBLIC OFFERING OF BONDS—Members of the successful group made
public re-offering of the $40,000,000 serial bonds at prices to yield from
0.60% to 3.20% for the 1939 to 1959 maturities: a price of 100.50 for the
1960 to 1968 maturities, and 100.25 for the 1969 to 1978 bonds.
Official
advertisement appears on page VI.
It was reported that the $10,000,000
40-year corporate stock had been purchased by Comptroller McGoldrick on
behaif of the city's sinking funds at a price of 99 M
1978
12,800,000 serial bonds including $10,000,000 for rapid transit construction;
$1,600,000 for dock improvements and $1,200,000 for various
municipal purposes.
Due $320,000 annually on Aug. 1 from
1939 to 1978, incl.
II,550,000 serial bonds including $7,350,000 for construction of schools
Aug.
May
City Bank.
The vigor of the competition between the two groups is further
illustrated in the fact that the difference in the cost to the city between
their respective bids was only $75,500.
The Chase National Bank group
also bid for all or any part, offering par for the corporate stock as 3Ms and
the serial bonds as 3Ms.
In addition to the Chase National
Bank, the account consisted of:
Chemical Bank & Trust Co.; Lehman Brothers; Barr Brothers & Co., Inc.;
R. W. Pressprich & Co.; Blyth & Co., Inc.; Bancamerica-Blair Corporation;
Manufacturers Trust Co.; Hallgarten & Co.; The Marine Trust Co. of
Buffalo; Speyer & Co.; Harris Trust & Savings Bank; The Northern Trust
Co., Chicago; F. S. Moseley & Co.; J. & W. Seligman & Co.; Goldman,
Sachs & Co.; Paine, Webber & Co.; Hemphill, Noyes & Co.; Cassatt &
Co.; Hornblower & Weeks; Laurence M. Marks & Co.; Roosevelt & Weigold,
Inc.; Wood, Gundy & Co., Inc.; Stern Brothers & Co., Kansas City; Hayden, Miller & Co., Cleveland; Central Republic Co., Cnicago; Whiting,
Weeks & Knowles, Inc., Boston; A. C. Allyn & Co., Inc.; Newton, Abbe &
Co., Boston; Green, Ellis & Anderson; E. H. Rollins & Sons, Inc.; Reynolds
& Co.; also, Mississippi Valley Trust Co., St. Louis; First National Bank &
Trust Co.
of Minneapolis; The Boatmen's National Bank, St. Louis;
Equitable Securities Corp.; Kelley, Richardson & Co., Inc., Chicago;
Jackson & Curtis; Morse Bros. & Co., Inc.; Rutter & Co.; Schlater, Noyes
& Gardner, Inc.; Ernst & Co.; Schwabacher & Co.; Gregory & Son, Inc.;
Sterling National Bank & Trust Co.; Mason-Hagen, Inc.; Richmond;
Ii. D. White & Co.; The Illinois Company of Chicago; Piper, Jaffray &
Hopwood, Minneapolis; Wells-Dickey Co., Minneapolis; J. N. Hynson &
Co., Inc.; Yarnall & Co., Philadelpnia; B. B. Robinson & Co.. Los Angeles;
Kasier & Co., San Francisco; Granberry & Co.; Moncure Biddle & Co.,
Philadelphia; Stroud & Co., Philadelphia; The Robinson-Humphrey Co.,
Atlanta; Donellan & Co.. San Francisco; Starkweather & Co.; Mitchell,
Herrick & Co.,
Cleveland; Wheelock & Cummins, Inc., De3 Moine.s;
Jenks, Gwynne & Co.; Chace, Whiteside & Co., Ind., Boston; Stein Bros.
& Boyce, Baltimore; Schmidt, Poole & Co., Philadelphia; Martin & Cham¬
bers; Crowell, Weedon & Co., Los Angeles; Hernon, Pearsall & Co.; Hart¬
ley Rogers & Co., Inc.
154.80
GLOVERSVILLE, N. Y.—BONSD AUTHORIZED—A resolution has
been passed by the City Council requesting a Federal grant for a street
paving project which will cost the city $56,000 to be met by bonds.
GOSHEN, N. Y.—BONDS VOTED—At
Chronicle
these bonds.
REFUNDING OF WATER AND SEWER BONDS AUTHORIZED—
The Board of Aldermen has authorized the issuance of not to exceed
$33,000
bonds to refund $33,000 6% water and sewer
bonds, dated April 1, 1923.
NORTH
CAROLINA, Stats of—LOCAL BOND ISSUES APPROVED
—It is reported that the Local Government Commission at
Raleigh recently
authorized the issuance of the following bonds: $2,155,000 Bruaswick
County funding and refunding; $90,000 Albemarle city hall and water
$33,900 Caldwell County college equipment; $20,000 Clayton
electric light and water extension, and $12,000 Aberdeen Graded School
District refunding bonds.
system;
ROCKY MOUNT, N. C.—JUNE 1 BOND PAYMENT TO BE MADE
—We quote in part as follows from a news
dispatch out of the above city
to tne Raleigh "News and Observer" of May 21:
The City of Rocky Mount will
pay off on June 1 an entire bond issue of
$135,000 the board of aldermen provided at its semi-montnly meeting
Thursday night in the city courtroom.
City Manager L. B. Aycock reported to the aldermen that che 30-year
bond issue, sold in 1908, would fall due in entirety next month.
The board
authorized its payment in a quick, unanimous vote.
Payment of the bond issue maturing next month will leave the city with
only two of the lump-sum bond issues that aldermen in the early 1900's were
wont to issue, remarked Finance Chairman
Brake.
One of them is a
$40,000 issue of water and light plant bonds that will mature in 1941, and
the other is a $200,000 bond issue that will be due in 1953.
SOUTHERN PINES,
Town
Bank
—V.
Clerk-Treasurer
&
Trust
146,
p.
Co.
of
N. C.—MATURITY—It is
that
the
Southern
3386—are due
on
$7,530
notes
now reported by the
by the Citizens
noted here recently
purchased
Pines, at 3.99%,
Oct. 10, 1938.
as
SURRY COUNTY fP. O. Dobson), N. C.—NOTE OFFERING—Sealed
bids
ment
notes
will be received
Commission,
dated May
by W. E. Easterling, Secretary of the Local Govern¬
on May 31 at 11 a. m. for $30,000 revenue anticipation
15, 1938, and due Nov. 15, 1938.
Interest rate not to
exceed 6%, payable at maturity.
Bids must be for par and accrued interest.
Denom. to suit purchaser.
Bids must be accompanied by certified check
for $150.
WHITEVILLE, N. C—NOTES SOLD—It is reported that $6,500 notes
purchased recently by the Waccamaw Bank & Trust Co. of Whiteville, at 5%, plus a premium of $6.76.
were
Volume
.
Financial
146
WINSTON-SALEM,
N.
stated by
is
C.—BONDS DEFEATED—It
Dixon, Commissioner of Public Accounts, that at the election
May 17, the voters disapparoved the issuance of 3225,000 in
library bonds, the count being 1,389 for to 2,613 against.
Ralph
held
3555
Chronicle
I.
on
R. J. EDWARDS, Inc.
DAKOTA
NORTH
DUNSEITH SCHOOL DISTRICT NO. 1 (P. O.
Municipal Bonds Since 1892
Dunseith), N. Dak.
—BOND OFFERING—Sealed bids will be received by Henry Sunderland,
Clerk of the Board of Education, on June 6 at 2 p. m. for $3,400 district
7% bonds.
Denom. $200.
Certified check for 5% of the bid is
Oklahoma City,
AT&T
election to be held on
the issuance of $100,000 grade and
FESSENDEN, N. D.—BOND ELECTION—At
June 7 voters will be asked to approve
Oklahoma
required.
'
an
Ok
Long Distance 787
Cy 19
high school construction bonds.
OKLAHOMA
WALHALLA, N. Dak.—BOND OFFERING—Sealed bids will be received
Auditor, for the purchase of
until 2 p. m. on June 8, by A. H. Allen, City
$7,500 issue of 4% municipal city hall building bonds.
Denom. $500.
Dated May 1, 1938.
Due $500 from May 1, 1941 to 1955, incl.
Prin.
and int. (M. & N.) payable at the office of the Treasurer of Pembina County,
Cavalier, N. Dak.
No bids at less than par will be considered.
A certiied check for $150 must accompany each bid.
a
COAL
(P.
O.
COUNTY
Tupelo),
UNION
GRADED
DISTRICT
SCHOOL
NO.
1
$8,000 issue of building
146, p. 3386—was awarded to C.
Edgar Honnold of Oklahoma City, according to report.
Due $1,000 from
Okia.—BOND SALE—The
bonds offered for sale
1941
to
on
May
24—V.
1948 incl.
CREEK COUNTY (P. O.
Sapulpa), Okla.—BONDS TO BE EXCHANGED—It is stated by the County Clerk that $25,000 Sapulpa Town¬
ship road improvement bonds will be exchanged with the original holders
as follows:
$12,000 as3s and $13,000 as 334s.
j
■
ENID, Okla.—BOND SALE DETAILS—In connection with the sale
of the
$21,937.08 issue of special assessment retirement bonds to C. Edgar
Honnold of Oklahoma City, as noted in these columns recently—V. 146,
3386—it is stated that the bonds were sold as follows:
$10,000 as 354s,
maturing $3,000 from 1941 to 1943, and $1,000 in 1944; the remaining
$11,937.08 as 4s, maturing $2,000 in 1944; $3,000, 1945 and 1946, and
$3,937.08 in 1947.
Ml
p.
McALISTER SCHOOL DISTRICT (P. O. McAlister), Okla.—BOND
OFFERING—It is stated by Jane Proctor, Clerk of the Board of Education,
that she will receive sealed bids until 7:30 p. m. on May 30 for the purchase
of a $50,000 issue of building and repair bonds.
The bonds will be sold to
OHIO
CINCINNATI,
Ohio—BOND
CALL
the bidder offering the lowest rate of interest
DETAILS—Supplementing the
previous report in these columns—V. 146, p. 3061—of the call for redemp¬
tion on July 1, 1938, of $600,000 Cincinnati Southern Railway 4% refund¬
ing bonds dated Juiy 1, 1908, it is announced that the bonds will be re¬
deemed upon presentation at the Irving Trust Co., New York City, or at
the Provident Savings Bank & Trust Co., Cincinnati.
The bonds are in
$1,000 denoms.
Due in 1958; optional July 1, 1938.
CINCINNATI,
Ohio—BONDS
AUTHORIZED—The
City
Council
recently authorized the issuance of $375,000 bonds; $177,000 for street
improvements, $50,000 for park sites, $40,000 for traffic light installation,
$25,000 for Works Project Administration hospital renovation project,
$42,000 for fire equip, and $15,000 for improv. of workhouse laundry.
COLUMBUS,
Ohio—BONDS
TO
BE SOLD—According to
Helen T.
Howard, City Clerk, the $824,000 iignt and power bonds mentioned in
these columns recently will be taken by the City Sinking Fund.
DAYTON, Ohio—BONDS TO BE SOLD—The City Treasury Invest¬
Board will purchase $200,000 20-year serial water works bonds
$20,000 street extension bonds.
ment
and
LOVELAND, Ohio—BONDS PROPOSED—The Board of Education is
considering plans for the coistruction of two schocl additions at a cost of
$150,000, cost of which wdl be met by a bond issue to be submitted to the
voters at an election in November.
MANSFIELD, Ohio—BOND OFFERING—P. L. Kelley, City Auditor,
will receive sealed bids until lp.m on June 13 for the purchase of $64,000
6% mortgage reevnue water works system bonds.
Dated May 1, 1938.
Interest payable M. & N.
Denom. $1,000.
Due $8,000 on Nov. 1 from
1939 to 1946, incl.
Bidder may name an interest rate other than 6% pro¬
vided that a fractional rate is expressed in multiples of
of 1%.
Both
principal and interest on the issue shall be secured only by a mortgage upon
the property comprising the water works system, and an exclusive first lien
upon and payable primarily from the gross revenues of said system.
Legis¬
lation authorizing the issue shall not be construed as pledging the general
credit of the city to the payment of the debt.
A certified check for $640,
payable to the order of the city, must accompany eacn proposal.
OREGON
SALE—The $53,000 issue of 4% coupon
bonds offered for sale on May 20—V. 146,
2899—was awarded to Ferris & Hardgrove of Portland, paying a price of
103.94, a basis of about 2.00%.
Dated May 20, 1938.
Due from May 20,
1940 to 1950; optional after two years from date of issue.
The next best
bid was an offer of 103.73, submitted by the Bernard Daly Educational
LAKEVIEW, Ore.—BOND
semi-annual refunding water
p.
Fund.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 7 (P. O. Port¬
land), Ore—BOND OFFERING— Sealed bids will be received until 4 p. m.
May 31, by Bertha A. Wills, District Clerk, for the purchase of a $20,000
issue of school bonds.
Interest rate is not to exceed 6%, payable J. & D.
Dated June 1, 1938.
Due $2,000 from June 1, 1939 to 1948, incl.
Prin.
and int. payable at the State's fiscal agency in New York City, or at the
County Treasurer's office, as designated by the successful bidder.
The
approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of Port¬
land, will be furnished.
A certified check for $1,000 must accompany the
on
bid.
PORT
OF
BANDON,
Ohio—BOND OFFERING—A.
M.
Schoneberger,
Denom.
rants.
bids
$500.
Dated
July
1,
1938.
Due $5,000 from July
1,
COUNTY UNION HIGH SCHOOL DISTRICT NO. 2
Rock), Ore.—BOND OFFERING—Sealed bids will be re¬
2 by Bessie Humphrey, District Clerk, for
UMATILLA
(P.
O.
Pilot
ceived until 7:30 p. m. on June
the purchase of a $9,000 issue
of school bonds.
Interest rate is not to
Denom. $500.
Dated June 1, 1938.
Due
1947, incl.
The bonds will be sold subject
approval of Teal, Winfree, McCulloch, Shuler & Kelley of Portland.
exceed 6%, payable J.
& D.
$1,000 from June 1, 1939 to
to the
A certified check for $500 must cacompany
the bid.
$60,000
CITY OF
PHILADELPHIA
4V2% BONDS
Due
City
November 1, 1948
At 111.90 & Int. To Net 3.15%
YARNALL & CO.
Principal and semi-annual interest payable at the First National Bank,
Norwood. Bidder may name an interest rate other than 4% although in the
case of a fractional rate said fraction must be expressed in multiples of
No conditional bids will be accepted.
OFFERING— Sealed
1939 to 1943 incl.
Auditor, will receive sealed bids until noon (Eastern Standard Time) on
June 13 for the purchase of $35,000 4% park real estate and parks and
playground improvement bonds.
Dated June 1, 1938. Denom. $1,000.
Due Dec. 1 as follows: $2,000 in 1939, and $3,000 from 1940 to 1950 Incl.
H of 1%.
Ore.—WARRANT
will be received until 8 p. m. on June 14, by J. E. Norton, President of the
Board of Commissioners, for the purchase of a $25,000 issue of time war¬
MASSILLON, Ohio—IMPROVEMENT BONDS UNDER CONSIDER"
ATION—A proposal has been presented to the City Council suggesting the
issuance of $75,000 bonds to help finance a city-wide program of WPA
projects which include paving, storm and sanitary sewer construction and
general street improvements.
NORWOOD,
and agreeing to pay par and
A certified check
accrued interest.
Due $5,000 from 1941 to 1950, incl.
for 2% of the bid is required.
A.T.T.
Teletype
—
Phila.
22
Philadelphia
1528 Walnut St.
Legal opinion or Peck,
Shaffer & Williams of Cincinnati will be furnished at the successful bidder's
expense.
Payment and delivery of bonds to be
office.
A certified check for 5% of the bonds,
made at the City Auditor's
payable to the order of the
Commonwealth of Pennsylvania
City Treasurer, must accompany each proposal.
SHELBY
SCHOOL
CITY
DISTRICT.
Ohio—BOND
5% Bonds due July 1, 1951
SALE—The
$80,000 high school building bonds offered May 16—V. 146, p. 2898—were
Einhorn & Co., Inc., Cincinnati, as 2Ks, at par plus a
Price: 133.701 & Interest to Net 2.05%
awarded to Fox,
Sremium1938,$888.88, equal toon May 1a from 1940about 2.405%. Tne fol¬
of and due $3,200 101.11, basis of to 1964 incl.
Dated
lay 1,
lowing is
a
Moncure Biddle & Co.
list of unsuccessful bids:
Int. Rate
Bidder—
Premium
Seasongood & Mayer
2%%
23£%
2%%
Bancohio Securities Co
2H%
3%
2%%
2i^%
2%%
864.00
872.00
1,827.00
931.20
Prudden & Co
2%%
Hayden, Miller & Co
Saunders, Stiver & Co
Assel, Goetz & Moerlein. Inc
2y2%
2% %
2% %
1,097.00
111.50
1,262.22
466.40
1520 Locust St., Philadelphia
48.50
Field, Richard & Shephard
McDonald-Coolidge & Co
Paine, Webber & Co..
Stranahan, Harris & Co
Weil, Roth & Irving Co
First Cleveland Corp
TOLEDO,
—
—
Ohio—BOND
;
SALE—The
$150,000
$872.00
701.00
885.00
intercepting
sewer
May 24—V. 146, p. 3062—were awarded to Pohl & Co.,
Seufferle & Co., both of Cincinnati, jointly, as 334s, at par
bonds offered
Inc.,
and
>ated premium of
Elus a May 1, 1938,$2,177.89, $6,000 on May 1 from 1940 about 3.12%.
equal to 101.45, a basis of to 1964 incl.
and due
VanLahr, Doll & Isphording of Cincinnati and associates were second high
bidders, naming an interest rate of 3H% and premium of $1,770.
Other bids:
Int. Rate
Bidder—
Van
Lahr,
Premium
Inc.; Weil, Roth &
and Charles A. Hinsch & Co., all of
Doll & Inphording,
Irving Co.
Cincinnati
-
3*4%
$1,770.00
334%
3 34 %
334%
-
1,740.00
1,095.23
911.90
Stranahan, Harris & Co.; Ryan, Sutherland & Co.;
Braun, Bosworth & Co. and Prudden & Co., all of
Toledo
Provident Savings Bank & Trust Co., Cincinnati
Fox, Einhorn & Co., Cincinnati
Mitchell, Herrick & Co., and McDonald-Coolidge
Co., both of Cleveland
BancOhio Securities Co., Columbus
&
3 34 %
483.00
334%
325.00
OKLAHOMA
CANTON TOWNSHIP SCHOOL DISTRICT (P. O. Washineotn).
BOND SALE—The issue of $11,000 3% bonds offered May 16—V.
pa.
146
p.
2899—was awarded to
John W. Knox at par plus a premium
$175, equal to 101.59, a basis of about 2.70%.
15 as follows; $1,000 from 1939 to 1947
due May
of
Dated May 15, 1938 and
Incl. and $2,000 in 1948.
CHESTER, Pa.—BONDS VOTED—At a recent election voters approved
$700,000 high school addition construction bonds.
the issuance of
DOYLESTOWN SCHOOL DISTRICT, Pa.—BOND SALE—The Issue
funding bonds offered May 23—V. 146, p. 3231—was awarded to
Bancamerica-Biair Corp., New York, as 23£s, at 101.143. a basis of
about 1 95%.
Dated June 1. 1938 and due June 1 as follows: $1,000 from
1939 to 1947, inci, and $500 in 1948.
Ot.ier bids were; Chandler & Co. of
of $9,500
the
Philadelphia, 100.569; First National Bank of Riegelsville par.
ERIE, Pa .—HELD
SCHOOL DISTRICT NO. 47 (P. O. Braden), Okla.—
BOND OFFERING—Sealed bids will be received by Geo. McLarty, District
Clerk on May 31 at 10 a. m. for $4,5)0 school construction bonds.
Due
$500 three years from date and $50.) annually thereafter.
BRADEN
PENNSYLVANIA
BELLEFONTE, Pa .—BONDS VOTED—At the May 17 election the
proposal to issue $55,000 school construction bonds carried by a vote of
1.137 to 551.
They will mature serially in from 1 to 20 years.
LIABLE FOR PAYMENT OF PAVING
BONDS—
opened in County Court on May 24 held tne citv respons¬
of $62,500 paving bonds on whicn the owner, T. R. Palmer,
local industrialist, claimed the city had defaulted.
The verdict which
Citv Solicitor Edward Murphy said will be appealed, was handed down in
the nature of a test case in which the city disclaims responsibility for a
A sealed verdict
ible for payment
indebted¬
grand total of approximately $700,000 of such securities.
The
ness
according to the city, does not constitute an ob.igation of the mumeioalit'v being payable solely from special assessments against property which
benefited from the
improvements made from the proceeds
of the financing.
HARRISON TOWNSHIP (P. O. Natronal, Pa.—BOND OFFERING—
Walter E. Freehling, Township Secretary, will receive sealed bids on June
3 at 6 n
m. for $95,000 coupon bonds.
Denom. $1,000. Dated June 1,
1938.
DueSlO.OOO, Junel, 1942;$20,000,
June 1, 1947;$5,000. June 1.1949;
3556
Financial
$5,000, June 1. 1950; $5,000, June 1, 1952; $10,000, June 1, 1954; $20,000,
June 1, 1955; $10,000, June 1, 1956, and $10,000, June 1, 1957.
Interest
rate must be named in multiples of M%. payable June 1 and Dec. 1.
Ap¬
proving opinion of Burgwin. Scully and Churchill will be furnished the
purchaser.
All bids must be accompanied by certified check for $500.
LATROBE SCHOOL
&
Sons,
Inc.
of
DISTRICT, Fa.—BOND SALE—E. H.
Philadelphia
purchased
an
issue
of
$50,000
MOUNT
TOWNSHIP
1939 to
(P.
McLean of Pittsburgh, second
O. Mount Pleasant), Pa.—
high bidders, named
a
rate
o
3% and premium of $161.87.
NEW CASTLE, Pa .—BOND SALE—The issue of $100,000
coupon
improvement bonds of 1938 offered on May 26—V. 146, p. 3232—was
Mackey, Dunn ,& Co. of New York, as 2s, at a price of 101.058,
a basis of about
1.80%.
Dated June 1, 1938 and due $10,000 on June 1
from 1939 to 1948 incl.
Other bids, all for 2Ms, were reported as follows:
awarded to
Bidder—
Rate Bid
Bancamerica-Blair Corp. and Butcher & Sherrerd, jointly
100.852
Blyth & Co., Inc....
.100.76
E. H. Rollins & Sons, Inc
100.309
Halsey, Stuart & Co., Inc
100.30
Singer, Deane & Scribner, and Dougherty, Corkran & Co., jointly.. 100.04
—
_______
—
.
Other bids
—.
.
RHODE
PROVIDENCE,
R.
ISLAND
I .—FINANCIAL STATEMENT—The last
Int. Rate
Rale Bid
2M%
214%
2)4%
214%
100.689
Chandler & Co
Peoples Bank of New Castle.
W. H. New bold's Son & Co
First National Bank of New Castle
& Co...
100.401
100.20
Par
2lA%
2)4%
2M%
2M%
Peoples Bank of New Castle (alternate bid)
S. K. Cunningham & Co
Glover & MacGregor
V. 146, p.
2737.
Financial Statement
Population—1910 census (Federal)
1920 census (Federal)
101.011
224,326
237,595
252,981
1930 census (Federal)
Assessors' Valuation, 1937—
Real
$406,484,200.00
£6,012,200.00
294,618,700.00
-
Tangible, personal..
Intangible, personal
Total
..$787,115,100.00
Estimated Income, 1937-1938—
Tax of 1937 (rate $24 per $1,000 on real & tangible personal,
$1,000
and $4 per
From
on
intangible personal property)..
another sources.^
and purpose
of the
name
for fiscal
year
Total.
Water
Works, 1936-1937—
Receipts
Interest
of issue and date approved:
$1,756,424.47
on
$873,966.48
731,157.96
150,000.00
water debt.
$1,755,12444
Surplus....
Indebtedness, March 31, 1938—
Amount
$245,000
Unfunded.
;
Total debt.
j.
...
.
100,000
70,000
70,000
24,000
51,000
194380652
$18,040,707.90
5,405,806.96
Sinking funds for water debt included in above.
Net water debt..
$12,634,900.94
Note—Sinking funds approximately $2,500,000.00
quirements.
SOUTH
over
and
above
re¬
CAROLINA
AIKEN COUNTY
10,750
120,000
15,000
(P. O. Aiken), S. C.—PURCHASERS—In connec¬
tion with the sale of the $150,000 county bonds to Johnson, Lane, Space &
Co. of Savannah, at a price of 103.173, as noted in our issue of May 21—
V. 146, p. 3389—it is now reported that the following firms were associated
with the above named in the purchase of these bonds: Trust Co. of Georgia,
Robinson-Humphrey Co., both of Atlanta, and G, H. Crawford & Co. of
Columbia,
20,000
5,000
18,000
105,000
217,000
S.
C.
SOUTH CAROLINA, State of—DEBT STRUCTURE REVIEWED—
In a recent issue of the "Southern Financial Review," published by the
Equitable Securities Corp., 404 Union St., Nashville, Tenn., there is given
a detailed survey of the debt structure of the above State,
which is, un¬
fortunately, too lengthy to reproduce in these columns.
We have taken
the following information from the said survey:
Financial Statement
(As of April 1, 1938)
Estimated actual value...—
-.-..$1,050,000,000.00
Assessed valuation, 1937:
20,000
Real property
$192,506,132.00
ELECTION EXPECTED—It is reported
election is to be called for July 12 at which the
proposed issuance of
$10,000,000 public works bonds will be submitted to the voters.
Among
an
additions to $7,310,884 of public works
projects on file with the Public
Works Administration are $500,000 for an
open air theater, $1,000,000 for
sewers, $1,177,956 for water meter system extension and reservoir
improve¬
ment, $1,000,000 for bridge construction and
repairs, $2,000,000 for
new
parks
streets.
PITTSBURGH SCHOOL
DISTRICT, Pa .—BOND SALE— The issue
$1,500,000 building bonds offered May 24—V. 146, p. 3232—was
a syndicate
composed of Phelps, Fenn & Co., R. W. Pressprich
& Co., E. W. Clark &
Co., Philadelphia; R. L. Day & Co., Boston; Equitable
Corp., and Campbell, Phelps & Co., Inc., as 2Ms, at a price
of 100.83, a basis of about
2.18%. Dated June 1, 1938, and due $60,000
*
l1"01!1 1939 to 1963 incl. The bankers re-offered the bonds to
yield from 0.40% for the earliest
maturity to a price of par for the last
of
awarded to
maturities.
170,826,926.00
$363,333,058.00
Funded indebtedness:
Highway
certificates
debtedness
II.
III.
IV.
Institutional bonds
in-
$36,974,000.00
—
Sanitorium bonds
VI.
State certificates of indebtedness
VII.
Less:
of
—
_
Refunding bonds...
Refunding notes
V.
PITTSBURGH, Pa .—BOND
Rental Textbook Notes
Sinking funds
on
hand
4,200,000.00
567,000.00
250,000.00
250,000.00
1.350,000.00
156,000.00
$44,167,000.00
$1,777,260.99
Net direct funded debt
$42,389,739.01
Floating indebtedness.
None
The
foregoing financial statement does not include the debt of politican
subdivisions of the State which are empowered to levy taxes on the taxable
property therein.
Neither does this statement include Reimbursement Agreements made by
the State Highway Department with various subdivisions of the State to
the amount of $21,904,371.70 (as of Feb. 28, 1938) for the reason that
these Reimbursement obligations are not direct obligations of the State.
The entire direct indebtedness of the State of South Carolina is secured
by the full faith and credit of the State and is payable from unlimited ad
valorem taxes on all the taxable property therein.
In addition to this
security, however, each issue is primarily payable from specifically desig¬
nated revenues.
Other bids
Bidder—
Int. Rate
Premium
Halsey, Stuart & Co., Inc.; Bancamerica-Blair
Corp.;
Darby & Co., Inc.; Hartley Rogers & Co.; Inc.;
and Chandler & Co
E. H. Rollins & Sons
Inc.;
Stroud & Co.; Glover &
2M%
$6,360
CoV andJ; K. Cunningham & Co.2M%
5,956,50
2)4%
3,900
Moncure
Biddle
&
Co.;
MacGregor, Inc.; Schmidt,
Co.; Edw. Lowber Stokes & Co.; George E.
Blyth & Co., Inc.; Eldredge & Co.; Shields &
Co.;
Geo. B. Gibbons &
Co.; Francis I. DuPont & Co.;
First of Michigan Corp. and A.
E.Masten&Co.__
Mellon Securities Corp
First National Bank at
Pittsburgh; Chemical Bank &
Trust Co. of N. Y.; Northern Trust
Co.; PeoplesPittsburgh Trust Co., and Braun, Bosworth & Co.
Singer, Deane & Scribner; National City Bank of
N. Y.; Mercantile-Commerce Bank &
Trust Co.;
Dougherty, Corkran & Co.; Mackey, Dunn & Co..
Brown Harriman & Co.,
Inc.; Kidder, Peabody &
Co.; Yarnall & Co.; W. H. Newbold's Son &
Co.,
and Cassatt & Co., Inc
_
READING
$66,345,754.77
15,943,859.15
$50,401,895.62
Total water debt included in above
Personal property
Poole &
.......
Net debt......:
18,000
PHILADELPHIA, Pa.—BOND OFFERING—Robert C. White, City
Comptroller, will receive sealed bids until 11 am.. (Eastern Standard Time)
June 16 for the purchase of $5,000,000
3M% coupon or registered city
bonds, dated June 16, 1938, and due June 16, 1988; redeemable at par and
accrued interest after 20 years from date of issue.
Interest payable J. & J.
A certified check for 2% of the bonds bid for must
accompany each proposal.
Bidding proposals available upon application to the Mayor's office.
playgrounds, and $4,000,000 for
$60,729,500.00
5,616,254.77
..-.J......
Sinking funds (see note below)..............—.........
JO,000
on
and
$1,300.03
—
Bonded.
Late
that
1,898,590.97
$44,904,356.97
Cost of managing
municipality, amount
.
$43,005,766.00
—
100.815
...
$12,998,388.40
2,650,000.00
$15,648,388.40
15,472,442.08
ending Sept. 30, 1938
Real estate.—..............—....................
Personal property
100.815
Municipality and Purpose—
Approved
Upper Darby Township School District, Delaware
County—Payment of operating expenses._
<
May 16
Emaus borough School District, Lehigh
County—
Payment of operating expenses
May 18
West Wyoming Borough School District, Luzerne
County—Payment of operating expenses
May 18
Kingston Borough School District, Luzerne County
—Payment of operating expenses
May 18
Plymouth Borough School District, Luzerne County
—Funding floating indebtedness
May 18
Plymouth Borough School District, Luzerne County
—Payment of operating expenses
May 18
Wilkes-Barre Township School District, Luzerne
County—Payment of operating expenses.
May 18
Matamoras Borough School District, Pise County
—Refunding bonded indebtedness
May 18
West Finley Township School District, Washington
County—Funding floating indebtedness
May 18
Pittston City School District, Luzerne
County—
Payment of operating expenses
May 19
East Conemaugh Borough School District, Cambria
County—Payment of operating expenses
May 19
Cecil Township School District, Washington County
—Payment of operating expenses
May 19
Topton Borough School District, Berks County—
Payment of operating expenses
May 19
Kingston Township School District, Luzerne County
—Payment of operating expenses.
May 19
Upper Darby Township. Dleaware County—Acquir¬
ing site for a building incinerator; building a sew¬
age pumping station; storm water and sanitary
sewer improvements;
erecting elevator; building a
garage; purchase fire fighting apparatus.
May 19
Reading City School District, Beras County—Pay¬
ment of tax anticipation notes
May 19
Shenango Township
School
District,
Lawrence
County—Payment of operating expenses...,
May 18
.
Valuation of Properly Owned by the City—
Depreciation and extension fund
Information includes
—
......—
v
101.001
PENNSYLVANIA
(State
of)—LOCAL
ISSUES APPROVED—'The
Department of Internal Affairs of Pennsylvania has approved the following
local bond issues.
pre¬
of New York purchased $1,500,000
100.538, a basis of about 1.95%—
group headed by Dick & Merle-Smith
relief and highway obligations as 2s at
Amount approp.
were:
Bidden—
Stroud
1938
vious bond award made by the city was made on April 21, when a banking
BOND SALE—The issue of $50,000 bonds offered May 27—V.
146, p.
3232—was awarded to E. H. Rollins & Sons, Inc., of Philadelphia, as 3s,
at par plus a premium of $560.50, equal to 101.12, a basis of about
2.82%.
Due as follows: $3,000 in 1939 and 1940, and $4,000 from 1941 to 195i incl.
Johnson &
28,
Rollins
102.649,
,
PLEASANT
Mav
WILKES-BARRE TOWNSHIP SCHOOL DISTRICT (P. O. WilkesBarre), Pa.—BOND SALE—The State Public School Employees' Retire¬
ment Board purchased $24,000 operating revenue bonds as 4Ms, after no
bids were received for the issue at the offering on May 9—V. 146, p. 2990.
Dated May 16, 1938, and due $3,000 on May 16 from 1939 to 1946, incl.
operating
expense bonds as 3s, at par plus a premium of $1,324.50 .equal to
a basis of about
2.48%.
Due $5,000 annually on May 15 from
1948, inclusive.
Chronicle
SCHOOL
DISTRICT, Pa.—NOTES
purchased $217,000 tax anticipation
notes at
2 M %
2 lA%
2)4 %
2)4%
SOLD—Local
26,385
24,255
19,470
banks
0.90% interest.
§£HOOL DISTRICT (P. O.
BOND SALE DETAILS—The
2 250
Oberlin), Pa.
Peoples National Bank of Somerset, in
$15,000 school bonds—V. 146, p.3388,
named an interest rate of
3% and paid par plus a premium of $122, equal
to 100.813, a basis of about
2.87%. Dated May 14, 1938 and due May 14
as follows:
$1,000 from 1939 to 1943, incl and
$2,000 from 1944 to 1948,
purchasing recently
an
issue
inclusive.
of
The following schedule of annual debt service requirements includes
principal and interest on all direct and indirect obligations of the Highway
Department throughout their life, as reported by the Department as of
June 30, 1937, and adjusted to include an issue of $4,000,000 3M% High¬
way Certificates of Indebtedness dated June 1,1937. which issue was omitted
in the Department's calculation since proceeds were not received until
July 6, 1937.
Although the following tabulation is not absolutely accurate
as of today, we believe that there have been no substantial
changes, and
that these figures are adequate for purposes of ascertaining coverage.
Combined Total
Principal High¬
way Reimburse¬
Year
ment
Principal & Interest
on
Highway Certifi¬
cates and Reimburse¬
ment
1941..
1942
Obligations
Principal High¬
way Cerlijicates
of Indebtedness
—
.....
....
.....
1947-........
1948....
1949
1950...
$3,267 ,014
3,308 ,596
2,851 ,202
2,766 ,786
2,557 ,761
2,257 ,813
1,480 ,578
1,323 ,407
1,036 ,475
851 ,225
553 ,475
422 ,022
313 ,845
215 ,000
215 ,000
203 ,000
184 ,000
128 ,000
$600,000
1,450,000
1,450,000
1,750,000
2,050,000
2,312,000
3,070,000
3,170,000
3,170,000
3,170,000
3.170,000
2,620,000
2,620,000
3,020,000
2,932,000
420,000
Obligations
$5,760,301
5,842,705
6,082,337
5,817,547
5,742,906
6.055,410
4,858,577
5,297,331
4,757,827
4,585,012
4,128,355
3,792,726
3,456,637
3,240,186
3,517,580
3,259,944
621,801
130,604
Volume
Financial
146
DAKOTA
SOUTH
May 20—V. 146, p. 3063—was awarded to the
according to the City Manager.
F. Lowe Co. of Minneapolis as 4s,
CODINGTON COUNTY INDEPENDENT SCHOOL
DAKOTA, State of—PRIVATE BOND SALE—A $998,000
issue of 3%% rural credit refunding bonds was purchased privately on
May 25 by a syndicate composed of Phelps, Fenn & Co. of New York,
Stranahan, Harris & Co., Inc., of Toledo, E. H. Rollins & Sons, Eldredge
& Co., both of New York, R. H. Moulton & Co. of San Francisco, the
C. S. Ashmun Co. of Minneapolis, and Mairs-Shaughnessy & Co. of St.
Paul.
Coupon bonds of $1,000 denomination, registerable as to principal
only.
Dated June 15, 1938.
Due on June 15, 19,51.
Prin. and int. (J. &
D. 15) payable at the Chase National Bank, New York City.
Legality to
be approved by Chapman & Cutler of Chicago.
BONDS OFFERED FOR INVESTMENT—The successful bidders re
offered the above bonds for public subscription at a price to yield 3 .40%
SOUTH
maturity.
by A. J. Moodie, Secretary of
the State Rural Credit Board, that the said Board will receive sealed bids
at tthe office of the Director of the board, in the State Capitol in Pierre,
until 2:30 p. m. (Central Standard Time), on May 31, for the purchase of
an issue of $1,498,000 State of South Dakota rural credit refunding bonds.
Interest rate is to be specified in a multiple of M of 1%.
Each bid must be
for all of said bonds.
Dated June 15, 1938.
Due on June 15, 1948.
The
Rural Credit Board reserves the right to reject any and all bids.
BOND
OFFERING—We
WAVERLY
are
informed
INDEPENDENT
SCHOOL
DISTRICT
No.
1
(P.
O.
Waverly), S. Dak.—BONDS SOLD—It is stated by James Jeliis. District
Cierk, that $41,000 refunding bonds were purchased on May 16 by E. J.
Prescott & Co. of Minneapolis, as 4s, paying a premium of $65, equal to
100.158, plus costs of issuance. Coupon bonds, dated July 1,1938. Denom.
$1,000.
Due in 1952, optional after 1948.
Interest payable (J. & J.) .
BOND CALL—B. J. Thyen, Treasurer, has called for payment on July 1,
1938, $41,000 refunding bonds dated July 1, 1935, denom. $1,000, numbered
the main office of the First
Minn. All interest on said
bonds shall cease on July 1, 1938.
from 9 to 49, inch, and payable to bearer at
National Bank and Trust Co. of Minneapolis,
to 1953 inclusive.
FERING—Sealed
bids
(P.
O.
Chattanooga),
be received
will
until
11
a.
Tenn.—BOND OF¬
m.
(Central Standard
June 9 by Will Cummings, County Judge, for the purchase of
an issue
of $188,000 public works school, second series, coupon bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Due on Jan. 1 as follows:
$4,000
in 1941 and 1942, and $5,000 from 1943 to 1978.
The bidder will name the
Time)
on
multiple of 1-10 or
of 1%.
No higher rate of interest
required to insure a sale at par, and all bonds
same rate of interest.
The maximum rate under
enabling provisions is 4%.
No proposal blanks will be furnished.
Prin.
and int. payable at the National City Bank in New York.
The approving
opinion of Caldwell & Raymond of New York will be furnished.
The
bonds will be delivered in New York City or equivalent, at the option of
the holder, if stated in bid.
No arrangement can be made for deposit of
funds, commission, brokerage fees, nor private sale.
A certified check for
1% of the amount bid, payable to the county, is required.
interest rate in
a
shall be chosen than shall be
of the series shall bear the
COUNTY (P. O. Savannah;, Tenn.—PRICE PAID—It
by the County Judge that the $36,000 4j^% semi-ann. funding
bonds purchased by the Thomas H. Temple Co. of Nashville, as noted here
recently—V. 146, p. 3389—were sold at a price of 99.00, a basis of about
4.68%.
Due $4,000 from Jan. 1, 1940 to 1948, inclusive.
HARDIN
is stated
of—BONDS PROPOSED—The State Funding
Board has authorized the preparation of resolutions for the issuance of
$2,250,000 State bonds, of which prison industries will account for $1,500,000.
Remaining $750,000 are to finance a deficit.
TENNESSEE,
BUREN
now
bonds purchased
COUNTY ROAD DISTRICT
NO.
1
(P. O. Beeville), Texas—
County and District Road Indebtedness has approved $325,000 of district
bonds for State participation cn a 96.25% basis, which will leave $12,187.50 for the taxpayers to assume.
BIG
SPRING
INDEPENDENT
SCHOOL
DISTRICT
Texas—BONDS SOLD—It is reported
Business Manager, that the $65,000 building bonds
(P.
O. Big
by Edmund Notestine,
offered for sale without
last November, as noted here at the time, have been purchased by
the State Board of Education, as 4s at par.
success
CRANE COUNTY (P. O. Crane) Texas—BONDSSOLD—Itis reported
bonds approved by the voters at the election held
that $400,000 highway
April 16, as noted in these columns at the time—V. 146, p. 2901—have
been purchased by Callihan & Jackson of Dallas.
Due serially over a 10year period, without option of prior payment.
on
DENISON
SCHOOL
DISTRICT
(P.
O.
Denison),
Texas—BOND
SALE DETAILS—In connection with the sale of the $115,000 school con¬
struction bonds to L. B.
here
recently—V. 146,
of Schools that
to
Henry, of Dallas, at a price of 100.217, as noted
3063 and 3389—it is stated by the Superintendent
were sold as 3s, and mature $5,750 from 1939
basis of about 2.97%.
p.
the bonds
1958, incl., giving
EDGEWOOD
a
SCHOOL
DISTRICT
LAVACA
ROAD
DISTRICT
BONDS DEFEATED—At
issuance
of $70,000
Due
as
follows:
$500,
O.
LULING
NO.
6
(P.
O.
Hallettsville), Texas—
proposed
election voters defeated the
recent
a
lateral road improvement bonds.
DISTRICT
SCHOOL
INDEPENDENT
Luling)
O.
(P.
Texas—BONDS SOLD—It is reported by the Secretary of the Board of
Education that $30,000 school building extension bonds approved by the
voters last October, have been purchased by the Stato of Texas.
DISTRICT
SCHOOL
INDEPENDENT
MARATHON
thon)
(P.
O.
Mara¬
Texas—BONDS SOLD—It is reported that the $66,000 construction
been purchased by
,
bonds authorized at the election held on April 23, have
the
State
Board
of Education.
MARION COMMON
SCHOOL
Texas—
Superintendent of Schools,
DISTRICT (P. O. Seguin)
BONDS SOLD—It is stated by Max Weinert,
that
construction bonds were sold recently, as 3j^s.
Denom.
Dated April 10, 1938.
Due as follows: $500, 1939 to 1948; $1,000,
$27,500
$500.
1949 to 1963, and $1,500 from 1964 to
1968.
MOODY, Texas—BONDS VOTED—At a recent election voters approved
the issuance of $45,000 gymnasium and school addition construction bonds.
RUSK
COUNTY
BONDS AP¬
$500,000
Bonds approved
Texas—ROAD
Henderson),
(P.O.
General has approved
PROVED IN PART—The State Attorney
of $2,500,000 road construction and maintenance bonds.
bear 2J^% and are payable Feb. 15, 1939 and 1940.
SABINAL, Texas—BONDS VOTED—At a recent
issuance of $75,000 school
SOLD—It is stated
Due
Feb.
on
and $12,000 in
SAN
election the proposed
construction bonds was approved by the voters.
COUNTY (P. O. Sinton) Texas—WARRANTS
by the County Judge that $50,000 5% semi-ann road
have been sold locally. Denom. $1,000. Dated Feb. 15,
15 as follows: $8,000 in 1951 and 1952; $10,000, 1953,
and 1955.
PATRICIO
SAN
1954
Texas—BOND
SABA.
REFINANCING REPORT—The Houston
"Post" of May 14 carried the following news item:
San Saba's combined debt of $213,000 in refunding
tax bonds for water
works, sewer system and paving and its $24,000 in water works revenue
bonds is being refinanced this week on the basis of 4 H% interest.
The $213,000 issue had paid 5^ % and the $24,000 block were being 6%.
Refinancing will save the city about $32,500 a year
according to John H. Moore, City Secretary.
in interest charges,
(P. O. San Saba), Texas—BONDS SOLD
The following report is taken from a San Saba dispatch to the Houston
"Post" of May 14:
u
San Saba's $135,000 road bond issue has been purchased by the State
Board of Education.
County Judge J. B. Harrell announced today.
He said the Board has taken $27,000 of the issue at 3%.
The remainder
of the bonds will carry 3^% interest.
SAN
COUNTY
SABA
^
t
SANTA ANNA INDEPENDENT
SCHOOL DISTRICT (P. O. Santa
Anna), Texas-—REFUNDING APPROVED—The Attorney
approved the issuance of $86,000 refunding 4% bonds payable
General has
1939 through
1966.
BONDS SOLD—It is reported
Superintendent of
by J. C. Scarborough,
Schools, that the $86,00o 4% semi-ann.
refunding bonds approved by the
purchased by the State Board of
Due as follows:
$503 in 1939;
1941 to 1945; $3,000, 1946 to 1959; $4,000, 1960 to
Attorney General on May 14, have been
Education.
Denoms. $5)0 and $1,0)0.
$1,500, 1940; $2,000,
1962, and $5,000, 1963
to
1966.
STARR COUNTY (P. O. Rio
Grande) Texas—COURTHOUSE
BONDS
proposed issuance of $115,000 county courthouse
struction bonds were approved by the voters at a recent election.
VOTED—The
con¬
SWEETWATER,
Texas—REFUNDING AUTHORIZED—'The City
Council recently voted to refund $148,000 city hall and fire station bonds.
Whereas the original issue carried 5Yi% interest the refunding issue will
carry
and will mature in 1962, four years earlier than the original
issue.
Ranson-Davidson
Co. of Wichita, Kan. and San Antonio, are
owners
of the bonds.
(P.
O.
Edgewood)
Board of Education, that
SCHOOL DISTRICT (P. O.
Trenton)
reported by E. L. Wilson, Secretary of the
$8,000 construction bonds have been purchased
by the State Board of Education.
WILL BE
TYLER, Texas—BONDS
to
be held
issuance of
which were
1939 to 1954, and $1,000,
RESUBMITTED—At ar election
June 3 voters will be asked a second time to approve the
$150,000 municipal and school auditorium construction bonds
defeated on May 3 by a vote of 259 to 236.
on
WEST SCHOOL
DISTRICT (P. O. West)
Texas—BONDSSOLD—It is
% semi-ann. gymnasium
reported by the District Secretary that $17,500 3^
bonds have been purchased by the State of Texas.
UTAH
JUAB, Utah—BONDS VOTED—At a recent
issuance of $50,000 school construction bonds.
election voters approved the
OGDEN, Utah—POWER BOND ELECTION CONTEMPLATED—At an
called in the near future voters will be asked to approve the
of $3,000,000 municipal power plant construction bonds. Petition
of the Utah Power & Light Co. for an injunction has been denied by the
State Supreme Court, and if no further legal obstacles arise after passage
of a 20-day period during which the company may ask for a new hearing,
the election will be called.
election to be
issuance
Texas—
BONDS SOLD—It is reported by the Secretary of the Board of Education
that $22,000 building bonds were purchased by the State of Texas, as 4s
at par.
(P.
DISTRICT
Texas—BONDS SOLD—It is
BONDS APPROVED FOR STATE PARTICIPATION—'The State Board of
Spring),
SCHOOL
INDEPENDENT
Texas—BOND SALE DETAILS—It is now reported by
Board of Education that the $18,000 construction
bonds purchased by the State of Texas, as noted here in March, were sold
as 4s, at par, and mature $1,000 from 1939 to 1956 incl.
of the
President
TRENTON INDEPENDENT
TEXAS
BEE
JOURDANTON
State
COUNTY (P. O. Spencer),
Tenn.—MATURITY—
reported by the Chairman of the County Court that the $20,000
by C. H. Little & Co. of Knoxville as 4%s at a
price of 98.75, as noted here in April, are due $1,000 from April 1, 1939,
to 1958, incl., giving a basis of about 4.90%.
VAN
It is
school
O. Edinburg), Texas—SINEIArG FUND
(P.
Jourdanton),
the
1938.
FAYETTEVILLE, Tenn.—BOND SALE DETAILS—It is now reported
by H. W. Moyers, City Clerk, that the $105,000 refunding bonds purchased
by the Union National Bank of Fayetteville at par, as noted here recently
—V. 146, p. 3389—bear interest at 3%%, and mature from June 1, 1939
COUNTY
COUNTY
County Auditor,
Sinking Fund has purchased a total of $15,000 water improvement
bonds, series of 1936, at a price of 73.50 and accrued interest.
BOND PURCHASES—It is stated by D. C. liogan, Acting
that the
and bridge warrants
TENNESSEE
HAMILTON
487-500.
HIDALGO
DISTRICT No.
(P. O. Wallace), S. Dak.—BOND SALE—The $10,000 issue of school
buiiding bonds offered for sa.e on may 23—V. 146, p. 3389—was purchased
by the Allison-Williams Co. of Minneapolis, according to the District Clerk.
Due serially in fro n 3 to 20 years from date of issue.
37
to
Road and bridge bonds dated Oct. 10, 1909, due Oct. 10, 1949, optional
any time after 10 years from date,
bearing 4H% interest, payable
April 10 and Oct. 10, numbers 1-50, 77-93, 96-100, 103,104, 109, 114-118,
165-185, 212-237, 240-348, 376-400, 406-410, 412^21, 426-438, 449-175.
at
ehT—issueAS
$13,200 EL of funding bonds
Justus
CLARK, S. Dak.—BOOT)
offered for sale on
3557
Chronicle
$5,000
1955 to 1968;
PETERSBURG, VA., Imp. 4i/2s
callable after 10 years.
ELECTRA, Texas—MATURITY—It is now reported by the City
Secretary that the $122,000 4% semi-aim. electric light and power system
bonds purchased at par by the Public Works Administration, as
noted here in February, are due on April 1 as follows: $7,000 from 1942 to
1955, and $8,000, 1956 to 1958.
Due
6/1/56 at 3.25% basis
revenue
HARPER,
$150,000
Texas—BONDS
court
house
and
DEFEATED—The proposed issuance of
bonds was defeated by the
jail construction
voters at a recent election.
HARRIS
COUNTY
(P.
TENDERS INVITED—It is
F. W. CRAIGIE &
Phone
3-9137
Houston), Texas—BOND REFUNDING
stated by H. L. Washburn, County Auditor,
VIRGINIA
that he will receive sealed bids until June 1, at 11 a. ra., on county bid forms,
of 4% bonds, dated
April 10, 1908, due in 1948; option expired.
Due in from 1 to 10 years.
He also states that he will receive bids at the same time for $135,000 road
and bridge bonds, to refund a like amount of 43^% bonds, dated Oct. 1,
1909, due in 1949; option expired.
Due serially in from 1 to 11 years.
Bid forms and circulars will be furnished upon request.
CALL—It is stated by H.
L. Washburn, County Auditor, that
catling for payment all outstanding court house 1908 bonds
1909 bonds as of July 11, 1938.
The principal and
accrued^interest to and including July 11, on tnese bonds will be paid upon
presentation at the Chase National Bank of New York or at the office of
the County Treasurer, at Houston, at the option of the holder.
No interest
will accrue after July 11, on any of these bonds.
Court house bonds dated April 10, 1908, due April 10, 1948, optional at
any time after 10 years from date, bearing 4% interest, payable on April
10 and Oct. 10, Numbers 1-33, 49, 50, 59-61, 69-83, 109-116, 120-129,
132-139, 143-178, 183-188, 191-196, 222-224, 229-247, 265, 266, 268,
269, 361-378, and 450-460.
HEIGHTS, Va.—BON/1
The 830,000 issue of
3
% coupon or registered general public improvement of 1938 semi-ann.
bonds offered for sale on May 23—V. 146, p. 3234—was awarded to the
Richmond Corp. of Richmond, according to Mayor Fred R. Shepherd.
Dated July 1, 1^38.
Due from July 1, 1942 to 1963.
The second best bid was submitted by the Standard Securities Corp. of
COLONIAL
the county is
UlLISTnOF BIDS—'The
and all road and bridge
for the
Rich. Va. 83
A. T. T. Tel.
O.
fcr $116,000 court house bonds, to refund a like amount
BOND
COMPANY
Richmond, Va.
following is an official list
bonds that were awarded at a
Bidder—
& Mason, Lynchburg..
3 -35%.
Jn
J
♦Richmond Corp., Richmond
Standard Securities, Richmond
Frederick E. Nolting, Richmond
Miller & Patterson, Richmond
F. W. Craigie & Co., Richmond.
.
W. E. Burford & Co., Charlottesville
Scott, Horner
of the tenders received
price of 105.532, a basis of about
-
----
$31,tt59.oo
30./7/.UU
qqA U
30,330.11
30,19A.2/
™
------------
30,153.90
3U.U/9./9
♦Successful bid.
/
3558
Chronicle
Financial
DANVILLE, Va.—BOND SALE—The $100,000 issue of coupon street
improvement bonds of 1938, offered for sale on May 24—V. 146, p. 3234—
was awarded Jointly to R.
8. Dickson & Co. of Charlotte, and- MasonHagan, Inc., of Richmond, as 2Ms, paying a price of 100.61, a basis of
about 2.44%. Dated April 1,1938.
Due $4,000 from April 1,1939 to 1963.
the purchaser.
lage Treasurer,
1938
28,
A certified check for 2% of the bonds, payable to the Vil
must accompany the bid.
SEVEN MILE CREEK, Win.—BOND ELECTION—At an election to be
held on June 7 voters w#l be asked to approve the issuance of $38,003 road
construction not to exceed 3% coupon bonis, dated July 1, 1938.
Bonds
shall be due not later than 15 years.
LURAY, Va .—BOND SALE—The $33,000 issue of
coupon fund¬
ing, street and water works improvement bonds offered for sale on May 21—
V. 146, p. 3234—was awarded to R. M. Armistead, of Staunton, paying a
SHULLSBURG, Win.—BONDS APPROVED—An ordinance authorizing
the issuance of $25,000 electric utility mortgage revenue 4 M % bonds to
construct a
Sremium of $643.50, equal from date, optional in whole or in part on and
Dated
uly 1, 1938. Due 15 years to 101.95, a basis of about 1.675%.
light, heat and
power
plant has been passed and approved by
the Common Council.
after July
1, 1939, upon 60 day's notice.
The other bids were as follows:
Names of Other Bidders~~
Frederick E. Nolting, Inc., Rich nond, Va
May
COUNTY
VILAS
(P. O. Eagle River), Win.—BOND OFFERING—
be received by Mary Thomas, County Clerk, on June 4
for $16,000 highway improvement 4% bonds.
Denom. $1,000.
Sealed bids will
Price Bid
$33,166.65
Page Valley National Rank of Luray and First National Bank
of Lu.ay, jointly, bid
Miher & Patterson, Richmond,
33,165.00
33.041.33
LYNCHBURG, Va .—BOND SALE—The $300,000 issue of coupon or
registered public improvement bonds offered for sale on May 26—V. 146,
p. 3064—was awarded jointly to B. J. Van Ingen &Co., Inc., the First of
Michigan Corp., both of New York, and Frederick K. Nolting, Inc., of
Richmond, at a price of 99.4155, a net interest cost of about 1.962%, (on
or none), for the bonds divided as follows:
$160,000 as l%8, maturing
$20,000 from June 1, 1942 to 1949; the remaining $140,000 as 2s, maturing
$20,000 from June 1, 1950 to 1956.
The successful bidders submitted an alternate offer, described as follows:
99.878 for $160,000 as 1.70s; a price of 99.18 for the remaining $140,000 as
2.10s, giving a net interest cost of about 1.969%.
all
BONDS OFFERED FOR INVESTMENT—The purchasers reoffered the
above bonds for public subscription, the
to yield from 1.10 to 1.90%;
the 2s priced at 100.25 to 98.75, all according to maturity desired.
Legal
approval by Thomson, Wood & Hoffman of New York.
WYTHEVILLE, Va —BOND ELECTION—At
an
election
to
held
be
on June 14 voters will be asked to
approve the issuance of $135,000 bonds;
$80,000 for a filtration and water treating plant, and $55,000 for the
purchase of the Wytheville Sanitary Co.
Bonds would be d^ted July 1,
1938 and would bear interest at not to exceed 4%.
at 2 p.
m.
WALWORTH COUNTY
(P. O. Elkhorn),
Wis.—ROAD BONDS
AUTHORIZED—The county Board of Supervisors recently authorized the
highway improvement 2% bonds, due 1945 and 1946.
issuance of $193,003
WYOMING
CHEYENNE, Wyo.—BOND CALL—The following bonds have been
$50,000 general obligation funding and refunding 5% dated Dec.
1, 1932: optional Dec. 1, 1937.
Bonds 54 to 60, due Dec. 1, 1938; bonds
61 to 67, due Dec. 1, 1939: bonds 68 to 82, due Dec. 1, 1948; bonds 83 to
97, due Dec. 1, 1949; bonds 98 to 103, due Dec. 1, 1950.
Called June 1,
1938. at American National Bank, Cheyenne.
cailed:
GREYBULL, Wyo —BOND OFFERING—Sealed bids will be received
by F. A. Little, Town Clerk, on June 15 at 8 p. m. for $12,000 water
bonds.
No interest.
Dated June 15, 1938, due $4,000 on June 15, 1939
through 1941.
Denom. $1,000.
Certified check for 5% of the bid is re¬
quired.
LARAMIE, Wyo.—REFUNDING PROPOSED—The City Council is
considering the refunding of $70,000 University Ave. viaduct bonds and the
paying off of the remaining $33,500 of the $103,500 bond issue of 1929.
The proposal would save the city $18,055 in annual interest requirements
RAWLINS, Wyo.—BONDS VOTED—The proposed issuance of $10,000
sewer
construction bonds
was
approved by the voters at
a recent
election.
ROCK SPRINGS, Wyo.—BONDS SOLD— It is stated by L. E. Sturholm, City Treasurer, that the $22,530 4% semi-ann. improvement district
bonds offered for sale on Dec. 6, 1937, have been purchased at par by the
North Side State Bank of Rock Springs.
Due in from 1 to 10 years; optional
WASHINGTON
after five years.
EDMONDS SCHOOL DISTRICT NO. 16
(P. O. Edmonds), Wa.h.
—BOND ELECTION—At an election to be held on June 4 voters will
be
CANADA
asked to approve the issuance of $75,000
high school construction bonds.
DAYTON,
informed
by
Wash .—BOND SALE
H.
W.
Newton,
City
NOT
Clerk,
CONSUMMATED—We are
the sale of the $40,000
as 4s at par, as
technicality.
This
that
sewage disposal bonds to the State Finance Committee,
noted here in April, was not consummated because of a
sale cannot be consummated until corrective
procedure is taken.
from 2 to 25 years after date of issue.
STEVENSON,
Due in
Wash,—BOND SALE—The
$8,500 issue of funding
146, p. 3064—was purchased by the
according to the Town Clerk.
Due in
bonds offered for sale on May 23—V.
Bank of Stevenson, as 4j^s at par,
20 years, optional in two years,
TENINO, Wash.—BONDS SOLD—It is stated by L. D. Baldwin, Town
Clerk, that $41,000 water bonds authorized by the voters on March 26,
noted here at the time, have been sold to Ferris &
Hardgrove of Seattle,
as
5^s.
as
callable
in
Denom. $500.
Dated April 1, 1938.
Due from 1939 to 1955;
any interest payment date.
Prin. and int. (A. & O.) payable
on
Tenino,
or at the
State's fiscal agency in New York
City.
WEST VIRGINIA
WEST
full
State
of—BOND
SALE—'The
OPTION
EXERCISED—It is said that the successful bidder
had been offered by the State, to
additional $500,000 bonds at the same
price, terms and con¬
obtained the above award.
immediately exercised the option which
purchase
ditions
an
as
WISCONSIN
BUTTERNUT, Wis.- BONDS
OFFERED TO PUBLIC—In connection
the report given in these columns
recently, that a 10-day option of
had been &rai*ted to the Channer
Securities Co. of Chicago, on
with
the $13,000
3M% semi-ann. sewage disposal bonds that were offered
146, p. 3064-—the said firm is now offering these bonds
general investment at prices to yield from
2.00% to 3.00%, according
May 2—-V.
■
Dated April 1,
maturity.
1938.
Due $1,000 from April 1,
on
to
Legal
CASHTON, Wis.-—BOND
plant bonds offered for sale
inn
i°imerL
tOri20-y • ?
The Bank
SALE—The $9,000 issue of
on
Co. of Chicago,
May 21—V. 146,
p.
sewage disposal
3390—was awarded to
as 2Ms, paying a premium of $10.00, equal
Due from April 15, 1939 to 1946.
a premium of
$237.00 for 3M% bonds.
about 2.728%.
of Cashton offered
.
EAU
CLAIRE,
Wis.—BONDS
recently authorized the
and addition
ii
until 2 p. m
2j*i
issuance
of
2M% bonds.
AUTHORIZED—'The City Council
$82,000 school remodeling construction
Wis.—B01VD OFFERING—.Sealed
(Central Standard Time)
on
bids will be received
June 6 by A, E. Axtell, Director
purchase of two issues of refunding school
Vd*vided as follows: $35,000 series of 1923
1930 bonds.
bonds aggreand $10,000
Interest rate is not to exceed
4%, payable J. & D.
Denom. $1 000.
Dated June 1, 1938.
Due on June 1, 1948.
Prin. and
inc. payable at the
City Treasurer's office.
The bonds will not be sold
series
bidr\.
r
of
Provincial
Guaranteed
Securities
Interest
Act
action
to collect full interest rates.
Previously the organization, with
headquarters in Toronto, had been successful in a similar claim under
legislation passed in August, 1937, which also had been held ultra
similar
vires.
at
A complementary bill, the Provincial Securities Interest Act, was not
stake.
It reduced interest by 50% on bonds and debentures of the
Alberta Government.
At present only the reduced interest rates are being
paid by the Government, both on its own bonds and debentures and those
which it has guaranteed.
Chief Justice Harvey declared interest was solely within the authority
of the Federal Government, and added that the
Proceedings Act was
complementary to illegal legislation on interest, and therefore also invalid.
BUCKINGHAM, Que.—BOND OFFERING— H. J. Gorman, SecretaryTreasurer, will receive sealed bids until 5 p. m. on June 6, for the purchase
of $29,000 4% improvement bonds.
Dated May 1, 1938.
Due serially
from 1939 to 1958, inclusive.
CANADA
(Dominion
of)—TREASURY
BILL
OFFERING—Sub¬
scriptions will be received on May 31 to an offering of $25,000,000 Treasurybills, dated June 1, 1938 and due Sept. 1, 1938.
CHARLOTTETOWN, P. E. I.—BOND SALE—The Dominion Securities
Corp. of Toronto purchased $173,500 4% improvement bonds at a price of
99.07, a basis of about 4.07%.
Due in 20 years.
ST.
i
The
rates.
on Government-guaranteed bonds and debentures
by
50%. Both Acts were passed in April, 1937.
Validity of the legislation was challenged when the I. O. F. brought
for
1941 to 1953
opinion to be furnished by Junell, Fletcher, Dorsey, Barker
& Colman of
Minneapolis.
,
interest
reduced interest rates
VIRGINIA,
$50,0000 issue of
coupon or registered road bonds offered for sale on
May 25—V. 146, p.
3390—was awarded to a group
composed of Young, Moore & Co., the
Kanawna Valley Bank, and the Charleston Nationa.
Bank, all of Charles¬
ton, W. Va., paying a premium of $67, equal to
lOO.Olo, a net interest cost
of about 2.233%, on the bonds divided as
follows:
$120,000 as 2s, maturing
$20,000 from June 1, 1939 to 1944; the
remaining $380,000 as 2Ms, matur¬
ing $20,000 from June 1, 1945 x> 1963, incl.
BOND
ALBERTA (Province of)—INTEREST CUT LEGISLATION AGAIN
RULED INVALID—Legislation reducing interest rates 50% on Govern¬
ment-guaranteed bonds and requiring consent of the Lieutenant-Governorin-Council to bring court action to collect full rates was declared ultra vires
of the Alberta Legislature on May 23 in a majority judgment of the
Appel¬
late Division of the Supreme Court of Alberta.
The judgment upheld the decision of Mr. Justice A. F. Ewing, who
authorized the Independent Order of Foresters to collect full interest rates
on bonds and debentures of the Lethbridge Northern Irrigation District.
Mr. Justice Ewing's decision, delivered last November, declared the
Provincially Guaranteed Securities Proceedings Act and the Provincial
Guaranteed Securities Interest Act ultra vires of the Legislature. Whether
an appeal would be taken against the Appellate Division
judgment upholding
Justice Ewing's judgment has not been decided.
The majority judgment, written
by Chief Justice Horace Harvey,
was concurred in by Mr.
Justice H. W. Lunney and Mr. Justice S. J.
Shepherd.
Mr. Justice A. A. McGillivray wrote a separate judgment
upholding Mr. Justice Ewing, while Mr. Justice Frank Ford wrote a dis¬
senting judgment allowing the appeal on the grounds the Provincially
Guaranteed Securities Proceedings Act was ultra vires.
The Provincially Guaranteed Securities Proceedings Act required consent
of the Lieutentant-Governor-in-Council to bring court action to collect
par.'1,t!?e lowest rate of interest
„bf Clt7 will furnish its
to determine the successful
own completed bonds and the legal opinion
A $500 certified check, payable to the
of Chapman & Cutler of
Chicago,
City, must accompany the bid.
MARION, Wis,
and surfacing
BOND ELECTION—At
bonifi
an
election to be held
t0 approve the issuance of $32,000 road
on
May
grading
LAMBERT, Que.—NOTICE TO DEBENTURE HOLDERS—It
announced
by
David
M.
is
Currie,
City Secretary-Treasurer, that under
Municipal Commission, that the city
provisions of paragraph B of Article 44
of the Quebec Municipal Commission
Act, to its debenture holders, a plan
of financial reorganization, at a
meeting to be held in room 206A, New
Court House, 100 Notre Dame St.,
East, Montreal, June 7, 1938, at
10 a. m. (Daylight Saving Time).
The creditors interested are invited to be
present at the said meeting so,as to declare their
opposition, if they so desire, to the plan to be submitted.
The creditor present, to have the
right to vote at such meeting must
Rule of Practice No. 3 of the Quebec
shall submit, in conformity with the
Eroduce the title of company or
y
bank,
trust his claim or
a
a
a certificate of deposit of sucn tiitle signed
a notary.
If he is represented, his proxy
the certificate of deposit above men¬
of attorney duly signed by the creditor personally.
The certificate of deposit and the power of
attorney must be according to
Form 2 of the Rule of Practice No. 3 of the
Quebec Municipal Commission.
The interested parties may obtain a copy of the plan of financial
reorgani¬
zation to be submitted as well as
copies of the certificate of deposit and
power of attorney, on request to the Secretary of the Quebec
Municipal
Commission, Parliament Buildings, Quebec.
must
produce besides the claim and
tioned,
a power
SALABERRY DE VALLEYFIELD, Que.—BOND SALE RESCIND ED—
the previous report in these
NEW AWARD MADE—In connection with
columns of an award of $85,000 3 H
% improvement bonds to L. G. Beaubien & Co. and the Banque Canadienne
Nationale, jointly, at 99.66, a
3.55% basis—V. 146,
MAZOMANIE GRADED SCHOOL JOINT
DISTRICT NO. 2 (P. O.
Mazomame), Wl®*
BOND OFFERING—Sealed bids will be
received by
££rLScb.uma£n' Dls^ Cle^k« on
27 at ld a- m- for $7,500 refunding
3% bonds. Denom. $500. Certified check for
10% of the bid is required
MAZOMANIE UNION FREE HIGH SCHOOL
DISTRICT (P. O.
Mazomanie), Wis.—BOND OFFERING—Sealed bids will be received
by
Martha Tyier, Clerk of the Board of
Education, on May 27, at 10 a. m for
$7,500 refunding 3% bonds.
Denom. $500.
Certified check for 10% of
the bid is
required.
REEDS VILLE, Wis.—BOND
1
(Central Standard
Village Clerk, for the purchase
Denom. $1,000.
Dated May 1,
OFFERING—Sealed bids will be received
Time) on June 2, by Harry A. Krueger,
of
a
$25,000 issue of 4%
sewer
bonds
1938.
Due on Jan. 1 as follows: $1,000
from 1941 to
1951, and $2,000 from 1952 to 1958.' Purchaser shall furnish
the blank bonds at his own
expense.
Prin. and int. (J. & J.) payable at
the office of the Village
Treasurer.
The bonds are issued
subject to the
favorable opinion of Chapman & Cutler jq£
Chicago, which will be
furnished
the
saie
was
not
p. 3234—Charles Codeberg, City Cierk, reports that
approved by the Minister of Municipal Affaires as the
tender did not conform to the conditions of sale.
The issue
was
Bell, Gouinlock & Co. of Montreal, the next highest bidder, at
99.08, a basis of about 3.63%. Other bids were:
Bidder—
price of
Rate
Hanson
A.
then sold
a
Bros
E. Ames &
„
'
Bid
98.76
98.37
Co...
Wood, Gundy & Co. and Savard, Hodgson & Co., jointly
Societe Generale de Finance of Montreal
Credit Anglo-Francais, Ltd. and Paui Gonthier, Ltd., jointly—
98.13
97.85
96.00
SPRINGHILL, N. S.—BOND SALE—The Dominion Securities Corp.
of Toronto purchased an issue of $25,000
4H%
price of 98,
in from 1
a
basis of about 4.80%.
improvement bonds at a
Dated April 1, 1938, and due serially
to 15 years.
VERDUN,
Que.—BOND OFFERING—R.
E.
Mackay,
Secretary-
Treasurer of the Roman Catholic School Commission, will receive sealed
bids until 8 p. m. on May 30, for the purchase of $60,000
4% school bonds,
dated March 1, 1938 and due serially in 20 years.
@FedFRASER