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,0'**
ontmetrial f
COPYRIGHTED IN 1938 BY
VOL. 146.
WILLIAM B. DANA
COMPANY, NEW YORK.
,MU'dW"5.>oo3p«'y.V0o',y~
ENTERED AS SECOND-CLASS MATTER
JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, MAY 7, 1938
William cor Spruce
THE CHASE
brooklyn trust
BANK
company
Chartered 1866
NATIONAL BANK
OF
OF
THE
OF
CITY
George V. McLaughlin
NEW YORK
CHASE is
President
BROOKLYN
NEW YORK
NO. 3802.
Stall N Y*Citv
NEW
tra¬
ditionally a bankers' bank.
For
Member Federal Deposit Insurance
many
served
Corporation
years
it has
large number
a
of banks and bankers
as
New York
White, Weld & Co.
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Member
AND
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Vol. 146
No. 3802.
7, 1938
CONTENTS
Editorials
page
The Financial Situation
Second Thoughts on
2904
the Third Party..
Vice-President Garner Opposes
2915
Enhanced Spending ..2917
New Balances of Power in Europe
2918
Comment and Review
The New
Capital Flotations in the United States During
the Month of April
2920
The Business Man's Bookshelf
2924
Week
2908
on
the European
Stock Exchanges
Foreign Political and Economic Situation.
Foreign Exchange Rates and Comment
2909
2913 & 2955
Course of the Bond Market
2920
Indications of Business Activity
2925
Week
on
the New York Stock Exchange
2906
Week
on
the New York Curb
2954
•
Exchange
News
2934
Current Events and Discussions
Bank and Trust
General
2954
Company Items
2999
Corporation and Investment News
3049
Dry Goods Trade
State and
..3050
Municipal Department
Stocks and Bonds
2959 & 2965
2959
Foreign Stock Exchange Quotations
Bonds Called and
Sinking Fund Notices
2960
Dividends Declared
Auction Sales
New York Stock
New York Stock
.
Exchange—Stock Quotations
2998
..2966
Exchange—Bond Quotations..2966 & 2976
New York Curb
Exchange—Stock Quotations
2982
New York Curb
Exchange—Bond Quotations
2986
Other Exchanges—Stock
and Bond Quotations
Canadian Markets—Stock and Bond Quotations..
2988
2992
Over-the-Counter Securities—Stock & Bond Quotations .2995
Reports
Course of Bank Clearings
2912
2955
Federal Reserve Bank Statements
2963
General
2999
Foreign Bank Statements
Corporation and Investment News
Commodities
The Commercial Markets and the
Crops....
3039
Cotton
3042
Breadstuff?..
3046
Published Every Saturday Morning by the William
B. Dana Company, 25 Spruce Street, New
York City
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La 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
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South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter. 45 cents
per agate line.
Contract and card rates on request.
NOTE:
On account of the fluctuations in the rates;of exchange, remittances
for foreign'subscriptions'and advertisements must be made in New York funds.
The Financial Situation
GAIN the
A
/\
the
York Stock Exchange firm, and who now has appar-
question has arisen whether leaders in
community shall, when addressing
ently assumed the role of peace-maker between the
the business
President and business, in an address this week at a
luncheon meeting of the Western Pennsylvania Group
of the Investment Bankers Association of America,
called upon the business community not only to
cease its criticism of the Administration and its poli-
public, express their carefully considered views
candidly and plainly, or studiously endeavor to be
diplomatic,
or,
in plainer language, adopt an evasive,
hypocritical
or
mealy-mouthed attitude about public
questions; and again the Chamber of Commerce of
the United States and the individuals who addressed
week
have,
spade
think, wisely insisted
we
According to
spade.
a
cies but to devote its energies to formulating and
cuting plans for active cooperation with the
meeting in Washington during the past
annual
its
calling
upon
He likened the recentlyexpounded plans of the President for attack upon the
depression to the charge of "shock troops," which
gentlemen present who insisted upon crying
"Peace !
Peace !" when there is no peace, but differ-
were
Much the
vailed.
said of
to be
same
upon
is
Strange Banking Doctrines
gathering of
a
On
of the State of New
Chamber of
during the week, and the
National Association of
Manufacturers have, as
spoken
custom,
of
are,
is
re¬
course,
good
many—there
more
at
with
pace
changing
the
"There is
banks.
the
must
meet
before
he
Are
we
to
infer
that
If
no
such
such
some
as
a
its
past
is
in
The Admin-
power,
barring
and from
may
be
since it has shown itself to be
an
aggrandizing
vindictive Administration.
course,
violently attack¬
who would
go
Exchange Commission, who until recently
member of
higher
National
banking
wages,
The
much
a
was a
leading New
very
practices demanded by the
covery
Industrial
Act.
Re¬
The automo¬
bile, the rubber, the steel,
pressure
and
yielded
granted
shorter hours, collective bargaining,
and all the rest—and
now
cannot sell their
products.
security markets of the country, including the
exchanges, have
gone
to great lengths in trying to
"work with" the authorities in
Washington, but have
been
repaid with multiplying rules and restrictions
that have taken most of their business from them,
and
are
confronted today
with what seems to be a
high degree of probability of the passage of the socalled
Maloney-Lea bill, which would carry the farce
of minute
John W. Hanes, member of the Securities
a
Administration
the
ing industry for the
philosophy
as
and for months
and other industries
thought of its policies, than to antagonize it—the
large industrialist and
community
Administration
own,
has been
this would be disaster.
make friends with the Administra¬
others, of
business
covery
to
frontal attack.
emphasized,
Madison,
at
By and large,
Eagle of the National Re¬
Can he
is
"cooperate" with it, whatever
them.
con¬
adopted the so-called Blue
futility of
better strategy to
and
the
meaning is to be found in his
this fact the conclusion is drawn that it would be far
farther.
uttered
Of course, the outcome of any such
policy
further two years or more at the least,
are
of
words, precisely what is he trying to say?
wholly unforeseeable and unexpected developments,
There
needs
underlies the alterations in bank supervision
now
under way at Washington?
attempting to meet the absurdities and the hazards
a
the credit
claim for credit, or must at all times stand
ready to make advances which otherwise
might go to different types of institutions?
are en¬
of the New Deal with
more so
proceedings
outcome,
mean
to imply that banks must lend money
whenever the borrower believes he has a good
say
taking place during the
and
the Federal Reserve
Wisconsin.
statements
past week is pointed to as
is
over
the
We cannot help wondering if the speaker
carefully reflected upon the import of such
politicians
the
Whatever
was
fronted with criminal court
before Congress to have
now
and
istration,
point he said:
bill
country."
"smear"
what
a
The oil industry "co¬
hands it
popularly
of
character, have discour¬
it is a live
subject, and if banking is to remain in private
people.
indication
different
the Government take
partly by
They
a
At another
people,
policies,
tion and to
The trouble with all such
requirements.
aged the banks."
the rank
primar¬
a
credit
operated" with the Admin¬
The result of the
for
die.
ity.
trenched with the
it
or
credit of
and in considerable
istration,
operations
proceed to do
dis¬
the
be
of
Lacking in Realism
"Upon the whole, the banker has not kept
that the President person¬
said to
would not have the great num¬
chief
tenuously related to real¬
years or more.
an
and
companies, factoring companies,
finance companies, private and governmental.
during the past half dozen
ies
judgments to that of
their
energetic
recognizing the necessity for longer time bank
the
his
practice, subordinate their
own
the
of what is
measure
military
of
derelictions and
ally,
accord¬
in
good
badly
of
of
or
and,
with
ber of credit
partly by their own past
tactics
pression,
ance
vision, these authorities operating largely as
they have always operated, and without
among
as
particularly wise
army
operating against the de¬
many
meeting the credit needs of the country.
we
comman¬
an
the
are
known
been
Otherwise
as
of
that
country
reason
der-in-chief
demands is that they are so
leaders
file
the President
men
regard
This is probably due in part to bank super¬
business
and
were
effect,
way
assert
credited
security that
not
in
this
in
reason
usually
in
Those
"politics."
poor
who
have
a
exceedingly
this
consider
States
"I do not lay the responsibility for this feel¬
ing entirely to bank management, though I
am
firmly of the opinion that banks generally
time—who
one
United
the
That
that business
a
businesses have
to
offer; security that, in the opinion of the
borrower, would furnish full protection for
the lending bank.
language.
There
of
acter
of
widespread feeling that credit
readily available at banks on the char¬
is not
cently in direct and vig¬
orous
Commerce
success
should,
Wednesday the Chairman of the Recon¬
Finance
Corporation
told
the
that "there is
if
enemy
is to say
struction
York
the
to be attained.
was
the Chamber of Commerce
their
must be followed by successive advances by business
counsels pre¬
ent and wiser
recovery
of the President.
program
a
there
press accounts,
exe-
regimentation of the industry still farther.
As to the appeasement
be
noted
that
a
of the President himself, let it
appeal for "cooperation"
recent
signed by leading insurance company presidents was
quickly followed by
a
demand by the Chief Executive
Volume
that, such companies
tion to
ments
whether
see
by which
small
a
wTere
group
A trusted member of the Administration
not one of the instru¬
or
of "economic royalists"
twro ago
embark upon
good deal to be gained by asking
a
they washed to stay in private hands.
for better bread than
can
In the give
made from wheat.
much
the appearance
given moment be
at any
of
liberal lending policies if
more
What has all
bank examiners to
pressure upon
look the other way
and take apparently
when banks yield to the demands
inseparable from politics and public policy, it is often
of the Administration to make unwise
the part
people's
is
of wisdom to accept something less good than
desired, since nothing better
to be attainable.
a
at the moment
Administration
tional Labor Relations Act and
sound
and
stands
stubbornly behind the Na¬
wyith the result that business
definitely believed to be un¬
The distinction becomes of
harmful.
of other
obviously incom¬
an
petent and biased National Labor Relations Board,
clearly and unequivocally what is believed to
be sound and what is
use
is at this moment being exerted. The
money
vastly different
studiously refraining from letting it be
matter from
known
seems
This, however, is
only a day
again warned the banks of the country to
American enterprise/
succeed in throttling
-There is at times
regulation and restriction, to say nothing of abuse
be made the subject of investiga¬
they
2905
Chronicle
Financial
146
employ large numbers
which way
of
enterprises that must v
wage-earners
know not
to turn.
great importance when a situation such as the present
where differences
arises,
one
irreconcilable.
the
In
circumstances
of the utmost importance
it is
No
fundamental and
are
and
now
Now the
existing
urgency
that there
that a
Compromise Will Avail
practical
man
of affairs knows very well
in the nature of the
can
case
public confused and uncertain of its own mind be
pjromise in such matters as these.
told
would it be to talk
of
plainly, forcefully and frequently just what men
successful
policies and
why.
or
For
think of public
practical experience
programs now
ruling
or
millions
•
proposed, and
could not be
equivocal at present could hardly fail to give the
impression that they either were in sympathy with
what is
their
going
did not know
To demand that
at Washington or else
on
minds
own
the
on
subject.
they refrain from free and frank expression of their
views is to ask that
of
can
of the essential mechanisms
many
more
situation of
business
industry and trade
ever
known,
precipitate, has been under way for
It has now reached the point where
months.
not much
which the
One of the most precipitate down¬
ward movements in
if not the most
is
required to take
us
back to the
early 1933 as far as the rate of current
activity is concerned. After long delay and
indecision, the President has come forward writh
a
proposal that we in effect reinstate the mountainous
deficits of his earlier years
the
of spending, and this in
apparent belief that recovery can be effected by
such tactics.
the
At the
of his
course
same
time he refuses to alter
so-called reform program in the
Such changes as seem to be in process,
slightest.
particularly in taxation, are being made over his
He still insists upon
protest.
hours
vicious wages and
legislation, he has just sent to Congress a mes¬
demanding
sage
elaborate study
of what
he
is
pleased to term concentration of economic control,
and he has rather
his
message
wants the
plainly shown in the phrasing of
that he already knows well what he
study to show, and the type of legislation
he desires.
He will not
yield at all in the' matter of
the vicious
pay-roll tax allegedly to finance an am¬
bitious and
wholly unsound so-called social security
program,
the benefits of wThich he now wants to see
enlarged and extended. He has shown
still further
not the
mass
slightest willingness to have any of the vast
of
relatively
I
maladroit
and
mischievous
banking
and
monetary legislation enacted under his leadership
expected to do more than make a few
overhauling from top to bottom, partic¬
ularly when continued profligacy renders heretofore,
unheard-of rates of taxation unavoidable? Relatively
minor modifications of statutes or
regulations
are
business from time to time. The ecohomic
made upon
five
six years
or
beyond be¬
else it could never have survived the past
or
at all, but it cannot function even
passably well for an indefinite period under condi¬
tions such
which
are
are
as
now
being imposed
upon
it, and
apparently planned for it in the future if
the Administration has its way.
The business com¬
munity almost literally has its back to the wall. It
fight back with whatever weapons it can mus¬
must
effective, of
ter—the most
ever
it
face at
can
to
course,
being to do what¬
convince the public that an "about-
Washington is essential if we are to escape
bankruptcy and economic extinction.
light of facts such as these, it seems to us that
of Commerce of the United States is
In
the Chamber
exceedingly moderate in
saying to the American
public that "because efforts of government and busi¬
ness
for recovery
the last
eight
from the disastrous depression of
years
have fallen short in their objec¬
requires
tives, every consideration of public interest
governmental measures already taken be re¬
that
examined
by Congress in the light of experience in
order that unnecessary
regulations may be removed
and additional measures taken
Such measures should free
promoting employment."
find
directed to
recovery.
initiative in enterprises
Can
any
reasonable man
anything unreasonable in this further calm but
forthright statement of the Chamber?
"The
must
their
normal
processes
of saving and investing
again be encouraged and permitted to have
beneficial effects in increasing business activ¬
ity and adding to employment.
"To this end Congress should direct that regula¬
tory legislation should
be applied to prevent abuses
removed from the statute book or modified in any
without
helpful way. The public utilities are still a target of
private enterprise and without making the
when
minor changes in a system of taxation
which needs
lief,
moment the situation by
country is faced.
expenditures
How much can be
system of the country is tough almost
Consider the Facts
a
public
involved?
are
by compliance even in moderation with the demands
developed
democracy?
Consider for
in
bought at far too dear a price when they are paid for
spontaneous and sound leadership be
our
Of what avail
How, in these circumstances,
the shelf.
deliberate
com-
discussion—be
and
democracy—full
laid upon
in
one
no
gained by tactics which (assuming them successful)
of understanding to be silent, evasive
men
be
softly and obtain perhaps a few
reduction
billions
many
"
destroying the capital market for legitimate
security
Financial
2906
markets
which
unstable
so
to defeat the purposes
as
Chronicle
far
"So
destructive
these
as
effects
have
statement
and
the vexed
question of labor relations
might well be handed to every citizen:
financing
maturity of that
a
account balances
correspondingly.
shadowed the
These
was
agency,
in¬
were
factors
over¬
$50,000,000 reduction of Treasury bill
outstandings and the ordinary outpayments from
the
In coming weeks,
Treasury general account.
however, the Treasury policy of pushing its funds
the credit stream
into
"The Labor Relations Act and its administration
exert influences
general
Treasury
creased
of this restrained but eminently sensible
on
excess
their
legislation, Congress should promptly re¬
vise the regulatory statutes in order that handicaps
upon recovery may be removed."
A copy
of
$140,000,000 in
in
CCC
The
tendencies.
month-end
for
they exist.
source
May 7, 1938
working strongly against recovery.
necessarily will be effective
raising idle bank reserves toward the level
in
of
about
$3,800,000,000 estimated to be the total of
excess
reserves
Recent action of the Labor Board is tantamount to
.public admission its proceedings have not been fair
and impartial, and there has been ample demonstra¬
tion the legislation has not fulfilled its stated pur¬
pose of lessening industrial disputes.
"We favor a thorough Congressional investigation
when the program is completed.
gold stocks of the country advanced
Monetary
in the statement week, to
another
$10,000,000
further
high record
at $12,870,000,000.
Treasury again failed to reimburse itself, since its
to determine whether the Act should be withdrawn
available funds make such action
entirely
the time
whether amendments should be made.
or
"We advocate
repeal of the Act. If the Act is not
tection of
employees against interference in
banks
of
rights, including their rights of self-organiza¬
tion, whether the interferences come from employers,
employees or any one else.
Reserve
041,412,
but "other cash" fell
reserves
were
Federal
Reserve
"Appropriate rights should be given to employers,
and afforded protection.
All provisions should be
restricted
to
matters
properly subject to Federal
regulation.
"Any attempts, such as those contemplated by a
pending bill, to provide double penalties in connec¬
tion with the Labor Relations
Act, or to extend the
application of that statute to recipients of govern¬
ment contracts and all of those
dealing with instru¬
mentalities of the government are not in the
interest and should not be
public
passed.
"We believe
that, with regard to minimum wages,
maximum
hours and
working conditions, there
should be only such
public regulation as may be val¬
idly applied by State governments for those special
classes of workers for which
legislative protection
be necessary to prevent their oppression and
safeguard their health and welbbeing."
may
to
If
of influence in the business
men
not to take the lead in
rank and file
—and
look
on
for
sane
men
moulding the thinking of the
all—to whom
us
can
we
leadership in these days of political
As to those who
continually demand that business
"get behind" the President or his recovery program,
matter may
be disposed of with
tion
:
say
single
a
the General Motors Corporation
$1,428,693,000;
or
the United
of the trend toward
The reversal is
official estimate
fell
Wednesday night,
result of
sure
to be
of
temporary, how¬
a
passing nature
in member bank
excess
$140,000,000
or
reversal
a
reserves
in
the
reserves.
over
legal
week
to
to $2,440,000,000, mainly as
a
a
$52,000,000 increase of money in circula¬
tion, and payment by banks for $200,000,000 Com¬
modity Credit Corporation notes sold through the
Treasury.
ceeded
ratio fell to 82.5% from
reserve
82.6%.
The
currency
expectations,
but
increase
it
of
The
Discounts
further drop of
$279,000 to $8,192,000, and industrial advances also
by the regional banks showed
a
continued to drift lower with a decline for the state¬
ment week of
Open market
$175,000 to $16,798,000.
bills were unchanged at
$550,000, and holdings of United States Treasury
securities were unchanged both in total and in
bankers'
of
holdings
character at
$2,564,015,000.
The New York Stock Market
EPTLE businessweek, done in the upward trend of
was but mild New York stock
market his
a
quotations nevertheless prevailed.
small and
hardly of
The gains were
nature to offset the huge and
a
of
volume
trading
The
the transactions
last
Monday
than
on
the New York Stock Exchange
the smallest in a full session for
were
three
periods likewise
less encouraging, for
was even
while subsequent trading
years,
inactive.
were
All that can be said,
its course,
somewhat
accords
with
for the time being, at least.
The
inquiry that developed this week tended to raise
rapid increase of idle bank
special circumstances of
requirements
deposits by $16,091,000 to $227,746,000.
therefore, is that the liquidation appears to have
this week indicate
brought about the decline
The
drop of foreign bank deposits
a
by $6,128,000 to $125,674,000, and an increase
other
levels
as
$107,374,000
Treasury general account balance by
to
enterprise,
an
Corporation, do?
D ASKING statistics
ever,
regional banks were down $40,302,000 to
ing of a drop of member bank reserve deposits by
ques¬
Federal Reserve Bank Statement
funds.
ad¬
Total deposits
$157,639,000 to $7,503,630,000; an increase of the
run
•U
circulation
$9,285,743,000, with the account variations consist¬
more
Precisely what would they have
States Steel
actual
in
sweeping declines of the current depression.
demagoguery ?
the
$18,179,000 to $11,084,674,000.
notes
are
public questions affecting business
that term includes
with the
$10,-
to
sharply, and total
$27,624,000 to $4,147,997,000.
vanced
community and
well-established organizations of business
down
$499,000
dipped
Federal
any
their
quite needless for
Gold certificate holdings of the 12
being.
to be
wholly withdrawn, we urge that it be struc¬
turally amended. Amendments should include pro¬
a
But the
ex¬
recent
a
slightly, but only in
volume that sufficed for
able
and
unfavorable
a
few stocks did it attain
appreciable gains.
developments
Favor¬
seemed
to
be
closely balanced during the week now ending, with
the
of
a
immediate outlook
spring advance
there is
now a
during the
seem
it
is
to
too
hopeful.
No sign
discernible in business, and
general expectation of poor conditions
that lies ahead. This would
also by the stock market, if
summer
be borne
fulfilling
barometer.
none
was
As
out
its
traditional
function
of
a
regards the longer future, however,
signs of greater optimism are increasing.
Assuredly
developments
one
of the most important of recent
was
the
announcement
by
United
Volume
Financial
146
States Steel
Corp. last Tuesday that
debenture issue is contemplated to
loans and make funds available for the
of that leading
program
of
$100,000,0(>0
a
refinance bank
improvement
This indication
company.
capital market revival and of quiet hopefulness
regarding the longer future stands out
needed
in
its
immediate
the French
Less encouraging
of better things.
augury
implications
the decision of
was
Government, Thursday, to effect still
another devaluation of the franc.
however,
much-
as a
that
It may
well be,
lead
will
adopted
the method
to
2907
Chronicle
a
showing of strength in the final hour.
The day
itself afforded little encouragement both from the
standpoint
news.
an
of
government
action and
Share prices forged ahead
on
industrial
Tuesday after
irregular start to accumulate gains of from frac-
tions to
more than three points in some instances,
Strength was especially in evidence among the
steel, aviation, motor, chemical and other related
shares. Plans for the devaluation of the French
franc and the widespread excitement attending its
announcement caused share prices to rise sharply
material effect on the securities
greater eventual stability, and the incident did not
in Paris, but had
shock
markets at home. Irregularly easier tendencies developed early on Wednesday, but were checked later
the markets
First-quarter earnings
greatly.
reports of large corporations continued to appear,
results
and
It is
mostly in line with expectations,
were
noteworthy, however, that
steel, motor and other units
withstand
the
depression
better able to
were
effects
been
than had
The problem of the Administration
thought likely.
business remains to be
vs.
of the large
some
solved, with
few signs
a
appearing that the
antagonism of Mr. Roosevelt
and
is
his
counselors
remains ready
course,
sensible aims
In
and endeavors.
a
rally of modest proportions.
In-
spired by gold-mining shares, the general market
perked up and closed the session from one to three
points higher.
on
Trading volume increased somewhat
Thursday, accompanied by irregular movements
among
equities throughout the session.
Under the
leadership of the utility shares, prices advanced
moderately yesterday, with a corresponding improvement in the volume of sales. General Electric
closed yesterday at 35% against 32% on Friday of
modestly
last week; Consolidated Edison Co. of N. Y. at 25%
States Treasury
against 21%; Columbia Gas & Elec. at 7 against
greatly changed, as payment was
5%; Public Service of N. J. at 30% against 27%;
encouraging this
not
were
of
always to cooperate with
the listed bond market
issues
Business,
diminishing.
as
in the day by
no
trends
United
week.
were
Monday for the $200,000,000 fully-guaranteed
J. I. Case Threshing Machine at 82 against 75;
Commodity Credit Corporation notes, and banks
made
were
purchases for the time
International Harvester at 59% against 57; Sears,
Roebuck & Co. at 59% against 56%; Montgomery
Distinctly favorable, in its capital market
Ward & Co. at 32% against 30%; Woolworth at
quiet upward movement of high-
42% against 42, and American Tel. & Tel. at 130%
inclined to rest
being.
implications,
was a
the
on
grade corporate bonds.
The
securities
to
tended
also
markets
moditv
more
speculative senior
In
advance.
movements
were
the
erratic,
com-
and to
against 126%.
23
Western Union closed yesterday at
Friday of last week; Allied
against 21% on
Chemical & Dye at 145 against 137%; E. I. du Pont
were
de Nemours at 104% against 97; National Cash
especially weak at times, and touched the lowest
Register at 17 against 15%; International Nickel
levels in four years
at 47% against 45%; National
unfavorable.
degree
some
futures
Wheat
last Monday.
Other grains were
dull, while base metals held to previous levels.
the
In
foreign exchange markets the principal develop-
ment
naturally
the fresh depreciation of French
was
affected
which
currency,
other
varying
units in
Official assurances that no similar move is
ways.
by the British and French Govern-
contemplated
ments
proved comforting.
On
the
touched
touched
Stock
York
New
Exchange 20
stocks
high levels for the year while 29 stocks
new
new
low
levels.
On the New York Curb
Exchange 28 stocks touched new high levels and 29
touched
stocks
New
at
new
Stock
York
low levels.
Call loans
remained
Exchange
on
the
unchanged
the
On
Kodak
Brands at 7% against
7% ; Westinghouse Elec. & Mfg. at 77% against
71%; Lorillard at 16 against 15%; Canada Dry at
la% against 14; Schenley Distillers at 16% against
17, and National Distillers at 20% against 19.
The steel shares made modest recoveries this
week. United States Steel closed yesterday at 45%
tinental Can at 39% against 37%; Eastman
at 151 against 145; Standard
against 43% on Friday of last week; Inland Steel
62%; Bethlehem Steel at 48% against
at 64 against
46%, and Youngstown Sheet & Tube at
31% against
In the motor group, Auburn Auto closed
yesterday at 3% against 3% bid on Friday of last
30%.
1%.
the
Dairy Products at
12% against 12%; National Biscuit at 21% against
19%; Texas Gulf Sulphur at 30 against 29%; Con-
New York
half-day session
shares;
Stock
on
Exchange the sales at
Saturday last were 147,770
Monday they were 353,010 shares; on
on
week; General Motors at 32% against 29%; Chrysler at 45% against 40%, and Hupp
Motors at %
Saturday last held their ground and
closed the day
The dulness of the market on
Monday had a
%. In the rubber group, Goodyear Tire &
closed yesterday at 18% against 18% on
of last week; United States Rubber at 27%
25%, and B. F. Goodrich at 14% against
13%. The railroad issues moved upward this week.
Pennsylvania RR. closed yesterday at 17 against
15% on Friday of last week; Atchison Topeka &
Santa Fe at 29% against 26%; New York Central
at 13% against 12%; Union Pacific at 65% against
60; Southern Pacific at 12% against 11%; Southern Railway at 8% against 7, and Northern Pacific
at 8% against 7%. Among the oil stocks, Standard
depressing effect on share values and equities shed
points, notwithstanding
Oil of N. J. closed yesterday at 49% against 45%
on Friday of last week; Shell Union Oil at 13
472,470
Tuesday,
shares;
shares;
on
Wednesday, 550,500
Thursday, 687,420 shares, and on Friday,
on
On the New York Curb Exchange
1,021,990 shares.
the sales last
Saturday
were
34,435 shares;
on
Mon-
day, 75,110 shares; on Tuesday, 97,830 shares; on
Wednesday, 106,035 shares; on Thursday, 123,830
shares, and
Trading
week
as
affair.
firm.
a
on
on
Friday, 197,360 shares.
the New York stock market for the
whole
In
an
was a
drab and most uninteresting
extremely narrow market prices on
from fractions to about two
against
Rubber
Friday
against
Chronicle
Financial
2908
May 7, 1938
against 12%, and Atlantic Refining at 22% against
trian course, with dealings overshadowed by a Reich
In the copper group, Anaconda Copper closed
oversuband therefore increased subsequently to
1,450,000,000 marks. Trade and industrial reports
from the leading industrial countries of Europe suggest that business activity is being maintained at
the slightly lower levels induced by the reactions of
20%.
and
little
reports
currently reflect
change from week to week.
week
the
in
industrial
and
American
ending today
Steel operations
estimated
were
Institute
Steel
and
Iron
at
and 91.0% at this time last year.
of electric energy
the depression in America.
by the
of
The London Stock Exchange was quiet and gen-
month
erally easier in the initial trading session of the
30.7%
capacity against 32.0% last week, 32.6%
ago,
scribed
"
Phelps Dodge at 24% against 22%.
Trade
a
week, with gilt-edged issues, an exception to the
Production
for the week to April 30
of 1,000,000,000 marks which was
loan
yesterday at 28% against 27 on Friday of last week;
American Smelting & Refining at 39% against 36%,
Funds still were flowing from France to
trend.
was re-
660,000 kilowatt hours against 1,951,456,000 in the
England early in the week, and employment was
sought in British Government and similarly high
previous week and 2,193,779,000 in the correspond-
grade securities. Industrial stocks were lower, with
ported by the Edison Electric Institute at 1,938,-
ing week
of last year.
Car loadings of revenue
freight for the week to April 30 were 543,075 cars,
aircraft stocks better sustained than others. Gold
according to the Association of American Railroads,
mining issues did well, while international securities followed an uncertain course. Cheerful condi-
This
increase of
was an
ing week, but
a
figure for the
As
19,308
tions prevailed in almost all groups on Tuesday,
with business still restricted. Gilt-edged obligations
the preced-
cars over
decline of 234,752
cars
from the
continued their improvement, and almost all indus-
week of 1937.
same
indicating the
trial stocks likewise were firm. The gold mining
section again reflected the employment of French
of the commodity mar-
course
kets, the May option for wheat in Chicago closed
yesterday at 80c. against 79%c. the close
of last week.
at
57%c.
Friday
on
Friday of
May oats at Chicago closed yesterday at
against 27%c. the close
as
on
at Chicago closed yesterday
corn
against 58%c. the close
as
last week.
28%c.
May
on
Friday of last
mining stocks
week.
The
spot price for cotton here in New York closed
yesterday at 8.70c.
against 8.76c. the close
as
Friday of last week.
yesterday
11.88c.
was
18%c.
per
pence
ounce
New
in
per
on
York
on
price for rubber
against i 1.45c. the close
on
Domestic copper closed yester-
day at 10c., the close
London the
The spot
as
Friday of last week.
In
Friday of last week.
on
price of bar silver yesterday
ounce
against 18 11/16
as
was
pence
Friday of last week, and spot silver
closed
yesterday at 42%c., the close
In
the
transfers
the close
on
matter
the
foreign
London closed
on
exchanges,
yesterday at $4.98 13/16,
yesterday at 2.80c.
against 3.06c.
as
Friday of last week.
on
were
was
followed by liquidation, and net
unimportant. International securities
uncertain, with losses
were
emphatic than
more
gains. Repatriation of French capital influenced the
London market adversely
Thursday. Gilt-edged
on
securities worked lower as holders shifted their
money back to Paris, and modest liquidation of industrial stocks was attributed to the same circumstances. Gold mining issues and international securities were firm.
Gilt-edged issues again were
lower yesterday, while industrial stocks were
Trading
cable
Friday of last week, and cable transfers
on
Paris closed
the close
of
changes
steady.
Friday of last week.
on
.
fugitive funds, and some of the international securities also improved. There was little activity Wednesday, but the trend remained firm. Gilt-edged securities resumed their advance, and most industrials
were fractionally better. A firm opening in gold-
day, as
on
the Paris Bourse was slow last -Moil-
rumors
circulated about the impending inextraordinary meas-
creases of taxation and other
with the French economic difficulties,
The month-end settlement Avas effected easily at a
ores to deal
carryover rate of
European Stock Markets
rate.
ous
3%%?
op
slightly from the previ-
Rentes and French equities were marked
ERRATIC sessions Avere reported this financial sharplyimprovedwhile gold mining and Overnight
Aveek on issues loAver, to
international
exchanges in European
equal extent.
stock
some
comparatively dull and
nouncement of taxation increases caused further li-
Trends were determined
largely by indevelopments in the British, French and Ger-
equities. Fresh buying of gold mining and interna-
were
motionless.
ternal
man
markets, and
York market
being.
of
Avas
even
the influence
of little
on
a
de facto
NeAv
the
tional issues developed,
rentes
of course, the de-
There
Avas,
basis of the French
promises to introduce
stability in the
of
quidation Tuesday, in ordinary rentes and French
importance, for the time
The primary event
valuation
which
an-
an
centers, Avhile others
a
currency
franc,
ures
Avitli
were
on
situation, and
in demand, regardless of exchange factors, and equities of all
pound sterling brought about
a
considerable
Fluctuations
on
tionally Avide, but the late
the
re-
fugithre capital to France, and reversed
doAAmward movement in the Paris sessions
in the Aveek.
the Bourse
recovery
Avere
early
excep-
wiped out all
early losses and left quotations higher for the
week.
were
On
the London
Stock
Exchange movements
small, with gains and losses about equally
nouncecl.
The Berlin Boerse continued
broad advance
relationships of the
national securities and
a
a
deAreloped in that session
great trading nations. Announcement that the franc
turn fioAv of
improved,
neAv meas-
much-needed element
would be maintained at not less than 179 francs to
the
also
Wednesday of
guarantees
indications
to deal A\rith the
the franc declined, and
as
exchange
on
its
pro-
pedes-
on
the Bourse. Rentes
were
descriptions likewise moved higher. Intermining stocks drifted lower,
The announcement early
Thursday of de facto franc
stabilization
the
energized
French
market,
AAnth
funds recalled from abroad plainly being employed
in
the
money
an
purchase
also
was
of
domestic
securities.
active session of advancing prices.
French equities
Hoarded
put to use, and the Bourse enjoyed
Avere
Rentes and
in keen demand, Avith gains
ranging to 5%, while international securities drifted
slowly downward.
Gains again
were
large in
an
Volume
Financial
146
session
active
yesterday.
Rentes
sharply
moved
Only limited trading
reported
was
These steps proved
the
higher, and equities also improved.
on
the Berlin
franc
then
initiated
were
Daladier
anticipation of good results from the Rome conver¬
expedient.
sations of the German and Italian dictators.
poor
tional
gains appeared in most industrial, chemical,
Fixed-income securi¬
shipping and other equities.
ties
Frac¬
likewise
advance
better
were
continued
was
small scale and in
in
eventful.
issues
some
business
again
were
noun cement
done
was
1,000,-
equities,
on
were
mined.
achieved.
un¬
Thursday, and
neglected,
as an-
Small
franc advance to the State
its armaments and other
with
loan
in
French
Government
Daladier announced
tion of the French
a
de
conversations with
finance
headed
officials, the
Premier Edouard
by
Thursday another devalua¬
on
franc,
de facto rather than
on a
The decline of the French unit in
jure basis.
a
devaluation
immediately brought
of
1936, whereunder the
2G,
Sept.
defense
measures
seemed to invite further outpourings
capital and a new decline.
Faced by this situa¬
tion, Premier Daladier and Finance Minister Paul
Marchandau
decided
upon
drastic
doubtless will be successful for
permitted to fall drastically
on
which
time, although the
a
uncertain.
ultimate result remains
is
measures,
The franc
was
Wednesday, and it
quite possible that the drop was aided by the
French stabilization fund.
stabilization
in the
was
Paul
Minister
seasonal
To all intents and
and
don
There
Washington.
to the
pound.
be
This level, M. Mar-
The
maneuver
proved impressive to
many
capitalists who had sent their funds out of
was
an
extensive repatriation
move¬
The return flow was
reported in Paris.
estimated
"authoritatively"
at
the
equivalent
of
This
French
devaluation
move
is
an
expedients of recent years, for it
in the
anticipation of
change rate for the franc.
first
before the
Sir
John
Commons, Thursday,
Tripartite accord, which re¬
Similarly, Secretary of the
effect.
full
in
Exchequer
Treasury Henry Morgenthau
Jr. stated in Wash¬
ington that agreement had been reached for con¬
about the
ances
Despite the
of the currency pact.
tinuance
vailed that another round of currency
a
assur¬
Tripartite agreement, the fear pre¬
devaluations
more
The belga is
precarious position, owing to
withdrawals of French
capital from Belgium, and
guilders and Swiss francs likewise reflected pressure
in
subsequent foreign exchange trading.
Anglo-French Diplomacy
a
were
undoubtedly cemented the understanding that
long has prevailed between these countries for con¬
certed
action
in
various
eventualities.
Whether
situation
effort
is
by the talks
was
made
to
still
impress
uncertain.
upon
Every
the world the
voked
ex¬
It is not, however, the
granted by Parliament just
Last Monday
issued for increases of all State
production and expansion of credit.
week
higher eventual
by 8%, stimulation of tourist traffic, increase
of industrial
TWO days of intensive Anglo-Frenchend of last
diplomatic
conversations in London at the
solidarity likely to prevail in the event of unpro¬
legislative body adjourned.
measures
taxes
mains
of
rush of expatriated
important move by the Daladier Government
under the decree powers
18
interesting variation of
calculated to bring back a
funds
with the
inconsistent
the
action should not be regarded as
the French
that
of
House
anything distinctly new was added to the European
1400,009.000 for the single day.
was
the
assured
Simon
stated, is the lowest to which the franc
country, and
the
example and also devalue their curren¬
Chancellor
gossip.
permitted to drop, but a recovery was not
ruled out.
French
If the pound is
that
cies, but emphatic denials fortunately scotched such
to be in
chandeau
ment
rumors
were
States might follow
result from the French measure.
this is equivalent to 35.8 francs to
his
agreement would remain in
countrymen that the
held
dollars, or 2.79c. a franc.
the
assured
force, and this was confirmed subsequently in Lon¬
may
of 179 francs
will
speculative.
or
Marchandeau
pur¬
calculated at $5,
the
fixed below the lowest rate reached
precipitate decline.
British,
Governments agreed on
the franc was tied to the pound sterling at a
poses,
rate
For the level of de facto
the
against extraordinary fluctuations
whether
currencies,
Finance
States
United
and
the French
of
up
of the effect upon the Tripartite agree¬
portions, and in accordance with the psychological
matters, every fresh plunge of
larger issue if
a
is successful.
first
Franc
of
small
a
relatively low interest rate is reported
Great Britain and the United
the currency
on any
badly to borrow for
requirements, and
foreign exchange markets had reached alarming pro¬
laws that affect such
level,
by the Bank of France.
preparation, to be followed by
the
ment
Facto Francs
American
minimum
new
of 33,000,000,000 francs thus
The French Government needs
French
and
undeter¬
Together with the similar "profit"
question
at Berlin.
British
remains
thus
anticipated, however, that French gold
probably will suffice to wipe out the 40,000,000,000
quite
1,450,000,000 marks.
AFTER intensive preparatory
franc
by fractional
was
dealings and modest movements occurred yesterday
De
is contemplated, and the
now
gold "profit"
a
In
emphasized that
was
will be revalued to the
reserves
and
it
announcement
It is
budget so chroni¬
a
to exhaust public savings.
as
content of the
gold
monetary
frank admission of
gold holdings of the French stabilization fund, this
made that the German State loan
was
economic conditions and
legal stabilization
no
the latest
a
Fractional
extremely small and unimpor¬
be increased to
would
offsett
were
Fixed-income securities
tant.
Success
dull. Changes
were
session that
a
The
similarly
a
small and irregular.
others, in
Little
variations
dealings.
on
equally modest trading.
obligations
were
advances in
declines
Tuesday,
stimulated investment in
marks
but fixed-interest
Wednesday
modest
Government conversion loan of
of the Reich
000,000
in
by Thursday morning M.
announce
He prefaced it by
official
consultations
International
and
able to
was
cally unbalanced
the
disappointing, and the drop of
continued.'
Boerse, Monday, but the tone was firm, possibly in
,
2909
Chronicle
made
aggression.
that
The judicious
French
British and
be coordinated in a most
the
two
serves
countries will
on
French soil.
military staffs will
war
disclosure
was
activities will
intimate manner.
Jointly,
build up war and food re¬
Conversations between the
be intensified, and some dis¬
patches state the new arrangements are
far-reaching
enough to provide even for a French command of
Financial
2910
land forces
and
forces,
sea
It is reported also that pur-
war.
Czechoslovakia, Yugoslavia, Hungary and
ister Chamberlain gave fulsome praise to Premier
Rumania, with
a
be
to
are
view to retaining for the two demo-
cratic States the influence in those States that
importance implies.
this
in
aid
project.
British credits
British
berlain
policy, it is added.
conversations ended
joint official statement
a
the British and French
spokesmen.
Neville Chamberlain and Lord
and
Daladier
Bonnet that the two countries
of the
the Brit-
as
Premier
Ed-
Minister
Georges
bound
together
are
close community of interests.
as
on
Prime Minister
with
Foreign
late
made by
was
Halifax,
agreed
Secretary,
Foreign
ouard
it
Cham-
dangerous nature.
a
London
the
April 29,
a
And
clearly is not inclined toward commitments
When
They regarded
"highest importance in the present cirthe two
that
cumstances
Mussolini, and he added that
already is
apparent
distinct benefit
a
in the relations of the
two
countries.
Hitler and Mussolini
will
quo
diplomacy under the realistic Mr.
and ventures of
by
to
are
however, that France must acquisce in the
conduct of British foreign
ish
eco-
These moves toward French
security and maintenance of the status
mean,
Mr. Chamberlain with Italy. The ballot showed 316
favorable votes and only 108 negative responses. In
the discussion leading up to this result, Prime Min-
other materials
and
war
creased in
nomic
May 7, 1938
in-
of
chases
British command of
a
in the event of
Chronicle
governments continue to
\Y/ITH a PomP and circumstance seldom accorded
even to royalty, Chancellor Adolf Hitler was
greeted in Rome, Tuesday, by Premier Benito Mussolini, and lorig conversations between the two dictators regarding the political relations of the Reich
and Italy thus were inaugurated.
The real intent
and nature of the discussions is a matter of conjecture, so far as the rest of the world is concerned.
It is apparent, moreover, that the official statement
to be issued when Chancellor Hitler departs this
week-end will afford little real information. The
current visit was planned early in the year, and in
the meanwhile great changes have taken place which
necessarily affoci
Italo-German relations profoundly.
German annexation of Austria and the
of Reich troops
the Brenner Pass
develop their policy of consultation and collabora-
appearance
tion for defense not
doubtless shook the Rome-Berlin axis and impaired
it.
The treaty between England and Italy intro-
only of their common interests
and international
but also those ideals of national
life which
ficial
have
approval
their two
united
French visitors of the
British
Ministers
results
would
behalf
of
the
negotiations
between
European problems, and the two
Close examination
accorded
was
in general
themselves
could most
govern-
agreement
on
position likewise
the brief official announcement
were
from
dispatches
correspondents
sort of
it
for general recognition of the Ethiopian conquest
a
afford still
matters for conversation between
more
the dictators.
European dispatches regarding the conference of
were
based in all
cases on
the interests
press
of the countries from which the reports emanated,
immediately
From Berlin and Rome came intimations that any-
experienced
known
made
was
Anglo-German
be followed by
adjustment of some of the problems that long have
the dictators
London
an
may
The
covered in
decision to continue necessary contacts between gen-
a
There is now a likelihood of
understanding, which in turn
troubled relations between France and Germany,
eral staffs.
that
sula.
The German expansion aims and the Italian desire
stemming from
as
of establishing ascendancy on the Iberian Penin-
The
discussed.
was
far-reaching military preparations
In
agree-
Spanish insur-
a
usefully be taken with
assuring peaceful and just solutions."
Far Eastern
as
gents, who are backed jointly by the two dictators,
the Central
view of
new
have displayed great prowess and are in a fair way
attend
"found
ment between France and Italy.
that equally satisfactory
Italy.
action which
will the anticipated
duced
Anglo-Italian accord, and the
hoped
France and
ments
factors,
Of-
the
countries."
in
expressed
was
on
joint diplomatic mediation would be
thing
to a firm military alliance might be ex-
up
Each capital tried to give the impression
attempted by Great Britain and France to solve the
pected.
problems presented by Germany and Czechoslovakia,
that the other
was
When the French leaders returned to Paris the im-
both insisted
that
seeking such
the
an
arrangement, and
Rome-Berlin axis would be
pression prevailed there that Great Britain would
strengthened by the visit.
side with France in Central
ports suggested that a weakening of the fascist axis
that British views
Europe.
But it is clear
paramount, for the
are
represen-
British and French
re¬
has occurred owing to the German march into Aus-
tatives of both countries consulted with Czech Min-
tria and the settlement of
isters, last Monday, with
In London it wras hinted that one of the chief aims
culties
occasioned
In London it
the
Prague
Sudeten
was
is
once
would make
German
contemplated
again
no move
were
was
of
a
encroachments
intended
to
rely
urged.
the visit
a
points.
to
and
The
the
more
general
given that Great Britain
military nature to prevent
upon
entirely
Czechoslovakia, and
upon
the
diplomacy, and perhaps of finance.
least
that
concern,
making
insufficient,
were
compromises
impression
German minority
making his especial
intimated that concessions which
regime
Germans
sweeping
view to abating the diffi-
by the
Hitler
Chancellor
a
resources
of
Fortunately,
by Chancellor Hitler to Rome affords at
little
opportunity for
an
adjustment of view-
Meanwhile, it remains to be noted that the
British House of Commons gave
proval last Monday to the
new
overwhelming
ap-
treaty concluded by
Anglo-Italian differences,
of the German leader wrould be to obtain
access
to
the Mediterranean, but this may be merely a reflection
of
British
apprehensions.
Definite
ments, meanwhile, are relatively fewr.
develop-
The Italian
authorities spared no effort or expense in making
the official
welcome to the
pressive.
Chancellor Hitler
day with
a
German dictator imwas
greeted
on
Tues-
carefully planned pageantry that
was
obviously designed to outdo the reception accorded
Mussolini in Germany last September.
Vast crowds
lined the way as King Victor Emmanuel and Chancellor Hitler rode from Ostia station to the royal
palace, and when the two
dictators appeared to-
gether the enthusiasm seemingly knew
Some correspondents
ality
saw
no
bounds.
suggestions of artifici-
about these demonstrations.
The
conversa-
Volume
tions
Financial
146
Chancellor Hitler
of
the
Mussolini
Premier
and
demonstrations,
naval
youth
parades,
and other indications of
Diet
maro
interspersed with vast military displays and
were
291 l*i
Chronicle
achieved
was
only when Premier Fumi-
Konoye promised that it would not be invoked
during his stay in office.
movements
In
might and regimentation.
their
with
southward
rush
crack
troops, the
Japanese militarists apparently displayed again the
Spain
overweening confidence in their
contributed
COMPARATIVELY little fighting was done in
Spain this week by the loyalists and insur¬
For
gents, owing largely to inclement weather which
rendered communications difficult.
There
were
of the
part
in¬
earlier
short
a
which
own prowess
much to the annihilation of
so
expedition
large
a
Taierhchwang.
at
period the invaders seemed about to
achieve their
objective of cutting the Lunghai Rail¬
dications, however, of another insurgent offensive
way.
Over the last week-end, however, stern resist¬
toward Catalonia whenever the
ance
developed along the extensive front, while be¬
sufficiently.
plainly
are
General
driving rain let
Franco's
Francisco
up
hind the
forces
peratively
ously because military supplies from Germany and
Italy still
reaching the insurgents in heavy vol¬
The international
ume.
noteworthy that
an
aspects of the Spanish civil
thus remain paramount.
war
is
are
London dispatches suggest
some
agreement by France, at
close the border to
the
loyalists.
been
British request, to
a
supplies of
There is
done, and
In this connection it
no
materials for
war
evidence that this has
official disc) An res to confirm the
no
reports, but they remain interesting in view of the
attitude
British
rumored
in
conflict.
throughout r\ the
Washington that
our
is
It
neutrality
own
,
special
from
the
halted
a
that
a
ing
the
Spanish
Government,
pro¬
meanwhile,
had
soldiers
nese
of this
by subsequent reports
render¬
was
Chinese
precarious.
been
killed
wounded
or
in
fighting, with the "really decisive battle"
In order to offset the mechanical
the
still to
superiority
invaders, the Chinese are said to be resorting
night attacks, and to maneuvers that bring the
into
forces
hand-to-hand
artillery is useless.
nese
to have received
and land
of Nations Council
out
preparing
were
The accuracy
position
Japanese
of its
against Germany and Italy, in the League
borne
was
plans to make another attempt at a world hearing
case
A
spokesmen claimed on Thursday that 34,000 Japa¬
to
shipments to Spain are
forces.
im¬
early this week, and reported
sharp offensive by the defenders
of the
arms
so
York "Times"
New
Japanese offensive, but
observation
arises of
The
mechanized
the
tremendous counter-attack.
ing irksome even to its franters, and the possibility
hibited.
of
are
Taierhchwang that the Chinese not only had
come.
decree whereunder
for
necessary
correspondent
visited the battle front
legislation, invoked only against Spain, now is prov¬
repeal of that law and annulment of the
Japanese lines guerrilla bands diligently
interfered with the communications that
in a position to force the battle, obvi¬
combat, where the Japa¬
The defenders appear also
important new supplies of airplanes
equipment.
meeting which is to start next
Colombian Election
Monday.
China
IN A QUIET Sunday elected Dr. Eduardo Santos
national plebiscite, citizens of Co¬
Fights Back
lombia last
to the Executive Office of that
STIRRED to greater defense activity by the battle
they
at Taierhchwang
month
Chi¬
a
won
battalions
nese
the loss
their
are
struggling desperately to repeat
they inflicted on the Japanese invaders of
The
country.
around the southern
nese
ago,
tide
of
Shantung
area
month ago.
is
to
Santos will succeed Dr.
Dr.
country, a post which
for four years beginning Aug. 7.
occupy
Alfonso Lopez, whose
regime was marked by a continuance of the com¬
rolled
plete default on external obligations of his country
where the Japa¬
during a period when payments in full or in part
battle
again
driven back with terrible losses
were
he
just
one
In order to retrieve the lost ground, a
The newly-elected
readily could have been made.
of Colombia is the leader of the liberal
President
new
Japanese army moved south rapidly, and cur¬
party there, and he was unopposed, as the conserva¬
rent
dispatches indicate that it is in the same sort
tive
of trouble met
mechanized
The mobile and
by its predecessor.
invading
army
neared
Lunghai
the
Railway last week, and its artillery was able to
pound that line for a brief period.
threw
But the Chinese
huge forces between the Japanese and the rail¬
and began to force the enemy back through
way,
the
employment of adroit tactics, designed to offset
the
superiority, of t-he invaders in equipment.
Some
reports indicate that up to 800,000 men are engaged
in
the
enormous
the
shattered
month
ago,
battle
legend
in
progress.
of Japanese
Having
invincibility
a
the defenders are said to be pushing
forward
vigorously,
hitherto
confident
war
now
no
overawed
longer
aggressors.
The
by
course
the
of the
suggests more than ever that the Japanese mili¬
tarists bit off more than
they
can
chew.
If further
and communist
parties failed to nominate an
opposition candidate.
In the absence of opposition,
policies to be followed by the newly-elected Presi¬
dent received little discussion, and little is known
of
the
likely to be assumed toward the
attitude
debts. The
however,
as Dr. Lopez made no faintest effort toward redeem¬
ing the pledges made on $148,00€,b00 of Colombian
highly important problem of external
change could not possibly be for the worse,
dollar bonds
reason
currently outstanding.
tributed to the callous
of
Colombia's
are
sufficient
for
honor,
and
the
Thursday, wrhen 11 of the 30 articles of the emer¬
fair
evidence
of ability
sadly besmirched good name
dealing and
mobilization law were placed in effect by de¬
tunity will be the greater because
Under this statute the Tokio Government re¬
try in the
power
of Japan's
man¬
and economic resources, and passage through
to
pay.
of his country for
The oppor¬
cree.
right to mobilize all
country's
financial integrity.
gency
the
the
increasing gold re¬
Together with the mantle of office the opportunity
soon will be conferred upon
Dr. Santos to redeem
proof of this were needed, Japan supplied it on
ceived
some
disregard by President Lopez
financial
trade balances
favorable
serves
There is
believe that personal idiosyncracies con¬
to
national
there is no coun¬
world which has sunk lower in inter¬
financial
President Lopez.
esteem
than
Colombia,
under
Financial
2912
Discount Rates of Foreign
Chronicle
THERE have been no changes the foreign week in
discount
of
of during the central
the
rates
Present
any
the
at
rates
leading
advances against securities
are
while bills
Effect
May 6
Country
vious
Established
Rate
Country
Mar.
1
4
July
Bulgaria...
6
4
India
3
Aug. 28 1935
Nov. 29 1935
3^
3
June 30 1932
7
Italy
4M
May 18 1936
3.29
m
Mar. 11 1935
4
Jan.
24 1935
4H
Java
4
July
18 1933
5
Jugoslavia
w.
Japan
'
-
4H
The
ratio fell off
reserve
Below
years ago.
and
a year ago
furnish the dif¬
we
3
Jan.
1 1936
3J4
Morrocco
4
Jan.
2 1937
5
Norway
14 1937
Feb.
1 1935
6H
5H
6H
3H
...
#
STATEMENT
4
Jan.
5
..
comparisons for previous years:
FRANCE'S COMPARATIVE
OF
3.65
6 1936
Apr.
ferent items with
BANK
3
.
Lithuania..
Czechoslo¬
Danzig....
64.85% two
5
Colombia..
vakia
unchanged.
45.54%,, compared with 54.71%
to
3^
Chile
Canada....
Rale
Ireland
Hungary...
May 15 1935
Aug. 15 1935
_
Established
2^
1 1935
2
Argentina.
vious
Effect
May 6
1936
SH
Batavia
Belgium..
Date
of 40,000,000 francs,
bought abroad and temporary advances to
State remained
Pre¬
Rale in
Pre¬
Date
An increase appeared in French
and
previous year.
commercial bills discounted of 631,000,000 francs
in
centers
shown in the table which follows:
Rate in
1938
893,707 francs last year and 60,768,428,305 francs
Central Banks
the
banks.
May 7,
July
1 1936
6
Jan.
5 1938
17 1937
May 28 1935
Changes
April 28, 1938 April 30,
for Week
May 1. 1936
1937
4H
Francs
4
Francs
No change
5
Gold holdings
4H
Credit bals. abroad,
Francs
Francs
58,806,959,832 57,358,893,707 60,768,428,305
20,791,794
6,159,413
12,853,692
Denmark..
4
Oct.
19 1936
3H
Poland
4X
Dec.
England...
2
June 30 1932
2M
Portugal...
4
5H
4^
Rumania
6
a
South Africa
4H
ZH
Aug. 11 1937
Dec.
7 1934
May 15 1933
4
7,657,099,826 14,842,652,291
811,051,412
1,097,947,909 1,297,482,373
3,699,202,732 3,917,662,182 3,533,290,739
+ 1,261,000,000 98,518,241,525 87,063,446,990 84,138,403,345
Note circulation...
Credit current accts.
—152,000.000 24,038,601,848 17,769,252,332 9,562,309,298
4
Sept. 25 1934
Dec.
4 1934
3
Nov. 12 1937
3H
4
Sept. 30 1932
6
Jan.
2
Dec.
5
Estonia
tInland
...
Iranee
Germany
..
Creece
Folland
...
..
5
July
5
2H
Dec.
1 1933
bills discounted
3
4 1937
7
Switzerland
1M
Nov. 25 1936
2
2 1936
2H
.....
10 1935
French commercial
+631,000,000 10,855,703,955
._
bought abr'd
No change
Adv. against secure.
5H
Spain
Sweden....
—14,000,000
+40,000,000
b Bills
.
Tern p. ad vs. with¬
c
No
out int. to State..
Propor'n of gold on
hand to sight liab.
Foreign Money Rates
a
IN LONDON open market discount rates9-16%
Friday
9-16%,
against for short
bills
on
were
bills,
Friday of
on
call at London
on
Paris the open
from
9-16%
against
as
Money
Friday
on
market rate
was
week.
last
lA%>
was
lowered
Since the statement of June 29. 1937,
1%.
Bank of
an
circulation, which brought the total outstanding
As the note expansion
small decrease of
fell off
and
compared with
£1,293,000.
other
rose
bankers'
£4,164,520,
and
£541,271.
The
attended by
was
a
a
reserves
Public deposits declined £147,000
deposits
of
consists
up
£475,158,646
£21,755 in bullion holdings,
£3,623,249.
accounts,
other
reserve
accounts,
1
23.6%
Loans
The
latter
which
increased
which
decreased
proportion fell off to 22.3%,
ago; a year ago
Government
on
and those
week
a
consists of
securities
other securities
on
it
was
26.00%.
£3,770,000
rose
£1,010,808.
The latter
increase in discounts and advances of
an
£1,125,724 and
expansion of note circulation of 803,000,000
an
a
a year ago
4,979,472,000
a
loss in securities of £114,916.
Bank rate remains at
ferent items with
2%.
Below
The
Circulation
silver and
other
304,000
marks,
and
marks
Bank's
recorded
90,413,000
COMPARATIVE
287,457,000
marks,
gold holdings showed
1938
1937
previous
An increase
year.
Bankers' accounts
.
Other accounts...
Govt, securities..
Other securities.....
of 17,674,000 marks, in investments of 150,000
The
ratio fell off to
reserve
1.49% and two
years ago
Disct. & advances
Securities
.
_
Reserve notes & coin
Coin and bullion.
Proportion of
_.
_
May 8,
May 9,
1935
1934
26.00%
2%
No change
Res've In for'n currency
36,656,704
88,798,310
21,299,465
38,012,445
92,476,044
16,093,584
5,798,846
10,294,738
35,931,777
—304,000
+ 785,131,000
—90,413,000
39.37%
2%
record high of
tion
year ago
the year
accounts
gold holdings showed
at
no
58,806,959,832 francs,
up
to
Circula¬
Credit bal¬
The
Bank's
change, the total remaining
as
STATEMENT
Reichsmarks
70,773,000
Reichsmarks
68,402,000
69,951,000
19,359,000
19,520,000
5,133,000
5,922,000
5,464,000
5,853,933,000 5,152,349,000 4,423,483,000
152,253,000
140,306,000
140,654,000
59,621,000
51,666,000
73,426,000
417,247,000
415,717.000
558,995,000
1,461,484,000
755,568,000
561,614,000
20,333,000
Liabilities—
Note in circulation....
...
+ 803,000,000 6,086,100,000 4,979,472,000 4,357,978,000
794,234,000
—287,459,000 1,030,766,000
687,709,000
238,162,000
+ 17,670,000
173,247,000
174,344,000
Propor'n of gold A for'n
curr.
1.24%
—0,20%
to note circul'n_
New York
,
1.49%
1.73%
Money Market
THE New Yorkthis week, with remained dull and
money market funds still avail¬
unchanged
14,000,000 francs and creditor
152,000,000 francs.
—179,141,000
Other daily matur.oblig.
aggregated 87,063,446,990 francs and
before 84,138,403,345 francs.
+ 150,000
__
48.07%
2%
31.16%
2%
98,518,241,525 francs.
abroad fell off
current
+ 17,674,000
....^
Other liabilities
1,261,000,000 francs, which brought the total
ances
Investments.
15,471,295
'HE statement for the week ended
Apr. 28 regis¬
tered a large increase in note circulation of
a
Advances.
Other assets......
81,457,635
Bank of France Statement
a new
is furnished below:
Reichsmarks
No change
Of which depos. abr'd
reserve
2%
it was
A comparison of
Apr. 30, 1938 Apr. 30, 1937 Apr. 30, 1936
Reichsmarks
Silver and other coin...
8,189, ,409
5,441,217
9,447,790
5,329,699
19,264, ,640 20,962,271
11,851,675
10,141,596
36,667, ,000 39,452,309 41,818,875 58,996,718
73,295.814
327,201 ,423 314,610,955 204,460,329 193,246,259 192,085,262
22.3%
a year ago
Changes
490,532, 000 475,158,646 422,641,454 394,249,541 378,789,448
10,742, 000
16,381,047
9,180,422
7,248,038
7,480,210
153,423, 854 134,836,099 124,998,841 142,571,610 144,989,344
117,452, 616 97,175,165 88,342,137 104,559,165 109,057,567
to liabilities......
1.73%.
the various items for three years
years:
£
Bank rate..........
17,670,000 marks.
1.24%;
STATEMENT
1936
35,971, 238 37,660,934
117,766, ,164 103,095,460
27,454, ,049 26,403,488
shown in bills of
was
marks and in other liabilities of
Bills of exch. and checks
Circulation..
compared with
exchange and checks of 785,131,000 marks, in ad¬
'
Public deposits.....
Other deposits......
as
show the dif¬
we
May 6,
£
The
change, the total
68,402,000 marks last year and 69,951,000 marks the
Gold and bullion..
May 5,
namely,
179,141,000
respectively.
no
remaining at 70,773,000 marks,
Assets—
May 4,
at
currency,
decreases,
marks,
REICHSBANK'S COMPARATIVE
comparisons for previous
OF ENGLAND'S
stood
before
year
Reserves in foreign
for Week
BANK
the
record high of
coin, other assets and other daily
obligations
maturing
and
marks
4,357,978,000 marks.
vances
from
1936,
rpHE statement for the last quarter of April showed
6,086,100,000 marks.
THE statement of the expansion of £1,271,000 in
Bank for the week ended
May 4 showed
as
Rep¬
Germany Statement
marks, which raised the total to
£490,532,000
c
gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26,
at
year ago.
64.85%
gold valuation was 49 mg. per franc; prior to Sept. 26. 1936, there were 65.5 mg.
of gold to the franc.
At
Bank of England Statement
to
54.71%
b Includes bills discounted abroad,
May 3
on
3%% to V/i% while in Switzerland the rate
remains at
45.54%
Includes bills purchased In France,
resenting drafts on Treasury on 10-bllllon-franc credit opened at Bank.
on
as
Friday of last week, and 9-16% for three-months'
change 40,133,974,773 19,991,307,016
—.041%
compared with 57,358,-
able
in
huge
lacking.
ings
amounts
were
at
a
from last week
an
acceptable
borrowers
low ebb, and the rates carried over
were
maintained.
issue of f 50,000,000
Monday, with the
Call
loans
on
the
The
Treasury sold
discount bills due in 91 days,
last
to
and
Bankers' bill and commercial paper deal¬
average
New York
rate only 0.033%.
Stock
Exchange held
1% for all transactions, and time loans again
were
quoted 1%% for maturities to 90 days, and
for four to six months'
datings.
Volume
Financial
146
New York
natural that exchange traders should be hesitant
during the conversations between Premier Daladier
Stock
was
ruling quotation all through the week for both new
and
continues
renewals.
quiet,
market
for
money
transactions having been reported
no
1}4%
UP
t°
days and 1 %% for four to six months maturities.
The
market
for
prime commercial
has been
paper
moderately active this week, but sales have been
restricted
somewhat
Rates
by the light supply of
Bankers'
paper.
Acceptances
THE market for prime bankers' acceptances has
quiet this week.
The supply of
been
very
prime bills has been extremely limited and the demand
has been
light.
There has been
Dealers' rates
Bank of New York for bills up to
days
and including 90
%% bid and 7-16% asked; for bills running
are
for four
change in rates.
no
reported by the Federal Reserve
as
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
J^2% for bills running from
Federal Reserve Bank's
main
1
The
days.
90
to
the
holdings of acceptances
which had
The
rediscount rates of the Federal
of
paper
is
than
more
stood
and
that
other
foreign exchange market. This
resume
foreign exchange.
official
statements
will
be
issued
impaired. Any announcement of a change in the
tripartite agreement must be interpreted in the lightv
of the
necessarily diplomatic language in which all
international affairs
couched.
are
The franc will be
legally devalued shortly, but such an announcement
will be nothing more than formal ratification of the
of
status
the
franc
brought about by the foreign
exchange market itself.
It cannot be said that the French have
effective
If and when
which
in
revision of the
a
London
agreement is
and
an arrange¬
Washington
the
are
The partnership may be
expected to continue for
an
London may
indefinite
justifiably be considered
different
tripartite agreement
Long before
partner.
more
the
recognized
were
sterling
Rate in
of
the
than 35 nations throughout
members
sterling and
cooperators in the
or
because of such
group
the direct¬
conclusion
alignment.
currency
Previous
Rate
as
period and
as
the world had allied their currencies with
Date
been
ever
partners in the tripartite currency agree¬
the
Established
very
not
ing
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Effect on
May 6
of Con¬
It is under¬
shortly with respect to revision of the tripartite
currency agreements of October, 1936.
On Wednes¬
day Washington officials declared the agreement is
in effect
Reserve banks:
Federal Reserve Bank
no
was
week.
a
fully discussed below in the
more
now
at
of
return
predominating partners.
Reserve banks.
following is the schedule of rates
classes
the
on
effected, it will continue to be practically
THERE have been no changes this week in the
various
prevailed for
feature of the current
ment.
unchanged at $550,000.
the
but
collapse of the franc is the overshadowing
re¬
Discount Rates of the Federal Reserve Banks
for
authorities
activity although in Wednesday's
trading the pound advanced sharply above the levels
ment
The
London
M. Daladier and M. Bonnet to Paris there
tinental
quoted at %@1% for all maturities.
are
and
noticeable revival of
time
Rates continued nominal at
this week.
90
The
■
2913
was
Money Rates
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
loans
Chronicle
Any change of
2
Boston.
IX
Sept.
New York
1
Aug. 27, 1937
IX
Sept.
4,1937
Cleveland..
IX
May 11, 1935
2
Richmond.
IX
IX
Chicago
IX
St. Louis
IX
Minneapolis..
IX
Aug. 27, 1937
1937
1937
1937
1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
2
Atlanta......
be undertaken by
may
2
Kansas City..
IX
San Francisco
IX
future
any
nation in the immediate
hardly be expected to ignore the influence
can
of London.,
The
cut in the franc to 2.79
new
2
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
IX
Dallas
2,1937
exchange policy which
or
IX
Philadelphia
currency
the de facto devaluation announced
2
2
2
May 5 amounts to
on
2 Vf'-v.
2
and not in
currency,
2
a
tie to sterling, a managed
any way
to gold
British business continues at
Course of
Sterling Exchange
it is
in many
the dollar.
or
high level although
a
generally recognized that
more
sion has set in
cents,
by M. Daladier
serious
a
lines of trade which
reces¬
are
not
The
ex¬
The
STERLING exchange shows no new features from
past
affected
week has been
port trades are especially hampered by trade restric¬
those of recent weeks.
great
were
was
the
market in the
extremely quiet with traders showing
hesitancy,
and until Wednesday quotations
The undertone of the market
largely nominal.
governed entirely by doubt and
probable official
course
essential
the
to
which might be taken by
the French authorities with respect to
the franc and the
concern as
devaluation of
possibility of maintaining intact
of the
principles
tripartite
currency
by the rearmament expenditures.
tions in all countries and there has been
many
and
stocks
of
tion
activities.
;
trade
and
activity outside London,
is essential to the
in
unjustified
rumors
shortly be devalued had
giving
an
an
important influence
additional impetus to the pound in
Wednesday's market.
week has
that the dollar would
The
range
for sterling this
been between $4.98 9-16 and $4.99 13-16
for bankers'
sight, compared with
a range
$4.98 3-16 and $4.99 7-16 last week.
cable transfers has been between
compared
$4.98%
a
with
week
The foreign
has
been
a
range
of between
The
range
for
$4.98% and $4.99%,
of between $4.98% and
more
inactive
Most
new
been
for
than in
many
weeks.
It
in
-
an
There is
increase in the
declined
have
no
perceptible
foreign lending which
expansion of British export trade.
capital issues in the past few
domestic
industrial
the decline.
years
expansion,
have
which
is
New capital issues in Great
likewise
on
Britain
during April amounted to £5,038,715, the
smallest
total
1937.
The
issues of
for
in
£6,391,772
that
March
month
and
since
1935,
£11,947,382
first four months
of this
in
year
against
April,
showed
£38,143,793 against £61,490,630 during the
corresponding period of 1937.
Money
ago.
exchange market, at least in New York,
orders
,:.'v
sharply in recent months.
indication of
doubtless
accumula¬
an
forward
Provincial bank clearings, the index of industrial
agreement concluded by Great Britain, France, and
also
in
lines of trade not influenced by the rearmament
the United States in October, 1936.
Unfounded and
decline
a
rates
tificially low.
are
in
Lombard
Street
continue
ar¬
Two-, three-, and four-months bills
9-16% and six-months bills
are
%%.
Financial
2914
Gold
hoarding
On
continues.
£410,000,
000,
by foreign interests
Monday £407,000,
on
000, and
At the Port of New York
the week ended May 4, as
Reserve Bank of New
Thursday £1,164,-
the'gold movement for
INCLUSIVE
Net Change in Gold
had been established in effect by the
might establish
Legislature
from Hongkong.
By the
The ,above
figures
On Thursday there
Wednesday.
week ended
for the
are
on
imports or
tion
earmarked
French funds
It
was
reported
Thursday
on
approximately $5,829,000 of gold was received
at San Francisco from
On Friday there
Japan.
were
imports or exports of the metal or change in gold
held earmarked for foreign account.
Canadian
discount of
a
open
mean
London check
market gold price, and the
price paid for gold by the United States:
and
franc
to
effect
abroad.
now
repatriation of
a
Exchange traders doubt
that any important repatriation of French funds is
5
In his radio address to the Nation
Premier
painted
ON PARIS
MEAN LONDON CHECK RATE
economic life is in
a
declared, "that
profits
partial unemployment is increasing in
branch
of
are
industry, that
proverishing
Thursday,
May 5
Friday,
May 6.--
178.79
178.12
162.87
2...162.97
3__
..164.47
LONDON OPEN MARKET GOLD PRICE
139s. 6d.
May 5.
139s. 7d.
May 6.„._._139s. 8d.
Wednesday, May 4...
Saturday, April 30
139s. 6J^d.
Monday, May
2.....139s. 6^d.
Thursday,
Friday,
3—..139s. 6d.
FOR GOLD BY THE UNITED
STATES
that
us,
our
production figures
Frenchmen.
all
for
The
Monday,
May
Tuesday, May
Thursday,
Friday,
....
..$35.00
35.00
35.00
May 5
May 6.
Referring to day-to-day rates sterling exchange on
Saturday last
was
steady in nominal trading. Bankers'
$4.98%@$4.98 11-16; cable transfers
$4.98 11-16@$4.98%.
On Monday the pound was
sight
was
steady with trading quiet.
for
@$4.98 13-16
The
and
exchange quotations continued nominal.
sight
Bankers'
currencies though the market con¬
against all
tinued thin.
from
was
bankers' sight
f°r
steady in
more
On Friday
active trading. The
16@$4.99 3-16 for cable transfers.
on
Friday
$4.98 13-16 for
bills
and
range
$4.98%@$4.99% for bankers' sight and $4.98 11-
tions
finished
that of
new
out
a
40,000,000,000 francs,
nearly double
It is believed in Paris that the
year ago.
devaluation through its
gold "profit" will wipe
large portion of the Government's debt to the
a
Bank.
It is
expected that industry will be stimulated
by reducing the price of French goods in foreign
,
markets and
building
move
new
through
be stable.
the export trade, and that
expected in Paris that the lower
new
purchasing
by making invest¬
low enough in value to
a currency
It is also
franc will attract
whose
up
will release credit
money
power
to France from tourists
will be increased.
The French Government also announced this week
that
it
would
shortly launch
an
internal loan for
000,000 francs (amounting perhaps to about $500,-
$4.98%@$4.99% for cable transfers.
was
now
sight and $4.98%@$4.99% for cable
$4.98 13-16@$4.99%
sterling
private credit, and threaten
defense purposes of from 15,000,000,000 to 16,000,-
On Thursday sterling was firm ranging
transfers.
up
$4.98 11-16@$4.99 13-16
The range was
bankers'
for
about
ments safe
$4.98 11-16@$4.98%.
up
recur¬
deficit, that the
a
The Government's debt to the Bank of France
the
$4.9S%@$4.98 13-16; cable transfers
On Wednesday sterling firmed
was
budget
a
that
monetary credit."
$4.98 9-16
On Tuesday foreign
$4.98% for cable transfers.
are
truth is
Treasury's needs exhaust public savings, ruin the
public credit, dry
$4.98%@
range was
sight,
bankers'
rently and inevitably is faced with
totals
Wednesday, May 4
$35.00
2......... 35.00
3..
35.00
every
trade balance is im-
our
(FEDERAL
RESERVE BANK)
Saturday, April 30-...
our
tending to disappear from business,
mate
168.42
Monday, May
Tuesday, May
PAID
May 4 the
bad condition, that legiti¬
very
in this anemic economic condition the
Wednesday, May 4
PRICE
on
tragic picture of the Government's
a
"The truth is," he
humiliation
Saturday, April 30
Tuesday, May
the French
that
tables show the
Paris, the
on
discount of 9-16% and
a
33-64%.
The following
rate
Montreal funds
as
de jure devaluation.
a
immediately probable.
situation.
exchange is steady.
ranged this week between
the
to
as
difficulty in
gold stock sufficiently to attract specula¬
were no
for foreign account.
no
devaluation the Government expects to
new
bolster its
exports of the metal or change in gold held
no
they would accept it
would have
maintaining the level until such time
No change
Note—We have been notified of the receipt at San Francisco of -592,000
The
itself, after having persuaded the British and
market
the lowest limit, France
Earmarked for Foreign Account
He asserted that there
Government it seemed arrived at this level of devalua¬
None
None
that
May 5.
on
further devaluation of the unit.
no
American authorities that if
Exports
Imports
would be
tion, which
follows:
was as
GOLD MOVEMENT AT NEW YORK. APRIL 28-MAY 4,
of gold
Conformity with the pledge made to the Nation by
Premier Daladier
reported by the Federal
York,
that the franc would be
mean
kept by the equalization fund from falling below it in
was
Friday £815,000.
on
believed to
was
allowed to fluctuate above this level, but would be
Tuesday £270,-
on
on
This
May 7,
available
Saturday last there
Wednesday £407,000,
on
London
in
Chronicle
at
were
$4.98%
cable transfers.
$4.98%,
Closing quota¬
f°r
demand
and
Commercial sight
60-day bills at $4.97%,
000,000)
In announcing this loan Premier Deladier
.
compared the coming drive for subscriptions to
national
plebiscite.
currency
unit marks the fifth since the upset of world
currencies caused
the franc
was
quotations
whereas
a
The latest cut in the value of the
for
by the
The
war.
5 francs to the
the
franc
are
in
1926 quotations were in
the former
pre-war
gold dollar.
value of
Present
59-cent
dollars,
gold dollars.
On
gold basis, present quotations would be
90-day bills at $4.97 5-16, documents for payment
around
1.70
(60 days) at $4.97%, and seven-day grain bills at
cents in
July, 1926, the peak of post-war inflation.
$4.98%.
Cotton and grain for payment closed at
$4.98%.
currency
gold shipping point.
THE French Government announced onfrancs 5
May
that the franc
stabilized at 35.80
to
was
the dollar and 179 francs to the
called the
action
pound.
de
The official
facto stabilization.
conflicts in
with 1.96
The weakness in the unit is
the collapse of the French
franc, but is attributed also to
increase in the
compares
has been ruling well below the
due in large measure to
Continental and Other Foreign Exchange *
statement
Belgian
gold cents, which
an
unexpectedly heavy
Belgian budget deficit and to political
Belgium and to unfavorable business
ditions there.
con¬
Belgium has in recent weeks been
a
steady shipper of gold to both London and New York.
Volume
The
146
Financial Chronicle
following table shows the relation of the lead
ing European currencies to the United States dollar:
Old, Dollar
Range
New Dollar
Parity
3.92
6.63
2.79
to
3.06^
Belgium (belga)
Italy (lira)
13.90
16.95
16.83
to
16.85^
5.26
8.91
5.26H to
5.26^
Switzerland (franc)
19.30
32.67
22.88^ to 23.02
Holland (guilder)
40.20
68.06
55.48
b Franc©
a
(franc)..
New dollar
parity
Yi to 55.75^
before devaluation of the European
as
through the operations of the exchange control. It is
clearly evident that the war with China is placing a
severe strain on the
Japanese fiscal position.
On
May 2 it
Week
This
Parity
a
currencies
between Sept. 30 and Oct. 3, 1936.
ments
b Franc cut from gold and allowed to "float" on June 30, 1937.
'
ments
at
178.12, against 162.62
New York
sight bills
on
on
on
Paris closed
Friday
on
Friday of last week.
In
the French center finished jit
2.80, against 3.06; cable transfers at 2.80, against
3.06.
Antwerp belgas 'closed at 16.85 for bankers'
sight bills and at 16.85 for cable transfers, against
16.84 and 16.84.
Final quotations
for Berlin marks
40.243/2 for bankers' sight bills and 40.24J/2 for
were
cable
transfers,
40.21 J/2-
in
comparison
with
40.213/2 an^
Italian lire closed at 5.26x/i for bankers'
sight bills and at 5.26for cable transfers, against
5.2634 and 5.2634closed
at
0.74, against 0.74;
and
Finland
on
Exchange
on
3.4834? against 3.4834;
Czechoslovakia
on
700,000.
at
EXCHANGE on the countries neutral during the
presents
features from those of
war
no
with
new
These units
move
in close
sympathy
Holland guilders and Swiss francs
sterling.
$290,000,000 has been shipped to the
States.
Since
in the balance of
as
a. consequence
In the
the
Bank
payments.
bullion (converted into pounds sterling at
THE following table indicates the amounts of gold
par
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
are shown for the corresponding dates in the previous
four years:
1938
of—
1937
1936
1935
£
Banks
£
£
£
are
of the French
327,201,423
France
293,720,843
past week or more American
2,522,000
issues have been firm in the Amsterdam market and
Spain
87,323,000
Italy
25,232,000
_
314,610,955
347,629,659
2,452,150
87,323,000
25,232,000
204,460,329
486,147,426
2,521,550
89,106,000
42,575,000
it is known that there has been a considerable move¬
grade
railroad and industrial stocks of this country.
Bankers'
192,085,262
609,415,545
3,019,100
90,778,000
90,495,000
sight
55.51,
against
on
Amsterdam finished
55.67
on
53,732,000
123,357,000
76,626,000
59,165,000
89,323,000
102,045,000
97,171,000
83,729,000
75,061,000
28,962,000
83,544,000
48,229,000
25,690,000
6,542,000
6,550,000
7,442,000
6,602,000
23,906,000
6,554,000
6,604,000
49,925,000
16,968,000
Denmark
.
.
Norway...
transfers
mercial
francs
at
week;
against 55.67; and com¬
55.51,
sight bills at 55.47, against 55.63.
closed at
cable transfers,
22.91
for checks and at
Swiss
22.91 for
against 23.0234 and 23.0234.
61,117,000
7,394,000
14,587,000
7,398,000
6,601,000
6,580,000
1,066,686,266 1,078,304,764 1,066,439,305 1,213,411,312 1,206,969,807
Prev. week. 1,065,150,021 1,080.010,999 1,074,387,007 1,215,465,546 1,203,689,987
Amount held
Dec.
31,
Copen¬
1936, latest figures available,
b Gold holdings of the
of gold held abroad, the amount of which Is now
Bank of Germany are exclusive
reported at £1,016,650.
cable
75,022.000
65,980,000
77,240,000
Total week.
Friday
on
Friday of last
7,780,000
63,005,000
Switzerland
a
at
£
193,246,259
Netherlands
Sweden....
funds into certain of the better
1934
645,013,953
Nat. Belg'm
ment of Dutch
of
Gold Bullion in European Banks
Germany b_
devaluation.
of
Closing quotations for yen checks yesterday were
29.09, against 29.08 on Friday of last week.
Hong¬
kong closed at 31.10@3134, against 31.10@31 3-16;
Shanghai at 25.92@2634? against 2734@2734; Manila
at 49.80, against 49.80; Singapore at 57.95, against
58.20; Bombay at 37.21, against 37.30; and Cal¬
cutta at 37.21, against 37.30.
England
showing weakness
revaluation
Japan's gold reserves in the summer of 1937 the gold
held by the central bank as reserve against its note
issue has remained unchanged around $250,000,000.
Metal for export has been drawn from the gold profit
which provided a fund with which to meet the deficit
of
exchange closed at 0.9134? against 0.9134-
recent weeks.
the
Japanese trade balance. The move¬
from Japan now amounts to $43,Since the movement began in March, 1937
on
total of about
Bucharest at
Poland at 18.89, against 18.89;
2.2034? against 2.2034Greek
on
disclosed that additional gold engage¬
this year
ment
United
The London check rate
was
amounting to $5,800,000 were made for ship¬
to the United States, which continue to reflect
the strain
a
t
2915
c
Amount held Aug. 1. 1936, the latest figure aballable.
23, 1937, at 43 milligrams
change In the gold's value
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
43 mgs., there are about 190 francs to £1.
The gold of the Bank of France was revalued on July
of gold 0.9 fine, equal to one franc; this was the second
within
than
lees
a
year,
the previous revaluation took
hagen checks finished at 22.26 and cable transfers at
22.26 against
22.27 and 22.27.
Checks
on
Sweden
Second
closed at 25.70 and cable transfers at 25.70, against
25.71 and
25.71; while checks
25.05 and cable transfers at
on
Norway finished at
in his
25.05, against 25.0634
25.0634-
on
the Third Party
Follette,
speech at Madison, Wis., on April 29, that the
movement, to he known as the National Pro¬
new
and
Thoughts
declaration of Governor Philip La
The
_—%—
gressives of America, which he heads "is not a third
held relatively
EXCHANGE on thesteady in close sympathy with
South American countries
launching the party of our time," was entirely in
All these countries continue to enjoy a
high degree of prosperity and were it not for the
strict exchange controls their imports from abroad
would undoubtedly increase to such an extent that
these units might develop weakness with respect to
sterling and the dollar.
Imports, particularly of
Argentina and Brazil, have increased sharply during
the past year but not sufficiently to offset their very
favorable export balances.
Argentine paper pesos closed on Friday at 33.25 for
bankers' sight, against 33.25 on Friday of last week;
cable transfers at 33.25, against 33.25.
The unof¬
ficial or free market close was 26.25@26.30, against
keeping with the sweeping criticisms and exhorta¬
tions which formed the burden of his remarks. Nei¬
party" but that "as certain as the sun rises we are
is
sterling.
26.15@26.20.
Brazilian milreis are quoted at 5.90
(official), against 5.90.
at
5.19
Chilean exchange is quoted
(official), against 5.19.
Peru is nominally
quoted at 2434? against 2434-
ther the
ers, are
Republicans
National
the
the
both
nor
the Democrats, one gath¬
expected to stand long before the onrush of
Progressives.
Governor La Follette
declared, "is composed of fine,
patriotic men and women.
vidual initiative and
cans
so
past.
our
for
The principles of indi¬
self-reliance of which Republi¬
often speak are as
essential today
as
in the
But when it comes to offering concrete meth¬
ods for
in
"The rank and file of
Republican and the Democratic parties,"
enabling those principles to exist and thrive
time, the Republican Party is bankrupt." As
the
Democrats,
their "progressive leaders are
only an outer fringe that acts as
windowT dressing,"
»
the "real
EXCHANGE follow long Eastern countries con¬
on the Far familiar trends. The
tinues
to
Japanese yen is still
maintained at Is 2d.
per yen
of
power" is "increasingly wielded by a group
politicians who see no more and who feel no more
Republican Party," and
than the Old Guard of the
Financial
2916
the
party, "exactly like the Republican, is not and
cannot be united on any
fundamental
The
program.
thing the politicians within both the old parties
one
is getting and keeping all possible politi-
agree upon
cal power
and patronage."
is
There
Progressives.
tive
be
to
will in
due
although,
as
also, apparently, be
picked
a
group,
the only party worth considering, the
will evidently be pretty large.
group
a construe-
organization, it
an
"This is
no
'popular front,'" Governor La Follette announced
the end
toward
of
his
of
speech, "no conglomeration
conflicting, opposing forces huddled together for
temporary expediency.
shall not
out because
seek
We do not seek, indeed
accept, individuals
they
embittered
are
only those who
rolls
is
.
.
religious
a
certain
Moreover, "we make
mercenaries
In the best
.
cause.
.
.
economic
but
drawn
sense
While
.
near-by material
merely
disgruntled. We
or
promises of riches without work.
closed to
are
ducements.
us
with complete conviction
come
and without reservation."
unfulfillable
we
who seek
or groups
goals,
new
sade discloses two of three
are
points
trol, Federal attempts to raise
Federal subsidies
and
ment relief projects.
In
a
production, price raising, high
and shorten, working hours,
wages
By these means they hope to
spur
and capital to
of productive activity,
full
a
measure
private initiative
ment and want.
far
as
the public has been
as
know, is only what Governor La Follette
hopes for.
The Madison gathering, he
was not a
convention, and
hours.
"We
have
tried to
to
give the farmer
We have tried to
mistaken
only
elected by
on
name
the Governor
thereafter until
a
his
successor
can
every
are
other officers.
no
con-
The remedy
collective
bargaining,
American to live under
enough to
and
a
the lawless, wise enough to
suppress
whole," but the
able-bodied people" put and kept at "wealth-
producing work."
the
other
In this connection
"Private capital and private busi-
modern, efficient and economical railroad
tern"
and
housing
which would
tive and
find
we
that
"our great
that
sees
the
difficulty is getting
hard
that the
times, of liberty
by government."
can
a
from
or
gov-
we
These
put people to work—how can this be done?'
people will
never
be satisfied.
They expect
the
published by the
Madison
date-line
"Progressives'
of
Plat-
"were listed by Governor La\
as
as;
the five basic principles of the new politi-
not in
quotes
the
prepared
speech
some
brief passages from
dispatch of May 1 reported,
as
published,
al-
Governor, that
a
on
them.'1
A "Times"
the authority of the
platform "has
been
worked out
in considerable detail at conferences with rank and
file members of agricultural, labor and political
he
those," he said, "who will continually ask: 'How
with
a
The document is described
are
dictatorship, will be
specifications. "There
or
though the "Times" account of the Madison meeting
to act,"
only refused to specify, but seemed impatient
document
head-line
Follette
government
this, however,
week
cal party which he proclaimed," but the five points
little later
courage
a
"five points" wrhich
sys-
question of prosperity
Beyond
with those who would ask for
are
come
a
form," is confusing.
emphasizing to his hearers that "if anything
made
not
to
are
a
under
April 28,
undertakings
him declaring a
problem and has the
is clear this is clear:
or
as
as
of the associates, it was an-
New York "Times"
give work to millions, but the initia-
direction, apparently,
ernment, for
and
construction
see
two.
ness," he declared, "must be afforded opportunity
to go to
work," and he instanced the provision of
"a
names
nounced, would not be forthcoming for
accomplished,
hand, is far from clear in the Gov-
speech.
of
beyond the selfish desires of the moment, and just
produc-
enough to consider the welfare of the people
011
age
government strong
"all
ernor's
The
"the right
tion, production to the Nation's full capacity, with
Just how this reformation is to be
be
majority vote of all members of the
afford," public education for youth, old
and which cannot be carried without disastrous
;
one
shall
free speech, the right to work and to receive "an
security,
our
April
given to the
income which the full productive capacity of society
policy is the burden of unemployment, de-
more
was
were
last Tuesday. They
association," but there
The result of this
for the standard of living.
as
give
we
articles pledge support for religious freedom and
give labor high wages by restrict-
Governor La Follette offers is
on
"and
pression and debt with which the country is saddled,
sequences
the plat-
nor
president of the National Progressives for
year
re-
This
The articles of association
as
stricting the production of the factory and the shop,
ing the output of the worker."
of the persons who have joined
articles of association."
our
press
re-
and
give industry high prices by
sponsoring the movement,
28.
high prices by restricting agricultural production,
We have tried
names
allegiance," Governor La Follette said, "are stated
spe-
wages
unemploy-
or
part company with organized labor in its efforts to
maintain high
in
scath-
cifically and in detail, the New Deal policy of
which
for, housing
They will also, apparently,
yet been revealed. "The principles to which
cru-
the Governor scored and repudiated,
crop con-
maintain prices,
or
form which is to embody the party creed, have
which his fol-
on
agree.
up,
will call for the abandonment of Federal
neither the
soul
his
can
it seems to indicate that the National Progressives
wants and
not
the
that
Summed
a program
be extracted from the Madison speech.
All this, however,
repetitious speech
apparently expected to
passage
shorter
"
This is about all in the way of
took pains to announce,
with which Governor La Follette launched
stricted
the contingencies that can be found only by doing
the job."
point toward
free
to
means
we
learn by practical experience how to take care of
allowed to
crusade
are
First,
.
.
.
must be sure we are headed right, and then
with him in
are
A search of the discursive and
ing
mental lesson that we'learn by doing.'
ends
we
our
problem for the next
every
These people forget the funda-
...
and through expanded production to end unemploy
no
Our
of man."
lowers
twenty years.
by such in-
this
to shake out of his sleeve a perfected blue-
some one
time, presumably, put forward candi-
It will
dates.
party will have
new
it is developing
May 7,1938
print for every detail of
we
nothing of this in the National
The
program,
Chronicle
or-
ganizations," but that "while Congress is in session,
.
according to the plans, details of the blueprint of
the
new
steal
party will be kept secret, lest Mr. Roosevelt
the
'thunder
on
the
left.'"
Two
of
the
points may, however, be noted because of their
markable demands and implications.
"The
five
re-
owner-
Volume
Financial
146
ship and control of
fication
"must be under
fifth
money
point declares,
first
public and not private control." The
point, which
serts that "we
wide range of things, as-
covers a
flatly
form of coddling
oppose every
spoon-feeding the American people, whether it
or
be those
relief, whether it be farmers
on
whether it be business
is
and credit, without quali-
reservation," the
or
found
the
or
statement
or
workers,
industry," while later on
"we will
that
use
its
[the
2917
Chronicle
been spending during the whole of the Roosevelt
regime.
During the four
years
from July 1, 1933,
to June 30, 1937, the United States expended for
all
|31,465,832,056, and, if allowance is
purposes
made for the soldiers' bonus, the outlay of each
successive
before.
year
notably exceeded that of the year
compares
with
$18,382,348,721 during the next previous four
years
This
aggregate
enormous
(substantially the Hoover period), and
was
greater
Government's] might to cut through the modern un-
than that of any eight-year period in the history of
derbrush of worn-out debts."
this country, excluding the
taken in connection with
Follette's
The latter
statement,
remark in Governor La
a
speech that "the American standard of
living today is supported by an enormous mass of
outworn
public and private debt," leads one to wondebt cancellation
der whether
form
The
or
repudiation is to
part of the Progressives' program.
a
one
strong point of the new movement is its
repudiation of controlled production, artificial price
raising, and inordinately high wage levels with their
accompaniment
point
an
of
hours.
shorter
Around
this
impressive volume of American opinion had
already rallied before Governor La Follette spoke,
whether the many
but
the
the
Until
the
platform of the
politicians and class
who endorse
the stand will
or
new
group
party, and
representatives
it, are known, neither radicals, liberals
conservatives
nor
approve
approval into votes for
party and its candidates is a very different
new
matter.
of
who
due time translate their
in
are
likely to rush to the support
enterprise which, in addition to being obvi-
an
ously local and highly personal as yet, offers at best
only
confused mixture of sound criticism, general-
a
ized assurances and
attract
to
cratic
to
parties, weak
or
The Republican and Demo-
bad
as
they
may
be adjudged
be, will not go out of business at the wave of GovLa Follette's hand.
ernor
of
inspirational appeal with which
allegiance.
It will require a good deal
persuasion, and something a good deal more subthan
stantial
words, to win over the farmers who
enjoy the liberal Treasury handouts that the Administration has
backed
provided, and still more to induce or-
labor,
ganized
abate its wages
the
ready
at any time to
strike and
by the National Labor Relations Board, to
new
coming
and hours demands.
Quite possibly
No other government
any
peace
years
from 19.17 to 1921.
spent half
so
much during
Of this
of equal duration.
astronomical total of $31,465,832,056 the sum of
$16,315,396,634 (compared with $11,453,002,513 in
the next previous quadrennium) was raised by taxation and the balance by increasing the national debt
of the United States from $22,538,672,164 on
1933 (it had been $16,185,308,299 on
June 30, 1930), to $36,424,613,732 on June 30, 1937.
If Congress accepts the new spending program proposed by the New Deal, the increases now advocated
by the Administration will enlarge the cost of the
general government even beyond the reckless Roosevelt expenditures of the last four years,
Happily there are indications that this latest
program of waste may not win the approval of Congress.
The message in which it was presented to
that body was received coldly by substantially all
those who have exhibited independence in the past,
and with consternation by a considerable number
of those who are ordinarily counted as staunch supporters of Presidential policies. Michael E. Hennessy, Washington correspondent of the Boston
"Daily Globe" and one of the most experienced and
reliable writers on political events at the capital,
June 30,
attributes to Vice-President Garner about the most
searing and unanswerable denunciation of the pro¬
posals that could be phrased within the limits of
polite English. The summary is so concise and
complete that it merits quotation in full, and ought
to be blazoned where it could be read and re-read
by every citizen until the struggle against profligacy
lias become finally successful. The words attributed
to Mr. Garner are:
party, if it is able to take the field in the
Congressional elections and in the presi-
period of
ever
"We've been trying this New Deal spending orgy
More mil-
for six years, and where has it got us?
hence, may cut down the
lions out of work, business again depressed, fear
Democratic
strength, but nothing has yet come out
returning, economic and financial security totter-
nf Madison
to
dential election two years
indicate that the National Progres-
,
will
sives
,,,,
be
"the" party upon whose policies the
welfare of the
„
,
,
•••
•
.t
^
country will depend, or that Repub-
Democrats, the American Labor Party or
Communists will hasten to beat a retreat before
nati°nal debt increased.
11
1
an(*
inf>
I for one
refuse to support more reckless spending.
t
.
"The
converting of
It's got
independent people into
once
Nation of mendicants is sheer madness and con-
licans,
a
the
trary to every idea of the founders
the La Follette forces.
Vice-President Garner Opposes Enhanced
minded and
of the Republic,
That's socialism, not democracy."
These
Spending
and
can
ing.
satisfactory recovery, the President and the
of advisers for the moment in the ascendancy
no better remedy than enhanced spend-
think of
Let there be no misunderstanding.
The pro-
posal is not to resume experimental spending on a
huge scale but vastly to augment
the enormous and
excessive rate at which the Federal Government
true
and
bold
has
words.
The practical-
clear-thinking Vice-President is entitled
to unstinted gratitude for
spending throughout a fiveyear period having failed effectively to "prime the
pump" that is to stimulate industry to continued
Exaggerated public
group
are
their utterance and will
have occasion to feel increasing pride in having
given such timely expression to his sound views,
Nor need it be doubtful that he has now accurately
declared the sober judgment of the great masses of
those who have witnessed with growing dismay the
progression in extravagance which has, for the
present at least, attained its climax in the proposed
new spending plan. Opposition to further expansion of expenditures is being voiced upon every side
and from remote and unexpected quarters ; even
2918
Financial
Chronicle
who formerly accepted the fallacious notion
many
that moneys
maintain
waste should
that
to
depression have
bly and totally failed.
irreconcilable
taxation
D
difference
and
those
between
funds
raised
Taxation, howlevied, is always met, and must always be met,
out
of the current
the
production of commodities for which
effective demand.
be
must
and
it
is
This
income
resulting from
there
income, from which all
is
taxes
subtracted, is the true purchasing power,
the only genuine
purchasing power that
exist at any
can
national
time.
Whatever is taken in
taxa-
tion
is, therefore, merely the diversion of purchasing
power from those creating it to the government.
If
the
government devotes
public works, of real
even
deduction
of
utility,
from
for
nent
or
purchasing
one
administrative
upon another group.
to
revenues
fancied utility, or without
taken
pretense
merely been
of its tax
some
or
has
power
and,
group
after
a
conferred
expenses,
In such case, nothing perma-
genuinely beneficial has been achieved; the
aggregate of purchasing power has been in
augmented.
degree
no
On the contrary, expanding and
in-
creasingly oppressive taxation has operated, as it
always does, to discourage enterprise and hinder
production.
In
weight imposed
duce because
they realize,
increased
of
Civil
close
the amounts
prove
few
a
just prior to the Ameryears
subsequent to its
futility of attempting to
industrial depression by artificial de-
as
taxation is
government taxation
always the
reverse
spending is the face.
in the year
and
of the shield of which
1857, and the normal
justment and liquidation
were
diversion
that
the
man-power
started
was prop-
merit as an expression of "sympathetic interest," he
was unable to explain why an understanding with
Italy regarding Palestine, the existence of which
time,
oral and not written, and he declined
was
what kind of
say
expected
was
does not
a
notwithstanding that the agreement
into effect until
go
a
settlement is reached,
His effusive praise of the "new Italy"
which, "under
the
stimulus
and
personality of Signor Mussolini,
a new
is showing
vigor, in which there is apparent
vision and
a new
and in the
a new
measures
efficiency in administration
which they are taking to im-
prove the conditions of their people," was particularly irritating to Labor and Liberal members who
have
confidence in the good faith of the Italian
no
Government and
no
use
tempt to discriminate
for Fascism,
between
the
and his at-
action
of
and
and
In the North the
war
of hectic activity, much profiteerexpansion of the real wealth of the
some
region.
But the interrupted process
the
League and that of its individual members regarding the recognition of the Ethiopian conquest left
much
be
to
desired
from
the
point
of
view
frankness.
of
»
1
Nevertheless, the vote of 316 to 108 by which the
Commons ratified the agreement made it clear that
the
overwhelming majority of the House supported
Minister, and that British foreign policy,
the Prime
far
move,
relations with
as
Italy are concerned, will
for the present at least, along the lines which
the agreement lays down.
The question
now
has to
do with the effect which the policy may have
the general international situation in
Europe.
til the results of Chancellor Hitler's visit
are
known, the question cannot be
certainty.
Political
upon
Un-
to Rome
answered
opinion, however, will
with
see
Mussolini, and the special tributes which
arms
to
settlement of the Spanish trouble
and
far when
very
as
part of the agreement was revealed for the first
a
invariably precede
ing, and
references
to
the
"new
in
Italy"
he
paid in his speech to Foreign Minister Ciano and
Ambassador
Grand!, an attempt to stiffen the attitude of Mussolini in the face of such
pressure as
Hitler may
try to exert, and thereby to prevent the
Berlin-Rome axis from becoming any more
impor-
tant than it is at
present.
The Anglo-Italian agree-
of readjust-
ment, in other words, will not fulfill Mr. Chamber-
t, with its essential liquidation, had to be carcompletion, and it was plainly resumed after
Iain's expectations unless it contributes to what he
ried to
the war,
at first only partially
accomplished, and
then finally resumed for the second
time in the great
panic of 1873 and the five
that
supervened.
The
years of acute
economic
depression
history
period most plainly demonstrates that it
interrupted and incomplete liquidation of
of
was
the
that
the
major
depression beginning in 1857 that made
necessary
the
Monday. He
on
Labor member for interpreting
President Roosevelt's formal reference to the agreea
Chamberlain's
years were years
men
altogether
Mr.
to military activities
production of munitions.
not
was
processes of read-
interrupted by the clash of
of
spending;
A major depression
genuine recovery had not progressed
they
recovered
to be less than the
illustrate the
such
in the House of Commons
erly rebuked by
as
War and
well
counteract
vices
the
production.
The economic conditions
ican
in
fear, that after paying
or
exacted
sums
by selling their output will
cost
increase
every
productive effort by taxation,
marginal producers necessarily cease to pro-
some
the
fact, with
upon
Europe
in
happy in his defense of the Anglo-Italian agreement
by
springing from the productive
.
Prime Minister Chamberlain
It has failed because there is
employment of capital and labor.
ever
help vastly towards the attainment of
New Balances of Power
come to realize that the
experiment has been fully made and has demonstra-
ma
salutary end.
satisfactory level of employment during
a
of
seasons
raised by taxation could be used
May 7,
otherwise
ditions
premature
recurrence
of
compelling the liquidation which
the
con-
was, in this
the principal incident of the major depression
starting in 1873 that witnessed the completion of
sense,
the process suspended
statesmen
lesson of
by the Civil War.
ought to be able to follow
Men and
so
history and to apply it to current
plain
a
events,
Vice-President Garner's fine stand
against folly and
has called a "general
appeasement," and in any
settlement of that nature German policy is of prime
importance.
Looking at the matter first from the point of view
of Western Europe, it would seem that Mr. Chamberlain, in making
following it with
a
an
agreement
with
Italy
and
defensive alliance with France,
has made it necessary for both Mussolini and Hitler
to
with
move
caution.
An
understanding between
Italy and France would be
understanding
between
a
Italy
natural
and
and under British pressure such an
appears
ment
likely to be reached.
are
not
an
Britain,
understanding
The chances of agree-
likely to be lessened by Hitler's
ported feeling that France has become
Power whose
sequel to
Great
a
re-
second-class
position is extremely unstable,
and
Volume
tliat
a
Financial
146
Franco-Italian
would be of
agreement,
special importance.
the
withdrawn
no
expressions which
times made of his desire for peace
Hitler has not
several
in Western Eu-
and his willingness to contribute to it, and
rope
Franco-Italian
he could
if a
understanding promised to aid peace
only at the sacrifice of good faith oppose
intention of exercising
with Great Britain, of any
political
or
it.
by Italy, again, in its agreement
The renunciation
economic control in Spain after the war
makes it difficult for
trol for itself
Germany to seek any such con-
if it desired to do so, and it
even
would
courting serious trouble if it undertook to re-
be
the operation of the Anglo-Italian
strict in any way
East.
Near
On
the
and the
Mediterranean
regarding the
agreement
whole,
one may
conclude that
agreement with Great Britain, and the agree-
the
ment with
have
France if
one
is made,
will be found to
position
strengthened Mussolini's independent
in the
a
in consequence,
he has
parts of Western Europe in which
Italy feels
special interest.
For
Central and Eastern
resumed
Europe the outlook is
When German expansion will be
quite different.
how far it will go are
or
questions for the
future, but its natural course is eastward and southeastward
along the lines which include Czechoslo-
belief in
annexed
vakia, Rumania and Hungary.- There is a
quarters that Hitler, now that he has
some
Austria
Reich, will wish for greater access
the
to
and Mediterranean than is
to the Adriatic
2919
Chronicle
afforded
which Austria enjoyed
Trieste, and that the subject will be considered
It is highly probable that Mr. Chamberlain, in
the arrangements which he has made with Italy and
France and the pressure which he has exerted for a
Franco-Italian understanding, has had the creation
of such an offsetting balance in mind. The German
advance, it is clear, will not be stopped by British
or French interference, and the political and economic form of Central and Eastern Europe bids fair
to be what Germany makes it. The Italo-German
entente is essentially artificial, for historically
the associations of Italy are with France and
Great Britain.
The pressure to return to the
old association will become acute if and when Germany trenches upon regions in which Italy is seeking to develop trade, or, by insisting upon a better
foothold on the Adriatic, becomes a direct rival in
that sea and the Mediterranean. It is doubtful if
the Berlin-Rome axis would stand that strain; it is
equally doubtful if Italy would long exert itself to
maintain it if it meant, for Italy, a position of clear
inferiority to Germany.
The old doctrine of a European balance of power
accordingly, in process of revival under a
form. A balance is peculiarly necessary for each
seems,
new
of the three Powers immediately concerned. It is
necessary for Great Britain because its great European rival is now Germany, and it cannot, with possessions throughout the world to be defended, count
upon successfully meeting that rivalry alone. ? It is
necessary for France, which is struggling hard to
internal dissension and avert national
by the free-port privileges
suppress
at
bankruptcy, and in the international sphere can do
110 more than hold its ground. It is necessary for
Italy unless Italy is prepared to go on with an
in the
conversations at Rome.
German advance extends to the
Whether
not the
or
actual incorporation
of
arrangement in which Germany seems destined to
be the dominant partner, and in so doing to jeopardize the amicable relations with Great Britain
which have lately been cemented. It is necessary for
be made to
tap the resources of food and raw materials which
Germany needs and to open markets for German
goods. The fact that Germany appears to be somewhat hard pressed financially and that rigorous exchange restrictions are in force is, no doubt, an obstacle, but the financial situation would be greatly
all three Powers, moreover, because, with the peace
treaties badly disrupted and all Europe in apprehension, the League of Nations can no longer exercise
the slightest influence as a controlling or mediating
body.
r
There remains the question of an understanding
with Germany that will keep Europe out of war.
substantial increase in foreign
British opinion, outside of Labor Party circles, appears to be on the whole favorable to such an understanding, and French opinion gives some evidence
of moving, hesitatingly and somewhat grudgingly,
in the same direction. The Berlin-Rome axis, as far
in
existing,
political
steadily augmented in the countries
Germany of any more of the States now
there is every reason
infiuence will be
which
have
a
to expect that German
considerable minority population
Germans, and that strong efforts will
improved with
a
trade.
How will
the
affect
torial
political and economic expansion
position and policies of Italy?
Terri-
expansion in Eastern Europe or the Balkans
has not
are
such
no
as
yet appeared as an Italian aim, and there
important Italian populations in those re-
The deYugoslavia, Hungary and Rumania is, however, one of Mussolini's
ambitions, and Italy has for some time been an important market for Rumanian wheat. Evidently wre
gions to facilitate an expansion program.
velopment of Italian trade with
have
here
the
possibility of a sharp clash of rival
Italian and German interests which can be
if German
an
averted,
policy continues to be aggressive, only by
agreement to delimit the respective spheres of
German and Italian
ment cannot be
between
penetration.
If such
an agree-
made, Italy Will have to choose be-
yielding to Germany's demands in order to
keep the Rome-Berlin axis intact, or joining with
Great Britain and France in the establishment of
an
offsetting balance of power.
the Rome-Berlin
historical memory.
In the latter case
axis will speedily become only a
known, has 110 aggressive implications for WestEurope, while if Hitler is less interested than
formerly in peace in the West he may well be de¬
terred by the defensive alliance that has been con-
as
ern
France. For
amicable understanding with Germany is clearly possible, and Mr.
Chamberlain is reported to be exerting himself actively to that end. For Eastern Europe, on the other
hand, the outlook is clouded. Even if Hitler, under
the pressure of British, French and Italian representations, were greatly to moderate his policies (and
there is not the slightest evidence as yet that he intends to yield), the enforced Nazification of every
region to which his control is extended is certainly
to be looked for, and between the Nazi philosophy
and the democratic ideas of most Western European
countries there is no prospect of reconciliation. The
most that can be hoped for, apparently, is that a
eluded between Great Britain and
Western Europe, accordingly, an
2920
Financial
weakening of the Berlin-Rome axis and
a
cooperation
France
Italy
may
between
tinued successes,
balance
new
much
of
that is
week's
until Ger¬
1948,
bonds
at
have
level.
49%
been
gained
5%
virtually
7, 1938
points.
Defaulted
unchanged
from
last
-
Strength has been the feature of the utility bond market
week, all classes advancing on a broad front and in
good volume.
Action in the prime investment issues has
been
particularly
all-time
new
do
can
noticeable.
peaks.
Many
Cincinnati
Gas
such
issues
Electric
&
attained
3%s, 1966,
advanced % to 105;
Philadelphia Electric 3%s, 19(37, gained
Lower grades have been uniformly stronger.
California-Oregon Power 4s, 1966, advanced 3% to 90;
Pennsylvania Electric 4s, 1971, rose 2% to 88; American
Power & Light 6s, 2016, at 80% were
up 7% ; General Water
day, but it cannot keep
%
Europe permanently in equilibrium unless the will
to peace
5s,
May
this
con¬
The
war.
developing
1st
railroad
and
by its
forces the Continent into
power
Ohio
developing
peace
decisive check or,
a
fend off the evil
to
Britain,
keep Western Europe at
ambition meets
man
Great
Chronicle
controls the policies of both sides.
at 108%.
Works 5s,
1943, closed at 74, up 3%.
bond prices have
improved moderately this
week, although changes have been relatively narrow.
In
Industrial
The Course of the Bond Market
Bond
prices have tended
vanced.
Gains
have
to strengthen
the
as
week
ad¬
the steel group fractional changes have
prevailed.
Bethle¬
Steel 4%s, 1960, have advanced
% to 103%.
Among
oil issues, Consolidated Oil
3%s, 1951, have gained % at
been
particularly noticeable in lowergrade utility issues, the Baa utility group recording a new
i038 high.
High-grade and United States Governments
have
been
hem
100%.
firm.
MOODY'S
BOND
PRICES
[Based on Attract
U. S.
AW
1938
Gout.
Domts-
Datly
Bonds
slightly improved
tendency developing in Argentine and Brazilian issues.
Ac¬
tivity in Europeans has been slack, with minor price
changes.
Australians have declined somewhat
except for the Queens¬
land 6s; Japanese obligations have turned
softer.
(REVISED)
f
MOODY'S
Yields)
120
120 Domestic Corporate *
120 Domestic
by Ratines
Corp.*
Corporate by Groups *
Aaa
A
Baa
RR.
70.20
0__ 111.54
91.20
113.48
103.74
91.66
66.51
5- 111.68
90.44
113.48
103.74
91.35
64.82
4..
•
AU
120
P.
V.
108.85
on
YIELD AVERAGES
t
Corp.
120 Domestic
by Ratings
Corporate by Groups *
tic
x
30
Por¬
6—
May
(REVISED)
Individual Closing Prices)
120 Domestic Corporate *
Domes¬
Averages
Indus.
101.76
1938
Daily
Aa
BOND
(Based
tic
May
3%s, 1952, have been outstand¬
Building issues have been featured
con v.
by a rise of 4% to 69 in Walworth 4s, 1955.
Among retail
trade bonds, United Drug 5s, 1953, recovered 5
points at 79.
There was a rise of 2 to 95% in
Remington Rand 4%s, 1956.
Foreign bonds have been quiet, with a
of medium-grade rail
bonds have been confined to frac¬
tions, the more speculative railroad bonds registered wider
gains.
Central Pacific 1st 4s, 1949, advanced % to 75; New
York Central 4%s, 2013, at 51 were
up 6% ; Baltimore &
Attracts
Phelps Dodge
ing, rising 1% to 107%.
High-grade railroad bonds have moved irregularly higher.
Terminal Kit. Assoc. of St. Louis 4s, 1953, advanced
% to
100%; Atchison gen. 4s, 1995, gained 1% at 104%; Vir¬
ginian 3%s, 1966, were % higher at 103%.
While the gains
Aaa
Aa
3.29
4.54
3.79
A
Baa
RR.
6.57
4.51
6.20
P. U.
Indus.
3.90
tions
3.52
68.97
101.23
111.77
89.99
4.59
103.56
90.90
64.27
68.57
100.88
108.66
108.46
5„
113.48
8— 111.73
89.69
4—
4.62
113.48
103.20
3.29
90.59
3.80
63.91
4.56
68.07
6.81
100.53
6.36
108.46
3.95
3.54
89.55
3„
Www
2..
4.64
113.07
3.29
3.82
4.58
6.85
100.35
0.41
108.27
3.97
3.54
Www
2—
4.65
3.31
3.82
4.58
6.87
100.35
6.40
108.27
108.27
108.46
108.27
3.98
Apr. 30..
111.72
Apr. 30.. 111.61
89.69
103.20
113.07
90.59
103.20
63.73
90.59
03.91
68.17
68.17
29.. 111.42
89.69
113.27
103.02
90.44
63.91
08.17
28.. 111.34
100.35
89.84
113.07
103.20
90.59
64.18
68.47
100.35
3.29
3.79
4.53
0.75
6.32
3.93
3.53
www.'
3.55
www
3.82
4.58
6.85
6.40
3.98
3.55
29..
4.04
"www
3.30
3.83
4.59
6.85
6.40
3.98
3.5b
www
28-
4.63
3.31
3.82
4.58
4.64
3.31
27.. 111.31
26— 111.24
89.84
113.07
90.59
64.45
08.67
6.82
100.18
6.37
3.98
113.07
27-
3.54
89.55
4.63
102.66
3.31
90.44
3.84
63.91
4.58
68.17
100.00
0.79
6.35
108.27
3.99
www
89.69
113.07
26„
3.55
25- 111.29
4.65
102.66
3.31
90.59
3.85
64.27
4.59
68.57
6.85
100.00
6.40
108.27
4.00
3.55
www
25-
4.64
102.84
3.31
3.85
4.58
6.81
6.36
4.00
www
23- 113.38
89.69
113.07
102.48
90.29
64.36
99.66
108.27
3.55
www
22- 111.48
89.10
113.07
23-
4 63
102.12
89.65
3.31
3.86
63.64
4.60
67.58
0.80
99.48
108.08
6.30
4.02
www
87.93
112.45
22-
3.55
21- 111.18
20- 110.84
101.23
4.68
88.95
3.31
3.88
01.98
4.65
06.03
98.80
6.88
0.46
4.03
3.50
www
68.57
107.30
87.64
112.05
21-
3.34
3.93
61.47
65.84
19- 110.81
98.45
107.11
87.78
112.05
20-
4.78
101.23
88.65
3.30
3.93
01.81
66.22
98.45
18- 110.81
87.78
112.05
4.77
88.51
3.36
3.93
62.06
66.32
10- 110.72
98.28
106.92
100.92
19-
101.23
87.64
111.84
18-
4.77
100.88
88.22
3.36
3.93
62.24
66.41
98.11
106.54
16-
4.78
3.37
3.95
14-
15- Stock
14.. 110.08
101.23
88.05
Exchan ge Clos ed
87.35
111.64
100.53
4.69
7.07
6.62
4.07
4.71
7.13
6.64
4.09
3.61
www
4.71
7.09
6.60
4.09
3.62
www
4.72
,
7.06
0.59
4.10
3.62
www
7.04
6.58
4.11
3.64
www
7.07
6.60
4.13
3.60
WW
4.74
Exchan ge Clos ed
3.38
3.97
4.77
15- Stock
3.00
87.78
61.98
00.22
97.78
106.17
88.22
62.49
67.08
97.61
105.98
13-
100.70
4.77
88.51
3.38
02.76
3.96
4.74
67.68
7.01
97.45
105.98
6.51
4.14
12-
4.76
88.80
63.11
3.36
3.96
4.72
68.27
97.28
6.98
105.79
6.45
4.15
3.67
11-
4.74
88.36
63.20
3.37
68.17
97.28
6.94
6.39
4.16
www
3.67
100.88
3.68
13.. 109.80
87.78
111.64
12.. 109.71
87.93
112.05
11- 109.63
9- 109.00
88.22
111.84
111.84
101.58
88.07
4.76
100.70
4.80
3.95
4.70
w
www
www
www
87.49
105.60
111.84
9-
4.75
3.37
62.15
3.91
4.73
67.38
90 94
6.93
105.04
4.16
WWW
87.07
111.84
100.18
8-
3.69
7— 109.81
4.79
87.78
3.3/
61.38
3.99
66.80
4.76
90.78
7.05
6.48
3 72
www
112.05
7„
4.82
100.00
87.78
3.37
01.30
104.85
104.85
4.18
87.07
3.99
4.77
7.14
0.54
4.19
3.73
www
8- 109.09
1OO.I8
87.93
60.89
96.61
6-
4.82
3.36
4.00
6.40
5— 109.85
87.21
112 05
100.18
87.93
61.55
67.18
4.77
96 61
6.15
4.. 109.08
104.85
86.64
112.05
5—
4.81
99.83
87.21
3.36
60.80
3.99
66.32
4.76
90.28
7.12
104.67
0.50
4.20
3.73
www
2- 109.62
1- 109.68
86.07
111.84
4„
4.85
3.36
4.01
4.81
90.11
7.21
104.48
6.59
4.22
3.74
www
2-
4.89
3.37
4.04
4.84
7.32
6.70
4.23
3.75
-WW'
4.06
4.89
7.47
6.87
4.23
3./6
www
99.31
86.78
59.90
65.28
85.24
111.64
98.97
86.07
58.70
03 /3
90.11
104.30
1-
88.51
113.07
103.56
89 55
61 47
0< .58
98 45
106.73
Mar.25-
Weekly—
Mar. 25- 110.34
4.95
3.38
4.72
3.31
0 53
4.20
3.73
Weekly—
89.34
113.89
3.80
4.65
99.14
7.13
107.88
6.46
4.09
91.60
114.51
18-
105.98
4 63
92.75
3.27
05.56
3.78
72.98
4.59
99.48
6.88
108.46
6.27
4.05
3.57
4- 110.70
94.01
14.93
100 54
11—
4 51
94.49
69.58
3.24
77.60
3.07
4.44
100.00
108.46
6.67
5.94
4.03
3.54
94.49
115.14
4..
100.92
4 36
94.81
6.26
5.54
4.00
www
3 63
11- 110.57
3.54
18.. 109 97
103.93
90.44
63.64
09.48
3.22
3.04
4.33
www
www
•
www
Feb.25.. 110.60
18- 110.21
11- 110.18
79.20
99.48
93.85
108.46
114.93
Feb. 25—
107.73
4.33
94.01
69.58
78.20
4.31
98.80
6.16
108.08
WWW
115.14
18-
3.54
93.53
100.54
4.37
93.69
68.87
3.22
3.03
77.96
4.36
98.62
6.26
107.69
5.49
4.07
www
92.28
113.89
11—
3.56
4- 110.16
4.39
3.21
3.64
4.38
106.92
6.33
5.51
4.08
www
4-
3.58
4.47
3.27
3.68
4.47
0.45
105.79
70.62
92.28
67.68
75.70
98.45
3.21
3.62
5.41
4.03
-'Www
5.70
4.09
3.62
94.33
114.09
115.35
105.04
21.. 110.52
—
106.73
4.50
94.81
3.26
69.99
3.72
77.84
4.45
100.18
109.05
6.58
5.85
4.08
95.78
116.00
21-
3.58
14.. 110.15
107.09
4.34
95.62
72.32
3.20
80.84
3.03
4.31
100.53
6.22
109.24
5.52
3.99
3.51
www
14—
4.25
3.97
3.50
...
Jan. 28- 110.07
91.81
92.59
66.41
73.99
98.62
107.69
Jan. 28
www
'
www
95.62
115.78
107.88
95.40
72.00
3.17
81.35
3.58
99.83
108.46
95.95
116.00
7..
108.27
4.26
95.95
72.65
3.18
3.57
82.13
4.27
101.76
6.03
109.24
5.24
3.54
85.24
111.64
High 1938
4.02
Low 1938 109.58
1 Yr. Ago
4.95
98.97
86.07
3.38
58.15
4.06
4.89
63.73
96.11
7.54
104.30
Low
6.87
4.23
3.76
4 24
3 17
3.55
4.24
5.97
5.18
3 90
3 50
-WW
May 6 '37 107.94
Yrs.Ago
May 6 '36 109.74
101.23
112.25
108.85
100.00
86.92
95.46
101.23
107.69
May 6 '37
3.93
3.35
3.52
4.00
4.83
4.27
3.58
WW.
108.46
2 Yrs.Ago
May 6 '36
3.93
3.97
3.27
3.53
4.12
4.96
4.41
3.97
7- 109.97
High 1938 111.77
.
1
2
*
100.53
113.89
108.66
97.95
85.10
93.21
100.53
1938
4.26
6.00
5.28
Yr. Ago
1
3.54
...
These prices
are computed from
average yields on the basis of one "typical" bond
(4% coupon, maturing in 30 years), and do not purport to show
the average movement of actual
either the average
price quotations.
They merely serve to illustrate in a more comprehensive
way the relative levels and the relative movement of
yield averages, the latter being the truer
picture of the bond market.
* Discontinued,
t The latest complete list of bonds used in
in the issue of
computing these indexes was published
April 23, 1938, page 2594.
or
The New
Capital Flotations in the United States During the Month of
April
and for the Four Months Since the First of
January
The grand total of
new
capital flotations in this country
during the month of April aggregated $352,020,019.
This
total compares with
$245,177,843 for the month of March.
The grand total of
$352,020,019 for
April is represented by
medium
of
underwriters, continued to be an important
phase of the market for capital during the month of
April.
The incentive
obvious,
in
$78,813,361 of corporate emissions, $49,481,658 State and
that
issues
publicly-offered
operations
and
$223,725,000
governmental
of
agency
Farm
issues.
Loan
and
Refunding
were
to
that
eliminated.
municipal
choose
the
the
direct method is
substantial
total of nine corporate issues
a
placed privately
or
$35,000,000
were
bond and note issues by
corporations, by
aggregating $401,000
been placed
holding, investment
trading companies, and by States and municipalities,
foreign, and domestic, as well as Farm Loan and publiclyand
offered governmental
agency issues.
Financing through the sale by borrowing corporations of
bond issues directly to the ultimate
investors, usually a
of life insurance companies, rather than through the
March
placed.
less
are
more
records indicate
aggregating $17,117,780
semi-privately.
small
were
our
or
registration
of
costs
During the month of April
relatively large during April, as we find no
less than $154,571,800 out of the
grand total of $352,020,919
comprised refunding, with $197,448,219 representing
strictly
new capital.
Our compilation, as always, includes the stock,
group
•
'
0— 109.82
level
'
In the month of
different issues
totaling $61,035,000
In the month of February two issues
seven
issues
were
so
aggregating
placed privately and in January last two
privately.
780 in corporate
This makes
were
a
reported
as
having
grand total of $113,553 ,-
securities, covering 19 separate issues, placed
1938, and compares with
privately to the end of April,
$88,632,300 of corporate securities, comprising 23 different
issues, placed privately in the corresponding months of 1937.
United States Government
lines
financing was along the usual
during April and consisted of four single offerings of
■
Volume
Financial
146
2921
Chronicle
Treasury bills in addition to the continuous offering of baby
bonds.
in
remarks further below.
our
Type of
these offerings are recorded
The details in respect to
Dated
"
New
Total Amount
Security
.
Accepted;
indebtedness
Refunding
a new
"will mature
Treasury Morgenthau,
$199,200,000
average
were
which $100,325,000
of
March 31,
on
dated April 6, and
Tenders for the bills totaled
The bills
July 6, 1938.
on
price for the bills
bank discount basis
accepted.
was
The
99.965, the average rate on a
was
Replace maturing bills.
being 0.139%.
offering of
$100,000,000, or thereabouts, of 91-day Treasury bills.
The bills were dated April 13, and will mature on July 13,
1938. Applications for the bills amounted to $197,199,000 of
On
April 7, Mr. Morgenthau announced a new
■which $100,188,000 was
the
bills
was
basis being 0.146%.
The average price for
accepted.
99.963, the
average
rate on a bank discount
Issued to replace maturing bill issue.
offering
of $100,000,000, or thereabouts, of 91-day Treasury bills.
The bills were dated April 20, and will mature July 20,
1938,
Tenders for the bills totaled $376,161,000 of which
$100,420,000 was accepted. The average price for the bills
was 99.985, the average rate on a bank discount basis being
Mr.
Morgenthau
April 14, announced
on
Secretary
announced
the
of
a
offering of $50,000,000,
new
mature
rflie bills
or
April 21,
thereabouts, of
dated"April~27^and
were
$158,830,000 of which $50,050JX)0 was "accepted.
totaled
price for the bills was 99.991, the average rate
bank discount basis being 0.037%.
Issued to replace
The average
on
a
'
maturing bills.
-
Baby bond sales in April aggregated
the
following
50,144,000
50,063.000
23
91-day Treas. bills
50,276,000
50,276.000
1-28
U. S, Savings bonds
50,456,549
;
Total
Mar.
2
Mar.
9
Mar.
91-day Treas,
2
Mar.
9
.
. r
show in tabular form the Treasury
we
financing done during the first four months of 1938.
The
show that the Government publicly disposed of
take up
represented an addition to
the public debt.
For April by itself, the disposals aggregated
$391,149,021, of which $350,983,000 was used for refunding
and $40,166,021 represented an addition to the governmental
$2,044,680,125, of which $1,552,719,900 went to
existing issues and $491,960,225
debt.
TREASURY
STATES
FINANCING DURING THE FIRST FOUR
MONTHS OF
PUBLIC
1938
Mar. 16.
Mar. 16
Mar. 23
Mar. 23
Amount
Yield
Price
Accepted
Applied for
Due
Dated
Offered
50,000,000 Average
99.984 *0.065%
30 Jan.
5
91
days
153.977,000
Jan.
7 Jan.
12
91
days
138.807,000
50.027,000 Average
99.976 *0.097%
Jan.
14 Jan.
19
91
days
160.075,000
50,130,000 Average
99.972 *0.111%
Jan.
21 Jan.
26
91
days
176,533,000
50,035,000 Average
99.974
*0.103%
75
*2.9%
102.248,655
10 years
102,248,655
2
91
days
184,593.000
50.060.000 Average
99.979 *0.084%
F*eb.
9
91
days
150,294,000
50,144,000 Average
99.980 *0.080%
10 Feb.
16
91
days
146,823,000
50,063,000 Average
99.980 *0.080%
days
141,485.000
50,276,000 Average
99.977
*0.092%
10 years
50.456,549
50,456,549
75
*2.9%
Jan 1-31 Jan 1-31
302,440,655
total.
Jan.
28 Feb.
3
17 Feb.
Feb.
23
Feb1-28 Febl-28
91
250,999.549
total.
Feb.
Feb.
24 Mar.
2
Feb.
24 Mar,
2 106 days
160,894,000
50,137,000 Average
50,042,000 Average
227,296,000
50,156,000 Average
50,033,000 Average
230,782,000
91 days
Mar.
3 Mar.
9
99 days
Mar.
3 Mar.
9
99 days
159,587,000
Mar.
7 Mar. 15
I0K yrs
450,646,900
204,681,000
122,339,000
Mar. 10 Mar. 16
91 days
Mar. 10 Mar. 16
Mar. 17 Mar. 23
93 days
99.978 *0.086%
99.983 *0.058%
99.982 *0.073%
99.984 *0.059%
100
450,646,900
50.208,000 Average
50,025,000 Average
2.50%
99.9824 *0.070%
99.982
*0.068%
99.986 *0.059 "7
Mar. 17 Mar. 23
91 days
118,569,000
242,126,000
.50,099,000 Average
100,282,000 Average
99.983 *0.067%
Mar. 24 Mar. 30
80 days
82,462,000
50,107,000 Average
99.982 *0.081%
Mar. 24 Mar. 30
91 days
233,733,000
100,097,000 Average
99.978 *0.087%
Mar 131 Mar 131
10 years
86 days
*2.9
75
48,258,000
48,258,000
1,100,090,900
Marc h total.
99.965 *0.139%
Apr.
6
91
days
199,200,000
100,325,000 Average
7 Apr.
13
91
days
197,199,000
100,188,000 Average
99.963
*0.146%
99.985
*0.061%
Mar. 31
Apr.
Apr.
91
days
376,161.000
100.420,000 Average
Apr.
91
days
158,830.000
50,050.000 Average
99.991
*0.037%
10 years
40.166.021
40,166.021
75
*2.9%
14 Apr. 20
2] Apr. 27
Aprl-30 Aprl-30
April
*
391,149,021
total—,
Average rate on a
bank discount basis.
Use
50,188 noo
100,218,000
50,163.000
50,107,000 1
100,092,000
100,282,000
bills
80-day Treas.
bills
91-day Treas.
bills
100,097,000
l-31w... U, S. Savings bonds
48,258,000
_
...
91-day Treas.
6
50,112,000
48,258,000
$1,100,090,900
Total
Apr.
$801,001,900
$100,325,000
$299,089,000
$100,325,000
bills
Apr.
13
91-day Treas.
bills
100,188.000
100,188,000
Apr.
20
91-day Treas,
bills
100,420,000
100,420,000
Apr.
27.
91-day Treas.
bills
50,050,000
50,050,000
__
$350,983,000
$40,166,021
$2,044,680,125 $1,552,719,900
$491,960,225
$391,149,021
Total
Grand
40,166^021
40,166,021
U. S. Savings bonds
Apr. 1-30
total.
*
INTERGOVERNMENT
1938
.
FINANCING
Net Issued
Retired
Issued
January—
$24,254,000
». -
.
63,241,000
$87,495,000
$1,000,000
84,100,000
1,939,000
$84,400,000
82,161,000
$2,939,000
$166,561,000
$23,000,000
$15,600,000
$7,400,000
52,100,000
22,258,000
29,842,000
$75,100,000
_. „
$46,759,000
$169,500,000
-
1,959,000
$85,400,000
.
Notes
$44,800,000
$134,254,000
.
$69,054,000
65,200,000
Certificates
$37,858,000
$37,242,000
February—
Certificates
Notes
_
Total
vA.A::-
March—
Certificates
—
_
......
Notes
....
Total......................
-
Certificates
.
.
..
$4,100,000
-wL:...... ...
"l
Notes.,
x$4,100,000
24,865,000
1,030,000
*12,935,000
$11,930,000
Total four months
$28,965,000
x$ 17,035,000
$390,784,000
Total..........._.—...........
$116,521,000
$274,263,000
sales of special series certificates and notes; certificates sold to
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
Old Age Reserve Account, Railroad Retirement Account, Civil Service Retirement
Fund, Foreign Service Retirement Fund, Canal Zone Retirement Act, Alaska
Railroad Retirement Fund, Postal Savings System and Federal Deposit Insurance
*
Comprises
Corporation,
x
Retired.
Features of
April Private Financing
Proceeding further with
our
analysis of the corporate
observe that public
of
for $62,750,425 as against $13,them in March. Industrial and mis¬
offerings totaled $12,522,936 during April, as
utility issues accounted
compared with $55,838,213 for that group in
railroad offerings totaled but $3,540,000 as
235,000 reported for them
The total corporate
Dated
5
Jan.
12.„...
Jan.
19
Jan.
26
Jan.
1-31...
Security
bills
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
U. 8. Savings bonds
91-day
Treas.
Total.
March, while
against $12,-
during March.
securities of all kinds put out
during
already stated, $78,813,361, of which $77,690,000 comprised long-term bonds and notes and $1,123,361
represented stock offerings.
The portion of the month's,
corporate flotations used for refunding purposes was no less
than $66,500,000, or more than 84% of the total. In March
the refunding portion was $57,643,000, or about 70% of
the total.
In February the refunding portion was $52,325,590, or about 61% of the total, and in January the refunding
portion was $3,773,300 or about 1Vi(,/o of the total.
In
April a year ago, the amount for refunding was $88,128,403,
representing about 52% of that month's total. There was
April
but
was,
one
as
refunding issue of importance
offered during April,
the largest corporate emission for the
month, namely, $60,000,000 Consolidated Edison Co. of
New York, Inc. 10-year 31/2% debentures, due April 1, 1948,
the proceeds of which go entirely for refunding.
Included in the month's flotations was an issue of $200,000,000 Commodity Credit Corporation, %% series B
collateral trust notes, dated May 2, 1938 and due Nov. 2,
1938, offered at par.
There was also an offering of $23,600,000 Federal Intermediate Credit banks 13^% consoli¬
dated debentures, dated April 15, and due in six and nine
months, priced at a slight premium over par value.
There
were
no
foreign government flotations in this
country during April.
,
In the* elaborate and comprehensive tables on the suc¬
1938, which was also
.
Funds
ceeding pages we
Tyve of
Jan.
50,045,000
i
50,025,000
50,099,000
91-day Treas.
Mar. 30
Mar. 30
cellaneous
Feb.
450,646,900
565,000 reported for
FINANCING
Amount
Date
Feb.
50,189,000
50,033,000
450,646,900
50,208,000 1
99-day Treas. bills
2H% Treas. bonds
91-day Treas. bills
93-day Treas. bills
86-day Treas. bills
__
flotations announced during April, we
UNITED
Jan.
50.179,000
50,000,000
April—
$40,166,021 bringing
results
Dec.
50,000,000
1
50,042,000
50,156,000
Treas.
$50,456,549
$50,137,000 I
bills
bills
91-day Treas. bills
106-day
Marr 15
Mar.
50,456*549
$200,192,000
$250,999,549
date up to $241,129,225.
the total for the year to
In
50,063,000
on
Subscriptions _to_the_ offering
1938.
July 27,
50,144,000
Total
Morgenthau,
Treasury
91-day Treasury bills.
will
a new
Issued to replace maturing bills.
0.061%.
$50,060,000
91-day Treas. bills
91-day Treas. bills
Feb.
offering of $100,000,000, or thereabouts, of
91-day Treasury bills.
$50,060,000
16
Feb.
April, 1938
Secretary of the
91-day Treas. bills
9
Feb.
Feb.
Treasury Financing During the Month of
announced
2
Feb.
New
New
Total Amount
Accepted
Refunding
$50,000,000
Indebtedness
$50,000,000
50,027.000
50.027.000
50,130.000
50,130.000
50,035,000
50.035.000
$302,440,655
$200,543,000
the foregoing figures for
.
102,248.655
102,248.655
compare
1102,248.655
1938
corresponding figures for the four years preceding,
thus affording a five-year comparison.
We also furnish a
detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
_
.,
Following the full-page tables we give complete details
of the new capital flotations during April, including every
issue of any kind brought out in that month.
with the
,
1
to
to
a
to
2.
to
CO
*-«•
A)
to
<0
81,29,10 50 ,0 0325,0 04,369,50
1,20 , 0 87,523,60 45.bo",b6106,38942
$
325,0 0
Capital 23,04610 50 , 0 4,369,50
12,507 9,0 ,0 24,37180
Refundi g 1 ,590 3.0 ,0 19,37180
Capital 10,9S80 6,0 ,0 5,0 ,0
21,98 0 3,50.0 64,02.31 89.508,31
New
Total
$
571,2 50 2,0 0 38,94 27625,4986 30, 0
687,5064 3i,5"o ,6 198,7 30 84,58.67
Refundi g 48,59106 7,0 ,0 36,721381,548,7 0 30, 0
Capital
75.0 0
109,3670
Refundi g 70,284 18 4,82 , 4 13,05741
GFLOAMVEURNICMDPTL,
CFOORPREIGATN,
Capital 39,0825 1,493 5029,475263
Total
1938
"
374
SOUM AFRY Capital 1,90
"
,425 748,936
Total
New
19.371,80 19,37180 21,0 084,39,0 3,0 ,0 2,980, 0
7",b~o",6b
2,0 0 14,02718929,50 7,462,40 20,5 816 4,80 0
5,~ob~6 514,9 06
90 ,0 0
1937
71,3270 10,5 0 10, 0 15,0 0 690",60 350, 0 1,50,0 109,3670
2",37l 80 13,890
5,0 ,0 6,20 , 0 5",0 ",0 6,0 ,0 4,2 0, 0 568,6
21,98 0
"
7,2 3, 0 64, 9814
12,970 315,87128 0,92 507,462,40 93,5013614,80 0 13,27 30 687,5064
GONREUPFIW
7,0 ,0 14,02718 4, 87,05 14,80 0
9, 6 ,730 59,8719
15,0 0
92 ,50 7,462,40
2, 56, 70 26, 17236 5 ,0 0 14,7 14 30,92 50 7,462,40 16,4 876
3, 06,570 127,8 67
750, 0
7,817,320 "640",6 034, 9678925,0 0
14,91.20 58,13 98 71,3270 10,50, 018,567320 "640",0 49,3.678925,0 0690, 0 350, 0 16,49120 168,93018
6,08 ,0 10",387'5
750, 0
4,96 ,730 38,2 09 8 67,19 0 30,87569790, 0 7 .032,5 014.80, 0
1,376,40 17,843985 41,097 0 6,80 ,41816,08 0 21. ,58 153,0 2,876,40 8 ,128403
1,73 , 20 640, 0 24,052,093 925,0 0
13,64.80 40,96 213 30,2 0 3,69,582 ,487,320 640, 0 28,31 093 925,0 537,0 0 350, 0 13,6480 80, 1795
"
Refundi g 41,097.0 6,80 ,41810, 0 10,7340 "l53~,6 1,50 , 0 70,284 18
Total
CAHARNTDE
7,0 ,0
1,05 ,0 86, 143 15,0 0
New
30,2 0 3,69,582 4,26,0 537,0 0350, 0 39,0825
Capital
12,3 .61 140, 0 45,13485 197,48219
374
59,2830
3,0 ,0 3,0 ,0
6,05 ,0 601.25,0 15,0 0
Refundi g 67,19 0 286.4S56990, 0 65, 4 50
Capital 40, 0 14,7 .431 0, 0
6,50 0 83,7250 4,36,80 154,7180
Refundi g 6 ,50 0
28,406
19,37180 24,37180 27,40 084,390 8,0 ,0 6.0 ,0 7,20,0 "568",6 0 2,37180 10,5 87 0
6,0 ,0 5,0 ,0
78,13 61 23.725,0 49,81658 352,0 19
7,690 ,425748,936
4,694,50 23,04610
6,0 ,0
80, 1795 10,5 0 70,153478 16,45 273
New
4.694,50
10,98 0
"
$
1936
8,128403 35,0 ,0 2,65 0 13,82036 159,604729
750, 0
4,2 0, 0 "568",0
4,694,50 50 ,0 0
53,70,0 5, 83,0
J
168,93018 35~,0 6 3,1560 237,086.19
750, 0
$
1937
6,20 . 0
107,90 31,560 120, 0 6,45.0
Total
FTINMOAFHYPCEIRVGRLS bSftrmaFtGuaoneoihcyevgpddslrnesmyal.CIOSTURSPFNTMHOAIFYAEHEPEINRVDRLS
116",9324". 42, 910 4
$
87.52360
3.0 .0 9,0 ,0 5,0 ,0
6,0 ,0
1 ,590
New
1,026 ,81
C*
45,6094",
50 ,0 0
50 ,0 0
12.507, 0
Refundi g 21,0 0 84,390 3,0 .0 2,980, 0
1935
127,8 67 47, 5472 175,2913
New
Total
27.40, 084,390 3,0 ,0 7,20 , 0 "568",0 0
Total
75,0 0
Capital 86, 143 15,0 0 2,16,3824,01 98
$
"
New
59,8719 31750",0 198,7 3036,783 95 826,73.62
$
1936
23,046.10
4,694,50 76, 46,10 5. 83,0 4,694",50 50 ,0 0_
1,20 , 0
Capital 23,04610
13,890 192,0 092,058 0 417,980
S
58.0 3,0 1.20 , 0
75,4610 5. 83,0 : : :
$
15,87 0 195,0 156,078 31 507.46,831
$
Total
1935
Refunding 52, 0 . 05. S3.0
1934
28.40,6 i5.o"b,6 102,674 21 145.9 321
;
New
1.70 , 0
$
Total
1,20 , 0 59,2830 30, 0 3,714,701 92, 7 01
Refundi g 58,0 3 0
1934
Km31
Q,81,2910 g01,20, :a: : :o::: 50.0
238.913,02
a*
%
Total
750, 0
750, 0
New
1838
3,540, 062,30 0 1 ,60 0 250",6
Refundi g 60,5 0 6,"ob ",6o
Capit l
450.425
7,690
"
15",6876
"
"
539,416
13 ,520 1, 23, 61
6,50 0
3,540, 0 1,80,0 5,60 , 0 "2~5b~,6
13 ,520
"
60,5 0 6.0 .60
450,425
1,90
New
3,540, 062,750425 12,39416 250", 0
539",416
13 ,520 1, 23, 61
78,13 61
6,50 0
3,540, 0 2, 50,425 6,139,416 250", 0
"
agencis.&_ fuonbtadise manufctrig &c_. manufctrig &c manufctrig &c— manufctrig . &c
13 ,520
12,3 61
APRIL bonnaodtess. stock bonandotess. stock bonanodtess. stock incluodet APRIL BNooteans—ds
Governmt governmGvt,Municpacl—tS,,Posein &coper,manuft. acesori and &c throalddiinngg,, BNooantedss &coper,manuft acesori and &c — throalddiinngg,, &cop,manufctres oi and &c . htroalddiinngg,, : utiles&scctooepall,,,Eqmuaipnumfcetrnets anodiindaustril b&uildcngs, httrroaulddsiinntgg,,,Miscelanous csoercpuritate
OF Long-termShort-emPrefredComstoockn Long-termShort-emPrefredComstoockn Long-termShort-emPrefredComstoockn corpate Grtoanadl Tfdihguerosees MOFONTH
Long-TermRailroads util es sctoeall,,Equipment Moatonrds industrial buildngs,Rub er Ship ingtrust ,Miscelanous Short-Tem Railroads util es sctoeall,,Equipment Moatonrds industrial buildngs,Rub er Ship ng. Miscelanous Stocks— Railroad_s. util es Equipment Moatonrds industrial buildngs,Rub er Miscelanous
Corpate— Domestic— Candi — foreign— Candian foreignLoaannd USntiateeds
trust , sctoeall,, Ship ingtrust ,
MONTH
Total
Other
Total
*
Other Farm
*
Public Iron,
Other Land,
Oil
Inv.
Total
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
Total—
Railroads Public Iron,
Motors Other Land, Rub er Ship ingInv.
Oil
Total
00
h
©i
ft
O
to
h*.
■fc,
to
CO
g.
~
$
Total
106,4810 12,750 1,650, 0 14,693 85
1,26 ",0
-
v
%
Capit l 31,5790 12,750 1,650, 0 14,693 85
New
261,085 0 26,10 0 25,9680 1,079,0
Total
31,5608 264,0 456,9 70
New
43 ,0
1,0359 0
271,860 254,70 17,28306 697,84106
41,70 0 9,50,0 285,712403 43 ,0 0 37,45 03
Neio
Total
1,75 24083 48,0 0 5,0 0 29,1830 40,69531
1,35942 3,16250 58,20938 2,65,32 30, 0
1,47802 53 48,0 0 5,0 0 214, 830 154,612
Refundig
Capital
New
1936
Y:G<Fotvferhrdnamomgunicap.lleysF3AETMFIOPSNVUHTORID0NASUSHELRDE
YFSEAMTIFOPNVIMRHLAODAUFUONCELRPRGDLM
273,10 3 15,0 0 246,1980 534,0684
New
761,05 0 14,05 0 216,78 913 8,59126
Total
750, 0
RCeafupnidtailg
29,7832 6,80,0 52,49621 15,48209
New
712, 39 85,0 0 9,0 0 73,92 0 95,0765
750, 0
31,8407
Refundi g 187,36 190 2,0 8,0 1,02 ,80
190,3890 178,25.0 50,84 50 419,6840
$
1938
OSUMFARY Capitl 13,96510
3 .025, 0 271,50367 1,40.0 91,760.437
642,0 0 4,285,625 4,5 2,145
123,4508
New
OCNOGRRPEUFWAPTIE
ACHANRDTE
154,30 20,65 17 1,40.0 49.71,597
Staneds
6,0 ,0 26,10 0 1,785,2 0 5,0 ,0 218",750
234,870 10, "56
1,6 5,0
19,37180 26,37580 52,3450 156,72 50 8,0 ,0 13",9416 56,18750 "568.6 0 25,81 0 31,5608
6,0 ,0 17,650
6,0 ,0 4,10 , 0
19,37180 19,37 80 45,20 0 146,209 3,0 ,0 2,41,0 49,150
6,0 ,0 2,485,0
"
8,45,0 1,785~,20 5,0 ,0
218,750
25,81 0 271,860
7,04,0 7,145,0 10,56320 5,0 ,0 I,~5O" ,5 6,923,750 568",5
41,70 0
"
7, 50, 0 50,1250 14,02718 5,97 ,50 7,462,40 3,25,0 49,23 16 16,0329
60 ,0
17,385 0 13,42183 40,1690 740,36528 53,67950 7,462,40 3,25,0 174,2561 8,01329 5,0,0 37,95"§
3 ,68790 682,916 19,7452 106,820 5,041963 3,50,0 1,0 0 1,38942 15,0 0
8,125,0 2, 87,50
7, 50, 0 3,16250 14,02718 3, 28,0 423,90 15,21754 15,48749
12,46 730 60,91621 348,6790 69,4379 15,04275 "423",90 129,458762 72,4821 3,50,0 31,26730
712,50
594, 90
16,9250 2,651,0 7,462,40 2,81,0 3,987362
4,91 ,07 52,4592 91,490 43,2183 58,63 748 7,462,40 2,81 , 0 4,76 854 15,26 027 2,0 ,0 60 ,0 6,719",07
$
Refundi g
New
Refundi g 10,7320 280,5 618 24,0 50 4,934,60 21,94 0 17,3480 16,03 0 2,537,50 468,07268 1,450, 0 5,0 ,0
%
1937
Capital
Neto
Total
1938
New
80 ,0
15,7 0 217, 50 19,650 1.98",50 45,0 0 4"o6, 6 1,250, 0 301, 350
950, 0 7,5 0, 0
890. 0
6,095,0 "757*60 45,0 0
5,7 5,0 92,58 10 13,60 0 l",241",50
40 .0 360. 0
187,36190
13,965310
1,875,0 9,3 6,2 6 91,34050", 61,7 831 30,812760
150, 0 50 .0 0
120, 0 21 ,0 0
1,67 ,0 2,08,0
30,0 0 289,0 0
32 ,0 642,0
682,50
682,50
23,760 59 237,98 31 102,8 0 370,64312 51,63 50 4,934",60 35,172 8 105,480 16,03 0 26,9815 712, 39
9 0,5 0
250, 0
53,86 01 167,9830 17,24 0 32,5832 4,32176 14,37"0,54 80,456931 7,46 70 5,047,0 1,340,50 61,43 01 468,50 64
2.0 ,0 2,650, 0 1,450,425 40 ,598 6,09 ,027 675,0 0
"
273,10485
250, 0
14,80 86, 0694 36,92876 9,305,140 74,29 0 18,92760 1,673,05 7,647 60 405,3709 273,4 0 402,9 64 75,98726 19,305140 15,6290 182,9 760 21,05 0 2,03,05 87,32460 1,82 039
7,250, 0 84,05694 27,592 0 12,45738 8,10 0
250, 0
10 ,0 750, 0
3816,920 0,583 2 14,25 90 5,065.40 17,28510 46,520 5,047,0 350, 0 6,597,50 29,7832 4,350, 0 1,40,0
Refundi g 10, 0 124,6 190
Capital
950, 0
750, 0
3234267, 0 1,4 0 8,0 0 10, "06 39,20 64,0 0 21,05 0 350, 0 "250", 0 9,135,0 761,05 0 5,80,0 5,10,0 2,0,0
Total
468,5064 14,50 0 298,5 25 781,53489
301, 350 2,650, 0 5,308,425 4,52,145
Total
1,065 2 4
250, 0
50 ,0
15,8 985 "52 ",0 16,34 985 29,5710 14,308 15,8 95 "52 ",0 61,05 8
12,750
"
1,82 039 85,0 0 9,0 0 8,4230 39,5 910 1,847 69
468.072,68 7,250, 0 164,285697 3,1 034
1937
250, 0
75,602
Capital 76,4190 42,17831 5,985248 10,7942 13,958037 2,0 ,0 6 ",6 1,86*6 203,71608 15,0 0 1,250, 0
2,48013 4
75,0 0
Capit l 195,73608 16,9250 10,2738 42,1854 8,0 ,0
53,70 0 19,652 0 2,308,0
6116,8 50 9,0 0 5,0,0 60 ,0 12",80 5 1,5876 ,90 30, 0 1,250 8,125,0 3,0 ,0
410, 690 725,08 0 247,0
Total
1,94706 4
50 ,0 0
26,1 0
7,1450 8,7 8,0 5, 0 , 0 4,2 0. 0 "568",5
250, 0
50 ,0 0
15,8 985 "52 ,6 16,34 985 83,2710 34,083 0 18,26985 "52 ",0 136,72085
13,950
1,20,0
261,085 0 16,0 "6
4 4,0 0
Refundi g 45,20 136,209 3,0 ,0 555,24 1", 47,580
75,0 0
1,5496 0 50,1250 68,52 76 4,813907 38,0 .0
1936
1935
4 ,0
52,3450 14,9870 3,0 ,0 7~,941",65 51,80 0 "568",65
Total
Capital 26,1 0 8,45,0 5,925,0 1,079,0
GFOCOVERREPNIMGNATT,,
31,957 0 12,6 *6
250, 0
74,602 1,20,0
$
Rejundi g 234,87 0 17,650 19,37180
1935
Refundi g 52,0 19,652 0 2,308, 0
1934
61,05 85 3o", 6o", 6 278,19065
--
.82,0710 2k,083?0!g::: 582,36,6 * : : : Q O01,2 ,03012,0 8.:: : 50,0
= = = 106,4810
Capital 29,5710 2,4308
1~,"26 ,0 75,602 76'."90 ,6 46, 641
Refundi g 74,602
1934
136,72085 106",9O 6 324,653
$
Total
1.234,520 9,850,70 15,7 0 218,6542 40 ,598 25,93 027 1,75,0 1,98,50 45,0 0 40 ",6 0 4,84,20 31,8407
"
20,30
1,0 2,50
1,02,80 10, 0 124,6 190 7,217,50 21 ,0 0 757,0 0 45,0 0 2,587,30 190,3890
1,24 20 8, 27, 0 5,75,0 94,03 25 40 ,598 18,7 527 964,0 0 1,241,50 40 ,0 1,897,120 123,4508
1,450,425 40 ,598 5,087,527 675,0
notes. notes. notes. governmt acie_s.&t,Posein bfiunoctlaydinese 3APR0IL Notes manufctrig &hocl_ding, Notes— manufctrig _ &holdcing, . _ manufctrig h&oldicng. manufctrig &hocld_ing,
3AP0RIL
toal fdignuoret,s
sceocrupritat.e
LtDomesic— boongan-tdersm Short-em Presftorcekd Comstocokn Candi — Lboongan-tdersm Short-em Prefstorcekd Cosmtocokn foreign— Lboongan-tedrms Short-em. Presftorcekd Comstocokn corp ate
LBonoga-nTedrms Railroads util es &sccotoepaellr,,,Equmainpumftent. aacensodri induastr l b&uildcngs, ._ ttrraudsintg,,Miscelanous SBhoorta-nTedms Railroads util es &scctooepall,,,Equmiapnumfcternest anodi indausntrdil b&uildncgs, ttrraudsintg,,Miscelanous Railroads util es &sccotoepall,,,Equmiapnumfcetrnets anodi indausntrdi l b&uildcngs, . ttrraudsintg,,iscelanous Railroads util es &sccotopeaerll,,, Eqmuanipufmtent aacensodri indaustr l &buildcngs, ttrraudsing,, iscelanous
CGaovnerndmiant foreign LGooaavnnt, Municpal—Stes,Staes
EMNONDTHS
MENONDTHS Corpate—
Grand
Total
Other
Total
al
Tot
*
Other Farm United
*
4
These
Public Iron, Motors Other Land, Rub er
Oil
4
Ship ingInv.
Public Iron Motors Other Land,Rub er
Oil
Ship ingInv.
Stocks—
Total
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
M
Total—
Public Iron, Motors Other Oil_. Land, Rub er Ship ng Inv.
Total
M
2924
Financial
Chronicle
DETAILS OF NEW CAPITAL FLOTATIONS DURING
APRIL, 1938
LONG-TERM
BONDS
AND
NOTES
THAN
FIVE
(ISSUES
MATURING
LATER
STOCKS
no
par
.
UTILITIES
$450,425
OTHER
60,000,000 Consolidated Edison Co. of New York, Inc. 10-year 3M%
debentures, April 1, 1948.
Refunding.
Price, 101M; to yield
about 3-298%.
Offered by Morgan Stanley & Co., Inc.;
Kuhn, Loeb & Co.; Blyth & Co., Inc.; Brown Harriman &
Co., Inc.; Lazard Freres & Co.; The First Boston Corp.;
Smith, Barney & Co.; Bonbright & Co., Inc.; Lehman Brothers,
and Clark, Dodge & Co.
Other underwriters were:
Bancamerica-Blair Corp.; A. G. Becker & Co.; Alex. Brown &
Sons; Cassatt & Co., Inc.; Central Republic Co.: E. W.
Clark & Co.; Coffin & Burr, Inc.; R. L. Day &
Co.; Domlnick
&
Dominick; Estabrook & Co.; First of Michigan Corp.;
Glore, Forgan & Co.; Goldman, Sachs & Co.; Graham, Parsons
& Co.; Hallgarten & Co.; Harris, Hall & Co.
(Inc.); Hayden,
Miller & Co.; Hayden, Stone & Co.;
Hemphill, Noyes & Co.;
Hornblower & Weeks; W. E. Hutton & Co.; Jackson &
Curtis;
Kean, Taylor & Co.; Kidder, Peabody & Co.; Ladenburg,
Thalmann & Co.; W. C. Langley & Co.; Lee
Higginson Corp.;
Laurence M. Marks & Co.; Mellon Securities
Corp.; F. 8.
Moseley & Co.; G. M.-P. Murphy & Co.; Paine, Webber &
Co.; Arthur Perry & Co., Inc.; R. W. Pressprich & Co.;
Ritter & Co.; E. II. Rollins & Sons, Inc.; L. F. Rothschild &
Co.; Salomon Bros. & Hutzler; Schoellkopf, Hutton & Pomeroy,
Inc.; Schwabacher & Co.; Securities Co. of Milwaukee, Inc.;
J. & W. Seligman & Co.; Shields &
Co.; Speyer & Co.; William
R. Staats Co.; Starkweather &
Co.; Stone & Webster and
Blodget, Inc.; Spencer Trask & CO.; Tucker, Anthony & Co.;
Wertheim & Co.; White, Weld & Co.Whiting, Weeks &
Knowles, Inc.; Dean, Witter & Co., and Dillon, Read & Co.
$539,416
MISCELLANEOUS
LOAN AND
FARM
$200,000,000Commodity
Mr. Wilkinson points out that
while, prior to 1929, the
importance of the bond account had been growing, this
'relatively new type of asset" had to be handled by bankers
during the depression 4'under conditions of great stress"
and without much
experience or any developed policies and
practices to guide them.
His book, accordingly, dealing
with policies and procedure in
regard to the security invest¬
4
own
$223,725,000
The successful
management of
holds,
depends
a
a
account to other
between two and one-half and four times the amount of
net
capital funds allocated to the support of bonds."
The dis¬
tinction in credit risk between
money bonds and credit bonds
is pointed out, but
only "at some stages of the business
cycle," Mr. Wilkinson thinks, is the purchase of credit bonds
desirable, and then "only under most rigid conditions and
in most restricted amounts."
of the State or
Over-investment in the bonds
municipality in which
a
bank is located is
also to be avoided, and
responsibility for
credit status of securities should not be
keeping track of the
placed upon a cor¬
respondent bank.
The necessity of setting aside
adequate
reserves for losses, as well as in decisions
regarding dividends,
is emphasized, and a
warning is given that "all the banks in
the banking system of the
country cannot sell bonds in the
market at the
same
time."
A
specially important chapter
!
-
NOT
V
"
REPRESENTING NEW FINANCING
one share of preferred and one share of common
stock, at $10
per unit.
Offered by G. L. Ohrstrom & Co., Inc.
349,200 Northern Oklahoma Gag Co., 43,650 shares common stock,
par $1.
Price, $8 per share.
Offered by Stone & Webster
and Blodget, Inc.
;
$4,318,088
is devoted to
an examination of the
regulation issued by the
Comptroller of the Currency on Feb. 15, 1936, and a later
modification, intended to prevent bank speculation in securi¬
ties, the conclusion being reached that "the fundamental
problem of relating the bond investment account to the
capital fund" was not touched by the regulation and that the
regulation itself is "inadequate and fundamentally falla¬
cious."
A
following chapter presents a practical alter¬
native.
Robert M. Hanes, Second Vice-President of the American
Bankers Association, contributes a
commendatory Foreword.
Death in the Ranks of
Industry
uTwenty-Five Years of Health Progress"
By Louis I. Dublin,
Ph.D., and Alfred J.
Lotka, D.Sc.
611 pages.
New York:
Met¬
ropolitan Life Insurance Co.
(Not sold.)
bond account, Mr. Wil¬
careful
collateral
80,000 Gulf Natural Gas Corp. 8,000 shares common stock, no par,
and 8,000 shares preferred stock, no par. Offered in units of
manage¬
adjustment of the
operations of the bank.
There must be a
secondary reserve from which the bank's primary reserve
can be
replenished "without any more than a nominal loss,"
and maturities should, as far as
practicable, be evenly spaced.
The bond investment
account, it is suggested, "should range
upon
B
$3,888,888 Eagtern Air Lines, Inc. 388,888 shares common stock, par $1.
Price, $10 per share. Offered semi-privately by Smith. Barney
& Co. and Kuhn, Loeb & Co.
and observations of others, has a
special and practical in¬
terest for commercial bank officials
upon whom the
kinson
M% series
125,000 Pennsylvania Joint Stock Land Bank of Philadelphia
ref. 2Ms, April 1, 1941.
Refunding.
Price, 100; to yield
2.75%. Offered by R. K. Webster & Co., Inc.
banks, opens a comparatively
field, and his criticisms and counsel, based upon his
experience as a banker as well as upon the experience
ment of bond accounts is devolved.
Corporation
23,600,000 Federal Intermediate Credit Banks 1M%
consolidated
debentures, dated April 15 and due in six and nine months.
Refunding. Priced at a slight premium over par value. Offered
by Chas. R. Dunn, N. Y., Fiscal Agent.
ment account of commercial
new
Credit
dated May 2, 1938 and due Nov. 2, 1938. Refund
collateral trust notes due May 2,
1938, pay off indebtedness to RFC and provide funds for use
in ordinary course of business.
Price, 100; to yield 0.75%.
Offered by United States Treasury Department.
1948.
Jr.
179 pages.
Brothers.
$2.50
Offered
GOVERNMENTAL AGENCY ISSUES
trust notes,
ISSUES
York:
common
$60,000,006 1% series B
$62,300,000
New
MANUFACTURING
$133,520 Fitzsimmons Stores, Ltd. 26,704 shares class A
stock, par $1.
Working capital.
Price $5 per share.
by company to present stockholders and employees.
Sold privately to an institutional
Banks
AND
261,636 Western Air Express Corp. 130,818 shares capital stock,
par $1.
Additional working capital, finance expansion and
provide for new equipment.
Price, 2.
Offered by company
to holders of its capital stock.
Underwritten by Boettcher &
Co., and James I. Newton Jr.
investor.
Investment Policies for Commercial
INDUSTRIAL
$277,780 Eastern Air Lines. Inc. 27,778 shares common stock, par $1.
Working capital. Price, $10 per share. Offeredjsemi-privately
by Smith, Barney & Co. and Kuhn, Loeb & Co.
00,000 Pittsfield (Mass.) Coal Gas Co. 4% coupon not63, due 1948.
Refunding.
Placed privately with institutional investors.
800,000 Southern Indiana Gas & Electric Co. 1st M. 3H&, 1961.
600,000 General Plastics, Inc. 1st M. conv. 5s, April 1, 1948. Con¬
struction and servicing of new plant.
Price, 100; to yield
5.00%. Convertible into common stock at rates ranging from
three shares to two shares for each $100
principal amount of
bonds.
Common stockholders of record April
4, 1938 were
given the prior right to subscribe at par and interest.
Rights
expired on April 25. Public offering was made on April 26
by
Fuller, Cruttendon & Co., Chicago.
"
UTILITIES
$70,425 South Shore Utilities Associates 2,817 shares $1.50 conv.
pref. stock, no par.
Proceeds to provide for advances to
operating companies or to be used for general corporate pur¬
poses.
Price, $25 per share.
Each share is convertible at any
time up to and including three days prior to
any date fixed
for redemption into 1y* shares of common stock.
Offered by
F. L. Putnam & Co., Inc.
$1,000,000 Cape & Vineyard Electric Co. 1st M. 4s, B, Mar. 1, 1966.
Retire floating debt and provide for new construction. Awarded
to F. S. Moseley & Co., Inc.; Estabrook &
Co., and Hornblower & Weeks at 102.20. Placed privately with an insurance
company at 103
OTHER INDUSTRIAL AND MANUFACTURING
$5,000,000 Bendix Aviation Corp. 10-year 3H% debentures,
Working capital. Placed privately.
4
PUBLIC
$380,000 Gulf Natural Gas Corp. 38,000 units, each unit comprising
one share cum.
pref. stock, no par and one share common
stock, no par. New capital. Price, $10 per unit.
Offered by
G. L. Ohrstrom & Co., Inc.
$3,540,000
Wilkinson,
Harper
&
i
a stated par value are taken at par, while
preferred
value and all classes of common stock are computed at
their offering prices.
Merle-Smith and Stroud & Co., Inc.
By J. Harvie
1939-44.
institutional
an
Preferred stocks of
stocks of
York New Haven & Hartford RR. equip, tr. 3M».
one to 10 years. New equipment.
Awarded at 99.0562%
syndicate comprising Salomon Bros. & Hutzler; Dick &
General corporate purposes.
with
par
*
LAND, BUILDINGS, &C.
bid of 98.96.
PUBLIC
at
privately
debentures,
$250,000 Roman Catholic Bishop of Toledo, Ohio direct obligation
4s, April 1, 1950. General corporate purposes. Price, 100; to
yield 4.00%. Offered by Bitting & Co., St. Louis.
due in
to a
2M%
$11,600,000
YEARS)
1,500,000 Bangor & Aroostook RR. equip, tr. 2%b, L, 1939-50. New
equipment.
Awarded to Equitable Life Assurance Society of
1,640,000 New
Placed
Corp.
..
$400,000 Bangor & Aroostook RR. equip, tr. 2^8, K, 1938-50. New
equipment. Awarded at 98.507% to a syndicate headed by
Hornblower & Weeks; Paine, Webber & Co.; Whiting, Weeks
& Knowles, Inc.; Kstabrook & Co.; W. H. Newbold's Son &
Co.
and First Michigan Corp. Placed privately.
on a
Packing
investor.
RAILROADS
the U. S.
May 7, 1938
$6,000,000 California
Refunding.
This
work appeared
modesty
found
early this
often
most
in
year,
those
sponsored with
who
accomplish
the
big
things.
In consequence, generally speaking, this event went
unheralded.
However, no diffidence of the authors or pub¬
lishers for long could
keep this book from coming into the
light.
Despite its unpretentious title it was bound to draw
the
attention, and thus
whom
progress
human life is
This
book
an
in
arouse
the
the
admiration, of those to
conservation
and
prolongation
of
appealing study.
has" been
25
years
in
the
making,
under
the
guidance of two
of the country's outstanding statisticians
with the cooperation of the staff of the Statistical Bureau
of the life insurance
company which acted as its own pub¬
lishers.
It
some
is
primarily a gigantic analysis of the reasons why
3,200,000 industrial wmrkers died in the years 1911
to 1935.
and
The deaths occurred among men and women, white
colored, widely
persons
They
each
belonged
"Industrial,"
distributed,
averaging
over
13.000.000
year.
to
that
class
of
policyholders known
as
and wrho paid for their life insurance in instal-
Volume
Financial
146
collected
ments
in 1911
Their number rose from
weekly.
8,000,000
Among many surprises met in this book, the first
from
the
white
49%
to
as
of
springs
"years of life" studied are female
the
against 39% for male
males, respectively, account
whole,
females
Colored
whites.
the
that
fact
and
as
Your curiosity is next aroused
by the fact that the corresponding deaths during these
years are 43%, 38%, 9% and 10% of the total.
From this point on your attention is riveted by the pro¬
gressive pictures of the fight between science and death in
the last quarter-century, the trends being now favorable,
now
inauspicious, by sexes, color and age-groups from
7% and 5% of the total.
for
infancy
.
scientifically
worked
out and presented, not with a view to supporting or demol¬
ishing any medical, economic or social preconceptions, but
with a complete freedom from bias, aimed solely at present¬
The
of
manner
presentation
is
thorough,
Thousands of statistical ratios have been
objective.
ing facts with uncontrovertible precision.
As the story of these years unrolls, one notes that the
conclusions reached and the trends indicated, while drawn
lives,
the experience
derived from the observation of the general population.
Some 120 excellent graphs illustrating every aspect of the
study make the absorption of the facts based on the statis¬
tical material
comparatively easy, and their lesson im¬
special experience of millions of industrial
the
from
ultimately
and
approximate
coincide
with
pressive.
The appeal of this material is so wide that one may say
truly that every group of thinking men will find some¬
thing here to sustain interest and broaden knowledge.
The
economist will note the curve of business cycles as con¬
He will see,
too, the correlation between industrial activity and mor¬
tality through certain forms of accident; between the "noble
experiment" of prohibition and its effect on the liver, and
the
deaths
by murder.
The manufacturers of devices
for preserving food, for safer cooking, to give cleaner air
and better light in the factory and the home can see the
rate of mortality.
nected with changes in the
TRADE—COMMERCIAL EPITOME
OF
THEJfcSTATE
Friday Night, May 6, 1938.
fairly well the past week.
There was nothing in the news or developments, however,
to warrant any real feeling of optimism.
Nothing has come
out of Washington to encourage the belief that something
real is being done to pull the country out of its slump.
Business and industry on more than one occasion have
shown an eagerness to cooperate with the government in
restoring confidence of the country, but the Administration
offers little encouragement to these overtures, the official
attitude in some instances being decidedly discouraging.
Latest advices from authoritative sources show many lines
in a continued downward trend.
Steel production, electric
Business
held
activity
up
coal production made further reces¬
loadings, automotive activity and
to stiils showed improvement over the pre¬
output and bituminous
However,
sions.
petroleum runs
vious
car
of Commerce" weekly index of
The "Journal
week.
business activity showed
a
gain of 0.9 points for the week
09.9 as compared with a revised
week and 104.1 for a year
ago.
Judging from the comments of steel executives and
sources close to the trade,
no upturn may be expected in
that basic industry until the fall at the earliest, if then.
Last week Eugene G. Grace remarked that he saw7 no indi¬
cations on the horizon for a heightening of demand, and
the other day E. T. Weir expressed the same sentiments,
but more strongly, declaring that the peak for the first
half was definitely past.
The "Iron Age," in its current
summary,
adds to the prevailing pessimistic feeling by
observing that no reversal of the downward trend is in
sight.
Furthermore, that sensitive barometer of the immi¬
30, and
ended April
rose to
figure of 69.3 for the previous
nent
further
was
industry,
last
week,
the
price, has
stands at the
scrap
and now
1935, and less than $1.50 above that year's
automotive industry has virtually
The
1938
the
in
lowest level since
low.
steel
the
of
trends
receded
total
a
loss,
decided that
according to the "Iron Age,"
and,
shutdowns of some plants may be looked for
The implications for the steel industry
summary
in the near future.
especially when it is stated by this trade publica¬
many changes,
thus obviating the necessity of acquiring a considerable
amount of new machine tools.
The steel industry suffers
are
many,
tion
in
a
that
the 1939 models wTill not contain
two-fold
w7ay,
in
that
metal for cars and
probably will not be wanted.
the United
machinery
Production of electricity in
States amounted to 1,938,660,000 kilowatt hours
in the week
ended April 30, a drop of 11.6% from the like
the Edison Electric Institute reported.
This
marked the fourth consecutive decline and was 12,796,000
1937
week,
kilowatt
below
hours
the preceding
below the 1937 comparative
Ideal shopping
week
and
255,199,000
of 2,193,779,000 kilowatt hours.
weather and trade promotions pushed retail
to 5% above the previous w7eek and nar¬
distribution 2%
efforts reflected in some aspect
other of
or
saving of life.
The
engineer, the architect, the town-planner, the railway
manager, the
mine operator, these and many more, not pri¬
as guardians of health and savers of life,
marily recognized
will discover that they
have contributed, often with marked
to remove the perils of industrial activity.
success,
Those,
medical science will
find satisfaction in tracing the many forms of progress
ascribable to their educational encouragement or financial
who have
too,
aided the
progress
of
■' •'
support.
running
:
■'
value, and often strikingly illuminating, is the
Of special
analysis
and
comment
statistical
...A.
senility.
to
effects of their
the
17,000,000 in 1935.
to
2925
Chronicle
which
accompanies
the
In this respect the authors
have markedly demonstrated their ability to translate the
product of their years of research into profitable, practical
lessons from which all of us may derive hope and encourage¬
ment.
For instance, in dealing with cancer in its many
graphical material.
or
forms, separately, they have so presented the facts known
to science that no technical knowledge is needed to agree
that "the
the
to
as
situation in the United States is far from
cancer
As to syphilis, the facts revealed leave no doubt
alarming."
benefits which should accrue from the more
vast
enlightened attitude now adopted towards that
the
scourge
by
i>ublic in general and the press in particular.
Not
commendable
least
the
made
admission
frank
as
feature
to
certain
of
this
medical
work is
the
phenomena
that, despite the advance made by science, they still baffle
Because of our greater knowledge, they more profoundly
us.
puzzle us than when ignorance sought a refuge behind airy
To those who delve into such technical mys¬
which
superficialities.
teries
better encouragement can be given than that
no
be derived from every chapter of this extraordinary
vital statistics and the forceful conclusions
may
contribution to
drawn
The
from
them.
circulation
this
of
work
gratuitously
entitles
the
publishers to the unbounded thanks of all those whom it is
intended to reach, many of whom could ill afford to pay
price which would have to be charged if it were
on a commercial basis.
'
W. C. B.
the high
circulated
rowed the decline from last
Dun & Bradstreet
reports.
year's levels to from 3% to 7%,
Wholesale markets, on the other
hand, were quieter as reorders started to slacken,
ment of summer commitments was hampered by
and place¬
repressive
Volume w7as 8% to 20% below the 1937
comparative, according to Dun & Bradstreet.
Car loadings
of revenue freight last w7eek totaled 543,065 cars, a gain
buying caution.
of
19,308
but
cars,
decline
a
or
3.7% compared with the preceding week,
or 30.2% from the like week last
of 234,752,
it was reported today by the Association of American
The wreather record showed no unusual devel¬
year,
Railroads.
opments the past week.
The ever-changing weather picture
in relation to agriculture shows some important aspects for
however.
In general, over the Western Plains
warmth and widespread precipitation were
the
week,
the
abnormal
decidedly favorable, and the outlook shows
decided improve¬
favorable from Oklahoma
northward and northwestward to the Canadian border, and
vegetation made unusual advance under the influence of
improved moisture conditions and high temperatures; small
grains and grass were especially benefited.
Except for a
considerable southwestern area, composed mostly of Ari¬
zona
and New Mexico, the moisture situation is now gen¬
ment.
Rains
were
especially
erally favorable from the Mississippi River westward.
In
the
Southwest rainfall in recent weeks has been insuf¬
ficient and moisture is
badly needed; two bad dust storms
reported from New Mexico, and there was considerable
dust in southwestern Kansas.
In the New York City area
the weather was quite cool and cloudy during the early
half of the week, later turning clear and much warmer.
were
and warm here, with temperatures
77 degrees. The forecast was for partly
cloudy and cooler tonight and Saturday.
Overnight at
Boston it was 52 to 62; Baltimore, 66 to 78; Pittsburgh,
52 to 84; Portland, Me., 48 to 60; Chicago, 46 to 62; Cincin¬
nati, 52 to 82; Cleveland, 54 to 82; Detroit, 52 to 82;
Charleston, 70 to 90; Milwaukee, 44 to 62; Savannah, 70
to 90; Dallas, 64 to 86; Kansas City, 50 to 68; Springfield,
Mo., 52 to 68; Oklahoma City, 52 to 72; Salt Lake City,
34 to 48; Seattle, 44 to 58; Montreal, 48 to 66, and Winni¬
Today
it was cloudy
ranging from 61 to
peg,
28 to 40.
Seventh
■
Decline Indicated in
Commodity Prices
Level Since May 19, 1936
Successive
"Annalist"
At Lowest
•
Weekly
Index of Wholesale
in farm and food products carried the
"Annalist" Weekly Index of Wholesale Commodity Prices
to the lowest level since May 19, 1936.
The current period
marked the seventh consecutive week of decline. On May 4
the index was 80.1 as compared with 80.3 in the preceding
week and 93.3 a year ago, the "Annalist" announced on
A further decline
May 5, adding:
Financial
2926
Chronicle
was
of liberal
corn
supplies as a result of the breakup of the Gold Coast holding
Wheat touched a new low since 1934 on renewed liquidation
sympathy.
in
moved
WEEKLY
"ANNALIST"
Cotton, silk and wool
dull,
were
OF WHOLESALE
(1926=100)
May 4, 1938
COMMODITY
April 27, 1938
76.0
Farm products
May 4, 1937
77.0
101.2
80.0
70.7
70.5
Textile products..,
♦58.1
58.1
Fuels—
*85.2
85.2
90.0
Metals
102.4
102.5
108.6
Building materials.
66.8
66.8
71.2
Chemicals
88.0
88.0
88.0
Miscellaneous
69.7
69.3
81.3
80.1
80.3
93.3
Food products
All commodities.
Week Ended April 30
Up 19,308 Cars
INDEX
PRICES
*
Revenue Freight Car Loadings in
with
Other items were featureless.
prices slightly lower.
THE
after date of issue,
particularly weak, as contract holders sold freely in anticipation
movement.
and
b Includes obligations which mature not more than two years
d Deficit or other reverse items.
month of report,
Trading in the futures markets was at a slow pace with but few exceptions.
Cocoa
May 7, 1938
84.5
Preliminary.
Loadings of revenue freight for the week ended April 30,
1938, totaled 543,065 cars.
This is a gain of 19,308 cars
or 3.7% above
the preceding week; a decrease of 234,752
cars, or 30.2% from the total for the
like week a year ago
and a drop of 127,813 cars or 19.1% from the total loadings
for the corresponding week two years ago.
For the week
ended April 23, 1938, loadings were 30.7% below those for
the like week of 1937, and 21.4% below those for the cor¬
responding week of 1936.
Loadings for the week ended
April 16, 1938, showed a loss of 28% when compared with
1937 and a drop of 16.3% when comparison is made with the
week of 1936.
same
The first 18 major railroads
Moody's Commodity Index Slightly Lower
Moody's Commodity Index declined slightly, from 136.9
136.7 this Friday.
Silk, rubber, wheat, corn and coffee advanced, while
cocoa, hogs, cotton, wool and sugar declined.
There were
no net changes for hides, silver, steel scrap, copper and lead.
The movement of the index during the week was as
week ago to
a
to report for the week ended
April 30, 1938, loaded a total of 253,334 cars of revenue
freight on their own lines, compared with 247,125 cars in the
preceding week and 350,808 cars in the seven days ended
May 1, 1937.
A comparative table follows:
REVENUE FREIGHT LOADED
AND
Loaded on Own Lines
follows:
.136.9
Fri.,
April 29
Sat.,
Mon.,
Tues.,
April 30
May
2.
May
Wed., May
Thurs., May
Fri.,
May
Selected
136.7
Income
and
Bureau
144.6
.
1938- High—Jan. 10
Low —May 2
Balance
Sheet
Items
—
of
.152.9
136.1
Class
I
Commission has issued
a
the
of
statement
Interstate
Apr. 30 Apr. 23
Commerce
showing the aggregate
steam
railways in the United States for the month of
February.
These figures are subject to revision and were compiled
from 136 reports representing 141 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies. The report in full is as follows:
THE
UNITED
STATES
For the Month of
1938
10,443,363
Total income....
1938
11,008,239
1,999,486
Rent for leased roads
$77,633,560
23,176,508
23,074,687
1,800,306
4,256,166
$97,087,241
33,585
12,129
12,059
18,642
15,858
22,812
6,662
7,217
11,632
1937
12,703
12,334
14,409
6,139
5,986
16,084
20,437
5,545
5,504
7,811
12,294
12,077
15,819
7,783
7,703
10,616
7,964
3,097
3,510
1,577
1,727
1,788
2,015
1,940
2,271
2,708
2,856
3,026
3,720
3,711
4,564
2,401
2,390
3,293
3,193
—
Missouri Pacific RR..
11,579
11,160
11,824
7,417
6,994
8,149
31,576
30,244
47,727
28,542
27,211
44,440
3,930
-
New York Central Lines
3,905
7,455
7,340
10,016
13,230
5,821
22,909
46,156
72,627
N. Y. Chicago & St. Louis Ry.—
Norfolk & Western Ry
13,652
Pennsylvania RR
47,053
4,468
4,137
3,253
3,354
23,549
4,669
6,812
7,748
—
Pere M arquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
24,079
Wabash Ry
4,707
Total
11,894,485
20,549,480
24,414,517
39,765,084
78,758,559
235,353
440,894
458.825
3,327
5,011
28,662
49,517
3,671
3,640
3,098
5,853
7,410
29,564
7,819
7,875
9,092
5,437
6,642
6,310
8,998
LOADINGS
AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended—
April 30, 1938
April 23, 1938
May 1, 1937
25,846
23,950
30,369
11,237
11,163
14,083
35,113
44,452
Illinois Central System
St. Louis-San Francisco Ry
Total.
The Association of
week ended
79,611,539
215,836
3,601
29,353
3,705
253,334 247,125 3.50,808 148,038 144,637 220,774
Loading of
10,274,546
39,385,887
...
Interest deductions..
7,516
22.691
1938
Missouri-Kansas-Texas RR
3,621.006
$23,731,116
Other deductions
4,707
1938
17,166
Chicago MIlw. St. Paul & Pac Ry.
Chicago & North Western Ry...
$27,987,282 $100,708,247
$6,321,789 $47,991,549
Inc. avail, for fixed charges..
Fixed charges:
4,920
16,682
1937
$4,810,774
$8,321,275 $49,791,855
Miscell. deductions from income
22,932
1937
For the Two Months of
Feb.
Net railway operating Income.. d$2 122,088 $38,783,616
Other Income
18,929
23,069
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
(ALL REGIONS)
1937
May 1
1938
18,195
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR_
TOTAL
FOR
Apr. 30 Apr. 23
International Great Northern RR
totals of selected income and balance sheet items of Class I
TOTALS
Weeks Ended—
May 1
1938
Gulf Coast Lines
Railways for February
Statistics
of
141.0
139.8
209.8
228.1
Year ago, May 6
1937 High—April 5
Low—Nov. 24
136.1
-136.5
136.6
136.3
136.7
3
4
5
6
Steam
The
Received from Connections
Weeks Ended—
Two weeks ago, April 22
Month ago, April 6
CONNECTIONS
RECEIVED FROM
(Number of Cars)
This
cars.
American
April 23 reported
revenue
was a
Railroads in
freight for the week ended April 23 totaled 523,767
decrease of 232,481 cars, or
ing week in 1937 and
reviewing the
follows:
as
a
decrease of 368,939
30.7% below the correspond¬
cars,
or
41.3%
below the
same
week in 1930.
Total fixed charges..
$49,876,269 $51,894,922
Income after fixed charges
d43 554,480 d
Contingent charges
$99,748,933 $104,484,881
3,903,373 d 76,017,817
1,092,740
2,025,147
1,012,575
d
7,397,640
Loading of
13,818
2,100,480
cars
Net income
d$44567055 d$4 996,113 d$78 042,964 d $9,498,120
2.6%
freight for the week of April 23,
16,123,428
33,450,474
32,307,727
1,011,759
2,435,972
2,518,102
4,802.279
12,613,829
2,583,169
below the preceding week,
and
;
a
a
decrease of
decrease of 1,188
decrease of 104,843
a
16,642,128
16,273,588
2,579,704
3,268,876
20,118,354
3,265,411
a
below the
cars
cars,
decrease of 2,641 cars below the preceding week, and a decrease of 21,940
cars
below the corresponding week in 1937.
Coal loading amounted to 75,359 cars,
Dividend appropriations:
On common stock
was
below the preceding week.
Loading of merchandise less than carload lot freight totaled 148,081
16,698,464
Federal income taxes
On preferred stock
revenue
or
corresponding week in 1937.
Depreciation (way & structures
and equipment)
cars,
Miscellaneous freight loading totaled 217,839 cars,
a
decrease of 12,655
cars
below
the preceding week, and a decrease of 44,177 cars below the corresponding
week in 1937.
Grain and grain products loading totaled 32,763 cars, an increase of 1,548
Balance at End
of February
cars
in
1938
Selected
Asset
1937
companies
Cash
$683,789,858
320,878,417
516,963,839
4,111,333
28,205,022
7,693,292
44,492,926
Special deposits
63,995,883
162,011,819
3,707,558
2,001,370
49,761,725
42,001,176
135,318,345
382,050,487
56,167,568
145,806,535
340,031,566
23,912,173
26,494,744
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors..
—...
accounts
receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
corresponding
week in 1937.
$662,128,590
Demand loans and deposits
Time drafts and deposits...
Miscellaneous
In the Western districts alone, grain and grain products loading
for the week of April 23, totaled 20,301 cars, an increase of 1,546 cars above
the preceding week, and an increase of 3,651 cars above the
Items—
Investments in stocks, bonds, &c., other than those
of affiliated
above the preceding week, and 5,033 cars above the corresponding week
1937.
63,675,828
1,315,223
1,760,899
4,066,883
Other current assets
6,306,991
Live stock loading amounted to
12,276
cars,
an
increase of 1,025
cars
above the preceding week, but a decrease of 2,460 cars below the
correspond¬
ing week in 1937.
the week of April
In the Western districts alone, loading of live stock for
23, totaled 9,630
preceding week, but
a
cars, an
decrease of 2,174
increase of 1,160
cars
cars
above the
below the corresponding week
in 1937.
Forest products loading totaled 24,162 cars a decrease of 1,260 cars below
the preceding week, and a decrease of 12,637 cars below the
corresponding
week in 1937.
Ore
loading amounted to 9,442
preceding week, but
a
cars,
an
decrease of 45,272
increase of 1,629
cars
cars
above the
below the corresponding week
in 1937.
Total current assets.
$1,059,324,225 $1,373,407,377
Selected Liability Items—
Funded debt maturing within 6 months a.
$165,949,203
$201,716,970
Loans and bills payable b__
$229,217,737
Coke loading amounted to 3,845 cars, a decrease of 276
cars
below the
$211,393,168
preceding week, and 6,185
_
Traffic and car-service balances payable
Audited accounts and wages payable
67,649,152
119,348,541
683,343,357
550,667,544
Four weeks in February
2,155,451
2,222,864
523,489
1,931,965
477,220,214
Four weeks in March
15,227,295
105,509,239
Week of April
2
Week of April
9
31,675,251
Week of April
16
18,449,585
Total current liabilities.
26,235,803
Week of April 23
$1,957,852,166 $1,884,776,391
_
521.978
2,986,166
721,229
711,079
$62,050,160
$126,294,549
142,311,585
131,706,451
of principal of long-term
within six months after close of
on account
(other than funded debt matured unpaid)
3,506,236
3,529,907
885,324
908,059
746,523
911,316
523,767
756,248
892,706
8,741,557
11,399,151
13,981,265
_
Total
In the
United States Government taxes
Other than United States Government taxes
3,347,717
32,288,610
...
Includes payments which will become due
1930
2,714,449
2,763,457
2,383,932
Tax liability:
a
1937
2,256,423
15,613,644
98,371,919
Other current liabilities
debt
1938
Four weeks in January
508,358,094
...
Funded debt matured unpaid
Unmatured dividends declared.
Unmatured interest accrued
Unmatured rents accrued
259,604,937
64,708,491
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
below the corresponding week in 1937.
85,962,434
237,467,645
cars
All districts, reported decreases compared with the
corresponding weeks
in 1937 and 1930:
following we undertake to show also the loadings
for separate roads and
systems for the week ended April 23,
1938.
During this period only 11 roads showed increases
when compared
with the
same
wreek last year:
Volume
LOADED AND
FREIGHT
REVENUE
Southern
516
536
479
897
1,392
1,676
5,992
1,446
Bangor A Aroostook
Boston <fe Maine
Chicago Indianapolis A Louis v.
2,099
7,288
1,402
1,627
6,643
1,467
239
356
8,412
11,965
1,405
2,181
District—(Conct~i)
Mobile A Ohio..
406
927
976
346
4,601
22,678
8,560
21,183
3,936
11,333
4,734
4,489
15,374
Tennessee Central
353
491
443
519
597
Winston-Salem
150
185
168
578
858
86,557
109,494
99,456
56,347
69,636
12,265
2,383
16,084
3,112
1,037
15,459
2,483
7,703
1,943
5,504
10,841
2,900
18,712
3,635
2,631
1,396
183
489
324
505
6,748
Delaware A Hudson.
Delaware Lackawanna A West.
7,575
12,509
6,530
11,136
8,354
7,400
266
447
260
124
145
3,070
945
187
422
419
9,995
14,922
5,619
12,107
5,179
1,684
8,791
1,196
2,973
15,843
1
Grand Trunk Western
5,141
1,559
8,307
2,410
3,132
1,516
....
3,640
291
392
289
1,502
2,642
11,097
2,467
3,649
2,032
44,729
2,755
869
1,287
7,095
2,402
8,857
3,077
167
272
34
45
27,211
9,185
3,043
3,671
43,307
14,113
2,125
9,844
5,813
5,725
22
38
I*high A Hudson River
Lehigh A New England
Lehigh Valley
6,238
Maine Central
2,030
Monongahela
2,928
New York Central Lines
30,244
N. Y. N. H. A Hartford
7,952
1,155
3,905
3,409
4,137
11,303
1,787
7,510
6,583
9,978
2,423
3,632
2,103
40,024
10,165
1,933
4,657
6,204
6,475
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
242
182
197
360
296
337
127
197
Pittsburgh A West Virginia
732
991
1,244
1,000
1,685
1,220
437
349
Seaboard Air Line
Erie
2,157
2,645
1,082
371
66
2,478
Detroit A Toledo Shore Line
954
10,225
49
1,511
5,743
5,179
Detroit Toleffo A Ironton
1,670
2,240
1,823
3,230
1,009
266
18
1,184
Detroit & Mackinac
3,487
1,669
9,771
17,199
Piedmont Northern
31
1,178
6,630
28
Central Vermont
2,145
1,765
2,617
1,290
Nashville Chattanooga A St. L.
Norfolk Southern
1,229
3,593
Central Indiana
1937
1938
t
Eastern District—
Ann Arbor
from Connections
1936
1937
1938
1937
1938
1936
Freight Loaded
Railroads
from Connections
1937
Total Loads Received
Total Revenue
Tola I Loads Received
Total Revenue
1938
ENDED APRIL 23
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK
Freight Loaded
Railroads
2927
Chronicle
Financial
146
Richmond Fred. A Potomac...
Southern System
Southbound
Total
Northwestern District—
Elgin Joliet & Eastern
Ft. Dodge Des Moines A South.
3,944
18,787
2,574
19,015
3,440
16,510
1,260
8,841
7,328
3,910
418
474
383
141
255
Great Northern
8,579
18,973
10,079
2,460
3,197
480
654
550
510
Chicago A North Western
Chicago Great Western
Chicago Mtlw. St. P. & Pacific.
'8,443
3,355
8,919
862
Montour.
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
5,075
1,462
7,340
Rutland
511
648
596
863
Wabash
4,669
2,519
5,391
4,437
5,529
6,310
3,296
2,045
111,345
167,426
114,525
403
657
459
22,691
33,564
12,059
Wheeling A Lake Erie
Total
420
Duluth South Shore & Atlantic.
Green Bay & Western........
2,517
309
65
83
1,827
1,890
4,187
4,644
1,679
2,640
Northern Pacific
7,842
6,325
8,928
1,416
1,878
2,781
Akron Canton A Youngs town..
•
v
655
19,149
2,684
8,763
3,736
110
168
131
263
282
1,644
1,497
1,319
1,052
1,248
64,592
111,790
78,293
32,764
46,768
18,919
23,031
3,066
19,316
3,132
4,707
7,330
2,632
1,692
2,226
400
507
300
97
121
12,334
1,473
10,940
14,394
1,286
12,221
5,986
8,302
609
787
6,880
Chicago A Eastern Illinois
Colorado & Southern
2,020
2,577
14,235
1,308
11,774
2,688
622
747
2,470
1,185
1,889
9,116
2,745
1,714
1,587
1,015
2,070
International..
Spokane
Spokane Portland A Seattle
Total
'
Central Western District—
Alton
•
639
388
1,699
Atch. Top. A Santa Fe System.
Alleghany District-
217
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Lake Superior A Ishpeming
175,139
634
Duluth Missabe A I. R.
3,549
151,956
Chicago St. P. Minn. & Omaha.
Bingham A Garfield
Chicago Burlington A Qulncy..
5,535
30,238
3,690
151
403
296
5
9
1,065
5,276
1,228
8,599
994
17
11
Cornwall
409
548
908
41
54
Denver & Rio Grande Western.
318
36
33
Denver & Salt Lake
304
314
33
142
9
140
263
Cumberland A Pennsylvania
Fort Worth A Denver City
964
1,166
1,235
1,055
1,668
1,938
2,010
1,061
1,074
1,458
240
279
Baltimore & Ohio
1,138
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey
Llgonler
13,535
9,186
7,823
Chicago Rock Island & Pacific.
67
127
82
26
51
709
892
3,559
Illinois Terminal
924
1,306
1,454
Missouri-Illinois
46,156
70,263
1,239
61,329
17,490
2,357
1,046
48,008
Nevada
18,586
4,956
North Western Pacific
12,589
28,662
12,672
1,043
56
2
2
Long Island
Penn-Readlng Seashore Lines..
Pennsylvania System
5,412
17,800
16,977
40
37
10,496
Co
Union (Pittsburgh)
West Virginia Northern
2,778
3,357
3,190
4,351
7,083
97,756
Western
Chlcago & Illinois Midland
610
Valley
Reading
984
161,229
141,791
72,946
119,829
Maryland
388
560
1,808
1,252
76
99
761
800
869
294
347
34
162
124
19,757
21,341
19,211
4,285
6,037
352
288
344
951
1,246
11,172
13,646
11,592
6,C82
7,931
Peoria A Pekln Union
Southern Pacific (Pacific)
Toledo Peoria A Western
3,086
3,906
3,314
32,174
48,566
45,036
16,692
11,571
22,160
20,960
13,230
22,500
20,762
298
220
7
17
1,622
1,332
1,718
2,123
88,913
Virginian
Total
10,989
7,217
3,327
1,027
15,858
4,696
1,007
77
173
Pocahontas District—
Chesapeake A Ohio
'
„
1,283
104,191
94,341
40,606
55,795
Utah
Western Pacific
Norfolk A Western
2,733
1,130
Northern
Union Pacific System
Total
1,783
Southwestern District—
192
162
Burlington-Rock Island
Fort Smith A Western.
342
124
437
Alabama Tennessee A Northern
186
226
312
143
151
Atl. A W. P.—W. RR. of Ala..
699
921
859
1,146
818
1,248
1,246
566
747
642
9,430
11,073
9,702
3,548
5,075
4,217
3,997
2,646
4,887
2,812
Charleston A Western Carolina
355
538
463
959
1,277
Cllnchfleld
998
1,303
1,041
1,613
Columbus A Greenville
201
448
339
326
Atlanta Birmingham & Coast..
Atlantic
Coast Line.
Central of Georgia.
.
1.937
331
121
113
189
236
3,097
1,940
4,189
2,236
3,240
International-Great Northern..
Southern District—
77
Gulf Coast Lines
Total
1,727
2,856
1,589
3,082
1,069
1,521
947
1,160
1,909
1,191
389
513
2,365
158
178
286
1,731
1,474
1,860
1,661
1,934
1,623
Louisiana Arkansas & Texas...
116
224
138
Litchfield A Madison
274
257
343
704
981
442
503
465
401
447
118
170
296
Kansas Oklahoma A Gulf
Kansas City
Southern
Louisiana A Arkansas
Midland
Valley
161
257
3,761
4,483
4,554
2,388
3,214
11,200
14,259
13,743
6,994
9,958
Missouri A Arkansas
MLssourl-Kansas-Texas Lines..
Durham A Southern
139
170
164
405
290
Missouri Pacific
85
29
60
31
88
105
Quanah Acme & Pacific
St. Louis-San Francisco
125
931
93
1,392
684
117
1,892
1,693
77
Florida East Coast.
6,093
1,128
899
1,399
1,432
Louis Southwestern
2,250
7,465
2,430
7,571
2,290
3,523
1,966
2,788
838
Galnsville Midland
Georgia
237
340
368
584
508
1,331
2,113
1,777
1,000
Georgia A Florida
Illinois Central System
16,280
19,162
19,305
8,244
1,054
11,622
Louisville A Nashville
15,825
22,384
20,404
4,576
5,913
Macon Dublin A Savannah....
135
227
207
687
108
Gulf Mobile A Northern
166
198
Note—Previous year's figures revised.
274
4,696
7,603
5,197
6,547
2,801
3,730
4,492
3,673
3,074
4,688
Wichita Falls A Southern*
172
288
2,583
77
51
Wetherford M. W. A N. W
18
32
56
37
31
42,430
53,552
53,145
31,859
40,466
Texas A New Orleans
5,497
Texas & Pacific..
563
MLseisslppl Central
St.
Total
317
* Previous figures.
ft
Commodity Prices of United States
Index of Wholesale
Department of Labor Decreased 0.4% During Week
Ended April 30—Lowest Level in Past Two Years
Largely because of a sharp decline in wholesale prices of
products, the United States Department of Labor,
Bureau of Labor Statistics, all-commodity index fell 0.4%
farm
during the last week of April to the lowest level reached in
Commissioner Lubin announced on
May 5.
"The decline," Mr. Lubin said, "placed the com¬
bined index of over 800 price series at 78.3% of the 1926
average.
The index is 0.6% below the level of the week
ended April 2 and 10.4% below May 1, 1937."
Commis¬
the
past
two
years.
sioner Lubin also stated:
decreases were registered for the
foods, textile products, fuel and lighting
materials, chemicals and drugs,
house-furnishing goods groups.
and metal
Hides and leather products, metals
Wholesale
as a
for
silk, crude rubber, copra, and pepper.
is the lowest since
ago
rose
1.3% during the week, largely
agricultural commodities and lower prices
prices of raw materials fell
result of weakening prices of
raw
advanced fractionally.
The
unchanged at last week's level.
products, and building materials
miscellaneous commodities group remained
and 19.9%
0.7%
from a year ago.
and are 0.4%
with their level of a year
The current index—70.5—
from a month
It shows decreases of 1.4%
July, 1934.
Semi-manufactured commodities prices
Compared
higher than they were a month ago.
ago, they are down 15.0% .
^ The index of prices of finished products declined 0.1% during the week
and is down by 0.5% from a month ago and 5.3% from a year ago.
Non-agricultural commodities prices decreased 0.1% according to the
index for "all commodities other than farm products."
They show de¬
the month and year periods, respectively.
Industrial commodities prices, as measured by the index for "all commodities
creases
of 0.5%
and 6.8%
over
other than farm products and
they were a month ago.
foods," rose 0.1%
The announcement issued
Labor,
and are 0.2% lower than
They are 4.8% lower than a year ago.
quoting Commissioner Lubin as above,
also con¬
tained the following:
Wholesale prices
in livestock and
of farm products fell 1.9% because of decreases
poultry and 2.5%
in grains.
of 4.6%
Quotations were lower for
wheat, calves, cows, steers,
rye,
hogs, cotton, apples (New
potatoes (New
peanuts, seeds, onions, and white
hops,
lemons,
other hand, were reported for sheep, live
poultry, eggs, oranges, dried beans, and white potatoes (Boston and Chi¬
cago).
This week's farm products index—67.8—is the lowest since early
in August, 1934.
It is 1.5% below the level of a month ago and 25.9%
York).
Higher prices, on the
below that of a year ago.
The foods group
meat
declined 0.4%
,
largely because of a 1.5%
decrease in
products dropped 0.1% . Among the individual
for which lower prices were reported were yellow corn meal,
prices.
food items
Cereal
dried apricots,
canned corn and beans, fresh pork and beef, veal, copra,
cured fish, pepper, raw sugar, edible tallow, and most
canned red salmon,
for
butter,
of
a
0.1% . Quotations were higher
This week's food index—71.9—is
compared with a month ago and 15.6% below the level
Dairy products advanced
vegetable oils.
oatmeal, and cured pork.
by 1.0%
as
year ago.
silk, and woolen and
for burlap and raw jute, caused
the textile products group index to decline 0.3% to 66.5, the lowest point
reached since mid-July, 1933.
Average wholesale prices of clothing and
hosiery and underwear were steady.
A sharp decline in the price of tankage and falling prices of fats and oils
resulted in a decline of 0.3% in the chemicals and drugs group index.
No
changes were reported in prices of drugs and pharmaceuticals and mixed
Continued weakness in
worsted goods,
prices of cotton goods, raw
together with lower prices
'
fertilizers
index decreased 0.1% because of
coal and California gasoline. Coke remained
week's level.
A sharp decline in wholesale prices of cotton blankets was responsible for
decrease of 0.1%
in the housefurnishing goods group index.
Average
The fuel and
lighting materials group
minor decreases
in prices of
unchanged at last
a
prices of furniture were stationery.
Wholesale prices of crude rubber
of
and tube and paper
declined 4.2% during the last week
Cattle feed prices rose 4.6% .
Automobile tire
and pulp prices were steady.
Advancing prices for yellow pine lath and timbers,
April.
red cedar shingles,
materials group
flooring and paint materials,
including Chinawood and linseed oils, were lower.
No changes were re¬
ported in prices of brick and tile, cement, and structural steel.
In the metals and metal products group a sharp advance in prices of
malleable iron castings and a slight advance in prices of tractor plows
rosin,
May 5 by the Department of
oats,
York),
down
In addition to the farm products group,
and
corn,
gravel, and prepared
index to increase
0.8%
.
roofing caused the building
Prices for yellow pine
2928
Financial
partially offset by lower prices for antimony and pig tin, with the result
were
that the group index advanced
vehicles
and
plumbing and
0.5%
Chronicle
DATA
FOR
7,
WEEKS
RECENT
(THOUSANDS
Change
leather products group index up 0.4%
and other leather products such as
to 93.0.
Week Ended
1938
May 4,
(1926=100)
Feb.
5
Feb. 19
m
2,082,447
2,052,302
2,059,165
2,031,412
2,035,673
2,014,729
2,017,653
1,975,239
30
Commodity Groups
23
1938
commodities
Apr.
16
1938
9
1938
78.6
78.6
May
2
1938
78.3
Farm products
Apr.
78.5
68.1
May
1
1938
May
2
1937
78.8
4
1936
87.4
May
5
1935
79.1
80.1
1934
73.4
67.8
69.1
68.9
68.8
91.5
77.1
81.1
1932
1929
1,962,827
1,952,476
1,950,278
1,941,633
1,903,363
1,893,311
1,900,803
1,862.387
1,867,093
1,916,486
1,933,610
1,914,710
1,932,797
1,928,803
Mar.
5
71.9
72.2
72.3
72.2
72.6
85.2
79.1
84.9
92.6
92.0
92.5
93.4 106.8
94.9
88.0
1,978,753
__
1,990,447
1,957.573
1,951,456
1,938,660
—6.9
1,588,853
1,578,817
1,545.459
1,512,158
1,728,203
1,726,161
—8.0
—7.5
—9.0
—8.7
—10.2
—7.8
—8.5
—9.9
—10.8
—11.6
1,718,304
1,699,250
1,706,719
1,702,570
1,687,229
1,683,262
1,679,589
1,663,291
1,696,543
1,709,331
1,699,822
1,688,434
1,519,679
1,538,452
1,537,747
1,514,553
1,480,208
1,465,076
1,480,738
1,469,810
1,454,505
1,429,032
89.5
Textile
__
Apr.
2
Apr.
9
Apr. 16
Apr. 23...
Apr. 30.......
May
7
—6.7
66.6
93.0
__
—5.4
2,201,057
2,199,860
2,211,818
2,207.285
2,199,976
2,212,897
2,211,052
2,200,143
2,146,959
2,176,368
2,173,223
2,188,124
2,193,779
2,176,363
59.1
Foods
Hides and leather products..
.
Feb. 26
Mar. 26
Apr.
1936
1937
Mar. 12-—..Mar. 19
1935, and May 5, 1934:
Apr.
1938
from
Feb. 12
Apr.
1937
Average prices for shoes
gloves, belting, harness, and luggage,
steady.
The following table shows index numbers for the main groups of com¬
modities for the past five weeks and for May 1, 1937, May 2, 1936,
All
Cent
Per
Continuing the upward movement which began last week, sharp increases
prices of cow hides, goat skins and sole leather brought the hides and
were
KILOWATT-HOURS)
Average wholesale prices of motor
.
heating fixtures remained unchanged at last
week's level.
in
OF
i9ss
products
66.6
66.7
67.0
67.0
67.1
78.6
69.7
68.7
74.1
Fuel and lighting materials..
77.2
77.3
77.5
77.6
78.1
77.9
77.3
74.4
72.7
Metals and metal products..
96.4
95.9
95.9
95.9
96.0
95.1
86.0
85.2
88.7
Building
Value of Residential Building Permits Issued in March
Increased 72% Above February Reports
Labor
91.7
91.0
91.1
91.2
90.2
96.6
85.5
84.9
87.4
of
Chemicals and drugs
77.1
77.3
77.5
77.3
77.6
85.2
77.8
80.8
75.3
Housefurnishing goods
Secretary
19% Higher
Than Month Ago
materials
88.6
88.7
88.7
88.7
89.5
90.8
82.8
82.0
83.1
Miscellaneous
73.3
73.3
73.1
73.1
73.4
80.6
68.6
68.9
69.6
Raw materials
70.6
71.5
71.3
70.9
71.6
88.1
76.6
Seml-amnufactured articles..
75.1
74.6
74.1
74.5
74.8
88.4
74.5
Finished products
All
All
82.9
83.0
83.1
83.2
87.4
81.2
80.7
80.7
80.8
81.0
86.5
79.5
79.9
76.4
82.2
82.1
82.1
82.2
82.4
86.3
78.9
77.5
79.0
than
than
other
farm products and foods..
*
*
82.8
other
products
commodities
*
*
The value of residential
Not computed.
Wholesale
Commodity Prices Further Declined During
Week Ended April 30 Reaching a New Low Level
in the Current Recession
According to National
issued in March showed
Valuation
buildings for which permits
#
'*
80.6
commodities
farm
*
Perkins—Total
February,
April 23.
"This is considerably larger than the
seasonal increase," Miss Perkins said.
"Increases
value
of
residential
construction
shown
were
in
Continuing the downward trend of the previous week the
commodity price index of the National Fertilizer
Association during the week ended
April 30 dropped to a
new low
point in the current recession. Based on the 1926-28
wholesale
of 100%, last week the index registered
74.2% as
against 74.7% in the preceding week. A year ago the index
stood at 87.5% and the 1937 high point was
88.8%, recorded
average
mid-July.
So far the highest point reached by the index
January. The Association, under date
of May 2, continued:
this year is 78.5% in
Price declines last week
to most
were common
commodity groups.
Lower
wide range of foodstuffs resulted in the food price average
dropping to a new low for the recession. All grains were moderately lower
a
during the
caused
a
week and
this,
combined with
tions
renewed
weakness
in
cotton,
further downturn in the index of farm product
prices which is now
lower than at any time since late
responsible for
was
cotton, burlap, and silk
a
1934.
A decline in anthracite coal quota¬
drop in the index of fuel prices.
more
than offset
decline in the textile price average.
reflecting downturns in steel
an
zinc,
Declines in
upturn in wool, causing a small
The metal group index
scrap,
and tin.
States."
She added:
The value of additions, alterations, and repairs increased
only 12%
there was a decrease of 15% in the value of new non-residential
20 advances; in the second preceding week there
advances.
was
again lower
valuation
COMMODITY
Fertilizer
were
34 declines and 19
PRICE
Association.
all
of
February.
building construction showed
These data
are
based
on
2%
residential
new
buildings showed
alterations, and repairs
value of
In
new
a
a
decline of 11%
decrease
was a
gain of 7%
in the
noting the foregoing remarks of Secretary Perkins, an
by the United States Department of Labor
further said:
The percentage change from
February to March, 1938, in the permit
valuation of the various classes of construction is indicated in the
following
table for 2,032 cities having a
population of 1,000 or over:
Change from Mar., 1937 to Mar. ,1938
Class of
Construction
All Cities
New residential
Ezcl. New
York
+ 71.8
+ 60.7
New non-residential
—15.0
—18.5
Additions, alterations, repairs
+ 11.6
+ 15.9
INDEX
Total
+ 19.1
+ 15.5
(1926-1928=100)
were
14,850
family-dewelling units provided in the
keeping dwellings for which permits
is
Apr. 2,
May 1,
1938
1937
Apr. 30, Apr. 23,
1938
*71.8
72.5
73.6
60.8
60.2
80.2
75.0
*65.0
65.6
66.5
49.2
50.6
48.5
*63.8
66.1
67.2
113.4
were
house¬
issued during March, 1938.
This
compared with February.
72.9
Grains
as
The percentage change compared with March, 1937, by class of construc¬
tion, is shown below for 1,589 cities having a population of 2,500 or over:
85.8
Cotton
gain of 58%
79.1
77.6
a
new
84.2
*59.8
Fats and oils..
Cottonseed oil
Farm products
Livestock
v
Change from Feb., 1938, to Mar., 1938
92.5
69.2
68.9
70.6
79.5
*79.4
80.0
80.8
83.5
Miscellaneous commodities..
76.7
76.5
77.0
89.5
Textiles..
59.6
59.8
59.5
*96.1
96.3
96.3
All Cities
New residential
Metals
6.1
Building materials
1.3
Chemicals and drugs
82.2
82.3
—28.0
New non-residential
—31.6
—20.6
Additions, alterations, repairs
—14.9
—6.4
—31.3
—21.7
94.9
94.9
94.9
72.1
72.1
71.4
Fertilizers
76.9
76.9
77.8
77.0
Farm machinery
98.0
98.0
98.0
94.3
*74.2
74.7
75.5
Total
95.5
94.9
*71.9
Ezcl. New York
—37.0
105.4
81.2
Class of Construction
81.1
Fuels
7.1
87.5
.3
Fertilizer materials
.3
.3
100.0
All groups combined
Compared with March, 1937,
of
a
decrease of 19% was shown in the number
family-dwelling units provided.
The changes occurring between the first
sponding period of 1937,
are
quarter of 1938 and the
Change from First 3 Mos. in 1937
Class of Construction
Electric Output for Week Ended
New residential
The Edison Electric
Institute, in its current weekly re¬
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
ended April 30, 1938, was 1,938,660,000 kwh.
This is a
decrease of 11,6% from the
output for the corresponding
week of 1937, when production totaled
2,193,779,000 kwh.
The output for the week ended
April 23, 1938, was estimated
to be 1,951,456,000 kwh., a decrease of
10.8% from the like
Week Ended
April 30, 1938 April 23, 1938 April 16, 1938
New England
Middle Atlantic
Central Industrial
Weet Central
Southern States
Rocky Mountain
Pacific Coast
Total United States.
12.1
10.5
Week Ended
April 9, 1938
13.7
12.8
6.0
5.7
3.5
2.4
18.4
18.7
17.7
15.2
7.2
6.4
3.7
-
1.6
9.1
8.5
6.1
5.9
26.8
24.6
22.5
23.1
3.5
0.4
M
1.3
11.6
10.8
9.9
8.5
—4.2
—11.1
—2.0
—17.1
The data collected by the Bureau of Labor Statistics
show, in addition to
priviate construction,
tracts were awarded
the number and value of buildings for which con¬
by Federal and State Governments in the cities included
in the report.
For March, 1938, the value of these public buildings amounted
to $6,431,000; for
February, 1938, to $8,843,000; and for March, 1938, to
$6,229,000.
in
Week Ended
—29.3
+ 7.3
Total
Permits
Week Ended
Ezcl. New York
—11.0
Additions, alterations, repairs
ects;
PERCENTAGE DECREASE FROM PREVIOUS YEAR
—4.1
New non-residential
year ago.
Major Geographic
to First 3 Mos. in 1938
All Cities
April 30, 1938, 11.6%
Below A Year Ago
Regions
corre¬
indicated below:
•New 1938 low.
a
a
The value of
announcement
Ago
week
buildings in the
This is
and the value of additions,
There
.
a
.
non-residential buildings.
Year
8.2
31%
were issued for
decline of 4%
Ago
1
decrease of
compared with the corresponding period of 1937.
as
Month
10.8
a
During the first quarter of 1938, permits
of
Week
17.3
from
additions, alterations, and repairs
cities reporting to the Bureau, valued at
$392,852,000.
Preced'y
23.0
,
and total construction
,
Weekt
Foods
19%
,
decrease of 15%
Latest
1938
of
Comparing March permit valuations with the corresponding month of
new residential buildings showed a decrease of 37%
new non-resi¬
Per Cent
Group
Total permit
increase
1937,
dential buildings a decrease of 32%
Each Group
Bears to the
Total Index
an
reports made by 2,032 cities of the
United States to the Bureau of Labor Statistics.
There
25.3
and
Declines for prices of
Forty-one price series included in the index declined during the week
while only 16 advanced; in the preceding week there were 26 declines
and
Compiled by the National
the
nine
geographic divisions, the most important gains being in the
the East North Central, and the Pacific
lumber and linseed oil lowered the building material
average, but it is still
somewhat above the level reached in February and March.
WEEKLY WHOLESALE
all
Middle Atlantic,
comparing March permits with those issued in February.
prices for
usual
in
buildings,
Fertilizer Association
in
were
increase of 72 % as compared with
Secretary of Labor Frances Perkins announced on
an
In
were
issued in March for the following improtant
building proj¬
Cambridge, Mass., for
Lynn, Mass., for
N. Y.,
a
an
institutional building to cost $600,000;
wharf and coal towers to cost $450,000; in Buffalo,
for commercial buildings valued at
York City—in
the Borough
of the Bronx,
more
than $300,000; in
New
for apartment houses to cost
nearly $1,000,000; in the Borough of Brooklyn, for apartment houses to
nearly $500,000; in the Borough of Manhattan, for apartment houses
to cost $620,000; in the
Borough of Queens, for apartment houses to cost
cost
approximately $500,000; in Lower Merion Township, Pa., for a school
building to cost nearly $600,000; in Narbeth, Pa., for apartment houses to
cost $600,000; in
Philadelphia, Pa., for one-family dwellings to cost over
$1,000,000; in Pittsburgh, Pa., for an institutional building to cost approxi¬
mately $1,500,000; in Scranton, Pa., for hospital to cost over $800,000;
Volume
in
Chicago,
Ind., for
Financial
146
111., for
Mich., for one-family dwellings to cost
for store and mercantile
for
March
$400,000; in Roanoke, Va.,
of
hospital building to cost approximately $500,000; in Houston, Texas,
a
of
cost
over
approximately
$450,000;
Los
in
Texas, for
than
more
$600,000;
and
San
in
school building
a
Calif.,
Angeles,
houses to cost nearly $700,000 and for store
cost
Wholesale
$2,000,000; in Miami, Fla.,
over
buildings to cost
for city hall to cost $1,700,000; in Galveston,
to
Commodity Prices
high school building to cost approximately $500,000; in Detroit,
a
apartment
for
Department
for
the
Grand
THE
WITH
NEW DWELLINGS,
Calif.,
Central Annex post
OF
leading
agricultural
In
There
middle
OF
member
reflecting
prices
of
part
in
industrial
some
slightly from the lows reached earlier in the month.
TO¬
IN
As
REGIONS
MARCH,
a
loans
commercial
brokers
to
dealers
and
loans at reporting
further,, reflecting
declined
of
part
the
government's
for
program
also
little
showed
net
business
of
encouragement
sub¬
a
and
securities
in
loans.
the Board of Governors reduced reserve requirements of member
by about $750,000,000, effective April 16, and excess reserves corre¬
spondingly increased.
As a part of the same program the Treasury discon¬
banks
gold
Families Provided
in
leading cities
recovery,
'
'P
4
in
101
reduction
tinued
the
inactive
certificates
from
reserves
for
in New Dwellings
Permit Valuation
in
Credit
weeks of April total
Holdings of investments
change, declining in March and increasing in April.
New Residential Buildings
No.
banks
stantial
FOR
PROVIDED
FAMILIES
v
of
April
prices
and
commodities,
declined,
also
of
of
middle
the
from
further decreases in prices
were
industrial
products
the
declined
generally
April.
semi-finished
Bank
the
CONSTRUCTION,
BUILDING
NUMBER
IN 2,032 IDENTICAL CITIES IN NINE
Geographic Division
and
influences.
declines
buildings in
office
:--V-
■■■
some
week
raw
one-family
for
OF THE UNITED STATES, AS SHOWN BY PERMITS ISSUED,
1938
of
of
During March and the first three
VALUATION
1—PERMIT
GETHER
third
to the
and mercantile buildings to
Francisco,
Borough of Manhattan, N. Y. City, to cost over $2,000,000.
TABLE
prices
materials advanced
the Procurement Division of the Treasury
awarded by
was
commodity
number
a
seasonal
dwellings to cost nearly $800,000.
A contract
2929
in Richmond,
school building to cost $1,150,000;
a
Chronicle
gold
with
this
and
account
the
Federal
will
source
the
as
$1,400,000,000
about
deposited
Reserve
occur
banks.
Additions
draws
Treasury
to
of
excess
these
upon
deposits to meet current expenditures and the retirement of Treasury bills.
Cities
1938
Mar.,
AU divisions
2,032
Feb., 1938
135
Middle Atlantic
498
East North Central
468
194
South Atlantic
232
2,935,125
13,601,180
632
398
Central
83
West South Central
126
5,729,374
431
2,007
1,938
806,549
456
317
1,932
*
»
-
-
-
-- -
495
7,308,521
the
previous
Treasury
low
bills
open-market
4-57.6
Feb., 1938
$3,586,466
Middle Atlantic
$1,009,893
8,329,031
31,493,773
5,837,056
3,674,350
West No. Central..
2,140,980
4,744,992
694,810
4,651,750
17,158,982
20,129,008
7,070,397
15,245,472
442,054
5,445,281
$5,562,078
21,669,773 18,294,834
11,856,198 14,839,136
$9,138,861
10,222,868
East No. Central..
2,887,218
South Atlantic
East So. Central—
West So. Central—
Mountain
3,006,649
3,926,898
1.912,714
9,328,618
1,795,459
18,297,534
11,360,862
693,865
684,587
2,763,964
5,665,310
Pacific..
4,552,892
4,940,098
1,956,849
3,279,820
1,204,001
5,626,685
25,598,324
'
6,751,058
20,922,254
5,196,657
4-19.1
—15.0
.
Industrial
Activity in March and First Three Weeks
April Continued at Same Rate as January and
February
of
of Governors of
issued
April 26 its monthly
on
financial
and
the
conditions
the
of
rate
same
in
as
commodities
to
United
seasonal increase,
further."
The
activity continued at about
February.
Distribution
less
showed
the usual
than
and wholesale commodity prices declined
Board, in its
also stated:
summary,
unchanged
Industrial
Conference
basis.
in
three-month
on
Other
the
first
short-term
three
weeks
Board
Reports
No
on
Board
in
connection
The Conference Board's investigation indicates a general, although not
large,
decline
The
employment
in
decline
in
the
greatest
was
manufacturing
various
in
the
automobile
Increases in employment
are
industries
(3.6%)
electrical
shown, however, in three industries
—iron and steel, lumber and mill work, and paper
in total man-hours worked and in
industries.
A
-
products.
' 1
~
Improvement
payroll disbursements is noted in seven
:
comparison of the situation in March with that in the previous month
and also with that in March,
1937, is shown in the following table:
OR
INCREASE
PERCENTAGE
MANUFACTURING
25
DECREASE,
'.-V
INDUSTRIES
:•
-
-7; •
.
March, 1938, Compared with—
based upon
of April, in
States,
January and
consumers
The rate
1936.
no-yield
a
of "general business
the first, three weeks
which it stated that "industrial
remained
System
Federal Reserve
summary
the
in
March and
statistics for
rates
December,
virtually
April 30 by the National Industrial
with its regular monthly
investigation of wages, hours, and employment in 25 manu¬
facturing industries indicate that there has been no general
reduction in wage rates.
Earnings per hour averaged 71.4
cents in March compared with 71.0 cents in February.
Average weekly earnings were also slightly higher, although
there was a drop of 1.1% in total man-hours worked.
In
noting this the Conference Board further said:
(7.3% ).
Board
to
manufacturing (4.1%), book and job printing (6%), and wool industries
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
The
the first
in
three- to five-
on
;V/:\
covered
Percentage change
0.92% in
money
Conference
of 1930)
Feb., 1938
Mar., 1938
of
declined
Figures released
lation
$38,238,097 $44,983,502 $121,011,809 $101,646,792 59,709,568
All divisions.......
New England
2.50%
ing Industries During March
Popu¬
and
Alterations,
Repairs) Permit Valuation
{Census
1938
Mar.,
of
General Reduction in Wage Rates of Manufactur¬
Total Construction
Unci.
Valuation
Permit
level
low of 0.81%, which compares with
of April.'
National
4-71.8
New Non-residential
a
The average yield
new
2,377
1,433,840
11.471,988
Percentage change
a
264
3,366
97
-
April 22.
on
1,460
3,981,392
650,447
199
Mountain., .v.
Pacific
2.32%
to
Treasury notes declined to
year
897
878
Treasury bonds declined from
on
half of April
1,343
2,010
6,095,719
4,749,357
3,074
4,623,671
1,438,052
3,355,386
7,174,618
1,152,322
Yields
9,425
1,820,465
9,887,396
West North Central
East South
14,850
$55,761,221 $32,454,190
New England
Money Rates and Bond Yields
Feb., 1938
1938
Mar.,
March, 1937
February, 1938
4-0.6%
Average weekly earnings
Man-hours
Payrolls
—- -
.
.
.i
.
—35.6%
—30.8%
—1.0%
—
_
—14.1%
—0.5%
.........
-.
Employment........
Real weekly earnings
4-8.3%
4-0.4%
—1.1%
Average hourly earnings
—19.5%
—12."%
4-0.4%
i..
Production
Volume
industrial
of
from February to
production showed little change
March, and the Board's index, which is adjusted for the number of working
days and for usual seasonal variations, remained at 79%
In the steel industry, output of ingots averaged
33% of capacity
Weekly
Report
Lumber Movement:
April 23, 1938
of
of the 1923-1925
average.
March
in
April.
and
Shipments
at
were
which
higher
expands
in
time
and
cotton
while
silk
were
of
also
production
and
and
for
generally
metals
non-ferrous
a
and
March.
in
activity
following
packing
meat
decreased
output
factories
declined
tires
In the lumber and cement
in
increases
shoe
mills
woolen
at
construction
according
March,
residential
other
figures
which
work,
somewhat,
rose
February.
in
rise
refining.
sugar
February,
in
continued
to
At
At
of
output
had
were
of
awarded
F.
the
advanced
showed
decline,
in
March,
considerable
a
Dodge
W.
moderately
Corp.
increase
Awards
a
year ago.
higher than last
was
1937.
The value of public projects showed
the
middle
usual at this
decreased
stantial
erate
of
February to the middle
The number
season.
increase
an
decline,
declines
or
while
most
other
little change.
of March,
although
increases
employed in the machinery industries
considerably further, and at
woolen
mills there
manufacturing
Employment
on
also
was
industries
and
sub¬
a
showed
the railroads
mod¬
declined somewhat further in March, while in other
manufacturing lines there was little change in the number employed.
The
Board's
from 88
of
in
department
seasonally adjusted
index
of
than
department
the
store
usual
sales
rise.
declined
February to 86 in March, and figures for the first three weeks
April indicate
some
further decline.
and
Freight
car
loadings showed little
rise is usual
at
important
In the
hardwood and softwood mills.
April 23, 1938, production, shipments and orders
During the week ended April 23, 1938, 526
of
hardwoods and
softwoods combined;
feet
booked orders
Mills,
orders,
feet;
All
of
159,874,000 feet.
547;
production,
mills produced 173,240,000
shipped
176,934,000
178,268,000
feet;
shipments,
184,735,000
but Northern Pine, Northern Hemlock and Southern Hard¬
in the week ended April 23, 1938.,
California Redwood, Northern Pine, Northern Hemlock and
Hardwoods reported shipments above output.
All regions but
regions
reported orders below production
Southern
Pine,
similar
below
reported orders and all but Redwood reported shipments
items
in
the
corresponding week
of
1937.
#A11
softwood
reported production below the 1937 week.
for the week ended April 23, 1938, by 443 soft¬
mills totaled 154,046,000 feet, or 8% below the production of the
mills.
Shipments as reported for the same week were 171,047,000
regions
Lumber orders reported
feet,
feet;
Revised figures for the preceding week
170,599,000 feet.
Northern Hemlock
same
a
Manufacturers
regional associations covering the opera¬
as reported by 431 softwood mills were, respectively, 33%,
33% and 38% below similar items in corresponding week
of 1937.
The Association further reported:
wood
of
tions
this time of
February to March, although
new
week ended
Shipments of coal declined substantially and miscellaneous load¬
ings increased by less than the usual seasonal amount.
change from
the year.
week was below production, this time
preceding week; shipments were 4% below shipments
orders were 6% below orders of the previous week,
of the
Western
showed less
stores
New business for
the preceding week.
by 8%.
All items in the week ended April 23, 1938, were
appreciably lower than during the corresponding week of
1937.
National production reported for the 1938 week by
4% fewer mills was 3% below the output (revised figure)
woods
stores and by mail order housse increased seasonally in
while sales at
from
the third consecutive
the
non-
Distribution
Sales at variety
decline
some
were;
in
public utilities
March,
new
according to reports to the National Lumber
Factory employment declined somewhat and payrolls showed little change
are
corresponding week of 1929; shipments, about 50% of
Reported production, shipments and
orders in the week ended April 23, 1938, all showed
of the
that week's shipments.
Association from
year.
April 23, 1938,
52% of the 1929 weekly average of production and
54% of average 1929 shipments.
Production was about 50%
increased
Employment
from
The lumber industry during the week ended
Ended
stood at
Contracts
February,
in
still 12% less than in March,
for
private work also increased in March, but remained considerably
than
smaller
contracts
to
sharply in March but
and
little
production of anthracite and crude petroleum increased somewhat.
Value
for
mills
reported
coal
bituminous
while
textile
where
mines,
considerable
were
production
Declines
production,
showed
year,
the low level of January and February, and output of
there
of
recent months,
Automobile
the
of
weeks
three
in other
as
output.
this
at
first
the
in
March,
than
rate
sharply
level
plate glass likewise remained at a low rate.
industries
in
this
about
at
of finished steel
somewhat
a
usually
change from
and
continued
Week
or
2% above production.
Production was 167,180,000 feet.
2930
Financial
from
Reports
hardwood mills give
101
4% below production.
or
5,887,000 feet,
Shipments
Production
was
5,828,000
as
reported for the
as
3% below production.
or
business
new
feet,
week
Chronicle
were
same
6,000,000 feet.
with Similar
Identical Mill Reports
week's
Last
feet, and
feet and
it was 246,601,000 feet; shipments
ago
and
feet
Refined
identical softwood mills
production of 431
a year
170,611,000
253,254,000
feet,
and
166,387,000
was
were,
respectively,
received,
orders
May 7,
153,386,000
248,738,000 feet.
1938
States Exports of Refined Sugar During First
Three Months of 1938 Decreased 36% as Compared
United
first
Last Year
Period
exports by the United States during the
months of 1938, totaled 11,111 long tons, as
sugar
three
against 17,494 tons during the similar period last year, a
decrease of 6,383 tons, or a little over 36%, according to
Lam born & Co., New York.
The firm adcUd:
The refined sugar exports during the January-March period of 1938 went
Bank of Montreal Issues First
Crop Report on Canadian
Appear More Favorable Than
Crops—Conditions
Other
in
Years
In the
Prairie Provinces present moisture conditions
sufficient to
the whole
on
germination and give the crops a good start.
ensure
are
Wide¬
spread rainfall during the past few days
has
in southwestern Saskatchewan and parts
of eastern Alberta, where subsoil
moisture
low.
reserves are
been beneficial, particularly
While spring operations have been retarded by
and rains, wheat seeding has
snow
begun, and in Manitoba and
some
parts
of Alberta and Saskatchewan it is well under way.
In Quebec spring opened up about two weeks earlier than usual, and the
season
able.
continues in advance of last year,
with conditions generally favor¬
The maple syrup crop has been exceptionally good, both
tity and quality.
conditions
In Ontario, land operations
having been favorable and the
as
to quan¬
well advanced, weather
are
about
season
one
week
as well as
pasture lands
through the winter in good condition and seeding and planting
about two weeks. In British Columbia the season is
should be general in
early, following
mild winter, and field operations
a
moisture conditions satisfactory.
present outlook is for
are
well advanced, with
The bloom in orchards is heavy and the
while Colombia and Panama with 4,502 tons and 879
respectively, followed.
tons,
^
International
Council
Sugar
Reduces Export Quotas
Placed at 3,230,950 Tons—Be Considered at Next Meeting
by 5%—Present Total
Further Releases to
in
July
The International
Sugar Council, governing body of the
Sugar Agreement, at its meeting on April 30
International
decided to reduce export quotas by 5%, the maximum
allowed under the terms of the agreement signed last year.
Total quotas during the current year before the meeting
3,508,.500 metric tons after allowing for releases pre¬
viously made and the Council released a further volume of
107,500 metric tons making a total of 3,401,000 tons.
This
reduction of 5%, or 170,050 metric tons, brings the present
total export quotas to 3,230,950 tons. As to further develop¬
ments of the meeting, a London dispatch of April 30 to the
New York "Times" reported:
were
that
It is understood
tne convention.
a
number of countries supported Cuba for
Nevertheless, the Council decided to
to consider further
10%
a
meet again in
July
quota releases in accordance with the situation at that
This is likely to be affected by the position of affairs in China
time.
connection with which the
Council made
a
considerable
of available production at the present meeting) and
wartime stocks.
conserve
heavy crop of all tree fruits.
a
1,399 tons and 559 tons,
In the previous season, the United Kingdom with 8,006 tons
cut, but were unable to obtain a unanimous vote which is necessary under
In the Maritime Provinces fruit trees and shrubs
come
respectively.
early,
with moisture conditions excellent.
have
being followed by Panama and Honduras with
also headed the list,
"As operations on the land come into their full
swing
throughout the Dominion of Canada, conditions appear
more generally favorable than for several
years past," the
Bank of Montreal states in its first crop report for the
season.
"Reports from every Province tell of ample moisture
for the time being in most districts.
Everywhere, fall sown
crops and meadows have wintered well, and winter damage
to fruit trees and small fruits has been negligible."
The
report, issued May 5, also said:
The United Kingdom leads with 6,974 tons,
to over 40 different countries.
The normal
cut in the
(in
figures
the British decision to
British consumption is said
to
be
200,000 metric tons monthly, but no account of the Government's purchases
has been taken
The Council estimated the requirements of the "free markets" at
March Sugar Exports from Java Decreased 19,465 Tons
Compared with Same Month Year Ago, According
to B. W. Dyer & Co.
Exports of sugar from Java during the month of March,
1938, amounted to 84,266 long tons, according to B. W.
Dyer & Co., New York, sugar economists and brokers, a
decrease of 19,465 tons compared with the same month a
year ago.
Total exports during the period beginning April 1,
1937, and ending March 31, 1938, totaled 1,017,277 tons
compared with 975,011 tons during the corresponding period
of 1936-37 an increase of 42,266 tons.
Sugar stocks in Java
on April
1, 1938, were 294,006 tons compared with 258,815
tons
the
on
by countries and parties to the convention after reducing estimated exports
of non-signatory
March
sugar
futures
the
on
tons, an increase of 198,600 tons,
New
York
Coffee
and
or
nearly 50%
above the
438,350 tons done during March, it was announced by the
Exchange on May 3. The domestic contract accounted for
415,800 tons of April's total, which' compares with 265,350
world
March, while 221,150 tons
were
in the
traded
new
contract
against 173,000 tons in March.
However,
during the first four months of the year trading in both
contracts
reached
but 1,866,000 tons
as
compared with
3,361,850 during the same period of 1937 and 1,271,000 tons
during the first four months of 1936.
World
Coffee
Consumption in April Reached Record
Bags, Reports New York Coffee
Total of 2,559,658
and Sugar
Exchange—Largest Monthly Figure in
Records of
World
by
total
Exchange
consumption
deliveries
to
of coffee
consuming
during April,
measured
as
channels,
reached
York Coffee
of
the
record
2,559,658 bags, the New
and Sugar
Exchange announced on May 3. This figure compares with
2,437,192 bags delivered in March and 1,956,587 delivered
in April, 1937, and is the
largest monthly disappearance in
the 56-year
from
the
records of the
lower
prices
nouncement
that
to
Exchange.
which
have
Whether it resulted
followed
Brazil's
an¬
coffee
control
schemes
will
gradually
doned, whether it represents the efforts of recent
increase
be
aban¬
programs
consumption, or whether it means a
greater confidence in the market with a resultant increase
in
inventories,
is
difficult
to
determine.
The
announce¬
ment further stated:
For
1938,
the
10
months
deliveries
similar
total
up
Salt
Water
duces
Texas
Field—Gulf
Re¬
Crude
The Oklahoma
new
Corporation Commission on May 6 posted a
May quota of approximately 400,000 barrels, 75,000 bar¬
month, and about 100,000 barrels less than the market
Oklahoma
as
estimated
by the United States
Bureau of Mines.
The reduced allowable
was forecast at the May 3
meeting
representatives of pipeline companies with W.
J.
Armstrong, Chief Conservation Officer of the Commission,
the
a
coffee
crop
year,
July,
1937,
bags against 20,998,883
through
April,
bags during the
decrease of 0.2%.
Deliveries of coffee grown
11,842,437 bags of this season's total against 12,038,667
decrease of 1.6%.
However, for the first six months,
when it
indicated that the allowable would have to be
was
reduced to enable purchasers to make
where demand has dropped.
adjustments in pools
Although May nominations for purchases totaled nearly
was pointed out that this would have to
475,000 barrels, it
be trimmed somewhat due to restricted
pools.
demand in certain
Mr. Armstrong also indicated at the Tuesday meeting
that he would recommend to the Commission that the allow¬
able for each
pool where there is no pipe line proration be
by the total nominations of each purchaser buying
pool.
Early in the week came discouraging news when it was
announced by the Sinclair Prairie Oil Marketing Co. that
it will reduce its takings
up to 10,000 barrels daily.
This
cut followed the
20% reduction in takings of both the Carter
Oil Co. and the Shell Petroleum Co.
Recently, Barnsdall
announced a cut of 4,000 barrels daily in its
Osage County
takings.
measured
crude from that
Salt water, which has become an increasingly difficult
problem for East Texas oil men, may lose some of its power
as a threat should
experiments scheduled by the Sun Oil Co.
by permission of the Texas Railroad Commission achieve
any measure
of
this week to
experiment in
success.
Sun Oil Co.
to below the earth where it
Daily
an
was granted permission
effort to return the salt water
came
from.
production of salt water recently passed
the 100,000-barrel mark.
Y. E. Cottingham, Chief Pro¬
duction Engineer of the Commission, pointed out that since
reservoir pressure is affected
by withdrawals of fluid, whether
oil or water, a part of the current decline is due to water
output.
Since a barrel of salt water on the surface is equal
to 80% of a barrel of
oil, if all salt water was forced back
underground, he said, the field could produce 80,000 barrels
more of oil
daily without raising the pressure decline.
Dwindling market demand and lack of storage facilities
average
reduce its takings from that pool, effective May 1, it was
disclosed this week.
Under the new
deliveries
a
were
15.9%
behind the
previous
season.
Deliveries
period of 1936-37,
last
East
Purchases—Daily Average
Output Dips—Petroleum Stocks Rise
growths total 9,112,120 bags against 8,960,166 bags in the same
an increase of 1.7%.
At the six-month point, Jan. 1,
Brazil's
deliveries
in
Rodessa
combined with rising production in the Tri-state Rodessa
field has made it
necessary for the Gulf Refining Co. to
1936-37,
other
Gains
Reduces May
Takings Pares Quota Again—
of
bags in
all
of
20,954,557
period of 1936-37,
by Brazil make
Products—Oklahoma
of
Sugar Exchange during the month of April totaled 636,950
tons in
Its
Allowable—Lowered
demand for
Sugar Futures Trading on New York Coffee & Sugar
Exchange During
April
Increased
Nearly 50%
Trading in
parties.
Petroleum and
new
Above
3,050,-
000 metric tons, this figure being the requirements of the market to be met
rels under its April allowable which was held over a week in the
date in 1937.
same
by the Council in fixing the present total quotas.
of
other
than
season.
Brazilian
coffees
were
running
12.7%
ahead
of
purchasing schedule,
County, Texas,
bbls.previously.
the company will limit
daily runs in the Cass
area to 100
bbls.daily, against from 125 to 132
Volume
Financial
146
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
An additional 2,000 barrels daily is granted to the Louisiana
and Arkansas portions of the pool to be allocated equally
New York—
N.
Oklahoma wells saw a
New York
Brooklyn
a rise of 13,150 barrels to a daily average of 1,352,700
barrels, against the April 18 revised State allowable of 1,546,183 and the Bureau of Mines' recommendation of 1,329,800
A
drop of 4,150 barrels in Kansas pared production
177,750 barrels, against the joint Federal-State
173,000 barrels.
Louisiana at 260,000
barrels daily was off 1,900 barrels, and compared with a
State quota of 252,275 barrels and the Federal suggestion of
239,800 barrels.
to
recommendation of
Stocks of domestic and foreign
crude oil stocks rose 880,000
during the week ended April 23 to 307,654,000
barrels, according to the United States Bureau of Mines. An
increase of 977,000 barrels in domestic stocks was offset only
partially by a decline of 97,000 barrels in foreign stocks.
There were no crude oil price changes:
barrels
$2.05
Lima (Ohio Oil Co.)
Eldorado, Ark., 40.
-
-
$1.27
1.35
-
1.25
Rusk, Texas, 40 and over
Corning, Pa
1.27
Darst Creek—
Illinois
1.35
Central Field, Mich
Western Kentucky
1.40
Sunburst, Mont
Mid-Cont't, Okla., 40 and above.-
1.30
American
Kettleman Hills, 39 and over
Smackover, Ark., 24 and over
0.90
Petrolia. Canada.
Imports of petroleum for domestic use and receipts in bond at principal
a
daily average of 76,571 barrels, compared with a daily average of 185,714
barrels for the week ended
weeks ended
April 23 and 133,964 barrels daily for the four
April 30
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
barrels,
April 30 totaled 60,000
compared with
daily average of 8,571 barrels,
a
daily average of 34,286 barrels for the week ended April 23
a
weeks ended April 30.
and 13,286 barrels in the four
Reports received from refining companies owning 89.0% of the 4,159,000barrel
daily potential refining capacity of the United States,
estimated
indicate that the industry as a
whole ran to stills, on a Bureau of Mines
basis, 3,215,000 barrels of crude oil daily during the week, and that all
91,339,000 barrels of finished and
128,270,000 barrels of gas and fuel oil.
unfinished gasoline and
Cracked gasoline production
,
charging capacity of all
by companies owning 94.8% of the potential
daily during the week.
cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of
DAILY
STOCKS
CLIMB
IN
GASOLINE MARKET
COAST MARKETSDECLINE—REFINER Y
Four
B. of M.,
Dept. of
State
Week
Chanoe
Weeks
Interior
GULF
AGAIN
Allowable
Ended
from,
Ended
Ended
April 1
April 30
Previous
April 30
May 1
1938
Week
1938
1937
lations
market in New York and other
major distributing and consuming areas has firmed with the
.rising seasonal trend of gasoline consumption, the Gulf Coast
area is reported to
be under pressure due to current topheavy stocks of motor fuel.
Another factor that is exerting pressure upon the Gulf
Coast market is the possibility of a reduction in Texas or
the Mid-Continent in the crude oil markets.
While refined
whole are far below last summer's levels, crude
oil is still holding practically unchanged.
Should there be
any concerted move to lower crude prices now, however, it is
as a
feared that it
would exert
PRODUCTION
(Figures In Barrels)
While the bulk gasoline
products
745,000 barrels
,
AVERAGE CRUDE OIL
Calcu¬
REPORT
FUEL
OPERATIONS
the
that
United States ports for the week ended April 30 totaled 536,000 barrels,
PRODUCTS—NEW YORK BULK
FIRM—EASINESS
estimates
Institute
Petroleum
daily average gross crude oil production for the week ended
April 30, 1938, was 3,396,150 barrels.
This was a decline of
43,950 barrels from the output of the previous week, and
the current week's figure was above the 3,361,700 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during April.
Daily average production
for the four weeks ended April 30, 1938, is estimated at
3,403,500 barrels.
The daily average output for the week
ended May 1, 1937, totaled 3,497,450 barrels.
Further
details, as reported by the Institute, follow:
1.22
1.42
2.10
Huntington, Calif., 30 and over...
1.25
MOTOR
1851
Boston
1-09
1.42
1.22
—
Rodessa, Ark., 40 and above
REFINED
|
$.17
$.1651 Buffalo..
I Newark
19
pipe lines as of the end of the week,
gravities where A. P. I. degrees are not shown)
Bradford, Pa
$.19
"
companies had in storage at refineries, bulk terminals, in transit and in
Barrel at Well*
per
$.02K-.03
Tulsa
I
Average Crude Oil Production During Week
April 30, 1938, Placed at 3,396,150 Barrels
The
showed
Typical Crude*
i
$.053
Ended
the only member of the "Big Five" to show any
production, Kansas and Louisiana following the
Oklahoma and California.
The Lone Star State
Price* of
28-30 D
Not Including 2% city sales tax.
Daily
was
(A
Chicago—
drop of
increase in
there
i
I
$ 04?*
v
daily.
barrels.
(Bayonne)—
a
a sharp reduction in its production
totals, output on the West Coast dropping 19,900 barrels
to
709,000 barrels, in comparison to the joint FederalCentral Committee of California Oil Producers of 698,700
of
'
1,95
Gasoline, Service Station, Tax Included
California also achieved
lead
Y.
27 plus
25,500 barrels in the State's daily average production, which
totaled 473,900 barrels, against the State quota of 475,000
barrels and the Bureau of Mines, figure of 526,500 barrels.
Texas
...$1.05
Ga* Oil, F.O.B. Refinery or Terminal
N
a
in
03?*-.05
lTulsa___
03J4-.04
Terminal
California 24 plus D
i New Orleans C
$.90
$1.00-1.25 Phlla.. Bunker C.__. 1.05
(Bayonne)—
Diesel
production during the like 1937 period of 3,497,450
barrels
Y.
Bunker C
barrels.
cutbacks
Los Angeles..
$.05?*
Fuel Oil, F.O.B. Refinery or
the wells.
Daily average crude oil production in the United States
during the final week of April was off 43,950 barrels to 3,396,150 barrels, according to the American Petroleum Institute.
This compared with the April market demand estimate of
the United States Bureau of Mines of 3,361,700 barrels, and
Month-end
North Texas
I
Orleans.$.05?*-.05?*
I New
$04
i
(Bayonne)
among
actual
2931
Chronicle
an
unfavorable influence upon
[April)
473,900 —25,500
497,250
665,600
177,750
—4,150
167,100
198,350
Panhandle Texas
70,700
+ 8,600
63,350
North Texas
77,300
29,650
+ 200
77,350
29,550
195,300
Oklahoma
475,000
173,000
526,500
Kansas
173,000
197,500
+ L350
East Central Texas...
103,250
+2,550
101,650
East Texas
433,200
+ 800
431,900
78,800
70,550
32,750
199,600
118,200
459,250
Southwest Texas
234,400
+ 1,900
232,250
229,350
Coastal Texas
206,700
—2,250
206,100
199,400
West Central Texas—
West Texas
......
1,329,800 X1546183 1,352,700 + 13,150 1,337,450 1,387,900
Total Texas..
76,700
A less-than-seasonal decline in gasoline—attributed
to
sharp gain in refinery operations—pared stocks of finished
and unfinished motor fuel by only 140,000 barrels to 91,339,000 barrels, according to figures made public by the American
Petroleum Institute covering the final week of April.
This
made a total reduction for the month, however, of approxi¬
mately 1,500,000 barrels in gasoline inventories.
Refinery stocks showed a slump of 98,000 barrels during
the April 30 period to 58,745,000 barrels with bulk terminal
holdings unchanged at 25,178,000 barrels.
Stocks of un¬
finished gasoline were off 42,000 barrels to 7,416,000 barrels.
Gas and fuel oil stocks climbed 1,222,000 barrels to 128,370,000 barrels, which is nearly 34,000,000 barrels more than
—3,300
79,050
183,900
+ 1,400
182,600
73,650
178,350
North Louisiana
Coastal Louisiana
gasoline and other refined product prices.
Week
....
260,600
—1,900
261,650
252,000
40,000
Total Louisiana
54,550
+ 850
53,800
27,000
120,500
252,275
239,800
a
held at this time
a
Arkansas
132,600
145,700
51,400
52,100
—3,850
+ 1,050
143,200
Michigan
Wyoming
46,600
46,350
—3,750
Montana—
12,700
13,850
3,650
+ 750
49,150
13,350
—750
4,050
4,650
106,000
+50
106,400
105,950
Eastern..
...
4,600
New Mexico
106,000
Colorado
698,700
Note—The figures Indicated above do not Include any estimate of any oil
x
Sunday shut-downs continued as previously,
Recommendation of Central Committee of California Oil Producers.
April 18.
(Figures In thousands of barrels of 42 gallons each)
Canal Zone lowered the price
to $1.85.
Total
Socony-Vacuum..
Tide Water Oil Co
.08
Gulf
.08?*
Shell Eastern.
Richfield Oil(Cal.)
.07?*
Warner-Quinlan..
.07 H
.$.07?*
.08 M
.
.
.07?*
Chicago
New OrleansGulf
Tulsa
porta...
Oas
in
and
At Re¬
fineries
Terms., Nap'tha
108
83.7
1,536
1,682
247
92.4
417
85.3
10,920
3,273
824
383
84.7
262
68.4
4,615
2,989
201
56.6
135
67.2
2,179
194
255
95.7
787
98.7
11,316
378
1,933
399
,129
489
452
355
8,520
1,271
12,966
Kan.,
Mo
Distil.
<tc.,
88.4
146
529
1
833
797
Oil
9,902
1,365
7,736
3,664
1,625
8,723
2,987
1,386
490
72.4
341
95
93
51
82.3
2,155
120
796
90.9
509
68.2
11,707
2~50i
1,464
88,263
89.0
2,936
79.3
54,675
24,568
4,070
610
168
58
63.7
89
62
69.7
821
746
3,702
132
96.6
91
Mtn.
...
530
Fuel
42
174
No.La.&Ark.
Rocky
ated
age
•
457
78.6
279
xEst.tot.U.S
609
7,136 125,670
280
2,600
•
Apr. 30 '38
Other Cities....
Stocks
Unfin'd
C.
73.7
Appalachian.
Ind., HI., Ky
Reported
Est. unrepd.
U. S. Gasoline (Above 65 Octane), Tank Car Lot*, F.O.B, Refinery
...
493
669
a
Texas
Oper
C.
669 100.0
East Coast.-
Okla.,
P.
P.
Aver¬
tial
Rale
May 6—The Imperial Oil Co. lowered Diesel fuel oil prices 10 cents
New York-
Daily
Reporting
price to $1.65.
Stand. Oil N. J..S.07H
Finished and
Unfinished Gasoline
of
California
New York-
Total
Stocks of
Finished
Poten¬
a
Quebec and St. Johns.
to Stills
District
A similar slash at Aruba set
barrel at Halifax, Montreal,
Crude Runs
Daily Refining
Capacity
La. Gulf
barrel reduction in prices of Diesel fuel oil at the
STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED APRIL 30, 1938
Texas Gulf..
a
effective
Original April 1 allowable of 1,510,337 barrels revLsed as Indicated,
Inland Texas
Representative price changes follow:
which
produced.
might have been surreptitiously
$1.65
May 4—A 10-cent
620,200
3,396,150 —43,950 3,403,500 3,497,450
Total United States. 3,361,700
CRUDE RUNS TO STILLS AND
barrel.
16,850
718,250
709,000 —19,900
y698,700
sharp gain—1.7 points—lifted refinery operations to
79.3% of capacity, with daily average runs of crude to stills
expanding by 65,000 barrels daily to an average of 3,215,000
barrels.
The production of cracked gasoline rose 30,000
barrels to 745,000 barrels daily.
Diesel fuel oil prices along the Atlantic Seaboard weakened
during the week as top-heavy stocks exerted a depressing
influence upon the general price structure.
Halifax, Mon¬
treal, Quebec and St. Johns on May 6 suffered a reduction
of 10 cents a barrel by the Imperial Oil Co.
Two days
earlier, prices in the Canal Zone were cut 10 cents to $1.85
and a similar reduction in the Aruba posting lowered it to
a
46,850
51,600
2,687,150 —24,050 2,685,250 2,877,250
Total east of Calif.. 2,663,000
California
y
year ago,
A
103,000
61,850
$.05
-
05H
.06?*-.07
.05?*
.04?*-.04?*
4.158
4,159
3,215
58,745
25,178
7,416 128,270
Apr. 23 '38
4.159
4,159
3,150
58,843
25,178
7.458 127,148
Z3.119
51,474
21,945
7,248
U.S.B. of M.
xApr. 30 "37
x
Estimated Bureau of Mines basis,
z
April 1937 dally average.
94,207
Financial
2932
Commission in its current
weekly coal report stated that the total production of soft
is estimated at 5,200,000 net
coal in the week ended April 23
This is
tons.
decrease of 320,000 tons, or 5.8% from the
a
output in the preceding
week, and is in comparison with
6,647,000 tons in the corresponding week of 1937.
The United States Bureau of Mines in its report said that
production of anthracite in Pennsylvania for the week
ended April 23 amounted to 666,000 tons, a decrease of
346,000 tons, or 34% in comparison with the week of
April 16, and of 59% when compared with the corresponding
week of 1937.
on
in
PRODUCTION OF SOFT COAL
and
losses
agement
the principal reason for the weak spell abroad.
as
publication further reported:
Copper
and
kinds of rumors about the stability of the domestic quotation
all
led to
developments at the London conference of producers aimed at renewing
international agreement.
As London prices recovered on May 4.
for
Year to Dale
1938
1937
1938c
1938b
for April
The quotation continued at
also shows
business
Bituminous Coal
a—
5,200
6,647 102,262 153,184 167,317
1,076
1.611
1,761
1,10«
5,520
867
Total, including mine fuel
Dally average..--
920
for purposes of
PRODUCTION
ESTIMATED
PENNSYLVANIA
OF
BEEHIVE
ANTHRACITE
AND
COKE
The
the
Apr. 16,
10c., Valley.
moderate seasonal uplift,
a
but brass sales
meeting
President,
United States
Chilean
at
it
stockholders
of
said
that
about 40%
of
Kennecott
of capacity,
he said,
properties,
is known,
as
deeply interested in comment
Kennecott
is
12,000 tons
or
operating at 78%
are
Copper.
producing
1938
1937
1929
c
80,000
Daily average..
in the
666,000 1,012,000 1,639,000 14,852,000 17,650,000 22,798,000
157,200
186,800
241,200
273,200
168,700
111,000
of capacity.
964,000 1,557,000 14,145,000 16,768,000 21,157,000
634,000
Beehive Coke—
far
Stephen
copper
by the end of 1937 and during the first quarter of 1938
tons
in
was
prompt shipment metal.
favorable
regarding
news
Producers
consumption
17,400
18,400
80,300
376,800
1,153,900
1,943,800
Daily average..
2,«>00
3,067
13.383
3,885
11,896
20,039
same rate
as
The bulk of the
encouraged by
were
of certain
particularly pigments and sheet lead and pipe.
fications points to increased consumption of
United States total
a
So
amount to about 100,000 tons, the lowest in some time.
preceding seven-day period, totaling 2,083 tons.
business
more
pro¬
duction b
The
month.
a
T.
the
c
Anthracite
Commercial
E.
in
copper
Sales of lead during the last week continued at about the
Penn.
dis¬
the copper situation
on
Lead
1937
Tot. incl. col. fuela
Wire
are
stated, domestic free stocks of copper in the hands of
was
Apr. 24,
1938
sales
added 20,000 tons to the total on hand.
Calendar Year to Dale
1938
was
annual
Stannard,
to
♦
con¬
Domestic
tons.
Birch, Chairman, revealed that Kennecott increased its stocks of
(In Net Tons)
Apr. 23,
trade
consumers
Week Ended
came
appointing.
at
historical comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
b Subject to revision,
c Revised,
d Sum of 16 fuU weeks ended April 23, 1938,
and corresponding 16 weeks of 1937 and 1929.
Includes
a
5,720
buyers
Buying here
Fabricators report slight improvement in the demand for tubing.
1929
1937
for the week totaling
sales
Foreign
evaporated.
and selling pressure subsided.
amounted to 22,790 tons, which compares with 22,012 tons in
March.
Apr. 23 Apr. 16 Apr- 24
and the rumors
improved
good tonnage
a
tinued inactive,
d Calendar
some
Discour¬
The weakness in the London market for copper on May 2 and on M ay 3
in
Week Ended
abroad recovered
disappeared.
soon
nervousness
the business situation in the United States
over
given
sentiment
(In Thousand! of Net Tons)
metals in that trading
the other
On May 4, however, prices
of the
The
unsettled most of thejweek, buying continued
In London there was a sharp break
which disturbed
tin,
center.
was
7, 1938
reduced scale.
a
the
ESTIMATED UNITED STATES
May
London prices
Production Statistics
Coal
Weekly
The National Bituminous Coal
Chronicle
lead
products,
Activity in these classi¬
lead in the building field.
From present indications, shipments of lead to consumers during April
totaled between 27,000 and 29.000 tons.
shipped by truck from authorized
c Adjusted to make comparable the number
Includes washery and dredge coal, and coal
operations,
b Excludes colliery fuel,
of working days in the three years.
Quotations continued at 4.50c., New York, which
The undertone
St, Louis.
ESTIMATED WEEKLY PRODUCTION OF COAL,
was
BY STATES
Western
Louis.
Demand
of
zinc
was
business
was
slow
might
available all week
at
that level,
been
have
vailing conditions, however, sellers
Week Ended—
done
1938 p
4.35c.,
Apr. 17 Apr. 18 Apr. 13
1936
1937 r
1929
Avge.
fair trade in tubes, but the sheet division is
1923
of
producers felt
at
around
4.15c.,
that
4c.
a
St.
good
Under
pre¬
not anxious to force the market,
were
and bids
under
the basis
on
but
April
State
Apr. 9
at
Zinc
Prime
volume
1938 p
and
steady.
(In Thousands of Net Tons)
[The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.]
Apr. 16
also the contract
was
settling basis of the American Smelting & Refining Co.,
4.15c. received little attention.
Galvanizers
are
doing
a
moving slowly.
e
Tin
2
1
3
3
226
215
22
214
339
412
The London tin market broke sharply the last week, largely on continued
Arkansas and Oklahoma
14
13
5
14
46
70
76
108
55
uncertainty over the position of Malaya in reference to quotas and the
Colorado
1
1
1
Alaska
Alabama..
Georgia and North Carolina
8
82
8
184
140
*
8
8
Illinois
579
763
508
705
788
1,471
Indiana
223
260
170
273
248
514
52
53
22
53
58
100
Iowa
86
106
34
83
88
138
473
448
726
613
692
020
97
124
73
116
196
188
Maryland
21
21
23
32
43
52
Michigan
10
8
3
9
7
22
Montana
40
Kanass and Missouri
Kentucky—Eastern
Western....-
51
buffer pool,
States.
On
together with unfavorable reports
Following the break abroad, Straits tin
low
as
35c. per pound.
as
May 4 London quotations staged
week's
losses
There
are
News
erased.
were
buyers
were
United States
here
offered here
a
on
Monday
the decline.
on
strong recovery, and most of the
a
from
Malaya
was
36.875c.
yesterday at
operating at
The April statistics
business in the United
on
was
Some good buying developed
encouraging.
more
Tin-plate
mills
in
the
little under 50% of capacity.
showed another increase in supplies.
The world's
38
46
30
New Mexico
21
20
30
27
45
59
North and South Dakota
20
29
19
20
20
816
of the month amounted to 30,606 long tons, which
compares with 29,125
298
324
288
378
365
766
tons
Ohio
42
1,368
1,284
1,867
1,782
2,529
3,531
Tennessee
76
72
48
97
89
121
Texas..
16
19
15
14
21
20
Utah
40
42
35
39
90
70
Pennsylvania bituminous
186
Virginia.......
163
176
215
174
249
24
a
Northern b
28
26
25
50
35
1,107
1,140
1,551
1,480
1,551
372
521
459
614
Other Western States
87
62
90
no
*
1
4
5,520
1,012
Pennsylvania anthracite d__
5,760
previous and 24,593 tons
States
Chinese
tin,
a
and
752
1,673
6,512
7,973
1,100
12,810
DAILY
10,830
1,974
9,490
7,984
6,300
Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. & G.,
on the B, & O. in Kanawha, Mason, and Clay counties,
b Rest of State, incl.
the
Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anth¬
racite from published record of the Bureau of Mines,
e Average weekly rate for
entire month,
p
Prellnlpary.
r
Revised,
s
Alaska, Georgia, North Carolina, and
and South Dakota included with "other Western States."
Gold
Production
in
April
Deliveries of tin in the
a year ago.
3,745
amounted to
tons,
99%
was
,
nominally
follows:
as
4,555 tons
against
April
28th,
29th, 35.250c.; 30th, 34.875c.; May 2d, 33.750c.; 3d. 33.750c.; 4th,
Union
of
South
* Less than 1,000 tons.
Africa
Set
New
Record in March
PRICES
OF METALS
Dom.,Refy. Exp., Refy.
9.775
("E. & M. J."
Straits
Electrolj/tic Copper
April 28
Grand total..
for
in
March.
80
8,399
0,822
1,102
6,532
Total bituminous coal
United
at the end
35.925c.;
35.500c.
116
*
2
c
month
778
73
Wyoming
a
1,256
391
Washington
West Virginia—Southern
visible supply, including the Eastern and Arnhem carryovers,
the general
Lead
Zinc
New York
New York
St. Louis
St. IjOuU
9.525
37.300
4.50
4.35
4.15
April
29
9.775
9.450
30.625
4.50
4.35
4.15
April
30
9.775
9.450
36.250
4.50
4.35
4.15
May
2
9.775
9.300
35.125
4.50
4.35
4.15
May
3
9.775
9.275
35.125
4.50
4.35
4.15
May
4
9.775
9.300
36.875
4.50
4.35
4.15
9.775
9.383
36.217
4.50
4.35
4.15
Average
.
_
„■
Average prices for calendar week ended April 30 are:
Domestic copper, f.o.b.
refinery, 9.775c.: export copper, 9.496c.; Straits tin, 37.263c.; New York lead,
4.500c.; St. Louis lead, 4.350c.; St. Louis zinc, 4.183c., 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,
In contrast to the general downward trend in
*
Tin
QUOTATIONS)
as
noted.
All prices
are
In cents per
pound.
business outlook in the Union of South Africa during March,
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
gold production in the Transvaal set
delivered
a
new
record with
a
total production during the month of 1,012,516 fine ounces,
according to a report to the Department of Commerce, made
public April 30, from the office of the American Commercial
Attache at Johannesburg.
The total number of natives
employed in gold production during the month numbering
312,922 was also a new record, the report stated.
About
12 companies milled tonnage far surpassing their previous
records, according to the report.
In
the trade, domestic
at
consumers'
the figures shown above
London
Market
Export quotations for copper are reduced to net at refineries on the Atlantic
On foreign business in copper sellers usually name a c.i.f. price—Ham¬
burg, Havre, and Liverpool.
The c.i.f. basis commands a premium of 0.350o.
per pound above our f.o.b. refinery quotation.
seaboard.
Dally London Prices
Copper, Sid.
Trade
Here
in
39 X
39*i«
"Metal and Mineral Markets" in its issue of May 5
reported that actual consumption of non-ferrous metals in
country appears to
be slowly expanding,
April 28
3M
Tin, Sid.
(Bid)
Spot
40*i«
44
164 K
3M
Lead
Zinc
Spot
3M
165
15*i«
15*1.
Spot
3M
13**i«
but, with
39 X
43
101X
162 H
14**i.
15b.
13b.
13 H
May
Non-Ferrous Metals
this
Copper
Electro.
Spot
Restricts
prices are quoted on a delivered basis; that Is,
As delivery charges vary with the destination,
net prices at refineries on the Atlantic seaboard.
De¬
livered prices In New England average 0.225c. per pound above the refinery basis.
+.
Unsettled
copper
plants.
are
2
38»i»
38**i«
156
14**i«
14**i.
38*11
38*u
153 H
153 %
14*i«
14
4.
38^
38**t»
43
160
160^
ux
15*i.
12H
12H
12^
12*i.
3
42 X
42 X
155
May
May
April 29
...
M
H
12**i.
13^
Prices for lead and zinc are the official buyers' prices for the first session
of|the
London Metal Exchange; prices for copper and tin are the official closing buyers'
prices.
All are in pounds sterling per long ton (2,240 lb.).
J
Volume
Financial
146
Steel Ingot
Output at 30.5% With No Sign of Reversal
of Downward
The "Iron
duction is yet in sight.
products
pig iron
steel ingot pro¬
or
Orders and inquiries for various steel
either barely holding at recent levels or are
are
Ingot output for the industry is estimated at
declining.
30.5% for the current week, decreases having occurred in a
number of
drop
The American
Iron and Steel
Institute on May 2 an¬
telegraphic reports which it has received in¬
operating rate of steel companies having
98% of the steel capacity of the industry will be 30.7% or
capacity for the week beginning May 2, compared with
32.0% one week ago, 32.6% one month ago, and 91.0%
one
year ago.
This represents a decrease of 1.3 points,
or
4.1% from the estimate for the week ended April 25,
1938.
Weekly indicated rates of steel operations since
April 5, 1937, follows:
nounced that
trend
Age" in its issue of May 5 reported that no re¬
versal of the downward trend in
districts, including Wheeling-Weirton, where the
from 68 to 59%; at Cleveland, where
loss of
dicated that the
a
1937—
four points brings the rate down to 21%,
where the decline was from 31 to 26.5%.
and at Buffalo,
Operations are
fairly steady at Pittsburgh and Chicago and up slightly in
the Youngstown area and in southern Ohio.
The "Iron
Age"further stated:
of pig iron
The downward trend of steel plant and foundry consumption
is
a
borne
loss of
out
by production figures for April, which
2.1%
with
,
an even greater
the blowing out of 11
there
daily baiss showed
reduction indicated for May owing to
90 on April
operating compared with
Apr.
19
Apr.
26
May
3
May 24
May 31
June 14
June 21...
June 28
75.0% Oct.
67.3% Oct.
Total
July
12
82.7% Oct.
"Steel" of
freight
Mt.
by the Southern Railway.
cars
builders
equipment
While the Southern is the first road to make use of Recon¬
struction Finance
Corporation equipment loans
there is no indication
program,
themselves
avail
divided among several
Steel Car Co., 250; Greenville Steel
Pressed Steel Car Co., 700; Ralston
new
were
Standard Car Mfg. Co., 2,000;
of
Government
large scale under the
on a
to how generaUy the railroads will
as
Their
aid.
interest
Is
centered
reduction in wages and an increase in net revenues at the moment
than
on
a
rather
his
monopoly
Government
past week from
injected into
that "Proof by the
to Congress declared
message
of identical
bids,
uniform
President Roose¬
two sources.
price increases,
be accepted as prima facie evidence of
the steel and cement
He mentioned
unlawful actions."
specifically. The action of the American
industries
Can Co. in sending a letter to its customers charging that
concessions were
being made on tin plate has also focused attention on prices.
producers do not
Tin plate
admit having made concessions to competitors of the
American Can Co.
the official
Whether this situation will result in
reduction in
a
having declined 50c. at Philadelphia
The
Cleveland and $1 at Youngs¬
and
and Chicago prices are unchanged.
Pittsburgh
The "Iron
Age" composite price has dropped to $11.75. lowest since 1935 and only
The automobile industry is experiencing a slackening off in
Shutdowns of some plants are probably within the very near
in 1939 cars which will eliminate the purchase
tool equipment
of
a
large amount of machine
that would have been required for more extensive altera¬
Structutal steel lettings were upward of 21,000 tons in the week,
includ¬
ing about 6,300 tons for Grand Coulee Dam, 3,300 tons for the Needle
Trades School in New York, 3,000 tons for a bridge in Omaha and
a
tons, of which 3,000 tons is for a dam in Oklahoma,
vated highway in
1,000 tons for
1,300 tons for an ele¬
Cleveland, 1,250 tons for Grand Coulee Dam work ands
Inquiries for reinforcing steel
bridge in Milwaukee.
a
2,250
New projects out for bids total about 14,000
hospital in Boston.
bar.
about 15,500 tons, one job, a dam in Oklahoma, calling for 9,000 tons
HFour boats awarded to
Florida shipyard by the Maritime Commission
a
15,000 tons of steel and
will take
12 others
which bids were opened
on
Navy destroyers and submarines on which
Tuesday call for 45,000 tons.
bids will be taken June 22, will require
about 15,000 tons of steel, includ¬
ing work to be done in both private and Navy shipyards.
Two battle¬
ships on which bids will be requested in the summer will use 20,000 tons
of carbon steel plates, shapes and
"IRON
AGE"
COMPOSITE
pal improvements,
ago._2.605c.
on steel bara, beams, tank plates,
wire, rails, black pipe, sheets and hot
One month ago
2.605c.
rolled strips.
One year ago
2.605c.
85% of the United States output.
These products represent
9
2.330c.
2.330c.
Dec.
28
2.084c.
Mar. 10
1935
2.130c.
Oct.
1
2.124c.
Jan.
2.199c.
Apr.
24
2.008c.
Jan.
2
2.015c.
Oct.
3
1.867c.
Apr.
18
_._1.977c.
Oct.
4
1.926c.
Feb.
1
.2.273c.
Jan.
7
2.018c.
Dec.
9
...2.402c.
Jan.
4
2.212c.
Nov.
1
.
1927
-
Mar.
Mar.
2
2.605c.
1936
1930
27.5%
Mar. 14
32.1%
Dec.
13
Mar. 21
33.7%
Dec.
20
27.4%
23.5%
Mar. 28
35.7%
Dec.
27
32.6%
32.7%
32.4%
32.0%
30.7%
76.1%
74.4%
66.1%
63.6%
55.8%
52.1%
19.2%
April
25.6%
3
29.9%
7
April
1938—
Jan.
4..
April 11
18
10
27.8%
April 25
Jan.
17
24
Jan.
31
29.8%
32.7%
30.5%
May
Jan.
Jan.
2
of the iron and steel
summary
Federal
some
forms
of steel,
quiring 2,800 tons and
A
bridge
work,
one-
April
Statejand munici¬
providing
most
tonnage.
the Potomac has been let, re¬
over
needle trades school In New York, 4,300 tons.
a
The only private award of size is a building for Johns-Manville
Corp. in
Virginia, 1,500 tons.
rails and the Wabash asking court permission to buy
releases
on
contracts have given
Most rails
ty.
Chicago rail mills
a
5,750 tons.
Some
slight increase in activi¬
order have been rolled and backlogs are light.
on
Platemakers have considerable tonnage in prospect as the result of
to
be opened in
open
bids
New York City will
May for cargo ships and barges.
bids May 9 on 30 welded steel barges, requiring about 9,000 tons.
The Maritime Commission has set May
3 for opening bids on 12 cargo
vessels taking 36,000 tons of hull steel and May
5,000
17 for four more cargo
In addition to these prospective tonnages
ships, 14,000 tons of hull steel.
for the Southern railway, on which bids were opened April 30,
cars
will contribute about 80,000 tons, largely plates.
keeping
with varying volume
pace
of buying, increases in some centers being balanced by
The net effect is
a
loss of H point, to 32%
Chicago gained three points to 33.5%
There
,
the best this year.
H point to 27.5, Buffalo
Youngstown 2 points to 29 and Cincinnati 15 points to 30.
change at Birmingham, 66%
was no
and
Wheeling ad¬
Cleveland 1.2 points to 32 and New England 2
,
Eastern Pennsylvania dropped
2 points to 28,
declines in others.
Some indications are shown
.
Pittsburgh lost three points to 26%
of higher operations this week.
St. Louis, 36.3 and Detroit, 18.
,
Foreign trade in March was much below February, exports being 7.7%
lower
and
imports 40%
However,
.
most shrinkage
due to
Europe declined 64%
,
dollar value of exports was 10.7%
being in low-priced items.
Exports to
For
while shipments to other areas showed a gain.
first quarter, exports were
30.4% higher than for the same period last year.
Scrap exports in March were 338,648 gross tons, compared with
tons in
February, United Kingdom taking most.
scrap exports were
256,790
In the first three months
951,975 tons, compared with 568,369 tons in the same
period last year.
Imports at 11,600 tons were the lowest for any month in several years
First quarter imports were
exports gained 44%
over
power-driven metal working machinery being 45% larger.
Sharp reduction in automobile production last week brought total units
to 50,755, which is 9,808 less than the preceding period.
General Motors
accounted for most of the decline, dropping from 23,370 to 14,670, Chrysler
with 19,589 tons in February.
and compare
50%
under
last
American machinery
year.
March last year,
from
13,550 to
13,050, Ford from 16,085 to 15,785 and all others from
in scrap
prices continues in the East and reductions of
8
50
25 to 50 cents in Eastern Pennsylvania have ap¬
peared, Chicago prices remaining unchanged.
The result is a loss of 29
cents in the steelmaking scrap composite, to $11.71.
This Is the lowest
level since August,
1935, and represents a downward movement of $2.04
The influence of scrap
The finished
beginning of the year, $1.29 during April.
caused the iron and steel composite to
1937
1932
29.3%
6
Among pending work Shasta Dam, California, will take about 15,000 tons
of various
since the
Low
Hioh
-
28
Mar.
Dec.
84.1%
71.6%
with
PRICES
fBased
May 3, 1938, 2.605c. a Lb.
1934
31.0%
29.6%
Feb.
Nov. 29
push the market off dead center.
cents at Pittsburgh and
1933
Nov. 22
83.8%
80.4%
7
7,558 to 7,250.
bars.
Finished Steel
One week
30.4%
Private enterprise accounts for little present activity,
Weakness
THE
31.0%
21
slightly less than March, seasonal increases not being sufficient
was
higher,
tions.
tons for
14
Feb.
Cleveland, in its
May 2, stated:
points to 27.
sales and
Meanwhile revisions have been made in projected model changes
future.
Feb.
36.4%
83.2%
11
vanced 2 points to 46%
$1.42 above the minimum of that year.
production.
41.0%
Production rates wavered last week,
price of tin plate has not yet become apparent.
Scrap prices continue to recede in some districts, heavy melting steel
are
to
price leadership,
higher domestic than export prices, or other specified price rigidities might
town.
buying
equipment rehabilitation.
the situation within the
8
Railroad buying is negligible, the Illinois Central placing 5,000 tons of
The question of prices of steel produsct has been sharply
velt in
on
Nov.
Nov. 15
third capacity and there is little indication of an upward movement.
1,250; american Car & Foundry Co., 1,250;
Vernon Car Mfg. Co.,
Car Co., 100.
These
follows: Pullman
as
of orders for 5,550
of the week is the placing
Feb.
Steel buying and production have struck a balance at practically
low.
news
on
48.6%
84.6%
25
markets,
1
85.5%
18
1.
30.7%
Nov.
84.3%
76.6% Sept. 27
4
75.9% Oct.
5
March.
in the
Not since 1934 has the production of pig iron fallen
The most favorable
26
77.4% Sept. 13
76.2% Sept. 20
7
June
82.5%
91.3% Aug.
2
92.3% Aug.
9
91.0% Aug. 16
91.2% Aug. 23
90.0% Aug. 30
91.0% Sept. 7
May 17
toift
1937—
19
July
The daily average last month was 45,871 tons against 46,854 tons
so
89.9% July
90.3% July
May 10
output in April was 1,376,141 gross tons against 1,452,487 tons in
preceding month.
1937—
5
12
On May 1
blast furnaces during the past month.
79 furnaces
were
on a
Apr.
Apr.
was
2933
Chronicle
steel composite is
slip 4 cents, to $38.54.
unchanged at $61.70.
Following reduction in tin plate by the
ciation 10 days ago
International Tin Plate Asso¬
Welsh manfacturers last week announced an advance
of Is 3d to 21s 6d for British
This compares with 20s 3d
Empire users.
The Welsh advance is accompanied by a rebate plan for
outside the empire, to meet export competition from the Conti¬
by the cartel.
countries
United States.
nent and the
Pig Iron
May 3, 1938, $23.25 a Gross Ton
$23.25
One week ago
[Based
on average
of basic iron at Valley
furnace and foundry irons at
Buffalo,
Chicago,
Valley
One month ago
23.25
Philadelphia,
One year ago
23.25
and
Southern iron at Cincinnati.
$23.25
19.73
18.84
17.90
1937
1936
1935
-
1934
16.90
14.81
18.21
19.71
1933
1932...
1930
1927
-
Mar.
9
Nov. 24
Nov. 5
May
1
Dec.
Jan.
Jan.
Jan.
further
Low
High
5
5
7
4
$20.25
Feb.
ingot production for the week ended May 2, is
placed at 323^% of capacity, unchanged from the two pre¬
ceding weeks, according to the "Wall Street Journal," which
Steel
16
18.73
Aug. 11
17.83
May
14
16.90
Jan.
27
13.56
Jan.
13.56
Dec.
6
15.90
Dec:
Nov.
31%
16
17.54
reported:
U. S. Steel is estimated at
3
1
,
in the week before and
two weeks ago.
approximate changes, in points,
Steel Scrap
from the week immediately preceding:
17. 5. Steel
Industry
1938, $11.75 a Gross Ton
[Based on No. 1 heavy, melting steel
quotations at Pittsburgh, Philadelphia
$11.92
and Chicago.
month ago
12. 8
against 30j^%
Leading independents are credited with 33 H%.
compared with 34% in the previous week and 36% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
29j^%
Independents
May 3.
One week ago
One
One year ago
19.58
—
High
1938
mmt
1937
1936
1935
-
-
-
1934
1933
-
-
1932
1930
1927
-
$14.00
21.92
17.75
13.42
13.00
12.25
8.50
15.00
15.25
Jan.
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Feb.
Jan.
$11.75
12.92
12.67
10.33
9.50
6.75
6.43
11.25
13.08
May
Nov.
June
Apr.
Sept.
Jan.
July
Dec.
Nov.
1935
3
16
9
23
25
3
5
9
22
—
44
^
57
1934.
32 ^
1933
1931
—
70
-
1930
1929.
45
76^
85 H
1927
81
1932 not available.
Vi
—1H
H
75
40
—iy2
48
27>*
47
Yi
+ i
68
+ 3H
37
—
H
IX
+2
+ 5
—2
95
—3
—314
73
—4
81
90
89
—
44
—3
80
100
4
H
—
95 A
63^
+4
—3 H
—1
+
33 A
—
43
—1
H
—2
+2
97
1928
+
85
—1
91
-
1936-.-..-
Low
4
30
21
10
13
8
12
18
17
1937
31
32 H
1938
—
H
+i
74
—i
Chronicle
Financial
2934
1938
May 1,
1923-25=100
Combined Domestic Commodity Stocks Show Decrease
Domestic Stocks,
in March
Combined Index
Survey of Current Business of the United States
The
152.3
stocks in March being at
as
Stocks of raw materials decreased sharply from
February to 174.4 in March while manufactured
181.6 in
goods declined slightly to 121.8 from the February figure of
0
rl21.9
Z?121.8
July...
7
—-
October
-
-
m
^
m
'"Tv
August.
-
99
—
.
106
'
127
pi74.4
111
.
...
107
-
.
...
98
93
109
91
107
104
...
109
...
131
112
...
110
146
...
175.3
114.4
...
...
112.5
~
...
149.0
.....
-
...
111
■
'■"m'rnm-' '
139
7-181.6
110
107
99
May
rl91.7
110
101
April..
June
September....——
121.9.
120
P152.3
March
1937
1938
111
111
rl56 6
iv-
February
compared with 156.6 in
February.
Raw Materials
1937
rl21.7
127
rl61,8
January...
1938
1937
1938
Department of Commerce reports the combined index of
commodity stocks in March lower than the preceding month,
Stocks of
Stocks of
Manufactured Goods
{Quantity)
.
'
To
provide basis for comparison we are showing in the
table below the
p
The Week with the Federal Reserve Banks
in Reserve bank credit.
May 4
were
Excess
of member banks
reserves
estimated to be approximately $2,440,000,000,
decrease of $140,000,0(X) for the week.
The statement in full for the week ended May 4 will be
found on pages 2964 and 2965.
a
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase
(+)
or
Decrease (—)
Since
May 4, 1938
.
Bills
'
$
discounted
advances
(not
•
/
^
including
$13,000,000 commltm'ts—May 4)
Other Reserve bank credit--
17,000,000
—1,000,000
—
—6,000,000
114.9
....
196.8
Revised.
The
condition
statement
of
weekly reporting member
banks
in
101
leading cities shows the following principal changes for the week ended
A decrease of $21,000,000 in commercial, industrial and agri¬
April 27:
cultural
loans,
in
dealers
and
of
increases
$147,000,000
of $28,000,000 in loans to brokers and
increase
and an
securities;
of $80,000,000 in
reserve
balances with
of $68,000,000 in balances with domestic banks,
Reserve banks,
Federal
demand
in
deposits-adjusted
$88,000,000
and
in
deposits credited to domestic banks.
Commercial, industrial and agricultural loans declined $19,000,000 in
New York City and
$21,000,000 at all reporting member banks.
Loans to
brokers and dealers in securities increased $20,000,000 in New York
City
$28,000,000 at all reporting member banks.
Holdings of United States Government direct obligations declined $43,-
S
—9,000,000
—3,000,000
+38,000,000
190.4
..
covering the entire body of reporting member banks in 101
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 April 27:
and
;
r
162.4
...
—
Preliminary,
.
cities cannot be
May 5, 1937
8,000,000
1,000,000
2,564,000,000
Bills bought
U. S. Government securities
Industrial
April 27,1938
162.0
...
December..
monthly indexes since January, 1937:
During the week ended May 4 member bank reserve
balances decreased $157,000,000.
Reductions in member
bank reserves arose * from increases of $108,000,(XX) in
Treasury deposits with Federal Reserve banks, $52,000,000
in money in circulation, $9,000,(XX) in non-member deposits
and other Federal Reserve accounts, and $4,000,000 in
Treasury cash, offset in part by increases of $10,000,000 in
gold stock, $3,(XX),000 in Treasury currency and $3,000,000
on
November
000,000 in the
Chicago
district,
and increased $19,000,000 in
San
the
Francisco district, $12,000,000 in the Boston district and $11,000,000 in the
Richmond district, all reporting member banks showing a net increase of
$10,000,000 for the week.
Holdings of obligations fully guaranteed by the
—8,000,000
United States Government increased $26,000,000 in New York City and
+3,000,000
+12,000,000
+ 10,000,000
+1,032,000,000
+140,000,000
York district outside New York City, all reporting member banks showing
+3,000,000
$12,000,000 in the Cleveland district, and declined $12,000,000 in the New
Total Reserve bank credit...
Gold stock-.-
Treasury currency
2,589,000,000
—12,870,000,000
2,693,000,000
+3,000,000
—
a
net increase of
$20,000,000 for the week.
declined $8,000,000 in New York City,
Member bank reserve balances
7,504,000,000 —157,000,000
6,407,000,000
+ 52,000,000
Money In circulation
Treasury cash2,196,000,000
+ 4,000,000
Treasury deposits with F. R. bank— 1,429,000,000 +108,000,000
Non-member deposits and other Fed¬
eral Reserve accounts—
616,000,000
+ 9,000,000
+ 022,000,000
—19,000,000
—817,000,000
+1,332,000,000
Holdings of "Other securities"
and increased $10,000,000 in the
Chicago district and $3,000,000 at all reporting member banks.
Demand
deposits-adjusted increased $46,000,000
in New York City,
$55,000,000 in the Chicago district, $15,000,000 in the Boston district,
$13,000,000 in the Philadelphia district and $147,000,000 at all reporting
+ 73,000,000
Time deposits increased $14,000,000 in the San
member banks.
district and $9,000,000 at all reporting member banks.
of Member Banks in
Returns
New
posits declined $21,000,000 in New York City.
York City and
Deposits credited to domestic banks increased $55,000,000 in New York
Chicago—Brokers' Loans
City, $27,000,000 in the Chicago district and $88,000,000 at all reporting
Below is the statement of the Board of Governors of the
member banks.
Federal Reserve
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member,
banks, which will not be available until the coming Monday.
Weekly reporting member banks reported no borrowings on April 27.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended April 27, 1938, follows:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Increase
IN CENTRAL RESERVE CITIES
Assets—
New York City
Assets—
$
Loans and investments—total..
1938
1937
$
$
industrial
agricultural
7,702
3,056
3.087
215
1,345
144
...—
Commercial,
May 5
230
Loans—total
•Chicago-
Apr. 27
7,705
May 4
1938
$
8,379
3,814
Apr. 27
1938
S
1937
20,844,000,000
Loans—total
or Decrease
Since
((—)
8,587,000,000
April 28, 1937
$
+35,000,000 —1,358,000,000
+2.000,000
—841,000,000
Commercial, industrial and agri¬
$
cultural loans:
1,838
1,863
1,985
556
581
652
*
22
22
#
1,392
*
350
369
*
144
*
22
23
*
28
32
66
66
12
12
and
loans:
On
546,000,000
securities..
Otherwise secured and unsec'd 3,641,000,000
Open market paper.,
393,000,000
-21,000,000
—6,000,000
Loans to brokers and dealers in
On securities
Otherwise secured & unsec'd
Open market paper
Loans to brokers and dealers.
515
516
207
204
118
118
129
80
79
79
1,147
carrying
43
652,000,000
Loans to banks.
*
♦
1,149,000,000
104,000,000
Real estate loans
219
219
Otherwise secured & unsec'd
198
200
U. 8. Gov't obligations
Obligations fully guaranteed by
3,060
3,039
United States Government...
*
14
22
35
*
873
890
Obligations
943
541
404
442
116
102
95
Other securities-
1,045
1,115
1,089
293
290
295
Reserve with Fed. Res. banks
Cash In vault
2.920
3,070
2,430
771
759
fully
*
695,000,000
Otherwise secured and unsec'd
guaranteed
*
816,000,000
+5,000,000
7,987,000,000
+ 10,000,000
—383,000,000
1,199,000,000
U. S. Govt, direct obligations
*
35
*
3,034
On securities
13
21
—7,000,000
+20,000,000
Other loans:
.
On securities
+ 1,000,000
—6.000,000
—645,000,000
+ 1,000.000
or
securities
Loans to banks....
carrying securities..——
Real estate loans.........
+28,000,000
591,000,000
securities.....
Other loans lor purchasing
Other loans for purchasing or
Other loans:
$
Loans and investments—total
May 5
(+)
April 20, 1938
$
April 27, 1938
(In Millions of Dollars)
May 4
1938
Francisco
Government de¬
+20,000,000
+3,000,000
+80,000,000
+24,000,000
—158,000,000
+42,000,000
by
United States Government
Other securities-...
Reserve with Fed. Res. banks....
Cash In vault—
3,071,000,000
6,060,000,000
372,000,000
Balances with domestic banks
2,256,000,000
+68,000,000
+ 18,000,000
+292,000,000
14,598,000,000
+ 147,000,000
—790,000,000
+035,000,000
595
50
53
55
28
27
30
65
70
71
192
184
162
481
469
477
51
51
64
-
Balances with domestic banks..
Other assets—net.—.—
5,230,000,000
Demand deposits—adjusted
Time deposits
5,947
6,070
6,333
1,376
1,392
1,488
643
656
658
464
404
448
165
179
66
116
116
84
-
Foreign banks
Borrowings
+72,000,000
585,000,000
—20,000,000
+313,000,000
.—
5,632,000,000
337,000,000
+88,000,000
+7,000,000
—7,000,000
—170,000,000
Inter-bank deposits:
United States Govt, deposits.
Inter-bank deposits:
banks
+9,000,000
deposits
deposits
United States Government
Liabilities—
Domestic
Liabilities—
Demand deposits—adjusted
Time
2,359
2,349
1,983
287
654
643
553
296
481
7
7
336
335
387
19
19
21
Capital account
1,487
1,482
1,475
244
243
236
banks
*
-
+ 195,000,000
—3,000,000
Comparable figures not available.
6
Other liabilities.
Domestic
Foreign banks.....
Borrowings.
_
*
*
-
~
29
*
Both
Factions
Blocked
Complete
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously 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
by
Weather
Conditions
in
Spain
Comparable figures not available.
The Spanish situation underwent little change the present
week, almost unceasing rains forcing the opposing factions
to mark time.
During occasional lulls in the downpour
the insurgents are reported to have attacked with fair success
in the Teruel sector, but no decisive action was possible.
The powerful rebel force planning a drive on Castellon,
Sagunto and Valencia was also held in repose by the weather
and it is still unknown to what extent the Loyalists may be
able to resist in this
area.
Volume
The
146
Financial
non-interventionist
cause
advanced
was
when
on
May 5 France agreed to reimpose international control along
its frontier bordering on Spain to
prevent movement of men
and goods into Spain as soon as
arrangements have been
completed
for
the
supervision
of
withdrawal
foreign
of
volunteers from both sides.
Chinese
Driving
vokes
Chronicle
2935
of the Bank of France.
A revaluation
Back
Japanese
Mobilization
minimum level of the franc, it is estimated would result
"profit" of 33,000,000,000 francs to the State.
Action has been taken by the French
Ministry of the In¬
terior to prevent price rises and
new
in
a
profiteering from the de¬
Forces—Japan
Law—Customs
In¬
Agreement
'■
With respect to the agreement on the
part of the United
States, Great Britain and France to continue on the same
basis as heretofore, the
Tripartite Monetary accord, an¬
on May 4 came from
Secretary of
Treasury Henry Morgenthau Jr., and Count Rene
Doynel de Saint-Quentin, FVench Ambassador to the United
States.
As to this we quote the following from a
Washington
account May 4, to the New York "Times":
nouncement of this action
the
The second great Japanese offensive on the Southern
Shantung front, regarded as the key position in the SinoJapanese hostilities, gives some evidence of ending to the
disadvantage of the Japanese forces.
Like the previous
attack in this sector the point of vulnerability appears to be
in the neighborhood of Taierchwang.
There according to
would be
reports from the Chinese, inroads have been made into the
thau when the announcement
Japanese lines over a distance of twelve miles in the past
few days and to have driven back Japan's front lines. Also
according to the Chinese, the Japanese have suffered losses
Leroy-Beaulieu, French
of about 34,000 men, about one-third of the total force con¬
centrated in the Shantung area.
The Japanese spokesman
claim to be unable to confirm these reports because of lack
of knowledge of what is going on in Shantung.
They do
deny however that the Chinese have assumed the offensive.
Neutral observers said the situation is becoming stale¬
mated.
The following is taken from Associated Press ad¬
vices of May 6:
planes, working in relays, continued their efforts to block
war
Chinese reinforcements.
Ten times
yesterday
Japanese
villages south of Tancheng—where 10,000 Chinese
Despite such attacks, Chinese declared they
300,000
are
soon
bombers raided
billeted.
would be able to put
men into the front lines in an effort to consolidate their
would build up virtually endless reserves behind them.
mated their total force in
Shantung at 800,000
Chinese, jubilant in hopes of
the basis of the
valuation.
Reached
Japanese
on
a
front, reported their legions today
gains and
Chinese have esti¬
sistant
an
important announcement at 5
was
made
p. m.
were
With Secretary Morgen¬
the French Ambassador, Paul
Financial Attache; Wayne C.
Taylor, Fiscal As¬
Secretary of the Treasury, and other Treasury aides.
"For the past three days,"
Secretary Morgenthau began, "the French,
British and American Treasuries have been in consultation about their
spective currencies
laid down in the Tripartite Agreement.
as
sulting for three days the three Treasuries have agreed that
we
After
re¬
con¬
will continue
to carry on under the
Tripartite Agreement in the future just as we have in
We feel that *what the French Treasury proposes to do comes
the past.
within the spirit of the
Tripartite Agreement."
The Secretary then turned to the French Ambassador and asked if he
had anything to add.
"I'm not
a
technician and you cannot expect me to give you the details
of the financial aspects of the agreement, but it is
my happy privilege," he
said, "to express the thanks of the French Government to the Government
of the United States and especially of the French
Treasury to the Treasury
of the United States and its very able leader,
Secretary Morgenthau.
"Now that the agreement has been reached, I think we are entitled to rate
it as a success of that policy of good-will which the American Government
always advocated and promoted."
men.
United States Devaluation Denied
second major victory on the Shantung
were
After
the third full day of conferences between British, French and United
States monetary officials here, word went out from the
Treasury that there
continuing to sweep back Japan's
front lines.
Secretary Morgenthau said the decision of the United States
the agreement on the present basis was reached at
to continue
1.30 o'clock this after¬
noon.
Thrusting through the center, the Chinese said they
Szechuchen,
Only
a
week
18 miles north
ago
Japanese
of Pihsien,
were
flying column had skirted Tancheng
and had established itself north of the city,
a
the
Lini-Tancheng highway,
a
100
along which
the
Japanese
\
Brazilian Decree Nationalizes Oil Refineries
offensive
Their
own
destroyed
'U,
Chinese reported more than 2,000 Japanese had been
past two days.
killed within the
losses, however, were believed to be much higher,
since they were charging against superior artillery.
Cognizance of the force of the Chinese resistance was
by Japan on May 5 when, according to Associated
Press advices of that day, the government invoked eleven of
the thirty articles of the national mobilization law
giving it
unlimited power to draft Japan's man power and materials
in a war emergency.
The law requires police registration of
the entire adult population and allows the government to
examine the assets of business organizations.
The position of foreign obligations secured by Chinese
maritime customs in ports occupied by the Japanese was
decided upon on May 2 when an agreement was reached,
after several months of negotiation between Japanese and
British diplomats.
French and American governments did
not participate in the negotiations but were close observers.
As a result the Japanese government will inform the British
Government as to how they intend to maintain the debt
service during the remainder of the war.
It is understood
that no objection will be raised by the British.
A statement issued by the Chinese Finance Ministry indi¬
cated that, while it acknowledged that the British were
acting with the purpose of protecting foreign obligations and
the integrity of the Chinese government, the latter would
nevertheless not feel bound by the agreement.
A previous reference to the Asiatic hostilities appeared in
our issue of April 23, page 2608.
v
taken
France
Devalues
of
Huge
the
Franc—Results
Sum—Secretary
in
Repatriation
Morgenthau Indicates
Tripartite Monetary Agreement
Will Continue
Following several days of rumors and official denials that
France contemplated a further reduction in the value of the
franc, the French government on May 5 fixed the minimum
value of the unit at 179 francs to the pound sterling, equiva¬
lent to 35.8 francs to the American dollar or $0.02793 per
especially noted that the franc wras not being
new figure, but that while it would be al¬
rise in the market, it would not be permitted to fall
It
refining industry was nationalized April
by decree of Pres. Getulio Vargas according to press
dispatches. The decree also provides for government regula¬
tion of importation, exportation, transportation, distribution
and sale of crude oil and by-products in the country. Brazil
has no known oil deposits and is entirely dependent on
imports for the crude product.
A subsidiary of the Standard Oil Co. of New Jersey is
reported to be building a refinery in the State of Lao Paulo
at a cost of $500,000 which because of the terms of the
decree providing all refineries be owned by Brazilians, it is
believed it will be unable to operate.
Associated Press
advices April 30 from Brazil said:
29
Brazil at present has only one refinery, in Rio Grande Do Sul State.
The bulk of crude oil and
Standard
United
Agreement of the other original
members of the Tripartite .Agreement,
England and the
United States was indicated as having been obtained by the
French before announcing
the
devaluation; the United
before
reported to have withheld its approval until shortly
radio announcement of the action made by
the
Premier Edouard Daladier in the evening of May 4.
An immediate flow of
resulted.
funds into France is said to have
Nothing was said about revaluing the gold stock
concern)
by-products used in Brazil
Company,
the Atlantic
and the Anglo-Mexican
now
is supplied by
Refining Company
Oil
Company
of
(a
Great
Establishment
of
National
a
Petroleum
Council,
composed
of native
Brazilians, to regulate the oil industry, was authorized in the Presidential
The council's executive director will be Barbosa Carneiro, a career
decree.
diplomat and functionary in the Foreign Office.
Kingdom of Bulgaria 7lA% Stabili¬
Paid—Payment Represents
323^% of Interest Due
May 15 Coupons
on
zation Loan 1928 to Be
Speyer & Co. and J. Henry Schroder Banking Corp., as
the Kingdom of Bulgaria 7p2%
stabilization loan 1928, announce that May 15,1938, coupons
off dollar bonds of this loan, presented with an appropriate
letter of transmittal, will be paid on or after that date at
the rate of $12.19 per $37.50 coupon and $6.09 per $18.75
coupon in full settlement for and against surrender of the
coupons.
This payment represents 32h£% of the interest
American fiscal agents for
then due.
League Loans Committee Announces Acceptance Per¬
centages for Proposals Made by
Free City and
Municipality of Danzig
A communique of the League Loans
April 26 follows:
MUNICIPALITY
was
below the announced level.
States is
Oil, the Texas
States
Britain.
OF
1925 and FREE
stabilized at the
lowed to
It
is partly owned by Uruguayans.
as
Heretofore
franc.
without qualification by
The Brazilian oil
Japanese trucks carrying food and ammunition and had
U
denied
Chinese army has re¬
thundered southward two weeks ago, Chinese asserted they had captured
twenty..
were
responsible officials.
walled town four miles to the northwest.
Capture Japanese Trucks
On
Reports cabled from abroad that the United States and Great Britain
planned to devalue their currencies
cutting Japanese communica¬
Tancheng, Chinese said, is surrounded, and
captured Matowchen,
approaching
threatening Pihsien.
On the right wing, Chinese said a
tions.
were
Southern Shantung Province.
in
DANZIG 7%
The League Loans
(now
5%)
CITY OF DANZIG 6^%
MONOPOLY LOAN
Committee issued
MORTGAGE
LOAN
(now 4K%) TOBACCO
1927
Committee (London) refer to the proposals made by
the Free City
and Municipality of Danzig for the modification of the future
service of the
above-named loans and recommended by the Committee to
the bondholders' acceptance
last.
in their communiques of July 9 and Sept. 21
They announced on April 26 that the proposals have already been
accepted in respect of the following percentages
1925 loan
98%
of the outstanding capital:
1927 loan
—
—-—97%
communique issued July 9, referred to above, recom¬
mending the acceptance of the proposal was given in our
issue of July 24, 1937, page 524.
The
Financial
2936
New York Stock
ment
Exchange Rules on Greek Govern¬
7% Gold Bonds, Due 1964
announced on April 29
the adoption of the following rules by its Committee on
Securities pertaining to the Greek Government 7% gold
bonds, due 1964:
The New York Stock Exchange
Chronicle
appointed that the Yugoslav Government has not felt that it could make
an offer to the dollar bonds identical to those made to the franc and sterling
bonds.
STOCK EXCHANGE
Committee
on
not
Notice having been received that payment
of $14
*0 The Committee
on
per
$1,000 bond will be
7% secured sinking fund gold bonds, due 1964:
Securities rules that the bonds dealt in under option (b)
of transactions made beginning May
settlement
the coupons as
►
2, 1938, must carry
of 3%
1,
1933, and Nov.
1,
1933, coupons
($9.62 paid),
May 1, 1934, and Nov. 1, 1934, coupons ($12.25 paid), May 1, 1935, to
1, 1936, coupons, inclusive (40%
Nov.
(b)—May
Option
50-year bonds.
3.60%
1,
1933,
paid), and subsequent
and Nov.
1,
1933,
bonds would receive only 51%
May 1, 1934, and Nov. 1, 1934, coupons ($12.25 paid). May 1, 1935, to
May 1, 1938, coupons, Inclusive (40%
paid), and subsequent
of their interest.
Under the present plan
coupons;
of 1933 and 1936 call, the first, for
The two previous temporary plans
payment in cash and 90% in funding bonds, and the second, for 15%
10%
55% in funding bonds, and 30% for the special amortiza¬
above referred to.
tion
cash than those
The present plan offers
a
more
stable return in
offers because the amount which the bondholder would
receive in cash thereunder depended upon the market value of the funding
coupons;
($9.62 paid),
coupons
The present offer is for 3.15% on the 7% bonds and
After negotiations for a permanent plan were
bonds.
the 8%
on
abandoned the first proposal for a temporary plan provided that the funding
payment in cash,
follows:
(a)—May
Option
...
betterment of the offer first discussed with the
Council last December which was for a permanent settlement on the basis
That the bonds shall continue to be dealt in "flat" and to be a delivery
In
definitive settlement with reference to the dollar bonds prior to the
they get full interest and amortization.
$14 per $1,000 bond on May 2, 1938;
be quoted ex-interest
permanent one, and the Government undertakes to submit proposals
a
a
The present plan Is a
presentation for stamping of the coupon due May 1, 1938, from
Greek Government 40-year
It is to be said on its behalf, however, that it is a temporary plan and
expiration of the present plan.
Securities
April 29. 1938
made on
...
The Council does not feel it can characterize this offer as a satisfactory
one.
for
YORK
NEW
May 7, 1938
present European conditions, to service its bonds, it is most dis¬
view of
value of the funding bonds, the
offer provides a larger cash return.
In view of all the facts of the situation the Council cannot recommend
and
That transactions made without specification shall be considered to have
At the present market
bonds received.
45%
bondholders
the
to
that
they decline
this
offer.
In
determining their
attitude in the matter the bondholders may wish to have in mind:
been for bonds under option (a).
ROBERT
L-. FISHER,
That the Government of Yugoslavia is showing the will to make some
Secretary.
'
service.
;■
That the bond obligation
Partial
Payment to Be Made on May 1 Coupons of
Certain Hungarian Bonds—New York Stock Ex¬
change Rules on Two Issues
offer except as
is to be unaffected by
an
acceptance of the
to the four coupons for which service is provided.
That the Yugoslav Government pleads as justification for the offer it is
making the compulsion of a national situation resulting from
now
it
causes
neither control nor remedy.
can
Cash Office of Foreign Credits at
The
Budapest, Hun¬
May 2 announced through its Central Paying
Agents in New York, Schroder Trust Co., that it will re¬
deem coupons dated May 1, 1938, on the following bonds
at the rate of $8.75 per coupon detached from a $1,000 bond:
Hungarian Land Mortgage Institute 7lA% sinking fund land
mortgage gold bonds series A dollar bond; Hungarian Land
Mortgage Institute 7^% sinking fund land mortgage gold
bonds, series B dollar bond, and National Hungarian In¬
dustrial Mortgage Institute Ltd. first mortgage sinking
fund 7% gold bond, series A, dollar issue.
Coupons pre¬
sented in acceptance of this offer, which expires Oct. 30,
1938, and is made only to persons resident outside of Hun¬
gary, must be transmitted to Schroder Trust Co., 46 William
gary,
on
Tenders of Kingdom of Yugoslavia 5% Funding Bonds
Due Nov. 1, 1956, Invited to Exhaust $93,454—Also
5% Funding Bonds,
1956,
The New York Stock Exchange
April 29 several rulings
on
announced as follows on
the Hungarian Land Mortgage
NEW
Series,
Due
Nov.
1,
held in the sinking fund.
Tenders will be received until noon
May 12, 1938, and no proposals will be accepted at a
price involving payment of a sum in excess of the principal
on
of
made at
a
the
bonds
price based
or
on
certificates.
Tenders
should
be
principal alone, exclusive of accrued
interest which will be added.
announcement in
Institute bonds:
Second
Exhaust $55,001
The Chase National Bank, acting for the fiscal agents
under the Kingdom of Yugoslavia general bond dated Nov. 1,
1932, is inviting tenders of 5% funding bonds due Nov. 1,
1956, and fractional certificates issued under the general
bond in an amount sufficient to exhaust the sum of $93,454.06
amount
St., New York.
to
The
following is also from the
the matter:
Acting for the fiscal agents under the Kingdom of Yugoslavia general
as of July 1, 1936, the Bank will also receive tenders until noon
YORK STOCK EXCHANGE
bond dated
Committee
Securities
on
on
April 29, 1938
be made
surrender of the coupon
on
Land Mortgage Institute 7 M%
dollar bonds,
due May
1,
1938, from Hungarian
sinking fund land mortgage gold, series A,
due 1961:
The Committee
on
Notice having been received that payment of $8.75 per $1,000 bond will
on
and
surrender
Mortgage
of the coupon due
Institute
May 1,
1938, from Hungarian
sinking fund land mortgage
gold,
series B, dollar bonds, due 1961:
The Committee
$8.75
per
on
Securities rules that the bonds be quoted ex-interest
$1,000 bond
May 2, 1938;
on
That the bonds shall continue to be dealt in "flat" and to be
a
delivery
in settlement of transactions made beginning May 2, 1938, must carry the
Nov.
at
of $55,001.28 now
a
price based on
1, 1938, and subsequent
coupons.
ROBERT
of
Amount
Yugoslavia
of
Bondholders'
Council
It
Does
L.
FISHER,
Secretary
The Securities and Exchange Commission on May 5 made
public a summary for the week ended April 30, 1938, of the
daily corrected figures on odd-lot transactions of odd-lot
dealers and specialists in stocks, rights and warrants on the
New York Stock Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended April 23 were given in the
"Chronicle" of April 30, page 2772.
The data published are based upon reports filed daily
with the Commission by odd-lot dealers and specialists.
to
Pay 45% of Face
Dollar Bonds—While a
Does
Not
Not
Regard
Recommend
a
Offer
Yugoslavia has offered to the holders
Kingdom of Yugoslavia, and the
Mortgage Bank of Yugoslavia has offered the holders of its
bonds, to pay in cash in dollars 45% of the face amount of
the coupons, according to a statement issued
by the Foreign
Bondholders' Protective Council, New
York, on May 5.
Regarding the payment the statement said, in part:
Mortgage
Bank
partial payment
of
Yugoslavia
bonds
on account of the Oct.
receive an additional cash payment of 30%
on
who
have
already
1, 1937, coupon will
that coupon.
Those who have
not received that
15% payment will be given the present offer of 45% in full.
The three subsequent coupons covered by the offer will be
paid at the
rate of 45% .
The Kingdom offers to provide $200,000 a year for the
pur¬
chase and retirement of the bonds of the Kingdom of
Yugoslavia in lieu of
and in complete satisfaction of the special
sinking fund established in the
offer of
July 15, 1936.
No provision is made for the amortization of the
bonds of the Mortgage Bank of Yugoslavia. The Council has been
advised
that the Mortgage Bank will make an arrangement with the
fiscal agent
covering this amortization.
on
The funding bonds issued for
arrears
both the bonds of the Kingdom and of the Mortgage Bank
the Interest and amortization
years
commencing,
coupon
as
While
the
coupon
Council
paid in full.
This offer is for
of interest
are
to have
period of two
regards the Kingdom of Yugoslavia bonds, with the
due Nov. 1, 1937, and
bonds, with the
AND
SPECIALISTS
1938
SALES
PURCHASES
(Customers' Orders to Buy)
(Customers' Orders
to
Sell)
Trade Date
of the dollar bonds of the
of
DEALERS
APRIL 30,
as
Declina¬
No. Ord.
The Government of
Holders
OF ODD-LOT
JN STOCKS, RIGHTS, AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEK ENDED
tion of Plan
received 15%
or cer¬
Odd-Lot Trading on New York Stock Exchange During
Week Ended April 30
Offers
Outstanding
Satisfactory
Tenders should be
tificates.
ODD-LOT TRANSACTIONS
Kingdom
held in the sinking fund.
principal alone, exclusive of accrued interest
delivery
1, 1938, and subsequent coupons.
be made
sum
which will be added, and no proposals will be accepted at a price involving
♦
a
April 29, 1938
Land
the
made
May 2. 1938;
on
That the bonds shall continue to be dealt in "flat" and to be
in settlement of transactions made beginning May 2, 1938, must carry the
Nov.
funding bonds, second series, due
payment of a sum in excess of the principal amount of the bonds
Securities rules that the bonds be quoted ex-interest
$8.75 per $1,000 bond
May 13, 1938, for the sale to it of 5%
Nov. 1, 1956, and fractional certificates in an amount sufficient to exhaust
Notice having been received that payment of $8.75 per $1,000 bond will
as
a
regards the Mortgage Bank of Yugoslavia
due Oct. 1, 1937.
recognizes that the Yugoslav Government is in
a
difficult economic position and that a serious effort is required of
it, in
Apr. 25
Apr.
3,702
Shares
Value
No. Ord.
Shares
Value
Apr. 29 and 30.
„
Total for week_.
91,881
$2,864,502
2,894
4,229
108,380
3,272
5,258
26
Apr. 27
Apr. 28..
85,429
3,560,902
2,741,983
3,463
3,062
130,870
4,034,496
3,818
116,150
4,093,689
6,957
178,539
5,726,461
5,355
T155.466
4,922,994
595,099 $18,928,344
18,592
23,418
75,676 [$2,530,665
95,639
3,264,524
94,043
2,784,411
536,974 $17,596,283
♦-
Member
Trading on New York Stock and New York
Curb Exchange During Week Ended April 9
The percentage
of
trading in stocks
on
the New York
Stock and New York Curb Exchanges during the week ended
April 9, by members for their own account, except odd-lot
on the Stock Exchange, was higher than in the
pre¬
ceding week ended April 2, it was announced yesterday
(May 6) by the Securities and Exchange Commission. Mem¬
ber trading on the Stock Exchange during the week ended
April 9, amounted to 1,942,180 shares in 100-share trans¬
actions, the Commission noted, or 20.14% of total transac¬
tions on the Exchange of 4,822,400 shares.
This compares
with 2,723,471 shares of stock bought and sold on the
Exchange for the account of members during the previous
week, which was 16.88% of total transactions that week of
8,068,900 shares.
dealers
Volume
Financial
146
On the New York Curb
Exchange members traded for their
during the week ended April 9 to the amount
shares,
a
percentage of 19.51%.
In the preceding week ended
April 2 member trading on the Curb Exchange was 15.51%
of total transactions of 1,546,560 shares, the member trading
having amounted to 479,620 shares.
The data issued by the SEC is 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 2 were given in these columns of April 30,
page 2772.
The SEC, in making available the figures for
the week ended April 9, said:
New
The figures given for total round-lot volume in the table for the
New York
the volume
of all round-lot sales of stock
effected on those exchanges as distinguished
volume reported by the ticker.
The total round-lot volume for
from the
4,822,400 shares,
the week ended April 9 on the New York Stock Exchange,
was
8.9%
shares exceeded by
The
data
total round-lot volume in the same week, 766,715
4.0% the ticker volume (exclusive of rights and warrants.)
published
based
are
Below
April,
These reports are classified as follows:
New York
York
Stock
$53,188,500,
compared with $65,567,500 and $382,529,-
as
500, respectively,
the earlier dates.
on
The
following is the report for April 30, 1938,
available by the Stock Exchange on May 3:
New York Stock Exchange member total net borrowings on
contracted for and carried in New York
as
Initiated
The detailed tabulation follows:
Demand
(1) Net borrowings
trust
(2) Net borrowings
$386,241,629
...
foreign bank
City of New York
agencies
or
in
others
the
27,336,400
300,000
_«
$53,188,500
$466,766,529
Total face amount of "Government securities" pledged as collateral
for the borrowings included in items (1) and (2) above
$39,108,525
104
268
43
.
293
Combined total of time and demand borrowings
94
496
.
631
__
*Note—On the New York Curb Exchange the round-lot transactions
in
which
The scope o
of specialists
specialists
Below
the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
on
of
reports
in
the
YORK
NEW
because, at times, a single report may
June 30
FOR ACCOUNT OF MEMBERS
*
IN
ALL
STOCKS
(SHARES)
Total for
Week
a
___ •
——
1937—
Jan.
30.
transactions
1.
of
members
except
transactions
Mar. 31.
of
Apr. 30.......
specialists and odd-lot dealers in stocks in which registered:
Initiated on the floor—Bought
303,730
May 29
777,836,642
374,376,348
303,210
Sold
June 30
818,832,335
367,495,246
31
Aug. 31
836,864,420
336,893,088
872,462,148
732,505,016
493,340,168
313,987,000
306,615,500
232,282,704
189,219,404
July
606,940
Total
6.29
i
Sept. 30
2.
Sold
Oct.
189,555
Initiated off the floor—Bought—.————————
30..
498,567,175
Nov. 30
220,995
.
410,550
———.
4.26
147,331,000
511.888.305
Dec. 31
Total,—..—..—..———
1,026,372,092
1,074,832,139
1.158,684,205
1,187,279,384
1,152,212,988
1,186.327,581
1,173,757,508
1,186,449,148
1,039,120,516
725,622.872
687,786,579
659,219,305
307,266,765
340,396,796
366,264,500
382,529,500
719,105,327
734,435,343
792,419,705
804,749,884
Feb. 27
Round-lot
372,079,515
313,642,415
275,827.415
282,985,819
*
Cent
4,822,400
Total volume of round-lot sales effected on the Exchange
407,052,915
396,076,915
381,878,415
708,177,287
768.439.342
Dec. 31
Per
410,810,915
598,851,729
601,285,603
31
Nov. 30
1,063,950,736
969,997,839
988,543,241
967,381,407
973,784,584
971,531,244
974,928.018
984,004,702
1.051,425,161
375,107,915
591,906,169
Sept. 30--..
Oct.
Week Ended April 9, 1938
$
$
$
688,842,821
559,186,924
581,490.326
571,304,492
July 31
Aug. 31
Total Loans
Time Loans
Demand Loans
May 29
EXCHANGE—TRANSAC TIONS
STOCK
two-year compilation of the figures:
Apr. 30
entries in more than one classification.
carry
a
<
1936—
classifications may total more
various
than the number of reports received
furnish
we
i
dealer, as well as those of the specialist.
number
the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
comparable with data similarly
registered" are not strictly
designated for the New York Stock Exchange, since
The
V;-;\ '
I93g
*'*
v /
Jan.
transactions
Round-lot
of
in
specialists
stocks
in
470,410
490.954,040
106.404,000
28
*492,198,814
455,549,419
84,763,000
65,567,500
53,188,500
Mar. 31
Apr. 30
454,280
Sold
31
Feb.
which
registered—Bought
413,578,029
*
924,690
Total
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which registered—Bought..
9.59
963,695
978,485
Sold.
Total
1,942,180
—
registered:
Funds
365,300
Total
460,010
—
4.77
2. In odd-lots (including odd-lot transactions of specialists):
Bought
——....
in
798,863
1,042,763
....
Sold
Diversified List of Securities
an
item
on page
Several
CURB
IN
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
OF MEMBER8
*
ALL
STOCKS
(SHARES;
ment of the
'V:'y'y.y'yy: -v."';.y. r;:.y.y
Week
transactions
Round-lot
1.
of
members,
Cent
Total
The rule,
to
42,600
—
•-
of
specialists
in
stocks
In
2.78
56,690
3.70
gration as envisaged by the
158,070
141,040
Sold
Odd-lot transactions of specialists in
Bought
—
-
Total
•
The
"members" Includes all
exchange members,
their firms and their
Including special partners.
of members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions is compared with
twice the total exchange volume for the reason that the total of members' trans¬
actions Includes both purchases and sales while the total exchange volume Includes
a
Percentage
only sales.
earlier adopted under Section 9 of the Act
granted to any registered holding company or
subsidiary the right to
certain specific types of companies and within certain
specific limitations without making any application to the Commission.
The new Rule 9C-4 provides that, upon an application to the Commission
acquire securities in
more
specific company, the Commission may approve a
necessity of making numerous
purchase of securities for investment purposes.
The rule provides
secure
with
the company of the
and separate applications to the Commission
general investment program and thereby relieve
for the
49,611
52,284
and inte¬
The principal limita¬
which would not
concentration of control.
and with respect to a
19.51
101,895
-
term
299,110
stocks In which registered:
—
Sold
partners.
—
Holding Company Act.
purchases be limited to amounts
The rules of the Commission
members:
Bought..
the action of the Commission will pro¬
directly and indirectly, the program of simplification
result in further
13.03
of assisting utility holding com¬
panies to become investing companies through purchases of a wide variety
of securities.
Under other parts of the Act, companies may dispose of
have
199,820
Total
under that section of the Act.
utility securities now held, so that
91,820
-
sub¬
purchase securities in accordance with the investment program, free
of Section 9 of the Act and free from all other
mote, both
108,000
-
Total
employed are subject to the judg¬
The rule would have the further effect
which
registered—Bought
Total round-lot transactions for accounts of all
so
Commission for approval of an investment program,
is approved by the Commission, permits the company
tion of the rule is that
transactions
be
entitled 9C-4, permits a registered holding company or
rules of the Commission adopted
30,020
26,670
Total
Sold
Commission that they
be liberated cannot be estimated
sidiary to apply to the
and, if such program
20,050
22,550
Sold
i
week
from all other requirements
Initiated off the floor—Bought
Round-lot
a
companies' directors.
a
except transactions of
specialists in stocks in which registered:
Initiated on the floor—Bought
Sold
2.
Per
766,715
Total volume of round-lot sales effected on the Exchange
issue of
and the rule will assist in that direction.
The total investment funds which would
because the amounts which might
Week Ended April 9, 1938
Total for
our
utility companies have reported to the
wish to make such investments,
YORK
2773 of
the Securities and Exchange Commission announced
on April 28 that it had adopted "a new rule under the Public
Utility Holding Company Act designed to facilitate the use
of now idle surplus funds of utility holding companies in
diversified investment programs in both utility and nonutility securities."
The announcement went on to say:
1,841,626
Total
NEW
Com¬
Surplus
ago,
94,710
Sold
466,766,529
Holding
Utility
Investment of Idle
Act to Permit
pany
As indicated in
In round lots—Bought
Public
SEC Eases Rules Under
y
597,418,040
*576,901,814
521,116,919
Revised.
20.14
Transactions for account of odd-lot dealers in stocks in which
1.
$52,888,500
collateral from private bankers,
on
brokers,
202
_
_
Reports showing no transactions
"in stocks
Time
collateral from New York banks
on
companies-
855
1,080
floor
Initiated off floor
30,
1938 aggregated $466,766,529.
Exchange
specialists:
as
on
collateral!
of the close of business, April
Reports showing transactions:
Other than
made
as
$413,578,029
Number of reports received
As specialists*
$413,-
578,029 against $455,549,419 March 31 and $804,749,884
April 30, 1937. Time loans at the latest date are shown at
Curb
Exchange
April 30, 1937
demand loans outstanding on April 30 in amount of
or
New
at
demand loans and time loans were - below both a
ago and a year ago.
The Exchange reported the
month
with the New York Stock
upon reports
Exchange and the New York Curb Exchange by their respective members.
Exchange
Loans
Outstanding brokers' loans on the New York Stock
Exchange decreased during April to $466,766,529 at the
end of the month, the Exchange made known on May .3
in issuing its monthly
compilation. This figure is $54,350,390
below the March 30 total of $521,116,519 and $720,512,855
below the April 30, 1937 figure of $1,187,279,384.
During
On the New
larger than the volume reported on the ticker.
York Curb Exchange,
Stock
Brokers'
of 299,110 shares against total transactions of 766,715
Stock Exchange and the New York Curb Exchange represent
York
Reports
Outstanding
$466,766,529
April 30—$54,350,390 Below Figures of March 31 and $720,512,855
account
own
2937
Chronicle
that a registered holding company or subsidiary may
from the Commission
the
Commission
things, a detailed
an
approval of an investment
program
by filing
application which shall contain, among other
description of the investment program including a
descrip¬
thelapplicant plans to pur¬
purchase
in each of the various classes or types of companies.
If the proposed invest¬
ment program is to include'anyfpurchasejof securities of a registered holding
company or subsidiary of a registered holding company or of any public
tion of the types
of companies whose securities
chase and of the amounts
of securities which the applicant may
2938
Financial
utility company, the application must specify the
name of such
Chronicle
The text of the Commission's action follows:
company
and the maximum amount of each class of the securities of that company
which the applicant may choose to include in its investment program.
The purchase of certain securities will not be approved in an investment
An applicant cannot include in its investment
program.
program
any
securities issued by any company in the same holding company system as
the
applicant or securities issued by
by
in which the applicant has,
or more
or
of an investment trust will be approved in
company or
No security which is not readily marketable
gram.
a
will have after the acquisition, 5%
of the outstanding voting securities.
No security of an investment
company
An investment program must
be limited
Act of 1933,
action necessary to carry out the provisions of the Act and necessary and
takes the following action;
1.
Form D-2 as presently in effect is repealed.
2.
The Rules and Instructions accompanying Form E-l
to
or
paragraph (c).
only
The Commission
qualify for
use
plan.
The rule contemplates that an investment program will be
approved only
hearing has been held upon the application.
a
to the
The facts with respect
appearing in the application and at the hearing must be
program
sufficient
enable the Commission
tq make, among other findings a
finding that the acquisition of securities contemplated in the investment
program will not be detrimental to the carrying out of Section 11 of the Act
to
and will not in any other way tend
toward interlocking relations or the
utility companies and will not be detri¬
concentration of control of public
mental to the
public interest
the interests of investors
or to
or consumers.
Once the Commission has approved an investment
program, the
will be required to report to the
Commission, at
applicant
30-day intervals, all its
acquisitions and sales of securities.
The report shall include all security
acquisitions of the applicant and all security sales of the applicant, whether
made pursuant to this rule or any other rule or order of the
Commission,
and shall indicate
sition
order
to each
as
acquisition
or
sale the
reason
sale is consistent with the provisions of the Act
or
pursuant to the Act.
why such acqui¬
of any rule or
or
If the Commission finds that
has violated any provision of the Act
company
Commission, the Commission
may
or
the investing
regulation of the
any
summarily suspend its order approving
the investment program.
Registered
Trading Privileges
Exchange
The Securities and
•
.
Suspends Effectiveness of
Securities Not
Rule
National
to
Securities
on
which also stated:
adopted in
altered its prior policy but
no way
interpretations
of
Securities
the
Exchange
was
Act
codification of
a mere
of
1934
originally
as
reported in
opinions of the General Counsel which had been issued from time to time.
The Commission decided, however, to
suspend for a period of 60 days
as
the effectiveness of that part of the rule
affecting over-the-counter securities
in order
(1)
transmit
pletion of tax legislation which is substantially less obstruc¬
to business enterprise than the existing law, are all
measures' of
far-reaching influence."
"Their
immediate
tive
effect, however,"
when
low
their, views
thereon
to
the
Commission
an
for
its
consideration,
opportunity to acquaint over-the-
dealers and their
organizations with the intent and scope of this
rule or such modified rule as will become effective at
the end of the period
of suspension.
■ '.'V
The text of the Commission's action follows:
in it and necessary and
appropriate in the public interest and for the pro¬
to
do, and deeming the acts and practices hereinafter
prohibited to be devices
and
Contrivances
deceptive, pursuant to authority conferred
change Act of 1934,
as
which
are
upon it
manipulative
Rule GB4.
Prohibition of
of manipulative or
use
a new
(a)
paragraph
person,
of the mails
use
or
any means or
or
directly
or
indirectly,
instrumentality of interstate
com¬
of any facility of
any national securities exchange, to do any act
omit to do any act in connection with
the purchase or sale of any security
merce or
or
not
registered
on
a
national securities
exchange, if such act
act would be unlawful under Section
9
fore
(a)
or any
hereafter prescribed thereunder if done
or
connection with the purchase or sale
of
a
rule
or
or
factors,"
nothing
while
or
United
States has
on
indirect interest
or
designated for exemption by the
Secretary of the Treasury
a
securities which
principal
or
agency or
or any
(c)
are
direct obligations of
interest by
a
State
instrumentality of
a
or any
State
or
so
any
far
as
on an
be
and
as
or
to
any
political sub-division thereof
one or more
States.
they apply to acts
to act with respect to any
security not listed
privileges
shall
obligations guaranteed
municipal corporate instrumentality of
The provisions of this rule,
as
as necessary or
political sub-division thereof
or
or
or
omissions
admitted to unlisted trading
exchange, shall not become effective until July 1, 1938.
Repeals
Form
D-2
and
Amends
Form
E-l—
Originally Used for Registration of Securities in
Reorganization
The
Securities and
Exchange Commission announced on
May 2 that it has repealed Form D-2 and has amended Form
E-l to delete a provision relating to the
optional use of either
Form E-l or D-2.
Originally used for the registration of
certain
securities in reorganization, Form D-2 was
largely
replaced by Form E-l and, since the adoption of Form E-l
has been of limited
use.
purchasing
and
spend;
The
power
that
and
a
by
borrowing,
they
at
the
will
A
third
to
as
that
expenditures
to
and
set in
will
remain
to
burden
pump-priming theory will fail
spending
both
be
cannot
investment is
without
and
business
natural
motion
and
within
the
recovery.
continued
deflationary
indefinitely.
into
hoarding
is
required
prove
to
these
of the
out
or
each
produce
statement,
influences
less
in
Like all
less.
and
our
been
of
the
make
to
government
believe
many
for prosperity.
spending
It is
that,
There
deficits
during
the
regrettable
stimu¬
is
depression and
own
in
effect
More¬
country.
use.
are
the
past
government
this has
that
is
been
Overwhelmingly the greater part of industry, trade and business
by people
on
run,
own
the
to
without
cannot
they
as
fall
off,
government
make
for
up
Other
Administration
is
government
accomplish
and
for
remain
carry
whole people,
When
depressed
possibly
...
the
for themselves.
cannot
the
assistance.
much
as
accomplish
can
income
adjustments,
The
will
taxes
France, where huge government
stimulating effect, due to other factors.
the
government
national
its
only
situation
effect diminishes with
more
responsible
carried
The
effective
which
They discourage private investment, and if carried
capital
situation
has
years
case.
be
of private
policies
tend
that
order
the
the
a
is
will
and
encourage
One
working
discontinued
are
debts
unless
in better
system
expenditures
they
is
experience to
present
primarily
of
the
place,
drive
Undoubtedly
the
the
on,
inevitable that
effect.
utterly without
five
economic
they
their
more
the
is
that
such
truth
may
abundant
the
going
their psychological
lants,
in
is
take
that
is
far
over,
the
put
almost
are
second
too
to
except
to
continues:
part,
point where the resumption
government
A
in
other economic truths to be considered.
for
of
enough
on
in
business and
lack
needed
activities
decline.
Elements
in
committed
Outlook
the
to
subject of course to
congressional modification, and the immediate practical question is whether
the program is well-timed to help business upward.
The comments above
the
ences
in the
business situation.
tionary the monetary
is still
is
ready for
while
measures
If
can
be only
one
of many
it
a
up
will be ineffective,
turn
without much effect.
by the time the
money
On
influ¬
influences continue defla¬
non-monetary
and if the general
downward the addition that the government makes to
be swallowed
may
spending,
point that government spending
buying
trend
power
the other hand, if business
begins to
go
out the spending,
lasts, will augment the upswing.
Banks
Assisting in Every Way They Can to Supply
for
Industry Says E. E. Brown of First
National Bank of Chicago in Addressing U. S.
Funds
Chamber of Commerce
Emphasizing that "the banks are assisting in every way
they can, consistent with their own solvency and liquidity,
to help American
industry acquire the capital it needs,"
Edward E. Brown, President of the First National Bank of
Chicago, at a group session of the Chamber of Commerce
in Washington on
May 4 added:
They
are anxious to assist still more.
would be greatly extended if the rate of
not made so
was
the
artificially low by
The possibilities of their assistance
retjirn on their loans and investments
an easy money
taking of what would normally be regarded
if the regulations of the
SEC
and
borrow
raised
last; and when
It is
scheduled
national
for the protection of
investors;
or
limited."
regulation hereto¬
omitted to be done in
security registered
direct
a
they
industry.
omission to
The provisions of this rule shall not
apply to securities which are
obligations of or obligations guaranteed as to
principal or interest
by the United States; such securities issued or
guaranteed by corporations
appropriate in the public interest
been
"pump-priming" is that
reduced
dollars,
are
priming
as
before,
as
(b)
the
is
should
bank,
done
is
the
long
be
direct
which
the
However, there
securities exchange.
in
enough
make
deceptive devices
contrivances with respect to securities not
registered on a national securities
exchange,
(a) It shall be unlawful for any
by the
in
and
by the Securities Ex¬
amended, particularly Sections 10 (b) and 23
thereof, amends its Rule GB4 by adding at the end thereof
"(c)," so as to make the rule read as follows;
spending
government
"has
theory of
resumption of private spend¬
ing, whereupon -the government support can be withdrawn."
While stating that it is "undeniable that if the government
the long
The SEC, deeming it
necessary for the execution of the functions vested
so
"the
in due course this will lead to
/
tection of investors
private
the
the bank,
says
observes that
bank
to permit over-the-counter dealers to study the rule and to
and (2) to afford to the Commission
counter
and the Federal Reserve Board, the President's message
requesting appropriations for a spending and lending pro¬
gram, the defeat of the reorganization bill, and the com¬
ury
counteract
The Commission at the conference pointed out that
the rule
news,
Washington," it is noted by the National City Bank
of New York in its "Monthly Letter" for May, which goes
on to say that "the monetary measures taken
by the Treas¬
as
Exchange Commission
developments of the month, for the
but in
Unlisted
to
May 3 sus¬
pended the effectiveness of that portion of its Rule GB4,
which applies to securities not registered or admitted to
unlisted trading privileges on any
exchange.
This action
was taken
following a conference with representatives of the
over-the-counter trade, said the Commission's
announce¬
ment
"The most important
if
Any
on
-
tend to support the business turnover, unless offset by other
,
GB4—Applies
Admitted
or
"■
long run, have been not in the trade and industrial
pours
»
SEC
;'■
,
^
in its invest¬
it shall deem necessary or appropriate in the public interest
upon either the
duration of the investment program or upon any other feature of the
after
■
Important Development of Month President's
Spending Program and Monetary
Measures of
Treasury and Reserve System, Says National City
Bank of New York—Arguments Against "Pump
Priming"
also place any other limitation which
may
to the Use
Most
or for any other
purpose
In its application, the applicant must state the
amount of such current funds which it seeks to
ment program.
as
E-l," and changing the designation of paragraph (d) of that rule
be included.
for the retirement of its indebtedness
pertinent to its business.
amended
are
by deleting paragraph (c) of Rule 6 under the caption "Rules
of Form
such current funds of the applicant as are not necessary for its
working
capital
Securities
particularly Sections 7 and 19 (a) thereof, and deeming such
appropriate in the public interest and for the protection of investors, hereby
investment pro¬
an
can
to require the use of
so as
The SEC, acting pursuant to authority conferred upon it by the
which would be, after
any company
the acquisition by the applicant, in the same holding company system as
the applicant.
The program cannot include any securities issued
May 7,
they
can
make
for their
policy
as to
as a proper
discourage
banking risk,
Comptroller regarding the types of investments
own
account
were
liberalized, if there
were
no
restrictions by law or regulations as to the percentage which they could loan
on
listed
stocks,
securities of the
and
if they
were
given
the
privilege
of underwriting
type which they could buy for their own portfolios.
In an address before the Chamber the same day, Jesse H.
Jones, Chairman of the Reconstruction Finance Corporation,
said that he was of the opinion that banks have not been
particularly energetic "in meeting the credit needs of the
country."
Elsewhere in this issue we refer further to the
remarks of Mr. Jones.
Discussing "The Assistance, Actual
and Potential of Banks of Deposit," Air. Browm said in part:
Volume
Banks
Banks
are
their formation
owe
restoring the flow of private capital into
anxious to assist in
are
industry.
Financial
146
the desire
to
instruments to furnish funds to local industry.
They
only do
can
and their
own
adequate
have them as
communities to
of their
All wish to make money.
by making loans and investments of their
so
depositors'
And ihey are not making returns which they believe
money.
their invested capital, because they can not make loans and
on
investments in sufficient
quantities
at adequate rates of interest.
or
QBanks of deposit in making loans and investments are subject to restric¬
tions, due to the fact that not only must their assets at all times have a
value in
they must be in a position
of their depositors
of their depositors' claims, but
excess
to meet both the reasonable and unreasonable demands
for repayment at any time.
In other words, banks, to function, have to
both solvent and liquid.
Restrictions may be
without law.
In
branches, there
with
not
9
:
'
very
themselves
few banks with
Necessarily in this country,
restrictions in the law.
have had,
14,000 independent banks, most of them small, we
over
only the self-imposed restrictions of the
loans and investments.
Not
but laws limiting
bankers,
necessarily in my opinion, in the last
so
be
r
voluntary and imposed by the bankers
England, where there are only a
are no
New Offering of $50,000,000, or
Thereabouts, of 91-Day
Treasury Bills—To Be Dated May 11, 1938
Most
essential part of the capitalistic system.
an
few
2939
Chronicle
A
offering of 91-day Treasury bills to the amount of
or thereabouts, to which tenders will be re¬
ceived at the Federal Reserve banks, or the branches thereof,
up to 2 p.m., Eastern Standard Time, May 9, was an¬
nounced on May 5 by Secretary of the Treasury Henry
Morgenthau Jr.
The tenders will not be received at the
new
$50,000,000,
Treasury Department, Washington.
The h reasury bills will be sold on a discount basis to the
highest bidders. They will be dated May 11, 1938, and will
mature on Aug. 10, 1938; on the maturity date the face
amount of the bills will be payable without interest.
There
is a maturity of similar securities on May 11 in two series in
amounts of $50,057,000 and $50,144,000.
In his announce¬
ment of May 5 Secretary Morgenthau had the following
to say:
They (the bills) will be issued in bearer form only, and in amounts
officials to limit
by regulation, loans and investments of certain types, and these powers
denominations
have been exercised.
(maturity value).
have been given to boards and administrative
years powers
...
Banks of deposit are
that
is
not
serially
and
by making direct capital loans
This is
It offers, in my opinion, a
deposit
a
which is steadily expanding and is
one
sion.
period of years.
over a
extent
maturing
development of the last four years
today supplying capital to industry to an
generally realized,
capable of much greater expan¬
of
This,
practically all bankers and the
perfectly sound method by which banks
provide large additional amounts of capital for industry.
can
in spite of the fact that until a few years ago
loans, and indeed any
authorities which supervise banks regarded capital
loan which had
investment of
maturity of more than a few months, as
a
bank's funds.
a
considerable portion of the supervising
as to
would stimulate their
such loans
of both bankers and super¬
Nothing
sympathetic attitude towards
loans.
the propriety and desirability of such
growth more than a
by
But there has been,
authorities.
and is, a steady change of opinion on the part
vising authorities
longer
by many, perhaps the majority of all bankers, and
term loans is still held
a
unsuitable for the
This attitude towards capital and
the purpose of putting a check on
of the banking system, but for
speculation, the Federal Reserve Board,
in 1934, was authorized to issue regulations
from time to time prescribing
the minimum amount of margin on loans secured
by stocks which must be
Banks, by ex¬
perience over many years, had found that a 20% margin on mixed stock
collateral in ordinary times provided adequate security.
The Federal
Reserve Board regulations at first required a 55% margin, and now require
a 40%
margin.
Where formerly a considerable percentage of the equity
capital of the corporations of this country was carried by banks through
loans on their stocks, this amount has now shrunk to very small propor¬
tions.
I do not want to bore you with statistics; but, 15 years ago, on June
30, 1925, the first date for which figures are available, and before the
great speculation in stocks set in, the total loans of member banks, secured
by collateral, amounted to $6,718,000,000.
On December 31, 1937, such
loans amounted to $2,964,000,000, less than one-half of the amount of 13^
years before, in spite of the great increase in deposits in the intervening
years.
The decrease in the amount of such loans carried by banks is, of
course, not due primarily to the law and the regulations issued under it,
giving permission to the Federal Reserve Board to fix margin requirements
required, not only by brokers, but by banks of deposit.
stock
on
But the law and the regulations are
exchange loans.
tributing
a
undoubtedly contribute to an increase in the amount of stock-secured loans
and thus enable
larger portion of the funds of banks
a
stock market loans,
Banks
of
do,
to supply
of deposit, through
equity capital.
finance
course,
underwriters
and
dealers in securities,
Without their
assistance, securities of all kinds could not be distributed.
The problem
today is not a lack of bank funds available for loans to underwriters who
can provide an adequate margin of security for their loans.
The problem,
and it is an acute one, is the dearth of capital available for underwriting.
whether
.
.
handling senior securities
Banks today are
.
equity securities.
or
prohibited from underwriting securities other than
those of Federal agencies and State and
large
available
of capital
amounts
privilege many would
engage
municipal obligations.
for underwriting,
They have
that
and if given
in the business of underwriting and thus
Naturally
materially assist business in obtaining its capital requirements.
they would be restricted to underwriting securities of the type which they
could purchase for their own investment account,
and should not be per¬
But particularly if the Comptroller's
mitted to underwrite equity securities.
regulations governing the type of investments which a bank can make were
liberalized,
an
amendment to the law permitting banks to
underwrite would
Year
in
Mar.
Ended
Federal
of
New
Reached
Associations
Assets
Federal
Philadelphia
Savings
High
Record
Loan
Figure
and
Loan
Associations
in
Philadelphia totaled $8,988,273 on Mar. 31, 1938, a new
high record figure since introduction of these Federal char¬
tered
fact
Federal
and
disclosed
is
supervised institutions in
in
1934.
just compiled by
figures
amount less than
and trust companies and
the
This
Public
Associations in Phila¬
Relations
Committee of the Federal
delphia.
1937,
or
$1,000,000
$1,000 will be considered. Each tender
99.125. Fractions
ment securities.
10%
banks
Tenders from others must be accompanied by a deposit of
of the face amount of Treasury bills applied for, unless the tenders are
accompanied by
or trust
an express
guaranty of payment by an incorporated bank
company.
Immediately after the closing hour for receipt of tenders
on
May 9, 1938,
all tenders received at the Federal Reserve banks or branches thereof up to
the closing hour will be opened and
prices will follow
public announcement of the acceptable
possible thereafter, probably on the following
as soon as
The Secretary of the Treasury expressly reserves the right to
morning.
any or
all tenders
or
parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final.
Those sub¬
Pay¬
mitting tenders will be advised of the acceptance or rejection thereof.
at the
ment
Federal
price offered for Treasury bills allotted must be made at the
Reserve banks
in
cash
or
other immediately available funds on
May 11, 1938.
The Treasury bills will be exempt, as to
gain from the sale
taxation,
or
principal and interest, and any
all
other disposition thereof will also be exempt, from
estate and inheritance taxes.
except
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury
gift tax.)
shall be allowed
any
tax
now
as a
deduction,
or
bills
otherwise recognized, for the purposes of
hereafter imposed by the United
or
States or any of its
possessions.
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of
issue.
.vy.v;
their
f ■;
-('..'A';.' "■
$187,632,000 Received to Offering of $50,of 91-Day Treasury Bills Dated May 4—
$50,021,000 Accepted at Average Rate of 0.033%
Tenders
of
000,000
Secretary of the Treasury
Henry Morgenthau Jr., an¬
nounced
on
May 2 that the tenders to the offering of $50,-
000,000,
or
thereabouts, of 91-day Treasury bills totaled
of which $50,021,000 were accepted.
The
received at the Federal Reserve banks and the
$187,632,000,
tenders
were
branches thereof up to 2 p. m., Eastern Standard Time,
May 2. The Treasury bills are dated May 4 and will mature
on Aug. 3.
Previous reference to the offering was made in
our issue of April 30, page 2775.
Regarding the accepted bids to the offering, Secretary
Morgenthau's announcement of May 2 had the following to
say:
Total applied
Total accepted—$50,021,000
for—$187,632,000
Range of accepted bids:
High
-..— —
.100
Low
99.991 Equivalent rate approximately
0.036%
Average price..
99.992 Equivalent rate approximately
0.033%
of the amount bid for at the
Cruise
of
President
low price was accepted)
Roosevelt in Southern
Waters—Expected to Arrive at Charleston May 8
President
Roosevelt
left
Washington
on
April
29
for
boarded the light cruiser Phila¬
delphia the next day for a vacation cruise off the South¬
The cruiser sailed southward on May 1 and
eastern coast.
was
Charleston headed in the general direction
Indies.
After cruising in the Caribbean Sea
700 miles from
of the
West
during the week the President's party headed for home last
night (May 6) expecting to arrive in Charleston on Sunday
(May 8).
The Mar. 31 total compared with $8,404,366 on
Dec.
and
;
from responsible and recognized dealers in invest¬
Charleston, S. C., where he
31
Savings
an
.
Tenders will be accepted without cash deposit from incorporated
(72%
&
$500,000,
!
multiples of $1,000. The price offered must be expressed on the
Vacation
of
$100,000,
$10,000,
must not be used.
greatly relieve the shortage of underwriting capital in this country.
Resources
$1,000,
basis of 100, with not more than three decimal places, e. g.,
con¬
The repeal of the law or more liberal regulations would
cause.
No tender for
must be in
reject
by the regulating and super vising bodies.
Not for the purpose of adding to the safety
of
31,
an
three month
period
1937
of
assets
104%
says an
increase of $513,907 or 6.1% for the
the
ing in Philadelphia. The number of associations in operation at the close of
years
and their total assets was as follows: 1934, four
associations with assets of $91,987;
1935, nine associations with assets of
$1,738,535; 1936, eleven associations with assets of $4,114,161- and 1937,
fifteen associations with assets of $8,404,366.
Number
of
investing
members
of the local associations continue the
sharply rising trend shown during the past four years.
On Mar. 31 the
local associations had a total of 8,188 investing members as compared
6,929
year.
on
with
Dec. 31, 1937, increase of 1,259 or 18%, or at the rate of 72% a
During 1937 a gain of 84% was reported.
member of the Securities
Commission, President Roosevelt has acknowl¬
edged the pledge of co-operation offered by 16 business
leaders to aid the Administration in bringing about recovery
in business.
The action of the business leaders was noted
in our issue of April 30, page 2782 in which it was indicated
that their statement was delivered to the White House by
Mr. Hanes.
In his letter to the latter the President says
that if the signers have any specific suggestions "I will be
glad to receive them." His letter dated April 27, and made
public April 30, follows:
In
announcement in the matter which adds:
four
Hanes of
at the rate of 24.4% per year.
On Mar. 31 there were 15 Federal Savings and Loan Associations operat¬
each of the past
Roosevelt Acknowledges in Letter to J. W.
SEC, Cooperation Pledged by 16 Business
Leaders—Solicits Specific Suggestions From Latter
President
During
associations in Philadelphia increased
or
a
letter to John W. Hanes, a
and Exchange
Financial
2940
A
./
:
"
The White House, Washington.
that I am grateful for the
I want to let you know
thank each of the 16 signers for me personally, and tell
I wish you would
like to have reach me, I will be glad to receive them either
wbicn they would
to
to grant
five
important legislation.
this
on
have recommended that the Congress
times you
separate
There
is, therefore, no question as to the importance of the bill.
There
also
is
that the Labor Committee has done its utmost to
bill in light of the debates upon the floor of the House
question
no
the
directly fro l them or through you J
reconsider
|H As you know, I am looking for the specific steps which will bring closer co¬
prior to its recommittal.
operation between business and government and which will encourage them
stabilize their induatry.frlt is mainly a questional
to take the initiative to
fKJing^the
atfd
methods,
concrete'suggestions that"we have the
the more
With best wishes to you, very sincerely yours,
D.
FRANKLIN
The
ROOSEVELT.
I
Committee—William
cizes
Green
is
the
of
that
the
bill
the
to
April 30
whole
sideration
the
L.
of
this action
of
Roosevelt
requisite
the
Congress
218
by the Rules Committee itself
or
The vote of the Rules Committee on
April 29 was noted in our issue of a week ago, page 2778.
The hope by President Roosevelt for renewed action on
bill
the
(made public May 2)
Charleston, S. C., to Representative
Mary T. Norton, Chairman of the House Labor Committee.
The President's telegram said:
the
from
the
I
telling
a
to
want
make
it
a
view
of
the
member of
I
right whatsoever
any
A
and
you
I
which
has
because
arisen
personal
my
have
foundation
profound respect
a
of
experience,
The continuing
both
personal
my
action
for and
devotion
that
of
fairness
and
the
to
legislative body to reject
a
democratic
precess
is
bill if it is
a
a majority of its leaders.
And it is equally the right
legislative body, through committees, to sift out the hundreds of bills
which
introduced
are
each year,
to hold hearings
them and
on
orderly calendars for the consideration of the whole
the
democratic
There
of
certain
in
has
any
be
always
seemed
session—the
one
given full and
end
the
House
whole
is
committed
believes
to
that
the
House
the
each
which
session
measures—few
the
body should
This discussion
majority
platform—and
large majority of the membership of
a
whole
should
however,
as
where
a
of
party
its
pass
I
the
have
the House
judgment
such
on
You
have
the
vote
system,
situation,
of
bill
a
should
by
up
a
V
bill
judgment
held
was
has
its
on
once
been reported
merits
to
still
Regarding
put
a
The
recommitting,
floor under
wages
hope that the House
fact
I
do
that
remains
not
the
I
by
have
legislation
as
reconsideration
defeating
or
ceiling
over
a
whole
a
of
and
suggested
before,
will continue.
this
I
hope
is
That
my
H.
vote
can
action
by
on
a
and
hour
the
Committee
Rules
that
the
democratic
of
processes
President:
With
summer.
Committee
a
rule
resort
to
House
enabled
a
opinion
as
the
House
further
An
after
to
file
a
to force the bill
of
Rules
the
Committee, on
Washington on that
[the bill]
it
favorable rule which
a
have
would
to
go
(Rep., Mich.),
Lewis
Jr.
Will Taylor
J.
(Rep., Tenn.),
and
Donald H.
N. J.).
(Rep.,
Chairman John
were:
Colo.),
(Dem.,
Byron
B.
J.
O'Connor
Harlan
N. Y.),
(Dem.,
(Dem.,
Ohio),
Arthur
(Dem., Ind.), Adolph J. Sabath (Dem., 111.), and Joseph W.
(Rep.,
On May
eration
Mass.).
3 William Green, President of the American Fed¬
of
Labor, addressed telegrams to members
the
of
House urging that they sign the petition for the discharge
of the committee from consideration of the bill.
In his
telegram Mr. Green said:
I
appeal to
about
by
the
Rules
I
as
you
withdrawal
of
of
appealing to all members of Congress to bring
am
the
hours bill
and
wages
Committee.
Congress to sign
This
action
is
from
day that the petition
have
a
profound
herein
of
effect
requested
consideration
further
if
necessary
I urge each member
is presented for signature.
throughout the entire
the
in
and
name
of
the
I
the
on
Such action
country.
behalf
in
hours
and
wages
this petition at the first opportunity accorded
first
would
urge
the action
American
Federation
Labor.
In
December
encountered
last
hands
Dec.
of
the
similar
House members
page
Black-Connery
opposition;
wage
218
while
and hour bill
signatures
obtained to force the bill
were
the Rules
2 issue,
Committee
(this
3582), the bill
in these columns Dec.
was
of
of the
out
indicated
in
our
recommitted by the
was
Dec.
on
17,
as
noted
25, page 4044.
mem¬
the
Federal
amendments
of
to
A
the
permit
it
extraordinary
Economic
to
consider the
wage
and
to the
but
hour
it
bill
reported
was
out
fall.
voted
proceeding
The
upon
of
form
was
the bill
although
should
recommitted
consideration
amended
in
by
Committee
by
petition
the
refused
' Only
the House.
discharge
a
the Senate
favorably
Rules
to
take.
the
was
there
evident
was
was
by
the
a
The bill
Labor
that
wide
was
not
Committee,
a
majority
difference
of
rejected by
obviously
for
light of those debates.
bill has been reported
favorably by
long deliberation and much study.
passed
bill.
bill,
Power"with
View
to
Revision of
Anti-
Trust
Laws—Appropriations of $500,000 and $200,000 Requested at This Session Along with Law to
Control Bank Holding Companies
in
Roosevelt's
message to Congress on April 29,
"a thorough study of the concentra¬
which he proposed
tion of economic power in American industry and the effect
of that concentration upon the decline of
competition" was
to
in
these columns
recommended
$500,000 for the
an
a
week
ago,
appropriation
page
2777.
of not
less
The
than
of such comprehensive study by
Commission, the Department of Justice,
and Exchange Commission, and such other
conduct
the Federal Trade
the
Securities
agencies of government
as have special experience in vari¬
phases of the inquiry."
Revision of the existing anti¬
trust laws is included as one of the subjects recommended
for
Labor, April 29, 1938.
on
hour
and
wage
be
to
"Business
ous
last
House
on
Monopoly"—Proposes Study of "Concentration of
President
ROOSEVELT.
D.
Committee, saying: "Many
From the debates in the House last fall it
desired
advices from
it
referred
personal view.
House Committee
Mr.
give
vote
Press
President
wage
bers, besides myself, consider this arbitrary action a failure
to
8-to-0
Greenwood
Martin
kind
of the democratic process."
Mrs. Norton's letter follows:
Labor
she would
Under the rules the bill
the
Maples
Lawrence
hours.
Mrs. Norton, in her letter to the
President, took exception
to the action of the Rules
Dear
that
the House floor for debate were Representatives
Eugene Cox (Dem., Ga.), William J. Driver (Dem., Ark.), Howard Smith
(Dem., Va.), J. Bayard Clark (Dem., N. C.), Martin Dies (Dem., Tex.),
pass
some
passing
FRANKLIN
last
May 2
on
United
Voting against giving
permitted
subject
by the petition route.
or
As
filed.
was
date said:
more
bill—either
itself
petition
indicated
President Roosevelt's Message to Congress
by the Labor Committee.
demerits.
or
discussing, amending,
bill
a
I
the
Norton
April 29,
be properly before the House.
Committee, by a narrow vote, has declined to grant a rule,
and the full membership of the House—435 members—is
thereby prevented
from
was
brought to the floor of the House on May 23 with the
obtaining of the necessary 218 signatures.
The Rules
of
Chairman.
committee, was then reported by the petition
debated and recommitted to the Labor Committee for further
was
new
NORTON,
small
a
consideration.
A
T.
House to the House Labor Committee
legislation.
majority
MARY
be
can
may
in complete rejection.
even
national
its
these
them.
or
legislation,
by
people.
of
the legislative
discuss
to
of
case
of
in recommital,
legislation
doubt
that
millions
of
membership
hour
and
wage
in
measures
that in
me
free opportunity
of
case
personal
no
the lives
to
in drastic amendment, or
In
of
types
importance, because they relate to major policies
government and affect
It
That is
process.
however,
are,
be
will
Washington, D. C.
legislation is to be enacted at this session of Congress.
of undoubted national
are
to produce
membership.
petition
ago.
enduring democracy.
always be the right of
bill.
this
on
sincerely,
from the hands of the committee.
executive
legislative
this
to
petition in the House on Friday, May 6,
Carl
satisfactory to
a
after
Mrs.
McLean
of yesterday's
legislative
in
a
signature, it is stated, having been affixed less than three
hours
executive
because I myself have
old friends,
are
rule
a
petition to force House consideration of the bill
President
as
legislative body, I feel free to give you
a
legislative process."
must
have I
the House
the
of
concern
preceding action of the Rules Committee several months
of
capacities,
the
not
of
completed yesterday (May 6) by House members, the 218th
prevented
last night just as I
me
circulation
.
Voting for the rule
difficult situation
a
Because
It
given to
was
the
in
The President, the White House,
rules.
and the similar
of
of eight members
and hours bill has again been
properly
are
Nevertheless, because
been
not
result of the action
a
wholly clear that the rules under which
acts
the government—nor
of
criticize
the
as
wages
train.
Representatives
branch
to
that
me
Committee
Rules
reaching the floor of the House
took
of
from
sent
Your letter
of
expressed in a telegram
was
he
signatures
letter
this
you
(MRS.)
by the petition route."
which
is
the hope that out of your personal
will be willing to give me personal advice in this matter.
writing
am
experience you
on
still hope that the House as a
wage and hour bill—either by recon¬
a
on
President
House,
"I
that
vote
can
of
floor
begin
would
Yours
F.
A.
I
vote of 8 to 6, to send the wage and hour
stated
assume
to be able to carry out your recommendation
Following the refusal of the House Rules Committee, on
a
I
obtained.
Norton Criti¬
of
members
those
Labor Committee for
of the
application
confident that in order
am
to
Appeals to Congress for Legislation
April 29, by
which
power
a
afternoon
this
announced
tion
♦
Roosevelt Still Hopeful of Action on Wage
and Hour Bill Despite Refusal of Rules Committee
Report Measure to House—Mrs.
bill,
this
upon
petition to discharge the members of the Rules Committee from considera¬
Washington, D. C.
President
to
vote
I
Hon, John Hanes,
Securities and Exchange Commission,
which eight members of the Rules Committee have assumed
of the House an opportunity to consider, amend
power
refuse the 435 members
to
and
granted them by the rules of the House.
Nevertheless, many members of
the House,
besides myself, consider this* arbitrary action of the Rules
Committee a failure of the democratic process.
quicker we will find the proper solution.
V
435 members of the
rule which would permit the
a
themselves
express
least
At
1938
give the country a Federal wage and hour bill, to put a floor under wages
and a ceiling above hours in interstate occupations.
specific suggest! ons, either as a group or individually •
them if they have any
refused
House
expression you brought to the White House.
May 7,
again today (April 29), by a vote of 8 to 6, the Rules Committtee
But
has
Dear Commissioner Hanes:
Just before leaving,
Chronicle
'
the Labor
Committee
study by the President, who said that his program "is
intended as the beginning of any ill-considered 'trust
busting' activity," but that "it is a program to preserve
not
private enterprise for profit by keeping it free enough to
our resources of capital and labor as a
profit."
He also said:
be able to utilize all
Once
it
system of
is
realized
that
free enterprise
government
to
eliminate
on
business
which
these
it
monopoly
in
is grafted,
artificial
restraints
America
.
.
will
paralyzes
action
.
be
the
by the
welcomed
by
industry throughout the Nation.
Besides the $500,000 appropriation referred to above, the
President also stated that "to provide for the proper and
fair
enforcement
of
the
existing
anti-trust
laws
I
shall
Volume
recommendations for a de¬
for the Department of
recommendations affecting bank holding
submit,
through
ficiency
appropriation
Justice."
As
budget,
the
to
of
that
recommend
the
effectively control
ing
Congress
the
corporation or enterprise
from or sell securities to
I
recommend
which
in
bank
a
that this
bank
reasonable
in
without
by holding
company
gradual
make provision for the
control or ownership, allowing
be done
inconvenience to communities
subject
One
of special
or
of the items,
two
been
legislation concerning these need not be
investment trusts, have already
holding companies and
study, and
delayed.
evidence
of
anti-trust
unlawful actions.
procedure:
.
■.
.
.
of
revision
A
of
Federal
of
sion
Trade
corporate
provided
clearly
by
public
and
Act
than that now
consummation when not
effective methods for breaking up
and acquisitions
interest;
their
prevent
to
Commis¬
Exchange
and
Securities
the
consolidations
mergers,
Clayton
the
the
in
Commission
more
interlocking relationships and like devices for bestowing business by favor.
(3) Financial controls:
be
directed
to
abuses
against
The
the
serve
which
operation
interests
of
business
of
concentrations
promote
institutions should
and restricted
financial
of
independent
American
over
power
industry.
Investment trusts should be brought under strict
(a) Investment trusts:
their investors rather
operations in the interest of
The Securities and Exchange Commission is to make
their managers.
than
of invest¬
trusts and their operations which it has carried on for nearly two
The investment trust, like the holding company, puts huge aggre¬
report
a
their
insure
ment
years.
Congress
to
the results of
on
comprehensive study
a
gations of the capital of the public at the direction of
The tremendous
panies have
invest
and
the
their
facts
use
relating
as
(b) Bank
of
our
.
.
of
make an investigation
particular relation to
with
investments
economic
holding companies:
to point
out the
which may
succeed in acquiring domination over banking resources in any considerable
area
of the country.
That power becomes particularly dangerous when
it is exercised from a distance and notably so when effective control is
economic
great
maintained
the
without
of
trade
might
that
power
wielded
be
resopnsibilities of
by
complete
group
a
ownership.
.
.
.
But in
and
associations,
and
clarification
a
their
of
delineation
legitimate spheres of activity which will enable them to combat unfair
methods of competition but which will guard against their interference
with
legitimate competitive practices.
(5) Patent laws:
to
of the patent laws to prevent their use
Amendment
inventions, and to create industrial monopolies.
suppress
competitive
to
encouragement
enterprise.
which
and
Such
bureau
a
should
the
supervise
.
endowed
be
collection
with
adequate
powers
industrial
of
should perform
...
Creation of a Bureau of Industrial
(7) Bureau of Industrial Economics:
Economics
.
.
Tax policies should be devised to give affirmative
(6) Tax correctives:
statistics
by trade
for business
supplement
to
functions similar to
men
those
The
the
The
events abroad have
truth
first
that
is
us
two simple truths about
liberty
of
democracy is not safe
a
people tolerate the growth of private power to a
than
stronger
their
State
democratic
the
itself.
if the
point where it becomes
That,
in
its
essence,
is
fascism—ownership of government by an individual, by a group, or by any
other
controlling private
The
truth
second
business
is
power.
that
does not
system
the
hit
lessons
Among
This
as
a
of
way
among
liberty of
a
democracy is not
safe
if its
provide employment and produce and distribute
of
concentration
a
private
without
power
equal
is
seriously impairing the economic effectiveness of
assuring
a
more
distribution
equitable
the people of the Nation
The
of
as
a
of
income
and
while.
Growing Concentration of Economic Power
assets:
corporate
all corporations
the law,
We
to clinch
the
part of the nation, one-tenth
Income
and
of
and
Of
point:
profits
all the corporations
to clinch
...
corporations:
of
87% of all the assets
•'
^
in
of
a
that:
a
be
not
well
the
freest
government,
if
it
could
and to render the great
few hands,
of property in
penniless."
Today many Americans ask the uneasy question:
Is the vociferation
that our liberties are in danger justified by the facts?
Today's answer on the part of average men and women in every part
mass
population dependent and
the country is
of
the
doing
is
lot of
a
danger it
come
would
power
hard
make
the
during
nine
past
years
have been
we
master
to
democratic government.
It will
of the possessors of that private
our
means
all)
no
believe—frpm
people
the
Their answer
thinking.
sense
(by
some
accurate than it would have been in 1929—for
that
is that if there is
from that concentrated private economic power which
common
so
as
more
reason
comes
struggling
not
far
simple
very
democratic
our
government
itself.
these
Even
statistics I
concentration
control
of
Over
Control
Financial
II.
cited
have
do
not
American
over
Industry
measure
the actual
degree of
industry.
of influence over
financial devices like
holding companies and strategic minority interests, creates close control
of the business policies of
enterprises which masquerade as independent
financial
Close
channels
of
interlocking spheres
through
control,
the
through
and
investment,
use
of
units.
man
heavy
Private
integrated
financial
and
management control lies
strategic areas of American industry.
is unfortunately
American
in
of
hand
large and
upon
being driven into
and I
You
life.
enterprise
is
a
The small business
less and less independent position
admit that.
must
be
ceasing to
free enterprise and is becoming a
private collectivisms:
masking itself as a system of free enter¬
after the American model,
it is in fact becoming a concealed cartel
of
cluster
system after the European model.
We all want efficient industrial
production.
No
one
growth
that we
suggests
and
return
the
advantages
of mass
to the hand loom or hand
manufactured
product may well require one or more huge mass production plants.
Modern efficiency may call for this.
But modern efficient mass production
is not furthered by a central control which destroys competition between
industrial plants each capable of efficient mass production while operating
as
separate units.
Industrial efficiency does not have to mean industrial
A series of processes involved in turning out a given
forge.
empire building.
empire building,
industrial
And
control of
unfortunately,
has evolved into banker
We oppose that.
control does not offer safety for the investing public.
Such
industry.
the
requires
judgment
It
becomes
disinterested
blurred
appraisal of
distorted if
and
it is
Investment
other people's manage¬
combined with the con¬
supposed to judge.
from American business much
virility, independence, adaptability and daring—without
traditional
its
compensating advantages.
They have not given the
Business enterprise needs new vitality and the
diversified
the
from
efforts,
stability they promised.
flexibility that comes
judgments
independent
and vibrant energies
thousands of independent business men.
individual must be encouraged to exercise his own judgment and to
of thousands upon
The
venture his own
small savings, not in stock
Men
will
to* compete
dare
gambling but in new enterprise*
against men but not against
giants.
The
output
the
In
Decline of Competition
per man
among
are
we
Our
had
speeds
up.
proves
Bigger
machine
and Its Effects on Employment
we are
mutual
complete
the most efficient Nation on
employment of capital and
earth.
labor
We have
since good free land gave out in the West at the turn of the
They were old before we undertook changes in our tax policy
labor and social legislation.
They were caused not by this
them
our
of
employing labor and capital are not new.
caused the legislation.
The
together will not be solved
by abandoning the forward steps we have taken to adjust the burdens of
by the same
but
forces
which
problem of bringing idle men and idle money
If
more
you
fairly and to attain social justice and security.
believe with me in private initiative, you must
acknowledge the
tration
of control of any given
of them earned
that in times of depression
business
then
has
larger
industry into a small number of dominating
corporations.
of the
pearance
basic
corporations reporting, less than 4%
history of modern times
or
the least efficient.
difficulties
century.
in
of
matter
primary causes
competition
of price
manufacture
where
of
our
present difficulties lies in the disap¬
in many
industrial fields, particularly in
power is most evident—
concentrated economic
fluctuating payrolls are general.
Managed industrial prices mean fewer jobs.
It is no accident that, in
industries like cement and steel where prices have remained firm in the
and
business
exist,
long acceptable, if the tendency of the laws were to create
rapid accumulation
of
few but for all.
a
"the
that
and protect each other—to ensure
serve
liberty not for
said
democracy and free
political
which
living in
of
way
human
of
been
has
One
the point:
all the manufacturing
concentration
show
1936
in
returns
do not have to report.)
maximum
would
^
reporting from every part of the country, one-tenth of
of all the net profits of all of them.
The statistical
tax
private enterprise for profit should
a
1%
1% of them earned 50% of the net Income of all of them;
84%
% of the nation's families
Incomes
right of well-managed small business to expect to make reasonable profits.
You must admit that the destruction of this opportunity follows concen¬
Of all corporations reporting, less than 5% of them owned
:
of
Bureau of Internal Revenue
drive the point home, the
to
estate
believe
taxation
;
reporting from every
of all of them.
Of
that
legislation
of them owned 52% of the assets of all of them;
and
distribution
Thirty-three per cent of the property which was passed by inheritance was
found in only 4% of all the reporting estates.
(And the figures of concentration
would be far more Impressive, if we included all the smaller estates which, under
in
1935:
Ownership
Of
the
in
at the bottom;
Furthermore,
III.
Statistics of the Bureau of Internal Revenue reveal the following amazing
figures for
reflected
is
And at the other end of the ladder a little less than 1K
or
I.
concentration
study by the National Resources ommittee shows that in 1935-36;
growing.
concentration
earnings
this
of
investment.
private enterprise as a way of providing employment for labor and capital
and
distribution of stock ownership.
home.
today
us
of corporations in the hands of a tiny minority of the
income.
of the 47%
In
history is
to their actual
the concentration
received Incomes which in dollars and cents reached the same total as the
goods in such a way as to sustain an acceptable standard of living.
Both
or
fact,
Interlocking financial controls have taken
retaught
the
of
flicting duty of controlling the management it is
democratic people.
a
In
management.
corporations 1«
the wide public
securityholders
by
Forty-seven per cent of all American families and single Individuals living alone
of
Unhappy
huge
number
had income of less than $1,000 for the year;
Congress of the United States:
liberty of
of
urged,
mere
year
effect
ment.
The President's message follows:
To
the
in
banner year for
a
that
national
associations.
performed for the farmers by the Bureau of Agricultural Economics.
handful
a
population, one person received 78 cents out of every dollar of corporate dividends
while the other 299 persons divided up the other 22 cents between them.
prise
Supervision and effective publicity of the activi¬
(4) Trade associations:
ties
was
That
necessary
in
sometimes
The
Three-tenths of 1% of our population received 78% of the dividends reported by
Individuals.
This has roughly the same effect as If, out of every 300 persons in our
power.
hardly
It is
The Securities
people.
should be authorized to
these
to
instrument
an
of millions
savings
Exchange Commission
the
of
.
great insurance com¬
certain kinship to investment trusts, in that these companies
a
trustees
as
few managers.
a
funds controlled by our
investment
voice
a
stock ownership
1929
that
control to
is
as
securities.
population matches the concentration of corporate assets.
It
the
eliminated,
their
v
through
More rigid scrutiny
(2) Mergers and interlocking relationship:
this centralization
or
have
to
reports
the existing
anti-trust laws should make them susceptible of practical enforcement by
casting upon those charged with violations the burden of proving facts
peculiarly within their knowledge.
Proof by the government of identical
bids, uniform price increases, price leadership, higher domestic than export
prices, or other specified price rigidities might be accepted as prima facie
(1) Improvement of
smaller competitor*
of
the expense
at
by financial adversity.
of
A recent
not intended to be all-inclusive.
are
bank
as
ability
em¬
proposed study," the President said, in part:
the
The items
causing
of the items that should be
enumerating "some
braced in
the
stock.
it holds
banks.
In
such
is
which
company
orderly manner and
an
served
danger of
reduced
bigger
still
grow
gives little clue to the size of their individual holdings
a
accomplishment—time enough for it to
for this
time
The
to
weakened
are
not
holding company, or any
financially interested to borrow
legislation
separation of banks from holding
a
of bank holding companeis;
it
in
session
this
at
enact
operation
branches; and make it illegal for
any more
who
distribution
legislation that
prevent
holding companies from acquiring control of any more banks, directly or
indirectly; prevent banks controlled by holding companies from establish¬
I
opportunities
$200,000
companies, the President says:
will
2941
Chronicle
Financial
146
where
face
of
in
a
recent
rigid
prices and
falling demand, payrolls, have shrunk as much as 40% and 50%
Nor is it mere chance that in most competitive indiiB-
months.
Financial
2942
of
quickly to falling demand, payrolls
been far better maintained.
By prices we mean,
the prices of the finished articles and not the wages paid to
where
tries
and
course,
But the
adjust themselves
prices
have
employment
Chronicle
of
When
prices
The
for
privately managed at levels above those which would
competition, everybody pays.
pays more for materials;
the home-builder pays more
are
determined
be
by
free
contractor
his
lost work.
tenant
worker
in
pays
^
'■
is
7,'control
;v.
example of how ability
perfect
a
to
interferes with the ability of private enterprise to fill the needs
community and provide employment for capital and labor.
other hand, we have some lines of business, large and small,
the
the
On
which
genuinely competitive.
are
products
basic
their
Often these competitive industries must
monopolistic industry, thus losing, and
from
lose, a large part of the benefit of their own
competitive policy.
Furthermore, in times of recession, the practices of
monopolistic industries make it difficult for business or agriculture which
is competitive and which does not curtail production below normal needs,
find
to
times
public
the
causing
its
goods
of
out
If
prices.
For
such
at
work by those non-competitive industries which
than to move their goods and to employ
->V
workers.
their
reduced
at
even
their prices rather
choose to hold
enterprise,
private
and
for
market
a
large number of customers of agriculture and competitive industry
a
being thrown
are
to
left to
its
{'
devices, becomes
own
half-competitive, half-slave and
V
Most
half-free,
half-regimented
is today,
it
as
it obviously
are made by business
business men.
Even the most monopolistic business
disapproves of all monopolies but his own.
We may smile at this as
other
man
being just
example
an
that
fact
business
effect
imposes for its
group
of the Nation
power
of human
combined
the
IV.
as
nature, but
of
the
laugh
cannot
we
monopolistic
the
away
which
controls
each
benefit, inevitably destroys the buying
own
whole.
a
of
and
social
the
economic
fair
necessary,
urged
of
carried
course
exploitation
The
competition.
of
take
to
the
I
child
of
hours,
have
minimum
labor,
not
are
is
with
of
to
necessary
In
the
operate
competitive
the market
gauging
for their
free
business
wares
and
and
and
their
by
not
should
be
associations
own
impulse.
on
Serious
avoided
production of
the
no
by disseminating
of
obvious need.
It
is
of
dangerously large inventories
price
course
It
to
necessary
prices,
such
as
into
more
tolerable.
more
agricultural
rises
in the level of those
which
prices,
workable
balance
Many such competitive prices
are
special
to give
rise
must
make
and
to
which
But
and
have
generally,
strengthen
treatment
to chronically
study
America
burdens
and
field
of
the
of
and
industry
wish
we
private
for
safe
risks
if
of
to
we
and
preserve
revive
must
profit
make
business
being
business
a
who
man
risk.
does
We
workable
not
safely
cannot
want
take
to
policies
trade,
the
The
Choice Before
Us
7
v
of methods of conducting and controlling private enterprise
keep it from furnishing jobs or income or opportunity for one-third
population is long overdue on the part of those who sincerely want
to preserve the system of private enterprise for
profit.
No
people,
least
all
of
democratic
a
people,
be
will
content
to
go
without
work or to accept some standard of
living which obviously and
woefully falls short of their capacity to produce.
No people, least of all
a
with
people
erosion
of
lessness
whole
A
traditions
our
opportunity
under
the
of
for the
common
domination
liberty,
personal
of
endure
the oppressive
man,
which
few,
a
will
slow
of help¬
sense
overshadowing
are
of
collectivism
in
industry
compels
ultimate
an
collectivism
in
government.
The
m
of a few to
manage the economic life of the Nation must
the many or be transferred to the public and its demo¬
responsible government.
If
prices
are
to
be managed and
power
be diffused among
cratically
administered, if the Nation's business is
competition,
that
should
power
to be
be
not
allotted
vested
in
by plan and not by
private
any
group
or
cartel,
however benevolent its professions profess to be.
in and out of the halls of government, who encourage the
growing restriction of competition either by active efforts or by passive
Those people,
resistance
terrific
to
sincere
attempts
responsibility.
to
change
Consciously,
the
trend,
unconsciously,
or
they
for centralized business and financial control.
Consciously
they
of
are
business
therefore either working for
and
finance
public
power
private
or
the
other
control
the
alternative—a
shouldering
are
a
working
are
unconsciously,
or
itself by
government
growing concentration
of
power.
The
can
in
the
of
to
government
free
with
cope
such
competition
concentration
of
is
the
least
business
regulation
expect.
The
traditional
approach
to
through the anti-trust laws.
On
the
existing
contrary,
seek
we
deprived
of
requires
thorough
such
to
we
the
enforce
protection
as
investigation
they
not
we
I
have
so
the
that
afford.
only
to
discussed
has
been
do not propose to abandon.
recognize
them
the
To
inadequacies
of
public
not
enforce
discover
such
shall
them
the
be
properly
violations
as
exist but to avoid hit and miss prosecutions harmful to business and
government alike.
To provide for the proper and fair enforcement of the
may
existing anti-trust laws
tions
for
Justice.
deficiency
a
,
I
shall
submit, through
appropriation
of
*
modern
a
the significance
grasp
not
in
see
per¬
be
in American
of
They,
price
effect
and
the
subject
of
laws
policies
bids,
special
be
cannot
Commission,
the
Commission,
experience
The
ignored.
I recom¬
Department
and
in
other
such
phases
various
of
'.7.':'•.
V
that should
and
study,
Anti-Trust
of
should
uniform
make
be
embraced
the
in
One
proposed
two of the
or
legislation
these
concerning
need
Procedure—A
Proof by
price
of
be given
more
to
reason
reveals
the
and
the
adequate and effective
believe that conditions
the provisions or
be
might
Trade
Commission
and
industries
anti-trust
economically
thwarted
are
remedial
laws,
practices prevail which violate
or
legitimate
harmful
by
as
should
whenever there
to investigate
power
where
cases
than
accepted
7
Federal
exist
domestic
higher
rigidities
facts
of identical
defeat the objectives of the anti-trust laws.
border-line
socially
particular
Justice
of
existing
proving
the government
leadership,
price
specified
burden
the
prima facie evidence of unlawful actions.
Department
the
violations
increases,
other
of
susceptible of practical enforcement by
with
their knowledge.
or
revision
them
charged
price
prices,
export
fear
methods
of
legislation
If investiga¬
efforts
to
competition
in
cooperative
of
technical violations
possible
considered.
be
should
really effective deterrent to personal wrong-doing, I would suggest
a
that where
a
corporation is enjoined from violating the law the court might
be empowered to
enjoin the corporation for
remunerative employment
any
has
been
found
bear
to
a
specified period of time from
a
any
or
official position to
responsibility
for
any
person
wrongful corporate
the
7 v.
further
a
deterrent
well be authorized
of
of
companies and investment trusts, have already
special
those
upon
peculiarly within
As
level
consumption.
upon
not intended to be all-inclusive.
are
price
$500,000 for the conduct of such
Trade
Exchange
items
bank holding
as
Federal
7-.,-;7:;.7,.V,.
the
of
some
Improvement
(1)
of
the
the traditional anti-trust field.
to
government
have
■
There
general
and
and
industry
competition.
system
upon
profits,
thorough
a
delayed.
casting
tion
be
should
unfair
or
to
monopolistic
wrong-doing the government might
corporate
to withhold
government purchases from companies guilty
practice.
(2) Mergers and Interlocking Relationship—More rigid scrutiny through
the Federal
sion
of
clearly
Trade
Commission
corporate
provided
by
in
the
the
Clayton
public
the
and
Securities
consolidations
mergers,
Act
to
interest;
their
prevent
more
and
Exchange
acquisitions
and
effective
than
consummation
methods
Commis¬
that
now
when
not
breaking
for
up
interlocking relationships and like devices for bestowing business by favor.
(3) Financial
directed
to
abuses
against
Controls—The
serve
the
which
operations
of
interests
of
financial
independent
concentrations
promote
institutions
of
should
and
restricted
over
American
business
power
industry.
(a)
Investment Trusts—Investment trusts should be brought under strict control
to insure their operations in the interests of their investors rather than their managers.
The SEC is to make a report to Congress on the results of a comprehensive study
of investment
trusts
and
their
operations
which it has carried
on
for nearly
two
years.
The investment trust, like the holding company, puts huge aggregations
of the capital of the public at the direction of a few managers.
Unless properly
restricted, it has potentialities of abuse second only to the holding company as a
device for the further centralization of control over American industry and American
finance.
The tremendous
have
a
funds controlled by
investment
our great
insurance companies
certain kinship to investment trusts, in that these companies invest as trustees
the savings of millions of our people.
The SEC should be authorized to make
investigation
these
of
the
facts
relating to
investments
an
particular relation
with
to their use as an instrument of economic power.
(b)
Bank Holding
Companies—It is
hardly
necessary
to
point
out
the great
economic power that might be
wielded by a group which may succeed in acquiring
domination over banking resources in any considerable area of the country.
That
power
becomes
particularly
when
so
effective
dangerous
control
when it is exercised from
maintained
is
without
the
a
distance and
of
responsibilities
complete ownership.
We have seen the multiplied
case
evils which have arisen from the holding company
of public utilities,
where a small minority ownership has been
far-flung system.
We do not want those evils repeated in the banking field, and we should take
problems
must
there
existing
their
and
as
7
able to dominate
Program
That approach
although
laws,
A
who cannot
in
problems because they
power
long-term
other
the
government
system in the
VI.
and
Securities
The items
the
"notably
enforcement
the
of
study.
not
the
of
upon
by
study
enumerate
been
be
big
actions
the decline
upon
appropriation of not less than
an
inquiry.
I
our
that
out
their
of
They fail to
of economic
not be confined
patent
tax,
Justice,
the
life.
economic
discerning magazine of business has editorially pointed
business
the
The
problem is to deal
our
study should be comprehensive and adequately financed.
agencies
Examination
the
But
problem.
our
good citizens, but
are
described
determine
employment,
comprehensive
of
have
I
action.
which
of
own
concentration
industry to
of
upon
giving
man.
men.
personal experience and
examination
an
The study should
who
V.
who
forces as
economic
blindly selfish
their
situation
that
of
be
should
As
private
is
blind
over
with
economic
the concentration
of
eliminate
finance,
the
effect
the
of free private enterprise.
system
justification
make
the
over
especially
has
of business regulation
The community is interested
with the experience of other men and other industries.
fail to see these problems for the Nation as a whole.
is
too low,
now
independent
few large producers
social and
in the light of
meet
our
burden
are many
therefore,
The
quasi-public character.
or
competition
traditional
The
public
a
com¬
put
debt
the
sick industries which have deteriorated too far for natural revival,
those
is
there
J7.7:77
encourage
times be necessary
at
may
for which
,.:7
structure
petitive
discourage
deal
consequences
can
possibly absorb
can
'
competitive
a
difficult part of
more
economic
most vital
our
only
anti-trust
overproduction
that will
information
of
some
spective
with knowledge
act
may
of temporary
goods than the current markets
more
accumulation
or
that they
so
problems
controls
should
selfish and
not
are
and
social
items, such
of
system
realistic system
a
and
deal
can
who
men
them
■
in many
so-called
industry where
economically interdependent community.
of
industry
It must be protected from economic as well as moral
important and
more
the
see
We
ago.
meantime we
the
competition
the
comparatively small part—the easier part—of
a
larger,
consistently
decencies
over
as
that
industry where there
an
must
Government
that
learned
find practical
blindly selfish men.
We
like the farmers, should be given all possible information by govern¬
ment
our
to
and woman out of the field of competition.
intelligently.
enterprise
methods
and hours bill
wage
the working man
is
men,
the
be
can
the stretching of workers'
wages,
proper
or
Federal
a
for
It
things,
have
consciously immoral acts.
economic results.
wrongs.
well
Clayton and
years
In
effective
of
merging-out
We
learned that
to reach more than
in
20
over
Acts.
the market.
have also
We
those
The
ago.
years
passed
were
from the way it works in an
units,
Exploitation
good
other
consequences.
chiseling of workers'
life
all
powerless
are
1 ;
the
enterprise.
dominate
The
Competition should not extend to fields where it has demonstrably
excess.
bad
like
course,
Acts
system works differently in
effects
Competition Does Not Mean
of
they
days.
witnessed
have
We
mend
Competition,
which
things about the competitive system which we did not
many
those
in
To
complaints for violations of the anti-trust laws
against
men
to learn
fields
Commission
40
chance to observe the practical operation of large-scale
have had a
adjust itself to meet the needs and the demands of the country.
cannot
with
nearly
passed
was
considerable experience under
had
and
Act
Trade
Federal
have
in a large range of materials, to
It is repeatedly confronted with bids identical to
shortage
housing
prices
buy
the
and
rent;
more
government itself is unable,
the last cent.
of
Sherman
know
competitive bids.
Our
pays
;.'••••
•
the
Even
obtain
the
house;
inadequate—most importantly because
are
conditions
economic
1938
cope.
The
workers.
existing anti-trust laws
financial
new
to
May 7,
$200,000
the budget, recommenda¬
for the Department of
steps now to
It is not
yet resulted
a
a
see that
they are not.
sufficient assurance against the future to say that no great evil has
from holding company operations in this field.
The possibilities of
great harm are inherent in the situation.
I recommend that the
Congress enact at this session legislation that will effectively
control the operation of bank
acquiring control
trolled
of
any
holding companies; prevent holding companies from
more
by holding companies
banks,
directly
or
indirectly; prevent banks con¬
more branches; and make it
from establishing any
illegal for a holding company, or any corporation or enterprise in which it is financially
interested, to borrow from
or
sell securities to a bank in which it holds stock.
I recommend that this bank legislation make provision
for the gradual separation
control or ownership, allowing a reasonable time
for it to be done in an orderly manner and
without causing inconvenience to communities served by holding company banks.
of banks from holding company
for this accomplishment—time enough
Volume
^
146
Financial
(4) Trade Associations—Supervision
ties
of
trade
legitimate
methods
with
of
Patent
but
and
amendment
but,
generally speaking,
anyone
should
upon
delineation
them
their
of
unfair
combat
to
guard
against
their
laws to
prevent
interference
to
not
create
deprive
of
put
Tax
industrial
the
in
monopolies.
inventor
might
appropriate
into effect
Attention
to
be
his
of
made
royalties.
number
a
income
to
as
bigness
competitive
be
We
course
rights,
royalty
available
Open
of
Of
use
for
to
heard
problem
of
concentrated
purpose
taxable
in
not
was
their
to
the
the
give affirmative
dividend
intercorporate
further
to
graduating the
The graduated
undistributed
only
to
was
need
tax
and
corpo¬
be
not
free
so
the
market.
whose
were
surplus.
Its
purpose
distribution
of corporate profits so
that the
recipients could freely determine where they would reinvest in a
free capital market.
individual
It
of
is
true
the
that
smaller
the
form
of
corporations.
the
1936
worked
tax
Many months
|n the
original
viduals
under
the
real
that these
privileges enjoyed
the
form
form
of
of
value
in
the
by
laws
And
working
profits
obviously
against
exceedingly small
an
prior to
undistributed
an
efficient method.
which
supervise
should
the
whether such
or
other
some
be
endowed
collection
concentration
of
has
tax
economic
Bureau
a
of
with
adequate
powers
industrial
of
statistics
by trade
disseminate current statistical and
conditions
temporary
and
be
in
overproduction
position
a
and
excessive
dangers of shortages and bottleneck
nance
of orderly
_
facilities
and
business
selves
No
the
It
man.
of
man
few
and
a
that
so
we
This
are
to
a
power
Industrial
supplement
associations.
will
in
than
is
a
program
enough
at
in
seek
capital
are
faith
to
make
in
power
in
believe
our
that
own
primarily
common
in
sense
of
his
running
ill-considered
any
consideration
for
economic
private enterprise for
preserve
able
utilize
to
of
way
inde¬
every
own
business
men.
"trust-busting"
all
our
resources
results.
profit by keeping
of
capital and
it
is a program whose basic purpose is to stop the
progress of colleetviism
business and turn business back to the democratic
competitive order.
It
is
a
been
whose basic thesis is not that the system of free private
profit has failed in this generation, but that it has not
tried.
Once
it
is
of
system
who
for
realized
manipulate
action
by
welcomed
it
as
business
that
free enterprise
which
on
the
to
the government
to
monopoly
it
people
is
in
America
grafted, and
who
eliminate
idle
The
White House, April
as
suffer beneath
these
artificial
factories and
idle
workers
profit
no
paralyzes
fatal
its
to
the
those
impositions,
restraints
will
be
man.
FRANKLIN
Senate
is
by industry throughout the Nation.
For
Passes
D.
ROOSEVELT.
29, 1938.
$1,156,000,000
Naval Expansion Bill by
Vote of 56 to 28—Measure Goes to Conference
The Senate
Chairman
Chairman
tenders, one
^
^
of
Federal
the
of
the
Securities
Trade
and
Commission
the
and
Exchange Commission.
The resolution calls for a preliminary report on the opening
day of ihe next Congress.
It carried an authorization of
$500 000 for the inquiry. The resolution was introduced in
accordance with the recommendations contained in President
Roosevelt's
elsewher
Senate
messa
April 29 to Congress, which
e
in this issue.
Committee
Session
'
r
-
'
we
give
/
V
Bill
on
Agrees to Defer Action At This
to
Regulate Bank Holding Com¬
panies—President Had Urged Enactment of Legis¬
lation At
Present Session
Agreement by the Senate Banking and Currency Com¬
mittee to defer action at the present session of Congress on
the Glass bill providing for the regulation of bank holding
companies was made known on May 3. Senator Carter Glass
("who, as noted in our issue of March 5, page 1478, intro¬
duced the bill on March 2,) indicated on May 3 that contro¬
versy had developed between the Federal Reserve Board
and the Federal Deposit Insurance Corporation over which
Federal agency should administer the legislation.
The
A sociated Press, reporting this in its May 3 advices from
Washington, likewise said:
As the bill now stands,
The Virginia
both agencies would have duties under it.
Senator said "intense opposition" had developed to some
declined to specify which.
Existing holding com¬
panies have assured him, he said, that they favored the measure.
said the bill would be reintroduced next session with some minor
changes..
Glass
technical
■
"The Committee thought it was better to
can't
defer action because the bill
should have in this session,"
perfectly confident that we could get action by the
get the detailed consideration that it
"I
Glass said.
am
And I don't want to be
his message on
In
for the House to act on it.
engaged in any futile legislation."
April 29 to Congress on Monopolies,
(given in full in this issue) President Roosevelt recommended
that Congress "enact at this session legislation that will
effectively control the operation of holding companies."
Bill Providing for
Federal Loans to Railroads Approved
Legisla¬
by Senate Banking Committee—Views on
tion Indicated by Jesse H. Jones
program
enterprise
yet
submarine
two
labor
It
in
-t
Senate, but I don't believe there is sufficient time
honest
profit.
a
be
to
tenders,
small seaplane
.V;.
sections of the bill, but he
derive
inescapable
I do not
lose
how
them¬
They
economic
democracy.
out
average
to keep
big competitors.
of
will
credit
the
.
the
beginning of
proper
to
their
and
we
find
to
of
controlling the business of other
the
as
activity which lacks
It
as
the mainte¬
fluctuations,
men
of
against the
these proposals.
Concentration
enterprise"
interested
man
intended
free
conditions
regarding
dangers
as
welfare
help small business
stability that
we
well
as
trade
the
misinterpret
should-appeal to
business
is not
study
effectively.
more
information
against the
and to encourage
affect
traditions.
"private
lacking
profit rather
a
It
faith
modern
program
pendent
at
about trade
of living just because
living work
should
to
other
warn
conditions
which
be able
American
to
inventories
the resulting employment of labor
problems for
way
should
good
the oldest
It
conditions
well-informed
as
from
markets.
other
seven
By Senator O'Mahoney
or
a
bureau should perform for business men functions similar to those
performed for the farmers by the Bureau of Agricultural Economics.
It should
destroyer
calling for the creation of a committee in¬
structed to "make a full and complete study and investiga¬
tion of the concentration of economic power in and financial
control ov r American industry" and make recommendations
to Congress was introduced in the Senate on
May 5 by
Senator O'Mahoney (Dem.) of Wyoming.
The committee
would include the following personnel: Two members of the
Senate, appointed by the Vice-President; two members of
the House, appointed by the Speaker; the Attorney-General,
deterrent
equally
Such
market
three
Resolution For Investigation of Monopolies Introduced
indi¬
of
group
undistributed profits
an
further
a
1936,
tax
in favor of a freer
capital market.
(7) Bureau of Industrial Economics—Creation of
and
include
♦
and
Economics
units
large seaplane tenders,
'
process of the removal of inequities, we must not lose sight
Obviously the Nation must have some deterrent
special
take
many
on
objectives.
against
more
hardship
a
I recommended
:\V-
ago
inequities be removed.
of
three
Passage of the bill by the House of Representatives on
March 21 was noted in our issue of March 26,
page 1966.
the
incomes
personal income taxse
corporate
as
was
to the
related
capital
brackets from escaping
be accumulated
profits
encourage
be closely
to
a
individuals
prevent
When it
profits tax.
known
power
economic
the higher surtax
by letting
also
about
its objective
ago
auxiliary
repair ship, four oil tankers, one mine layer, three mine sweepers, and two
industries
impracticable, but might be high enough to make
alleged superior efficiency.
much
two years
devised to
increasing
according to size.
its
The
tenders,
use
pools
patent
important
enterprise.
directed
make bigness
have
Its
tax
demonstrable
enacted
was
policies should be
discourage holding companies and
ration
high
to
might
2943
Nine submarines.
A resolution
Correctives—Tax
encouragement
Chronicle
fleet tugs.
their
wholesome results.
(6)
tax
and
enable
patent
the
*of
future patents
payment
have voluntarily been
with
will
will
competitive practices.
such
by
clarification
a
which
which
Laws—Amendment
inventions,
suppress
and
activity
competition
legitimate
(5)
to
associations,
spheres
of
and effective publicity of the activi¬
On May 5 the Senate Banking and Currency Committee
favorably reported the bill providing for Federal loans to
railroads for equipment and maintenance only minor changes
were made by the Committee in the bill, which had
been
approved late in April at a conference in Washington of
Congressional leaders, Federal officials and representatives
of railroad labor and management, as noted in our issue of
April 30, page 2783. In the Senate the bill was introduced
by Senator Truman, while a similar measure was introduced
in the House by Representative Steagall. Before approving
the measure members of the Senate Committee questioned
Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation, according to Associated Press
May 3 passed the Administration's $1,156,000,000 Naval Expansion bill, calling for a general increase
of 20% in the Navy's fighting strength over
treaty limits, by
a vote of 56 to 28.
The bill, which was similar to the $1,121 ,546,000,000 measure passed by the House on March 21, now
substitute for
the conference where differences written into the bill
by the Senate Naval Affairs Committee will be adjusted.
Although the measure encountered strong opposition, since
debate on the bill had been waged since April 19, passage
speedily followed the withdrawal of a motion to recommit.
Among those favoring the bill were 49 Democrats and 7
Republicans, while the 28 opposing votes were made up of
of 17 Democrats, 7 Republicans, 2 Farmer-Laborites, 1
Independent and 1 Progressive. With regard to the authoriza¬
tions included in the bill United Press advices, May 3, from
Washington said in part:
advices from
Jones declared.
on
goes to
The
in
the
Expansion bill authorizes
fleet's fighting
Corps.
a
general 20% increase
strength and 50%
over
treaty limits
increase in the size of the Air
It provides specifically for construction of 46 combat vessels, 26
auxiliary units and a minimum of 950 airplanes to give the naval air
at least
3,000 first-line planes.
Combat ships authorized
for construction include:
Three battleships of 35,000 to 45,000 tons each.
Two aircraft carriers of 20,000 tons each.
arm
Washington May 5, which also said in part:
Mr.
WPA expenditures in the same field.
legislation, the R.
F. G. would be permitted fcr one year to
equipment and maintenance
make the
loans without certification of the Interstate
reorganization.
Mr. Jones said that in order to make loans to many railroads it would be
necessary to suspend the ICC certification.
He said, however, that the
RFC would continue to require ICC approval, although there would be no
certificate that a borrower was not in need of reorganization.
"We do not want to get out from under the umbrella of the ICC," Mr.
Commerce Commission
The
money
maintenance
that the borrower was not in need of
loans would be made on condition that
75% of the
advanced would be used to re-employ workers laid off between
September 1 and May 1.
"We would spend some money
but
we
that Mr. Hopkins would otherwise spend,
would get most of it back," Mr. Jones asserted.
He referred to
WPA Administrator.
said the loans would be on a long-term basis and would be
Harry Hopkins,
Mr.
Jones
made to roads that were not
He added that
them before
Those
in a position to repay them in the near future.
he would oppose loans except to roads that
agreed to repay
paying dividends.
who drafted the legislation,
better to employ the
Mr. Jones, asserted, believed it was
railroad workers on tasks for which they had special
training than on WPA projects.
The
RFC
ChairmaD said that legislation would not only
Nine light cruisers.
re-employment but would preserve a
Twenty-three destroyers.
railroads in good physical
would serve as a
Under terms of the
in bis testimony said the proposed loans
Jones,
condition.
bring about
"national resource" by keeping the
Financial
2944
asked whether
work loans "even if a rahroad
make
to
of California,
Democrat,
McAdoo.
Senator
Intended
is not in
in
it."
repay
penalties, including the penalty of suppression by
Injunction, until it has paid the tax accruing during any previous month, it is In¬
conceivable that such provision can have any other effect than "to strike at the
+
for the
press
approved
business."
The
Supreme Court said its ruling was in line with its stand last year
the
Wagner Act press cases, when it held newspapers operate in inter¬
commerce.
Without detailed explanation of its action, the court
in
state
cited
Griffin,
The
order to make more explicit
In
Elisha
Circuit Court of Appeals decision
a
Tenth
claims
of cotton producers for
refund of taxes paid under
held the
Court
tax
against ginners,
levied
was
Arizona
recent brief
in a
The action
Co.
refund
of
Dona
$13,064
Ana
On
the
of
review
a
paid
decision
taxes
as
cotton
on
the farms'
dismissing
grown
suit
for
which
minister
of
District
upon
he
because
declined, for religious
quired Path.
Several
♦
had
Eleven
admission
as
the
Federal
are
The
the court,"
of
the
universities.
with
interfere
cannot
duties of
powers or
the youth
of
filed
the
Tech
of
a
from
States
or
with arguments
late this
invalid.
States joining in the brief, signed by their
Minnesota,
Louisiana,
Iowa,
Nebraska,
From
Washington
the
action
Dismissed
decision
Public
of
an
Works
the
Wisconsin,
Supreme Court
the
company's
Administration
have
construction
of
municipal
to
lower court
a
restrain
loan
of
City of Chattanooga, Tenn.,
the
facilities.
power
Authorized the Attorney General to intervene in a pending
ing validity of the Frazier Lemke Farm Moratorium Act.
spend
The
of
of
oil
Co.
Publishing Holds it Does Not Abridge Freedom of
upholding, on May 2, the validity of an Arizona rev¬
law, the United States Supreme Court denied in effect
that State license fees and business privilege taxes on news¬
papers abridge "freedom of the press" guarantees.
cating this, the Washington "Post" of May 3 said:
The
high tribunal's decision
Counsel
for
the
Arizona
The
power
court
ruling.
it
destroy it" and
or
receipts
tax
on
a
a
announced
was
Publishing
to
license
the
newspaper
as
the
of
the
It
Tax
of
the
on
The
"the
is
press
on
power
its
to regulate
to impose a gross
power
no
lower
the
from
continued
publication,
brief.
the law
The
denied
the
publisher's
the
of
tax
the
press
his
was
for
request
and the
a
imposition
Arizona
Revenue
income of certain
subscriptions.
a
not
Tax
which
in
Commission
turn
had upheld the Arizona
contended
and maintained
involved
must
pay
the
that
issue
"like
of
free¬
others
he
equitable and non-discriminatory
business."
from
take out
Court,
The
newspaper)
gross
Act
of
1935
newspapers
Businesses
imposed
a
a
1% privilege tax
on
the
and other businesses, including revenue
subject
privilege license, with
by
Justice Reed,
investigation
the
held
would
that
subject
com¬
the
investigation.
It said
for the investigation or take the risk
an
injunction against the Commission.
lost
a
Fuel
Oil
Co.
Supreme Court
a
case
law
Louisiana
in which it sought to
which
requires
persons
decision read by Justice Black, ruled that it was
involved.
was
case
a
to decide the question of constitutionality since no real test
when
arose
Hyman Muslow brought suit against the fuel oil
one
Caddo Parrish, La.
The oil
company
contended that the law would require it to pay for the oil to a
person
not owning it and yet leave the company
The court
that
in
decisions
two
liable to the true
owner.
Tax Ruling
sustained
the
contention
of the
government
completed or cash sales
basis may not later change the return to one made on an instalment basis
after the time limit for filing the return has expired.
Pacific National Co.
of Los Angeles, Calif., and Harry A. Kaplan of New York City had both
sought to change the basis for return of income received by them.
The
court said, in an opinion by Justice Butler, that the taxpayers made an
election binding upon them and the Commissioner of Internal Revenue.
filing
taxpayers
income
tax
returns
on
a
+
—Judge Black Dissents in This and Another Case,
Where Majority Ruled in Favor of Crown Cork &
Seal Co.
In
two rulings of the United States Supreme Court, on
May 2, delivered by Justice Pierce Butler, relative to the
so-called Radio Patents Pool, and a suit in which the court
reversed a lower court dismissal of a patent infringement
suit
Crown Cork & Seal against Ferdinand
Brooklyn, dissenting views were presented
by Justice Black.
It is to be noted that the court's rulings
brought
by
Guttman & Co.,
a
few days after President Roosevelt's message to
Congress proposing measures for the strengthening of the
came
anti-trust
issue),
laws
and
in
(which
which
give in full elsewhere in this
recommends "amendment of the
we
he
patent laws to prevent their use to suppress inventions and
create
industrial
monopolies."
Justice Black criticized
in the two cases, which he
majority for its findings
said
"will
inevitably result in a sweeping expansion of the
statutory boundaries constitutionally fixed by Congress to
limit
District
a
to
for $455 for oil produced by him in
to
Arizona
Kentucky
company
the
Denied
to restrain collection
Commission.
(the publisher of
taxes
yesterday
appealed
privilege license.
sustained
State
dom
court
injunction
simple, four-line order,
a
had
condition
a
a
Injunction
But
Co.
State Legislature has
they told the Supreme Court in
permanent
in
In indi¬
three-judge Federal court at Phoenix, Ariz.
a
effort
of
United States Supreme Court Upholds Power of Radio
Patents Pool to Restrict Use of Licensed Products
Press
affirming the judgment of
its
purchased to the producer regardless of the question of title.
Supreme Court, in
necessary
>
enue
money
unconstitutional
declared
United States Supreme Court Upholds Arizona Revenue
Law—In Ruling It As Applicable to Newspaper
In
in
in preparing for and carrying out an
necessity to
involv¬
case
Court
engaged in the business of buying oil and operating pipe lines to pay the
York
regarding
injunction to
from making
an
Ickes
Administrator
$1,948,000
grant of
a
for
Street
which produces natural gas from fields in eastern Kentucky, only
Income
that day:
on
request
New
to the
following
appeal of Tennessee Electric Power Co. from
denying
$2,382,000 and
for
the
take
we
25,
April
advices,
Commerce"
of
opinion
an
authorizing
Michigan, Kansas, Missouri, North Carolina, North Dakota and Ohio.
"Journal
"Wall
Commission
Supreme
Service
Public
Arkansas
decision by the Fifth Circuit Court
athletic events at the University of Georgia
were
order
Arkansas Fuel Oil
not
on
tax
in
lost
non-compliance does not justify
value
and duties."
powers
the
in
Court,
the
expense
the
that
filed
Nation," the brief added.
connection
a
an
by
10%
the
the
to
un¬
a
brief
collect
In
importance than the mental and
more
our
in
document
a
was
Attorney Generals,
declare
to
to
burden
nor
in the exercise of their governmental
Appeals that such
and Georgia
Court
Government
they said they considered it "fundamental that
government appeal
a
Supreme
State
at
to
Inc.,
Exploration,
with
company,
for
Federal
events
no
States
on
a
the
urging
by
athletic
physical education
week
in
attempt
to
Government
their agencies
"There
joined
an
tax
"friend of
a
Macintosh,
C.
bureau
Exploration, Inc.
charged by it for gas sold to distributing companies in Kentucky.
Supreme
pliance
;-
permit Rosika Schwimmer, a
Canadian, to become citizens.
to
The
re¬
■;
promise to bear arms.
to
States
refused
court
Douglas
refused
constitutional
the
ago
and
Hungarian,
Each
to take the
Washington
investigation
an
into rates
denied in the Federal
reasons,
its
from
Petroleum
Mennonite
a
;1
years
and the Arizona Revenue law,
cases
Petroleum
avoid
appeal by Abraham Warkentin,
an
whose citizenship request was
Chicago,
Court
Case of
Journal":
said:
the Associated (Press also
pass
in
refer to elsewhere in this issue, some of the other
we
advices
citizenship should be denied aliens who refuse to bear
arms in defense of the United States.
In reporting advices
to
Findings
Court
rulings of May 2 of the court were indicated as follows in
County, N. M.
declined
the
directly
was
Besides the May 2 decisions of the United States Supreme
test
It
assured
press
the Hanson brief.
Court in the patents
a
April 25 the Supreme Court declined to review a new
to this effect
York
Arkansas Fuel Oil Co.—Other Rulings
the firm's land in
on
publishers,
newspaper
that freedom of the
Unitedj States! Supreme
revealed when the court granted the petition of Stahmann
was
for
New
the press
license
to
power
rather than
producers, of cotton.
Farms
the
»
Bankhead Cotton Control Act.
United Press
advices from Washington, under date of April 25, said:
Circuit
to
for the American Newspaper Publishers' Associa¬
the repealed
The
2,
is the power to regulate or destroy
"If the Legislature can license the press for
the purpose of taxation, it can license the press for any other purpose.
If it can levy a direct tax upon the press as a condition precedent to the
license for engaging in newspaper publication, then it can impose any
other condition upon the privilege of engaging in such business."
"The
it," said
Court on April 25 agreed to
rejecting
United States Supreme
the
by the Arizona law.
affected
zenship of Alien Refusing to Defend United States
The
May
account,
the
represented
Supreme Court
Supreme Court Agrees to Review De¬
cision Rejecting Claims for Cotton Tax Refunds
Under Bankhead Act—Test Case Affecting Citi¬
and
stated:
was
Hanson, counsel
who
cases
Republic,"
newspaper
Co.
Publishing
Washington
a
+.
States
Long
case.
publishes the "Arizona
Gazette" and the "Arizona Weekly Gazette."
"Times" it
tion,
so-called Huey
the
in
rulings
Ga.,
Arizozna
"Phoenix
from the
prescribe by rules and regulations covering the barred activities.
review
its
also
the
practices which are to be banned rather than to leave it up to the commission
United
can
license the
can
the license for engaging in newspaper publication, then it
impose any other condition upon the privilege of engaging in 6uch
can
of Commerce" said:
form in which it was passed by the Senate in
it
6aid that "if the Legislature
of taxation, it can license the press for any other
levy a direct tax upon the press as a condition
precedent to
on
May 5 the Maloney bill passed by the Senate on March 31,
authorizing the Securities and Exchange Commission to
regulate over-the-counter transactions through voluntary
organizations of dealers and brokers. Exemption of dealers
in Municipal Securities is provided in the bill, as to which
advices from Washington May 5, to the New York "Journal
Section 2 of the bill was rewritten entirely by the committee
purpose
If
purpose.
The House Interstate Commerce Committee
the publishers
Counsel for
Over-Counter
of
Transactions
to
heavy fines and
foundation of the freedom of the press by subjecting it to license and censorship.'
very
Approves Maloney
Regulation
for
Providing
condition precedent to its right to continue publication and that appellant
as a
is subject to
of the advances.
House Committee in Amended Form
Bill
(Arizona) statute requires appellant to obtain a
considered that the
When it is
license
He added that the Government would
Jones replied.
"That's right," Mr.
expect to recover "most'
May 7, 1938
Attorneys for the Arizona Publishing Co. quoted from the court's opinion
their brief and declared:
RFC
the
position to
a
Chronicle
to
$1 fee.
this
tax
also
were
required
to
the scope and duration of patent monopolies."
The
majority decision, 5 to 1, in the Radio Patents Pool case,
affirmed a Second Circuit Court of Appeals ruling that the
General Talking Pictures Corp. was
tube patents held by a pool.
guilty of infringing on
The suit was brought
by the American Telephone & Telegraph Co. and two sub¬
sidiaries—Western Electric, Inc., and Electrical Research
Products, Inc.
In the patent case the court upheld (by a
vote of 6 to 1) two patents of Crown Cork & Seal Co., Inc.,
vacuum
Volume
of
Financial
146
Baltimore, for manufacture
of bottle caps,
said Wash¬
ington advices to the "Wall Street Journal," which
added:
delay
so-called "divisional"
patent amounting to an amendment of the original patent.
Justice Butler read the court's opinion upholding the patents, which
cover
a
method
of
applying the round metal
foil to the inside of
The
in
bottle
decided
was
case
on
technical
the
under
claims
presenting
an
question
of
application
either
while Justice Roberts took no part in the radio patents
As to the latter ruling, advices from Washington,
case.
May 2, to the New York "Times" said:
the Radio
In
pool to
the
the
case
Butler
the
opinion upheld power of
upheld
finding
a
held by
infringed the vacuum tube patent
Pictures
had
based
Talking
the
under valid
Second Circuit Court ruling that
of vacuum tube amplifiers produced
use
The
licenses.
General
Pool
Patents
restrict
that corporation's use of amplifiers
pool.
The
the
issue
was
the
on
"only for radio, amateur, ex¬
stipulating that they be used
pool
bought from
license
producer of the amplifiers under a
Transformer Co.,
American
from
used
perimental and broadcast reception."
The talking picture concern
the amplifiers in motion picture equipment leased to film theaters.
May 2, from Washington stated:
case, the companies maintained they had
exclusive legal right to the patents, but agreed to their use by other com¬
panies where use of the products would not compete with their own
United Press advices,
In
T.
A.
the
patents
They maintained exclusive rights in two
manufactures.
radio
T.
&
fields—commercial
projection
manufacturing of talking picture
for tolls and
operation
purely incidental conversation, that was
some
the extent of
participation in the meeting.
+
of the effect of
a
Cardozo did not participate in
Reed and
Justices
pool
Except for
my
Final
Figures
on
Notes—Cash
CCC Offering of#$200,000,000 %%
Subscriptions of $1,839,386,000j|Re-
and $147,742,000 Allotted—Exchange Sub¬
scriptions of $58,430,000 Allotted in^Full—Total
Subscriptions Allotted $206,172,000
ceived
caps.
case,
2945
Chronicle
iiibscriptions and allotment figures with respect
offeririg on April 24 of %% notes of Series C of the
Commodity Credit Corporation were announced on May|2
by Henry Morgenthau Jr., Secretary of the Treasury.
The notes, which were dated May 2 and will mature on
Nov. 2, 1939, were offered in amount of $200,000,000, and
Secretary Morgenthau announced that Series B ($60,000,000)
collateral trust notes of the CCC maturing May 2 would be
accepted at par in payment for any notes subscribed and
allotted. Reference to the offering appeared in our April 30
The final
to the
issue,
page
2775.
Cash
subscriptions received to the offering totaled $1,839,386,000, Secretary Morgenthau announced.
The amount
allotted was reported at $147,742,000.
All exchange sub¬
scriptions of the Series B collateral trust notes of the Corpo¬
ration, amounting to $58,430,000, were allotted in full,
making total subscriptions allotted $206,172,000.
The sub¬
scriptions and allotments were divided among the several
Federal Reserve districts and the Treasury as follows:
equipment.
General
The
the
once
not
t
legally
Corp., on the other hand,
Talking Pictures
contended that
the disputed amplifiers, it
further and restrict future usage of the amplifiers.
manufacture of
licensed
pool
go
Justice Black flatly disagreed with his five colleagues.
ers.
to
.
laws
his
uses
and
product
said
Black
'The record shows
in
emanate
"The
open
"A
that from this larger
combination—completely outside
of single and separate monopolies—
made in the respective 'fields' from which
other
exercise the unrestrained power to
determine
merchantable articles sold in the
all thes important
of
uses
market is a power I do not believe Congress has conferred.
power so far-reaching—apart from contract—has not been
a
claim
excuse
"divisional"
previously
the
be proven for
must
or
recognized
requirement that justification
such delay, the majority now hold that an
delay his claim for an alleged discovery with¬
for the delay.
"Congress—given the power by the Constitution—has fixed the statutory
limit of a patent monopoly at 17 years.
"By the procedural device of a 'divisional' application, designed to
protect rights granted an inventor by statute, petitioner has carved for
himself priority monopoly rights beginning in 1927 and lasting until 1951—
24 years, or seven years more than Congress has authorized."
applicant can, for six years,
out
justification
excuse,
or
reason
Federal Reserve System Denies Reports
With Henry Ford on Govern¬
Policies During Latter's Visit to White
M. S. Eccles of
Differed
He
That
mental
a
Richmond
6,397,000
9,673,000
7.943,000
1,730,000
4,919,000
1,145,000
98,354,000
6,064,000
5,016,000
Minneapolis
49,292,000
19,429,000
1,031,000
1,100,000
15,915,000
6,930,000
1,010,000
28,541,000
2,325,000
2,455,000
28,809,000
2,360,000
10,994,000
4,225,000
3,425,000
2,641,000
4,780,000
0,585,000
14,419,000
$58,430,000
$206,172,000
47,355,000
3,961,000
136,750,000
11,141,000
4,046,000
St. Louis
140,641,000
San Francisco
8,750,000
Total
10,976,000
700,000
700,000
$1,839,386,000
$147,742,000
Treasury
27,056,000
Amendment
Permit Direct
Federal
Banks Favored by M. S. Eccles of Federal
System—Also Favors Removal of Reserve
Reserve
Reserve
Bank
,
Reserve Act
Federal
to
Purchase
to
of Securities From Treasury by
From Open Market Com¬
Representatives
mittee
In advices to the House
Banking and Currency Committee,
changes in the Federal Reserve
Act have been recommended
by Marriner S. Eccles, Chairman of the Board of Governors
of the Federal Reserve System; one of these changes would
permit the direct purchase of securities from the Treasury by
Federal Reserve Banks and the other would provide for the
removal from the
Open Market Committee of the five repre¬
Banks, leaving the open
hands of the seven members of the
Taken together, said advices to the
"Wall Street Journal" of May 4 from its Washington bureau,
these two changes would permit the Board of Governors, in
its role as Open Market Committee, to order the 12 Reserve
Banks to purchase securities directly from the Treasury
without any Treasury offering in the open market.
The
result would be central bank financing of the Government
such as is carried out, under certain legal limitations, in
sentatives of the Federal Reserve
market policy in the
Board of Governors.
France.
House
In
98,577,000
61,069,000
"continuing" application for a
the justice stated:
case
"Disregarding
a
made.
was
In the Crown
and
Cleveland
$13,511,000
70,000
80,584,000
6,327,000
78,770,000
expressly
that despite the law the court, in the amplifier case,
patent publicly used for more than two years before
said
He
approving
actual
an
of
construction
patent.
was
$2,655,000
17,770,000
$10,856,000
Philadelphia
sub-monopolies.
exclusive privilege to
granted in any statute and should not be read into the law by implication."
Justice Black objected, in this opinion as well as the other, to the
court's
New York
Dallas
Washington we also take
the patent pool:
of
sub-monopolies are
turn
ultimate
the
$135,107,000
1,006,290,000
Boston
in the patent statutes
conception
allotments of
Allotted
Chicago
following:
Justice
scriptions
(Allotted
in Full)
Kansas City
From the "Times" account from
the
Total Sub¬
Received
Atlanta
concerned."
Nation's daily life is
the
Subscriptions
Allotted
only the
patent holders
.
with which
the
gave
patented articles—not to allow the
should be put to by purchas¬
This record indicates the possible extent of a power to
censor the ultimate
use of the multitudinous patented articles
specify what
.
direct
patent
Total Cash
Subscriptions
Received
Federal Reserve District
right "to make, use and vend
exclusive
holder
that
asserted
Black
Justice
Total Ecxhange
Total Cash
Subscriptions
could
statement
issued to the press on May 3
Marriner S.
same advices it was stated that Mr. Eccles' views
expressed in a letter answering questions put to him by
Representative Wright Patman (Dem.) of Texas incident to
its consideration of the Patman Bill, a hearing on which
before the House Banking and Currency Committee, was
referred to in our issue of April 23, page 2624.
With regard
to his recommendations Mr. Eccles is quoted as saying:
In the
were
Board of Governors of the Federal
"entirely false" reports "pur¬
porting to recount" what took place between himself and
Henry Ford at the meeting with President Roosevelt in
Washington on April 27.
Mr. Eccles' statement follows:
Eccles, Chairman of the
Reserve
System declared as
and over the
place between Mr. Ford and myself
during the recent meeting with the President.
Because of the persistance
and propaganda nature of these reports, I can no longer permit them to
Entirely false reports are being
radio
go
made daily in the press
purporting to recount what took
These reports are
cussed and differed
uniformly false in indicating that Mr. Ford and
governmental or other policies.
with reference to
I dis¬
The
with Mr. Ford during the
entire meeting with regard to deficit-financing, the automobile business, or
other subjects referred to in these accounts, nor did he undertake to engage
in any discussion with me in connection with these or, for that matter, any
other subjects of government or business.
The conference was a most
I had no discussion whatsoever
which there was no discussion of a financial
government affairs.
My own participation was confined to giving to Mr. Edsel Ford and to
Mr. Cameron, after the meeting had concluded and while Mr. Henry Ford
informal and friendly affair, at
or
economic nature relative to
was
House rooms, two quotations which I
particularly at this time, of their considera¬
other business and financial leaders. Contrary to published
inspecting some of the White
commended as being worthy,
tion and that
of
prepared no memorandum whatever for this meeting.
quotations to which I refer consisted of one from Macaulay's
reports, I had
The two
"History of
England", Vol. IV, pages
261-264, illustrating the fallacious
national debt that prevailed in England more than
the British debt; the other, an extract
from the volume, "Income and Economic Progress", pages 156-157, by
Harold G. Moulton, published by the Brookings Institution, and dealing
with the diversion of corporate surpluses to stock market and other specu¬
reasoning with regard to
a
century ago
in connection with
lation in the late
would
As
unchallenged.
truth is that
The
twenties.
prohibition against direct purchases of securities of
put into the Banking Act of
Banks from the Treasury was
recommendation.
a
Apparently those who placed it there
prevent Federal
matter of fact,
Reserve Banks may
market with sales
The only effect
Reserve Banks from financing
Federal Reserve
1935 not on our
believed that it
Treasury deficits.
prevent this, as the Federal
time their purchases of Treasury securities in the open
the provision would not
by the Treasury.
the provision has in practice
in this regard is to make it
Banks to pay commissions to brokers. It
also makes it impossible for Reserve Banks to accept short-term certificates
of indebtedness from the Treasury in anticipation of tax receipts during
necessary
for Federal Reserve
quarterly financing and income tax
payments!period. Such advances were
in the volume of
be glad to see the
previously used to avoid large temporary fluctuations
bank reserves.
In view of these considerations I would
provision taken out of
the law.
important considerations in
removal of the five Reserve Bank presi¬
dents who now sit on the Open Market Committee with the
members of the Board of Governors.
In indicating this the
"Wall Street Journal" Washington advices said:
"One is that the Open Market Committee should be in a position to"act
promptly in an emergency, and it is not always possible to assemble a
committee from all over the country at a moment's|notice," he said.
"Fur¬
thermore, the problems before the committee should be constantly studied
and discussed by the
body charged with the responsibility of making
decisions and yet this is impossible when the members are scattered.
Mr. Eccles said there are two
connection with the
2946
Financial
Chronicle
"The second, and perhaps the most important, consideration is that the
Board
Governors
of
has
full
authority over changes in reserve require¬
margin requirements and maximum interest rates
discount rates,
ments,
If
confidence
be
time deposits.
on
"To have
other
being
majority of the Committee, but this
means
opposition of the bank representatives
by
so
reserve
and
re¬
by combining the five votes of the presidents with the two
minority votes of the Board, might decide to reduce the open market port¬
folio by an amount sufficient to offset the descrease in reserve
requirements.
"Whether this
Governor
of events is probable or not, it is
certainly possible
course
under existing law.
In my opinion it should
Eccles
bonus certificates
said
that
the
were
gold imports
not be
and
guiding factor in
the
of the
payment
the action
of
the
Reserve
"It is not easy to define
'inflationary.'
anything that results in
Often
it
limited
is
should
only to monetary developments that result in rising
large element of speculation
into
comes
the
picture
that
so
a
activity is
motivated in part by the expectation of advancing
prices and cost.
It is
usually characterized by excessive forward buying and inventory accumu¬
lation.
I would distinguish such conditions
sharply from those where
expansion of activity is orderly in character, and production is motivated
by and geared in
with
the
latter set of conditions
can
of living.
are
The former
current
requirements
of consumption.
be longer sustained and result in
a
The
rising standard
usually short-lived and invariably have
aftermath."
painful
a
■■
.
Suffering from Over-Regulation, Says
Henry Bruere at Annual Conference of National
Association of Savings Banks—Rail Matters also
Discussed by Walter W. M. Splawn and
Myron F.
Converse—Gov. Szymczak of Federal Reserve
Sys¬
Prof. Kemmerer also Speakers—Return to
Gold Standard
Urged—Henry R.
Kinsey Reelected
President
bank
political
Appealing for a return to the gold standard and declar¬
ing that all currencies were more or less managed, the
important point being what kind of management, Professor
Edwin W, Kemmerer of Princeton
University on May 4
addressed
the true approach to a solution of the world's economic
Also he declared that
he doubted there ever
troubles.
would
been
have
dollar
had
bank
a
holiday
and
devaluation
of
our
President
Roosevelt cooperated with (President
Hoover in pledging the faith of the United States to
support
the old dollar.
Professor Kemmerer said:
Had Mr.
Roosevelt, right after his election, been willing to join President
vigorous bi-partisan declaration that the gold standard and
the existing gold dollar would be maintained
at all hazards and to this
Hoover
in
end
of
should
all
the financial
this
necessary;
Glass
in
direction
before
of
holiday, in
and
of
breakdown
with
our
reform
syBtem in
standard,
with
policy of
the
dominate
not
be
Under those
1933.
never
have
about
come
subsequent devaluation of
dollar, could have been avoided.
responded favorably to the emergency
then
measures
taken
by the
it
under
the
in
the
circumstances
the wise
for
course
the
Administration
was
early return
to the gold standard, with full
convertibility of paper
gold and the removal of all restrictions on the exportation and
gold.
eral
to
This
the
the
should
have
that the
of its
moratorium
help
and
credit
classes
accompanied
government
for
resources
debtor
been
was
maintenance
of
measures
during the
the
by
willing,
of
the
if
banking
resorted
gold
instead
to
coin
granting
of
series
a
adopting
of
standard,
the
to
Nation's
money
influence
the
hand
one
the
on
is
to
to
gold
a
radical
the
President
are
almost
sense,
most
The
actually
is
of
almost
it for
bold
of
that
It
is
world's
a
holder
experience
in
to
of
It
money.
qualified
credit
control
the
is the
many
give
coun¬
nation
a
the public
management
of
board
central
a
in
secure
their
should
of
central
of
the
con¬
and
tenure
Government
discourage
itself
have
bank
but
war.
should
go
Lib¬
older
the
of
managed
the
principal
paper
monetary
countries,
units
market.
slightly from
currency
40%
a
close
to
Their
gold
basis,
the
the
have
forms
sent
of
the
on
Federal
business
was
such
last
value
.
four
a
years
fixed
therefore,
.
.
the
in
in
Nation's
Britain,
have
to
over
in
a
of
have
some
ounces
the
boom
Moreover,
be
Canada
been
quantity
fact
of
standard.
considered
of
on
and
holding
gold
many mutual
so
the
to
System
the organization
maturity
began
of
which
mutual
operations
24
Institution
for
I
myself
savings
years
Savings
in
repre¬
banks.
when
ago,
The
two
your
Boston, and
the
Philadelphia Saving Fund Society, already were 98 years old.
The Federal Reserve
System was called into being by those develop¬
ments
which make our
own
period so profoundly different from that
period in which the older mutual savings institutions were
organized.
I
need
the
not
remind
existence
enterprises
of
became
that
you
mutual
during the long
span of years covered by
collective and large-scale economic
savings banks,
and
more
more
common.
...
A
limitation
that
the
banking system had been under before the
organization of the Federal Reserve banks was that the
lending power of
the
banks, since it
of
emergency
feeling
local
but
themselves
Federal
unable
Reserve
member
in
credit,
not
to
powers
buy and
contract
or
or
the
all
of
correspondent
in
limit,
enable
agricultural
put
them
at
Their
the
either
thereby
The
statutory
reserves
speaking.
need
and
own
West,
them.
upon
expand
practically
banks
centers,
their
from
limitation.
lending to
member
only
the
demands
such
of
without
securities
reserves
the
no
process
almost
sell
correspondents
under
are
for
might be in times
reserves,
them
meet
by the
banks
own
Banks
their
to
banks
by their
exhausted.
upon
from
enable them
powers
their
quickly
demand
customers
found
limited
was
very
sudden
a
to
either
of
Their
expand
restrain
encourage the extension of credit by the latter.
Over-regulation is
railroads
Bruere,
in
departed
a
the
their
the
only
of the
one
principal handicaps of the
forth on May 5 by Henry
Bowery Savings Bank of New
the conclusion
was
President
of
the
set
York
City, in reporting to the Association at its conference.
Bruere has been an adviser of the
government in con¬
Mr.
nection with rail
reorganization plans.
As Chairman of a
special savings bank committee also
studying the rail prob¬
lem, he commented, in part:
In
the
face
a
of
declining traffic
and
earnings,
railroad
have
expenses
tendency
to increase, so that, at present, the relation between
is entirely out of proportion.
Taxes assessed under the
Social Security and Railroad
Retirement Acts, plus higher costs for
income
and outgo
wages,
other
is
repealed
Late
in
now
the
voluntarily,
will
be
railroads
a
likewise
definite
has
of
process
initiative
serve
have
and
all
been
burden upon
the
railroads.
burdensome,
but fortunately
substantially modified or
being either
most
labor
has
foreclosing
definitely
declined
probability
promptly and amicably.
been
and
has
interests and to
flexibility
that
it
efficiently.
has
had
from
too
accept
the
a
wage
.
over-regulation.
detached
view
a
The
and
its
be
of
been
They
suffering
are
Commission
.
to
that
any
.
economic
regulated
business
that
thus
settled
Commerce
attempt to
so
constitute
tax
indicate
reports
reduction
been
materials,
profits
outright.
The
substantial
terms
middle
gold
today
Great
as
of
the
on
are
gold
struc¬
fact that they
.
thing that
members, the Provident
Interstate
powers
a
financial
our
the
organization.
claim
Reserve
unfor¬
the gold etandard
maintaining
.
point of view of age,
cannot, lay
giving
maintaining the value of its
of
that
standards,
standard.
of
is
monetary
larger than in
countries
for
country
activity and
activity."
"The im¬
in
by
on
business
which
From
taken
action,
of
banks
it does
Its object
savings banks
survived, without essential alteration, the social and industrial
have wrought profound transformation in so many of the
have
changes
tax
in
sound
illustrated
of credit;
use
of credit.
use
unsound
savings
easily
the
over
the
over
striking and unusual
this
to
gold equivalent that has prevailed for
stock
present
approximately
Scandinavian
London
exclusive
paper
/:'■'i':'
a
and
should
resulted
dictatorial
supreme
the purpose
1929, when most of the world
many
the
added':
undivided
actually
course
debasement
permanent
important
monetary unit very close to
year
govern¬
hold
practically half of the total savings deposits in all banks
in the United States.
They are among our largest
institutional investors," said Mr.
Szymczak, who, in part,
The
necessary,
type
of
course
measures
few countries in the world
every
and using
reserve
time.
the
in time
encourage
of mutual
portance
ture
is
other
fuel
currency.
Although there
strict
of
Federal Reserve "does not—it cannot—
an
holding
gold monetary unit, the abrogation of tens of billions of dollars of
specific
gold contracts, the outlawing of the circulation of all United States
gold
coin and gold
certificates, the nationalization of our gold and silver, and
the
•/
offices
to busi¬
discussed today before the conference
was
exercise
question
government,
the
the
that
■.
relationship of the Federal Reserve System
assurance
gold standard.
general
emergency
bold
a
an
adopted.
tunately
up
action
President
limits
The
"■
fiscal
long
the
except perhaps
absolute control
shown
Under
been
■''
world's
management
an
govern¬
ment.
the
.V
the
best
The National
pressure.
point that the
one
in
disastrous
Confronted, however, with the situation as it existed at the time of his
inauguration, the President and his associates handled the banking crisis
wisely during the month of March and the fore part of April. The
country
to
is
absence
of
party
exemplified
as
prevented
early
be mobilized
would
reasonable
a
have
judgment, need
my
gold
States
banking
would
and banking
currency
United
prompt
Congress,
conditions the bank
the
the
declaration, coupled
then
our
of
resources
the
bill
collapse of
from
that
monetary and
standard,
or
of
Nation's
as
gold
character
the
of expert knowledge,
men
a
cooperation
of
central
hands
be
should
central
the
presence
and
«
in
the
the
of
exercise
the
National
Association
of
Mutual
Savings
Banks, meeting in conference in New York City. He empha¬
sized that a gold bullion
basis, without coinage of the
metal, but with untrammeled movement between countries,
into
be
of
government,
representation
and
oldest
the
Nation'6
May 4 by M. S. Szymczak, member of the Board of Gov¬
of the System.
Describing its functions, he said at
on
tem and
the
those
in
.
Railroads Found
if
the
Our
ernors
"I would say that the word 'inflationary' describes conditions where
was
in
banks.
requires.
The
ness
should
is
demonstrated,
amount of
central
from
free
"inflationary."
prices.
including
the extent
of
issuer
the
which
Reserve
question of the
moreover,
sole
not
sisting of high type
Sometimes the word is used to
rise of activity or an advance in prices.
a
interest
bank,
the
and
clearly
limited
substantial
(Dem.), Texas, Mr.
Eccles submitted the following definition of the word
and
bank
has
tries
the
central
reserve
central
The
Board in raising reserve requirements in the summer and fall of 1936.
In reply to questions by Representative Patman,
mean
gold
possible."
not
times,
'v'-'..'
not
bank,
with gold
banks.
a
rather
there
banks and
public
should
qualified to handle the
modern
but
management
The
ment.
increase in
an
central
Federal
12
Reserve
It is not
management,
Whatever
Might Be Opposed to Increase
be opposed to
Nation's
the
and
level, there
maintained
high
a
kinds of money,
should be returned by the government to the
in
managed.
at
all
of
management.
great central
"The Open Market Committee might
serves,
less
or
the
of
best
reserves
standards
currency
monetary
effectively
sustained
demand
of
are
of the Federal
possession
more
of
It might conceivably
excess reserves.
of 5 to 2,
a vote
are
Open Market Committee,
The Board might for example, decrease
requirements and thereby increase
do
the
on
be
each
at
officials
be
to
on
offices
means
and these
reserve
All
that the Board, in order to make its policy prevail
against the unanimous
must be unanimous itself.
Reserve
gold
is
is to
money
various
States
legal
a
the
at
United
nullified by the committee.
"To be sure, the Board has
its
standard
interconvertibility
Federal
a
May 7, 1938
gold
in
free
a
bars
of the most important instruments of credit
policy in the
one
different body from the Board, which has
authority over the
instruments could result in a policy adopted by the Board
hands of
true
a
judiciously aloof is destroying the
the railroads.
The railroads have
impossible
have
been
for
for
them
to
operate
seeking
years
their
quality
of
competing agencies, cessation of competition by the gov¬
ernment, liberalization of the "long and short haul"
clause, and elimination
of unduly restrictive
labor provisions.
Congress and the regulatory bodies
regulation
have
with
failed
to recognize
They
are
other
the fundamental change in the railroad
forms of
longer
no
monopolistic
but
now
face
must
situation.
competition
from
transportation.
The railroads have little to
say about the
they must pay and have little to say about the rates which
they
can
charge.
Regulation must be adapted to meet these
changed conditions.
Better earnings will
undoubtedly result from better business which must
wages
come,
but
the
constructive
solidate
money
and
by
prospects
steps.
facilities
should
labor
be
officials
permitting
the
for
Every
and
a
embraced.
of
recovery
rational
practices
But
traffic
opportunity
wherever
more
must recognize the
railroads to receive
there
should
to
is
important,
situation
reasonable
not
deter
coordinate
a
and
prospect
government
face
it
other
and
of
con¬
saving
agencies
realistically
compensation
for
their
Volume
and
services
Financial
146
by
permitting
burdensome
eliminate
them
Declaring that
wages
where
necessary
and
increase in freight rates was
affects the New York New Haven &
Converse, Chairman of a special
studying the affairs of that road, reported on
RR., Myron F.
committee
He doubted that present stock¬
May 5 to the Association.
holders have
President
equity in the property.
Mr. Converse is
Worcester Five Cents Savings Bank of
any
the
of
large investment
been estimated," he said, "that the gen¬
"It has
interests.
administrator
and
Mass.,
Worcester,
of
be made effective to the
extent of approximately 6%%, or about $3,000,000 annually,
which will not compensate for the probable $5,000,000 in¬
crease in
operation costs."
Mr. Converse said the situation of the New Haven is such
that "much doubt exists as to the probability of immediate
eral
freight
increase
rate
can
plan of reorganization predicated upon
enumerated the various economics which
have had beneficial results, but these results still fall short
of increased cost of operation arising from the price of
of
adoption
earnings."
any
He
supplies and especially the higher costs of labor and social
services
inaugurated by
the government.
Finally, he
summed
peculiar to itself which
believe its basic problems are
inseparable from those of the railroad industry and that successful reor¬
ganization in its case primarily is dependent upon progress toward restoring
stability in the whole railroad and transportation field.
be
Haven has many problems
New
Although the
must
consideration,
special
given
we
Splawn, of the Interstate Commerce
addressing the meeting under the title
Shall We Meet the Railroad Crisis?" said in part:
Walter M. W.
mission in
What
of
other
we
immediately need is not more transportation
which would naturally be moved on our
use
Com¬
"How
but more things
railroads, highways, and by
that this may be slow.
In the meantime, what
with the railroads.
Certainly we can keep the properties intact.
do
we
both of way and equipment,
and we can give most earnest consideration to the unregulated carrier and
find a way in justice and equity to remove that demoralizing influence.
If in the next few years we keep our railroads in good condition, and find
a way of doing justice in the regulation of all carriers—private and public—
we will have conserved our great railway plant for the time when the produc¬
tive genius of the American people will create tonnage to utilize it to its
Steps
be taken to encourage maintenance,
can
full capacity.
General Counsel of the Association of
said a reduction of wages was inevitable
if operating costs were to be lowered.
According to the
New York "Times" he also outlined the extent to which
consolidations and coordination might be applied safely and
Robert V. Fletcher,
From the
urged regulation of the railroads' competitors.
"Times"
also quote:
w©
The Association, without a
dissenting vote, adopted two resolutions on
railroads presented to Henry R. Kinsey, its
President of the Williamsburgh Savings Bank.
also
is
President,
The first
resolution read:
Whereas the railroad industry is
faced with a financial situation which
public service and
therefore, be it
Resolved, by the National Association of Mutual Savings Banks, in con¬
vention assembled, that this body believes it essential that tne Congress
adopt during its present session the legislation- necessary to stabilize the
railroad industry and to enable it to meet the existing crisis; and further
Resolved, That the President of this Association shall be, and hereby Is,
directed to convey these resolutions to the appropriate public authorities.
seriously impair its ability to perform adequate
which is also retarding general business recovery; now,
may
The other resolution read:
adhere to the priority rights of senior mortgage
reorganizations will inevitably destroy the credit
Whereas, the failure to
bondholders in railroad
of railroads.
Now, therefore, he it resolved, by the
Savings Banks, in convention assembled,
National Association of Mutual
that it is the sense of this body
relating to the reorganization of
provisions of the Bankruptcy Laws
railroads should be amended as follows:
that the
bondholders shall have the right to fore¬
To provide that mortgage
1.
close their mortgage upon the property given as security therefor in the
event that a plan of reorganization is not adopted within a definitely limited
period; and
2. To remove any ambiguity in the treatment of secured
providing that rights of priority shall be fully recognized.
going to fail,
not
is
America
to the Association
was
creditors by
the message brought
addressing
three-day conference
From Mr. Kinsey's address we
by President Henry R. Kinsey,
opening session on May 4 of the
the
affairs of the day.
upon
quote:
banks
Mutual savings
big sums
better
provision
those
what
just
A
share
large
defense.
accustomed
its owners
at large.
When so much is being eaid
distribution of our worldly goods, coupled to
idleness and old age, it is comforting to think
billions of savings signify to their millions of owners.
of this capital constitutes their first and last line of
against
too
much talk about trying new systems
of society, about
the true in favor of the unknown and the untried.
either.
The American people have lost none
their common sense.
Our principal trouble is a
For the first time in our history we are too much
tearing down the old and
But
shall
we
their
of
state
courage
do
or
that,
Private initiative has not been killed—it has been
and finds itself unable to apply its energies in an
stunned,
way
of
not
confusion.
governed.
not
bridle
the public, and doing the
upon
America is
end,
not going to turn over
extreme
to another
with the pendulum going
the
riding themselves.
its birthright entirely.
and one of those swings is pretty
This must stop.
We swing from
definitely at an
back the other way.
"concentrated political attack
Federal Government," and demonstrating that the
Appealing for relief from
by
shaken if
individual
struggling against the pressure of collective hostility.
Many
elected representatives have represented us by putting a saddle and
while
our
one
production of gas actually had increased whereas the
of
electricity
well-
output
Speaking of the utilities in
decreased.
gen¬
eral, he said:
Except
in
all
even
influenced by present existing economic conditions, the
as
branches
the
from
the
in
now
passing the
of
business
this
serious
loss
only
lessened
industrial power business,
establishments.
"Our primary object should be and
in
continuous.
and
growth
And
resulting
manufacturing
of
activity
steady
through which we are at the moment
the
in
is
been
has
depression
felt
is
a
desire to cooperate
relieving the country from its serious financial and eco¬
burdens by adapting
nomic
that
end
sound economic policies to the
find employment at a fair wage, under
may
working conditions," said Mr. McCarter, who added:
proper
To
all
this
end
all
should
we
cooperate
in
every
that
no
concrete
one
of
with
what
where
than
results
has been
the
possible.
could do would be
thing the government
beneficial
ductive
way
announcement
accomplished to
And so,
And I have it in my mnid
too, 1 think, the government should cooperate.
that
it
more
pro¬
would
rest
date in reforming abuses by
existed, and that no more baiting of this
If I am right, that this would stimulate
capacity of the electric companies soon
would be exhausted and they would be in the market for darge additional
capacity.
This, in turn, would stimulate the great electric manufacturing
industry and the steel industry and many other industries.
Industry is a revolving chain, every strong link in which helps the
whole wheel to go around.
utilities
industry
all
is
they previously
contemplation.
in
the
business,
existing
spare
Emphasizing that without savings there can be no secure
for the American people, and urging better under¬
future
standing between
spoke
chusetts,
"Nowadays
something
we
no
today before the conference on May 5.
sometimes even hear thrift discounted as
longer necessary in the happy days here
again," he said.
I
But
take
A. George Gil-
the public and its banks,
President of the Savings Banks Association of Massa¬
man,
place
of
than
more
means
He went on to say:
that all the governmental plans ever devised will not
well-directed economy in our personal affairs.
Thrift
the cultivation of a mutual savings bank account, im¬
to you
say
the
It means more than the upbuilding
of a home, or a dozen other
acquisitions; thrift, in the old Yankee sense, means building
And character is vital today above all else.
portant as that purpose must ever
insurance
an
desirable
character.
estate,
or
be.
ownership
the
economic con¬
opened under the auspices of the National
of Mutual Savings Banks were welcomed by
Delegates from all over the country to the
which
ference
Association
Andrew Mills Jr.,
the
President of the Dry Dock Savings Insti¬
Banks Association of
of New York and the Savings
State of New York.
National
conference the
Banks reelected
concluding session of the savings
the
At
Association
of
Savings
Mutual
Henry R. Kinsey as President.
Fred F.
reelected Vice-President.
As President
Lawrence also was
of the New York
Kinsey directed the sav¬
State through one of the most try¬
ing periods of banking history.
Under his leadership im¬
portant new legislation was framed and passed, further
strengthening the position of mutual institutions.
He also
pointed the way to establishment of the Savings Banks
Trust Co., of which he is a director, and the Institutianal
Securities Corp., two new savings bank functions.
Mr. Kinsey joined the Williamsburgh Savings Bank in
March, 1900.
He was made Assistant Cashier in March,
1913; Assistant Comptroller in December, 1914; Comptroller
in January, 1923; Vice-President, January, 1929, and Presi¬
dent, July, 1934.
Vice-President Lawrence of the National Association is
Treasurer of the Maine Savings Bank of Portland and for¬
mer President of the Savings Banks Association of Maine.
He also was Bank Commissioner of the State.
Edmund P.
Association from 1931 to 1935, Mr.
ings institutions of the
Livingston, Vice-President of the
Union Dime Savings Bank,
reelected Treasurer of the National Asso¬
ciation, and John W. Sandstedt of New York, Executive
New
York, was
Secretary.
belong¬
...
hear far
We
of
a
on
operated utility companies constitute one of the very safest
investments available.
He noted that thus far in 1938 the
Jesse H. Jones of
Remain
Needs of
Nation
the
better
for
need
the
of depositors.
Even we who are
fully estimate what this capital means to
cannot
and to
individually
about
the custodians of about $10,000,000,000
15,000,000
almost
to
to
are
of New
May 4.
The savings
substantial interest in high-grade utility
conference
the
bonds, and Mr. McCarter assured the conference that
tution
the subject of the
ing
addressed
institutions have
of
American Railroads,
who
Jersey
President
Corp.
Service
Public
the
of
attack,
this
despite
thrives
McCarter
N.
means.
Someone may contend
will
business
content
by saying:
up
utility
Thomas
the recent
of little consequence as
Hartford
adjust
to
regulations.
2947
Chronicle
in
RFC Declares that if Banking Is to
Hands It Must Meet Credit
Private
Country—Remarks Before U. S. Chamber
of Commerce
Speaking before the annual meeting
Commerce of the United States on
of the Chamber of
May 4, the assertion was
Chairman of the Reconstruction
"if banking is to remain in private
hands, it must meet the credit needs of the country."
This
declaration was made by Mr. Jones in connection with a
remark by him that "there is a bill now before Congress
to have the Government take over the Federal Reserve
made by Jesse H. Jones,
Finance Corporation, that
Banks."
early part of his address, Mr. Jones stated that
a
widespread feeling that credit is not readily
available at banks on the character of security that many
In
the
"there
is
offer, security that, in the opinion of the
would furnish full protection for the lending
Mr. Jones went on to say, "I do not lay the re¬
businesses have to
borrower,
bank."
sponsibility for this feeling entirely to bank management,
though I am firmly of the opinion that banks generally have
Financial
2948
not been
Chronicle
particularly wise or energetic in meeting the credit
the country.
Upon the whole," he added, "the
needs of
May 7, 1938
creasing efficiency, of finding markets for goods, of making comprehensiv
plans for expansion, and of the introduction of new technology, has neces¬
into the question of what the Government is doing and going
banker has not kept pace with changing credit requirements.
This is probably due in part to bank supervision, these
sarily
authorities operating largely as they have always operated,
and without recognizing the necessity for longer time bank
credit of a different character, have discouraged the banks."
Pointing out that "it is not a wholesome business situa¬
a factory is obliged to spend more
lawyers than he spends with his engineers, his
treasurer and his sales manager," Mr. Aldrich continued:
tion when the head of
time with his
Mr. Jones further said in parti
Since
the
broadened
loans
of
are
of the
Glass Bill,
which
The architect is very unlikely to get an
somewhat
ditions.
of lending, we are having a great many inquiries for
imaginable
every
They
character.
not
are
have
confined to small
V;.
~-y
'
authorized by the President to start lending again Feb. 18, and
have approved $20,400,000 in
too fast.
If such
we
finds itself covered under
should not allow that situation to continue.
con¬
the
on
of recent legislation
The
of proposed legislation.
pace
has been
modify, at points retreat, and adjust
changes^which have already taken place.
bj
period of pause and quiet could be established, we have in the
a
industries producing
Many people believe that the present recession is in part due to a lack of
I recently sent a letter to every bank in the
audience at all under such
invention which in quieter times would
We must pause, consolidate,
ourselves to the whirlwind
gating some $55,000,000.
credit, and
And the blueprint of a new
chief executive's eager attention,
and reports on the prospects
loans to business and industry since that
In addition, we have 2,600-odd applications, at our agencies, aggre¬
time.
a
executive's desk by legal opinions on the consequences
'
borrowers.
We
Congress
by
passage
our scope
gone
to do.
capital goods and equipment an immensely promising
prospect of private spending.
As I have shown before, we have a vast arrearage
United States asking their
in the production of
cooperation in meeting the meritorious credit needs of their communities.
capital goods, deferred maintenance, appalling obsolescence, and a need
I have sent
in many lines
second letter outlining conditions upon which we would par¬
a
This plan includes
ticipate with them in making loans.
banks
for
take-out for portions
a
which
take-out
a
reaching industrial plans with assurance of stability in Government policy,
giving the
our
of loans ranging from 50% of the loan to 00%
would accept
we
ment money,
part of the interest paid by the
for the RFC, neither should we allow people to be out of work when a
and stockholders.
I
Mr. Aldrich's address
also mindful of their responsibility to those of their
am
depositors who»need credit.
Banking is
a
a
franchise that carries responsibility, not merely a privilege.
bill
Let
before Congress to have the Government take over the
now
Federal Reserve Banks.
Whatever the outcome, it is a live
the
am
have been of
a
fortified by the experience of the RFC.
not
money or
counting advances to other
Our loans generally
governmental agencies.
that they could get it elsewhere.
ultimate net loss.
borrowers.
Our actual disbursements
We believe
have
been
and we expect to make
,
earnings will cover such individual
our
will necessarily occur in so large an operation.
will be necessary after the expiration of our present lending authority,
which is June 30, 1939.
It is
are
My reply to that is that I am afraid so, although
demand had fallen off to such
to quit
an
extent that the President directed us
lending last October.
our purpose
referred
April 23,
money—the
by Mr. Jones to the bank's
March 5, page 1845;
2624, and April 30, page 2784.
page
these
in
to
amount is roughly
the wages of our
columns
Can
Generated
Be
Where
Reforms
Come
too
Quickly Says W.
W. Aldrich—At U. S. Chamber
Meeting Urges Two or Three Years
Breathing Spell by Government
of
Commerce
Making the statement that "reforms which, coming one
by one, would be sound and helpful, can generate chaos if
they come so quickly that men cannot adjust themselves
to all
of them simultaneously," Winthrop W. Aldrich,
Chairman of the Board of Directors of the Chase National
Bank of New York, in an address on May 2 went on to say
"I think that nothing is more needed at the present time than
prolonged period of quiet, not a three to six months'
breathing spell, but a two or three years' breathing spell,
during which both Government and business can consolidate,
modify and assimilate what has already been done, and
during which also it will be possible to study quietly the basis
a
of further reform."
Mr.
Aldrich's remarks
were
made at
the annual dinner meeting in Washington
Section of the International Chamber of
of the American
Commerce, held
in connection with the annual meeting of the United States
Chamber of the United States.
In leading up to the above
In his message to the
says,
ill afford to weaken
can
or
"that the Congress
destroy great reforms
people," and adds (I quote), "The electorate of America wants
taken."
I
am
of the reforms to which the President refers.
There
commercial banking and investment
believe that
effort to correct
issue of
new
have
we
abuses
back¬
entirely sympathetic with the objectives of many
and in the security markets.
I
no
gone
were
There
were
abuses in banking
abuses in the relations between
How could
future time.
current sacrifices upon
too far in important
in these fields,
respects in the
notably in the regulation
securities and in the regulation of the stock market.
of the
We have
involved.
become
for
where,
a
financial
important instances where
sympathy for the objectives, it seems clear to
me
that
we
even with all
have gone too
in reliance upon
not been
not
been shown to be the
rates in the tax on
of
case
with the undistributed profits tax and the high
capital gains, "backward steps"
policy constitutes
progress
are
essential, and frank
rather than retrogression.
One of the most difficult handicaps under which American
worked for the past several years
ment tax
time and energy of business and financial executives in
to
the constant shifts
of Government
future shifts of policy.
have
gone
the
adjusting themselves
policy and attempting to forecast
A great deal of thought and
into the problems
upon
energy
which should
of Internal organization of business, of in¬
a
Government of the
the
Let
.
.
debt to a dangerously high level
this theory in the past five years, with results which have
And, during this time, one element, at least, in the
reassuring.
I quote, "As citizen income riries, let
I agree that the past five years reveal that
receipts will go up."
have spent 16,500,000,000
Government proceeds on this theory Government
go
down as citizen income rises, but, on the contrary
expenditures do not
Government expenditures continue to rise as citizen
this is costly information.
act upon that
income rises.
Now,
But If we learn the lesson that it teaches and
lesson, it may have been worth acquiring.
The
But I turn
But I submit that
of borrowed money in the process of demon¬
our
strating that when
with aggregate
Theory of Karl Marx
to the central
now
crises are caused
point in the theory.
production
valid one?
a
pace
Is it a notion which is accepted by
of the business cycle?
fessional economists of the country
is not the case,
Is the notion that
by the failure of aggregate consumer power to keep
the most authoritative students
I think the pro¬
will bear me out when I
say
that this
and when I say rather that it is an idea drawn from the
teachings of the socialists.
by
3.5
face realities
us
.
citizen income rises, Government tax receipts go up.
as
we
It is the theory of crises presented in crude form
and subsequently elaborated
Karl Marx,
by later writers influenced
by him.
is
What then
can
a
market for other kinds of production.
by over-production that has
be meant
One kind of
...
a
rational
Merely this—that there can be maladjusted production.
ing?
be too much of
be
that a general over-production
Buying power grows out of production.
impossibility.
an
production makes
things and too little of others produced.
some
can
There
can
of this kind come, the products of the particular
over-produced may go very low in price,
are
mean¬
There
particular lines, but not general over-production.
over-production in
And when discrepancies
and then
the
producers in the overdone field find their buying power cut. so heavily that
they
are
unable to buy in ordinary volume what other producers
and these have unsold goods on
If
we
are
creating,
We then have what looks
a
time
being produced in the aggregate than is ordinarily being produced.
prices,
and other rates of exchange are left flexible and free,
wage rates
usually get out of
bank
their hands also.
general over-production, though it is noteworthy that in such
a
I would like to
use
reserves
a
say a
trouble of this sort quickly enough.
few words with regard to the decision of the Adminis¬
$1,400,000,000 of gold in the Treasury
of borrowing,
as a
substitute for
an
and the related decision to reduce member
requirements in such a way as to increase excess
$750,000,000.
reserves
by
The matter is technical and difficult to discuss with brevity.
The purpose of the use of the gold is partly to reduce Government borrow¬
ing.
industry has
has been the immense burden
are
be concerned with
forget that Government expenditures will go down and Govern¬
equal amount
reversal
and the currency
this is the course which we wish to follow, while it is
theory has been clearly disproved.
us
workings and to modify it to make it workable.
where clear mistakes have been made, as has
a
What of the
which must almost certainly add another
program
We have already increased our national
tration to
cases
uninterrupted years,
eight
still possible to decide.
far or that we have used ill chosen methods.
It is one thing to destroy a
reform, but it is another thing to re-examine it in the light of its practical
And I believe that in
Government
Every citizen must
billions to the national debt in the next 15 months?
less is
very
justify the imposition of these
has added 21.5 billions to its national debt, and now proposes to go forward
with
Our capital market is not functioning adequately.
other
investing the resultant
United States has spent more every year than it has taken in as revenues,
impaired normal functioning in the process of eliminating abnormalities.
are
we
are
people, if the whole thing should collapse in
our
if the credit of the
securities,
allowed to
like
Moreover, there
of
1939—
deposits of the people in the savings banks and other banks holding Govern¬
things that
banking.
year
situa¬
a
sums
promising to pay them back
crash of Government credit and a debauch of the currency?
which during the past five years have been effected on behalf of the American
ward steps
We
we are
The prevailing view among economists is
Congress the President
collecting vast
people and from the payrolls out of which these
unemployment insurance.
dollars at
a
the Board in such
are
1,500,000,000 for the fiscal
bonds, and
remarks, Mr. Aldrich said:
and the Chief Executive
the
face
we
provide security for our people in their old age, and to pro¬
wages come, to
vide them with
now, and let us see if
Chaos
But
our
lose control
spending and wreck the credit of the Government,
The Federal Government and the States
situation
The communications addressed
were
we
becomes quickly involved, and, with currency disorder,
The whole programme of social security goes by
from
If
other kind of disorder and suffering.
every
tion.
ment
to withdraw from the lending field as soon as our services
needed.
not
We should never forget, however, that from
standpoint of providing food and shelter and the comforts of life for
trust funds in Government
You ask if, in my opinion, the RFC or some similar Government lending
our
with all possible emphasis that I am entirely in sympathy
say
of Government
$1,782,-
Several hundred million dollars
$6,918,000,000, repayments $5,044,000,000, 73%
agency
me
currency
$9,000,000,000 in
cancelled, the borrowers finding they did not need the
was
is still available to the
as
delivered under the title "The
credit of the Government and the value of our currency.
character and frequently on security that banks refuse to
Yet in six years we have authorized more than
000,000 of this
losses
devoutely
people, there is nothing of greater importance than the protection of the
suggesting that banks make time loans, industrial loans, real estate
loans, &c, I
no
was
quate care of those on relief.
banking is to remain in private hands, it must meet the credit needs of the
loans,
may
the expenditure of whatever amount may be necessary for the ade¬
with
subject, and if
country.
make.
we
Reciprocal Tariff Policy and the Proposed Government
Spending Program," and in part some of his comments, other
than his observations above, were as follows:
of the responsibility of bank management to their depositors
am aware
In
the contrary, will create new income out of which the
on
hope will be used to reduce the public debt.
sound loan would give them work.
There is
but,
Government will be able to raise additional taxes—which
I do not want the banks to make unsound loans, either for themselves
I
This will not cost the Govern¬
great capital outlays will inevitably ensue.
,
borrower.
or
If men can look ahead and make far-
for great expansion.
The
reserves
purpose
in the
of the two moves together is clearly to increase
banks,
excess
with the thought that this will make credit more
abundant and facilitate business revival.
.
.
The Administration has suddenly created a situation where $1,400,000,000 more of
reserve
money
and has reduced reserve
will eventually be thrown into bank
requirements by $750,000,000.
increased deposits which this action
reserves
Allowing for the
will create, we may estimate that this
Volume
Financial
146
adds nearly $2,000,000,000 to excess reserves, and that when the process
Is completed excess reserves will stand at about
In effect
throwing
all the brakes.
away
.
.
business depression,
current
the credit situation
responsible for the
and
shall never regain any kind of control of
next credit boom will make the excesses of
Government
Which
Policies
Have
"Stifled
we
and our
1929 look very mild.
financial measures as
of in 1936 and 1937 are
use
by
Federal
.
If the country gets the impression that such mild
the Board of Governors made
New York Chamber of Commerce That
Expenditures on Account of PWA Will
Bring Only Temporary Business Revival Followed
by Another Depression—Lists "Harmful Laws"
Warning
This is
$3,700,000,000.
2949
Chronicle
And if we establish the tradition that with every
governmental
expenditure, adding tremendously to public debt, we shall never regain
control of our public finances.
Both in policy regarding public spending
and borrowing and in policy regarding excess reserves we appear to be
throwing away all safeguards, removing all brakes, and heading for disaster.
business reaction It is necessary for us to proceed with heavy
Business"
A
the proposed Federal expenditure of
public works and other make-work
projects can at best cause only a temporary business revival
to be followed by another depression and serious impairment
of national credit, was sounded in a report made public by
warning
billions
the
of
that
dollars
Chamber of
on
Commerce of the
State of New York
on
May 4.
Frank
G.
Arnold
Before
Effect Savings In
Com¬
Chamber of
York
New
"Nebraska
Discusses
merce
Designed
Plan"
to
Taxes
The report, drawn by the Executive Committee
of which William J. Graham, Vice-President of the Equitable
Life Assurance
Society of the United States, is Chairman,
adopted at the annual meeting of the Chamber on
May 5.
The committee expressed the belief that recovery
will come with more certainty and greater speed if President
Roosevelt and Congress will modify existing statutes £,nd
government policies which now discourage business and are
mainly responsible for the recession and large increase in
unemployment and need for additional relief.
Urging the President and Congress to make such a revision
in a way that confidence may be restored and business
progress along sound economic lines, the committee directed
attention to the more harmful laws and government policies
which in its opinion have "stifled business" and caused the
"existing depression." It listed them as follows:
was
Frank G. Arnold, originator of the "Nebraska Plan"
through which it is stated in 10 years Nebraska taxpayers
have been saved $139,000,000 in property levies, outstanding
bonds of all political subdivisions have been reduced $38,000,000 and the State budget is balanced without the neces¬
sity of income taxes, sales taxes or many of the other special
levies common to States and municipalities addressed the
New York State Chamber of Commerce on May 5 at its
meeting in New York City, the occasion marking his
public appearance in the east. Mr. Arnold of Fullerton,
Neb., is President of the Nebraska Federation of County
Taxpayers' Leagues.
In addressing the Chamber, Mr.
annual
first
Arnold said:
(1)
by the fact that there seems to be
We have been particularly impressed
175,000
political units in the United States can spend, either as individual units or
mass spending.
Nor does there seem to be the slightest ceiling or limit to
thelamount of debts that the 175,000 political units can incur.
...
absolutely
ceiling
no
or
limit to the amount of money that our
State and Federal which will be a
We have accumulated a debt, local,
load
In New York
Fiscal Policies,
mortgage of nearly
public for years, if not generations to come.
the
on
State, according to the Joint Legislative Committee on State
State and Federal debt is equivalent to a
this local,
$3,000
on
each and every family in the State.
...
I know all about the
in
masters
that the
(3)
of our officials and profiteers of waste are past
it
down
for
tax will substitute
The remarkable and
part of it is that they can hoodwink hard-headed
believing that by some hocus-pocue of a sleight-of-hand
just
that it always means
an
business men into
added tax.
performance they can change the method of taxation and they can still tax
given State almost up to its total gross income and
any
dition of the State will actually
be improved.
.
.
The inequitable National Labor Relations Act.
Provisions of the Securities and Exchange Act and administrative
policies whicn hamper the flow of capital into securities to provide funds
for productive activities or
In
our
one
the economic con¬
fight
Our job is to know
of taxpayers against another group.
definitely, positively and conclusively where the tax waste is and eliminate
benefit alike.
it and then all taxpayers
All of this
that there is
takes
no
us
.
.
.
back to the one inflexible,
known
sound rule of business
(7)
wasteful,
unnecessary
The report
It has
.
.
living,
the
tried in
a
I have said many, many
.
nor
what part of the
State it is, there is no other way that it can be done
by an organization that is no part of the government
payroll.
service could be rendered ot the people of any State
detailed, intimate knowledge of the status and the method
than to have
a
of operation
of every governmental unit in the
State, and furnish this
information without the slightest
flavor of partisanship or politics to the
taxpayers, which means everyone,
to the public officials and to the members
are
our
spending huge local sums are also the ones who raise the biggest howl
According to official figures on the Federal Government's
disbursements to the States in
1936, 1937, Nebraska ranks 31st in
1935,
total amount received and 20th
on
a
capita basis.
per
dentally ranks first with Federal handouts totaling
three
New York inci¬
$1,040,701,730 for these
years.
would
one
would require the Counties of the State to set up a
Another law requires that they
keep their accounts upon a uniform basis.
seem
that
National
Labor
We believe that these will be a great aid in the further elimination
The figures which
I have shown may not of themselves have
much significance, but let me refer to
the total on this chart showing 139
Using 1927, the
peak year, as a base year and adding the savings each year, you will notice
that there has been the almost unbelievable sum of 139 million dollars in
savings to the taxpayers of Nebraska in the last
one
10 years.
...
organization could hope to accomplish the work that has been
done in Nebraska,
It is rather a
control taxation
In this work we have had splendid coopera¬
either in that State or any other State.
community of spirit or community of determination to
develop a better government.
tion
from
chambers
of commerce,
farm
Governor R. L. Cochran, many members
officials.
groups
every
In
of
organizations, luncheon clubs,
our
legislature and other public
We must have in these United States today these militant
that will form the nucleus of movements for
citizens'
better government in
State of the Union.
closing
I would again emphasize that the old worn-out system
legislating from the viewpoint
as
voiced by the
Relations
Regarded
Act
as
Working
Against Recovery—Resolutions Adopted By United
States Chamber of Commerce Favor Repeal of Act,
Wages and
Regulatory
Private Enter¬
Oppose Federal Regulation of
Hours—Changes Under Government
and
and
Measures
Competition
With
Retarding Business—Co-Operation of Man¬
agement and Labor Advocated
prise
""in
adopted at its closing session in Wash¬
May 5 the Chamber of Commerce of the United
declared that "every consideration of public interest
its resolutions
ington
States
on
taken be re¬
in order that
be removed and additional
requires that governmental measures already
examined by Congress in the light of experience
regulations may
taken directed to recovery.
unnecessary
measures
Such measures should
enterprises promoting employment." The
resolutions recited that "the normal processes of saving
free initiative in
and investing must
of
of the patent-medicine political expediency
loud-mouthed rabble-rouser demagogue must be replaced
by scientific investigations
of our governmental income and expenditures,
particularly the necessity for the expenditures and the
these expenditures are administered.
efficiency by which
again be encouraged and permitted to
beneficial effects in increasing business
have their
To this end Congress should direct
\
activity
employment," and added:
and adding to
that regulatory legislation should be
destroying the capital market for legiti¬
enterprise and without making the security markets so un¬
applied to prevent abuses without
mate
private
as
to defeat the purposes
So far as these
gress
for which they exist.
should promptly revise the regulatory statues
upon recovery may
~As
to the
be removed.
National Labor Relations*AcUand
regulation of wages and hours the
tm
legislation, Con¬
in order that handicaps
destructive effects have their source in
Government
resolutions said:
-
Labor Relations
million dollars in reduction of taxes from the peak year.
No
of $18,000,000,000
$8,500,000,000 represents the Federal outlay.
It
this is no time to undertake another colossal outlay on
of which
The third provides for uniform
of waste.
total government ex¬
public works and similar expenditres.
Legislature we secured the enactment
budget in advance of their expenditures.
auditing.
increased the Federal deficits, the Federal
It is estimated that at toe present time
.
stable
At the last session of the Nebraska
of three laws,
Public
have already been
and other make-work projects
...
experience that the badly managed, waste ridden counties which
for Federal aid.
serious depression.
Administration,
gigantic way, and have dismally failed to bring about real recovery.
annum,
per
of our
lay your
finger on one item and say, "You paid too much for this item", another
item and say, "You bought too many of this item", another item and say,
"You should not have bought this at all."
I do not care what State it is,
It is
Progress
penditures in the United States are going on at the rate
expenditures is to go into all of our policitcal subdivisions,
of the legislature.
Works
debt and Federal taxes.
times that the only possible way that you can
cut
no greater
of
They have, however, enormously
citizenship.
Surely,
experiments
Administration
that contribute to a higher standard
of industry and the improvement
encouragement
and it must be done
The
Works
and consumer and determine and preserve
the necessary functions of government
of
said:
become obvious that the country is in a
now
.
drive this widening tax
expenditures that
between the producer
wedge
to future legislation affecting industrial
Continued uncertainty as
and business prospects.,
substitute for economy and it demonstrates irre¬
vocably that the work of tax organizations is to search out and eliminate
these
Failure to deal adequately with the urgent financial proble i of the
(6)
.
Nebraska Federation nothing could induce us to take up the
group
which unnecessarily restrict the efficient func¬
tioning of security markets.
i
of
the gold content of the
(5)
hokum replacement propaganda,
You can put
unbelievable
almost
sudden change in
a
(4)
replace another tax.
or
The statute enabling
dollar, together with continued Federal deficits.
railroads.
real relief in an attempted shift of taxes?
usual method of procedure to obtain this shift and in
spreading the old wornout
new
Laws hampering public utilities, under threat of further government
competition.
Now I ask y.ou, is there any
Nebraska at least, many
The undistributed profits tax.
(2)
^ The Labor Relations Act and its administration exert influences working
strongly against recovery. Recent action of the Labor Board is tantamount
to public admission its proceedings have not been fair and impartial, and
there has been ample demonstration the legislation has not fulfilled its
stated purpose of lessening industrial disputes.
We favor a thorough Congressional investigation to determine whether
the act should be withdrawn entirely or whether amendments should be
made.
If the act is not to be wholly withdrawn,
amended.
Amendments should include
protection of employes against interference in any of their rights, including
their rights of self-organization, whether the interferences come from
employers, employes or any one else.
Appropriate rights should be given to employers, and afforded protection.
All provisions should be restricted to matters properly subject to Federal
We advocate
we
urge
repeal of the act.
that it be structurally
regulation.
Any attempts,
such as those contemplated by a pending bill, to provide
connection with the Labor Relations Act. or to extend
double penalties in
Financial
2950
traffic
Railroad
of that statute to recipients of government contracts and
the application
May 7, 1938
Chronicle
been
has
public Interest and should not be passed.
by the diversion of traffic to
subsidized competitors.
Railroad revenues have been reduced because we
have had to meet the competition, direct and indirect of your tax moneys
any
and ours as well.
Wages and Hours
.
.
»
with regard to minimum wages, maximum hours and
We believe that,
working conditions, there should be only such public regulation as may
be
validly applied by State Governments for those special classes of workers
for which legislative protection may be necessary to prevent their oppression
and to safeguard their health and
Wages Forming Larger Part of Expenses
—Wage Increases of Last Year Not Propitious—
Recommendations as to Transportation Authority
Points to
Another of the declarations embodied in the resolutions
,
"Our
Government
is
cease
for materials
public; should supply their
one
forms
possible competition, and should
cease
form of business, such as cooperatives, against other forms.
Government should always
leave open opportunity to all of its citizens
for the development of all legitimate
forms of lawful enterprise, each form
being allowed to succeed or fail in accordance with its own merits.
In advices from its
Washington bureau May 5 the New
York "Journal of Commerce" said in part:
It
At the start of his remarks he sought
am speaking for myself alone and
for the Commission."
Competition was offered by Mr.
Chicago
April 26.
on
make it clear "that I
to
not
Eastman
"primarily the reason" why "railroad traffic in
as
static."
"Transporta¬
promoted in every
possible way, by highway, by water, by air, and even under¬
neath the ground," and he added "the competition has, of
course, provided adverse effects that are indirect as well
the recent
tion
past has been worse than
competition,"
Mr.
he
Eastman, "there is
demand that the government come
a
with the American Federation of Labor, looking to a better understanding
to
between
plans have been proposed."
and labor,
management
came
upon
the convention
with such
suddenness that it was not possible in the closing hours of the meeting to
develop any program.
Throughout the period of the convention, the labor situation appeared
to be the chief matter of interest to business men present.
was
brought to
a
from
expenses,
problems.
the
be about time that organized labor and industry sit
increase
The
other
only
Commission
some
of the country.
As
y- This open invitation to organized labor drew a ready response from
President William Green of the A. F. of L., who declared that through
swell
relationships, industrial
can
peace
be
promoted and industrial production stabilized.
The general discussion of the labor problem resulted late today in adop¬
and in
Government in
complete
some cases,
liquidation of the rights and authority of management and labor.
Such
for the common welfare, be avoided in the United
States.
in
Federal Government
those things of common concern
on
which fairly conserve their respective interests, promote industrial peace
and stimulate employment on
The
of the
castigation
which the prosperity of the country depneds.
Labor
National
Relations
Board,
voiced
by
speakers before the convention and the round table meetings as well as
by
individuals in lobby conversations,
many
adoption of a resolution calling for
drew from the assemblage
broad structural amendment of the
law, if its outright repeal is not possible.
In United Press advices
May 5 from Washington it
was
today called on management and labor to join in a program of co-operation
promote employment.
Mr. Pierson's statement, which followed a similar call by the American
Federation of Labor, was not addressed to any specific groupe.
he is
Although
past President of the United States Chamber of Commerce, Mr.
a
Pierson made it clear that he
making the statement
was
on
his
own re¬
and labor should work
fairly
protect
stimulate
their
now
come," he said, "when management
together on those things of
respective
on
interests,
common
promote
interest which
industrial
Even
if
May 3 Chester Davis, former A. A. A. administrator,
of
member
the
of
Board
Governors
of
the
Federal
Reserve
System, on May 3, according to the New York
"Journal of Commerce", stressed the interdependence of
agriculture and industry in urging that business men and
farmers co-operate to reach a balance between major pro¬
ducer groups and final distribution.
Stabilized farm prices
will go far toward stabilizing general business he insisted.
Some of the address before the Convention
elsewhere
in
these
columns
to
day; viz
are
referred to
by Jesse H.
Jones of the Reconstruction-Finance Corporation and others
by W. W. Aldrich and A. E. Brown, President of the First
National Bank of Chicago. William S. Knudsen, President
of General Motors was a speaker at the Convention on May
4, at which time he said that the industrial union in its
present form has to depend on force in defiance of law. He
one
added:
There
forced
are
at
not many
places in the United States where laws
the moment to control the movement.
can
be
en¬
The technique of the
sit-down strike is identical with that of syndicalists of
Europe.
France has
finally had to take a stand against them because of their dangers
as
a
political club rather than a social defensive weapon.
I
feel
that the
confident
United
States will eventually take the same
stand officially.
J.
J.
Pelley,
Railroads,
on
President of the Association of American
same day laid the blame for ^"funda¬
the
mental
difficulties"
ditions
established
of
the
nation's
rail
by public policies."
Commerce" quoted him as follows:
is that an
One
say.
attempt
to
especially when
many
of the
is that very
The other
to
carriers
on
"con¬
The "Journal of
consists of
expense
that
say
wages
labor.
paid to
without
wages
high
too
are
I
a
...
to say about wages is a word of caution to
in
practical
advantage.
be shown to be just and reasonable on
can
the
possible,
I fear, that
in
increase
employees
as
depends
That
ability
immediate
cluding
the
wages
grounds, it does not necessarily follow that it will prove to be of
railroad
which
wages
circumstances, in¬
It is quite
and
time
employer
to
pay.
not propitious for
were
made last year,
was
not benefited
whole have
a
the
on
the
of
the time and circumstances
and that the
that increase.
from
subsidies, there is nothing novel
far as transportation is con¬
one way or another ever since
limited and temporary subsidy to the
Turning to the matter of government
unprecedented
cerned.
Nation
railroads
position
loans
power,
both
value
that
railroads
of
purpose.
and
essentially
There
the
job
naturally
it
controversies
It
has
is
or
neither
upon
the
to
have
fill
to
dis¬
and
is
goes
into
loans
in
of
and
can
general.
efficiency
cases
regulation
mere
I have been
the
have
with
time,
a
utmost
body,
the
all
this
need
through
a
the entire
do
to
improve
con¬
and into the field of
member of the Commission for 19
and
regard
passing
on
formalities
am
of
committee
can
regulation
the opportunity,
nor
the
over
properly organized and equipped for
that
beyond
would
extended
...
it
see
regulatory
a
the
to
much
be
can
the market for
be of positive
While it is
equipment, nevertheless
go
such
economy
types.
terms
country
surplus
a
both
in
If
railroads
the
planning and promotional work which I
To
present
that they
such terms
subsidy.
equipment,
and
now
planning and promotion.
years,
shop
gain
transportation
But
The
the authority of the Commission extended
see
field
induce
approved
end
and
indirect
railroads
mcould
new
hope I
be defended.
could
conditions
and
and
cars,
the
purchase of
I
such
the
to
the
of
many
conditions
favorable to
sufficiently
motive
so
in
to be to rule out such relief, but the resort to government
a' partial
to
but
direct
A
under
made
subsidies
granting them
present
seemB
amount
been
began.
under
such
about
have
We
ditions.
now
to
desperate remedy,
railroad
increase
an
abstract
and
peace
which the enduring prosperity of the nation
depends."
On
things
employees, which they have not sought and doubtless will not welcome.
that
employment,
of
undertake
not
investigate wages.
true
sponsibility and not the Chamber's.
"I believe that the time has
charges.
The
It is criticized
increase
to
increase in prices at a time of slack demand and keen
at best a
is
benefit greatly.
did not approve all that the railroads sought.
only two
an
larger part
the
board Chairman of the Irving Trust Co., New York,
to end industrial strife and
by
is
revenues
and to
business conditions,
on
the railroads will
careful
investigation of the facts, any more than I would undertake to say that
freight rates are too high; and the Commission is without authority to
or
stated:
Lewis E. Pierson,
a
be added,
may
bankruptcy.
substantial rate increases.
very
already high.
are
would
the
3 We believe that management and labor should work together without
to the
have
I
dependent
increase
The final thing that I want
Oppose Federal Action
recourse
To these
revenues,
little of the criticism
I think, from the men in active business who are well informed
regard to freight transportation conditions.
Some relief in expenses may come with falling prices of materials, but
prices
the
number of foreign countries, the encroachment of
developments must,
in
has come,
Labor":
a
to
way
quarters because it
revenue
competition
tion by the convention of the following resolution on "Management and
In
The only
program.
increase
an
effectively increase revenues is, of course,
is
be improved
can
has authorized
that
to
That
that these
extent
in
both believe would be for the best interests
traffic.
in
down together to discuss their mutual problems, and then tell their repre¬
the field of business has led to the partial,
are
subsidy.
government
a
or
long-range
some
speaking,
thing which would most
sentatives in Congress what they
of contractural
broadly
of
manner
to say:
on
Mr. Eastman added:
part,
The
an
establishment
sought, and also
all
and
carriers,
He went
point of view, the temporary protection of
one
In
United States Rubber Products, Inc., who
chided industrialists on their short-sightedness in their approach to labor
the
is
quick relief,
in
stricken
The discussion
focus with the address on Tuesday by C. 8. Ching, director,
industrial and public relations,
He declared it to
of
decrease
the
of
relief
First-aid
means
Wide Interest in Labor
relief
the
been
"has
said,
Because of lack of traffic and competition, said
direct."!
as
pointed out this afternoon that the proposal for co-operation
was
by Joseph B. Eastman, member of the Interstate
Commerce Commission, before the Chicago Traffic Club in
needs, whether
own
for construction, by contracting with the lowest responsible
or
bidder after obtaining the widest
subsidizing
many
Federal and
all enterprises through which they seek to supplant their
citizens In supplying the
own
Government agencies,
retarding business recovery.
State, should
Problems" was the subject of an
Transportation
address
with private enterprise is taking
Government competition
and
Competition
Problems,
Railroad
Discussing
Eastman,
B.
Joseph
well-being.
of the Chamber follows:
by these policies, and
needlessly
decreased
general economic advantage,
without
,
with instrumentalities of the Government are not in the
all of those dealing
of
nor
now
a
respect
for
continual
quasi-judicial
it;
but
stream of
procedure.
the organization for the
suggesting.
Commissioners
which
recently
reported to the President recommended the creation of a temporary Trans¬
portation Authority,
ment
as
of
Transportation
many
upon
regulatory body;
for
in
other countries
not encroach
need
which
an
any
might later develop into a permanent Depart¬
the
now
executive branch
have.
of
the government, such
This Transportation Authority would
of the duties of the Commission; it would not be a
it would not function like a court; it. would supply the
agency
of the government which could actively promote action
advantage and in the public
guide the development of
transportation for the future along sound lines, so far as legislation may
from time to time prove necessary.
It would endeavor to enlist the con¬
fidence and cooperation of the carriers, because it would
be impossible
to accomplish the best results without such cooperation.
.
.
.
It would be an important duty of the Transportation Authority to turn
its attention to the entire competitive situation in our transportation, not
with a view to eliminating competition, but to bring it within the bounds
of reason.
Every type of carrier has its place.
The country needs them
all, and beyond doubt will insist upon having them all.
The important
thing is to find where they really fit in the transportation picture, to
encourage and promote their use for the services to which they are best
adapted, and to discourage their use where some other kind of carrier
by the
carriers
interest,
can
do
The
and
the
which
help the
will
be to their
President
and
own
Congress
job much better.
report on legislation for the relief of railroads pre¬
sented to President Roosevelt by Interstate Commissioners
Volume
Financial
146
Splawn, Eastman and Mahaffie was referred to in our issue
of
April 16,
2465.
page
Designed to Revive Business Activity
gram
"
Gar
Board
of
of
Directors
facturers
in
said
Columbus, Ohio, Transit Strike Settled After Week of
Conferences—Union Agrees to Compromise Offer—
Original Demands Not Granted
of
of
ended
President
is
Co.,
Mill
Rolling
American
the
said:
The Board
Association.
the
street
day at noon after
portation facilities.
attended by 47
representatives of various industries.
William B. Warner,
President of the McCall Corp. and Chairman of the Board
of the N. A. M., presided at the session.
Charles It. Hook,
President
of
lumbus, Ohio, which
following
all-day meeting in New York on April 29
an
The strike
2
May
on
In addition to plants
Mich., it operates
Marysville,
Washington.
of Manu¬
issued
statement
a
buses,
hydraulic hoists,, motor
manufactures
Inc.,
Park and
Highland
Association
National
the
Detroit,
and
'Pump-priming' to stimulate business cannot succeed
accompanied by governmental policies that will
forward," the
Industries,
branches in
Albany, Buffalo, Syracuse, Rochester and Long Island, N. Y.; Los Angeles
and
San Francisco, Baltimore, Boston, Chicago, Minneapolis, Philadelphia
unless it is
permit business to accept the priming and go
Wood
boats, air-conditioning and home-heating equipment.
in
"Pump Priming" Opposed by National Association of
Manufacturers
Unless Accompanied by Govern¬
mental Policies Which Will Encourage Business—
Directors of Association
Offer Seven-Point Pro¬
2951
Chronicle
tion
bus
motor
operators in Co¬
called at midnight April 16, was
April 23 and service
on
resumed the following
was
week in which there were
a
trans¬
no
Members of the Amalgamated Associa¬
Electrical
of
and
car
was
Street
Railway
Motor
and
Em¬
Coach
ployees Union, an affiliate of the American Federation of
Labor, voted to accept a compromise offer of the Columbus
& Southern Ohio Electric Co., operators of the transporta¬
tion
system.
Press
Associated
advices
Columbus,
from
'
matter how
freely, cannot provide permanent jobs and economic stability if private
enterprise is not encouraged simultaneously to proceed and expand. • On
the other hand, if all possible encouragement is given to private enter¬
public
Pouring
There
ment,
for
little,
then
prise,
is
work
future
At the
the
believed
This
would
the
of
competition
retard
seven-point
they
which
program
reviving business activity.
toward
and will refrain
it will not proceed in
from practices which
on
labor organizations, and establishing
the National Labor Relations Board.
responsibility
5.
Adequate
7.
of
specific
of
Federal
new
between all
Cooperation
"There
appropriating
the
in
purpose
legislation
reform
of
result
in
will
that
the
administration of relief to those in need."
of private
and second, sound
of existing barriers to the flow
removal
which
of
out
private employment must
which submitted "the fol¬
believe must govern any sound
restored
urged by the Board,
was
lowing principles which we
relief
policy":
(1) Relief
should
be
never
by
dominated
politics
used
or
to
religion,
on
trade
party,
race,
union,
other
or
association
a.
with
week
a
meeting
will permit
Sunday and
m.
officials
company
late
street
today
and
ballot
to
and city
car
on
bus service
fully resumed at
4
m.
a.
issued
in
strike
it
order
though
even
and
interests
this
be
can
and
welfare
the
for
necessary
union
has
safety of
and
protect
to
accomplished
by
only
the part of the union members.
on
union
to
We
the
becomes
interests,
the
(Ben W. Marr, President of the company)
consider
to
large,
these
Marr
is
willing to
protect
not
are
the
effect
peaceful compromise of the
a
and
interests
welfare
We
surrendering.
are
the
of
merely
of
citizens
retreating
to
a
stronger position, due to dire public necessity."
Truck
Rochester
Strike
After
Ended
10
Days—900
Drivers Return to Work When Warehousemen and
A
Sign 30-Day Truce
10-day strike of 900 truck drivers in Rochester, N. Y.,
which
had
hauling
heavy
kept
throughout
deliveries
and
city virtually at a standstill, was settled on April 25
when a 30-day truce was agreed to by the warehousemen
the
the
and
After
union.
a
conference
between
Federal
and
Associated Trucking Indus¬
tries, Inc., and officers of the Brotherhood of Teamsters,
Chauffeurs, Stablemen and Helpers all strikers were or¬
dered to return to work the next day.
Regarding the truce,
Associated Press advices from Rochester, April 25, said:
State mediators, officials of the
the terms
Under
of
the
peace
pact,
who
drivers
truck
struck
after
a
hauling with the 1937 contract
agreement is signed within 30 days.
effective
Still
until
to
be
a
work week,
48-hour
new
solved
was
the
problem of
the
length
of the
working
day
The union seeks a six-day,
which precipitated the strike.
week.
family needs.
from
by
should be administered
Relief funds
(4)
free
from
imposed
rules
arbitrary
experienced
the outside,
local
they
since
agencies
best
administration.
relief
Strike at Gar Wood Industries, Inc.,
Ended—Company
Whereby Employees
20% of Declared Dividends
Institutes Profit-Sharing Plan
Will Receive
Employees of Gar Wood Industries, Inc., will receive 20%
of all declared dividends under a profit-sharing plan, it
announced
was
April 27, at which time settlement of
Detroit plants of the corporation
on
Automobile
can
Administration and supervision should
be so organized as to prevent malingering and waste of taxpayers' money.
(5) The locality should furnish a substantial part of the funds to be
spent.
The American Association of Social Workers has suggested that
Federal grants-in-aid should be approximately 25% of the total State (or
local) relief expenditures, and the National Citizens Conference on Com¬
munity Mobilization of Human Needs also urge the necessity for local
judge and minister to actual need.
known.
also made
was
April
25
affected
strike,
which
United Automobile
by
he
of
affiliate
The
the
Committee
for
called
was
Workers
Industrial
of
on
America,
Organization,
approximately 500 of the factories' 1,000 employees,
the settlement the company agreed to sign a
contract
yet
be negotiated
to
and
institute
to
a
straight
system.
In describing the settlement and the
profit-sharing plan, Associated Press Detroit advices
of April 27 said:
piece-work
new
Garfield
A.
said that
ment
personal
give
Wood,
noted
Harmsworth Trophy,
of the
the
make
company,
more
The
Mr.
salary
epeedboat
Wood,
"by his
own
[from
$50,000
to
employees
its
action, takes
$25,000,
profit-sharing
had
accepted
the company
institute
a
for 17
a
years
The
holder
announce¬
50% reduction in
is stated]
it
stockholders
and
plan
applies
principally
"receiving
more
Union officials said members of the U.
which
and
every
in
order
opportunity
to
to
profit."
excludes salaried employees
here
driver
race
is President of the corporation.
straight
by
a
vote
of
500
to
than
A.
W.
12
the
to
a
factory
workers
and
certain stipulated sum."
local in the Wood plants
strike
settlement,
under
agreed to sign a contract yet to be negotiated and to
piece-work system.
Convention
Approves Fair Trade
Representatives of several thousand automobile dealers
in annual convention
Detroit, April 26 to 28, inclusive, and their first official
action was to approve all but three of 27 proposals, for¬
mulated by the Federal Trade Commission and officers of
the National Automobile Dealers Association, for a fair
trade code for the automobile industry.
The dealers had
themselves requested the Commission to establish such a
code and enforce it.
In consequence the FTC held a trade
located in all parts of the country, met
at
practice conference in Detroit on the opening day of the
dealers' convention for the purpose of discussing the con¬
templated
Representatives
code.
attended the meeting but
of
the
manufacturers
did not participate in the dis¬
cussions.
general will comprise a set of rules governing
between manufacturers and dealers, and dealers
The code in
all dealings
and the
were
public.
to act as a
The provisions voted on at the conference
guide to the FTC which will draw the final
draft of the code as it sees fit.
under
and
Dealers
Code—Address of A. P. Sloan, Jr.
the two-day strike at two
his
refused
at
"Therefore
and
The amount provided for relief should be based on actual individual
(3)
public
Mr.
as
personal sacrifice
mem¬
bership.
and
all
April 23
follows:
as
called
of
advices
controversy over working hours will resume
In the allotment of public relief funds there should be no favoritism
(2)
union
which
to
scale providing for 54c. to
Getreu, President of the Columbus Federation of Labor,
much
consistently
create
political machines.
based
C.
as
Union
statement said.
"These are:
First, the
restoration of business activity and of private employment,
come"
conferences
the
increase
following statement:
be kept in mind
must
if we are to pull out of our present
by the whole Nation
capital
joint
order,
closed shop
a
said, wage
is
Columbus
settlement
partially restored at 9
"In
to increase the national income.
groups
objectives which
two
are
difficulties,"
"The
holding
John
making jobs.
upon
the
conciliators,
Columbus.
uncertainty at a time when the Nation should be concen¬
period of
trating
be
to
Press
United
on
it
an
and company recog¬
men
the demand for
sought,
hour against a
an
compromise
Besides
for
provided
the agreement
funds for relief purposes.
national
Avoidance
fresh
the
preserve
This involves correcting its one-sided char¬
Prompt solution of the underlying railroad problem.
6.
After
Federal
said
hour to about 50
been
also
commented
Wagner Act so as to make it a workable instrument
disputes.
definition
Labor,
an
hour.
an
the
4.
further
had
62c. and 75c.
the
enterprise system.
impartial administration by
of
nition of the union.
there
expansion by discouraging investment and purchases.
the
enforcing
Federation
increase of 3c.
Monday.
private utilities
curtailing labor
acter,
relief
a
the Federal Government that
by
with
of
leaders asserted
appropriations to care for
by government to create confidence in the funda¬
private
April 24, said John Collins, Vice-President of the Columbus
63c.
included:
public utility
Revision
3.
for
business and industry from planning
prevent
much
do
steps
Declaration
2.
which
generous
program
mentals
done
presented
Constructive
1.
no
time the group of industrial
for
and
projects,
"pump-priming" will be necessary.
that will take up the slack in our unemploy¬
any,
be
"pump-priming"
into
lossened.
are
same
need
needy,
if
to
the fetters
once
the
funds
The dealers were
addressed at their convention banquet
April 27 by Alfred P. Sloan Jr., Chairman of General
Motors Corp., who discussed "The Dealer, the Manu¬
facturer and the Consumer."
In his address, Mr. Sloan
on
expressed his views on the dealer-manufacturer problem,
urging that a spirit of cooperation rather than government
regulation is the solution.
He warned that strict govern¬
ment regulation is the road to regimentation, and once
taken, there is no turning back.
Mr. Sloan's remarks in part follow:
industry's dealers, irrespective of affiliation,
and too many
things now being done should be eliminated.
On the other hand, they can¬
not fail to see the progress that is being made.
They cannot fail to recognize
the entirely different attitude of mind that prevails and has been rapidly
spreading along a broadening front during the past several years as to the
I
feel
recognize that many of the
that many things
must be done which are not done,
Financial Chronicle
2952
problem of manufacturer-dealer relations. It would be unbecoming for me
before you this evening and pass judgment.
On the other
New York State Chamber of Commerce
to stand here
apparent beliefs of many of you that the
against developing it from within—through the spirit of cooperation.
On
this we stand at the crossroads
What we may do during the next few years
the ability of our industry to accomplish
will have an important influence on
in the great future.
.
.
.
I cannot conceive how these complex problems that need such intimate
such
cooperation,
profound understanding of the business, and such
rapidly changing events, can be dealt with
a
constant adjustments due to
constructively, except through the most intimate contact possible between
those who are the most concerned; those who have a great stake at issue,
and those who,
after all, are the ones truly responsible.
Government is essential to protect and
That means a stifling regulation, the direct road to regi¬
by edict.
may
we
Political control of industry
start, there is no turning back.
be likened to
a cancer
within the human body.
It starts, it
it
the political consideration is damag¬
ing enough when limited to the due process pf law.
Look at the picture
The exploitation of industry by regimentation means the death
today.
knell of individual enterprise; the American system
standard of living which is
and
unsound
the envy of all peoples.
If
And remember this too.
uneconomic,
which has made possible
even
the
all-powerful cannot make it
And that fact is beginning to dawn on
the consciousness of
Therefore I ask you, is it better to look to the council table or to political
control ?
Should
without
we not
an open
what
mind; and in
a
true spirit of cooperation,
economic position of the
consumer,
determine
That, according to my belief, is how it should be
ought to be done?
done.
Among other speakers heard at the dealers' convention
Rep. G. R. Withrow of Wisconsin who spoke on the
Congressional investigation, authorized March 31, of auto¬
was
mobile
dealer-manufacturer
distributive
practices.
manufacturers of
cars
relations
and
the
industries
alleged practices of
which accrued to the disadvantage of
He
attacked
dealers.
return to
adopted by the convention urged
the January automobile show and the abandon¬
of
'
Concerning the fair trade code which was considered at
the following from a special
dispatch of April 26 to the New York "Herald Tribune":
negotiations
on
few of
at
probably
will include
the
provision
in its
final
France,
in
abroad
62
years
coercion of dealers by
President of the
President Winthrop
newly-elected
Tuck the Chamber has lots its oldest, one
distinguished members.
Although but a
most
love of
his
his
and
made
humanity
ever
or
manufacturers.
any way
dissemination
deceptive statements
on
of
loyalty to and interest in the chamber
us
all
feel close to him
in
our
both
over
pride that
he
member.
by John J. McCann Jr.
new
publication "Where the Science of Banking
Begins," by John J. McCann Jr., is meeting with much
acclaim according to an announcement by the Financial Ad¬
vertisers Association.
It is stated that it is a comprehensive
investigation containing detailed review of the so-called
Thrift Movement from its origin to the present, inclusive of
all factors.
It appraises the primary need of thrift education
today, says the Association's announcement which also said:
It is not
numerous
a
thesis on economy, but rather a digest of facts gathered from
authentic
sources
and
developed into
a
concise picture of the
thrift consciousness
shows the necessity of fostering
.
as a
.
.
The book
bulwark for
our
democratic society.
desiring
copy
a
of Mr. McCann's book "Where the Science of
Banking Begins," may obtain it by writing to Preston E. Reed, Executive
Vice-President of the Financial Advertisers Association, 231 South La Salle
St., Chicago, 111., enclosing a check for $1.50 covering the cost of this 184
page
volume.
'
-
.
.
'
%
Mail Week Commemorating 20th Anni¬
of Inauguration of Air Mail Service to Be
Obersved from May 15 to 21
National
Misleading price quotations
Air
or
or
uration
of
United
Mail
Air
States
Post
Service, which was instituted by tbe
Department on May 15, 1918,
Office
when service was established between New York and Wash¬
with
D.
ington,
misleading finance charge statements
of
trademark alterations.
C.,
a
distance
of 218 miles,
will be celebrated
From this small
National Air Mail Week, May 15-21.
the Post Office Department
of their business.
has been closely associated with
the
pioneering work that has been done in the development
of the Air Mail Transportation system and it is fitting that
Other practices banned by vote of the conferees were:
Selling below cost, including used cars.
Discriminatory rebates, price differentials and credits
62,826 miles of routes on which airplanes flew last fiscal
total of 70,600,000 miles. Through these two decades,
year, a
production and sales statistics.
competitors or disparagement
a
beginning, the Air Mail Service has expanded to a service
standard equipment.
Bribery, trademark imitations
of
Tuck, his
philanthropy
The
misleading.
Fictitious price reductions on used cars.
Defamation
met Mr.
his
and
The commemoration of the 20th anniversary of the inaug¬
cus¬
Some of the practices labeled unfair were:
Publication
take deep
versary
Others, however, prohibited unfair competitive practices among
Advertising which is in
as
provided in
the Robinson-Patman Act.
it
observe
National
Air Mail
Week beginning
on
the
an¬
niversary of the date of the inauguration of the service.
Misrepresenting finance charges for the
on
and
to
History of Thrift Education in America Discussed in
New Book "Where the Science of Banking Begins,"
promulgation,
Many of the suggestions adopted bore directly on protecting the
or
continuing
present members of the Chamber had
fellow
a
Edward
beloved
and
of
span
The price-fixing issue was one of the few on which recommendations of
or
the
home
was
the officers of the Association (N. A. D. A.) were not followed.
dealers
Lawrence,
passing of
most
prominence
regardless of dealer opposition.
tomer.
and
the code the FTC insisted that price fixing be out¬
The Commission, which has the authority to write the code as it
pleases,
the
its
Those
the FTC conference, we quote
lawed.
W.
Richard
Mr.
of the organization.
activities
Chamber, speaking in the absence of
W. Aldrich, said:
ment of the fall show.
In its
each year
the
moral, economic and social need of thrift education.
One of the resolutions
a
York,
non-resident membership in the Chamber,
a
his dues
interest in
lay the facts on the table, and all the facts; analyze them
prejudice and with
with proper regard to the
of New
work.
people.
our
retained
paying
a
policy, even expressed in definite law, is
a
State
Commerce of the
of
Chamber
he had lived abroad for most of the past half century,
In
The exploitation of industry through
a
grows,
Member
Nation, this week ex¬
pressed regret at the loss of its oldest member in years of
affiliation, Edward Tuck, dean of the American colony in
Paris, who died at Monte Carlo, France, on April 30 in his
96th year. Mr. Tuck had been a member of the chamber for
62 years, having been elected June 1,1876 while a partner in
the New York banking firm of John Monroe & Co. Although
and ultimately destroys.
consumes,
Deplores Death
Banker—Was
Organization for 62 Years
The
mentation.
And when
Retired
Tuck,
oldest organization of its kind in the
Tuck
develop our civilization.
by law, thou shall or shall not, not govern¬
But let us have government
ment
of
satisfactory solution of our problem
the answer from without—by government edict, as
lies in superimposing
Edward
of
complete without taking recognition of the
hand, my remarks would not be
May 7, 19 38
purpose
of misleading purchasers
actual trade-in allowances.
The conference was presided over by Charles H. March, member of the
FTC, who made it plain that the FTC will have the last word; that its code
when
eventually promulgated, will be enforceable in the courts, and that
there will be
an
FTC code regardless of the opposition of some of the dealers
and others in the
industry.
Foreign Trade
Manual
Published
by
Department
of
A
new
foreign trade manual entitled "Export and Import
Practice" has been prepared
by the staff of the Bureau of
Foreign and Domestic Commerce of the Department of
Commerce and is
now
available for distribution.
is
how
the
market abroad for any commodity should
analyzed, both as to the possibilities for its sale and the
isting agencies for its distribution.
be
ex¬
Part two of the manual deals with the
development of an
import business and goes into some detail as to the necessity
of making an import market
analysis to determine the
character of the foreign goods which may be acceptable to
the American market.
The methods to be used in buying
abroad are described together with notes relative to the
establishment of credit connections, the actual placing of the
import order and the necessary procedures for clearing the
imports through the United States customs.
Imoort re¬
strictions established by the United States are discussed
along with such subjects as the proper methods to be followed
in financing imports, our reasons for
importing. Following
this there is a section describing the services rendered by the
Government to importers.
There is also an appendix con¬
taining a wide variety of data of interest to importers and
exporters.
as
Director
of
Informational
Social Security Board announced on April 27 that
Resnick, Director of Informational Service since Jan.
1, 1936, has resigned, effective June 1.
Frank Bane,
Executive Director of the Board, explained that Mr. Resnick
The
Louis
has had
charge of all informational activities of the Board for
expressed regret that Mr. Resnick
than two years, and
has decided to resign.
■
Exhibition at Museum of American Numismatic Society
to
The manual
divided, for convenience, into two major parts. The first
part deals entirely with export practice and shows why and
Resigns
Service of Social Security Board
more
Commerce
Resnick
Louis
Commorate
Bi-millenium
Illustrating History
The
The
of
of
Augustus—Coins
Rome
of Augustus is being commorated by
Numismatic Society, in its Museum at
Bi-millenium
American
Broadway and 156th Street, New York.
The exhibition,
which was opened April 29, is unique in presenting the
history of Rome from 44 B.C., the death of Julius Caesar,
to 27 B.C., the formal beginning of the Roman Empire
under the principate of Augustus as Princeps or "chief
citizen".
In order to illustrate the history of Rome in its
entirety, some exhibits will show coins of various periods
preceding the Augustan period as well as following that
period until the decline of the Roman Empire. According
to an announcement issued by Luigi Criscuolo, member of
the
Executive
Committee
for the Celebration, combined
the Museum will show some
with the exhibition of coins,
portrait busts, statues, models of Roman ships of the period,
specimens of Roman glass and several interesting his¬
torical letters of the period.
The buildings in Rome at the
time of Augustus and the monuments commemorating the
achievements of Augustus as related in his own famous
account of his doings, the Res Gestae, are shown in two
special exhibition cases. For the specialist, there are indi-
fine
Volume
Financial
146
portraying the geographic extent of the
Empire as is shown by the mints, the imperial mint under
Augustus and the local mints.
The exhibit will continue
until June 30 and may be viewed daily from 2 p. m. until
5 p. m., including Sundays, admittance being free to the
public.
exhibits
vidual
Chamber
State
of New York
Succeeding W. W.
Lawrence Elected President
W.
of
Commerce
W.
Lawrence,
Com¬
President of the Bankers
May 5 President of the
of New York, suc¬
ceeding Winthrop W. Aldrich who having served two terms
was ineligible for reelection.
Mr. Lawrence, who is head
of the Young Men's Christian Association in this city, is a
director of several leading insurance companies and indus¬
trial corporations, a Trustee of the New York Savings Bank
and one of the owners of Printers Ink Publishing Co.
He
is a former president of the National Republican Club here.
As the 46th President Mr.
Lawrence will bring to the
Nation's oldest chamber a background of widely diversified
mercial
Corp.,
of
Chamber
elected
was
Commerce
of
on
the
State
business
experience.
meeting the Chamber also elected three new
Vice-Presidents for four-year terms.
They were:
At the annual
Lincoln, President of the Metropolitan
Leroy A.
Franklin
D.
Mooney,
Life
Chairman of the Atlantic Gulf
Insurance
Co.
& West Indies
Steamship Lines, and
John
M.
President of the
Davis,
and
and
Rev.
Delaware, Lackawanna &
Western
Railroad Co.
foregoing succeeded Myron C. Taylor, Howard Ayres
whose terms had expired.
William J. Graham, Vice-President of the Equitable Life
The
Secretary of the German
Society of the United States, was reelected Chair¬
of the Executive Committee.
J. Stewart Baker and
Assurance
Relief Committee in
1923
1924.
Basil
Harris, Vice-President of the United States
Louis
Kenedy, President of the National Council
Rabbi
Stephen
Bernard
M.
Committee
tion
Settlements
New York.
Wise,
S.
Lines.
of Catholic Men.
Baruch, 'New York financier.
New York banker,
of
Treasurer
and
Chairman of American Joint Distribu¬
American Society of Jewish Farm
the
Russia.
in
accord a
Department's proposal of March 24 to
political refugees was noted in these columns of
March 26, page 1965, and a further reference to the pro¬
posals appeared in our issue of April 23, page 2617.
haven
to
Mellett
Lowell
Nominates
Roosevelt
President
Executive Director of National Emergency
as
Council
Washington newspaper editor, was
Lowell Mellett, former
nominated by President Roosevelt on April 28 to be Execu¬
tive Director of the National Emergency Council.
Mr.
Mellett succeeds Frank Walker, who
resigned
as
head of the
Council, of which Eugene Leggett has been Acting Director
for several years.
The Council was created in 1933 as a
coordinating agency for the emergency activities of the
Government and on Sept. 16, 1937, the President issued an
Executive Order abolishing the N. E. C. as of Dec. 31 last;
however, on Dec. 27, by an Executive Order modifying the
previous order, the President extended the life of the Council
to June 30, 1938.
The order of Sept. 16 was referred to in our issue of Sept.
25, 1937, page 1998, and that of Dec. 27 appeared in these
columns of Jan. 15, page 370.
Frederick E. Williamson,
and
Archbishop of New
Rummel, Roman Catholic
Joseph F.
Executive
The State
Aldrich—Other Officers Elected
Richard
The Moet
Orleans
Paul Baerwald,
+,
Richard
2953
Chronicle
♦
Stock
of
Corporation
Clearing
New York Stock Ex¬
Insurance—Ethelbert I. Low, reelected.
Six Members
Board Resign
Eight members of the Board of Directors of the Stock
Clearing Corporation, an affiliate company of the New York
Stock Exchange, who are also retiring Governors of the
Exchange, resigned at a meeting of the Stock Clearing Cor¬
poration on May 5. The Board of Directors also approved a
reduction in the size of the Board from 12 members to 6
members.
William McC. Martin, Jr., who is to become
Chairman of the Board of Governors of the Exchange, was
one of two new men elected to the Board of Directors of the
Stock Clearing Corporation.
Harry K. Smith, of Shearson,
Hammill & Co., was also elected a Director.
Edward E.
Bartlett, Jr., Charles B. Harding and Laurence G. Pay son
Taxation—Jesse S. Phillips.
continue
man
Scarborough, Treasurer and Assistant Treasurer,
William B.
respectively; Charles T. Gwynne, who has been Executive
Vice-President since 1924, and B. Col well Davis, Jr., Secre¬
tary , were also reelected. Mr. Aldrich, the retiring president;
Frederick E. Hasler, and Jacob H. Haffner were elected for
three-year terms, and J. Barstow Smull for one year as
members-at-large of the Executive Committee.
The following committee chairmen were also elected:
Finance and
Currency—Philip A. Benson, reelected.
Foreign Commerce and Revenue
Internao Trade and
Laws—Montaigu M. Sterling, reelected.
Improvements—Morgan H. Grace.
Harbor and Shipping—Winchester Noyes.
Arbitration—Charles L. Bernheimer, reelected.
Commercial Education—A. Wellington
Taylor.
as
Blair S. Williams.
Frederick H. Ecker were reelected
Real Estate of the
again chosen Com¬
missioner for Licensing Sailors' Hotels and Boarding Houses.
Members of the Nominating Committee were: J. Barstow
Smull, Chairman, William N. Davey, William H. Koop,
Philip Lockwood, Clifford D. Mallory, Howard C. Smith
and Henry R. Sutphen.
British Empire
by President Roosevelt as
Member of International Group Aiding
from
Austria
and Germany—United
American
Refugees
Committee Also
States
Named
1938:
President—Cecil Smith, President,
and Austria, it was made known by
on April 30.
Officials of the State
Department indicated that the other participating govern¬
ments will now name their delegates and that the first
meeting of the committee would probably be held in June,
although a date and place have not as yet been selected.
Mr. Taylor sailed from New York on April 30 for his home
in Florence, Italy, where he will work out tentative plans
for the first meeting with the delegates from other nations.
Simultaneously with the appointment of Mr. Taylor,
President Roosevelt named an American national committee
which will work in cooperation with the international com¬
mittee.
It was explained that the chief functions of this
committee will be to act as a coordinating agency with the
organizations in this country who are aiding in the emigra¬
tion of refugees and to raise funds for the expense of
the
plan.
appointed to serve on this
James G.
McDonald (acting Chairman),
Those
former Chairman of
Association and former High Commissioner for
from Germany from 1933 to 1935.
The Rev.
Samuel M. Cavert (Secretary pro tern.),
Policy
of
General Secretary
Council of Churches in America.
Armstrong, of editorial staff of "Foreign
the Federal
Hamilton
Fish
Foreign
Refugees Coming
Affairs."
Professor of Public Law at Columbia University
the High Commission for Refugees Coming from Germany
Joseph P. Chamberlain,
and
member of
&
1934
and
1935.
James
in
M.
Speers
Co.,
New
York
of Montclair,
N. J., Chairman of James McCutcheon
and Vice-President of
Missions.
Presbyterian Board of Foreign
President,
Co. Inc.
President—Charles W. Bowring,
Railways Inc.
Secretary—J. P. Gibbon.
■»
American
Elects
Officers
Chemical Industry
1938-1939—Annual Meet¬
Society^of
of
Section
for Year
ing June 20-22
The American Section
the year
1938-39:
Chairman Wallace P.
ary
Chemical Industry
of the following officers for
of the Society of
recently announced the election
Secretary Cyril S.
Cohoe, Vice-Chairman
Lincoln T. Work, Honor¬
Kimball, Honarary Treasurer
J. W. H.Randall.
Committee membersiwere
place of retiring members:
The following new
take the
James G. Vail,
R. L. Murray, A. E.
elected to
Marshall, N. A. Shepard, D
P.
Morgan.
The Annual Meeting
Ottawa June 20-22
of the Parent Society will be
and all chemists are
delegation from the British Isles is
invited.
held in
A large
expected.
♦
Illinois Bankers Associa¬
Springfield May 23-24—Senator
Burke and Representative Steagall to Speak
48th annual convention of the Illinois Bankers Associa¬
tion, is to be held in the Abraham Lincoln Hotel, Springfield,
May 23-24, and the program is planned to include addresses
by economic and political leaders.
The^Association's cam¬
paign for amendment of the Illinois constitution to eliminate
double liability of State bank shareholders will also be em¬
phasized.
Floyd E. Thompson, former Chief Justice of the
Illinois Supreme Court, who heads the citizen's campaign
for the amendment, has been asked to speak at the banquet
48th
Annual
Convention of
tion to Be Held in
committee are:
Yardley & Co. Ltd.
R. Appleby, C.B.E.,
Board—R.
Executive
President, Bowring & Co.
Vice President—Arol Davidson, President, Balfour, Guthrie & Co. Ltd.
Honorary Treasurer—Col. C. M. Turner, General Traffic Manager,
Vice
emigration of political refu¬
State Department
the
of
Anthony Gibbs &
from Germany
gees
British Empire
Associated British and Irish
Myron C. Taylor, former Chairman of the Board of the
United States
Steel Corp., was appointed by President
Roosevelt to be the American member of the international
committee for facilitating the
general meeting of the
United States of America,
Inc., held recently, the following officers were elected for
Chairman
Taylor Named
United States
annual
the
At
Chamber of Commerce in
Elects Officers for 1938
Chamber of Commerce in the
♦
C.
Charles
Arthur F. Broderick,
Gay, Walter L. Johnson, Allen L. Lindley, L. Martin
Richmond, E. H. H. Simmons, Herbert G. Wellington and
reelected.
for three-year terms as Trustees of the
Chamber.
Phineas B. Blanchard was
Myron
members of the Board.
R.
Admissions—Paul Cushman.
William L. DeBost and
—Eight Members of Former
The Directors resigning were:
Public Service—Alfred V. S. Olcott.
Sanitation—H. Boardman Spalding,
change Reduces Board of Directors to
meeting.
2954
Financial
Chronicle
Senator Edward R. Burke, Nebraska, and
Congressman
Henry B. Steagall, Alabama, Chairman of the House Com¬
on Banking and Currency,
are to be the principal
speakers.
They are expected to discuss recent and pending
business and banking legislation.
Other speakers will in¬
clude: DeWitt M. Emery, Akron, O., President of the Nainal Small Business Men's Association; Earl C.
Smith,
President of the Illinois Agricultural Association; William A.
mittee
Irwin, Assistant Educational Director of the American In¬
stitute of
Banking; Robert H. Myers, Muncie, Ind., ViceAssociation; Julian Baber,
of the United States Secret Service; J. F. Schmidt, Water¬
loo, President of the Illinois Bankers Association, Fred A.
Gerding, Ottawa, Vice-President, and Martin A. Graettinger, Chicago, Executive Vice-President.
President of the Indiana Bankers
ITEMS
At
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
meeting held May 4, the Board of Managers of the
New York Coffee & Sugar Exchange voted to close the Ex¬
change for trading in all commodities on May 28. The Ex¬
change will remain open, however, on all other Saturdays in
May.
'
a
to the
and
made
were
New York Stock Exchange membership at $61,000.
vious transaction was at $62,000, on April 28th.
a
The pre¬
of Six
Lakes,
State
the
in Wall Street
as
a
boy in
page
the Stock
Exchange at the age of 15.
His alertness won him
a job with W. A. Harriman &
Co., as a telephone clerk and
in 1923 he bought his seat on the Exchange,
being one of the
youngest brokers on the floor.
Edward J. Cornish, Chairman of the Board of Directors
of the National Lead Co., died of a heart attack on
May 4
at his office of the
company at 111 Broadway, New York
Mr. Cornish
76 years old.
was
He
was
Director
a
of the Chase National Bank of New York, Chairman of the
Board of Patino Mines and Enterprises Consolidated,
Inc.,
and
a Director of the National Industrial Conference Board.
When informed of his death, Winthrop W.
Aldrich, Chairman
of Board of Chase National Bank, said:
Mr. Cornish's death brings
associated with him
great
common
on
sense
a
deep
of
sense
sorrow to all who have been
board of directors.
our
and
sound
He
judgment,
who
was
a
man
practices
community sustains
a
following regarding Mr. Cornish's
New York "Times" of May 4:
born in Sidney,
was
The financial
career
On
Bartlett,
Cornish & Robertson.
From 1892 to 1896 Mr. Cornish
.From 1896 to 1912 he
.
missioners.
.
.
Assistant City Attorney of Omaha.
was
was a
member of the Board of Park Com¬
•
.
Retiring from general law practice in
1900,
Mr. Cornish continued
counsel for the Levi Carter estate, and in 1903 he was
elected
the Carter Lead Co.
director
of the
National
and
was
National
Mr.
Cornish
Lead Co.
President in
and
to
came
a
New
member
Chicago
I
'
1910
Two years later he became
appointed manager of the
branch.
In
as
president of
He continued to hold the office after the sale of the
capital stock to the National Lead Co. in 1906.
a
York
of its
as
a
Vice
executive
President
officer
of the
Elected
committee.
1916, he remained the chief executive
17 years,
for
retiring to the board chairmanship in 1933.
As of April 28, the New York State
Banking Department
authorized The Morris Plan Industrial Bank of
N.
Rochester,
Y., to change its title to the First Industrial Bank of
Rochester.
Lester Armour, prominent in
business, financial and stock¬
yards circles, has been elected a director of the
City National
Bank & Trust Co. of
Chicago, Chicago,
from "Commercial West" of
April 30.
111., it is learned
charter for a new Detroit
Banking Commissioner at
Lansing, Mich., by George B. Judson. The new institution,
which will be known as the Wabeek State Bank, will have a
capital structure of $1,100,000, and will occupy the former
quarters in the Fisher Building of the First National Bank
Detroit.
The incorporators of the new organization, as
named in the application, are: Frank Couzens, George B.
Judson (former Mavor of Detroit); Henry T. Ewald, W. M.
Cornelius, Leonard L. Healy and William R. Yaw, all
directors of the Wabeek State Bank of Birmingham, Mich.,
which was founded by Mr. Couzens' father, Senator James
Couzens, on May 22, 1933.
The Detroit "Free Press" of
May 4, from which is learned also said:
other
April 26, it is learned
Judge Adolph F. Marschner on April 25 ex¬
for
a
month
of assessment
institutions.
The
previous
June
1.
further
claims
of six State-chartered
We quote the
paper:
deadline
was
reported
that
1.
of
the
Hal
banking
H.
to make allowance
was
for
the
new
depres¬
court.
the
committee
pledges aggregating $403,204.
340 other stockholders with
this
May
The committee has had
Smith
The court
stockholders
their $2,330,240 compromise settle¬
on
sion, Mr. Smith informed the
Mr.
deadline for
Group, Inc., Detroit, Mich., to
Smith, Chairman of the
committee, reported progress sufficient to justify an extension
stockholders'
to
the
Detroit Union
complete payments
ment
although
had
received
$1,520,023 with
No response has been received from
holdings of 100
advised that
or
more
shares, Mr. Smith said.
substantial payments
week, the committee probably would be $350,000
to suspend
operations May 1.
short
were
of
expected
its goal
if
forced
The compromise settlement
is at
the rate of
$3.50
share, instead of the
$4 of the actual levy, and it represents the amount which a
survey by the
Banking Department has established to be recoverable.
a
State
The $2,330,000 collected, if the
goal is reached, will be supplemented
by $950,000 in the hands of Alex J. Groesbeck, the group's receiver.
filed
was
with
the
Chairman of the
proposed
directors
a
State
Judson,
board,
are
President and executive head; Mr.
and Mr.
Detroit
Ewald,
business
President of the Parker Rust Proof Co.
Mr.
Vice-President.
Mr.
men.
The
Cornelius
is
Healy is associated with the
Another director is Clarence E.
Wilcox, senior partner of the
law firm of Anderson, Wilcox, Lacy and Lawson.
Mr.
Judson
has
been
in
the
banking
President of the Bank of Detroit and
as
was
business
many
President of the Wabeek State Bank of Birmingham.
Mr.
Judson
expressed the
belief that
years.
He
was
associated with Senator Couzens
'
opportunity existed
large State bank in Detroit, and said that the
men
for another
associated with him had
the ustmost faith in the future of Detroit.
Mr. Couzens will be
an
active chairman of the board of the new bank.
"Since the organization
have acted
as
of the Wabeek
director and later
gained
some
as
State Bank of Birmingham,
I
Chairman of the board of that institu¬
banking knowledge," Mr. Couzens said, "but
I intend to make banking one of my major business interests."
now
For many years Mr. Couzens was a,director of the Bank of Detroit,
Virgil D. Giannini died on April 28 at St. Francis Hospital,
Francisco, Calif., from a cerebral hemorrhage.
Mr.
Giannini, who was 38 years old, was a son of A. P. Giannini,
San
Chairman of the Board of Directors of the Bank of America
National Trust
&
Savings Association.
He was named a
Bankitaly Company of America, a
Corporation subsidiary in 1930.
In
more recent years he confined his activities to
management
of the A. P. Giannini Co., a family holding unit.
He was
also an active member of the American Institute of Banking.
Vice-President
former
of
the
Transamerica
CURB
EXCHANGE
Trading on the New York Curb Exchange was extremely
dull during the fore part of the week, but there was some
improvement on Tuesday and the market gradually worked
higher though the advances were very modest and without
special significance. Public utilities were in light demand
and there was some activity apparent, toward the end of
the week, among the industrial specialties and oil shares.
Mining and metal stocks were steady but the changes were
generally in minor fractions.
'
Lower prices marked the curb market dealings during the
abbreviated session on Saturday.
Trading was quiet, the
volume of sales dropping to the lowest point in
nearly six
years.
Public utilities were fairly strong during the opening
hour and maintained a substantial part of their early gains,
but in other sections of the list the changes were compara¬
tively small and generally pointed downward. The move¬
ments on the side of the decline included
among others
Electric Bond & Share (6) pref., 1 point to 46; Gulf Oil
Corp., 134 points to 35, and Kansas Gas & Electric (7)
pref., 1 point to 1073^- The volume of sales was 34,000
shares with 120 issues traded in.
There were 36 advances,
39 declines and 45 unchanged.
V
Oil shares and public utilities were in moderate demand
during the early dealings on Monday but the list, as a wfyole,
was
lower at the close.
There
was
no
selling
pressure ap¬
was pointed
encouraging factor. Some of the less active stocks
the industrial specialties recorded substantial losses
and the mining and metal shares held fairly steady
during
the morning dealings but slipped fractionally lower before
the close of the market.
Among the declines registered at
the close were Mead Johnson, 1 point to 94; Sherwin-Wil¬
liams, 1% points to 81; United Shoe Machinery, 1 point to
60, and Pittsburgh Plate Glass, 1% points to 70.
Renewed activity with moderate gains all along the line
out
From the Detroit "Free Press" of
that Circuit
tended
Trustf&
parent at any time during the session and this
4
Guardian
Industrial
<
May 3, application for
bank
THE
He began law practice in Omaha in the office of Edmund H.
.
Union
is from the
Iowa.
then Assistant United States District
Attorney of Nebraska. The firm was
Bartlett & Cornish until the death of Mr. Bartlett in 1889 when it
became
.
the
real loss in his passing.
The
Mr. Cornish
of courage,
conservative
business policies in his long career as an industrial executive.
and
•
tion and have
«
City.
Bank of Stanton
Savings Bank of Flint.
D. J. Healy Shops and Mr. Yaw with United States Rubber Products, Inc.,
Sheridan, a member of the New York Stock
exchange and of the brokerage firm of Griff en & Sheridan,
died of a heart attack on May 1 at his home in New York
City. He was 47 years old. Born in New York City, Mr.
career
to
■
State Bank of Vestaburg, the Guardian Bank of Trenton,
Savings
in Detroit.
James E.
Sheridan started his
'•
'
■
Other banks participating in the assessment proceeds are the State Bank
Couzens,
for the transfer of
payment of $2,200,000
liquidating trustee of the old Union Guardian Trust Co. (Detroit),
Officers proposed are Mr.
May 3d
a
boosting of the contemplated dividend disbursement from 1714%
25%.
*—
Arrangements
May 7, 1938
Accomplishment of that objective will result in
as
an
among
was
apparent during the morning dealings on Tuesday.
Industrial specialties, public utilities and oil stocks were in
demand and advances ranging from 1 to 2 or more points
were
registered at the close.
There was nothing particu¬
larly stimulating in the day's news, but the stronger tone
was doubtless due to the
improved action of a number of
pivotal issues on the "big board."
The volume of sales
showed a moderate gain over the preceding session, the
transfers climbing to 98,000 shares against 75,000 on Mon¬
day. Outstanding among the gains were Aluminium Ltd.,
2 points to 84; Carrier
Corp., 1 % points to 22%; Humble
Oil, 13^8 points to 65Jib and Pa. Salt, 2% points to 121%.
Financial
146
Volume
2955
Chronicle
again in evidence on Wednesday,
trading pace continued slow, there was a
slight gain in volume over the preceding day. The improve¬
ment in many of the leaders among the mining and metal
stocks, oil shares and public utilities brought new advances
ranging from 1 to 2 or more points. Some recessions were
apparent toward the end of the day but the gains were far
in excess of the declines.
Noteworthy among the stocks
Moderate advances were
while
and
the
Thursday, but the market quickly steadied and
as
the session progressed moderate gains were recorded
throughout the list.
The turnover continued light though
substantially higher than the preceding day. Public utilities
were
in fair demand though the buying interest was less
pronounced than on Wednesday. Mining and metal stocks
moved smartly upward under the leadership of Newmont
Mining which climbed up 2% points to 54%.
Industrial
specialties were represented on the side of the advance by
Pittsburgh Plate Glass which forged ahead 3 points to 74
and Lynch Corp. which gained 2% points to 28%.
Oil
stocks also were moderately higher.
Public ut.lities attracted a goodly part of the speculative
attention on Friday and a fairly large volume of transfers
was apparent in this group.
The preferred stocks were the
best sellers but there was also considerable trading in the
common
issues.
Industrials were firm and fractionally
higher and oil shares moved ahead from fractions to a point
or
more.
Outstanding among the advances were Sherwin
Williams, 5% points to 88%, Aluminum Co. of America,
2% points to 78; Jersey Central Power & Light pref., (5%)
6% points to 59 and United Gas 7 pref, (c3%) 6% points
to 87 %.
As compared with Friday of last week prices were
generally higher, Aluminum Co. of America closing last
night at 78 against 72 on Friday a week ago; American Gas
& Electric at 30 against 25%; Carrier Corp. at 26 against
22%; Consolidated Gas of Baltimore at 64 against 63%;
Electric Bond & Share at 8% against 6%; Fisk Rubber
against 5; Humble Oil (new) at 70 against 67;
Zinc at 54 against 50%, Newmont Mining
against 52%; Niagara Hudson Power at 7%
Sherwin Williams Co. at 88% against 82%;
Standard Oil of Kentucky at 16% against 15% and United
Shoe Machinery at 62% against 61.
Corp. at 5%
New Jersey
Corp. at 55
against 6%;
DAILY
AT
TRANSACTIONS
CURB EXCHANGE
YORK
NEW
THE
Bonds (Par
Slocks
Value)
MANUFACTURERS
55
Monday
$392,000
$9,000
$371,000
$12,000
765,000
28,000
19,000
812,000
1,237,000
21,000
Wednesday
106,035
1,723,000
6,000
Thursday
123,830
1,697,000
6,000
6,000
26,000
1,735,000
197,360
Total
2,447,000
7,000
11,000
$8,210,000
$80,000
$80,000
BANKS TO
Noon
Country and Monetary
May 2
May 3
May 4
May 5
$
$
$
$
$
$
Belgium, belga
.168350
.168398
.168396
.168321
.168319
.168400
Bulgaria, lev
Czechoslov'la, koruna
.0 1 2475*
.012525*
.012525*
.012525*
.012500*
.012525*
1938
.034812
.222581
.222633
.222935
.222795
.222739
4.985791
5.987416
4.993875
4.991166
4.990041
.022020
.022010
.022000
.022040
.022037
.022040
France, franc
.030609
.030607
.030230
.029489
.027897
,027979
Germany, relchsmark
.402058
.402078
.402069
.402075
.402046
.402285
Greece, drachma
.009132*
.009141*
.009121*
.009133*
.009133*
.009130*
Hungary,
.197775*
.197775*
.197775*
.197775*
.197750*
.197775*
.052604
.052603
.052604
.052605
.052605
.052603
.556471
.556492
.556296
.556967
.556917
.555421
.250550
.250531
.250587
.250895
.250758
.250718
Poland, zloty...
.188625
.188625
.188600
.188533
.188533
.188533
Portugal, escudo
.045037
.045062
.045087
.045062
.045029
.044995
.007342*
.007342*
Finland, markka
pengo....
lira
Italy,
Netherlands, guilder.
krone
Norway,
.007271*
.060000*
.007316*
.007285*
.007342*
.058000*
.058000*
.057916*
.059166*
.059166*
Sweden, krona
.256970
.256943
.257010
.257316
.257204
.257164
Switzerland, franc...
.230060
.230000
.229088
.229533
.229139
.229126
Yugoslavia, dinar...
.023200*
.023250*
.023220*
.023250*
.023250*
.023275*
Chefoo (yuan) dol'r
.267916*
.267500*
.265416*
.267500*
.263333*
.258333*
Hankow (yuan) dol
.267916*
.267500*
.265416*
.267500*
.263333*
.258333*
Shanghai (yuan)dol
Tientsin (yuan) dol.
.267500*
.266562*
.264062*
.266250*
.262812*
.257187*
.265562*
.264625*
.262437*
.264625*
.262187*
.256250*
.310046
.309968
.310150
.310437
.310281
.310406
.372806
.371959
Rumania, leu.:
8pain,
peseta
Asia—
China—
Hongkong,
dollar.
1,195,345
15,027,066
57,812,141
$8,210,000
$193,078,000
80,000
$8,118,000
128,000
$109,741,000
Foreign government..
2,621,000
6,096,000
Foreign corporate.
80,000
135,000
2,445,000
5,421,000
$8,370,000
$8,381,000
$114,807,000
$204,595,000
.
CURRENT
NOTICES
—Berdell Brothers, members New York
located.
Curb Exchange, are now at 30
York City, where 30 years ago the
firm's offices were first
heretofore.
Their telephone, Digby 4-2800, remains the same as
—Ernest
firm
S. Cubberley
of Van
Cubberley
has become treasurer of the investment
Strum & Towne,
counsel
Inc., 70 Pine St., New York City.
.372571
.372837
Japan,
.290535
.290564
.290587
.290770
.290690
.290679
.580562
.570062
.579437
.579500
.578562
.578312
yen
Straits Settlem'ts, dol
Australasia—
3.973000
3.972000
3.973500
3.978375
3.976437
3.975437
pound. 4.004750
4.003177
4.005125
4.009187
4.007031
4.007000
pound. 4.936875
4.937708
4.938875
4.944000
4.941770
4.941666
.994557
.994570
.994453
.994414
.994453
Australia, pound...
New Zealand,
Africa—
South Africa,
North America—
Canada, dollar
...
.994555
Cuba, peso
.999166
.999166
.999166
.999166
.999166
.999166
Mexico, peso
Newfoundl'd.
.232828*
.224857*
.225150*
.227071*
.233125*
.233214*
.992075
.992075
.992075
.991914
.991875
.991933
.332416*
.332445*
.332466*
.332605*
.332691*
.332575*
mllreis-.j...
.058400*
.058340*
.058700*
.058640*
.058700*
.058640*
peso—official.
.051680*
.051680*
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.553300*
.554000*
.552700*
.552600*
.552500*
.656068*
.655933*
.656033*
.656241*
.656233*
.553300*
.656254*
dollar.
Chile,
"
Colombia.
exportpeso
Uruguay, peso
*
Nominal rate.
Mr.
17 years.
of New York Stock Exchange, announce
of Salim L. Lewis to their firm.
Mr. Lewis was formerly in
—Bear, Stearns & Co., members
the admission
with
& Wassail at their branch office at 450 Seventh Ave.,
—Victor E. Wolf,
Cohen, Wachsman
formerly with Faroll Brothers, is now connected
New York City.
Municipal Bond Depart¬
of Manhattan Co., has become associated with Eldredge
Safford, formerly Manager of the
ment of the Bank
& Co., Inc.
of industrial
of the trading department of Irving Stein & Co.
formerly with Morris Stein & Co. in charge
stocks, is now manager
—Dyer,
Preliminary figures compiled by us,
of the
(Saturday,
from all Cities of the United States
telegraphic advices from the chief cities
country, indicate that
for the week ended today
May 7), bank clearings
from which it is
possible to obtain weekly returns
will be
8.7% below those for the corresponding week last year.
Our preliminary total stands at $5,844,777,482, against
$6,404,222,695 for the same week in 1937.
At this center
there is a loss for the week ended Friday of 5.4%.
Our
comparative summary for the week follows:
Clearings—Returns by Telegraph
Week Ending May 7
Per
Chicago
1938
1937
$2,958,445,640
New York
$3,126,262,587
276,183,446
232,340,046
313,000,000
-
Cent
—5.4
—15.9
—5.2
Detroit..
68,445,762
Cleveland
70,752,430
59,424,879
330,000,000
207,992,000
85,344,472
76,000,000
118,985,000
116,253,035
92,166,384
79,806,967
59,294,988
$4,227,553,207
$4,568,288,879
—7.5
Philadelphia
176,821,714
70,211,331
Boston
Kansas
City..
St. Louis
—
Pittsburgh
Eleven cities, five days
Other cities, live
days.
Total all cities, live days
—David Stein,
announce
this week will again show a decrease com¬
a year ago.
San Francisco
charge of the firm's bond department.
—James O.
Clearings
Baltimore
Treasurer of J. G. White & Co., Inc., for
was
.371846
British India, rupee..
.372877
based upon
Bonds
Pine St., New
.034817
.034817
.034812
.034810
.034820
.222612
krone
Engl'd, pound sterl'g 4.986375
Denmark,
1937
634,600
Stocks—No. ol shares.
Total
May 6
Apr. 30
Jan. 1 to May 6
6
1937
1938
Exchange
^
Yorl
Europe—
pared with
_ .
Buying Rate for Cable Transfers in New
Value in
United States Money
Unit
Bank clearings
Week Ended May
Domestic
1938, INCLUSIVE
TO MAY 6.
1938,
RESERVE
OF 1930
TREASURY UNDER TARIFF ACT
APRIL 30,
Course of Bank
Curb
York
FEDERAL
BY
CERTIFIED
RATES
EXCHANGE
FOREIGN
System
Clearing House Association
Deposit Insurance Corporation
$8,370,000
Sales at
New
Cornhill, London,E.C.3
2,465,000
634,600
Friday
NEW YORK
Member Federal Reserve
Member Federal
COMPANY
1,729,000
1,207,000
9,000
Tuesday
BROAD STREET,
Member New York
"
34,435
75,110
97,830
Saturday
of
FOREIGN DEPARTMENT
European Representative Office: 1,
Brazil,
Total
Corporate
Government
Domestic
Shares)
May 6, 1938
or
account
the
TRUST
PRINCIPAL OFFICE AND
Argentina, peso
Foreign
Foreign
of
for
South America—
(.Number
Week Ended
securities
foreign and domestic correspondents.
points to 40, and United Shoe Machinery, 1 point to 61%.
Considerable irregularity was apparent during the early
on
of
sale
closing on the side of the advance were Aluminum Co. of
America, 4 points to 77; Cities Service pref., 3% points to
47Fisk Rubber pref., 2 points to 55; Nehi Corp., 2%
trading
purchase
We execute orders for the
•
New York Stock Exchange,
general partner in their firm.
All cities, one day
Total ail cities lor week..
69,600,000
114,977,000
93,534,405
—15.0
—17.7
—8.4
—3.4
—19.5
—25.7
—11.3
+ 0.2
643,093,695
805,445,855
—20.2
$4,870,647,902
974,129,580
$5,373,734,734
1,030,487,961
—5.5
$5,844,777,482
$6,404,222,695
—8.7
—9.4
Hudson & Co., members of the
that Jacob H. Worbs has become a
—Roderick S.
K. Irvin has been admitted as a
New York Stock Exchange
—Thomas J.
Davis and J. Carroll FJynn have
Bouvier, Bishop &
limited partner in the
firm of Hilbert, Condon & Bassett.
become associated with
Co., members New York Stock Exchange.
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
by the
cannot
today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
has to be estimated.
In the elaborate detailed statement, however, which we
until
of the week in all cases
FOREIGN
EXCHANGE RATES
requirements of Section 522 of the Tariff
of 1930, the Federal Reserve Bank is now certifying
Pursuant to the
Act
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below a record
for the week just passed:
present further below we are able to give final and complete
for the week previous—the week ended April 30.
For that week there was a decrease of 16.2%, the aggregate
results
of clearings for the whole country having amounted
$5,528,943,895, against $6,595,681,583 in the same week
to
in
2956
Financial
Chronicle
Outside of this city there was a decrease of
20.1%,
the bank clearings at this center having recorded a loss of
1937.
We
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a falling off of 13.8%, in the Boston
Reserve District of 15.0% and in the
Philadelphia Reserve
District of 15.3%.
In the Cleveland Reserve District the
totals are smaller by 26.9%, in the Richmond Reserve Dis¬
trict by 14.1 % and in the Atlanta Reserve District by
14.5%.
In the Chicago Reserve District the totals record a decrease
of 25.9%, in the St. Louis Reserve District of
21.6% and
in the Minneapolis Reserve District of 8.8%.
In the Kansas
City Reserve District the loss is 29.1 %, in the Dallas Reserve
District 9.8% and in the San Francisco Reserve District
16.7%.
In the following we furnish a summary by Federal Reserve
Federal
1st
3d
Reserve
1st
Boston
New
3rd
Cleveland..
Richmond
6
6th
Atlanta
7th
Chicago ...18
8th
St. Louis...
9th
Minneapolis 7
12th San
S
403,851,424
—15.3
377,978,790
63,317,969,480
6.102,549,945
7,328,719,280
—16.7
6,377,733,383
5,575,545,138
Cleveland..19
"
4,553,897,118
5,809,893,939
—21.6
4,607,193,140
3,722,508,896
Richmond -10
"
2,206,179,104
2,486,328,241
—11.3
2,057,750,855
Atlanta
16
"
2,608,936,395
2,892,234,244
—9,8
2,249,810.448
2,037,437,339
7th
Chicago..-31
7,378,407,597
9,248,768,630
—20.2
7,801,413,695
6,549,373,548
8th
St.
"
"
2,228,162,367
2,538,935,068
—12.2
2,174.042,568
9th
Minneapolis 10
"
"
1,578,704,865
1,724,765,918
—8.5
1,492.995,117
1,375,570,438
10th KansasCity 18
2,749,400,725
3,246,332.623
—15.3
2,829,532,758
2,485,365,583
11
"
1,870,090,676
1,924,935,923
-—2.8
1,582,964,202
1,312,121,995
Fran..20
°
4.067,260,900
4,699,668,643
—13.5
4,061,088,636
3,538,438,917
93,250,957,301 117,054,943,938
—20.3
107,752,657,686
97,522,828,186
7
Louis--
11th Dallas
12th San
—26.9
292.704,755
41,134,116,744
49,149,061,076
—16.3
41,708,370,461
35,967,838,102
5,209.663,898
6,333,637,969
—17.7
5,837,907,122
4,829,431,880
detailed statement of transactions
—14,1
122,542.341
147,058,224
—14.5
120,173,471
119,082,502
553,202,406
-25.9
496,671,999
457,912,512
113,901,006
145,272,172
—21.6
Four Months
1937
1938
117,064,277
<4
132,845,532
106,080,051
—8.8
95,182,735
—29.1
126,987,612
130,305,694
59,852,761
66,354,925
—9.8
51,974,475
221,226,902
265,585,981
—16.7
234,543,376
78,792,899
193,872,545
$453,525,000
$967,580,000
87,801,000
61,324,000
145,738,000
232,488,000
43,151,701
210,251,720
44
44
#i
it
5,528,943,895
6,595,681,583
—16.2
6,995,034,495
2,722,723,795
-20.1
2,438,369,381
359,737,482
—11.8
335,855,226
467,316,762
18,750,000
28,669,000
62,070,000
18,832,000
Total bonds...
2,325,967,655
317.240,999
State, foreign, &c
U. 8. Government
$139,715,000 $294,866,000
today
a summary
The
following compilation
CLEARINGS
Clearings, Total AU,
April
Inc.or
April
1938
1937
Dec.
1936
1938
$
Feb—
Mar
__
1st qu_ 69,237,548,427 88,234,204,494 —21.5 30,820,930,809 36,401,905,222 —15.3
24,013,408,874 28,820,739,444
April..
The
for
course
—16.7 10,313,185,935
last four years
BANK
leading cities of the country
April and since Jan. 1 in each of the
is shown in the subjoined statement:
of
CLEARINGS AT
(000,000
LEADING
CITIES IN APRIL
Month of April-
Jan. 1 to April 30-
1938
1937
1936
1935
$
$
$
1938
$
New York
..13,700 16,074 16,203 15,465
Chicago
1,174
1,482
1,273
1,045
Boston.
852
996
879
1,049
Philadelphia.....
1,460
1,780
1,485
1,347
Reserve Dlsts.
Boston
New
3d
14 cities
York. 15
S
*
%
1
S
1,232,254,654
—18.3
1,157,897,575
1,015,145,951
16,629,138,190
—14.8
16,703,930,480
15,916,113,137
5,775
"
1,539,465,404
1,874,068,987
—17.9
1,572.317,407
1,400,320,589
Cleveland.. 19
"
1,164,137,090
1,560,529,117
—25.4
1,317,068,791
976,126,058
San Francisco
Richmond .10
"
553,023,494
641,926,456
—13.8
6th
543,904,053
460,359,930
16
"
626,015.542
742,325,170
—15.7
576,905,475
516,968,009
31
"
1,833,285,516
2,383,014,318
—23.1
2,052,903.339
1,687,987,068
677,109,734
—20.9
557,062,305
498,330,294
..
..
Cincinnati
Chicago
Louis..
4,323
3,908
3,375
6,957
6,032
5,359
335
413
362
325
1,360
1,593
1,380
1,230
453
656
610
416
1,828
2,478
1,987
1,600
570
679
591
521
2,242
2,618
1,972
270
236
1,059
299
234
205
915
1,203
1,078
2,300
1,010
363
360
1,404
442
334
276
1,313
Baltimore
Atlanta
7th
St.
61,555
4,107
481
..
Pittsburgh
5th
8th
5,791
66,044
4,900
311
Philadelphia 17
4th
1935
$
$
3,352
..
St. Louis..,.
1936
$
67,906
..
1,006,288,060
14,169,834,301
"
1937
52,117
4,693
..
Federal
12,747,155,854 —19.1
of bank clearings at
the month
$
1935
York
1937
$
$
%
$
%
24,299,036,964 29,925,437,829 —18.8 10,886,874,717 12,402,120,613 —12.2
19,680,017,707 26,070,830,610 —24.5
9,117,237,020 10.750,876,028 —15.2
25,258.493,756 32,237,930,055 —21.6 10,816,819,072 13,248,908,581 —18.4
Jan
April
1937
Clearings Outside New
Month
omitted)
April
1938
the clearings by months
covers
since Jan. 1, 1938 and 1937:
of the clearings for the
April.
For that month there was a decrease
body of clearing houses of 16.7%, the 1938
aggregate of clearings being $24,013,408,874, and the 1937
aggregate $28,820,739,444.
In the New York Reserve Dis¬
trict the totals record a loss of 14.8%, in the Boston Reserve
District of 18.3% and in the Philadelphia Reserve District
of 17.9%.
The Cleveland Reserve District registers a drop
of 25.4%, the Richmond Reserve District of
13.8% and
the Atlanta Reserve District of
15.7%.
The Chicago Re¬
serve District suffers a loss of
23.1%, the St. Louis Reserve
District of 20.9% and the Minneapolis Reserve District of
9.9%.
In the Kansas City Reserve District the totals are
smaller by 22.5%, in the Dallas Reserve District
by 7.4%
and in the San Francisco Reserve District
by 17.3%.
1st
$602,650,000 $1,345,806,000
7,274,336,933
2,175,440,296
1937
34,606,839
Bonds
98,525,538
162,010,339
17,119,104
Railroad & miscellaneous $102,133,000 $204,127,000
118.594,584
96,702,541
114,813,894
Stocks, number of shares.
entire
2d
on
The results for
Month of April
1938
of
for the
appended.
Description
MONTHLY
month
1,933,723,781
32 cities
246,366,304
136,765,131
125,711,675
We also furnish
1,769,151,483
Total..——194 Cities
Outside N. Y. City
389,420,283
335,443,930
409,651,456
32 cities
3,905,621,588
67,981,201,007
274,354,663
44
Total
...112 cities
Outside N. Y. City.
4,536,931,877
—23.1
5,069,307,155
41
,
—21.3
April and the four months of 1938 and 1937 follow:
269,225,400
4,674,204,009
117,514,275
4
5,034,121,017
70,120,240,412
6th
$
—15.0
—13.8
245,236,640
Fran..11
Canada
%
274,906,089
3,999,150,911
it
10th Kansas City 10
11th Dallas
6
"
Philadelphia 17
$
3,959,530,486
53,947,837,123
"
the New York Stock Exchange is
233,565,187
: M
10
S
5th
1935
342,030,078
■■
.
$
1936
••
5
5th
%
Our usual monthly
Dec.
3,448,737,480
PhlladelphialO
4th
1935
S
CLEARINGS
1937
$
Dlsts.
12 cities
York. 13
4 Months
1930
4th
Inc.or
Federal
York. 15
Canada-
1938
4 Months
Dec.
$
14 cities
Boston
New
Inc.or
1937
Dists.
Reserve
2d
4 Months
1938
districts:
2nd
append another table showing the clearings by Federal
4 Months
a
Week End. April 30.1938
ms
Reserve districts for the four months for four years:
13.4%.
SUMMARY OF BANK
May r,
..
231
Kansas
City..--.
Cleveland
904
878
785
1,460
1,336
1,237
1,720
1,619
1,100
1,026
7
"
535,376,025
Mlnneapolisl6
10th KansasCity 18
"
420,898,871
467,070,127
—9.9
413,003,733
386,590,709
"
676,574,711
873,018,277
—22.5
11th Dallas
712,425,462
656,409,582
New Orleans
160
126
114
"
623
647
508
443
461,502,599
498,179,710
—7.4
401,331,718
329,414,606
Detroit
522
444
376
1,421
2,008
1,679
1,475
127
176
125
112
537
586
511
448
112
139
140
116
460
529
537
41
48
41
38
168
193
172
144
79
94
93
71
331
371
327
256
129
169
134
122
501
632
519
459
9th
12th San
11
Fran..20
M
Minneapolis
1,027,007,261
1,242,104,704
—17.3
1,058,311,258
935,762,064
24,013,408,874
28,820,739,444
—16.7
27,067,061,596
24,779,527,997
194 cities
Outside N. Y. City
12,747,155,854
—19.1
10,863,640,546
9,314,327,817
Milwaukee
Louisville
..
..
32 cities
1,359,850,113
1,719,712,807
—20.9
1,434,904,778
1,251.670,273
..
St. Paul
volume of transactions in share
properties on the
New York Stock
Exchange for the first four months of the
years 1935 to 1938 is indicated in the
following:
1938
1937
1936
No. Shares
No. Shares
No. Shares
24,151,931
58,671,416
67,201,745
925
851
448
108
101
98
402
421
384
359
135
112
96
452
533
442
375
83
65
58
276
323
257
222
142
Richmond
_
167
132
531
498
Salt Lake City
Hartford
55
..
597
664
64
59
307
333
261
248
137
113
538
619
518
415
75
60
52
223
272
224
200
60
.
126
81
174
67
-
52
44
185
222
200
170
...21,715 26,161 24,807 22,914
2,298
2,660
2,260
1,866
84.062
106,739
99,131
10,316
8,622
90,260
7,263
24,013 28,821 27,067 24,780
Outside New York.10,313 12,747 10,864
9,314
93,251
117,055 107,753
49,149
41,708
35,968
.....
Other cities
14,526,094
50,248,010
60,884,392
March
19.409,132
14,404,525
22,995,770
50,346,280
51,016,548
15,850,057
61,673,795
159,265,706
179,102,685
49,663,714
17,119,104
34,606,839
39,609,538
22,408,575
April.......
983
114
Memphis....
Total
February
First quarter
244
1935
No. Shares
260
71
...
Indiana
Seattle.
304
105
Denver.
The
Month of January
266
i
Buffalo..
Canada
357
Providence
10,313,185,935
..
Omaha
Total
..
Total
and for the week ended April 30 for four
CLEARINGS FOB
APRIL, SINCE JANUARY 1,
97,523
Inc. or
years:
FOR WEEK ENDING APRIL 30
Four Months Ended April 30
Clearings at—
41,134
We now add our detailed statement
showing the figures
for each city separately for April and since Jan. 1 for two
years
Month of April
9,189
..
all
Week Ended April 30
Inc.
Inc.
or
or
1938
►
First Federal Reser
ve
Maine—Bangor
1937
Dec.
1938
1937
Dec.
1936
%
$
$
%
S
$
%
$
S
662,773
698,850
District—B
7,466,133
Mass.—Boston
851,813,887
2,504,751
1,551,275
1,549,759
3,050,650
13,518,286
7,286.373
River
Hoi yoke.
Lowell
New Bedford
Springfield
Worcester
Conn.—Hartford
48,240,829
17,767,585
os ton—
3,019,253
8,539,253
1,048,664,648
3,011,411
1,765,895
1,772,322
3,034,377
14,904,268
—29.7
8,614,687
—12.6
—18.8
—16.8
—12.2
9,241,347
—21.2
40,627,700
2,357,129
1,000,288,060
1,232,254,654
Water bury
6,431,700
R+ I.—Providence
N. H.—Manchester...
—23.5
31,823,055
3,352,028,291
11,261,848
34,578,159
4,322,516,449
10,113,540
12,341,904
6,091,622
6.523,177
10,531,948
51,654,480
30,307,021
185,015,401
66,952,071
24,008,300
167,723.800
6,770,501
7,080,745
12,378.291
—10.0
58,792,310
37,080,442
222,079,71 8
77,189,861
29.557,400
192,955,400
—3.7
8,143,093
—18.3
3,959,530,486
*
59,696,179
19,896,742
7,963,600
48,298,600
2,446,759
New Haven
Total (14 cities)
1938
$
2,122.003
Portland
Fall
Dec.
$
~
1937
—12.8
+0.5
—9.3
—19.2
—10.7
—19.2
—15.9
1935
695,274
—40.0
1,931,681
235,245,533
—12.5
2,313,383
—22.5
417,302
1,690,166
202,103,628
—14.1
229,610,899
1,847,823
240,000,000
—18.1
547,098
645,116
—15.2
542,991
723,065
352+40
—4.2
361,239
—8.0
~
"337" 43 2
—7.9
—14.9
*
536,303
548,925
—2.3
3,348,477
2,302,185
—12.4
—28.8
—16.7
2,933,023
1,638,602
10.975,573
13,302,169
—17.5
589,803
3,356.519
1,867,524
15,030,138
—13.3
3,377,827
4,389.933
—12.1
—18.3
287,806
652,837
—23.1
4,308,732
2,995,169
1,356,704
12,681,438
3,572,277
ll",538*900 —26*2
9,975,300
8,867,800
605.756
—18.8
606,099
670,894
274,906,089
—15.0
269,225,400
274,354,663
—18.8
—13.1
8,516,300
9,537,989
—14.6
491,933
5,034,121,017
—21.3
233,565.187
Volume
CLEAR ING8
Month of
Four Months
April
2957
Chronicle
Financial
146
(Continued)
Inc.
Inc. or
1938
1937
Second Federal Res
Dec.
35,344,465
53,862.388
5,461,982
4,615,004
168,963,836
129,353,539
2,818,065
2,349,552
K Elmira
3,555,421
2,899,470
Jamestown
13,700,222,939 16,073,583,590
I
New York
35,534,420
32,588,439
[ Rochester
19,426,897
17,517,497
I Syracuse
3,536,892
Utlca
3,186,518
16,146,452
16,751,688
W Westchester County
16,283.313
Conn.—Stamford
15,247,046
1,951,790
N. J.—Montclalr
1,652,981
88,358,799
Newark
74,448,985
154,262,278
Northern New Jersey
111,398,003
3,909,990
3,740,252
Oranges
N. Y.—Albany
+52.4
Bingham ton
—15.5
Buffalo
—23.4
—16.6
—18.4
180,119,202
20,659,507
500,890,182
9,322,312
11,563,041
.
.
Total (15 cities)
14,169,834,301 16,629,138,190
Third Federal Rese
rve
Bethlehem
Chester
Harrlsburg
Lancaster
1937
Dec.
1936
$
$
%
$
2,213,987
1,885,734
1.492,190
10,215,554
6,717,676
2,237,231
703,749
530,313
600,347
150,084,042
21,881,657
3
788,180
8,682,543
1,018,268
—22.6
3
38,500,000
—24.4
2
29,100,000
391,143
601,521
—35.0
2
663.140
767,797
13,027,200
3
3,353,503,599 3,872,957,788
—13.6
740,759
—13.4 4,556,665,114 4,948,369,278
14,572,492
1
61,004,633
71,820,507
7
7,747,569
3
357,805,852
632,874,282
—4.3
16,183,085
I
-14.8
53.947,837.123
70,120,240,412
1
-23.1
—19.4
8,234,317
8,384,362
5,698,387
38,019,220
2
513,735
—16.8
476,116
547,048
412,624
919,508
—55.1
450,000
335,750
5
308,219
355,511
—13.3
491,035
340,000
+6.8
6,901,708
7,115,000
5,264,574
38,498,395
—19.9
19,884,184
25.201.577
1
1,146,907
1,13+768
1*3
1,310*701
*999*801
—8.2
7,061,874
6,174,354
7,652,737
7
—15.3
8,993,450
3
—18.0
5,775,000,000
331,000,000
1,388,938
390,000,000
1,644.770
2,606,271
—15.1
365,000,000
376,000,000
23,298,656
36,523,219
14,526,783
6,957,000,000
23.991.578
43,583,967
18,590,431
29,953,222
5,831,877
2,334,333
1 1,044,338
)
+0.6
—15.6
+541,268
1,664,071
—17.8
1,452,498
—29.1
2,16+540
1,093,505
2,058,363
—27.5
2,194,495
1,192,742
1,783,433
—9.9
+3.7
—6.4
—15.3
—15.7
—27.8
—6.4
—14.1
10,965,980
5,366,180
—17.6
Scranton
1,050,551
31,300,000
14,235,847
1.033,381
29,600,000
12,047,687
61,426,317
66,018,674
6,539,668
306,310,010
438,814,313
15,474,996
—9.8
1,889,724
1,780,000,000
6,609,883
Wilkes-Barre
10.302,117
632.403,142
12,629,443
$
—15.4
)
7,346,810
1935
67,905,882,862
142,431,677
—8-3
9,030,682
3,550,174
Norrlstown
Philadelphia.
Reading
1938
52,116,840,557
130,002,875
71,807,782
—14.8
2,054,143
1,599,812
1,460,000,000
6,648,627
Lebanon
Dec.
7
6,902,972
3,921,469
79,891,969
7,612,316
—33.8
7,858,005
4,324,646
—9.3
4,805,885
—18.4
3,243,657
3,137,658
2,930,007
+ 10.7
3,812,404
—17.7
356,242
400,931
—1+1
3,73+506
3,578,706
550,000
1
16,642,043
20,956,233
22,740,567
20,142,148
36,919,303
—17.4
7
—38.4
32,653,069
'
3,448,737,480 3,999,150,911
District— Philadelphia
1,785,272
*1,765,000
1,281,272
10,907,807
5,380,960
Pa.—Altoona
1937
District —New York—
erve
or
%
1938
%
$
April 30
Week Ended
Ended April 30
Clearings at—
427,499
)
2
2,142,926
1,029,108
1,493,057
3
5
2,376,005
2,792,317
—14.9
24,112,142
5,167,290
2,069,547
8,913,208
Del.—Wilmington
11,138,737
13,535,720
—17.7
57.886,111
N. J.—Trenton
13,645,600
17.428.500
—21.7
64,152.900
61,967,084
72,238,400
—11. 2
2,680,800
1,874,068,987
—17.9
6.102,549.945
7,328,719,280
-16.7
7
342,030,078
-25.8
33,350,710
914,678,932
39,746,188
1,078,286,428
1,618,679,648
1
9
53,989,215
76,035,836
218,863,100
7
9,301,360
6,144,009
35.894,731
3
3,914.228
2,759,528
610,870
20,168,839
36,224,425
—13.8 4,674,204,009 5,069,307,155
+
1,78+968
5
52,915,906
25,437,107
7,202,036
3,847.617
1
York.
6.497,054
Potts vilie
1,338,889
8,640,713
1,533,347
—24.8
465,370
544,251
—14.5
Du
Bols
Hazleton
Total (17 cities)
1,539,465,404
Fourth Federal Res
—12.7
District —Cleveland—
erve
1
1
3
763,952
11,122,125
298,699,810
442,089.861
54,257,500
2,683,680
1,661,446
10.019.736
14.689.737
7.082,302
24,394,688
1,085,702
Franklin
331,686
479,975
-30.9
1,506,845
93,243,313
3,911,631
1,918,694
763,306
864,429
-11.7
2,916,376
2,787,236
452,979.483
655,980,195
8,069,425
-30.9
1,827,700,061
2
-19.2
11,265,784
-24.4
24,622,862
38,775,751
2,477,635,098
29,335,253
45,368,188
3,030,457
30,150,744
8,253,982
230,772,033
Ohio—Canton
Cincinnati.
357.062,650
44,530,900
2.254,939
Cleveland
Columbus
Hamilton..
....
Lorain
1,237,965
Mansfield
6,108,033
Youngstown
9,153,382
Newark..
5,175,754
17,331,000
Toledo
Pa.—Beaver
County..
Pittsburgh
6,521,416
8,514,933
Erie
.
Oil
City
-26.9
-29.0
-29.6
7,102,648
1,560,529,117
-25.4
4,553,897,118
District
1,429,926
10,039,000
141,507,950
4,767.993
7,434,787
3,996,265
....
Greenville
*10,750,000
270,498,053
1,495,147
N. C.—Durham
Md.—Baltimore
—
Frederick
101,104.373
D. C.—Washington..
553,023,494
Total (10 cities)
Sixth Federal Reser
ve
District—
4,496*600
377,978,790
389,420,283
X
X
X
X
Jackson
3,123,786
4,115,000
6,327,696
Meridian
1,282,976
Montgomery
Miss.—Hattiesburg
...
Vicksburg
Orleans
626,015,542
Total (16 cities)
Seventh Federal Re
Mich.—Ann Arbor
Detroit
...
Flint
Grand Rapids
serve
1,626,996
5,996,470
2,310,707
2,505,596
4,051,688
12,386,221
•Jackson..
Lansing..
Muskegon
'
City
Wayne
Ind.—Ft.
Gary.
...
Indianapolis
71,006,033
Bend
5,665,219
18,729,306
5,228,311
Terre Haute
Wis.—Madison
79,416,203
1,383,034
2,477,122
Milwaukee
Oshkosh
Sheboygan..
—37*9
1,303*335
1,18+634
104,278,078
154",465",979 —32*5
148,71+851
112* 1*84*682
245,236.640
335,443,930
—26.9
292,704,755
246,366,304
1
5
5
1
37,244,848
8
5,809,893,939
—21.6
B
278,427
—17.6
—9.8
2,786,000
32,078,196
23,220 372
33,566, 948
7
926,538
—33.6
1,215,503
30,264,373
1,072,448
21,253, 579
57,679, 373
1
60,777,454
71,496,706
—15.0
64,463.458
63,454,781
19,828,834
23,735,747
—16*5
21,720,757
19,386,239
117,514,275
136,765,131
—14.1
122,542,341
117,064,277
3,578,471
—15.3
17,147,801
51,800,000
—6.1
2,928,403
13,879,597
15,228,264
985,800,000
3.029,921
16,102,450
43,700,000
—15.6
42,400,000
4+200,000
23,877,114
*950,000
1,339,212
—15.1
—21.1
597,168.830
19,582,038
32,104,375
17,082,327
—15.8
53,521,594
—13.1
1,202,617, 328
—10.8
1,059,490,830
5,811,763
—12.6
374,464,136
423,252, 858
-13.8
2,206,179,104
2,486,328,241
67,049,041
313,296,539
—18.4
69,701,828
295,718,279
849,900,000
18,030,654
12,962,714
14,174,627
316,558,637
20,980,248
296,537,861
25,119,075
13,080.726
—20.8
17,158,000
—4.5
27,367,248
—15.2
5,942,781
2,540,837
623.162,880
—31.8
—21.3
—23.6
—15.6
—19.0
—24.8
—14.2
6,450, 765
-11.3
—29.1
1,144,664
+170,991
681,379
—2+2
14,546,000
16,277,000
—10.6
790,826
13,138,000
14,286,000
19,617*265
—2+5
15,206*627
16*.200*286
1,558,518
—8.1
1,34+675
+270,843
"
17,256,175
339,231,333
24,055,264
358,228,673
29,812,886
15,180,501
20,366,000
26,258,204
15,007,486
1,432,588
X
X
X
X
"*875",996
X
"
-15.7
2,608,936,395
5,807,194
"
*115" 160
128*989
—17*6
"1*22*324
3,324,342
95*596
646,913,567
30,166,255
34.760.235
—13.2
125,711,675
147,058,224
—14.5
309,874
81,548,319
323,647
—4.3
108,666
427,134
137,284,033
—40.6
117,05+523
99,736,918
2,349+91
3,327,809
—29.4
3,174,627
2,064,552
+30+274
+3+7
1,474,620
1,497*651
2,892,234,244
-9:8
+9.1
6,805,776
7,471,686
—35.6
1,421,411,303
2,008,183,877
—25.7
17,676,421
41,171,380
7,411,209
23,504,359
8,918,138
20,281,389
—27.8
29,214,690
-
25,775.731
120,173,471
119,082,502
—12.8
57,016,079
8,679,821
—25.5
—20.0
—9.5
2,891,804
2,857.555
5,220,162
16,782,127
82,758,801
6,964,117
21,989,122
4,591,750
93,688,135
2,248,581
3,047,082
—20.1
—14.6
26,770,953
—12.2
11,763,526
1,720",847
—24.2
11,045,579
—12.0
19,268,079
—18.9
58,212,073
—23.3
—26.2
9,716,982
15,630,629
44,643,933
—14.2
275,805,854
322,857,377
—14.6
—18.7
21,224,534
73,122,288
25,161,426
—15.6
86,076,751
—15.0
20,834,874
331,313,977
18,660,428
+ 11.7
—12.3
—22.4
—14.8
+ 13.9
370,568,017
—10.6
—38.5
5,577,044
8,331,637
10,428,346
1,904,652
11,715,809
1,371,006
—32.6
1,126,527
855,387
18,331,000
1,702,308
5,777,229
—19.5
15,667,000
905,035
—22.3
15,582,000
1,065,936
4,939,191
16,221,473
18,421,872
—1+9
21,177,772
16,831,480
—29.4
4,32+334
—33.1
—18.7
924,637
14,752,000
1,202,204
4,489,534
—11.0
—15.2
432,175
510,692
—15.4
2,111,483
—9.8
1,348,686
4,651,032
—13.3
5,689,137
—14.0
+ 5.2
18,274,723
18,650,487
—2.0
39,293,842
15,143,141
42,755,944
14,609,138
—8.1
141,394,452
146,226,010
—3.3
1,062" 536
10,067,220
+3.0
2,982,708
52,604,988
—20.8
5,989,948
—20.8
4,693,293,589
787,641
—12.4
2,234,618
—30.0
1,833,734
Blooming ton
2,316,565
1,481,935,270
1,173,651,657
4,891,508]
54,199,515
3,025,915
6,221,559
+3.7
*690,000
1,634,818
Ames
111.—Aurora
Chicago...
2,952,067
86+662
15,777,411
1,168,841
City
2,715,000
1
Atlanta—
1,721,565
522,264,295
4,730.711
14,448,094
2,032,873
6,627,025
17+436
—12.1
—11.1
742,325,170
X
380,931
—21.5
641,926.456
X
X
5
4,894,975
Watertown
Manitowoc
Iowa—Cedar Rapids..
Moines
X
8
District —Chicago—
1,877,912
336,227,081
3,515,834
10,765,317
l",96+288
x
1
2,966,000
36,790,978
1,394,769
—13.6
72,122,952
6,183.334
.
Mobile
9
334,806
—15.5
4,705,190
Tampa
Ala.—Birmingham ..
1,218,811
3
2,444,000
606,503
76,145,107
10,339,100
33,202,643
159,987,378
Macon
Fla.—Jacksonville
10,596,900
)
—15.4
4,337,890
3,268,892
3,352,016
—16.1
1
249,600,000
6,358,120
4,156,174
4,388,475
90,188,114
5,808,041
95,863,564
7,203,017
3,827,451
5.193,000
6.624,310
1,513,489
211,200,000
9,714,700
5,648 ,987
138,304,723
.....
53,223,642
69,43+246
48,776 ,000
663,862 031
512,559
.
76,93+944
5,194,211
+ 1.6
Columbus...
55,160,725
—26.2
41,769,000
—12.1
Augusta
—16.2
—21.7
8,364,611
5,063,925
12,763,169
311,137,456
1,677,087
115,715,484
X
64,401,107
103,039,556
11,576.000
—13.9
1,660,616
12,820,000
166,648,556
6,075,552
16,314,928
Nashville
2
Richmond—
84.692,606
16,579,999
74,453,422
Tenn.—Knoxvllle
Ga.—Atlanta.
4,867.019
24,440,229
32,476,009
19,730,644
70,760,168
3,060,571
-29.4
C.—Charleston
Sioux
-37.7
2,743,108
30,135,177
25,116,198
Columbia..
Des
-25.5
-39.0
-11.1
Fifth Federal Reser
South
175,814,300
8,328,094
-16.0
-20.4
W. Va.—Huntington..
Bay
1,312,874,064
-17.9
842,096
Va.—Norfolk
La.—New
-19.2
1,164,137,090
Total (19 cities)
Richmond
-22.7
5,184,733
10,055,893
670,527
4,608,501
Warren
Ky.—Lexington
W. Va.—Wheeling....
S.
3*.539*000
—15.3
B
Greensburg
3,169*000 —15*4
403,851,424
4,301,070
3,818,079
+ 12.7
15,050,437
14,789.016
Decatur
—25.6
—23.5
58,344,954
18,766,086
1,*1*2*3*299
—5*4
1,376*845
1,55b",999
13,451,489
2,994,716
—25.2
17,375,356
—0.4
3,785,094
19,210,178
3,185,412
3,316,200
—8.8
8,310,806
—25.1
—18.7
"687*274
88+002
—22*0
*436*089
*457*379
7,369,891
5,791,024,503
—19.0
265,389,476
338,532,861
—2+6
15,694,326
749,674
874,393
—14.3
299,992,324
926,388
285,272,715
—4.1
3,305,390
457,912,512
"
77,176,571
—24.4
3,169,498
4,593,072
—3+0
—18.6
992,028
—30.9
—13.6
1,032,663
1,434,648
+47+748
—29.8
4,815,987
997,283
1,265,771
409,651,456
553,202,406
—25.9
496,67+999
Rock ford
4,718,420
19,886,397
6,163,870
Springfield
5,025,353
6,500,361
—22.7
19,807,188
23,066,909
22,937,230
539,424
632,229
—14.7
2,046.024
2,525,582
1,833,285,516
2.383,014,318
—23.1
7,378,407,597
9,248.768.630
—20.2
698,723
—19.0
Peoria
.........
Sterling....
Total (31 cities)
....
I
697,431
+227,794
3
2958
Financial
Chronicle
May 7,
1938
OLBARTffOS (CoMluted)
Month of
Four Months Ended April 30
April
Week Ended April 30
Clearings aiInc. or
1937
1938
$
Elghth Federal Res
412,850,048
1,359,947,145
1,593,227,150
72,900,00()
—16.4
1,752,905
2,007,171
536,687,013
586,084,542
20*,852~74(
38,057*945
—29 +
27,~7*6~2~85C
26,867+16
—17.6
307,167,154
332,929,164
13,724,26(
15,943,221
—13 +
17,070.682
13,774+68
269,994
+ 14.2
2,827,000
—17.9
1,113,181
9,230,000
1,053,930
10,038,000
677,109,734
Minneapolis -
—20.9
2,228,102.307
2,538,935,068
rve
District
,
13,535,111
-
40,105,974
1,100,435,819
4,971,772
4,805,679
—3.1
402,215,903
421,137,464
—4.5
—4.9
5,503,593
—15.4
1.819,642
5,709,432
1,591,106
33,663,413
D.—Aberdeen
Sioux Falls
132,845,532
118+94,584
2,609.438
3,048,847
—14.4
2,174,474
2,627,670
71,364,175
—10.2
64,212,411
64.402+42
24,852+32
25,713*345
—3.3
23*.698*466
26,010+24
l",824",078
1,*902*,209
—4 +
1+71*355
1,829,409
—4.6
8,730,499
—8.2
33,835,298
847,000
+5.7
3,216,000
3,090,000
+4.1
938,387
—11.4
2,911,080
3,117,076
—0.6
2,965,589
—4.2
'
+0.5
"
+8.9
10,072,214
25,385,244
25,138,624
—4.7
1,931,875
2,235,729
4*7
"560*213
+ 1.0
621,802
"
"649",745
—1.3
10,203,926
0,071,944
0,609,903
592,500
Mont.—Billings
—21.0
64,070,395
931,335
2,840,878
Huron
353,000
145.272,172
+3.5
8,017,089
895,000
—
512+OC
+ 14.4
507,629
Forks
—25+
51,054,005
982,897,680
+0.5
571.00C
113,901.006
-12.2
—12.3
429,354
Mlnot
X
424,OOC
—15.7
1,293,133
105,094,184
1
•/
X
14,153,288
1,279,370
Paul
12,264,969
303,647,631
11,936,444
206,162,872
Fergus Falls
N, I>.—Fargo.——-
—13.6
2,716,021
2,845,804
—4.6
10,170,458
—0.5
Great Falls—
2,685,821
10,333,097
11,705,660
—14.9
36,718,577
39,745,733
—7.6
190,423
273,324
-28.1
662,772
901,794
il,724,705,918
+
560,808
—26.5
1,578,704,865
020+06
—11.7
9,318,544
3,402,009
10,949,354
-21.1
Helena
Lewlstown
....
Total (10 cities)
420.898,871
Tenth Federal Rese
Neb.—Fremont—_
rve
-
467,070,127
District— Kansas City374,770
400,619
\ Hastings
1,580,145
—5.6
513,546
435,414
—24 +
2*.051*675
2*053*766
98,525,538
—8.5
96,702,541
106,080,051
—8.8
95+82,735
1,714,991
—7.9
93,538
79,046
+ 18.3
117,443
107,397
127,553
2,517,259
32,410,017
—15.8
107,353
82,451
—8.9
2,955,714
34,382,426
2,373,115
29+66,395
2*36*4+94
2,120,271
2,250.762
—5.8
11,627,491
—14.2
2,292,053
—19.5
45,937,024
529,023,985
—14.0
138,907,898
39,514,519
460.342,945
—13.0
25,308,180
15,530,231
—1.9
60,852,100
571,552
677,284
—2.9
2,377,668
64,529,605
2,186,318
—5.7
654,925
+29.5
2,989,302
+ 15.0
9,387,350
+0.6
39,447,133
+ 1.2
2,286+83
1,732*966
+ 31 +
1,729*855
13,704,870
—13.5
3,438,667
39,927,545
50.500,113
54,301,627
—7.0
2,368,055
2,997,967
—21.0
2,523,453
2,365+26
2,116,431
—15.6
8,040,506
8,272,859
—2.8
480,814,212
—28.2
1,403,900,689
1,719,612,494
—18.4
78,884,869
118*.81*8*739 —33*6
89*414+78
—12.9
2,321,391
81,635+75
2,650,027
876,907
9,445,178
11,854,315
1,785,820
345,048,741
11.088,597
339,822
37,917,477
2,791,345
113,697,018
2,124,352
1,161,601
Wichita.—
Carthage
Okla.—Tulsa
Colo.—Colo. SpringsDenver
Pueblo
Wyo.—Casper..
(18cities)...
Eleventh Federal R
eserve
Beaumont
13,289,425
562,172
47,270,949
54,289,671
—39.6
2,138,413
—10.4
2,918,811
135,280,972
2,404,286
159,413,409
11,636,431
—13.1
—16.0
151,387.041
10,108,991
452,487,998
532,752.507
—15.1
3,100,031
—31.5
11,000,403
4,569,816
—20.3
El Paso
Worth
Wichita Falls
Total (11 cities)..
461,502,599
Twelfth Federal Re
serve
*393*895
61*7*239
*537*635
130,305,694
—7.5
2,749,400,725
3,246,332,623
—15.3
114,813,894
162,010,339
—29.1
126+87,612
+0.9
20,341,950
24,056,132
+9.5
1,295,026
1,444,599
—10.4
1,209,230
1,070+22
—15.3
17,504,393
17,965,905
—2.6
—9.4
825,134,136
78,410,946
110,338,257
44,179,000
677,743,874
7,704,997
18,252,144
806,427,428
—4.8
45",699+87
49*,24*9*,707
—*7*2
39,278+70
33,403,262
79,352,495
—1.2
+ 1.7
-San
Franc!
2,341,836
+3.3
—20.9
—9.6
—3.2
—12.2
+ 7.2
—23.4
'
—9.9
4,673,010
59.807,969
—7.4
1,870,090,676
—7.7
6+80+95
8*.8*82+53 —2*1*4
5,614+50
4,710*657
46,208,000
—4.4
1,817,000
2,685,000
—32.3
1,918,000
2,031,000
681,535,719
—0.6
7,990,784
—3.6
119,482,412
"
"
"
15,446,933
+ 18.2
863+25
871+41
—1*0
71*8*301
5,273,834
—11.4
61,196,281
—2.3
3,197" 228
3*.22*0+25
-NO.7
3,235,824
1,936,260
1,924,935,923
—2.8
59,852,761
66,354,925
—9.8
51+74,475
43,151,701
8,888,154
—23.5
X
SCO—
—22.6
Portland
619,043,929
—13.0
3l",4*5*7+72
38*,529*713
—1*8*4
32*268+75
30*.*123*,421
—13.0
121,153,744
146,745,000
—17.4
7,209,000
7,924,000
—9.0
7,520,000
7,898+00
4,466,565
—19.2
13,595,065
16,511,866
—17.7
787,031
957,629
—17.8
783,425
676,106
5,037,103
—5
—2.6
1,134,000
—9.5
18,649,631
3,772,000
19,145,892
1,026,000
118,129,749
Idaho—Boise
Ore.—Eugene
—20.3
37,081,000
4,781,485
—
6,803,497
538,435,871
32,265,137
3,610,917
Seattle..--.-—.
3,880,000
—2.8
—14.4
479,581,617
25,552", 109
31,9*17*885
—19+
24*, 4*6*7*215
22,667*427
12,013,368
15+3*1*244 —2*4*6
14*.*1*07+89
13*.13*9*299
173,745,837
138,047,278
Utah—Ogden
Salt Lake City
2,577,351
2,838,768
—9.2
55,395,214
74,749,251
—25.9
Ariz.—Phoenix
12,955,629
17,509,559
—26.0
9,276,305
8,172,149
21,286,540
+ 13.5
*
Calif.—Bakersfleld.
10,193,140
517,525,475
—7.3
12,145,417
—16.1
223,067,147
52,075,061
272,288,260
—18.1
67,501,556
—22.9
28,350,648
+ 13.0
—18.1
9,421,473
17,882,049
.'
—55.7
32,028,678
67,004,276
19,953,823
—10.4
68,694,271
81,781,372
74,843,459
3,224,000
Berkeley
Long BeachModesto..
3,675,000
—12.3
12,514,000
13,365.000
—6.4
19,099.886
—16.5
63,298,826
—16.4
4,256,948
—17.8
75,673,302
16,271.388
2,618,164,032
45,782,452
25,569,159
—14.4
130,809^000
—8.8
2,525,588
—1.4
1,481,049
36,192,282
—7.2
4,699,668,643
-13.5
93,250,957,301 117,054,943,938
-20.3
5,528,943,895 J,595,681,583
—16.2
1+95,034,495 7,274,336+33
41,134,116,744
-16.3
5,175,440,296
—20.1
2,438,369,381 2.325,967+55
15,948,456
Riverside.
•
3,500,605
Francisco..-,
13,439,382
570,180,000
679,276,909
—16.1
2,242.401,421
11,021,555
San Jose
Santa Barbara
12,472,457
7,100,301
—11.6
41,772,894
—1.0
9,859,494
—13.2
25,202,355
33,578,024
1,242,104,704
-17.3
4,067,260,900
7,027,120
8,559,311
Stockton
cities)
1.027,007.261
m
Grand total (194 cities) 24,013,408,874
28,820,739,444
-16.7
1
Outside New York
10,313.185,935 12.747,155,854
—19.1
Month of April
Inc. or
1937
Canada—
S
4*. 418", 009
—7*6
3*.*777+86
3*,543+67
4+89+83
—2*0*1
3*.36*7+04
2,682+88
155+29*666 —"1*5*7
142*720+66
124,470,079
2,741,347
—7+
2,212,388
2,233,347
1,670,283
—11.3
1+40,040
1,152,791
1,937,664
2,177,688
—11.0
1,779+54
1+65,395
221,226,902
265,585+81
—16.7
234,543,376
210,251,720
—17.4
1.
AND
FOR
J,722,723,795
Dec.
ENDED
WEEK
Four Months Ended April 30
Clearings at1938
4,107*049
3",347+72
—8.2
49,149,061,076
CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY
Inc. or
1938
1937
Inc.
1938
1937
Dec.
1936
%
%
$
$
%
$
Montreal
414,179,291
Winnipeg
145,461,274
Vancouver.
67,137,747
85,330,840
—21.3
Ottawa
445, 270,507
271, 195,599
343,665,716
—21.1
82,457,939
15,925+50
92,512,009
21,959,766
—10.9
289, 115,440
330,418,293
—12.5
19,464,913
—3.7
77, 722,084
80,113,119
—3.0
4,902,929
5,414.264
619,453,147
Halifax
1,865, 349,324
518,456.890
—20.1
1,616, 721,875
191,369,339
21,136,380
—27.0
—24.0
2,267,085,966
2,000,757,749
611,820,693
28
or
Dec.
452,179,801
.......
APRIL
Week. Ended April 28
Toronto
1935
S
—17.7
101,595,120
130+53,869
—22.2
102,828,513
162,318+13
—19.2
94,531,263
108,069,213
—12.5
97,647+48
105,658,562
—27.2
37,646,279
37,056,533
+ 1.6
56,406,498
106,479+55
18,182,752
—12.4
17,733,738
17,346+86
18.804,396
+3.5
21,328,499
29,681,244
—9.4
3+03,522
4,557,696
9,953,121
10.876,509
—8.5
39, 521,416
42,211,841
—6.4
22,443,868
Hamilton
Calgary
268+27
—4.9
"
535,792
—22.5
498,179,710
District
1.812,814
138,412,091
Yakima
Pasadena
*134+45 +3*7*9*2
4,851,505
4,427,811
985,952
14,326,244
Wash.—Bel lingh am
*6*4*2*806
"509" 422
8,762,544
4,649,621
222,945,388
18,695,299
33,700,771
11,336,000
176,179,461
2,271,509
4,130,381
1,286,674
15,908,377
170,621,853
1,993,871
Texarkana
2,710,299
~
6,874,345
10,248,000
La.—Shreveport
—12.6
*
1,255,845
26,664,305
Port Arthur
—5.0
Dlstric t— Dallas—
Galveston..
Houston...
—4.4
2,656,861
—11
873,018,277
4,108,055
201,878,588
19,314,209
—
Spokane
—10.6
6,933,711
—
Dallas
—21.9
+8.8
42,301,557
676,574,711
Texas—Austin
Quebec
158,506
—9.3
——
Mo.—Joplin
Kansas City
St. Joseph.—.--.
Total (20
613,548
2~,*8*1*7+21
15,242,168
City.—
T Topeka.——
San
579,067
2,117+86
565,526
Manhattan
f Parsons
Fort
—9.9.
-6.5
<
9,977,274
111,781.705
Lincoln
Omaha.
Total
10,122,944
512,096
Kan.—Kansas
f
77,600,000
—27.7
Winona.--..---—-
f
87,500, OOC
—20.6
1,273,208
108,482,637
1,359,902
S
$
—19+
677.814
Rochester
;
90,700,00(
635,370,025
cities)
Ninth Federal Rese
8.
—18.8
2,320.000
Minneapolis
Grand
$
3,517,292
-
Minn.-—Duluth—
\
1935
1936
%
175,712,506
81,355,080
111.—Jacksonville.
St.
$
01
Dec.
1937
423,898
2,940,597
Tenn.—Memphis.-.
Total (7
1938
127,084,028
07,072,822
308,255
Independence....
Ky.—Louisville
Quincy
1937
Louis—
-St.
335,220,425
Cape Girardeau
Dec.
%
1938
%
District
erve
Mo.—St. Louis
Inc.
Dec.
2,264,182
2,339,334
—3.2
25,881,154
—13.3
2,021,759
2,410+87
82, 757,819
87,058,141
—4.9
5,402,469
5,768,042
—6.3
—20.3
4,124,355
4,345+95
—23.6
5,281,119
6,788,023
1,725,324
20,330,660
25,496,318
St. John.........
77, 875,121
101,946,682
7,971,968
4,988,485
5,323+22
—6.3
8,351,061
—4.5
Victoria
29, 524,311
31,950,401
—7.6
7,080.560
1,925,726
7,783,011
1,819,285
+ 5.9
—9.0
1,726,392
26, 721,379
29,547,672
—9.6
11,062.532
17,128,094
1,666,765
13,017,077
1,610+62
—15.0
+3 +
1,527,198
42, 797,104
47,977,968
—10.8
2+53,382
18,396,619
17,572,368
2,436.206
+ 4.8
—6.9
2,232,302
2,866,022
2, 324,303
65,155,449
—4.3
3,781,098
3+97,026
—5.4
+ 28.6
3,253,212
3+26,921
4,384,704
_.
London
Edmonton
Regina
•
22,590,507
1,794,598
Brandon..
55, 259.070
57,158,185
—3 3
1,470,801
6,732,711
1,272,832
4,800,375
+ 15.6
+40.3
3,128,211
Lethbridge
4, 789,352
4,655,037
+ 2.9
332+38
2,039,154
279,782
+ 18.7
—9.8
244,805
Saskatoon
1,839,311
5,319,214
6, 855,491
6,668,540
+ 2.8
433,448
6,270,305
421,894
—15.2
+2.7
451,110
441,095
19, 460,017
Moose Jaw
22,277,934
—12.6
2,269,362
1,247+63
—22.5
1,417,190
—12.0
2,927,875
1,256,707
•1,421.819
8, 176,247
9,841,869
—16.9
415,324
561,989
—26.1
471+91
14, 664,830
11, 816,044
475,890
16,270,916
—9.9
911,261
908,797
+0.3
669,374
846,701
12,606,259
—6.3
662+41
658,481
+0.6
507,746
600.704
10,446,538
—4.8
634+97
-
Brantford
3,849,016
4,309,989
—10.7
Fort William.....
2,952,097
3,213,830
—8.1
New Westminster.
Medicine
*2,300.000
9, 940,942
691+31
—8.3
—12.1
621 + 93
569+79
3, 123,777
3,438,574
—9.2
212,224
199,015
—6.0
+ 6.6
204,909
217,924
9, 747,298
10,569,478
—7.8
569,005
2,980,186
567,042
+4.2
+0.3
10, 956,388
626+74
10,120,535
+8.3
700+48
619+65
4,770,479
—6.2
+ 13.1
523+65
542,831
18, 070,210
17,631,420
+ 2.5
12,167,265
Windsor
—20.1
1,024,662
2,758,548
4,474,031
...
Kitchener
2,879,334
901,147
2,594,284
3,105,483
Hat
Peterborough
Sherbrooke
306+83
981,168
13,341,853
1,065.402
—7+
847+43
—8.8
1,159+34
49, 595,679
2,813,809
706,733
Prince Albert
52,836,708
—6.1
1,366,529
3+73,305
1,379,142
—0.9
4, 788,912
+ 9.2
3,211,872
2+39+17
5,279,415
—9.3
Moncton
301+04
3,136,798
285,300
3,194,386
—1.8
+5.5
289,501
328,723
11, 360,770
12,241,545
—7.2
733,328
751,964
—2.5
662,285
Kingston
603,332
2,229,209
2,340,796
—4.8
8, 568,819
8,706,752
—1.6
2,529,961
.....
Chatham
460.457
2,569,830
—1.6
487,762
—5.6
438+37
540.061
9, 863,446
9.588,838
+ 2.9
583,328
504.693
+ 15.6
411,421
452,415
Sarnia
1,947,152
1,979,911
—1.7
10, 143.015
8.069,246
Sudbury
+ 25.7
422,261
4,284,711
361+79
4,003,587
+ 7.0
+ 16.8
376+14
432+26
15, 587,310
15,520,490
+ 0.4
1+88.427
966,408
+23.0
896,813
846+65
1.359.850,113
1,719,712,807
-20.9
5.209,663,898
6,333,637,969
—17.7
317,240,999
359.737.482
—11.8
335,855,226
Total (32 cities)
*
Estimated,
x
No
figures available.
467,316.76
Volume
THE
We
Financial
146
ENGLISH
THE
MARKETS
SILVER
of
& Co. of London, written under date
each
The Bank of England gold reserve against notes
amounted to £326,407,160
Wednesday.
market about £875,000 of bar gold changed hands at the
April 13, showing no change as compared with the previous
In the open
daily fixing during the three days under review.
Following
news
regarding the future
from the United States of America
dollar weakened considerably
against sterling and there was in consequence some decline in the sterling
price of gold; however, a fall conforming to the full extent of the dollar
movement was not permitted, for, as on previous occasions, the level of
139s. 6d. appeared to be the point of
Quotations
resistance.
British
United Stat es of America
Beers
—
Belgium
day
Ry._
19/135/6
£20%
£20%
£20%
£20%
£8%
£8%
£14%
£15%
£14%
16/6
91/3
91/3
£35%
£43i6
£43i«
£4%
23/6
Vlckers
36/6
23/6
23/-
36/6
23 /9
22/9
37/-
Ltd
Molasses
23/-
£35%
£4%
£36
16/91/3
£35%
16/91/3
15/9
15/6
90/7%
£35%
*
Other countries
£4%
Other countries
£8-1u
£8%
CURRENT
22/6
—The seventh
day of the Municipal
annual field
£3,818,091
gold
sailed from Bombay on April 16, carries
are
Ingen & Co., Inc., Wendell R. Erickson
Blodget,
Inc., Augustus W. Phelps of Phelps,
&
Webster and
Harley A. Watson of Eldredge & Co., Inc.
John Linen of Chase National
week under review contained only
three working days, during which the market continued to be quiet.
certainty as to whether the United States Treasury would make any
Un¬
dis¬
crimination regarding Mexican silver was removed by a statement made
by Mr. Morgenthau on April 14 in the course of which he said that Mexico
as any
other seller and indicated that the Treasury
would not refuse silver offered from
Mexico
sibility of renewing the special purchase
there was
any pos¬
agreement with Mexico.
club in an inter-city match against a team
St. Louis municipal bond groups.
result of demand from India, the price
for forward silver ad¬
As cash remained unchanged at 18 15-16d.,
difference between the two quotations thus narrowed to 5-16d. from
by 3-16d. to 18%d.
vanced
the
bear carrying opera¬
prices were fixed at
%d., to which it had spread on the 14th inst. owing to
There
tions.
was
a
slight
18 13-16d. for cash and 18 9-16d. for two
At the
moment
is anticipated in
the
when
reaction today,
months' delivery.
outlook seems steadier and no important change
the near future.
The following were the
United Kingdom imports and exports of silver,
midday on the 16th inst.:
Exports
United States of America. x£905,206
registered from midday on the 11th inst. to
Imports
x£259,010
2,172
Hong Kong
Japan
Anglo-Egyptian Sudan
Netherlands
Belgium
2,776
1,650
Sweden
13,800
8,519
4,319
Germany
1,240
Poland
4,580
United States of America-
830
Netherlands
2,903
Other countries
£914,605
£294,672
Coin not of legal tender in
Quotations during the
the United Kingdom.
April
April
April
April
April
April
18Hd.
18 9-16d.
3
18.542d.
18.896d.
The highest rate
from
ENGLISH
recorded during the period
$5.01% and the lowest $4.98.
CABLE
FINANCIAL MARKET—PER
daiiy closing quotations for securities, &c., at
reported by cable, have been as follows the past
"
Sat.,
Man.,
pril 30
May 2
May 3
18 9-16d.
18 ll~16d. 18%d.
fineoz.l39s.6%d. 139s.6%d. 139s. 6d.
£74 13-16
Holiday
£74%
Fri.,
May 5
May 4
18%d.
139s. 6d.
May 6
18%d.
139s. 7d.
Silver, p. Oz. d_
Gold. p.
London,
week:
Thurs.,
Wed.,
Tues.,
A
:
cents
cents
cents
cents
cents
cents
of exchange on New York
April 14 to April 20 was
,
£75%
Consols. 2%%.
18%d.
139s.
8d.
£74 9-16
£74%
British 3 % %
Holiday
£101%
£101%
£101%
£112%
£113%
£113%
£101%
£101%
Holiday
W. L
£113%
British 4%
1960-90
price of silver per ounce (in
States on the same days has been:
The
cents)
£113%
the
in
United
42%
42%
42%
42%
42%
64.64
BarN.V.(for'n) Closed
64.64
64.64
64.64
64.64
U. S. Treasury
(newly mined)
64.64
NATIONAL
from
BANKS
information regarding National banks is
the office of the Comptroller of the Currency, Treasury
The
Redmond will be on
longest drive and nearest-the-pin.
Jack
hand again to give an exhibition of trick golf shots.
members applicable to the ownership
Shares are available to club
1938
and prizes will be
match play
and runner-up, low net and runner-up,
handicap,
Ford V-8 convertible sedan upon
of a
application to Mr. Phelps of the
opened and all prizes will be
Trading in these shares will be
committee.
—The two New York Stock
Berg, Eyre & Kerr have
& Co. and have
Beaver St.,
Exchange firms of Hubbard Bros.
been combined under the name
& Co. and
of Hubbard Bros.
Exchange Building at 60
member of the New York
opened new offices in the Cotton
New York City.
The new firm is a
commodity exchanges.
and Joseph
member New York Cotton Exchange, the only general partners
of Hubbard Bros. & Co.; Beverley M. Eyre, New York Stock Exchange
member, John Kerr, and William M. Newsom are general partners of the
new
firm.
Ralph H. Hubbard and W. Hustace Hubbard are special
partners.
Hunter Van B. Berg has retired from active business but is
Stock Exchange aDd
other leading securities and
Samuel T. Hubbard Jr.,
member New York Stock Exchange,
A. Russell,
making his headquarters
with the new firm.
general partner,
New York Stock Exchange,
F. Bartell has been admitted as a general partner
DeNike has become associated with them.
—With the retirement
Jackson Bros.,
announce
of William H. Fleischmann as a
Boesel & Co., members of the
that George
and that Redmond A.
following
Department:
COMMON
CAPITAL STOCK INCREASED
Ami.
April 23—First National
$22,400 to $26,400-
Bank in Philip, Philip, S. Dak.
COMMON
of Increase
From
-
Apr. 26—The Clay County National
Iowa.
From $25,000 to $37,000
Bank of Spencer, Spencer,
"
-
$4,000
Amt.
Bank of Sedan, Sedan, Kan.
-
CALLS AND SINKING
FUND
of Reduction
From
list of bonds, notes and preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Company and Issue—
1st mortgage 5s, 1956
Alton Water Co.
$25,000
Date
Page
May 14
2673
3000
sinking fund debentures
May 20
Appalachian Power Co., 1st 5s, 1941
June 1
Biltmore Hats, Ltd., 7% preference stock
May 14
♦Budd Realty Corp., 1st mortgage 6s, 1941
-June 1
California Packing Corp., 10-year 5% bonds
July 1
Chicago Daily News, 5% debentures, 1945
♦
Cleve. Cin. Chicago & St. Louis Ry.. 1st coll. tr. bonds-May 16
♦ Colorado Power Co., 1st mortgage 5s, 1953--.:
May 20
♦
Connecticut Railway & Lighting Co., 1st & ref. 4%s—July
1
Consolidated Edison Co. of N. Y., Inc., 20-yr.,4%s, 1951-June
1
*
Driver-Harris Co., 1st mortgage 6s, 1942June 1
Framerican Indust. Development Corp., 20-yr. 7%s 1942 -July
1
Frick-Reid Supply Corp, 15-year 6% debentures ______
Gemmer Manufacturing Co., 5%% aebs., due 1940
May 14
♦
Heller Brotners Co., 1st mortgage 7s__
June 1
*
International Agricultural Corp., 1st & coll. trust bonds-May 12
*
International Paper Co., lGt 5s
May 16
Kanawna Bridge & Terminal Co., mortgage bonds
June 1
(Glenn L.) Martin Co., 6% notes 1939
May 23
♦
Metropolitan Playhouses. Inc., 5% debs, 1945
May 25
Minneapolis Brewing Co. gen. mtge. 6%s, 1939
June 1
Morris 5 & 10c. to $1 Stores, Inc., 5% debs., due 1950
May 15
Paris-Orleans RR. Co., 6% bonds
June 1
Pearl River Valley Lumber Co. ref. inc. bonds, 1945
Sept. 1
Peoples Natural Gas Co., 5% preferred stock
July 1
Pittsfield Coal Gas Co. 1st mtge. 5s, 1952
June 1
♦
Power Securities Corp., collateral trust bonds
June 1
Safeway Stores, Inc., 10-year 4% debs., 1947
June 1
St. Joseph Ry., Light, Heat & Power Co., 1st 5s, 1946—July
1
St. Louis Rocky Mountain & Pacific Co. 1st mtge. 5s
May 12
*
Savannah Electric & Power Co., 1st 5s, 1955
May 19
(Robert) Simpson Co.. Ltd., 1st mtge. 5s, 1952__
July 1
Spang, Chalfant & Co., 1st mtge. 5s. 1948
May 16
*
Staten Lsland Railway. 1st 4%s, 1943
June 1
Swift & Co. 1st mtge. 3%s. 1950
May 16
Temescal Water Co., 1st mtge. 5s, 1960
May
*
Terre Haute Traction & Light Co., 1st mtge. 5s
May 17
Tokheim Oil Tank & Pump Co. 4% % debs., 1947
May 31
♦Aluminium, Ltd. 5%
Tooke Bros.,
Ltd., first mortgage
7s._.
America, 5% debs, bonds,
Co. 1st mtge. 5s, 1947
Virginia Power Co. 1st 5s. 1942
(Raphael) Weill & Co., 8% preferred stock
Wilson Line, Inc., 1st mtge. bonds, 1945♦ Announcements this week.
United Biscuit Co. of
12,000
CAPITAL STOCK REDUCED
April 26—The First National
$75,000 to $50,000-
REDEMPTION
stocks of
43
—43
43
43
43
-.43
13
14
15
16
18
19
The
as
will feature the outing, as in the past,
kickers'
Below will be found a
IN NEW YORK
(Per Ounce .999 Fine)
18 7-16d.
April 14
18 15-16d.
April 19--.18 15-16d.
April 20--18 13-16d.
Average of
days
par,
NOTICES
week:
IN LONDON
(Bar Silver per Oz. Sid.)
2 Mos.
Cash.
above
versus
2,272
Other countries
x
Golf competition
awarded for low gross
awarded at dinner.
by the news was apparent yesterday, when,
The better feeling imparted
as a
Mr. Morgen¬
spot basis.
did not know whether
thau stated, however, that he
mainly
on a
Cities and
which
from the Twin
Bank will captain an 8-man golf team
will represent the
Owing to the Easter holidays, the
Sachs & Co.,
Other members of the committee
announced.
L. Walter Dempsey of B. J. Van
of Stone
Fenn & Co. and
SILVER
Bond Club of New
Lake Success, Great Neck, L. I.,
Friday, May 20, F. Kenneth Stephenson of Goldman,
on
£283,000.
position
£8%
£8%
£8%
NOTICES
York will be held at the Lakeville Club,
£6,458,450
The SS. Strathnaver, which
same
37/23/22/6
37/—23/-
Witwatererand
Areas
chairman of the committee,
in the
67/6
£8%
£14%
£8%
£15
„
96/13/19/4/1/6
68/—
68/-
68/—
65/6
£8%
506,056
4,970
Sweden
8,864
120,510
10,485
Switzerland
was
£7%
1,250,197
Norway
612,072
France
to the value of about
68/9
39/-
20 h
135/-
Holi-
Rolls Royce
West
4/£21%
68/1%
39/6
70/7%
.40/-
£21%
Co
Shell Transport
126.459
15,402
Switzerland
£59%
4/£22
96/13/3
19/4/1/6
19/6
135/6
Box
United
£59%
4/£22%
£7%
A
Unilever
£60%
95/13/6
18/6
4/1/6
20/135/-
Gaumont Pictures ord.
Royal Dutch Co
£1,520,379
394,628
43/105/-
£7%
13/6
18/4/1/6
Ltd
Bay
May 6
May 5
47/3
105/6
95/13/6
18/6
4/1/6
20/135/6
Electric & Musical Ind.
Midland
Fri.,
Thurs.,
Wed.,
47/6
105/6
£7%
£7%
95/6
-
Co
Distillers
Ford
cable
2,836,822
19,087
Soviet Union
Netherlands
of gold,
midday on the 16th inst.:
France
19,541
Venezuela
Courtaulds S & Co
De
72/6
40/-
71/10%
40/-
Roan Antelope Cop M.
Netherlands
111,309
291,364
164,500
Canada
£22%
Rio Tinto
Exports
India
£22%
Metal
United States of America
£1,845,328
38,873
379,695
Australia
Central Mih:«fe Invest.
Rand Mines
United Kingdom imports and exports
Imports
British East Africa
105/6
£60%
4 /-
London
139s. 8d.
139s. 6d.
139s. 6d.
139s. 6.66d.
registered from midday on the 11th inst. to
British South Africa
/-
4
Imp Tob of c b & I.,
April 14
April 19
April 20-_
Average of above three days
The following were the
£60
British Amer Tobacco.
Hudsons
ounce):
(per fine
Cable 6c W ordinary
Canadian Marconi
Cons Goldfiwds of S A.
gold policy and the new spending policy, the
47/6
47/9
105/6
...
May 4
May 3
May 2
Apr. 30
Boots Pure Drugs
Tues.,
Mon.,
Sat.,
on
EXCHANGE
day of the past week:
April 20, 1938:
GOLD
STOCK
LONDON
Quotations of representative stocks as received by
the weekly circular of
following from
the
reprint
Samuel Montagu
AND
GOLD
2959
Chronicle
United States Rubber
June
1950- — -June
July
1
1
1
June 1
Sept. 1
July
1
1389
2358
3005
2842
2844
3007
3008
3009
2846
3011
1875
2850
2850
3016
3018
3018
2857
2049
3022
2378
2861
2863
2383
2865
2383
3028
2868
120
2 548
3030
2385
1890
3032
2550
2872
3034
2388
2873
2874
2226
1389
1898
2875
2960
Financial
Chronicle
May 7, 1938
DIVIDENDS
Per
Dividends
first
are
bring together all the dividends
we
current week.
we
grouped in two separate
show
the
Then
we
dividends
follow with
a
tables.
Name
In the
announced
the
previously announced,
but
McGraw Hill Publishing (no action).
McKenzie Red Lake Gold Mines Ltd. (quar.)
Meadville Telep. Co. (quar.)
which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
in
Metal Textile
name
Department" in the week when declared.
our
The dividends announced this week
are:
Per
Name of Company
lc
(quar.)_
(guar.)
American
Cap Corp. $5 H prior preferred (quar.)
American Steel Foundries (no action)
American Thread Co. $5 preferred (s.-a.)
SIN
SIM
July
Archer-Daniels-Midland
Associated National Shares series A (bearer)
Atlas Corp. 6% preferred (quar.)
May
May
May
May
May
May
May
June
Baltimore Radio Show, Inc. (quar.)
6% preferred (quar.)
Bandini Petroleum Co. (quar.)
Bankers & Shippers Insurance (N. Y.) (quar.)Baton Rouge Electric Co. $6 pref. (quar.).
June
June
May
May
Bedling-Corticelli, Ltd. (quar.)--.
Preferred (quar.)
Bellows & Co. class A (paid in A stock)
Class B (paid $1 in A stock and 60c. cash)
July
July
Apr.
—
14
31
16
16
June
May
May
Bridgeport Gas Light (quar.)
Bristol-Myers Co. (quar.)
Brown Shoe Co. common (quar.)
June
June 16
BllllnrTrfl
Tni*
June
June
^
^
Canada & Dominion Sugar (quar.)
Extra
Canadian Foreign Investment Corp. (quar.)
8% preferred (quar.)Carolina Telephone & Telegraph (quar.).
Catawissa RR. Co., 5% 1st & 2nd pref. (s.-a.)—
Central Illinois Public Service 6% preferred
$6 preferred
Central Railway Signal Co. class A (quar.)
Central Vermont Public Service pref. (quar.)
May 19
June
May
May
June
May
May
Apr.
Apr.
20
20
26
30
May
May
May
May
14
16
20
31
June
11
June
May
June
—
5
15
15
$6 preferred (quar.)
June
-
June
Clark Equipment preferred (quar.)
Coca-Cola Co
Class A (s.-a.)
June
Coca-Cola International
June
July
July
July
July
common
Class A (s.-a.)
Collins & Aikman Corp
Preferred
(guar.)
Colonial Ice Co. common
Common
$7 cum. preferred (quar.)
Cumulative preferred, series B (quar.)
Compressed Industrial Gases (no action)
Crown Cork & Seal Co. (no action)
Preferred (quar.)
June
May
-
July
July
56Hc
30c
(quar.)
Divco-Twin Truck (no action)
Dome Mines, Ltd., new stock
Eastern Utilities Assoc. (quarAEast St. Louis & Interurban Water—
June
July
June
—
Ewa Plantation Co. (reduced) (quar.)
Fajardo Sugar Co. of Porto Rico
Additional div. of 50c. per sh. representing a
distribution our of proportionate interest in
-
div. of the Fajardo Sugar Growers' Assoc.
Federal Light & Traction Co. preferred (quar.)_
Firestone Tire & Rubber
preferred (quar.)
Fishman (M. H.) (quar JGaylord Container Corp. (quar.)
Preferred (quar.)
General Acceptance, 6% preferred
-
(quar.)
^$1H preferred (quarterly)
General Gas & Electric Corp. (Del.)—
$5 prior preferred (quar.)
1 May 20
1 May 20
July
July
May
May
May
May
-
1 May 16
SIM
SIM
15c
25c
68 He
30c
37Mc
June
1 May 16*
June
1 May 15
1 May 14
June
June
15 May 31
15 May 31
May 16 May
5
May 16 May
5
June
June
General Motors Corp.$5 preferred (quar.)
General Outdoor Advertising preferred
(quar.)__
General Public Utilities, Inc., $5 pref.
(quar.)__
Gibson Art Co.
—
(qu.)
Common (no action)
Gossard (H. W.) Co
Grand Union Co. $3 conv. preferred
(quar.)
Guggenheim & Co. 7% preferred (quar.)
Gulr States Utilities $5H preferred
(quar.)
$6 preferred (quar.)
Hawaiian Pineapple (year-end)
Hazel-Atlas Glass Co. (quar.)
Hires (Chas. E.) Co. class A common
(quar.)
Hobart Mfg. Co. class A (quar.)
Hollinger Consol. Gold Mines, Ltd. (monthly)__
Homestake Mining Co.
(monthly)
Hooven & Allison Co. (reduced)
(s.-a.)
Huntington Water Corp., 7% pref. (quar.)
6% preferred (quar/)
International Nickel Co. of Canada, Ltd
Ironwood & Bessemer Ry. & Lighting Co.—
7% preferred (quar.)_
Italo-Argentine Electric Co. (American shares).
Lansing Co. (quar.)
Lanston Monotype Machine
Laura Secord Candy Shops (quar.)
Lexington Water Co. 7% preferred (quar.)
Louisville Gas & Electric class A & B (quar.)
Ludlow Manufacturing Associates
Ludlum Steel Co. (no action)
Massachusetts Plate Glass, Inc. (s.-a.)
Matson Navigation Co. (quar.)
-
18
18
16
20
15 June 30
1 May 21
15 July
2
15 July
2
31 May 16
31 May 16
25 May U
14 May
5
June
.
-
15 May 31*
May 31 May
May 31 May
June
1 May
June
1 May
June
El Paso Electric Co.
(Texas) $6 pref. (quar.)
Ely & Walker Dry Goods Co
1st preferred (s.-a.)
2d preferred
(s.-a.)
Empire Capital Corp., class A (quar.)_Extra
Emsco Derrick & Equipment
June
July 20 June 30
May 16 May
6
7% preferred (quar.)__.
6% preferred (quarj
(guar.)
June 20
13 May 12
1 July 11
Aug.
May 23 May 16
July
1 June 20
July
June
June
June
1 June 20
15 May 16
1 May 16
1 May 10
May 15
June
June
Apr. 29
15 May 31
15 May 31
May 23 May 13
July
1 June 15*
June
June
1 May 14
1 May 14
May 20 May
6
May 25 May 20
May
2 Apr. 25
June
1
June
1 May 20
May 20
June 30 May 31
June
1 May 16
May 10 Apr. 30
May 10
May 31 May 20
June
1 May 14
June
1 May 20
June 25 May 31
June
1 May| 7
July
1 June 30
May 15 May 10
May 14*
June
June
June
June
June
June
May
May
June
16
14
9
14
14
14
15
28
30 June 15
2 Apr. 30
1 May 16
June
1 May 20
May
2 Apr. 22
10 May 24
June
May 30 Apr.
June
1 May
May
June
May
June
May
June
May
June
May
June
May
June
May
20
20*
16
16
June
19
14
14
14
16
50c
2oc
July
May
June
May
6
25c
June
June
10
May
July
July
July
July
Apr.
23
SIN
SIN
$1N
:
14
June 20
June 20
June 20
June 20
June
June
SIN
June
2c
May
May
May 20
May 11
May 11
40c
2c
-
SIN
6% preferred, series B (quar.)
Southington Hardware (increased)
Spear & Co., 1st and 2d preferred (quar.)
1
May 25 May 14
37Hc
37Hc
SIN
$100 par (s.-a.)
Extra.
June
Apr.
June
June
June
$2
June
$2
95c
June
20c
June
2Hc
June
50c
June
June
June
May
Apr.
May
May
May
May
May
May
May
May
May
May
May
May
May
20
26
16
16
16
16
16
16
16
16
16
16
31
14
20
June
1
June
25c
58 l-3c
50c
41 2-3c
June
June
May
May
May
May
May
10
17
16
16
16
SIN
1*4
June
June
Dec.
Dec.
1
20c
June
30c
25c
(quar.)
Improvement Co
June
25c
6% preferred (monthly)
5% preferred (monthly)
Troy & Greenbush RR. Assoc. (s.-a.)
Semi-annually
Union Gas of Canada (quar.)
Union Tank Car Co. (quar.)
United Biscuit Co. of Amer. (quar.)
June
May
May
May
July
May
May
20
16
13
15
31
17
Apr.
Apr.
May
May
May
May
May
30
29
16
16
16
16
14
July
June
18
June
May 20
June
June
June
SIN
Universal Winding Co. 7% preferred (quar.)
Vick Chemical Co. (quar.)
Extra
;
Aug.
25c
United States Casualty Co. cum. conv. preferred
United States Electric Light & Power Shares
Series B
June
22Hc
June
3c
SIN
May
Msy
-
Western Public Service Co. preferred A
West JerseyA Seashore RR. 6% spec. gtd.(s.-a.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)
—
Williamsport Water Co. $6 preferred (quar.)
Youngstown Steel Door (no action)
50c
10c
June
$9
-
Washington Ry. & Electric Co
.
June
50c
.
Tide Water Assoc. Oil Co
Timken Roller Bearing
United Gas
June
50c
Sterling Products, Inc. (quar.)
Stuart (D. A.) Oil Co., partic. pref. (quar.)
Sullivan Consolidated Mines, Ltd
Swift International Co., Ltd., dep. ctfs
Terre Haute Water Works Corp. 7% pref. (qu.)
Thew Shovel Co., pref. (quar.)
Preferred
June
25c
10c
25c
Standard Oil Co. (Calif.).
Extra
Standard Oil of Indiana (guar.)
Standard Oil Co. (N. J.), $25 par (s.-a.)
Extra
May
nl8?
SIN
SIN
June
June
June
1
Below we.give the dividends announced in previous weeks
and not yet
paid.
The list does not include divideuds
nounced this week, these
Share
Company
Acme Wire Co
Akron Brass Mfg. (resumed)
Alaska Packers Assoc. (quar.)
12Hc
-
-
Holders
May
May
May
Apr.
30
June
July
June
SIN
June
May 14
50c
Allegheny Steel Co., 7% pref. (quar.)
June
June
SIN
43 Nc
Aluminum, Ltd., pref. (quar.)
Aluminum Mfrs., Inc. (quar.)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
60c
Sept.
13
15
Sept. 16
15
15
50c
Envelope Co., 7% pref. A (qu.)
7 % preferred A (quarterly)
7% preferred A (quarterly)
American Home Products Corp., (monthly)
American Metal Co
—
Dec.
June
June
Dec.
Dec.
25c
American Bakeries Corp. 7% preferred (s -a.)__
American Can Co. (quar.)
Dec.
SIN
SIN
SIN
American Arch Co
June
May 20
t3»1
July
May
June
SIN
SIN
SIN
Sept.
June
Sept.
25c
May
May
50c
—
Amoskeag Co., common (s.-a.)—
Preferred (semi-ann.)
Argo Oil Co
$1fl
S2N
20c
-
1st preferred—
Associated Telep. & Teleg. Co. 7% 1st pref. (qu.)
$6 1st preferred (quar.)
:
Atlantic Coast Line RR., pref. (s.-a.)
Atlantic Macaroni Co., Inc. (quar.)
May
May
May
May
May
Apr.
May
June
May 10
July
July
May
June 25
SIN
SIN
SIN
June
49c
42c
May
,2j1
Apr. 25*
May 25
Aug. 25
Nov. 25
June
40c
15
15
Dec.
June
SIN
-
Sept. 15
June
20c
25c
Preferred (quar.)
American News Co
American Re-Insurance Co
American Smelting & Refining Co
American Tobacco Co. com. & com. B (qu.)
Artloom Corp., preferred
Associated Dry Goods Corp. 6%
7% 2d preferred (quar.)
When
Payable of Record
May 10
Apr. 30
May 14
121?
Allied Products Corp. class A (quar.)
American
an¬
being given in tne preceding table.
Per
Name of
15 May 16
June
June
Apr.
May
May
May
May
May
May
Apr.
_
(quar.)
Toledo Edison Co., 7% preferred (monthly)
-
SIM
& Rubber Co. $5 conv. pref.
June 20
June 20
July
Crum & Forster Insurances Shares A and B
Goodyear Tire
May 19
May 19
May 16
June
—
—
Preferred (quar.)
Cushman's Sons 7% preferred
Dayton Power & Light preferred
11
June 11
May
19
19
5
30
28
Southern California Ed
Ldison Co.. Ltd—
June 11
June
SIN
SIN
SIN
25c
70c
Soundview Pulp Co. (no action)
Preferred (quarterly).
Chicago District Electric Generating Corp.
Chrysler Corp
City of New Castle Water, 6% preferred (quar.)
10
tSl
Extra
June 24
June
1 May
412-3c
—.—
7% preferred (quar.)
Savannah Electric & Power 8% debentures A
7H% debentures B (quar.)
7% debentures C (quar.)
6H% debentures D (quar.)
Scott Paper Co., common (quar.)
Shenangd Valley Water Co. 6% pref. (quar.)
Simon (W.) Brewing (quar.)
7
June
1
June
St. Louis Car Co.
Apr. 30
May 15
May
July
July
July
May
15 June
50c
58 l-3c
Saco-Lowell Shops conv. pref. A & B
St. Joseph Lead Co
May 11
May
May
June
12Hc
iverside Silk Mills Co., class action).
8uaker State Oil Refining (no A (quar.)
May 16
May 30
June
.1
Bulolo Gold Dredging Co. (Interim)
Butte & Superior Mining Co. (liquidating)
June
$2
_
Apr.
6
Apr.
6
Apr. 30
May
1
Apr. 30
Apr. 30
Boss Mfg. Co. common (reduced)
$2
50c
—
4
Boston Rouge Electric Co., $6 pref. (quar.)
Brewers & Distillers of Vancouver, Ltd—
Extra
Apr.
Apr.
May
Apr.
Apr.
1
May
May
May
May
May
Orange County Telephone 6% pref. (s.-a.)
$3
Peerless Woolen Mills 6H
SIN
%.lst preferred (s.-a.)
Pennsylvania State Water $7 preferred (quar.)
SIN
Pennsylvania Sugar Co
50c
Phelps Dodge Corp
15c
Philippine Long Distance Telep. Co
42c
Pittsburgh Coke & Iron Co., $5 pref
$1N
Potomac Electric Power Co. 6% pref. (quar.)
SIN
5H% preferred (quarterly)
SIN
Public Electric Light Co. 6% pref. (quar.)
SIN
Public Service Co. of Colorado, 7 % pref. (mo.)
58 l-3c
6% preferred (monthly)
50c
412-3 c
5% preferred (monthly)
Purity Bakeries Corp. (quar.)
15c
June 15
Apr.
May
May
1
May 20
30c
Ohio State Life Insurance Co. (quar.)
Ohio Water Service A_
9
1
June 15
June
June
May
25c
6% preferred (monthly)
7% preferred (monthly)
Ohio River Sand 7% preferred
May
June
Atlas Powder Co
June
June
t25c
6% preferred (s.-a.)
Light & Power, pref. (quar.)
Ohio Power Co., 6% preferred (quar.)
Ohio Public Service 5%, pref. (mo.)
May 31
May 21
June
:
17
1 Aug. 15
Sept.
3c
Nova Scotia
May 25 May 14
May 10 Apr. 30
June 21
July
June
May 14
87 He
2 May
June
Neon Products of Western Canada Ltd.
When
Holders
Payable of Record
Share
Acme Gas & Oil Co., Ltd. (resumed)
Allentown Bethlehem Gas 7% preferred
Allied Stores Corp. 5% preferred
of Record
37Hc
81 He
SIN
Corp., preferred (quar.)
Michigan Bakeries, Inc., $7 pref. (quar.)
$1 non-cum. preferred (quar.)
Monolith Portland Cement, 8% preferred
Montreal Light, Heat & Power (quar.)
Morse Twist Drill & Machine Co
Mountain Producers Corp. (s.-a.)__
Mullins Mfg. preferred (no action).
Muncie Water Works 8% preferred (quar.)
National Container Corp
"General Corporation and Investment
pany
News
Holders
PayabU
75c
75c
May Dept. Stores (quar.)
Quarterly
second table iD which
When
Share
of Company
June
June
May
May
May
14*
20
20
9
29
6
June 26
Apr.
May
May
May
Apr.
Apr.
Apr.
Apr.
16
16
13
13
30
30
22
25
Volume
Financial
146
July
ljMay 31
llMay 31
July
May 17|May
9
May 16'Apr. 30
May 16, May
5
June 30 June 30
Apr. 25
May
June
3
July
June
3
July
June
May 14
May
May
May
May 16 May
June
1 May
5% preferred (quar.)
Bigelow-Sanford Carpet, preferred (quar.)
Biltmore Hats, Ltd., 7% preferred
Blauner's (quar.)
Preferred (quar.)
Blue Ridge Corp. $3 conv. pref. (quar.)
Opt. div. 1-32 sh. of com. or cash.
Borden Co.
common
Brewster Aeronautical
Buck Hill Falls Co
Buckeye Pipe Line Co
Buffalo Ankerite Gold Mines, Ltd.
(quar.)
(quar.)
5% pref. (quar.)
Byron Jackson Co
Calamba Sugar Estates (quar.)
California Packing Corp. (quar.)
Preferred (quar.)..
California Water Service Co. 6% pref. (quar.)
Oambria Iron Co. (semi-annual)
(quar.)
Canadian Oil, Ltd. (quar.)
May
May
May
May
>
19
5
10
June
1 May
87 He
Dec.
1 May 10
1 Aug. 10
1 Aug. 10
X Nov. 10
50c
Dec.
1 Nov. 10
July
May
May
May
May
1
Sept.
Sept.
SI
SI
S1H
68Hc
Connecticut Light & Power pref. (quar.)
Connecticut River Power Co., 6% pref. (quar.)_
Consolidated Oil Corp. (quar.)
--$5 pref. (quar.)
-—Continental Can Co., Inc., com. (quar.)__
Cooksville Co., Ltd., 5% pref. (quar.)
Copperweld Steel Co. (quar.)
Corporate Investors, Ltd—
Cosmos Imperial Mills Ltd. (quar.)
5% preferred (quar.)
Creameries of America, Inc.. preferred (quar.)..
Cresson Consol. Gold Mining & Milling (quar.).
Crown Cork & Seal Co., Ltd. (quar.).
Crown Drug Co. preferred (quar.)
Crum & Forster pref. (quarterly)
Cuban Tobacco, 5% pref
1%
87 He
June
June 23
July
June 22
50c
June
June
10
$1M
June
87 He
June
May
May
Aug.
May
16
16
20
28
JuneJ 6
20
Gamewell Co.
5H% pref. (qu.).
Derby Oil & Refining preferred
Detroit Gasket & Mfg. preferred (quar.)
Detroit Hilisdale & Southwestern (s.-a.)
Semi-annually
Diamond Match Co partlc. pref. (semi-ann.)..
Quarterly
Quarterly
Quarterly
Stock div. of l-10th a sh. of Pan American
Match Corp. for each sh. Diamond Matcb
Quarterly
Quarterly
S1H
ilH
;ih
50c
20c
SIM
50c
SIM
30c
7c
25c
25c
873|c
25c
"fS
tS2M
Si %
_
June
ljMay 16
May 14 Apr. 23
May 16 Apr. 30
June
10 June
1
May 16 Apr. 30
May 14 Apr. 30
July 15 June 30
June
May 10
May 15 Apr. 30
May 16 Apr. 30
May 16 May 10
June 30 June 20
June 30 June
Honolulu Plantation
Hormel (Geo. A.)
17
Jantzen Knitting Mills,
—
July
1
Oct.
Oct.
1
LIbbey-0wens-Ford
Dec.
Dec.
23
June
51
30c
June
52
July
June 20
S2
75c
25c
Jan.
Dec. 20
Sept.
June
25c
Sept.
25c
Dec.
Aug. 10
May 10
Aug.
8
Nov. 10
June
June
June
SIM
May
June
Sept.
10
10
30
18
Aug. 18
May
May
Apr.
May
Dec.
Nov. 18
July
May
May
May
May
June 30
Apr. 30
May 2
May
2
Apr. 30
June
40c
June
tS3
May
40c
June
SI
June
Oct.
Oct.
(qu.) —
——
June
May
May
May
May
May
Sept.
Sept.
May
10
10
20
2
16
20
20
21
June
Dec. 31
June
June
17
July
May
June
May
June
May
May 15 May
Aug. 15 Aug.
20
14
16
16
June
—
June
5
15 June
Sept. 15 Sept.
Dec.
July
pref. (quar.)
3
Aug.
Nov.
Dec.
(quar.)
pref. (quar.)
(quar.)—
Taylor 1st preferred (quar.)
Louisville Henderson & St. Louis RR..
5% preferred (semi-ann )
- Lumbermen's Insurance (Phila.) (s.-a.)
---Lunkenheimer Co., 6H% preferred (quarterly)-
Apr. 30
June 18
6H% preferred (quarterly)..
6H% preferred (quarterly)
Oct.
Sept. 17
Rr educed
Jan.
Dec. 24
Lynch Corp
10 Nov. 25
June 21
Sept. 21
Dec.
24
June
Extra
May
July
10 Nov. 25
10 May 25
Sept. 10 Aug. 25
Jan.
pref. (quar.)
Nov.
15
25
25
June
Dec.
Extra
40c
26
30
7
14
Oct.
pref. (quar.)
25c
Oct.
May 15 Apr.
May 25 May
June
1 May
July
1 June
June 10 May
Sept. 10 Aug.
412
Lord &
2
May 17
May 17
July 26
June
July
Extra
Loose Wiles Biscuit, pref.
May
June
8% preferred (quarterly)
8% preferred (quarterly)
Loblaw Groceterias class A and B—
Longhorn Portland Cement Co.—
5% refunding participating pref.
15 May 31
June
Original capital
Original capital
Lock-Joint Pipe Co. 8% pref. (quar.)
5% refunding participating
1 June 14
10 June
June
guaranteed (quar.) —
Special guaranteed (quarterly)
Special quaranteed (quarterly)
Original capital
5% refunding participating
15 Dec.
June
Glass
Aug.
56Mc
56Mc
May 10
July
Aug.
(quar.)
.
1
Sept. 30
Little Miami RR., special
Inc
13 June
June 30
Nov. 15 Nov.
25c
56 Mc
lJay 10«
May 10
June
May 10*
2
May 20 May
June
1 Apr. 30
Link Belt Co
Loew's
Nov. 2l
June
Life Savers Corp
Liggett & Myers Tobacco (quar.)
Class B (quar.)
Lincoln National Life Insurance (Ft. Wayne) —
Quarterly
Lindsay (C. W.) & Co.. Ltd., 6H% preferred—
Lindsay Light & Chemical
Preferred
May 21
Aug. 22
Dec.
Power 7% pref. (quar.) —
July
15
June
June
6% preferred (quar.)
Land is Machine (quar.)—
SIM
SIM
SIM
SIM
14
1 May 25
6
Sept.
.
Nov. 19
1 Nov. 10
July
preferred
Mining Co. (s.-a.)
Lake Superior District
9
10
10
10
June
Participating dividend
Kresge (S. S.)
Kroehler Mfg. Co. 6% class A pref. (quar.)
6% class A preferred (quar.)
6% class A preferred (quar.)
Kroger Grocery & Baking Co
6% preferred (quar.).
7% preferred (quar
Lake-of-the-Woods Milling preferred (quar.)
22
9
13
5
June 20 June
(quar.)
Kentucky Utilities 7% jr.
Dec.
May 20
May 20
May 14
June
Keith-Albee-Orpheum 7 % preferred
Kemper-Thomas, 7% special pref. (quar.) —
7% special preferred (quar.)
7% special preferred (quar.)
Kendall Co., cumui. & partic. pref. ser. A (qu.
Participating preferred A
Kirkland Lake Gold
3 Dec. 31
May 10 Apr.
preferred (quar.)
Sept.
SIM
SIM
4H% pref. A (quar.)—
4 H % preferred A (quar.)
Jan.
May 14 Apr.
June
1 May
June
1 May
June
1 May
May 16 May
May 16 May
June
1 May
Sept. 1 Aug.
Dec.
June
(semi-ann.)
preferred A (quar.)
—
Quarterly
Quarterly
Jewel Tea Co., Inc., common
14
1 May 12
May 10 Apr. 30
May 16 Apr. 30
May 16 Apr. 30
June
1 May 16
June
1 May 16
June
1 May 12
May 22 May 10
July
2 June 30
Oct.
1 Sept. 30
June
(quar.)
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (guar.)
Lehigh Portland Cement Co.,
Lessings, Inc
June
16 May
2
3
14 May
16 Apr. 25
16 Apr. 25
271 May 17
June 24 June
3i®
Extra
Electrol, Inc., 6% cumulative preferred
Electrolux Corp. (irregular)
Elizabeth & Trenton RR. Co. (semi-ann.)
May
May
May
May
May
Inland Steel Co
(quar.)
4
2
17
20
16
16
6
6
June
1 May 14
2
May 16 May
June 30 June 15
(monthly)
(quar.)
Horn (A. C.) Co. 1st prior pref. (quar.)
2d partic. pref. (quar.)
Horn & Hardart (N. Y.) preferred (quar.)
Idaho Maryland Mines (monthly)
Imperial Life Assurance Co. (Canada) (quar.)
Quarterly__
Quarterly
Indiana Pipe Line Co
Ingersoll-Rand Co
1
75c
Works (quar.)
Emporium Capwell Co.
pref-.
Preferred A
31
14
19
22
Early & Daniel Co
Eastern Shore Public Service Co.—
Empire & Bay State Teleg. Co. 4% gtd.
Empire Casualty (Dallas) (quar.)Quarterly
Employers Reinsurance Corp. (quar.)
IS
Hayes Steel Products, Ltd., 6% non-cum. pref—
Heileman (G.) Brewing
Hercules Powder, pref. (quar.)
Hershey Chocolate Corp. (quar.)
Preferred (quarterly)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Holt (Henry) & Co. class A
May
May
May
Aug.
Preferred (quar.)
$6M preferred (quar.)
$6 preferred (guar.)
1
(quar.)
Hart-Carter Co., conv. pref. (quar.)
Havana Electric & Utilities Co., 6% cum.
15 June
t30c
Dow Chemical Co., common
10 Oct.
Class A & B extra
July
SI
old stock
Dominion Bridge Co., Ltd. (quar.)
July
Oct.
May 14 May
May 16 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
July 20 July
Harbison-Walker Refractories Co
June
25c
Dome Mines, Ltd.,
Apr.
Apr.
May
80c
International Harvester Co. preferred
14
June
16
June
1 May 16
June 15 May 13
May 14 Apr. 15
25c
;
May
Island Mountain Mines, Ltd
25c
—
1
15
15
14
11
International Rys. Central America, 5% pref—
lowa Union Electric Co., 6% pref. (quar.)
1 May
1 May
4
May 14 May
June 30 May
May 16 Apr.
May 14 Apr.
May
May
May
July
35c
15 Apr. 20
16 May
2
Dec. 31 Dec. 25
22
14
15 June
June
June
$1H
UK
25c
15 Apr.
Sept. 30 Sept. 25
25
10
31
25
30
20
30
30
3
1
90c
Hackensack Water Co. (s.-a.)
Hamilton Watch Co. preferred (quar.)
Hancock Oil of Calif., class A & B (quar.)
1 May 15
May 16 Apr. 30
June 30 June 25
June
1 May
1 June
Oct.
1 Sept.
May 25 May
35c
June
50c
5% preferred (quar.)
12
23
25c
Quarterly
50c
held
(extra)
1 Oct.
July
50c
Great Western Electro Chemical Co
Gurd (Chas. & Co. preferred (quar.)
75c
Denver Union Stockyards Co.
1 July 25
Nov.
12 He
10c
$1.80 prior preferred (s.-a.)
Great Lakes Dredge & Dock Co
Great Southern Life Insurance Co. (quar.)
50c
t50c
tSl
tSl
May 24 Apr. 29
Aug.
$1H
7% pref. (qu.)
Knight Co. 7% pref. (quar.)
Iron Fireman Mfg.
$1 Vi
June
June
25c
-
General Metals Corp. (quar.)
Globe Democrat Publishing Co.
Preferred
Sept.
62Hc
62 He
UK
UK
common
75c
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
—
(quar.)
Garner Royalties Co., Ltd., class A
General Crude Oil Co. (initial)
General Foods Corp. (quar.)
75c
N. Y. (quar.)
5%
Preferred
Graton &
$2H
t25c
50c
$2H prior preferred (quar.)
Freeport Sulphur Co. (quar.)
Fuller Brush 7% pref. (quar.)
7% preferred (quar.)
25c
35c
Inc.,preferred (quar.)..
Curtis Publishing Co. preferred
Deere & Co. preferred (quar.)
(semi-ann.)
Ford Motor Co., Ltd. (England)—
American dep. rets ord. reg. (final)
Less tax and deduction for dep. expenses.
Franklin Rayon Corp., $2 H prior pref. (quar.)
14 Apr. 14
June
1 May 14
May 16 Apr. 25
4c
t$l
Consolidated Cigar Corp., preferred (quar.)
Consolidated Edison Co. of New York, Inc—
4 H %
20
19
June
Quarterly
5% preferred
1
5
20
10
May 16 May
Service Co. $6 pref. (quar.)_
(quar.)
Colgate-Palmolive-Peet, pref. (quar.)
Columbia Gas & Electric Corp., 5% pref
6% pref. A (quar.)
Columbia Pictures Corp. $2M conv. pref. (qu.)_
Commonwealth International Corp. (quar.)
Commonwealth Util. Corp. 6H % pref. C (qu.)»
Community Public Service
Compania Swift Internacional
Concord Gas Co., 7% preferred
Confederation Life Assoc. (Toronto) (quar.)
El Dorado Oil
1 May
1 Dec.
Jan.
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Diem & Wing Paper Co.
Dr. Pepper Co. (quar.)
5
June
Cleveland & Pittsb. RR. Co., reg. guar,
Preferred
5
5
5
16 May
May 16 May
1 May
June
May 27 May
1 June
July
1 Sept.
Oct.
5% preferred (quar.).
*.).
5% preferred (quar.
Dentist's Supply Co. or
14
29
1 May 18
June
2
May 16 May
1 June 15
July
Chicago Yellow Cab (quar.)
Chile Copper Co
Cincinnati Union Terminal 5% pref. (qu.)
Cuneo Press,
1 May
10 Apr.
25 May 14
25 May 14
Nov. 15 Nov.
Champion Paper & Fibre Co. preferred (quar.)_
Chartered Investors, Inc., $5 preferred (quar.)—
Chester Water Service Co. $5H pref. (quar.)__
Clear Springs Water
2 June 20
May 16 May
Aug. 15 Aug.
Chain Belt Co
-
1 Nov. 25
June
May
May
15
15C
Ford Motor of Canada, 5H% pref.
Class A & B (quar.)
13
21
1
27
2
26
26
July
8% preferred (quar.)
Carman & Co., Inc., class A
Castle (A. M.) Co
Caterpillar Tractor (quar.)
Preferred (quar.)
Central Cold Storage Co. (quar.)
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
Century Ribbon Mills pref. (quar.)
- —
7% preferred (quar.)
1 June 15
July
May 16 Apr. 30
May 16 Apr. 30
May 15 Apr. 30
1 Sept. 15
Oct.
June 15 May 31
2
May 16 May
—
Sept. 10
Apr. 22
Apr. 20
N. J.) (s.-a.)
Florida Power Corp., 7% pref. A (quar.)
5
May 15 May
6 Apr. 30
June
1 May 12
June
2
May 16 May
Burroughs Adding Machine Co
Butler Bros., preferred (quar.)
June 10
First National Bank of Jersey City (quar.)
First National Bank (Toms River, N. JO (qu.) —
First Security Corp. of Ogden. cl. A & B (s.-a.)-
16
Dec.
5% pref. (quar.)
Burlington Mills Corp
Canada Wire & Cable preferred
(s.-a.j
Fire Assoc. of Philadelphia
Firemen's Insurance Co. (Newark,
June 30 June
»
June
July
(quar.)
Quarterly
May 31 May
1 May
June
May 16 May
June 15 May
May 16 May
1 May
June
1 Aug.
Sept.
Bridgeport Gas Light (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Teleg & Messenger Co. (quar.)
June
June
—
Fansteel Metallurgical Corp.. S5 pref. (quar.)—
Farmers & Traders Life Insurance (Syracuse)
May 16
May 20 Apr. 30
2
May 16 May
2
May 10 May
Bourjois, Inc., $2% preferred (quar.)
Bunte Bros., 5% pref.
Fairbanks-Morse & Co., preferred
June
Boston Fund, Inc. (quar.)
June
May
7
May
5
May 15
May 12
Oct.
Faper, Coe & Gregg. Inc. (quar.)
iV,
(interim)
Holders
When
Payable of Reoord
May
May
Equity Fund, Inc. (quar.)
Equity Shares, Inc
15 May 20
June
Bangor & Aroostook RR. Co. (quar.)
Preferred (quar.)
Bankers & Shippers Insurance (N. Y. (quar.)__
Beacon Mfg. Co. 6% pref. (quar.)
Share
Name of Company
Payableof Record
Atlantic Refining Co
Belden Mfg. Co
Bensonhurst National Bank (quar.)—
Best & Co., Inc
Bethlehem Steel, 7% pref. (quar.)
Per
Holders
When
Per
Share
Name of Company
2961
Chronicle
May 10
June
May 10
May 14 Apr. 29
June
May 20
June
May 20
Aug. 20
Aug. 20
Sept.
Sept.
Dec.
Nov. 21
Dec.
Nov. 21
July
June
June
Aug.
Aug.
May
May 17
Aug.
1
Aug.
1
Apr. 22
July
June 21
Oct.
17
Sept. 21
Jan.
Dec.
21
May
May
May
May
4
5
2962
Financial
Per
Name
Luzerne County Gas & Elec. $7,1st pref. (qu.)$6, 1st preferred (quar.)
Lynchburg & Abingdon Telegraph Co. (s.-a.)_
McClatchy Newspapers, 7% pref. (quar
7% preferred (quarterly)
7% preferred (quarterly)
McColl-Frontenac Oil Co. (quar.)
Mclntyre Porcupine Mines (quar.)
McKessqn & Bobbins, preferred (quar.)
McKinley Mines Securities
Mabbett (G.) & Sons 7% 1st & 2d pref. (quar.)
Macy (K. II.) & Co
Madison Square Garden
Magnin (I.) & Co., 6% pref. (quar.)
Preferred (quarterly)...
Preferred (quarterly)
Managed Investments, Inc. (quar.)
S3
43 Nc
43 Nc
May
May
July
May
Aug.
16
16
1
31
31
43Nc
Nov
30 Nov. 29
June
15 May
10c
50c
June
July
1 June
June
1 May
May 20 May
May 15 May
Aug. 15 Aug.
SIM
SIM
SIM
Casualty Insurance (quar.)
40c
Marconi's Wireless Teleg. Co. ord. (final)
Mead Corp., preferred A (quar.)
6M%
SIM
SIM
SIM
10c
Preferred B (quar.)
Mercantile Stores Co., Inc.. 7% pref. (quar.)..
Merchants & Mfrs. Securities Co. cl. A & B (qu.)
15c
Participating pref. (part.)..
Messenger Corp. (interim)
26c
25c
25c
Mid-Continent Petroleum
Midland Grocery Co. 6% pf. (semi-ann.)
Midwest Oil Co. (s.-a.)
S3
50c
50c
SIM
$2 M
75c
Morris Plan Insurance Society (quar.)
Quarterly
Quarterly
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer. 6% pref. (qu.)__
6% preferred (quar.)
6% preferred (quar.)
Mutual Telep. Co. (Hawaii) (quar.)
I
National Paper & Type, 5% pref. (semi-ann.)..
National Power & Light, common (quar.)
Neiman-Marcus Co., 7% pref. (quar.)
Newberry (J. J.) Co. pref. A (quar.)
New Jersey Zinc Co.
(quar.)..
New York & Queens Elec. Light & Power (quar.)
Preferred (quar.)
1900 Corp., Class A (quar.)
Class A (quar.).
SIM
SI M
SI M
Quarterly
North American Edison Co. preferred (quar.)..
North River Insurance
27
Sept.
1 Aug.
Dec.
1 Nov. 26
June
1 May 14
June 28 June 16
Sept. 28 Sept. 15
15
June
15 June
6
July 15 June 17
May 31 May 13
May 15 Mar. 30
June 15 May 27
Aug. 15 July 30
June
1 May
2
SI N
SI H
;June
50c
June
$2
June
SIM
June
50c
50c
50c
SI
S2N
SIM
25c
Northeastern Water & Electric pref. (quar.)
51
20c
$2
52
$2
15c
Liquidating
Liquidating
Oahu Railway & Land Co. (monthly)
Monthly
Occidental Insurance Co. (quar.)
15c
30c
Okonite Co. 6% preferred (quar.)
(sa.)
5% debenture stock (s.-a.)
Oro Plata Mining Corp., Ltd. (initial)
Otis Steel Co.. S5N conv. 1st preferred
Outboard Marine & Mfg. Co. common
Owens-Illinois Glass Co
Pacific Fire Insurance Co. (quar.)..
Pacific Gas & Electric 6% pref. (quar.)
5 N % preferred (quar.)
Pacific Lighting Co. (quar.)
3
Parker Rust-Proof Co.
Preferred (s.-a.)
Peerless Woolen Mills 6 N% pref. (s.-a.)
Pender (David) Grocery, class A (quar.)
Penman's, Ltd. (quar.)
Peninsular Telephone Co. common
7% A preferred
7% A preferred
7 % A preferred
Pennsylvania Power Co., $6.60 pref. (mo.)
$6 preferred (quar.)
Peoples Natural Gas Co. 6% preferred (quar.)..
Petroleum Corp. of America (irregular)
Pharis Tire & Rubber Co
Philadelphia Suburban Water Co., pref. (quar.)
Phillips Petroleum Co. (quar.)
Phoenix Hosiery Co., 7% preferred
Pillsbury Flour Mills Co. (quar.)
Pitney-Bowes Postage Meter (quar.)__
Pittsburgh Bessemer & Lake Erie (s.-a.)
6% preferred (s.-a.)
Pitts. Ft. W. & Chicago Ry.
7% pref. (quar.)..
7% preferred (quar.)
(quar.).
(quar.).
(quar.
*.).
7% preferred (quar.)
7% preferred (quar.)
Ogdensburg RR. (quar.)
Procter & Gamble Co. (quar.)
Prosperity Co., Inc., pref. (quar.)
Public Service Corp. of N. J. 8% pref.
(quar.)..
7% preferred (quar.)
5% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
Quaker Oats Co. preferred (quarterly)
Quebec Power Co
Reading Co., 1st preferred (quar.)
(Quarterly)
Regent Emitting Mills, Ltd., non-cum. pref
Republic Insurance Co. (Texas) (quar.)
Republic Petroleum, 5N% preferred A (quar.).
Reybarn Co., Inc
Reynolds (R. J.) Tobacco
Common B
Rochester Button Co. preferred (quar.)
Rochester Gas & Electric 5% pref. E (quar.)
6% preferred C & D (quar.)
Roeser & Pendletoq, Inc. (quar.)
1 May
16
10 May 20
14 June
3
1 May
20
May 16 May 10
Aug. 15 Aug.
1
Nov. 15 Nov.
1
May 19 Apr.
June 18 May
June
1 May
June 10 May
June
1 May
June
1 May
30
31
16
27
10
13
June
15
F)Pf»
1 ^
May 15
June
15 June
30c
25c
May
May
May
May
May
May
10
15
14
16
16
4c
SIN
37Nc
34 Nc
75c
37M,t
%
87
40c
SIN
SIN
SIN
55c
SIN
62 Nc
40c
15c
SIN
50c
87Nc
40c
10c
75c
SIN
SIN
SIN
2
2
May 12 Apr. 30
1
Apr. 25
Apr. 29
May
6
Apr. 30
Apr. 30
16 Apr. 20
June
1 May 14
June
1 May 10
June
1 May 10
June
1 May 16
June
1 May 20
May 16 May
5
July
1 June 15
May 15 May
5
Aug. 15 Aug.
5
Nov 15 Nov.
5
June
1 May 20
June
1 May 20
July
1 June 15
May 28 May 12
May 20 May
5
June
1 May 12
June
May
6
June
May 18
June
May 14
May 20 May
2
Oct.
1 Sept. 15
June
1 May 14
July
5 June 10
Oct.
4 Sept. 10
1-3-39
12-10-38
4-1-39
7-1-39
101-39
1-2-40
3-10-39
6-10-39
9-10-39
12-10-39
SIN
May 16 May
SIN
SIN
June
Sept.
25c
Safety Car Heating & Lighting Co
Co., 1st pref. (s.-a.)
3% 2nd preferred (semi-ann.)
San Carlos Mill, Ltd
Scotten
(Del.) (quar.)_
Co
5
May 20
Aug. 20
Omaha, (qu.).
6% preferred (quar.)
Selfridge Provincial Stores, Ltd
American deposit receipts
_
Servel. Inc. pref. (quarterly)
Preferred (quarterly)
Preferred (quarterly)
j
50c
5% preferred series AAA (qua#.)
Co. (quar.)
Singer Manufacturing Co., Ltd., ord. registered
Sioux City Gas & Electric, preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Solvay American Corp. 5N% pref. (quar.)
South Bend Lathe Works (quar.)
Southern California Edison Co., Ltd. (quar.)_
Southern Canada Pwr Co., Ltd.—common (qu.)
Sovereign Investors, Inc
Spiegel Inc. pref. (quar.)
Stamford Water Co. (quar.)
Standard Brands, Inc., pref. (quar.)
Standard Cap & Seal (quar.)
Preferred (quar.)
Stanley Works 5% pref. (quar.)
Stein
(A.) & Co
Strawbridge & Clothier 6% preferred (quar.)
Stromberg Carlson Telep. Mfg. preferred (quar.)
Sun Oil Co. (quar.)
_
Preferred
(quar.)
— -.
May
Apr.
May
May
May
May
Apr.
Apr.
19
50c
May
40c
June
30c
60c
May
May
May
May
May
37Nc
SIN
SIN
June
May
May
July
June 10
68Nc
30c
60c
25c
14
14
10
5
5
25
25
June
June
6
June
15 June
1
May 16 May
6
15 June
1
June
1 May
June
1 May
14
14
May 16 Apr.
May 16 May
June
1 May
June
1 May
June 15 May
June
May
June 16 May
May 15 Apr.
May 16 Apr.
May 16 Apr.
Universal Commodity Corp. (monthly)
July
June
15
June
50c
June
May
15
16
15
15
15
11
30
56c
June
50c
July
June
60c
60c
June
May
July
June
10c
June
90c
5%
50c
SIN
SIN
58$l-3c
S2N
50c
50c
May
May 16 Apr.
May 16
4
4
2
June
1 May 24
May 10 Apr. 22
July 15 June 30
May 16 Apr. 30
July
1 June 10
Oct.
1 Sept.
Jan.
3 Dec.
May 17 May
May 17 May
June
1 May
June 30 May
June
May
June
July
June
May
June
July
June
May
June
July
July 10 June
June 20 May
Sept. 20 Aug
50c
Dec.
SIN
SIN
1 June
July
July
1 June
May 20 Apr.
July 15 June
June
5c
Vermont & Boston Telegraph Co
Virginia Coal & Iron Co. (quar.)
SIN
SIN
SIN
S2
25c
Vulcan Detlnning pref. (quar.)
Preferred (quarterly)
Walgreen Co., preferred (quar.)
Walker (H.)-Gooderham & Worts, Ltd. (qu.)__
Preferred (quar.)
•_
Waltham Watch Co., 6% pref. (quar.)..
6% preferred (quarterly)
Prior preferred (quar.)
Prior preferred (quar.)..
Washington Gas Lt., ,$4N cum. conv. pref. (qu.)
Washington Ry. & Electric 5% pref. (quar.)
5% preferred (semi-ann.)
Weill (Raphael) & Co.. 8% pref. (s.-a.)
Wentworth Mfg. Co. $1 conv. pref. (quar.)
Conv. pref. (quar.)
Wesson Oil & Snowdrift Co., Inc.—
Convertible preferred (quar.)
West Jersey <fc Seashore RR. (s.-a.)
West Penn Electric Co. 6% preferred (quar.)..
7% preferred (quar.)
West Virginia Pulp & Paper preferred (quar.)..
Westinghouse Air Brake Co., quarterly
Quarterly
Westinghouse Electric & Mfg
Participating preferred
Westvaco Chlorine Products (quar.)..
White (S. S.) Dental Mfg.(quar.)
Whitaker Paper Co. (reduced)
7% preferred (quar.)
Winsted Hosier Co (quarterly)
....
SIN
SIN
$t$1
75c
25c
SI
SIN
SIN
50c
SIN
Extra
Winters & Crampton Corp., cumul. conv. pref..
Wool worth (F. W.) Co. (quar.)
Worcester Salt Co. 6% pref. (quar.)
18Nc
SIN
25c
25c
25c
.......
Transfer books not closed for this
50c
60c
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
i
Monthly..
June
Oct.
July
25c
25c
10 Dec.
1
Oct.
15 May 25
15 June
4
15 June
4
2 June 25
3 Sept. 24
2 June 25
3 Sept 24
May
10 Apr. 30
1 May 16
1 May 16
Sept.
1
June
June
May 15 May
1
May 16 Apr. 30
June
30c
10 June
1
July
50c
15
1 May 20
1
SIN
SIN
SIN
SIN
SIN
SIN
S2N
25c
15
15
28
July
1 June 15
May 21 May
5
July 20 July 11
Oct. 20 Oct. 10
June
21
20 Nov. 30*
Sept. 10 Sept.
June
SIN
15
20
31*
31*
Dec.
+«Ipa
25c
9
9
6
6
12
31
16
15
16
15
16
June 27 May 10
May 27 Apr. 10
June
t25c
$4
25c
15
May 21 May
May 21 May
May 16 May
25c
5c
Monthly
2
14
16
July
July
July
20c
SIN
Vapor Car Heating Co., Inc., 7% pref. (quar.).
7% preferred (quar.).
7% preferred (quar.)
30
SIN
SIN
SIN
SIN
SI.80
25c
Prior preference
»
"6
1
15
14
20
30
30
25
10
16
25
29
29
June 15
5c
50c
Quarterly
June
25c
50c
Extra
50c
15c
SIN
SIN
SIN
SIN
United States Steel Corp., 7% pref. (quar.)
United States Sugar Corp., pref. (quar.)
United Wall Paper Factories, Inc.—
16
May
2
May
Apr. 25
31Nc
20c
Extra
.
1 Nov.
40c
SIN
6% prior preferred (monthly)
6% prior preferred (monthly)
Nov.
40c
37c
pref. (quar.)
United New Jersey RR. & Canal (quar.)
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly)..
Common (quarterly)
United States Playing Card (quar.)
29
June
17
May 16 Apr.
1 May
May 15 Apr.
May 16 Apr.
May 20 Apr.
June
June
United Light & Railways, 7% prior pref. (mo.)..
7 % prior preferred (monthly)
581-3 c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
53c
June
May
16
15
30
June
1 May 14
May 10 Apr. 30
May 11 Apr. 14
May 10 Apr. 30
Aug.
1 Aug.
1
SIN
30c
Preferred (quarterly)
$2
May
May
40c
SIN
United Engineering & Foundry Co. (quar.)
Preferred (quar.)
United Gas Corp., $7 preferred (quar.)
United Gas Improvement, preferred (quar.)_.__
SIN
50c
lc
SIN
25c
United Bond & Share Ltd.. common
United Corp., Ltd., class A (quar.)
Dec.
50c
SI
30c
lc
(quar.)
6% 1st preferred (quar.)
Union Oil of California (quar.)
May
Apr.
July
May
May
May
Apr.
SIN
t25c
$1
SIN
2c
Trane Co.
Dec.
16
16
&
Less income tax.
Toburn Gold Mines, Ltd
Extra
May
May
July
16
25c
SIN
Sunray Oil Corp
Super Mold Corp. of California (quar.)
Tampa Electric Co. (quar.)
Preferred A (quar.)
Tennessee Electric Power Co. 5% 1st pref. (qu.)
6% 1st preferred (quar.)
7% 1st preferred (quar.)
7.2% 1st preferred (quar.)
6% 1st preferred (monthly)
6% 1st preferred (monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Texas Pacific Coal & Oil Co. (quar.)
Thatcher Mfg., pref. (quar.)
Tobacco Securities Trust Co., Ltd__
50c
June
SIN
Silex
Nov. 21
June
14
13
May 16 Apr
May 16 Apr.
Sept. 15
SIN
10
10
10
May 18
25
June
20c
June
1
6
1
30
Dec.
25c
Dec
15
2
Jan.
SIN
Common
Sept.
20
15
15
15 June
Shawinigan Water & Power (quar .)
June
25*
16
14
14
June
May 16 Apr.
June 10 May
75c
25c
July
1 June
1 June
37Nc July
May 31 May
|1N%
7 May
I1N% June
June
July
SIN
Sept.
SIN Oct.
Sears, Roebuck & Co (quar.)
SIN
15
6
June
40c
Securities Acceptance Corp. of
SIN
SIN
SIN
50c
June
$3
SIN
Dillon Co
Seaboard Surety
Holders
Payable of Record
20c
30c
62 Nc
SI
St. Louis Bridge
Seaboard Oil Co.
1938
May 16 May
May
May
June
May
June
July
June
July
May 14 May
May 14 May
25c
SIN
6% preferred (quar.)
Rustless Iron & Steel preferred (quar.)
May" 12
15 June 12
May 16 May
5
June
1 May 19
June
June
Share
Company
Rolland Paper Co., Ltd. (quar.)
United Dyewood Corp.
Preferred (quarterly)
Sept. 15
SIN
2N%
(quar.)..
7% preferred (quarterly)
Pollock Paper & Box Co. 7% preferred (quar.)..
June
1 May
1 May
(quar.)
Pittsburgh Suburban Water Service Co.—
S5N preferred (quar.)
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quarterly)
7% preferred (quarterly)
1 May 20
June
Parker Pen Co
2 Jan.
2
1 May 27
28 Dec.
*\&
Northern Pipe Line Co
Northwestern Yeast (liquidating)
Portland &
15 May
May 20 May
May 16 May
June
1 May
2uc
(quar.)..
preferred
preferred
7% preferred
7% preferred
7% preferred
14
14
30
6
6
30
2
30
14*
4
2
10
2
1
1
Dec.
liH
When
Per
Name of
7,
Sherwin-Williams Co
June
Jan.
June
SI
SI
Norfolk & Western Ry. preferred (quar.)
7
7
2
10
2
2
May 16 May
July
1 July
Oct.
1 Oct.
SIN
National Casket Co., Inc. (semi-ann.)._
National Lead Co., preferred A (quar.)
Ontario & Quebec Ry. Co.
5
40c
National Biscuit Co..
Preferred (quar.)
Class A
5
May 16 May
1 May
May 16 May
May 16 May
May 11
June
1 May
June
1 May
May 16 Apr.
May 16 May
May 16 May
May 16 Apr.
June
1 May
July
1 June
SIM
SI
Quarterly
5
June
SIM
SIM
...
9
Nov. 15 Nov.
5c
25c
Extra
14
2
31
10
30
6
1 May
$1
Manhattan Shirt Co
30
30
15 May
June
30
30
15
1 May
June
SIM
....
Moody's Investor's Service pref. (quar.).
Moore (W. R.) Dry Goods (quar.)
Apr.
Apr.
June
May
Aug.
75c
2Nc
50c
May
Holders
Payable of Record
SIM
SIM
—
Manufacturers
When
Share
of Company
Chronicle
July
May
May
May
July
1 May 16
1 June 15
16 Apr. 22
16 Apr. 22
16 May
2
30 June 30
31 Sept. 3ft
May 27 May 10
May 27 May 10
June
1 May 10
May'16 Apr. 30
June 18
July
June 18
July
Aug.
July 15
Aug.
July 15
Nov.
Oct. 15
Oct.
Nov.
Oct.
May 16 Apr.
June
1 Apr.
May 15 May
June
May
June
July
Aug.
July
Sept.
Aug.
Oct.
Sept.
15
30
25
3
20
20
20
20
20
vidend
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residents of Canadt
deduction of a tax of 5% of the amount of such dividend will be made.
Volume
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
The
STATEMENT
MEMBERS
OF
OF THE
following shows the condition of the Federal Reserve
Bank of New York at the close of business May 4, 1938,
in comparison with the previous week and the corresponding
HOUSE
1938
CLEARING
YORK
NEW
date last year:
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 30.
Capital
Time
Deposits,
Deposits,
Profits
»
Clearing House
Net Demand
Undivided
*
York
New
The
York City
weekly statement issued by the New
Clearing House is given in full below:
2963
Chronicle
Financial
146
Average
Average
Surplus and
Members
Apr. 27, 1938 May 5,1937.
May 4,1938.
Assets—
Bank ol N Y & Trust Co
6,000,000
Bank of Manhattan Co.
20,000,000
13,389,000
25,867,200
National City Bank
77,500,000
20,000,000
58,493,500 <zl,473,555,000
484,528,000
54,648,700
90,000,000
42,381,000
21,000,000
15,000,000
10,000.000
50,000,000
4,000,000
100,270,000
181,840,400 61,350,318,000
468,027,000
45,129,400
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Bankers Trust Co
109,384,500
61,612,100
4,198,800
128,391,400 dl ,900,993,000
47,515,000
3,674,700
c765.626.000
77,113,500
13,067,000
1,129,100
99,793,000
9,026,800
283,128,000
27,812,800
75,654,000
8,247,400
80,376,000
8,932,000
25,000,000
Title Guar & Trust Co..
Marine Midland Tr Co..
10,000,000
5,000,000
New York Trust Co
12,500,000
Comm'i Nat Bk A Tr Co
7,000,000
Public Nat Bk A Tr Co
c703.375.000
244,744,000
497,787,000
455,753,000
48,655,000
70,902,100
18,309,200
500,000
Fifth Avenue Bank
144,679,000
427,544,000
7,000,000
Gold certificates
11,292,000
37,913,000
175,227,000
8,239,000
55,268,000
95,291,000
54,314,000
25,251,000
2,788,000
6,099,000
9,767,000
hand and due from
on
4,542,585,000 4,608,344,000 3,308,297,000
908,000
927,000
1,256,000
76,291,000
101,342,000
108,771,000
United States Treasury.*...
Redemption fund—F. R. notes
Other cash
Total
t
...
-
4,644,854,000 4,718.371,000 3,385,496,000
reserves.
Bills discounted:
Secured
by
U.
S.
Govt,
obligations.
direct or fully guaranteed
Other bills discounted
2,011,000
254,000
2,082,000
248,000
5,982,000
1,364,000
Total bills discounted.
2,265,000
2,330,000
7,346,000
215,000
4,464,000
215,000
4,518,000
1,728,000
5,956,000
191,191,000
346,716,000
207,948,000
191,191,000
346,716,000
207,948,000
210,182,000
330,742,000
184,105,000
745,855,000
745,855,000
725,029,000
752,799,000
752,918,000
740,059,000
65,000
6,275,000
132,359,000
9,907,000
13,345,000
65,000
87,000
4,258,000
146,407,000
10,071,000
12,735,000
56,928,000
2,142,000
35,065,000
2,162,000
10,061,000
34,552,000
3,126,000
52,519,000
Bills bought In open market.
Industrial
advances..
United States Government securities:
Bonds
Treasury notes
Treasury bills
Totals...
523,151,000
9,565,117,000"
908,102,600
678,004,000
*
Total U
As per official reports: National, March 7, 1938; State, March 31, 1938; trust
companies, March 31, 1938.
Includes deposits in foreign branches as follows: a $284,508,000; 6 $88,586,000;
c $3,839,000; d $128,039,000; e $32,183,000.
The New
of
returns
are
a
the New York Clearing House.
the figures for the week ended April 29:
are
INSTITUTIONS
BUSINESS
Total bills and securities
York "Times" publishes regularly each week
number of banks and trust companies which
members of
not
following
NOT
IN
FOR THE
NATIONAL AND
HOUSE
CLEARING
WEEK ENDED
STATE
WITH
FRIDAY,
THE
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items...
Tne
Bank premises
All other assets
CLOSING
APRIL 29,
BANKS—AVERAGE
8. Government securities..
Total assets.
OF
4,291,000
128,325,000
9,923,000
13,294,000
5,559,604,000 5,627,187,000 4,299,113,000
1938
FIGURES
Liabilities—
F. R. notes In actual circulation
Loans,
Other Cash,
Disc, and
Including
Investments
Bank Notes
Elsewhere
Trust Cos.
$
$
$
Res. Dep.,
Dep. Other
N
Batiks and
Y. and
898,444,000
Gross
U. 8. Treasurer—General account
Deposits
706,040,000
45,659,000
178,468,000
Foreign bank
Other deposits
Manhattan—
$
Grace National
$
.
899,147,000
894,169,000
Deposits—Member bank reserve aco't... 3,478,045,000 3,636,511,000 2,941,429,000
21,355,800
125,600
7,251,800
2,884,900
27,724,800
19,660,000
486,000
5,771,000
28,366,000
4,271,856
267,784
6,027,000
2,581,265
252,276
6,236,743
__
6,454,800
289,500
1,381,700
8,022,400
People's National—
4,887,000
99,000
585,000
796,500
619,000
40,774,000
37,651,000
117,906,000
646,803,000
47,206,000
156,217,000
National
Sterling
Trade Bank of N. Y.
Total deposits.
Brooklyn—
Lafayette National
TRUST COMPANIES—AVERAGE
Disc, and
Cash
5,589,000
All other liabilities
Total liabilities.
Dep. Other
Y. and
Bank* and
Deposits
Elsewhere
Ratio
of
total
Fiduciary
Fulton
Lawyers
United
$
$
51,444,100 *11,159,600
196,131
9,259,018
*1,515,709
12,990,051
19,611,100 *5,393,400
28,108,700 *14,655,200
64,905,818 21,509,790
Federation
States
3,497,000
33,722,000
2,551,990
14.183,060
13,652,800
1,323,115
1,149,417
782,700
1,040,500
Contingent liability
$
15,316,214
3,556,300
deposit
and
2,195,838
21,078
289,900
83,492,000
Kings County
33,572,315
*
Includes amount with Federal
Reserve
as
87.5%
Commitments
12,903,575
21,485,900
to
make
83.9%
396,000
373,000
purchased
Industrial
ad-
vances.
41,482,500
72,693,568
87.7%
488,000
bills
on
for foreign correspondents
69,545,400
10,972,202
3,944,000
3,865,000
t "Other cash" does not Include Federal Reserve notes
or a
6,299,000
bank's
own
Federal
Reserve bank notes.
Brooklyn—
Brooklyn
50,946,000
51,943,000
7,744,000
8,210,000
3,057,000
5,559,604,000 6,627,187,000 4,299,113,000
to
reserve
F. R. note liabilities combined
$
$
Manhattan—
Empire
140,995,000
51,273,000
51,474,000
7,744,000
9,110,000
1,610,000
124,381,000
Gross
Trust Cos.
N.
Investments
131,156,000
50,946,000
51,943,000
7,744,000
8,210,000
2,949,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
FIGURES
Res. Dep.,
Loans,
4,408,212,000 4,486,737,000 3,137,760,000
Deferred availability Items
71,000 113,422,000
44,740,135
These are certificates given by the United States Treasury for*the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
follows: Empire, $9,124,500; Fidu¬
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
z
ciary, $893,664; Fulton, $5,083,600; Lawyers, $13,914,900.
under the provisions of the Gold Reserve Act of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
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 upon the figures for the latest week appears in our department
of "Current Events and Discussions,
immediately preceding which
also give the figures of New York and Chicago reporting member banks for
we
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loan*
in an announcement of the Federal Reserve Bank of New York of
April 20, 1937, as follows:
a«
described
week later.
a
reported in this statement, which were
confined to the classification of loans and discounts.
This classification has been changed primarily to show the
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 those located
•utside New York Oity.
Provision has been made also to include "acceptances of own bank purchased or discounted" with
The changes in the report form are
amounts of
securities.
"acceptances and
cial paper bought in open market
under the revised caption "open market paper." instead of in "ail other loans,"
Subsequent to the above announcement it was made known that the new items "commercial
would each be segregated as "on securities
and "otherwise secured and unsecured."
A
more
detailed explanation of the revisions was published in the May 29, 1937, issue of the
"Chronicle "
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS
ASSETS AND
Federal Reserve Districts—
Total
Boston
ASSETS
$
$
New York
$
Phila.
Cleveland Richmond
$
$
Atlanta
Chicago
$
$
as
commer¬
formerly.
industrial, and agricultural loans" and "other loans'
$
page
3590
ON APRIL 27. 1938, (In Millions of Dollars)
St. Louis Minneap. Kan. CUy
$
$
Dallas
$
San Fran
$
$
20,844
8,545
1,100
1,733
621
556
2,879
655
377
623
475
2,117
620
3,492
-441
690
240
284
893
299
161
245
231
991
546
37
228
48
48
12
11
40
45
9
16
10
42
3,641
246
1,496
161
231
97
141
498
135
67
134
137
298
393
Loans—total
1,163
8,587
Loans and Investments—total
78
157
24
12
11
3
40
10
5
19
2
32
Commercial, Indus, and agrlcul. loans:
On securities
Otherwise secured and unsecured.
.
Open market paper
652
24
524
16
21
3
6
36
5
1
3
3
10
591
32
276
34
37
16
15
78
13
7
12
15
56
1,149
83
223
58
172
30
28
88
47
6
21
20
373
104
3
79
2
2
2
3
4
6
695
Loans to brokers and dealers in secs..
55
249
48
124
28
26
46
10
10
75
103
Otber loans for purchasing or carrying
securities
Real estate loans
Loans to banks
o
1
Other loans:
On securities
12
12
Otherwise secured and unsecured..
816
62
260
50
43
41
51
63
28
54
27
34
United States Government obligations
7,987
394
3,271
309
715
283
160
1,390
211
160
221
167
Obligations fully guar, by U. B. Govt.
1,199
3,071
18
504
85
74
39
36
174
49
14
45
28
133
131
1,278
265
254
59
76
422
96
42
112
49
287
6,060
306
3,191
276
341
124
97
955
143
59
153
101
314
372
95
70
18
39
19
12
58
11
6
13
11
20
2,256
134
161
151
247
140
129
405
121
73
258
201
236
1,274
77
560
84
102
35
37
84
23
16
22
26
208
14,598
996
6,608
778
1,020
412
329
2,120
401
220
467
394
853
5,230
585
263
1,058
288
736
199
183
872
185
119
144
130
1,053
12
187
23
18
13
23
145
23
7
18
25
91
5,632
231
2,420
291
318
200
200
844
246
121
343
178
240
Other securities
Reserve with Federal Reserve
Cash In vault
Bank..
-
Balances with domes tie
banks
Other assets—net
706
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
337
10
------
1
------
------
------
------
------
------
------
794
23
347
16
18
22
6
23
8
7
3
5
316
3,630
240
1,610
227
351
93
89
369
90
56
94
82
329
,
297
Borrowings
Other liabilities
Capital account—
6
------
1
-
-
-
------
—
-
1
-
8
"
13
Chronicle
Financial
2964
May 7, 1938
Weekly Return of the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, May 5,
The following was
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
week last year.
The second table shows the
Reserve
resources
and liabilities separately for each of the twelve banks.
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
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
Thru avhtru
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve note statement
returns
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
for the System as a
"
RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 4, 1938
(000) omitted
ASSISTS
Gold ctfs.
on
hand and due from U. 8. Treas.x
Redemption fund (Federal Reserve notes)
Other cash
Total
reserves
Bills discounted:
Secured
8. Government Obligations,
by U.
direct
or
fully guaranteed
Other bills discounted..—
Total bills discounted
—
Bills bought In open market—
Industrial advances.—
—
United States Government securities—Bonds..
Treasury notes........
f
.....
bills
easury
—
Total U. 8. Government securities.......
Other
securities
Foreign loans
on
—
gold....
Total bills and securities
Gold held abroad
............
—
.....
Dueifrom foreign banks
Federal Reserve notes of other banks
Uncollected
Bank
Items
.....
premises
All other assets
Total assets..
LIABILITIES
Federal Reserve notes in actual circulation.
Deposits—Member banks' reserve account
United States Treasurer—General account..
Foreign banks
....
Other
.......
deposits..
—.
—
Total deposits
...
Deferred availability Items
Capital paid In
....
...............
...
Surplus (Section 7)....
Surplus (Section 13-B)
.....
.......—
Reserve for contingencies..
All
other
........
liabilities
.............
Total liabilities
Ratio of total
12.914.581
.................
reserves
to
deposits and Federal
Reserve note liabilities combined
Contingent liability on bills
foreign correspondents..
purchased
for
Commitments to make Industrial advances
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted..........
16-30 days bills discounted....
31-60 days bills discounted..
...
......,
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted.....
1-15 days bills bought In open market
16-30 days bills bought In open market
31-60 days bills bought In open market
61-90 days bills bought in open market
Over 90 days bills bought In open market.
Total bills bought In open market
1-15 days Industrial advanoee
16-30 days Industrial advances
81-60 days Industrial advances..
_.
......
61-90 days Industrial advances
Over 90 days industrial advances
Total Industrial
advances....
1-15 days U. 8. Government securities
16-30 days U. 8. Government securities
81-60 days U. 8. Government securities
61-90 days U. 8. Government securities
...
...
...
...
Over 90 days U. 8. Government securities.
Total U. 8. Government securities
1-15 days other securities
16-30 days other securities...
...
31-60 days other securities...............
61-90 days other securities
Over 90 days other securities
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on hand and due from U. 8. Treas..
By eligible paper
Tnited States Government securities
•
"Other
These
cents on Jan
cash"
are
does
not
Include
certificates given
4,541,632
7,463
Federal
4,526,903
Reserve
4,549,095
notes,
8,472
4,487,632
4,536,104
f Revised
4,489,632
10,223
25,000
4,501,632
10,741
15,000
4,509,632
4,532,632
7,088
10,000
4,536,632
7,308
20,000
4,521,132
15.000
4,524,412
4,524,855
4,527,373
4,532,981
4,549,720
4,563,940
4,589,891
11,780
8,349
extent
16,759
52,000
figure.
by the United States Treasury for the gold taken over from the Reserve banks when the dollar
81, 1934, these certificates being worth less to the
provisions of the Gold Reserve Act of 1934.
4,527,632
25,000
7,271
I
Total collateral
■
4,619,632
of the difference, the dlfferenoe
tself having
was
devalued from 100 cents to 59.00
been appropriated as profit by the Treasury undo''
Volume
Financial
146
Chronicle
2965
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF BACH
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 4, 1938
Thru Ciphers (000) Omitted
Federal Reserve Aaent at—
Gold
certificates
on
New York
%
hand
Cleveland Richmond
Phila.
%
1
S
%
Atlanta
Chicago
St. Louis
%
%
J
%
Dallas
Minneap. Kan. City
1
San Fran.
1
$
3
due
and
723,180
8,386
311
927
530,811
653
832
804
1,035
293
562
889
338
413
434,876
from United States Treasury
41,069
101,342
30,052
41,905
30,996
18,556
63,591
16,399
9,354
29,788
14,304
1,329
37,520
625,399 4,644,854
561,516
765,917
328,721
261,660 2,066,404
313,950
215,574
319,252
210,897
770.530
584,019 4,542,585
10,641,412
Redemption fund—Fed. Res. notes-.
Other cash
Boston
Total
ASSETS
♦_
Total reserves
11,084,674
296,921
242,069 2,002,520
205,331
296,989
196,180
289,126
731,681
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
5,379
563
2,011
912
297
495
253
Other bills discounted
2,813
155
254
563
190
332
502
8,192
718
2,265
1,475
487
827
755
550
41
215
56
51
24
19
-
Total bills discounted..
Bills bought In open market
50
122
168
298
40
68
191
197
321
210
40
118
313
365
619
68
3
2
16
16
210
16,798
2,447
4,464
3.090
897
1,729
119
677
159
549
657,253
47,412
191,191
53,966
63,027
35,882
28,560
71,067
30,561
1,191,905
714,857
85,982
51,568
346,716
97,866
114,299
65,070
51,793
128,877
55,420
207,948
58,696
68,551
39,027
31,063
77,295
33,239
22,654
41,081
24,640
Industrial advances
U. 8. Government securities—Bonds.
39
904
466
31,947|
57,934
1,297
56,049
101,644
60,961
34,746
24,937
45,223
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
2,589,555
188,168
215,149
247,312
142,559
112,309
278,194
119;422
89,044
125,422
98,568
220,609
12
752,799
65
17
16
7
6
21
2
2
5
5
12
468
6,275
881
1,145
1,934
1,713
3,098
2,034
1,271
1,520
481
550,492
56,878
132,359
47,643
53,767
45,487
6,161
1,282
2,778
4,236
4,920
2,674
2,782
3,130
45,214
9,907
13,345
4,783
All other assets
1.980
4,159
1,859
14,551
1,505
1,630
2,185
27,711
2,982
25,127
2,325
21,364
44,717
74,861
4,548
29,266
premises
21,478
2,105
1,962
1,622
834,225 1,079,241
524,164
401,251 2,431,285
464,719
323,577
480,557
Treasury
notes..
Treasury bills
.
'!
Total U
8. Govt, securities
Total bills and securities
Due from foreign banks
170
Fed. Res. notes of other banks
Uncollected
Bank
23,005
items
Total assets
•
876,685 5,559,604
14,337,827
LIABILITIES
Deposits:
Member bank
4,147,997
Other
deposits
Total deposits
898,444
305,807
409,864
189,210
148,307
967,724
177,216
138,275
167,469
78,930
329,533
396,532 3,478,045
706,040
47,604
385,055
506,977
1,368
50,946
3,745
5,960
116,408
38,697
2,871
3,383
219,066
58,028
11,484
162,894 1,169,553
161,048
48,595
4,369
14,854
190,564
45,217
12,233
208,059
53,794
230
165,454
49,193
3,620
2,306
505,023
121,001
8,863
11,354
9,285,743
bank...
337,218
7,503,630
1,428,693
125,674
227,746
reserve account
U. 8. Treasurer—General account-
Foreign
334,219 1,028,300
.
B. notes In actual circulation
F
3,312
3,941
218,411 1,346,823
251,215
161,359
271,446
220,573
646,241
71,342
25,555
14,408
13,085
3,897
22,387
4,667
31,335
4,147
3,613
1,142
27,632
10,149
9,805
2,121
819
5,368
8,988
45,659
4,935
178,469
1,663
7,165
8,360
458,059 4,408,213
444,168
583,654
275,581
44,145
2,553
48,530
3,620
Deferred availability items
551,583
56,990
131,156
51,249
52,848
Capital paid in
133,482
9,405
50,946
4,949
147,739
9,900
51,943
7,744
3,409
730
1,429
545
2,904
3,153
1,001
32,915
2,874
1,448
14,323
1,007
4,964
27,683
12,258
13,466
4,411
13,358
Surplus (Section 7)
Surplus (Section 13-B)
8,210
2,000
3,177
1,603
1,922
934
791
2,948
866
1,010
7,229
1,266
1,215
10,685
1,401
505
23,480
3,938
3,892
1,270
1,776
409
555
471
360
834,225 1,079,241
524,164
401,251 2,431,285
464,719
323,577
480,557
Reserve for contingencies
other liabilities
All
Total liabilities
14,337,827
Contingent liability
for foreign
•
"
on
Other
to
1,357
cash" does
include
not
98
1,430
3,865
133
Federal
1
39
39
96
41
373
244
2,902
RESERVE
New York
Boston
STATEMENT
$
Atlanta
Chicago
St. Louis
Minneap
Kan. Citi
t
%
I
%
%
%
%
San Fran.
Dallas
%
Cleveland Richmond
Phila.
%
NOTE
S
as
324,901
431,019
199,074
162,32*
990,29*
174,11*
21,155
9,864
14,021
22,574
192,332
15,11i
141,55:
19,094
3,285
6,644
86,45'
7,52'
370,153
40,620
337,218
898,444
305,807
409,864
189,210
148,30*
967,724
177,21f
138,27*
167,46*
78,93(
329.533
4,519,632
370,000 1,000,000
684
2,190
337,000
434,000
200,000
169,000 1,000,000
196,635
143,50(
177,00(
88,50(
404,000
1,143
329
767
11*
30*
36*
370,684 1,002,190
338,143
434,329
200,767
143,61*
177,30*
88,86*
security
banks:
to
hand and
on
987,739
89,295
4,526,903
Agent
due
from United States Treasury
Total collateral
United States
quoted
Bid
18 1938
May 26 1938
11938
81938
June 16 A 16 1938—.
June 17 A 18 1938
.
Asked
Bid
June 22 1938
13 1938
0.08%
0.08%
0.08%
0 08%
20 1938
0
27 1938
3 1938
6 1938..
July
Aug.
States
196,635
Government
Securities
Exchange—See following
Transactions
at
the
New
on
612
ll
the
404,612
New
page.
Stock
York
Exchange,
0.08%
June 29 1938.
July
July
July
169,552 1,000,210
York Stock
Asked
0.05%
005%
0.06%
0.05%
0 05%
0 05%
0.05%
210
552
United
Treasury Bills—Friday, May 6
for discount at purchase.
are
11 1938
June
31
161
365,551
28,333
Eligible paper
June
179
7,271
by
Gold certificates
May
41
508
48
1,503
4,147,997
In actual circulation
for notes Issued
May
334,219 1,028,300
4,425,523
277,526
Agent
Held by Federal Reserve Bank
Rates
58
1,509
%
Total
$
Issued to F. R. Bank by F. R.
held
2,000
Reserve notes.
FEDFRAL
Federal Reserve notes:
125
124
488
12,678
make Indus, advs
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Collateral
685
bills purchased
correspondents
Commitments
876,685 5.559,604
21,443
4,446
5,626
Daily, Weekly and Yearly—See page 2981.
Stock and Bond
08%
Averages—See
page
2981.
•
0.08%
PARIS
THE
BOURSE
Quotations for United States Treasury Notes—
Quotations of representative stocks as received by cable
Friday, May 6
Figures after decimal point represent
a
one
32ds of
more
or
each
day of the past week:
Int.
Rate
Maturity
Bid
Asked
Bank of France
Rate
Maturity
Bid
Asked
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parisieone..
Dec.
151938...
1K%
101.6
101.8
15 1941...
101.27
101 29
Mar. 15 1940...
101.25
101.27
Mar. 15 1942...
102.8
Sept. 15 1942...
104 19
104.21
Cie
Mar. 151939...
IK%
101.15
101
June
15 1939...
2H%
102.14
102.16
Citroen B
Mar. 151941...
1*>%
1X%
102 13
102 15
Sept. 15 1938...
101.22
102.12
June
2H%
2H%
101.20
102.10
101.12
101.14
Dec.
15 1939...
101 30
102
Dee
Deo.
16 1940—
15 1942
...
102 14
Canadian
102.13
102.15
Canal de Suez cap...
103.11
102 12
I
103.13
Cie Dlstr d'Electriclte
103.23
May 6
Francs
Francs
1,249
454
463
Cie Generate d Electriclte
102.4
1M%
l H%
H%
1 H%
2%
103.25
June 15 1941...
IM%
1 H%
1 H%
1 H%
Sept. 15 1939...
May 5
Francs
6,600
l ,232
-
Dec.
May 4
Francs
6,660
May 2
Francs
Int.
May 3
Francs
Apr. 30
point.
193
Pacific
23,500
685
1,420
198
24,000
676
1,390
7,100
1,335
7,300
1,420
480
497
7,400
205
211
"204
23,900
24,000
24,000
710
757
1,450
1,530
1,490
THE
BERLIN
STOCK
EXCHANGE
37
32
33
510
540
570
Comptolr Nationale d'Escompte
Coty 8 A
801
190
803
190
827
850
200
210
244
272
510
244
503
258
Credit Commercial de France..
151938...
33
511
Courriereb
June 15 1940...
17
539
560
1,570
1,390
311
541
689
1,250
877
803
360
1,650
1,730
1,720
1,480
1,540
1,510
21
1,920
72.20
70.30
69.30
75.30
73.75
21
Generate Transatlantique..
Credit
..
Apr.
May
30
2
as
received by cable
—
May
May
May
3
4
5
6
Per Cent of
Par
320
545
688
Energle Electrlquc du Nord—
Energle Electrlque du Littoral__
Iloli-
Kuhlmann
May.
1,570
1,410
Lyonnaise
Eaux deg Lyonnalse cap
Closing prices of representative stocks
each day of the past week:
L'Alr
Liquids
Lyon (P L M)
Nord
Ry
125
129
125
125
124
123
129
128
128
Pathe
163
163
163
164
163
Pecblney
Deutsche Bank (5%)
Deutsche Erdoel (6%)
888
810
359
22
1,910
72.50
70.80
69.90
-
Orleans Ry 6%
129
Licht (8%)..
165
Commera-und Privat-Bank A. G. (5%)—— 116
Dessauer Gas (5%)—
126
1,260
day
Allgemelne Elektrizltaets-Gesellschaft 4%-.124
Berliner
Handels-Gesellschaft
Berliner Kraft
(6iz%)
129
u.
120
.146
Deutsche Reichsbahn (German Rys. pf. 7%) 131
Dresdner Bank (4%)
113
F&rbenlndustrte I. G. (7%)
159
Gesfuerel
(6%)
Hamburger Elektrlzitaetswerke (8%)
Hapag
Roehren
(4X%)—
Nordeutscher Lloyd
Reichsbank
152
(8%)
116
116
116
116
116
125
125
126
126
121
121
120
143
Rentes 4%. 1918
Rentee 4H%, 1932,
145
144
130
130
130
130
130
114
113
114
114
114
159
160
159
159
159
149
149
148
149
149
152
152
152
152
152
116
116
116
116
115
80
80
145
146
79
80
197
230
231
165
165
213
198
198
233
233
166
213
198
231
197
—198
RheJnteche Braunkohien (8%)
Siemens &
Halske (8%)
...
Rentes 4%. 1917
121
-
Rentes. Perpetual 3%
125
121
Salzdetfurth
(6%)
.
116
79
—
Manneemann
151
Capital....
75.60
74.00
92.75
5,740
2,087
1.170
69
94
A
Rentes 4H%. 1932 B
Rentes 5%, 1920
Royal Dutch-.
Sa'nt Go bain C & C
Schneider A Cie
8oclrte Francaise Ford..
Soclete Generate Fond ere.
-
1,412
545
Lyonnalse,
Soclete Mangel liaise...
Tubize Artificial Silk preferred..
Soclete
Union d'Electriclte
213
213
212
Wagon-Llts—
•
128
428
87
92.10
5,960
2,060
1,155
66
91
1,387
544
126
420
87
329
564
-
200
340
585
730
752
1,320
1,380
890
1,370
948
821
900
357
368
375
20
2,128
76.00
76.10
71.40
75.60
75.90
70.80
74.60
74.80
77.20
81.30
81.40
75.70
79.60
79.80
93.75
97.00
97.80
6,120
2,210
1,200
6,290
6,270
73.25
2,270
1,220
72
73
96
"ioo
1,485
1,538
552
558
134
146
443
462
92
99
May 7, 1938
2966
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
account is taken of such sales In
computing the range for the
in the day's range, unless they are the only transaction
United States Government Securities
Below
furnish
No
of the day.
year.
York Stock Exchange
the New
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal 'point represent one or more 32ds of a point.
we
a
,
May 2
Daily Record of XJ. 8. Bond Prices Apr. 30
May 3
4Ks. 1947-62
May 4
m
Total sales in $1,000 units...
„
mm
118.7
''•
I CTios©
mm-m
(High
.J Low.
109.11
109.11
109.11
109.11
IClOBe
109.11
109.11
Total sales in $1,000 units...
1
3
High
114.4
Low.
114.4
Close
114.4
48. 1944-64
114.5
114.4
109.13
109.11
109.7
109.13
109.11
2
2
....
JH». 1943-47
Low.
m
W
m
+
m
....
mm'mm
m
^
....
(High
106.1
(
Low.
105.20
106
I Close
3s, 1951-55
105.26
105.26
106
Total sales in $1,000 units
102.28
103
102.29
102.22
102.31
103
102.29
102.22
8
(High
101.14
101.19
(Low.
101.13
I QjOg®
101.14
26
39
105.13
105.15
2^8. 1949-53
107.0
Close
107.6
Total sales in $1,000 units...
3Hs. 1940-43
107.10
4
'
m.+
■
rn'm
■-
W
c* **•
....
High
'm*+mm
101.17
101.13
101.10
101.17
101.19
101.13
101.10
109
59
46
60
105.9
105.8
105.8
O1O06
*1
25
28
103.21
103.14
103.11
5
;■
(High
(Low.
103.17
103.18
103.15
103.12
103.18
103.15
103.21
103.14
103.6
(Close
103.15
103.18
103.15
103.21
103.14
103.6
26
1
2
25
1
72
105.22
105.23
105.22
105.22
105.22
105.23
Total sales in $1,000 units
Federal Farm
Mortgage
SHb, 1944-64
105.14
105.18
105.14
105.18
105.14
105.18
1
(High
(Low.
(Close
10
Total sales in $1,000 units..
Mortgage
'm .W.
1
8
105.13
105.11
105.18
105.18
105.12
Low.
105.10
105.11
105.18
105.18
105.11
Close
105.13
105.11
105.18
105.18
105.11
Total sales in $1,000 units...
12
8
3
1
2
105.10
105.19
105.14
105.18
3s. 1944-49
....
....
51
107.20
101.14
105.8
Federal Farm
106.17
mmmrn
—-
101.16
101.18
105.9
11
106.15
rn.irnmm
'•'■i-misrn
101.13
105.9
r';'
;
2K», 1948
106.17
I Close
101.19
105.15
'
107.5
~
....
101.23
105.15
107.5
mm~
1
101.19
105.13
1
mmmm
:
41
105.13
"
Total sales in $1,000 units
105.29
4
76
'r
105.29
106.3
107.10
37
'
102.22
2M«. 1945.Low.
'
107.10
107.11
"v-
(High
'
Total sales in $1,000 units
8KB. 1941-43
106.3
7
107.11
»'.'•••■.
Total sales in $1,000 units
105.29
107.12
4
(High
( Low.
106.4
106.5
21
107.11
107.6
Low
8s. 1946-48
yKV.;:.
•
20
106.3
100.3
17
31
109.30
105.30
102.27
3
102.25
3
106.8
2
1
(High
106.3
102.27
103.3
5
102.17
109.30
110
1
103.3
103.9
6
i Close
109.30
110
110
....
103.9
103.4
8
•_
103
Total sales in $1,000 units...
2HBi 1956-59
112.8
110
110
.
m
103.4
103.8
10
5
103.8
103
1
Close
103.8
103
103.9
103.3
112.8
....
110
103.7
7
....
Total sales in $1,000 units
103
103.8
30
102.31
Total sates in $1,000 units...
•
23
2
102.25
8
(High
103.28
26
113.25
114
114.2
1
ClOM
103.28
104.2
(High
(Low.
112.8
(Low.
■■
104.2
Low.
(Close
114
High
8«S. 1946 56
104.5
104.5
Total sales in $1,000 units
113.25
114.4
104.5
(
2Kb, 1951-54
37
114.2
114.6
103.28
May 6
104.5
103
109.9
8
114.3
104.2
104.1
(High
109.9
109.11
4
May 5
104.9
104.5
Total sales in $1,000 units...
....
109.11
114.6
May 4
104.5
Low.
2 ha. 1948-51
-
109.12
114.3
114.4
1
Total sales in $1,000 units...
~
-
109.13
114.3
May 3
Close
-
118.7
3
109.12
May 2
104.5
High
Treasury
118.6
mm
10
....
Daily Record of V. S. Bond Prices Apr. 30
May 6
118.8
118.7
{Low.
3Hs, 1943-46
May6
118.7
{High
Treasury
107.21
Federal Farm
107.20
Mortgage
High
(High
105.12
105.13
Low.
107.20
107.21
107.20
105.13
105.10
105.12
105.14
105.16
107.20
107.21
107.20
(Low.
(Close
105.12
Close
105.12
105.13
105.10
105.19
105.14
105.16
Total sales in $1,000 units...
1
51
7
Total sales in $1,000 units...
2
3
3
28
10
3
(High
3 Kb. 1946-49
107.28
Low.
■
....
....
108.4
108.2
107.27
108.4
107.28
108
108.2
108.4
Close
Total sales in $1,000 units...
107.28
108.4
108.2
108.4
(High
J Low.
(Close
107.24
3Hs. 1949-62
1
13
3s. 1942-47
Federal Farm
107.28
Mortgage
2Mb. 1942-47
104.10
107.27
107.22
Low.
104.10
107.27
107.22
Close
104.10
6
Total sales in $1,000 units...
1
Home Owners' Loan
107.31
2
*1
105.13
105.14
105.15
105.14
105.15
Low.
3s, series A, 1944-52..
107.31
107.24
24
105.9
HIgn
105.8
105.11
105.10
105.15
105.14
105.12
Close
107.31
107.24
Total sales in $1,000 units.
High
105.9
105.13
105.12
105.15
105.14
105.15
19
58
*1
10
14
Total sales In $1,000 units...
Home Owners' Loan
5
High
High
Low.
107.30
107.31
107.30
107.30
107.31
107.30
2
tl
108
107.30
(High
109.10
109.11
109.10
109.10
109.10
( Low.
109.10
109.11
109.9
109.10
109.9
109.10
109.11
109.10
109.10
109.9
109.6
102.29
102.30
102.30
102.28
102.30
102.28
103
103
102.30
102.29
Total tales in $1,000 units...
3
10
20
102.30
82
2
58
12
103.8
103.8
103.8
103.5
103.2"
103.4
103.6
103.4
103.7
103.3
103.1
103.7
103.8
103.8
103.8
103.3
103.1
Total sales in $1,000 units
*
Odd lot sales,
12
30
7
21
103.27
103.31
103.31
104.6
104.3
103.30
103.23
103.28
103.28
104
103.28
103.24
I Close
103.27
103.30
103.31
Total tales in $1,000 units...
19
15
12
104
103.29
Treas. 4J4s, 1947-52..118.5 to 118.5
2 Treas. 4s, 1944-54
114
to 114
34
83
1
High
105.31
106.4
106
106.7
106
105.31
106.4
106
106.7
105.27
106.4
106
106.7
105.27
Treas. 3Ha, 1943-47—109.28 to 109.28
Tresis. 3s, 1951-55
105.26 to 106
105.20
28
16
30
5
of
coupon
Treas.2^s, 1955-60.. 103.28 to 103.29
2Hs, 1945-47.:. 105.30 to 105.31
3
Treas.
2
Home Own 3s 1952
105.9
to 105.9
105.20
105.31
5
105.26
Low.
Close
2 H9. 1945-47.
above table includes
only sales
Transactions in registered bonds were:
1
103.24
83
bonds.
28
t Deferred delivery sale.
Note—The
(High
mm.
103.7
Low.
19
] Low.
2Kb, 1955-60
6
High
109.8
9
102.31
Close
109.6
I Clote
1
102.30
Total sales in $1,000 units...
Home Owners' Loan
2}4s. 1942-44
3W8. 1944-46
103
Close
108
1
Total sales in $1,000 units.
107.31
103
Low.
108
Close
814s. 1941
107.30
2 Hb, series B. 1939-49
Total sales in $1,000 units..
45
United States
United States
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
Saturday
Apr. 30
$ per share
*40
HIGH
SALE
Monday
May 2
$ per share
*40
41i2
PRICES—PER
May 3
$ per share
42
42
*42
42t2
40
*30
35
*30
35
*30
35
*30
34
*3H2
34
*3134
35
*33
8
8
8
8ig
♦16*8
*107g
1712
*1678
*1914
193s
1914
*2'g
42
214
2i8
40
4214
*?8
1
*7g
912
912
♦
17*2
*16'r>8
*19%
2i4
20
*19%
41
4D2
43
1
*78
1
2i4
4314
♦7g
4434
1
17
1914
2'«
9i2
95
1
l'fi
1
8*8
*6U
8's
*7l2
7i2
7*8
*6's
7h
*6
1
834
7i2
712
*10
ll'g
*1434
16's
1512
1DS
15*2
V?.
*140U 144
6i4
6I4
*014
*7i2
8*8
*10i4
1214
*10
138
*712
10
138
9l2
*
1
Dg
8
1%
8i8
8i2
71?
*6
7
*10
ID,
*10
*14i4
15%
*14
0l2
*6
*6
141l2 142
*7i2
8*8
*7i2
85s
10U
6U
*42l2
1014
1038
10i2
6I4
47i8
39is
39
*in2
13l2
*lll2
*13
62
62
62
*51 ig
55
*51
1214
*4612
*
614
142l2 144
7*8
38*8
19
1U8
155s
IOI4
*4212
*2
1018
Us
6'g
*13
May 5
May 6
$ per share
$ per share
6ig
48
2lg
19
62%
55
*2
*13
62i2
*51
6*4
48
40*8
14
21S
20
6212
55
1214
1214
12%
1234
I3I4
48i2
40i2
46«4
46l2
46i2
6%
*4314
4014
*1178
42
*41
43
*30
40
*30
*34
*13
37
h
878
1712
20
2i4
4414
78
978
1018
"Ti8
8i2
878
Par
3,200
17
20
20
2l4
4414
78
2l4
1,800
4578
9,300
7
*1
'"700
v.
*10
10
"2"306
812
9
714
8
400
718
7ig
7l2
400
*10
14i2
*5i2
14i2
15
6i4
14134 14312
*7i2
8
*6
10
10
6I4
6l2
*42l2
4558
41%
13
2l8
19
13
*15
""300
612
142i2 145i2
*7i2
85g
9i2
9i2
6U
6i2
455g 455s
4018
4212
*2
900
11
15
13
2i4
100
2,700
"
l",906
2,900
100
300
20
63
63
6378
63
64i4
56
56
56
56
56
200
1334
135g
1334
1334
15
50
50
50'2
$
per
share
Highest
per
share
"MOO
36
Nov
55
Mar
Mar 11
37
Nov
69
Mar
315s Apr 29
52
Jan 14
85
0% Mar 30
103$ Jan 10
4334 Dec
778 Nov
1412 Mar 31
165s Mar 31
x20»4 Jan 20
No par
..10
15s Jan
133g Feb 2
95
Apr 16
390
delivery,
n
New atoet.
Jan
Jan
Oct
Mar
100%
Jan
8
Oct
15*4
Feb
514
Jan
Oct
1
Oct
6H
Feb
Oct
69U
Feb
11
Oct
69
Feb
10
Oct
17is Jan 12
21>4 Jan 17
10%
Oct
58%
62%
Feb
115gMar3l
13
Oct
455g Mar
4i2 Mar 30
124
Mar 31
Oct
170% Jan 10
237g Apr
258% Mar
17ig Aug
33% Jan
217, Mar
7
Mar 30
2
Mar 31
Mar 31
85s Mar 28
4t2 Mar 26
38
No par
Own
Jan
4%
80%
11
8
Mar 31
34% Mar 31
11% Apr 1
l%Mar 26
10
No par
r
%
36
146
6l2 Apr
Alpha Portland Cem.__No par
Amalgam Leather Co# Ino
1
6% conv preferred
50
(Del)..No
Oct
44i2 Nov
Aug
223$ Mar
28*8 Feb
7
5
100
American Bank Note
6% preferred
Oet
Oct
177g Jan 12
17% Jan 12
17>s Jan 12
78 Mar 31
012 Mar 30
Industries Ino
1
Allied Chemical A Dye. No pot
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied Stores Corp
No par
Amerada Corp
Jan 24
17i2
10%
1%
97
Allen
Am Agrlc Chem
23
2% Apr 21
68% Jan 10
1% Jan 7
834 Mar 31
95
Apr 16
$2.50 prior conv pref.Ne par
Alegheny Steel Co
No par
6% preferred
Allla-ChaJmers Mfg
4
May 2
58 Mar 30
40
Albany A Susq RR
100
Allegheny Corp
No par
5M% pf A with $30 war.100
6J4% pf A with $40 war. 100
6J4% pf A without war.100
3,400
*48
share
Mar 11
Ala A vicksburg RR Co..100
Alaska Juneau Gold Mln...l0
19,100
6212
> In reoelwrahlp.
$ per
36
par
100
*52i8
13U
47i2
4712
share
45
Advance Rumely
No par
Air Reduction
Inc.....No pat
Atr Way El Appliance.-Nv
7,500
8i2
11
per
3614 Feb 4
30% Mar 23
Addreee-Muitigr Corp
400
DS
$
Adame-Mlllta..
9U
*16
978
Year 1937
Lowest
Highest
Abbott Laboratorles...Vfl par
Abraham A Straus
No par
Acme Steel Co
..25
Adams Express
No par
300
8
*7i4
*1178
2i8
*13i2
Bid and aaked price,; no sale on tfala da
"i"
13
19
Loioest
37
*3214
8*8
*1658
*19i4
2i4
4338
Range for Precious
On Basis of IOO-Share Lots
EXCHANGE
40
40
2IS
Ranoe Since Jan. 1
STOCK
Shares
42
41
2i8
YORK
Week
95
8i8
4034
21«
9*s
*87
*6i2
47i8
14
2I4
8%
*6
6
9>'H
77g
*6i4
*0i8
40
*2
2l4
95
*43
*1112
36
I
the
*44
95«
95
8V
812
1734
20
____
*
83g
STOCKS
NEW
for
May 4
$ per share
42
Sales
Friday
*31
8
SHARE, NOT PER CENT
Tuesday
57
Mar 30
Jan
3
49
Mar 26
10
10
Mar 30
50
46U Apr 27
par
,
Ei-dlv.
1&S Jan
97* Jan 17
95g Jan 10
143s jan 19
93s Jan 12
Oct
Oct
Deo
Oct
8
Oct
1%
72% Feb 21
Oct
19
Oct
51i2 Not
63i2 Oct
157t Jan 15
10
Oct
55
50
Dec
Mar
3
a
.
0%
Dec
8%
Jan 12
Jan
10
Nov
34
3is Jan 11
66
7%
49
53is Jan 11
51B< Jan 11
15% Jan 11
24
0%
145
B,-right.
,
166
85
83ig
Aug
Feb
Mar
Jan
39*t Jan
87, Mar
52% Mar
1147, Mar
1011,
41lg
75%
Jan
Jan
Feb
Called tor r.d.mMcm
Volume
LOW
AND
New York Stock
146
HIGH
SALE
PRICES—PER
SHARE.
CENT
NOT PER
Record—Continued—Page 2
Sales
STOCKS
NEW
for
Saturday
Monday
A-pr. 30
$ ver share
♦2912
3 per share
120
86
83
30i2
29l2 3014
30%
*123
120i8 123
120
835s
85
85
85
1678
35
12
*80
*30%
31%
124% 125
3034
125
12
12%
12%
*6%
*9%
95
*80
104
104l2 *104
104% *104
105
*104
23
♦15
*80
104%
♦104
*80
*15
23
*15
67g
*6%
*9%
10
978
9*8
78i2
78%
33g
3%
314
*378
478
978
♦78
♦170
*3
23
*3%
3i4
♦165s
1734
*15%
7i2
712
7%
»13i8
♦9I4
2%
1678
*17
19
*3614
*178
37
*14i2
*5%
*13
1678
IOI4
*6U
934
10i8
934
78%
3%
73s
9i2
78
314
*3
3
3i8
18
7%
17i2
*73s
17
*13%
*9%
*2%
17
36%
2
10%
17
2%
36%
35%
1%
1%
*14%
538
6
*5%
*16
17
*50l8
5412
12
15
*9%
278
1%
*14
23
*2%
*15
16
5%
15
*15
6%
934
9%
9%
9%
10%
10
9%
10%
*77%
78%
77%
10
912
*77%
3i2
3%
*3
7%
17%
8%
7%
18%
7%
19%
8%
16%
16%
*9%
*2%
10%
1«4
16%
*51"
5%
16
♦
16%
*51
1134
*3%
2934
2934
105
105
24
24%
4%
2634
27
207s
23
23
11*4
11%
12
11%
203s
113s
154
36
*1%
*14
4'4
12
*
*9%
2%
*15%
150
D
150
4%
*
36
1%
*1%
*14
16%
112
29
Jan
Oot
23% Mar
8%
Oct
30% Mar
33% Jan
99% Mar
13% Jan
10
8% Mar 30
77%May 6
2% Mar 25
4,800
Amer European Sec8__.No par
Amer Express Co
100
Amer A For'n Power
No par
4
$6
600
1734
.No par
Amer Hawaiian S3 Co
10
American Hide <k Leather
1
10%
3
"""766
20
100
preferred
6%
preferred
1,500
1%
American Home Products
5,000
36
American
Ice
3,100
17
54%
12%
3%
2,300
9% Apr 28
300
1
19
No par
'I',300
American Rolling Mill
Preferred
150
"15%
16%
16%
16%
16%
16%
70
68%
69%
69%
*68
70
*17
69
17%
*17%
17%
*17%
17%
100
*9%
10%
26%
*9%
10%
500
9
27
27%
330
39%
37
40
19,800
Amer Smelting A Refg.A'o par
*118
125
100
50
600
17.
*9%
10
934
*2514
35%
27%
*25%
27%
3638
34%
35%
*115
*4714
20i2
*714
20%
19%
8
*7
*26
263s
*107
*107
108
*15
1634
*1514
12612 126%
67
*68
125
*134% 138
4%
734
7%
*60
74
*4
434
*28%
514
*25%
26%
*33
2878
15i2
30
25%
2634
'
*33
15%
15%
*100
104
*11
28%
5%
*25%
53s
40
*100
*23
24%
~
4%
3678
*6634
6834
47s
434
7%
7%
*68
4%
*4
28%
5%
29
5%
*25
29
26
25%
40
*33
15%
*15
104
*100
24%
*10%
3
*2%
24%
2878
*634
2
*53
*53
7%
*6%
3
5%
60
*3
♦
793g
793s
*73%
*72%
~26%
43%
25%
42%
26
43
*73%
*72%
25%
42%
41%
1534
16%
167s
*7
105% *104
7
7
6%
39%
*39% 39%
*104
*39
112
112
39
41
30
534
534
*25
32
27%
2634
*50
4%
4%
30
30%
5%
5%
32
*25%
28%
*33
15%
27%
35
*15
15%
*100
14
104
*32
15%
*100
*10%
1234
*10%
*2%
2%
2%
2434
*2%
*24
24%
*120
478
4%
8%
*7
2034
105%
21
7
39%
39
*110% 115
36
75
*50
29
2834
*7
7%
3%
3%
*
534
...
24
29
*74%
~27~
*88%
4%
29%
2934
7
7%
3%
5%
*2%
*
6
*3%
4
*3%
4
*3%
4
*2
2%
*2
2%
*2
2lo
5%
8%
22
6
*13%
15%
*12%
15%
*1278
3%
3%
3%
3%
37s
378
434
4%
36
*33%
75
*50
30%
7%
3%
5%
3%
*74
3%
2%
15%
4
29
Feb
Dec
68
Mar
Nov
Dec
46
Oct
125
Nov
Jan 11
22%
7%
24
Oct
Dec
Dec
Feb
105% Mar
154
68%
148
73%
26%
5078
143%
/an
Jan
Feb
Jan
Jan
Jan
187
99
Jan
73
Apr 16
58%
Dec
9978
Feb
128% May
Jan
Feb
Feb
139% Feb 15
Apr
Mar 30
Apr 16
257,
4%
Oct
8
Oct
Jan 20
82
Oct
107
3%
25%
3%
Oct
778 Jan 21
23% Mar 31
4% Mar 30
35% Feb 23
8% Jan 10
Mar 26
Oct
13% Jan 12
86
1
25
14
Oot
150%
20%
29%
5% Jan 12
25
1047,
40
Jan 10
x27%
24%
14%
Jan
Jan
Jan
Jan
Jan
Dec
79
Jan
Oct
20
Feb
Oct
79%
Feb
Oct
97
10% Mar 31
Oct
24% Aug
3
90
Oct
par
97
Apr
1
30% Jan 13
Jan
6
28% Mar 28
No
50
Dry
1,800
2,800
4%
6%
106% *10534 106%
7
678
678
7%
41
41
41
4078
3834
3834 *38% 40
110% 110% *110% 115
*5
*5
5%
5%
4
4
*3%
*3%
*2
*2
2%
2%
15
*12%
14% *12%
4
4
378
37s
900
106
5%
6%
1,000
100
-
-
Jan
5
83
Nov
125
Mar
Jan 10
33
Dec
71%
Dec
100
Feb
70
Dec
88
June
6
68% Mar
35
Mar 30
Mar 29
80% Feb 24
Jan 22
*73% Mar 14
Mar 31
42
Jan 12
72
Jna 14
27% Jan 12
7% Jan 11
14% Jan 10
Mar 31
24
Mar
1
Apr 12
Mar 30
107
Jan
8
2%
Oct
327S Nov
00% Dec
100
July
24% Mar
67%
Feb
94% May
104
Feb
Oct
55% Mt»
5
Oct
29
9
Oot
18
Oct
18
101% Sept
Mar
44
Jan
37
Mar
116%
Feb
978 Jan 10
7%
43
Jan 11
39%
Mar 29
48
Jan 11
38
Nov
94
Jan
3
119
101
Dec
133
4% Apr
1
7% Jan 12
41,
Oct
18%
Jan
3%
36%
Feb
2
Dec
Sept
9%
Feb
16
Dec
Mar
3
....No par
2
Mar 25
6% Jan 12
3% Jan 19
12% Mar 30
2% Mar 29
20% Jan 25
4% Jan 10
No par
Deo
Oct
2% Oct
3% Sept
Works.-No par
Assented
Oct
Mar 26
Mar 28
Loco
Baldwin
101
105
Aviation Corp of Del (The) -.3
6,600
Dec
100
$5 prior A
------
58
3
Austin Nichols
*> —
Jan 12
69
Automobile.-No par
fAuourn
Jan
70% Mar
16% Feb
17% Jan
Apr 14
36
.No par
Atlas Tack Corp
120
Dec
No par
5% conv preferred
70
mm0l,^^m
Oct
Nov
17%
10178
6%
38%
60
preferred
Atlas Powder
200
—
25
Refining
4% conv pref series A...100
Atlas Corp
1
2,700
Feb
478
Feb
Mar
13% Feb
09% Mar
0
4% Mar 25
6% Mar 26
100
preferred
Atlantio
Dec
30
121%
111
8% Jan 12
14
Atl G A W I 88 Lines ..No par
100
4,800
67
96
72
Atlantic Coast Line RR...100
100
8%
22%
Oct
Oct
Jan
Mar 29
22% Mar 31
40% Apr 13
..100
preferred
Feb
Jan 12
72
5% pref with warraats-.lOO
19%
40
Jan 1?
27
$5 pref without warrants 100
45
Dor
7% Apr 25
5% Jan 13
68% Mar
Atch Topeka A Santa Fe._ 100
17%
Feb
94% Jan 31
72
39
Feb
37%
10%
63
Assoc Investments Co..No par
4238
4%
Feb
Dec
110% May
93
111
80
100
100
7,600
Oot
09% Mar
4
1
100
22
Nov
2% Mar 30
par
Goods
6% 1st preferred
7% 2d preferred
17%
Mar 19
100
Preferred
2%
678 Jan 10
24% Mar 26
5% Mar 25
Associated
2
100% Jan 18
No par
Artloom Corp
300
MOO
121%Mar
Mar 30
378 Mar 26
82
5
7% preferred
100
Armstrong Cork Co—No par
Arnold Constable Corp
6
400
7
3% Feb 24
4,300
16 conv pref
Jan 11
Mar 31
119
300
19
Mar 31
2
Armour A Co of Illinois
2~666
10778 Jan
10
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
17%
6
Apr
20
No par
Mining
Copper
"266
793s
8%
36
Oot/
2
31
Jan
Dec
139% Apr 5
34% Jan 10
11% Jan 18
100
A P W Paper Co
29%
*4%
122
45% Mar
101% Aug
10
547g
68%
22
41
170
Oct
39
42%
8%
7%
24%
Oct
Dec
Jan 15
29%
5%
Jan 17
Mar
16%
63%
16%
Jan 11
*74
22%
52
140
Jan
Jan
Feb
18
27
*4%
*7%
Jan 15
Oct
36% Jan 11
27%
42%
22
Oct
9%
60
Andes
3%
*53
26
Dee
Jan
Oct
20
578
Jan 12
14% Feb 23
165% Jan 12
22% Jan 15
16%
87%
72%
29%
Mar 29
80
"5%
Oct
Dec
68
$6.50 conv preferred.No par
7%
*-...
Oct
21% Mar 31
75
*7
Dec
3
Feb
57
Archer Daniels Mldl'd.No par
30
26
Jan
68% Mar
129%
31%
500
35
29%
Nov
140
600
4%
24% Nov
100
Feb
Jan 10
93
*88%
13%
Feb
29
*119%
93"
Oct
3
58%
71
23
23
*75%
112
15%
24
29% Mar
125
Anaconda W A Cable.-No
278
*2%
Oct
Anaconda Copper Mining..60
14
*10%
29%
*5
*2
2%
79%
112
3%
14
Oct
10%
Feb
17% Mar
AnchorHockGlass Corp No par
*15%
*100
102
*75
106
105% 105% *105
678
6%
634
6%
*39% 39%
3978
40%
40
*38%
*38% 40
*5
1534
102
63
27%
200
16
*45
79%
Is,700
Jan 17
3% Mar 31
$5 prior conv pref
35
*28
17
110% 112
29%
34%
68%
42
6
27%
*28
16%
*5
28%
Feb 25
31
378 Mar 28
No par
Amer Zinc Lead A Smelt
32
40
*45
....
4,300
Oct
7% Jan 12
40% Jan 12
131
4% Mar
Oct
Dec
Oct
No par
Preferred
1,100
6%
*25%
68%
42
5%
31%
Oct
6%
14%
Jan 11
38% Jan 12
105% Mar 24
29% Jan 18
78
Feb
11% Mar
55% Mar
62% Mar
14
Jan 10
6% Jan 12
33
21
Oct
149% Jan 10
8
Woblen
Oct
Oct
Mar 30
Am Water Wks A Elec.No par
30 1st preferred
OS<|
Mar 30
1,700
American
Mar 31
T«n
Dec
Mar 30
23,100
100
Mar 31
Mar 31
Mar 30
Jan
3S1*
63% Mar 31
25
6%
100
2
087g
Oct
68
130
4%
31%
534
29
167s
4%
*7
*4
Mar
Jan
Deo
-
13%
117% Mar 14
18% Jan 17
preferred
100
Am Type Founders Inc....10
300
70
*50
55
42%
*4%
32
139%
5
5%
9%
8%
Common class B
2,600
139
*53
27
21%
5%
72
70%
60
27%
8%
4%
30%
80
"5%
26%
22
70
*119%
93
80
534
*73
*5
*13%
334
68
40
*45
*73l2
*72i2
26%
*4%
29
68%
29%
79%
*45
*29
20%
*4
4%
*53
68%
9
68
60
30
5%
8
*53
*45
21
434
80
""5%
72
138% 138% *135% 139
*5%
5%
5%
5%
9
7%
8'
8%
*33%
*29
*7
70%
*50
30%
*4%
71
75
69
2034
69%
34%
*45
17
69%
2% Feb 26
5%
Oct
111
Amer Telep A Tel eg Co...100
American Tobacco
25
900
7
Jan 17
15%
6%
21%
101%
12%
Am Sumatra Tobacco.-No par
ii'.ioo
Mar 29
45% Apr
100
Preferred
Jan 13
14% Jan 12
35% Jan 11
56% Jan 12
103
American
100
7%
2%
20%
32%
1%
Jan 18
4% Jan 13
2078 Jan 12
130
American Sugar Refining.. 100
34%
28%
*30
*165g
70
104
100
500
9,400
6
Mar 29
22% Apr 1
28% Mar 31
Amer Steel Foundries.-No par
Stores
No par
7%
12
7% Mar 26
25
26%
7%
26
14%
15% Mar 31
100
21%
213s
Jan
13% Mar 30
68
100
Snuff
preferred
6%
7%
26%
4%
80
60
16%
6734
Preferred
American
10
1077s
107% *107
16%
*15%
1634
*15%
126% 13078
127% 129%
6934
*68%
6934
69%
127% 12834
6734
73
49%
25
pref
100
American Safety Rator.. 18.50
conv
20
4%
*50
3
*7
*87%
*34%
,"5%
20
734
26
26
107% *107
4%
75
5%
*15
21%
88%
36
80
"5%
50
4
600
139% 139% *139
4%
29
3
*
125
*48
88%
*50
*678
*107
16%
128%
*120
*28%
7%
*118
4%
29
36
26%
137%
89%
75
*50
*7
*25%
*137% 139
14%
89%
4%
434
*347,
126
74
*120
93
*89
*15
1634
*23
23g
*119
107% 107%
126
*10%
*2%
14%
*2l4
108
139
5%
19%
8
26
68
734
2l"
*7
26
6634
*478
*4
19%
8
68
10
*139
27%
6634
-
6834
*60
20%
*137
67
10
*139
*139
*26
*17
934
25
*25% 28
25%
34% 36%
36% 38%
115% 115% *116% 120%
50
47% 47% *48
117l2 *115% 117%
47%
47% 47%
*139
17%
16%
Mar 30
165
American Seating Co.-No par
Amer Ship Building Co.No par
17
1034
16"
Mar 31
16% Mar 31
100
1578
68%
Mar 29
3% Mar 29
Am Rad A Stand 8an'y.No par
*15%
19% Feb 25
778
23%
74%
14%
Mar 30
20
preferred
17%
Mar 30
Mar 29
99% Mar 30
No par
$5
25% Feb 25
11% Jan 14
18
23
100
15,800
Mar
2% Mar 31
Ltd...No par
new
Jan
225
37% Jan 14
Amer Power A Light...No par
*6 preferred
No par
6,100
8,400
17
Oct
Oct
2%
Mar 28
Mar 31
American News Co
40
29,600
Oct
Jan 22
4% Jan 13
Mar 30
Mar 31
preferred
Oct
6
175
6% Jan 17
177
Mar 26
30%
1%
13%
4%
1238
100
10
conv
Nov
2
26
45
6%
80
Mar 29
Amer Metal Co
3,200
12%
Jan 18
4% Jan 12
Mar 29
Preferred
100
Amer Mach & Fdy Co.-No par
Amer Mach A Metais..No par
900
16% Janl2
2
Amer Internat Corp...No par
American Locomotive. .No par
200
12
Mar 26
33% Aug
83
12
No par
6% non-cum pref
16
10
60
*65
17%
Jan 22
6
19% Feb 7
8% Feb 21
13% JanJB
Mar 29
177
5% Mar 30
16%
*9l2
Mar 29
9
No par
*
Feb
Oct
No par
150
104%
Deo
6% 1st preferred..
100
American Encaustic Tiling..1
40
17
*--
Oot
20%
5%
70
*68%
*16%
36
Jan
90
preferred.
5%
Feb
105%May
$7
5%
71
88% Mar 31
19% Feb 7
4% Mar 29
17 2d preferred A
*1%
Jan
Oot
Feb
No par
1,300
35%
174
J(AllegCo>25
2,200
*15
Oct
Chicle
9%
1%
15178
15%
Feb
Apr
Aug
21%
16
121
150
9
36
Dec
Oct
20
*234
Jan 15
60
69
80%
Oct
8%
*17
27% Jan 12
160
11%
2% Mar 30
13% Mar 29
17
8
share
Oot
Deo
86
American Crystal Sugar
1,500
"3%
17%
*9%
Feb
per
28
109
17% Jan 17
1,100
73s
3%
167
Highest
share $
100% Jan 24
*65
16%
Mar 31
42% Jan 3
125% Feb 2
91% Feb 23
per
9% Mar 29
American Col or type Co
10
Am Comm'l Alcohol Corp..20
600
18%
16%
59%
*54%
12
11%
3%
3%
3%
3%
30%
30%
31%
3034
313s
105
*102% 109
*102% 115
2434
24%
24%
*23%
*2314
5
434
5%
5%
434
32%
27%
27%
28%
28%
24
23%
28%
25%
25%
12%
11%
11%
12%
12%
150
27
$
89% Feb 18
preferred
American
"""406
54%
1634
54%
12
No par
100
share
Am Coal Co 01 N
"""560
_2~666
5%
160% Mar 30
12% Mar 30
per
100
5%
6%
534
3
3%
19%
10%
234
3
36
36
*3
$
Apr 21
70% Jan
100
Lowest
Highest
share
23% Mar 31
Am Chain & Cable Inc. No par
*170
16%
19
2634
2134
22
10%
*3%
7%
16%
*15
3
20
3%
1178
16%
10%
3%
*170
3%
3%
2934
22
*3
7%
3%
312
3%
3%
*28
28
29i2
28%
*101
110
*100i2 105
*23i4
25
*23% 24
414
43s
4%
24
3%
3%
11%
o414
3%
3I4
17i2
54%
25
10
78%
*170
10%
25
500
2,100
per
114
.25
American Car & Fdy
Preferred
2,500
10%
10%
77%
3%
78
Can
Preferred
400
23
6%
15%
*50%
26i4
105%
*15
6%
11%
25i2
104
23
6%
54%
105
105%
6%
11%
3i2
95
6%
*50%
*1H4
*80
678
*170
*170
3
*15
678
12%
95
8534
%
Am Brake Shoe & Fdy.No par
5
conv pref
100
American
3,200
87
161% 161%
18%
19
33%
35
12
12%
86%
*80
Lowest
Par
190
124
Range for Previous
Year 1937
On Basis of 100-Share Lots
EXCHANGE
1,100
3134
30%
124
84%
86
161% 161% *161% 162%
17
17%
1734
18
32
*31
33%
34%
162% 16212 *160
16378
1612
16%
1714
17i2
*31
*32
3434
33i2
11%
11%
1178
1178
162l2
Range Since Jan. 1
STOCK
Shares
$ per share
*27i2
31
12
$ per share
May 2
123
♦32
May 6
$ per share
YORK
Week
$ per share
85
16l2
the
Wednesday
♦120
*158
Friday
May 4
Thursday
May 5
Tuesday
May 3
2967
3
Sept
5
Oct
8%
—
Oct
18% Mar
62% Mar
Mar
Jan
63% Mar
9% Jan
11% Jan
9% Jan
678
7
6%
678
678
7%
7
7%
7
7%
12,100
13
5
Mar 30
5%
5
5%
5%
5%
5%
7%
5%
7
5%
5%
5%
5%
6%
6,700
Baltimore A Ohio
100
4
Mar 31
6
6%
6
6%
6%
6%
6%
6%
6%
6%
6%
7%
3,500
4% preferred
Bangor A Aroostook
Conv 5% preferred
100
50
6% Mar 29
29
Mar 31
34
Feb 23
30
Oct
46
Feb
100
86
Jan 21
95
Mar 22
89
Dec
110%
Feb
12% Mar 30
19
Feb 23
10% Jan 12
10%
7%
Oct
Dec
30
20
*32
35%
*32
35%
*32
35
*32
35
*32
35
*32
*75
90
*85
90
*85
90
*85
90
89
89
89
89
*1534
16
16%
1634
1634
15%
16%
2,.500
6%
300
*6%
1534
*6%
778
13%
*11
15
25%
15
*90
947g
*23%
12
*
15%
*6%
16%
24
24
7%
16%
♦6%
♦24
15
1334
13%
13%
*11%
1134
*11%
110% 110% *110
15%
*15%
15%
9478
*90
13%
*110% 114
15
*88
24
*11
13%
12%
115
*110
7%
*23%
13%
24
24
1578
25% *_.__
100
*90
25%
7%
25
1378
11 s4
115
634
24
1334
*11%
*110
7.
24
14
11%
115
15%
*15%
15%
947S
*91
95%
----
*23%
34%
6%
25
23%
14%
14%
*11%
*110
11%
115
*15%
16%
*91
95%
*23%
------
30
12,900
------
500
------
------
*98% 103
7
*634
*7
778
79%
*77
79%
*77
79%
107g
11%
11
11%
11%
17%
11%
10%
17%
*17%
17%
*98% 105
7
*634
*77%
79%
10%
11%
*17%
17%
30%
31
3078
♦30%
32
31%
17%
31%
32
32%
31%
45%
46%
45%
44%
47%
46%
477s
46
14%
86%
14%
14%
14%
600
86
*14%
86%
*18%
457s
*14%
49
14%
48%
14%
*85
87%
87%
*86
87%
400
19-4
*18%
19%
19%
87%
19%
*18%
20
300
13
13
1134
*98% 103%
*634
14%
30%
44%
14%
*84
87
85
*18%
19%
*12%
13
14%
*18%
7
79%
11
19%
12
*8
17%
*12
*37%
62
62
2634
27%
*37%
25%
25%
*37%
25%
19%
19%
*19%
19%
19%
•
17%
17%
17%
31%
13%
13%
12%
12%
12%
12%
17%
*8
17%
*8
17%
62
*37%
62
*37%
26
27
26%
27%
26
27
19%
19%
19%
20
20%
20%
26%
19%
Bid and asked prices: no sales on
14%
17%
12
11%
12%
11%
*11%
17%
17%
7
*12
13
11%
13
12%
*634
17%
13
13
*11%
*12%
*98% 103
this day.
62
13%
13%
62
*37%
t In rcoc'versfaip.
a
Def
..No par
Barnsdall
Oil
Co....
Bayuk Cigars
------
4,300
1,500
5
No par
100
Inc
1st preferred
Creamery
21,700
800
Apr
Oct
Oct
115
Feb
Jan
Aug
28%
105%
43%
114%
15%
88%
30%
23%
02%
Feb
Mar
Feb
July
Feb
July
Feb
Jan
Jan
1
Oct
9
Nov
1037g Feb 28
8% Jan 17
90%
7%
Oct
Jan 11
82%
147| Jan 15
8%
Dec
Oct
83
15
Oct
29
Dec
41
Oct
14
Oct
Mar
Mar 31
16% Jan 12
98% Jan 20
18
Mar 30
28
9% Mar 30
10% Mar 31
13% Apr 4
37% Mar 31
20% Mar 31
15% Mar 31
....6
Bohn Aluminum A Brass
delivery,
u
New stock,
r
5
Cash sale,
x
Ex-dlv,
y
Oct
2
19
13
No par
Dec
40% Feb 28
657s Jan 11
75
Boeing Airplane Co
Oct
29%
preferred
20
7% preferred
100
BlgelowBanf Carp Inc. No par
Blaw Knox Co
Jan
9
Mar 31
Mar 30
Black A Decker Mfg Co No par
Jan
42
10
40
Bloomtngdale Brothers.No par
B'umenthal A Co ore!
100
32
108
par
6%
43% Mar
Jan 31
17% Jan 13
96% Jan 17
15% Mar 31
2678 Mar 31
No par
23% Aug
40% Mar
47% Mar
16% Feb 23
12% Jan 13
115
30% Mar 12
Beneficial Indus Loan..No par
(Del) .No
Nov
9
Apr
8% Mar 29
Steel
Oct
94% Apr 2
6% Mar 31
20
Aviation—
Jan 19
10
90% Apr 29
6
Bendlx
10% Feb 23
1078 Jan 11
13% Jan 11
25
77% Mar 19
Beet A Co
------
Mar 30
Beiding-Hemlnway
No par
Belgian Nat Rys part pref
Bethlehem
1,000
Mar 23
9
11% Mar 30
No par
.....50
800
2,300
9
109
26
$5 preferred w w
Beech Creek RR
Beatrice
42,200
------
5
21% Mar 29
10% Mar 30
60
preferred
5H%
Beech-Nut Packing Co
*98% 103
*77%
*77%
7
10
Asphalt Corp
Barker Brothers
10
79%
*634
Barber
410
*77%
*98% 103%
Voting trust ctfs
35%
20%
105% Mar
20
Jan
129%
Feb
69%
Feb
177* Jan 11
85% Nov
22% Dec
13% Nov
15% Mar 5
17% Jan 20
16%
Deo
32%
Jan
60
Jan
50
Jan 12
Oct
38
Jan
2978 Mar
Dec
94%
35% Jan 17
10
Oct
Jan 17
21
Oct
49% Mar
48% Feb
30
Feb 16
9
Ex-rights,
t Called for redemption.
New York Stock Record—Continued—Page 3
2968
LOW
new york
for
-
Saturday
Monday
Tuesday
Wednesday
Apr. 30
May 2
May 3
May 4
$ per share
*84%
% per
43
*42
*9%
9%
100
16
16%
16%
16%
16%
16%
16%
16%
4,800
Borden Co (The)—
19%
20*4
20%
20%
21%
20*4
21%
2%
5,700
200
Borg-Warner Corp.Boston & Maine RR-
7%
7%
7%
18
*2%
*15%
7%
17%
21%
*2%
*16%
18%
18%
18*4
*9%
16
15%
19%
♦2%
20%
2%
*14i2
16
16
7
7
7
2%
7%
7%
17%
17%
44%
*9%
17
*16
7%
17%
11
*84%
*42%
*9%
10%
2%
17
26
*23
26
32%
31%
31%
*31%
32
*112
1%
*1%
1%
1%
1%
*1%
1%
*5
5%
*4%
6%
6
*5
6
1%
*4%
7
7
7%
6^4
*19%
*12%
*714
*30%
8%
*75%
4%
33U
3i2
*20i2
*16i2
*814
1512
*75%
21
17
8%
15i2
*2
*14
15%
6
18%
*5%
6%
21
*16%
*2
2%
7%
*6%
7%
*12*4
13%
14
6%
*23%
15%
*15%
15*4
15%
28%
15%
*19
20%
20
20
20
*46%
49
*46%
49
*46%
49
*47%
50
*47%
10%
13%
10*4
13%
14
6
*5%
*3134
*6534
70
*65%
1534
*13%
3ig
75%
3
3
*278
74
75
*102
105
38%
39%
76%
13%
*72%
17%
*19
22
♦17
19%
33%
*1834
9
*7%
26%
*29%
26%
79%
75%
%
*%
*%
*15g
2%
*1%
1%
1%
*5g
*234
3/
*%
%
3
234
234
*138
2
*2%
*1%
*9%
*1
Vs
*2
914
*24%
*34
*1%
*H4
*8%
*12%
4
*27%
40
*1%
2
*9%
93,
10%
34
*52
58
*52
58
23
23
*22
23
800
3
3
3
2,000
*9934 101
*6%
35
34%
3534
5%
4
6%
98
*97%
99
19%
9
18
18
*17%
*7%
19
6%
*7%
9
32%
33
27%
28%
*75%
79%
*75%
*%
*1%
79%
*%
%
%
f
2%
2%
2
2%
*1%
10%
*934
10%
*1
1
%
*134
i
3
X-
1%
*1%
*10
1
*1
1%
1
2%
*2%
9%
9%
*24%
9%
9%
*2%
9%
*34
134
♦13s
34
134
10
24%
1
*1%
134
1%
*114
134
*1%
4
*8%
13%
*4
*25
*1%
9%
13%
*4
4%
*8%
13
4%
*3%
*25
25
€4%
1
*%
*1%
*1%
1%
1%
9%
*8%
13%
13
4
34
234
2
10%
34
3%
4,600
100
2
*1
1
*24
24%
*1%
*1%
1%
*8%
9%
3%
3%
1,300
2%
10%
800
2,500
100
"2,600
300
1
100
134
1%
9%
_
—
„
43
41%
45%
11
10%
10%
10%
10%
11%
11
11
1,700
63
63
64
64
62%
64
*62%
64
60
*56
60
*52
60
60
*52
60
64%
60
*52
60
*2%
3
♦2%
*15
14
14
3
*2%
17
15
*52
3
2%
15
*14
102
no"
*17%
*
109"
110
17%
*
18
*17%
*65
75
*61
102
108"
109
*17%
75
*61
102
109
*
102
*
*15
16
18
75
*64
*
18
40
39%
12
12
12
39%
75
12
*114
117% *114
120
*120% 122
*58
7%
19
*-■---
90
*11
4%
*64%
5
17
18
*61
64
12
57%
*
*90
34%
*90
29%
91
35%
100
28
*11%
12%
*10%
*3%
4%
8%
4%
*6%
*5
9%
*5%
16%
*62%
65%
11
11
16%
16%
16%
34
*30%
5%
5%
100
Co 6% pf 100
6% prior preferred
Cham Pap A Fib
Common
No par
—
--No par
Chesapeake A Ohio Ry.-—25
Preferred series A
100
{Chic A East HI Ry Co
100
6% preferred
100
{Chicago Great Western.-100
4% preferred
100
{Chic Ind A Loulsv 4% pf.100
Chicago Mall Order Co
6
{Chic Mil St P A Pan..No par
5% preferred
100
{Chicago A North West'n.100
*30%
5%
90
-
-
-
-
-
S3 conv preferred
No par
{Chic Rock Isl A Pacific—100
7% .preferred.--—.100
6% preferred
100
8
30
9%
30
17%
17%
17%
800
16%
16%
16%
65
11%
11%
*31
5%
60
*62%
66
300
11%
11%
11%
34
34
34
7
28,700
5%
60
60
61
*56
57%
"30"
30%
"30%
30%
"29%
31
91%
*90
94%
*90
*90
94
*90
34
34%
100
57
57%
*
*94% 100
6%
6%
6%
7
7
1%
1%
1%
1%
1%
33%
33
34
34%
23%
22%
23%
23
34%
23%
Bid and asked prices; no sales on
57%
34%
*96% 100
6%
1%
34
23%
*
57%
35
*96% 100
100% Jan
*
35
35%
Jan
4
12% Mar 26
99% Apr 11
7
Mar 26
Mar 29
4
3% Mar 31
Jan
3
98
28
61
Oct
6%
17% Mar
61% Jan
Nov
Dec
Jan 17
90
Oct
Jan 11
13% Nov
2% Oct
35% June
Nov
191*4 Aug
4% Jan 12
97% Jan 20
Dec
80
109% Mar 3
55% Jan 10
97
Deo
40
Nov
2
18% Jan 12
97
Dec
13
Dec
105% Aug
41% May
Jan 12
90
Dec
115
19%
Dec
104
May
94
25% Jan
7
62% Feb 26
3
Oct
62
24
Jan
28
Oct
4% Jan 12
2
Oct
105
Jan 25
96
June
11
Jan 10
8
Oct
8% Jan 10
4
Oct
5% Jan 20
Apr 2
95
104
32% Feb 23
106
Mar
4
30% Jan 12
3%
Oct
Sept
34*4
Dec
Oct
18% Oct
103% Dec
25% Nov
3%
Dec
32
1
Jan 11
Jan
5
% Mar 29
1% Jan 10
1% Jan 10
Mar 31
4% Jan 12
6% Mar 31
12% Jan 15
Mar 30
% Mar 31
1% Mar 28
1
Mar 28
8
Mar 25
12
Mar 29
3% Mar 30
Mar 29
32% Jan 17
1% Jan 20
10
Deo
Deo
19%
6*4
28*4
Oct
33
Feb
Dec
45
Auc
Oct
Dec
*4
Dec
2% Jan 11
1%
Oct
2% Jan 12
1
Oct
12*4 Jan 12
16% Feb 18
5% Jan 12
37
Feb 23
6%
Oct
12
Oct
3
Oct
36
Oct
5
67% Feb 3
60
Feb 28
57
Dec
92
Feb
68
Dec
74
July
7
2
Oct
Jan
3*4 Jan
10% Mar
10% Mar 26
24
Jan 12
Dec
48
150
Mar 28
150
Mar 28
179
Oct
179
Act
75
Mar 26
75
Mar 26
98
May
103%
Apr
Apr 7
15% Mar 26
67% Apr 16
112
Mar 12
113
Jan
106
45
111
Jan
3
105% Mar 30
58
Mar 28
7% Mar 30
par
102*4 June
19%
Dec
Jan 27
82
Oct
26% Jan 10
76
17%
Jan 25
56%
Jan
11% Jan 12
8%
Oct
59
95
Dec
18
4
Dec
Aug
48% Aug
90
Jan
50%
Feb
41
Dec
29% July
132% June
170%
59
Apr
June
25*4 Mar
104% Jan
4
95% Jan
13% Mar 31
27% Jan
96
Jan
98*4 Nov
29
Feb
26
Jan
45
20
Jan
11%
5%
Oct
Dec
61% Feb
27% Mar
8
Dec
30
Dec
Dec
Dec
29
Jan
32
Aug
80
88
Apr
Mar 31
20% Mar 24
9% Mar 30
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29
13
No par
Mar 29
63% Apr
1
8*4 Jan
11*4
9%
22%
21%
76
Jan
Jan
Jan
Jan
7%
16*4
18%
Jan
65
Nov
82*4 Feb
112*4 Mar
Apr
Jan
31% Aug
125*4 Apr
39% Jan
46% Jan
20% Jan
10
Oct
Mar
25*4
9% Jan
t4%
Dec
Oct
*68%
64%
30%
Oct
108
Jan
Dec
Dec
101
Jan
Mar
80
Dec
114
44*4 Jan
34
Dec
99
Mar
86
Dec
5% Mar 30
10
Jan
Oct
21%
Jan
2
Jan
Oct
4%
Oct
75%
Jan
Jan
9
No par
Mar 30
15% Jan
1
5% Mar 30
57
May 3
34
79
Jan
3
65
Jan
27% Apr
57
Mar
10
23
Mar 30
38*4 Jan
100
84
Mar 28
95
31% Mar 31
90
Jan 31
4,400
40,000
Commonwlth A Sou
No par
1
Mar 29
36%
38%
37%
42%
6,800
*6 preferred series
No par
25
Mar 31
23%
24
24
26%
12,000
Solvents.-No par
22% Mar 30
25
Cash sale.
Feb
Feb
21%
preferred.No par
r
Mar
135%
Oct
2.50
New stock,
80
Dec
Comm'l Invest Trust ..No par
34.25 conv pf ser *3S.No par
n
Jan
Jan
15% Mar
11
6% preferred series A—100
5% preferred
——100
a Def. delivery,
Feb
8*4 Mar
27%
22%
46%
100
Commonwealth Edison Co
3% Mar
10%
13% Jan 12
Columbia Gas A Elec..No par
Commercial
Feb
63% Jan 15
No par
conv preferred
6% Mar
Mar 30
100
Credit
Jan
3% Mar
7% Mar
%
1%
%
2%
35% Mar 31
Colo Fuel A Iron Corp.No par
100
Commercial
Mar
18% Mar
12% May
14
22
4
Oct
Dec
% Mar 28
84 Mar 26
2
4*4 Mar
13% Mar
2%
8% Mar 31
.No par
v t c
Feb
3
13% Dec
110% Dec
93*4 Oct
v t c
48
2% Jan 22
47% Mar
24% Nov
conv
Feb
Feb
63% June
Oct
Oct
Feb 18
S2.75
82
111
1% Jan 10
5% Jan 10
Apr 22
Columbta Plct
Feb
Oct
Dec
*4
15% Feb 17
117% Feb 14
133%May 6
Columbian Carbon
23%
1
Jan
45
B
Jan
86% Mar
2
89
43
Class
115
89
Mar 24
5% conv preferred..
Jan
Jan
Jan
14% Mar
107%
41*4
24*4
5
50
Colonial Beacon Oil
June
48% Mar
82% Jan
39% Jan
12% Jan
1% Feb 23
3*4 Jan 13
Mar 22
preferred
Feb
90% Mar
Feb 18
6%
Jan
100
68% Mar
100
Mar
100
Collins A Alkman
129*4
Oct
2
Colgate-Palmoflve-Peet No
Apr
Oct
54
No par
9%
Nov
59
No par
Feb
102
5
No par
A
18% Mar
62% Jan
4%
37%
10% Mar 31
Class
Jan
31
1%
{ In receivership,
Dec
44
*40
100
5
Coca-Cola Co (The)
Jan
Feb
38% Mar
12% Jan 11
7%
35%
23%
37%
48% Mar 2
38% Jan 17
1%
1%
20%
Oct
Mar 23
7
1%
1%
Oct
Dec
27% Mar 30
23% Mar 26
70
Apr 26
% Mar 18
1% Mar 23
% Jan 26
2% Mar 26
1% Mar 28
7%
7
Oct
10
Dec
1
32% Mar 29
4H%
*96% 100
Mar 30
9
92
Jan
4
Molybdenum..No par
600
3,900
9% Feb
33*4 Mar
48% Feb
52% Sept
6% Feb
Cluett Pea body A Co..No par
Preferred...
100
57%
4,000
4
7
7
this day
35%
29% Mar 31
100
Equipment
Climax
94
34%
94%
35%
*
18
2% Mar 25
62% Mar 31
98% Jan 3
10
Clev El Blum 34.50 pf. No par
Clev Graph Bronze Co (The) 1
100
6%
1,300
Jan 15
7% Feb 25
Apr 18
No par
6H% preferred
City Investing Co
500
*62
6
17%
Jan 11
44
Mar 29
13
4% 1st preferred
100
4% 2d preferred
100
Columbia Br'd Syslnc clA 2.50
5%
*5
Feb
88
Colorado A Southern
*6
10
Feb
36% Mar
63% Apr 14
May
27
500
*4%
Oct
I84
6%
Oct
Oct
8% Jan 10
25
5
12%
8%
39
Oct
Deo
15
16%
2%
40
No par
Chrysler Corp
City lea A Fuel
-
6%
Oot
Dec
10%
6*4
65% Mar
45% Jan
18% July
35% Feb
11*4 Jan
Feb 23
36
10
30
4%
Feb
Mar
2
21
Chicago Yellow Cab—No par
12
11%
Jan
13
18%
4% Mar 3i
34% Mar 28
Chicago Pneumat Tool No par
20%
*16%
34
5%
,
Mar 30
5
100
-
"20%
28
98
45%
4% Jan 10
37% Apr 29
5
Cab
Chesapeake Corp
100
600
6%
16%
65%
*62%
11%
♦
3,800
14%
Oct
Oct
4% Mar 30
17% Mar 31
Apr 27
18 May
4
1
Certain-Teed Products
100
80
*5
17
11%
1%
•
10
4,100
4%
8%
34
6*4
*33%
22%
900
19%
30
57
"28%
*93
17
*16%
29
34%
11%
19%
19%
90
*ir
9%
60%
57%
*90
*
4%
*6%
61
•
*18%
12%
"28%
*
90
*ii"
*56
57%
57%
"29"
*
28
16%
*30
5%
90
*ii"
17%
10%
5%
*
19%
7
16%
34
*18%
6
61
*10%
5%
18%
7%
10
*16
*28%
86
18%
11%
6%
*16
12
86
8
28
*5
3,166
42%
1234
41
12%
18%
91
*16%
41%
90
11%
*3%
9
12%
39%
11%
Jan
Ocq
2% Oct
24% Dec
2%
Oct
22
9% Apr 1
12% Mar 30
Clev A Pitts RR Co 7% gtd.50
117%
117% 117% *114
117% *114
123
127
123
133%
123% 127
59
59
*58
58%
58%
*58%
8
8
8%
7%
7%
8%
86
94
*84
86
*84
*81%
8
*n"
4%
5
59
*
12%
*6%
*58
18%
28
*10%
121
59
*86
90
19
120
117% *114
*7%
8
*82
40%
*11%
12%
117%
121%
*58
59
40
39%
*11%
39%
117% Mar
5%
8% Jan 10
5% preferred
300
Jan 12
Dec
Jan
8% Feb 25
Cerro da Pasco Copper .No par
Clark
200
Jan 17
46% Jan 11
Special guar 4%
39%
3% Jan 15
11
95
200
19%
Jan 11
9% Feb 26
20% Jan 10
26% Mar 29
City Stores
75
4
Century Ribbon Mills.-No par
Preferred
100
200
108
35
16
15% Mar 30
Central Vloleta Sugar Co—19
3
*18%
76
20
.
Mar 26
102
108"
107% 107%
17%
17%
*64% 75
*107% 109
18
102
27
32% Mar
15% Mar 26
13% Mar 31
6% Mar 29
14% Mar 31
1% Mar 28
4% Mar 26
Mar 31
C C C A St Louis Ry Co.—100
*•
Jan
6% Jan 12
54% Jan 11
5% Jan 20
Mar 26
2
17
*2%
2%
75,900
8
81%
Mar 26
3
20
Chile Copper Co
33
41%
11%
64%
9*4 Jan
3% Mar 31'
25
Central Foundry Co
100
33
42
*52
Feb
Assoc—No par
—-1
Central 111 Lt 4H% pref—100
Central Agulrre
Childs Co
33
*63
24%
Mar 28
300
3%
33
*25
Oct
46
Chlckasha Cotton Oil..
40%
33
Jan
6%
100
200
41%
*25%
100
-——-.No par
Preferred
14%
*14
13%
'"206
26
*%
1
1%
700
1
*2%
10%
10%
400
1%
1
1
"160
39%
*10%
17
*34
*1%
10
10%
84
2%
*1%
10%
*%
'"600
39%
33
38%
2%
*24
1®4
*13%
10
*8%
*12%
40%
24
26
1
33
100
preferred——
6%
Checker
8%
34
29
79%
%
2
2%
1
1
234
1
300
*76%
*%
*1%
%
*2%
1
%
2
20
19
33%
27%
10%
234
%
8%
%
%
1
13%
1
Case (J I) Co
Preferred
470
*8
33
27%
2
1,900
99
*18
26%
*%
6%
26%
*
32%
33
27%
75%
%
1%
4,800
6%
25%
6%
24%
98
......
25%
6%
2434
24%
6%
5%
4
"166
*93% 104
34%
36
*93% 104
34% 36
♦2
11
2%
4
*5
*3%
*5
5%
1%
1%
10
—6
Central RR of New Jersey .100
10
*8
10
*3%
*5
*3%
*93% 104
%
%
*10%
*63%
*14
*6%
20
*9934*102
100% 100%
10
234
26
Carpenter Steel Co
Carriers A General Corp
7% prior preferred
3
*%
34
100
23
24
6%
24
31
*7%
5,900
110
58
5
5
99
934
500
*21%
10
6%
24%
99
*70
5,000
*52
98%
24
99
7|
300
22
*3%
4
*93% 104
25
7934
S3 preferred A
10
Carolina Clinch A Ohio Ry 100
58
ICO
5%
4
*98
26%
No par
A——1
Capital Admin class
10
3334
*%
Cannon Mills
Celotex Co
33%
2614
6,300
3,200
34%
*71%
26
5%
""260
*8
24%
5% Mar 31
75
Apr 18
25
Canadian Paclflo Ry
19
95
26
9,800
13%
100
Oct
9%
94%
10
6
19*4 Feb 23
1
Cop. .6
Campbell W A C Fdy.-No par
Canada Dry Ginger Ale
6
Canada Sou Ry Co
—100
6%
1,200
3%
Jan 10
60
preferred
13
3
10
91
*18%
2%
5% Mar 26
60
34% Mar
*75
*52
Dec
Mar 31
75
Jan
34
Mar 31
3%
79%
82
*102% 105
41%
43%
14
Jan
Jan 24
Oct
Dec
19
13%
102%
52*4
15% Dec
41
1
3%
*105
Dec
Jan 13
21% Jan 11
Apr 22
32
12%
18%
49%
94%
13%
42
41%
♦104% 110
21
37
a:l6% Mar 31
10% Mar 29
Jan 12
Jan 11
Feb 18
Jan 10
Jan 11
Jan 10
*18%
41%
Jan
19*4
24%
49%
2%
10%
15*4
*75
*3%
31
81
105
63
Mar 30
19
*434
9
79%
105
Dec
5% Mar 30
14%
14%
7
13
Packing
13%
94%
95
33
3%
13% Jan 13
No par
No par
Byron Jackson Co
*18
*6%
*24l4
*7i2
78
105
*65%
75
5% Mar 30
Oct
*75
98
*30
14%
*3
Jan
Oct
1334
2%
*6%
*13%
3%
Jan
38%
6
19
21%
7
14%
8
Dec
45
40
Jan
Oct
5%
Calumet A Hecla Cons
50
47
1
9*4 Jan 13
Callahan Zinc-Lead
7,300
Dec
2*4 Jan 13
California
1,500
1
34
3
1% Mar 25
3% Mar 26
24
94%
278
1017g
34l2
*31%
40
28
Feb
Feb
Feb
Feb
11% Jan 10
13
2178
4
*5%
5%
*3134
*65%
Jan 20
28
Dec
36*4 Jan 11
*1734
58
5l2
25%
25%
75
3%
76'%
5%
22
Aug
Mar 31
*75
♦21
*3%
*37%
30% Jan 13
3,800
15%
50
Mar 30
18
34
23%
69%
63%
Mar 31
5%
11
14%
Oct
6
13%
♦52
*47g
10*4
14%
Jan
20
96%
1778
3
*95
*5%
40
10*4
28
Oct
1,700
7%
Dec
Dec
1,000
1%
7%
6%
24%
5%
*5%
*104
*104
22
*6'g
25
23%
*3134
*65%
*13%
40
39
39%
52
1134
6
1%
1%
7%
16
22*4
Participating preferred..100
Caterpillar Tractor
No par
5% preferred
100
Celanese Corp of Amer.No par
3
*7%
*37%
6%
40
52
1017g ♦100
6
*103
*21
27g
10*4
14%
50
*37%
*102% 105
104
104
14%
6%
25
5%
40
75
147g
3%
77
22%
5%
14%
50
*37%
40
10*4
14%
10%
27%
7%
10%
7
*5%
1%
7
7%
10*4
7*8
7
7
1%
1%
400
15*4
Jan 12
Jan 10
7
By era Co(AM)
60
50
1%
1%
1%
1%
*15%
Jan
18
1,500
21
*15
*1C0
*23%
24%
Aug
15%
10
5
No par
25
10% Jan 11
26% Jan 20
1,500
3%
8%
Dec
Mar 29
30
29
20
1434
*17%
8%
19%
75
19
*23%
28%
3
Apr
11
Jan 13
5% Mar 31
12% Mar 30
5% conv preferred—
Butte Copper A Zinc
100
46%
15*4 Mar
Butler Bros
1,400
93
Oct
50% Aug
5% Mar 31
16% Mar 30
2% Mar 30
{Bush Term Bldg gu
share
Oct
39
Oct
634 Mar 30
6
8%
Corp
1
Burroughs Add Mach—No par
{Bush Terminal
No par
Debentures
100
per
76*4
Dec
pf ctfs 100
19
3%
7%
200
5%
19
23%
15%
*13!2
96%
8
90
400
*18%
6%
*3
3%
1,900
15%
21
"l3%
6
*18%
15%
2%
7%
19
*3134
1334
7%
*10
12
Burlington Mills
26
5i2
*72i2
*6%
Bullard Co
700
19
*6534
3912
*2
7%
12
Watch-
300
*23%
15%
29
*10?%
18%
3%
8%
8%
6
105
2%
*6%
6%
18%
6%
19%
*6
50
*3
*10
3%
6
5%
6%
*8%
*15%
8%
13%
*2
*2
2
Buiova
2%
6%
13%
15%
2
700
17
15%
15%
*6%
21%
15%
15%
No par
No par
No par
Highest
share
3
No par
preferred.———100
per
4*4 Jan 10
22% Jan 13
14
Budd Wheel
1,200
15%
15%
7%
$
92% Jan 12
Apr 12
15% Mar 31
16% Mar 31
100
Budd fE G) Mr*
share
per
4484
13%
19%
28%
6
Bearing Co—17
Co———--6
iralarred
100
7%
S
Mar 23
Bucyrus-Erle
60
9%May
Lowest
Highest
3 per share
82
Apr 6
40
Jan
5
2
Co—-—No par
Bruns-Balke-Collender.No par
17
18%
0
Co...No par
Briggs Manufacturing.No par
Brlggs A Stratton
No par
Bristol-Myers Co
6
Brooklyn A Queens Tr.No par
$6 preferred
No par
Bklyn-Manh Transit--No par
$6 preferred series A-No par
Brooklyn Union Gas—No par
21
21%
If
Bridgeport Brass
3*4
*3%
8
8%
57g
75
21
3%
8
8%
*37%
*102
3%
4,000
4%
37
*34
Roller
Bower
30
80
4%
4%
35
*16%
8%
6I4
*3134
17
8%
14]8
42
40
17
8%
8%
6i4
*514
20%
17
21
17
35
3*4
3%
20%
3%
3%
*75
80
4%
4%|
35
*34
34
*75
75%
4%
4%
4%
34
21
♦16%
75
8C
*75%
8C
Bond Stores Inc
Brown Shoe
700
*37'2
*27%
1,500
3,500
♦20%
1078
14
2,200
31
7%
*3
10%
17
19%
14%
*28
31
8%
8%
714
2,200
7%
3
20
49
1 h
714
7%
19%
7*4
18%
1%
5%
6*4
400
7*4
8
*4612
*4%
7%
19%
14%
1,000
1%
7%
3
*1914
5%
32%
7%
8%
15«4
32%
*1%
7%
3
25
25%
1*8
7*8
8I4
25
4,900
8%
3
*15
19
6%
*18%
18l2
14
*28
100
2,500
7%
*7%
3%
*18
*22
26
2%
17
7%
18%
7%
33%
14
*16
Claws B
170
7'4
4%
15%
14
31
2%
3%
17
32
19%
14
9%
10
44%
7
3%
8%
19%
19%
32
*42%
44%
7%
32%
2i4
*6
32
*84%
8
4
4%
33'4
3i2
*23%
*28
14%
*28
31%
6%
80
19
18%
*12*4
14-%
*7%
6%
6*4
19
7
7
*5
6*4
6%
19
*12%
32%
*30
*23
26
*23
32
634
19i2
1434
--No par
No par
1
A
Bon Ami ciass
10%
16%
11
32
20
44
21%
2'2
16l2
32
Shares
87
43
43
17%
26%
87
44
*84%
*42%
100-Share Lots
Lowest
Par
87
16
17i2
*2334
$ per share
$ per share
87
Week
87
87
21%
*2%
*9%
% per share
% per share
share
87
87
Friday
On Basis of
stock
exchange
the
May 6
Thursday
May 5
Range for Previous
Year 1937
Ranoe Since Jan. 1
stocks
Sales
NOT PER CENT
SALE PRICES—PER SHARE.
AND HIGH
*
Ex-dlv.
y
42%May
26%May
Ex-rights.
34
69%
80%
120
Jan
Jan
Jan
Jan
5 Called for redemption.
Volume
AND
HIGH
Saturday
Apr. 30
Monday
May 2
$ per share
*6
PRICES—PER
SALE
Wednesday
May 4
Tuesday
May 3
$ per share
8 per share
*6
$ per share
*6
6%
*6%
7
*6
678
19%
8%
19%
19
19%
19%
1978
*19%
8%
*6%
*634
9
8%
*6>8
1578
*578
16%
6%
*6%
*678
7
16
16%
*5%
8%
1578
7
1578
*5%
634
*58
61
*58
61
*72%
75
*72%
1%
534
21%
92%
*5%
21%
*90
*234
91%
*2%
83s
-i%
*95
103
*3%
8%
100%
3%
4
%
80
80
10%
12%
1C34
10%
1%
1%
1%
81%
7978
7978
37->«
37%
37%
*107
10834 *107
108%
7
*6%
6%
6%
2634
26%
26%
26%
*1
*1%
1%
o1'4
26%
2634 27
2634
12
*11%
12
*1078
.
46
*61
63
*1
47%
16%
*6
61
*58
75
1%
*1%
6%
19%
9
8%
17%
634
75%
*75
*1
6
23
24
9134
3
3
92%
3%
8%
93%
3%
8%
8%
100%
*%
*2%
834
8%
3g
13%
*2%
1
26%
11%
12%
1%
12%
1»8
13
81
80
81
80
38
38
38%
26%
26%
1%
*1
46%
62
6134
109
10734 10734 *108
6%
6%
6%
6%
2734
1134
*10%
*45%
61%
4634
*45%
60
61
166
1134
46%
62%
3%
2534
334
27
94%
2334
*23%
25
7%
27%
*7
26%
26%
*30
35
30
30
*29
35
*29
35
*30%
41
*28%
9%
31
28
28%
*27%
28
*2734
30
*29
30
27
3%
27%
*9334
2334
*7
27
9%
'
7%
8%
9
*65
*65%
70
2i)
25
23%
72
*66
24
74
9%
72
*69%
*%
*6%
%
7%
70
*%
*6%
4
*60%
62
60
*13%
15
*5
*33%
4%
18%
38
4%
18%
12%
47
6,400
30
9!
25%
24%
*72
80
%
8
41
400
9:
2,300
70
8
*6%
41%
19%
20%
1,800
51,100
51,700
38%
39-%
40%
434
5%
20%
*5
5
8
103% 104
18%
19
*21
21%
*21
21%
21%
21%
*11
11%
*10%
8%
11%
9%
*10%
9%
5%
5%
5%
8%
8%
8%
8%
5%
5%
5%
1%
1%
8
8%
19
*10%
*1%
88
88
15
15%
1%
87%
88
4
*3%
16%
29%
*5%
4
4
-
11
9%
5%
*1%
1%
1%
87
87
88
35
6%
13%
*68
*5%
19
30
30
29%
26%
29%
26%
29%
26%
26
26
26%
27
36
36
36%
36%
36%
36%
*14%
15%
31%
31%
*15%
16%
52
*51%
6
*4%
43%
42%
100% 100%
*16
18%
*8%
%
9%
%
2%
11
*9
110
*100
96%
*132
97
103
*113% 114
115
115
4%
146% 147%
*4%
171
*169
12%
*2%
15%
7%
*3%
8%
12%
3
24%
*25%
*1
21%
13%
13
6's
13%
70%
*65
72%
14%
*14%
15
32
*31
16%
15%
15%
16
54%
56%
54%
54%
*8%
5%
*21%
*1%
*9
*100
94%
*26
2>%
110
96
133% 133%
113% 113%
114
4%
114
4%
145
145
170
170
12
2%
*15
*1%
*9
11
25
1%
20%
*44
*%
2%
*1%
*9
10%
110
*100
145% 147
*169% 171
171
171
149
147
*12%
2%
*12%
2%
13%
15%
838
3%
13
153s
8%
3%
8%
27%
26%
25%
1%
20%
3%
8%
28
26
*23%
*1
3
9
2%
26%
24%
*1
1%
1%
2134
*36%
38
*36
38
*103% 105
*103% 105
3%
46%
*44
44 %
44
*44
*45
49
46%
7%
11%
12%
1%
%
6
*1%
1%
*1%
%
*5%
34
34
34
*5%
21%
21%
22%
*26
27%
3%
*26%
*2%
27
*5%
1
26
26
26
*1
21%
*36
37
*103% 105
4%
4%
46%
46%
1%
1%
2%
2%
*3%
*2%
3%
3%
3%
3
7%
7%
12%
*1%
13%
1%
*•%
1
9%
72%
70
70
*99
102
*99
102
*99
102
*99
102
*1%
*14%
*
3
234
1%
17%
*2%
2%
1%
*14%
3
*2%
3
2%
*2%
234
1%
1%
16%
*1%
*14%
16%
2%
234
*1%
*14%
Bid and asked prices- no sales on
2%
3%
1%
17%
this day,
*71
*2%
3%
*1%
*14%
100
100
900
30
3
7%
13%
1%
934
72%
*99
-
400
1,100
12,900
600
24%
28%
10%
72%
75
102
2%
2%
200
3
3
600
16%
1%
1%
*14%
t In receivership,
15%
a
1,500
May
30
May
36%
30
Oct
40%
Feb
Feb
Dec
23
Apr
5%
76%
Feb
Mar
Feb
Oct
41%
22%
Jan 11
16%
Oct
46%
Feb
35
Oct
57%
Dec
5
Dec
26%
Oct
6% cum
preferred——.100
8% Mar 28
Apr 23
90% Mar 31
2
13% Mar 30
6
preferred
—.No par
$6 preferred
No par
Elec Storage Battery—No par
Elk Horn Coal Corp newNo par
El Paso Natural Gas
—3
Endlcott-Johnson Corp.. —50
5% preferred
100
Engineers Public Service
1
18
Oct
Oct
3%
Feb
8%
Jau
Jan
3
3%
Jan
8
21
10
Jan 28
10
Oct
116
Jan 27
106
Nov
122
123% Feb 23
98
Nov
180%
Marl6
130
Oct
135%
107%
Oct
Oct
Oct
112
115% MarlO
116% Mar 1
7%
Jan 12
109%
2%
17%
115%
Jan
17
Mar
198
Aug
Apr 20
21% Jan 15
150
Apr
164
Nov
4% Jan 12
21% Jan 12
10% Jan 17
4
Jan 11
Dec
37%
2%
Dec
16
1478
Dec
45%
Feb
3%
Oct
Oct
Oot
16
Feb
3%
6%
7%
Feb
Jan
Jan
27
Oct
Jan 14
24
Oct
87
Jan
22
Oct
44%
Jan
40
31% Mar
7
1% Apr
9
"14% "Oct
29
Jan
8
33
Nov
60
Feb
Jan 18
100
Nov
6% Jan 14
3
Oct
115%
17%
Jan
Jan
49% Jan 12
78%
Jan
Feb
106%
Jan
41
Oct
Mar 31
54
Jan 12
45
Nov
81
46
Mar 29
62% Jan 10
2% Jan 11
5% Jan 6
8*4 Jan 6
6% Jan 6
5% Jan 13
10% Jan 10
13%May 5
1% Jan 11
51
Nov
30
30
26
31
Apr 9
Mar 31
% Feb 10
3% Mar 30
19% Mar 31
25
100
26
Mar
Mar
Mar
Mar
Mar 29
2
28% Mar
Oct
14%
6%
Dec
34% Mar
1%
Oct
684
1
Oct
5%
28
Jan
Jan
Jan
Jan
71%
Jan
33% Feb 18
26
Oct
70
Jan
Oct
Dec
29%
Jan
75%
Ex-dlv
Oct
3
Oct
Oct
67
Apr 11
52% Apr 5
96% Feb 2
2% Mar 30
1% Mar 30
r
Oct
5
Dec
Oct
7%
23%
10%
1% Mar 31
12% Mar 30
Jan 15
8%
Feb
934 Jan
23% Mar
35% Mar
1%
4%
86%
11% Jan 12
83% Jan 7
678 Mar 30
100
Mar
26%
92%
40%
2%
2%
2%
5%
10%
1%
Feb
15%
13% Jan 12
43
Jan 12
6
Mar 26
Jan
Feb
Nov
Nov
Apr
1% Mar 29
Jan
Jan
144
Jan
22% Arp 23
2
Jan
5
167
40
3
r Cash salc_
Jan
%
1%
%
3
38% Mar 31
No par
Co 100
Preferred.
100
Federal Motor Truck—No par
Federal Screw Works.-No par
Federal Water Serv A—No par
Federated Dept Stores. No par
stock,
1%
Feb
94% Apr 5
2% Mar 29
Federal Mln & Smelting
n New
39%
Oct
33
4% 1st preferred——100
4% 2d preferred
100
5
Evans Products Co—...—5
preferred
55
Dec
17
Eureka Vacuum Cleaner
....
Mar 31
21% Mar 31
% Mar 26
Equitable Office Bldg—No par
Erie Railroad
100
preferred
Mar 30
2%Mar 30
6% Mar 29
22% Mar 31
$7
Fairbanks Co
Mar 23
Jan
Dec
171
Jan
10% Mar 30
12% Mar
77% Jan
143% July
%
5
157
4
79% Nov
Jan
8%
Jan 10
137
Electric Power & Light-No par
Ex Cell-O Corp
2
Oct
12% Jan 17
% Jan 3
130% Mar 31
109% Apr 1
111% Jan 3
3% Mar 31
121% Mar 31
—3
preferred
6
102
Elec & Mus Ind Am shares
conv
Mar
22
6% Mar 25
% Feb 11
% Feb 28
134May
Eitingon Schlld
-No par
Electric Auto-Lite (The)
5
Electric Boat
Mar 30
60% Feb 1
8% Jan 20
46% Jan 21
Mar 26
.
—1
Eaton Manufacturing Co
pr
112
15
100
-100
J).No par
Mar 30
87% Jan 27
Silk
Eastman Kodak (N
_
4% Mar 29
31
No par
No par
8% preferred
100
Du P de Nemours (EI) & Co-20
6% non-voting deb—-—100
$4.50 pref
No par
Duquesne Light 5% 1st pf 100
Eastern Rolling Mills
5
Pef delivery,
22
Oct
Dec
Oct
27
Fajardo Bug Co of Pr Rico..20
Federal Light & Traction—15
3%
1%
Oct
12%
Jan 12
Fairbanks Morse & Co.No par
3
Oct
Dec
29%
18%
5
34
Dunhlll International
$6
1%
88%
68% Mar
24% Maa
10% Feb
116% Jan
Feb
JDuluth S 8 <fe Atlantic
6% preferred.—.
30
Oct
30
800
100
6
36%May 4
9% Jan 12
5
Mar
800
500
Jan 24
5% Mar 25
39% Feb 28
4%
Oct
Oct
96
No par
Dresser (SR)Mfg conv A No par
Class B
No par
8%
8% Feb 25
2% Jan 10
108
Jan 12
8
13
29
Douglas Aircraft
40
16% Jan 11
17% Jan 12
25
Exchange Buffet Corp.No par
1
6
6
*67
800
»„-
Nov
31% Mar
29
Jan
Oct
%5Yx preferred w w—No par
$6 preferred
No par
4
Jan
27
3
Oct
$5
900
109
20% Nov
Feb
10
500
13,100
Oct
19% Nov
Jan 20
25
15
200
1%
2%
3%
96%
25% Feb 25
107
60%
53
1%
2%
3%
*2%
*3%
7%
12%
*1%
*%
Feb
5
Dow Chemical Co
58
Jan
24
4
48%
2734
70
800
18%
Oct
6
Jan 12
Dome Mines Ltd.
90
1,000
1,900
2,700
5,100
2,500
65,000
9,400
7,100
Oct
Oct
12%
Jan
50%
24%
834
72%
700
Feb
27
Mar
4812
*53
27%
*71
410
3,000
62
17
26,500
23%
*65
600
Jan
Nov
18% Nov
16
5%
*5%
72%
105
300
86
24
75
4%
27-%
9%
75
-—
105
23%
*62
*2%
*1
6
*71
*2%
34
37
72%
*99
9%
38
75
834
*3%
16%
8%
3%
10%
39%
34%
21%
1%
*71
9
8%
21%
*62
*8
3
26%
1%
22%
72%
9
15%
29%
83-
*8
151
16,700
54%
Jan 26
Duplan
110
3
32%
27%
9%
55
3%
3
4
7%
12%
1%
%
6
23%
148
16%
8%
3%
9%
34%
29%
8%
49%
27
6
23
27%
3
*50
23
7%
3
*71
9
*100
100
10%
*169% 170%
170
13
13%
12%
12%
*62
*8%
*9
169%
*48
1%
2%
1%
7%
11%
*1%
%
1%
1%
149
57
*50
*3%
*2%
*3%
7%
11%
7
110
45%
45%
52
*48
438
4%
4%
3%
3
3%
11
10%
300
500
147
*3%
*21%
3's
*2%
334
%
2%
9
2,200
19
%
*i4
99%
15%
21
1%
2%
2%
*100
3%
9%
32%
28
24%
31
31%
27%
25
1%
*2%
*3%
*9
15%
8%
21
4
49
%
*16
9
9
53,700
23% Mar
Apr
4634 A
6
8% Mar
Oct
Deo
Mar 18
No par
Dominion Stores Ltd—No par
46
4414
10214 104%
Oct
8%
14
12
3,900
Jan 10
2
11
Doehler Die Casting Co No par
54%
7
15% Jan 8
9% Feb 17
39%
66
300
*15%
54%
Jan
Corp-Seagr's Ltd No par
100
100% 104%
102%
96% 100%
*132% 135
132
132
*132% 135
*132% 135
113% 113%
113% 113%
113% 113% *113% 114
114
115
114% 114%
114%
114% 114% *114
4%
4%
*4%
4%
4%
4%.
*4%
4%
1%
2%
4
3
334
1%
*2%
27%
%
2%
12%
2%
37
*36%
*103% 105
3%
*%
*1%
97% 100%
8%
27%
%
110
3%
8%
*24
%
10%
*100
*8
9
*%
'4
*%
%
18%
*%
*%
8
534
23
18%
*8
*%
44
11%
*16
*16
8%
Mar 30
300
*5
6
46%
103%
18%
%
*4%
44%
102
8
3%
7%
12
1%
%
6
45%
102% 103
*16
3%
*334
*4%
43%
6
44%
104
9%
%
*42
*1%
%
*4%
42%
102
18%
*16
47%
52
7%
6%
42%
Distil
5
5% pref with warrants..100
Dixie-Vortex Co
No par
Class A
No par
200
87
28%May
20% Jan
31% Jan
No par
6% participating pref
25
Diamond T Motor Car Co.—2
16
*14
*30%
54%
8
2%
3%
14
31%
Match
Diamond
14%
31%
*65
14
54
45%
2%
3%
*2%
1,800
*15%
15%
2
13%
72%
16%
*44
*1%
6%
13%
52%
102
5% Mar 25
25
Mar 30
500
51%
*514
100
6%
31%
Mar 30
Devoe & Raynolds A ..No par
700
15
9
360
1,500
31
Mar 31
Mar 31
36%
6%
13%
72%
Jan
Mar 26
28%
13%
109%
1
36%
*6%
Dec
5% Jan 10
20%May 5
56
Apr 27
22% Mar 1
24% Jan 10
3% Mar 21
28
*62
Jan
Feb
76
36%
Jan
20%
100
5% preferred
14%
Oct
fDenv & R G West 6% pf.100
■
Oct
4
Det & Mackinac Ry Co.—100
27%
*36%
19
Jan
2%
Mar
10
30
Jan
17%
43
Mar 31
30
Mar
3
Oct
%
Deo
4
Detroit Edison
135
Dec
3
12
Delaware Lack & Western. .50
200
-
18% Jan 6
7% Jan 12
50% Jan 18
7% Mar 29
1,300
3%
Oct
Nov
127
2,000
87
Dec]
80
Dec
Delaware & Hudson..——100
19
*15%
41%
Diesel Wemmer-Gllbert
67%
21
70
"3",000
30
*3%
—.20
10
Preferred
Jan
25% Apr
108% Apr
81% Mar
3
6% Apr 1
102% Jan 3
17% Mar 31
1934 Mar 29
Dayton Pow & Lt 4H% pf-100
Deere & Co new.
No par
300
*3%
*5%
16
100
130
1%
1%
87
3%
31
31%
8
4
87
600
47%
Dec
Oct
Mar 29
13% Mar 31
4% Mar 29
13% Mar 29
Conv 5% pref--*
-25
Davison Chemical Co (The). 1
29,200
Jan
8%
5% Jan 10
18
5
Davega Stores Corp
100
6
5%
*14
14%
15%
24%
26%
1%
21%
6%
32
*42
*48
6%
7%
38
*36%
*103% 105
3%
13%
70
6%
8
15%
28
28
13
70
*6
%
*%
*2
*6
13
*68
6%
13%
70
*1%
5%
1*4
pref—100
200
27
19
30
35
29%
26%
5%
1
No par
Cutler-Hammer Inc newNo par
"l~906
*5%
29%
3%
*3%
4
18%
15%
15%
8%
8%
8%
8%
*10334 106
103% 104
19%
19%
18%
18%
21%
21%
21%
*20%
12
11%
*10%
*10%
10%
9%
*85%
*5%
«.
30%
19%
534
66%
3% Mar 30
12% Mar 30
48% Jan 11
1
A
Cushman's Sons 7%
$8 preferred
10
56
56
Class
Feb
12% Apr 4
438 Mar 31
36
Apr 28
Co (The)..No par
Preferred
—-No par
Curtiss-Wright
100%
30%
60
50
Packing.
<an
28% Nov
12% Jan 12
Mar 29
Jan
2<<-
33% Jan 12
4
Aug
Deo
6%
Dec
Jan
3
No par
100
10
-—100
Preferred
4011
434
38%
18
21%
11%
*1%
87%
*3%
*5%
(The)
19% Mar 31
Apr 8
22% Nov
34
37
% Feb 14
5% Mar 31
Mar 29
70
Cuba RR 6% pref
Cuban-American Sugar
10% Jan 11
3978 Jan 17
72% Jan 12
44% Jan 11
94% Jan 17
1% Jan 7
13% Feb 7
58
100
Preferred
Curtis Pub
18%
*20%
5
$5 conv pref
...No par
Crucible Steel of America.-100
Cuba Co
%
*%
Crown Zellerbach Corp
100
80
*5
5%
"4",200
25%
234 Mar 26
No par
$2.25 conv pref w w..No par
Pref ex-warrants
No par
100
30
9%
*65%
70
5
104
Jan
Jan
10% Mar
66% Feb
Oct
No par
28%
700
8%
Feb
71%
Crown Cork & Seal
*30%
5
104
3
77
171%
Apr
37
5%
*14
153
115
5%
1534
17%
65% Jan 17
166%May 3
4% Jan 12
30
Apr 16
Deo
*18
18%
1
Apr 12
Nov
30%
18%
18%
1
Apr
162
21
63
15%
8%
Jan 12
56
Apr
x53
88%
*18
104
40
25
No par
*56
*8
Oct
46% Nov
50% Oot
9%
Crosley Radio Corp
30%
*14
16% Jan 10
200
7%
7%
63
104
Mar 26
10
Oot
Jan 11
*18
8%
24
Jan 14
*55
15
Oct
1% Jan 15
34% Jan 11
1
25
30%
104
Oot
%
Mar 19
21% Mar 30
98
63
8%
Oct
Jan 31
29%
5
5%
23
69% Jan
108% Deo
25% Jan
42% Jan
3% Feb
49
July
35% Mar
Dec
Mar 31
27
5
1834
Oct
Deo
19
Cudahy
*14
65
37%
106%
5%
21% Apr 6
5% Mar 31
22% Mar 30
29
Apr 13
25% Apr 1
7% Mar 29
300
5%
37% Ap
37% Jan
5% Jan
109% Feb
85
13%
15
Oct
25
13%
18%
1
100
14%
18
7%
Oct
Oct
No par
*13%
*5
Feb 23
45% Jan 12
110% Feb 21
9% Jan 17
32
Jan 12
100
Co
14
5%
92% Aug
10%
Oct
5% conv preferred
Crane
*13%
18%
13% Apr
52% Apr
Deo
3
16
Cream of Wheat ctfs
13%
18%
Oct
79%
400
100
*5
Feb
200
*18
5%
Jan
Jan
1%
6,200
*55
18%
105%
10%
Oct
25
60
19%
85
Oct
%
96%
60
19%
5
5
21% Mar 30
5
-
Coty Inc.—
61
18%
Jan 12
Jan
2%
4
Jan 12
Deo
Jan
Jan
Jan
13% Feb
17% Apr
27%
25
63
*14
Preferred-—
Jan
6% Apr
—1
Motors
Corn Products Refining
200
*60
19%
5%
22
100
108
3%
26%
30%
104
30
2,700
63%
107
Mar 31
Nov
900
*18
*5
20
Continental Steel Corp .No par
Corn Excb Bank Trust Co.-20
61
5
% Jan
92
"3%
*55
*18%
100
preferred
Continental Can Ino
7,700
300
29
*11
63
5%
8%
No par
Continental Oil of Del
30%
19
600
81
B—
Continental
*55
*5
Class
Continental Insurance—$2.50
*18
*18
9834 Mar 24
Continental Bak class A No par
5% preferred v 10
*60
18%
18%
18%
2% Mar 31
% Mar 21
2% Mar 19
61
4%
Oct
6,400
2,100
2,300
4%
Oct
7
16% Jan 18
16% Jan 15
2% Jan 13
4
38
3%
Mar 30
9% Mar 31
8% Mar 26
1% Mar 29
65% Mar 31
36% Mar 30
4
4%
5% Jan 16
10% Jan 10
101% Feb 21
7% Jan 7
7
Container Corp of America.20
4
38
4%
Deo
2,100
11%
13'2
1%
4
36
4%
21%
Apr 18
8
5
25% Jan 14
96% Jan 3
85
4
5
Mar 31
17
86% Jan 21
3%
5
Oct
78
*6%
5
4%
10
3%
*60
15
Mar
6% Jan 12
5%
18%
49%
Consol RR of Cuba 6% pf.100
f Consolidated Textile--No par
Consol Coal Co (Del) v t C..25
13%
60%
Mar
95
Oct
88% Apr 16
2% Mar 30
1,800
6234
87
Oct
1
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
$5 preferred..
No par
3,000
*45%
Oct
63
100
1
24%
734
*%
*6%
..No par
Consol Edison of N Y..No par
65
Consumers P Co$4.50pf No par
8%
36
5%
%
$2 partlc pref
Jan 15
Mar 19
68
80
200
3%
4
*13%
24%
*72
80
1
1% Jan 11
4% Mar 26
100
""160
*6%
7%
4
4
*68
25%
*%
%
*%
%
*7%
938
70
*72
80
*23%
28
9
24%
25
96
28
*66
70
24%
*70
3%
27%
96
24%
7%
9
9%
26%
95
3%
w w
Mar 29
4% Mar 29
55
Apr 1
71
Jan
5
1
Mar 26
*93%
27%
3%
6$£% prior pref
Consol Film Industries
434 Mar 30
11
Highest
$ per share $ per share
share
19% Feb
4% Oct
7% Jan 14
20
Deo
46% Mar
24% Jan22
8
Jan 5
7% Deo
19% Jan
22
Jan
5% Dec
10% Feb 23
26
8
Oct
July
19% Jan 17
8
Ja.t 17
18% Jan
4% Oct
per
12
*166
166
*9334
'
...
Mar 29
1%
28%
1
Mar 29
6
26 34
26%
28%
3% Apr
15
1,100
1%
28%
2634
No par
$4.50 pref
No par
Continental Diamond Fibre-.5
26%
share
per
Congoleum-Nairn Ino..No par
3,100
1
*11%
62
1%
Conde Nast Pub Ino
$
Lowest
Highest
$
Congress Cigar
No par
Conn Ry & Ltg 4H% pref. 100
Consol Aircraft Corp
1
Consolidated Cigar
No par
7% preferred
..100
39%
3734
108% 108*8
6%
6%
26%
95
*165%
13
3,400
2%
*2%
12
"i~66o
334
%
%
11%
13%
1%
166% 166% *165
*3%
3%
3%
27
26%
27%
9434
*9334
9434
*23'%
*23%
25
*7%
7%
7%
27
2634
27%
*165%
3%
103
*334
11%
1%
73,600
3,400
2,400
14,100
9%
11
37%
6%
25%
9434
400
3%
*8134
*79
27%
12%
46%
334
%
3
13
100
3
*97
103
Par
""160
8%
11
1
*11%
*5%
23%
93%
82%
11%
1278
1%
79
6%
82%
1034
12%
100
1%
82%
*80%
1%
*2%
3
*10
82%
79
*10%
%
%
37%
3778
108% 108%
6%
6%
26%
26%
*314
%
3%
3%
3
13%
*97
*96% 103
3%
io
10,000
80
1%
6%
3%
16%
1,300
61
23%
92%
8%
*6%
100
6%
19%
9
8%
17
*58
*5%
*95
*6%
61
2134
3%
6%
19%
of 100-Share Lots
Lowest
$ per share
6
6%
On Basis
Week
Shares
6
22%
92%
3
47%
61%
*6%
*6%
*6%
75
*80%
1%
*79%
37%
*45
*74
1%
92
10%
12%
*12
12%
75%
*10
81
*80,
61
$ per share
19%
EXCHANGE
May 6
*5%
3
13
*10
17%
634
Thursday
May 5
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
21%
%
*2%
3%
13%
8%
16%
*1
3%
%
*2%
*1012
9
*5 >8
*58
*58
5%
21%
91%
3%
5%
2034
3%
8jr,
*9g
1%
6%
19%
*634
75
75
1%
*1%
678
NOT PER
SHARE,
Sales
for
LOW
2969
New York Stock Record—Continued—Page 4
146
75
98%
4%
4%
2
Jan 14
Feb 25
Mar 15
Apr 22
Jan 12
Jan 12
Jan
8
18% Jan 11
Ex-rights
7%
103
Jan
60
Nov
150
Mar
90
Oct
129
Apr
2
Oct
72%
2% Oct
1% Oct
14% Dee
11%
11%
Feb
Feb
6
Jan
43% Mar
1 Called for redemption.
New York Stock Record—Continued—Page 5
2970
HIGH
AND
LOW
SALE PRICES—PER
SHARE. NOT PER
CENT
Monday
May 2
$ per share
74
*70
Saturday
Apr. 30
%
share
per
74
*70
26%
$ per share
*70
73%
26
26%
*14
21
18
18
*8278
*27%
♦14
21
17%
18%
84
84
86
*82%
$ per share
73%
26%
18
86
Shares
15%
27%
15%
74
*70
26%
21
*82%
27
14%
$ per share
*14
18%
17%
86
*82%
27%
15%
27%
26%
26%
*14
*18
3,700
Fllene's
21
18%
18%
1,500
86
84
84
200
28%
700
4,500
200
15%
15%
15%
21
*20
21
*20%
21
21
21
21
21
17
*15%
17
*15
17
*15
17
*15
17
24%
14%
2
*1%
♦23
25
*92
2
*23
93
92
14%
*50%
14
14%
*28
35
25%
3%
*11
12%
89%
5%
*5%
*84
34
7i2
*116
3%
11%
11%
*12
13
*12
89
90
90
90
5%
5%
512
5%
*33
*84
33%
32%
%
%
50%
56%
123
29%
I 3%
14
34%
26%
29%
34
3%
11%
93
32
*28
3%
11%
*12%
*84
26%
34
*3%
93
3%
*28
1%
90
8%
35
*1%
*89
17%
*43
47%
*22%
23%
*112% 115
3
1%
90
7%
3
25%
89
5%
*5%
5%
.
1%
*13
*10%
8%
6%
33%
113
113
*25
112% 112%
*23% 29
*5%
5%
8
*7%
35
34%
27
*26
95
*85
1%
17%
19%
18
1%
*16%
19%
17%
11%
15%
11
11
*11
*14
15
*14%
11%
*10%
-
11%
*10%
8%
*55%
634
8%
6%
41
42
1%
1%
95
*85
*5%
5%
5%
5%
*84
17
19%
17%
20%
17%
20%
8
8%
57
*56
6%
6%
18
11%
15%
11
27
43
17
18
41
17%
*39%
*1%
41
3
2
3
►
T.
3<
7%
16%
*85
95
*85
21%
19%
21%
21%
1,600
880
18%
*70
1278
1314
42
42
18%
17%
*76
78
3%
334
338
13%
42%
17%
J 6%
57%
*55%
7
7
17%
17%
41
41
*43
1%
*2%
3
40%
47
17%
7%
1,900
40%
400
18
18%
77
*76
3
3%
1384
13a8
1334
42
42'
1784
58
58
*54
58
*54
58
*54
1
1
1
1
1
1
*334
4
334
H4
912
334
*4
1%
*1%
9%
*9%
2212
*21
115%
14i2
1%
1014
1314
22i2
21U
1134
12
12
23
23
*21
1138
*11%
15
HI4
*27
28i2
27%
*12212 12612 *123% 126%
*35
50
*1534
I6I4
*30
42
10
12
12
12
*11
23%
*21
2334
21%
*21
*11%
12
21%
12%
15%
2784
*35
50
*35
16
16
16
*30
42
*30
15
2734
4%
14%
1%
2384
3
800
*54
%
4%
4%
15%
27%
*1%
*13%
1,300
500
16
16
12,000
27%
27%
800
42
*36
42
30
Graham-Paige Motors
Granby Consol M S 4 P
Grant (W T)
Great Western Sugar..No par
Preferred
100
""706
9%
"8" 100
8%
1,000
1%
*1%
1%
1%
*1
1%
200
23%
*13^8
21
4
*3%
*10%
4
Gulf Mobile 4 Northern
133s
*13%
*3%
*10%
Guantanamo Sugar
8% preferred
25%
*23%
*12%
*90
*6%
14
*12%
90
90%
*
89
"Wig
*120
20
132
*5
5%
#
*120
5%
60
*54
*1%
*86%
1%
89%
*1%
*863,
6%
*79%
63a
6 s,
*80
32
6%
6%
14
*12%
90%
90
89
"19%
*54
83
35
*
132
*120
*5
5%
60
*54
1%
1%
89
85
6%
6%
83
*31
*80
6%
6%
14
*12%
*90
90%
89
*20"
19%
*23%
32
21
132
*
*120
5%
60
6%
83
4
4
4
200
12
12
13
300
25%
*24
25%
32
*30%
32
14
14
*12%
91
fx 21%
*5
5%
79
6%
*80
*12%
*90
*
88
2178
m*5
• 60
1%
80%
P*l%
6%
83
6%
5%
17,
6%
81
¥ 81
*1%
*80
84
*79
132
81%
51
*40
51
*40
*81
*15%
1*80
86% *81
86%
25
25
1*15%
*15%
27%
27%
27%
27%
*101% 102
*101% 102
7%
*7%
*7%
7%
*15%
15% *15%
15%
*101
110
56%
*19%
*7%
56%
21
7%
52
*89%
94
6%
*50
500
102
86%
*81
86%
*83%
86%
*15%
17%
*15%
17
*83%
*15%
28%
*28
28%
28%
102
1%
*3%
3%
25
7%
7%
15%
15%
*102
56%
19%
7%
56
19%
7%
108
56%
19%
7%
51%
89%
6%
*89%
6%
94
6%
*31
36
35
1%
6%
1%
4
*1%
*3%
4
24%
25
6%
%
6
%
24%
6%
%
24%
6%
%
*7%
7%
7%
7%
7%
*12%
*25%
*4%
14%
*13
18
26%
26
26
*4%
105
7%
15%
*6%
6%
*101
*7%
*15%
a51%
*1%
*3%
28
6%
56%
*19%
7%
*50%
*89%
678
*32%
*1%
108
5938
20
7%
51%
25
36
*33%
*1%
*3%
1%
26
*14
17
*14
28
*4%
5%
26
105
*7%
8
14%
14%
108
58%
20
7%
*102
57%
19%
7%
20
92
7%
52
94
7
33%
35
1%
*1%
4
4
2,000
7%
35
10
2,100
300
100
26%
3,800
6%
3,700
%
7,
2,800
8%
8%
8%
9%
4,900
16%
*14%
26
*4%
5
27
4%
t In receivership,
Oct
Feb
85
Nov
Feb
Oct
Oct
88
14
Jan 10
20
Jan
6
13%
9%
16
Dec
Jan
437,
Feb
24
8
Oct
8
Oct
20%
Feb
Feb 26
66
Oct
88%
Feb
9% Jan 10
58
Jan 13
27%
Jan 11
51% Jan 19
3% Jan 10
37S Jan 11
160
4%
50
delivery,
80
Jan 17
47,
Jan 11
55
Feb 21
2
Jan 12
6%
49%
Dec
19%
Dec
43
Oct
Oct
conv
29% Mar
90% Mar
51% Jan
58% Jan
1%
Oct
67,
Feb
2
Oct
8%
Feb
65
conv
116
1%
Oct
3
Oct
Class
5%
27%
Feb
Feb
x27% Jan 10
22
Dec
47%
Jan
19%
Dec
22%
28%
Mar
Jan
3
Jan 22
23
Jan 24
15% Jan 12
26% Jan 12
32
Jan 14
127% Jan
40
7% Mar 31
7% Feb 4
6
Jan 22
1%
10
% Mar 31
Oct
20%
23%
129
60% Sept
98
7,
Oct
28
Jan 12
Feb 16
21%
12
3%
12
4%
59
Oct
17% Mar
Oct
59% Mar
34% Feb
23%
Jan 15
Dec
26% Apr
4% Oct
17% Dec
Jan 18
Jan
20%
Feb
31
Feb
Feb
2
100
95
Nov
108
4
96
Jan
6
92
Oct
105
Mar 29
25
Jan 15
18
Oct
126% Feb 28
z7% Jan 19
121
Dec
7
4% Mar 30
60% Mar 31
l%Mar 30
100
2
79
25
May
4
5% Mar 25
82
Apr 22
140
10
Jan
8
Mar 26
42% Mar 31
126% Jan 19
5
Oct
Dec
107
Feb
1%
Oct
8
Jan
95
77,
Jan 10
5% Mar 26
14
Mar 26
100
102
Marl6
12.50
48% Apr 1
17% Mar 31
par
No par
6
stk.No par
Mar 30
46i8 Jan 4
83% Jan 26
Feb 24
Jan 17
81
5%
86
Dec
126
129
Nov
166
11
Oct
58
Jan 11
50
131% Apr 18
125
43% Jan 26
Jan 13
Mar
2
29% Apr 22
102
May 3
11
Jan 12
25% Jan 12
102
Mar 16
83
16%
15%
93
7%
15%
Feb
Jan
39%
Feb
Nov
64
Dec
May
135%
Feb
Deo
67%
Jan
Nov
111
Jan
Dec
Oct
37
June
Nov
120%
Dec
Oct
109
Oct
x39%
Oct
21
Dec
52%
Feb
Jan
30% Mar
43% Jan
114*4 Mar
53% Deo
25
Jan 20
Jan 12
41
Jan
117,
Jan 12
6
Oct
277,
Feb
52% Mar 22
44
Oct
73
Jan
Dec
Oct
94
Mar
65%
Mar 31
8%
Jan 11
78%
4%
63%
Jan 13
37
5
25
117% Aug
157, Jan
Jan 11
39%
Jan
Dec
Nov
Feb 25
23% Mar 30
1% Apr 6
100
17%
17
94
93
98
Feb
152% Feb 17
20
5
No par
Feb
55%
Mar 28
preferred—.No par
140
8
16% Mar 25
Jan 31
Jan
68% Mar
2% Jan 11
67
80
17
Jan
36
May
Apr
Jan
Oct
8884 Apr
120
Feb
Jan 10
1%
Mar 31
15
Mar
11% Mar
12
90
Mar
64% Mar
39% Mar
167,
7
90
Feb 24
Oct
17%
Jan
2% Jan 13
1%
Oct
3%
Oct
90% Mar
57, Jan
157, jan
Mar 30
7% Jan 13
27% Apr 18
10
Jan 13
Oct
23%
%Mar 30
6% Mar 30
5
100
12% Feb 25
3
....100
Mar 29
20% Mar 30
5
1
100
12
Leased lines 4%
23
100
RR See ctfs serlee A...1000
Cash sale,
Nov
56% May
42% Jan
145%
Oct
preferred...No par
r
Oct
Deo
Dec
Mar 19
New stock,
Oct
Dec
Jan
7%
6
Hupp Motor Car Corp
Illinois Central
Dec
5%
7%
Jan
Hudson Bay Mln & Sm LtdlOO
Hudson Motor Car ....No par
n
Feb 16
Oct
11% Mar 15
884 Apr 11
40
preferred
Jan
Jan
48%
Jan
Howe Sound Co
Hudson 4 Manhattan
15
Jan
Feb
Oct
Mar 11
t c
4%
Mar
Dec
No par
v
13%
13
40
25
com
47% Mar
10
7
B
Feb
50% Mar
87% Mar
Jan 10
18%
34
Houdaille-Hershey cl A.No
Dec
13% Jan 11
9% Mar 30
12% Mar 31
23% Apr 8
122
Apr 12
Hlnde 4 Dauche Paper Co.10
Holland Furnace
...No par
5%
Aug
Mar 31
28
100
Jan
33%
14% Jan 15
11% Feb 26
61
Apr 28
Apr
1
preferred—
Jan
Mar 30
loo
Chocolate
Jan
6% Jan 12
17, Jan 11
6% preferred series A—.100
16%
27%
a Def
Jan
16
70%
Feb 23
No par
5% preferred
Houston Oil of Texas
6%
25%
cum
Jan
5%
Oct
No par
Motors
Mar
Dec
18
Mar 25
(GW)
100
7,200
25%
*14
15%
Jan 10
5
Preferred
Household Fin
78
5%
19
110
jan
Feb 28
20
v t c-No par
400
6%
17
Oct
Oct
Dec
487,
24
7% preferred
Homestake Mining
26%
27%
Corp
6,800
%
*4%
Feb
Jan
Feb
Oct
30
Hollander 4 8ons (A)
Holly Sugar Corp
1%
4
Feb
122%
60%
Oct
Oct
10
1,300
6%
27%
Helme
$4
400
7%
52
*90%
51%
Hecker Prod
6%
108
57%
70%
Oct
1
25
Hercules Powder new..No par
200
778
Dec
14
25
700
17
15%
1%
Jan
Jan
Feb
1
Corp of Amer class A..1
Hershey
29
x99
jan
Jan
4
Jan 12
Hercules
8%
•Bid and asked prices: no sales on this day
70
6%
7,
8
*27
51%
678
%
8
57%
*19%
7%
*89%
6
%
*102
7
4
*101
105
*7%
14%
92
*3%
6%
%
*102
*101
28%
Jan 10
19
100
86%
25
200
51
52
*32
*1%
25
108
27%
*40%
2
Mar 29
Harbison-Walk Refrao.No par
6% preferred
—100
5,600
51
Jan 18
21%
3%
8%
124
Jan
Feb
8
6% preferred
...100
Hanna (M A) Co S5 pf. No par
7
*40%
90
28%
111
647,
44%
3%
64%
657,
65%
117%
5%
8
6H% preferred w w
Hayes Body Corp.
Hazel-Atlas Glass Co..
51
2% Jan 8
26% Jan 15
Mar 25
Water
Hat
*40
89%
6%
34
34
56
19%
8
*50
*102
51
3
Mar 28
preferred class A
100
81%
Feb
3
Printing
100
147% *121
147% *140
147% *140
147% [147% 147% *145% 153
11
11% *10%
*10%
113, *10%
11%
11% %11% 11% *11
44
44
44
45
4334
44
*44
44%
*46%
*43% 45
48%
*129
134
*129
130
*129
*129
*129% 134
130
*129
130
130
*40
7%
Hall
500
*121
Feb 24
Jan 11
...100
preferred
2
|*10%
106
Mar 5
Jan 18
12
"2", 100
85
6%
116%
31%
678
978
100
Hamilton Watch Co
10
5%
Oct
May
100
60
2178
48
117
24
No par
60
*5%
60
60
400
14
91
6%
Hackensack
60
6%
88
"21%
*120
121
al21
60
1%
*6%
91
*90
+
21
132
*54
1%
86%
21
#*3%
12
1*10%
25% 1*23%
35
4*30%
678 m 6%
89
"20%
21
1*13%
6%
Jan 11
60
9%
*7%
*32
Feb
Apr 30
38% Jan 15
45
9%
8
6%
Nov
30
34% Mar 29
9%
7%
32
*6%
33
Oot
57%
123
100
Greyhound Corp (The).No par
5 >4%
preferred—
..10
984
8%
25%
32
3
%
15%
9%
*23%
1% Jan 11
21% Jan 12
8
13%
25%
Oct
28% Nov
13% Mar 30
9%
12
152
34
33% Jan 17
1
8%
*10%
126% Mar
52% Jan
Dec
89
Mar 30
10% Mar 30
19
Apr 5
100
Green (H L) Co Inc
Greene Cananea Copper
9%
*13%
1
2% Mar 30
52% Mar 30
% Mar 29
2% Mar 31
10
*8%
4
Dec
24
15% Mar 31
.1
5% preferred
....20
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
9%
21
Oct
22
z99
^an
72
5
8%
4
Apr
2% Mar 30
1
Green Bay 4 West RR
50
42
*36
66
Feb 23
28
96
2,200
16%
Mar 30
Feb
Mar
120% Feb 11
46% Jan 10
Oct
.1,400
16%
6
1% Mar 26
100
9
*3%
40%M ay
No par
Preferred
1178
17%
*35
Mar 29
65
141
21%
16%
*1
5
preferred...No par
2378
50
Mar 29
32% Mar
Oct
Oct
Dec
Dec
conv
Grand Union Co tr ctfs—
*16
Mar 29
7% Mar 29
51
$3 conv pref series...No par
Granite City Steel
No par
*35
11,
9
6
14
Oct
16%
72%
3%
$5
400
16%
Mar 31
8% Mar 23
14%May
Feb
Oct
Gotham 811k Hose
400
50
72
2%
6%
14%
Jan
10,600
1,000
*35
Jan 10
Feb
19%
""706
"V, .500
*122% 125
6% Jan 12
13
26% Jan 12
86%
153
Dec
*8
*1%
*14%
*3%
*10%
*23%
Mar 25
Oct
Dec
914
1%
2334
1
Mar 30
Mar 19
Oct
46
1%
50
*35
Apr 9
Mar 30
6
117
x83%
12%
1234
27%
Mar 31
Jan 16
Mar 11
19% Jan 15
1034
125
4
9
123
57% Jan 15
12
125
3
101%
1%
12%
85%
13
*1%
2334 12334
121%
1178
II84
Jan
6% Mar 29
37
*984
125
42
(Adolf)...
10
1%
Mar 25
Oct
Nov
Mar 31
58
4%
Mar 30
5%
91
31% Nor
Mar 31
78
1
Mar 31
Mar 30
50% Jan
4M% conv preferred..
812
9U
*8
Mar 31
Apr 1
Feb 11
Jan
106% Jan
19% Feb
15% Mar
105% Jan
10
500
58
Oct
60% Apr 26
4,800
3%
Nov
4
35
14%
42%
1878
88
5% preferred
No par
Goodyear Tire 4 Rubb.No par
13%
42%
3%
Jan 17
7% Jan 12
7% Jan 10
90
33
Gold 4 Stock Telegraph Co 100
Goodrich Co (B F)
No par
1334
1778
Apr 12
Mar 30
50
.....1
1
Goebel Brewing Co.
*77
x39% June
Oct
97
No par
*2%
334
15% July
Deo
10%
46% Jan 10
35
No par
3
*124
16%
preferred
Glldden Co (The)
oobel
125
16%
16
100
1878
Dee
11%
Mar 29
20%
108%
27%
22%
%
No par
500
21%
II84
15%
Brothers
12
1%
*984
2734
Glmbel
2
78
3
7
Jan
28% Jan 10
45
1
1%
10
23%
124%
*54
4%
*1%
23
lll2
1434
27%
*3%
4%
1%
10%
21%
*11%
14%
2784
2U4
*76
4
1
1%
Ids
1778
78
Jan 17
13
*1%
44
13%
*41
18%
*76%
*3%
3%
*54
*12
3,600
6
7% Mar
16% Jan 20
16
28
1%
*40
Jan
Mar 30
Gillette Safety Razor..No par
$5 conv preferred
No par
200
Jan
48%
Oct
15% Mar 31
"Cob
8%
73
Oct
1%
General Refractories.—No par
Gen Steel Cast %6 pref.No par
*10%
12
Oct
6%
20% Mar
11%
8%
58
20%
2% Mar 31
534 Mar 31
Gen Theatre Eq Corp..No par
8%
Jan 21
14% Feb 9
2% Jan 12
11
Gen Time Instru Corp. No par
General Tire 4 Rubber Co..5
8
27
3
13% Mar 29
800
Jan
4
No par
preferred—..
300
A57
2%
42%
18%
77%
$6
14%
30
13%
44
Gen Realty 4 Utilities
11%
*OJL->8
13%
100
1
preferred
20
17%
3
Signal...No par
14%
41
3J
Gen Railway
No par
19%
17%
*39%
*1%
Gen Public Service
11%
43
2%
No par
32%
Jan
25% Mar 31
preferred
Jan
Jan
Feb
Mar 29
Mar 29
4
Jan
83
Oct
6% Mar 31
1
Feb
18%
18
4% Mar 31
No par
54%
135
Jan 21
11178 Apr 25
21% Mar 30
Printing Ink
Oct
Feb
28
10
Common
Oct
Dec
97,
Mar 30
MarlO
115
2%
Oct
Feb
Feb
Dec
$5 preferred
No par
Gen Outdoor Adv A...No par
General
Jan 12
Oct
40
Mar 30
25
11%
m
1%
Dec
40% Jan 13
Apr 13
118
General Motors Corp
Jan 18
5%
82
100
*10%
12
Jan 10
3
29
...
preferred
6%
14%
43
17%
No par
14%
19
*11
Sept
$6 conv pref series A .No par
No par
6%
95
800
15
11%
6%
1,500
"Cm
21
8%
""466
Foods
General Mills
$6
1%
21
57
500
18%
1%
17%
19
1,400
7%
1%
17%
1%
17%
100
No par
100
preferred
7%
Gen Gas 4 Elec A
*99% 103%
17
7% cum preferred
General Cigar Inc
5,100
5%
Apr
98
4% Mar 29
-.No par
No par
49,800
58
Oct
85
No par
Cable
No par
110
Oct
80
9% Mar 29
5
Bronze
A
General
300
17
Baking
$8 1st preferred
General Electric.
1,400
1%
17%
General
3,600
27
1%
No par
5
5
No par
preferred..
Class
"""466
27
Feb 26
10
Gen Amer Investors...No par
General
56,700
Jan 10
96
2% Mar 81
1
10
No par
$6 pf.-No par
Gen Am Transportation
General
80
83%
Mar 25
19%
22%
9%
1%
Wood Industries Inc...3
500
100
Mar 29
25
preferred
(The)
1,000
200
39% Mar
2% Mar 31
Galr Co Ino (Robert)..
3,400
115
5%
7%
*99% 103%
1%
*1%
1%
17%
8%
*56%
6%
6%
*39%
1%
5%
7%
20
46%
58%
Dec
11%
$6
*25
27
5%
95
*10%
8%
57
*41
3%
*42
1,800
114
113% 113%
15
17
36
36%
7%
Dec
15
6
66
Gar
107% Feb
62% Mar
22
Jan
20% Jan 12
Gannet Co conv
Jan
39% Feb
41% Mar
21
66
80
Nov
90
45%
26%
11%
Mar 31
%Z
Oct
share
per
1087, Mar
34% Feb 11
18% Feb 10
29% Jan 12
Mar 29
Gamewell Co
5%
Jan 11
92
Oct
Dec
16%
11
10
6%
Apr 14
26% ~ Jan 16
50
400
Oct
22%
10
Francisco Sugar Co
2,100
93
x66
No par
No par
F'k'n SimonACoIno 7% pf 100
Free port Sulphur Co
10
Fuller (G A) prior pref.No par
16 2d preferred
No par
Gabriel Co (The) ci A_.No par
Foster-Wheeler
3%
400
33% Feb 23
Highest
share $
per
18
100
4H% conv pref
12%
90
Jan 18
z79
S
85
t Foliansbee Brothers—No par
Corp
100
Food Machinery
14%
3%
12%
93
1%
17%
20%
18%
11%
1%
17
42
18%
2
r*3
36
27
*85
*99% 103%
*1%
1%
47
2
500
5%
*113% 113%
17
18%
*39%
1%
*84
35%
7%
17
*45
*1%
1,800
58
*54
4,500
5%
512
93
95
*16%
19%
*17%
11%
25%
7%
7%
7%
7%
7%
7%
7%
7%
123
*120
123
123
123
*120
12034 120% *120
*120
4
3%
3%
3%
*3%
3%
*3%
3%
3%
3%
8
9
8%
8%
8%
8%
8%
9%
8%
8%
*16
17
17
17%
17%
17%
17% *16
17%
19%
55
43
43
58
*41%
*42% 55
*46%
*45% 55%
*22
*23
23
23
23
23
23%
23%
*22% 25%
*114
114
115
114
115
115
*112% 115%
112% 113
32%
31% 33%
31%
31%
31%
32% 34%
32%
36%
26
26
2534 26%
26%
25%
25%
25% 26
26%
1
1
1
%
%
%
%
%
%
%
50% *26%
50% *26% 50% *26% 50%
*26% 50% *26%
55
55
*54%
*54%
56%
5634
55%
55%
55%
56%
*121
123
*120
123
120
121% 121% 120
120% 120%
29
30%
29%
28% 29
30%
30%
32%
30%, 31%
*99% 103%
1%
1%
*85
25%
*l%fcl%
5%
5%
5%
5%
8
8
8
*7%
103%
*99% 103% *101
1%
*1%
1%
*1%
16
16%
16%
16%
17
mm'
"2,400
8
17
**
25%
25%
5%
*5%
*84
93
400
share
24% Mar 30
10% Mar 26
21
Apr 16
15
Apr 7
1% Mar 26
Fllntkote Co (The)
J7 conv preferred
60
36%
112% 112%
27
26%
5%
5%
*7%
15
*50%
*1%
*89
*5%
*5%
3
15%
60
1%
3%
11%
14%
5-'%
.534
3
25
89%
4,900
15
*50%
3
26
*12%
200
15
25%
*11
92%
16%
91%
60
*28
14
100
400
*2%
35
3%
11%
2
26%
*1%
*26
14%
3%
*12
3%
1%
17,
*51%
14%
60
*11
3%
3%
122
93
12%
*8%
17%
*5514
26
93
12
120%
*28
26
92
25%
1% ;'>■ 1% "j
**1%
25
*28
35
25%
25%
14%
3%
2
*1%
24%
92
*50%
*2%
60
*28
3
91%
14%
*50%
*2%
61
3
2
24%
92%
*1%
*23
92
76
No par
Florence Stove Co
No par
Florsbelm Shoe class A.No par
*15%
*1%
per
20
First National Stores ..No par
*20
%
share
~16%Mar 31
6% preferred series A.-.100
28%
17
Year 1937
Lowest
(Wm) Bona Co.No par
Firestone Tire 4 Rubber..>10
27%
21
Range for Previous
Lots
Highest
67% Jan 4
22% Mar 30
4Ji% pi.-100
26%
21
*1578
15%
S per
Fidel Pben Fire Ins N Y..2.50
*20
15%
Par
Fed Dept Stores
16
,
Lowest
74%
*70
1938
EXCHANGE
Week
73%
17%
27
May 6
26%
*14
21
15
Friday
May 4
26%
27%
*27
29%
26%
26%
*14
18
Thursday
May 5
Wednesday
|
On basis of \QQ-Share
STOCK
YORK
NEW
the
$ per share
,
May 3
Ranoe Since Jan. 1
8TOCK8
Sales
for
Tuesday
May 7,
Jan 10
4
1%
8
Dec
Feb
4% Aug
Oct
38
67% Mar
Mar
6
20
Jan 10
16
Oct
Mar 30
38
Jan
4
34
Dec
72
7% Feb 25
5
Dec
25% Mar
Apr
3% Apr
r
17,
Ex-div.
2
y
Ex-rlghts.
Jan
t Called for redemption.
i\
44^ ^ '
Volume
LOW
AND
New York Stock Record—Continued—Page 6
146
HIGH
SALE
PRICES—PER
Monday
May 2
$ per share
$ per share
*5%
6
*5%
Tuesday
May 3
# per share
$ per share
$ per share
Shares
6
6
15%
15%
*55s
1534
6
17
79l2
80
82
6
17
79
80
♦378
*135
*60l4
1012
*378
*3%
65
1H8
4
*3%
3«4
17U
♦83
17%
♦27g
*16
95
884
884
♦2%
3%
2%
2114
*1818
139
5638
*143
139
*137
138
*137
138
65
*62
65
64
64
11%
11%
12%
*3%
16%
3%
16%
*3%
1134
3%
3%
16%
16%
3%
16%
3%
17
87
90
90
85
85
180
3
3
200
90
90
*278
3%
85$
2%
834
23s
18%
19
3%
9
238
*85
3%
8%
*2%
9
9%
*23g
2%
*19
140%
11%
3%
4
*278
19
140
140
*2%
22
140
*19%
140% *140
57
56% 57%
3%
9%
2%
21
145%
434
5
5
♦2l2
234
*2%
234
2%
2%
2%
*2%
*8%
8I2
83g
8%
m.St
2%
85$
91*
884
5%
234
8%
45%
4634
JSJ&
-
46!^
46%?
2634
3%
25%
2684
3%
33g
26
25%
*3%
3%
27%
26%
3%
4
9%
2%
300
1,300
6,600
400
200
140
141
800
57
5
200
4
21
148
4'4
44%
44%
*133
135
*133% 135
*13314 135
*133% 135
7
6%
65s
6%
7%
684
634
678
9%
2%
20
300
15,800
*19
60
144
434
9
4
144
146
4%
Jg"
44
1.400
138
434
4584
2,400
11%
*3%
484
44%
100
6%
17%
81%
65
5584
5634
56%
675s
*144
*14334 148
146% *144
57
144
*5%
6%
17% Pl6%
81% '*75
138
*136% 138
*62% 65
10%
113s
4
*378
4
3%
*3%
3%
16«4
1634
1634
2%
*139
17
*80%
65
11
8%
*18
*5%
17%
80%
138
90
90
3*4
Range Since Jan. 1
On Basis of
Week
$ per share
1534
138
EXCHANGE
Friday
May 6
78^2
11
STOCKS
NEW YORK STOCK
the
CENT
Thursday
May 5
15*4
♦6OI4
NOT PER
Wednesday
May 4
78
♦130
SHARE,
Sales
for
Saturday
Apr. 30
5%1
[234
I8%J
5934
14,700
200
148
584
234
15,000
8%
2,000
800
Loiccst
Par
Indian Refining.....
10
Industrial Rayon.
Ingersoll Rand
Range for Previous
Year 1937
100-Share Lots
Lowest
Highest
5 per share
4
Mar 29
5
per
share
3 per share
8% Jan 10
5%
14% Mar 31
22
Jan 18
15
Dec
60
86
Jan 14
72
NOV
preferred
100
135
132
Oct
Steel—
No par
57% Mar 31
Inspiration Cons Copper...20
Insuranshares Ctfs Ino
1
7% Mar 30
6%
Inland
6%
par
15
100
No par
Corp
No
preferred
Interoont'l
Interlake
Rubber
Feb
8
3% Apr 1
2% Mar 26
X Interboro Rap Transit...100
Inter chemical
Mar 25
138
6
Jan 12
20
Oct
Apr 25
4*4 Jan 12
92
Deo
25
Marl6
98
2
Mar 29
No par
Prior preferred
2
Mar 26
15
6% Mar 30
Mar 26
29
2%
Int Business Maohlnes.No par *130
Mar 31
Internal Harvester....No par
50% Mar 31
Preferred
100
141
Mar 9
Int Hydro-Eleo Sys cl A
25
3% Mar 31
Int Mercantile Marlne.No par
Internat Mining Corp
1
2
Mar 25
634 Mar 31
Jan 11
3
138
Nov
7% Jan 12
47* Jan 11
117, Jan 21
3
Oct
l7,
Oct
152
Mar
.6
7
135
7%
*4534] 47%' '41,600
*133
67g]
2784
27%
2884
27
4
4
4
Jk37g
j35
7%
15" 8 00
29%
3%
12,500
180
34%
34
♦225s
23
23%
23%
24
*31
3134
31%
31%
*22%
31%
31%
14%
*14%
*57%
7%
734
778
15
15
15
60
60
60
23l2
3H4
23i2
311%
15
15
14%
*57i2
60
*57%
60
7%
75s
738
7%
734
8
734
734
*7i2
*68%
*8l2
8
7%
734
75
*6858
♦48
64l2
50
65
9%
"49"
55
*1512
16U
64
16
*714
*1514
*13i«
"7%
lft«4
IO84
7%
*15%
14l2
*13
8
8
8%
8%
8%
778
*7%
734
784
8
*68%
75
75
*68%
9%
93s
*18%
75
9%
19
49%
50
65%
65%
*124%
125
*5334
54%
16
*15%
*
7%
"7%
*49%
67
67
"7%
54%
16
7%
*15%
18
14%
1034
*13
1384
*10%
10S4
64
*60
64
*60
6%
6%
*5%
6%
*5%
4
4
*4
4%
4
22
89%
33%
*82%
3234
*734
*20%
*134
8%
22%
2%
*21
8
8
8
2214
2i4
*20%
*16
48
*16
48
*16
48
14
*12%
14
*12%
14
*17
17U
*4i2
*25
2%
17%
4%
17%
*334
17%
478
*25
478
26
26
26
26
15
4%
14%
15
*10i2
1034
10
10%
11
11%
*19
21%
19
19
21
21
14i2
*10%
10i2
10%
*3%
*12l2
4%
♦35s
13%
*12%
*16
18%
16%
*100i4 105
*4
4%
*58
34
2i2
23
834
2%
23
834
14%
10«4
4%
*1034
*3%
13
*1258
*17%
105
105
*100%
4
4
4%
%
%
*%
*2%
234
2%
22% 2234
22%
8%
8%
*8%
16%
*2284
*2714
24%
23
23
28
26%
26%
*634
o712
*26i2
*85
*634
7
27
*26%
27
89
*85
87%
22%
26%
*634
14%
*184
89%
34%
17%
4%
26%
14%
11
105
%
2%
2384
*8%
*22%
*7
26%
*14i2
16
*1434
15%
16
*30
32
*15i4
16
*30
31
*116% 126
*19l2
29i8
20%
29%
12
12
*2334
25
*114
1%
*5i2
*6i2
*314
*10i4
n2
5%
6%
8%
4
11
1%
38%
3%
11
*10
1%
3884
*27g
*10
26%
36
36
1%
39%
3%
39%
1%
3934
3
3
17
16
16
11
1384
22%
11%
Int Nickel of Canada..No par
Preferred
...100
^36% Mar 81
Inter Paper A Power Co
15
Class B
No par
Class C
..No par
4% Mar 29
5%
pref..
conv
132
Jan 19
37NOV
52% Feb 23
135% Mar 1
97, Jan 12
1277,
6%
8%
4%
291,
2%
7%
8
90
*160
39% Jan 12
28% Mar 25
19% Mar 31
28% Mar 31
48% Jan 21
34
24
19%
Oct
3584 Jan 24
30
Oct
12
20
Jan 17
16
Oot
68% Jan 25
87, Apr 22
9
Apr 22
13% Jan 12
65
Oct
4
Oct
6
Jan 21
*16%
21
2%
30
21%
23%
7%
22%
*2114
3
3
*29
31
*2%
*29%
2234
7%
7%
21%
2%
21%
30
*22
23
*145
161
2284
*145
2284
161
7%
22
*146
*33%
4%
18%
4%
*4%
4%
*18
18%
*18%
18%
18
93*"
*80%
93""
♦80%
93"
10%
*7%
10%
io%
10%
*80%
10%
4%
*60
36%
*34%
*7%
7%
79
*62
36%
7%
79
34%
4%
7%
*62
24
7%
23%
3%
30
2284
161
225$ 123%
3%
*2%
30
1%
10%
7%
75
7%
*62
800
1%
40%
3%
3l",400
600
30
20
3,000
100
100
510
400
100
500
1,100
Jan 18
Jan 15
58
Mar 29
122
Jan 24
49% Apr 1
12% Mar 25
118
Mar
8
5
Mar 31
12
Mar 29
preferred..
5%
Lambert Co
Lane
(The).
Bryant
6
Lee Rubber A Tire..
Lehigh Portland Cement--.25
100
50
500
Lehigh Valley Coal....No par
6% conv preferred
50
Lehman Corp (The)
—1
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
4,100
300
400
Oct
Nov
Mar 26
Jan
6
6% Mar 31
,
19
Feb
3
1% Mar 29
12% Jan 7
Mar 30
9
Mar 26
12% Mar 31
*284
30%
3%
30%
2384
*145
161
35%
36
36
4%
1784
4%
*17%
18%
93"
*80%
93"
10%
7%
*10%
10%
7%
75
*62
4%
75
Deo
43% Jan 10
97, Jan 12
28% Nov
22% Mar
17% Deo
4
2% Jan 10
16
Deo
4
Oct
22
Deo
17% Jan 17
14
Deo
Jan 12
Jan 12
Mar 31
Mar 26
Mar 31
Mar 30
127, Jan 10
Mar 29
15%
Jan 12
18
% Mar 26
17g Mar 29
19% Mar 30
67gMar 29
1984Mar30
23% Mar 31
Deo
Jan 12
30
3
Oct
Deo
11
6
Mar 26
4
Oct
28
Mar 29
Jan
1%
20
May
16% Jan 12
18% Jan 18
8
95
5%
6
Jan
8
15% Jan 12
19% Jan 12
105 May 2
6% Feb 25
1 % Jan 12
5% Jan 13
28% Jan 12
11
Jan 14
27% Mar
42
2
Jan 11
Oct
6
8
Oct
10%
Dec
6
Dec
9%
Oct
14
Oct
97
Dec
4%
Oct
% Dec
27g Dec
228, Deo
8
Oct
23
Oct
33% Deo
9
Jan 10
5
Mar 30
28
Oct
Mar 30
100
Apr 26
Jan 10
23
81
82
Deo
T.966
100
157
Preferred
""166
5,000
100
4,200
3,800
1,600
40
1,200
110
900
1,100
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
...No par
Mar 29
6
81% Mar 31
Jan
Feb 28
29
Mar 25
12% Mar 31
33
Mar 31
56.50 preferred
No par
102
Apr 18
a4 Mar 26
No par
Inc
Lone Star Cement Corp No par
26
Long Bell Lumber A—No par
2% Mar 28
l484Mar31
Loose-Wiles
5%
.25
Biscuit
100
10
100
preferred
Lorillard (P) Co
7%
preferred
Louisville Gas A El A..No
par
Louisville A Nashville
100
1
Steel-
Ludlum
100
Mac Andrews A Forbes
6%
10
No par
preferred
No par
Mar 31
Mar 31
97
13% Mar 31
Apr 1
12% Mar 31
297, Apr 20
125
10
------
No par
Bros
X Manhattan Ry 7% guar.100
Modified 5% guar.
100
26
Mar 26
18% Mar 31
84 Mar 29
4% Mar 30
584 Mar 26
2% Mar 26
Mar 30
Manhattan Shirt
9
400
Maracalbo Oil Exploration.. 1
1% Mar 31
Marine Midland
5
------
200
1,300
56,200
600
500
800
------
600
800
200
------
600
1,200
Corp.
5
Market Street Ry—.....100
100
100
...100
Marlln-Rockwell Corp
..1
6% preferred
6% prior preferred
6% 2d preferred
Marshall Field A Co...No par
(Glenn L.) Co..
1
Martin-Parry Corp....No par
Masonlte Corp
No par
Mathleson Alkali Wks.No par
Martin
7% preferred
—.100
May Department Stores...10
Maytag Co
No par
53 preferred w w
No par
53 preferred ex-warr.No par
561st cum. pref .....No par
McCall
Corp
McCrory
Stores
..No par
Corp
1
6% conv preferrew
100
Jan 14
31
247, Mar 30
Mandel
Jan 18
18
126
Mar 29
Madison Square
.....1
106
140% Mar 11
17% Jan 13
66% Jan 10
21% Jan 12
Mar 29
Macy (R ED Co Inc
Manatl Sugar Co.
is4 Apr 25
40%May 6
-1% Feb 23
21
Jan 12
Mar 30
16
Mar 31
%May
3% Feb
7
2
7
Jan 28
7g Mar 80
18% Mar 30
5% Mar 30
14% Mar 30
2% Mar 26
25
Mar 29
1984 Mar 31
157
Jan 26
28% Mar 31
3% Mar 26
5
Jan 12
527, Jan 12
106% Jan 14
13
2,800
200
20
22
2,100
No par
Gard—No par
Magma Copper
10
34% Jan 12
42% Mar
116% Mar 30
Mack Trucks Inc
900
5
167
xl8
Apr
No par
Loft
102% Jan 11
9
14% Mar 31
20% Mar 26
Inc
Loew's
900
------
20
8%
Oct
80
25
4
23%
4
Jan 14
15
8%
3%
10%
13%
Oct
7
9% Jan 10
6% Jan 10
87
Liggett A Myers Tobacco..25
Series B
25
100
11%
734
Mar 18
700
*3%
*10%
22%
Oct
Llbbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
Life Savers Corp
5
4,500
200
1%
23%
Oct
80
100
11
5
14%
73
15% Mar 31
2% Mar 26
No par
'....No par
3
64% Nov
15% Deo
115% Apr
5
Apr
22
100
Jan
Mar
NOV
par
par
Laclede Gas Lt Co St Louis 100
20
Dec
65% Nov
13
par
10
Jan 10
49
120
14% Jan 12
4% Mar 29
par
par
78
19% Jan 10
119% Apr 2
984 Feb 25
Nov
Oct
Sept
15
2678 Mar 30
par
Jan 10
9
201,
*116
63
par
1
53% Mar 11
86
125% Mar 14
Deo
18% Jan 12
Kennecott Copper
par
8
70
*
2
6
3
No
Keystone Steel AW Co No
Kimberly-Clark
...No
Kinney (G R) Co..—
58 preferred.
No
$5 prior preferred—No
Kresge (S S) Co
Kresge Dept Stores
No
Kress (S H) A Co
No
Kroger Grocery A Bak.No
Jan
Oct
8% Deo
12% Apr
10%May
80
B
700
1,600
7%
12
24
117
Dec
6%
Jan 11
Mar 31
8
1
Class
75
Apr 16
17% Apr 1
113% Apr 30
44% Mar 30
100
800
7,
*22%
Feb 10
100
preferred
4% conv preferred
Lehigh Valley RR
60
*%
*7g
4
Kendall Co S6 pt pf A ..No par
200
16
63
Kayser (J) A Co
.5
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A.l
40
Feb
6% Mar 30
Jones A Laughlin Stl pref. 100
Kalamazoo Stove A Furn.-.iO
4%
5%
*23
*80%
*10%
No par
.100
Kansas City Southern
1%
5%
23
1734
.No par
Preferred
Link Belt Co
161
18
Jewel Tea Inc
Johns-Manvllle
Liquid Carbonio Corp..No par
23
34%
4%
1
800
*145
34%
4%
93"
30
1
900
39%
6
No par
preferred—
200
*10
1%
21%
77,
$6
37
3%
4
Corp
Island Creek Coal...
26
1%
1%
23%
4
11
Intertype
Mar 28
46% Mar 30
5% Feb 4
....100
.
26
11%
10%
1%
preferred
100
Inter Telep A Teleg
No par
Foreign share ctfs...No par
Interstate Dept Stores.No par
Kaufmann Dept 8tores.S12.50
164
1734
7%
""206
i 580
90%
International Salt
International Shoe....No par
International Silver
100
"f.906
2,000
7%
4% Sept
....100
No par
Kan City P & L pf ser B No par
147g
24%
11%
preferred
*34
*3%
*10%
*78
21%
784
*3%
10%
*78
*21%
10
91
16
11
500
4,600
26%
14%
28
78
11%
1%
5
400
100
28
5%
*%
*3%
*10%
*78
5
'""600
500
22%
2%
15%
12%
18%
47g
6%
May
Deo
Sept
Sept
Deo
Oct
18% Mar 31
2% Mar 30
...100
Internat Rys of Cent Am..100
Preferred
6%
*87
*%
57g
%
7%
18%
*4%
*25%
14%
78
584
%
79
15%
12%
57g
5%
%
10%
*134
1%
534
22%
8
*21
1%
%
3%
33%
1%
584
*5%
31
1%
*10
78
37
7i2
25%
584
161
*60
*1634
1%
*33
*414
17%
*1%
7%
18
36
1%
22
90%
167
25%
*1%
*145
*18
90
*160
1%
*3%
36,600
5,000
1,100
4%
89%
35%
15%
15%
15%
15%
15%
40
4034
41%
4134
3934
41%
106
*105
106
105% 105% *105
*16
17
90
165
1%
*10%
*78
21%
7%
22ig
3%
*16
10
10
5
2138
*258
4034
8934
4
♦100
102% 102% *100
101%
103%
102% 102% *101% 102
16
16
16
1534
15%
1534
15%
157g *1534
*15%
138
137
*135% 138
*136% 138
*135% 138
136% 137
16
16
157g
15%
*15%
157g
15%
15%
167g
15%
30
30
32
30
30
34
*31%
*30% 32
32%
16
16
16
16
15%
16%
15%
*15%
15%
1584
30
30
30
*27% 30
*27% 30
*27%
*27% 30
*116% 120
*116% 120
*116% 120
*116% 120
♦116% 120
20
197g
19%
1934
19% *1978
20%
197g 20%
19%
30
2934 30% a?29% 30
30%
29%
29% 2984
287g
13»4
13%
13% zl2%
12%
*11%
12% *127,
13% *13%
24
*24
25
26
25
*23
*2378 27
*23% 26
*1%
1%
*1%
1%
*1%
1%
1%
*1%
1%
*1%
6
6%
*434
*434
6%
6%
*434
*5%
*5%
6%
*7
8%
*6%
8%
*6%
8%
8%
8%
*6%
*6%
4
4
4
384
*3%
*3%
334
*3%
*3%
*3%
12
*30
1%
37
3%
*358
*7%
1%
3684
15%
106
♦105
17
*10l2
*21
7%
1%
*34
*7g
15%
3934
40
*10434 1063s ♦10434 106
103%
9
23%
2884
*5%
*85
4
4
4
*3%
13
12%
12% *1284
18%
18%
18%
18%
*100% 104% *100% 105
4
384
384
4%
*%
*%
%
%
*2%
*2%
2%
2%
24%
24%
24%
25%
9
9
9
*8%
*22% 23%
22% 22%
28%
2884 29%
29%
90
*35%
15%
1534
384
11%
7%
277g
36
*101
14%
18%
478
26%
14%
1284
22%
*86
25
36
*13638 138%
15%
*1434
*4%
*7%
*26%
24%
*33
*16
1734
*25
90
25
*16%
24%
36
3%
14
28
*35
2534
*35
16%
16
*12%
28
*17
*3
2%
*86
*155
*16i4
34%
8%
22%
89
17
3
18
27
165
1%
36%
*184
18%
17
1%
37%
*21
4%
12%
*155
37l2
33%
*3%
12%
28
8
6%
3%
89%
*10%
2%
2484
89%
20
200
*5%
*86
18
18
o112
"7%
*85
89
700
130
53
16
67
10%
%
o7'2
540
...
64
11
334
22%
27«4
52%
1584
*119
64
12
o58
9
50
71%
10%
21
89
*86%
*157% 163
3934
14%
4%
2%
50
67
*124% 125
10'4
1134
88
*16i2
19
13%
13%
*10%
21
167
3934
1784
*4
*26
105
24
16
16
88
*24i2
75
9%
87g
18
13%
10%
*18%
11%
4%
1278
18%
52%
27
18
8%
8%
*15%
13%
8%
22%
2%
"13"
*154
3934
7%
3%
8
13
17%
6%
*16
*12l2
8%
52%
*15%
*16%
4
*82%
31%
*20i2
*134
9%
*187g
68
64
18
1034
68"
*119
*13
1034
49%
*124% 125
119
434
*134
9%
19
*ei%
35
50
*15%
89%
31'4
9%
*18%
18
*82%
31%
*734
*60
734
67S
89i2
32i4
68
8
*4
32%
16
8%
*6i2
*82i4
31%
700
7%
125
54%
*15%
"7%
64
*60
66
31%
3I84 3134
*15% j| 16
*60
13%
1034
200
8%
*119
18
*22%"] 23%
734
493g
64%
52
*15%
24
*23
778
19
♦124
*119
x35"
35%
113% 113%
*49
49
125
52
*52
*119
93s
19
113%
63%
125
*685s
19
19
1
125
*124
*60
*9
914
19i2
*19i8
11314 113U
75
34%
3584
15%
33
Oct
•miIESC.
*133
34
34
35U
Oct
18% Oct
127% Nov
53% Nov
154% Jan 21
70
Oct
2
Jan 17
Oec
6
13% Jan 12
37s Jan 17
...100
Internal Agricultural
58% Nov
6% Oct
37, Oct
1% Oct
4% Jan 19
6% Jan 13
Mar 30
83
Iron........No par
Jan
78% Jan 12
15% Jan 11
Voting trust ctfs....No par
*34
Oct
No par
No par
Jan
7
Jan 21
2484 Jan 12
32% Feb 28
13% Feb 10
307, Jan 11
Oct
83%
Oct
May
Oct
18% Oct
151
15%
33
Nov
14
Oct
43% Dee
9984 Nov
1
June
32
Oct
2% Oot
17% Deo
101
Oct
15% Dec
126
Oct
14% Oct
481, Nov
13% Oct
2684 Oct
123% Nov
17%
Dec
25
Dec
8%
Oct
18%
Oct
2
Maris
9
Jan 10
6
Dec
20% Jan 13
10
Oct
Jan 13
4%
12% Jan 13
284 Jan 11
7% Jan 11
9%
9
1% Jan
6% Jan
1284 Mar
I84 Jan
29
1%
5%
84 Dec
31
13
11
13
3
Jan 14
24
97g Jan 12
23%May 5
4% Jan 24
37% Jan 15
27% Mar 10
165
Feb 23
42% Jan 15
67, Jan 12
Oot
Oct
Oct
Oct
Oct
684 Deo
1% Oct
Dec
7% Dec
10
Oot
1%
20
Oct
Oct
22
Deo
142
May
3384 Dec
4% Oct
20% Dec
17
Mar 28
25
Jan 10
20
Mar 29
21
Apr 22
June
91% Feb 10
16
Jan 18
11% Dec
75
Apr
5
884 Mar 31
6
Mar 23
10
Jan 11
61
Mar 31
79
Jan 18
Nov
7%
xQQ
Oct
Oct
Highest
New York Stock Record—Continued—Page 7
2972
AND
LOW
HIGH SALE PRICES—PER
SHARE,
NOT PER CENT
$ per share
Apr. 30
$
per
share
Tuesday
$ per share
Wednesday
May 4
$ per share
May 3
13%
1234
*12%
9
8
8
*8
37%
14%
37%
15%
*37%
15
6
6
38%
15%
*6%
6%
May 6
Week
$ per share
$ per share
Shares
31%
13%
8%
13
*8
40
40
40
15
6%
14%
*6%
15%
1534
6%
30%
31
6%
31%
*6%
*75%
*9%
38
13%
8i2
40i2
*30
9
13%
1434
*6%
6%
*37%
*15%
May 5
6%
86
10%
6%
6%
6%
*75%
84
10%
*74%
*9%
8%
10%
307g
*0%
*75%
*9%
*56
60
*56
60
*56
60
*56
60
*56
59
*56
*50%
55
*50%
55
*50%
55
*52
55
55
55
*50
*40
45
*42
45
44
44
*41
44
*42
44
44
32
32
*75%
*9%
4%
*17%
317«
*30%
6
6
6%
*5%
86
86
*75%
10%
*9%
14
35
4%
*9%
43
4%
18%
*18
*12
14
*12
14
*32
33%
32
33
8
8%
12
*31%
4%
18
33%
12
*31
103g
18
18
*17%
*11
80
4%
4%
4%
4%
18%
6%
18
*12
32%
8%
'
8
8%
15*4
8
7%
16
15%
8%
10%
16%
8%
16%
18%
*31
4%
18%
4%
18
14
Par
900
8%
40%
1534
6%
32%
400
3,400
1,700
2,500
800
600
59
100
58%
8%
18
110
14
100
33
600
8%
4,300
19%
18
18
*18%
20
16%
*18%
17
*18
*88
90
87%
88
*85
87
*85
87
*85
88
*85
88
*89
93
93
*89
93
*89
93
*89
93
*89
93
56%
x57
15*4
*56%
*89
56%
57%,
*5
5*4
*5%
*40%
45%
%
%
%
*%
*%
*%
*13%
45
*4014
%
2%
*0%
*1%
6%
1%
*1%
1%
*13
1%
13%
*67%
67%
1*8
*110
'
-
*24%
*25%
*13
14%
*9%
*13%
9%
*13%
*23
26%
26%
14%
*4%
5
5
41%
*107g
44
40
1234
*9%
1334
*434
5
41
%
%
%
*%
*%
%
13%
2%
1334
*%
*%
*137g
6%
1%
1%
6%
*1%
1%
*13%
707g
*1
*1%
14
*13%
69%
70
31%
*25
20%
13%
26%
*12%
9%
9%
14
1334
47g
14%
70
32"
26%
26%
31%
*23%
26%
13%
13
9%
35
4%
35
"166
14
100
707g
72
3,800
700
1%
*110
29~400
25
100
28
190
13%
9%
14%
4%
4%
34
1,900
9%
14%
700
1,300
4%
1.200
32
14%
13%
33
14%
*10%
13
13
38
*36%
41
*107g
*367g
*107g
38
41
*38
42
40
40
*96
98
*96
98
*96
98
*96
98
*90
98
5%
4Q7g
*40
430
*107g
14%
"""3()0
'
5
5
*40
41
5%
41
77g
77g
7%
9
*734
8
19%
19%
*152
*152
154
*5%
*8%
10
7%
734
1934
1934
7%
9
*9%
*152
154
74
*38
*107
110%
*5
5%
*3%
4%
19%
19%
734
8
2,000
Nat Aviation Corp
21%
20%
21%
13%
*12%
75
*70
75
*70
75
*70
43
*39
43
*39
*5
-
*3%
*834
9%
*9%
*19
20%
*58
59
*32
19
*58
32
3278
*100
8
12%
*25%
117g
30
*10%
*16%
11
*21
22
12
10%
*16
1834
*3
*
67g
1234
16%
1278
109
1634
12.%
*108
1234
1234
1634
1278
110
1634
127g
*108
17
13%
110
.
*12
7
21%
17
*12
7%
21%
6%
51%
17%
25
*7034
*05
-
%
*
%
"51%
52
17%
52%
177g
25%
26
26
73%
73%
75
73%
'm
-
*65
m
-
*3%
3%
9%
9%
9%
9%
*18
68%
*58
32
30
■'
%
*
%
21%
10%
10%
*16%
18
21%
21%
Dec
2
Oct
11% Jan 10
2% Jan 8
3% Jan 11
5% Oct
1% Dec
1% Oct
12% Dec
Mar 30
Mar 31
Mar 31
25
10% Mar 31
Mar 31
8
17
Jan 12
91% Feb 25
114% Apr 22
x7l
37% Feb 23
30% Jan 17
30
Oct
21
Deo
39%
21% Jan 10
Jan 10
14
21% Jan 10
4
Mar 25
7*4 Jan 16
26
Mar 30
64% Jan 13
95
Apr
6
14% Feb 23
500
400
No par
10
preferred
6%
6,800
5,000
6,200
No par
Nat Distillers Prod
Nat Gypsum Co
National Lead.
100
60
Nov
Jan 12
102
Apr
Mar 29
7% Jan 17
3
Oct
47% Feb 24
12% Jan 10
44
Dec
5
Oct
15% Feb 18
13% Jan U
10
Oct
4
6% Mar 30
7% Mar 22
8% Mar 30
Mar 25
6
15% Mar 31
150
Jan 17
10%
6
21%May
3
17
Dec
5
145
May
157
65
12% Mar 31
11% Mar 31
106% Mar 30
105% Mar 30
3% Mar 29
3% Mar 30
17% Mar 31
10
11% Apr
300
Nat Mall A St'l Cast Co No par
11,000
2,500
10,300
National Power A Light No par
Nat Rys of Mex 1st 4% pf.10
Feb
200
9%
9%
9%
800
Natomas
*17%
100
Nelsner Bros Inc
*58
207g
687S
*30
33
"266
10%
10%
11
11
11%
12%
17%
17%
22%
16%
17%
17
20
23
23-%
24%
4%
*3
4
25%
4%
40
1*1,666
600
21,500
1,700
1,200
2,200
Oct
Oct
23% Feb 17
17
Oct
17%
Dec
4%
Oct
Feb 25
20
7x4 Feb
9
29x4 Jan
Oct
130% Feb 7
13% Mar 29
5
Mar 29
136
Jan
4
127
July
24
Jan 11
8% Jan 12
% Sept
14% Mar 31
23
21
29% Mar
79% Mar
Jan
4
Mar 31
63
Feb 25
Dec
3
Dec
58
1
Feb 11
62
40
Jan 14
32
99% Apr 26
106
Jan 18
99% Nov
Mar 24
12
Jan 10
9% Mar 31
Mar 26
39
28
100
100
1
6
19% Jan 15
Jan 10
10
Mar 29
19% Jan 12
7
Mar 25
22% Jan 10'
38% Jan 12
26% Feb 17
4x4 Jan 11
11*4 Mar I
120
Apr 25
110
Oct
113
Nov
N Y Chic A 8t Louis Co...100
12% Mar 31
0% preferred series A...100
N Y C Omnibus Corp..No per
18
Mar 30
2
Mar 25
120
*111
120
N Y A Harlem—
50
101
Mar 30
*111
123
*111
123
*111
123
*111
123
*111
123
*111
123
10% pref.
.50
{NY Investors Inc...No par
N Y Lack A West Ry Co..100
t N Y N H A Hartford—100
111
Apr 28
% Mar 26
111
56
Jan 10
61
*3%
*s4
6%
*38
*%
%
I
*3%
*3%
334
*s4
%
*34
%
6%
53%
6%
6%
*3%
*34
67g
*6
6%
53%
*38
*38
53%
%
*%
57.
"i%
*38
1%
3%
7g
67g
53%
%
3%
1%
3%
*34
1
6%
6%
53%
*38
*%
*
57
~~i%
New York
%
57
~"i%
1%
3%
*%
634
3%
*38
1,500
1,200
1
67g
53%
""*% "~h
""*%
34
""*%
*%
%
*%
%
*%
%
148% *148
150
148% *148
*148
150
148% *148
148% 148%
104% *101
104% *102
104% *102
104% *102% 104% *102% 104%
16%
16%
16%
16%
16%
17%
16%
18
17%
17%
18%
20%
*49
50
50
50
50
*50
*45%
50
50
5034
50%
50%
8%
884
8%
8%
8%
834
8%
9%
8%
9%
8%
9%
*87% 90% *87% 88
87%
87%
*87% 90
90
90
*87% 90
*148
100
*101
•
*72%
„714
2834
*1S4
*15
12
76
*73
29
*14
1934
117g
22%
7%
2
19%
12
11%
22
23% 23%
*9%
9%
*88% 100
*5
92
*27%
*1%
7%
29
2
9
9
*89
100
*5
57g
5%
19
19
19%
18%
*125% 126% *125% 126%
*8%
87g
8%
8%
42
*35%
*35% 42%
12
*11%
11%
11%
*
*
46
*115"
*48%
*8%
*3%
*14
*5%
*10
*
46
*ll4~
60
"
9%
4%
14%
6%
11
*74%
:
7%
*27%
*1%
*14
117g
23
9
92
77g
29
17g
1934
12%
23%
9%
*88% 100
534
5%
19
197g
126
8%
*35%
*11%
*32
126
83
41
13
42
*75
7%
2834
*1%
*14
12%
23%
9%
88%
92
7%
28»4
1%
1934
12%
24
10
88%
*5
19%
126
8%
19%
126
8%
*35%
*11%
42
13
*32
42
*114
*114
48*
48
48%
47%
48
8%
4%
14%
57g
8%
*3%
*137g
5%
8%
14%
5%
*8%
*3%
14%
*4%
4%
15
6%
*10
11
*10
11
*10
9
14
Bid and asked prices: no sales on this day.
80
*28
29
*1%
*14
8
1%
12%
1934
12%
23%
25
9%
10%
*88% 100
*4%
534
19%
19%
*123
8%
*35%
*11%
*32
127
8?g
42
13
40%
*114
47%
*8%
*3%
*13%
5%
4%
*76%
7%
49
8%
*3%
14%
5%
*10
*76%
77g
28
*1%
*14
78%
87g
28
12%
25%
10%
10
*88% 100
*4%
534
19%
20%
*123
8«4
*35%
*11%
*32
53~ 500
700
17,000
200
12,800
50
127
2,700
5,500
6,100
20
100
7,100
100
12
49
8%
*3%
14%
*434
*10%
$ In receivership
Conv preferred
N Y Shlpbldg
Corp part stk—1
7% preferred..
..100
N Y Steam $6 pref
No par
$7 pref series A
No par
X Norfolk Southern
100
North American Co
1
No Amer Edison $6 pf.No par
Northern Central Ry
Northern Pacific
12% Mar 30
10
100
Otis
Steel
40%
3,700
400
70
12
pref. .No
Coast—
1st preferred
2d preferred
«
New stock,
Jan 13
180
Oct
Oct
102
Jan 12
54% Jan 13
Apr
14% Oct
48% June
10% Jan 10
3
Oct
Jan 13
93
Oct
93% Jan
13% Jan
31% Jan
3
Jan
22
Jan
91
97g
30
1%
15
O t
Oct
Dec
Oct
Oct
9
Oct
24
Nov
96
90
Mar 28
7% Jan
24% Jan
128% Mar
Jan 14
Mar
6%
5%
20%
125
Oct
Nov
Oct
Oct
Nov
12
Jan
56
Jan
48
Mar 30
16
Jan
12*4 Dec
39% Apr 28
Apr 19
50
Jan
44
Dec
115
Apr
66% Jan
114
May
10
115
40
6
5
Mar 30
Mar 30
2% Mar 26
10% Mar 25
10
Cash sale,
%
1% Jan 11
106*4 Jan 17
6% Mar 31
30% Apr 1
par
No par
No par
r
June
14% Jan
13x4 Mar 25
3x4 Mar 29
Ol,. M«p
Pacific Finance Corp (Cal).lO
delivery
73
327g Feb
12% Jan
122
No par
1st
Pacific Amer Fisheries Ino
Pacific
50
conv
Oct
63% June
4
Mar 26
4
No par
preferred
30
5
Jan
20% Mar 31
7% Mar 30
83% Apr 1
8% preferred A—
100
Oppenheim Coll A Co..No par
Outboard Marine A Mfg.
5
Outlet Co.
No par
Preferred
100
Owens-Illlnols Glass Co..12.60
a Def
Apr 2
1% Mar 30
No par
2,600
63
Apr 18
6% Mar 31
27
50
Jan 10
Oct
88% Jan
99
76
100
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
$5.50
62
3
Ohio Oil Co
6%
Oct
22
87%May
Co.—50
Telegraph
Otis Elevator
Oct
3
13% Mar 31
45x4 Apr 1
5% Mar 30
50
Oct
Oct
198
No par
preferred
%
54% Dec
1
100
Mar 29
Oct
Oct
6
4%
1% Jan 15
10% Jan 24
% Mar 18
135
Mar 25
Jan
Jan 18
Oct
2%
6% Jan 10
100
North Amer Aviation.
Northwestern
Mar 31
Oct
15
2
100
100
Oct
14
30% Nov
% Jan 10
100
Norfolk A Western..
6%
38
85% Feb 26
Apr 28
15%
2% Jan 10
4
"loo
83.
4%
14%
1% Mar 31
2% Mar 30
% Jan 5
4% Mar 29
—100
9
5*3
5% Mar 26
No par
52%
13%
*114
49%
8%
4%
14%
5S4
preferred
Norwalk Tire A Rubber No par
Preferred
50
19%
12
No par
Adjust 4% pref
1%
2334
5%
Dock
t N Y Ontario A Western—100
1,666
Oct
Nov
20
No par
*111
1%
10%
29
No par
116
57
Dec
Nov
9
New York Central
*111
*%
Dec
N Y Air Brake
116
*1%
Oct
22% Dec
70
*111
*48
6%
Apr 5
Mar 31
115
%
Dec
75
*111
1%
334
Oct
17%
20% Dec
63% Dec
7% Mar 31
15% Mar 29
75
115
57
2
55
Feb 23
1
*111
*%
1
4% Jan 14
10% Jan 20
23% Jan 7
Feb
70
9
~"i%
Oct
% Sept
9
*
5
7
9
%
Dec
%
9
9%
10%
J an 12
62% Jan 12
«4 Jan
*3
"'370
Oct
% Feb 11
% Feb 10
44% Mar 31
—.No par
Industries
5%
4
18
4Ji % conv serial pref—.100
Newberry Co (J J)
No par
Newport
Oct
7% Jan 11
5% Feb 1
153
2% Mar 28
5% pref series A.
X New Orl Tex A Mex
104%
7
Feb
No par
Co
106%
7
Mar
Jan 20
preferred..
40
5
prior preferred ...100
6% prior preferred
100
National Tea Co
2
110
9
1%
334
Oct
159
$2
"""206
112% Mar
4
57
0%
3
17% Mar 29
150
100
25
5% 2d preferred
1
Mar 30
5
10
100
100
preferred A
6% preferred B...
1
9
*3g
Oct
8
Jan
*3
~*i%
Dec
Jan 12
10
*
97$
67
37% Mar 29
1
7%
3%
8%
Oct
Dec
Oct
—100
100
7% pref class A
7% pref class B—
Nat Dept Stores
75
9%
4%
60
Dec
140
80
8%
30% Dec
12% Oct
8% Oct
15% Dec
Oct
3%
*3
Oct
Oct
No par
Register
*69
17%
22%
4%
Nov
105
104
*9
3%
Jan 13
11% Mar 29
9% Apr 7
34% Mar 26
Oct
13
Cash
Nat Dairy Products—.No par
*71%
10%
22%
*3%
15
12
Nat
3%
33
Dec
1% Jan 11
18% Jan 10
I6X4 Jan 12
2,400
9,200
75
*30
Oct
Deo
Jan 10
Dec
80
33
Jan
Aug
*70
*30
22
Oct
13
1,500
30
Jan
Dec
39
27%
*58
4%
60
90
26
687g
98%
Jan 11
National Steel Corp
*597g
Jau 12
1% Jan 12
24% Mar 31
National Supply (The) Pa..10
20%
68%
Apr 18
7x4 Jan 12
Jan 31
1,400
*17%
41
72% Mar
20% Feb
NOV
17% Jan 10
3,700
22
Feb
Oct
53
43
19
*18
91
2
80
53
20%
68%
Jan 26
Mar 31
18
*3%
9%
Jan
16%
47% Mar
35% Mar
Nov
10% Apr
~52%
17%
Feb
93% Aug
86
48% Mar
87
17*4 Jan 13
3% Jan 12
25
Nat Enam A Stamplng.No par
67g
22%
101
Oct/
15
Jan 12
37% Apr 12
52%
18%
25%
~52%
25%
"3%
19
-
100
pref
*68%
17%
*3%
3%
9%
#
cum
34*4 Apr
Oct
Jan 12
Nat Bond A Invest Co.No par
17
169
%
Jan 11
Oct
5% pref series A w w
100
Nat Bond A lhare Corp No par
10
*107
108
*107% 108
5
5%
5%
5%
584
4%
4%
4%
*4%
4%
20
19%
19%
1934
20%
7
7%
Dec
4%
14
Mar 31
10
—1
No par
10
Biscuit
National
14
33*4 Nov
Jan 11
% Mar 28
Nashv Chatt & St Louis..100
Acme
Oct
100
~
108
17
3
Jan
3
16% Dec
Jan 17
Mar
x4
Dec
300
127g
105
*102
105
*102
*102
105
102% 102% *102
105
*
*
*5%
7%
*5%
7%
*5%
7%
7%
7%
117g
12%
12%
1234
12%
13%
"12% 13% "12% 13%
27
27
27
"i25% 27
*25% 27
27
25%
26%
12
11%
11%
11%
12%
1134
12%
11%
12%
13%
105
*5%
12%
-
7%
12%
20%
21%
21%
21%
*158
159
158
158
*156% 159
134
134
*133% 139
*133% 139
*133% 139
*15
15%
15%
14%
14%
15%
15%
15%
6%
6%
6%
6%
6%
6%
6%
7%
%
%
%
%
%
*%
*%
%
'
-
*11
17
*156
70%
70%
*65
••
3%
19%
*4%
19%
21
2034
*13334 140
15%
*14%
6%
6%
6%
%
%
h
%
%
%
52%
51% 51%
167g
*16% 16%
25
2634
*24%
72
5
4%
6%
*133% 140
16
*14%
*3%
•
108
5%
*10
6%
163
109
19%
17
20%
12%
4%
4%
19%
19
16%
108
*5
5%
*37g
*154
108
108
684
'w*' »
200
43
108
21
15,700
75
*37%
*12%
*65
21%
154
«4
preferred...No par
Munslngwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America—10
Myers (F A E) Bros...No par
Nash-Kelvtnator Corp
5
734
207«
67
2
11
$7 conv
National
320
% Feb
6
2,700
154
100
2
9
154
94%
Jan
9%
154
Apr 25
May
734
154
89
07
9
*152
1
49% Jan 28
1
16% Jan 13
Apr
Mar 30
111
9
*12%
67g
163
1,600
"e'.OOO
Mar
76
.No par
Montg Ward & Co Inc No par
Morrell (J) & Co
No par
Morris A Essex
50
Motor Products Corp. .No par
Motor Wheel
5
Mueller Brass Co
1
Mulllns Mfg Co class B—.1
9%
154
6% Jan 11
23
43%
11%
22%
27%
101%
100
100
preferred
9%
8%
20-%
8%
21%
37% Dec
34 Mar 30
1% Mar 25
*8%
8%
60
t Missouri Pacific
—..100
5% conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
9
*70
17%
*24%
*70%
8%
13
*634
2034
167g
5%
41
72
*12%
*51%
77g
66% Dec
l%Mar 26
4% Mar 29
9%
*3734 42
*37% 42
16%
16%
10%
16%
10%
16%
12%
1234
12%
1234
12%
1234
*10734 109
*107% 109
*108% 109
%
5%
8
Dec
Jan 13
No par
*8%
9%
734
43
%
734
*12%
13%
*70
6%
5%
*40
8
72
*12%
*150
5%
41
*40
7%
9%
19%
9%
9%
5ig
41
7%
9
*8%
9%
7%
*8%
5%
*40
734
,
"
Jan
10
Jan 19
No par
.100
$4.50
33%
112%
Jan 25
100
preferred
2,300
400
Jan
Dec
72
16
Jan
19
78%
61
12% Mar 30
16% Mar
47%
Oct
x48
5% Mar 31
share
Sept
28% Jan
42% Jan
42% Mar
0
107
S M
28% Dec
per
21
Jan 12
,60
Minn St Paul & S
Oct
Dec
Oct
4
Jan
Mar 31
7%
1%
*25%
16
Apr
1
Mar 26
4% leased line ctfs
1%
14%
13
Mar 26
4
7%
71%
20%
84
35
B...100
Mo-Kan-Texas RR
Preferred series A
25
Apr 12
Imp! No par
4% conv pref series
500
20%
8% Jan 15
$6.50 conv preferred.No par
200
31
35% Feb 23
Apr
12 May 2
26% Mar 30
Minn-Honeywell Regu.No par
2%
32%
1
Mar 20
50
pf-1001
Minn Moline Pow
5%
Dec
32% Apr 1
3% Mar 30
10% Apr 1
Co .No par
1,600
Dec
7*4
30%
18%
634Mar26
55
Apr 5
Co
6%
share $
11
8% Jan 10
70
Copper
Miami
per
5
5
5
Mid-Continent Petroleum—10
Midland Steel Prod
No par
8% cum 1st pref
100
Meet a Machine
Mission Corp
40
5%
*37%
5% conv 1st pref
Mercb A Min Trans
share
Mar 15
Mar 29
28
-1
50
Co (The)
per
15
10% Jan 12
45% Feb 1
26% Jan 12
5% Mar 29
No par
2,700
%
%
100
14%
14
6%
9%
*32
35% Mar 25
Mliw El Ry A Lt
14
40
*107g
40
%
*96
14%
300
*1%
1%
*13%
14%
4%
Mines..6
10
5
$3 conv preferred
No par
McLellan Stores.—.
—1
6% conv preferred
.100
Mead Corp
No par
$6 pref series A
No par
$5.50 pref aer B w w.No par
2%
2%
6%
1%
9%
14
4%
40
37
*2
%
14%
*110
30%
1,600
■
19%
■•V' *%
*6
20%
257g
13
*%
*110
2934
*24%
*2534
12%
9%
14%
9%
30
29%
27
*13%
0734
*110
*110
29
*1%
13
67%
%
*2
6%
1%
1%
6%
1%
13
67
30%
30%
*2
17
57% 59%
58%
64%
*105% 120
*105% 120
5%
5%
5%
5%
*42
47
*417g 46
*%
*%
«4
13%
2%
1%
6%
1%
*%
13%
45
16%
19%
19%
*13%
34
*%
34
5%
*40%
*l4
%
1334
2%
6%
*2
*2
46
577g
120
5
5%
*%
%
*%
*%
*13%
%
137g
57%
*105
120
5%
*417g
5%
18%
57%
*105
120
*105
120
*105
15%
Mclntyre Porcupine
McKeesport Tin Plate
McKesson & Robbins
Mengel
33
$
Mar 26
Melville Shoe
*12
32%
share
Jan 31
7
1,800
4%
per
10
"266
44
$
Year 1937
Lowest
Highest
MoGraw Elec Co new
1
McGraw-Hill Pub Co..No par
7, 1938
Range for Previous
100-Share Lots
Lowest
13%
6%
84
10%
Basis of
On
YORK STOCK
EXCHANGE
NEW
the
*12%
15%
6
13%
Friday
(
*8%
38I2
12%
*8
*13
Thursday
Range Since Jan. 1
STOCKS
Sales
for
Monday
May 2
Saturday
May
r
Ex-dfv
v
11% Jan
5% Jan
17% Feb
8% Jan
14% Jan
Ex-rights
6%
Oct
Dec
61% Nov
z9% Dec
2% Oct
7% Oct
4
Oct
10%
Dec
f Called for redemption
Volume
New York Stock Record-Continued—Page 8
146
AND
HIGH
PRICES—PER
SALE
Monday
Apr. 30
May 2
May 3
$ per share
$ per share
*25
2514
$ per share
*2.5
26
*34
36
13
13
100
100
*98
101
99
13612 137
136
136
*136
*1212
13
*2512
27
*25l2
27
1034
3*
3*
*10i8
378
105s
4
*7i2
9*
*7l2
9l8
7o
7o
**
1
*17»s
2i8
*33
*1612
2
47g
5
*95g
10
914
7634
4734
*3l2
1534
15*
15l2
112
15*
27i2
*2
5
10
*712
10
22
1912
20's
24
28
20
*7
I6I4
*in2
16
978
934
*6l2
2014
22
*34
3634
*61
1578
9?s
9l2
678
21
3634
978
2
""300
35g
35s
3'2
312
*16*
1734
*16*
1734
100
*lli4
12
113s
113s
200
1534
15l2
157g
15i2
17
634
*6i2
205g
21*
*34
3634
*61
23
70
1034
Mar 26
Mar 30
Mar 31
$7
pref
conv
ser
U2 Mar 24
10
100
14i8 Mar 31
1914 Mar 28
Mar 29
300
Pere Marquette
300
60
5% prior preferred
5% preferred..
225s
2412
*34
64*
Jan
7*
Feb
2*
{Phila Rapid Trans Co
50
*2*
234
*2*
3*
50
**
*
8634
7% preferred
Phila & Read C A I
900
6
*4
6
*4
6
*4
6
6
*4
50
*40
50
40
40
38
38
*38
50
*38
33*
3434
Z3334
34*
34*
35*
8,900
*2*
3
*2*
234
2*
2*
100
Phoenix Hosiery
300
Pierce Oil 8% conv
600
Plllsbury
3234
*2*
*36
323g
39*
3234
32*
*2*
33*
27s
4
*2*
278
*36
38*
*36
*5*
"6
22
22
22
22
*21*
22
48
*44
48
*45
48
*44
*4
5
*4
5
*4
*18
23
*18
21
*18
*4
*5*
6*
47g
23
*18
*5*
*53
*5*
534
53
60
*6*
*8*
247g
5*
15*
538
207g
20
20
*18
1*
75
6*
9*
6*
1,900
9*
9*
200
24*
24*
*12
15
*12
15
28
*23
26
*23
30
*41
28
*24
**
*6*
*1*
138
34
*5g
6*
*6*
6*
*6*
6*
1*
58
18*
l77s
10
*8
9
*8
7*
2*
7*
*1*
*34
*
*34
*
*
34
*2*
*6*
27g
*2*
2*
*2*
2*
678
61*
6*
7*
*6*
1934
1934
4534
46
47
7*
119* 11934
27* 27*
136
*112* 115
*111
27
26
136
120
10
934
84
83*
83*
8*
*1134
57g
*75
10
*87g
7
8*
46*
2*
8
*1*
*34
2*
*
2*
6*
2*
100
3,400
190
4,300
137
136* 136*
11234 113
27
115* *111
2634
2534
26*
114
26*
2734
10*
10
10*
10*
84*
84*
84
84*
834
9*
10*
10*
84
8*
12*
*ll's
12*
6
77*
15
*14*
15*
*21*
25
*1478
22
3*
*84
100
*75
80
80
M
...
48*
4734
48*
1,000
234
2*
2*
18*
2*
2,100
19
*18*
19
18*
100
11
*10
11
*10
11
200
19*
19*
300
15
19*
*14*
16*
500
22
*22*
25
200
22
*15
20
100
19*
19*
15
25
22
22
*15
15*
*3*
3*
*38
58
*38
1
*3*
3*
*38
58
300
3*
*3a
1
*34
1
*34
1
*84
1
*34
1
*5*
97s
*53g
11
*57g
11
*5*
10
*5*
6*
7
7
6*
10*
*6*
*8*
11
11*
11
10*
11*
49*
49*
49*
*3a
*9*
11*
1
10*
*8*
11*
*49*
50
*35
40
*35
6*
*37
40
2
10*
*8*
10*
*8*
10*
1U4
11*
11*
11*
11*
49* ,*47*
49*
11*
49*
53
53
13
13
*49
52
*49
52
*49
*51
60
*53
58
*53
*10*
1034
1078
1234
13*
*15
28
*20
*53
*53
78
*
*
59
*n~
13*
*84
100
*84
6
*534
37
37
3634
*53*
55
53
*6*
7
*534
57g
*6*
578
534
10*
*15
28
*53
78
59
~12*
1*
*
*84
100
6
6*
17*
*1*
2978
2*
*1*
2978
297g
*
*
*1*
•
2
*34
78
*53
59
*84
100
84*
86
*80
6
6
6
37
5*
36*
6
37
36*
3634
55
54
54
54
54
36*
*53
*7
534
7*
*634
6*
5*
*8*
*15*
17*
18
19*
*734
884
17*
*16*
17*
*18
19*
*17*
19
7s
1*
1*
9
2*
*1*
2*
31*
31*
31*
4,000
7*
100
6
2,800
9
300
•
-
-
-
-
m.
400
1*
1*
2*
32*
2,300
*
♦a4
*
100
♦1*
1*
*1*
1*
,
t fo rooelvorshtp
a rvr
700
delivery
100* Aug
2
166
Mar 30
175
Jan
45,
Oot
20
Mar
8
Oct
43
Mar
Jan 25
87, Jan 10
16*4 Jan 12
165
7
46
Jan 10
32
Deo
122
Mar
8
261, Jan 10
23
Dec
30
Deo
9
45
6
30
Dec
45
Dec
1
Apr
6l2 Apr 28
Mar 25
1
48
Jan
Jan
8
214 Jan 11
Mar 24
55
May
84 Nov
4
8
Deo
28
1«,
*97*
Oct
Apr
81,
Jan 13
12
8*
141
Jan
Jan
Feb
July
3
Jan
Apr
5* Mar 29
12
Jan 15
7
No par
Poor A Co class B
Class B
li2 Mar
«4 Feb
l5g Mar
434 Mar
4i2Mar
1334 Mar
No par
.
{Postal Tel A Cable 7% pf.100
Pressed Steel Car Co Inc.-l
5% conv 1st pref
5% conv 2d pref
5
50
4*s Jan 17
21,
IOI4 Jan 10
10i, Jan 15
61,
Jan 21
Mar 25
112
351, Jan 13
98t, Jan 12
8
Mar 29
112
Jan 12
Apr
2184 Mar 29
8i2Mar 31
No par
100
-No par
Quaker State Oil Ref Corp. .10
Radio Corp of Amer..-No par
$5 preferred B
.No par
$3.60 conv 1st pref..No par
{ Radlo-Keith-Orph
No par
Raybestos Manhattan. No par
Rayonier Inc
1
$2 preferred
25
Reading
........50
4% 1st preferred
50
4% 2d preferred
50
Real Silk Hosiery
5
(The)
81
Apr 19
7
preferred
Purity Bakeries
Mar 29
lli2May
434 Mar
6OI4 Jan
3714 Mar
2* Mar
17i2 Mar
9* Apr
18
5
31
31
31
30
31
1
Mar 30
Jan 14
132
Sept
113
MarlO
110
June
113*
Jan
Oct
Oot
72*
24*
Feb
Feb
367, Jan 17
138, Jan 11
98 U Jan 18
251,
8*4
85
Feb 25
58, Jan 11
23*4 Jan 15
24i, jan 11
29i, Jan 18
Jan 13
2384
Feb
Feb
116
44
Dec
80
Jan
2*
191,
Oct
Dec
10*
Apr
37* Aug
20
Dec
26
26
Dec
29*
18'g
Dec
47
Mar
4
63
107
96i,
13i,
77*May
Oct
Oct
Dec
Oct
Dec
6*4
10i, Jan 24
I6I4 Jan 14
7U Jan 11
484
Jan
123, Mar
187,
Nov
Dec
Dec
Dec
49
Jan
Dec
43»4
Jan
Oct
13*
Jan
Jan 21
39
Dec
83
Jan
3
1
8e.pt
40
41
U, Jan
11
Jan 10
98, Jan 10
1
Reynolds (R J) Tob class B. 10
Reynolds Spring
10
Rhine Westphalia Elec A Pow.
81,
Oct
29* Mar
94* Jan
100
10
JSt Louis-San Francisco... 100
6% preferred
100
Lead
1
Feb
35* Mar
611, Nov
667, Jan 22
69
Dec
1*4
12*
Oct
Oct
65
Dec
124
60
Dec
110* Mar
3
Jan 10
49*
8
9
Oct
Jan
8
26
Dec
98
85
Jan 21
7684
Dec
139
941,
Jan 21
Jan 7
60
87i, jan 21
101, Jan 11
461, Jan 8
80
Jan 11
17*
681,
81,
Jan
7
12*4
8
Jan 10
Ex-rights
9584
Jan
30*
Jan
112
Jan
Jan
40*
Dec
68
Jan
65
Oct
67
Jan
10* Nov
4*
18*
1* Jan 12
Apr
Apr
Apr
34*
17*
Jan 12
Oct
Nov
Feb
Apr
Dec
2i, Jan 10
40i,
Nov
Feb
67,
23* Jan 11
f
9*
47* Mar
17i, jan
Mar 31
Ex-dtv
110
37
77, Jan 10
11S4 Jan 10
20* Jan 19
13
No par
22*
2
li4 Mar 31
25»4 Mar 31
84 Mar 23
lig Mar 25
No par
Roan Antelope Copper Mines.
Mar
Deo
Dec
Oot
30
9*
71,
7*4
712 Apr 11
14'g Mar 30
No par
4* Mar
Apr 28
77g Mar 30
17U Mar 30
65
Apr 27
62i2 Feb 24
IO84 Mar 30
84* Apr 25
4* Mar 30
3334 Mar 30
5114 Jan 31
6i2 Feb 3
5
Mar 25
100
100
No par
100
3
31,
111, Jan 12
16* Feb 25
6714 Feb 24
U2Mar 30
10
Cash sale.
Jan
Jan
Jan
143
76i, jan 15
73
Jan 13
r
Feb
140*
162*
204, Jan 16
Ve«r «tpcfc
112*
128*
Oct
lll2Mar 31
1
Jan
Oct
39i2 Mar 29
58
Apr 4
Joseph
Jan
Jan
5234
1231, Jan 13
6
No par
St.
Feb
118*
117
Jan
6% conv preferred..... 100
6% conv prior pref ser A. 100
Revere Copper A Brass
5
Ruberold Co (The)
Feb
86
23
49i2May
5
Oil Corp
31
65*
30
5i2Mar 30
97g Apr 14
9* Mar 30
1
Ritter Dental Mfg
Oct
Jan
Feb
271, Jan 26
41, Jan 10
„
3414 Mar 29
i2 Mar 29
5
Apr
1
Preferred with warrants. .25
Richfield
91
317,
30i, Jan 16
Apr
234 Mar 25
10
Common
Oct
43* Oct
1141, Mar
30*, Oct
Jan
15*
1284 Mar 31
Mar 22
No par
100
7% preferred
5*t% preferred..
Reynolds Metals Co
6H% conv pref
Jan
37,
15
Reliable Stores Corp...No par
Class A
Feb
117,
22
18
100
Republic Steel Corp
61,
20
33*
Oct
Oct
Oct
Oct
Oct
1031,
108
132
No par
Reo Motor Car
li, Jan 22
30
25
25
30
86* Mar 31
10178 Apr 23
Pub Ser El A Gas pf |5.No par
Remington-Rand
8
84
8U, Jan 17
50 8, Jan 11
121
Apr 4
22* Aug
Oct
II,
25
No par
100
100
,--100
1,
38, Jan 13
26
117
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J..No par
6%
16*, Jan 10
>4 Jan 19
39i2 Mar 31
No par
Procter A Gamble
Mar 29
38 Mar 31
Rutland RR 7% pref
*1*
3134
*34
*84
1
rnt« day
1,200
Dec
Apr
2978
80
584
*1634
*1*
6*
*634
9
31
200
57g
19*
2*
500
7*
19
31
13
100
6*
884
do sales on
1,600
488,
1
Dec
200
100
*34
2
f
78
■
*
59
-
11*
*12*
55
30*
1
*1*
*
59
58
23
13
37
*1*
2*
30
Bid and asked prices
♦53
78
10*
*19
*734
16*
17*
*.54*
11*
22
*16*
*18*
9
*7*
5834
11
22
16,900
*12*
6
*15*
*51
11
28
14*
5384
12
7*
9
60
3"; 300
"l2
6
18
*49
*53
7*
20
*7*
5334
*
6
*18
13*
*49
10*
,
Rensselaer A Bar RR Co... 100
"
1*
13
7*
*15*
13*
5334
*18
78
37
53*
1«4
*53
10*
*53
37
1*
500
3934
*49
28
59
"i234
127g
1378
*35
3934
178
13*
17g
178
13*
60
11
13*
1*
178
50
*35*
40
*37
40
4",600
Mar
9
Reliance Mfg Co
"
14* Aug
5
1st preferred
500
.
76*
Dec
Jan
Reis (Robt) A Co
6*
*8*
1*
13*
5334
1*
6*
6*
Oct
4
11
10
.6*
*5*
*6*
11
6*
Jan
25
Mar 28
Preferred
58
Jan
Jan 17
8
Pure Oil
20,500
Feb
18*
Creek Pocahon.. No par
7,900
6*
Jan
66
47* Mar
10*
12*
6
33*
Oct
Dec
41,
Oct
Pullman Inc
584
11*
Oct
201,
Oct
Oct
5,200
600
Jan
74* Jan
2084 Apr
13
28*
5,200
Oct
2
8% preferred
934
Oct
4
Mar
40
84*
27
20
7% preferred
9*
*11*
934
Jan
9*
Mar 31
15 preferred
48*
27«
3*
58
*75
48
♦147g
10
19*
57s
77*
77*
*47*
19
11*
6
5*
46*
234
9*
Jan
July
64
Oct
17, Deo
15
6% preferred
300
87*
301,
6
Plymouth Oil Co
200
117
20
Nov
Jan
Feb
6
400
103
Oct
55s
50
3*
Pittsburgh & West Va
Pittston Co (The)
No par
400
89*
103
*136
16
58
87
88*
103
137
22*
*38
*88
*136
15
*3*
4,900
45*
46*
11934 11934
28*
30*
45*
136
16
3*
500
600
117
115* *111
100
25
100
100
Porto RIc-Am Tob cl A. No par
«.
-
7*
118
22*
10
-
200
7*
*116
18
*19
*18
«.
..
22
117
15
19*
7*
22
*116
25
11
*17
1,400
116
15
187s
*10
19*
4534
7*
21
119* 119*
28
2834
103
*16
*l83g
11
8
95* Aug
I,
i2 Mar 26
'
*634
20
*100* 103
*22*
234
10
8*
7*
Conv pref uastamped
Oct
7
25
Term Coal Corp...... 1
preferred
14
2012 Apr
1112 Apr
100
100
conv prior pref 100
Pittsburgh United
Oct
Oct
7U Feb 26
61
Feb
Deo
38
35
7i2 Mar 29
7% pref class B
Pond
2*
*
*10
*38
10
2*
*18
58
*9*
77g
*34
2*
*18*
*10*
*1878
*14*
*21*
*3*
1,900
2*
2*
I87g
3*
18*
2*
*83
47
284
18*
*8*
*s4
26*
97,
80
47
18*
2*
*75
82
46
18*
*17g
*11*
534
46
18*
7*
11*
57s
*75
300
2*
7g
♦11*
534
12*
534
100
*
7
7
678
6*
7*
7*
*6*
21
*19
19*
19*
45
45*
4578
45*
119
118* 118* *118
27
27*
27*
27*
89
88*
88*
*87*
8*
8*
93g
*
.7*
*111
100
9*
*
*178
136
75
9*
2*
103
400
1*
*
734
5
No par
1*4
65
Mar 30
163
Pittsburgh Steel Co
6%
8*
*678
10
10
84
*40
75
*40
100
Plttsb Screw & Bolt—No par
Pitts
6*
8
41
5H 1st scr
84
3
Jan
No par
$5 conv pref
Pitts Ft W & Chi
5% pref class A
*
7*
2678
1*
1*
*1*
88
88
*86*
8834
*100
*100* 103* *10234 103
116
*114* 116
♦in-* 120
136
1*
40
...
9*
**
18*
18*
*7*
75
*8
9*
**
1778
*8
1*
*1*
*40
♦8*
*
7*
2*
**
*6*
34
878
10
25
*23
**
**
18
*8
34
48
48
75
*24
28
8*
*118* 11934
27*
27*
10
6*
15
*
*38
6*
9*
5*
56
25
9*
*3*
*53
*13
**
18*
19*
6*
6*
*8*
*5*
5*
56
*53
56
6*
*8*
2*
*5*
5*
*5*
*53
*23
1%
20
200
Pitts Coke & Iron Corp No par
3U Mar 31
20
May
5
378 Mar 30
20i2 Jan
Mills
Flour
Jan
2*
501, Mar 10
71, Jan 17
Mar 29
4
Mar
62
Feb 23
Feb 18
Mar 9
Jan 10
284 Mar 18
36
Apr 13
88, Jan 10
241, Jan 12
30i4 Jan 18
100
"loo
23
1
Mar 31
40
5
15
6*
*8
*4
25
*6*
*26
5
2
pref...100
25
shares"
Pittsburgh Coal of Pa
100
6% preferred
100
6*
*13
7*
136
*4
No par
5
Pirelli Co of Italy "Am
50
5
100
7% preferred
Phillips Petroleum
Preferred
22
*44
*23
*6*
47
*21*
50
9*
6*
34
*6*
22
*44
21
**
*19
*5*
*2134
50
23*
*12
*
*2
6*
2134
*8
**
*40
*5*
6*
9*
*23
30
*1*
6
21*
56
*53
40
72
*36
6
23*
2478
*23
53s
53
6
50
9*
6*
678
10
*10
6*
39
*36
*36
,
*44
*5*
*4
5,
951,
6i2
501,
421,
4ig Mar 30
38
May 4
2714 Mar 31
Phillips Jones Corp....No par
*4
Jan
21, Feb 19
41, Jan 12
14 Mar 26
7514 Mar 29
No par
Jan
65
Apr 12^
U4 Arp 25
2i4 Mar 26
Philip Morris A Co Ltd...10
*40
33*
Jan
100*
*1*
1,400
Jan
25
Dec
3*
*
Jan
91
181, Nov
2*
88
87
Oct
II
6
341, Nov
*2*
**
48* Mar
Dec
371, Jan 12
60
*1*
88
Oct
Dec
30*
15
Mar 28
30
No par
$6 preferred
234
*
9
30
381, Jan 15
1758Mar 31
Phelps-Dodge Corp
25
Philadelphia Co 6% pref--.50
2
88*
Jan 12
37U Jan 11
13* Feb
5978 Mar
*2*
*
Feb
Mar
Oct
*1*
87
17
3
2
*
Oct
Jan
65*
3
41, Jan 12
Oct
714 Mar 3
31*, Jan 10
*2*
86*
Mar
22
3
484 Jan
*1*
**
50* Mar
63
11684
21* Mar
3
86
Dec
Oct
2
86
Oct
27
llOU Sept
Feb
Feb
Feb
9*
*1*
%
20
4
12*
76*
2934
13ig Jan 11
3
86
Dec
Jan
784 Mar 30
2
3s
Oct
Oct
131,
64
10384 Mar
638 Jan
8i2 Mar 29
*2l9
*84*
2i4
15
Jan
5
Petroleum Corp of Am
15,000
66
Oct
Nov
7*
10* Jan
237g Mar
78g Feb
15
Pfeiffer Brewing Co ...No par
3634
*62
66
21,
Jan
No par
Pet Milk
"2"800
Oct
571, Nov
li4 Oct
9
34i, Jan 12
Mar 23
15
Oct
37
1121, Feb
22i8Mar 26
134 Mar 26
5i2Mar 26
1738 Mar 26
100
100
...100
Feb
Oct
8
Jan 11
31
110
100
Peoria A Eastern
ll4
4
241, Jan 10
151, jan 11
24i, Jan 15
Mar 30
10
6% cum pref
100
People's G L & C (Chic)-.100
1,800
6
2l2 Mar 30
10'2 Mar 30
A ...No par
Corp v t c No par
Pennsylvania RR
50
Peoples Drug Stores...No par
*1*
*
29* Aug
4
70
86
Oct
55
*60*
*3g
12
21, Jan 10
684 Jan 12
1214 Jan 8
6* Jan 10
49i2 Apr 22
73i2 Feb 25
2i, Jan 10
41
63
86
2084 Feb 23
3
Penn G1 Sand
6,900
634
36l2
*62
Feb
No par
200
23*
*34
36
*61
70
*6*
2212
6i2
6i2
22
*34
1034
1012
10
4434
Penney (J. C)
No par
Penn Coal & Coke Corp.-.10
Penn-Dixie Cement...No par
2
*112
1H2
10
Oct
Mar 31
13
Proof Co.--2.50
Penick & Ford
3,600
1734
4
28
Peerlees Corp
500
*25
30
30
32
*24
30
*237g
11634
11634 *111
11634 ♦Ill's 11634 "111
29
2834
3134
28
*26
28
275s
27*
*2
*2
47g
*2l2
238
23s
234
234
*8
7
934
10
10
714
*7i8
*75s
19
2114
19U
20
20
19U
1934
1934
*19l2
2234
24
24
*19
*1912 22*
*1912
I6I4
I6I4
*12's
*12i8
16i4
I6I4
*12i8
*lll2
9:
7
*6i2
2134
*34
1112
153s
3
373s Mar
3,300
*24
*20
97g
4
12
Feb
Jan 20
314 Jan 10
834Mar 31
6112
*ll2
8*
No par
5
2
Jan
Oct
Patino Mines A EnterprNo par
*111
*20i8
*12
*ll2
*312
*1534
1734
*15l2
*lll2
155s
32
*26
5
2
Rust
10978 Mar
1
Pathe Film Corp
6234
Mar
Sept
Jan
1,600
49
90
321, Nov
*95
34*
1,600
5
Jan
May
Oct
934
61
121
181,
5
49
Oct
24
95s
5
29
Jan
478
4812
4*
26*4
978
5
Oct
200*
5
61
Jan
I
Oct
U4 Mar 29
3i2 Mar 30
48'2
Feb
17*
Oct
31* Mar 31
Parmelee Transporta'n. No par
5
Apr
12*,
Oct
8
No par
Parke Davis A Co
Parker
6U2
60
2934
Oct
7
801,
li2 Mar 30
800
48
*4*
48
61
112
*2312
11634
2734
*2514
*2
4
12
15i8
32
*23*
*111
514
47
60l2
*ll2
*3l2
1534
*1Hs
5
Dec
4
2,884
1
500
93g
Il84
Oct
Park Utah C M
"3",500
400
*47g
Apr 23
812
1
134
9*
Jan
127, jan 10
97i2 Jan 10
128, jaD 10
Park A Tllford Ino
16i8
5i8
149
157, jan 10
5i2 Jan 12
65s Mar 31
16
Mar 29
16
95g
Apr
28
Mar 26
65
10
15s
5
133
Jan 21
1658
95g
Jan
Jan 28
Feb 11
15s
*112
152
94
*15l2
5
47
6034
2l4
358
*ll2
Nov
42
134
16
134
110
Mar 31
16i2
165s1
1%
2i8
218
Jan 31
140
«4 Mar 25
100
Jan
116
534 Mar 31
3534
35
2l8
4478
90is Mar 11
2i8
35U
35
Oct
29
3514
2i8
2i8
Jan
10i8
1
6% 1st preferred
18
*17
Jan
5334
100
6% 2d preferred..
1,800
9i8
38
Oct
16* Jan 11
314 Mar 30
7
Mar 29
No par
preferred
conv
2U
3534
3412i
*16
300
76
Oct
27U Mar 26
Paramount Pictures Inc
share
per
22
6
914 Feb 25
1'2 Jan 7
651, jan 15
4%
12166
8
878
18
300
89
76
9
*17
18
3434
75g
Highest
share $
per
z34*4
40
Mar 18
10
10
$
Jan 14
28i2May
25
No par
No par
share
per
Paraffine Co Inc
80
*84
7912
87S
878
34
%
share
{Panhandle Prod & Ref No par
8% conv preferred
100
"166
3412
33
per
Pan-Amer Petrol A Transp__5
1
8
*76
7918
85s
34i2
434
1734
*17
734
778
2
*914
*H2
*76
18
*17
12i2
*1534
*1118
77
85s
812
9*
514
6OI4
214
*1*
3*
75s
5,900
33
89
8
32i2
Corp
Ltg
Pac Western Oil Corp
Packard Motor Car
200
378
9's
*34
3612
5
60
*34
1034
*7l2
*34
*46
4714
78
9i8
li8
*84
434
5
5
60
*7i2
89
178
*134
434
*46
9's
33
2612
1012
4
3634
2l4
*16
134
*24
100
1034
*84
3434
1678
34l2
32
360
334
*1018
3*
4
*34
18
*17
17
134
1034
170
13634 i3634
89
7l2
7634
812
8*
35
13634 13634
*24
26l2
3634
712
73s
*74
1734
2i8
13678
26i2
13
101
101
$
Lowest
Highest
j2234 Mar 30
32i4 Mar 31
Pacific Mills
No par
914 Mar 30
87
Pacific Telep A Tel eg
Apr
1
100
6% preferred
100 zl32* Mar 30
PaclflcTln Corp.(sp.stk)No par
26
Apr 29
800
1278
125g
100
*34
*84
8I2
Pacific
*84
89
77
Pacific Gaa & Electric
1,000
1258
*7i2
*34
7g
3,000
37U
100
*10l8
37g
918
2812
3534
100
*24
26l4
11
4
*34
12l2
26i4
3534
89
*33
*84
8*
12l2
100
Par
Year 1937
100-Share Lots
Lowest
2618
255s
*35
3634
*32
*74
35
13678 *136
378
*712
31
734
2514
35
1234
26U
Shares
33
*2958
7i2
2514
100
*1014
S per share
On Basis of
Week
*31
34
3634
*30i4
May 5
May 6
$ per share
share
35
1234
*1018
per
EXCHANGE
Friday
May 4
$
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
PER
NOT
Thursday
2534
25i2
*34
34
34
SHARE.
Wednesday
Tuesday
Sales
for
LOW
Saturday
2973
8»4
1
14
6*
Oct
Dec
31*
Dec
Oct
38
Oct
26* Nov
19*
9«4
65
Feb
Oct
Feb
Dec
June
Feb
Mar
1
Oct
484
Mar
I*
Oct
1*
Feb
* Palled for redemption
New York Stock Record—Continued—Page 9
2974
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
CENT
Sales
Tuesday
May 3
Thursday
May 5
Friday
the
May 4
May 6
$ per share
3 per share
$ per share
$ per share
$ per share
Shares
*2%
*2l2
2%
18
*6
16
*60i4
62
15U
*60%
7478
*71
*80
81
*10%
165s
1514
*2%
3%
*2%
*6
18
*6
16
62
62
*60%
62
7478
*60%
*71
78%
*71
*71
747g
81
*82
85
*82
85
*10i4
13
84%
1034
16%
16
67%
66
66
*10%
16%
66%
14
16%
*10%
1534
15
1512
67
663s
a%
*66
%
%
4%
39^4
*38%
%
*19
3934
%
5it
5*
134
19%
17g
64%
*1%
*19%
*3%
6434
334
125s
*12%
334
66%
125g
13I2
12%
*12i2
65
12l2
13
*60
67
*50
57
66
*4
4
414
42
*758
8
*2458
1314
9978
997g
5%
I7ts
*2i2
1612
*22I8
5i2
17 'g
25S
15%
23i2
5%
16%
*2%
*15%
*88
91
*60%
61%
93
*12%
*11%
17
12
*9%
4
*38%
42
8
2778
13i4
*91
%
*4
4%
3934
134
19%
*314
20
*3%
%
%
*4
4%
747g
16%
3934
%
h
2
♦I84
%
*4
*26
39%
334
*38%
*734
*26
12
2778
12%
*99
100%
100
22%
*88
12%
4%
3934
*5g
*1%
20
334
56%
12%
*3%
55%
1234
56%
13%
13
13
13
85
160
12
200
15%
7,700
Schenley Distillers Corp
1,200
2,200
*37g
40
40%
%
4%
40%
%
534% preferred{Schulte Retail Stores
8% preferred
Scott Paper Co
No
{Seaboard Air Line—No
4-2% preferred
13%
*12%
*50%
42
378
42
8
2778
13
378
*38%
42
37g
*38%
*77S
8
*1%
2078
334
56%
*26
13
100
*99
678
1634
5%
16%
2%
16%
22%
*2%
*15%
*22%
5%
17%
2%
17
2334
91
*88
2778
91
5%
177g
*2%
*15%
23
*88
13
100%
6
18%
2%
17
91
62
64
*90
93
14
*13
15
*13%
11%
9%
♦113s
12
*11%
9%
*2%
16%
24%
24
92
68
67
*88
Sharpe <fc Dobme
No par
$3.50 conv pref ser A .No par
900
Sheaffer (W A)
"i'ooo
3,500
7
10
*1778
*2%
*37
7%
10i2
25
3%
41
25g
*6l2
25g
6i2
10
*1778
*2%
*37
234
*5%
11
67g
10%
27
3%
38%
234
6
11%
7%
10%
*177g
*2%
*37
*2%
*5%
11%
1078
7%
10%
7%
2,700
67
93
17
*11%
*9%
12
12
12
*9%
""576
68%
10
""206
200
107g
25
11%
11%
11%
7%
7%
7%
11%
7%
1034
*1778
*2%
25
38%
2%
57S
*37
41
3
.
11
*17%
3%
*37
2%
578
2%
*5%
25
*2%
11
*17%
33g
40
*37
South Am Gold <fc Platinum. 1
800
So Porto Rico Sugar...No par
1684Mar26
T.Boo
Southern
14,600
Southern Pacific Co
5.300
5,600
75
*50
75
*50
22
21
*20
197g
11
37
7U
*50l2
*1578
7%
9912
*134
7%
52
16%
7%
99%
2
3
3
6%
634
*13%
16%
17
17
*%
2834
2834
*30
4558
19%
*9%
10%
35
35
7
50
1534
7
99
*134
278
6%
*14%
7
50%
1534
7%
99%
178
3
7%
*9%
7%
53
16%
7%
99%
1*4
27g
1978
*32
99%
134
3%
16
~
6%
7%
50%
*15
37
"""160
7%
7%
16
16%
18%
18%
*%
*%
28%
1
*%
29
2834
*30
40%
*30
57%
678
4534
24
58
7%
434
6%
7%
4%
4%
48
48
*124
124% *124
124%
11%
11%
11%
2134
*20%
21%
2%
2%
2%
2%
*11
12
1034
1034
*19%
21
*1934 21
*11%
21
46%
*58
7
58%
7%
*6
46%
24
6%
7
6%
7*i
4534
*19
7%
4%
*48
124
*19%
58%
7%
4%
49
124
2%
$6
$7
30%
30
31
4,700
17",600
26
59
*59
60
59
60
*7
73g
*6
6%
8%
4%
8
7%
*48
50
125
125
10%
21
7%
684
9
4%
49%
*123
4%
50
125
T600
1,000
100
20,700
6,000
500
30
Stokely Bros & Co Inc
24*4
32%
39*4
17%
49
5% Mac 29
3% Mar 30
1
45
...No par
-
113g
4,400
2,700
238
22%
2%
4,800
6% preferred
100
Sunshine Mining Co
10
Superheater Co (The)..No par
Superior Oil
1
*10%
22%
12%
1,100
Superior Steel
22%
400
11
21%
*6%
8
*7
8
8
*7
8
*6%
8
*6%
8
16%
16
16%
16%
25
1578
*16%
16%
163g
25
16%
16%
25
25
"3",500
2534
26
25%
25%
25%
26
16%
26%
1,900
684
5%
6%
634
6%
7
1,700
5%
*5%
6%
6%
6%
5%
*434
5%
5%
*5%
*35%
*4%
*6%
3634
*3%
*29%
8%
6%
42%
434
37%
334
29%
8%
8%
8%
*1334
*167g
*5378
*3%
*6%
*1334
*16%
*5378
*3%
21%
*37
40
3%
*8%
*1%
*3%
*10%
2%
*8%
13%
777g
*9%
34%
97S
*5%
534
*278
5%
*36
434
6%
16
57
334
6
17g
4%
11
2%
10
13%
7778
36
29
29
29
8%
8%
21%
57
884
3
3
*9
1234
984
30
1%
4%
11
2%
10
13
78
347S
33%
934
34
978
9%
5%
*5%
534
3%
3
4%
6
3
"*4%
4%
*6
8
21%
2078
21
*30
33
30
30
3%
*2634
*6%
*17g
*48
3%
*26%
27%
6%
*17g
6%
2%
62%
19%
63
73
20%
25%
♦
3%
634
62
*63
*3
8
27%
49%
10%
63%
19%
978
*6
20%
26%
47%
9%
5
6
6
367g
3%
36%
3734
3%
29%
29%
3%
29%
884
38%
3%
29%
834
37%
3%
29%
8%
8%
9
87«
8%
8%
2%
47%
97g
*14%
20
*16
21%
537g
*5378
*3%
57
*36
70
5378
3%
*3%
*37%
3%
*8%
*1%
*3%
*10%
*2%
*9%
127„
77%
3%
30
17g
4%
1078
2%
13%
77%
78
9%
9%
34%
34%
*3%
*778
*1%
*3%
73
20
9%
2,400
4,700
8%
3,900
*8
30
3%
1%
4%
16
3%
100
3%
1,600
30
*3%
*9%
10
*2%
*9%
13%
13
133s
13
13%
11", 500
.78%
78
78%
7834
78%
1,000
934
34%
978
9%
10
*984
33%
35
9%
35%
2,200
10
4,400
5%
5%
34%
9%
5%
6
6
4%
3
2%
*2%
9%
6%
"4%
3
3
88
►
*62
2%
9%
534
6%
3%
11%
5%
6%
4%
*4
4%
8
*6
8
21
21
*29
30
29%
2184
29%
3%
27%
27
3%
3%
3%
28%
26%
27%
634
67g
*17g
7
2%
*47%
49%
49%
50
984
9%
64%
10
6334
19%
97g
66%
1934
61
61
61
2%
49%
10
65%
19%
6034
68
20%
267g
on
*66%
20%
26%
73
20%
27%
this day,
3%
*27
*6%
*2
19%
66%
*20
26%
4%
27%
7
7
2
2%
2%
49
1,000
4,500
65
2~,800
500
500
70
700
200
600
6,600
66%
1984
65%
19%
*66%
73
21
20
20
27%
26%
27%
a
Pet
140% Mar 26
24% Jan 10
19,100
Oct
32t»
17
Oct
OO-^j iVjLttC
9
Oct
43%
60%
65%
117g
77%
9%
Oct
Dec
3% Jan 10
1%
Oct
Oct
Mar 14
Jan
5
Mar
Jan
31
Feb
94
Feb
36
Jan
Oct
35
Aug
39
Dec
50
Jan
28*4
95%
Apr
8% Dec
49
Nov
16
Nov
9% Jan 10
7%
101
Oct
Jan
23*4
Feb
48% Mar
16% Jan
Oct 107%
2%
2%
Oct
Dec
5
Oct
12% Jan
14% Mar
32% Mar
10
Oct
65
14
Oct
72%
Jan 12
Jan 12
Jan 14
Jan 12
Mar
Jan
Mar
Dec
Feb 26
5
Jan 10
Mar
10
11*4 Jan 10
Feb
.Ton
10
21% Jan 11
107%
3%
5%
11%
22%
26*8
Jan
17*4
15
21*8 Jan 17
15% Jan 10
155
Oct
Jan
•
Jan
1
Jan 13
33%
35%
35%
64%
Jan 12
Feb 15
% Dec
27% Dec
26% Oct
30% May
43
Dec
Feb 24
42
Nov
76
Mar
26
Jan 15
19% Dec
53% Dec
48
Mar
75
Jan
5% Oct
6% Dec
21
Feb
Jan
7
59*4 Apr 23
11*8 Jan 12
11
Jan 13
67% Jan 24
Oct
Oct
20
Feb
77%
Jan
44% Dec
29*4 Jan 13
3*8 Jan 11
17*4 Jan 10
18
Oct
Apr 13
Mar 30
24% Feb 25
8% Feb 7
18% Jan 10
17% Dec
7*4 Oct
6% Oct
2% Oct
4*4 Oct
4% Oct
Jan 12
Feb
3
Mar 31
Mar 26
10% Jan 11
8% Jan 11
Feb
50
17%
33%
Oct
27
Jan
50
6%
11*4 Jan 12
7% Jan 12
125
4
1%
Oct
8
Oct
Jan
Jan
125
Jan
20% July
61*4 Feb
7*4 Mar
47% Mar
3978
Jan
20% Jan
28% Mar
3378 Mar
23*4 Jan
17%
Jan
Jan 18
Dec
15*4
Jan
Jan 10
41
Dec
4
Oct
67% Feb
8% Jan
15% Mar
65% Apr
9% Mar
Apr
6%
6
4% Mar 31
6% Feb 18
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil.—10
Texas Pacific Land Trust..,
37g Mar 30
32% Mar 30
2% Mar 29
Jan 11
5%
44% Jan 11
4% Jan 10
34*4
Oct
2
Oct
26
Mar 30
34
7
Mar 30
10% Feb 21
11*8 Feb 10
16%
15%
Jan
6*4 Mar 31
48
Feb
Oct
64
Oct
13*4 Mar
Tennessee Corp
conv
.1
...
pref
Mar 31
Mar 30
24% Feb 23
23*4 Oct
5% Oct
5% Oct
15% Nov
18% Dec
5378May 4
27g Apr 13
35
Apr 12
2% Mar 31
-—100
Thermold Co
Jan 19
58% Feb 21
55
24% Mar
4*4
66
Jan 17
Jan 13
4% Jan 12
..10
15
Mar 24
15
—100
-
Third Avenue Ry
1
Mar 31
2% Jan 13
5% Jan 12
15% Jan 15
Thompson (J R)
Thompson Prods Ido..No
25
3% Mar 30
par
8% Mar 28
Thorn pson-Starrett Co. No par
$3,50 cum pref
No par
1% Mar 28
5*4 Mar 30
3*8
Mar 24
Jan
10% Mar 29
15% Jan
77% Apr 29
85
Tlmken Detroit Axle-10
Tlmken Roller Bearing. No par
31% Mar 30
8
Transamerlca Corp
2
Transcont A West'n Air Inc.5
478 Apr 1
2% Mar 30
80
No par
Feb
8
4% preferred
Union Tank Car
Cash sale,
40*4
Jan
Oct
21%
Feb
72
Dec
98% Aug
8*4
Feb
17
Aug
4
Oct
22% Jan
27% Jan
11% Mar
4*s Jan
83
Jan
24
Jan
31*4 Feb
Sis
3%
82
4%
7
18%
25
Oct
Dec
Dec
Oct
Dec
Oct
Nov
Jan
12
Mar
26% Mar
407g Mar
50
Mar
Jan
39
Dec
94
Jan
Mar 25
10% Jan
2% Jan
7
Oct
25
Mar
1%
Oct
Mar 31
Mar 31
59% Feb
12% Jan
80
Mar
21% Feb
88% Jan
Oct
46% Nov
8% Dec
61% Nov
17%
80
Oct
Nov
59*4 Apr 20
81
Jan
78
Oct
23% Jan
27% Jan
22
Nov
Mar 30
19% Mar 30
x
109%
44
2*4
20
5
Feb
Mar 30
17% Mar 31
55% Mar 31
100
r
Oct
Oct
13%
Jan
1% Mar 26
No par
United Aircraft Cor"p
1%
6%
Jan
15% Mar
2878 Feb
10% Jan
6
7% Mar 30
57
Oct
79
6
100
Dec
Feb
Sept
8%
287S
16
41
4
10
40
Oct
6% Jan
par
Oct
Oct
10% Jan
No par
Oct
Sept
Jan
Oct
Mar 31
Mar 29
Mar 25
Mar 29
Under Elliott Fisher Co No par
Union Bag A Pap new .No
1%
Jan
93%
13%
10
1
Preferred
Twin Coach Co
Ulen A Co..
2%
36
Nov
Jan
54% Mar
36
3% Mar 28
par
65
Mar
Jan
100
Corp No
3%
44
12*4 Jan
7% Jan
9% Jan
48%
5%
16%
25%
2%
10
20th Cen Fox Film
New stock,
Mar 30
6
Jan 13
13% Jan
Mar 30
4
$1.50 preferred
tNo par
Twin City Rap Trans..No
par
n
Mar 31
8
8
13% Jan 11
Tide Water Assoc Oil..
10
$4.50 conv pref
No par
Truax Traer Coal.
Oct
13
No par
Preferred
8
15
Texas A Paclflo Ry Co
100
Thatcher Mfg
No par
$3.60 conv pref
No par
Union Carbide A Carb.No
par
Union Oil California
25
delivery
Oct
7
Union Pacific
100
Jan
130
47
3,000
700
42%
4
2,900
44,000
Feb
Oct
27
24
June
6%
20%
22% Jan 12*
13*4 Jan 12
21*4 Jan 10
Jan 14
115
Oct
Mar 31
Telautograph Corp
Truscon Steel
10
61%
t In receivership
""300
Jan 10
1%
5
....
49
9%
28
Oct
34
Transue A Williams St*l No par
3%
Mar
9
Tlr-Contlnental Corp..No par
$6 preferred
No par
30
110
50
(James)
800
21%
3%
7
66%
19%
6134
66%
500
8
21%
Oct
113% Feb 28
3% Jan 13
9*4
Mar 29
3,500
4%
*6
Dec
13
54% Jan
40% Feb
29*4 Feb
23% Aug
4
6%
*29
30
"boo
88
*6
10
Aug
4*4 Mar 30
1
3%
3
86
21
Talcott Ine
$3 div
""ioo
10
11
15*4 Jan 15
13% Jan 15
16*8 Jan 10
9
22% Mar 30
Without warrants-..
The Fair
20
4%
11%
2%
10%
11
8
20%
257g
57
70
1%
2084
*66
100
1%
*6
684
*178
*47%
100
18%
3%
*8
2084
*29%
3%
*27%
Bid and asked prices: no sales
30
16
*1%
*3%
3984 '21,500
3%
2,100
8%
*16%
*53%
*3%
*37%
334
3,200
8%
17
57
"""266
11
9%
3
88
5934
25%
4%
29%
25
5H% preferred
13
6
3
1934
2484
1%
3%
16
50
5
6%
17
*53%
400
5
*5%
60%
20
3%
30
*434
*14
*3%
*37%
3%
7
*2%
*9%
10
47g
19%
*65
3%
70
400
*107g
984
59%
63
9
37%
584
52
57s
*16
9%
63S4
19%
62
*5%
*39
*434
*14%
*4%
6%
52
6
16
3378
*5%
*39
5
16
88
a2l%
6%
47
*25%
*434
578
6%
934
578
584
6%
*39
434
8%
40
*77
5%
8%
8%
16
40
*8%
*1%
*3%
10%
2%
3%
*5%
42
434
*6%
3534
3%
88
*4
484
5%
*35
6%
36%
3%
3%
30
5%
52
6%
5%
Mar
Mar
15
Symington-Gould Corp ww_.l
5%
6%
197
120
Oct
118
Mar 30
Feb
Nov
Jan 13
Mar 31
Oct
Apr
102%
June
14*8 Mar 10
8
Apr
60%
13
Mar 31
Feb
Mar
4%
96
7
Swift International Ltd
6%
6%
*478
Swift & Co
Mar 29
68
26
67
119%
9%
17%
1*4
8*4
17%
.——100
Sutherland Paper Co.
10
Sweets Co of Amer (The)
50
16%
*7
Mar 29
Apr 8
Mar 31
Mar 29
6% Mar 29
5% Mar 30
No par
Studebaker Corp (The).
Sun Oil
Mar 30
34% Feb
105% Feb
1778 Mar
Jan 13
1
25% Mar 31
1
Stone & Webster
Mar 29
% Feb
Starrett Co (The) L S—No par
Sterling Products Inc
10
Stewart-Warner
5
11%
11
238
7%
"
21
22
2%
13
par
11%
21%
23g
11%
21%
2%
49%
*6
4%
21
42
4734
Corp. .No
Mar 31
4% Mar 30
10% Mar 30
Standard Oil of Kansas
10
Standard Oil of New Jersey.25
*19%
49
2
Standard Oil of Calif..No par
Standard Oil of Indiana
25
Stand Investing
Mar 18
1% Apr 19
par
7,100
*30
Nov
Feb
20% Jan 10
6% Mar 31
94
prior pref
No par
prior pref..-No par
30%
42
734
cum
29%
1
48%
26
7%
6%
cum
30
47%
82% Jan 12
100
61
1
29%
2934
*30
88
z39
No par
*%
11
11%
21
1.600
10,600
1
1
*20
2%
1034
*20%
21
16,400
*19%
124% 124%
11%
11%
11%
21
8%
18%
21%
17%
19%
26
48%
7%
4%
49
11%
42
5,000
Oct
1
6% Mar 31
48% Apr 7
12% Mar 31
par
*5g
'
29%
2978
♦6
734
21
1
334
Nov
5%
93
Mar 30
par
67g
40%
29
conv
{Stand Gas & El Co.-.No
$4 preferred
—No
16
45%
7*4 Mar 31
par
17%
*30
19*4 Mar 26
15% Mar 30
$4.50 preferred.——No
{Stand Comm Tobacco
15
*19
1
par
Standard Brands
3*8
7%
Feb
34*4 Jan 10
No par
1,200
700
Jan
44
1% Oct
5% Dec
73% Sept
19% Dec
par
Mar
Feb
17% Oct
2% Nov
15*4 Dec
26% Dec
Feb
Feb
42% Mar
17%
91
Jan 13
34
120
14
27
3% Jan 17
22
Jan
65
27
11
24% Jan 11
Jan
Oct
6% Oct
24% Dec
14% Nov
11
2%
8%
54% Apr
11% Mar
98% Aug
Dec
334
44
35%
Conv $4.50 preferred.No
Square D Co class B
134
17
Jan 12
6,700
101
Jan 14
Jan 12
preferred A..No par
Spiegel Inc
2
*1%
Jan 10
9% Feb
27*4 Jan
18% Jan
101*4 Jan
9% Jan
Jan 21
73g
1784
5%
48
9
800
3%
7%
Oct
Dec
4
490
7
15
60
46
16%
101
Jan 11
Mar 26
51
1*4
3%
7%
16%
19%
Jan 12
Jan 14
Mar 25
16
1*8
Feb 25
Mar 30
7%
50%
7%
73g
100% 101
3% Oct
49*4 Nov
12*4 Dec
4
7%
1%
Jan 14
Oct
2
16
7%
Oct
Oct
16
29
503g
100%
*4
1%
Feb 25
100
7%
5,000
3
Jan 13
-.1
50%
7%
3% Oct
34% Nov
No par
Spencer Kellogg & Sons No
Sperry Corp (The) v t c
Splcer Mfg Co
No
$3
Oct
66
par
*15%
17
29
19% Mar 31
%
20*4
32
16%
15
29%
203g
Jan 24
8% Mar 30
50%
15
29
50
*34
1678
29%
434
37
3%
29
*7%
*10%
*34
1%
29%
68%
7%
10%
20*4
10%
30,700
*10%
7%
100
28%
46
20%
107g
98% Mar
3% Feb
23% Feb
45% Jan
Jan
19% Apr 13
2% Mar 29
$5.50 preferred
2034
61*4 Mar
Dec
7g
2%
27%
5%
65*8
16*4
100
1st preferred
37
16%
*6
*48
7%
*50%
20%
1
28%
22
*68%
*67g
19%
10%
35
1
29
42
*19
35
4
9% Mar 31
Spalding (A G) 6c Bros .No
Dec
4
Jan
42
Mobile & Ohio Stk tr ctfs 100
22
195s
Jan
5% Mar 30
5% preferred
75
*20%
128
100
Sparks Wlthlngton
22
111
No par
Spear & Co
*20
*9%
25
Southern Railway
300
*50
*35%
Calif Edison
600
75
Mar 31
1,600
5%
22
10
2
8
Apr 14
1% Mar 29
2%
*20
Mar 28
Solvay Am Corp 5M% preflOO
41
*50
45
200
5%
22
18% Mar 31
z84
Apr 1
8% Mar 29
2%
*19%
19%
*9%
1
IO84 Mar 31
5%
22
20% Apr
No par
100
27% Mar
7*4 Jan 11
Mar 30
Apr 13
634 Mar 12
Apr
234
*21
3
z38
May
5%
75
45% Mar 31
13
*2%
*50
Mar 30
Mar 26
Socony Vacuum Oil Co Inc. 15
3%
75
6
9% Mar 30
91
25
*50
3484 Mar 28
---No par
8% preferred
1
Mar 30
24,900
12%
8%
12%
*2%
3
Smith (A O) Corp
10
Smith <fc Cor Typewr...No par
Snider Packing Corp
Oct
71
2% Apr 5
14% Mar 30
$6 preferred
Feb
Dec
11
6
Mar 30
Sloss Sfaeff Steel <fc Iron...100
Jan
113
x98
4
Jan
Jan
10
100
Mar
113
Feb 23
Mar 20
100
103
85
10
6% preferred
Jan
Dec
Dec
27%
6
May 3
8g Feb 10
93
25
46
70
86
15%May
No par
Skelly Oil Co
20*4 Mar
37% Mar
Dec
66
preferred... 100
Slmonds Saw 6c Steel ..No par
Oct
Nov
18
22
484 Mar 31
12% Mar 30
93
11%
conv
Slmms Petroleum
13
133s
13%
13%
13%
13%
13%
13%
13%
133g
14%
*111
112
111% *111
111% *111% 112
111% 111% *111
112
*17o
2
2
2
178
17g
2
2
17g
2%
2
2%
*20
20
20
19
19
20i2
19
193s
*18% 20
*183s
19%
*131% ISO
*131% 150
*135
150
*131% 150
*131% 150
*135
150
*21
21%
215s 21%
21% 21%
21%
21%
2138 21%
21%
22%
1078
634
6M%
100
93
Feb 11
19
Silver King Coalition Mines.5
Simmons Co
-No par
200
13i8
11%
Pen Co.No par
2%
*15
105
-No par
_
157g
25%
*111
llig
G.)
Shell Union Oil
700
3.600
18%
17
97g
pre!--——No par
Shattuck (Frank
93
10%
conv
100
*14
93
*9%
2%
Mar 26
884 Mar 29
% Jan
1,600
13
12%
99% 100%
57g
17%
79
1% Mar 29
15% Mar 29
3% Mar 29
4
277g
18
68
12
9%
24
15
8%
18%
*88
17
64
18%
2%
*157g
Jan 18
par
41
*26
Jan 20
93
10
53%
8
81
Mar 24
47
*50%
41
Mar 29
68
100
No par
3%
Jan 26
58
Sharon Steel Corp
1,000
Highest
$ per share $ per share
10
Seagrave Corp
No par
Sears, Roebuck 6c Co..No par
Servel Inc
1
14,500
4,400
5%
23% Jan 12
Seaboard Oil Co of Del.No par
13%
share
Mar 30
100
334
5934
3%
par
$ per
12
1,100
13%
6
24%
60
♦
6
100
1234
37g
77g
*26
2778
1234
1234
*99% 100%
1,600
127«
77g
378
"""290
17g
21%
5
100
1
100
Lowest
Highest
$ per share
2
Mar 26
No par
%
20%
*3%
53%
—.100
100
100
16%
66%
20%
*50%
5% preferred
6% preferred....
7% preferred.
Savage Arms Corp
%
%
53%
10
10
—No par
66%
17S
20%
334
5778
13%
127g
53%
56
60%
78%
{St Louis Southwestern.-.100
5% preferred—
100
Safeway Stores
66%
%
4%
%
334
"3". 166
85
*1%
91
9%
V'AVPar
*11
11
16%
8
60
9%
3934
85
*4
_!
91
*13%
11%
*4
3934
20
12%
1234
*50%
Lowest
20
16
*15%
60%
Year 1937
EXCHANGE
18
15%
747«
68
2%
18
15%
81
*]2
2%
*6
15%
16*8
*4
33s
18
15%
15%
*60%
11*4
68
*75s
3%
*6
62
*71
*38%
*2%
3%
18
*6
*1514
Range for Previous
On Basis of 100-Share Lois
STOCK
Week
$ per share
YORK
NEW
for
Monday
May 2
Wednesday
Apr, 30
Saturday
May 7, 1938
Range Since Jan. 1
STOCKS
Ex-dlv
v
Ex lights.
10*4
Oct
17%
Jan
678 Jan
100% Jan
18% Sept
111
Feb
28% Feb
148*4 Mar
99*4 Jan
31% Feb
35% Mar
1 Called for redemption
Volume
LOW
AND
New York Stock
146
HIGH
SALE
PRICES—PER
Record—Concluded—Page
2975
10
Tuesday
Apr. 30
Monday
May 2
$ per share
$ per share
$ per share
7%
8%
7%
8%
7%
♦8
May 3
7%
7%
8%
16%
9
J
7%
8%
SHARE,
Wednesday
.
May 4
$ per share
7%
*8
NOT PER
15
2%
2%
26
26
*5%
*5*4
5%
6%
73
*71
*13
2%
25%
5%
♦534
♦71
15
*13
2%
25%
2%
2534
*5%
5%
*534
6%
73
*71
4
334
334
3%
*26%
32
♦27%
60
59%
934
30%
59%
*27%
*59%
9%
105
*102
5
♦4%
5%
5%
70%
*65
1%
*%
*102
4%
*5%
*64%
*%
6
*7
*5
7%
*5%
59%
934
9%
105
*103
1%
2534
26
5%
6%
3%
30
60%
10
105
*4
4%
*534
4%
6%
70
13
73
*3%
9%
1434
2%
6%
*64%
*%
*7
6
*5
70
2%
$ per share
$
7%
8%
9
9
9%
5%
*6
*71
3%
*14
2%
26%
5%
2%
26%
5%
*5%
per
share
734
•8
12,100
*9
11
15%
400
14%
200
3%
27
30
45,300
7,300
1,700
5%
534
6
*71
73
*71
73
4
4
4
4
100
6
73
4
6%
0%
30
*25% 30
62
60% 61%
62%
10
10
934
10%
104% 104% *103% 105
4%
*4%
4%
4%
6
*6
30
62%
62%
10%
1034
*25
16%
16%
*4%
*16
5
7%
*7
200
105
70
1%
*%
6
1%
6
6
6
70
200
6%
700
62
*64%
*%
4%'
64%
1%
200
*%
*5%
30
*25
16%
30
16%
*25
1634
4%
4%
*4
458
*7%
734
*7%
7%
*56
64
57%
57%
29
28%
4
4
25%
25%
3%
2484
2534
65
*55
29
64
4
3%
1634
*4%
*7%
30
*25
*67
67%
66%
2534
67%
57
*54%
57
54
*55
60
*55
61
*57
5
17%
5%
"MOO
*4%
7%
8%
900
200
100
65
*57%
29
29
2834
2934
29
4
4
4%
2634
68%
54%
26
27%
26
4%
27%
4%
26%
67
6934
67%
71%
54%
55
70%
55%
6734
54%
56
56%
61
59%
44%
4234
59%
4558
56,100
97%
9458
9734
8,300
61
*58
61
*58
43%
41%
42%
4134
44
4234
4434
95
96
95
95
9434
96
96
9634
32%
32%
*32
34
*32
*40%
41%
*40%
41%
._
17%
5
8
41%
43%
95%
65
*59
65
34
34
34
41%
41%
41%
34
30%
4%
28
4,100
2,400
40,100
11,400
1,000
100
300
34
*41%
43%
40
4%
1%
1,600
800
4%
1%
*39
44
*39
9%
10
*9
59
59
*51%
136
138% *132
*1%
*4%
1%
*4%
*53
59
*53
59
*53
59
*56
59
*133
136
*133
136
*125
136
*125
136
37
37
37
*34
37
37
37
37
37
50
1
1,600
44
*39
*10
10%
*51
*133
*34
37
*34
4%
4l2
1%
1%
4%
11%
4%
*43„
1%
*39
1%
44
44
*1%
*39
44
*39
44
*9
10
*9
10
9
9
4%
1%
4%
*4%
1%
*1%
%
%
%
%
34
%
*84
%
*84
%
34
*%
%
*%
34
*%
34
*%
34
%
%
*%
20%
15%
18%
20%
15%
18%
*18
*1434
*18%
*33%
35
*14%
14*4
3%
3%
19
19
108% 108%
*2
3
*7
9%
*101% 113
45
*40
*18
14%
18%
*33%
14%
3%
20%
14%
18%
35
*18
15
18%
*3334
20%
15
14%
*3%
3%
*2
2%
20%
*19%
108% 108%
*2
2%
45
*40
45
15
20%
1534
2,100
18%
19
15%
15
18%
*18%
34%
*34
34%
15
*14%
334
3%
3%
20% 21%
20%
21%
*105% 113
109% 110
*2
2%
2%
2%
♦7%
9%
9%
*7%
20
14%
3%
20
109% 109%
*2
2%
9%
*7%
*7
*7%
9%
9%
*102
*101% 113
*101% 113
*40
100
18
*3334
14%
3%
14%
3%
18%
18%
108% 108%
34
*40
34
50
800
100
34
1434
*16
1434
1,600
1,600
3%
113
*102
113
*102
*40
45
*40
260
10
45
*2
16%
*15U
*74
•
*6%
37
*17%
*10
*15%
163g
*15%
16%
*15%
15%
80
*74
80
*74
80
*74%
80
634
*36
18%
10%
2%
*1738
*214
*27%
31%
5
5
*26%
2%
*7
29
2%
10%
*20
22
*1284
21%
13%
*1%
*1%
♦29%
6%
37
217S
2
1%
30%
10
238
*27%
2%
31%
434
*26%
*2%
*7
*20
22
1234
21%
2
1%
30
30
*71%
*78%
80
*78%
92
92
9134
♦75
75
79
*112%
16
*28
4%
27%
2%
78
22
*1%
1,400
*4%
*7o
*1%
1834
70%
*112
1
*7g
2
*1%
20%
18%
6778
21%
20%
72%
115
♦112
13
*11
*2%
*28
4%
*27
2%
37%
37
37
300
18%
*17%
18%
100
*10%
2%
11
*10%
*2%
29%
11
600
10%
2%
31
29
484
*26
2%
15
2134
13
23
*1%
2
*2%
*7%
*20%
*12%
22%
*184
1%
*1%
434
29
29
2%
29%
5%
7,600
*8
13
23
23%
2
*1%
1%
23%
*1%
32%
75
78%
*75%
78%
78%
78%
78
78%
91
89
9034
89%
90
7734
7734
119% 119%
*3%
*5%
1
114
15%
3%
7%
1
91
*75
77%
77%
114
14%
114
*1%
21%
21
6934
69%
116
*11
73%
116
13%
3578
*31%
35
*31%
35
*12
13%
*12
*12
13%
25%
*22%
13%
24%
*22%
24%
71%
73%
115% 115%
*11
13%
*31% 35
*12
13%
130
680
140
1434
2,100
3%
100
7%
*5%
*%
7%
72
116
13%
*31%
13%
*23
114
50
8% 1st preferred
U 8 Tobacco
7% pref.
22
21%
23%
2134
74%
72%
78
116
*116% 120
13%
13%
35
35
*31%
*12
13%
13%
24
*23%
25%
13%
300
4,300
3,500
29,800
40
25
25
60
60
*60
65
*60
105
*60
105
10
*67
70
66
66
*60
70
*60
70
10
100
21
6%
preferred
Va El & Pow $6
Feb
105
Mar
16
6
5
14
100
pref-_.No par
100
117% Jan 11
1% Mar 23
Mar 21
1% Apr 22
6% Mar 31
15% Mar 29
Mar 29
4% Mar 30
No par
Mar 31
1% Mar 31
1
conv
....100
—100
6%
8%
*1%
*11
*2%
2
*4%
*378
37
8%
1%
12%
2%
2
5
4
37
*8
1%
*11
*2%
2
4%
*3%
*35
*8
8%
1%
*1%
1234
2%
*11%
2
2
*2%
4%
*3%
4%
4
37%
*35
*46%
57
*45
52
12%
41%
14%
*4514
*28
32
*27
3134
*28
♦30
35
*31
35
*33
85
85
86
*12%
13%
42
42%
15
15
85%
*66%
♦25
86%
69%
26%
12%
41%
14%
66%
*25
1234
42
14%
2
4%
4
37%
1%
29%
88%
12%
29%
102
*80
12%
29%
*66
Western Union Telegraph. 100
Westlngh'se Air Brake.No par
50
50
Westlnghouse El <fe Mfg
1st
preferred
1,900
1,700
100
4%
3%
*35%
400
$6
Apr
1,200
3,400
35
58
32
32
31%
32
Feb,
103
Aug
116
Mar 31
1
17%
Oct
123% Mar.
10% Apr
Dec
25„ Oct
115% Jan
29% July
111% Jan
35
*34%
3534
35
36
88%
91%
90
90%
1,000
67%
500
100
Yale & Towne Mfg Co
89%
68
*66%
68
28
*25
28
11%
11%
1134
*74
11%
67%
*26
11%
*74
28
300
103
Mar 31
14% Mar 26
12%
13%
13
88%
13%
"MOO
30
31%
30
32%
12,100
90
14%
1434
11%
11%
11
11%
11
4
4
11%
3%
*66
14%
11%
*334
90
*66
1434
14%
11%
4
11%
3%
1
90
14%
11%
3%
*66
15
12
3%
id receivership
1,700
4
MOO
Zonlte Products Corp
"3", 500
n
New stock,
Jan 10
1% Jan 11
3% Jan 11
28% Jan 10
27% Jan 15
109% Jan 15
140
Jan 27
17% Jan 15
3234 Jan 5
16% Jan 18
r
Oct
1
Oct
1%
Oct
22%
Dec
Oct
17%
87% Nov
113
10%
Oct
Oct
31% Nov
10% Oct
11%
Mar;1
23% Mar
4% Mar
11% Mar
83% Jan
67% Mar.
167% Jab
170
Jar9
30%
39
27%
34%
Jan
May
Feb
Jan
21%
Dec
Mar 19
70
Dec
115
Apr
4
90
Dec
120
Aug
27% Jan 12
19
Oct
Mari
120% Aug
90% Aug
60
Mar
Jan
65
95
Jan
4
75
Nov
69
Jan 14
65
Dec
15
Jan 13
14%
Oct
13%
6
Oct
11
Jan 12
Jan 21
8%
Oct
3
Jan 22
1%
Oct
21% Jan 24
2% Feb 25
11
1%
Oct
Oct
46%
2
Dec
Dec
Oct
5% Sept
12
Sepl
7
3
Jan
6%
Jan 10
4%
6%
Jan
6
43% Feb 23
Feb 25
4%
49%
10%
34
12
36
Jan
3
Jan 25
54%
Oct
Oct
34
Dec
Dec
Oct
11% Mar 29
20
42
Mar 29
66
27
Mar 28
85% Feb 24
46
Jan 10
39%
55% Mar 30
94
Jan 10
38
61% Mar 31
20% Jan 31
8% Jan 3
71
Mar 30
09% Apr 18
29% Apr 18
16% Jan 21
28% Mar 30
93
Oct
Dec
7% Oct
68%
21*4
Dec
68
Jan 10
12% Dec
34% Nov
70
Oct
18%
Mar 30
43%
Jan 12
75
Jan 26
22%
23% Maj
33% Feb
18% Jan
6% Mar
6%
12%
Jan
Jar
Feb
91% Mar
13%
65%
47
Dec
Jan
Jan
112% Mar
40%
Dec?
64
Novf
128
Mar'
76
Jan
02%
Jan
37*8
Feb
142
46%
Jan
Feb
Jan 10
62% Mar 31
11% Mar 29
9
2%
x
Dec
Deo
Deo
Jan 11
9% Mar 31
24
1
Cash sale.
6%
4
Apr
4
4% Mar 26
No par
Youngstown 8 A T
12
15%
9
14%
Mar 26
l%May
5H% preferred
100
Youngst'wn Steel Door. Nojpar
Zenith Radio Corp
No par
90
Feb 23
4% Jan 10
884 Mar 31
l%Mar 30
100
Preferred
12%
31%
19
6% Mar 31
7% Apr 5
1% Mar 31
Young Spring A Wire.-No par
12%
116% Mar 24
Mar 29
75
Yellow Truck A Coach cl B..1
30
14%
Mar 31
10
25
19,500
12%
88%
Mar 25
16% Mar 31
15% Mar 31
61% Mar 31
Prior pref 4^%
12%
31%
88%
6
Mar 30
2% Mar 31
series.-.10
Prior pf 4 Vt % conv series. 10
Wright Aeronautical...No par
Wrlgley (Wm) Jr (Del).No par
86%
*66%
Aug1.
109
Woolworth (F W) Co
10
WorthlngtonP<feM(Del) No par
Preferred A 7%
100
*48
Feb}
108
19% Jan 17
6,800
Jan*
Mari
Oct
10% Mar 29
14
2%
66
84%
Oct
10
15%
Oct
Oct
60% Jan 21
42%
July
76
Mar 30
13
1
Novl
88
Mar 24
15%
35
Nov
84
3
41%
87'4
Janl
Janl
3
32
15%
""300
Jan 24
100
13
58
12%
35%
3
1
10
42%
*48
Jang
Oct
8
90
14%
78
Jan
18
69%
97% Jan
Feb
121
*27
13
3178
9
99% Mar
Oct
102% Jan
102% Jan
Apr 12
42
*29
2%
Dec
Dec
1
1
Mar 31
Mar 19
15%
*47
4%
33
Mar 29
70
65
42
55
2612
74
83% Apr
60
15
32
Feb
Feb
73% Nov
8
20
41%
*13
10%
23%
Apr
No par
preferred
Jan
Oct
75
6
Wilson & Co Inc
19%
60*8
2
1% Jan 28
35% Feb 24
preferred...No par
Willys-Overland Motors
6% conv preferred...
Oct
Oct
71
1
Wilcox Oil <fe Gas
Oct
Feb
82% Aug
18% Mar
51% July
778
17
1% Jan 3
25% Mar 31
3
30
White Motor Co..
$4 conv
4% Jan 13
100
5% conv preferred
Wheeling & L E Ry Co
Jan 13
32
Dec
Oct
Feb
49
Feb!
—100
preferred
Jan 18
7% Jan 10
40
71%
3%
Mar
19%
Feb
% Mar 23
1% Maris
15
1284
14%
4
4%
384
39
134
Jan 24
8% Feb 23
4478 Jan 16
16
Aug!
3
42
14%
*334
4%
39
4%
8%
13
81
Oct
9%
100
2d preferred..
Woodward Iron Co
14%
4
5,300
384
*35%
*80
*7834
12%
1%
3%
88%
1234
30%
*134
4%
*25
88%
2%
1%
39
13%
26%
11%
30%
♦2%
1%
2
412
334
26%
11%
*7884
1234
2%
13
20% Jan 10
6%iDec
18
Jan
10% Mar
18% Mar
Oct
White Sewing Mach...No par
*1%
Oct
Oct
2%
13
100
*8
1%
13%
2%
122%
Oct
2%
2%
Jan 12
Co...10
100
600
8%
1%
*8
134
Feb
2
46
White Rock Mln Spr ctf No par
*11%
*2%
8%
13
*35%
27
1078
4
*2%
66%
11%
♦66
2%
*8
*1%
12
66%
11%
102
1%
66%
11%
*66
8%
13
117%
118% Mar 21
2% Jan 11
4% Jan 11
3% Feb 4
8% Jan 17
60%
White Dent'l Mfg (The 8 8).20
100
2,600
Mar
38%
12
8%
98
Oct
45
14%
Dec
Oct
$5 conv prior pref.--No par
8%
50
Oct
90
*12%
Jan 10
67
Jan
20
49
8%
Mar
29% Jan 17
18
13
135
Mar 30
*45
8%
Deo
16
*75
13
113
11%
18
13%
8%
Jan
12078 Feb 26
12%
13% Jan 13
90
8%
37
17% Jan 17
49
*12%
Oct
24% Jan 14
*45
8%
8
Mar 30
100
Western Maryland
6%
100
---100
preferred
Western Auto Supply
Feb
Dec
Mar 31
5
1
6%
74% Apr
115
June
11
1% Mar 26
West Penn Power 7% pref.
May
12% Apr
16% Mar 31
No par
preferred
preferred
47
17
No par
5
Wayne Pump Co
Webster Elaenlohr
7%
Oct
Jan
2% Jan
58% Jan
39% Mar
44% Jan
3
No par
$3.85 conv pref
Mar 26
18%
4%
105
48
*75
15
~2%" Oct
Mar 31
49
8
Jan 22
1434May 5
6% Jan 21
42
20
3% Mar 26
Oct
9% Oct
14% Oct
35% Nov
23
100
*12%
16
Jan 17
20% JaD 12
*23% Feb 15
100
6
*45
778
Oct
Mar 26
*75
15
%
2
49
7%
1% Jan 10
No par
100
*12%
Oct
19% Feb 18
16% Jan 15
3% Jan 13
*45
8%
%
Mar 18
*75
15
Jan
7
Mar 26
17
8
Jan
1% Jan
8
49
*12%
Jan
108
A..No par
100
1,300
86
164
Oct
18
Preferred
Feb
Jan
29
30
Warner Bros Pictures
May
Jan 12
54
No par
Class B
Dec
21
Nov
Walk(H)Good & W Ltd No par
Ward Baking class
84%
Nov
Mar 31
74
8%
Oct
9%
37
100
100
100
No par
M % pref with warrants 100
Feb
Oct
47
Mar 29
Mar 30
100
Walgreen Co
9%
Oct
135
100
No par
Jan
1
32% Jan 21
110% Mar 19
4% Jan 20
16% Jan 11
1
150
2%
1% Apr 13
5% Mar 26
105
17
18%
9
2% Mar 29
15% Mar 30
Virginia Iron Coal & Coke. 100
Jan
126% Mar
4
Mar
25
Mar 26
Apr
7538
46
13% JaD 14
11% Mar 31
14% Mar 31
30% Mar 30
No par
48% Nov
100% Oct
Feb 25
60
27% Mar 30
% Mar 30
% Jan 3
♦45
17%
Feb 24
Deo
147% Mar 11
Apr 28
par
Oct
68
Mar 5
Jan 25
Jan 10
Mar 5
MarlO
2% Jan 10
Mar 31
1
8
42
8% Mar 30
5
Preferred
Mar
Mar
19% Jan
72% Mar
118
70%
62%
114%
34%
48
No par
100
Walworth Co
Oct
22% Mar
52% Nov
135
Waldorf System
3%
43% Feb
15% Mar
43%* Dec
100
fWabash Railway
5% preferred A
5% preferred B
Mar
70
20
No par
Chem
Feb
23% Mar
Mar 21
94%May 6
29% Mar 30
40
Apr 25
Universal Pictures 1st pref. 100
Va-Carollna
172
Feb
Mar
Universal-Cyclops Steel Corp 1
Vick Chemical Co
Jan
Jan
34%
71
*75
17%
Jan 13
Jan 13
5
Victor Chem. Works
20%
137
154% Nov
5% Dec
29% Dec
16% Oct
3% Oct
6% Oct
Jan 15
42
Corp of Am.No
Oct
Nov
81
3% Mar 30
Preferred
Oct
6%
63
36% Feb 25
49
17%
Feb 16
Oct
3
1% Mar 26
37
Feb 3
Van Raalte Co Inc
Nov
%
1
Vanadium
70
6% Jan 10
Mar 31
45% Jan
..26
Sales..
Dec
4%
United Stores class A..No par
$6 conv pref A..
No par
Vadsco
6%
16% Feb
24% Mar
100% Feb
3% Jan
z44%Mar31
..No par
futilities Pow & Light A
113%
Oct
112
Mar 31
preferred..
Oct
3%
72%
100
17%
Jan
3
Oct
*45
17%
Jan
101
Jan
Mar
Dec
*75
17%
17
24
5^% cpr
100
Wheeling Steel Corp—No par
Preferred
100
*17%
Oct
9% Mar
65
""166
70
9
26% Apr
106% Feb
Jan 17
31% Mar 28
105
86% Mar
Oct
Feb 18
No'par
Westvaco Chlor Prod.-No par
♦60
63
Oct
Ost
Deo
2%
32
2% Mar 31
Class A
♦60
Oct
52
Jan 11
Jan
Jan
Mar
68
9% Mar 30
70
24
6%
74
Jan 10
9
8% Jan 11
Weston Elec Instrum't.No par
105
Jan 12
Jan 10
169% Feb
300
*60
16
Mar 29
38
Western Pacific....
1
2
1%
2234
2134
Oct
74% Apr 22
Mar 31
United Stockyards Corp
Oct
5
Jan 12
No par
100
new
25%
Jan 12
35%
23%
6%
10%
*55
new
Jan 12
10
Mar 22
..50
U 8 Steel Corp
Preferred
Mar
8%
46%
50
50
".
Preferred
Feb
35
Oct
21% Mar 30
100
U 8 Smelting Ref <fc Mln
91
Dec
13% Mar 31
3% Mar 30
5% Mar 26
class A .No par
Prior preferred
100
U S Pipe & Foundry
20
U 8 Realty & Imp,....No par
U 8 Rubber
...No par
4%
*60
*223S
conv
Dec
2
1% Jan 18
Mar 31
25
50
Feb
Jan
17%
8
778 Jan 12
162% Mar 28
4% Mar 29
5
pref
'"~90
3%
2134
*11%
*31%
79%
119% 120
2
100
preferred--.No par
West Penn El class A..No par
14
1
conv
Partlc &
$4
114
*%
1%
22%
21%
preferred..
65
Wesson Oil & Snowdrift No par
3%
1
2
22
*%
No par
20
31%
30%
117% Feb
36%
Jan
74% Feb 21
3% Mar 26
5% Mar 30
700
75
14%
*4%
Freight
U 8 Gypsum
Oct
Jan 10
5% Jan 12
8% Jan 17
Wells Fargo & Co
1,500
114l2
7%
U S
100
Waukesha Motor Co
14
*5%
2
77
100
No par
Oct
Feb 23
106
1
62 May 6
% Mar 23
Warren Fdy & Pipe
*3
3%
21%
21%
*73
preferred
preferred,.
Mar 26
4% Apr
600
*113
15
*3
*1%
19%
77%
119% 120% *119% 120%
20%
20%
*%
.
first
Conv
Mar 14
3
100
•
1%
32%
32
100
J Warren Bros
No par
$3 convertible pref--No par
2
32
8% Mar 30
United Paperboard
.10
US4 Foreign Secur.. .No par
$5
Mar 31
50
Oct
65% Feb 25
11% Jan 5
Mar 26
21% Mar 31
300
22
1234
2%
*72
91%
20
900
17
22
13
2%
75
78%
91%
100
29
234
9%
2134
32
2
13%
5
1,200
*1%
31%
*71%
20%
116
2%
*28
5
7%
75
1%
'4",700
684
37%
*17%
6%
6
No par
United Gas Improvt
No par
$5 preferred
...No par
4
6%
*8
22
300
36%
18%
21%
*12%
7
"loo
82
31%
7%
*20%
18%
10%
*75%
80
900
16
*72%
15
7%
2
6%
*36
*75
16
15%
*1%
*3034
3%
*4%
27%
2%
8%
114
*3
5
22
12%
22%
16
3%
10%
2%
31%
8%
114
*3
634
36%
18%
*20%
12%
9134
11934 120% *119% 120
*112% 114
18
*16%
*17%
10%
2%
29
2%
10%
1284
21%
*1%
*1%
*71%
79
6%
*36
484
75
*75
6%
36%
18%
10%
15%
United Fruit
Preferred
*11634 118
*11634 118
*11634 118
*11634 118
*11634 118
1%
*1%
134
*1%
1»4
1%
1%
1%
1%
1%
23s
234
*2%
234
2%
2%
2%
2%
23g
23«
*238
2%
2%
*1%
2%
*1%
2%
♦1%
2%
*1%
2%
*1%
7
7
7
7
7
7
7
*6%
*6%
*6%
*634
*6%
3
7
15
110
Mar 29
35
4% Mar 29
Apr
1
60
5
5
49%
19%
3%
32%
7%
9%
80%
6%
4% Mar 30
100
United Electric Coal Cos
United En? & Fdy
Vulcan Detlnnlng
1%
2%
22% Mar 31
6% preferred
100
Virginia Ry Co 6% pref—100
113
45
800
♦116% 118
*1%
$3 preferred
No par
United Drug Ino
5
United Dyewood.Corp
10
8%
15
*16
1
Universal Leaf Tob
17
35
14%
600
♦183s
18%
4
6 >4%
17
114
Mar 26
2
U 8 Industrial Alcohol-No par
U 8 Leather
No par
29%
*56%
Jan
U 8 Hoffman Mach Corp
8
17
7%
8% Jan
Highest
$ per share $ per share
6% Oct
24% Jan
10% Feb 26
19% Jan 11
110% Jan 20
39
Year 1937
Lowest
share
$ per
6% Mar 31
14% Mar 31
No par
""466
30
*4%
16%
42%
33%
*25
30
Mar 30
12% Apr
7%
4%
28%
*54%
*40%
400
2,300
share
5
United Carr Fast Corp .No par
United Corp
No par
U 8 Dlstrlb Corp
10
7
*7
29
♦32%
2,100
14,500
*4%
6%
*64%
200
29%
105
United Carbon
Range for Previous
Highest
$ per
100
Preferred
"V.ioo
68%
30
*24%
"MOO
4134
14%
2%
5%
Par
Un Air Lines Transport
5
United Amer Bosch
No par
United Biscuit
No par
Preferred
*7
7%
*7
7
8
7%
7%
7%
70
71
70
70
69%
71
71
71%
72%
*162% 165
♦162i2 165
*162% 165
*162% 165
*162% 165
*162% 165
6
*5%
5%
5%
6
6
5%
*5%
5%
584
*534
5%
72
*67
2,500
4134
2%
27%
Lowest
Shares
*112% 116
15
*5%
1%
6
Week
1534
*25
6
Range Since Jan. 1
On Basis of 10O-Share Lots
EXCHANGE
May 6
7%
13
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
May 5
16
17%
17%
16%
16%
16%
16
16%
15%
*112% 116
*112% 116
*112% 116
♦112% 116
*112% 116
40
40
40
41
41
40%
*39% 40%
40%
4034
*13
Sales
for
Saturday
Mar 31
Jan
Ex-dlv.
3
v
17% Jan 12
5% Mar 7
Ex rights
11%
2%
Dec
Oct
101% Mar
115
Jan
43% Aug
9%
Jan
« Celled for redemption
2976
May 7,
1938
NEW
STOCK EXCHANGE
YORK
Record,Bond
Friday, Weekly and Yearly
NOTICE—Prices are "and intercut"—except lor Income and defaulted bonds
Cash and deferred delivery sales are disregarded in tbe week's range,
unless tbey are the only transactions of the week, and when selling outside of tbe
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
nil '
t
Week's
Friday
BONDS
N
Y.
STOCK
EXCHANGE
Week Ended May 6
It
£$
Range or
Range
Sale
Friday's
Since
Price
But
&
IjOW
Asked
*3
High
No.
BONDS
Taw
1 1R42-1947
118.6
118.8
109.7
A
O
Foreign
1 1939-1949
1942-1944
A
O
109.9"
J
D
113.25 113.25
M
J
M
109.13
53
107.2
109.16
114.0
112.8
26
110
24
106.8
36
107.5
107.i2
56
100.17
51
107.20
107.21
59
108.4
29
112.8
D 109.30 109.30
S
J
D
J
105.29 105.20
107.5
D
M
118.14
106.16
S 112.8
116.4
S
J
D
J
loS
107.22 107.22
D
107.24»107.24
1
3
F
A
108"""
107.30
108
A
O
109.6
109.6
109.11
M
8
103.24 103.23
104.0
M
S
97
S
105.20 1 j5.2t/
103.28 >1)3.28
100.7
M
104.9
86
5
62
240
102.27 .02.27
103.9
M
S
102.22 102.17
J
D
101.10 101.10
103.3
101.23
J
D
105.8
1U5.8
105.15
59
M
S
103.6
103.6
103.21
127
J
D
49
157
339
8 105.23 105.14
105.23
20
M N
105.11 105.10
105.18
26
J
J
106.16 105.10
105.19
49
S
104.10
104.10
24
L/5.17
107
102.28
103
160
103.1
103.8
128
M
M
F
A
J
I
103".1"
111.22114.6
110.8
112.16
107.18110
103.20106.8
105.2 107.15
105.21100.20
100.29108
105.27 108.4
105.19107.25
107.4 108.13
107
109.11
101,24104 6
101.27104.9
100.20103 9
100.14 103.3
99.18 101.23
102.14 105.15
101
103.21
103.28 105.23
103.4 105.18
103.22105.19
102.9
104.12
103.9
23
23
3
♦Gtd sink fund 6s..........1947 F
A
...1948 A
O
*2254
J
754
754
8
8
754
754
3
8
8
1
♦Antloquia (Dept) coll 7s A.—1945
J
1945 J
J
♦External s f 7s series C.....1945 J
J
♦External
s
♦External
s
1945 J
f 7" 1st series....1957 A
f 7s series D
.......
J
101.9
103.13
101.6
103.12
58
10354
8154
8154
10554
10454
94
100
101
O
654
f 7s 3d series. 1957 A
O
654
a9354
D
"a9354
A
9054
8154
8154
1972 F
S f extl conv loan 4s Apr
1972 A O
Australia 30-year 5s
J
...1956 J
External 5s of 1927
1957 M S
External g 454* of 1928
Austrian (Govt's) a f 7s..
1956 Wl N
J
1957 J
♦Bavaria (Free State) 654s
1945
1949
Belgium 25-yr extl 654s
External i f 6s
External 30-year ■ f 7s
♦7s
s
"161"
A
1966 J
M
J
D
7954
104 54
a3454
M S
1965 J
Bergen (Norway) extl s f 6s.. 1900
♦Berlin (Germany) s f 054«
I960
♦External sinking fund 0s...1968
♦Brasil (U 8 of) external 8s
1941
♦External a f 654s of 1926...1957
♦External
F
105
9054
7954
"10454
11154
*2054
10554
10454
11154
S
10054
A
O
2054
J
D
2054
J
D
A
O
f 054s of 1927... 1967 A
O
(Central By)....
1952 J
D
~"l654
1454
1454
1354
15
1254
1254
13
Brisbane (City) f f 5s.
1957 M
S
Sinking fund gold 6s
20-year s f 6s
1958 F
A
"99""
9954
9854
1950 J
D
10054
10054
♦Budapest (City of) 6s
1962
♦Buenos Aires (Prov) extl 6s...1961
♦0s stamped....
rl901
♦6 54s stamped
1901
External s f 454-4 54s
1977
Refunding s 1454s-454s
1976
External re-adj 4 54s-4548—1976
External s f 4548-454S......1976
3% external s f $ bonds ....1984
Bulgaria (Kingdom of)—
♦Secured s f 7s
F
A
A
♦Stabilisation loan 754s
MN
J
1960 A
O
O
A
♦Ry ret extl a f 6s
J
Jan 1961 J
♦Extl sinking fund 6s..Sept 1961 M S
♦External sinking fund 6s... 1962
♦External sinking fund 6s...1963
♦Chile Mtge Bank 054s
1957
♦Sink fund 654s of 1928..... 1901
M
S
M N
J
J
♦Chinese (Hukuang Ry) 5s.... 1951 J
♦Cologne (City) Germany 5548.1950 M
Colombia (Republio of)—
♦0s of 1928
Oct 1901 A
Jan 1961 J
♦6s extl s f gold
♦Colombia Mtge Bank 6548...1947 A
♦Sinking fund 7s of 1926....1946 M
♦Sinking fund 7s of 1927
1947 F
For footnotes see page 2981
1
05
5254
5554
5554
5554
5754
5454
5754
*27
3054
3054
1754
1754
1754
1754
1754
1754
1754
12
1
1
&
Taw
19
31
20
87
"""4
22
3054
5
17
1754
1754
1754
1754
1754
31
40
1754
1754
1754
1754
1754
1754
11
16
31
41
19
6
1754
19
16
20
6
1554
1554
1554
23
14
13
30
30
2
2054
2054
7
15
1554
1354
""2054
O
1554
J
1654
1354
1354
*2254
2254
2254
1554
1554
-1952
1953
Copenhagen (City) 6a__
25-year gold 454s
♦Cordoba (City) 7s
J
D
9654
M N
9354
F
-1957
♦7s stamped
1957 F
Cordoba (Prov) Argentina 7s. -1942 J
Range
or
Ask
Bonds Sold
High
No.
9654
9354
58
Since
Jan.
Low
1
High
5
24
2354
23
"""3
23
2
9554
9254
*.—..
40
82
9254 10154
9254 10054
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
80
52
"l4
43
0254
82
82
2
81
90
1951 MN
1944 M 8
♦Costa Rica (Rep of) 7s
80
52
J
104
104
1
10354
9754
10354
4
9954
5
10254
10254
6954
2
1949 F
1754
A
"~97?4
1854
6
1654 24
10154 104
10354 11054
90 54 102
10254 106
6254 7854
F
A
Sinking fund 554s—Jan.15 1953 J
♦Public wks 554s---June 30 1945 J
Czechoslovak (Rep of) 8s
1951 A
J
D
"~69~~
69
O
75
74
76
63
50
104
1942
A
O
75
7454
76
32
50
105
1942
1955
External g 454s
Apr 15 1962
Deutsche Bk Am part ctf 6s...1932
(♦Stamped extd to Sept 1 1935..
Dominican Rep Cust Ad 5548—1942
1st ser 654s of 1920
1940
2d series sink fund 654s
1940
CuBtoms Admins 6 54s 2d ser. 1961
654s 1st series
....1969
654s 2d series..
1909
♦Dresden (City) external 7s...1945
J
J
External lokn 454s ser C
1949
Sinking fuDd 8s ser B
Denmark 20-year extl 6s
External gold 554s..—
F
O
103-54
A
A
17
M
10254
9954
"96"
S
96
*89
10354
39
100
25
98
97
9554 102
9654
10154 106(4
"l
91
5554
67
62
8
60
60
A
O
*58
60
60
O
*55
A
104
83
.....
M
64
59
*5854
60
65
64
A
O
*50
58
5854
62
A
O
*50
60
51
62
19
22
M S
MN
J
dep
1948 J
J
Estonia (Republio of) 7s
.1967 J
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6 54s...1953 M N
French Republic 754s stamped.1941 J D
7548 unstamped
.....1941
D
External 7s stamped.......1949 j
7s unstamped
1949
*2054
a23
"lol"
a23
*9554
10554
♦EI Salvador 8s ctfs of
04
106
2054
10054
z9354
*10554
*98
2254
95
2054
1
10154
17
9354
11
30
10054
10454 10854
1954
22
99
108J4
9354 101
10454 10854
9954 10054
.....
German Govt International—
45<
7
♦554s of 1930 stamped
1966 J D
♦554s unstamped..
1965
♦554s stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949 AO
♦7s unstamped...
1949
5
754
German Prov A Communal Bks
654
7
♦(Cons Agile Loan) 654s....1958 J D
♦Greek Government s f ser 7s..1964 MN
8
6
8
6
7%
0
8
9454
10054
8754
7854
7854
9054
8854
8854
99
10654
9854 10654
9654 102
28
10554
1954
100
23
108
100
10754
10754 11554
100
10254
1954
2354
1854
24
1254
23
1054
1954
1054
1954
1054
1954
9654 102
95
10154
98
10254
12
23
7854
5454
85
7854
7954
7054
7054
7054
72 54
3654
53
3154
3454
3554
6054
64
51
5254
53
3254
10554
no
10954 U3 54
98
10154
9854 1 >2*4
97*4 10154
92*4
9754
2954
6254
35
38
29
32
28
32
2954
144
3254
26
"3054
paid..
(Republic)
s
24 *4
"14
1
2454
2754
27 54
3
29
3254
26
26
"~2
2554
1
1954
27
77
77
5
70
85
20
77
20
34
1
19
1654
*10454
1654
107
1
1654
1
J
1354
*1154
1354
14
M N
*1154
M N
104
18
J
*10
A
37
37
F
A
36
3654
18
Japanese Govt 30-yr s f 654s...1954 F A
Extl sinking fund 5 54s
1965 M N
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) s f 7s
1947 F
O
Lower Austria (Province) 754s.I960 J
D
15
116
1
80
89
79
25
...1945 Q
10
56
64
6854
6654
81
103
4054
2154
4454
2154
55
4954
35
6454
4654
1
2054
2254
A
*
33
8 54
J
854
*154
*154
*154
5
0
854
254
154
254
4
3
154
4
2
154
4
3
8 54
154
j"~D
1954 J
"*154
D
*154
...
"*154
__
6254
1952
New 80 Wales (State) ext! 6s..1957 F
Externa! s f 6s
Apr 1968 A
A
1944 F
A
""3754
A
1943 F
O
6154
6254
38
854
14
854
2
40
D
1959 MN
154
854
854
1959 M S
J
""254
154
"16254
"10554
3754
10254
10154
10554
10554
40
3754
103
10254
106
....
3754
6754
28
98 54 10354
5
103*4 107
104
10754
15
I854
4s
10054
101 54
15
1854
IS54
12*4
1254
10
13
1054
1454
11
54
16
30
30
2154
10
17*4
1554
1554
2354
16 *4
2354
17
2354
10
J
D O10254 al0254
A
8
"5554
MN
5054
*1954
55 54
50
A
O
10154
J
D
103
15
1
14
29
"3454
♦Peraambuco (State of) 7s.... 1947 M 8
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st Ber..1960 J
D
♦Nat Loan extl a f 6s 2d ser..1961 A
♦Poland (Rep of) gold 6s
1940 A
♦Stabilization loan s f 7s....1947 A
♦External dnk fund g 8s.... 1950 J
O
"""954
954
7
754
15
954
854
854
954
954
954
41
4
45
23
O
54
52
54
O
72
7054
72
8
5354
52
54
49
J
2154
61
62 H
4754
5754
9654 10354
100
10454
4254
46*4
32
....
7>4
99*4 10654
9954 104 54
98*4 103 54
10254 >0254
20
"38
103
~MH
M N
M N
9754 10454
16
7
F
11
2
26
M
1054
01
35
Municipal Bank extl s f 5s...1970
♦Nuremburg (City) extl 6s.... 1952
Oriental Devel guar 6s....
1953
Extl deb 654s
1958
Oslo (City) * f 454s...
1955
Panama (Rep) extl 554s
1953
♦Extl s f 5s ser A..........1903
♦Stamped...
1963
654
7
3
67
3854
10354
10054
al0254
22
6654
5054
10354
67
1
10554
A
254
354
254
154
102
...1903 F
354
I
♦ITreas 6s of '13 assent(large) '33 }"~j
J
J
♦(Small.......
Milan (City, Italy) extl 654sl—1952 A O
Mlnas Geraes (State)—
♦Sec extl sf 054s
1958 M 8
10254
16
...
1
LI 54
1254
454
2
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
10154
14*4
11454 11754
72
82
7054
80 54
7454
6054
103
1854
1854
54
6254
External sink fund 454s
1956 M 8
External s f 454s
......1965 A O
15
37
71
I854
1854
15
3254
57
......
1954
f ext loan
6"
154
1954 J
♦4s of 1904
s
18
13
37
6154
*154
Norway 20-year extl 6s
20-year external 6s
19
1854
57 54
42 (4
♦Mexican Irrig assenting 4 54s. 1943 MN
♦Mexico (US) extl 5s of 1899 £.1946 Q J
♦Secextl s f 054s
♦Montevideo (City) 7s__
♦6s series A
2254
1754
10654
""7154
D
♦Medellln (Colombia) 654s
3054
29
1154
6
7854
7754
116
"79"
1154
1154
18
F
s f 5s
1900 MN
Italy (Kingdom of) extl 7s
1951 J D
Italian Cred Consortium 7s ser B '47 M 8
Italian Publio Utility extl 7s... 1952 J
J
♦Assenting 5s large
♦Assenting 5s small
"3054 *3454
2454
2954
26 54
2254
*28
Irish Free State extl
♦Assenting 5s of 1899
2854
22 5*
2554
f 6s ser A
♦7s secured s f g
..1946
♦Hungarian Land M Inst 7548.1961
♦Sinking fund 754s ser B
1961
♦Hungary (Kingdom of) 754s.. 1944
♦Extended at 454> to.......1979
2454
4
*
1908
1952 A O
♦Hamburg (State) 6s
1940 A O
♦Heidelberg (German) extl 754s '50 J J
Helsingfors (City) ext 654s
1960 A O
Hungarian Cons Municipal Loan—
J
♦754s secured s t g
1945 J
Haiti
82
2354
2554
3054
2554
*2054
3054
2554
27
♦7s part paid
...1964
♦Sink fund secured 6s......1968 FA
♦6s part
2654
23
"23"
1454
1954
52
A
A
♦Assenting 4s of 1904..
34
35
"al4"
D
A
66
3054
D
N
120
3054
3054
3054
1754
15
O
37
"""3
35
""§054
15
8
13
78
D
♦Guar sink fund 6s......... 1961 A O
♦Guar sink fund 6s
1902 M N
♦Chilean Cons Munlo 7s_.....I960 M S
8
13
36
S
A
33
11254
10154
10254
10154
9754
2954
J
M N
15
55
26
27
9754
♦External sinking fund 6s... 1960 A
♦Extl sinking fund 0s...Feb 1961 F
6
"""9
"I6I54"
J
6
3354
J
O
3
10954
J
M
36
3354
J
A
9954
9954
101
21
108?4
11154
10154
10154
10154
9654
1907 J
J
14
""20
3354
1961 J
.1944 J
J
4
10954
11254
10154
A
•Carlsbad (City) sf 8s
1954
♦Cent Agrio Bank (Ger) 7s
1960
♦Farm Loan s f 6s._July 15 1960
♦Farm Loan • f 6s....Oct 16 I960
§*Farm Loan 6s ser A Apri51938
♦Chile (Rep)—Extl s f 7s
1942
70
7854
*3354
F
Aug 15 1945
64
7
37
J
O
62
12
5454
------
J
1952 M N
25-year 854s
7-year 254s
80-year 3s
5554
O
.1908 MN
6s
"5554
23)4
2354
■.A
10054
106
112
10054
2154
2154
1654
1454
1454
65
A
8
122
-----
*60
8
F
7
7854
S
M
5
7
12
D
M
1907 J
Canada (Dom of) 30-yr 4s
10-year 254s
J
M
03454
10 54
1754
0
10
9154
f 7« 2d series. 1957 A
Antwerp (City) external 5s.... 1968
Argentine (National Government)—
S f external 454s_.
.....1971 MN
....
23
654
sec s
sec s
J
2354
7
7
054
a9354
O
♦External
♦External
8 f ext! conv loan 4s Feb
Bid
105.17
Agricultural Mtge Bank (Colombia)
♦External s f 7s series B
Price
103.25106.7
Govt, ft Municipals-
♦Gtd sink fund 6s...
Friday'8
High
13
Home Owners' Loan Corp—
8s series A....May
1 1944-1952 M N 105.16 105.8
254s series B.-Aug.
254s series G
Range
Foreign Govt, ft Mun. (Com.)
454s_—Ocr. 15 1947-1952
354s...Oct. 16 1948-1945
4g
..Dec. 16 1944-1954
354s___Mar. 15 1946-1950
354 a
June 15 1948-1947
3s.....Sept. 15 1951-1955
3s.
June 15 1946-1948
3*4s.. -June 15 1940-1943
3*4s.. .Mar. 16 1941-1943
354s.. .June 15 1946-1949
354s...Dec. 16 1949-1952
Treasury 3548
.-Aug. 10 1941
Treasury 854s..-Apr. 15 1944-1940
Treasury 254s.. .Mar. 15 1955-1960
Treasury 254s
Sept. 15 1945-1947
Treasury 294s...Sept. 15 1948-1951
Treasury 2 *48—June 15 1961-1954
Treasury 2 54s...Sept. 15 1956-1959
Treasury 254s...Dec. 15 1949-1953
Treasury 254s
...Dec. 15 1946
Treasury 254s
.1948
Federal Farm Mortgage Corp—
354s
.Mar. 15 1944-1904
3s
May 15 1944-1949
3s
Jan. 15 1942-1947
Mar.
s
Last
Sale
•*
EXCHANGE
Week Ended May 6,
Jan. 1
U. S. Government
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
2f4s
Y.« STOCK
N.
Week's
Friday
•»
Last
41
5*4
754
9*4
11 54
754
754
4454
6054
8254
42
62
11*4
11 54
67*4
Volume
BONDS
8TOCK
Y
Last
EXCHANGE
K
Week Ended May 6
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City ol)8a
8H
7%
F
A
1950 M S
♦Rhine-Main-Danube 7a A
A
0%s._-1953 F
Rio Grande do Sul (State of)—
♦8s exti loan of 1921..
1946 A
A
♦Exti
of) 8a
1946
sec
1968
♦7s exti loan of 1926
1967 J
1952 A
1959 F
1953 J
♦Roumanla
(Kingdom of) 7a
♦Saarbruecken (City)
6a
♦Berlin City Elec Co deb 6 %a„1951
♦Debenture 6s
19
23
107
25
32
31
1952
debs
8
5%
10%
10
7%
13
1st M 5a series II
6
10%
1st g 4%s Berles JJ
5%
10%
10%
6%
*8
7%
10
D
8%
O
65 H
66%
60
73
21 H
21%
20%
38
*20 H
29%
"21%
A
J
Big Sandy 1st 4a
1957
9
6%
8%
M N
8%
7%
8
8%
8%
5%
11%
10%
San Paulo (State of)—
J
|*8s exti loan of 1921
1936
1950 J
♦7a exti Water loan
1956 M S
*14%
9
1968 J
♦6a exti Dollar loan
17a
J
1940
-
*9
8H
32 H
34 H
1945
♦Sinking fund g 6 %s
1946
Serbs Croats A Slovenes (Kingdom
*24%
♦Saxon State Mtge Inst 7a
17
13%
1962 M N
♦7s series B sec exti
1962 M N
29 H
27 %
28%
16%
7%
9%
10
13%
13
8%
7%
6%
34%
24%
27
23
47%
24%
24
26
*24%
♦8s secured exti
30%
11%
20%
20%
33%
33%
27%
29%
D
52%
52%
41%
60%
♦Silesian Landowners Assn 6S..1947 F
A
28%
28%
25
29
F
A
♦Silesia (Prov of) exti 7a
1958
J
1955
Sydney (City) s f 6%a
101
102%
99% 104%
53
1960 M N
42 H
♦Uruguay (Republic) exti 8s
♦External
f 6s
a
J
1979 M N
1978 F A
3 Ha exti readjustment
1984 J
J
Venetian Prov Mtge Bank 78.-1952 A O
Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7a
1958 F A
Yokohama (City) exti 6a
1961 J D
3%-4-4%% exti readj
4-4%-4%% exti read)
48%
40
50
54%
47%
60%
42
43%
41
54%
41%
42%
38%
64
42%
40%
40%
63%
41%
37%
63
41%
38
50
38%
41%
42%
40%
.-1964 M N
♦External a f 6a
51%
45
53
1952 M S
1961 A O
1946 F A
External a f 5%s guar
39%
38%
42%
69%
"27% 166"
30
51%
52%
40%
62
55%
55 %
{♦Boston A N Y Air Line 1st 4s 1955
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3%a..l966
F
J
56%
53%
65
{(♦Abltlbl Pow A Paper 1st 58.1953
1948
Coll trust 4s of 1907
1947
J
M
J
D
F
A
A
Consol 5s
{Bush Term Bldgs 5s gu
Calif-Oregon Power 4s
HCal Pack conv deb 5s
10-year deb 4%a stamped--.1946 F
Adriatic Elec Co exti 7s
1962
1943
J
Canadian Northern deb 6 %s
100
100
Albany Perfor Wrap Pap 6s—1948 A
*35
43
6s with warr assented.1948 A
*35
98
1943 J
1st cons 48 series B
Alb & Susq 1st guar
1946
3 Ha
*
1950
—1998
1942
♦5s stamped
AI leg h & West
1st gu 4s
Allegb Val gen guar g 4a
Allied Stores Corp deb 4 Ha
4 Ha
8
45
76
♦Mid Ga A At Dlv pur m
50%
12
44
♦Mobile Dlv 1st R 68
25
67%
41%
18
38
"
M
A
81%
"81
S
80%
103%
105%
"20
24
72
102""
103%
F
M
35
"22~~
"24"
A
1951
1952
4s
♦Mac A Nor Dlv 1st g 5s
61%
.48%
i>
A
1950
debentures
AUls-Chalmera Mfg conv
1946
5s. 1947
1946
90
"57%
50 H
"_24
103%
101
1
80
3
79
275
96
81%
81
105%
109
92%
87
105%
1941
Central Foundry mtge 6s
M
M
S
1953 J
Amer I G Chem conv 5 Ha
1949 M N
1949
J
46
52 H
*95%
D
American Ice a f deb 5a
Am Internat Corp conv 5 Ha
«27
8
102%
102%
95
J
a27
2
64
52%
99%
35
100
95
38%
99
99% 104%
80
98%
Amer Teiep A Teleg—
20-year sinking fund 5 Ha—1943 M N
113%
113
O
101 H
J
D
3Ha debentures
J
J
♦Am Type Founders conv
Amer Wat Wks A Elec 6» ser A.1975 M N
102 H
101%
101%
O
104%
1961
1966
deb. 1950
3%s debentures
A
Anaconda Cop Mln a f deb 4 Hs 1950 A
98
87%
104%
187
113%
102%
102%
156
112% 113%
99% 102%
225
99% 102%
100
8
98
107
90
11
84
97
129 !
105%
102% 104%
♦Anglo-Chilean Nitrate—
26%
{Ann Arbor 1st g 4s
1996 Q
Ark A Mem Bridge A Term 68.1964 M
Armour A Co (Del) 4s series B.1965 F
1967 J
1st M a f 4s ser C (Del)
J
S
A
J
27
21
25
1967 Jan
5 f income deb
25
1
*
99%
------
93%
94%
94%
93%
25%
24%
31
98
41
100
61
88
95
60
86%
94%
_
94%
94%
Atchison Top A Santa Fe—
General
1995 A
4s
1995
..1995
1956
♦Adjustment gold 4a
Stamped 4s
Conv gold
O
M N
Conv 4s of 1905
J
D
*
D
D
Rocky Mtn Div 1st 4a
J
J
Trans-Con Short L 1st 4s
1958 J
J
105
1962 M S
Atl Knox A Nor let g 5s
1946 J D
J
Atl A Charl A L let 4Hs A—1944 J
Cal-Arla 1st A ref 4 Hs A
1st 30-year 5a aeries
B
1944
1952
J
99
2
105
19
104
104
39
108
108
108
2
-
-
-
♦
95
79
J
75% 103%
98% 102
90
163
99%
98%
103%
103%
-
98% 110%
75% 103
79
5
104%
89
90
95%
99%
5
56
91%
89%
*
J
J
Conv deb 4 Ha
87
*
1960
1948
1965
Conv gold 4s of 1910
82%
83%
210
104%
82%
87
D
—1955 J
4s of 1909
102%
104%
Nov
101
87% 106%
95% 103%
100
112%
99% 112
107
108
97
84%
73
104%
77%
74
77%
35
71%
94
D
57
54%
57
10
64%
77%
May 1 1945 M N
Oct 1952 MN
J
1948 J
56
54%
56
52
22
20%
22
12
14%
31%
J
19%
15%
19%
21
14
31
54%
50%
gold 4s
Atl A Dan 1st g 4a
M
1964 J
General unified 4Hs A
10-year coll tr 6s
1948 J
Second mortgage 4s
Atl Gulf A W I 88 coll tr 5e
S
_
*69
J
54
53%
J
J
16
15%
J
J
1959 J
{♦Auburn Auto conv deb 4%a.l939
1941
Austin A N W 1st gu g 6e
70
—
-
63
-
19
16
80%
2
—-
99%
Baldwin Loco Worka 5s atmpd.1940 M N
July 1948
A.J—1995
July 1948
A gen 6s series C
1995
E A W Va Sys ref 4s
1941
Bait A Ohio let g 4a
Refund A gen 5s series
gold 5s
Ref
P L
Southwest Dlv let 3%s-5s—1960
Tol A Cln Dlv 1st ref 4s
Ret A gen 5a series
Conv
88
45
76%
15
30
81%
85
Bangor A
M 6e aeries F
Aroostook 1st 5a
Con ref 4a
2000
1960
1996
1943
2981.
40%
45%
59
98% 102
39%
78%
15%
39%
J
D
21%
18%
21%
A
O
49%
44%
49%
27
J
D
22%
50
17
45
12
32%
70
22%
21%
M N
38
36%
J
31%
28%
31%
------
30%
30%
20%
18%
75
38
21
J
44
S
J
69%
3
29
46
16
15%
17%
21
18
21
123
J
105%
*100
101%
*35
106
100%
102
2
-
-
-
-
10
60
117%
118
127%
127%
127%
38%
11%
34
15
39
105% 112%
95
106
99
108
40
Vifys
117%
82%
46
17%
M
40
26%
294
4a stamped
For footnotes see page
1
45%
....1951
1951
Battle Creek A Stur let gu 3a. .1989
Beech Creek ext let g 3 Ha
1951
Bell Telep of Pa 5e aeries B.—1948
1st A ref 5s aeries C
1960
99%
O
A
A—.1959
D
4 Ha.
Rei A gen
81
89
20
26
58
35
50
9%
5
24%
6
97
*98%
58
58
58
108%
107
99%
108%
89
97
"108%
19%
104%
74%
75
20
24
*20%
104%
27%
27%
26%
104%
105%
"32
*21
27%
10
16%
-
*90%'
A
7%
12%
22%
*5%
99%
7
3%
5
*4
108%
6%
36%
*_.
S
8%
6%
*5
112""
70
108%
100
108%
46
34%
29
101
65
75%
106%
97%
98
"47%
44%
47%
"39%" *74%
M N
M
*50
60
54%
*112
114
112%
N
M N
S
M
S
96%
M N
103%
114%
M
S
F
J
J
I
------
A
114%
110% 121
92%
A
81%
F
A
O
81%
90
11
11
10%
10
10%
4
"53
11
'
*55
M N
J
12
100
10%
63
16%
18%
10%
18%
"33
10%
1
15
94%
26%
107%
99% 111%
93% 109
81% 106
90
109%
90
90%
8%
7%
63
16%
17%
16%
108
22%
10
15
20
10
13
12%
10
14%
4
4%
3
4%
J
J
1947 J
J
1947 J
M N
♦1st A gen 5s series A
1966
J
♦1st A gen 6s serlea B..May 1966 J
J
Chic Ind A Sou 50-yr 4«
1956 J
Chic L S A East let 4 %s
1969 J d
82%
90
M S
14
73
55
*52
M N
97
161% m"
110
------
A
17%
100%
95%
96%
S
F
97
106
"
99%
96
100%
M
85%
108"
16%
94%
17
J
85%
106
113
*105
J
j
67
95% 106
103% 106
108
—
O
J
107
*
j
S
64
116%
97
92%
*l05"
108
j
J
M
49
104
92
A
J
J
103%
112%
91%
92
M N
60
59%
95%
59%
M
4%
3%
*10%
♦Refunding g 5s series B
♦
48
"20
99% 100
115% 119%
13
125% 128%
*9%
Refunding 4s aeries C
♦Gen 4a series A
*110%
♦General 4s
J
.1
112
20
20
23
24
20%
30
23
20%
36
J
23
22
23
21
J
23
23
23
19%
36%
34%
7%
13%
J
F
A
O
8%
3%
8%
3
8%
A
3%
M N
M N
14%
14%
tax..1987
♦Gen 5s atpd Fed Inc tax
1987
♦4 %a stamped
1987
(♦Secured 6%a
1936
•1st ref g 6s
May 1 2037
♦lat A ref 4%s atpd.May 1 2037
♦let A ref 4%s ser C.May 1 2037
♦Conv 4%a serlea A
1949
18
13%
18%
14%
13%
14%
18%
15%
22
16%
18%
22%
------
k
17
M N
M N
:
8
d
D
MN
18
"l7~~
15
8%
d
J
~
"17""
M N
j
37
16
8%
7
8
*8
-
5%
4%
13%
14%
14
14
1987 M N
2%
36%
15
*13
M N
♦Stpd 4s non-p Fed inc tax 1987
♦Gen 4%a atpd Fed lno
7%
112
22
J
J
113
7%
86%
*18
J
J
1 1989
1 1989
1 1989
1 1989
{♦Chic Mllw 8t P A Pac 5s A.. 1976
♦Conv adj 5s
Jan 1 2000
{♦Chic A No West gen g 3%s..l987
72
23
May 1 1989 J
3%a serlea B—May
♦Gen 4%a aeries C
May
♦Gen 4%a series E.__May
♦Gen 4%a serlea F
May
69
*...
...
Chic Milwaukee A St Paul
♦Gen g
1st
94% 108
60
Atl Coast Line 1st cons 4s July
L A N coll
1982
{♦Chicago Great West 1st 4a—1969
{♦Chic Ind A Loulsv ref 6a
1947
Chicago A Erie let gold 5s
47%
98% 101%
40
.
{(♦Chicago A East III 1st 68—.1934
{♦C A E 111 Ry (new Co) gen 58.1951
♦Certificates of deposit
99
40
*20%
9%
*4%
F
1949
3%s.__1949
Illinois Division 4a
1949
General 4s
1958
1st A ref 4 %s aeries B
1977
1st A ref 5s series A
1971
21
104
86%
A
A
3s
"I
92
D
Through Short L 1st gu 4s—1954 A
Guaranteed g 6s
1960 F
Chic A Alton RR ref g
28
39%
70%
1987 J
Cblc Burl A Q—III Dlv
611
92
66
A
1941
Certaln-teed Prod 6%s A
1948
Champion Pap A Fibre deb 4%a '60
Ches A Ohio 1st con g 6a
1939
General gold 4%s
1992
Ref A Imp mtge 3%a ser D..1996
Ref A lmpt M 3%s ser E
1996
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s—1946
RAA Dlv 1st con g 4a
1989
2d consol gold 4s
...1989
Warm Spring V 1st g 5a
1941
97%
59
J
(♦Cent RR A Bkg of Ga coll 5a 1937
6a extended to May 1 1942
103%
40
J
gold 4s..1949
89
90
111% 114%
73
M
1962
115%
73
21
J
1961
111
120% 126%
89
J
1987
Central Steel 1st g 8 f 8s
25|
70
J
1966
Cent Pacific 1st ref gu
59
*35
J
{♦Cent New Eng 1st gu 4a
120%
*82
68%
95
"22
104
22
79%
94%
D
Central of N J gen g 6a
Central N Y Power 3%s
6
124%
91
M
General 4s.-
1955
2030
Alplne-Montan Steel 7s
Am A Foreign Pow deb 5s
114%
97
121
114% 118%
112% 116%
97
A
Cent Illinois Light 3%s
117
7
99%
115%
114% 117%
116
115%
97%
109
*15%
F
1951 F
111
112%
M N
Cent 111 Elec A Gas 1st 5a
14
"9
13
96%
90
104%
80
117%
112%
91
J
Gen mortgage 6s
-.1941
Cent Hud G A E 1st A ref 3 %S-1965 M
79
102
119%
97%
95%
F
4s. .1951
119%
61
35%
9
116%
99%
1948 J
♦Chatt Div pur money g
114%
112%
97%
9
42
6
85
79
79%
{♦Central of Ga 1st g 6s..Nov 1945
♦Consol gold 6s
1945 M N
♦Ref A gen 5 %s serlea B
1969 A O
♦Ref A gen 5s series C
-.1959 A
57
4
25
*35
♦Cent Branch U P 1st g 4s
64
90
D
A
S
J
15 1952
39
75
A
1938
61%
A
Alleghany Corp coll trust 5a—. 1944 F
Coll & conv 6s
1949 J
♦Coll & conv 5s
1950 A
O
10
86%
26%
1
90
114
44
7%
45
*116%
119%
*119%
116%
115%
114%
114%
124
124%
107
85
102»u
83
1949
101%
103%
33%
Il9%
1960
35%
37%
J
F
M
J
J
M
J
J
Celotex Corp deb 4%s w w
78
8%
33%
41%
87%
102%
111%
16%
7%
75
80
94%
105
96
90
110
8
7%
*5%
45
73
78%
95%
106% 107%
106
*66
1950
1981
1947
67
"22%
114%
1944
1 1954
Cart A Adlr 1st gu gold 4s
100
106%
111%
102%
1946
6s equip trust ctfs
Coll trust gold 6s....Dec
62
85
80%
106%
1U%
*108%
8
1946
Carriers A Gen Corp deb 5s w w
99
O
deb stk perpet
95
68%
101%
106%
68
22
Guar gold 4%s
June 15 1965
Guaranteed gold 4%s
1966
Guaranteed gold 4%s._Sept 1951
62%
101%
78%
108%
98
21
A
D
1957 J
88%
67
68 H
F
J
M N
July 1969 J
Oct 1969 A
...1970 F
37%
99
99
A
Ala Gt Sou 1st cons A 5a
85
1960
1966
1940
1962
88%
92%
90
59
100
99%
67
1955
Guaranteed gold 6s
Guaranteed gold 5s
61%
105%
"67%
106%
A
{(♦Burl C R A Nor 1st A coll 5s 1934
♦Certificates of deposit
{Bush Terminal 1st 4a
1952
43
92%
59
99%
1957 M N
F
61
104%
61%
105
D
..1950 J
deb 3%s
..I960
Buffalo Gen Elec 4 %s ser B
1981
Buff Nlag Elec 3%s series C..1967
Buff Roch A Pitts consol 4%s_.1957
35%
36%
M N
s f
Canadian Nat gold 4%s
Guaranteed gold 5s
42%
J
1947 M N
1st lien A ref 5s series B
Canadian Pac Ry 4%
Coll trust 4%s
40
12
44
105%
101
60
J
1950
1945
Debenture gold 5s
Brown Shoe
5%
30
105%
104%
41%
Bklyn Union El 1st g 6s
Bklyn Un Gas 1st cons g 5s
7%
39
*35
1941
88%
D
29
*5%
Bklyn Manhat Transit 4%s._.1966 M N
Bklyn Qu Co A Sub con gtd 58.1941 M N
42%
43
S
32%
26
105%
1st A cons g 6s ser A.Dec
COMPANIES
Adams Express coll tr g 4a
90
82
104% 107%
23%
45%
23%
45
22%
41
32
31%
M N
Caro Clinch A Ohio 1st 6s
INDUSTRIAL
29
J
Collateral trust 4 %s
AND
29
28
99% 103%
92%
96%
22%
447
90
29
A
{♦Car Cent 1st guar 4a
RAILROAD
6
91
95
29
28%
21
62
31%
32%
60
50%
45
1971 J
Tokyo City 5a loan of 1912
20%
*104%
1955 M N
1961 A O
Canada Sou cons gu 5s A
Taiwan Elec Pow a f 5 Via
103%
86%
D
J
1967 M S
1st Hen A ref 6s series A
♦8s external
High
26%
"~4
90
.1944
1st 58 stamped
1952 M N
1
Low
8
28
29
29
27%
102%
103%
96%
1966
3%s a f
conv
No.
12
9H
7H
♦8s exti secured a f
a
Cons mtge 3%s series E
6%
7
10
♦6 %8 exti
Secured
♦Berlin Elec El A Undergr 6%s 1956
Beth Steel cons M 4%s ser D..1960
8%
Since
Jan.
High
28
1955
102% 108%
103% 109%
©
*26%
26%
27%
1959
22%
6
2
Asked
&
3%a..l943
19
Sao Paulo (City of, Brazil)—
secured a f
com
♦Deb sinking fund 6%s
7
1966 M N
♦7a municipal loan
Belvldere Delaware
10%
Boston A Maine 1st 6s A C
O
♦6s exti a f g
Rome (City) exti 6%s
11%
K
©
Friday's
Bid
Low
8%
D
J
5%
Range
Range or
Sale
Price
98%
20%
7%
Last
si
EXCHANGE
62
20%
*28
STOCK
60
104%
O
♦Rio de Janeiro (City
Y
Week Ended May 6
1
High
7%
1
8
7%
75
20 %
O
Low
No.
103 %
107
~20H
O
Jan
1
20 %
A
o
oc&3
8%
N.
Since
2
©
Ask
High
74
74
1952 A
♦External a f 6a
Queensland (State) exti B 1 78-_ 1941
25-year external 6a
1947
&
Low
D
1961
J
♦Exti loan 7 Ha
1966
Prague (Greater City) 7%a. ..1952 M N
♦Prussia (Free State) exti 6%s_1951 M S
c
Friday's
Bid
Price
BONDS
Range
Range or
Sale
t
Week's
Friday
Week's
Friday
N.
2977
New York Bond Record—Continued—Page 2
146
4%
17%
8
7
12%
11%
9%
6%
11%
3%
7%
5%
55
New York Bond Record—Continued—Page 3
2978
May 7, 1938
Friday
Y.
Week Ended May 6
Bennett 'Bros. & Johnson
ser
Gen & ref M 4s
T.
Chicago, III.
*Prirate Wire
Connections
Randolph 7711
Cgo. 543
T. 1-761 4' Hell System
Teletype
+•
U2M
Chemical deb 3s
N.
Y.
h
EXCHANGE
STOCK
Week's
Last
Week Ended May 6
Range
Sale
Bid
<Sc
y,
♦Certificates of deposit
{♦Refunding gold 4a
♦Certificates
j,
of
F
J
16M
Low
High
61
16
16M
42
14M
19M
18M
9M
14M
7
14M
6H
6
6M
20
5M
5M
6M
5M
6M
6M
63
6M
6M
O
1952 MS
♦Certificates of deposit
♦Conv g 4Mb
M N
1980
1951 J
Memphis Dlv 1st g 4a
1951 J
Chic T H & So'eastern 1st 5s. .I960 J
6M
D
D
June 16
D
♦61M
L,
32
5M
14
4M
62
3M
4M
D
1951 J
Ch St L & New Orleans 5a
13
10
5M
8M
6M
3
65
65
59 M
59
49
78M
78«
49
49
86
49
67
40
54 M
Dec 1 1960 M S
5s
5
5%
{♦Secured 4 Ms series A
Inc gu
No
43
15M
14M
14M
A
1934
deposit
Gold 3 Ms
Since
Jan. 1
High
.43
4M
86
Chicago Union Station—
Guaranteed 4s
1944
1st mtge 4s series D
1963
1st mtge 3Ms series E
3 Ms
con
{♦Choc Okla & Gulf
104%
77
100
100 M
2
97
83 %
36
71
87
86 M
57 %
86 M
87
24
71
106M
O
6s.—1952 IVI N
cons
103
107 M
103 M
100 %
86M
1943 A
1966 F
Cincinnati Gas & Elec 3Ms
102 M 107M
104 M
1962 M
Ist&ref M 4Ms series D
Chllda Co deb 5s
16
73
100 H
1963
—1951 M
4s.-.1952 J
guaranteed
Chic & West Indiana
104M
104M
107
A
7
59
*9
18
105
104M
109M
108M
109 M
102
1st mtge guar 3 Ms series D—1971 M N
Clearfield & Mah 1st gu 5s
J
1943 J
104 M
"20
105
mtge 3Ms
1967 J D
Cln Leb & Nor 1st con gu 4s.—1942 M N
Cln Un Term 1st gu 6s ser C_—1957 N N
1st
Clove Cin Chic & St L gen
General 6s series B
4s... .1993
D
.1993
J
.1939
J
108M
...
Ref & lmpt 4 Ms series E
Cairo Dlv 1st gold 4s..
Cln Wabash & M Dlv 1st 4s. .1991 J
64 M
64
I
98 M
111M
A
94
76
94
1
87 %
85
6
73 H
*99 M
97
76
76
97
1
40 H
9
1980 M N
38
36
38
9
May 1952 IVI N
89
86
89
86M
87
86M
89
66
A
O
J
"89"
O
*101
Columbus & Tol 1st ext 4s
Columbus Ry Pow & Lt 4s
A
*106
1955 F
1965 M N
Commercial Credit deb 3Ms... 1951 A O
2Ms debentures
1942 J D
Commercial Invest Tr deb 3 Ms 1951 J
Commonwealth Edison Co—
1st mtge g 6s series A
J
1953
106M
98 M
99
1956 A
J
,1981 IV!
8
m
mmrnrn.
^
102
104
30
111
D
46
105
107
20
102M 107 M
100
-
-
-
«.
107M
102M
102 M
J08M
107M
102M
93
101H
101M
101M
102M
70
101
101M
100
100M
*20 %
99 M
J
D
*10 M
162
11M
1956 J
J
O
*10M
J
*10M
42 M
43
M N
11M
15M
11
15M
40
54
108 M
25
104M 108
106M
18
101M 106 H
104
105 M
23
104
102 M 105M
103M
101 M
102M
104 H
109
102
33
100 M 104M
98M 102
102M
24
87 M
87 M
2
103 M
M N
D
101M
102M
D
D
1952
J
7Ms series A extended to 1946...
103M
34M
39
103M
28
103M
104M
103M
104M
10
34 M
34 M
2
39
39 H
51
D
51
D
*37M
Dayton Pow & Lt 1st & ref 3 Ms 1960 A
O
108
Del & Hudson 1st A ref 4s
Del Power & Light 1st 4 Ms
1971 J
J
..1969 J
J
J
1943 IVI N
J
1969 J
f 5s...1951 IVI N
Stamped as to Penna tax
1951 IVI N
{{♦Den & R G 1st cons g 4s.... 1936 J
J
{♦Consol gold 4 Ms
J
1936 J
16 M
106M
104M
1942 J
2981
92 M 100 M
10
17M
104M
1951 F A
Crown Cork & Seal s f 4s
1950 MN
Crown Willamette Paper 6s....1951 J
J
4Ms
24 M
106
1943 J
6s series B extended to 1946.;
97M 103 M
99 M 101M
M N
1946 J
Cuba RR 1st 5s g
m.~
105 H
IVI N
1970 M N
Cuba Nor Ry 1st 5 Ms
100
11M
11M
13
J
107M
104 M 107 M
20 M
100M
108M
107M 108M
107 M
4
25
J
...1955 A
109M 111M
100M 101
-
16
...1966
113
108
*10M
Container Corp 1st 6s
15-year deb 6s
Crane Co s f deb 3 Ms.
113M
107
J
1st mtge 3Ms—
1st mtge3Ms
111
111
1965 J
♦Debenture 4s
102
104 M
109M 112
4s—1954 J
♦Debenture 4s
99 M
100
99
1
*108M
36
34 H
108
6
46
39
Electric Auto Lite
conv
10 M
3
J*
42
80
"46
111M 113*
109
10
110
84
107 M 109
107
110M
103 M 107 M
106M
37
"37
37
30
99
33
94
25
109
104M
3
15H
109 M
11
102 M 105
14
23
108 H
12
106
109M
103
103
7
103
108
104 M
14
1965
5s stamped...........
cons g
20 M
15
♦Genessee River
1st
s
1955 J
J
40
f 6s_. 1957 J
J
Ernesto Breda 7s
...1954
2
29
99 M
103
103 M
106 M
102M 104 M
31
43
31M
54M
41
58 M
52
105M 108
28
54M
108
106 M 108M
108 M
10^
10
102M 103M
101
101M
100M 100M
33 M
70 M
46
60
16
20
16
53
5
13
51
3
12M
36 M
12
"82
21H
9M
12
179
9M
40
3
*32 X
38
43
21M
43
42 M
105
48 H
85
88 X 101H
87"
A
1956
D
Federal Light & Traction 1st 5s 1942
S
Fairbanks Morse deb 4s
5s International series
1st lien s f 5s stamped
62 M
2
59
94M
89 M
97
92 M
68
8
*89 M
95
92 M
8
*90
93
89 M
95
96
8
96
1954
D
78
J
96
97
1943 J
J
*34
{♦Florida East Coast lst4Ma—1959 J
D
53
97 M
89 M 100
78
1946
s f
102M
62 M
101
1942
1st lien 6s stamped
30-year deb 6s series B
Flat deb
62 M
97
99
*90
99
.1942
1942
7s
{♦Fla Cent & Penln 5s
♦1st & ref 5s series A
1974.IVI
8
75
85
93 M
97
40
40
49
"53"
58
6
3H
7M
5M
3M
6M
*2M
17 H
2M
2H
♦1X
♦Certificates of deposit
5M
5M
2M
1M
2
5M
Fonda Johns & GIov 4 Ms..
1952
{{♦Proof of claim filed by owner. M N
(Amended) 1st
cons 2-4s
1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
Fort St U D Co 1st g 4 Ms
1941 J
f Framericanlnd Dev 20-yr 7 Ms 1942 J
Francisco Sugar coll trust 6s
1956 M N
1
1M
¥
104»*i
14
H
,
102
i04»a~»
\M
103 M 103 M
103
105J*n
10424S2
35 M
35 M
35M
92
92
60
49 M
4 «*+
{{♦Galv Houb & Hend IstSMs A'38
Gas & El of
Berg Co
cons g
58—1949
(Germany) 7s Jan 15 1945
♦Sinking fund deb 6 Ms
1940
♦20-year s f deb 6s
1948
97
*118
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f 6Ms A—.1947
l"02"
101M
93
IVI N
102"
100
93
*47 X
47
46M
85
48
39
e48
40
47 M
102 M
99 M
48 M
48 M
A
104M
104
104M
48 M
101M 104 M
-.1951
A
103 M
104
101
Gen Pub Serv deb 5 Ms
1939
Gen Steel Cast 5 Ms with warr.1949
{♦Ga & Ala Ry 1st cons 5s Oct 1 '45
103 M
J
Gen Motors Accept Corp deb 3s.'46 F
15-year 334s deb
J
97
43 H
J
42
39
104
98
M
17
89
98
43 H
17
38
67 M
21
14M
{{♦Ga Caro & Nor 1st ext 6s—1934
J
17
13
25
♦Good Hope Steel & Ir sec 7a—1945
Goodrich (B F) conv deb 6s
1945
O
*27 M
30
91 J*
94
25M
78M
34
D
1st mtge 4M8
D
..1956
Goodyear Tire & Rub 1st 5s_. 1957 IVI N
Gotham 811k Hosiery deb 5s w w '46 IVI 8
Gouv & Oswegatchle 1st 5s
1942 J D
104M I104M
Grand R & I ext 1st gu g 4Ms—1941 J
Grays Point Term 1st gu 5s...1947 J
Gt Cons El Pow (Japan) 7s... 1944 F
1st & gen s f 6 Ms
1950 J
17
96
83 M
94 M
80 M
96
98
84
99 H
101H 105 M
83 M
74 M
104M
83 M
90
*104"
J
106
106 M
D
A
70
J
Great Northern 4Mb series A—1961
General 5Ms series B
1952
General 5s series C
1973
General 4 Ms series D
1976
"76"
"es"" "77"
71
10
70M
17
64
M
71H
101
67
96 H
111M
87
84
104
69
General 4Mb series E
General mtge 4s series G
Gen mtge 4s series H
101
91
15
16
1
74 M
90
102
1946
90
84 M
80
I76M
80
67M
*66M
67 M
1967
191
40
75
99 M
71M
69 M
90 M
89 M
79M 103 M
74
95
64
82
54
2
60
Feb
*45
54
9
9
7
10
65
55
81
63 M
55
82
1940 M N
Stamped
Gulf States 8teel s f 4 Ms
Gulf States Utll 4s series C
10-year deb 4 Ms
Hackensack Water 1st 4s
*104M
*60 M
O
O
*60
J
1952 J
1961 A
O
90 M
1966 A
O
"i03"
J
..1949
J
4Ms
1999
Hoe (R) & Co 1st mtge.......1944
{{♦Housatonlc Ry cons g 5s
1937
J
112
O
62
♦Harpen Mining 6s...
cons g
A
A.1957 F
A
Illinois Bell Telep 3Ms ser B..1970 A
Illinois Central 1st gold 4s....1951
1st gold 3Ms
..1951
O
27
103
31
111M
60
*15
21
*120
"42 H
92
76
88
99M 104
100M 103 M
2
108
Il2
"7
108
62
9
52
27
36
101M
23 M
36M
"13
72
121
41
42 H
13M
15
110
109M
110K
45
24
27
62
38 M
99 M 101M
13
118M
"l8
108 M
119M
30 M
120 H
40
66
11H
23 M
J
106 M 110M
1951 A O
1951 IVI 8
O
38 M
Refunding 4s
1955 M N
39 M
*72M
91
85
98
92
*80
J
Purchased lines 3 Ms
J
1952
Collateral trust gold 4s
1953 M N
Refunding 5s
1955 M N
40-year 4Ms
Aug 1 1966 F A
Cairo Bridge gold 4s
D
..I960
Litchfield Dlv 1st gold 3s._.1951
J
108 M
15
Extended 1st gold 3 Ms
1st gold 3s sterling
Collateral trust gold 4s
1952 A
104
102 M
108 M
100M
23 M
.1949 M N
ser
♦Adjustment income Ss.Feb. 1957 A O
7
82
*25M
M N
Houston Oil sink gund 5 Ms A. 1940 IVI N
Hudson Coal 1st s f 5s ser A
1962 J D
83
103
O
1946 A
83
91
91H
"85
J
.1952
g
12
73 M
.1946
Gulf Mob & Nor 1st 5Ms B...1950 A
1st mtge 5s series C
1950 A
Gulf & S 11st ref & ter 5s Feb 1952
Springfield Dlv 1st
35
82
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
91
78
72 M
1977
Gen mtge 3Ms series 1
♦Green Bay & West deb ctfs A
Hocking Val 1st
99 M
73 M
82
St Louis Dlv & Term g 3s
Gold 3 Ms
108
106 M 109M
3
40
20 M
15
{♦N Y & Erie RR ext 1st 4s. 1947 IVI N
♦3d mtge 4 Ms
1938 M S
106
8
4
38
12
Louisv Dlv & Term g 3M8--1953
Omaha Dlv 1st gold 3s
1951 F
1 6
"41
10 M
10
12
106 M 108 M
103
103M
107M
90 M
131M 131M
94 M 102
101M
*14
1975 A O
1
108M
70
102 H 103 M
104
15
16M
O
1967 IVI N
59
107 M
100M
107 X
103 M
15
1953 A
36
12M
101H
*101H
39 X
36 M
1953
108
11H
J
4s prior.. 1996 J
♦Ref & lmpt 5s of 1927
♦lief & lmpt 5b of 1930
♦Erie & Jersey 1st s f 6s
6
26
95 M
1940 J
4s series D
72 M
102M
79 M
1940 J
♦Series B
conv
107 M
103 M
A
♦1st consol gen lien g 4s
1996 J
♦Conv 4s series A
.......1953
♦Gen
99 M
IOOM
10714
1965 A
Erie & Pitts g gu 3 Ms ser B
Series C 3Ms
{♦Erie RR 1st
102 M
♦131M
1941 IVI N
1951 J D
El Paso Nat Gas 4 Ms ser A
El Paso & S W 1st 5s
70
102 M
1952 F
4s
Elgin Jollet & East lBt g 5s
1
108
10 H
*10
2
3X
8
7M
5H
113
94
94
"l 5H
109 M
Ed El 111 Bklyn 1st cons 4s
1939 J
Ed El 111 (N Y) 1st cons g 63—1995 J
108
108
"im
98 M 105M
91
83
35
1
*103M
108 M
*20 M
1951 J
J
2
108
2
107 M
1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s...1956
Consol Oil conv deb 3 Ms
1951
♦Consolidation Coal s f 6s
1960
Consumers Power 3Ms.May 1 1965
1st mtge 3 Ms
May 1 1965
1st mtge 3Ms
..1967
95 M
11
*108
1956
♦Debenture 4s
105
111 M
1961
1951
3 Ms debentures
see page
10
111M
85
96 M
112M 112M
106M 109M
Hi M
♦
s f 3Ms A
1961
Consol Edison (N Y) deb 3M8.1946
s
77
107 H
37
1943
Com) Riv Pow
non-conv deb
98
111M
U1M
107M
1965
debentures...
99
86
Hi M
O
1957 J
Ms
86
5
105M
1st mtge g 4Ms series C
1st mtge g 4Mb series D
1st mtge g 4s series F
1st mtge 3Ms series H
Conn & Passum Riv 1st 4s
Conn Ry & L 1st & ref 4 Ms
99
110
mt
"97"" lOlM
65
51
111
105H
71M 102M
65 M
92 M
47 M
103 M
D
77
30
99
111
"94" 104M
40
101M
101M
103M
J
.....1954
1st mtge 5s series B
107M
106M
....
■
40
Columbia & H V 1st ext g 4s—1948 A
1st mortgage 4 Ms
Den Gas & El 1st & ref
19
40 M
Jan 15 1961 J
6s..
For footnotes
100
101M
85 M
83
85
8
♦30
♦Gen Elec
106 H 108
106 M 108
*102M
87 M
Debenture
1st & ref
109M 1UH
*98
Apr 15 1962
97M
.....
*■
Debenture 6s.
99
103 M 106
1970
Columbia G & E deb 5s
{♦Consol Ry
99
96
I05M
111M
*102"
J
1977
Colo & South 4 Ms series A
78M
*104
1973
♦5s Income mtge
3Ms
99
95M
105"
Coal River Ry 1st gu 4s.
1945
Colo Fuel & Iron Co gen s f 5s.. 1943
guar 4
97
92M
73M
102M
"69
70
1948 MN
f 5s series B guar..
1st s f 43^8 series C
90 M
92 M
99
O
.1942 1
s
Stamped
59
43 M
O
Gen 4 Ms series A
1977
Gen & ref mtge 4Mb series B. 1981
Cleve Short Line 1st gu 4 Ha.-. 1961
Cleve Union Term gu 6Ms.—. 1972
1st
107 M 109
102
108 M
82 %
111M
1950 F
106 M 109M
101H 102
52
*62~~
Cleve Elec Ilium 1st M 3Ms—. .1986 J
Cleve & Pgh gen gu 4 Ms ser B. .1942 A
Series C 3 Ms guar
Series D 3Ms guar
92 M
68M
14
14M
102M 105
108
J
J
48M
98 M
105
1942 A
65 M
•
68 %
CJeve-Cliffs Iron 1st mtge 4Mb. .1950 MN
Series B 3Ms guar
Series A 4 Ms guar
14
100
50M
~52
4
110
109 M
X 105M
75
J
.1940 J
"B
105
*30
St L Dlv 1st coll tr g 4a——. .1990 M N
Spr & Col Dlv 1st g 4b.—. .1940 M S
WWVal Dlv 1st g 4s
8
108M
104M
D
.1977
'101M
High
4M
112M
108M
109 M
East Ry Minn Nor Dlv 1st 4s..l948 A O
East T Va & Ga Dlv 1st 5s
1956 M N
Range
Asked
Low
{{♦Chicago Railways 1st 6s stpd
Feb 1 1938 25% part paid
{♦Chic R I & F Ry gen 4a
1988
Low
m
or
Friday's
Price
No
6
♦106M
Detroit Term & Tunnel 4MS--1961 IVI N
Dow
Since
Jan. 1
5
3M
♦15M
1995 J
♦Second gold 4s
High
Range
Is
Is
7M
{{♦Dul Sou Shore & Atl g 5s__1937 J
Friday
Ask
5M
1965 A
F
Duquesne Light 1st M 3Ms_—1965
BONDS
<k
4M
1952 A
E
ser
A
Gen &ref mtge 3 Ms ser G...1966 M
♦Detroit & Mac 1st lien g 4s.—1995 J D
135 So. La Salle St.
TJIgby 4-5200
Bid
Low
GeD & ref 5s
Torb,
Friday's
Price
{♦Den & R G West gen 5s.Aug 1955 F
♦Assented (subj
to plan).
♦Ref & lmpt 5s ser B.._Apr 1978 A
{♦Des M & Ft Dodge 4s ctfs__. 1935 J
{♦Des Plains Val 1st gu 4 Ms.—1947 IVI
Detroit Edison Co 4Ms ser D..1961 F
Railroad
On* Wall Street
Range or
Scde
EXCHANGE
STOCK
Week's
Last
BONDS
N.
88
93 M
95
77 M
77M
93
z38M
39
38 M
7
39 M
9
"37 M "54"
34M
49M
50
"36"
42 M
32 M
"§5~"
36
~33
32
45M
42M
42 M
2
39
65 H
29 M
32 M
84
146
23
38 H
*76
*63
73
*40"
69 M
59 H
1951
J
*40
J
*43
J
79M
72
72
73
75
72 M
3MS—1951
78
70
1951
Western Lines 1st g 4s
1951 F
J
A
A
90
66M
Volume
New York Bond Record—Continued—Page 4
146
BONDS
N.
Y.
Last
EXCHANGE
STOCK
Bid
High
No.
37H
79
1963
1940
106 X
106 H
Low
1st & ret 4 Ha series
C
37 H
8
34
3
46 H
42
28
106H 107 H
^♦Ind A Louisville 1st gu 4s
*70"
1956
3Hs series B--1986
Inland Steel 3 Ha series D
1961
20
96
{♦10-year
96
106
106 H
51
46
47 H
56
44
A
44
14
O
M
S
Interlace Iron conv de'u 4s—-1947 A
100H
101H 106H
42 H
56H
44 H
M N
1952
♦Mex Internat 1st 4s asstd
♦Adjustment 6s ser A_.July 1952
♦1st 5s series B
1956
5
10
23
45
17
40
58 H
♦Mlag Mill Mach 1st
43
1
40
56
81
8
65
100 x
9
100
100H
15H
20
13
19H
3H
2
14H
14 H
J
14 H
5
79
2H
5H
14
19
14
19
63 H
69 H
124
48 H
72 H
35H
37 H
38
35 H
51
*11
o
69 H
A
.
.
—
.
♦4s (Sept 1914 coupon)
Jack Lans A Sag 3H8
1st gold 3 Ha-
1951
1952
Ref & lmpt 4Hs series C
M
88 X
44
80 H
94 H
1955
s
79 H
79
80 X
23
54
83 H
B—1972
.1947
Int Telep A Teleg deb g 4H«—1952
Conv deb 4H»
—1939
IY4 N
77
82
75
94
$*Minn & St Louis 5s ctfs
Int Rys Cent Amer 1st 5s
1st lien & ref 6Ha
1955
Debenture 5s
f*Iowa Central Ry 1st <fc ret 4s_1951
F
*78
80
75
75
A
---.
1
J
J
r
59
53 H
59
62
39 H
69 H
J
•
88
83 H
88
106
74"
90
63 H
56 H
2
63 X
164
42 H
4
1H
S
1959 J
D
Laughlip Steel 4 H a A_. 1961
M
3
4s_. 1990
*§*K C Ft S A M Ry ref g 4a. 1936
♦Certificates of deposit
A
O
78 H
96 H
68
90
90
98 H
90
22H
22 H
20 X
5
22
29 H
7
10H
27 H
65 H
37
62
60
29
71H
64H
50 X
... .
O
A
48
H
*41
S
J ones A
Kanawha A Mich 1st gu g
Kan City Sou
1950 A
1st gold 3s
Apr 1950
1960
1st 4s
Kansas Gas A Electric 4 Ha— 1980
1st 6s__.
♦Ctfs w w stmp (par $645) —
♦Ctfs w w stmp (par $925) —
♦Ctfs with warr (par $925)-.
Keith (B F) Corp 1st 6s
Kentucky Central gold 4s
Kentucky A Ind Term 4 Ha—
"22H
O
65 H
J
Ref A lmpt 5s
♦Karstadt (Rudolph)
95
96 H
20
J
Kansas City Term
J
63H
55
60
105H
104 H
105 H
D
1943 M N
1943
Plain
S
1987
J
82 H
*
J
1961
Kings Co Lighting 1st 5s
1st & ref 6 Ha——
Koppers Co 4s ser A
27
80
J
*62 H
65
61
*14h
101h
23 h
14h
101X
89 h
19h
98h 102
100 H
101H
97
1949 F
A
*76
J
95
95
....
71
....
99 H
102 H
98
*89 H
J
99
1
....
85
103 H
91H
A
7
99
82
57
1942
1997 J
D
95
78
103X
98
J
10
J
9H
5H
6
10
J
J
9h
11
18
1946 J
J
1938
1949
5 Ha
IVI
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien 5s ser A
40-year 4s series B
Prior lien 4 Ha series D
—1990
J
D
1962
1962
1978
Jan 1967
J
J
J
J
J
A
F
A
Si's
1977
IVI
♦Certificates
♦General
A
103H
IVI N
A
1981 FA
♦1st & ref 5s series I
♦Certificates of deposit
Mo Pac 3d 7s ext at
90
3
....
67
92H.
^♦Mobile A Ohio gen gold 4s._.1938 M
1940
J
.
.
....
....
....
4s
2003
M N
2003
2003
5s-—1941
1st 50-yr 6s gu.—1965
Ml N
Liggett A Myers Tobacco
A
O
A
O
1951 F
Lex A East
A
7s—1944
85
102
Liquid Carbonic 4s conv debs—1947 J D
Little Miami gen 4s series A—1962 M N
Loews Inc s f deb 3 Ha
1946 F A
Lombard Elec 7s ser A
1952 J D
Long Island gen
gold 4s
Unified gold 4s
Guar ref gold
4s.
4s stamped
Lorlllard (P) Co
-
deb 7s
1950
1938
A
O
J
1949
1949
---1949
s
m
a
M
A
O
A
....
Montreal Tram 1st A ref 5s
s
f 6s series A
J
J
86 X
71 H
Louisville Gas A Elec
M S
104 H
1940
2003
1st A ref 4 Ha series C—_—2003
1st & ref 4s series D
2003
1st A ref 3 Ha series E
2003
Paducah A Mem Dlv 4s-.--1946
St Louis Dlv 2d gold 3s
1980
Mob A Montg 1st g 4 Ha
1945
South Ry Joint Monon 4s—1952
Atl Knox A Cin Dlv 4s
1955
Lower Austria Hydro E16Hs—1944
M
A
89 H
t
f
83 H
83 H
82 H
A
77
77
A
74
72H'F 74
F
*
S
M
S
......
J
J
......
M N
F
A
McCrory Stores Corp s f deb 5s. 1951 IVI N
McKesson A Robbins deb 5 Ha. 1950 IVI N
J
J
J*Manhat Ry (N Y) cons 4s.-1990
♦Certificates of deposit
2013
J
For footnotes see page
2981.
D
*
75
103
100
*
3
108
39
30
....
....
2
....
101H
I99H
101
*
78 H
43
»21
43 H
26
27
20 H
6
X
25 h
23
10h
25
15
23
h
70
21h
34
50 H
Nat Acme 4Hs
11H
30 H
Nat Dairy Prod deb
13
17
14h
9
128
8
"16
72h
73h
"74" "74"
75
56
57
50
71h
45
41h
02
36 X
37
30
*111h
114h
100
F
J
65 h
112h 113h
J
21
19m
D
108H 118
♦4Hs July
98h
♦4Ha July
.....
99»ul00H
85
87
75
88 H
76
105
*h
*h
J
79H
101X 104X
104
107H
A
o
A
♦4a April 1914 coupon off
♦Assent warr A rets No 5 on '77
O
Nat RR of Mex prior
48
100
100
1977
1977
1«
3h
1914 coupon on
1951
1914 coupon off—-1951
♦Assent warr A rets No 4 on '61
1H
IX
■M
1965
D
1954
IVI N
5s—1948
D
58—1945
1945
New England Tel A Tel 5s A—1952
1st g 4Hs series B
1961
J
Newark Consol Gas cons
^♦New England RR guar
♦Consol guar 4s
1st 4s..1986
4 Ha
I960
80
111H
*22
D
F
107 h
il6H
14
24h
119 h
24h
31
24h
29h
123h
121H
123
106"
123h
106
t
lu6~~
122 h 125
%
120 h 122
122
h
95
104 h 108
38
04 h
34
50
98 h
33
86H
84h
11
47
98 h
76
25
25
31
27
22
26
J
31
32
*50
60
*35
42 h
96
96 h
96 h
96
96 h
J
60
50
O
25
47 h
25
*25h
O
96
*
1955
D
4s—1953
New Orleans Term 1st gu
103
119
107 h
65
25
1983
Aimp4HaA 1952
A—1952
1st A ret 5s series B
1
*24h
A
O
H
119
IVI N
New Orl Great Nor 5s A
NOANE 1st ref
112
106 H
119
J
J
New Orl Pub Serv 1st 6s ser
111
"\X "2H
*1H
$*Naugatuck RR 1st g 4s
82
82
2«
2H
~"~H ~~2~X
ix
♦4s April
♦4s April
N J Pow A Light 1st
78
1H
2H
2h
—
lien 4 Ha—
N J Junction RR guar
106 H 107 H
—
{♦Assent warr A rets No 4 on 1926
83 H 102
75
93 H
74H
213
h 98
92 h 101
—
*h
*h
*1h
No 4 on '57
♦4s April 1914 coupon on
99 H 105
103
28
96
—
*h
*1h
♦Assent warr <fe rets
88 H
129H
115H 122 H
126
00 H
99h
105h
08
18
21
100 h
*99 h
J
128H 131
....
01
62
*40
.
105 h
90
4
74
73 h
43 H
45
IVI N
75
....
H 101
73
94 h
69
4Hs-—1945
05
....
90
75
*
on.——1957
1914 coup on
1957
1914 coup off
1957
6
....
94
98h
73 h
"*99h
103
«
84
*73
Nat Steel 1st coll s f 4s
8
94
J
99 H
40
104
85
98 h
98 H
IVI N
Nat Distillers Prod deb
03 H
90
....
99
93
National Rys of Mexico-
55 H
2
107X
92
3Hsww—1951
40
75
13
58
99
102 H
101X
92 h
A
stpd
1951
extended to—-1946
32
.....
94 H
21
15
9
54h
100
99
102H
♦4Hs Jan 1914 coup
.....
....
....
12
40
02
....
50
"166"
J
A—1978
20
....
98
98 H
f
*
......
ll9H
D
100
101H
23
* {*N O Tex A Mex n-c lnc 6s. -1935 A
♦1st 5s series B
1954 A
O
♦Certificates of deposit—.
4
35
36
I 21 H
19H
20 H
*8
17
T13
1
35
97H 101H
93H 101
....
80
3
43
55
20
28 h
17H
32 H
1956
*24
27
22
35 h
1956
1954
*23
26
23
33 h
♦1st 5 Ha series A—
O
A
26 h
18
1 7
26
26 h
♦Certificates of deposit—
22
37
30 H
11
26 h
35 h
1
91H
4
♦1st 6s series C
♦1st 4 Ha series D
49
......
25 h
10h
8h
54 h
M N
Nash Chatt A St L 4s ser
Constr M 4 Ha series B
31
....
12
54 h
A
5%—1941
hi 103 h
*
D
O
85
*iioh!Jiiih
103 H
M N
A
♦Second 4s
77 H
1
......
H
25 h
23
14
i'H
Ml N
Mut Un Tel gtd 6a ext at
100
......
IVI
j
4s ser A—1945
Gen mtge 4 Ha ser A
1960
Manatl Sugar 4s s f—...Feb 11957
1
15
70
64 h
14
M N
Mutual Fuel Gas 1st gu g
90
{
17
15h
M N
39 H
104
89 H
1st A ref 5s series B—
Maine Central RR
125
100HP01H
101H
Unified gold 4s
29
"43
"18
1955
45
77
104
10h
23
17 h
11h
A
Ha—2000
Morris A Essex 1st gu 3
18H
71H
68H'
103HP04H
S
3
14
A
series C—1955
5s series D
1955
26H
99llu —2
*
8
15
19
S
A
1941 J
1955
1955
3
99 H
65
65
*118
16
1
4
15
94
....
w77H J77H
127 f 127H
Louisiana A Ark 1st 6s ser
A—.1969
3 Ma
1966
Louis A Jeff Bdge Co gu 4s
1945
Louisville A Nashville RR—
...
75
h
88
J
3H8-1906
Montana Power 1st A rer
ConstrM 5s series A
.
107
77
88
15
16h
93
f
95
.
107
99»x«
17h
17
"l8
A
s
65
85
121H 120
99
107
*
4
3h
17H
A
Gen A ref
48
.....
16
......
15h
4
Hs—————1960
f 4Hs
123 H
*61 %
18
16H
"l7h
debentures..............1965
1st mtge 4
f 5s series B
122H
*
167
4
15
12
s
......
......
"37
16H
S
s
19
12
......
9
34
5h
18
S
1955
5s—-1947
2iH
*101 H
99 X
99
25 h
23
"th
M
99H
24 H
......
23 h
16h
16h
1938
Gen A ref
129 H
.....
10
18
♦Secured 5% notes
Gen & ref
128H
S
1944
20 X
♦
15h
16h
Mohawk A Malone 1st gu g 4s. 1991 M
71
128 H
D
IVI
1951 F
Long Dock Co 3H» ext to
18
.
15h
18
11H
32 H
48 H
...
45
S
24H
*33 H
.
25
M
66
....
35
19H
6
1977
Nassau Elec gu g 4s
34
23
42 h
32
♦Ref A impt 4 Ha
48
32
.
21H
4 Ha
24
28
95 H 100 H
95H
36
21
15
MN
95 H
22
......
48
30
"§2"
29h
29h
90 H
....
47
O
67
28h
15H
4%—July 1938
47H
*31X
A
48
24
*15
89
*20
M N
28
36
♦Certificates of deposit
44
1954
General cons 5s
34H
59
Monongahela West Penn Pub Serv
1974
Leh Val Term Ry 1st gu g
O
63 H
95
20 H
"23h
57
15
——1949
1980
41H
5s
Lehigh Val (Pa) cons g
General cons 4Ha
"~5
5h
69
34 h
deposit—.
♦Conv gold 5HB-♦1st A ref g 5s series H
Monongahela Ry 1st M 4s ser A '60 IVI N
*85
J
s
deposit-.—
♦1st & ref 5s series G
1978 M N
60
42
20
8H
14 h
0h
2h
60 h
"23h
~23h
14
59
of
47
54
*85
*
......
3
"16
*15
23
50 X
*
J
O
1945 M S
4
3h
7h
5h
7h
35h
deposit
of
4s
61H
28
27H
*50
3
3
67h
65
*23 h
13
3H
*3
"67 h
O
1965
J*Mo Pac 1st A ref 5s ser A
90 H
90
86H
90
3h
3h
J
48
87 X
*29
Leh Val N Y 1st gu g
J
1975
♦Cum adjust 5s ser A
11
s
1978 J
80
*
......
1964
1st A ref s f 5a
2
J
6h
2
2
8
90
1954
Leh Val Harbor Term gu
3
2
fist Chicago Term s f 4s—-1941 M N
J
X♦Mo-Ill RR 1st 5s series A
1959 J
98 H
100
85 H
47
f 5s.
s
*2
28
65
1st A ref. a f 5s
1st A ref
s
31X
♦
J
1944 F
"4
5h
f
4s int gu '38
Gen A ref
4s
Lehigh Val Coal 1st & ref s f 5s.
20
77
50
♦1st ref 5Ha series B
6s
J
Lehigh AN Y 1st gu g
13 h
#4
20
47
A
Lehigh A New Eng RR 4s A--. 1965
60
*14
36
*45
1975
♦1st mtge income reg
1954
Lehigh C A Nav s f 4 Ha A
Cons sink fund 4 >$8 ser C—. 1954
60
J
57
52 %
52 H
J
3 Ha
Ltd—
51
55
J
56
81
56
1941 J
Lautaro Nitrate Co
61
—1934 M N
♦Montgomery Dlv 1st g 5s..1947 F
1942
Lake Sh A Mich So g
101h
77
95
16h
27 H
82
26
3% to- 1947 J
2d gold
103
95
*52"
<
*14"
5s
♦25-year
91H 100H
95
*98
103 H
150" 155"
Lake Erie A Western RR—
5s 1937 extended at
t
s
♦1st cons 5s gu as to int
♦1st & ref 6s series A
♦Certificates of
3
91X
J
D
cons
con g
♦Certificates
80
♦
1959
deposit
Laclede Gas Light ref A ext 5s. 1939
1953
Coll & ref 5 Ha series C
1960
Coll & ref 5H8 series D
Coll tr 6s series B
101
J
D
.1938 J
f*M St P A S3 M
vvys
Uniform ctfs of
—.
J
101h
"87"
87
IVI
♦1st & ref 5s series F
95
90
1951 M N
108H 108H
secured 5s
Coll tr 6s series A
88
"87"
J
♦1st A ref gold 4s
—1949 IVI
♦Ref A ext 50-yr 5e ser A..—1962 q
87
1
....
151
1947 F
24
94 h 101
94 h
24H
....
150H
coll tr 4s_. 1945
3X3 collateral trust notes
20 H
27
....
106H
....
*-——
J
1941 J
----
14H
23H
....
95
O
1954 J
Kinney (G R) 5 Ha ext to
41
95
1954 J
4s_—
40
82 H
103 H
J
J
3
....
*100
1961
1961
Kings County Elev 1st g
^♦Kreuger & Toll
.....
1997 A
———
4Hs unguaranteed
Kings County El L A P 6a
Kresge Foundation
20
*25
1946 M
104
40
*23
1943
44H
'103 H 108 H
25
104 H
*16H
1943 M N
86
105H
40
1961
Stamped
6x
5h
24
94 h
e
Con ext 4Hs
♦1st
4s
James Frankl & Clear 1st
9
63 H
2H
a
M
101H
97
100
103h 109
99h 103h
IVI N
1939
t*MlI Spar & N W 1st gu 4s—1947
{♦Mllw & state Line 1st 3H3-1941
Ref s f 6s series A
101H
S
^{♦Mil&No 1st ext 4H8(1880) 1934
1st ext 4Hs
1939
87
Internat Paper 5s ser A
36
107h
100
*24
D
1st mtge 5s
91
99
106
J
1961
1971
88
6s
f
"56"
80 h
80 H
99 H
107 H
D
Milw El Ry A Lt 1st 5s B
J
s
70
~65
85
*68H
80 H
O
& B___1947
Marine
95 h
m
1940
o
Merc
High
75
85
70
*6H
J»Mld of N J 1st ext 5s
1941
Int
Low
"33"
S
J
1979
20
*68h
A
1956 J
Since
Jan. 1
70
1977 M S
I 7s
a
No.
95h
♦
O
F
Michigan Central Detroit A Bay
City Air Line 4s
1940
14
J
C
1956
deb 6s—--1944
14
77
O
Internal Hydro El
53 H
100 H
100 H
S
1977 M
42 H
H
3H
79
J
IVI
Metrop Ed 1st 4Ha ser D
1968
Metrop Wat Sew A D 5 Ha
1950
t{♦Met West Side El (Chic) 4s.l938
3
H
High
95 h
J
s f 6s
1947 A O
Market St Ry 7s ser A...April 1940 Q
J
Mead Corp 1st 6s with warr.-1945 IVI N
44
14
O
1942
stamped
J*Int-Grt Nor 1st 6s ser A
♦1st g 5s series
1
46 H
♦Certificates of deposit
Int Agric Corp 5s
*»Man G B & N W 1st 3 Ha—1941 J
Range
o
05 <3
*80
Manila RR (South Lines) 4s.-.1939 IVI N
1st ext 4s__
1959 IVI N
43
-.1932
notes--1932
7%
conv
13H
12H
....
96
106 H
Jlnterboro Rap Tran 1st 5s.._1966
♦Certificates of deposit
90
87
96
*
Ind Union Ry
{♦ 10-year 6s
S
§
Asked
&
Low
f 58—1953 IVI
8
•S*
Friday's
Bid
Marion Steam Shovel
.--1950
111 & Iowa 1st g 4s
Range or
Sale
Price
a.
^
High
29
Ind. Bloom A West 1st ext 48--1940
Ind
Last
fcS
EXCHANGE
Manila Elec RR A Lt
Joint 1st ret 5s series A.-.--1963
Illinois Steel deb 4 Ha
STOCK
Week Ended May 6
St L & N
111 Cent and Chic
Y.
Jan. 1
33 H
32
Low
N.
Since
S-S
Asked
A
BONDS
Range
5
Friday's
Price
Week's
Friday
Range or
Sale
Week Ended May 6
2979
Week's
Friday
*110
110h lllh
111
Newport A C Bdge gen gu 4 Ha 1945 J
N Y Cent RR 4s series A
1998 F
A
61H
59
82
O
65 h
64 h
61H
65 x
55
A
'119
62h
A
O
44
51
1102
39
91H
65 h
A
O
54 h
50
54 h
1114
44
73
62
58 h
62
1142
53
84
10-year 3Ha see 8 f
10H
31H
Ref A lmpt 4 Ha series
10
14
Ref A lmpt
5s series C
Conv secured 3 Ha
A
..1946
2013
2013
1952
IVI N
t 51
*98
New York Bond Record—Continued—Page 5
2980
May 7,
Week's
Friday
1
Week's
Last
Range or
Friday's
Last
Range or
Range
N. Y. STOCK EXCHANGE
Week Ended May 6
Sale
Friday's
Sjnce
N. Y. STOCK EXCHANGE
Sale
Jan. 1
Week Ended May 6
Price
Sid
Price
<&
Loir
J
Hud Iilver 334s—1997
N Y Cent A
4s collateral trust
N
4s
1956
♦Non-tonv debenture 4s.... 1950
♦Conv debenture 334»
196t.
♦Conv debenture Gs.—•- —194>
♦Collateral trust 6h. ...... 1940
♦Debenture 4s...
— .195',
♦1st & rel 4 34h ser of 1927.. 196,
♦Harlem R & Pt dies 1st 4s. 195{♦N Y Out & West ref g
♦General 4s
4s.... 199.
F
N
(VI
J
12234
11434
6
12234
11434.
A
21
20
0834
9834
J
O
IVI
M
1534
2034
1434
20
10734
194:
N Y Telep 1st
& gen s
Ref mtge 3%s ser B
f 4 34s... 1939
— - 196
Rock 1st 6s..
1946
6s stamped
1946
{{♦N Y Westch & Bost 1st 4 34s 1946
Niagara Falls Power 33481960
Nlag Lock & O Pow 1st 5s A.. 1955
Niagara Share (Mo) deb 534s. 1950
Nord Ry ext sink fund 6 348...1950
{{♦Norfolk South 1st A ref 6s. 1961
♦Certificates of deposit
N Y Trap
N
J
J
10534
10334
10334
*734
*5
*534
*48
10534
10734
61
79
20
1034
4
8
98
10834
106
10534
104
10334
10334
834
1034
103
108%
99)4
94)4
106)4
10634
103
106
7
10
634
634
5134
16
1134
,834
52
4034
10534 107
10434 107)4
62
67
60
62
70
N
84
8634
82
O
9634
95
95
95
A
11
1034
11
8634
8)4
99
F
1034
1034
*8634
434
10734
334
6)4
104)4 10734
108
10634 10834
9
16)4
1534
70
11434
10134
10234
10334
10034
S
*
M
S
*
48
116
111
11934
97
10434
10434
10234
99 )4 104
10434
10134
101
105
9634 10334
12034
....
*26
*——
J
Q
F
J
J
J
J
8334
5234
8134
4934
5434
6734
62 34
53
J
6634
J
A
55
O
*9934
J
*
1948
115""
114
116)4
J
1966 J
1946 J
D
Oregon RR A Nav con g 4s....1946
Ore Short Line 1st cons g 5s.—1946
10134
10134
10134
9734
1962 J
9634
10234
"16634
10034
11234
'11234
11234
10634
106
113
Guar stpd cons 5s
......1946
Ore-Wash RR & Nav 4s.—1961
11134
11234
9834
113
9934
J
70
69
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G...1964
D
D
110
109
1st A ref mtge 334s ser H...1961
1st A ref mtge 334s ser 1
1966
Pae RR of Mo 1st ext g 4s
1938
2d ext gold 5s
1938
D
106
102
10534
10134
D
A
*51
J
t
Pacific Tel A Tel 334s ser B.—1966
O
105
Ref mtge 334s ser G
1966
Paducah & 111 1st s f g 434s..—-1956
D
105
Panhandle Eastern Pipe L 4s.. 1952
Paramount Broadway Corp—
.1956
Paramount Pictures deb 6s—1955
168
76
93 %
42
47
62)4
14
45
76
99
50
8834
2
6
8
J
S
debentures
Paris-Orleans RR ext 5348
1947
1968
5
Parmelee Trans deb 6s
11
O
"9014
79
10334
10334
10334
77%
109%
23
159
103
10934
114
111%
9534
12034
9034 100
99% 111%
75
80
35
91%
91%
49
67
91
86
10134
85% 101%
65%
89
7
......
D
108
2
112
m
»
»r
J
102%
89%
108%
12%
89%
J
M
J
J
87
107
10%
334
"is"
115
9734 110%
99
109%
7834
95%
45
48
108%
106
18
20
1034
4
12
3
16
15
A
110
104
12
108%
11%
M
106
5
100%
"10234
76
99% 107%
-
101%
7534
50
6
195
80%
55
-
56
107%
*104%
8%
107
5734
108
108
60
4
100
101
J
112%
40
2
55
"54"
J
107
--
66
105%
107%
-
104%
*
"56
-
4%
*60%
———
113% 117
29
46
4%
1943 M N
1974 F
1977
1981
Phlla Co sec 5s series A
1907
Phlla Electric 1st A ref 3348—1967
{♦Phila & Reading C & I ref 58.1973
♦Conv deb 6s
1949
{ ^Philippine Ry 1st s f 4s—.1937
Pillsbury Flour Mills 20-yr 0S..1943
Pirelli Co (Italy) conv 7s
1952
Pitts Coke & Iron conv 434s A. 1952
8
108%
*40
J
C
104
79
115
107%
108 34
_
General g 434s series
General 434s series D
26
11
*108%
109%
*w
M N
M
100
"78"
1940 A
Series B 4%s guar
1942 A
Series C 434s guar....
1942 MN
Series D 4s guar
1945 M N
Series E 334s guar gold
1949 F
Series F 4s guar gold
1953 J D
Series G 4s guar
1967 M N
Series H cons guar 4s
1900 F A
Series I cons 434s
1963 F
Series J cons guar 434s
1964 IVI N
Gen mtge 5s series A
1970 J D
Gen mtge 5s series B
-1975 A O
Gen 434s series C._
1977 J
Pitts Va A Char 1st 4s guar—.1943 M N
D
Pitts & W Va 1st 434s ser A—1958 J
Pitts C C C & St L 4 348 A
1959
—1960
1st mtge
1st
434s series B
mtge 434s series C
A
"IO4"
-
s.
-
~
6%
31
109%
108
1st gen 5s series
1962
1974
1977
B
1st gen 5s series
C—
1st 434s series D
":3
103
104
105%
-
mmm
78
87%
10134 108%
103
110%
1
105
109
•
-
io5~y2
i
10534 10534
10734
107%
1
110
110
10
100%
102
25
99%
101%
19
92
93%
107%
L-
105%
——.
-
-..
*1 no
^1 \JL
107" 159""
*102
*102
"162"
101%
93%
*104%
#
*35"
-
100
-
ir
*-
108
-
-
«...
~38~~ "55%
1
40
.......
-
32
55%
108
10734
*109%
D
110
9534 112%
112%
91
104%
97
37
-
45
40
F
10734 117
107
40
♦
J
107%
105%
O
J
«
2
78
*102
O
A
78
*104%
Pitts Y A Ash 1st 4s ser A——1948 J
109%
115%
109
D
*98%
------
....
"58"
"55"
101%
101%
1
1
"58" "iis
101%
—1900 M
J
1st 5s 1935 extended to 1950Porto Rlcan Am Tob conv 6s.. 1942 J
{{♦Postal Teleg A Cable coll 58.1953 J
Potomac Elec Pow 1st M 3348.1966 J
Port Gen Elec 1st 4 34s
5
50
50
2
11%
"13%
14
*75
106%
6
78
1
1
1
1
58
43
101% 104%
106
106%
1951 J
{♦Providence Sec guar deb 4s—1957
improvidence Term 1st 4s
1956
Purity Bakeries s f deb 5s
1948
{♦Radio-Kelth-Orph pt pd ctfs
for deb 6s & com stk (05% pd).._
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 4s. 1951
Gen & ref 434s series A
1997
Gen & ref 434s series B
1997
M N
*3%
IVI
*31
J
55
43
934
18
103% 106%
74%
—
82
J
*
»
-
8
88
-
14
86
------
"64"
J
A
J
"64" ""I
52
26
72
30
70
70
52%
70%
■
"7l"
J
J
4%
8234
8%
60
84%
—
Republic Steel Corp 434s ser A. 1950 M S
Gen mtge 434s series B
1961 F A
Purch money 1st M conv 534s '54 M N
♦Rheinelbe Union s f 7s
13
12
10834 10834
98
104%
98
70
1
"52% "79%
50
75
70
93%
09%
93
1956
4348.1956
92%
95%
106
""82%
79%
104
IVI N
"
102%
79%
82%
99%
31
95%
i06" ""2
84
97
47
82%
104
42
35
82%
99%
J
J
1946 J
J
*34%
36
♦Rhine-Ruhr Water Service 6s. 1953 J
J
*20%
23
*29%
31
*29%
29%
30%
30%
♦Rhlne-Westphalla El Pr 7s—.1950 M N
♦Direct mtge 6s
1952 M N
♦Cons mtge 6s of 1928
..1953 F A
♦Cons mtge 6s of 1930
1955 A O
'4*
W
~
ii.
^
97
m am
-
29%
33
71%
87%
94% 108%
72
88%
93% 101
28%
.-
«
166" U8"
w
35%
20
24
3134
27
27
30%
12
3134
4
96
2
32
26
32
26%
32%
Richfield Oil Corp—
103
9734
9134
103
98 %
10134
11234
11234
10634
103
11134 113
103
110
109
11634
110 % 11834
9234 106)4
59
7434
113
9934
70
5434
11034
10634
10234
7534
9834
9634 10134
11134 113)4
113
45
28
91
186
60
106)4 11054
102 )4 106 34
9834 102)4
7134 82
6634
70
105
10234 105
105
102 % 105
103
103
10054
10034
5834
5834
8954
7034
8554
98
101
4s
s
1952 M
f conv debentures
S
95%
96
1952
♦Rima Steel 1st s f 7s—
*104%
1955
Rlchm Term Ry 1st gen 5s
*
♦1st
con
& coll trust 4s A
W«.
W
s
f 6s
M,
.
-
i,"
-
-
15
108
15
*8%
*21%
-
8
14
.
.
8%
102%
101%
107%
15
*104%
k
1996
1933 M N
42%
.
1234
46
k
109
1
•
31
15
100% 104
99% 102%
mmmmm
91
44
634
103
94
*-II..
2d gold 6s
1966
St Louis Iron Mtn A Southern—
1034
4
3
23
5%
12%
100%
10134
St Jos A Grand Island 1st 4s—.1947
11
20%
102
Safeway Stores s f deb 4s
1947
Saguenay Pow Ltd 1st M 434s. 1966
1334 20%
118% 120%
10734 110
9%
"7%
*8%
6%
L-
"6%
♦{Riv & G Dlv 1st g 4s
♦Certificates of deposit.—
18
120%
6%
-
7
—
St Lawr A Adlr 1st g 5s
4434
120%
1948
4sstmp
1949
♦Rutland RR 1st con 434s—1941
♦Rut-Canadian
♦Stamped.
50
41
2834
*14
-
-i.
34
41
35
108
—
{{♦R I Ark & Louis 1st 4348-1934
♦Ruhr Chemical
-
41%
68%
*28
«
1949
1977
1962
Gen mtge 5s series E
97%
10434
*35"
{♦Rio Grande June 1st gu 5s._1939
♦Rio Grande West 1st gold 4s..1939
Roch G A E 434s series D
8934
104
m'mmmtm
1
1
»
64
55
59%
42%
62
•
5834
8934
7034
8534
88
6834
83
3934
*11954
6
*45
A
*91
D
*91
57
7834
3134
101
*9734
*8854
81
122
♦Paulista Ry 1st ref s f 7s
1942
Penn Co gu 334s coll tr ser B—1941
Guar 3348 trust ctfs C
1942
6634
40
8
"91"
Guar 3348 trust ctfs D
D
1944
Guar 4s ser E trust ctfs.—..1952 MN
92
89
46
11834 120
77
60
9734
92
6134
9734
7434
9234
20
70
10134 103 34
10234 10334
95
10334
8834 104
83
10034
*♦8 L Peor & N W lst'gu 5s
1948
St L Rocky Mt A P 5&.stpd_..1955
{♦St L-San Fran pr lien 4s A—1950
*13
J
J
11
""4
11
56
834
18%
65
69
15
8%
—I960 J
"j
♦Certificates of deposit
♦Con M 434s series A.
1978 MS
♦Ctfs of deposit stamped
{St L SW 1st 4s bond ctfs
8%
8%
17
734
13%
9%
8%
8%
10%
12
8%
8%
4
15%
13%
9%
22
1989 MN
♦2d g 4s inc bond ctfs
65
10
12
10%
♦Certificates of deposit
♦Prior lien 5s series B
15
65
J
""9%
6
40
21
*25
30
7%
Nov 1989
J
{♦1st terminal A unifying 5s. 1952
♦Gen & ref g 5s series A
1990
J
1734
16
17%
35
J
10%
9
10%
31
«•
—
—
7
734
14
6%
2634
8
38
8
$
3
112%
97%
114
"
1950 J
General 5s series B_„
79
102
o
For footnotes see page 2981.
23
*101
1st g 434s series C
——1980 M
Phelps Dodge conv 334s deb... 1952 J
80
6
70
10434
10434
86
Apr
5s...1956
Pere Marquette 1st ser A
1st 4s series B
50
10234
1944
A
April 1990
♦Income 4s
50
834
34
734
Pat A Passaic G A E cons 5s.—1949
1963 F
334s
Peop Gas L A C 1st cons 6s
1943 A
Refunding gold 5s—...
1947 M S
Peoria & Eastern 1st cons 4a... 1940 A
Gen mtge 434s series C
Revere Cop A Br 1st mtge
101)4 102
J
A
J
Remington Rand deb 434s w w.1956 M 8
Rensselaer A Saratoga 6s gu—1941 IW N
64
8334
5234
5434
6 7 34
5734
5634
1 0034
*102
10134
D
Ontario Power N F 1st g 5s....1943 F A
Ontario Transmission 1st 5s— .1945 IVI N
80
A
A
19
94%
101%
78%
9034
8934
74%
102 %
A
Conv deb
108
111%
_
1968 J
1970
1981
1984
......1962
39
85
9734
General 4>4s series D._
Gen mtge 434s series E
108
107%
J
1965
"97% "177
107%
"86 "
Gen mtge 3)48 series C
1970
Consol sinking fund 434s_—1960 F
434s
"92% 161"
"96%
107%
10734
""97)4
50
100
*734
734
M S
J
A
Debenture g
77
100% 104%
9134 10434
1
94
53
*35
Q
A
Pennsylvania RR cons g 4s
1943 MN
Consolld gold 4s
1948 IVI N
4s sterl stpd dollar May 11948 M N
General 434s series A
General 5s series B
High
8434
6
102%
92
1
Low
15
80
102%
....
Since
J
434s series B.
1981
Pennsylvania P & L 1st 434s.. .1981
Pressed Steel Car deb 5s
IVI
1965 MN
.—.—.1967 M S
28-year 4s
654
6
10534
4
♦Stamped
conv
12
35
A
MN
M-w
•
No
High
79%
J
4 34s..1960
Pa Ohio A Det 1st A ref 434s A.1977 A
Range
Jan.
Askec
23
(VI
A
334s
5
13
10634
F
f g 3s loan ctfs
20
"68
64
8
14
17
10634
10234
10434
10134
s
19
434
8
1st M
1834
2334
10734
(VI
Otis Steel 1st mtge A 434s
1234
1334
1534
J
116
4s debentures
20 34
10734
6434
67
10434
Oklahoma Gas A Elec 3%s
1234
S
A
1972
2
(>
A
—
13
A
F
1943
21
M
J
O
1st mtge 48
1st mtge 3%s
19
13
10634
67
1996
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1234
2
10634
*56
1961
No Am Edison deb 5b ser A... 1967
Deb 5 34s series B
Aug 15 1963
Deb 5s series C_
Nov 151969
North Cent gen A ref 6s
1974
Gen & ref 434s series A—..1974
♦{Northern Ohio Ry let guar 5s—
♦Apr 1 1935 & sub coupons. 1945
♦Apr 1938 and sub coupons—1945
♦Stpd as to sale of April 1 '33 to
Oct 1 1937 lncl coupons... 1945
North Pacific prior Hen 4s
1997
Gen lien ry & Id g 3s Jan....2047
Ref & lmpt 434s series A
2047
Ref & lmpt 6s series B
2047
Ref A lmpt 5s series C
2047
Ref & lmpt 5s series D
.2047
tNor Ry of Calif guar g 5s
1938
Northwestern Teleg 434s ext—1944
♦Og A L Cham 1st gu g 4s
15 34
15
1934
17)4
13
70
D
+ m
13
92
N
.1
M
Penn-Dlxle Cement 1st 6s A...1941
Penn Glass Sand 1st M
Phlla Bait A Wash 1st g 4s
77
{{♦Norfolk A South let g 6s...1941 IVI N
Norf & W Ry 1st cons g 4a
North Amer Co deb 5s
9634
98
J
IVI
.
85
95
A
M
93
72
a
t
22
77
N
r
20
08
>
J
112)4 11434
58
>
Al
12454
80
734
*534
.
M
122
103
16
*80
M
10134 10534
75
1334
t
.
5834
60
18
A
is
106
95
2034
834
*51
•
>
iVt
63
*634
"10"
>
J
M
3
9834
20
1234
*1234
I
A
100
95
13
,\
D
2
21
*1234
*1234
*1234
N
(VI
6
90
J
A
44
7934
N
J
108
Bid
Low
50
J
J
99
10334 10934
55
3934
91
63
O
(VI
77
BONDS
Peoria & Pekln Un 1st 5348—1974 F
IVI
J
30
7
30
(VI
194
1
1st mtge 5s.
I9.i
{♦{NY Hum) A West 1st ref 5s. 193
{♦2d gold 4 348.. ... 193 ,
•General gold 5s..
I9B
gold 5s
15
57
*50
1st mtge 6s...--
1st
100
43
~~6
56
S
N Y Steam 6s seilcs A
♦Terminal
5034
10534
J
M
IM
A
108
106
A
196.
195s
196
El l-t & Pow 3 hi*
102
N
a
{N Y Rys prior lieu 6s stump-
9534
104
(VI N
IVI
199.
N Y Queens
90
7034
IVI N
is<
N Y & Rh litn Gas 1st 6-
5134
10434
A
IVI N
N Y & Putnam
.
5
♦10534
4934
D
J
{♦N Y Providence & Boston is
1st eon gu •»«
62
1
5234
J
li'->
-
2754
7334
59
105
debenture 334s.. 1964
♦Non-conv debenture
74
65
6234
105
10434
Branch gen 4s. —-1941
♦Non-coDv
33
41
100
Greenwood Lake 5s...1946
N Y & Harlem gold 3%8—
2000
N Y Lack & West 4s ser A
1973
6s 1943
25
84
7734
7834
3854
65
162"
♦N Y A
{♦N Y & N ETBost Term) 4s.. 1939
{♦N Y N H & H n-c deb 4s
1947
♦Non-conv debenture 3%8—1947
45
00
"5634
deposit—
D„
1965
E
—1966
N Y A Erie—See Erie RR
N Y Gas El Lt H & Pow g 5s.. 1948
Purchase money gold 4s.... 1949
N Y A Long
<-15
58
73)4
57
127
High
94)4
9834
65)4
8254
7334
Certificates of
♦NYLE&W Dock & lmpt
6534
Low
4034
3434
4634
65
1st lien & ref 3%s ser
N Y L E & w
No
65
6034
N Y Edison 334s ser
-1973
Coal A RR 5348-1942
i$
74
6534
41
}946
434s series B
85
51
*
"51*
45
extended to—1947
Y Connect 1st gu 4%s A
1953
1st guar 5s series B
1963
Y Dock 1st gold 4s
-1951
5♦Serial 5% notes
......1938
1st mtge 334s
8234
A
......Oct 1 1938
3-year 0s
High
"44"
A
F
85
J
O
F
434s ser A......2013
Lake Shore coll gold 3348—1998
Mich Cent coll gold 3348
1998
N Y Chic & St Loulfl
Ret 5%s eerlea A
1974
Rel 434s series C
——1978
Ref & inapt
N
J
J
A
---1942
Debenture 4b.-
A sked
1
Fridai
BONDS
11%
07%
34%
1334
24%
38
9
17
Volume
New York Bond
146
bonds
Last
N. Y. STOCK EXCHANGE
D
{♦St Paul E GrTrk 1st 4 Ha.—1947 j
*
No.
*6 H
A
*7
N. Y. STOCK EXCHANGE
Sale
Week Ended May 6
Price
Jan.
Low
94 H
J
f
{♦St Paul & K C Sh L gu 4HS-1941
ajt?
bonds
Since
5* .3
Asked
High
&
Low
St Paul & Duluth 1st con g 4s..1968 j
Range
•3
Friday's
Bid
Price
98
7H
6H
9H
Last
1966 ivi s
1939 ivi n
Virginian Ry 3Hs series A
9H
9H
{{♦Wabash RR 1st gold 5s
♦2d gold 5s
...1939 f
1940
1972
J
j
98
98
j
J
111
110
8
98 H
j
1943
4s
52 H
San Antonio Pub Serv 1st 6s—1952 J
San Diego Consol G & E 4s
1965 M N
Santa Fe Pres & Phen 1st 5s—1942 M s
7
— -
-
-
109H 110H
108
1941
11
108
81H
J
j
*13 H
18
16
j
*13H
23
O
16 H
31H
16
A
25
30
26
31
A
♦Stamped
1989 M
Scioto V & N E 1st gu 4s
*24
o
*24
n
{{♦Seaboard Air Line 1st g 4s. .1950 A
{♦Gold 4s stamped
1950 A
♦Adjustment 5s
Oct 1949 F
A
o
1959
*12
O
----
-
—
3
1945 m s
♦1st & cons 6s series A
♦Certificates of deposit
1933
1935
4
7H
6
6H
m"s
5H
6H
7H
9
2H
6H
36
4
1
5
5H
♦Certificates of deposit
4
72
16
16
A
1935 F
♦Series B certificates
F
A
M
6
J
d
{♦Siemens & Halske s f 7s
1935
J
2H
11
16
12
3
24
J
Shell Union OH deb 3 Ha
♦Debenture
s
58 H
♦Silesia Elec Corp 6Hs
Slieslan-Am Corp coll tr 7s
Simmons Co deb 4s
1946
1941
F
A
*21H
—
F
1962
1961
Southern Calif Gas 4Hs
M
1965 F
1947
Southern Kraft Corp 4Hs
7
20
99 H
98 H
99 H
39
106 H
107 H
42
110H
110H
3
104
104H
22
104H
S
2
106 H
107
107 H
108H
1946
1st mtge & ref 4s
70
90
107 H
A
Southern Colo Power 6s A
28
A
108
36
1
92
92
93
94 H
36
Ha A. 1975 M
91H
S
9
9
A
7H
8
line 4 Hs
1951
coil)--1949
A...1977
1968
1969
-.1981
1946
Walworth Co 1st M 4s
1955 A
o
1955 A
O
6s debentures
9H
{♦Warren Bros Co deb 6S.....1941
Warren RR 1st ref gug
104H
ivi
Gold
4Hs
Gold 4 Ha
Gold 4Hs
5H
10-year secured 3Hs
3Ha.-.2000>F
4H
96 H
101H
70H
64
—
———
01H
20 H
24
77 H
79 H
69H
44
56
78
16
69
82
75
19
31
30 H
31H
45
63 H
29
43 H
*-__
A
99 H
1945 f
1939 J
j
f 5s
1955
1955
1994
1956
1956
..1956
1996
So Pac RR 1st ref guar 4s
1st
4s stamped
Southern Ry 1st cons g 5s
Devel & gen 4s series A
Devel & gen 6s
Devel & gen
6Ha
Mem DIv 1st g 5s
Westchester Ltg 5s stpd gtd___1950 J
d
Gen mtge 3 Ha
1967 J d
West Penn Power 1st 5s ser E..1963 ivi S
1st mtge 4s ser H
1961 j
1st mtge 3 Ha series I
West Va Pulp & Paper 4 Ha
1966 j
1952 J
Western Maryland 1st 4s
1st & ref 5 Hs series A
110
120H
101 H 104H
105H 108H
West N Y & Pa gen
106H 108H
87 H 100
Western Union g 4H8
87H
gold 4s
{♦Western Pac 1st 5s ser A
1946 M
♦5s assented
25- year gold 5a
94 H
30-year 5s
..
91
99H
36 H
69 H
79
42
76
39
22
31H
63 H
M N
43 H
39
43 H
127
30
03 H
Wheeling Steel 4Hs series A
1966 f
M n
43 H
38 H
43 H
175
30H
63
White Sew Mach deb 6s
54 H
53
54H
96
51
83 H
80
84
18
77
104H
{ {♦Wllkes-Barre & East gu 5s..1942 j
Wllmar & Sioux Falls 5s
1938 j
69 H
65 H
69 H
65
"60 H
57 H
~60H
48
33 H
188
j
A
28 H
33
41
66
26
53
28
64 H
*
—
d
-
40
♦{Spokane Internat 1st g 5s...1955
—
j
-
109 H
103 H
102 H
103 H
^
*9
^
1946
f
A
;
1961
j
D
102 H
j
D
j
J
102 H
102
102
57
106 H
*123
J
S
104
101 H
57 H
20
5
60
97 H
80
58H
1947 j
Tenn Elec Pow 1st 6s ser A
4HS---1939
1st cons gold 5a.
1944
Gen refund, s f g 4s
1953
Texarkana & Ft 8 gu 5 Ha A...1950
Texas Corp deb 3 Ha
1951
Tex& N O con gold 5s
1943
Texas & Pac 1st gold 5a
2000
Term Assn of St L 1st g
A
D
101
105
100
95
46H
105H
72H
107 H
1
119H 125
95
100
100 H
70
70
105 H
"108H
108 H
108 %
77
77
78 H
*75 H
1960
Jan 1960
A
O
{♦Third Ave RR 1st g 5s
1937
j
J
Tide Water Asso Oil 3 Ha
1952
j
J
1953
Tol & Ohio Cent ref & imp 3Hb 1960
To! St Louis & West 1st 4s
1950
Tol W V & Ohio 4s ser C
1942
Toronto Ham & Buff 1st g 4s.. 1946
Trenton G & El 1st g 5s_
1949
j
D
deb A..1953
j
J
28 H
5H
79 H
*85 H
M s
j
97
26H
4H
*73 H
102 H
101H
j
D
A
O
M
55
55
s
j
M
*85
50
50
*99 H
D
95
S
*118
J
103H
ivi N
Tyrol Hydro-Elec Pow 7H8...1955
Guar sec s f 7s
1952 f
49
52
4
9
15
.i.
....
28 H
14
5H
12
85
1945
8
1962
J
j
103 H
------
1952
4s...1947
1st lien & ref 4s
June 2008
1st Hen & ref 5s
June 2008
34-year 3 Ha deb
..1970
35-year 3 Ha debenture
1971
United Biscuit of Am deb 5s... 1950
United Clgar-Whelan Sta 5s... 1952
United Drug Co (Del) 5s
1953
UNJRR& Canal gen 4s
1944
{{♦United Rys St L 1st g 4s...1934
U 8 Pipe & Fdy conv deb 3H8.1946
TU S Rubber 1st & ref 5s ser A.1947
♦Un Steel Works Corp 6Ha A..1951
♦Sec s f 6 Ha series C
1951
♦Sink fund deb 6Hs ser A—1947
Utah Lt & Trac 1st & ref 5s
1944
Utah Power & Light 1st 5s
1944
debentures
Union Pac RR 1st <k Id gr
107 H
58.1941
1955
1957
{♦Vera Cruz & P lBt gu 4H8-—1934
{♦July coupon off
Virginia El & Pow 4s ser A
1955
Va Iron Coal & Coke 1st g
Va & Southwest 1st gu
4s
5s—1949
2003
1958
58 H
55 H
58 H
28
22 H
22 H
11
20 H
54
72H
70
24
49
2
52
75H
52
54
63
105
107
107
107
104H 105 H
105H 110H
79 H
93
90 H
91H
*97 H
100H
6H
6H
91H
100
4
23
100H
j
107 H 109 H
8
15 H
'io"
14
*8
—
6H
14 H
5H
6H
*6
86
71
*106
9H
7H
101'u
90 H 100 H
4
86
86
86
j
92 H
91H
100
*1003i«
D
*6
8H
6K
6H
5
5H
96
100 H
99
1961 ivi N
1st mtge 8 f 4s ser C
97 H
88
99
106
99
General Elec. 6Hs
70
§ Negotiability impaired
dollar
quotation
per
f Bonds called for redemption or
♦
88 H
70H
88 H
85 H
under
Bonds selling flat.
2
In
No sales transacted during current week.
Friday's bid and asked price.
♦
110H
nearlDg maturity.
in bankruptcy, receivership, or reorganized
securities assumed by such companies.
{ Companies reported as being
Section 77 of the Bankruptcy Act. or
106H
70
72
during current week,
a Deferred delivery sale; oniy
n Odd lot sale, not included in year's range,
by maturity,
t The price represented is
200-pound unit of bonds.
Accrued interest payable at
week,
current
during
Ex-interest.
exchange rate of $4.8484.
81
107"
1940, May 3 at 50.
Cash sale; only transaction
transaction
x
108H
103 H
week and not Included In the yearly
Cash sales transacted during the current
the
114
111
Deferred
during the current week and not Included
delivery sales transacted
the yearly range:
6 at 93.
7Ha unstamped 1941, May
Illinois Central 4s 1952, May 4 at 36HFrench Govt.
98H 104
24 H
102 H
100
85
49
New
the
at
York Stock Exchange,
Daily, Weekly and Yearly
8H
73 H
98
57 H
Transactions
34
3H
103
93 H
50
H
96
i
102
50
1
108H
97
90
67
80
106 H
108 H
27
105
9*/g
11
2
8H
Total
6
116H 118H
104H 109
107H 114H
8
102
100 H
102
29
M
8
112H
112H
112H
A
O
90 H
90 H
90 H
6
84
96
M n
91H
90 H
91H
23
84
95 H
106H
13
103
107H
O
A
O
106H
106
*73 H
ivi
8
79
74
ivi
8
107
107
J
j
ivi N
j
j
J
D
75
79 H
108
109H
6
20 H
112H
105"« 105193J
112H
5
105"i2
96
33
32 H
32 H
32 H
33 H
19
85
88
87 H
91 %
49 H
49
81H
A
1
19H
M n
107
O
73
88
78 H
91H
50 H
11
45
1937
1938
1937
1938
3,233,160
4,398,145
81,878,289
198,270,690
$2,153,000
4,126,000
21,164,000
$3,064,000
$63,146,000
5,248,000
41,525,000
473,212,000
$235,552,000
150,986,000
1,009,105,000
$27,443,000
Total.
$49,837,000
$627,882,000
$1,395,643,000
91,524,000
Stock and Bond Averages
44
45
50
81H
10
77
are
88
the
stocks and bonds
daily closing averages of representative
listed on the New York Stock Exchange
H
Bonds
Stocks
10
—-
2 H
109H
46
"30
01
Total
10
First
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
Stocks
trials
Rails
Rails
ties
Bonds
roads
ties
19.91
37.51
105.60
92.23
47.83
104.18
18.58
35.95
105.56
91.41
103.90
86.80
21.57
46.33
113.46
21.51
18.45
35.98
105.63
90.91
45.88
103.90
86.58
113.88
45
43
Total
20
Rail¬
trials
1O0H 109H
35
52
43
"46
10
20
Second
30
Indus¬
Date
May
"
$27,443,000
50 H
50H
*40
46
$2,153,000
RaUroad and industrial
Below
82
J
A
108H
$4,126,000
114
21
1H
"l08H
7,265,000
$21,164,000
State and foreign
106 H
36 H
27 H
30
38
*100 H
8
j
6,141,000
418,000
Stocks—No. of shares.
j
M
4,914,000
5,257,000
706,000
27
27 H
j
J
450,000
Government
M n
J
773,000
Exchange
27H
32 H
91H
f
4,034,000
New York Slock
103 H
3
33
81H
4,226,000
396,000
81H
107
88
O
77 H
60
2
19 %
20 H
3,570,000
322,000
746,000
Bonds
43
33 H
A
107H
109H 116
69H
236,000
790,000
3,772,000
9H
46
3
708,000
3,114,000
108H
109H
97
—
2,626,000
3,233,160
Friday
$2,211,000
1,021,990
Thursday
$331,000
550,500
....
$403,000
472,470
-
$1,477,000
687,420
Wednesday
26
-----
Sales
147,770
103
107 H
A
Bond
Shares
Bonds
Monday
Tuesday
95
109 H
M
Total
Stales
For'n Bonds
353,010
103H
117H 118H
6
117H
United
Municipal &
Bonds
Saturday
1
109H
j
State,
Mis cell.
May 6, 1938
117 H
108
J
Railroad &
Number of
Ended
.
-----
103 H
Week
80
105
95
63H
71H
9
1947
a1959
Cons s f 4s series B
68 H
48 H
47 H
8
9H
91
26
A
Vandalia cons g 4s series A
70 H
70 H
J {♦Union Elev Ry (Chic) 5s...1945
Union Oil of Calif 6a series A.-.1942 F
Vanadium Corp of Am conv
20
51 H
16
*3H
r
103 H 100 H
71
A
ivi
{♦Util Pow & Light 5 Ha
{♦Debenture 5b
15H
3
59
Stocks,
Tokyo Elec Light Co Ltd—
1st 6s dollar series
UJlgawa Elec Power s f 7a
Union Electric (Mo) 3Ha
16
59H
57
J
U.
77
77
....
12
70
106 H
Q1
*
1980
Trl-Cont Corp 6s conv
2
109H
106H
1979
.
63
99
Gen & ref 5s series D
♦AdJ income 5a
91
*109
Gen & ref 5s series C
4s..
15H
59H
{♦Wor & Conn East 1st 4H8...1943 j
Youngstown Sheet <fe Tube—
102
83
104
21
range.
4
98 H
10
9
16 H
93
104
102H
9
58 H
107
108 H
59
A
1949 J
98 H
97 H
ioe"
e
113
85
77
A...1964
"59H
73 H
105H
14
104
91
O
1977
Third Ave Ry 1st ref
98 H
98 H
Gen & ref 5a series B
Tex Pac Mo Pac Ter 5Ha
16H
68 M
11
D
S
C...1944
"16 H
J
J
1960 J
102
32
11
80 H
85
82 H
48—1961 J
103H
101
9
....
98 H 102 H
120 H
109 H 111
106 H 108H
101H 104 H
106H 110
3
104
ivi N
ivi
10 H
11
35
97 H
97 H
78
110
„
Staley (A E) Mfg 1st M 4s
deb 6s B...1944 M
4
40
79 H
110
Standard Oil N J deb 3s
Teunessee Corp deb 6s ser
79
{♦Sup & Dul dlv & term 1st 4s '36 ivi N
♦Certificates of deposit.
Wisconsin Publ'c Service
*61
-
79 H
M n
J
J
79
—
123
116
100H
1947 A O
3«s
{♦Wis Cent 50-yr 1st gen 4s
♦Certificates of deposit
03
43
J
1st cons 5a
47 H
37
39
So*western Gas & Elec 4s ser D.1960
3 Ha
23 H
41
s
5s...1951
Conv deb
43
J
2361 j
2361 j
Registered
Winston-Salem 8 B 1st 4s
A
s
Tenn Cop & Chern
West Shore 1st 4s guar
93
"48H "83"
A
M
Tenn Coal Iron & RR gen
60 H
j
J
1938
1943
63.1945
1950
2
104
85
j
1938
Swift & Co 1st M 3Ha
108H
D
84
Mobile & Ohio coll tr 4s
♦Studebaker Corp conv deb
"~3
80 H
1940 M n
East Tenn reorg lien g 5a
Staten Island Ry 1st 4 Ha
"20
in"
103
Wheeling & L E Ry 4s ser D...1966 M s
RR 1st consol 4s
1949 M s
M
B..1964
102 H
S
93
j
110
105 H
121H
121H
108H
1950 ivi N
1951 J d
1960 ivi S
1953 j
J
52 H
43
O
108H
107 H
103 H
4
111
1952 A o
1977 J
j
1943 A O
1946 ivi S
104H 108
46
J
104
109H
104K
101H
*119H
J
d
98 H
j
So'western Bell Tel 3 Ha aer
91
106
104H
*121H
J
97
1951
St Louis Dlv 1st g 4s
104H
79 H
67
*
*104
s
104H
71
90
90 H
100
73 H
A
A
77 H
64
25
72 H
1945 f
49 H
—1950 A
San Fran Term 1st 4s
10
6H
....
104H
64
Wash Term 1st gu 3 Ha
1st 40-year guar 4s
42 H
m
13
"6H "l3"
11
9
103H
Washington Cent 1st gold 4s...1948 Q ivi
22
2H
52 H
43
s
11H
7
---
75
8
46
D
-
"_76~"
1939 M s
Warner Bros Plct deb 6s
10H
5H
d
98H
0
j
ivi
6H
21
8
—-
*5H
Walker(Hiram)G&W deb 4Ha.l945 J
21
A
14H
11K
13H
9
10
7H
*5H
7H
1980 AO
Wilson & Co 1st M 4s series A.. 1955 J
1st mtge pipe
6H
-
20
*5H
1978 AO
Ha series C
♦Westphalia Un EI Power 6s.
1st 4Hs (Oregon Lines)
13
---
1976 F
♦Certificates of deposit
17H
4H
8H
Southern Natural Gas—
So Pac coll 4s (Cent Pac
30
s
deposit
♦Ref & gen 5s series D
8
14
———
28
76
67 H
Soutb <fe North Ala RR gu 5s__.1963 A
South Bell Tel & Tel 3Hs
58 H
I
88 H
90
1951 J
1950 A
Socony-Vacuum Oil 3 Ha
75
76
1952 A
Skelly Oil deb 4s
135
102
*98 H
1951 m s
f 6Hs
101H
101H
20
45H
♦Certificates of deposit
2H
*2H
S
Shlnyetsu El Pow 1st 6Hs
1951
1952
3
45
51
_
Wash Water Power
{♦Alt & Blrm 1st gu 4s
{♦Seaboard All Fla 6s A ctfs
45
20
12
-
9
4
5♦Refunding 4s
--
20
11H
-
14
12
2H
12
35
47
•
♦Certificates of deposit
♦Ref & gen 4
109H 116
*110H
O
A
28
gen 5
of
♦Ref & gen 5s series B
20
J
1 6Hs series B
1941 ivi
♦Certificates
67 H
45
*
{♦Wabash Ry ref &
105H
6
*35~~
♦Toledo & Chic Dlv g 4s
112H
110H
110
45
99 H
41H
22
♦
1941
1
High
21
44
22
*
1939
Low
66
103H
21
♦Des Moines Dlv 1st g 4s
110H
104
110 H
109 H
*106 H
110H
«*
-
18
1946
♦Stamped
s
52 H
1946
{♦Schulco Co guar 6 Ha
♦Guar
51H
No.
High
42
♦Omaha Dlv 1st g 3 Ha
S A <fc Ar Pass 1st gu g
Since
Jan.
Asked
&
102H
A
1954
♦Det & Chic Ext 1st 6s
98
102H
109H 118H
13
111
Range
or
Friday's
Low
♦1st Hen g term 4s
tPaciflc ext gu 4s (large)
Range
Bid
High
93
11
1
St Paul Minn & Man—
St Paul Un Dep 5s guar
2981
Week's
Friday
Range or
Sale
Week Ended May 6
Record—Concluded—Page 6
Week's
Friday
6.
May
5.
4.
3.
2.
May
May
May
Apr. 30.
117.16
22.90
87.40
18.21
35.04
105.49
90.69
103.53
21.45
45.36
86.27
112.71
20.95
17.80
34.81
105.35
91.00
45.19
103.51
86.26
110.09
17.90
35.19
105.25
90.81
45.44
103.43
86.23
111.28
21.26
New York Curb
2982
NOTICED—OaaM ftll
1 jg
Exchange—Weekly and Yearly Record
May 7, 1938
lalivaryt alaai n I toregardali nt be week'sr lagt inlaw! bey* re the) alyt ransactlons of the reek,a ad rben selling
No account is taken of such sales in computing the range for the year.
i
utakleit:
be
alar weekly t a age* re shown! n a footnote in the week In whleh they occur.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (April 30, 1938) and ending the present Friday (May 6,1938).
It is compiled entirely
daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
from the
Rales
Friday
Last
Par
Acme wire
v
Aero Supply
Class
B
20
t c com
Mfg class A.*
*
Week's
Rale
STOCKS
of Prices
Low
High
Price
23
"SH
23
'TX ""33*
Week's Range
for
Sale
of Prices
Low
High
Week
Par
High
34
Feb
Feb
17
Jan
Corp com...
S3 opt. conv pref
23*
Apr
43*
325*
Jan
Jan
Bohack
"e"
"e
i
i
13*
13*
"700
Jan
Mar
3*
Mar
13*
Jan
2
Jan
*
Bourjols Inc
Bowman-Biltmore
83*
Jan
1st preferred
Ala Power $7 pref...
*
*
59 X
573*
52
$6 preferred
Allee & Fisher Inc com...*
62
Apr
3*
Jan
493*
Jan
503*
443*
593*
153*
Mar
Apr
Mar
64
Jan
Mar
54 3*
Jan
Breeze
Mar
23*
Jan
Brewster
2
Mar
700
34
43*
Apr
Mar
Mar
900
3*
113*
100
Corp
"if
1
125*
45*
*
5*
Apr
15*
Feb
30
103*
Mar
23*
163*
Mar
11
Feb
3*
Feb
"113*
5*
$3
*
pref
conv
Allied
conv
Aluminum
83*
10
Products com
Class A
7
common..*
78
713*
783*
6% preference
100
Aluminum Goods Mfg...*
Aluminum Industries com
98
98
98
Aluminium Ltd common.*
87 3*
100
10334
6% preferred
American Airlines Inc.—10
Jan
Mar
43*
43*
4
25*
2,100
200
100
2,050
58
Mar
90
Feb
93
88
1033* 1033*
103*
123*
12
Apr
Apr
1,600
50
67
943*
8
1,700
63*
100
Feb
Mar
44
73*
Mar
Mar
5*
73*
1063*
163*
53*
Jan
Mar
Feb
953* Mar
103 3* May
133*
Apr
Mar
13*
Jan
Mar
52
Feb
Mar
103*
Jan
Capital—
2
10c
$5.50 prior pref
*
Amer Centrifugal Corp—1
Mar
3*
105*
*
preferred
56
23*
13*
23*
3,800
Feb
3*
Apr
233*
£693*
33*
Jan
Apr
15*
3
Mar
Mar
Jan
Feb
Mar
Am Cities Power & J«t<—
100
7% preferred..
Class A
21
Registered
Amer dep rets reg
British Celanese Ltd—
Class 33—
100
Brown Fence & Wire com. 1
Class A pref
16
Apr
28
Jan
163*
Apr
Jan
2
2
2
200
13*
Mar
Jan
Bruce (E L) Co com
273*
153*
Mar
*
Preferred
American General Corp 10c
$2 preferred
-.1
109?*
4
33*
243*
12.60 preferred
1
Amer Hard Rubber Co..50
Amer Ihvest of Illinois.—*
Amer Laundry Mach—20
Amer Lt & Trac com
25
6%
775
300
4
243*
60
9
50
16
16
"260
123*
243*
13?*
133*
Amer Mfg Co common 100
Preferred..—.
100
Amer Maracaibo Co
1
Amer Meter Co.—
100
133*
1,800
245*
133*
100
25
"""% ~~"ii
'4~, 900
—*
10
Amer Seal-Kap com
2
Am Superpower Corp com *
1st preferred
*
Republics
63*
73*
T, 700
3*
583*
113*
33*
13*
73*
60
5
33*
Anchor Post Fence
*
3*
2,600
8
8
"too
98
10
33*
6
7
Art Metal Works
3*
33*
1,600
1,800
4,500
1,200
Jan
5
6
6
6
100
1
33*
35*
4
1,200
93*
1
Class A..
1
...♦
preferred
93*
100
Feb
Jan
Jan
Jan
Apr
75
Jan
Mar
18
Jan
Jan
4
Feb
Jon
?H
Mar
23*
Mar
4
73*
Apr
163*
Feb
Apr
1035*
Jan
Mar
»»
Feb
Jan
23*
23*
Mar
45*
Mar
45*
Jan
43*
Mar
7
Jan
Mar
72
Jan
Jan
5
Mar
7
Jan
33*
Mar
4
Jan
Jan
3*
200
•n
Mar
1
Jan
13*
2,400
5*
15*
Jan
73*
700
35*
Apr
Mar
85*
Jan
500
'•i
Jan
hi
Jan
Mar
3*
Jan
70
Mar
70
Mar
67
Mar
67
Mar
Austin Silver Mines
33*
900
Mar
30
Jan
"3* "l"
ltoo
5*
Mar
83*
200
63*
Mar
Jan
Jan
3*
1,500
3*
Mar
13*
73*
300
3*
63*
Mar
13*
153*
5*
23*
83*
4
Mar
83*
Jan
15
Apr
21
Jan
Mar
13
Mar
8
83*
1
3*
3*
13*
73*
Automatic Products
5
Automatic Voting Mach..*
Avery (B F)
5
6% preferred w w
25
6% pref xw—
....25
200
13
Warrants
Aviation & Trans Corp—.1
Axton-Flsher Tobacco—
13*
13*
Class A common.....10
Babcock & Wilcox Co
*
New common
...»
21
22
7%
30
Bardstown Distill Inc
1
23*
15
45*
Mar
Apr
100
1
Mar
13*
1,000
1
Mar
1*366
75*
Mar
Mar
43*
com
Conv preferred
100
Conv pref opt ser '29.100
51
Mar
100
3
May
300
13*
13*
13
1,600
13*
83*
Mar
113*
33*
4
900
23*
Mar
1563* 160
40
,
100
13*
Char Is Corp
10
Cherry-Burrell com
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chlo Rivet & Mach
Jan
Cities Service
Mar
Preferred
*
Preferred B
*
Preferred BB
*
new
1
100
com..10
3*
Rosenberger Inc.*
Colon Development ord
6%
conv
pref
Mar
633*
Mar
63*
Jan
23*
Jan
16
43*
73*
73*
1,000
153*
2987
65*
85
Jan
80
Jan
32
Jan
300
43*
May
63*
200
65*
Mar
153*
Jan
25
Jan
"23* "25*
67
65
t,306
153*
25
13*
•11
53*
i33*
80
69
*82"
12
683*
33*
Jan
Apr
Mar
43*
Feb
Mar
233*
Feb
Apr
82
Jan
69
Jan
Mar
683*
May
84
Feb
150
755*
53*
Apr
90
Jan
Apr
83*
72
4
103*
30
82
13*
3*
2,800
150
64
Mar
773*
Jan
3,200
2,500
1
Mar
23*
Jan
Apr
3*
Jan
13*
»xi
53*
133*
3*
123*
Mar
Jan
"53*
"53* "53*
300
500
"""25
3
Mar
6
Mar
15
Jan
8
10
Apr
10
Apr
63*
Jan
3
Mar
73*
Feb
33*
33*
400
334
Mar
4
Jan
55*
53*
200
53*
Mar
6
6
100
5
Mar
83*
73*
Jan
10!
995* 101
523*
53
95*
45
45*
42
Jan
110
Mar
Jan
60
Feb
100
97
40
53*
5*
203*
Mar
93*
Jan
Mar
ni#
Jan
73*
May
Mar
3*
200
243*
253*
95*
475*
45*
46
58
583*
45*
225
75*
393*
33*
363*
573*
21
200
5*
25
8,000
21,900
1,600
Mar
39
45*
45*
103*
Apr
47"3*
43*
May
Mar
350
46
20
Mar
75
29
Feb
72
50
26
Feb
67
100
4
Mar
6
Mar
16
13*
13*
1,200
Mar
1
Jan
23*
323*
"32"
Feb
2
213*
23*
56
Jan
Jan
Mar
205*
"323*
""650
43*
700
Mar
303*
33*
May
May
Feb
Feb
*
Jan
33*
Feb
20
Jan
23*
4
Jan
Mar
""160
353*
Mar
63*
Feb
Apr
33*
Jan
1
Mar
13*
Jan
7
~~VA '"13*
Feb
Mar
2
43*
Mar
6
10
Jan
Jan
63*
2,600
13*
Mar
33*
Mar
33*
43*
Jan
200
1,200
.33*
Mar
Mar
73*
61
Jan
45
2
Feb
48
Mar
60
Jan
Colt's Patent Fire Arms. 25
Columbia Gas <fc Elec—
Jan
Jan
Commonwealth & Southern
Commonw Dlstrlbut
Apr
•i«
Mar
13*
Jan
Community P & L16 pref *
Community Pub Service 25
Community Water Serv.. 1
3*
Mar
3*
103*
303*
Jan
Mar
11
Apr
59
57
12
683*
12
4
Feb
Mar
Mar'
13*
Jan
3
43*
Conv 5% preferred-.100
Columbia Oil & Gas.....1
Apr
14
100
warr.
Jan
Jan
Apr
43*
43*
Mar
Mar
Apr
Mar
O
Jan
34
Mar
43*
63*
20
43*
Jan
173*
O
1195*
Apr.
Jan
653*
43*
Apr
Mar
Jan
13*
Apr
50
£1
Mar
10
5
see page
Jan
33*
Mar
5,400
Cohn &
Jan
Mar
65*
*
com
Jan
165
30
*
1
83*
Jan
Jan
Elec Ilium
*
Cleveland Tractor com
*
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co.—*
Cockshutt Plow Co com..*
Apr
100
12.50 conv pref
*
Blrdsboro Steel Foundry &
com
147
1.900
Bickfords Inc common...*
com
10
Jan
71
1
93*
3*
Purchase warrants
67
Cities Serv P «fe L $7 pref.*
$6 preferred
*
53*
143*
*
com
95*
15*
23*
43*
26
43*
85*
4
1143*
Bell Tel of Pa 63* % Pf-100
Benson & Hedges com....*
Berkey & Gay Furniture. 1
25*
5
Jan
Jan
Mar
Mar
"xi
7
17
Centrifugal Pipe
*
Chamberlln Metal Weather
Chief Consol Mining
Childs Co preferred
Feb
23*
Jan
215*
45*
8
1
6% pref without warr 100
7% preferred
100
Colorado Fuel <fe Iron
123*
Conv pref
45*
17
Apr
60
Claude Neon Lights Inc.. 1
Mar
Jan
26
%
Clayton <fc Lambert Mfg..*
25*
113*
22
683*
Cent Ohio Steel Prod
1
Cent Pow <fe Lt 7% preflOO
Jan
250
5
Apr
300
*
Apr
1
For footnotes
—
245*
1
Blauner's
1st preferred
Cent Hud G & E com
*
Cent Maine Pw 7% pref 100
Cent N Y Pow 5% pref. 100
93
1
Bliss (E W) new
Bliss & Laughlln
7% 1st partlc pref—100
Celluloid Corp common. 15
$7 div preferred
*
Mar
May
Apr
Mar
5*
10
Catalln Corp of Amer
1
Celanese Corp of America
Cent States Elec
5*
5*
-*
Clark Controller Co
Beech Aircraft Corp
Machine Co
Casco Products...
Castle (A M) com
Apr
"I'm ""53*
4
100
*
*
Carter (J W)Co common. 1
235*
20
4H
19
Jan
Mar
Bell Aircraft Corp com
com
"l50
Jan
133*
1,600
3
253*
33*
Mar
570
63*
3
25
13*
City Auto Stamping
*
City <fe Suburban Homes. 10
Bellanca Aircraft
Bell Tel of Canada
Jan
18
213*
Jan
500
3
1003*
Mar
Mar
1
com
23*
Barlow & Seellg Mfg A...5
7% 1st pref
—100
Beaunlt Mills Inc com..10
Apr
10
3 3*
6,600
13*
Bath Iron Works Corp.—1
Baumann (L) & Co com..*
88
16
Jan
63*
13*
550
500
9
Jan
25*
33*
15
22 3*
Apr
Apr
Jan
T.Ioo
1
Barium Stainless Steel
33*
15
.....
39
Apr
Feb
Cleveland
com.
preferred
Baldwin Rubber Co com.l
323*
185*
Apr
800
43*
23*
173*
Mar
"223*
33*
Apr
Feb
15
23*
13*
633*
"26"
223*
Baldwin Locomotive—
Purch warrants for
15*
Mar
40
23*
73*
1,300
71
43*
8
22
*
26
Mar
133*
40
Jan
Apr
May
May
*
Carolina P & L $7 pref—*
23*
943*
213*
965*
13*
2
$6 preferred
Carrier Corp
16
5
103*
13*
Carnegie Metals
Atlanta Gas Lt 6% pref 100
3
400
25
Class B
Strip Co
33*
10
23*
Carnation Co common—*
Atlan Brlmlngham & Coast
RR Co pref
100
Atlantic Coast Line Co..50
Atlas Corp warrants
Atlas Plywood Corp
*
153*
1,400
Apr
3*
73*
40
*
25c
Feb
113*
300
500
*
Jan
Mar
63*
23*
33*
Jan
83*
6
1
Carlb Syndicate
Carman & Co class A
>»
3*
3*
53*
13*
Option warrants...
Assoc Laundries of Amer.*
Atlantic Coast Fisheries..*
B non-voting
Canadian Marconi
Capital City Products
Cent & South West Utll 50c
£1
Jan
250
18
73*
13*
3*
33
31
203*
200
253*
93*
96
Jan
Mar
193*
shs-£l
Jan
Industries
Amer deposit rets
Assoc Gas & Elec—
Common
Amer dep rets pref
Mar
59
com
Ashland Oil & Ref Co
$5
Jan
33*
98
Jan
33*
he
Mar
300
263*
123*
965*
36
13*
Feb
21
Jan
1,000
Apr
25*
Apr
33*
Jan
273*
40
5
83*
203*
14
263*
3*
Mar
Apr
Mar
33*
May
1
193*
225*
Jan
Jan
635*
200
300
13*
Canadian Indus Alcohol A*
Apr
Jan
20
t c—*
Jan
Apr
21
hi
v
Mar
Mar
Apr
Cables & Wireless Ltd—
Calamba Sugar Estate. .20
Canadian Car & Fdy' pfd 25
»M
Mar
Cable Elec Prods
Mar
23
Feb
28 3*
Mar
13
245*
Jan
8H
Mar
15*
215*
Apr
Apr
Mar
Burry Biscuit Corp.. 123*c
Mar
1,900
7
Elec
$5 1st preferred
Mar
Mar
15
Feb
Jan
Mar
Jan
Apr
Mar
10
43*
273*
23*
5
223*
113*
Jan
Jan
Apr
Burma Corp Am dep rets..
26
183*
143*
Mar
3*
23*
Bunker Hill & Sullivan 2.50
Mar
273*
88
Feb
Mar
Feb
Mar
145*
Preferred—
.....10
Arkansas P & L $7 pref-—*
Associated
1115*
Jan
May
May
8
215*
143*
58*
3*
23*
23*
*
13*
125*
30
Jan
263*
5
50
pref25
*
Buckeye Pipe Line
Buff Nlag & East Pr
Apr
300
60
3*
33*
33*
Common class A
23*
23
3
145*
Arkansas Nat Gas com...*
Mar
Apr
3*
*
Angostura Wupperman—1
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
SArcturus Radio Tube—.1
Mar
Mar
Mar
103*
3*
33
203*
63*
30
Preferred
American Thread pref
....
104
54
Amer Pneumatic Serv
*
Amer Potash & Chemical.*
American
o'A
83*
193*
Jan
Feb
25
9
25
preferred
300
253*
253*
$6 preferred
*
Brown Rubber Co com—1
"im "163* "183* ~~8~, 200
263*
33*
273*
265*
10,800
Jan
Apr
Mar
20
*
600
13*
13*
93*
93*
25?*
303*
1063* 1093*
Jan
53*
*
......
IBrown Co 6% pref
375
30
73*
Mar
26
British Col Power class A.*
21
Amer Fork & Hoe com...*
50
£1
22
Amer Gas & Elec com.t..*
Jan
Mar
reg.-10s
18
Jan
Feb
123*
18
bearer£l
17
1
Feb
Feb
65*
-_—--*
—
3
Amer Tobacco—
Am dep rets ord
21
.
21
British Amer Oil coupon..*
British
Jan
Jan
283*
22
Class B
21
—..———
Brown Forman Distillery. 1
Amer Cyanamld class A. 10
Class B n-v
10
Amer Foreign Pow warr—-
76
"600
Brlilo Mfg Co common...*
25
A
"ili "13*
2
Class A with warrants.25
Class
10
Jan
Jan
•11
13*
Am dep rets ord
Class A common..—10c
Common class B
76
Class A—
100
76
Bright Star Elec cl B
Brill Corp class B
33*
82
25
53*
Preferred
Jan
Feb
15
Amer Box Board Co com.l
S3
Jan
9
15
American Beverage com—1
American Book Co
100
American
103*
Feb
Mar
com.....25
Co
Mar
125*
13*
163*
Jan
Bridgeport Machine
com
Mar
13*
75*
"i,zob
45*
43*
7
50
Jan
Jan
Mar
Apr
200
Bridgeport Gas Light Co.
3*
3*
113*
43*
Aeronautical...
Allied Internat Invest com*
Alliance Invest
13*
39 3*
93*
25*
2d preferred
100
Brazilian Tr Lt & Pow—*
1st preferred
High
1
10
123*
com..*
Mar
7%
Low
1,200
*
3*
335*
-
Southern. .60
13*
353* £36
6
63*
100
25
Borne Scrymser Co
Mar
1
7%
1
(fl C) Co com...*
53*
100
1,100
Range Since Jan. 1, 1938
Shares
1
Blumenthal (S) & Co—
23
1
Price
Blue Ridge
Apri
113*
Warrants
Gt
Last
193*
T.666
Conv preferred.
Alabama
Low
Shares
50
Sales
Friday
STOCKS
(Continued)
Range Since Jan. 1, .1938
for
Week
143*
23
Agfa Ansco Corp com
1
Alnaworth Mfg common..6
Air Devices Corp com
Air Investors common..
Range
Jan
Jan
Mar
9
Mar
11
Feb
95*
Jan
215*
Jan
51
35*
Warrants
75
51
35*
3
3,300
23*
Mar
43*
Jan
3*
1,300
3*
3*
Jan
3*
3*
Jan
3*
1
Feb
Apr
24
22
24
100
16
Mar
28
Jan
233*
223*
25
450
183*
Mar
25
May
3*
Apr
1
Jan
Volume
New York Curb
146
Friday
STOCKS
Last
(Continued)
Sale
Par
Price
Exchange—Continued—Page 2
Sales
Week's Range
of Prices
High
Low
V t
to 1946—
c ext
11*4
1
Consol
5
Copper Mines
1134
43*
"I H
Consol QELP Bait com *
43*
63
64
100
113*
400
5
43*
4,600
300
64
100
6% pref class A
Consol Gas Utilities
33*
33*
55
"is
Apr
Apr
Apr
Mar
Mar
13*
Mar
53*
200
53*
{Continental Secur com..5
Apr
3*
43*
Mar
Mar
Cooper Bessemer com
S3 prior preference
*
Copper Range Co
*
Copperweld Steel com..10
Corroon & Reynolds—
Common
1
23*
63*
213*
63*
Jan
1
Jan
53*
Jan
Jan
Jan
Jan
Jan
Jan
80
3*
Jan
May
Jan
Gen
33*
Mar
834
Jan
"166
"eoo
"134 ""l34"
Jan
Mar
Mar
Mar
1
6% preferred A
Mar
18
Feb
Jan
he
7
*ie
100
Jan
103*
Jan
334
Jan
GUchrist Co
Mar
33
Apr
106
Mar
Feb
10
35
17
53*
33*
34
Jan
83*
1334
Jan
Jan
11
Apr
Apr
22
Mar
25
23*
423*
900
234
43
75
Mar
2
Mar
383*
Detroit Gasket & Mfg—
20
123*
13*
134
200
234
300
2
Detroit Paper Prod
1
Detroit Steel Products...*
200
23*
Detroit Gray Iron Fdy.—l
Det Mich Stove Co com__l
123*
23*
400
Feb
Jan
Mar
iSfi
Apr
Mar
Mar
"3"
100
334
"334
"566
"ilk "1134"
Divco-Twin Truck com.-l
*166
1
763*
763*
30
58
93*
693*
693*
25
150
35
434
313*
600
313*
34
43*
34
50
*
Duro-Test Corp com
1
Duval Texas Sulphur
*
10
Eagle Picher Lead
100
7% 1st preferred
Jan
22
1
Gulf Oil Corp
Jan
9
100
75
Grocery Sts Prod com..25c
Jan
16
243*
334
700
1203*
119
Gt Northern Paper
25
Greenfield Tap & Die...
53*
93*
3*
363*
8J*
3*
53*
934
3*
363*
'""266
2",500
100
Gulf States Utll $5.50 pref
Feb
Jan
86
25
35
3,100
Eastern Malleable
Hall Lamp Co
13
Jan
Haloid Co
1534
Jan
Hartford Elec Light
Hartford Rayon v t c
234
200
134
400
34
34
1,000
*
203*
Jan
110
Mar
Mar
2
Feb
Mar
65
Jan
34
Jan
Mar
5
400
33*
63*
Jan
400
6
May
934
Feb
2,700
7
Mar
133*
Jan
2
Mar
33*
Jan
Heyden Chemical
150
43
Mar
61
Jan
20
Hoe (R) & Co class A—10
Holllnger Consol G M—5
Holophane Co common..*
Holt (Henry) & Co cl A..*
Hormel (Geo A) A Co com*
Horn (A C) Co common.. 1
Horn A Hardart
*
233*
223*
233*
350
"l34 "13*
"466
Apr
31
Jan
63*
"l3*
$7 preferred series
A-—*
183*
17
183*
16
Apr
11
Jan
34
Mar
334
334
400
23*
Mar
Mar
49,800
103*
3*
43*
300
1,600
1,100
125
14
275
193*
183*
3 3*
13
Economy Grocery Stores.*
Eisler Electric Corp
1
1
Elec Bond A Share com..5
83*
*
*
$5 preferred
56 preferred--.
1
483*
5234
33*
33*
*
263*
Elec Power Assoc com—-1
Class A
Elec P & L 2d pref A
43*
—
1
2
56 conv pref ww
-*
Elec Shovel Coal 54 pref- *
60
Common
1
6
443*
46
3
36
Mar
503*
Feb
42
Mar
58
Jan
2
Mar
4
Jan
2
Jan
.
61
50
50
33*
"134 "13*
13*
60
33*
10
1,666
~55~~
250
Apr
Apr
May
Mar
53*
23*
753*
6
Jan
Jan
Jan
Jan
13
Jan
*
Mar
Apr
Mar
Jan
6
Mar
Jan
Jan
Jan
Jan
1634
Feb
Jan
93*
93*
123*
93*
13
Mar
Apr
Mar
Mar
6
Mar
Jan
7
Jan
73*
63*
203*
Jan
Feb
Feb
Jan
8
Mar
373*
Feb
Mar
423*
Apr
200
53*
Mar
12 3*
Jan
200
113*
Mar
1434
143*
Jan
Feb
9
93*
300
6
6
500
9
May
53*
243*
23
100
243*
100
425
20
Mar
6
Apr
20
Apr
20
334
213*
983*
Apr
4
Apr
Feb
Jan
243*
1003*
Jan
Mar
Mar
8
7% pref stamped
100
7% pref unstamped..100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co...*
6%
65J4
43*
70
70
43*
3,400
100
Mar
11
Jan
56
Mar
70
Feb
preferred.—
50
Illinois
Jan
Zinc
8134
Jan
55
Apr
134
234
153*
34
133*
434
2
Mar
1,700
12
Mar
173*
434
1,600
334 Mar
53* Mar
483* Jan
133*
493*
200
56
553*
1,900
1,050
28
Jan
58
32
Jan
58
19
50
193*
Apr
22
Feb
400
63*
Mar
103*
Feb
Indiana Pipe
Mar
"IS
Jan
Indiana Service
13
103*
13
7% preferred
100
IndplsP & L63*% Pf-100
133*
133*
133*
2,400
734
2234
Mar
13
Jan
Mar
81
Jan
hi
Mar
163*
173*
1734
2,500
1734
100
14
17
14
200
£1
Line
10
6% pf-100
13*
Mar
Apr
15
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Jan
6
Jan
Feb
83*
193*
Mar
19
Mar
Jan
7
734
200
100
153*
Apr
133*
Mar
143*
32
Imperial Tobacco of Can.5
Imperial Tobacco of Great
A Ireland
Mar
73*
Jan
Britain
73*
Jan
TIoo
Feb
573*
Mar
Jan
Feb
Jan
33*
153*
28
Imperial Oil (Can) coup..*
Registered
*
34
73*
534
23*
33 3*
43*
13*
Imperial Chem Indus—
Am dep rets ord reg..£l
May
May
May
May
Jan
Mar
193*
13*
Illuminating Shares cl A..*
1H
63*
73*
*
Feb
24
Mar
3
4
Div arrear ctfs
Jan
23*
3*
43*
1
Common
Apr
Mar
373*
Jan
83*
Mar
634
10
Jan
Feb
16
Mar
Mar
11
Feb
16
82
10
Feb
Apr
883*
Jan
Indian Ter Ilium Oil—
3*
500
334
334 !* 334
2,000
3*
3*
Jan
33*
May
17
17
17
100
2
Mar
Mar
10
163*
Apr
43*
100
Mar
20?*
Jan
4
Mar
Mar
63*
83*
Jan
434
43*
32
17
16
17
200
Jan
15
Mar
32
Jan
Jan
Jan
113*
"_3* "_3*
Mar
23
14 H
Mar
V.400
3*
Jan
'is
Jan
393*
43*
Apr
603*
1,300
Mar
73*
Jan
483*
Mar
633*
Mar
Fire Association (Phils).10
53*
100
2987.
Apr
3*
33*
1334
12
5834
134
134
13*
Jan
28
1
For footnotes see page
Apr
Apr
Jan
103*
Inc—5
1
63*
1
Mar
1
33*
30
150
25
Corp
Mar
Apr
19
1
134
Mar
800
734
"if
Mar
63*
23*
53*
63*
56
34
Jan
88
T066
553*
573*
734
Feb
80
754
523*
513*
523*
"is
4234
Jan
9
503*
"734
Mar
Jan
May
Jan
Mar
54
573*
•11
J*
20
55
58
934
Feb
{Huylers of Del Ino—
Jan
k
Apr
Feb
27
Hummel-Ross Fibre Corp 5
4
5
Fldello Brewery
56 preferred
Humble Oil A Ref—
35
Fiat Amer dep rights
Fisk Rubber
103*
Jan
Mar
700
3
Feb
18
100
Mar
Mar
•
73*
Mar
40
Hubbell
Mar
2
6% preferred(Harvey)
Jan
Mar
600
200
Jan
23*
"53"
Fanny Farmer Candy coml
Fansteel Metallurgical
*
400
10
13*
153*
1
Ferro Enamel Corp
Feb
83
43*
25
17
1
Federal Compress A
Warehouse Co com
Jan
14
460
3*
Falstaff Brewing
14
l.SflO
"
Option warrants
Fairchild Aviation
Jan
Apr
33*
15
Empire Dlst El 6% pf-100
Empire Gas A Fuel Co—
6% preferred
100
634% preferred
—100
7% preferred..
100
8% preferred
100
Empire Power part stock-*
Emsco Derrick A Equip..5
Equity Corp com—
10c
Esquire-Coronet
1
Eureka Pipe Line com.—50
European Electric Corp—
Jan
Jan
43*
60
134
Jan
43*
263*
4
3
1
24
23*
1
Electrographic Corp
Electrol Incvtc
700
26
Mar
Jan
213*
134
-
83*
483*
5234
33*
134
Mar
13
2
Edison Bros Stores
.
73*
16
Hewitt Rubber common.
56 preferred series B—*
Easy Washing Mach B—*
Fedders Mfg Co
153*
434
Hires (Chas E) Co cl A._
*
Elgin Nat Watch Co
43*
-.2
w w__
33'"
Apr
Apr
"11
34
Class A
534
Preferred
1173*
253*
43*
H
83*
60
Helena Rubensteln
934
Iron.25
Option warrants
Electric Shareholding—
Brewing Co...
Corp of Am cl B com.l
Hazeltlne Corp..
Hearn Dept Store com...5
6% preferred
50
Hecla Mining Co
25c
Heller Co common
36
9
25
1
234
134
234
63*
Corp
Eastern States
Jan
72
53*
49
23*
81
*
preferred
6
48
Jan
Feb
Feb
Jan
Feb
44
4
44
33*
stock...
834
49
*i«
Jan
com
6
*
93
Jan
493*
1243*
East Gas <fe Fuel Assoc—
Common
173*
Apr
Jan
Mar
Non-vot
934
434% prior preferrd.100
6% preferred..
100
Mar
34
16
Mar
Apr
Jan
Jan
1
3*
Jan
634
35
634
54
Durham Hosiery cl B com *
Mar
Jan
Feb
63*
Mar
2
Hat
"300
26
10
Harvard
"134 "in
43*
2,500
43*
41
Mar
Jan
13*
Apr
33*
Jan
100
Mar
63*
Great Atl & Pao Tea—
63
Duke Power Co
Jan
76
Gray Telep Pay Station. 10
67
Dublller Condenser Corp.l
38
89
Mar
Mar
Apr
Mar
5
35
Feb
Mar
Mar
58
Jan
Jan
113*
108
Jan
Mar
Mar
Jan
Jan
Jan
300
88
534
preferred
Mar
153*
Apr
93*
S3
47
14?*
Mar
283*
...
Gorham Inc class A
67
153*
44
Mar
100
10
Jan
Mar
75J*
14
Apr
$7 preferred
Goldfieid Consol Mines..
Diaper Corp
100
Jan
Mar
Mar
Godchaux Sugars class A.*
Class B
*
Dominion Textile com...*
7% preferred..
Jan
Mar
Domin Tar & Chem com.*
Driver Harris Co
Mar
434
Hart man Tobacco Co
Dominion Steel A Coal B 25
13*
8J*
3*
Jan
Mar
47
53*
33*
Feb
Jan
Mar
{Grand Nation'l Films Inc 1
Grand Rapids Varnish...*
2
Mar
13*
30
Jan
Jan
33*
Mar
Mar
Jan
70
Feb
40
Mar
3
""900
"ilk "12
Mar
in
Feb
193*
134
223*
234
934
934
""60
33
Jan
203*
134
2
14
3
50
1«« May
1,200
43*
Grumman Aircraft Engr.
Guardian Investors
3
Apr
3*
Apr
10
Diamond Shoe Corp com
Apr
Mar
10
Distilled Liquors Corp...5
Distillers Co Ltd
£1
Feb
3*
133*
Jan
Jan
Mar
14
700
Gorham Mfg Co—
V t c agreement extend-*
Jan
Feb
73*
14
134
Jan
Mar
34
Jan
Apr
Jan
Mar
14
193*
263*
Glen Alden Coal..
Jan
he
Mar
*
Mar
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
Dejay Stores
1
Dennison Mfg 7% pref-100
"12"
Gilbert (A C) common..
Preferred
634
23*
183*
65
33
Jan
Apr
Mar
41
693*
preferred
Feb
23,300
7
82
1
134
93*
ht
93*
13*
9
33
Jan
87
*
Jan
102
Jan
163*
3*
100
com
Georgia Power $6 pref—
$5
Mar
Apr
40
$3 preferred
263*
*
Jan
Jan
100
S3 conv preferred
General Tire A Rubber—
Gen Water G A E
Feb
Mar
7
100
534% preferred
*
General Telephone com.20
234
....10
11
300
2
Rayon Co A stock
Jan
5
1034
13*
134
183*
'M
Jan
Jan
334
75
*
12
Jan
"I"
preferred
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*
•is
Jan
Jan
73*
Warrants
Jan
Jan
2734
700
$6
234
133*
3*
234
86
*
Mar
900
Mar
63*
100
Mar
Mar
Cuban Tobacco com v t c. *
Dobeckmun Co com
5%
1
173*
34
143*
63*
Jan
83*
163*
Mar
5,600
63*
5
Mar
303*
Feb
53*
34
23*
Apr
83* May
Mar
13*
213*
Jan
Apr
28
Mar
193*
200
15
Mar
73*
23*
Gatineau Power Co com..*
5H
Jan
Feb
4% conv preferred...100
Gamewell Co 16 conv pf_._*
Jan
72
Jao
Jan
*183*
Jan
Jan
16
Derby Oil A Ref Corp com*
Preferred
*
15
Gen Flreprooflng com
*
General Investment com.l
533*
1834
Mar
63*
Amer dep rets ord reg.JEl
100
Mar
13*
Gen Electric Co Ltd—
300
100
14H
IS
Jan
Mar
Jan
2,200
100
33*
1
preferred
Jan
533*
134
63*
83*
534
Mar
conv
Feb
25
Darby Petroleum com...5
83*
35*
25
Apr
Mar
$3
173*
33*
163*
*454
7
Jan
Mar
17
163*
413*
18
934
13*
700
163*
High
Mar
Mar
Mar
300
1,200
Low
26
Mar
Feb
23*
434
1
734
22J4
234
533*
13*
63*
350
41
18
93*
543*
Mar
434
Range Since Jan. 1, 1938
for
Week
Shares
*
Jan
I*
834
Curtis Mfg Co (Mo)
5
Cusl Mexican Mining..50c
17
15
Mar
Crystal Oil Ref com..—.*
Preferred
Conv preferred
Fruehauf Trailer Co
Fuller (Geo A) Co com
Mar
100
of Prices
High
1
434
19
"4"
134
434
Franklin Rayon Corp
.1
Froedtert Grain A Malt—
Common
Week's Range
Low
373*
Amer dep rets... 100 frcs
Fox (Peter) Brew Co
5
643*
334
8134
13*
"166
20
3
Crown Cent Petrol (Md)-5
Crown Cork Internat A—*
Crown Drug Co com.-25c
41
*
*
preferred
General Alloys Co
Crowley, Milner & Co—*
De Vilbiss Co com
B
115
3*
1
ww
Class
Price
Ford Motor of France—
43*
12
Cramp (Wm) A Sons com.l
Creole Petroleum
5
Crocker Wheeler Elec
*
6% pref
Ford Motor of Can cl A..*
400
£1
Class A
reg-.£l
14
"I)*
63*% preferred
Am dep rets ord
*
63*
6
20
20
50
Cuneo Press Inc
Florida P A L |7 pref
Ford Motor Co Ltd—
""4J* ""43*
63*
16 preferred A
*
Cosden Petroleum com—1
Croft Brewing Co
Mar
Jan
Jan
Arp
51
$4 preferred
634
70
Mar
6H
1,000
434
Mar
33*
434
23*
673*
43*
Cook Paint & Varnish—
6% preferred
Mar
Mar
75
Cont Roll A Steel Fdy—
Preferred
May
•lS
200
15xe
Cont G & E 7% prior pf 100
Continental Oil of Mex—1
Courtaulds Ltd
Feb
5
23*
8% preferred
100
Consol Royalty Oil
10
Consol Steei Corp com...*
5% conv preferred
15
Jan
48 J*
»u
1
Consol Retail Stores
Mar
11
Sale
Par
High
1133*
1
Consol Mln A Smelt Ltd .5
Last
(Continued)
Low
Compo Shoe Mach—
Consol Biscuit Co
STOCKS
Range Since Jan. 1, 1938
for
Week
Shares
2983
Sales
Friday
5
543*
53*
55
50
Jan
Non-voting class A
*
134
Mar
13*
Jan
Class
*
134
Mar
134
Feb
3*
Mar
3*
Mar
483*
Mar
B
Industrial Finance—
V t
7%
c common
preferred..
1
100
Insurance Co of No Am. 10
83*
573*
83*
57
83*
573*
25
650
7
Feb
83* May
613*
Jan
Last
Week's Range
for
Sale
of Prices
Price
International Cigar Mach
Low
High
Low
Shares
High
Apr
Feb
173*
3*
Feb
Mar
Moody Investors pref
*
"2% "2%
Y.ioo
1%
Mar
334
Jan
Moore Corp Ltd com
*
33
Feb
Mar
313*
Mar
145
JuB
145
Apr
31
Mar
100
Moore (Tom) Distillery..i
Mtge Bk of Col Am shs
Mar
2
6
"~2%
25%
25 %
25%
25%
7%
*
Registered
7
Apr
23
Jan
3,400
3%
26 34
25%
4
200
2%
Mar
434
Feb
6%
7%
500
5
Mar
Jan
%
%
100
834
34
International Products—*
1
Safety Razor B__*
100
24%
%
Jan
Feb
Class A.......
100
6
Mar
25
Interstate Home Equip. .1
Milis..*
Interstate Power $7 pref..*
Investors Royalty
—1
24 %
25
200
"3k "3%
Vitamin... 1
"400
3%
500
3%
Interstate Hosiery
3%
534 % preferred
100
6% preferred
—100
7% preferred
100
Jonas & Naumburg...2.60
Steel-100
~7o"
5
Tube & Lamp A *
Jan
""36
2% Mar
3% May
25%
2%
Mar
Feb
Y%
May
Mar
9%
"266
7%
Mar
300
Mar
May
Jan
434
Jan
Jan
34
1574
123*
34
73*
334
Jan
Jan
Jan
Jan
27
400
134
Apr
3
Jan
300
234
26
21
Mar
10
107
Jan
4334
10834
Mar
"266
8%
50
8%
Jan
Jan
Jan
Mar
4
5%
21?*
73*
Mar
Apr
11?*
Jan
1%
33*
Jan
100
"u
Mar
Klein (D Emll) Co com.
14%
Klelnert (I B) Rubber
Knott Corp common
5%
x5%
Apr
Mar
6%
6%
100
'99k
99k
"75
Kobacker Stores common
95
1134
51
52 %
4,900
2
2%
500
4534
4%
4%
100
3%
Leonard
7lf
17
17
Jan
9
Mar
Jan
1234
Feb
Feb
Jan
1%
21%
10%
.1
9%
9%
8%
Lone Star Gas Corp
*
Long Island Lighting—
Common.
_._.--*
7%
7%
Mar
574
*ii
134
Mar
2
2,300
1%
22%
10%
9%
7%
National Transit
Nat Union Radio
Navarro Oil Co
Apr
3
434
Jan
Feb
134
May
Feb
133*
Jan
13
Mar
Feb
5
>'n
1734
Jan
Mar
Apr
203*
1534
Mar
2534
Jan
Jan
14
Feb
Apr
25
Jan
23*
223*
Jan
200
1
Mar
50
19
Mar
650
734
9,700
800
Jan
May
Mar
10?*
Jan
634
Mar
1034
Jan
634
Mar
93*
Jan
1%
1%
1%
2,000
1
Mar
134
Jan
31
90
30
Apr
42
Jan
28J*
75
2534
Apr
34 34
Jan
134
7%
33
28
33
Mar
2?4
Jan
7%
6,700
"28%
8%
"l50
1
%
%
600
1
1%
1Vs
400
634
Mar
34
~26
Mar
24
Mar
34
134
Mar
3634
preferred
*
Mapes Consol Mfg Co...*
conv
Apr
17
Apr
Mar
934
Jan
34
Jan
38
Jan
13*
Jan
334
Jan
45
Feb
193*
Mar
Communlca'ns ord reg £1
*
Mass Util Assoc v t o
1
734
*
Marlon Steam Shovel
18
1
1%
1%
400
9%
1%
Massey Harris common..*
Master Electric Co
834
8%
300
234
900
8%
100
12%
300
12
Jan
Mar
33*
134
434
1134
Mar
734
24
Jan
Mar
Jan
Mar
73*
234
Mar
7?*
Feb
Mar
163*
Jan
Jan
May Hosiery Mills Inc—
*
47
McCord Rad & Mfg B...*
*
Memphis Nat Gas
5
com
9%
183*
Jan
134
34
9%
9634
200
225
3%
900
4
73*
Mar
Mar
52
Apr
105
40
40
Mar
40
105
3%
Feb
800
Mar
47
334
434
Mar
6
*
34
Mar
Nevada Calif Elec com .100
5%
4734
Apr
100
7% preferred
New Engl Pow Assoc
4734
*
6% preferred
$2 pref
"§7"
*
25
87
87
53*
"54
50
54
"55
134
5134
134
55
20
4534
300
400
Mar
72 34
Mar
72
Mar
193*
93*
700
Mar
2
534
Mar
10
30
Jan
Apr
10
93
95?*
Jan
40
913*
101
Jan
85
85
10
81
Apr
Apr
634
200
5
Mar
"11% "iT"
"16
1034
Mar
6,000
534
Mar
5
63*
4
17
Jan
Common
10
7%
5% 1st pref
100
73
7 34
7534
5% 2d preferred
100
60
60
634
Class A opt warr
70
Mar
79
May
66
Class A pref
Apr
13*
Feb
534
1,000
3?*
8934
Mar
Jan
Jan
634
8934
"30k ~3l"
534
"266
243*
73*
Apr
38 34
Mar
93*
434
100
NIles-Bement Pond
*
Nlpissing Mines
134
374
100
134
Mar
234
500
3
Mar
434
Jan
134
1%
1,900
74
Mar
174
31
Mar
1234
Mar
24
113*
-1
.1
Common
1%
Mar
2334
33
*
100
33
North Amer Rayon cl A—*
Class B com.—.*.—*
50
6% prior preferred
42
No Am Utility Securities.*
Nor Central Texas Oil
5
Nor European Oil com
7% preferred....
1
100
Northern Pipe Line
com
33*
100
34
800
Mar
Jan
Ohio Brass Co cl B com..*
Jan
Ohio Edison $6 pref
Ohio Oil 6% pref
Ohio Power 6% pref
Mar
434
Jan
Mar
23?*
Mar
Mar
434
Jan
Apr
34
Jan
"64"
"64"
"20
"l2"
934
1134
3,300
4
Jan
Apr
66
50
Apr
77
Mar
Mar
193*
24%
24
200
Mar
150
2374
Apr
Jan
100
May
2034
243*
100
10134
111 '
10134
111
300
30
10934
It*
100
Mar
1123*
Apr
9134
Jan
Apr
2934
Feb
6% conv pref
Oldetyme Distillers
134
M&r
Apr
75
Apr
Oliver United Filters cl B_*
534
Mar
3
%
4,300
Feb
5
com
$3 preferred
Overseas Securities
Mar
34
534
Jan
Pacific Can Co
Jan
Pacific G & E 6% 1st
83*
Jan
•i«
Msr
%
Jan
2
33*
Apr
5
Feb
3
200
13*
Apr
4
Jan
ni«
500
34
Mar
%
Apr
6%
5%
8%
3,000
534
Apr
634
May
%
%
%
200
Apr
H
Apr
50
com
pf-25
534% 1st pref erred.. .25
Pacific Ltg $6 pref
*
Pacific P & L 7% pref .100
10
Feb
$1.30 1st preferred
Pan-Amer Airways
Pan tepee Oil of Venez
10
Apr
Mar
*14 34
Mar
Pender (D)
8034
134
834
*1134
Jan
Jan
Mar
Peninsular Telph com
Preferred
2%
Feb
61
Apr
100
1
Mar
634
Mar
834
134
243*
8 3*
1%
7%
1%
8%
Mar
*
Mining Corp of Canada. _*
Minnesota Mining & Mfg.*
Minnesota P & L 7% pf 100
Miss River Power pref-100
Missouri Pub Serv com
*
Mar
Feb
3%
103
3%
105
3%
20
100
30
Apr
75
103
Feb
Feb
76
Mar
103
May
107
234
Mar
334
Jan
May
25
800
*
54
534
283*
52
5
2934
54
534
600
20
600
.*
*
1
Grocery A
Class B
63*
1
4%
4%
4%
900
Monarch Machine Tool..*
'1% "l%
Monogram Pictures com.l
"500
Jan
*834
Mar
334
Mar
634
Feb
1234
$2.50
Mar
134
Mar
13
234
Mar
Jan
2987.
Mar
2134
Jan
31
May
93
89
Mar
Jan
974
1034
23*
534
334
63*
1434
5
1434
1534
900
474
5 3*
20,300
Mar
2734
2574
983*
Apr
273*
Mar
10534
46
Mar
Apr
303*
58
3?*
1534
Mar
Apr
1774
1234
Mar
1934
434
Mar
4
Jan
14
Feb
13
534
734
434
15
2034
50
23
233*
200
Mar
19
21
2034
*
Jan
23
18
Mar
1?*
.*
*
21
1073*
.100
Apr
243*
4
Jan
26
Apr
110
Mar
26
Penn Edison Co—
24
$2.80 preferred.......*
$5 preferred
Penn Gas & Elec cl A
Penn Mex Fuel Co
Penn Traffic Co.
2?*
234
1
1?*
134
*
8634
833*
13*
87
800
500
50
*
100
67
1213* 1213*
6534
67
61
62
25
Apr
Mar
234
Mar
134
7934
Mar
23*
Jan
Mar
9074
Jan
74
1
2.50
834
234
234
*
$6 preferred
Penn Salt Mfg Co
Pa Water & Power Co
Apr
*
Pa Pr & Lt $7 pref
Peppered Mfg Co
Perfect Circle Co
For footnotes see page
834
63*
474
2934
Pennroad Corp v t c.
Voehrlnger—
134
Parkersburg Rig «fe Reel—1
334
900
!
50c
Molybdenum Corp
89
134
Patchogue-PlymouthMllls*
dlv shs
Midwest Piping & Sup
2734
Paramount Motors Corp-1
Parker Pen Co
10
934
Midland Steel Products—
Co
27
1,600
300,
*
Apr
Mar
9 3*
*
53*
774
89
100
.1
Jan
100
4%
2734
i'ii
3%
4%
9%
Mar
%
*
15
50
com.
34
34
200
2%
Oklahoma Nat Gas
1093*
10134
34
011stock8 Ltd
Jan
2474
34?*
94?*
Jan
34
134
Jan
6
143*
133*
Apr
Mar
60
»n
47*
674
83*
18
100
Ohio P S 7% 1st pref—100
6% 1st preferred
134
Mar
91
2034
12
1134
*
100
100
43
Mar
334
4
64
10
cl A.. 100
Apr
3734
34
33*
34
Northwest
2
Jan
Nor Amer Lt & Pow—
19
107?*
434
Jan
134
334
5
Noma Electric
55
Mar
'11
Feb
Jan
Feb
Feb
Nineteen Hundred Corp B1
Nor Sts Pow
Midland Oil Corp—
Mid-West Abrasive
Jan
34
Mar
2%
*
Midwest Oil Co
Jan
74
5
Pacific Public Service
pref
Jan
300
%
common
Jan
3
*
5
Jan
834
60
Class B opt warr
Class B
Jan
Middle States Petrol—
t o
Jan
Niagara Share—
Jan
334
12
3%
10
v
Jan
434
19
50
3*
"i00
Class B
Jan
93*
375
1,000
%
2%
Michigan Sugar Co
Middle West Corp com
Warrants
9434
Niagara Hudson Power—
Mar
334
*
t c._
Jan
Mar
75
v
234
Mar
634
.*
6% pf.100
10
42
20
1
N Y Water Serv
134
102
Mar
13*
N Y Pr & Lt 7% pref—100
New York Transit Co
Mar
1,550
10
$6 preferred....
15
85
434
N Y & Honduras Rosario 10
N Y Shipbuilding Corp—
Founders shares
10
62
Apr
18
93*
N Y Merchandise
Apr
Mar
100
*
com
50
36
*42~
53*
1
N Y City Omnibus—
Warrants
May
53*
15
4634
Newmont Mining Corp. 10
New Process Co com
*
34
•
10
.100
*
N Y Auction Co
4734
7%
Arp
25
hs
Metropolitan Ddlson
$6 pref
Class A
K
74
111
100
'is
Metal Textile Corp new 25c
New partlo preferred. .15
Preferred
15
Mar
May
34
3034
1
Michigan Bumper Corp..1
Michigan Gas & Oil
1
Michigan Steel Tube..2.50
3
2934
Mar
Mar
3
2%
6% % A preferred—100
Oil.
93*
Jan
100
(Herman) Corp..6
*
Engineering..*
Novadel-Agene Corp
*
90
21
3%
Warrants
Mesabl Iron Co
534
Mar
"100
Nelson
Neptune Meter class A
Nestle Le Mur Co cl A
1334
4
94
1
Participating preferred.*
Chapman & Scott *
Merrltt
4134
Apr
hi
45
99%
Memphis P & L $7 pref.—*
Mercantile Stores com
*
Merchants & Mfg cl A
Feb
134
*
Dredging
Mead Johnson & Co
Mar
434
734
123*
105
Nor Ind Pub Ser 6% pf.100
w w
43*
,
*
Nebraska Pow 7% pref-100
Nehi Corp common..
$6 preferred
Marconi Intl Marine
Margay Oil Corp
Feb
32
Nebel (Oscar) Co com
New Jersey Zinc
New Mex & Ariz Land
Jan
Jan
150
Corp..
Feb
33*
85?*
~41~
2
83*
Nat Tunnel & Mines
5834
Mar
"3§"
3
1234
41
12.50
Mar
334
National Sugar Refining
National Tea 534 % pref. 10
New Haven Clock Co
Mar
200
*
New England Tel & Tel 100
Mar
Mangel
Jud,
Mar
hi
Jan
Mar
Majestic Radio & Tel
Stores
234
2
5% 2d pref cl B.....100
100
..*
Louisiana Land & Explor. 1
Lucky Tiger Comb G M.10
Lynch Corp common
5
"400
Feb
1034
1934
"20k "22k
6
100
"334 "3k
234
"3k
11
163*
Lockheed Aircraft
63
46
34
Llpton (Thos J) class A—1
Locke Steel Chain...
2034
Mar
600
Line Material Co
1534
534
10234
1234
Feb
3*
123*
334
100
Jan
Jan
900
4
'IB
Feb
134
Mar
134
65
Lefcourt Realty common. 1
Preferred
Jan
5
9
1434
Mar
Mar
53<
39
.100
Mar
334
Mar
103*
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Mar
37
Apr
Mar
Conv part preferred
National Steel Car Ltd..
500
Loblaw Groceterias cl A..*
Apr
15
Jan
600
6% preferred
...25
Lit Brothers common
200
Apr
63*
1234
3834
85
1%
21%
234
400
1,500
Apr
2
Lion Oil Refining
300
1134
17
68
"no
70
4
3%
674
1334
1
7
May
Apr
533*
Nat Rubber Mach
1%
Oil Develop—25
Le Tourneau (R G) Inc..
13
Nat Service common....1
3%
1%
Lehigh Coal & Nav
7*
100
Mar
1634
Jan
3%
Langendorf United BakClass B new
7
2",000
49 34
Jan
2
51%
2%
7
Mar
533*
73
Jan
Lakey Foundry & Mach—1
7
Mar
"l7"
Apr
Apr
68
Apr
334
*
25
523*
Jan
Lake Shores Mines Ltd.—1
300
4'
25
Mar
Koppers Co 6% pref—100
Kress (SH) &Co
10
10
123*
834
National P & L $6 pref
National Refining Co
59
Jan
^
121
Mar
Mar
25
*
59
Jan
Mar
6
Nat Mfg 6c Stores com
National Oil Products
Mar
1
Common
974
534
Jan
634
6%
1%
"1% "4k
ColO
1
"16
7
13%
200
21?*
iy*
43*
50
6,700
42
Kirki'd Lake G M Co Ltd 1
$3 conv pref
%
3%
30
Mock,
Mar
8
National Container (Del)
National Fuel Gas
2
Feb
100
1
1
300
National City Lines com.l
%
2%
107% 197%
"m
73*
%
63*
Mar
Midvale
334
Mar
434
1
National Candy Co com..*
Mar
non-cum
Feb
4
8
National Baking Co com
Nat Bellas Hess com
Jan
28
3334
434
v
100
43*
Mar
34
4
H
conv
800
Nat Auto Fibre com
2834
Feb
22
$2
534
7%
2834
$2
53*
Murray Ohio Mfg Co
*
Muskegon Piston Rlng.234
Machman-Springfiiled
*
Breweries.—-1
Mexico-Ohio
9",500
Mountain Sts Tel & Tel 100
Kings Co Ltg 7% pf B 100
McWllliams
?*
27
Mar
34
534
Jan
%
2%
2
"27"
Kennedy's Inc
$4 preferred
31
3%
5
5%
5%
10
61
59
Kansas G & E 7% pref. 100
Keith (G E)7% 1st pref-100
$5
Mountain Producers
534
140
Apr
400
com 5c
Jan
Jersey Central Pow & Lt—
preferred
City Cop
2
*
6% pref class B.
Loudon Packing
Mountain
Apr
Mar
2134
Jan
Apr
11%
"2%
Jacobs (FL) Co
Jeannette Glass Co
"3% "I"
9%
*
A
Lane Bryant 7% pref.
60
Class A 7% pref
1
Apr
400
C..10
1
Kir by Petroleum
434
1353* 13534
122
28
13534
934
Mar
hi
—
6% preferred D
Kingston Products
*
Montreal Lt Ht 6c Pow..*
9
%
7%
24%
—
Kingsbury
Montgomery Ward A
I Mountain States Power.*
International Utility—
$3.50 prior pref
Warrants series of 1940—
2
%
Montana Dakota Util—10
Internat Radio Corp
High
Feb
8%
& Pow warr
Ken-Rad
134
600
International Petroleum..*
Jones & Laughlln
Low
Monroe Loan Soc A
1,500
%
Italian Superpower
Range Since Jan. 1, 1938
for
Week
Shares
1634
%
1334
Irving Aur Chute.—
High
Jan
%
Iron Fireman Mfg v t
of Prices
22
16 34
International
Week's Range
Low
Mar
60
$1.75 pref erred
Price
16%
19
purch warrants.
Internat Metal Indus cl A *
Pref 13.50 series
Class B
Sale
Par
200
18%
A stock
Internat Paper
Last
{Continued)
Internat Hydro-Elec—
7%
STOCKS
Range Since Jan. 1, 1938
Week
Par
Sales
Friday
Sales
Friday]
STOCKS
(<Continued)
Internat
May 7, 1938
New York Curb Exchange—Continued—Page 3
2984
Mar
82
Jan
1213*
300
59
200
54?*
24
Apr
May
14934
Mar
723*
Apr
Mar
77
2434
Feb
Apr
Jan
Jan
Jan
Mar
Volume
Last
Week's Range
Sale
of Prices
Par
Low
Price
STOCKS
Range Since Jan. 1. 1938
for
■
Pharls Tire <fe Rubber
1
5
5
5
900
3X
Philadelphia Co com
Phila Elec Co $5 pre!
*
7*
7*
7*
100
5%
Apr
7X
Jan
Smith (H) Paper Mills
115X
Mar
31X
Co
Feb
Sonotone Corp
Boss Mfg com..
112*
29*
Mar
*
2X
Mar
1
Conv pref series A
10
Pierce Governor common.*
Pines Winterfront
1
Pioneer Gold Mines Ltd-.l
IX
Mar
21
Jan
Pltney-Bowes
2,000
2*
2
13*
14
100
10X
11*
14
Mar
12*
200
*10*
Mar
"1*
""TOO
2X
39*
Metallurgical 10
_72*
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
25c
2*
$6
T*
Mar
Southern Pipe Line
Mar
5*
Southern Union Gas
*
2
2*
200
2
Mar
3
Southland Royalty
5
6
6
100
5*
Mar
7*
Mar
7X
Jan
South Penn Oil
25
32
33
300
28*
Apr
Jan
So
19*
Mar
Spanish & Gen Corp—
Am dep rets ord reg—£1
Am dep rets ord bearer £1
*
Feb
Tioo
"75"
"76"
Mar
55
90
X
7%
2*
2%
*
3*
3*
300
400
Apr
IX
Jan
6%
2X
Mar
8X
3X
Jan
Feb
•i«
Mar
2X
Mar
Mar
300
100
Mar
IX
4X
14%
Jan
Feb
95
Feb
Apr
21 X
Jan
IX
Mar
2X
Feb
Mar
ll»
'16
18
5*
6*
5*
6*
f
lu
100
Mar
37
Mar
Jan
•u
Apr
Jan
3X
Mar
ox
Jan
50
OX
Mar
3X
Mar
7X
OX
Jan
400
Feb
98
200
30 *
17
Jan
Jan
22
Jan
35 X
Mar
Common class B
11X
Jan
22X
Mar
Preferred
95
Mar
103*
Jan
Feb
Standard Silver Lead
Feb
Standard Steel Spring
Standard Tube cl B
X
*
V%
50
25
7
78
Feb
Starrett (The)
89
Jan
X
Apr
May
28 *
32
$5
15*
32
15*
13*
200
May
325
23 X
"400
"~4% "I
Pyrene Manufacturing--1
Quaker Oats common
6% preferred
IOC
4%
Jan
15
Mar
Sterling
Jan
140
Feb
Stinnes
Invest A. _
Prod-
225
13H
Mar
15X
8
8
Ry & Light Secur corn-
100 X
Inc
Stetson (J B) Co com
15
14*
50
7%
Mar
10
Sullivan Machinery
Sunray Drug Co
200
X
Feb
*
200
X
Mar
X
Jan
500
X
*
Class B
X
Jan
X
X
\0X
Common
200
34
34
50c
2%
2
2%
~
4*
4*
6
2,800
Co.
Reeves (Daniel) common ±
Reiter-Foster Oil new. .50c
Reliance Elec & Eng'g—
2Vs
2%
400
11«
Jan
Apr
ux
2X
Jan
Mar
2X
Mar
IX
Jan
Mar
5%
Jan
Mar
2X
Jan
Mar
Ti«
Jan
Apr
90X
Feb
11X
Apr
13X
Jan
4
Mar
7X
Jan
1
Jan
IX
Mar
X
600
200
4
90
816
4*
Apr
Gas CoX
X
*
-
Rome Cable Corp com—
Roosevelt Field Inc
2X
IX
Mar
3X
Jan
3%
Mar
Jan
•i«
30 X
9X
Ut
Apr
49
Jan
Mar
6
Jan
1,400
5
Mar
9%
Jar
100
35
Mar
38
2X
Mar
4
X
2
300
4X
2%
Co
Mar
IX
pref—-—20
4*
4%
100
~
*16
®1«
100
International
Royal Typewriter
Russeks Fifth Ave
Rustless Iron & Steel
X
300
G&E6%pfD 100
Inc—
-
2*
6*
52.50 conv pref
Ryan Consol
Mar
1
S16
4*
Radiator
51.20 conv
ox
35%
ox
35*
Petrol
Ryerson & Haynes com—
Safety Car Heat & Lt
48
Jan
Mar
X
4,200
X
Gold Mines—
Corp Ltd—
pref A
50
St Anthony
St Regis Paper com
3X
5
100
52
50
2
V
IX
Savoy Oil Co
3X
3,500
75
2X
600
IX
200
Scranton Elec
21
25
Scovill Mfg
20%
200
21
Water
Securities Corp
Mar
03%
Jan
3X
Jan
2%
Jan
Mar
Jan
Mar
15
Jan
19
Mar
29*
Jan
113
Jan
Apr
25
Feb
5*
Mar
7%
Jan
Mar
IX
IX
Jan
1
general. —
Jan
Mar
30 X
"it
X
2%
100
Mar
X
Mar
2,000
2%
X
Segal Lock & Hardware—
Seiberling Rubber com...
2
Mar
12%
*
Apr
Mar
IX
Jan
4X
Jan
17
Jan
53%
7%
54*
Allotment certificates—
£1
Sentry Safety Control
1
Seton Leather common—*
Seversky Aircraft Corp—1
Common
Co
ox
Mining-.5
Pow..*
Sherwin-Williams com..25
5% cum pref ser AAA 100
Shreveport El Dorado Pipe
Line stamped
25
Silex Co common
*
Simmons-Broadman Pub—
Conv preferred
*
Simmons H'ware & Paint.*
Denn
Shawlnigan Wat &
3
ox
3*
Mar
2
Mar
3*
Jan
6*
6*
100
5*
Mar
8*
Jan
2
2
400
Jan
2
8%
9
100
1*
7*
Mar
12
Jan
7
Jan
10
Mar
8
Mar
13*
F"eb
"2%
9
warrants
United Gas Corp com
1
non-voting.*
Feb
Jan
Feb
'Si'
~88X
108
88*
109
Mar
Apr
"700
66
Apr
100
107
Jan
500
10 X
Jan
20
Jan
95
Apr
1UX
Apr
X
Jan
X
Jan
8X
8X
100
5X
Jan
8%
Apr
16*
Mar
IX
3X
100
10X
1 X
Mar
1X
8X
Mar
2X
Jan
300
2%
Mar
5*
Jan
3%
1
100
Simplicity Pattern com—
212
Ltd—
ord reg- £1
4%
Amer dep rets
2987
Mar
Mar
243
5*
Jan
Jan
A.*
Common class B——*
$6 1st preferred
—*
United Milk Products...*
United Molasses
Am
dep
2*
Mar
100
29*
Apr
3*
36*
Jan
Feb
Apr
11
Jan
5*
Mar
7
Feb
8
500
2*
Mar
5*
Jan
29*
200
26*
Feb
29*
Jan
4
4
29
29
*
716
*
200
*
Mar
*
,S1»
20*
4*
1,000
*
Mar
1*
Jan
"20*
%
18*
9,000
14*
Mar
21*
Mar
600
4*
Mai
5*
Jan
4*
4*
"'
"94
"94"
4*
4*
9*
9
30
100
250
11
10
500
Mar
48
Jan
94
May
102
Jan
3*
Mar
4*
Jan
6*
Mar
12*
Apr
7*
Mar
10*
Mar
3
Apr
5
Feb
50
Mar
55
Apr
2*
50*
50*
75
52
Mar
3*
15*
1*
Feb
16*
44
Feb
Mar
85*
Apr
98*
Mar
I*
56
Feb
Jan
Jan
Mar
95*
103
Jan
Jan
'm
Jan
*ii
*
Mar
1 *
Jan
Mar
3*
Jan
800
2
5*
2*
5*
800
4*
H
H
200
Jan
7*
400
*2* ""2*
7*
400
7*
Mar
7*
Jaa
»i»
Mar
7*
Mar
*
7*
Mar
5*
Mar
11*
Jan
35
Jan
Jan
22
Apr
2
Mar
3*
4*
Apr
1*
Mar
7*
2*
2
Mar
2
Mar
1*
Mar
Jan
Jan
Feb
10*
10*
*
100
11*
Mar
Mar
6*
Jan
14*
Jan
2*
10*
1*
13
100
3*
1*
13
Mar
2*
Mar
100
10
Mar
Jan
15
12*
Jan
10*
4,400
Jan
4
Jan
Mar
34
Feb
23*
Jan
Jan
1,200
*
*
Mar
*
22,100
2*
Mar
5*
1,300
8,100
ik
69
Mar
2*
2*
19
100
1*
Jan
Jan
Jan
•i«
Mar
5,700
1*
Mar
3*
Jan
2*
300
1*
Apr
4*
Jan
23 *
8,500
13*
Mar
26*
Jan
1
1,300
2*
62
2*
2*
"11
87*
3*
79
13
1
Mar
4*
*
4*
Mar
Mar
*
87*
4*
2
30
8*
Apr
77
Jan
17*
Jan
20*
Apr
65
Apr
67*
Apr
Jan
6*
6*
reg...
Jan
228
Canal 100
United Profit Shar new 25c
cl A—1
Class B
1
United Shoe Mach com.25
Preferred
25
United Specialties com... 1
U S Foil Co class B
1
Jan
44
"
"94"
United N J RR &
United Shipyards
Feb
1,300
Co—
rets ord
Jan
3
*
preferred
Jan
31
2*
31
pref. 100
Mar
Apr
Mar
800
Apr
Corp
IX
5%
Jan
7
200
9*
61X
3%
29
2X
3*
com—*
$3 cum & part pref
*
Un Cigar-Whelan Sts.-lOc
$3
Mar
100
Aircraft Transport
Feb
Jan
Jan
4X
Warrants-
Mar
Mar
4*
United Chemicals
49 %
1X
5X
8,200
Apr
Mar
paid-in———50
Mar
18%
2%
2*
24*
4%
Inc. — *
Mar
4
2%
Jan
800
2*
2*
A
1st $7 pref
Apr
12*
4
Corp—1
1
Tung-Sol Lamp Works. —1
80c div. preferred..-—*
Ulen & Co ser A pref
*
Series B pref
*
Unexcelled Mfg Co
10
Union Gas of Canada
*
Union Investment com..*
Union Premier Foods Sts.l
Union Traction Co (Pa)—
United
"""5*"
2H
Tubize Chatillon
United
Jan
4*
United Lt & Pow com
Jan
Jan
Apr
Tonopah Mining of Nev.l
Trans
Lux
Pict Screen—
United G & E 7%
150
Amer dep rets reg
Apr
10*
100
Devel.l
preferred A
Tonopah Belmont
Jaa
48 X
3*
7*
4*
ord reg—£1
def reg. —£1
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
Jan
3.50
Jan
Apr
""2*"
Am dep rets
IX
54*
54*
9*
50
Am dep rets
X
54*
Jan
•H
Mar
7
pref—100
Texon Oil & Land Co
2
Thew Shovel Co com
5
Tilo Roofing Inc
---1
Tishman Realty & Constr*
Tobacco Allied Stocks
*
Tobacco Prod Exports—*
Tobacco Securities Trust—
8%
60 X
5
001
Mar
4*
Texas P & L 7%
Mar
150
Jan
1
1
»u
15
Mar
1,100
Selfridge Prov Stores—
For footnotes see page
35
Jan
Jan
1*
participat.*
1%
6
X
X
0%
X
Common
Singer Mfg Co
"3"
700
4*
10*
4*
10*
Option warrants
Inc—•
—1
Convertible stock
5
55.50 prior stock
25
Selected Industries
Singer Mfg Co.—
Apr
3 X
Seeman Bros Inc—
Shattuck
20
10 X
100
H
5*
_.
Selby Shoe Co
Apr
200
20
20
20
pref
4X
1
com..*
Tasty east Inc class A—1
Taylor Distilling Co
1
Technicolor Inc common.*
Teck-Hughes Mines
1
Tenn El Pow 7% 1st pf-100
$17.50
Scullin Steel Co com
wftttfttlth
Apr
1*
Mar
Mar
2
Trunz Pork Stores
Jan
20
Brook
Service
13
Jan
6*
Tri-Continental warrants..
Mar
7*
3*
7,300
Transwestern Oil
4X
U1X
56 pref
Scranton Lace common..
Scranton Spring
X
3", 100
6
Jan
Mar
IX
*
*
Mar
200
Jan
2X
1%
2,600
1318
Jan
8
Schiff Co common
1*
2*
Apr
42
Apr
conv
Class
52*
2X
Mar
Mar
94*
1
10
12%
preferred..
Samson United Corp com
7%
Feb
Fet
92
Jan
St Lawrence
52 conv
Feb
4
X
9
16*
50
Taggart Corp com
Jan
Jan
1,200
"0"
Tampa Electric Co
Mar
Jan
90*
18*
96
1
May
7
22
16*
18
*
May
28 X
Jan
Apr
15
15*
"ix
Swan Finch Oil Corp
Mar
1Q0
Roeser & Pendleton
Rossia
Jan
Mar
Jan
Mar
14*
18*
6*
Feb
2%
Feb
Jan
12
Apr
96
Jan
3X
Reybarn Co Inc
Reynolds Investing
Rioe Stix Dry Goods
Root Petroleum
3 X
Mar
2*
Apr
Mar
i|*
34
Feb
Feb
1X
19
Reed Roller Bit
Rochester
29
Mar
Jan
16*
16
1
800
Jan
22*
18
Mar
1,800
pref
50
Superior Ptld Cement B—*
5X%
$3.30 class A
Pile—
preferred
Oil--
Sunray
Rainbow Luminous
Class A
Stroock (S) Co
Feb
X
*
(Hugo) Corp
Jan
x
*
1
1
*
5
*
*
*
Sterling Brewers Inc
Jan
Mar
Jan
Jan
1
7X
Feb
Jan
1*
5
50
20
preferred
7
Mar
Jan
Jan
2
Sterling Aluminum Prod.l
17X
90
Co
2d
Feb
Feb
137
*
4*
11
;.*
Sterchl Bros Stores
34
Mar
Feb
Jan
50
8
8
common..*
6*% preferred
100
Apr
10%
5
Tim
M«r
Jan
'it
Mar
3
18
Corp vtc.l
1st preferred
Puget Sound P & L—
22*
*
12*
Stein (A) & Co
May
Jan
Mar
39
1*
166
Works com—20
Apr
Jan
89
Jan
Apr
Wholesale Phosp
& Acid
75 X
*
3*
3*
5
1
Standard
60
500
X
*
1
1
Standard Products Co
99X
106
50
1
*
Standard Pow & Lt
390
Okla—
Voting trust ctfs
,
230
Colorado-
Rio Grande Valley
_
*
Stahl-Meyer Inc com..--*
Standard Brewing Co.:
*
Standard Cap & Seal com.l
Conv preferred
10
Standard Dredging Corp—
Common
1
$1.60 conv preferred--20
Standard Invest 15* pref*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5% preferred
100
lt
14*
pref-—100
7% piior lien pref- ..100
JPub Util Secur $7 pt pf—*
Pyle-Natlonal com
5
Richmond
West Pa Pipe Line.
30*
27
3*
10
Co
Spencer Shoe Corp
Jan
Feb
9X
4%
Raytheon Mfg com
Red Bank Oil Co
Feb
140*" "Feb
Feb
140
Jan
6% prior lien
53 conv
2
Jan
91*
Raymond Concrete
Feb
Jan
100
preferred.
9X
100
*
Railway & Util
25*
Mar
62 X
100
7% 1st preferred
100
Pub Serv of Nor 111 com..*
Quebec Power
27*
Mar
1*
2
Mar
*
preferred
$6 preferred...
Puget Sound Pulp &
Mar
23*
24*
2
34 X
ex
39
18 X
B
Common———
25*
100
26*
24*
South New Engl Tel—100
95
Indiana—
preferred
*
Public Service of
20
5% % pref series C
200
1st preferred
6%
200
Jan
Feb
39*
37*
preferred...
Public Service of
36*
Mar
-1
preferred
Apr
300
25
25
6% preferred B
Mar
Public Service of
$6
Jan
Mar
"1«
Prudential Investors
$7 prior
6*
3*
4X
37
Prosperity Co class
Providence Gas
Jan
Mar
ox
of Amer..*
Corp
Producers
1*
Mar
2*
600
Prentice-Hall Inc
Pressed Metals
Mar
3*
100
T660
*
1
Co
Premier Gold Mining
1*
200
0%
OX
100
1st preferred
6%
1,200
"hX "oX
UX
common—5
Powdrell & Alexander
5
Power Corp of Canada— *
Potrero Sugar
Pratt & Lambert
3%
2%
Jan
7*
Inc
Co
Mar
4X
6*
"o%
Polaris Mining
Mar
3*
37 X
——■-*
50
Forgings
1
Pittsburgh & Lake Erie.50
Pittsburgh
Plough
13
Mar
34*
IX
3%
2%
IX
1%
Southern Colo Pow cl A. 25
Jan
Jan
Jan
Mar
1 *
5% original preferred.25
Jan
1X
3X
88
Southern Calif EdlBon—
7%
Pitts Bess & L E RR
Pittsburgh
17%
Jan
Mar
1
"T
Jan
3%
Jan
13
1
1
South Coast Corp com
Postage
Meter...
4
Solar Mfg.
High
Liw
88
-.1
Jan
*
pref 25
2
Range Since Jan. 1, lu38
for
Week
Sh ares
*
1
Mar
Feb
Common
of Prices
High
Low
Price
Sioux City G & E 7% pf 100
5
Apr
Phillips Packing Co
Phoenix Securities—
Sale
Par
High
Low
Shares
Week's Range
Last
(Continued)
Week
High
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Phila Elec Pow 8%
2985
New York Curb Exchange—Continued—Page 4
146
*
1*
7*
*
12,500
10,100
9*
62*
875
3
62*
3
200
4*
4*
200
60
1
15i« May
1
*
50*
39
4*
230
Feb
2*
3*
Jan
Mar
9*
3
Jan
Jun
Jan
May
Feb
Jan
77*
42*
Jan
Feb
Mar
6*
Jan
Mar
6*
Jan
New York Curb
2986
Friday
STOCKS
Last
(Concluded)
Week's Range
Sale
Par
of Prices
High
Price
Low
U 8 and Int'l Securities-*
1st pref with warr
%
1*
U 8 Lines pref
*
10
U 8 Playing Card
U 8 Radiator com
47%
46
200
150
%
100
1
22
Feb
1%
Apr
Conv deb 5s
Mar
4%
Jan
Debenture 5s
1958
61%
58%
56%
1%
Mar
3%
Jan
Debenture 5s
1969
60%
57
Feb
300
200
%
1%
1%
500
"2
8.
Mar
8
1%
34%
1%
1,100
1
Mar
275
31
Mar
1
39
"l\i "VA
*
Mar
""166
*
%
1%
%
1%
{Util Pow & Lt common- .1
pref
Van Norman Mach Tool .5
Venezuela Mex Oil Co--10
Venezuelan
44
Mar
2%
500
200
7
1%
800
Mar
2
17%
1% Mar
22% May
23
16%
600
11
1%
600
1%
1%
5%
83
2%
Cont'l Gas A El 5s...1958
Crucible Steel 5b
Jan
Jan
16%
May
Mar
3%
Feb
Jan
Det City Gas 6s ser A.1947
77%
xVA
3%
11%
Mar
Mar
Apr
83
Mar
Jan
Aug 1
♦6%s
1952
Mar
♦Certificates of deposit
Jan
Eastern Gas A Fuel 4s. 1956
Jan
Jan
1%
Edison El 111 (Bost) 3 %s 65
Elec Power A Light 5s.2030
Apr
Flmlra Wat Lt A RR 5s '56
Mar
1%
Mar
7%
Apr
Jan
E»
Paso Elec 58 A
1950
100
6%
6%
2%
4%
Jan
Empire Dist El 5s
1952
90
Jan
Em plre Oil A Ref 5 %s. 1942
86
Jan
6
1,000
%
5,200
7
Apr
%
500
2%
2%
%
2%
%
8
36
37
120
Apr
%
Mar
Mar
Mar
Apr
8*
Jan
30%
Mar
75
Apr
Jan
Jan
78
109%
76
16%
16%
100
16% May
500
67%
%
4%
9
1%
1%
%
100
Conv preferred
Wilson-J ones Co
*
%
%
300
Wilson Products Inc
1
300
3
*
4%
2%
%
%
7%
7
Wisconsin P & L 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com
2
58%
Feb
Mar
May
Apr
Mar
70
Jan
100
Apr
33,000
52
Mar
99%
104
94%
125%
Jan
97%
Apr
127%
Mar
21,000
103%
Jan
106%
May
8,000
104%
120%
Apr
Feb
106%
Jan
123
Apr
26,000
59%
90%
82
179,000
101
2,000
91
82
May
103
J an
Apr
65%
3,000
87%
100
Jan
47
Mar
55
Feb
90%
Mar
96%
Jan
2,000
97%
Mar
1,000
96
99%
108%
Mar
103%
109%
93
Mar
105%
Jan
19,000
91
Mar
103
Feb
4
9,000
4
Mar
7,000
4%
4%
1%
3%
Feb
1
Feb
7I*
10,000
14,000
1%
%
Jpn
5%
Feb
5
Feb
1% May
1%
Apr
Jan
79%
109% May
76
May
Jan
104%
Feb
102%
90% Mar
6%
700
76
152,000
53%
102
4,000
97%
103
66%
89%
90
8,000
May
Feb
Erie Lighting 5s
1967
Federal Wat Serv 5 %s 1954
Finland Residential Mtge
105
105%
67
70%
Jan
Florida Power A Lt 5s. 1954
Apr
5%
Feb
Mar
4%
70%
103%
84%
87%
102% 102%
103% 103%
103% 103%
*30
80
82%
84%
83%
87%
1,000
12,000
5,000
5s ex-warr
stamped. 1944
Jan
Deb gold 6s. June 15 1941
Deb 6s series B
1941
Jan
General Bronze 6s
1940
65
Apr
66%
3%
7%
6%
Feb
General Pub Serv 5s..1953
*77
Mar
105%
Jan
Apr
105%
102%
102%
Jan
76
Apr
85
Mar
72,000
74
Mar
87%
May
17,000
78
41,000
102
99%
7%
3,500
6%
Mar
8A
Feb
1%
200
1%
Mar
2%
Jan
Gobel
♦Gesfurel
6s
Mar
63
Apr
73
Jan
75%
Apr
87%
Jan
75
Jan
77
Apr
78
Jan
90
86
90
89,000
78
Mar
90
53
May
52
53
7,000
50
Apr
68
Jan
30%
Apr
33%
Feb
1953
75
78
*30%
66
66%
*53
88
Feb
71%
63
85
Apr
Apr
107
112
"¥,000
62
53
90
*107
90
29,000
57
Jan
102
Jan
1st & ref 5s
1946
$4,000
89
Jan
1st & ref 5s_.
1951
90
87%
90
15,000
78
84
82%
84
25,000
18,000
19,000
76%
Apr
Apr
70%
Apr
19,000
106%
Feb
41,000
106
Apr
99%
1st & ref 5s
82
75%
107%
108%
80%
Amer Radiator 4%s—1947
Amer Seating 6s stp—1946
Jan
96
82
72
75%
107% 107%
108
108%
73%
80%
77%
Jan
99% May
'55""
50%
55
2,000
50%
Apr
65
Jan
Guantanamo A West 6s '58
53%
53
53%
5,000
52
Apr
59
Feb
34
32
34
2,000
29
Mar
Hackensack Water 5s. 1977
92
Jan
Hall Print 6s stpd
1947
91%
86%
Jan
♦Hamburg Elec 7s
81
107%
108%
Jan
Jan
Apr
Jan
Mar
81
Jan
24,000
104%
Mar
107
Apr
Houston Lt A Pr 3 %s.l966
Jan
109% 111%
*24",000
107%
Feb
112
Jan
100
93,000
96%
Apr
102
Feb
94%
97%
88.000
86
Jan
35%
39
30,0 J.
30
Mar
41%
Jan
11,000
62
Jan
92%
Mar
86
79
Jan
90
97% May
6s series B
1943
4,000
105%
76%
Jan
33%
1,000
33%
Mar
2,000
38,000
21%
83%
97%
Feb
87%
101% 102%
87%
98
106%
96%
25
98
24,000
106% 106%
*11%
14%
*52%
96*'
Feb
Mar
Mar
12%
1,000
2,000
107%
Apr
Apr
63
62%
Jan
110
Apr
100
111 Pr A Lt 1st 6s ser A.1953
97
93
51,000
85%
1st A ref 5%s ser B.1954
93
90
93
12,000
79
Apr
1st A ref 5s
88%
85
89
49,000
76
Mar
97
23%
88%
5,000
20%
Mar
77
1949
23%
26% 176,000
73%
77
26%
15,000
68
Mar
29
Jan
26
29
20%
21%
Mar
29
Mar
34%
Jan
6s series A
1947
86
84
86
5,000
79
Mar
21
89
Mar
33
Jan
6 %s series B
1953
90
90
90
1,000
58 series C
1951
77%
74
77%
85
82%
85
25
25
25
29
25%
29
88,000
176,000
28
Feb
30
166""
32
8,000
23
Apr
36%
Jan
71
78
23,000
62
Apr
80%
Jan
97
'*78*"
Atlanta Gas Lt 4%s._1955
97
8,000
92%
Feb
97
Apr
96%
Apr
99% 100% 245,000
100%
May
*91
*78
95
90
Feb
95
Mar
Mar
79
Feb
Canadian Pac Ry 6s..1942
Carolina Pr A Lt 5s__.1956
Cedar Rapids M A P 5s *53
Central 111 Public Service—
5s series E
1956
1st A ref 4 Hs ser F.1967
58 series G
70%
112%
119%
1998
Broad River Pow 5s. .1954
Canada Northern Pr 5s '63
1968
4%s series H
1981
Cent Ohio Lt A Pr 5s—1950
Cent Power 5s ser D..1957
67
70%
112% 113
119% 119%
121% 121%
134%
49,000
21.000
65%
77
80
100%
95
100%
93%
92
64%
Jan
Apr
106%
Jan
Apr
58%
Apr
60%
130
60
Mar
Jan
140
Mar
Mar
Jan
70
109
Apr
85
Jan
Apr
Jan
23.006
Feb
87
Jan
100%
Mar
103% 29,000
92% 121,000
73
104%
Mar
108%
Jan
57
International Salt 5s..1951
45%
91,000
35
Mar
48
21%
25%
44,000
18%
Mar
28%
1956
75
71
75
24,000
64
Mar
75
4 %8 series F
1958
Iowa-Neb L A P 5s... 1957
73
67%
73
17,000
57%
Mar
73
95%
92%
95%
17,000
90
Mar
92%
92%
1,000
92
Apr
96%
Jan
2,000
Mar
106%
102%
Feb
101%
106% 106%
100% 101%
58%
2,000
"42%
*80
42%
Debenture 6s.----.1952
c
5s series D
98
Jan
Jan
53,000
94%
85%
Mar
70,000
May
Isarco Hydro Elec 7s. 1952
92
Apr
100%
May
Isotta
85
Mar
93%
May
Italian Superpower 6s. 1963
21,000
Apr
95
35%
87,000
Mar
28%
36
41
Jan
1954
34%
23%
24
Cent States P & L 5%s '53
46%
187.000
40%
46%
107
107
53.000
105% 105%
1,000
1,000
1.000
88
Apr
Jan
96
Feb
77
May
92%
May
Mar
41
Jan
32%
195%
Mar
46%
Jan
Jan
107
105%
Apr
107%
Mar
Jan
58 series B
1961
Iowa Pow A Lt 4%s
Iowa Pub Serv 5s
Fraschini
Jacksonville
1958
1957
58%
7s.-.1942
7,000
Jan
98%
Jan
Jan
"5,000
Apr
63
Jan
78
89
43%
105%
98%
52%
May
May
Jan
85
Feb
39
Jan
46
Feb
May
Gas—
5s stamped
1942
Jersey Central Pow A Lt—
5s series B
1947
38
104
4%s series C
1961
Kansas Elec Pow 3 %s_ 1966
Kansas Gas A Elec 6s.2022
102%
Kansas Power 5s
"99%
1947
38
4,000
32
Feb
38
103% 104
27,000
100
Apr
106
Jan
101% 103%
86,000
Apr
105%
Jan
36%
*98%
98%
97
99%
Mar
99
Jan
112
*113% 116%
98%
98%
Mar
3,000
95%
8,000
65
115
Mar
Apr
101%
Mar
Mar
80%
Jan
Kentucky Utilities Co—
84
Apr
95
Jan
42
80
76
80
6 %s series D
101%
7.000
Jan
Service—
115
Jan
Jan
25%
Interstate Power 5s—.1957
Interstate Publi
Mar
101%
107
40
Mar
19,000
109
Mar
45
113%
12.000
28%
Jan
100%
51%
Mar
page12987.
May
49%
48
66%
79%
see
60
1,000
75,000
56%
10,000
For footnotes
Mar
56%
105%
1,000
78,000
1927
Apr
1,000
67
90
61%
60
Jan
90
43
Mar
57
Mar
*104% 106
44%
44% 44%
30,000
Jan
59
20,000
1961
60
Jan
111%
60
77
Chicago A Illinois Midland
Ry4%s A
1956
105
13,000
107%
Apr
*55
*108
92%
Chic Dist Elec Gen 4%s'70
55
56%
105%
59%
Jan
Apr
1952
Mar
90
55%
104%
109%
45%
Jan
1957
71%
101%
96% 100%
89% 93%
60
3,000
81
Feb
Mar
1955
55%
95
1963
♦Indianapolis Gas 5s A 1952
Ind'polis P L 5s ser A.1957
59%
15,000
111
110
Mar
91%
78
109%
7s series E
9,000
92%
1950
105% 106
110
75
Jan
7s series F
3,000
98% 101
Indiana Service 5s
V.666
Apr
6 %s series C—
Jan
6,000
87%
1957
80"
Apr
64
Feb
92
{♦Chic R.vs 5s ctfs
80
84
108%
Mar
75%
Chic Jet Ry A Union Stock
Yards 5s
1940
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 5s *55
12,000
"
114%
122%
122%
87%
6s series B
*109
Jan
Apr
77
5%s ex-warrants
Indiana Gen Serv 5s..l948
Apr
84
114% 114%
Jan
Corp—
120%
65%
92%
114%
Jan
Jan
110%
117%
84
103
Jan
Jan
3,000
64
103
Jan
Jan
Feb
International Power Sec—
103% 104
104
Feb
6,000
*132
80
57
92%
35%
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s.—1948
Electric
1st lien A ref 5s
88
Works—
Birmingham Gas 5s.—1959
Sf deb5%s—May 1957
Indiana
5s
5s with warrants... 1947
58 without warrant8l947
Birmingham Elec 4%sl968
C...1956
ser
Apr
Mar
Feb
99%
106% May
12%
Apr
43
53
108
Mar
May
Apr
43
56
53
108
88
33% May
104
103
1957
37%
107%
Jan
Apr
24,000
1949
111 Northern Util 5s
Jan
88
*23%
102%
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A—.1949
101%
105%
6%s ex-warrants
3,000
85
33%
♦Hamburg El Underground
A St Ry 5%s
1938
Heller (W E) 4s w w ..1946
Houston Gulf Gas 6s..1943
.
106% 107
"87""
1935
58%
*84
39
65
Feb
69,000
105
111%
101%
97%
99%
103%
1950
1st M 5s series B...1957
5s series C
1960
Jan
107%
Conv deb 4%s
Bethlehem Steel 6s
Jan
Mar
Conv deb 5s
Locom
Apr
93%
94%
91%
85%
Baldwin
May
Grocery Store Prod 6s .1945
*102% 104%
1st <fc ref 5s.....-.1956
♦Convertible 6s
1950
Bell Telep of Canada—
1st M 5s series A—.1955
Jan
Guardian Investors 5s. 1948
1942
Alabama Power Co—
Atlantic City Elec 4%s '64
Avery A Sons (B F)—
Jan
100
1,000
Mar
Gt Nor Pow 5s stpd-.1950
1977
Assoc T A T deb 5 %s. A'55
Jan
Feb
75
(Adolf) 4%s—1941
Grand Trunk West 4s. 1950
89
104%
101%
101%
62
68
*74
Glen Alden Coal 4s...1965
1%
Apr
Apr
Mar
65%
Georgia Power ref 5s..l967
Georgai Pow A Lt 5s—1978
7%
1968
Jan
95
11,000
"74"
1%
Debenture 5s
Conv deb 5%s
Jan
"22",000
75
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
BONDS
Feb
Mar
74
Gen Pub Util 6%s A. 1956
Jan
Jan
105
102
70%
Jan
Jan
16%
Apr
Mar
80
14%
105%
71%
Apr
16*000
65
Mar
Feb
58
92
84%
86%
103% 104
*100% 101%
*100% 101
Gatineau Power 1st 5s. 1956
9%
Apr
102%
Gary Electric A Gas—
Jan
Mar
Mar
Mar
86
Florida Power 4s ser C 1966
Mar
Apr
Mar
83%
56
Jan
3%
5%
Mar
98
Apr
First Bohemian Glass 7s '57
Jan
Apr
102
Firestone Tire A Rub 5s '42
10
Jan
106
Apr
Firestone Cot Mills 58.1948
1*
67
20,000
71%
Mar
Apr
129,000
43
Mar
Jan
78
108% 109%
11,000
8,000
24,000
Mar
Jan
Jan
Apr
75,000
109
100% 101%
96%
99%
52,000
72
Apr
Jan
Apr
Mar
Feb
63%
101
34,000
95
93%
99%
54
Feb
54
2%
7%
Apr
Jan
68% May
71,000
86
7%
Associated Gas & El Co—
Conv deb 5%s
1938
Conv deb4%s C„.1948
May
60
Mar
40
5,000
10,000
82%
Yukon Gold Co
Arkansas Pr & Lt 5s__1956
Associated Elec 4%s..1953
60%
40
60,000
53
6% preferred
£1
Wright Hargreaves Ltd..*
Ark-Louisiana Gas 4s. 1951
Feb
1953
6%s series A
22%
9%
Mar
2
6
Woolworth (F W) Ltd—
Amer dep rets
5c
Appalac Power Deb 6s 2024
Feb
102%
*100
Banks 6s- 5s stpd—.1961
%
Amer G & El debt 5s. .2028
Am Pow A Lt deb 6s..2016
100
Mar
Ercoie Marelll Elec Mfg—
4
2%
1st & ref 4^s
1967
Aluminium Ltd debt 5sl948
Apr
91%
60% 188,000
1%
1
{Wil-low Cafeterias Inc-.l
1968
86%
12,000
60
4%
4%
3%
1%
Williams Oil-O-Mat Ht—*
Abott's Dairy 6s
47,000
130
4%
300
1
*
5
61%
60%
105% 106%
Aug 1 1952
1%
2%
1
Mar
97
♦Certificates of deposit
♦Deb 7s
Jan
1%
Westmoreland Coal Co—*
Petroleum
64
Mar
43
Detroit Internat Bridge—
Jan
Western Tab <fe Stat—
Woodley
1950
5s 1st scries B
Jan
Feb
100
20
Weyenberg Shoe Mfg
Williams (R C) & Co
43%
42%
Mar
66,000
22,000
96
109
40u
2%
West Texas Util ?6 pref..*
West Va Coal <fc Coke
*
392,000
*94%
101%
99%
%
%
*
May
May
May
64
61%
60%
98%
99%
102% 103%
64%
68%
75%
"96"
6%
4
100
54%
54%
99%
101
-j—
6
1
Feb
Mar
101
57%
82
101
6%
1%
1.25
...
59
Denver Gas A Elec 5s. 1949
1%
Jan
1%
1
com
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
1944
Mar
Western Maryland Ry—
Vot tr ctfs
1940
Cudahy Packing 3%s.l955
Delaware El Pow 5%s.l959
Apr
Feb
47%
104% 105
*123
127
%
1
7% 1st preferred
stamped—.1943
Jan
Apr
59
100
6s ser A
Mar
2%
%
.....
Jan
91%
65
79
"15", 000
*123
106%
1939
Jan
«!•
Mar
200
Wayne Knitting Mills...5
RightsWestern Grocery Co
5s
68%
Gen mtge 4%s
1954
Consol Gas Util Co—
Jan
Welsbaum Bros-Brower..l
Western Air Express
Jan
1%
%
23
*
Wentworth Mfg
Jan
600
15
6%
Apr
VA
A
1%
*
Wellington Oil Co
(B lit) 3%s ser N...1971
Consol Gas (Bait City)—
Feb
Mar
High
87
May
Apr
Consol Gas El Lt A Power
Jan
Apr
*
Walker Mining Co
Jan
Jan
7% preferred
100
Wahl (The) Co common.*
Class B
16%
%
*
Waltt & Bond class A
Community Pr A Lt 5s '57
Community P S 5s—1960
Conn Lt A Pr 7s A...1951
Jan
Va Pub Berv 7% pref—100
Vogt Manufacturing
*
Wagner Baking vtc
96%
Jan
%
Petroleum... 1
Waco Aircraft Co
103%
200
22%
16%
60%
Feb
1%
36%
%
97
100
60
12%
12
97%
101
Cities Serv PAL5%s.l952
%
A
A
1943
5%s
1949
♦Commerz A Privat 5%s'37
Com'wealtb Subsid 5%s '48
Mar
1%
43%
1%
2%
1
12%
Line 6s
Jan
Jan
8
Mar
Mar
Cities Service Gas 5%s '42
Service
Gas
Pipe
Low
75
Cities
Feb
Mar
3%
3
39
Jan
1%
2%
Jan
8
Jan
Mar
11
10
Utility <fc Ind Corp com..5
Conv preferred
7
conv
Jan
Jan
1%
Moo
H
»i«
5
Mar
7
Utah Radio Products....*
$4
Jan
Feb
64
2,000
81 %
60
2
..—1950
Range Since Jan. 1, 1938
Shares
65
*77
65
100
Universal Products Co..
100
-1
5
1966
600
Universal Pictures com—1
7% preferred
Valspar Corp com
..1955
1%
1%
VA
1
Class B
6s series B
Cities Service 5s
75
».«
%
1%
2
Utility Equities Corp
Priority stock
Jan
75
3%
Universal Consol Oil.—.10
Utah-Idaho Sugar
5
Utah Pow <fe Lt $7 pref...*
Cincinnati 8t Ry 5%s A '52
Feb
1%
24
Week
2%
3%
2%
*
Universal Corp v t c
Universal Insurance
57
Mar
150
for
of Prices
Low
High
Price
Jan
1%
Mar
1
24
3%
United Verde Exten.—50c
United Wall Paper
Mar
Week's Range
Sale
3*
1
tc
v
Sales
Last
High
42
*
*
United Stores
47%
BONDS
(Continued)
Low
1
U 8 Rubber Reclaiming:.-*
U 8 Stores Corp com
$7 conv 1st pref
%
May 7, 1938
5
Friday
Range Since Jan. 1, 1938
for
Week
Shares
24
"24
Exchange—Continued—Page
Sales
1948
93
91
93%
16,000
106%
Jan
84%
Apr
97
Apr
5%b series F
1955
84
81%
84
19,000
78
Mar
90
Apr
52%
Jan
5s series
80%
75%
80%
12,000
65
Mar
80%
1st mtge 5s
I
ser
H—.1961
.....1969
Jan
Jan
May
Volume
New York Curb Exchange—Concluded—Page 6
146
Sales
Friday
BONDS
Last
(.Continued)
Week's Range
Sale
of Prices
High
Low
Price
Lake Sup Dlst Pow 3 %s '66
Lehigh Pow Secur 6s__2026
97%
94
96
♦Leonard Tietz 7%s._1946
97M
96
*24M
88 M
Lexington Utilities 5s. 1952
Llbby McN & Libby 5s '42
Long Island Ltg 6s—1945
104
104
83
80
Louisiana Pow & Lt 5s 1957
104%
104
for
83
104%
♦7s without warr'ts.1941
Jan
93
7,000
60,000
97%
Mar
Apr
103
Jan
25
Mar
25
84
Apr
97%
101
Apr
104%
Apr
100
57,000
100
Mar
104%
Feb
Mar
1952
Memphis P & L 5s A..1948
Mengel Co conv 4%s_1947
Metropolitan Ed 4s E_1971
103%
1965
105%
Middle States Pet 6%s '45
*84 %
Midland Valley RR 5s 1943
89
Apr
{♦Stand Gas & Elec 6s 1935
52
67 M
Feb
86%
Apr
♦Certificates of deposit
♦Convertible 6s
1935
86
83
53 M
24,000
93
Mar
79
17,000
Apr
106%
Jan
Mar
106%
Jan
4,000
75 M
Jan
95
Apr
2,000
50
Apr
63
Feb
95%
Jan
92%
Jan
Standard Investg 5%s 1939
{Standard Pow & Lt 6sl957
♦Starrett Corp Inc 5s.l950
Jan
Stinne8
88 M
Jan
83
Apr
Apr
Mississippi Power 5S..1955
Miss Power & Lt 5s—1957
Miss River Pow 1st 5s_1951
72
70
72
29,000
9,000
82 m
84
*109 m 110%
"69 %
66
69%
Nat Pow & Lt 6s A.-.2026
"82~"
2030
76%
{♦Nat Pub Serv 5s ctfs 1978
44%
Deb 58 series B
61%
43"000
Mar
Jan
75
Mar
70
109
100
54
Apr
87
110%
69%
6s series A__
2022
.
Nevada-Calif Elec 5s. 1956
May
May
Tennessee Eiec Pow 5s 1956
Tenn Public Service 5s 1970
1950
Conv deb 5s
Jan
76 %
26,000
58 M
Apr
76%
Jan
18,000
44
Jan
44%
11,000
108
Mar
109%
111
Apr
116
116
"mm
49
*54""
49 %
49 h
116
80
90
76%
116
54 m
53 m
54
29,000
M
69
1954
11,000
40
Mar
55
Jan
51
45
51
38
Mar
55
Jan
52
Jan
series
A
49%
52
Mar
55
51-
46
51
30,000
39%
Mar
55
/52%
45%
52%
37%
Mar
56
Jan
51%
46%
*55
70,000
21,000
36%
Mar
56
Jan
72%
Jan
"56"
♦Income 6s series A. 1949
74%
51
91%
104 %
104% 104%
"85"
80
City Rap Tr 5%s *52
58%
Mar
58%
104%
Feb
♦United Industrial 6 %s '41
May
36,000
74
Mar
87
♦1st
Jan
90
92
91%
Apr
86 M
Feb
64
Feb
98
Feb
76
Mar
51,000
105
Apr
108%
26,000
88
Apr
97%
103 %
Jan
105%
Jan
Jan
Apr
112%
Jan
113%
59
74
100%
May
84
*26
Feb
27%
Jan
28
72%
3,000
57%
9,000
94%
Apr
Feb
100%
33,000
64%
Feb
96
Feb
United Lt &
6s series A
1952
1973
104%
69%
Utah Pow & Lt 68 A..2022
1944
Jan
6s
72%
72%
1,000
65
Apr
84%
Feb
18%
17%
104% 104%
*107%
6,000
12,000
104"
94",000
1946
Income
Hotel—
1954
deb
82 %
85 m
104
104 m
1945
23,000
103
Mar
100%
May
West Penn Traction 5s '60
100
May
West Texas Utll 5s A 1957
90%
87
May
West Newspaper Un 6s '44
West United G & E 5%s'55
38
2030
Jan
101%
Mar
104%
Apr
80 M
Jan
91
Apr
Feb
*97%
104%
Wheeling Elec Co 5s..1941
Wisc-Mlnn Lt A Pow 6s *44
95%
1966
3,000
5,000
103 %
104 M
Wise Pow & Lt 4s
Mar
105%
107
Jan
105 m 106
Jan
Yadkin River Power 5s '41
105 % 105 %
3,000
103 %
Feb
106%
Jan
♦York Rys
Co 5s
1951
99% 100 m
71,000
96
Jan
100%
87
89
16,000
83
Apr
71
75
4,000
FOREIGN
12%
103%
106%
Mar
99%
105%
Jan
Jan
107%
Mar
Apr
106
97
90%
38
36%
104% 105%
107% 107%
106% 106%
95%
94%
71,000
13,000
15,000
2,000
4,000
9,000
Mar
74%
32%
"9",000
Feb
96
99
100
Feb
19
Apr
Mar
Jan
Jan
102
103%
90%
103
Apr
39%
105%
107%
Feb
107%
105%
Jan
107
Apr
96%
105%
Apr
Jan
May
Jan
Jan
Jan
Mar
Jan
May
1946
GOVERNMENT
Ohio Power 1st 5s B..1952
1st & ref 4%s ser D.1956
Okla Power & Water 5s '48
Pacific Coast Power 5s '40
95
80
1941
Pacific Invest 5s ser A. 1948
1942
Pacific Pow & Ltg 5s.-1955
Palmer Corp 6s
81%
mm-
—
-
67%
1938
Park Lexington 3s
115% 115%
1964
Penn Cent L & P 4 Kb. 1977
..-->1979
Penn Electric 4s F.-..1971
86 %
91
88
81%
*113
81%
Apr
Mar
103%
Jan
114
Mar
116%
Feb
88
79
88%
Mar
113
Apr
Apr
113%
55
Mar
67%
1,000
99
Feb
7,000
28
Mar
74 M
Mar
25,000
86%
96
Feb
98
38,000
67,000
May
85
Feb
May
Agricultural Mtge Bk (Col)
May
1,000
85
MUNICIPALITIES—
AND
Feb
82",000
116
64% 67%
100% 100%
30% 30%
84
86%
90%
91
84%
9,000
100
73
Jan
69
100
*101 % 103
1937
100
"82"
Mar
Pacific Gas & Elec Co—
♦20-year 7s
♦20-year 7b„
Jan
34%
Jan
Jan
1946
..1947
Apr
22%
22%
7,000
17%
Jan
22%
*20%
23%
2,000
20
Jan
23%
23%
Apr
22
20%
Mar
21%
Feb
*63
70
70
Mar
76
Feb
*63
22%
75
65
Buenos Aires
88
-
♦Baden 7s..
101
1951
(Province)—
1952
♦7%s stamped
1947
♦Cauca Valley 7s
1948
♦7s stamped
4,000
78
Mar
91
May
32,000
76
Apr
88
May
2,000
.82
Apr
96
Jan
9,000
75
Mar
91%
5,000
99
Mar
107%
103%
Jan
Feb
Jan
Danish
108%
Jan
Jan
Apr
80%
Jan
6%
Apr
9%
Feb
22%
Apr
Danzig Port & Waterways
109
Penn Ohio Edison—
9%
9%
3,000
Cent Bk of German State &
6s series A.-—-.-..1950
B..1959
88
Penn Pub Serv 6s C..1947
104
1954
5s series D
Penn Water A Pow 5s.l940
107%
..1968
Peoples Gas L & Coke—
4Kb series B
88
88
102% 104
*95
97%
107% 107%
108% 108%
87%
81%
93
Mar
"l'ooo
106%
3,000
106 %
Mar
Apr
1981
87 m
86
87 m
8,000
78%
Mar
4s seriesD
1961
89 %
88
89%
12,000
82%
Mar
Mar
7 m
5 000
Phila Elec Pow 5%s_.1972
112
112 M
18,000
111
Jan
Phila Rapid Transit 6s 1962
65
66%
65
Piedm't Hydro El 6 Kb '60
58 m
59 m
4,000
14,000
1,000
106
91
91%
10%
113%
May
Apr
{♦Peoples Lt & Pr 5s.. 1979
Pittsburgh Coal 6s.. 1949
Pittsburgh Steel 6s
1948
7%
7%
106 m 106 m
Portland Gas & Coke 5s '40
"mm
Potomac Edison 5s E.1956
106 %
92 m
93%
*20 %
93%
♦Pomeranian Elec 6s. .1953
26
26
1952
*26
27
♦6s series A
54 m
53
Jan
Mar
♦Lima
♦Maranhao
61
Feb
8,000
Jan
108
Feb
Apr
100
Jan
Jan
22
Apr
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
7.000
105 M
Apr
58%
107%
Feb
106 m 107
107 m 108
9.000
107
Apr
108
Apr
47
2,000
45
Mar
103
*22 M
8,000
Jan
48
100 M
Jan
20%
30
65 '
Jan
103
22%
Jan
♦Issue of Oct 1927
68
1931
stamped
Jan
Mtge Bk of Denmark 5s '72
Apr
Apr
♦Parana
7s... 1958
(State)
6%s.l959
1919
de Janeiro
♦Rio
♦Russian Govt 6 %s...
.1956
5s series C
1978
1980
134
135 m
14.000
130
111%
110% 111%
105m 105 m
14,000
110
iol"
104
104
104 %
1st & ref 4Kb ser F.1981
1960
'
Jan
137%
Mar
"105%
104%
104% 104%
104% 105%
1.000
103 %
2,000
102%
17.000
101%
5,000
101%
30,000
104
Apr
Apr
Apr
Apr
Mar
Apr
113
Feb
107
Mar
♦6%s certificates
104%
104%
Jan
*13%
Jan
Mar
22%
23
Mar
Jan
23
Mar
19
Jan
22%
Mar
13%
18%
Feb
Jan
9%
Apr
16%
Jan
7%
Jan
9
Feb
64
Feb
77
Mar
21
Feb
23%
Mar
16%
Jan
23
Jan
12%
Apr
15%
Jan
96
Apr
102%
Feb
7
Mar
10%
Jan
6
Apr
10%
%
Mar
%
Mar
2,000
2,000
14
97
11
7%
8,000
%
%
%
*%
*%
51
♦Santa Fe 7s stamped.1945
May
104%
%
12,000
%
%
%
%
51
3,000
45
1,000
11%
11%
16
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
1
%
65
Feb
Jan
15%
Apr
14%
Apr
May
106%
1921
♦5%s certificates...1921
Mar
Jan
Jan
25
23
%
1919
♦5%s
1966
4Kb series D
135
7%
*12%
*96%
*9
6%
*%
59%
19%
4,000
J ,000
15
15
♦Mtge Bk of Chile 68.1931
Apr
20
1,000
75
*22%
*22%
May
Feb
1,000
1,000
9
75
♦Mendoza 4s stamped,.1951
89 M
Mar
1,000
20%
20%
20%
20%
9%
15
8%
♦Medellln 7s series E.1951
Public Service of N J—
6% perpetual certificates
Pub Serv of Nor Illinois—
20%
20%,
20%
20%
9%
*9
20%
Jan
28
98
3,000
51
1958
7s
27
101%
100%
19%
98
(City) Peru 6%s '58
Feb
47
'59
♦Prussian Electric 6s.. 1954
♦Hanover
79
19
23 m
63%
6%
Apr
44
98
1947
(City) 7s... 1939
(Prov) 6 %s.l949
Jan
98%
*44
1952
♦Secured 6s
♦Hanover
25
22,000
1953
External 6%s
5,000
99% 100
1955
5%s
6s
Jan
Feb
*101
1961
Potrero 8ug 7s stmpd.1947
4%s series F
PowerCorp(Can)4%sB
♦Prov Banks 6s B..1951
♦German Con Munic 7s '47
4s series B
I
164"
108%
West Penn Elec 5s
N'western Pub Serv 5s 1957
18%
104%
Apr
Feb
Jan
Jan
85
Feb
97 %
90%
Apr
Wash Water Power 5s 1960
102
Apr
75
107
95
82
19",000
No Indiana G & E 6s..1952
100%
Jan
Feb
13,000
Wash Ry & Elec 4s...1951
Apr
Jan
78
86
Jan
Apr
...
70
Feb
80
40
86 M
Jan
Jan
64
79%
72%
Mar
93%
106%
53%
2,000
26,000
80
30
100 M Ul% 198,000
104 m 104 m
3.000
78
1st ref 5s series B...1950
3.000
N'western Elec 6s stmpd'45
69%
71 %
75
39
50,000
May
81 %
37
21,000
81
Jan
86
♦5s
98 m 100 M
92 m
95
Jan
Jan
75
75
69%
*83%
2,000
Apr
Mar
A..1946
Va Pub Serv 5%s
Wash Gas & Light 58.1958
4Kb series E
1970
North'n States Pow 3 %s'67
104% 104%
78
Jan
Apr
Mar
24
81
Waldorf-Astoria
1969
62
56
75%
Mar
93
Jan
47
114%
23
81
4%s
Apr
Mar
52
29,000
(Del) 5%s *52
Rys (Me)—
Un Lt & Rys
112%
""f,66o
99%
May
37,000
63%
Mar
26
99
82
107%
Mar
30
41
68%
62%
98% 100 M
44
5,000
5,000
1,000
66%
99
Jan
Northern Indiana P S—
48,000
26
1959
Mar
Feb
108%
70%
73%
—.1974
Apr
1966
Jan
Feb
59
6%s
70
105 M
Jan
Jan
106
36%
113% 114%
70%
73%
53%
6,000
Feb
Mar
36,000
35%
1945
22,000
4 Ms series
106% 107%
53%
58%
1956
f 6s
s
36
United Lt & Pow 6s.-.1975
Mar
5,000
Feb
61
Ulen Co—
82
4Kb series E
94
80%
100%
104%
Twin
United El Serv 7s
59
1st & ref 5s
Mar
Jan
72%
Deb 5Kb series
Apr
82%
Jan
85 %
*55
1st 5s.—
48%
Apr
—1956
Nor Cont'l Util 5%S-1948
A
.
11,000
57,000
89,000
76%
118
Jan
104% 104 m
Feb
80
58%
90
Jan
Feb
May
Jan
107%
Feb
54 m
57%
74%
85
Jan
Jan
1962
Feb
8,000
106%
Feb
Toledo Edison 5s
57%
74%
Apr
65%
Leonard
57%
100
103%
57%
86%
100% 103
May
May
106%
Feb
No Amer Lt & Power—
Pacific Ltg & Pow 5s.
85
51%
48
Jan
Apr
86%
85
Nippon EI Pow 6 Hs—1953
1st 6s series B
80
Jan
43
39
104
Apr
see
Apr
115
5s conv debs
105%
75%
Feb
*113
Okla Nat Gas 4 Kb
48
105
14,000
Mar
1954
Ogden Gas 5s
49%
47
105%
83
70
71
Feb
81
(L)
Mar
24,000
Jan
30%
83
102
106 % 107 m
107
N Y & Westch'r Ltg 4s 2004
5s series D
6,000
3,000
15,000
1,000
31,000
17,000
54%
Mar
Tletz
13,000
*
N Y State E&G4H8 1980
.
51%
Mar
18%
32,000
Tide Water Power 5s._1979
56,000
*99
♦Ext 4%s stamped. 1950
5s series C
30%
Jan
40
91%
36
102",000
50
29%
Apr
Jan
New York Penn & Ohio—
5 Kb series
54
60
43
29%
Jan
99%
40
39%
52
39
Mar
8,000
52,000
Jan
21,000
10,000
90%
50,000
Jan
105%
93%
Apr
Apr
115M
Jan
79
8,000
82 M
90
N Y Central Elec 6%s 1950
5s
Mar
52
6s series A
90 m
Debenture
93
46
5%s
1942
NYP&LCorp lst4%s'67
Mar
94
New Orleaas Pub Serv—
5s stamped
65%
96% 100
15,000
10,000
93
81M
85%
40,000
75
94
79%
*82%
Jan
98%
96%
70%
75
Conv 6s 4th stamp. 1950
United Elec N J 4s.—1949
2,000
Jan
Jan
2022
104 % 104 M
New Eng Pow Assn 5s. 1948
6s
56%
95
103
86%
Apr
Mar
98%
Texas Power & Lt 5s..1956
Mar
Apr
Feb
"96"
62 %
Mar
May
Apr
TernI Hydro-El 6%s._ 1953
Texas Elec Service 5s. 1960
Feb
Mar
106%
110%
106%
85
Jan
5%
Apr
106%
Apr
Apr
93
95
Mar
I9"6OO
75
76%
New Eng Power 3%s_1961
Debenture 5%s
85
44%
44%
108 m 109
1948
_
2M
.
95
Apr
86
1,000
4,000
70 m
New Amsterdam Gas 5s '48
N B Gas & El Assn 5s 1947
2M
Jan
Mar
107
"2",000
98%
1940
2d stamped 4s
1946
Super Power of HI 4%s '68
1st 4%8_.
....1970
82
**14%
*85%
Neisner Bros Realty 6s '48
95
85
Apr
95%
(Hugo) Corp—
2d stamped 4s
Jan
Jan
Apr
77
Nebraska Power 4%s.l981
5s.
87%
Power—
95
♦Certificates of deposit
Debenture 6s
1951
Debenture 6s. Dec 11966
100
101%
3,000
84
Jan
16,000
28,000
16,000
2m
*80
40
92
100
Apr
33,000
2M
104% 104%
92
87
96
95
105% 106%
i*35%
92%
89%
1944
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
S'western Lt & Pow 5s 1957
So'west Pow & Lt 6s..2022
Jan
93 M
5%s
106%
103%
35%
83
87 m
95
Nassau & Suffolk Ltg 5s '45
13,000
6,000
Apr
92 m
♦Munson S3 6%s ctfs.1937
105% 106%
108% 110%
101%
102%
102%
Apr
106%
106%
110%
104%
5,000
59,000
13,000
55
72
Missouri Pub Serv 5s. 1960
105%
70
89 M
Montana Dakota
105
Mar
1978
4%s
1st & ref 5s
105 %
99
1955
Minn P & L
Mar
24%
53
Milw Gas Light 4%s..l967
71%
Jan
102 % 103 %
104
105 %
84
84
84
80,000
Apr
80
80
1st & ref mtge 4s___1960
Sou Counties Gas 4%s 1968
High
Low
Shares
87%
24%
83
85
High
83
97
1
Deb 4 Ha
4s series G
Apr
.1945
Ref M 3%s.May 1 1960
Ref M 3%s B.July 1 '60
Mar
76
Debenture 3%s
Range Since Jan. 1, 1938
for
Week
of Prices
Sou Calif Edison Ltd—
Jan
11,000
1,000
Week's Range
Low
87%
So'west Pub Serv 6s. .1945
*65
Memphis Comml Appeal—
Southeast P & L 6s...2025
Mar
Tooo
Sales
Sale
Price
84
*26%
*100m
McCord Rad & Mfg 6s '45
Last
(Concluded)
High
Low
Mansfield Mln & Smelt—
Marion Res Pow 4%s.l954
BONDS
Range Since Jan. 1,1938
Week
Shares
29
88 M
104%
2987
Friday
Feb
1949
♦Santiago 7s
13
1961
♦7s
13
Pub Serv of Oklahoma—
4s series A
1966
Puget Sound P A L 5 Ms '49
1st A ref 5s ser C—1950
1st A ref 4 Ms ser D.1950
Queens Boro Gas A Elec—
5 Ms series A
1952
♦Ruhr Gas Corp 6 Ms. 1953
♦Ruhr Housing 6 Ms-.1958
Safe Harbor Water 4 Ms '79
102
102
24,000
98%
Mar
67m
71 %
28,000
60%
Mar
71%
May
64
69 m
26.000
59
Apr
69%
May
64
60
64
53,000
53
Jan
64
May
73
73
2,000
73
Apr
29 M
6,000
25%
Feb
109% 110
"7"666
108%
Jan
14
21,000
9%
102%
Apr
128%
Feb
111%
Mar
102
May
a Deferred delivery sales not included In year's range,
n Under
included in year's range,
r Cash sales not included In year's
Ex-dividend.
♦ Friday's bid and asked price.
No sales were transacted during current week.
♦
"29m
109%
29m
*21 %
13
{♦St L Gas A Coke 63.1947
26
105% 105%
San Antonio P S 5s B.1958
San
101 %
71%
69 m
*130% 131
*111%
Joaquin L A P 6s B *52
21
17,000
Mar
Jan
■
Jan
93%
29% May
25
110%
14
105%
130%
Apr
♦
Mar
Apr
Sauda Falls 5s
1955
♦Saxon Pub Wks 6s
1937
27
"27"
28
*26
26 M
21%
Jan
26
Mar
99 m 100 %
96%
Apr
102
Jan
50
x
Bonds
being traded flat.
receivership.
{ Reported in
'
e
Cash sales transacted during the current
week and not Included In weekly or
yearly range:
Mar
♦.MJhulte Real Est 6S..1951
rule sales not
range,
May
Mar
No par value,
the
Jan
Scrlpp (E W) Co 5MS.1943
Scullin Steel 3s
1951
45%
42 m
1948
104%
1st 4 Ms series D
1970
Sheridan Wyo Coal 6s 1947
Sou
Carolina Pow 5s.1957
104%
104%
Jan
Feb
45%
38%
106%
Apr
Apr
105%
101%
Mar
107%
105%
Mar
102
Mer
105%
102
Mar
105
No sales.
y
Under-the-rule sales transacted during the current
weekly or yearly range:
No sales.
Mar
*106%
Shawinigan W A P 4Mb '67
1st 4 Ms series B
1968
Servel Inc 5s
25
112
104 % 104%
Jan
104%
105
*55%
61
54%
Mar
63%
Jan
*76
SO
70
Mar
77%
Jan
Apr
z
Deferred
week and not Included In
■
•
...
•
delivery sales transacted during the current
week and not Included
in weekly or yearly range:
No sales.
*
"v t
.
"cons," consolidated;
convertible; "M," mortgage; "n-v," non-voting stock;
c," voting trust certificates; "w 1," when Issued; "w w," with warrants; "x-w,"
Abbreviations
Used Above—"cod," certificates of deposit;
"cum," cumulative: "conv,"
without warrants.
2988
Financial
Chronicle
May
7, 1938
Other Stock Exchanges
New York
Real
Estate Securities
Exchange
v
B'way
Unlisted Bonds
38th
St
Bid
Unlisted Bonds
Ask
Internat Commerce
Bldg—
1945
75
Bryant Park Bldg 6%sl945
26
I
11 West 42d St 6%s_.1945
29
1
7s
lit
t
Bid
Income bonds
v
t
6
Paul
H.Davis & ©a
1
I
«
Corp—
t c
10 East 40th St Bldg 5sl953
Members
_
New York Stock
77
250 W 39th St Bldgs 6s '37
V-:
Ask
5
Park Place Dodge
1
Listed and Unlisted
Bldg—
6%s
1
I
10
1
1
II II
10 So. La Salle
Baltimore Stock
Exchange
Last
Week's Range
Sale
Arundel Corp
*
Price
1st pref v t c
Black & Decker com
*
*
Consol Gas E L & Pow...*
6% preferred-,
100
Eastern Bugar Assoc com.l
Preferred
1
20
Guilford Realty Co pref 100
Houston Oil pref
100
*
1st preferred
25
2nd preferredMar Tex Oil
*
1
Common class A
.
63%
113 %
5
50
13
13
13
100
2
Jan
Jan
Mar
70
Jan
Apr
115
Feb
Mar
18%
Mar
104%
95%
42
16%
520
11%
Mar
%
6%
%
%
69
6%
6%
64
%
6%
Mar
%
2%
40
%
Apr
%
2%
%
1%
1%
*
700
35
1%
12
13
22
170
75%
May
42
%
3
Mar
May
2%
16%
64
9%
359
1%
875
77%
66
205
72%
42
59%
21
Apr
25%
Mar
11%
1%
May
Apr
Apr
75
3
May
3
May
68
6
66
Apr
Mar
72
Jan
15%
Jan
Mar
33
Jan
11%
1,020
101
8%
30
118
200
118
May
121
300
118
Jan
118
1975
Finance Co of Am 4%.'47
Read Drug & Chem 5%s'45
19
2,500
15
Mar
23%
1,800
15%
Mar
27
81
1,000
1,000
1,000
78
Mar
85
(New)
Apr
May
94
Last
Sale
Par
Price
Week's
Feb
Range
Common
—
Prior lien
*
—
Low
———*
*
pref
Central States P & Lt pref*
Chain Belt Co com
*
Mar
7%
Jan
8%
30
"V 8
Mar
11%
Jan
7%
50
Aug
15%
Jan
Apr
56
Jan
40
7%
45
3%
Mar
%
350
6%
Jan
Jan
Mar
1%
Jan
200
27
Mar
50
1
Mar
Jan
%
%
500
36%
1%
2%
1%
300
10
7%
50
%
Mar
1%
Mar
8
Mar
13
2%
Jan
Jan
Jan
Jan
7%
11%
150
7
Mar
13
130
8%
Mar
14%
Jan
7%
200
5%
Mar
8%
Mar
50
12%
Mar
22%
Jan
Mar
28%
16
16
19%
21%
6,500
16%
6%
7%
6%
100
5%
Jan
8
600
6%
Mar
3
Mar
Jan
21%
.....
Jan
Mar
8
9%
5%
Jan
Jan
3%
250
6%
18%
1,600
5%
Mar
8%
Jan
200
17%
Mar
21%
Mar
15%
16
150
14%
Mar
25
10%
10%
130
Mar
14
Jan
45
51
3%
5%
18%
51
400
41%
Mar
51%
Feb
%
%
"4%
4%
%
4%
9
Mar
%
Jan
4
Apr
6%
Jan
350
50
Jan
_*
common.
2
1%
2
5,900
1
Mar
2%
Jan
30
26%
30
150
26
Mar
33%
Mar
200
90
.....
90
93%
4
3
12%
2%
12%
2
190
Jan
Apr
2%
Apr
5%
15%
2%
Mar
59%
Feb
Mar
12
12%
2%
6,600
1%
50
97
Mar
Jan
Jan
Chic Flexible Shaft com-.5
High
53%
52%
63%
650
38%
Jan
Chicago Towel Co—
Convertible pref
Range Since Jan. 1, 1938
for
4
v-
1
-.1
...
Chicago Corp
Shares
200
5
1%
7%
.20
com.
Convertible pref.
Week
High
4%
Central S W—
Exchange
of Prices
Mar
29
11
18%
Cent III Pub Serv pref.—*
Central 111 Sec—
>
Sales
Low
7%
"6%
Central Cold Stor
April 30 to May 6, both inclusive, compiled from official sales lists
Stocks-
2
550
1%
10
Common-.....-...—-1
Friday
Jan
100
4%
10
5% conv preferred
30
Castle & Co (A M) com. 10
Preferred
Boston Stock
Mar
7%
50
4%
%
*
1
Butler Brothers
Apr
102
5
common
Burd Piston Ring com
Feb
92
100%
Mar
10%
Mar
1
1
Bruce Co (E L) com
Jan
92%
92%
100% 100%
46
Jan
4%
1%
5
Brown Fence & Wire com.l
Jan
21
com
36%
7%
Apr
30
300
650
42%
8%
5%
3%
Borg Warner Corp—
May
18%
20%
High
Low
Shares
29
Bliss & Laughlin Inc cap.5
May
121
81
1975
B 5s flat
19
118
121
City 4s Water Serial.. 1958
City 4s Sewerage Imp. 1961
(flat) '75
1
Berghoff Brewing Co
Bonds—
A 5s flat
1
Aviation & Trans C cap.l
Jan
200
30
45
4%
Bastlan-Blesslng Co com.*
Belden Mfg Co com
10
Jan
Jan
3
10%
50
5
Automatic Washer com._3
Jan
1%
94%
30
Western National Bank.20
Bait Transit Co 4s
Products cl A— -.25
Automatic Products com.5
Jan
7%
68
11%
com__l
Asbestos Mfg Co com
Jan
3
"66"
5%
4%
8%
7%
Bendlx Aviation
1%
8
Assoc Investment com—*
Jan
22%
8%
1%
73%
65%
40
5%
Jan
Mar
Range Since Jan. 1, 1938
for
Week
High
8
Amer Pub Serv Co pref 100
Jan
1%
42%
Armour & Co common
Jan
1%
10
Low
3
Allied
Jan
%
*
Allied Laboratories com..*
Jan
7
Price
Aetna Ball Bearing
May
17%
of Prices
Advance Alum Castings--5
Jan
Apr
(new)....
(JD) Mfg com..
Adams Oil & Gas com
Jan
14%
42
Common
Adams
Jan
Mar
11
8%
Week's Range
Abott Laboratories—
Apr
17%
Apr
90%
100
...
1
2%
Mar
42
5
Jan
17%
Par
Stocks-
Mar
16%
Northern Central Ry_-.50
Preferred—
82
High
Mar
4%
56
5
Phillips Packing Co com..*
U 8 Fidelity & Guar
88
70
5
Monon W Pa P S 7% pfd25
Penna Water & Pow com.*
Low
12%
%
%
9%
55%
112%
91
113% 113%
*
1
64
%
1 %
~64~~
New Amsterdam CasualtyS
No American Oil com
1%
13%
191
12%
1
Merch & Miners Transp.
591
%
1%
Last
Sale
Shares
16%
%
15%
Fidelity & Deposit
Mfrs Finance com v t
High
Sales
Friday
Range Since Jan. 1, 1938
for
Week
of Prices
TjOw
16%
Bait Transit Co com v t c.*
April 30 to May 6, both inclusive, compiled from official sales lists
Sales
Friday
St., CHICAGO
Chicago Stock Exchange
April 30 to May 6, both inclusive, compiled from official sales lists
Par
Chicago Stock Exchange
Chicago Board of Trade
Exchange
New York Curb (Associate)
.V*
Stocks—
SECURITIES
CHICAGO
Closing bid and asked quotations, Friday, May 6
*
98%
98%
98%
10
96%
Apr
10
9%
7%
1,800
7%
May
1%
9%
1%
Jan
1%
Jan
26%
22%
26%
10,600
22
Mar
27%
Jan
12
12
14
800
12
May
25
100
Jan
Cities Service Co—
Amer Pneumatic Ser—
(New) com
1st preferred
50
Amer Tel & Tel
-100
15
130
Boston & Albany
100
"76"
100
120
Boston Elevated
100
10
11
Mar
2,753
110%
Mar
%
63
%
Mar
76%
%
Boston Edison Co
Boston
15
124% 130
Associated Gas & Elec A. -1
15
Club Aluminum Uten
May
149%
1%
108%
Jan
Herald-Traveller.*
100
Prior preferred
25
New
318
60
Mar
Jan
Compressed Ind Gases cap*
123
307
108
Apr
125
ADr
Consolidated Biscuit com.l
54%
57
310
48%
Jan
58
Apr
Consumers
14
56%
14
30
13%
Mar
20%
Jan
Common part shs A..50
1%
7
Mar
3%
Jan
Cudahy Packing Co preflOO
Cunningham Dr Stores 2%
"12%
6
2%
6%
7
75%
120
100
50
5%
4%
5%
1,850
1%
1%
48
48
12
12%
100
20
2%
7%
1%
1
Mar
2%
Feb
7%
7%
7%
2
2
66
1 %
Mar
4
Feb
Dixie Vortex Co
*
14%
14%
14%
100
Class C 1st pref stpd.100
2
2
20
2
Feb
3%
Jan
Elec Household UtU cap.5
3%
3%
3%
550
Class D 1st pref
1%
1%
10
1% May
2% May
3 %
Feb
Elgin Nat Watch
15
17
5
1%
100
Class D 1st -ref stpd.100
2%
Boston Personal Prop Tr_*
Boston & Providence... 100
40"
Calumet & Hecla
25
Copper Range
25
2%
2%
7%
4%
10
8%
8%
40
85
45
30
8%
40
Mar
Apr
May
12
Dayton Rubber Mfg com.*
6% preferred
com
Jan
Four-Wheei Drive Auto. 10
12%
Jan
Fox
75
Jan
Fuller Mfg Co com
7%
180
5%
Mar
10%
Jan
4%
4%
50
4%
Mar
7%
Jan
85
42%
Mar
51 %
Jan
Mar
30%
Jan
23
Feb
$3
100
22%
23
50
20
19
23
21
97
13%
Apr
5
30
3%
Apr
Employers Group
*
19
253
15%
Apr
100
1%
Feb
1%
48
Georgian Ind pref
20
Gilchrist Co
4%
19
.*
Gillette Safety Razor.--.*
18
1%
1%
5
5
"8%
8%
8%
1%
22
230
5
Mar
7%
Mar
cum conv
pref
Jan
150
5%
Mar
10%
Jan
Apr
16%
Jan
Mar
4%
Jan
14
2%
50
15
Mar
Class B
*
49c
Preferred
49c
28
Isle Royle Copper Co.-.25
Mass Utilities Assoc v t c.l
Mergenthaler Linotype
*
Narragausett Racing Ass'n
Inc
1
New England Tel & Tel 100
2%
2%
>
49c
32
100
6%
5
100
5
Mar
100
8
Mar
6%
8%
Mar
8%
2
150
1%
Mar
2%
Jan
51
51
50
Mar
52%
Jan
3
3
50
2%
Mar
4%
Jan
1
Mar
2%
23%
Jan
Mar
Mar
8%
50
1
1%
4,900
15
"7%
15%
200
7%
600
14%
100
12%
Mar
60
5%
Mar
14%
20
1 %
7%
11
Jan
Mar
Harnlschfeger Corp com.10
7
7
6%
6%
300
5%
5
5
100
4
7%
7%
300
6%
6%
50
60
Hein Werner Motor Parts 3
Jan
Houdaille-Hershey cl B—*
Feb
Illinois
25
Brick Co
1%
22
50c
Apr
!
1%
21%
1%
22
400
1%
220
18%
625
3%
32
87
4%
5
86%
87%
1%
1%
170
50c
55c
1,350
2%
35
100
2%
2%
*
12%
12%
13%
(Ctfs of dep)
1
17
1
12%
424
6'
81
1%
37c
Mar
Mar
2%
Jan
Mar
24%
Jan
Jan
5%
Feb
Ken-Rad T & Lamp comA*
'Jan
Kentucky Util Jr cum pf 50
,
6%
oom
Mar
Mar
102
Apr
Jan
5%
Mar
11%
Jan
5
Mar
8%
Jan
100
Mar
108
14%
Mar
29
4%
12%
100
4%
May
7
100
11%
Mar
18%
Jan
3%
800
3
Mar
5%
Jan
8%
6%
1,050
5%
Mar
6
22
80
8%
20%
10
8%
22
350
80
65
Jan
Mar
20
Apr
12
28%
4
100
3%
Mar
1
1
250
%
Feb
Apr
5
Jan
La Salle Ext Univ com
3%
Jan
16%
Jan
Jan
5
Mar
1%
Mar
Feb
Leath & Co—
Mar
Jan
80
4
May
Jan
Mar
5
1
7%
Jan
Feb
5%
Kerlyn OH Co
9%
Jan
150
Kingsbury Breweries cap.l
2
Jan
7%
6%
Jan
A
Jan
7%
Jan
Jan
com
Jan
Feb
Mar
79c
2%
16
18%
80
100
....
6
18%
12%
3%
1
1
Kellogg Switchboard & Sup
1%
Mar
Mar
4%
Jarvis (W B) Co cap
Katz Drug Co com
May
Preferred
4%
104% 106
Indiana Steel Prod com._l
JaD
50c
Pacific Mills Co
Jan
1
210
1%
Old Colony RR
Indep Pneu Tool stc...
Mar
North Butte
2.50
;
19
1%
106
18%
Apr
25
1%
100
6%
6%
14%
cap.l
Feb
3
27c
Jan
1%
1
Common
Feb
50
N Y N H & Hartf RR..100
-
1%
24
5
.20
1
111 North Util pref
*
Jan
Feb
15%
Gossard Co (H W) com..*
Great Lakes D & D com..*
Hathaway Bakeries—
Class A
2%
70
Apr
May
Heileman Brew Co G
100
Jan
11%
8%
1
Goldblatt Bros Inc com..*
100
Jan
May
Gen Household Util—
East Mass St Ry—
1st preferred...
Preferred B._
250
17
17
(Peter) Brewing com_5
Gen Finance Corp com
48
5%
Gardner Denver Co—
5
7%
46
Mar
Jan
East Gas & Fuel Assn—
4%% prior preferred 100
3%
Co—
2%
7%
1%
Class A 1st pref...
Class A 1st pref 8td..l00
1%
Apr
Commonwealth Edison—
Apr
Boston & Maine—
Common
*
10%
80
14%
C um ulative preferred
.
2
150
1%
Mar
3%
20
5
_
20
10
15%
Mar
22%
25%
25%
20
24
1%
*
Jan
Pennsylvania RR
50
17
667
Mar
24%
Jan
McQuay-Norris Mfg com
Quincy Mining Co
25
2
2
435
2
Mar
4%
Jan
Marshall Field com
*
8
7%
8
450
5%
Mar
9%
Reece Button Hole MachlO
15
15
10
15
May
Jan
Mer & Mfrs Sec cl A com.l
4
4
4
50
2%
Mar
4%
22
22
40
19%
Mar
25
Apr
3
Jan
Shawmut Assn T C
*
9%
9%
270
9
Stone & Webster
*
7%
8%
442
5%
*
21%
Torrington Co (The)
9%
Union Copper L & M Co 25
Union Twist Drill Co
20c
5
United Shoe Mach Corp. 25
Preferred
25
Utah Metal & Tunnel
1
379
100
17
15c
45
15
63
60
63
935
50
40%
40%
40%
20
93c
1.00
1,500
1.00
_*
Warren (SD) Co
20c
17
Waldorf System
Warren Brothers
22
17
*
6%
2%
23
7
123
2%
146
23
10
38%
55c
5%
1%
20
20
Jan
10%
Mar
Mar
11%
Jan
25%
Prior preferred
Jan
Middle West
Apr
20%
Feb
Mar
77%
Jan
Jan
41%
Jan
2%
Common
Feb
27
Mar
1%
Jan
Mar
8%
Jan
Mar
4%
Jan
Jan
25%
Feb
Stock
Corp
purchase warrants
2%
5%
2%
2,050
1%
Mar
6%
14,700
4%
Mar
7
Jan
%
%
%
6,200
%
Mar
2
Jan
Conv preferred A
*
4
4%
900
3
Feb
5
Jan
1
1
10
1
Feb
1%
Jan
Feb
1%
4%
Jan
Jan
Apr
27%
4%
Midland UtU—'
6%
prior Hen
100
1
100
Series B 5s
Series D 6s
;
57
57
$2,000
49
Mar
1948
63
63
450
50
Apr
1948
62
62
50
55
A pr
For footnotes see page 2991.
*
2%
Jan
75
Jan
National Standard
com.
70
Mar
Noblitt-Sparks Ind
com.
10
1
3
40
2%
22
100
2%
23
Nat Republic Inv Tr pref
63%
1
3
22
7% pref cl A
Miller & Hart Inc conv pf
National Battery Co pref *
1948
Series A 4 %s
Jan
Midland United Co—
Monroe Chemical com
Ry—.
Jan
Jan
6%
cap..
Modlne Mfg com
Bonds—
Eastern Mass St
31
Mickelberry's Food Prod
25c
Apr
Mar
24%
Apr
2%
23
100
50
18
2%
20
5%
10
16%
15%
5%
500
16%
16%
15%
200
13%
150
12
14%
3%
May
Mar
4%
23
Feb
Jan
Jan
May
Jan
6%
Mar
Apr
23%
23%
Jan
Mar
Jan
Volume
Week's
Sale
of Prices
Low
High
Price
Par
Quaker Oats Co common.
Raytheon Mfg 6% pf v t c
com...10
1
Schwitzer Cummins cap._l
Sears Roebuck & Co com.*
Serrlck Corp cl B com
1
Sou Bend Lathe Wks cap.5
Southwest Lt & Pow pref.*
Standard Dredge com
*
Convertible preferred. 20
Sunstrand Mach Tool com5
Swift International
15
Swift & Co
25
Trane Co (The) common.2
Union Carbide & Carb cap*
Utah Radio Products com *
Utll & Ind conv pref
7
Common...
5
Wahl Co common
*
Walgreen Co common
*
Williams Oil-O-Matic com *
Wise Bankshares com
*
Woodall Indust com
2
Rollins Hos Mills com
5
Mar
7
Feb
5
10
1 4
Mar
24
Jan
17
122
164
May
Apr
13
Mar
IX
Mar
IX
100 x
Jan
3
800
IK
IK
Mar
Mar
114
IX
Jan
K
Apr
13 X
Jan
Mar
63 X
Feb
120
1
65C
7
100
2
154
2
Mar
73
Member*
IX
Mar
7K
Mar
Randolph 5530
Telephone:
Jan
Jan
500
7X
Apr
13
700
22 X
Mar
27
16
16 X
1,300
15
Mar
184
Jan
16
154
16
900
14 K
Feb
16 X
Feb
664
6 54
66 4
200
63 X
Mar
66 X
May
8
DETROIT
Buhl Building
Jan
3 X
13
16 4
'
_
Chicago Stock Exchange
Detroit Stock Exchange
Feb
25 X
IK
';
New York Curb Associate
New York Stock Exchange
Feb
250
11
Jan
5%
17
200
X
Watling, Lerchen & Hayes
Jan
Mar
72
10
Jan
1 x
1
1X
400
X
Mar
IX
14
300
IX
Mar
2
Feb
100
Exchange
official sales lists
Jan
1 4
Detroit Stock
April 30 to May 6, both inclusive, compiled from
%
X
1%
X
1X
1X
IK
Jan
X
1
IX
Jan
154
20 X
100
2X
Mar
4%
850
34
Mar
5X
Jan
3 4
100
2X
Apr
5X
Jan
IX
IX
50
IX
May
2 X
Mar
94
Mar
17X
12
10 %
12
15
150
1,250
Jan
1
90c
94c
450
Jan
14
Jan
City Brew com..... 1
37c
41c
800
May
374
.Jan
6
64
50b
44
Mar
Jan
24
24
500
14
Mar
94
34
134
31b
134
Mar
154
Feb
May
14
Mar
14
Apr
Allen Electric com
Auto
......
1
Baldwin Rubber com
"
Burry Biscuit com....124
24
134
Consolidated Paper com. 10
Bonds—
42 X
$2,000
42 X
42 X
ctfs..l927
Mav
Jan
48
1
1
10b
V,
87c
100
1
1
Consumers Steel
"IB
37
Mar
108
Jan
2
Jan
Jan
34
Jan
14
Mai
34
Jan
104
A pi
864
864
110
5
14
14
200
14
2
24
950
2
2
24
2,250
104
150
Det-Micli Stove com
Det Paper Prod com
1
5
24
Det Steel Corp com
Federal Mogul
^
„
44
Mai
324
29
324
2,704
254
Mar
24
3
1,160
Mar
34
1
1
522
24
\ X
Mar
14
Jan
60c
60c
800
X
Jan
70c
Feb
24
24
126
2
Mai
34
Jan
9
Amer.
4
16
164
19
19
.100
98
98
98 ^
*
Ldry Mach
9
9
*
Champ Paper & Fibre.
Champ Paper pref
-:L1
-
Churngold
*
Cin Advertising Prod.
'
.
Cin Telephone
105 X
Mar
ex
Feb
9X
Apr
50
110
Mar
115
Mar
3
Mar
5
Jan
81
135
75
Jan
7
10
6
Mar
19K
19 X
35
25
10
3X
46
2
Jan
May
25
Apr
Mar
3X
Mar
38 X
Ma-
50 X
Jan
IX
Mai
3X
Jan
;y.'
.-—V
—
18
18
20
18
Apr
27
Jan
98
*
...
.
25X
Jan
Apr
3X
170
Sabin Robbing pref... .100
U S Playing Card....
10
S Printing pref
Jan
Apr
19X
199
IX
Mar
20
25
1
3X
-
104
3'2X
Mar
30
8
32
A pi
22 X
7
24 X
45 X
.
Rapid..
Jan
Jan
t
*
pref.
7
104 X
880
*
G
Jan
Apr
6X
90
160
25
19 X
'
Randall B
TT
Apr
*
National Pumps
P &
97 X
102
34
31
*
Jan
31
Mar
77
24
*
...
Jan
7
..
Lunkenheimer
Feb
184
110
3
5X
184
76
*
Gibson Art
Nash....
3 X
*
Crosley Radio.
Mar
42
95
98
20
98
May
98
May
244
24X
30
24 X
244
May
Jan
...50
5
5
10
5
Mar
7
Feb
10
.
6
6
25
5X
Mar
7
Jan
Western Bank
„
V.n
Jan
Jan
64
64
610
54
Mar
4
Jan
50c
50c
53c
2,650
37C
Apr
4
Jan
.1
.1
10
14
14
14
876
14
Mar
34
Jan
1,150
40c
Mai
4
Jan
696
15 X
Mar
184
Jan
Masco Screw Prod com...
18
17
14
1
14
100
IX
Mai
90c
~~~90c
1
816
81c
Mai
14
Jan
Jan
Apr
.
..
_
40c
40c
44c
600
4
Mar
1
71c
71c
71c
100
69c
Mar
34
34
416
24
Mar
1
1
100
1
Mai
54
54
54
730
44
Mai
.J
94
94
100
8
Mai
34
34
4
656
34
Mar
54
Jan
374
Feb
1,250
314
14
Jan
May
34
Jan
1
Mid-West Abrasiv com.50c
10
Murray Corp com
Mueskegon Piston Ring .50
Packard Motor Car coin
_
_
w ^
_
*
*
Parke Davis com
*
Pfelffer Brewing com
Prudential Investing com. 1
'ii'
-
m
.
"
^
m.
*
Jan
100
44
Mar
262
IX
Apr
74
24
Mar
14
250
IX
Mar
24
Jan
4
Jan
2
34
24
24
24
706
24
Mar
24
400
2
Mar
110
22
25
25
.
24
200
16
16
900
94
94
273
34
34
34
1,185
44
Jan
Jan
Feb
Jan
27
Api
4
Jan
May
22
Jan
84
Mar
14
3
Mar
44
Mar
Mar
14
64
Jan
5
Jan
Jan
14
16
4
Jan
Jan
1
1
400
4
4
500
4
24
24
100
24
3
3
200
3
Mar
54
14
14
200
14
Mar
34
Mai
14
Jan
Apr
34
Jan
Jan
X
Jan
'ft
"
i'm.
2.4
Mar
80c
75c
80c
700
65c
Prod com — 4
14
14
14
250
1
25c
25 c
29c
900
14
X
_.. ..
Jan
64
3
'
24
'
-
Jan
74
10
2
2
'm
Feb
14
m.
Reo Motor com
»
Jan
44
2
.
64
u.
...5
Rlckel (H W) com
2
River Raisin Paper com..*
Scotten-Dillon com_—10
Standard Tube B com
1
Stearns (Fred'k) com....*
Timken-Det Axle com... 10
Tivoli Brewing com
1
Tom Moore Dlst com.._.l
Union Investment com...*
United Shirt Dlst com.....*
Universal Cooler A
*
B
-.*
Warner Aircraft com
1
572
14
14
J
-
354
35
„
14
Penin Metal Prod com.__l
Wolverine Brew com
34
55
1
McClanahan Oil com
Wayne Screw
55c
51c
53c
------
Lakey Fdy & Mach com. .1
Otiio Listed and Unlisted Security
Members Cleveland
*
-
64
Micromatlc Hone com
162
64
6X
15
•*.
r
38
1
McClanahan Ref com
Mar
34
52
9
91H
77
50
:..
-
4
110
50
Cln Street...
-
„
95
Cin Gas & Elect pref.. .100
100
CNO&TP
Hobart A
30
*
..20
Aluminum Industries.
1938
High
Low
Shares
_:r;
com._l
*
Kresge (SS) com..
Range Since Jan. 1,
for
1
1
...
Klnsel Drug com....
Week
High
Low
Price
Par
Stocks—
Range
Jan
630
Hudson Motor Car com..*
compiled from official sales lists
of Prices
Sale
Jan
74
54
Hall Lamp com
sales
Toast
14
14
Grand Valley Brew
Cincinnati Stock Exchange
Week's
Mai
14
Kingston Prod com
Friaay
Jan
1
5
Hurd Lock & Mfg com
April 30 to May 6, both inclusive,
104
IX
Graham-Paige com
Tel. Cln. 363
Sys.
Mar
54
Goebel Brewing com
CINCINNATI
6711—Hell
Cherry
Jan
6
..3
Gar Wood Ind com
BALLINGER & CO
Phone
134
226
Mai
2,200
General Motors com....10
TRUST BLDG.
Jan
1,090
74
74
m
9
13
124
13
com......*
16
Frankenmuth Brew com__l
Cincinnati and Ohio Listed and Unlisted Securities
UNION
104
104
Ex-Cell-0 Aircraft com... 3
Trading Market* in
Active
1
2
Jan
Mar
100
Det Gray Iron com
Exchange
Mar
77
Detroit Edison com
Membera Cincinnati Stock
High
Low
Shares
High
Low
Price
1, 1938
Week
of Prices
Sale
Par
Stocks—
Range Since Jan.
for
Jan
44
34
5
Mar
3
34
34
16
2K
3
Jan
Week's Range
Last
May
Mar
%
200
Sales
Friday
Continental Motors com. _1
Chic City Ry 5s
Jan
Jan
May
Jan
13 X
100
72
104
47 X
200
3
Mar
7
700
584
164
20
Feb
IK
3
25
'
Zenith Radio Corp com._*
Weinberger Drug Inc
164
Jan
Mar
K
Refining...
Jan
K
2
—
Yates-Amer Machine cap.
15
2
:
154
11
54
2
85
72
—
-
„
5X
.2
*
180
544
2 K
584
_*
Mar
10
Feb
4
Vlchek Tool.
Warren
K
1
j
4
Jan
8X
7
10
Reliance Mfg Co
Mar
Apr
300
94
2 4
3%
8X
200
%
High
Low
100
4M
2%
1
%
2 K
1
50c
Common v t c
93
94
44
12 X
94
K
*
*
5
Process Corp com
______1
Troxel Mfg..
Shares
Apr
50
K
Price
Par
Apr
30
K
Stocks (Concluded!V
Mar
IK
750
11
11
Week
12
50
04
6
64
for
of Prices
Low
High
Jan
150
12
12
Nor 111 Finance com
Week's Range
Sale
High
Low
Shares
Range Since Jan. 1, 1938
Last
1938
Week
IK
IX
com20
*
Northwest Bancorp com..*
Northwest Util 7% pf.100
Potter Co (The) com
1
North American Car
1,
Range Since Jan.
for
Range
Last
Sales
Friday
Sales
Friday
Stocks (.Concluded)
2989
Chronicle
Financial
146
Apr
Jan
Wm. Cavalier & Co.
Stock Exchange
MEMBERS
New
WOODco
&ILLIS
Lot Angeles
A
Telephone- CHerry 5050
April 30 to May 6,
Last
Sale
Airway Elec
,
Price
Week's Range
of Prices
High
rjOw
*
City Ice & Fuel
Colonial Finance
1074
45
144
20
46
46
107 X
120
11
14X
..1
pref- — *
Cleve Elec Ilium §4.50 prf*
Cleveland Ry—
100
Cliffs Corp v t c_._
*
50
54
5X
10*4
Clark Controller...—
Range Since Jan. 1, 1938
for
109
:'
50
44
10
144
44
1074
Apr
Mar
6
124
Jan
Berkey & Gay Funr Co—.1
Bolsa-Chica Oil A com..10
Jan
Jan
Broadway Dept
644
Jan
Buckeye Un Oil
Jan
1114
Mar
Apr
25
597
20
Apr
14 4
124
144
375
11
Mar
204
32
184
Jan
Jan
100
5
Jan
64
Jan
32
29
27
Mar
44 4
Jan
16
135
144
Mar
184
Jan
5
5
100
34
Mar
64
Jan
24
24
110
22 4
Apr
Jan
Holly Development
44
Jan
Intercoast
3
Jan
13
May
214
Feb
27
20
26
Apr
35
Feb
15
50
15
May
174
Jan
334
75
314
Apr
374
Jan
54
54
3
2
•
3
300
24
Mar
2
200
2
Mar
31
Consolidated Oil
Consolidated Steel
Kinner
Co.lOc
Corp.-l
Industries Inc...2
Petroleum
164
25
16
Mar
194
Feb
Lincoln
54
755
4
Mar
54
Jan
Lockheed Aircraft
ox
"32"
Co.-.l
Petroleum—; —
Airplane & Motor. I
5
94
25
Apr
114
Jan
Los Ang
32
33 4
338
30
Mar
36 4
Jan
Menasco Mfg
12
12
50
12
Apr
324
Jan
Mid-Western Oil
10
10
112
11
Jan
Mt
164
5
2991.
Chrysler Corp-,--.- — --5
Claude Neon Elec Prods..*
16
May
194
15
-
For footnotes see page
100
32
104
37
33 4
Greif Bros Cooperage
Halle Bros
Preferred
60
20
27
Faultless Rubber.,..—
104
19 X
-
Store.....
pref v t c. 1
Central Investment
Corp....*
*
Preferred..----*
Creameries of Amer v t c..l
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
Farmers & Merchs NatllOO
General Paint com
*
Hancock Oil Co A com...*
Mar
10 4
-
Co.--l
54% pref..50
Mar
23
_.
...—.
Stocks-
Bandini Petroluem
High
Low
25
A..*
—5
100
H arbauer Co
*
Interlake Steamship
*
Kelley Isld Lime & Tr_...*
Lamson & Sessions
;_.*
McKee (A G) B
.___.*
National Refining
25
National Tile Co
..— *
Patterson Sargent
*
Peerless Corp—
—3
Reliance Electric & Engr.5
Richman Bros
*
Selberling Rub S%cmpfl00
SM 1 Corp
-.1
Par
Week
Shares
84
94
Saks
Mar
Week's
Co
Co
5c
Diablo Oil Mng & D..1
Price
24
•
24
Shares
400
3
20
24
24
Mar
1.00
Jan
24
Mar
65c
65c
24
24
400
14
Mar
74
7 4
200
74
May
4c
1,000
4c
Apr
8
5C
4c May
10
Apr
36
Mar
62 4
Jan
Mar
434
424
43 4
300
74
74
74
2,000
64
Mar
84
9
9
9
200
74
Mar
104
44
44
44
200
24
Mar
9
9
9
100
8
Apr
34
34
34
100
34
Mar
74
74
8
200
64
Ma
2,200
60c
Mar
674c
65e 674c
84
29 4
3
350
350
350
84
84
29 4
29
Feb
Jan
18
10
13
•3
Jan
294
Mar
65c
4c
Jan
4
Apr
24
52 4c
24
74
1938
High
Low
100
13
1,
Range Since Jan.
for
Week
High
Low
24
24
Range
of Prices
Sale
Barker Bros
Appl pref..100
•Cleve Cliffs Iron
Last
sales lists
Sales
Frtaau
Angeles Stock Exchange
both inclusive, compiled from official sales lists
Friaay
both inclusive, compiled from official
Par
Teletype L.A. 290
T. & T. CLEV. 565 & 566
Los
Stocks—
Los Angeles
Cleveland
Cleveland Stock Exchange
April 30 to May 6,
San Francieco Stock Exchange
Stock Exchange
523 W. 6th St.
Union Trust Bulletins,
Chicago Board of Trade
York Stock Exchange
300
1,300
Apr
340
64
Mar
254
Jan
44
Jan
Jan
Jan
10
44
Jan
104
Mar
95c
Jan
Jan
399
Mar
9
304
Mar
Apr
80c
75c
80c
200
65c
Mar
95c
55c
55c
55c
600
524c
Apr
57 4c
Apr
3c
3c
8c
14,800
3c
May
12c
Apr
lie
11c
11c
200
10c
Apr
18C
9
8
9
400
54
Mar
104
Jan
24
24
24
600
2
Jan
34
Mar
80c
Mar
14
Jan
924c
200
9c
9c
9c
1.000
3c
Feb
55c
55c
55c
200
55c
Mar
90c
90c
Jan
9c May
70c
Jan
2990
Financial
Friday
Nordon Corp Ltd
Oceanic Oil Co
Par
Week's Range
of Prices
Low
High
Friday
for
Sale
(Concluded)
Week
Price
—1
10c
10c
Range Since Jan. 1, 1938
Pacific Lighting com
Shares
Low
10c
1,000
Stocks
High
8c
Apr
15c
Mar
1.20
Jan
Jan
7%
Mar
Jan
(Concluded)
Par
DuQuesne Brewing Co
Fort Pitt Brewing.
80c
80c
85c
600
80c
5%
6%
200
5
40c
100
30c
Mar
49c
Jan
100
32%
101%
Mar
Jan
McKlnney Mfg Co...
Jan
40c
35
35
35
600
2%
1.05
Mar
39%
104%
6%
37%
7%
3%
1%
pref--.10
3
3
3
100
2%
Mar
3%
Security Go units ben int. *
Sierra Trading Corp...25c
Signal Oil <fc Gas Co A....*
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
28
28
28
61
23%
Mar
6c
Mar
102% 102%
4%
4%
102%
4%
50
5%% preferred
34
Richfield Oil Corp com...*
Roberts Public Markets..2
34
1.25
7c
8
1,300
3
40
30
Mar
5
Mar
1,000
7c
7c
1,000
Mar
24
8
300
400
400
Apr
20
8%
22%
23%
Mar
2,800
1.30
1.25
24
5
34%
6%
2%
5%
2%
5%
2%
Ryan Aeronautical Co ...1
7%
19%
25%
23%
28%
9%
25%
8%
17%
Jan
Apr
29
Jan
12c
Jan
27%
Feb
Apr
Pittsburgh Screw & Bolt.. *
Ply.outh Oil Co
5
Renner Co.....—.....1
Ruud Mfg Co
Shamrock Oil & Gas
100
6%
6%
Mar
6
4
100
4
Mar
6%
Jan
15c
25c
400
30c
Apr
Blk Mammoth Coas M 10c
23c
23c
23c
1,000
15c May
12c Mar
23c
May
Calumet Gold-.......-10c
1%C
1%C
2c
8,000
lc
Jan
8c
8c
10c
1,200
10c
Mar
22c
3c
Apr
25c May
Mar
Mar
Mar
Mar
Jan
2c
2c
2c
15,000
lc
Std San
25c
25c
1,200
20c
Mar
700
9%
22%
36%
3%
1*
12
Electric Bond A Share
11%
12
28%
41%
5%
7%
32%
12%
9%
28%
41%
26%
400
100
Nor American Aviation..1
7%
32%
12%
9%
41%
4%
7%
32%
12%
8%
North American Co...-..*
20
20
Paramount Pictures Inc.. 1
7%
38%
*
7%
39%
26%
25%
*
44%
25%
43%
5
4%
4%
5
Montgomery Ward & Co.*
New York Central RR...*
Texas Corp (The)
United Aircraft Corp
25
5
US Rubber Co
US Steel
Corp
Warner Bros Pictures
4%
26%
200
100
Mar
Mar
Mar
Feb
29
100
10%
Mar
Feb
600
6
200
15
Feb
7%
300
39%
26%
200
6%
Apr
38% May
24%
Apr
25%
Apr
38% Mar
3% Mar
100
25%
100
44%
4%
200
200
Established
Enquiries Incited
Week's Range
for
Sale
of Prices
7%
130%
Barber Co
...10
Bell Tel Co of Pa pref-_100
Budd (E G) Mfg Co
Budd Wheel Co
315 North Fourth
*
50
"~~3%
3%
38%
25%
28%
3%
Natl Power & Light
*
7%
6%
Penroad Corp v t c
1
1%
50
Phila Elec of Pa $5 pref...*
Phlla Elec Pow pref..
25
114 %
Chrysler Corp
5
Electric Storage BatterylOO
General Motors.
10
Lehigh Valley
Pennsylvania RR
Phlla Ra Transit 7% pf 50
Philadelphia Traction
50
Salt Dome OH Corp
Scott Paper
1
Tonopah Mining
Preferred.
...50
17
"~2%
Preferred
*
24%
40
4%
20%
39%
%
1
__*
*
......
United Gas Improve com.*
Preferred
Westmoreland Inc
124
3
3%
27%
10%
2%
2%
25%
9%
298
275
8
Stocks—
Par
American Inv
Brown Shoe
*
com
45%
26%
30%
4%
7%
1,248
51
for
of Prices
Low
High
Week
Price
20
*
com
20
20
Mar
57
28% May
13
50
10%
5
2
2
100
4%
4%
10
_...*
6
6%
6%
31%
31%
130
38
149%
Jan
Mar
18%
Feb
119%
Jan
Mar
6%
Jan
Mar
5%
Jan
Mar
21%
Mar
1,070
25%
124
3
Mar
785
4%
Mar
8%
1%
Mar
14%
Mar
Jan
63%
31%
41%
6%
1,591
1,934
Mar
470
4%
Apr
25,439
10%
Jan
35%
Mar
Feb
Feb
Jan
Mar
8%
90
7%
2%
20
31%
250
42%
148
709
112
29%
192
Apr
2
345
iH
Feb
Mar
% May
101
Jan
85
Jan
1%
Jan
2%
3%
Mar
1,535
Mar
159
22%
Mar
32
Jan
6,334
Mar
11%
Jan
56
8%
99%
Mar
6%
Apr
$6,000
5%
Apr
3%
27%
10%
8
Apr
Jan
Mar
Jan
3%
Jan
7
May
11
Jan
75
14
May
18
Mar
25
25
Apr
32
Jan
10
66
13
Jan
10
for
of Prices
10
20
25
7
252
5
Mar
10
15
Mar
350
4
Apr
7
6%
16%
4%
5
16%
5
15%
105
15%
105
*
com..
60
12%
11%
12%
90
75c
75c
7jc
300
2991.
Jan
Jan
7%
17
Jan
Mar
5%
15
com
5
6%
Jan
5
25
3%
Apr
7%
Jan
60c
180
50c
Mar
1.23
Jan
122%
149
119%
Mar
123%
7%
Mar
4%
7%
25
8%
Feb
4%
7%
20%
135
10
20%
22
110
4
Apr
4% May
7%
Apr
Mar
19%
Jan
27
Jan
Bonds—
t City <fc Subruban P S5s'34
20
20
$2,000
t Scullln Steel 3s
1941
43%
44%
10.000
t United Rys 4s_;
1934
20
20
8.000
Dean Witter
MUNICIPAL AND CORPORATION BONDS
20
May
40%
27
Jan
Mar
50
Jan
May
20
28
'Jan
Co.
8c
Private Leased Wires
Members: NewYork Stock Exchange, San Francisco Stock
New York Curb Exchange
San Francisco
Oakland
Exchange, Chicago Board ofTrade
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Seattle
Sacramento
April 30
to
Tacoma
Stockton
Portland
restto
Nsw York
Beverly Hills
Low
11%
Francisco Stock
Par
*
20
Calif Art The A
2%
10%
60 c
Price
10%
Range
of Prices
Low
10%
High
Range Since Jan. 1, 1938
for
Week
Shares
10%
225
24c
28c
1,550
24c May
45c
Jan
4
4%
1,270
2%
Jan
4%
Apr
6%
6%
6%
803
4%
Mar
9%
185
179
185
35
9%
Jan
7
Jan
5
Mar
100
7
Jan
Jan
190
15%
598
13%
Mar
18
18
18
165
17
Mar
Jan
19%
21
7%
350
Jan
Jan
1.50 May
2.00
Feb
5%
Mar
12%
Jan
.*
20
19
7%
20
555
15%
Mar
24
50
47%
47%
47%
100
45%
Apr
50
Carson Hill Gold Min Cap 1
Caterpillar Tractor com. .*
Preferred
100
20c
18c
20c
900
15c
Apr
30c
Jan
305
30%
Mar
52%
Jan
40
99%
Mar
Packing Corp
com_
42
106
42
42
103% 105
Jan
Jan
105
May
1.80
1.80
1.95
2,382
1.65
Jan
2.35
Jan
...1
1.85
1.80
1.90
600
1.65
Mar
2.35
Jan
5
44%
38%
44%
3,142
37%
Mar
62%
105%
105% 105%
17
16%
Apr
106%
16%
200
16%
Apr
18
1,832
25,291
22%
May
33
25c
Apr
7%
Preferred..
com
Crown Zeller Corp com
Preferred
1
834
Mar
15
7%
Jan
4
7
171
15%
30
Cons Chem Rts
15
6%
Feb
13%
24c
1.50
Jan
Mar
7
High
Mar
Coast CounG. &E. lstpf. 100
Mar
5%
Low
9
4
1.50
Cons Aircraft Corp com__l
Cons Chem Inc A
*
Mar
Mar
%
long Beach
Sales
Week's
1.50
Feb
21%
Feb zl05
LosAngelftS
Ppsadeno
Exchange
*
Preferred
High
Mar
Honolulu
May 6, both inclusive, compiled from official sales lists
Byron Jackson Co
Calamba Sugar com
Chrysler Corp
21 *105
*
see page
10% May
30
60c
121
10
Central Eureka Min com.l
Shares
Carnegie Metals Co
1
Columbia Gas & Electric.*
Crandall McK & Hend..*
For footnotes
May
5
60c
Bank of Calif N A.......80
Range Since Jan. 1, 1938
90
6%
Feb
8%
20
5
com
com
1
Assoc Insur Fund Inc
10
Atlas Imp Diesel Engine..5
Week
100
Apr
10%
20
*
com
9%
10%
20
*
Anglo Amer Min Corp
Sales
Week's Range
Sale
Preferred
Jan
100
Alaska Juneau Gold Min 10
YORK
Last
Arkansas Natural Gas
Blaw-Knox Co
May
7
Sale
A. T. & T. Tel. Pitb-391
High
Feb
33
14
com
Stocks—
PITTSBURGH, PA,
Low
8
Feb
Jan
May 6, both inclusive, compiled from official sales
lists
Allegheny Steel common.*
Apr
26
S'western Bell Tel pref. 100
Sterling Alum com.
1
Calif
Price
36
Apr
4%
27
Jan
25
106%
10%
1,500
BROADWAY, NEW
Par
Feb
Jan
Apr
Pittsburgh Stock Exchange
Stocks—
Mar
Jan
Feb
%
1%
1%
3
Friday
Mar
3
28%
700
Calif Cotton Mills com .100
to
12
Mar
Specialists in Pittsburgh Securities
April 30
Mar
2% May
14
Warrants
Wagner Electric
May
2
26
Natl Bearing Metals com.*
National Candy com...
Stlx Baer & Fuller
Apr
38
*
com
Mo Ptld Cement com...25
Midwest Pipe & Sply com *
Scullln Steel
7
7
10
Jan
Apr
1
465
33
5%
33
Apr
31% May
20
com
National Oats Co
31
9%
6% May
32
Jan
2%
30%
116%
32%
4%
7%
25%
11
Mar
H. S. EDWARDS fit CO.
120
6%
27%
8
Scrugg8-V-B Inc
Jan
11%
Apr
25
2%
7
Mar
265
1%
31%
5
Jan
1%
*
Apr
Jan
9%
37%
com
Jan
2
23%
1%
*
cm
Jan
21
26
9%
San
Tel. Court-6800
40
Mar
40%
Apr
May
4%
3%
75
30
31%
"31%
50
23
Mar
2
37%
Rlce-Stix D Goods
High
May
30
1
International Shoe
Mar
36
40%
BLDG.,
Low
20
13
Last
BANK
320
28%
Friday
UNION
Range Since Jan. 1, 1938
Shares
.....1
Chic & Sou Air Line pref. 10
High
285
6
6%
Week's Range
Sale
Bonds—
Elec & Peoples tr ctfs 4s '45
Sales
Last
McQuay-Norrls
Mar
2%
30
103% 105
*
Exchange
Friday
Key Co com..__.__^_
*
Knapp Monarch pref
*
Laclede-Chrlsty Clay com *
Low
4%
3%
25%
all
St., St. Louis, Mo.
St. Louis Stock
Dr Pepper com
Falstaff Brew com
YORK
6%
111%
12%
114%
3%
1%
1%
17
15%
114% 115%
29%
30%
2%
2%
6
1
Union Traction
United Corp com
45%
26 %
on
April 30 to May 6, both inclusive, compiled from official sales lists
Coca-Cola Bottling com__l
Range Since Jan. 1, 1938
1,049
16%
16%
116% 115%
4
Jan
Telephone Central 3350
5
Huttlg S & D com
Hydraulic Pr Brick pref 100
Shares
7%
7%
125% 130%
*
107%
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
Century Electric Co
1874
Week
*
Mar
Jan
Sales
Last
100
Jan
Jan
May 6, both inclusive, compiled from official sales lists
American Tel &Tel
Jan
27%
St. Louis Stock Exchange
Feb
Philadelphia Stock Exchange
American Stores
Jan
1%
Mar
New York Stock Exchange
Laclede Steel
High
34%
May
MEMBER8
Jan
80 Broad Street
Low
Mar
1
Mid-Western and Southern Securities
Hamilton-Brown Shoe
NEW
lSlSjWalnut Street
Price
22
Grlesedleck-West Brew cm*
PHILADELPHIA
Par
88
Jan
Business Established 1874
Feb
Philadelphia Stock Exchange
Stocks—
29%
1
Jan
Jan
4
Apr
Feb
Exchange
Friday
1
Jan
Members
to
1%
I, M. SIMON &CO.
Apr
May
DeHaven fit Townsend
April 30
700
ST. LOUIS MARKETS
Burkart Mfg com
Central Brew com
New York Stock
2%
2%
29%
12
Feb
Jan
19%
Jan
10%
Jan
21%
8%
Apr
Jan
41%
26% May
31% Mar
Jan
61%
Jan
7%
Mar
20
"~2%
20
Jan
Jan
Jan
14%
36%
44%
5%
9%
36%
Mar
5%
100
14%
12
Jan
Unlisted—
Radiator &
May
12
Feb
2c May
Mar
25c
Copper
50
Caterpillar Tractor Co...*
Curtlss-Wright Corp
1
Mar
1%
62%
6
Anaconda
|Jan
20
Mar
202
6
Amer
9
Mar
85c
74%
4
1
Mar
15%
68%
25c
Development.25c
5%
40
700
74%
4
Imperial
40
85c
West'house Elec & Mfg.50
6
Tom Reed Gold..
6%
18%
85c
Feb
Van de KampsH D Bakers*
Wellington Oil Co of Del-.l
Western Air Exp rights...1
1
6%
27%
25%
30%
21%
33%
12%
21%
11%
Apr
Apr
JJan
17%
*~85c
Apr
11
Gold.
jjjan
Apr
15%
19%
Cardinal
Feb
9%
90%
56
100
10
,
25%
Mar
10
512
11
700
Mar
4%
100
1%
Universal Consol Oil.... 10
700
19%
100
6%
70%
21%
400
25
20
6%
70%
18%
2.300
100
20
29%
9%
19%
11%
Jan
21%
30%
9%
Feb
United Eng & Foundry..5
25
11%
29%
2
1%
6%
United States Glass
11%
30%
9%
19%
Standard Oil Co of Calif..*
Jan
Apr
Apr
6%
Westlnghouse Air Brake.. *
400
Transamerlca Corp
Union Oil of Calif
9
90c
4%
Jan
200
300
Mar
220
Jan
26%
24%
Jan
Jan
336
8%
29
Jan
80c
105
90c
24%
24%
28%
29
Apr
Jan
24%
25
25
943
7%
Feb
96
Mar
21%
26%
So Calif Gas 6% pref A..25
Southern Pacific Co
100
70c
140
14
5
"~6%
5
.1
250
High
Apr
90c
5
Pittsburgh Brewing pref..*
Jan
75c
100
7%
Pittsburgh Forglngs Co-.l
Pittsburgh Plate Glass. .25
Low
8
5
*
Jan
Shares
698
75c
99
Lone Star Gas Co
Range Since Jan. 1, 1938
for
Week
9%
9%
Koppers Gas <fc Coke pf 100
Jan
Jan
22%
26%
6% pref B
5%% pref C
9%
Mountain Fuel Supply.. 10
40c
*
Range
of Prices
Low
High
Price
5
1
6%
6% preferred
*
Republilc Petroleum com.l
Week's
Sale
*
Pacific Distillers Inc...—1
Sales
Last
1
Pacific Clay Products
Samson Corp 6%
May 7, 1938
Sales
Last
Stocks
Chronicle
Jan
D1 Giorgio Fruit com
Preferred
El Dorado OH Works
*
22%
23%
39c
5
23%
25c
40c
9%
70
9%
66%
10
1,247
80
101
50c
Jan
Feb
i
Jan
Jan
Apr
Mar
12
Jan
110
56
Mar
73
Jan
100
3
Mar
10
3%
3%
3%
100
21%
10
18%
Mar
28
Jan
16%
21%
16%
21%
*
16%
145
15%
Mar
19
Feb
5%
Jan
Financial
146
Volume
Sales
Friday
for
of Prices
1,1938
Week
Sale
Higfi
Low
Price
Par
Range Since Jan.
Week's Range
Last
Stocks (Concluded)
2991
Chronicle
9%
Mar
Jan
14%
Emporium Capwell Corp.*
Preferred ww
50
10%
10%
10%
320
31%
31%
200
26 %
Mar
34%
Jan
31%
7%
7%
360
6%
Mar
10%
Feb
Emsco Derrick A Equip._5
46%
following we compare the condition of
banks for March 31, 1938, with the figures
Feb
8
Condition of Canadian Banks
Comparative Figures of
In the
High
Low
Shares
33
33
33
20
33
May
25
72%
74%
100
62
Mar
76
26%
25%
26%
335
17
Mar
33
14
14
40
12
Apr
16
Jan
14
100
6
Mar
OF THE BANKS
CONDITION
OF
DOMINION
OF THE
Jan
Food Machine Corp com 10
1938, and March 31, 1937:
STATEMENT
Jan
74%
the Canadian
for Feb. 28,
Ewa Plantation Co cap
.20
.
Fireman's Fund Insur
25
Foster A Kleiser pref
25 %
944
Mar
Mar.
Assets
31,1938 Feb. 28, 1938
Mar.
38
Jan
29%
30%
8%
8%
100
7
Jan
9
8%
Apr
3%
3%
310
2%
Apr
4%
Jan
3%
13 X
Apr
Current gold and subsidiary
In Canada
coin-
Jan
5,851,489
3,657,336
5,772,049
4,097,318
5,579,497
4,410,664
9,508,825
9,869,367
9,990,161
46,666,434
194,859,656
4,624,712
23,617,644
100,920,307
47,200,535
188,750,724
6,839,066
24,098,742
103,186,355
42,174,427
194,275,502
Elsewhere
12%
12%
12%
205
11%
Apr
28%
28%
130
25%
30
28%
Mar
Hancock Oil Co of Cal A..
25%
23%
25%
842
20%
Apr
29
Hawaiian Pine Co Ltd
17
17
590
13%
Mar
19
Jan
17
Dominion notes
Hale Bros Stores Inc
*
*
Honolulu Oil Corp cap—*
Langendorf Utd Bk A una *
13
12
18
18
12
Apr
13%
Apr
Notes of Bank of Canada
13%
Apr
18%
Apr
Deposits with Bank of Canada
3%
Apr
5%
4,744
33%
33
33%
265
32%
18
17%
18
571
13
100
4% May
Mar
5%
5%
*
..10
Le Tourneau R G Inc
1
B
Apr
Jan
39
Mar
7
7
7
6
Mar
18X
8%
9%
Libby McNeill A Libby
Lockheed Aircraft Corp.. 1
8%
9%
3,275
5%
Mar
10H
Jan
614
50c
Jan
1.13
Jan
Jan
Ltd....2%
62c
62c
63c
12%
12%
12%
400
Mar
14X
8%
100
Mar
9%
Jan
8%
8%
8%
7%
Jan
Machine.-.5
Meier A Frank Co Inc.-.10
Menasco Mfg Co com
1
National Auto Fibres com 1
Natomas Co
.*
N American Invest com 100
200
80c
Mar
1.55
Jan
Magnavox Co
March Calcul
95c
4%
615
3%
Mar
7X
Jan
9%
9%
1,270
7%
Mar
10 X
Jan
4%
4%
4%
20
3%
Mar
5%
25
25
*
*
5%% 1st pref
$6 Div
_
Preferred
Paraffine Cos com
R E A R Co Ltd com
Preferred
and
Government
Government securities
6%
Jan
2.05
Jan
ish,
28%
2,478
23
Mar
28 A
Jan
4,323,815
25,303,178
68,220,746
104,106,776
29%
1,175
27
Mar
30 %
Jan
Railway and other bonds,
28
Jan
1,144,279,920 1,140,726,202 1,134,924,472
curities other than Canadian.
Call and short
27
823
25%
Mar
35
36
396
22H
Mar
104
80
99
26%
16
and Brit¬
public se¬
Canadian municipal securities
colonial
and
foreign
175,312,774
124,396,972
168,295,571
123,957,816
62,915,430
169,311,477
40
Jan
Mar
105
Mar
3%
Mar
6
Jan
a
2,271
13%
Mar
17 X
Jan
70,175,923
50,839,025
737,103,210
169,165,441
694,215,664
172,317,216
cover
190
17%
170,461,766
123,672,452
debs. A stocks
(not exceeding 30 days)
loans In Canada on stocks, deben¬
2,432
5%
4%
87%
Apr
119%
Jan
Elsewhere than In Canada
Feb
Other current loans A dlscts. In
102
tures, bonds
sufficient
and other securities of
marketable value to
102
100
137%
136% 137%
36%
36%
50
131%
Apr
137
216
29%
Mar
42
5%
216
5
Jan
6%
Feb
45%
10%
60
45
Apr
56%
Feb
Loans to
1,110
Mar
25
Jan
Loans
19%
542
Mar
29%
Jan
50,676,788
752,456,794
Loans to the Government
36%
5%
5%
45
45
1
-
;
Provincial
United Kingdom...;
Dominion
Jan
10%
10
25
Preferred
19%
Rayonier Incorp com
Kingdom
Due from banks and banking correspond¬
ents elsewhere than In Canada and the
Mar
103
17%
4,466,224
33,271,851
83,502,416
ents in the United
9%
5%
.100
100
*
*
100
5,114,245
31,824,426
correspond¬
3%
36
*
1st preferred
Pacific Tel A Tel com
due
from other banks In Canada
Due from banks and banking
1.40
104
*
Pac Pub Ser non-v com
secured,
balance
and
with
made
28%
27
18%
9%
18
Jan
Canada.
Elsewhere
of Canada...
Provincial governments
18,715,590
21,629^620
18,532^491
92,781,509
101,468,437
10,181,925
8,377,841
4,458,494
10,007,681
8,478,205
4,269,897
11,911,336
8,782,417
4,175,969
lees amounts (If any)
73,340,745
73,507,738
74,785,260
58,851,874
61,520,557
74,260,253
5,996,081
11,157,722
5,989,535
11,229,744
11,228,608
2,003,398
1,936,153
1,814,550
municipalities
towns,
Non-current
estimated loss
loans,
pro¬
4%
4%
4%
330
2%
Mar
5%
Jan
11%
11%
11%
1,456
1,255
9%
Mar
14%
Jan
1
*
1
4%
Mar
7%
Jan
Real estate other than bank premises...
1.45
16%
•
Richfield Oil Corp com
6
6%
6
1.35
13
13
13
5%%Jpref
100
Signal Oil A Gas Co A
*
Soundview Pulp Co com..5
Southern Pacific Co
100
So Pac Gold Gate Co A.
*
Standard Oil Co of Calif..*
100
100
50c
50c
29%
28%
30
Super Mold Corp cap... 10
18
18
18
24%
United Air Lines Corp
Universal Consol Oil
Jan
credit
22%
Jan
Deposit
15%
2,794
UK
12%
1.190
9%
Mar
50c
300
38c
Jan
63c
Feb
1,822
25 %
Mar
33%
Jan
Mar
19%
Mar
13
165
80c
300
70c
Mar
1.20
Jan
13%
639
10%
Mar
15%
12%
56c
1,604
19%
Mar
8
5,938
55c
19%
9%
Minister of Finance
circulation...
with the
for the security of note
Shares of and loans to controlled cos
Other assets not Included under
Jan
Total assets
...
45c
Apr
60c
1,233
"17%
Mar
21%
8
8
165
5%
Mar
8%
Jan
11
10
11
1,355
6%
Jan
11%
Mar
2%
7%
Mar
4%
10%
Jan
Jan
41%
Jan
Balance due to Provincial
Jan
Deposits by the public, payable on
3%
7%
500
29%|'30%
30
3%
7%
7%
30%
16%
16%
260
'
Mar
28%
Mar
,.257%
Apr
330
16%
14%
Mar
22%
Jan
111%
Apr
149%
Jan
70c
Jan
285
Liabilities
Feb
15
261
260
260
100,254,248
292
125% 131
131
56c
52c
56c
1,450
46c
Mar
29%
25%
29%
758
22%
Mar
36
Jan
Anglo Nat Corp A com
*
Bancamerica-Blair Corp. .1
11%
11%
11%
20
11
Apr
17
Jan
3%
4%
1,278
3
Mar
Bunker Hill A Sullivan2.50
13
13
13
Calif-Ore Pw 6% prf '27100
52
52
Bridge (Del)
Anaconda
1
50
Copper
4%
10%
52%
20
50%
Apr
10c
100
10c
10c
*
Cities Service Co com
10
Claude Neon Lights com.l
Calif Pac Trading com
165
Mar
5%
Jan
f 17%
Jan
Jan
i 66
10c May
15c
Feb
9%
432
1%
1%
1%
400
1%
Jan
9%
2%
1
Curtiss-Wright Corp
Elec Bond A Share Co
Jan
5
4%
5%
634
3%
Mar
5%
Jan
8%
9%
8%
May
5
8%
8%
8%
600
5X
Mar
Idaho Mary Mines
Corp.l
6%
5%
6%
3,901
4.95
Mar
Inter Tel A Tel Co
com..*
7%
7%
7%
1,125
1
33 c
32c
33c
700
Italo Pet Corp of Am com
1.80
Jan
6.25 May
Feb
27c
8%
Jan
Mar
6
50c
Jan
3.20
Jan
Mar
1.50
1,450
2.10
9%
Jan
1
1
2.10
21c
20c
21c
600
Mountain City Copper. _5c
5%
5
5%
2,275
North American Aviation.l
9
9
9
160
85
20
May
35
Jan
20
24 %
May
35
4%
Mar
Mar
48,412", 004
634,068,054
710,848,542
de¬
,623,399,562 1,614,569,798 1,583,780,912
423,488,691
393,353,260
399,375,723
Canada
Deposits elsewhere than In Canada
Loans
from other banks in
Canada,
bills redlscounted..
secured. Including
Deposits made by and balances due
to
15,639,236
14,819,269
16,147,655
11,127,977
11,605,161
11,406,049
44,810,279
576,234
42,657,393
801,757
33,267,096
58,851,874
4,021,786
1,221,853
61,520,557
4,023.949
2,957,603
74,260,253
2,967,642
Rest or reserve fund
133,7.50,000
133,750,000
133,750,000
Capital paid up
145,500,000
145,500,000
145,500,000
other banks in
Due to
Canada
banks and banking
correspond¬
ents In the United Kingdom
Canada and
In
than
Elsewhere
the
United Kingdom
Bills payable..
Acceptances and letters of credit out¬
standing
Liabilities not lncl. under foregoing heads
__
unpaid
Dividends declared and
719,613
814,145
Jan
19%
46,335*066
governments.
payable after
public,
the
by
26,518,525
37",659",176
Govt, after de¬
mand in Canada
Deposits
112,600,768
32,579,300
647,968,335
Balance due to Dominion
101,981,677
20,220,448
Notes In circulation
notice or on a fixed day in
American Tel A Tel Co. 100
3,266,309,878 3,244,973,907 3,336,827,669
ducting adv. for credits, pay-lists. Ac.
Advances under the Finance Act
3%
Co com..
7,053,705
the fore¬
going heads
8
Unlisted—
Amer Toll
than cost
more
per contra
as
Apr
9%
55c
9%
premises at not
Jan
75c
13
19%
1
Preferred..
...5
Waialua Agricultural...20
Wells Fargo Bk A Un TrlOO
Western Pipe A Steel Co. 10
Victor Equip
23
11
10
2
1
25
.5
10
Treadwell-Yukon Corp
Apr
13
80c
Union Oil Co of Calif
26
12%
13%
Transamerica Corp
Mar
written off
Liabilities of customers under letters of
Mar
Oil—1
Tide Water Assd Oil com
Bank
13
..
Texas Consolidated
24%
Mortgages on real estate
Feb
Apr
Apr
10
400
24%
sold by bank..
Jan
Feb
100
20
20
1.35
1.35
Mar
1.05
163
100
vided for
92%
200
*
Ryan Aeronautical Co
Shell Union Oil com
124,113,291
76,188,582
98,812,293
cities,
to
and school districts
Republic Petroleum com.l
Rheem Mfg Co
7,435,410
21,195,477
119,996,159
Including bills redlscounted
Deposits
25
29%
Pac Light Corp com
Loans to other banks In Canada,
816
6
1.80
28%
6% 1st pref...
Cheques on other banks
820
1,220
12%
5%
25
13%
United States A other foreign currencies.
1.80
11%
1.80
Pac Gas A Elec com
Jan
Feb
Notes of other banks
Mar
6
*
Pacific Coast Aggregates 10
Jan
40
Apr
17
20
21
21
12%
North American Oil cons 10
Oliver Utd Filters B
95c
4%
9%
100
5%% pref
90c
4%
21
Total.
Jan
140
18
Leslie Salt Co..
%
790
13
*
Stamped
31, 1937
Jan
8%
30%
*
*
Golden State Co Ltd
8%
8%
8%
cap.2%
Gen Mtrs Corp...
.10
Gladding McBean A Co..*
Gen. Metals Corp.
CANADA
OF
Preferred..
M J A M A M Cons
Oahu Sugar Co
20
20
20
Onomea Sugar Co
24%
24%
24%
Ltd cap.20
20
Radio Corp of America
*
So Cal Ed Ltd com
25
..25
25
5%% pref
"6% pref
,
*
1
United States Steel com..*
United Corp of Del
U S Petroleum Co
Western Air Express rts
•
a
38c
Jan
9%
Jan
Mar
9%
Jan
21%
22%
735
24%
24
24%
223
27%
323
27%
27
7%
Jan
27%
Jan
Llq.
Dlv.
3%
3%
100
2%
Apr
3%
1.00
1.00
200
75c
Mar
1.55
Jan
members
Mar
60%
Jan
admission of Thornton C.
Mar
1%
Jan
May
%
May
44%
1%
100
%
1%
%
40 %
1,813
1%
■
100
1
%
z
for year,
Ex-dlvldend.
y
Ex-rights.
Mr. Pray has been Vice-President of
For the past
Foster & Co., Inc.. of New
Philadelphia office, and prior to that period was
with the Philadelphia office of the Guaranty Co. of New York.
of institutional business for
—M.
Wurts, Dulles & Co.
graduated from Dartmouth College in
he attended Harvard Business
financial
NOTICES
Stock Exchanges, of the
Pray to partnership in the firm.
School.
of Philadelphia.
CURRENT
Dulles & Co., of Philadelphia,
York and Philadelphia
York, in charge of their
He will have charge
x
t In default.
Listed,
three years
Mr. Pray was
Cash sale—Not Included In range
New
of the
associated
Pay. Endorsed.
b Ex-stock dividend.
r
CURRENT
—Announcement has been made by Wurts,
3%
42%
NOTICES
Jan
1.00
44%
the footings In
Feb
No par value.
2nd
'■3.252,212,710 3,233,175,389 3,323,973,530
Total liabilities
Note—Owing to the omission of the cents in the official reports,
the above do not exactly agree with the totals given.
Jan
25%
Mar
25 %
1 24
24
Apr
22%
%
Utah-Idaho Sugar Co com 5
Mar
Mar
7X
400
6
5%
6
15c
4
S. Wien &
division
1915 following which
He is a member of the Bond
Club
/
Co. announce that S.
F. Schleisner, manager
of Express Exchange for the past
of the
five years, has been
exchange department. Mr. Schleisner,
who is widely known in financial circles was previously in charge of the
foreign department of R. C. A. Communications, Inc.; manager of the
main office of Chelsea Bank; manager and assistant cashier of Amalgamated
Bank of New York, and Vice-President in charge of foreign operations of
appointed manager of their foreign
—Reginald A. Ward, formerly Vice-President
announced the formation of R. A.
of Eldredge & Co., Inc.,
State and
Ward & Co., Inc., to deal in
York City. R. O. Fulton Husband
be associated with the new firm.
Municipal bonds at 63 Wall St., New
and A. J. Cortese will
p—Joseph H. Billings and Seymour V. Frank announce the formation of
Billings & Frank as successors to H. R. Bouton & Co.
The new firm, which
will deal in unlisted securities, specializing in foreign bonds, will maintain
offices at 42 Broadway,
New York City.
|i —Smith, Roll & Co., Inc., dealers in United States Government securities,
announce that W. DeWint Eckerson has become associated with the firm.
Mr. Eckerson was formerly associated with The First Boston Corp. as
Assistant
joined
President.
of F. S. Yantis & Co.
Wm. R. Stuart & Co., 135 South La Salle St. .Chicago as ViceAt one time, Mr. Flint was associated with Folds, Buck & Co.
in Chicago.
—Harold A. Sands and
the New York
George J. Clough have become
Stock Exchange firm of Winslow
Banking Corp.
partnership of Morgan
Exchange, to succeed a firm
of the same name which has been dissolved.
Members of the new firm will
be William H. Radigan, Oakes E. Bishop. Henry B. Bruyn and Morgan
Davis, limited partner.
Mr. Bishop will be the Stock Exchange member
of the firm.
Offices will be maintained at 15 Broad St., New York City.
—Announcement is made
Davis & Co., members of
—G. M.-P. Murphy &
Vice-President.
|l —Willard Flint, formerly Assistant Vice-President
has
American Foreign
& Douglas.
associated with
of the formation of the
the New York Stock
Co. announce the
Gerald Constable Maxwell, a
withdrawal from their firm of
general partner resident in
London, who will
of Williamson, Fawcett and Stirling, members
Stock Exchange.
The London office management of G.
join the partnership
London
Murphy & Co. will
continue in charge of
admitted as a
of Anderson & Co.
—Leopold Cecil has been
Stock Exchange firm
of the
M.-P.
Frederic L, Simmons.
limited partner in the New York
2992
Financial
Chronicle
May 7,
1938
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Municipal Issues
Montreal Stock Exchange
Closing bid and asked quotations, Friday, May 6
Ask
bid
Province of Alberta—
5ti
Jan
1 1948
43*8..,
Oct
11956
Province of Ontario—
July 12 1949
43*8
Oct
1 1953
Oct
48%
6s
Sept 15 1943
116
5s
May
1 1959
120
June
1 1962
4%s
Jan
94
1
1942
15 1965
111% 112%
Stocks (Concluded)
107% 108%
114
Par
Ottawa L H A P pref
115%
4s
Feb
1 1958
107
108%
Quebec Power.....
*
4%S
May
1 1961
109
110%
Regent Knitting
*
2 1959
91
93
105
107
102
104
43*8
Sept 16 1962
Mar
1 1960
108
115
117
109%
...June 15 1943
75
78
16%
Jan
Mar
50
Jan
Mar
18
5%
125
5
Mar
9%
Jan
25
14
May
17%
Feb
95
75
78
St. Lawrence Corp
75
77
1 1951
Atk
79%
Sept 16 1942
103
Dec 15 1944
July
1 1944
96
4% a
103%
43*8
14
30
4
1,285
3%
11%
265
778
Feb
15
;
;
.
Ask
97%
Sept
1 1946
97
97 %
97%
91%
—.-Doc
6s
1 1954
97%
July
1 1960
90%
4%a—
Apr
48
Jan
Mar
21%
Feb
Mar
24
17
13%
Jan
Jan
61%
64
588
56
Mar
69
..25
59
60
265
54%
Mar
03
Jan
Tuckett Tobacco pref.. 100
United Steel Corp
•
Vlau Biscuit
*
150
150
8
100
Mar
150
Apr
805
3
Mar
6
Jan
Mar
3
May
Apr
3
*
Preferred
Hm
.
.
Jan
6%
Mar
11%
70
Feb
100
Mar
17%
11%
19%
11%
18
•
Feb
2%
8%
12%
30%
30
Steel Co. of Canada
■
..
79%
6s
500
100
*
Southern Canada Power..*
Canadian Pacific Ry—
Ry—
34
14
50
A preferred
'
in perpetual debentures.
50
99
Saguenay Power pref. .100
Nov 15 1946
Oct
5%s
4%s
Railway Bonds
5b
Mar
5
Shawlnlgan WAPow
Pacific
JaD
8%
14
8t Lawrence Paper pref 100
Canadian
Jan
1,139
Prov of Saskatchewan—
5s
Bid
Feb
101%
11%
37
15%
15
Holland Paper v t
Province of Nova Scotia—
68
Preferred
Apr
15
35%
108% 110
99
31
Mar
100
2 1950
16 I960
Apr 15 1961
15
High
Mar
9%
10%
Mar
23
175
*
4%s
Quebec—
220
28
Price Bros A Co Ltd
92
Province of
Low
Shares
13
90
Dec
High
13
95
Apr
Range Since Jan. 1,1938
for
Week
100% 100%
100
93
Prov of New Brunswick—
43*8
43*8
Low
Power Corp. of Canada. _*
June 16 1964
6e
Range
of Prices
27%
1 1941
Aug
68
Price
Ogllvie Flour Mills
Province of Manitoba—
13*s
Week's
122
4s
Sale
117
98% 100
92
Last
Ask
6s
Prov of British Columbia—
5s
Sales
Friday
bid
49
rnx
/47
4%
3
3
35
*
1.75
1.85
146
♦
1.50
1.60
366
100
8%
8%
B
Preferred
1%
10
Winnipeg Electric A
112% 113
4%
1.50
Jan
Jan
Mar
2%
Jan
7
Mar
14%
Jan
58
Jan
1.25
Banks—
Dominion Government Guaranteed
Bonds
Canada
Bia
Ask
Canadian National Ry—
bui
Ask
Canadian Northern Ry—
43*8
Sept
1 1961
114% 114%
4%s
43*8
43*8
June 15 1966
Feb
1 1956
117% 117%
115% 115%
July
July
1 1957
1 1969
114% 114%
58
68...
Oct
1
1969
6s
Feb
1
1970
119%
118%(
100
...
1 1946
July
Montreal
Grand Trunk Pacific Ry—
4b
Jan
1 1962
3a
Jar
124
,1243*
......>.100
109
209
143
197
Mar
208
Jan
296
296
19
297
Jan
305
Feb
100
173
173
173
172'
170
Mar
191%
Jan
1103*
Canadian Government
of Prices
Low
High
HANSON BROS., Inc.
Week
Breweries
Bawlf (N) Grain
oeli
455
2
16
pref_.100
16
50
30
Low
9%
2
113*
British Col Power Corp A.*
10 3*
Jan
1.15
Mar
2.25
Apr
10
15
Mar
17
307
147
Mar
166
73*
Mai
12%
29
293*
121
27%
Apr
33%
555
3 3*
Mar
5
Feb
Feb
70
23*
Mar
4
Jan
4
3%
43 3*
43 3*
5
9%
9%
448
Preferred
93 3*
93 3*
43
89
173*
9%
100
38
7%
Jan
Friday
Jan
Last
Jan
Sale
Stocks—
Par
Abltlbl Pow A Paper Co..*
6%
100
Apr
523*
Jan
12%
Jan
Asbestos Corp Ltd
•
Jan
Beauharnols Pow Corp
•
110
Price
cum pref
*
19
19
24
Brit Amer Oil Co Ltd
3
3
3
106
2
Mar
193*
33*
Jan
uiew).»
Jan
British Columbia
60
Canada Steamship
8
73*
8
223
7
Mar
12
Jan
30
Mar
Can A Dom Sugar Co—
Canada Malting Co
Preferred
Canadian Bronze
..*
Canadian Car A Foundry.*
Preferred
26
Canadian Celanese
*
Cndn Foreign Invest.....*
Canadian Indust Alcohol _•
Class B
•
Canadian Locomotive....*
Canadian Pacific Ry
26
Cockshutt Plow
♦
Con Mln A Smelt new...25
33
Mar
33
25
40
Feb
"l2~~
11
12
1,910
7%
Mar
12%
Apr
('an
25 J*
25
25%
525
183*
Mar
26
Apr
CanWire A C 6% cm pflOO
113*
12
285
11
Mar
20
Dominion Coal pref
15
20
15
Apr
19
Feb
14?*
3%
Dom Tar A Chemical...
Preferred
—
Dom Textile pref
*~6%
85*
57
Foundation Co
14
14%
56
60
3%
"20%
.100
Hudson Bay Mining.
Imperial Oil Ltd
*
»
Imperial Tobacco of Can
c
1.90
Apr
Apr
18%
Mar
Apr
34
73*
20
6
Mai
103*
Mar
1
1.00
1.00
1.00
425
95c
Mar
1.35
Jan
6
65*
5,914
5
Mar
83*
Jan
7%
6%
7%
195
3
Mai
8%
Apr
83*
9
6%
Mar
11%
Jan
Ltd..._....*
7% cum pref
100
125
18
Mar
31%
Apr
2
May
3%
Apr
35c
Jan
256
54%
57%
2,156
47
Mar
64%
Jan
300
11
Mar
15%
Jan
27%
13%
27%
180
21
Mar
32 3*
Jan
17
25
16
Mar
26
Jan
10
145
Feb
145
Cndn Marconi Co
Can
Vlckers
1.80
32
7
148
Preferred
*5%
9
Mar
103*
4%
Ma'
10
Jan
Dom Engineering Works.*
Dominion Stores Ltd
*
5
80%
Mar
84
Feb
Donnacona Paper A
•
4%
40
144%
May
150
Feb
Falrchlld Aircraft Ltd
5
6%
4
Mar
Jan
Fleet Aircraft Ltd
71
6
265
65c
10
13%
320
25
113*
40
95*
306
55c
Ford
Mar
Id
Jan
Eraser Companies Ltd
Mar
32
Jan
Apr
1.35
Voting trust ctfs
16%
14
13%
14%
39
39
39
4%
Jan
Mar
Internatl Utilities Corp B. 1
80c
80c
10
55c
Mar
1.00
Jan
8%
*
10
35
Apr
Jan
Mackenzie Air Service
*
104
11%
Mar
53
Jan
Lake St John PAP
_•
16
50
4
"85c
Mar
7
Ma'
9
17
Jan
40%
78
32%
Apr
50
Feb
97
76
80%
Jan
92%
Feb
203*
Mnr
1%
5%
178
2%
Feb
5%
133
1%
5%
May
Mar
28%
19%
2
15
Mar
6%
Jan
10%
310
13%
Jan
Mar
Feb
Melchers
Distilleries Ltd.*
Melchers Distill Ltd Pref 10
7%
Co Ltd..*
32
7
Sou Can Pow6% cum pf 100
United Securities Ltd. .100
Lake of the
11
11
10
$3
cum
pref.
*
10
Page-Hersey Tubes
1%
1%
1%
60
13%
13%
60
.*
Ma'
34
Jan
103*
Mar
103*
Jan
Walkervllle Brewery
13
Jan
Walker-Good A Worts (H) ♦
10
4%
Apr
Mar
Jan
7%
50
7%
1
Ma'
Jan
13%
May
Feb
14
cum
pref
....
88%
88%
5
96
96
10
106
106
106
32
16
16
16
1.40
1.50
1.50
38
25
690
78
Apr
92
Mar
15
1.10
Jan
15
Mar
Apr
1.60
44%
Jan
19
Feb
36%
38
740
32%
Mar
17%
100
17%
May
35
May
35
293*
3,342
27
Mar
31
Jan
Aldermac Copper Corp
*
58
140
50
Jan
62
Jan
Arno M ines Ltd
48 %c 48 %c
1,650
*
83 3*
84
15
83
Apr
o9
Feb
Bankfleld
48 %c
42c
Mar
87c
l%c
l%c
500
lc
Apr
2%c
Feb
72c
72c
200
68c
Mar
90c
Apr
373*
37c
300
37c
Jan
40%
40%
65
38
Mar
41
Jan
Base Metals Mining Corp*
Beaufor Gold
1
37c
40%
20c
20c
22c
10,400
17c
Mar
41%
393*
41%
405
31
Mar
42%
Apr
Bobjo Mines
12c
10c
12c
1,500
9c
Apr
263*
573*
263*
26%
Mar
31
Jan
48
Mar
02
Feb
*
263*
*
61
61
e
4,257
Jan
Mines—
26
Mines
Feb
Mar
106
National Steel Car Corp..*
Noranda
95
99%
Feb
38
Niagara Wire Weaving
Jan
Mar
104%
17%
*
58
Apr
Jan
1% May
Feb
May
$1
*
29
34%
15%
14
Feb
32
11
10
9
13%
Power ofCan6% cm lstpf 100
32
684
Jan
Jan
96%
Jamaica Pub Serv Ltd....*
Preferred
1.00
38
Jan
38
40c
Jan
May
Maasey-Harr 5% cum pflOO
Mar
*
360
85c
31
MacLaren Pow A Paper..*
4%
Breweries
23
Mar
McColl-F Oil 0% cum pflOO
31 %
"84"
12%
Mar
13
Feb
Apr
10
Mar
22%
Feb
Mar
35
2%
100
10
14%
Mar
35
435
98
23*
"29"
100
4
Mar
23%
40
75c
16
23
Mar
37
100
3%
103*
5,504
20
16
23
90
26%
770
Jan
Mar
47%
1,165
Apr
JaD
23
Loblaw Groceterias A
6%
16%
17%
Feb
Mar
39
Jan
10
Jan
Mar
14%
Mar
8%
13
18%
9
10
Mar
44%
25%
6%
Mar
45
545
Mar
Mitchell (Robti
12
Jan
1.70
Mont Refrig A St vot tr._*
10
8%
20
Feb
6%
Jan
4%
j an
37
Jan
12
Apr
60
Feb
•
6%
25
7%
Lang A
Mar
30
Mar
4,035
Jan
3
3
5
143*
14
6%
20
15
975
177
Feb
8%
Mar
3
53*
2,592
16%
14
14%
25
35
Mai
20
Jan
17%
7
Apr
5
3%
Intl Paints (Can) Ltd A__*
8%
26%
4,360
22
(A J)6%cm pflOO
Inter-City Baking Co. .100
Freiman
Mar
17
6%
60
Jan
Feb
May
25
538
6%
Jan
4
26%
17%
4%
Jan
Mar
Mar
102
52
15
6
4%
5%
Feb
4%
15%
1
965
23
7,936
Mar
103*
620
620
3%
4%
7
*
55*
13%
4
84
Mar
95
100
60
Mar
690
14
4%
5%
1
Mar
5
13%
Mar
Mar
6
13
Mai
90c
73*
75
95
47%
Jan
8%
525
35
15c
125
5%
.—*
*
300
23
Motor Co of Can A. *
Jan
11%
24
84
102
8%
Jan
140
20c
1.25
4%
5
Consolidated Paper Ltd.*
3
15c
326
13%
263*
32
240
1.00
2%
1.25
3,766
26
43*
*
7%
13%
82
*
Commercial Alcohols Ltd. *
12%
95
143*
30%
1.90
Feb
11%
Canadian Wineries Ltd
14%
National
Jan
Mar
Jan
100
May
1.10
Apr
Tramways
Feb
97
14%
23
Montreal
110
May
23%
50
*
Jan
97
10
35
Telegraph
103
10
65
15
Mtl L H A P Consol
22
97
17
2,830
Montreal Cottons
36
108
97
25%
73*
Montreal
Mar
108
97
17
23 3*
*
75
Jan
Feb
25%
2
Oil.
68%
*
2
McColi-Frontenac
Apr
31%
59%
27%
*
*
Woods
60
*
73*
Sons (John A)..*
Massey-Harrls
*
72
Feb
Mar
Cndn Breweries pref
23 3*
*
14
5%
Cndn Dredge A Dock
•
Internat-Pet Co Ltd
21%
Jan
50
Cndn Breweries Ltd
29%
52%
International Power
Mai
10
29%
*
NoPCorp7%cmpfl00
-£1
Preferred
Indust Accep Corp
IntJ Nickel of Canada
17
120
Jan
35
6
*
.1.922
12
Jan
53*
100
7%
20%
12
4
102
65*
100
Preferred....
JaD
19%
Mar
113*
84
100
Howard Smith Paper
JaD
1.50
53*
Holllnger Gold Minw
5%
5%
12
Lake Sulphite
Hamllton Bridge
Preferred
Mar
1,369
2,010
65c
•
Gypsum Lime A Alabas.
Jan
Feb
3 5*
83*
General Steel Wares
Gurd (Charles) pref
19
65%
3%
5%
2%
Jan
Mar
Mar
4%
26
13%
Gatlneau
100
2%
Mar
144% 144%
*
..
9%
47
High
Mar
23*
71
»____„*
of Can.
417
00
5,255
5
Preferred
1,200
14%
Low
1
33*
148
12%
7%
....1
2,315
3%
16 3*
273*
..100
Eiectrolux Corp
English Electric A
1.75
60
3%
Range Since Jan. 1, 1938
for
Shares
3%
,
13
Dryden Paper
Eastern Dairies
High
73*
35*
25
Dominion Glass pref.. .100
Domimon Steel A Coal B 26
Low
Week
Jan
14%
113*
*
•
Range
of Prices
71
*
Packers*
Claude Neon Gen Adv
Distill Corp Seagrams
Dominion Bridge
Bay Street, Toronto
Sales
Week's
1.30
Brewers A Distill of Van. .6
Can Northern Power.
330
April 30 to May 6, both inclusive, compiled from official sales lists
Mar
Apr
1883
St., Montreal
Montreal Curb Market
Apr
3,185
3%
James
Sparks St., Ottawa
Apr
Mar
133*
3%
*
4
St.
Jan
12
Building Products A.....*
Canada Cement
56
11
Apr
*
255
High
Apr
10%
29
Mills...
1938
Mar
7
♦
Silk
1
158% 160
100
12
Bruck
136
8%
2
Brazilian Tr Lt A Power.*
B
23*
133*
13%
8%
___*
Telephone
37
93*
23*
*
Grain
Shares
93*
Bathurst Power A Paper A*
Bawlf (N)
Range Since Jan.
Municipal
Utility and Industrial Bonds
Established
for
Sale
Alberta Paci lc Grain A..*
Jan
205
Sales
Week's Range
*
Feb
Feb
209
Exchange
Last
Associated
178
296
985*| 995*
Friday
Price
162%
Apr
11932
I
119%!
Montreal Stock
Par
Jan
160
174
100
April 30 to May 6, both inclusive, compiled from official sales lists
Stocks—
160
173
Nova Scotia...
Public
Agnew-Surpass Shoe
45
164
Royal....
63*8
119% 119%
116
60
161
162
60
100
Commerce
60
59
161
162"
50
Canadlenne
41%
Jan
*
...
No par value
1
Jan
40c
Jan
33c
Fen
12c
Jan
Volume
2993
Chronicle
Financial
146
nl
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Friday
Week's Range
of Prices
Low
High
Shares
Stocks (Continued)
High
Low
Jan
8c
Feb
13%
Canada Permanent
8%c
5c
5c
6c
8,600
5c
Feb
10c
Feb
6c
(1936)-.1
Buffalo Cndn Gold.
*
Bulolo Gold Dredging—6
Can Malartlc Gd M Ltd.
Mines
9c
6c
6c
200
6c
May
6c
May
1,500
27
Feb
Feb
Cndn Bakeries pref
Canadian
24%
Apr
92c
1.08
6,600
77c
Mar
1
8%c
8c
8%c
6,100
5C
Jan
1
58c
Central Cadillac G M Ltd
Mines
Coniaurum
75c
Apr
3.20
Mar
1.35
400
1.35 May
1.71
Jan
»
Cndn Bk of Commerce.100
31c
28c
*
Dome Mines Ltd
Mar
Mar
7.800
20o
Mar
41c
Feb
Canadian Canners
70
47%
Mar
60
3%c
Mar
6%e
52
56
Duparquet Mining Co—1
East Malartlc Mines
1
4%c
4%c
4%C
2,200
1.66
1.56
1.68
10,000
1
*
2.41
Eldorado Gold M Ltd
Falconbridge Nickel
Francoeur
(New)
4.90
125
5c
12,200
2,550
%C
Mar
10.700
Mar
4%c May
28c
Mar
Jan
73
Apr
3.25
Mar
1
15% c
1,292
10c
15c
7,338
10c
Apr
27c
1.03
1.05
300
99c
Mar
"51%
15%c May
-
18%
Mar
160
Jan
Mar
58%
l%c
3.50
Mar
2%c
800
Mar
5 50
Jan
350
80c
Mar
1.10
Apr
150
6%
Apr
7%
18%
Mar
12%
Apr
Mar
26
Apr
27
28
100
22
Apr
35
425
Mar
Feb
Jan
3%
1,185
2%
Mar
4%
Jan
10
2%
Mar
4
Feb
7
7
20
7
May
10
Mar
93
109
30,118
Feb
1.28
10
Mar
16
Jan
30
110
Jan
115
Mar
6%
8,445
6
Mar
3%
375
2
Mar
120
17
May
113
6
6%
Mar
74C
380
10%
10
113
2%
17
18
8%
Jan
3%
Apr
Feb
20
Jan
44
50c
50c
1,000
Jan
80c
Mar
lc
1%C
2%c
2,000
lc
Mar
3c
Jan
Mar
2%c
Mar
1,000
1%C
3c
3c
500
2%c
Mar
4%c
Jan
17c
17c
200
17c
May
17c
May
May
Jan
3%
*
Central Patricia
60c
9
3%
Castle-Trethewey
39%
500
Mar
200
Cariboo Gold
1.05
•
Feb
17%
490
8
2.20
605
1,500
60c
5%
Apr
11%
16%
7%
Cndn Wirebound Box...
2c
60c
Apr
16
25%
Canadian Wineries
Feb
39%
*
4
366
10%
26
4.60
2%c
Jnn
135
16%
Mar
25
102
1.50
35%
30% c
17c
5
177
157
25%
C P R
1.02
39%
88
Feb
~ii%
10
52%
46%
163
5
100
Preferred.
2c
1.05
*
-1
Normetal Mining
Mar
•
Feb
1
Newbec Mines
14%
17%
3%
4.35
51%
2c
_._..l
Murphy Mines
Apr
199
17
Canadian O il
15%c May
*
New Golden Rose.—-
1.90
Canadian Malartlc
15c
M clnt yre-Porcuplne—-.6
Moffatt-Hall Mines.
25%
Mar
May
27
Mar
Mar
15c
—
Ltd—1
Kirk land Lake Gold- —1
Lake Shore Mines...—..1
Lee Gold..
1
Macassa Mines.
1
Mackenzie-Red Lake
1
Gold
Apr
1.10
B
Mar
Mar
5c
Mar
55
25
25
preferred
Preferred
27c
25 %c
67
5
55
16%
Can Car A Foundry
17c
200
6,125
Jan
105
Canadian Ind Alcohol A._*
25c
Jan
Jan
12
Apr
2,300
Canadian Dredge
7%c
0%
25
*
Jan
7c
46
3%
20
*
Jan
15c
8
163
Feb
25c
Mar
17
13c
25c
May
2
190
*
56 %c
6.95
128
275
55
...
1st preferred
2d
76
3
175
Canadian Locomotive. .100
KIrkland Gd Rand
McWatters
5.80
36%c 37%c
1
1'
Howey Gold—
J-M Consol Gold
2.42
5.80
4
Jan
1.96
2.20
5.80
...1
Gold M Ltd—*
Federal-Kirkland
05
1
Feb
150
130
25
24c
Breweries
Jan
72
175"
2.12
Preferred
High
Mar
"55"'"
*
100
200
2.5 5
1.35
1
Consol Cblbougamau
3
62c. 259,220
54c
2.55
1
*
Central Patricia Gold
26
25
26
Low
58
8
130
*
50
Canada Wire A
150
1,000
1.02
Cartler-Malartlc G M Ltd 1
CCA.
25
68
128
Range Since Jan. 1, 1938
for
rr
Shares
2%
100
Jan
Range
68
*
Canada Steamships ...
Can Steamship pref
30
Price
Par
Canada Packers
9c
Bouscadllla c Gold Mines. 1
Brownlee
of Prices
Low
High
Week
Price
Par
Sales
Week's
Sale
for
Sale
Last
1,1938
Range Since Jan.
Last
Stock* (Concluded)
Exchange
Friday
Sales
Jan
1.14
Jan
720
Feb
Mar
43c
Jan
Cockshutt Plow......._.*
Mar
11%
Jan
*
1.30
1.25
1.84
Mar
62c
Jan
Consol
400
1.55
Jan
Cons
Consumers
Jan
Perron Gold Mines Ltd—)
4.70
Mines..
Mar
110
11%
Mar
10,200
20c
Mar
42o
Feb
Jan
Jan
16
57%
54
57%
2,320
40%
Mar
04%
184%
184
184%
120
178%
Mar
199%
Jan
13c
5
100
SmelterB
1.10
30c
23c
30c
3,980
13%
13
Chtbougama
Jan
1.35
13c
1,300
12c
Apr
23 %c
Feb
51c
53c
17,214
21c
Feb
Pickle Crow Gd M Ltd...l
*
Mining..
Bakeries
30c
1.77
Feb
26c
2.75
2.65
Feb
45c
43c
9,875
Jan
Mar
7
24,740
Apr
26c
May
270
44c
Mar
1,000
Feb
150
100
500
3.80
1.02
27c
27c
Apr
8,200
37c
1.40
Mar
99
55c
3.45
1,200
8%C
29
9
40c
8,800
10,200
100
35c
3.55
1.43
12%c
53c
1
1.63
12c
100
35c
1
1.27
Feb
3.20
8%
Pandora Cad
1.85
73c
Jan
55c
O'Brien Gold
1.51
Feb
Mar
2.10
Commonw'lth Petroleum.*
Cons
1.40
2.25
54c
2,850
"8%
Chromium
Jan
1.63
Jan
2,500
Chemical Research
5.40
Pend Oreille M & Met...)
1.05
70c
2.60
100
Chartered Trust
Mar
2.70
800
58C
2.50
12c
Central Porcupine
Coniaurum
1.90
2.25
68c
2.55
1
Pato Consol Gd Dredging 1
4.70
4.70
200
3.90
Mar
5.15
Jan
1.85
2.09
900
1.70
Mar
2.09
May
76c
1
Ltd.-l
Read Authler Mine
.1
Red Crest
*
Powell-Rouyn Gold
Preston East Dome
83c
1,500
72c
Mar
1.33
Feb
2.90
2.90
1,000
2.60
Mar
4.50
Jan
10c
11c
2,000
10c
Mar
420
Jan
Blscoe Gold Mines
Bladen Mai
2,000
3%c
Apr
6%c
Feb
500
1.23
Mar
1.48
Feb
1.11
Dome Mines
T.18
Apr
330
Mar
96c
Mar
1 78
Jan
2.05
Mar
3.40
Jan
1.18
1.23
11,500
880
Mar
1 39
Mar
Dominion Stores...
78o May
Sylvanite Gold
Teck-Hughes Gold
3%c Mar
25%
Jan
Mar
34
8%
Jan
Dorval Slscoe......
1
13c
15c
6,600
11%0
Apr
200
Mar
•
9%c
9%c
2,800
7c
Mar
15c
Jan
1.59
1.68
27,867
1.05
Jan
1.74
Apr
2%
2%
30
2%
Mar
74,120
1.97
60c
Apr
4,787
80c
Mar
1.23
Mar
East Crest Oil
3.05
450
2.70
Feb
3.60
Feb
East Malartlc
1.67
.....
Easy Washing.........
200
4.40
Apr
5.60
J«o
48,360
19c
Mar
38c
Jan
Eldorado
41,200
22c
Mar
43C
Jan
English Electric B
7.25
400
6.55
Mar
8.10
50c
55c
14,000
41 %C
Mar
68%c
Apr
2.75
2.53
2.75
1,650
1.86
Mar
3.10
Jan
Fernland Gold
47c
47c
600
400
Mar
70c
Jan
Firestone
1.25
Jan
Feb
5
Jan
2.18
2.45
1.38
2,575
Mar
1.45
Apr
20c
500
20c
Apr
21 %C
Feb
Ford
1.64
100
1.45
Mar
2.20
Jan
49c
44%
*
50c
42%
44%
Toronto Stock
1,700
3551
Feb
Feb
Sales
Range Since Jan. 1, 1938
Week's Range
for
Sale
of Prices
Low
High
Week
Price
1.40
•
ADltlbl
17c
47%
Exchange
Last
Par
Apr
Mar
compiled from official sales lists
Friday
Stocks—
9c
33%
1 .70
Shares
790
Low
1.00
Mar
2%
13%
14%
8%
Mar
19%
Jan
10%
14
2,400
7c
Mar
14c
2%
2%
3
3,500
l%c
Mar
4%0
May
Mar
ion
22%
19%
22%
60
10%
Jan
22%
May
•
48C
43c
50c
22,783
40c
Mar
70o
keo
...1
24 %c
20 %C 24 %c
100
.
•
-
...1
Afton Mines Ltd
—
-
-
-
330
Alberta Pacific Grain-
Preferred
Aldermac Copper
Amm Gold Mines
Anglo-Can Hold Dev.
•
1
Ashley Gold
72,600
10%C
Jan
27-
1.51
1.47
1.55
9,790
95C
Mar
1.65
Jan
20c
17c
22c
18,100
15C
Feb
33c
Mar
7c
8c
13,000
5o
Mar
10c
Jan
1
•%ar
...1
3c
2%c
3c
7,100
2%c
Mar
4%c
Jan
Auglte-Porcupine Gold
l
29 %c
28c
33c
35,456
20c
Mar
44C
Feb
Bagamac Mines
i
14%c
14c 14 %c
4,025
13c
Mar
270
Jan
77c
13,400
62o
Jan
1.03
Feb
60
140
57 %c
Jan
6O0
Feb
202
204
13
195
Mar
207
Jan
296
296
3
290
Apr
305
Feb
234
235
54
230
Apr
249
Jan
Astorla-Rouyn
73 c
1
.
50
Bank of Canada
60
59%
.100
Bank of Montreal..
Bank of Nova Scotia.. .100
.100
Bank of Toronto
»
Base Metals Mln
296
------
37c
*
Bathurst Power A
------
»
Beattle Gold...
*
Beauharnols
Bell Tel Co of Canada .100
Bloodgood KIrkland..
1
...1
Big Missouri
Biltmore Hats
*
1.11
3%
36c
40c
8
8%
75
1.14
6,100
3%
1,133
1.05
3
160
156
160
28c
------
9%
1
Bobjo Mines
11 %c
*
Mines
------
Brantford Cordage pref. 25
•
Traction
435
20o
1.05
Mar
450
Feb
Feb
2
10%
Mar
1 49
Jan
Mar
2
Mar
5%
Jan
146%
Mar
100%
Jan
28c
30c
23,208
20c
Feb
50c
Feb
36c
39c
3,675
300
Mar
58c
Jan
9%
50
9
Apr
11%
Mar
15
30
Apr
34
9%
30%
Blue Ribbon pref
6,350
10c
8.65
31
12c
13,300
8.90
775
24
24
22
12
10%
70
12
3,576
7C
Mar
800
Mar
21
Apr
7%
Mar
Jan
12c
Jan
9.15
Feb
24
Jan
13
Jan
------
5%
5%
50
Jan
7%
Feb
20%
19%
20%
3,524
10%
Mar
21%
Jan
♦
lie
11c
11c
7c
Apr
15c
Jan
*
54 %c
50 %c
55c
1,000
73,750
39c
Feb
08 %c
Jan
14%c 15%c
3,274
lie
Mar
17%o
Feb
6%c 206,062
2%c
Mar
6%c
May
Apr
52%
Feb
12%c May
220
Jan
6
Brewers A Distillers
•
B A OH
_
Brown Oil
15c
Buffalo-Ankerlte
*
Buffalo-Canadian
Building Products
Bunker Hill
------
•
13%c
»
------
...
Calgary A Edmonton .
43
43
10
12%c
15c
13,200
12c
12c
10
37
9%
Mar
13
Jan
25
2
Apr
..26
15c
15c
19c
123
15
May
23%
Feb
»
2.78
2.42
2.80
16,385
Mar
3.10
Jan
42c
7,900
33c
Mar
3%
153
3
Mar
20
40
Apr
46
Mar
54
7
Mar
13
Jan
12%c
Burt (FN)
5c
5c
5
—.1
2%
42c
*
50
*
100
*
2%
40c
3
40
9%
------
31
40
9%
2%
40
9%
1.80
3
02c
4%
Jan
Jan
Feb
93
93
10
89
Apr
108
31
130
29
Mar
36
Jan
140
Jan
May
30c
Apr
Mar
25c
Apr
Feb
3,000
13 %c
16%
7c
Apr
20c
1,290
14%
Mar
18%
Jan
5,100
13c
Mar
220
Apr
270
Mar
630
Feb
21c
35c
$8%c
9,800
9%
40
6%
92
74%
8%
Jan
4,200
17
20c
82%
Jan
84
72
5%
5%
5%
19c
17c
Feb
Mar
10%
Feb
Feb
84
Mar
8%
Mar
8c
Mar
320
Apr
5
24c 335,300
6C
Jan
3 %c
4,500
3%c
Mar
47c
43c
36,720
310
Mar
08c
Jan
Got dale Mines....
1
18c
16 %C
15,400
14c
Mar
27 %C
Feb
Gold Eagle
I
22%c
22 %c
9,500
22c
Mar
400
Feb
Good fish Mining...
1
120
Jan
72%
Jan
*
tire
.....50
Grab Am Bousquet
..1
Granada Mines
1
GraD'joro Mines....—*
3%c
5c
Preferred—...........
15,600
4 %C
57
57
55
25
4%o May
62
Apr
Jan
53c
175
61%
Mar
50
4%c
500
4C
Mar
9%c
Feb
5%c
5%C
2,700
5c Mar
8C
Feb
.....
6%C
21
8%
143
21%
64
110
5c
Mar
4%
Mar
12
Mar
33
10
11,000
8
21
*
Great Lakes Paper
10
Jan
Jan
Jan
Jan
-.1
4%
4%
5
1,0 0
4%
May
—J
72c
72c
76c
61c
Mar
1.09
Mar
Gypsum Lime A
Alabas..*
5%
4%
5%
5,900
305
4%
Mar
8%
Jan
Halcro w-Swayze
.1
*
1
1
3c
25,050
2c
Apr
4c
May
150
2%
Apr
3%
Jan
2.25
2.12
84,730
1.10
Jan
2.54
Mar
11c
11c
4,900
90
Mar
170
Mar
1.00
Mar
1.40
Feb
8c
Mar
20C
Mar
14%
Jan
Apr
Gunnar
Gold
Harding Carpets
Hard Rock
Barker
1
*
6
Hedley-Mascot Gold
Highwood-Sarcee..
Holllnger Cons
•
Homestead Oil
1
Howey Gold
1
Hudson Bay Mln A Bm._*
Huron A Erie
100
Home Oil Co
3
1.05
—100
—*
Imperial Tobaooo.......5
Imperial Bank
Imperial Oil
1,500
2,712
12%C
13%
4,021
11
13%
12%
1.33
1.25
8,070
91c
Mar
1.47
19c
5,100
170
Mar
370
Jan
Jan
11,575
220
Mar
330
Jan
26
24%
27
2,139
20%
Mar
28%
Mar
63
63
65
50
Apr
67%
Jan
Apr
8%
Jan
""26c
»
26c
28
6%
100
20%—.
200
202
200
17
17
17%
57
6%
Jan
214
20
190
4,165
15
Mar
19%
13%
Mar
14%
68
Apr
76
505
Mar
Mar
Jan
International Metals—
100
100
*
International Pete...,
*
Intl Utilities A
*
Jack Waite
1
Jacola Mines—......—1
Jelllcoe Cons
1
J M Consolidated...
1
70
Preferred
Kelvlnator
1
Kirk Hud Bay
1
Lag una
Gold
Cadlllae
Laura Secord
Lava Cap Gold
Lebel
Oro
Lee Gold
•
No par
Jan
102%
M ar
Mar
23
Mar
52%
31%
Mar
5
Apr
8%
32c
Feb
53c
Jan
15c
Jan
40C
Mar
44,676
48c
15c
15c
38 %c
Jan
82o
5%c
Mar
170
Jan
15c May
16c
May
13,484
Mar
Mar
Jan
Mar
Jan
15
10%
"51%
10%
21,643
1.35
Mar
2.30
1,700
60o
Mar
1.50
1.00
10,755
45c
Mar
1.50
Jan
3,400
1.05
35
1.70
75c
1.75
28c
Jan
59o
Mar
Mar
58%
Feb
13%
51
62%
10%
10%
8,251
10
46
Mar
Jan
Feb
11%
Mar
3%c
1,300
3c
Mar
5c
Feb
45c
8,500
37 %c
Jan
74c
Mar
value.
—*
...*
—..1
*
1
1
88c
86c
5,400
85c
Apr
1.13
Feb
7%c
7%c
21,334
60
Mar
150
Jan
1
Lake of Woods..
Lamaque Contact..
La pa
1
1
Lake Shore
99
37
31
1
KIrkland Lake
35
21,492
7,568
26
*
Kerr Addison
99!
47%
Mar
4,200
47%
1
99%
44%
10
6,800
99%
International Nickel
(New stock)
70
4,300
Intl Milling pref
Jan
29%
6.95
21%
21c
7 %c
God's Lake Mine..
Grull-Wlhksne
Arntfleld Gold
Mar
Mar
8,100
I'.efw red
Jan
4.70
3%c May
21c
17
Mar
Mar
9
16
22c
—•
Francoeur
....—.*
Gatlneau Power
_•
Preferred
100
General Steel Wares
*
GUlIes Lake Gold
1
Glenora
1
3.25
710
106,400
22c
A
Goodj b«r
High
17%
3%c
Foundation Pete
Mar
May
5c
1
Petroleum..-25c
Font ana Gold
1
95c
7
820
5.75
17
1
.1
Federal-Kirkland
20c
1.34
25
7
*
1.64
~
April 30 to May 6, both inclusive,
Canada Malting
Mar
16%
39,411
....
Preferred-
Feb
7c
Mar
34c
Royallte Oil Co
Canada Cement
Feb
19%
Mar
4.70
Okalta Oils Ltd
Oils
206
9
78c
1
*
B
Apr
Apr
4%
30c
•
Calmont
Feb
570
30c 32 %c
Homestead Oil & Gas
Canada Bread
60
6%
1.05
4.70
Home Oil Co
Burry Biscuit
5
Apr
5%
31c
Calgary A Edmonton....*
Dalhousle Oil Co Ltd....*
Burlington Steel
1,500
47%
*
Falconbridge
_
4%c
Mar
1,853
7.25
British Dominion Oil
16
75
12%
30c
Brown Oil...
Bralorne
189
20
Jan
Jan
32
Fanny Farmer
.
66
17
Jan
66%
11%
53 %c
.
197
195
400
16
32
70c
Oil-
Cnrm.
2,843
Mar
73
Mar
12%
1.00
Wright Hargreaves
Rankflplrt
56
Mar
32
1
6% preferred
Acme Gas & Oil
100
4c
......100
Preferred
70c
..1
Pacalta
70
16%
Dominion Foundry......*
...1
Thompson Cad
Wood Cad.....
11
1
Dominion Explorers
16%c
2,445
3,495
1.00
1
Sullivan Consolidated
196
.100
25
Dominion Coal pref
13%
605
52%
100
Preferred
1.11
14,300
19c
3,009
70
Distillers Seagrams
2.40
20c
Jan
40
22c
13
21c
13
1.05
16%c
53c
•
Petroleum
Denlson Nickel Mines—
3.00
Stadacona (new)
Bra ill
Da vies
2.33
17c
1
...1
Ltd.—1
1
*
Sberrltt-Gordon
5c
1.24
—1
Darkwater
Dominion Bank
San Antonio Gold
Bhawkey
4c
1.24
4c
1
Reward Mining
Gas
2%c
2c
12,000
l%c
Apr
2%c
Jan
63
63
25
56
Mar
65
Feb
May 7, 1938
Chronicle
Financial
2994
Canadian Markets—Listed and Unlisted
Toronto Stock
>ar
Par
Stocks (Continued)
of Prices
Gold--..——. .1
Leltch
4.2 0
A
-•
....
B
Macassa
.1
Mines
MacLeod Cockshutt
.1
Madsen Red Lake...... .1
Manitoba
A
3.5
2e
_*
East..
3.35
Massey Harris...
....
.♦
McColl Frontenao
MeWatters Gold
10 H
11
380
Mar
14
24
Jan
lHc
lHc
500
lHc
Mar
3 He
Ma
18
Mar
21 H
Jan
Whitewater
4%c
4%C
500
4c
Mar
8c
Jan
6,000
3..50
Mar
6.55
Jan
Wlltsey-Coghlan
3%c
4c
4,500
3c
Feb
4%c
1.30
Jan
3.90
Msr
1.50
2.00
203
1.50 May
3.15
Jan
25c
Mar
49C
Feb
14,000
6%
37%
6%
40
13
Moneta Porcupine.
Moore Corp
.»
4%
5
Mar
Mar
14
340
Toronto Stock
Feb
30c
Apr
4H
97
Arp
Friday
45
Jan
Last
Week's Range
for
Mar
1.10
Jan
Sale
Week
20c
21c
9,700
10c
Mar
240
Ma
of Prices
Low
High
43c
52c
31,500
32c
Jan
80C
Mar
10%c 10%c
10%c
Apr
18c
Jan
Brett Trethewey
5c
Mar
8c
Jan
BruckSllk
1.45
Mar
2.49
Jan
Canada Bud
2%c Mar
4Hc
Jan
Canada Vinegars
200
Jan
Canadian
3,000
17c
18c
4,800
2.15
23,940
2.15
2.05
28
—
29
15c
Mar
1.60
Mar
2.56
35H
150 %
Jan
Feb
25
70
143
Apr
Price
Par
Stocks—
Ma
Apr
85
147
147
15
*
1.71
61
7c
Mar
17c
%
3%
Mar
2,290
l%c
Apr
3HC
Jan
100
115
Apr
126 H
Jan
Dominion Bridge-
35
12
May
Jan
Dominion Motors
Feb
Foothills
Jan
A
72
4
2% May
6%c May
15
Apr
Jan
17%
Feb
1.40
J an
82
Apr
Jan
Mar
J*
Mar
68
10
Jan
9c
Jan
Jan
14,200
12
14%C
16c
>—
H-*
290 612,450
2%c
2,500
22c
2,550
»-*
66%
9%C
2%C
1
2,000
70
Corrugated Box pref.-.100
13,800
....
1
He
5
He
2c
16c
5
Mar
4%
9%c
2C
1
Nlplsslng
95c
4%
8c
*
Newbee Mines..
New Golden Rose...
740
"%c
l%c
12
"28 %c
1.15
.1
Dalhousle Oil
00 o
500
61
9%C
5%C
9,317
19
Apr
35 Ho
May
May
4%o
100
1.65
Mar
2.15
13 He
2c
48
7c
14C
Apr
35
5
Mar
30
21%
Mar
32
Jan
10
100
5
10
May
700
45c
Apr
Mar
7%
70c
14%
5%
17%
"l4H
*
"17H
70c
14%
50
5%
17%
20
5
12
Mar
20c
3,300
1,000
Humberstone
Klrkland Townslte.
1
16c
Jan
Malroblc
1
lc
Montreal LHAP
*
Mar
60e
04c
38,300
3,213
2c
64 c
50c
Mar
1
14
Jan
7.85
7.85
7.85
100
7.86
Apr
8.10
Apr
*
29c
29c
29c
27c
Apr
31c
1
3.55
3.45
3.80
2.75
Mar
5.45
Jan
1.23
Jan
Jan
Jan
14c
Apr
23c
Jan
lc
Feb
l%c
Feb
29
29%
538
27
Mar
31
38%
3%
41%
330
82
Mar
41%
3%
500
2%c
Mar
4%c
Jan
1%C
lHc
1,000
8,700
lc
Jan
2c
Jan
Mar
O'Brien Gold........
Okaita Oils
2,670
11,145
13,600
39,300
25,384
17%
8%
20%
Feb
Apr
29%
Oil Selections...
Northern Canada.._.
90c
41
National Steel Car.
1
lHc\
14%
Jan
8%
Mar
5
Jan
•
Jan
28
7%
Hamilton Bridge
09c
Mar
10
Feb
02
Mar
1,000
40c
1,420
27
......
...10
IIKIUI
Fraser voting trust
VUGUfc
01 lUb...... *
'
380
48c
48c
....*
DeHavllland
>0
95
10
160
7
Jan
12c
Mar
16%
Consolidated Paper—---*
Cobalt Contact
High
3c
24,000
2%
95c
...1
Marconi
Low
4%c
15
.*
*
Range Since Jan. 1,1938
Shares
3%C
2%
6%
4%c
...1
115% 115%
8%c
1%C
•
Feb
Sales
Jan
Mar
2%c
1
Feb
Ma
Exchange—Curb Section
69c
2%C
1
4
April 30 to May 6, both inclusive, compiled from official sales lists
86%
35%
l )0
Norgold Mines.
8.20
Mar
1,995
2%c
......
Mar
15C
70
27,375
007
Nordon Oil
6 50
5,800
1.09
7c
Noranda Mines.....
6,235
4
Jan
7%
11
1.85
1
7.45
Ma
Jan
7c
National Sewerplpe..
Nay bob Gold
Jan
4
*
York Knitting...
Feb
19Hc
50
1.75
Kirk land..
Apr
43c
40%
1
A
16c
Mar
Ma
16c 16Hc
7.45
Mar
1.86
Murphy G,old
*
Ymlr Yankee Girl...—-*
28
1,000
1,000
.*
*
Wright Hargreaves
Jan
9c
23o
7.20
Feb
3
9,100
20%(
45c
10%c
.1
...
Jan
Jan
34c
7
Jan
16
30c
2H
Feb
Apr
31c
Apr
9
8
9
Mar
8c
85
8
Winnipeg Electric pref. 100
Wood Cadillac
1
1.00
i..J 5c
Monarch Oils....
Winnipeg Electric A
.....
1%
428
.*
MlntoGold
3%c
1
*
55,700
l.Ot
♦
Corp
4c
Apr
West Turner
5
164
97
...
1H0
3,811
90
Merland Oil
Morris
10%
*
1
>
Mercury Oil
Mining
*
303
40
....
12%c
Westons
White Eagle.......
2,625
97
......
Petroleum50c
Feb
12c
40
McKenzle Red Lake.... .1
Me Vlttle-Graham
Feb
6.00
25
.6
Mines
1.12
Apr
Mar
116
1 30
Preferred.......
Mclntyre
2%<J
Mar
13c
Mar
Apr
60c
3.90
12
6%
40
)0
14Ho
im
lie
.*
High
Low
Shares
7,400
2,310
6%
1
Mines........
Range Since Jan. 1,1938
for
Price
Par
12c
2%
5
Preferred......
Maraigo
>
31(
l%e
6%
2%
4%
Maple Leaf Gardens prki 10
_•
Maple Leaf Milling
(Concluded)
Stocks
High
Week
7,000
4.61>
30c
Low
of Prices
Low
High
22,020
22*
21
4,30
20*i
4.5 3
3.41)
31 e
Shares
Week's Range
320
22
20%
22*{
.*
Loblaw
4.21)
4.10
Raws Since Jan. 1,1938
753
78c 78 % c
78 c
_•
Little Long Lao
Hig h
Low
Price
iSales
Last
Sale
for
Week
Sale
Exchange
Friday
Sales
Week's Rang e
Last
Toronto Stock
Exchange
Frida V
.
.
...
Normetal
•
1.73
1.61
1.77
OlgaGas............
♦
3%c
2%c
4%c
Omega Gold
Orange Crush
1
45c
42c
47c
*
1.45
♦
Preferred...
Oro Plata..
•
1.50
80
4%
m
1.05
1
l%c
1.69
Mar
2.30
Pend Oreille
1
1.51
1.69
1.30
Mar
Apr
5%c
Jan
Ritchie Gold
1
2c
2%c
9,500
l%o
Mar
31c
Mar
48c
Apr
Robb-Montbray
l%c
l%c
3,000
l%c May
1.00
Mar
1
*
20,945
10c
Pawnee-Klrkland
2%c
15
98c
6,500
""Too
5He May
Jan
1.50 May
4
Apr
5H
46c
Jan
1,45
8o
Mar
2.90
Apr
Mar
Jan
Mar
Rogers Majestic
Standard
Preferred
Pacalta Oils
•
Page-Hersey
Pamour Porcupine.
Pandora-Cadillac.
Pan tepee Oil
9c
♦
•
1
9c
88
85%
88
3.60
3.55
3.05
5,540
37c
45c
4%
5
mmmm
12c
12c
9c
10c
45c
44c
10C
15%c
1.35
1.25
1
9%c
1
1
Payore Gold
Perron Gold
Phto Engravers.....
12%o
1.43
8,975
150
4.75
7,190
2.05
60c
3.00
3.05
1,005
99%
99%
14
1.80
Jan
20c
c
*
22o
Mar
690
Feb
Jan
230
Mar
.02
Jan
16
Mar
3.80
Mar
2.80
96
Mar
Apr
1.70
-
19
6.10
Reeves-Macdonald
*
2.90
3.30
1 37
Mai
2.41
30c
Mar
52e
Apr
1,425
1.81
Mar
2 42
Industrial and Public
Relnhardt Brew.....
Reno Gold
"2%
*
10
Bid
Feb
Jan
Canada Bread 6s
1941
Canada North Pow 5s. 1953
96%
19
1.34
Feb
51c
600
50c
Mar
98c
Mar
2.60
Mar
4.55
Jan
Canadian Vlckere Co 6a '47
9He May
450
Jan
Cedar Rapids M A P 5s '63
Consol Pap Corp (%s 1961
65c
.....
»
Roche Long Lao.......
Royal Bank
J
Royallte Oil
Russell Motors pref....:
8t
20c
May
30%c
Jan
30c
500
30c May
55o
Jan
2
2%
230
2
2%
Feb
23
11c
172
44%
42%
101
)
55c
23
He 11%C
172
173
44%
101
Shaw key Gold.....
Sheep Creek
12c 13 %c
1.22
1.28
18c
San Antonio
16 %c 20 %c
95c
95c
j
1.14
1.03
4,650
10
69
1,016
1.14
May
Jan
21
10c
6,600
'0
Apr
Jan
Feb
64c
25
24o
190
Feb
Canadian Inter Pap 6s '49
Canadian Lt A Pow 6» 1949
5% 8
Jan
Jan
......
2
4
4
i......
77
77
2.36
2.32
2.39
1.19
pref....
1.18
1.24
Simpsons B
Simpsons pref
Slsooe Gold
Bladen Malartlc
Slave Lake.....
.]
2
1,343
28,900
Ma
1.55
Jan
340
Mar
1,550
15,906
94c
Mar
1.21
Feb
5%s
95c
Mar
1.80
Jan
6s.
2
May
9
4
May
21
71
Gatineau Power As
1956
Gt Lakes Pap Co 1st 5s '56
lot Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
Apr
3.40
240
Jan
25o
Jan
May 1, 1888 and became
7c
Apr
2,000
39,525
6Hc
Apr
Apr
62 %c
63c
150
56
Mar
60c63%c
240
54
Apr
550
8c
11c
60
Apr
2.25
2.40
57.300
1,125
63%
15%o
200
10c
Mar
3.80
Mar
190
Mar
2,370
85c
Mar
1.23
Mar
2
Mar
Tamblyns
3%
20
3.00
3.20
3,316
------
.....
Preferred
13c
13c
55
3
Tasbota
.50
I......
52
*
1.29
52
2.25
....
"
Mar
3% May
3.00
Feb
Apr
May
10
Jan
52
54
2%c
4,000
20
Feb
3 Ho
2,186
4,325
4.40
Mar
5.70
Jan
1.30
1.10
Mar
1 67
Jan
101
2.25
15%
42
5
1 01
2,000
50
12
1.78
Apr
108
Jan
Onion Gas
41
Apr
48
Apr
73
Mar
85
May
122
Jan
*
12%
12
•
22 %c
13
33o
>0c
Mar
660
Jan
Jan
1.90
Mar
Mar
15%
Jan
26c
695
3
Mar
6
5.00
4.75
5.00
1,368
4.00
Mar
7.40
Walte Amulet......
1.50
1.21
1.50
9,000
5,922
1,051
1.02
Mar
2.14
Jan
Mar
Mar
44%
19%
Feb
Mar
180
Jan
36
18
17%
lie
Wendlgo Gold
Western Canada Flour.
Preferred
Westflank Oil
3%
30
100
»
18c
37%
18
9o 11%C
17c
3%
30
20c
29,500
17
8o
10
Mar
50
Feb
9,800
9Hc
Jan. 1, 1934.
For the past
During his service with the firm he has been associated with four
tions of Roosevelts.
genera¬
He is the fourth employee and partner to celebrate his
50th anniversary with the firm, his predecessors having been W. Emlen
Roosevelt, Isaac Hicks and Isaac Hicks Jr.
firm is
one
years as was
Isaac Hicks Sr.
his
son
was
in the
Isaac Hicks Jr.
The
of the oldest In the country, having been founded in 1797.
—Timothy A. Collins, until recently
Ernst & Co., has joined Clement,
of their
bond
trading
manager of the Chicago office of
Curtis & Co.'s Chicago office as manager
department, Arthur C.
Smith & Co. in New York.
was
Mar
4%
35
340
manager
Curtis & Co.
Jan
37%
on
Groves
announced.
Mr.
of the trading department of E. Bi
Prior to his association with Ernst & Co., he
of the bond department of A. O. Slaughter & Co.
are
Clement,
members of the principal stock and commodity exchanges.
Robert P.
Mar
4%
Preferred......
general partner
Jan
13o
4%
Walkers..
a
estates.
Jan
24c
1,097
10,575
11
190
4%
........
of service with the
Partners include, Allan M. Clement, Arthur C. Groves, Arthur F. Lindley,
Arthur A. Clement, John G. Curtis, Irving E. Marcus, Joseph R. Kessler,
United Steel.........
Ventures
........
United Oils..
years
Mr. Rifflard entered the employ of the firm on
Mar
1 10
1,600
NOTICES
Collins opened the Chicago office of Salomon Brothers and Hutzler in 1921
2
17,485
n Nominal.
and from 1927 to 1930 he was manager
12
1.75
«...
61
Jan
20
40 '
83
72%
Jan
75
1.60
104% 105%
101%
93%
2.90
42
1.75
.1
101% 101%
103%
17
110
40
Exploration.. 1
m
104
Mar
74
Uohl Gold
-
101% 103
1967
Mar
110
Towagmao
1
25 years he has had charge of the real estate owned by the various Roosevelt
Jap
4.75
2.25
ser B
May 1 Ermand J. Rifflard completed 50
Apr
2c
15
99
'61
4%s
...
employ of Roosevelt & Son fpr 50
13
1.25
101
To burn Gold.
Toronto Elevators....
13
2.60
Jan
Jan
4.65
2%c
.......
Teck Hughes.
—On
Jan
1,000
3.15
96%
98
105
I960
Deo
102
firm of Roosevelt & Son.
77© May
69H
Jan
7,000
8c
""
50%
Mar
10c
1.03
50
95%
Jan
1.38
77c
1.00
48
100% 101%
92
CURRENT
Mar
8c
1.00
45%
97%
98%
104% 105%
/29
29%
102%
Jan
Mar
63c
.1
99%
72
47
860
70c
8%c
89
/ Flat prloe
Jan
11 %c 11 %c
Sullivan Cons
value) 3s.
103% 104%
1951
No oar vsjue
2.05
7%o
60c
1939
1856
1973
ontreal Tramway 5s 1941
Ottawa Valley Pow 5%s'70
ower Corp of Can 4%s '59
par
3%s
3%s
88
05
9c
Preferred
Montreal Island Pr 5%s '67
Montreal LHAP (f 50
98%
100%
1961
Feb
8%
McColl Frontenao Oil 6s '49
Minn A Ont Paper 6s. 1945
98
1.11
70c
Straw Lake Beach.....
Jan
Ask
Bid
MacLaren-Que Pr 5%s '61
Manitoba Power 5%s.l951
Maple Leaf Milling—
2%s to '38—6%a to '49
Massey-Harrls Co 6s.. 1947
66
96
1949
Fraser Co 6s...Jan 1 1950
Feb
Mar
7%c
....
Spy Hill Royalties.....
Stadacona............
Steel of Canada.
Ja
1.75
Mar
52
20o
10,375
22,535
1.00
96
48 H
50
64
48%
•
Sliver woods
42
jan
Mar
Utility Bonds
5e
1950
109%
100
79
East Kootenay Pow 7s 1942
Mar
01
45
Eastern Dairies 6s
Ma
34%
6,760
104
104%
92%
93%
100%
95%
96%
114% 115
39%
38%
ev stock
4s
Feb
Mar
-~«
■
106%
1961
Dom Gas A Eleo 6%s.l945
Donnaconna Paper Co—
May
7
12 %c
1.25
Anthony............
17c
60
58
Mar
17c
85%
112% 112%
Mar
1,740
3,100
17,100
45%
85
70c
54c
Mar
Jan
31
Ask
/45
74%
Calgary Power Co 5s..
30c
18c
»_
Jan
Jan
Closing bid and asked quotations, Friday, May 6
22,900
10c
30
10
93c
3.00
25o
4
Mar
20
20
Feb
17,950
2.85
23
Mar
,30
36
Mar
35,465
9%c
Mar
3,700
125
51c
»
12
9%C
10
13c
36
75c
Read Authler.......
Red Crest Gold
Red Lake G Shore...
Jan
125
99% May
51c
5
Feb
4%
*
Jan
2.05
13
21%
Mar
100
Feb
2.08
13
Mar
2
Feb
47c
*
18
85
Jan
9o May
38c Mar
1.96
1
Premier...
Pressed Metals
3
193
23
23
Waterloo Mfg A
615
15
12c
12 He
Jan
Feb
Feb
33,050
17%
0
Feb
l
United Fuel pref
63c
7%
16c
4.00
3.00
Porto Rico pref
Feb
Mar
Mar
48c
17%
4.30
Temiskaming Mines
Thayers 1st pref
Jan
3c
2%
15
15
100
Feb
Feb
30c
7%c
4.70
17C
96
4
1,000
0,200
15,525
17%
Pickle Crow........
Pioneer Gold.......
78
4,800
200
1
Paulore Gold.
85
2.62
2%c
3%
2%
Paving
Feb
19%
3%
18
Shawlnlgan WAP
Mar
Jan
Jan
Feb
Jan
Boylan and Harvey T. Hill.
—At the 18th annual meeting of the Boston Association of Stock Exchange
Firms,
held at the Boston
governors to serve
John R.
&
Stock Exchange,
for three years:
the following
were
elected
James J. Minot Jr., Jackson & Curtis;
Chapin, Kidder. Peabody & Co.: Barcourt Amory, Smith Barney
Co., and Alvin F. Sortwell, Burr, Gannett & Co.
F. Ashley Day of
R. L. Day & Co. was elected a governor to serve for two years
*
Volume
Financial
146
Quotations
New York
bid
a3s
Bid
101?* 102?*
15 1972
105}* 106?*
1 1974
a4}*s June
a4}*s Feb 15 1976
1 1977
a4}*s Jan
1 1964
105?* 107
1 I960
105?* 106?*
105?* 100?*
108}* 109?*
a3}*s Mar
a3}*s Jan
15 1970
03XB July
1 1976
a 4s
May
1 1967
110?*
112
a4s
Nov
1 1958
Ill K
112}*
a4s
May
1 1959.
111}* 112}*
4s
May
1 1977
1 1980
114?* 116
115}* 116?*
a
Oct
a4s
a4}*s Sept.
a4}*s Mar
1 1900
115}* 116}*
1 1902
116
a4}*s Mar
1 1904
Ask
110% 118
1 1960
aiy^rs Apr
99 }* 100
1 1954
o3}*s July
a3}*8 May
C3}*8 Nov
New York Bank Stocks
City Bonds
Ask
1 1975
2995
Over-the-counter Securities—Friday May 6
on
a4\in Apr
1 1977
Jan
Chronicle
119
120
119}* 1205*
119 %
121
120
o4}*s Nov
16 1978
Mar
a4}*8
o4}*s May
1 1981
121K
120}* 1215*
1215* 122}*
1 1957
117
a4V*s Nov
1 1967
117}* 118}*
1903
78
National Bronx Bank...50
37
32
National Safety Bank. 12}*
Penn Exchange
10
12
25}*
9
11
National..100
132
136
Peoples National
60
45
55
730
780
Public National
25
24}*
26
Sterling Nat Bank A Tr. 25
22
24
Trade Bank.
16
19
Fifth Avenue
100
First National of N Y..100 1585
Flatbush National
100
36
Bid
Canal A
5s Jan A Mar 1964 to '71
62.75
62.00
4}*s April 1940 to 1949.
135
Can A High Imp
'■'mmm
132
4}*a 1965
Improvement—
4s Mar A Sept 1958 to'67
„
mm
mm*
Par
Canal Imp 4s JAJ '60 to '67
Fulton
190
215
Guaranty
228
233
45}*
47}*
7
5
73
6}*
108
Gen A ref 2d aer
35*8 '66
Gen A ref 3d »er
3}*a *76
114}*
Lawyers
3s 1976
aer
99}*
28}*
32 K
Manufacturers
20
34}*
36}*
20
85}*
88}*
38}*
40}*
50
50
60
49
51
25
11}*
14}*
New York
25
82}*
85K
Continental Bank A Tr.10
Corn Exch Bk A Tr
20
11?*
13
Title Guarantee A Tr. ..20
5K
46
47
Underwriters
20}*
21}*
United States
10
Preferred
K
OK
85
75
100
1525
1470
...
Chicago & San Francisco Banks
Authority Bonds
Bid
Ask
Bid
tu/
I
Ask
Harris Trust A Savings.
154
...100
100j 275
'290
Northern Trust Co...
184
100
495
520
42
44
Continental Illinois Natl
Bid
Ask
Bank A
Trust—.33 1-3
First National
100
62}*
169
SAN
64}*
FRANCISCO
|
12V*'
Bk of Amer NTABa
174
4}*a aer E
1939-1941
MAS 60.75 to 2.00 %
1942-1960
109
98
25
Clinton Trust
A Trust
105}* 106}*
102}* 103}*
Gen A ref 4th
1620
100 1580
Kings County
111}*
Holland Tunnel
Gen A ref 4a Mar 1 1975.
12}*
11K
Irving
78
126
Barge C T 4s Jan '42 A '40
Ask
Port of New York—
Ask
102
339
100
Par
Bia
Bta
90
American National Bank
Port of New York
Companies
Ask
Empire
...
126
Barge C T 4}*s Jan 1 1945.
135
Canal Imp 4}*a Jan 1964.
12}*
Colonial Trust
Highway
Highway Imp 4}*s Sept '63
46
Central Hanover..
20
Chemical Bank A Trust. 10
Ask
World War Bonus—
1
Highway—
14
330
.10
County..
Brooklyn
Bid
62.45 less
1625
New York Trust
Par
Ask
1981
42
75
124}*
125J* 127
1979
New York State Bonds
3a
105
65
30
123
1
a4}*s Mar
1
a4}*s June
1
a4}*s July
a4}*s Deo 15
1
a4}*s Dec
118
Commercial
Bronx
62.35 lees 1
99
24
Bankers
1974
100
National... 100
12}*
Itallana.100
Bk of New York A Tr.. 100
3»
Merchants Bank
.13.55
City (National)
Banca Comm
Bid
Ask
Klngsboro
48
121}* 122 K
1971
Bid
23
120 K 121K
1907
Par
Ask
21}*
40
Bensonhurst National...50
Chase
116}* 117}*
117
BUS
U9K 120 H
1965
Par
Bank of Manhattan Co. 10
Bank of Yorktown—66 2-3
MAS
Inland Terminal
4}*a
aer
Insurance
111}*
tar
D
1977
Bid
Ask
Companies
1940-53.M N
aer B
108
MAS
.
Par
|
Bta
Ask
10
82}*
86}*
Home Fire Security
10
1?*
2%
110
Aetna
10
43
45
Homestead Fire
10
12 K
Aetna Life
1942-1960
George Washington Bridge
4}*s
MAS 61.00 to
1939-1941
10C}* 101%
Aetna Caa A Surety
10
23 K
24?*
Importers A Exporters...6
7K
13%
8K
25
64
68
American Alliance
3}*s
2.00%
Agricultural
Gen A ref
10
18?*
20 K
Knickerbocker
6
5
19?*
21 K
Lincoln Fire
5
2
1
3
111
110
American Equitable
American Home
8K
Newark...2}*
UK
12 %
Re-Insuranoe.10
American of
United States Insular Bonds
7
10
Ins Co of North Amer... 10
Maryland Casualty
Mass Bonding A
Ins..12}*
Merch Fire Assur
com
5
58
9
4s
1946
100
Honolulu
6s
63.50
101}*
103}* 104}*
U S Panama 3s June 1 1961
103}* 104}*
Ask
3.00
41
Govt of Puerto Rico—
4}*s Oct
4}*s July
1959
1952
5s
Apr
1955
100}* 102
5e
Feb
1952
105}* 107
6}*s Aug
1941
108}* 110
23 K
Merch A Mfrs Fire New'kS
OK
41 K
Merchants (Provldenoe)._5
4
10
27
28 K
National Casualty
117
119
j
3s 1946-..-'
1105* 112}*
109
110}*
108
110}*
2}*
5K
OK
26
—
76 K
79}*
Bankers A Shippers
Boston
525
100
23}*
40 K
42 K
36 K
39 K
24 K
2
12?*
14%
27 K
Northern
76
79 K
24}*
26
25
JAJ
38 1956 opt 1946
_JAJ
3a
1966 opt
MAN
1946
3}*8 1955 opt 1945—MAN
Bid
Ask
103}* 1035*
103}* 103 5*
103}* 1035*
104}* 1045*
4s
39
Employers Re-Insurance 10
1946 opt 1944.. AJ...J
Ask
111}* 111}*
—
—
12.50
2.60
North River...
National.25
Northwestern
110
116
98 K
5
6
Pacific Fire
25
95 K
36
38
Phoenix
10
70
Fidelity A Dep of Md—.20
94
98
Preferred Accident
5
14
16
49 }*
51K
Providence-Washington
29 K
31K
72
74
10
Fire Assn of Phlla
Firemen's of
1015* 102}*
41
New Brunswick
8?*
5
Flyman's Fd of San Fran26
4}*s 1958 opt 1938.-MAN
3K
2
New Amsterdam Cas
10
Federal
3a 1955 opt 1945
2K
.....2}*
8%
10
22?*
5
50 K
103
10
16
17K
7K
98
20
19 K
21}*
14}*
...6
Excess
hid
54K
2
20
National Union Fire
New Jersey
New York Fire
20
Camden Fire
Eagle Mre
Federal Land Bank Bonds
10
National Liberty
7 K
6
21 K
New Hampshire Fire
10
10
Continental Casualty
108}* 111}*
Conversion 3s 1947
Carolina
Connecticut Gen Life...10
115}* 117K
19K
10%
24%
538
City ol New York
Hawaii 4}*8 Oct 1960
10
National Fire
Baltimore Amer..
4}*s July 1952
5e
July 1948
U 8 conversloi
28 K
21K
39 K
Automobile
K
4
38
26 %
10
25
Surety
2
44 K
American
American
Bid
Ask
10
41}*
American Reserve
Bid
Philippine Government—
59}*
Newark
7?*
5
9
.
10
Reinsurance Corp (N Y)_2
6
72
5
m
7
23
24}*
Republic (Texas)
10
22
23 K
Revere (Paul) Fire
Franklin Fire...
10
17K
19
30 K
32}*
Rhode Island
5
5
10
19
21
Rossia..
6
4?*
Gibraltar Fire A Marine. 10
17
18
SfrPaul Fire A Marine...25
.6
38
40
Seaboard Fire A Marine..5
General Reinsurance Corps
Georgia Home
176
7
5?*
185
....5
9?*
UK
Seaboard Surety
9 K
20%
19 K
22 K
Security New Haven
28 X
29 K
...15
60
63
10
10
Springfield Fire A Mar—25
18%
Globe A Rutgers Fire... 15
5
24
25}*
Stuyveeant
.5
Sun Life Assurance
100
415
405
Travelers
100
411
421
Glens Falls Fire
Joint Stock Land
bid
Atlanta 3a
99 %
Atlantic 3a
99
Burlington 5a
Ask
100}*
100%
55
/4 5
/40
...»
45
100
102
/26
4}*a
California 5a
Central Illinois 5a
Bank Bonds
29
Globe A Republic
Bid
Lafayette
Lincoln
Ask
99 K 101
6s.
83
87
99
New York 5s
86
84
4}*s
5s
100
North Carolina 6s
99}* 100 H
Ohio-Pennsylvania 6s
99
100}*
fO
7
Oregon-Washington 6s
/31
34
100
101
Pacific Coast of Portland 5b
100
991* 100
Pac Coast of Salt Lake 5s..
Pac Coast of San Fran 6s..
100
Pennsylvania 5s
100
101
Phoenix
105
97?*
102
100
First of Montgomery 5a
First of New Orleans 5a
97}*
First Texas of Houston 5e.
99
99
09
100}*
100
99}* 101
First Trust of Chicago 4 }*s
Fletcher 3}*a
Fremont 45*8
100?* 102?*
4}*s
5s
107}*
99 K 100}*
Potomao 3s
8t Louis 5s
f27
San Antonio 3s
100
74
77
Southwest 6s
78
Southern Mlnneeota 5s
100
102
Greensboro 3a
99
Illinois Midwest 6s
86
88
93
96
Iowa of Sioux City
23?*
10
50 H
52 K
25
26 K
Westchester Fire
4}*a...
X 100}*
73
fl4K
Union of Detroit 4}<g
6s
98
29
I
100?*
Bid
Arundel Bond Corp 2-6s
'63
Deb Corp 3-6s
'63
Arundel
16}*
99}*
100}*
99}* 100}*
Mtge Cos Inc—
Debenture 3-6a
1953
Potomao
40
77
48
42
C^nti Inv DebCorp 3-0s'63
Bid
40
50
New York
10
12
100
38
45
North Carolina
55
62
...100
75
80
Pennsylvania
20
75
........100
18
23
45
50
San Antonio
100
4
7
Virginia
Fremont
100
1
2}*
Virginia-Carolina..
Llnooln
100
2
100
Potomac
100
2-6s'65
Bid
Ask
42
44
42
44
1953
Funding
(Central
series)
'53
42
Potomao Maryland Deben¬
ture
1953
Corp 3-6s
f2l
Realty
1953
72
Atlantic
Deb Corp 3-6e
part ctfs
Nat Cons Bd Corp 2-6s
Nat Deben Corp 3-68.1953
5
1
100
60
25
Realty
44"
Unified Deben Corp 5s 1965
Bond
A
42
Mortgage
Par
Bid
Bid
Ask
26
13
100
156
160
Pac A Atl Telegraph
115
117
Peninsular Telep com
35
42
50
68
100
Corp—
27
31
86}*
89
Telegraph
Gen Telep Allied
*
F I C
l}*a.._Oct
15 1938 6 .30%
F I C 1}*8—.Nov 15 1938 6
.35%
F I C l}*9...Dec
15 1938 6 .35%
F I C 1}*8_—Jan
16 1939 6 .40%
FIC 15*8... Apr
15 1939 6 .45%
17
Canada—100
Bell Telep of Pa pref—100
Cuban Telep 7% pref—100
$0 preferred
16 1938 6 .20%
16 1938 6.20%
15 1938 6.25%
15 1938 6 .25%
15 1938 6 .30%
Bid
New York Mutual Tel. 100
84
Emp A Bay State Tel—100
Ask
44
29}*
31}*
Ask
19
115
Franklin
Bid
Par
Ask
81
112
Preferred
Debentures
1963
deb 3-6s
tN J) com.*
Bell Telep of
Federal Intermediate Credit Bank
73
42
Telephone and Telegraph Stocks
IK
70
Am Diet Teleg
F
73
Deb Co
3-6s
85
5
F
1953
issues) 2-6s
Potomao Franklin
49
33
60
Par
First Carolines
F
70
(all
80
Ask
Dea Moines
F
1964
Corp
25
46
Bond
Potomao Cons Deb Corp—
3-6s.
1953
Potomac
100
Ask
52
Potomac Deb Corp 3-6s '53
Cjui'I Inv Bd Corp 2-5s '63
99}* 101
Par
i}*»—May
I C 1}*8
June
I C m«...July
I C l}*8...Aug
I C 1}*8
Sept
30
Bid
Series B 2-68
Associated
Nat Bondholders
F I C
28 K
1964
Series A 3-08
84
76
55
Joint Stock Land Bank Stocks
Denver
12%
Nat Union Mtge Corp—
19631
Mortgage Bond Co of Md
Ino 2-5s
1953
Dallas
45 K
Ask
Mtge Cot- ino—
All series 2-6s
77
99
Virginian 5a.
Virginia-Carolina 3s
Allied
Interstate Deb Corp
...
47%
42 K
Co..2
U S Fire
Surety Guaranteed Mortgage Bonds and Debentures
—
Atlantic
UK
45%
U 8 Guarantee.
Empire Properties Corp—
2-38
1946
Atlanta...
4%
2 50
07}*
30 K
69}*
U S Fidelity A Guar
10
51
106 K
10
10
Hartford Fire
Home
3X
--4
Hanover
Hartford SteamboUer
106
75
5a
Greenbrier 5a
221*
28?*
103 K
107
First Carolines 6a
4}*a„.
10
Halifax
9
100
99
Denver 5e
First of Fort Wayne
8
101
Chicago 45*8 and 6s.
Dallas 3s
2d preferred
Great American
Great Amer Indemnity..
7 K
Int Ocean
Telegraph...100
Tel..100
Mtn States Tel A
For footnotes see page
67
107
2998.
111
Preferred A
Rochester
16
•
22
25
100
109
113
100
109
Telephone—
»0.6O 1st pref
80 A Atl Telegraph
25
Sou New Engl Telep... 100
S'western Bell Tel pref. 100
Wisoonsln Telep 7% pf.100
13
16
133
136
120}*
123
115H
117 K
Financial
2996
Chronicle
May 7,
Quotations on Over-the-Counter Securities—Friday May 6—Continued
Railroad Bonds
91
Mcmhert New "York Stork
Boston A Maine 5s
75
30
1943
Boston A Albany 4Hs.
93
70
Atlantic Coast Line 4s.
3oscpb Walkers Sons
Asked
Bid
Guaranteed Railroad Stocks
33
Exchange
■
^saaaassa
Di
Dealers in
120 Broadway
Cambria A Clearfield 4s
Tel. REctor
NEW YORK
Chicago St. Louis A New Orleans
2-6600
STOCKS
~y
■
98 X
98 X
67
4s.
Southern
-
-
45
107
1st 3Hs.
Duluth Mlssabe A Iron Range
Florlda
—
37
105
.1995
Connecting Railway of Philadelphia 4s..
Guaranteed Railroad Stocks
62
89
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Sine®1855^
x—
69
60
6s
96
65
4s
Chicago Indiana A Southern
GUARANTEED
92
,1955
—
72
(Guarantor in Parenthesis)
Illinois Central—
63
1953
Louisville Div. A Terminal 3Hs.
Dividend
66
Indiana Illinois A Iowa 4s
Bid
Far in Dollart
....
AttM
Kansas Oklahoma
75
78
110
113
A Gulf 5s.
100
6.00
48
63
Albany A Susquehanna (Delaware A Hudson).....100
Allegheny A Western (Buff Roch A Pitts)
...100
10.60
86
92
6.00
25
30
New
60
..100
...100
2.00
23
26
New York A Harlem 3Hs
«
76
75
80
8.60
40
Norfolk 4s.
Norwich A Worcester 4Hs
Central).
100
6% stamped.. 100
(N Y Central)..100
Cleveland A Pittsburgh (Pennsylvania)
60
Betterment stock
—.....
60
Delaware (Pennsylvania)
26
Fort Wayne A Jackson pref (N Y Central)
100
2.86
37
6 00
65
Alabama A Vlcksburg
(Illinois Central)
Central)
A Albany (New York Central)......
A Providence (New Haven)
Beech Creek (New York
Boston
Boston
Canada Southern (New York
Carolina Clinchlield A Ohio common
41
70
6.00
50
60
3.60
64
69
2.00
38
42
2.00
37
45
60
9 00
130
140
4.U0
35
40
60.00
Cleve Clnn Chicago A 8t Louis pref
95
New York Philadelphia A
99
88
2000
90
80
Pennsylvania A New York Canal 5s.
Philadelphia A Reading Terminal 5s.
Pittsburgh Bessemer A Lake Erie 5s.
Portland Terminal 4s..
—
Providence A Worcester 4s
90
50
53
103 H
104H
1947
114
115H
1961
82
1947
65
Terre Haute A Peoria
1942
5s
99 H
Toledo Peoria A Western 4s—
Georgia RR A Banking (L A N A C L)
100
Lackawanna RR ol N J (Del Lack A Western).... 100
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)...
100
28
48
62
4.00
75
78
4.60
25
1967
1957
75
101
104
v
77
Terminal f4 Ha
Toronto Hamilton A Buffalo 4s..
86
Toledo
•
105 H
99
94 H
1946
800
25
6.00
(D L A W)
600
3.875
60
100
Northern Central (Pennsylvania)
60
Oswego A Syracuse (Del Lack A Western).........60
New York Lackawanna A Western
98 H
95
London;Northernl4s
40
6.60
Memphls Union Station 5s.........
30
37
Valley
Vermont
4Hs
1940
75
82
Pittsburgh 4s
1990
38
44
38H
....60
1.60
—50
3.00
74
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
7.00
140
150"
7 00
150
101
1951
Canal 3Hs.
United New Jersey Railroad A
West Virginia A
166
(U 8 Steel)
Pittsburgh Bessemer A Lake Erie
Preferred
....100
Rensselaer A Saratoga (Delaware A Hudson)......100
t Louis Bridge 1st pref (Terminal RR)
100
Second preferred..
...
100
Preferred
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W).......100
6.82
(Illinois Central)
Vlcksburg Shreveport A Pacific
Preferred
—
60
65
6.00
123
128
10.00
208
215
6.00
40
45
6.00
50
100
100
38
5.00
43
100
60
47
52
3.50
15
20
50
...
Lack A Western)
Seashore (Pennsylvania)
Warren RR of N J (Del
West Jersey A
128
Par1
3.00
48
62
6.00
Alabama Power $7 pref..*
Arkansas Pr 4 Lt 7%
Associated
Gas
A
pref ♦
•
•
$7 preferred
.*
Atlantic City El 6% pref. *
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref. *
Bid
Atk
Atk
2,00
Baltimore A Ohio 4Kb
67.50
6.50
6s
65.60
4.76
4.76
67.50
6.50
5
65.50
4.75
5 00
65.50
Missouri Pacific 4 Hi
Hi
New Orl Tex A Mex 4 Ha—
65.00
3 Hi Dec
4.00
66.50
4.00
New York Central 4Hi¬
64.00
3.00
65.00
4.00
63.50
2.75
65.75
5.00
65.75
6.00
66.00
6.00
66 00
5.00
Northern Pacific 4 Hi
62.25
1.60
Pennsylvania RR 4 Hi
62.50
1.50
65.00
1 1936-1944
es
N Y Chic A St L 4Hi
Canadian National 4 Hi—
63.25
2.76
63.25
2.76
Canadian Pacific 4 Ha
63.10
2.50
Cent RR New Jersey 4Hi-
66.75
5.00
6a
Chesapeake A Ohio—
6s
N Y N H A Hartf 4Hi—
5s
61.76
1.10
Jan A July 1937-49
63.00
2.25
2 Hi aeries Q non-call
Deo 1 1937-60
62 85
2.25
63.75
2.75
4KB
62.76
2.00
6a
6a
61.76
1.00
Chic Mllw A St Paul 4 He.
67.00
6.00
67.00
6s
6.00
67.00
6.00
67.00
6a
0.00
Pare Marquette 4 Hi
Reading Co 4Hi—
83
Trustees* ctta 3 Ha
90
6a
66.00
5.00
6 Ha
66.00
5.00
4 Hi
91
6s
87
91
4KB
87
91
6a
87
95
4.75
4.75
63.75
3.00
63.00
2.50
65.25
4.50
65.25
5 Hi
66.50
65.50
St Louis Southwestern 6s..
Southern Pacific 4 Hi
87
94
92
St Louis-San Fran 4s
5.00
Erie RR5Hs
2.50
2.00
85
66.00
Denver ARC West 4 His..
63.25
62.50
—
6a
Chicago R I A Pacific—
Hi
73 X
Miss Rlv Pow 6%
2H
3 H
4.50
91
58
Southern Ry 4 Hi
6a
Great Northern 4Hs
6a
62.80
63.25
2.75
61.80
1.25
4 Ha
63.25
Monongahela
4
61.75
1.00
6a
62.25
Penn
25
West
Pub Serv 7%
pref
105H
7%
24
22
%
Mountain States Pr com..*
4
preferred.....—100
20
IX
22 H
123
120
15
61H
Nassau A Suf Ltg 7% pf 100
Nebraska PoWj7% pref.100
13
106
21H
Newark Consol Gas
100
123
Df-*
15
16"
*
62 H
22 H
70H
65
New Eng Pub Serv Co—
28
29H
64 H
66
86
94
87 X
64
90X
67
preferred
68H
New Eng G 4 E 5 H%
...100
69 X
71H
$7 prior lien pref
*
New Orl Pub Serv $7 pf—♦
preferred
100
Cent Pr A Lt 7% pref.-100
Oonsol Elee A Gas $6 pref. *
Consol Traction (N J). 100
Consumers Power $5 pref.*
59 H
61
New York Power A Light—
72
74
108
preferred
5
7
40
44
90 H
92 H
67 H
preferred
100
Dallas Pr 4 Lt 7% pref. 100
Derby Gas A El $7 pref..*
114
Essex Hudson Gas
116
22 H
preferred
preferred...*
$7 cum preferred......*
Gas A Elec of Bergen..100
Hudson County Gas...100
cum
$6.60
27 H
18
20
19
21
20 H
»
100
preferred
97
99
52
55
Penn Pow A Lt $7 pref...*
86
87
100
28H
30 H
1
3H
preferred C
100
8k>ux City G A E $7 pf.100
182
99
96
91K
6%
24
Interstate Power $7 pref..*
Iowa Southern Utilities—
3
5
preferred
100
Republic Natural Gas
6%
77H
84
26 H
27 H
39
52
55
69
71
6% pref series B
26
South Jersey Gaa A El_ 100
106 H 108
37
34 H
Teqn Elec Pow 6% pf.100
54 X
50 X
100
Southern
Calif Edison—
182
...
34 H
67
65
46H
49
95
98 H 100 H
7%
100
preferred
Utah Pow A Lt $7 prof—*
_
l
93
A.100
preferred
7%
United Gas A El (Conn)—
24
22 H
61 H
pf-100
Toledo Edison 7% pf
29H
32 H
59 H
Texas Pow A Lt 7%
28 X
Mass Utilities Associates—
1.60
93
37
preferred
5% conv partic pref..50
Memphis Pr A Lt $7 pref.*
Mississippi Power $6 pref.*
$7 preferred
*
4H
Rochester Gas A Eleo—
Jamaica Water Supply—
50
Jer Cent P A L 7% pf..l00
Kan Gaa A El 7% pref.100
Kings Co Ltg 7% pref..100
Long Island Ltg 6% pf.100
7% preferred
100
preferred
107 H 109 H
22
7H%
96
88 X
pf—100
Pacific Pr A Lt 7%
123
Interstate Natural Gas...*
7%
85
111
Queens Borough G A E—
preferred
7%
91X
22
.
cum
Idaho Power—
$6
pref.—..*
84
$7 preferred
*
94
Ohio Power 6% pref... 100 £109
Ohio Pub Serv 6% pf-100
87
7% preferred
100
95
Okla G A E 7% pref...100
96 H
Ohio Edison $6
Federal Water Serv Corp—
$6
100
•
(Del) 7% pref
(Minn) 6% pref
182
100
96 H
69H
7% cum preferred
100
Northern States Power—
Continental Gas A El—
7%
♦
$6 cum preferred
52 H
Virginian
-100
Ry
61
37H
117
64
39 H
'122
2.75
Hooking Valley 6s....
pref.100
Missouri Kan Pipe Line..5
50H 52
106
103
4 H
4
59 H
4a series E due
Chicago A Nor West 4 He.
Bid
$1.60 preferred
25
Carolina Pr A Lt f 7 pref..*
7%
62.75
8a
71H
Central Maine Power—
Atlantic Coast line 4 Hi—
Hi
Mississippi P A L $6 pref.*
Buffalo N lagaraA Eastern—
Equipment Bonds
Bid
Boston A Maine 4
61
Electric
$6
6s
Par
lit
59
Original preferred
$6.60 preferred
6%
Railroad
Utility Stocks
ton
40
123
3.00
Tunnel RR St Louis (Terminal RR)
Valley (Delaware Lackawanna A Western)..
35
6.00
Public
2.16
Texas Pacific 4a
61.60
Union Pacific 4 Hi
Illinois Central 4 Hi
6a
65.75
5.00
65.75
5.00
Internal Great Nor 4Ha..
65.75
5.00
1.00
61.70
6a
1.00
61.70
Virginia Ry 4 Hi
1.00
64.25
6s
3.25
75
85
64.25
3.25
6s
75
1.10
5 Hi
75
85
Louisv A Nash 4 Ha
6a
61.75
1.10
Maine Central 6a
64.50
3.75
64.50
3.75
64.25
3.50
6Hs
Minn St P A S 8 M 4a
Wabash Ry 4 Hi
75
6s
96H
5HB
River
2.50
Bridge 7s
1963
X % notes Nov 2 1939
1 Ha
100H
lHa
Sept
1
Atk
100.4
100.6
Deo 1940
102.9
102.12
101.12
A prill
1955
_*
3
6
preferred
100
B /G Foods Inc common..*
75
101.10
104 H
---
Park* y Authority
104 U
less 1
3 Ha revenue
less 1
3 Hs*68 103 H
1944 62.40
1949 62.90
49
Reynolds investing 5s 1948
Trlborough Bridge—
109X
4s s f revenue 1977 AAO
4s serla revenue 1942-68 62 to3.5
51
110H
0lessl
Atk
CURRENT
Borland Shoe Stores
101.8
Deo 1960 60.50% 1638 H
3 Ha revenue
July 1938
4s
Bid
100.14 100.18
New YorkClty
1939 101.13 101.15
Federal Home Loan Banks
2s
Apr 1 1943 101.8
Henry Hudson Parkway—
Par
June 1 1939
4 Hi
100.16
2s
Bid
Atk
Corp
Aug 15 1938
Marine Parkway Bridge—
100.14
IHb
Chain Store Stocks
Home Owners' Loan
2s
Federal Farm Mtgw Corp—
5.00
6.00
97X
Commodity Credit Corp
85
63.50
66.00
66.00
Western Maryland 4Hi--.
Western Pacific 6a
Bid
Ask
Bid
Bear Mountain-Hudson
85
61.75
Long Island 4 Ha
Miscellaneous Bonds
1.00
61.60
6e
NOTICES
85
7%
Blck fords Inc
$2.60
conv
Bo hack (H O) common
7%
1
1H
*
pref
preferred
9
10
*
30
35
*
IX
3
100
12
92
98
MUler
(I) Sons common..*
6H% preferred
100
Murphy (G C) $5 pref.100
Reeves (Daniel) pref—100
11H
12
4
5
15
20
96
99
100
7%
preferred
100
0H
10
15
65
75
For footnotes see page 2998.
8
—Schlater, Noyes & Gardner, Inc., announces the election of Douglas
V.
...
Macpherson
as
Vice-President
and
director.
Mr. Macpherson was
formerly Vice-President and manager of the municipal department of Burr
&
14
Diamond Shoe prof
100
Flshman (M H) Co Inc..*
Ko backer Stores
•
Kress (S H) 6% prof
Co., and prior to that
was
Vice-President and manager of the municipal
department of Blair & Co.
United Cigar-Whelan Stores
$5 preferred
_»
19H
20 H
—John
H.
Pitt,
until recently grain
market analyst for Thomson
&
their grain depart¬
ment, Roy E. Bard, resident partner announced.
At one time Mr. Pitt
was grain editor of the Chicago "Herald and Examiner."
McKinnon, has joined Sutro Bros. & Co. in Chicago in
Volume
Financial
146
Quotations
Public
Appalachln Elec Power
1st mtge 4s
1963
8 f debenture 4 %s—1948
Over-the-Counter Securities—Friday May 6—Continued
on
Water Bonds
Utility Bonds
Bid
Atk
Bid
Amer Utility 8erv 08.1964
Amer Wat Wk A El 5s '75
2997
Chronicle
Atk
Bid
Federated Utll 5 Mis.-.1957
Alabama Wat Serv 5a. 1957
Alton Water Co 5s...1950
Green Mountain Pr 5s. 1948
80%
107% 108
60
61H
102% 104
1907
Mis—1950
102 H 103
Ashtabula Wat Wks 5s '58
Atlantlo County Wat 5s '68
Birmingham Water Wks—
Dallas Pow A Lt 3
65 H
82 H
63 H
%s.l907
103 H 104
Power 3%s
99
99%
Idaho
42
43 H
Iowa Sou Utll 5
94%
mmm
101
m
99 H
Kan City Pub Serv 48.1957
27
28 H
1954
101
104
103
23
24
Kan Pow A Lt 1st 4Kb '65
109
109%
23%
24 H
Keystone Telsp 5 Mis.-1955
88
92 H
1978
26 %
27
Chester Wat Serv 4%s *58
Citizens Wat Co (Wash)—
Income deb 4%s
1978
28 H
29 H
Missouri Pr A Lt 3 %s.l906
99 H 100 H
Conv deb 4s
1973
46
48
Mtn States Pow 1st 68.1938
80
Conv deb 4%s
1973
47
49
52 H
82
6s
Narragansett Elec 3 He '66
103% 104%
100
100
104%
101% 103%
«...
■
mmm
1951
74
1961
83
86
89
97
101
Ohio Cities Water 6%s *63
Ohio Valley Water 6a.l954
72
104
Ohio Water Servloe 6s.l968
94
97
Ore-Wash Wat Serv 6s 1967
76
80
91%
92%
101%
'mmm
1951
A
series
102%
mmm
1973
8-year 8s with warr.1940
58
60
Newport N A Ham 5s. 1944
82
85
City of New Castle Water
8s without warrants. 1940
81
84
102
N Y State Elec A Gas Corp
1st coll trust 4%s
I960
1965
4s
Secured notes 3 %s— 1947
88
1960
1st consol 4s
1948
99
mmm
1st consol 6s
Assoc Gas A Elec Co23 H
89
22
Sink fund lno 5s
Ohio Pub Service 4s.-1902
Old Dominion par 5s..1951
Parr Shoals Power 6s. .1962
Sink fund lno 6%s._1983
24
Sink fund lnc 4-5s..l986
22
S f lnc 4%s-6%s_ —1980
23
Sink fund lnc 5-0S..1986
23 H
8
f lnc
6%-6%s
1986
Pennsylvania Elec 5s. 1962
..
1st 4s '05
Peoples Light A Power
Penn Telep Corp
■
___
*
■*
»
1961
1st Hen 3-6s
24
Public Serv of Colo 6s. 1961
Bellows Falls Hy El 5s 1958
108%
Pub Utll Cons
100H 102
Blac ketone V G A E 4s 1965
Central G A E 6%s._.1946
1st lien coll trust 6s. 1946
Cent Maine Pr 4s ser G
60
1964
5%s—1948
100%
1957
104%
102% 102%
50
53%
6s series A
1940
Conneltavilie Water 5s 1939
Consol Water of Utlca—
1948
100
mmm
98%
99%
Prior lien 6s
1948
103%
62%
63
64%
65
63 H
65 H
1947
Sioux City G A E 4s..1966
68
70
Sou Cities Utll 5s A
4 Ha
1958
98
99
40
41
Pittsburgh Sub Wat 6s '68
Plalnfleld Union Wat 6s '01
107
Richmond W W Co 6S.1967
104%
/2%
1953
105 H
40 H
40
91
96
Roeb A L Ont Wat 66.1938
101
1958
94
97
St Joseph Wat 4s ser A..'66
104%
6s
68 series B
1942
100
102
6s series D
i960
Greenwich Water A Gas—
104
106
97
100
99% 101
4%s
1968
Scran ton-Spring Brook
Water Servloe 6s.l901
1952
96%
•
mm
Haokensack Wat Co 6s. *77
106% 108%
6%s series B
1977
Huntington Water—
110
-
m
mm
101
103
1954
103% 104%
.1961
78
79%
6s
1902
104
121
Western Mass Co 3 Ms 1946
1948
.
Cumberl'd Co PAL 3 Mis '00
104
68
104%
71
Wisconsin G A E 3 %s.l906
103% 104%
Wis Mich Pow 3HS--1901
102 H 102%
99% 100 H
104 %,
105 %
106
1966
101% 103%
Indianapolis W W Secure—
6s
80
1958
Joplln W W Co 5s
1957
1958
104
85
101%
107
Monmouth Consol W 6s '50
105%
mm m
Affiliated
Amerex
Amer Business
10.43
3.57
*
18%
Par
Investors Fund C
3.93
8.89
mmm
mmm
104
14.31
12.64
13.79
8.97
Amer Gen Equities lnc 25c
54c
Am Insurance Stock Corp *
5%
Bankers Nat Invest Corp *
1.60
2.10
Basic Industry Shares._1<»
2.89
12.92
4.12
Series 8-4
6%
1949
103
105
101
103
101
103
6s series A
98% 101
Western N Y Water Go¬
1960
93
1st mtge 6s
1st mtge 6%s
1961
89%
1960
93
m-m
mmm
101
100%
1960
101
6s series O
1960
104
6s series A
1949
104
100
mm m
mmm
mmm
mmm
103
Estate Securities
4.57
Reports—Markets
Public Utilities—Industrials—Railroads
3 %
Assoc. Stand Oil Shares_.2
mmm
'mmm
Union Water Serv 6%s '81
W Va Water Serv 4s.. 1901
6s series B
Real
9.82
11.77
Series S-2
7
101
mmm
93
21.90
13.07
Series K-2
3.35
6
90
9.49
20.01
Series K-l
3.05
Springf City Wat 4s A '66
Terre Haute Water 6s B *80
Ask
1
Series B-3
20
Shares-
New common
Amer A Continental Corp.
Bid
Keystone Cust Fd lno B-2
11.10
mmm
103
105
W'msport Water 5s—.1962
Ask
1%
Fund lnc
Holding Corp
103
1960
Wichita Water—
89
101
Morgan town Water 5s 1905
Investing Companies
mmm
76
1960
Westmoreland Water 6s *62
1950
5 Ms
AdmlnlsteredFund2ndlnc*
73
6s series B
mmm
Monongahela Valley Water
Bid
78%
97%
es series B
103%
Kokomo W W Co 5s
Long Island Wat 6%b.1965
Middlesex Wat Co 6%s '57
Par
79
75%
Texarkana Wat 1st 6s. 1968
101% 103%
Indianapolis Water—
1st mtge 3 Ms
Consolidated Edison Co—
Debenture 3 %s_
123
76
1907
6s series A
1954
6s
Western Pub Serv 5%s '00
1962
6s series B
.
98% 100%
Shenango Val 4s ser B 1961
South Bay Cons Wat 6s *60
South Pittsburgh Water—
1st mtge 6s....
1966
1st A ref 6s A
1952
62
3%
■
m mm
Scranton Gas A Water Co
1942
Illinois Water Serv 5s A '52
42
Power
mmm
'mmm
100
99
1958
60
41 H
Colorado
1960
Roanoke W W 6s
Utlca Gas A El Co 5s..1957
Income 6%s with stk '52
Consol E A G 6S A...1982
101% 103%
61
Tel Bond A Share 5s..1958
Texas Public Serv 5s.
100
62
6s series B
104% 105
Central Public Utility—
108
96
59
100
-
mmm
100
1st mtge 58
5s series B
101H 102%
~
Phlla Suburb Wat 4s..1966
57%
1940
6s series A
82
mm
6s series A
104 H 105%
•
Pinellas Water Co 6%s. '69
m
E St L A Interurb Water—
...
79
mmm
4%s
86
106
St Joseph Ry Lt Heat APow
Cent Ark Pub Serv 5s. 1948
B
1st 5s series 0
23 H
1983
5s series
6%s series B
24
23
Sink fund lnc 4s
mmm
Community Water Service
26
1983
Sink fund lno 4%S—1983
Cons ref deb 4%s—1958
101
1941
105%
105
100%
1st A ref 6s
City Water (Chattanooga)
North Boston Ltg Prop's—
mmm
Peoria Water Works Co—
'
Conv deb 6%s
88
Penna State Water—
1951
5 Mis
4
78
---
Newport Water Co 5s 1963
B
1978
1978
.1973
103
5s series B
103%
Income deb 4s
Conv deb 5s
100
5%s
1957
Inoome deb 3 %s
Income deb 3%s
104%
New York Wat Serv 5s *51
102
99
0
5 Mis series A
1954
Butler Water Co 5s__.1957
Calif Water Service 4s 1901
Assoc Gas A Elec Corp—
M
Muncle Water Works 5s *05
New Jersey Water 5s I960
New Roohelle Water—
■
97%
5s series
5s series
Associated Electric 5s. 1961
lit
bid
Atk
92%
104%
61c
Maryland Fund Inc.
Boston
Fund
13.74
lnc
..
Mass Investors Trust
Mutual Invest Fund
5.03
5.55
1
18.35
19.47
9.81
10.72
AMOTT, BAKER & CO.
INCORPORATED
BArclay 7
14.70
A...1
28c
21.69
150 Broadway,
2360
Nation Wide Securities 25o
43c
Broad St Invest Co Inc. .6
23.20
British Type Invest
2
•
10c
10
Major Shares Corp
2.70
BcUn yTsss61'
N. Y.
2.80
1.14
Voting shares.
1.25
National Investors Corp.l
11X
Shares Trust...*
Commonwealth Invest... 1
20.37
2.90
3.10
pf.100
5%
Corporate Trust Shares.. 1
Series AA
1
Accumulative series—.1
1.96
1
2.32
Series
AA
mod
1
Series ACC mod
1.
8% preferred
6%
7.44
8.05
6.66
7.21
B'way Barclay 1st 2s—1960
/19
21"
B'way A 4lst Street—
1st 3s
1944
32
33%
2s
59%
61%
N Y
46 %
N Y Title A Mtge Co—
Electrical equipment
mm
-
—
Real Estate Bonds and Title Co. Mortgage
bid
Alden 1st 3s.
1957
-
8.02
6.94
7.52
Metals
7.87
8.52
Broadway Motors Bldg—
4-6s
1948
Oils
-
7.10
7.97
Machinery
■
6.55
Insurance stock.
m
—
—
-
—
......
8.65
9.35
Chanln Bldg lnc
6.04
6.55
Cbsebrough Bldg 1st 6s '48
47
48 H
0.48
7.02
Colonade Constr'n 4s. 1948
32
35
28
31
4s...1945
No Amer Bond Trust ctfs.
B
...10
Series 1955
28
25
100
sharr
110
7% preferred
Cumulative Trust Shares. *
-
Deposited Bank Shs ser A1
2.44
•
—
'
2.66
Deposited Insur Shs ser B1
m
1
2.31
Dorset 1st A fixed 2s.. '57
Series 1950
1
2.27
Eastern Ambassador
1
2.02
Court A Remsen St Off Bid
Pacific Southern Inv pref.*
-
3.50
J
D
Dividend Shares
3.20
4.80
1.11
1.20
-
«.
-
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
15.91
24.88
22
27
30
30 %
32%
52d A Madison Off Bldg—
9.75
102
98
26.47
25
Representative TrustShslO
Republic Invest Fund_25c
8.25
30c
8.75
23c
17.78
Fiscal Fund lnc—
Shares-2%
8.49
3.64
Selected
Amer
Bank stock series—10c
2.35
2.61
Sovereign Investors
Insurance stk series. 10c
3.01
3.37
Spencer Trask Fund
Fixed Trust Shares A...10
7.98
10
Foreign Bd Associates Inc.
Foundation Trust Shs A.l
Fundamental Invest Inc.2
-
-
-
6.50
6.64
B
-
—
Utilities
Inc. 50c
State Street Invest Corp- *
3.55
3.80
Super Corp of Am Tr Shs A
14.53
15.69
4.20
-*
3.81
General Capital Corp...*
27.40
29.46
General Investors Trust.*
4.18
4.55
B
Standard Am Trust Shares
Standard
4.75
-
AA
...
67c
14.26
1.90
2.20
49c
53c
1958
37%
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1948
stpd
1.12
68c
75c
Building shares
1.12
1.22
Chemical
1.03
1.13
shares
Food shares
1.85
Merchandise
5.09
—3
8.59
Series D.
1
2.10
Trustee Stand Oil Shs A. 1
6.02
1
5.57
69c
Trusteed Amer Bank Shs B
55c
61c
89c
Trusteed Industry Shares.
79c
89c
1.21
1.12
1.05
92c
Tobacco shares
70c
96c
1.01
%
Guardian Inv Trust com.*
1
42c
82c
Investors..*
15.50
16.72
1.04
1.15
Insurance Group
1.16
1.28
Insuranshares Corp
%
1%
Bank
Group shares
Shares
(Del)l
Invest Co. of Amer com. 10
27
31
Savoy Plaaa Corp—
3s with stock
...1956
12%
1.60
1.70
82c
90c
Un N Y Bank Trust C-3. •
2
PnNYTr Shs
*
1
12.12
45
19
/39%
41H
54
56
/44
47
44
40
36"
'42
Hearst Brisbane Prop 6s
41
Lexington units
Hotel St George
44
37%
38%
1956
28 with stock
23 H
24H
21
60 Park Place (Newark)
1st fee A leasehold
3HS
1947
616 Madison Av 1st 6Hs'38
55
/20
41
/24H
27""
61 Broadway Bldg—
62
stock
1950
Syracuse Hotel (Syraouse)
1st 3s........-----1955
88 %
89%
1952
38 %
40%
33
Trinity Bldgs Corp—
1947
1951
31H
Textile Bldg—
03
—1950
1903
00
3 H with
33
63 H
Loew's Theatre Rlty Corp
1947
(Bklyn)
1958
1st 5Hs
2 Park Ave
55
Majestic Apt lno—
4s w-s 1948 stamped
4
5
1948
87
89
90
93
32H
34
1939
1st 4s (w s)
51
55
Bldg 1st 4s 1946
Walbrldge Bldg (Buffalo)
3a with stock
1950
49 H
18
Wall A Beaver St Corp—
lst4Haw-a
Weetlnghouse Bldg—
1951
19H
21%
2%
1%
1
/6
Sherneth Corp—
58
30%
1st 5s (L I)
12%
B
Voting shares
ser
F
Wellington Fund
Bancamerica-Blair
Corps
Corp.l
Central Nat Corp cl A...*
Institutional Securities Ltd
39%
Metropolitan Chain Prop—
U S El Lt A Pr Shares A._
21
41
33
46
6s
Metropolitan Corp (Can)—
6s
class B
First Boston Corp
*
1947
Par
3%
4%
28
33
2
5
10
16%
10c
%
Bid
8%
4%
66
Par
Preferred
1
12%
13%
For footnotes see page
2998.
Bid
Savannah Bug Ref com—1
26 %
Corp..1
2H
Atk
28
5%
Eastern Sugar Assoc
18
1%
leasehold 4a '48
Ask
7
1
Cuban Atlantic Sugar—10
Schoelkopf, Hutton A
Pomeroy lnc com
1st fee A
Sugar Stocks
13 37
Investm't Banking
Incorporated
29
34
1st 5s
81c
63c
/6
Ludwlg Bauman—
1.02
shares....
Corp
(w-8)
1st A gen 3s w-s
1.11
RR equipment shares...
Huron Holding
2.14
73c
Mining shares
Petroleum shares
Steel
1
1967
1st 4a
37%
London Terrace Apts—
Series C
/19
Roxy Theatre—
6
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s. 1951
Income 5%s w-s
9.34
Trustee Stand Invest Shs—
Series B
38
Lincoln Building—
5.09
D
Supervised Shares
81c
shares
1941
1957
1st 4s
62c
-
Investing shares
1951
1944
1949
Fuller Bldg deb 60
1st 6s
1.02
shares
Nov 15 1939
1st 6s
stamped
1901
Realty Assoc See Corp—
5s Income
.....1943
Lewis Morris Apt Bldg—
2.89
47
30%
60 H
1 Park Avenue—
5 Ha
Fox Theatre A Off Bldg—
1st 4—5s extended to 1948
73%
39
00 %
40 Wall St Corp 6s
Hotel
/4
(The)—
103 E 67th St 1st 6s
1.85
Group Securities—
Automobile
Oliver Cromwell
165 Bway Bldg 1st 5 Ha '61
Prudence Co—
2.75
B
C
Agricultural shares
July 7 1939
1st 6s
2d mtge 6s
4a.—1950
Lefoourt Manhattan Bldg
70
23 H
/44%
/29H
/49H
/38%
;
37
lBt 2 Mi~4s
13.55
BB
..
9.26
16c
*
7.21
Fundamental Tr Shares A2
6%s series BK
5%a series C-2
5 Ha series F-l
5 Hs series Q
33
Income 3s
16.51
Selected Income Shares—
.*
Fidelity Fund lnc
1946
Majestic Corp—
4s with stock 8tmp—1956
Film Center Bldg 1st 4s '43
1st 0%s
50c
22
Athletic Club—
1st Leasehold 3s. Jan 1*52
Royalties Management.. 1
17.09
47
500 Fifth Avenue 0 Hs. 1949
8.90
lnc Shares..loc
6% deb series A
Quarterly
62
49
44
60 Bway Bldg 1st 3s lno '46
Eaton A Howard Manage
ment Fund series Al...
47
1
%
35c
4%
Equit Off Bldg deb 5s. 1952
Deb 6s 1952 legended...
40c
*
Atk
60
19th A Walnut Sts (Phlla)
5%
5%
*
Plymouth Fund Inc... 10c
5.40
25<
C.
Class A
Class B
mm —
Diversified Trustee Shares
24%
4%
Hotel units
26
24
I960
lst3%s
1.41
Deposited Insur Shs A...1
-
—
-
4.05
1.94
Series 1958
Common
49%
No Amer Tr Shares 1953.*
Crum A Forster insurance
Bid
Metropol Playhouses lnc—
8 f deb 5s
1946
N Y
Railroad equipment
'■mm
22
19
115
Certificates
Atk
30
Steel
2.32
10
100
Crum A Forster rom
8.00
N Y Stocks lno—
1.96
Continental Shares
7.39
Building supplies
21.90
Century
5.50
11.81
Bank stock
3.85
10.98
Agriculture
13
3.50
Bullock Fund Ltd..
4.70
New England Fund.—..1
1
Canadian Inv Fund Ltd.. 1
West Indies Sugar
3H
Chronicle
Financial
2998
■
■■
May 7, 1938
1
■
Quotations
5
.
Over-the-Counter Securities—Friday May 6—Concluded
on
Foreign Stocks, Bonds and Coupons
SYLVANIA INDUSTRIAL CORP.
Inactive Exchanges
UNTERBERG
E.
C.
Members
61
&
CO.
BOwllng Green 9-3565
Broadway, New York
Teletype N.
Si CO., INC.
BRAUNL
/ New York Security Dealers Association
| commodity Exchange. Inc.
Y.
Tel. H An over
N. Y.
52 William St.,
2-5422
1-1666
Foreign Unlisted Dollar Bonds
Bid
Industrial Stocks and Bonds
Bid
Par
Alabama Mills Ino
2%
*
American Arch.
Ask
*
11 %
—10
11%
Pilgrim Exploration
Hard Rubber
American
American
90
21%
25
Hardware
96
%
%
3%
4%
13%
12
I
Pure Oil 4% conv pf
100
8% cum pref
Ask
100
97
Petroleum Heat A Power.*
American Cynamld—
6% cony pre!
Bid
Par
Pathe Film 7% pref
•
Petroleum
Con version... 1
3%
28
24
78%
79%
Barranquilla 8fl'35-40-46-48
Bavaria 6%s to
1945
1945
Bogota (Colombia) 6%s '47
8a
1945
12 %
14%
Scovlll
Manufacturing..25
20
American Mfg 6% pref. 100
Andlan National Corp...*
50
56
222
45 %
47%
Singer Manufacturing.. 100
Singer Mfg Ltd
4%
5%
Art Metal Construction. 10
16%
18
Skenandoa Rayon Corp..*
4%
6%
7s
Standard Coated Prod .10c
%
1%
6a
...6
2%
20
21%
3%
24%
Amer Maize Products
*
Bankers Indus Service A.*
Radio
Belmont
2%
2%
4%
Beneficial Indus Loan pf.*
Burdlnes Inc common
1
Corp.
52 H
53%
Chic Burl A Qulnm
Chilton Co common
100
40
10
3
4%
*
4
6
Columbia Baking com
4
$1 cum preferred
*
Crowell Publishing com..*
$7 preferred
100
Dennison Mfg class A...10
Preferred
Standard
5%
Screw.....
21%
5
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
11%
13%
30%
28%
Tennessee Products
...*
H
70
30
34
United ArtistsTheat com.*
33%
United Merch & Mfg com *
5%
United Piece Dye Works.*
%
Preferred
100
113
Dixon (Jos) Crucible...100
30
35"
46 %
4%
50
Preferred...
*
Warren
100
Fohs Oil
3%
Gar lock
2
2%
34%
31H
11 HI
4
$3
General Foods $4.50 pf
Good Humor Corp
1
5%
Graton A
*
100
4%
37%
26%
26
29
103% 104%
*
com
Preferred
Harrlsburg Steel Corp
K11 dun Mining Corp
King Seeley Corp com
6
18
16%
1
1
2d 8% preferred
5%
6%
50
9
21
23
Worcester Salt
47
52
100
*
%
5%
90
Electric Pr (Germ) 6%8 '50
6% 8
123
Bonds—
Am
Wire Fabrics 7s..1942
89
Merck A Co Ino common. 1
20
22
Cont'l Roll A Steel Fdy—
1st conv s f 6s
1940
9
Nat Paper A Type com
6% preferred
New Britain Machine
New Haven Clock—
Deep Rock Oil 7s
Haytian Corp 8s
Conv deb 6s
•
1948
Martin
6s
190
200
1948
/12
15
86
Nat Radiator 5s
18
N Y
Preferred 6%%
100
Northwestern Yeast...100
46
49
33%
35%
106% 108
/36
Wltherbee Sherman 6s 1944
Norwich
German
Ohio Leather
60
5
*
8
7%
Building A Land6%s
...1948
Funding 3s
1946
Int ctfs of dep July 1 '38
German defaulted coupons:
65
*
common
Ohio Match Co
1962
100% 102%
2d conv Income 5s_.1962
8%
80
Jan to June 1935
83
July to Dec 1935
Jan to June 1936
Par value,
a Interchangeable.
0 Basis price,
/ Flat price, n Nominal quotation,
w t
When issued,
dlvldend.
v Now selling on New York Curb Exchange.
t Now listed
on
t Quotations
per
New
York Stock
d Coupon
e
Ex-interest.
With stock.
w-e
of the current week:
By R. L. Day & Co., Boston:
10 Newton Trust
$ per Share
Co., Newton, Mass.,
Mortgage Corp.,
10 Ludlow
par
par
$10, and 50 New York Title &
$1
50
Manufacturing Associates..
....
preference, and 2 common
United Founders Corp.
common, ex-dividend.....
British Type Investors Inc.
A.............
160 warrants Consolidated Investment
Trust
...
Panama
City 6J^s
9%
Panama
5% scrip
1956
/25
/13
/24
1936-1937
/ 35
Poland 3s
Coupons
22%
22%
Porto Alegre 7s
24
Protestant Church
24
1952
1946
many) 7s
Prov Bk Westphalia 6s *33
Prov Bk Westphalia 6s '36
5Q
1941
24
26
Rhine Westph Elec 7% '36
6s
1941
/15
19
Rio de
/II
/20%
22%
19
99
Janeiro
/6%
1968
(Ger¬
6%
Rom Cath Church
1933
6%s *46
R C Church Welfare 7s '46
/21 %
/21 %
/21 %
/20%
/50
/25
/6%
/22%
f22
24%
24
103
Saarbruecken M
Salvador
/100
/100
/45
Bk 6s '47
7%
1957
7s ctfs of deposit-1957
J22
f 15
/13 %
4s scrip
/5
8s
/22
/33%
/92
1948
8s ctfs of deposit-1948
24
34%
/23
/22
Santa Catharina (Brazil)
8%
..1947
Santa Fe 7s stamped. 1942
97
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s.. 1943
Saxon State Mtge 6S..1947
Saxon Pub Works 7s.. 1945
6%s
1951
Slem A Halske deb 6s.2930
State
/8
/56
/10%
/6%
/22 %
/22%
/24
/405
Mtge Bk Jugoslavia
1956
1956
/26
/6%
28
1938
Oct 1932 to April 1935
Oct 1935 to April 1937
6%
Stettin Pub Utll 7s... 1946
/8%
.
Grax (Austria) 8s
1954
Great Britain A Ireland—
1960-1990
1948
Stlnnes 7s unstamped. 1936
8%
17%
4s—1946
Toho Electric
7s
Tollma 7s
/30
/5 7
/57
1955
/61
/46
J22
/69
/57
/6 3
/51
64%
1947
10%
/9%
Union of Soviet Soc Repub
112% 113%
7% gold ruble
1943
Unterelbe Electric 6s. .1953
*86.61 91.21
Vesten Elec Ry 7s
..1957
/20
1953
21
1947
/22
/21
Wurtemberg 7s to
/20
Hanover Harx Water Wks
6s
1946
Certificates
13%
4s—1936
11%
/13%
Certificates
7s unstamped
/17
m
June 1'35 to Dec 1'37.
1945
/20%
70
/ Flat price.
CURRENT
Selden
88 &
fat!
NOTICES
Manufacturing Co.,
Langill, senior partner, announced.
vpr
Massachusetts
Power
&
~
...
---------
$f66.!!!!I!!"""""!!II"!!""""
42%
70%
r
5a/
preferred."""""I!""""!"
16%
By Barnes & Lofland, Philadelphia:
*
Co., Inc., 7% preferred,
ahnr.
28
------
Title Bank & Trust Co., par $5._
„.r
par $10._
20 Girard
8 Rusk OU
par $100..
head of the firm's unlisted securities department.
Newell.
Chicago for nearly 20 years.
He has been active
Langill & Co. partners
Thomas E. King, Charles J. Cullen and Thomas F.
Mr. Langill, prior to
1937,
was a partner
of the unlisted house of
Swift, Langill & Henke Chicago, leaving to form his own organization.
Langill partners
were
Other
also previously associated with this firm.
—Bristol & Willett, 115 Broadway,
New York City, are distributing the
May issue of their over-the-counter review
Stocks
40 Central-Penn National Bank,
Trust Co., par $10
was
in securities circles in
include Mr. Langill,
jnu
~
par $5
Light Assts.
~
Mr. Williams joined the Zeiler firm
1919 and until its dissolution in April, was a partner with Thaddeus R.
He
~101W
partner of F. M. Zeiler & Co., has
Benson, President of the Chicago Stock Exchange, and Frank R. Wilkinson.
%
~
par $50..
15% Saco-Lowell Shops common,
Phnrp
25
5 New England Power Assn.
preferred, par
25 Saco-Lowell Shops preferred A,
par $20
9 Lynn Gas & Electric
Co., par $25....
a
become associated with Langill & Co., 134 South La Salle St., Banford B.
in
»
Worsted Mills preferred, par $100
Manufacturing Associates.
12 Exeter
—George P. Williams, since 1930
91% & int.
,
Stocks
Ludlow
Land
18%
Coupons—
29c.'
10c!
By Crockett & Co., Boston:
Shares
100
19
Per Cent
2 Wilton RR. Co.. par $100^—
Shares
/21%
/20%
32c,
...
Chicago Stock Yards 5s, Oct. 1961....
$1,000 Congress Square Hotel 5%s, May 1946...
4
1946
..1945
to
29
German scrip
German Dawes coupons:
Dec 1934 stamped
100%
...$18% lot
"III
$1,000
30
7a
26
f22
/15
J22
7s
/II
/99
58%
Oldenburg-Free State
17%
f-27
Halt! 68.
....
Bonds
2
Oberpfals Elec
/13
$450 lot
^Opelrolt Harbor Terminals, Inc.,
201
37
1947
2d series 5s
Guatemala 8s.
Stocks
f'2'2
/22%
/22%
4s
5s
4b
Shares
17%
66
29%
Dec 1 '34 stamped
Wednesday
on
/96
Hungary 7%s__._._1962
National Hungarian A Ind
Mtge 7s
194S
/36
Apr 15 '35 to Apr 15 *38German Young coupons:
sold at auction
17%
/27%
Jan to Apr...
Exchange
were
/96
6%8.1948-1949
Jan to June 1937
z Ex-stock dividend
100 gold rouble bond, equivalent to 77 4234 grama of pure gold.
following securities
/U
/34
/52
/16%
/17
/16%
/8%
/22
/20%
/20%
/22
/34%
6%s-i946-1947
July to Dec 1936
Ex-
AUCTION SALES
The
/25%
/15%
/15%
/64
July to Deo 1937
t
66
/20%
/20%
Nat Central Savings Bk of
/40%
/39
/37 %
Jan to June 1934
38%
July to Dec 1934
1st 5s
(A A B)
(CAD)
4
/58
/40
/42
July to Dec 1933
11
11
German Conversion Office
Woodward Iron—
Pharmacal
1937
1940
bank
1939
22
16%
1945
German Atl Cable 7s_.1945
75
Shipbuilding 5s—1946
Scovlll Mfg 5%s
1945
19
*
7s.'63
6s...
9%
/8
/21%
1945
Nassau Landbank 6%s '38
Nat Bank Panama
6%
Gelsenklrchen Mln 6s. 1934 /100
80%
/78 %
(Glenn L)—
Conv 6s
5
3%
100
80
76
1937
44
108
1967
Natl Mtge
Frankfurt 7s to.
French Nat Mail SS 6s '52
1938
Kelsey Hayes Wheel Co—
10%
40
106
•
Income
Farmers
90
1966
1966
1967
7b
98
95
Chicago Stock Yds 5s_1961
113
7%s
7B
107
5%
Preferred
1953
Mortgage-A In¬
7%b Income
47%
Mock Judson A Voehrlnger
1945
80
American Tobacco 4s_1951
80
1949
6b
East Prussian Pow 6s. 1953
4
100
Costa Rica Pao Ry 7%s '49
50
44
preferred
1946
Cundlnamarca 6%s...l959
Dortmund Mun Utll 6s '48
vestment
100
7% preferred
100
Muskegon Piston Rlng.2%
National
Casket.....
.»
Colombia 4s
European
200
7s to
North German Lloyd 6s '47
1953
Budapest 7s
Dulsburg 7% to
8%
.♦
Preferred
7s assented..
47
7% preferred
100
Young (J S) Co com...100
7% preferred
100
100
Macfad den Pub common.*
Chile Govt 6s assented
UK
150
1934
Duesseldorf 7s to.....1945
York Ice Machinery
%
1947
Madgeburg 6s
12
WJR The Goodwill 8ta._5
7%
4
100
Spencer Steel. _♦
Wilcox A Glbbs com
5%
12%
Lord A Taylor com
100
1st 6% preferred.... 100
W irk wire
(Brazil) 8s
Cordoba 7s stamped--1937
Costa Rica funding 5s. '51
75
7
6%
Lawrence Portl Cement 100
6%
Callao (Peru) 7%8
1944
Cauca Valley 7%8—1946
/15%
/5%
no
/2
City Savings Bank
*
J22
Municipal Gas A Elec Corp
Recklinghausen 7S..1947
1%
28%
Great Northern Pa per...25
Knight
Munich
/23
li"
97
1%
100
1948
16
(Colombia) 7s...1947
93
preferred
cum
$7 1st preferred
41
Great Lakes SS Co com..*
preferred
White Rock Min Spring—
12%
Water 7s.
Mannheim A Palat 7s. 1941
/16
Munlc Bk Hessen 7s to '45
Chilean Nitrate 5s....1968
West Dairies Inc com viol
*
Luneberg Power Light A
46
15
3
♦
Land M Bk Warsaw 8s *41
Leipzig O'land Pr 6%s '461
Leipzig Trade Fair 7s. 1953
Merldlonale Elec 7s... 1957
1953
108
20
com
21%
Brown Coal Ind Corp—
13
18
Extinguisher
1962
105
West Va Pulp A Pap com.*
Preferred
100
1943
22%
26"
100
21
*
Packing
/20%
/21 %
/33
/57
/47
/22
m
/24%
/22
Nov 1935 to May 1937
Koholyt 6%s
20
18
4
2%
Nov 1932 to May 1935
4%
/18
15
16
Co
7
40%
*
*
7%
4%
/6
45
$3 conv preferred
5%
53
Coupons—
Central German Power
30
Foundation Co For sbs___*
American shares
_.*
Gen Fire
%
(Northam)—
Welch Grape Julcc com..5
Federal Bake Shops
Preferred
53
J ugoslavla 2d series 5s. 1956
/18
Oeara
Douglas (W L) Shoe—
Conv prior pref
Draper Corp
Jugoslavia 5s funding. 1956
12%
/14
J27
Call
1%
29 %
*
13%
1936
1948
Buenos Aires scrip
/42
Burmeiater A Wain 6s. 1940 /117
Caldas (Colombia) 7%s '46
no
1%
Devoe A Raynolds B com *
/12%
/U %
change Bank 7s
Ilseder Steel 6s
Hungarian Bank
6%a
76
Dictaphone Corp...
18
...1940
31
Tublze Chatlllon cum pf.10
109
/16
/4
1931-61
7%s
2%
1%
29
Corp
22%
4%
Brandenburg Eleo 68..1953
Brazil funding 5a-_
7
*
Trlco Products
Hungarian Discount A Ex¬
24%
1958
6s.
6
Ant
/88
/22%
/II
/H
/22%
1969
-
British
Taylor Wharton Iron A
*
17
1939
/22%
/15
/20%
1940
78
45
Steel common
24%
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s '32
Bremen (Germany) 7a. 1935
14
12%
Hansa 88 6s
27
/4
/4
Brazil funding scrip
6
bid
Ask
/25
Bolivia (Republic) 8a. 1947
228
|
/20%j 22%
Bavarian Palatinate Cons
4
3
♦
Arms com
Antioquia 88
1946
Bank of Colombia 7%. 1947
7fl
1948
Cities 7b to
22%
Remington
1946
Anhalt 7b to
I.Ill111""'
~
IIIIIIIIIIIIIIIIIIII
3W
90
—William
J.
Warkentin
formerly
of Wilson,
Warkentin
&
Co;,
has
become associated with Trew & Co.
—New York Hanseatic Corp. announces the removal of its offices to 120
Broadway, New York City.
y
Volume
Financial
146
General
Corporation and Investment News
RAILROAD—PUBLIC
note- -For
mechanical
reason*
However,
FILING
OF
UTILITY—INDUSTRIAL—MISCELLANEOUS
it ia not always possible to arrange companies in exact alphabetical
they
are
always
STATEMENTS
REGISTRATION
SECURITIES
as
near
UNDER
ACT
following additional registration statements (Nos.
3670 to 3682, inclusive) have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is approximately $26,6.50,575.
(2-3670, Form Al) of Pittsburgh, Pa., has
Investment Corp.
a registration statement covering 16,601 shares of $10 par 6% partici¬
pating preferred stock, to be offered at $12 per share, and 2,393 shares of
no par common stock, to be offered at $1 per share.
Proceeds will be used
for loans to subsidiaries and for working capital.
No underwriter named
filed
registration.
April 28, 1938.
machinery from non-paying debtors, the reconditioning and resale thereof,
the enforcement of liens, the adjustment and compromise on desperate
claims, &c.f the management is in constant touch and cooperation with
Allis-Chalmers
Oakley Canal Co. (2-3671, Form A2) of Oakley, Idaho, has filed a
1938.
Co., Inc. (2-3673, Form A2) of Baltimore, Md., has
registration statement covering 50,000 shaers of $1 par 30-cent
cumulative convertible class A stock and 50,000 shares of 30-cent par value
class B stock.
The class A stock will be offered to the public at $5 a share
and the class B will be reserved for conversion of the class A.
Proceeds
wiU be used to complete purchase of a subsidiary, to establish new depart¬
ments and for working capital.
A D. Braham & Co., Inc., will be under¬
writers.
Lester R. Bonwit is President of the company.
Filed April 29,
Bonwit Lennon &
a
1938.
involves,
Arlington Corp. (2-3675, Form Fl) of New York, N. Y., has filed a
certificates for con n on
registration statement covering 14,216 voting trust
stock, no par.
Filed April 30, 1938.
Ararat
Shrine
upon
(2-3676, Form D-l) of St. Louis, Mo.,
committee, has filed a registration statement cover¬
ing certificates of deposit for $478,000 5H % 1st mortgage serial real estate
gold bonds, maturing serially from 1927 to 1935, on Ararat Shrine Temple
of Kansas City, Mo.
No plan of reorganization was submitted.
R. R.
Clabaugh is Chairman of the bondholders' protective committee.
Filed
May 2, 1938.
Shreveport
Medical
Arts
Building
Corp.
E-l), of
(2-3677, Form
Shreveport, La., has filed a registration statement covering 706 shares of
stock, no par, to be offered through voting trust certificates,
and $353,000 3% to 5% first mortgage income and sinking fund real estate
bonds due in 1938.
The securities are to be issued under a plan of re¬
organization which provides that the bonds are to be issued in exchange for
$353,000 principal amount of certificates of deposit for 6% serial real estate
gold bonds of Medical Arts Building Co., Inc.
No underwriter named.
Wyllys K. Bliss is President of the company. Filed May 2, 1938.
was
made.
Home
Owners'
Loan
Corporation bonds,
Independence Shares Corp. (2-3679, Form C-l), of Philadelphia, Pa.,
filed a registration statement covering 9,955,319 shares representing
proportionate interest in investment trust of semi-fixed type.
Aggregate
offering price is $22,665,020.
Proceeds will be used for investment. Spon¬
sored by depositor.
A. H. Geary is President of the company.
Filed
April 2, 19.38.
.*
has
Frye Investment Co. (2-3680 and 3681, Form E-l), of Seattle, Wash.,
has filed a registration statement covering $830,500 6% first mortgage
sinking fund gold bonds, due 1938, but to be extended to 1943 under plan
of extension.
According to the registration statement, the company antici¬
fall due on June 15, 1938, it will not have the
funds to make payment.
it has tried to get an underwriting firm to buy a new
An approach has been made to insurance
it also
extend
maturity for five years.
Conrad, Bruce & Co. are serving as reorganization
managers.
Charles H. Frye, guarantor of the bonds, filed a statement
(No. 3680, Form E-l) agreeing to continue his contract of guaranty.
Filed May 3, 1938.
The company states
issue but has been unsuccessful.
and loan companies for a loan on properties, but the company says
was unsuccessful.
For this reason it is asking present bondholders to
Cigarette & Tobacco Corp. (2-3682, Form A-l), of Camden, N. J.,
has filed a registration statement covering 9,900 shares 6% non-cumulative
participating preferred stock, $100 par, and 4,950 shares common stock,
$1 par.
The shares will be offered in units consisting of two shares preferred
and one share of common at $201 per unit.
Proceeds will be used for
buildings, factory, equipment and working capital.
No underwriter was
named in the registration statement.
Ansley H. Fox is President of the
company.
Filed May 4, 1938.
The last
previous list of registration statements was given
issue of April 30, page 2837.
Sheet
Balance
stock, payable May 25 to holders of record May 14.
This will be the first
dividend paid since June 29, 1935 when a distribution of two cents per
share was made. Similar payments were made on Nov. 5, and on May 15,
latter
being
the
initial
distribution
the issue.—V
on
145,
426.
Addressograph-Multigraph Corp.—Earnings—
1938
3 Months Ended March 31—
Operating profit
Development expenses,
8,633
76,378
&c
....
...
—
income taxes
Subsidiary preferred
Net profit
—V. 146, p.
1937
$792,474
6,054
78,188
82,699
79,859
1936
$594,558
13,141
60,633
dividends...
27,173
3,864
73,191
584
29,195
77.097
32,541
87,921
64,201
1,340
8,996
$309,813
Depreciation......
Interest, &c
Loss on exchange (net)
Federal
.
$576,916
Maintenance of non-oper. property..
$504,498
$337,949
2351.
Advance-Rumely Corp.—Report for 1937—
The report
of operations of the company
(in liquidation) for the year
ended Dec. 31, 1937, affords the following:
Collections on Notes and Accounts—During the year the corporation re¬
ceived or had accrued to it out of collections: Cash in the sum of $21,268
and 2,181 shares
of the capital stock of Allis-Chalmers Mfg. Co.
Dec.
Assets—
on
sundry re¬
$1,758,
$33,190
1937
Manufacturing
Marketable
(at cost)..
Int. coupons on
351,007
3,760
Bal. due on real est. contracts.
11,971
Notes & accts. receivable held
cessor
pref. stock
602,218
91,504
debs, of prede¬
400
company.
Sundry accounts payable
218
Acer'd real estate, &c., taxes..
833
Reserve
by Allis-Chalmers Mfg. Co.
stock of Allis-Chal¬
Common
Mfg.
on
of predecessor company....
6,052
Co
securs.
Unclaimed dlvs.
*
Cash due from Allis-Chalmers
mers
31,
Liobilities—
Cash in banks..
a
for contingencies
Capital
....
(less
deficit
dividends)
593,171
and
518,052
liquidating
85,722
Co
Misc. Invest, at record value..
2
Land, bldgs., mach'y, &c
20,258
$1,114,1801
$1,114,180
Total
a Balance at
Dec. 31, 1936, $501,854; amount transferred from reserve
for contingencies. $50,000; total, $551,853; deduct, excess of expenses over
income for the year, $33,800; balance at Dec. 31, 1937, represented by
203,694 4-5 shares no par value common stock, $518,054.
Of the above
stock, 895 1-5 shares are held by transfer agent to be exchanged for capital
of predecessor company not yet presented for exchange.—V. 144,
p. 4331;V. 142,p. 3152.
stock
Air
Associates, Inc.—Earnings—
Earnings for 5 Months Ended Feb. 28, 1938
Net profit after deprec., int., Federal income taxes,
before surtax on undistributed profits
Earnings
—V.
per
146, p.
&c., but
$45,500
$0.37
share on 99,884 shares common stock (par $1)
2673.
Air-Way Electric Appliance Corp.—-Earnings-—
12
x
Weeks Ended—
Mar. 26 '38 Mar. 27, '37 Mar. 21, *36 Mar. 23, *35
Net loss.
x
$26,516
After expenses
prof$9,234
$32,138
$51,522
and depreciation.—V. 146, p. 2521.
Alleghany Corp.— Young's Foes Ousted—
Robert Ii. Young of Cleveland strengthened his control of the Alleghany
Corp., top holding company of the one-time railway empire of the Van
Sweringens, by the removal May 4 of Charles L. Bradley of Cleveland from
the board of directors.
Mr.
rectors
Young, Chairman of the Board, and his management-chosen di¬
were
elected at the annual stockholders' meeting at Cleveland,
May 4, without dissent.
Walter, W. Foskett of Palm Beach, Fla., was cnosen to succeed Mr.
Bradley, who has opposed Mr. Young in his fight with Wall Street banking
interests to retain control of the Chesapeake & Ohio RR.
New Yorkers
were named to succeed Cleveland members of the board, O. Henry Briggs
replacing Gardner Abbott and Harvey D. Gibson, President of the Manu¬
facturers Trust Co., succeeding George Martin.
Directors re-elected were Mr. Young, G. A. Tomlinson, President of the
Alleghany Corp.; Colonel Leonard P. Ayres of Cleveland; Herbert Fitzpatrick, Chairman of the Board of the C. & O.; Herman R. Neff, Cleveland;
Allan P. Kirby, Robert McKinney and Frank B. Bernard.
Mr. Tomlinson presided at the meeting.
Earlier Mr. Young was re-elected to the board of the Virginia Transporta¬
tion Co.
Other directors of the railway stockholding company re-elected
were
George D. Brooke, President of the Chesapeake & Ohio; Herbert
Fitzpatrick, Chairman of the C. & O., and Herman B. Erminger.
John
M. Miller of Richmond, Va., President of the First and Merchants Bank,
was
added to the board.
Chesapeake Corp., another holding company
under a court stipula¬
brief meeting in the
absence of Mr. Young, announcing at the outset that the only business to
come before the meeting was a motion for adjournment.
A scheduled meeting of the
which Mr. Young heads, was adjourned until May 14
tion in New York.
Colonel Ayres presided at the
Collateral
Ltd.—-Dividends Resumed—
Directors have declared a dividend of one cent per share on the common
$6,550; interest
$1,750; rents collected on miscellaneous properties,
Allis-Chalmers Mfg. Co. dividends, $3,275: total, $13,334.
Shreveport Medical Arts Building Corp. (2-3678, Form F-l).
Voting
have filed a registration statement covering voting trust certifi¬
stock.
Filed May 2, 1938.
this
complete cancellation of its stock in
a
ceivables,
trustees
Acme Gas & Oil Co.,
The final distribution will
in process is a complete one and
expressed plan provides shall be made not later than within the year 1938.
Expenses—The excess of expenses of administration over income from
investments amounted to $33,800, as shown
below:
Expenses of administration: Taxes, salaries, wages, audit expenses, main¬
tenance of properties, postage, traveling and office expenses, &c., $44,161;
fees and expenses of stock transfer agent and registrar, $2,973; total,
$47,135.
Income: Interest collected on U. S. Government securities and
cates for 706 shares common
our
now
The shareholders should therefore be entitled to the benefits and pro¬
visions of Section 117 of the Federal income tax law, both as to the partial
distribution made Jan. 14, 1936, and as to the final distribution, which the
common
pates that when the bonds
and canceled.
1938.
final distribution,
Total
Association
bondholders' protective
organization.
a bona fide plan of liquidation, under which the same will
be completed pursuant to the
expressed plan of such liquidation within two
years from the end of the taxable year (1936) in wnich the first partial
Due from N. Y. Trust Co
Agents Plate Glass Insurance Co. (2-3674, Form Al) of
New York, N. Y., has filed a registration statement covering 2,500 shares
common stock, $100 par value, to be offered to the public at $200 a share.
Proceeds will be used in part for capital requirements and the balance will
be given over to surplus.
No underwriter is named.
Filed April 29, 1938.
American
1934,
collection
The liquidation of corporation
,
liquidation
No
the
Nekshon, Ltd. (2-3672, Form Al) of Haifa, Palestine, has filed a regis¬
tration statement covering 30,000 ordinary shares to be offered to the
public at $5.50 a share.
Proceeds will be used for working capital and for
maritime development in Palestine.
No underwriter is named.
Gusta
Strumph Rechav is managing director of the company.
Filed April 29,
p.
its
the corporation will be taken up
be made within the calendar year
regis¬
purchase of water rights from Twin Falls Oakley Land & Water Co.
underwriter named in registration.
W. J. Speckman is President of
company. Filed April 28, 1938.
in
and
Properties—Further progress has been made in the disposition of the cor¬
poration's real estate at LaPorte and Battle Creek.
Final and Complete Liquidation—Upon the conversion of all the remainng assets of the corporation into cash, a complete and fiDal distribution
will be made to the shareholders and the certificates of the capital stock of
accordance with
tration statement covering $212,500 4% 1st mortgage serial coupon bonds,
due 1940 to 1969, to be sold to RFC at $100.
Proceeds will be used for
filed
order.
possible.
as
In the collection of notes and accounts receivable, scattered throughout
the world but principally in the United States and Canada, the repossession
Filed
Harry R. Hickox is President of the corporation.
in
alphabetical position
of
The
Thrift
2999
Chronicle
Valuation Decreases—
The value of the collateral
behind the three bond issues fed sharply on
May 1 from the appraisal of Feb. 1, according to the figures of the trustee,
Guaranty Trust Co.
On May 1 on the new basis of figuring the value of
the Terminal Shares notes, the collateral was only 70.3% of the face value
of the issues against 94.8% three months earlier.
The new basis of computing the value of the Terminal Shares' notes has
dropped their price to $442.16 per $1,000 notes from around $760 pre¬
viously used by the trustee.
Using the old value for the notes, the value
of all the collateral would be around 76.1%.
The deduction from the
former price used was made because of the suits pending against Terminal
Shares involving the sale of certain terminal properties to the Missouri
Pacific.
Trustees of the latter railroad and the Chicago, Burlington &
Quincy brought the litigation.
The value of the collateral under the 5s of 1944 on the new basis was
$30,502,578, or 96.9% of the bonds outstanding.
On the old method, it
was
101.1%.
On Feb. 1, the figure was 128.4%.
The collateral under the 5s of 1949 totaled $17,692,318 on the new basis,
or
80.6% of the par bonds outstanding and 83.3% on the old method.
On Feb. 1 the collateral was 106.5%.
The collateral under the 5s of 1950 was only 26.8% of the reduced amount
outstanding on the new basis against 37.9% with the old valuation and
41% on Feb. 1.—V. 116, p. 2837.
Allied Products Corp.—Earnings3 Months Ended March 31—
Net loss after depreciation
—V.
146, p. 430.
and taxes
1938
$44,211
-1937
prof$47,851
Financial
3000
Consolidated Balance Sheet March 31
Corp.—Annual Report—
Allied Stores
B. Earl Puckett, President, says in
1938
part:
...
owned throughout both years, sales for the
the preceding year. On the same basis, sales
Considering only those stores
year
increased 2.3% over
9.1%, 5.4%, and 0 3% for the
increased in relation to the preceding year
first, second, and third quarters respectively, and declined 3.1% for the
fourth quarter.
Increases in taxes and wages were greater than the reduc¬
tion in profit.
Taxes for the year closely approximated the consolidated
net profit figure.
Direct taxes paid by the company were in excess of 11.50
per share or common stock.
Acquisitions—In Sept., 1937 all of the common stock of C. C. Anderson
Stores Co. was acquired by an exchange of 39,000 shares of common stock
of company, and an agreement on thejpart of company to make the then
outstanding $589,378 C. O. Anderson Stores Co. 6H% income bonds con¬
vertible into either common stock or preferred stock of company.
The C. C. Anderson Stores Co. owns and operates the leading depart¬
ment store in Boise, Idaho, and 20 branches in other cities in Idaho, Oregon,
Colorado, and South Dakota. The operations of this group subsequent to
Sept. 1, 1937 (sales of $2,019,645 ana net profits of $47,738) are reflected
in the consolidated profit and loss statement for the year.
Funded Debt ana Capital Structure—Company reacquired $664,000 of
parent company debentures during the year and reduced subsidiary funded
debt through amortization by $442,107.
In connection with the acquisition
of the additional real estate by the San Antonio subsidiary, the funded debt
of this subsidiary was increased $173,750.
The funded debt at the close
of the year of tne C. O. Anderson Stores Co., consisted of $589,378 of
income bonds and a real estate mortgage payable of $319,215.
As a result
of the foregoing changes the total funded debt of the company decreased
$19,641,452.
from $19,665,216 to
.
,
,
t
Statement of Earned and Capital Surplus, Year Ended Jan 31, 1938
Earned
Capital
$1,364,832
$8,390,854
Balance, Jan. 31,1937
—
Consolidated net profit for fiscal year
2,904,206
Discount on repurchase of 5% pref. stock of Allied
Stores Corp—
—
62,030
1,210,683
1,406,026
1,436,147
Reserve for taxes.
for resale
Cash
1,800,325
80,120
4,204,069
-
of
Invest,
77,170
3,857,510
appro¬
775,295
priated surplus.
Prepaid
82,482
1,664,825
28,320
-
invest..
Mktable.
Contract deposit..
703,860
52,800
42,476
expenses.
$4,269,038
—
-
Balance, Jan. 31, 1938
$8,766,923
Upon the basis of treating $234,300 par value 5% pref. stock in trea¬
though retired.
Comparative Consolidated Income Account Years Ended Jan. 31
al938
al937
1936
1935
Net sales
$107556225 $103343,588 $89,935,583 $82,075,720
Costs, exps. & bad debtslOl,940,686
97,499,999
86,515,479
79,467,525
Depreciation—
1,182,693
1,108,823
1,014,481
998,144
Operating profit
$4,432,846
226,276
Total income
Federal taxes
_
Interest
Subs. pref. dividends...
-
Net profit
Preferred dividends
Common dividend, cash
$4,659,122
b769,000
985,916
—
$2,904,206
1,160,163
$4,734,766
.192,124
$2,405,623
163,183
$1,610,051
164,580
$4,926,890
b627,000
861,805
31,637
$2,568,806
$1,774,631
155,000
460,908
31,392
$3,406,448
$1,581,759
524,580
$1,127,331
260,000
652,143
74,904
—...
1,051,910
351,631
$1,744,043
Surplus
$2,002,908
$1,057,179
$1,127,331
1,808,153
1.778,153
1,778.153
1,357.489
$0.96
$1.38
$0.30
stock
common
outstanding (no par).
Earnings per share
a
Nil
Including operations of subsidiaries acquired during the year from dates
b Including $21,500 tne surtax on undistributed profit
of acquisition only,
1937 and $226,064 in 1938.
American
Agents
ters ■ with SEC—
1938
$
$
Assets—
Cash......
2,597,419
& accts.
customers
2,648,967
35,646
61,496
Dep.
$
Accts. pay .for mdse
Accrued accounts.
rec.
(net).16,871,798 16.467,934
Other accts.receiv.
444,023
1937
$
3,719,836
1,256,807
4,073,833
152,600
177,500
1,709,688
Liabilities—
county and
local warr., &c.
Notes
1 Q18
1937
397,354
Instal.onmtgs.,&c
Taxes (incl. Fed.). 1,789,920
Prin. amt. of bonds
1,462,556
to be ret. within
1 yr.
with trustee
for bond int., Ac
23,014
23,495
Merch. inventoriesl5,433,392 15,033,392
Other assets
748,797
722,890
Notes
through
payable
closed banks
s.
f
207.000
348,000
to
(in
77,249
litigation)
g Permanent assets
Long-term obliga¬
(at cost).......28,376,665 27,876,482
tions
19,281,852 19,139,716
Deferred assets... 1,053,965
1,512,581
1,027,554 Res. for cont., Ac. 1,531,141
1 Miscellaneous res.
Good-will, &c
1
287,486
253,143
Unearned
income
427,018
468,371
5% pref. stock...23.240,100 23,510,100
1.778,153
y Common stock.. 1,808,153
8,390,854
Capital surplus... 8,766,923
Earned surplus... 3,108,875
1,364,832
Total
...65,584,721 64,259,566
Total
65,584,721
775,295
5,236,701
...18,817,055 19,212,127
Total
See list given on
Plate Glass
Insurance Co.—Regis¬
:
■
:v;. ^/1
■
first page of this department.
American Brake Shoe &
Foundry Co.—New Director —
Sumner T. McCall has been elected a director to succeed W. D. Sargent.—
2674.
V. 146, p.
American
Cyanamid Co. (& Subs.)— Earnings—
Consolidated Earnings for the 3 Months Ended March 31
1938
1937
1936
1935
$1,505,582
151,381
$2,693,818
162,834
$1,789,085
169,996
$1,559,181
128,304
$1,656,963
$2,856,652
743,664
655,175
438,630
$1,687,485
525,048
287,973
104,029
277,518
16,660
$1,959,081
572,203
354,618
103,190
169,457
21,598
$94,077
12,760
Profit after expenses....
Other income
Total income..
Deprec. and depletion.
$1,364,640
$738,015
$638,305
2,520,368
$0.03
2,520,368
$0.54
2,520,368
2,520,370
$0.29
$0.25
_
Research & develop, exp.
508,254
160,753
133,555
16,660
Interest
Federal taxes
Minority interest
dividends
100,529
113,142
22,488
Shs. combined class A &
Earnings
outstanding.
share
2030.
_
per
American Gas & Electric Co.
64,259,566
After deducting
depreciation of $7,703,996 in 1938 and $6,934,028 in
1937.
y Represented snares of no par value but with stated value of $1
per share.—V. 145. p. 3488.
(& Subs.)—Earnings-—
1938—12 Mos.—1937
1938—Month—1937
Period End. Mar. 31Sub. Cos. Consolidated
367,630
882,260
855,021
$6,158,344 $73,974,467 $71,169,961
1,828,801
22,953,610
22,083,844
325,149
4,392,446
4,123,144
837,192
10,005,859
9,434,465
10,323,241
9,832,984
870,801
$1,924,397
Dr4,255
$2,296,401 $26,299,311 $25,695,523
28,063
103,018
439,478
$1,920,142
894,952
424,394
$2,324,465 $26,402,329 $26,135,001
929,237
10,746,583
11,275,357
417,883
5,033,497
5,014,392
$5,872,767
Operating revenue
Operating
1,843,458
Maintenance
Depreciation
Taxes
Operating income....
Other income.
Total income
Int. & other deductions.
Pref. stock dividends..*.
$600,796
Balance
$977,344 $10,622,249
$9,845,252
$600,796
209,330
$977,344 $10,622,249
232,168
2,966,392
$9,845,252
3,330,305
1,929,146
69,353
1,910,050
248,915
Amer. Gas & Elec. Co.—
Bal. of sub. cos' earnings
applicable to Am. Gas
& Elec. Co
Int. from sub, cos
Pref.
stock
sub.
divs.
from
159,170
3,657
165,681
4,792
companies
Other income
$980,599
50,748
Int. & other deduc'ns...
Pref. stk. divs. to public
Balance
$1,372,339 $15,587,140 $15,334,522
36,279
761,164
643,394
$929,851
170,853
177,811
$1,336,060 $14,825,975 $14,691,128
170,853
2,050,241
2,433,236
177,811
2,133,738
2,133,738
$581,186
Total income..
Expense
Balance......
Comparative Consolidated Balance Sheet Jan. 31
State,
Approp. surplus..
Earned surplus...
—y. 146. P. 1388.
—
Other income (net)
162,485
703,860
5,544,694
cus¬
—V. 146, p.
*$3,108,875
-
-
$8,766,923
1,160.162
sury as
in
on
tomers' orders..
Pref. divs. payable
Com. divs. payable
..18,817,055 19,212,1271
Total
B stock
Total
Shares
Advances
539,194
67,435
162,485
Accounts payable.
Net income
Dividends paid in cash on 5% preferred stock
348,946
67,435
Pref. foreign subs.
1,007,461
Preferrd
314,040
— —
391,032
288,811
522,971
4,495,650
6,527,730
391,032
359,037
421,009
6,527,730
Inventories
equity in net assets of subsidiary at date
of acquisition of its shares, over fixed capital
value of $1 per share for shares of common stock
of corporation issued in exchange therefor
♦
Common stock
Accts. receivable--
Com. stk. acquired
S
$
4,495,650
_
9,931,308
The total number of
C. C. Anderson Stores Co.
Liabilities—
Preferred stock.
9,668,306
and either have been
Shares of common stock was increased by 30,000 shares in acquiring the
■
$
bldgs., ma¬
chinery, Ac
1937
1938
1937
5
Assets—
Land,
2,700 shares of the company's 5% preferred stock were purchased by the
company during the year for the company's treasury
retired or are available for sinking fund purposes.
Excess of
May 7, 1938
Chronicle
$987,395 $10,641,996 $10,124,153
Note—Figures for periods prior to Jan.
1, 1938 restated to include an
additional charge at the rate of $100,000 per annum for amortization of
debt discount and expense.
Figures for periods prior to Jan. 1, 1937 also
restated to conform with new classfication of accounts.—V. 146, p. 2353.
American General
Corp.—SEC Inquiry-
Public hearings in connection with the affairs of the corporation, a sub¬
sidiary of the Equity Corp., will be started in Washington May 16, the
Securities and Exchange Commission announced May 4.
This will be
last major hearing in the Commission's study of investment trusts and
the
in¬
recommendations for the Federal regulation of which
will be sent to Congress before the close of the present session.—V. 146, p.
vestment companies,
2838.
American Ice Co.
3 Mos. End. Mar. 31—
Net loss after int., depr.,
Federal taxes, &c-.._
(& Subs.)
-Earnings—
1936
1937
1938
$426,295
$210,574
$233,639
1935
$225,084
—V. 146, p. 2194.
x
American Ligbt & Traction Co.
1938
earnings of sub. cos. (after eliminating
inter-company transfers)
;•
$41,152,006
General operating expenses
22,256,848
Maintenance
2,437,344
Provision for retirement of general plant.....
2,447,512
General taxes and estimated Federal income taxes
5,023,457
Gross
Aluminum Co. of America—Government Suit Delayed—
Opening of the anti-monopoly suit of the Federal Government against
the company, subsidiaries and affiliates, was delayed May 2, for a week or
10 days pending conclusion before Federal Judge Francis G. Caffey, of
preliminary arguments and motions to set aside supeonas served on both
sides, and to adjudicate issues raised by the company concerning the Govern¬
ment s 605 interrogatories.—V. 146, p. 2674.
Aluminium, Ltd.—Tenders—
The Union Trust Co. of Pittsburgh will until
noon, May 20, receive
bids for the sale to it of sufficient 5% s. f. debenture
gold bonds, dated
July 1, 1928 to exhaust the sum of $500,121 at prices not exceeding 105
and accrued interest.
By-Law Voted—
Stockholders at a special meeting held April 28 approved a by-law em¬
powering the directors to declare dividends on common stock of the com¬
pany.—V. 146. p. 2522.
American Bank Note
Co.-—Earnings—
3 Mos. End. Mar. 31—
1938
$137,760
Depreciation
82,099
1937
$419,626
84,050
....
Net earnings from operations of sub. cos
Non-operating income of subsidiary companies
$55,660
21,231
$335,576
21,974
_
Net loss.
Preferred dividend...
Common dividend--.
Balance deficit
....
.176,891
43,661
7,825
53,978
$357,550
41,992
7,695
67,677
$28,572prof$240,186
67,435
162,485
$258,492
67,435
162,485
sur$10,266
2,294,342
2,394,970
4,826,399
$8,810,801
329,392
$8,918,190
4,443,725
$9,140,193
4,196,333
Balance....________________
$4,474,465
earns., attributable tomin. com. stk.
10,156
$4,943,860
9,632
Equity of Am. Lt. & Trac. Co. in earns, of subs. $4,464,309
Income of American Light & Traction Co. (exclu¬
sive of income received from subsidiaries)......
1,580,082
$4,934,228
$6,044,391
224,826
199,695
$6,374,758
179,326
225,364
$5,619,870
$5,970,067
Total income of subsidiary companies—
Int., amortiz. & pref. divs. of subsidiary cos
_ _
■
Proportion of
Expenses of American Light & Traction Co
Co——..
Taxes of American Light & Traction
Balance.
.
company interest
deductions
Balance transferred to consolidated surplus
Dividends
Total income
Other deductions
Preferred dividend-foreign subsidiary
Provision for U. S. and-or foreign income taxes
$39,695,558
21,369,045
$8,986,845
£>r68,655
Holding
...
1937
oper.
Total
Earnings
Profit
Miscellaneous income
(& Subs.)—Earnings—
12 Months Ended March 31—
on
preferred stock
Balance.
Earnings
—V.
146,
....
par share of common stock
p.
1,440,529
150,493
137,118
$5,469,376
804,486
$5,832,949
804,486
$4,664,890
$5,028,463
$1.69
$1.82
2674.
American Home Products Corp.
3 Months Ended March 31—
Net profit after deprec., int.,
(&Subs.)—Earnings—
1938
Fed. income tax, but
before prov. for surtax on undistributed profits..
$741,554
Earnings per sh. on 741,060 shs. stock outstanding
$1.00
1937
$860,512
$1.16
Volume
Financial
146
New Officers—
"William Wulfleff, formerly treasurer, was on April 28 elected Vice-Presi¬
dent of this company.
Randal] Nauman, Secretary, was elected Treasurer,
and Knox Ide, Secretary.—V. 146, p. 1864.
American Machine &
Period End. Mar. 31—
Net sales.
Metals, Inc. (& Subs.)—Earnings
$560,197
456,405
Interest.
$269,262
27,475
$904,366
149,725
$1,129,944
119,853
$296,737
234,941
29,224
9,191
$1,054,091
853,792
105,307
33,781
$1,249,797
921,100
112,816
39,968
Cr8,680
5,100
'
Federal income tax
Prem.
Prof,
bonds called.
on
bonds retired.
on
Red. in val. of
$97,117 prof$23,381 prof$36,040 prof$179,493
298,260
306,593
298,260
Nil
$0.08
$0.11
$0.60
Net loss
306,593
share
per
Cr4,635
29,806
Cr4,635
12,682
ore
Shares common stock...
Earnings
Corp.
&
common
stock, 7,778 shares, $197.
b These securities are pledged to secure notes
payable,
c Wm. Cramp
Sons' Ship & Engine Building Co. after reserve of
$270,853 in 1936 and
$290,912 in 1937.
Depreciation only.
Note—No provision has been made for surtax on undistributed profits.
—V. 146, p. 2354.
■
American Metal Co.,
Ltd. (& Subs.)—Earnings—
$610,358
630,218
$1,977,743
x667,463
1938—12 Mos.—1937
$2,088,670
$4,253,375
4,282,190
x2,007,291
$1,240,576
Total income
Adm. & sell, exp.,
$2,645,206
$6,370,860
int.,
taxes (other than Fed.
income), deprec., de¬
pletion, &c_
$6,260,666
Stockholders at
Balance
3,231,960
2,995,708
1.527,531
$640,657
$3,375,152
$1,117,675
$3,028,706
special meeting
311
the capital of the
j
and
American Steel Foundries Co.—Com. Div. Passed—
Directors after their meeting held on May 5 issued a statement saying
no action was taken with
respect to the common dividend for the quarter
that
ending June 30.
iv»rends
A dividend of 25 cents
50 cents
Cr366
16", 399
$5,583,181
516,759
9,557
38,560
$529,891
$0.35
$866,572
$0.62
$4,018,305
$2.95
$1,117,676
234,705
$658,117
128,592
American Stove
Federal income taxes
$2,319,994
686,931
19,275
2,506
Income Account
Net profit
Earns.persh.oncom.stk
$1.57
Includes $2,124 profit on foreign exchange for the first three
of 1937 and $12,365 for
,
American Pneumatic Service Co. (&
$1,382,232
57,120
1936
1935
1934
$1,439,352
58,250
,
216,000
51,000
948
$3,305,488
$2,745,676
$2,625,804
$2,605,510
3,481,878
2,885,135
2,836,051
3,058,321
income
Normal and
Surtax
on
profits
undistributed profits
excess
Under pro vision for prior year
$176,390
$139,458
$210,247
$452,811
Net loss.
Consolidated Balance Sheet Dec. 31
1937
Assess—
1936
Liabilities—
$
S
5,636,817
5,636,817
contr'ts.
647,710
Land & buildings.
572,839
670,788
franchises
on
Manufac'g plant-Patterns, jigs and
992,490
6,274,350
1937
413,723
Receivables
1,153,054
3,432,784
503,293
808,731
1,663,935
2,792,138
97,460
102,950
(net) 6,577,657
6,461,951
77,316
685,911
secure.
Other assets
Property,
stock
fixture
703,455
First pref. stock..
1,393,700
Subsid.
665,744
187,145
Accounts payable-
13,513
32,281
320,669
638,460
624,131
Delicit
24,916
mail
American
5,399,900
4,785,365
x3,874,431
recap.
Deprec. reserve
Type Founders, Inc. (& Subs.)—Earnings—
184,438
Total income
on
-
...
debentures
Prepaid accounts.
267,162
Net income
108,355
59,124
Shares capital
13,433,008
13,409,915
Represented by 198.498 shares of
Earnings
per
$782,912
119,802
123,147
25,000
$145,138
stock—568,096
—
13,409*915
13,433,008
Total
no par
No provision haslbeen
—V. 145, p. 2686.
Sanitary
Corp.
(&
Earnings per share
—V. 146, p. 2353.
$4,907,289
10,044,956
$0.45
1,648,624
10,045,087
$0.15
Nil
$8,585,524
10,045,087
$0.85
Seating Co. (& Subs.)—Earnings1938
1937
1936
1935
$1,408,918
1,428,778
$1,603,511
1,467,846
$948,216
919,160
$682,495
692,078
$19,860prof$135,665 prof$29,056
29,317
30,628
20,867
$9,583
24,562
Quar. Ended Mar. 31
Operating loss.
Other income
,
Net profit
$10,768
15,799
25,020
expenses
Interest..
Res. for Fed. income tax
Total loss for period..
$164,982
$49,923
21,066
11,318
25,020
18,000
35,685
146,
p.
$14,979
18,848
42,414
$46,283
None
None
$19,547
223,945
6,600
$21,230
221,856
2,700
23,382
245,073
136,333
$247,926
General expenses
Interest charges
Extraordinary charges..
loss
$250,092
$245,787
$381,855
General
1937
Assets—
$1,376
Cash
Dec.
Balance Sheet
$2,981
Acc'ts receivable..
13
—...
receivable
1
1
Notes
payable
others,
1936
secured.$3,707,000 $3,684,000
9,663
11,165
Accrued interest..
879,462
654,625
Am. Line at cost:
d Capital account.
687,929
935,856
Capital stock,
3,323,839
al,958,799
26
26
$5,284,054 $5,285,6461
933,293
817,240
4,393,295
3,927,176
$1,165,716
$3,150,865
1,200,000
$5,007,307
1,200,000
$140,567
$865,716
$1,950,865
$0.83
,
300,000
— -
Expenses.
amortiz.
discount,
$1.62
Company Only
xl938—3 Mos.—1937
xl938—12 Mos.—1937
$5,301,336 $4,327,905
$879,801
$1,035,280
377,340
352,055
1,467,568
1,320,193
$502,461
__
Net income
Int.,
$3,807,307
after excluding
subject to audit
$683,225
$3,833,768
$3,007,712
of
debt
252,611
Balance
for common
stock and surplus._
196,368
933,293
820,376
$249,851
300,000
&c
$486,857
300,000
$2,900,475
1,200,000
$2,187,336
1,200,000
def$50,149
$186,857
$1,700,475
$987,336
$0.73
$0.42
*
Balance
Earns, p. sh. on com.
x
stk.
See note b above.
...
„
.,
.
.
above income accounts include surtaxes on undistributed
profits as computed and recorded at the close of the calendar years 1936
and 1937. For the year 1938 to date no accruals for such surtaxes have been
made
except in the case of a few companies where it is definitely known
that a surtax for the year 1938 will be payable under existing laws.
Note—The
Weekly Output—
Total
$5,284,054 $5,285,646
Cramp & Sons' Ship & Engine Building Co. gen. mtge. 6%
bonds due June 1, 1930, at cost of $1,958,600; Wm. Cramp & Sons' Ship
Wm.
Engine Building Co. stock, 93,845 shares (61.59% of total capital stock) at
195,927
1,146,938
shares of common stock outstanding
9 951 shares held in the system,
b All figures shown are
in so far as they contain earnings for the year 1938.
to
Accounts payable.
shs. 3,323.839
252,611
2 342,999
Preferred dividends
1937
b Inv. In Hamburg
b Inv. In affil. cos.al,958,799
anKurph^-0.11-8!^
Earnings per share.
On
9,004,754
5,712,099
8,616,386
5,722,119
1,047,529
$22,934
31
Liabilities—
1936
B
2,213,719
1,427,592
2,192,526
1,439,313
Income Account of
1934
28,534,754
$440,567
300,000
Net income
Preferred dividends
Income—divs., int., &c.
$19,590
224,836
3,500
Total income
1936
.
_
Period End. Mar. 31—
Earning s1935
Node
1937
amortiz.
Int.,
amortiz. of debt
disc., &c., of Am .Water
Works & El. Co., Tnc.
Res. for renewals, retirements and depletion- -
a
30,060,048
$6,149,892 $22,815,958 $24,468,577
debt
subs.
Int.,
Pref. dividends of subs.
1536.
Ship & Commerce Corp.
Calendar Years—
of
7,479,697
7,214,238
$5,372,547
Gross income
discount, &c., of
Electric Co., Inc. (& Subs.)
bl938—12 Mos.—1937
bl938—3 Mos.—1937
$12,586,784 $13,629,589 $52,876,006 $53,003,331
Oper. exp., maint. & tax.
a
$30,051prof$100,897 profx$2,920
Before Federal income taxes.—V.
American
Period End. Mar. 31—
Gross earnings
1938—12 Mos.—1937
Period End. Mar. 31—
1938—3 Mos.—1937
Gross sales.
$24,374,873 $35,141,394
Net after all charges
loss649,597
Com. shares outstanding 10,044,956
$1.04
$199,153,
made for Federal surtax on undistributed profits.
value.—V. 144, p. 3319.
Standard
&
$514,964
495,146
1
$0.26
Notes—The income account for 1937 includes depreciation of
Subs.)—Earnings—
Total
$320,443
107,091
38,214
30,000
share
American Water Works &
Radiator
American
(net)
$610,696
172,217
$136,005
Net operating profit
Federal income tax
39,586
35,096
$7,564,457
7,428,452
26,377
of completion
Furn. & fixt.
—
Other income
Interest
Contracts in proc¬
American
,1937
$7,882,785
7,272,089
1938
.
—
Other deductions
tube
Total....
946,234
12,528,006 12,410,314
Total
Cost and expenses
1,301,728
40,936
rec.
receivable
311,911
2,114,310
5,399,900
by changing the authorized 140,000 shares of common stock (no par) into
700,000 shares (no par), with a stated value of $10 a share, of which 539,990
were issued for the then outstanding 107,998 shares on the basis of five
shares of new capital stock of the stated value of $10 a share for each one
share of old capital stock of the stated value of $50 a share.—V. 146, p. 2524.
646,552
a
since
267,000
shares
21,167
44,663
Other reserves
5,743,669
42,813
1,480,533
166,490
753,150
&
Capital stock
Capital surplus...
Earn,
107,386
140,507
(est.)
206,091
265,044
5,897,999
Taxes accrued
23,480
3,823,194
station, eqpt.,&c
Notes
Inc.
y At Dec. 31, 1936, the stated calue of the capital stock was $50
a
share, with 140,000 shares authorized and 107,998 shares issued and
outstanding. On Oct. 13, 1937, the certificate of incorporation was amended
12 Mon. Ended March 21—
13,013
3,785,023
Mdse. inventories-
c
State
615,652
on
Reserves
12.528.006 12,410,314
Net sales
Long-term notes &
Net
and
At Dec. 31, 1936, the company had not differentiated in its accounting
for surplus as between paid-in surplus, other capital surplus, and earned
stock held
by minor, stock¬
16,545
Notes & accts.
Total
1,417.550
570.312
187,145
Investments
x
S
taxes on income.
Fed. tax
y
167,417
_
602,375
Local, Fed. capital
plant &
equipment
Deferred charges.
1936
373,347
Liabilities—
$
Accounts payable.
Cash
6.274,350
Common stock..
holders
Pats, and goodwill
Cash
$
$
992,490
Preferred stock
a
.
1936
1937
Mail tube systems,
Other
$1,228,391
755,986
of Dec. 31
1936
$
Current assets:
Market,
as
46,330
245,128
66,782
surplus,
depreciation & taxes..
a
$1,586,633
$1,113,153
Operating profit
Other income
x
Total expenses, including
ess
$1,535,260
51,373
$12,806,013 $11,950,028
8,562,119
8,062,454
1,908,376
1,501,609
603,403
534,537
349,881
316,166
Charges for depreciation
Subs.)-—Earnings
1937
Spare
1936
,
May 5, 1&33___
Gross income
accts.
1937
_
1865.
Instal.
authorized the listing of 539,990
which are issued and outstanding.
Sales, less discounts, returns and allowances
sold, exclusive of depreciation
Selling, distribution and advertising
Administrative and general
months
1937.—V. 146,
the 12 months ended March 31,
dividend
Years Ended Dec. 31
Inventories
Federal surtax
Minority interest
a
Co.—Listing—
The New York Stock Exchange has
shares of common stock (no
par), all of
1937
$3,028,706
March 31 last; four
on
15, 1936, this latter being the first payment
made since Sept. 30, 1931, when a regular quarterly dividend of 25 cents
per share was distributed.—V. 146, p. 1536.
Assets—
incl.
paid
was
share each were paid during 1937 and
per
of $1 per share was paid on Dec.
1,112,174
Profit
p.
stock
by retiring 6,600 shares of preferred stock
Balance Sheet
required
x
company
20,000 shares of common stock owned by the company.—V. 145, p.2062.
longer
no
May 31 will consider amending the
on
Net profit.
Dividends
95,855
17,460
reserves
Res. for possible loss on
contracts
a
Other deductions
599,919
shares.—V. 144, p.
par
certificate of incorporation so as to decrease the authorized capital
Total
Adj. of metal price fluct.
& normal stk.
no
Cost of goods
1938—12 Mos.—1937
Period End. Mar. 31—
Profit before charges...
Other income
Represented by 591,271
American Ship Building Co.—To Reduce Stock—
x
-
d
3163.
$3,884,002
2,754,058
$130,226
191,566
xl9,478
8,252
Total income
$3,307,243
2,402,877
26,434
Expenses
Deprec. and depletion.
$933,444
664,182
$103,792
Gross profit.
Other income..
3001
nominal value, $1; Cramp-Morris Industrials, Inc., stock, 131,427 shares
(87.62% of total capital stock) at nominal value, $1; Harriman Building
1938—12 Mos.—1937
1938—3 Mos.—1937
Cost of sales
Chronicle
Output of electric energy of the electric properties of American Water
Electric Co. for the week ending April 30, 1938, totaled 38,-
Works and
313,000 kilowatt hours, a decrease of
kilowatt hours for the corresponding
24.2% under the output of 50,513,000
week of 1937.
,
,
3002
Financial
Chronicle
Comparative table of weekly output of electric energy for the last five
years follows:
•
:,v".1
May 7, 1938
Arkansas Power &
Light Co.—Earnings—
.
1938
Week Ended—
39,779,000
April
9-April 16
38,685,000
38.148,000
April 23-38,313,000
April 30-.
-V. 146, P. 2838.
1937
1936
49,946,000
49,814,000
50,000,000
50,513,000
-
American Utilities Service
•
1935
45,072,000
46,512,000
45,251,000
45,791.000
Period End. Mar. 31—
1 934
37,670,000
39,135.000
38,874,000
37,100,000
$3,050,224
Dr24,437
127,595
$180,157
1,111
$216,922
$3,247,762
8,933
$3,177,819
18,822
$181,268
151,458
10,408
CY692
$217,087
151,071
7,375
Crl ,629
$3,256,695
1,814,658
115,863
Cr 14,740
$3,196,641
1,813,755
81,690
Cr7,482
$1,340,914
$1,308,678
(net)
Gross income
1937
x
439,560
481,310
268,040
$846,547
330,448
174,910
57,635
487,669
189,549
182,427
Provision for Federal income tax
$20,094
$60,270
Dividends applicable to preferred stocks for the
period, whether paid or unpaid —
Balance
$845,572
975
$1,766,899
$309,790prof$907,254 prof$283,554
;--v
„
Earns per share on capital
Nil
stock
$2.15
$0.67
—V. 146, P. 2195.
total listed capital up to 3,000,000 share?,
Original capital was 1OO.0OO shares which was subdivided on a 10 for one
1,000,000 shares on July 24, 1937 and by amendment to the
certificate of incorporation under the Alberta Company Act was increased
to 3,000,000 shares on April 1, 1938.
The company was originally called
the Anglo Canadian Development & Holding Co., Ltd. and change of
name was made on April 2, last.
basis into
Anheuser-Busch, Inc.—-Stock Offered at $51 a Share—
Offering of a block of 8,000 shares of stock was made May 3 by
Blyth & Co., Inc., at $51 a share.
This is the first time
any sizable block of this company's stock has been publicly
offered.
The corporation has always been closely controlled.
that this offering is on
behalf of an estate.
Recently
180,000 shares to 900,000
the company's stock was split five-for-one, from
shares. '
,* V/.:;.
Condensed
Statement, of Income
Net profit from operations
Income credits..
.
profits for the 12 months ended March 31,1938 and 1937.—Y. 146, p
Joseph A. Swalwell has been elected to the board of directors of this
company.—V. 145, p. 3810.
Associated Gas & Electric
$5,718,875
280,084
—
units or
This
9.4% below the total production of 88,021,241 units a year ago.
the sharpest percentage decline reported for any week since
previous depression.
is
September of 1932, the turning point of the
Further
Simplification Program—7 More Units Eliminated—
The following changes were announced by Associated Gas & Electric
System in its program of simplification of corporate structure.
Smyrna Telephone Co. has been sold toCnenango & Unadilla Telephone
Corp., thus being removed from the Associated System set-up
The property and franchises of Tri-County Natural Gas Co. and Cale¬
donia Natural Gas Co. have been sold to Rochester Gas & Electric Corp.
and the companies are in process of dissolution.
Steps are being taken to simplify the corporate structure of the North¬
Electric Corp., which was taken into the System in 1937.
Catlettsburg, Kenova and Ceredo Water Co. has been sold.
The Laurel Development Co. has been dissolved.
In addition, Colby
Light & Power Co. and New Sweden Light & Power Co. have become
inactive upon the conveyance of their assets to Caribou Water, Light &
eastern Water &
p.
have
moves
of
existence
wnich
it
brought to 358 the total of companies the separate
has been found possiole to do without.—V. 146,
2839.
$5,998,959
227,088
....
Income charges...
State income taxes,
Statement
Consolidated
of
....
(8%)
.
$4,164,245
1,440,000
——
.......
surplus
$2,724,245
Condensed Balance Sheet
Assets—
$2,394,863
60,500
-
147.859
Dec. 31,
—Increase-
able
2,084,220
—
4,012,266
405,932
notes & accts.
331,993
17,393
Provision for taxes
1,703,454
appre¬
Provision for retirements
ciation of plant property
as of Jan. 1 1919
Earned
4,815,162
prop,
x
(less reserve).
and
ve).....
drums
$6,823,683
$61,856,955
13,757,568
$5,539,495
2,275,524
2,709,678
—V.
1,205 J 90
.
income—
$83,429,542
$75,614,523
$7,815,019
10
$45,709,125
11,135,969
$46,700,461
9,802,972
x$991,336
1,332,997
x2
$36,897,489 x$2,324,333
x6
excludes certain non-recurring expenses in
Nc provision is included for Federal surtax on undistributed
of the corporation and (or) its subsidiaries for the year 1938.
p.
2525.
146,
(& Subs.)—Earnings-
Period Ended March 31—
$35,847,308
Total
Ararat
Sales
on
Archer-Daniels-Midland
p.
3,367,356
2581.
Co,—Earnings—
Inc.
y
1938—3 Mos.—1937
1938—9 Mos.—1937
Net profit
$197,669
$686,655
$873,786
$1,850,541
$2.03
$1.15
$1.31
$3.07
Earnings
x
per
share...
After charges and taxes,
y
•
On 549,546 shs.
common
stock
(no par).
invest,
in
Profit
on
Dr3,651
10,768
a
dividend of 25 cents per share on the common
86,118
1,000
$417,281
56,200
$1,491,222
b201,926
$216,506
3,915,548
$361,082
3,760,837
$1,289,296
3,848,652
2,390
-
$259,555
Federal income taxes
—
Net income for period—
Earned surplus,
Corp.—Earnings—
4,286
11,866
1,758
4,871
b43.049
—
Gross income
Directors have declared
$1,371,239
15,954
sale of securities
(net)
Miscellaneous other income (net)
stock, payable June 1 to holders of record May 21.
Previously regular
quarterly dividends of 50 cents per share were distributed.—V. 146, p. 900.
15,315,215
$387,849
6,651
unconsolidated
subsidiary company
Income from miscellaneous invests—
Dividend Halved—
Arizona Power
from,
3,924,261
$245,693
4,355
Net operating profit-Income from marketable securities—
Period End. Mar. 31—
x
1938
$4,312,110 $16,686,454
delivery & other
Association—Registers with SEC—
first page of this department.—V. 123,
12 Months
1937
$3,613,049
Cost of goods sold,
Shrine
given
3 Months
1938
$35,847,308
-V. 146, p. 2031.
See list
14
any,
Atlas Powder Co.
Deferred charges...
Total
9
17
Indicates decrease.
profits, if
(less
-
$122,314,984
$67,396,450
16,033,092
7
Note—The above statement
both years.
Real estate other than plant
r eser
Operating
8,461,118
surplus
22,085,327
Cooperage
3
2
$34,573,156
.
18,000,000
(less
reserve)
33,151
6
112,811
reserves
Surplus—Arising from
non-curr.
receivable...
deposits In reorg,
& closed bks. (less reserve).
'%
14
682,729
Capital stock
Restricted
Plant & branch property
(deposit
cooperage
Amount
$4,968,393
847,626
827,018
43,162
104,333
2,023,165
basis discontinued in 1938)
Fed. & State Inc. taxes (est.).
Sundry
companies
Sundry assets, incl.
$48,866
co
.
Inv. in & advs. to sub. &affil.
P*
Water.
Ice.
Special deposit—sub.
1937
$97,734,686
13,300,325
5,891,233
2,570,209
1,544,289
1,274,242
$129,138,667
Gas
Heating
1937
Accts. pay, & accr. expenses.
Amt. refundable on return¬
Notes, accts., &c., receivable
fCOess reserve)....
nventories
of Properties
$102,703,079
14,147,951
6,718,251
2,613,371
1,648,622
1,307,393
Liabilities—
Market, secure, (book value)
Revenue stamps..
Expenses
1938
Electric
Transportation
Cash
and
1,607,627
12 Mos. End. Mar. 31—
Net
Corp. (& Subs.)—Earnings—
Earnings
Irrespective of Dates of Acquisition
including provi¬
sion of $537,280 for surtax....
Net income for year
Dividends paid during the year
Co.—Weekly Output—
week ended April 29, Associated Gas & Electric System reports
of 79,768,893 units (kwh.). This is a decline of 8,252,348
For the
net electric output
These
1937
31,
.......
Provision for Federal and
2839.
Canada, Ltd.—New Director—
Power Co.
Year Ended Dec.
;
—
$359,413
x
Dividends accumulated and unpaid to March 31, 1938, amounted to
$1 186,581, after giving effect to dividends of $1.75 a share on $7 preferred
$1.50 a share on $6 preferred stock, declared for payment on
April 1,1938.
Dividends on these stocks are cumulative.
Note—No provisions have been made for Federal surtax on undistributed
Associated Gas & Electric
Gross income..
949,265
$391,649
stock and
Anglo Canadian Oil Co., Ltd.—Listing—New Name—
The Toronto Stock Exchange has granted the application of the company
for the listing of its additional 2,000,000 shares without par value, bringing
It is understood
949,265
-
Associated Breweries of
Net loss—
:
...
1936
$1,761,335
5,564
2,850
165
Net income—
Subs.)—Earnings—
1938
$436,710
-
Operating income
Other income (net)
companies after May 1, 1938, and Mr. Bliss will have offices at 327 South
LaSalle St. after that date.—V. 146, p. 2675.
Expenses
Depreciation, obsolescence, &c..
$3,272,199
8,815
$180,157
Net oper. revenues—.
Rent from lease of plant
ing Perry Crawford, wno has resigned to become Vice-President of Central
Service Corp., both positions effective May 1, 1938, according to an an¬
Total income
$208,107
Int. charged to construe_
35,957,000
nouncement made on April 27,
Mr. Bliss has resigned as Vice-President in charge of the Chicago division,
and has been succeeded by Perry Oryden, Vice-President of the comapny.
Central Service Corp., public utility consultants, will render advisory
and other services to American Utilities Service Corp. and subsidiary
Profit on manufacturing operations...
Other income, net
-—
$8,254,612
4,607,988
596,400
Int. on mortgage bonds.
Other int. & deductions.
35,224,000
Charles H. Bliss has been elected President of this corporation, succeed¬
3 Mos. End. Mar. 31—
1938—12 Mos.—1937
$9,086,931
4,800,986
1,013,746
Corp.—New President, &c.—
Anaconda Wire & Cable Co. (&
1938—Month—1937
$631,128
$600,871
357,971
350,764
93,000
42,000
Operating revenues
Oper. exp., incl. taxes..
Prop, retire, res. approp.
32.857,000
35,004,000
beginning of period.
3,669
13,242
stock
dividends
$4,132,054
85,746
Common
stock
dividends
124,663
$4,121,919
85,746
187,521
$5,137,947
342,985
873,318
$3,848,652
250,032
$1.10
1,852
$43,879
1,087
$3,921,645
249,151
$0.52
$3,921,645
249,151
$46,189
Operating
Preferred
$140,413
96,534
$48,042
19,635
$44,967
21,057
36
300
36
1938
.
y
xl937
$137,338
91,149
Total
W 3 Months-Ended March 31—
expenses and taxes.
Earned surplus, end of period
common stock outstanding-
Shares of
NonToperating income.
Interest
Taxes
on
funded debt
assun
ed
on
interest.
Other interest
Other income deductions.
744
_
360
—
Amount earned per share
b Includes provision for surtax on
Consolidated Balance Sheet March 31
$27,326
27,326
Sinking fund appropriation.
$23,513
23,513
275,000
31,274
210,457
sinking fund requirements, and is a prior charge to the declaration and
payment of any dividends.—V. 145, p. 3187.
Current acct.
14,663
from
securs
2,761
702,061
Arundel
Sees, ofaffll.
1938
$204,894
1937
1936
$201,086 loss$l 15,572
After depreciation and charges but before Federal income taxes.
Current assets as of March 31, 1938, amounted to $2,918,971 and current
Misc.
452,571
16,826
but not yet Iss'd
69,224
47,218
Preferred stock
9,860,900
9,860,900
y
8,761,325
827,898
8,717,125
xl,250
3,921,645
4,653,200
959,803
956,940
Common stock-.
Capital surplus
291,367
309,030
Surplus
40.867
49,177
.24,792,943
25,001,214
cos..
investments
Def'd items
405,319
con¬
subscr. by em pis
6,957,178
4,053,076
&c
Corp.—Earnings—
3'Mos. End. Mar. 31—
57,164
Instal. paid on stk
650,699
7.506,326
Goodwill, patents,
Net profit
for
tingencies
3,013
—
Plant prop. &eq.
57,164
pref. stock..
awards to empl.
Reserve
due
subsidiaries
x
on
unconsol.
Mktable.
z
Dividends accrued
Res. for stk. bonus
Misc.accts.& notes
receivable, &c—
49,807
accrued
3,014,294
of this department.
$
Social security tax.
2,743,015
3,247,172
2,874,014
Arlington Corp.—Registers with SEC—
267,414
Federalinc. taxes.
275,000
Accts. & notes rec.
Inventories
See list given on first page
230,510
3,137,959
U. S. Govt, secur.
Em ploy..notes rec
:
927,546
Accts. & notes pay.
Stock of the Atlas
include any provision for surtax on undistributed
profits as such
be estimated until the close of the fiscal
year,
z Net income is
appropriated for sinking fund purposes to the full extent of the corporation's
not
tax cannot
609,151
Liabilities—
$
2,626,999
2,128,313
18,350
do
1937
1937
$
2,662,308
Cash
1938
$
& accrued liabs.
1938
Assets—
Powder Co
z
$3.80
undistributed profits.
(net)-
4,053,043
x
liabilities
tively
on
$571,256 comparing with $2,846,217 and $600,572
March 31, 1937.—V. 146, p. 2525.
were
respec¬
Total
Represents
during 1937 in
x
Total
24,792,943 25,001,214
proceeds received from the sale of common stock
excess of its paid-in
value,
y Represented by 262,840
cash
Volume
Financial
146
Chronicle
(261,513 ££ in 1937) no par shares,
z After reserve for depreciation and
obsolescence of $7,700,320 in 1938 and $7,350,387 in 1936.
Directors have declared
dividend of 50 cents per share on the common
a
value, payable June 10 to holders of record. May 31.
Like
amount was paid on March 10, last; aspecial dividend of 50 cents paid on
Dec. 24, last; 75 cents paid on Dec. 10, 1937; $1 on Sept. 10, 1937; 75
cents on June 10 and on March 10, 1937 special dividend of 50 cents paid
on Dec. 24,
1936, and extra dividends of 25 cents in addition to regular
dividends of 50 cents per share paid on Dec. 10, 1936 and each three months
previously.—V. 146, p. 902.
"
stock,
Baldwin Locomotive Works—New Directors—
The
company
meeting
50-Cent Dividend—
no par
3003
of the
MacGillivray
continue
announced the election at the recent regular monthly
Board of Directors of Charles B. Rose and Charles D.
as
hold
to
Vice-Presidents of this company.
Mr. MacGillivray will
the office and perform the duties of Secretary of the
company.—V. 146, p. 2840.
Bangor Hydro-Electric Co.—Earnings-
,
Period End. Apr. 30—
Gross earnings
Associates Investment Co.
1937
1936
1935
$2,230,406
1,141,195
$2,680,714
1,221,164
$1,637,376
738,758
$1,154,043
552,344
$1,089,211
$1,459,550
1,001*
$898,619
$601,699
19,876
$1,089,320
$1,460,552
$898,916
$621,575
227,684
Gross income from oper.
Operating
expenses
221,259
x205,000
89,174
133,500
71,895
80,550
$1,034,293
75,000
203,663
407.350
$676,243
52.500
100,000
$469,129
109
Other income credit
Int., incl.
& exps.
comm.
coll. trust notes, &c
Prov. for Fed. inc. taxes.
on
Net
Divs.
72,000
$789,636
75,000
209,124
418,247
$1.71
income
preferred stock.
Divs. on com. cap. stock
on
Shs. com. stock (no par)
Earnings
x
per
298
share
400,000
$1.56
$2.35
Does not include surtax on undistributed
22,750
80,000
80,000
$5.58
1937
1938
1937
$
Assets—
'
■
Repossessed autos.
146,915
106,097
Accts. receivable..
1,898
4,789
Accts.
Acer.
110,615
250,000
250.000
291,590
(est.)
648,187
250,000
234,000
261,000
79,178
owned
4,001,073
7,816,131
8 ,924,909
Earned surplus
Corp.—Earnings—
$5,243
y
Earns,
x
per
After
stock,
z
share.
Federal
depreciation,
taxes,
Before Federal taxes—.V.
1936
$359,926
12,361
$0,13
zl3,994
$0.14
etc.
y
On
Depreciation, intangible
development costs, &c.
94,551
shares
1936
$8,288,264
7,124,368
$9,196,248 $10,331,730
9,879,046
7,955,908
$152,690
28,648
$1,163,896
$1,240,340
111,372
$452,684
74,119
$181,338
710,562
$1,259,921
2,211,637
$1,351,712
3,154,254
334,655
$526,803
2,826,406
913,156
Expenses.
Inventory mark-down.
Patterns, dies, jigs and
96,025
_
Earnings per share
145, p.3339.
x
804,265
1,059,653
1,291,677
$923,798
$0.41
$591,155
$0.26
80,548
124*075
$609,772
$1,075,791
$2,352,709
on
108,052 shares..
220,635
114,579
91,309
108,600
104,663
$389,136
$961,212
y159,893
y295,114
422,772
$2,261,400
190,963
$3,257,050
98,435
477,647
„
96,693
Extraordinary income-
21,124
$0.20
,
.....
y
1938
revenues
Balanceafter operation, maintenance and taxes..
Includes non-operating income, net.
Belden
y
$1,762,386
533,374
214,702
After appropriation for retire¬
146, p. 26/7.
Mfg. Co. (& Subs.)—Earnings—
1938
1937
$53,510prof$ 154,150
3 Months Ended March 31—
x
1937
$2,047,965
670,420
Balance for dividends and surplus...326,320
Operating
x
Net loss..
After deductions for operating expenses, normal
x
Federal incon e taxes
charges, but before provision for Federal surtax on undistributed
~V. 146, p. 2840.
Light, Heat & Power Co.—May Call Bonds
1, next, call the entire issue
and accrued interest. There
It is reported that this company will on July
of its first mortgage bH % income bonds at 102
$38,159,900 of these bonds currently outstanding, practically all
of which are held by Montreal Light, Heat & Power Consolidated as the
result of an exchange offer.
This is understood to be the first step in a
complete reorganization of the capital structure of Beauharnois,
In ad¬
dition to the above issue, there are around $36,000,000 5s of 1973 outstand¬
ing on which April 1 interest was omitted.—V. 145, p. 3967.
are
some
Belding Heminway Co.—Earnings—
1937
193 8
Selling, gen. & adminis. expenses
Depreciation..
—.
.
■
$77,156
Total income
$426,705
237,168
13,539
$182,449
16,658
$175,998
6,098
$199,108
$68,198
8,958
Other income.
1936
$524,018
327,955
13,613
$346,045
263,737
14,111
Gross operating profit
Operating profit
-
$187,045
Rouge Electric Co.—Earnings—
$3,470,313
....
$411,043 loss$337,839
$0.21
Nil
;
3 Mon ths Ended March 31—
Loss from operations.
Other income (int., dis¬
count, &C---------
$721,814
12 Months Ended March 31—
160,861
123,218
92,294
fixtures written down.
Taxes
1936
$1,275,308
—V.
Beauharnois
1934
1935
1935
1937
$1,882,832
Earnings for the 3 Months Ended March 31, 1938
(& Subs,)-—Report-
$3,417,196
3,264,507
Other operating income.
Subs.)—-Earnings—
Net sales...
Net incon e after oper. exps., Fed'l income taxes & other charges
but before prov. for Fed'l surtax on undistributed profits.....
and other
Consolidated Income Account for Years Ended Nov. 30
Net
Meroer—
on
Bartgis Brothers Co.—Earnings—
capital
146, p. 1866.
1937
$141,074
1,028,333
Net profit..
Earns, persh. on cap. stk.
—V. 146, p. 1540.
earnings
Auburn Automobile Co.
$136,140
3 Mos. End. Mar. 31—
1938
Prof. aft. int. & Fed. tax $1,952,131
1935
$325,622
40,469
$0.43
...
loss$5,450
Nil
—...
$7,653
Barnsdall Oil Co. (&
ment reserve.—V.
1937
$617,133
1938
Net profit
$653,223
305,794
206,355
Barker Bros. Corp.— To Vote
x
x
$680,872
305,794
238,937
...
Baton
Represented by 418,247 no par shares in 1938 and 407,350 no par share
in 1937.—V. 146, p. 1701.
Net sales.............
$51,237
25,483
18,101
stock.....
Stockholders at a special meeting on June 7 will consider an agreement
providing for the merger of Barker Bros., Inc.. (a wholly owned operating
subsidiary) into Barker Bros. Corp.—V. 146, p. 2677.
66,151,248 71,114,628
Total
x
Atlas Tack
on com,
Balance
1,467,202
2 ,701,107
-66,151.248 71,114,628
$1,019,320
366,100
—V. 146, p. 2357.
114,184
on
10-yr. 3% debs.
Prepd.lnt., rent,&c
1 303,824
income.
10-yr. 3% debs...12 ,000,000 12,000,000
5% cum. pref. stk.
6,000,000
(par SI 00)
6 ,000,000
x Common stock..
2 ,796,946
2,306,248
Inc.,
$971,800
290,929
Surplus..
on pref. stock..
Div,
Div.
645,319
398,738
Reserve for losses.
Bldg.Co., a sub.
Total
1,644.722
State,
taxes
Unearned
Cap. stk. of Assoc.
50%
__
auto dealers
Cap.stk.of Emmco.
Unamort. disc't
Fed.,
&c.,
114,473
—deprec. value.
Co.,
payable.
Funds withheld fr.
Off. furn. & equip.
Inv.
30 ,381,000 35,349,000
1,238,063
Notes payable
7,362,607
62,651,478
S
S
Liabilities—
S
8 ,865,668
Notes receivable-.55 ,814,787
$75,234
23,996
2 62,300
147,786
[Formerly Barnsdall Corp.]
L
Cash
$2,148,347
718,938
Net oper. revenue....
Fixed charges
profits.
Condensed Balance Sheet March 31
1938
$2,225,699
743,794
350,500
159,605
$52,448
25,483
21,721
Depreciation
Earnings—
1938
$176,708
" 61,553
28,850
11,071
$78,206
25,759
Taxes accrued
3 Mos. End. Mar. 31—
1938—12 Mos.—1937
1938—Month—1937
$177,240
57,884
30,000
11,149
Operating -expenses
$182,096
4.226
"
Loss
Other
_
charges
Depreciation.
172,131
—
z
$721,161
1,240,984
$1,679,098
156.254
443,644
«
$2,896,007
198,155
$3,833,132
190,633
J.
Expenses of idle plants—net
Net profit
Common dividends...
Earns,
$1,522,844
Dividends.
a
_.
$2,697,852
$3,642,499
223,442
$1,522,844
$2,697,852
—
—
a
Dividends paid to
preferred stockholders of Lycoming Mfg. Co. under
Mar. 31'38
Assets—
Cash in banks,
Represented by cash and capital stock receivable in sale of aircraft
engine and propeller division to affiliate company, being reimbursement
for development expenses charged to income in prior years, and proceeds
of sale of trade name and goodwill,
y Includes interest, amortization, &c.
z
Company's equity in net losses of subsidiary companies and write down
of investments and advances to book value of net equities in such companies.
y
Accts.,
notes
accounts
&
Cash
1937
Assets—
$76,521
Cash............
32,200
1,881,021
'
418,217
Fed. income tax..
2,211.031
Accrued interest..
44,863
52,098
z
Other accruals
56,801
69,072
29
Sinking fund cash.
Cash in closed bank
investm'ts
Invest,
~~2,486
Commitments
16,270
mat'ls
18,619
in and ad¬
vances to subs..
Prepaid exps. and
deferred charges
x
not
&c.
vances
20,385
102,397
for
used in business.
293,323
314,988
companies
95,073
654,518
172,516
<
x
Funded debt.
1,808,775
2,308,775
458,000
313,000
195,592
5.390,786
Sink, fd. instalm't
1
......
^ ......
Capital stock
11,033,605
Capital surplus...
402,253
Deficit..
..10,193,737
y
z
After
72,657
420,866
6,719,949
Bell
loss
after
deprec,,
provision
1938—Month—1937
$5,780,679
* 28,695
Operating revenues...
Operating expenses
$5,751,984
3,922,934
.
1938—3 Mos.—1937
$5,670,646 $17,078,266 $17,024,620
10,654
79,946
31,844
1938
1937
$730,563
$13,824
doubtful
comparing with consolidated net profit in March quarter of 1937, including
$113,801 company's equity in net profits of con panies more than 50%
owned, of $99,977.—V. 146, p. 2526.
Net oper.
$5,659,992 $16,998,320 $16,992,776
3,957,006
11,546,496 11,209,515
revenues.$1,829,050
$1,702,986
491,665
450,079
$5,451,824
1,469,248
$5,783,261
1,521,353
$1,337,385
$1,252,907
$3,982,576
$4,261,908
884,584
809,832
2,611,120
2,914,699
Operating taxes.
Note—Including $181,910 company's equities in net profits of com¬
panies more than 50% owned, but not wholly owned, less dividends received,
consolidated net loss was $548,653 for quarter ended March 31, 1938,
(465,032 in 1937) no par
$3,896,270 $9,203,568
Subs.)—Earnings—
for
Total.........84,538,180 $4,549,697
Telephone Co. of Pa.—Earnings—
Period End. Mar. 31—
Operating revenues
Net oper.
accounts, interest and taxes
912,562
time
Uncollectible oper. rev..
Net
1,755,311
1.556,719
deposits of $300,000.
y After
reserve for doubtful
March 31, 1938, $61,159; Dec. 31, 1937, $61,440 and
for discounts; March 31, 1938, $57,879; Dec. 31, 1937, $25,016.
reserves for depreciation and obsolescence of $1,424,749 in 1938 and
Includes
reserve
11,033,605
After depreciation,
y Represented by 228,237 no par shares, including
829 shares fractional dividend certificate outstanding.—V. 146, p. 1390.
3 Months Ended Mar. 31-—
no
1,084,143
x
Babcock & Wilcox Co. (&
stock,
$1,416,038 in 1937.
a Represented by 458,500
Shares.—V. 146, p. 2032.
Res. for contg.,&c.
Total
Com.
par value...... 1,732,518
Capital surplus— 1,540.665
Farned surp. since
Dec. 31, 1932-.
930,649
accounts and notes,
Min. stockholders'
andsur.of subs.
$4,538,180 84,549,697
Total.
60.034
42,621
....$3,896,270 $9,203,5681
a
3,377
116,133
1
11,749
int. in cap. stock
Total
4,439
57,319
payable....
170.833
1
2,328
accounts rec
657,657
Deferred charges..
87.412
in
96,183
Fixed assets....
Goodwill
income tax
,
3,125
Other assets......
Indiana State gross
1 ,532,373
65.000
53,920
14,993
75,012
balances
Other liabilities—
Divs.
affil.
to
$100,860
32.105
now
1 ,562,107
Fixed assets
Goodwill
$446,519
387,023
Dealers' dep.,
21,747
2,096,634
depoBi. under
Investm'ts in & ad¬
$178,821
2,050
33,056
1,425
rec.
Inventories
Sundry
Accts. payable.
$969,293
1936
275,443
Accrd. int. rec....
Notes & accts.
1937
Dec. 31'37
it 65.473
payableexpenses,
Accrued taxes
Credit
Notes rec.—officer
Liabilities—
1936
596,111
870,921
notes rec:
Mdse. inventories.
Mar. 317$
Liabilities—
Accrued
wages,
\
465,032
$0.37
Balance Sheet
&
trade accept, rec
Misc.
$549,083
$0.37
$0.41
465,032
$0.41
$0.16
Accounts
rental agreement
Consolidated Balance Sheet Nov. 30
$174,713
$0.16
458.500
Dec. 31'37
on
hand, & in trans. x$457,022
guarantee of Auburn Automobile Co.
x
3,157
$191,157
116,258
57,319
...._-
sh. on 465,032 shs. com
stock (no par)
—
Shares common stock (no par)_—
Earnings per share...
— ...
$3,865,941
10,438
$1,972,583
-
7,951
per
Comparative
Deficit for year
•'"
$75,406
....
$1,962,145
w
1,750
Miscellaneous charges—
income
Net income
Gain in Phones—
gain for April of 1.228 stations as compared
7,595 in April, 1937.
For the first four months of 1938 net gain in
7,510 as against 35,857 in like period of last year. As of April 30,
company had 1,212,644 telephones in service in State as compared with
1,170,608 on April 30, 1937.—V. 146, p. 2357.
This company reports a net
with
stations was
3004
Financial
Beneficial Industrial Loan Corp, (& Subs.)3 Mos. End. Mar. 31—
$5,101,631
2,850,027
2,509,966
2,600
17,919
$1,768,888
11,217
$2,387,111
171,493
$2,254,204
142,779
...
.
$1,849,172
$1,780,105
109,287/
63,555
119,884
-
inc.
y601,708
y 440,448
351,376
326
304,756
x9,398
$1,070,978
6,631,901
$1,388,183
6,389,486
$1,276,707
Earned surplus Jan. 1
$1,613,910
8,031,706
Total surplus...
Surplus charges, net
$9,645,615
7,420
$8,302,879
5,271
$7,777,669
Cr288
$6,617,066
16,320
$9,638,196
188,486
1,041,745
$8,297,608
$7,777,957
188,494
1,374,580
$6,600,746
188,494
784,694
capital stock taxes...
5,804
cos.
Net income
5,340,359
Earned surp. available
for divs. on capital
stocks of the corp..
pref. stk.
on
on common
ser.
A
stock.
Earned surp. Mar. 31.
Shs. com. stock (no par)
Earnings
per
issued a certificate
permitting abandonment by the road of a branch line of railroad extending
Wing Road to Base, approximately 20.13 miles, all in Grafton ana
Coos counties, N. H.—V. 146, p. 2841.
from
Boston
$8,407,964
2,314,989
$0.61
share
188,494
1,041,745
$7,067,369
2,314,989
$0.64
$6,214,883
2,314,989
$0.51
$5,627,556
2,092,444
$0.52
Including amortization of debenture discount and expense,
provision for surtax on undistributed profits.
x
y
Includes
1938
1937
$
$
had then been reached.
Since disaffirmance of tne Old Colony lease
Cash............ 5,035,507
4,755,854
bllustallment notes
receivable—..
Miscell.
notes
60,943,986 61,748,820
%
Notes payable..-.17,850,000 20,075,000
Federal income tax 1,464,703
1,004,841
$400,000 per annum for dividends on stock, $108,500 interest on bonds and
$3,000 organization expenses.
Directors of the latter, desiring to conserve
cash, withheld from stockholders' dividend payable Jan.
1, last.—V.
146, P. 101.
stock, series A__
29,575
188,486
389,823
35,548 Other current liab.
15,202 Due to assoc. co._
296,270
28,800 Em pi. thrift accts. 2,767,218
15,169
28,076
.....
Real estate..
Furniture & flxt.
700,727
604,847
Deferred income..
179,530
187,929
42,188
Res. for taxes, &c_
Min. int. of sub...
328,914
664,893
2,518,832
436,745
970,447
744,585
Deferred charges..
Other assets......
1,119,802
a
48,487
c
Pref.
12,500
12,500
10,770,650 10,770,050
stock..16,585,108 16,585,108
stock
d Common
Paid-in surplus...
Earned surplus...
Bower Roller
6,983,828
7,067,389
6,983,828
8,407,904
* Total....
.67,581,057 67,419,187
After depreciation reserves of $488,228 in 1938 and $576,768 in 1937.
b After reserves of $4,209,700 in 1938 and
$2,880,115 in 1937.
c Reprea
shSres
V
^146'^p* 2841^ 8tiare8* d Represented by 2,314,989 no-par
Bethlehem Steel
price
was and is no assurance that a better
price would, be
resale and every probability that it would not," said Judge
the
Dickinson, in sustaining the sale.—V. 146,
p.
obtained
Oliver B.
1937
$72,745
$127,262
$0.51
$0.95
stock.....
Bishop Oil Corp .—Earnings—
3 Months Ended March 31—
Gross income.
1937
$184,599
x72,396
$0.19
1938
$174,249
33,925
share..$0.09
xlncludes $18,182 gain on sale of securities.
The consolidated net profit is after deducting all charges including de¬
pletion, depreciation, leases and well abandoned, and estimated Federal
normal income tax.
No deduction has been made for the Federal surtax
on undistributed
profits.—V. 146, p. 2527.
Black & Decker
Net profit.
Earns, per sh. on com..
x
1938—3 Mos.—1937
$1,562,487
$83,491
243,597
$0.22
110.66
1938—6
Mosv^-1937
$2,430,064
154,632
$2,860,174
443,675
$0.41
$1.16
x Aicer
charges, depreciation and taxes but before surtax
profits.—V. 146, p. 1541.
undistributed
on
Boeing Airplane Co. (& Subs.)—Earnings—
Shares
common
income taxes
...
"stock
NU
Note—No provision has been made for Federal surtax
profits.—V. 146,
$1,271,103
1,105,853
29,331
19,982
$52,015 prf.$115,937
...
521,882 shares capital
on
1937
1938
$1,058,305
1,078,986
30,162
1,172
Depreciation.—.....
Net loss
Earns, per share
(par $5).
$0.22
on
undistributed
2677.
p.
Bonwit Lennon &
Co., Inc.—Registers with SEC—
See list given on first page of this
department,
Borg-Warner Corp. (& Subs.)—Earnings—
■
3 Mos. End. Mar. 31—
1938
Operating profit...
Total income.
_
.....
_
Federal taxes
1936
1935
_
_.
;
_.
Minority interest.
$3,049,870
124,126
$2,334,978
$240,612
469,677
50,164
9,060
.
Depreciation.
Interest-
1937
$150,004
90,608
Other income.
685,364
$0.87
687,228
$1.13
686,988
694,998
$0.79
stock
x
After deducting an
profits.
$0.96
estimated provision of $19,257 for the surtax on
y Before provision
for surtax on undistributed
profits.
,
31, 1938, consolidated net earnings,
charges and after estimated Federal income taxes, but before
provision for surtax on undistributed profits, were $2,038,293, or $2.97
per share on the outstanding shares.—V. 146, p. 2197.
For the 12
after
months ended March
all
Operating expenses-....
Corp., Ltd.—Earnings-—
1938—9 Mos.—1937
$1,272,169 $11,413,039 $11,241,259
783,244
6,603,129
6,380,901
1938—Month—1937
Period End. Mar. 31—
Gross earnings
$1,269,357
775,875
Net earnings...
$493,482
$488,925
$4,809,910
$4,860,538
-V. 146, p. 2358.
Surface Lines—
Mayor Fiorella H. La Guardia announced May 3 that the City of New
amounting to
$5,310,000 against the street surface railway lines controlled by the Cor¬
poration in Brooklyn and Queens.
Most of the total involved in the advertising is represented by $2,023,000
principal amount of special franchise taxes, dating as far back as 1893.
The announcement was interpreted as a move to force motorization of
some of these trolley routes now operated under perpetual franchises.
The B.-M. T. is expected to protest continuance of the tax lien adver¬
tising.
The actual date set for the sale is Aug. 5, next.
Among the B.-M. T. subsidiaries involved in the tax lien advertising are
York is taking immediate action to advertise sale of tax liens
the
Brooklyn City RR. (Brooklyn Heights Co., lessee), Coney Island &
Brooklyn RR., Coney Island & Graves End Ry., Nassau Electric RR.,
Prospect Park & Coney Island RR., South Brooklyn RR., and DeKalb &
North Beach RR., as well as several others.
In order to guard against misunderstanding from the action ordered by
Mayor La Guardia offering for sale tax liens against certain companies of
the B.-M. T. System, W. S. Menden, President of the B.-M. T. companies,
made the following statement in which he declares that there is no default
and that the city may be in debt to the companies after certiorari proceed¬
ings are concluded.
He said:
'The greater part of the taxes on account of which the city is threatening
on Aug. 5, 1938, to sell the properties of certain companies of the B.-M. T.
System are special franchise taxes, all of which have been in litigation and
process of adjustment for many years.
"The companies of the B.-M. T. System have made various efforts to
adjust these special franchise taxes for the years 1916 to 1923.
By agree¬
ment with the Attorney General, Corporation Counsel and counsel for the
companies, the certiorari proceedings involving the 1917 taxes were selected
as the proceedings to test the contention of the companies, which were the
same as in the proceedings for the refund of assessments for other years.
"The 1917 assessments were noticed for trial and appeared on the calen¬
dar in November, 1920.
At the request of the Corporation Counsel the
cases were adjourned from month to month until January, 1922.
During
this period negotiations for settlement were being had and it was thought
an agreement had been reached and on that account the cases were allowed
to go off the court calendar.
Subsequently the city refused to carry through
the proposed settlement and finally the railroad company restored the cases
to the calendar in 1932.
The companies pressed these cases for trial but
Corporation Counsel claimed they were not ready and continued negotiations
looking toward a settlement until November, 1933, when it was believed an
agreement had bee a reached and the cases were again allowed to go cff the
calendar, but the companies were unable to reach any final agreement with
Corporation Counsel.
1
"In an effort to clean up all the assessments the companies again restored
the 1917 cases as a test case and restored these to the calendar for trial in
November, 1937.
The Corporation Counsel again asked for an adjourn¬
ment.
The transit companies refused to consent to any further adjourn¬
ment and asked Justice Steinbrink to appoint a referee.
Corporation Coun¬
sel finally agreed to have the cases sent to Justice Faber as official referee
and Justice Faber set April 20 as the date of trial.
The Attorney General's office asked the company's counsel to meet with
the Corporation Counsel in Albany for the purpose of seeing if a settlement
could be reached.
Such a conference was had and it was finally agreed
that the trial before Justice Faber be adjourned to May 25, 1938, in order
„
3 Months Ended March 31—
Operating revenue and other income
Costs and expenses.
Federal
1935
$550,949
Corporation to Contest Tax Lien Sale—
Mfg. Co; (& Subs.) —Earnings—
Period End. Mar. 31—
Net sales
1936
$659,886
(par $5)
Earnings per share
on
1938
—V.
Net Profit—
Net profit per
1937
x$777,298
Brooklyn-Manhattan Transit Corp .—Tax Sale Ordered
Birtman Electric Co
.—Earnings—
on common
1938
2841.
3 Months Ended March 31—
Net income after charges and Federal income taxes,
but before surtax on undistributed profits......
Earnings per share
145, p. 4110.
$0.27
$383,730
$1.28
y$599,747
tion, Federal taxes, &c
inadequate.
was
"There
on a
$81,213
Bristol-Myers Co. (& Subs.)—Earnings-
British Columbia Power
Wire Rope Co. for $3,300,000 last June.
The Court overruled objections of stockholders who charged that
1937
but
300,000 shares capital stock
3 Mos. End. Mar. 31—
Corp.—Acquisition Upheld—
The U, 8. Circuit Court of Appeals at Philadelphia on May 3, upheld
the acquisition by the corporation of all the properties of the Williamsport
1938
taxes,
Net profit after deprecia¬
undistributed
Total—.......67,581,057 67,419,187
Bearing Co.—Earnings—
3 Months Ended March 31—
Net profit after deprec. & Fed. inc.
before undistributed profits taxes
Earnings per share on
—V. 145, p. 3647.
Divs. pay. on pref.
and
&accts.receiv_.
Investments
June 2, 1936, New Haven
trustees, under Court directions, up through last December, had con¬
tinued to make rental payments to the Boston & Providence, aggregating
1937
1938
Liabilities—
President
of the New Haven for a
possible modification of the lease, or a change in the relations between the
two companies, are continuing.
To afford the parties more time, he said,
Boston & Providence directors have agreed to an extension of time to
to June 1, 1938, before exercising right of re-entry into the property.
The Boston & Providence lease to the Old Colony RR. contains a 30-day
grace period, which expired April 30, before rental was actually in default.
Late in March Federal Judge Carroll C. Hincks in the U. S. District Court
at New Haven granted a petition of trustees of the New Haven for modi¬
fication of a previous order directing continuance of rental payments to
the Boston & Providence, the trustees desiring to take advantage of the
grace period and wishing to be assured of Court approval.
They stated in
their petition that certain negotiations were in progress with Boston &
Providence interests for modification of lease terms, on which no conclusion
of the road, states that negotiations with trustees
Consolidated Balance Sheet March 31
'\'Uv.v;
Assets—
& Providence RR.—Lease Situation—
Questioned as to the status of the lease, Bentley W. Warren,
Other charges
Net inc. applic. to min.
Divs.
Divs.
Co.—April Output—
April, 1938, of 1,043,483,000 cubic feet,
April, 1937.—V. 146, p. 2358.
Boston & Maine RR.—Abandonment—
a
stockh'ld'rs of sub.
Consolidated Gas
The Interstate Commerce Commission on April 21
Gross income.
Int. on 6% conv. deb..
Other interest.
i
for Fed.
a
2,527,264
$1,831,253
May 7, 1938
This company reports output for
decrease of 0.2% compared with
1935
$4,296,152
$2,251,604
Income credits
Prov.
1936
$4,341,219
$2,385,687
1,424
Net operating income.
.
Boston
-Earnings
1937
1938
Operating income
*
$5,462,091
Oper. exp. (incl. prov.
for doubtful notes)...
3,076,404
Chronicle
1$3,173,997
1$2,436,761
468,234
91,101
442,739
450,655
80,450
330,294
!$2,171,923
!$1,575,363
101 783
$2,014,623
104,904
$2,119,527
383,697
74,757
277,227
CV617
•'
loss$287,673
32,382
Shs.
com.
Earnings
stk.(par $15)1
share.....
per
$1,383,846
55,832
2,302,030
1,'150,982
1,'150,957
l!l50,*926
def$0.125
x$1.88
$1.34
$1.15
On the basis of the new stock (two shares of which will be
issued for
each share of old) the earnings of $2,171,923 are
equal to $0.94 per share
x
?n 2^01,964 shares ($5 par) common stock outstanding (2,461,814 shares
$159,850 shares owned by corporation).
made for Federal surtax on undistributed profits.
less
Noie—-No provision
—V. 146, p. 2032.
Boss
dividend of 25 cents per share on the common
stock, par $100, payable May 16 to holders of record April 30.
A dividend
of $1.50 was paid on Feb. 15, last.
Dividends of $2 per share "were paid
in each of the four quarters of 1937 and dividends of
$1.50
a
per
paid in each quarter of 1936 and 1935.—V. 146, p. 904.
computations might be made which would furnish a basis for settle¬
ment without
having to go to trial.
agreement cannot be reached the companies are ready to go to trial
they are sustained in their contentions it may be that the
city will owe the companies refund of taxes they have paid instead of the
companies owing the city any sums on account of any special franchise
"If
on
an
that date and if
taxes."
.
■
'
Change in Collateral.—
Mfg. Co.—Dividend Reduced—
Directors have declared
that
share were
The Brooklyn Trust Co. as trustee under trust indenture dated May 1,
1936 securing Brooklyn Manhattan Transit Corp. rapid transit collateral
York Stock Exchange that it has released
trust bonds has notified the New
from the indenture for sinking fund purposes $733,000 principal amount
New York Rapid Transit Corp. refunding mortgage 5% sinking fund gold
bonds, series A, due July 1, 1968, leaving $85,600,500 principal amount
of such bonds on deposit with the trustee.—V. 146, p. 2678.
Volume
Financial
146
Brown Shoe Co.—To
the common
Previously regular
May 20.
distributed.—V. 146, p. 2033.
Earnings for the 12 Months Ended
Net profit from operations,
Dividends on investments
Miscellaneous income,
first and refunding mortgage gold bonds 6% series, due
June 1, 1941 have been called for redemption on June 1 at 103 and accrued
interest.
Payment will be made at the Pennsylvania Co. for Insurances on
Lives and Granting Annuities.—V. 146, p. 1543.
amounts were
3 Months Ended March 31income after int., deprec.
Federal income taxes
Butte
for surtax on
1937
3.14
-V. 146, p.
Nil
Nil
2842*
1937
1938
$6,049 prof$29,193
Nil
$0.05
2359.
after taxes,
pat. amort., but before
depreciation
Earns, persh. on 264,635
1938—12 Mos.—1937
After
Nil
Nil
Nil
$0.15
;
$134,366
$486,118
x$138,861
$209,681
March 31 the position of the
"To reap
Co.—Correction
printed annual report of the compay for
certain details of costs were inadvertently misstated with¬
affecting, however, the accuracy of the figures given for gross and net
income.
The corrected statement follows:
the year 1937,
out
1937
1936
1935
1934
$7,150,325
$9,443,785
$5,976,744
$4,025,857
82,315
80,218
55,284
33,149
$7,232,640
3,778,549
$6,032,028
4,282,902
2,308,771
$4,059,006
2,411,634
1,801,980
272,293
$9,524,003
5,553,098
3,002,415
116,367
57", 543
99,054
$1,866,777
$852,122
x$617,188
x$253,662
Years End. Dec. 31—
Total income
Cost of sales
Depl'n and depreciation
1,315,022
Federal income tax
Other charges
■
Net profit
xLoss—V.
146,
p.
2842.
Canada & Dominion Sugar
Co., Ltd.—Extra Dividend—
Directors have declared an extra dividend of $1
to the
stock.
per
share in addition
Canada Dry
be made on June 1 to
1938—3 Mos.—1937
Period End. Mar. 31—
1938—6 Mos.—1937
$3,028,667
$7,321,761
and
2,789,477
2,974,140
7,022,764
6,211,401
$298,997
131,970
$274,691
117,023
$10,275
64,849
Profit from operations
Provision for depreciat'n
Net operating loss
Other income
$54,528
59,385
$54,574
29,108
i
25,220
$4,858 prof $167,027 prof$l 57,668
67,927
59,208
lo8S$25,466
29,635
Gross income
Income deductions
$20,362
46,039
$2.34,954
56,254
$216,876
89,330
Cril,252
1,557
27,090
of Canada inc. taxes..
$43,849
wu-«
Central Maine Power Co.—To
Company, subsidiary in the
1938—Month—1937
Period End. Mar. 31—
Net earnings
$397,439
162,799
$1,259,870
561,002
$1,190,330
482,889
$238,077
Operating expenses
-V.
1938—3 Mos.—1937
$425,136
187,059
Gross earnings
$234,640
$698,868
$707,441
Co.—Earnings—
1?38—12 Mos\—1937
$2,125,330 $2,186,245 $£,785,7o4 ®J'^,218
1,382,943
1,343,917
5,570,423
4,989,858
1938—3 Mos.—1937
Total oper. revenues
Total oper. exp.& taxes-
-
$846,086
430,180
6,298
$3,246,276
1,698,226
27,773
$2,982,401
1,717,169
37,158
32,348
7,042
33,058
6,614
130,603
29,683
132,433
28,962
$287,705
Gross income
General interest
$3,215,331
30,945
$755,068
420,756
7,216
(net)
debt..
.
$369,935
$1,359,990
$1,066,678
bond
of
Amortization
$842,328
3,758
$2,973,360
12,681
$742,387
Net oper. income....
Other income
discount and expense.
Misc. inc. deductions—
"
Net income
cumulative preferred dividends not declared or accrued
1938, amounted to $2,263,985, or approximately
$18.81 per share on the 7% and $16.12K Per share on the 6% pref. stock.
(2) It is estimated that t?ie company has no liability for
profits tax.—V. 146, p. 2359.
books at March 31,
undistributed
Central States Edison, Inc. (& Subs.)—Earnings1938—3 Mos.—1937_ 1938—12 Mos.—1937
$389,060
Period End. Mar. 31—
$95,912
51,805
8,295
12,382
8,164
Depreciation-.
(other than Fed¬
7,326
31,668
28,342
$16,104
$83,608
5,157
Taxes
eral income
Drl70
863
$17,906
$16,968
$88,787
$88,765
540
390
12,514
12,836
2,309
50,294
52,019
$4,851
$3,742'
$36,183
$35,896
$18,076
Net operating income.
Non-operating income..
Int.
1938
1937
$5,333,641
$993,742
Net income.
-V. 146, p.
2843.
Canadian Pacific Lines in
1938
March—
1937
1935
$335,562
134,325
102,370
$272,570
70,569
36,457
$224,281
52,944
22,253
918,258
300,876
193,054
Net after rents
900,100
328,123
231,436
780,677
160,893
65,820
649,505
135,057
46,552
From Jan. 1—
Gross from railway
Net from railway
Net after rents
J..
3 Mos. End. Mar.
„
...
1936"
2199.
Earns, per
x
Canadian Pacific Lines in Vermont1938
$65,788
Net from railway
1937
-Earnings-
def47,993
def72,401
$69,656
def47,945
def73,296
$74,799
def21,041
def43,089
183,612
defl43,445
def221,181
308,336
def32,715
def 111,258
230,197
def 116,134
216,215
def79,381
def145,005
...
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
506,474
447,511
Canadian Pacific
Notes payable
46,758
28,100
2,085,714
2,615,045
Accept, against let-
13,484
7,139
Accounts payable-
1,952
696,077
Surplus-.
996,750
Cash
surr.
val.
1,310,803
Deferred assets..
Invest in
ter of
of
life insurance .
_
1,473,424
29,400
1938—Month—1937
1938—3 Mos.—1937
$10,467,979 $11,748,389 $30,166,353 $31,667,081
10,101,331
10,010,224 28,918,403 28,024,668
Working expenses
Net
$366,648
profits
$1,738,164
$3,642,413
$1,247,950
Earnings for 9-Day Period Ended April 30
$3,827,000
$670,000
2843.
14,059
53,050
52,224
47,955
expenses.
Total-.----
—-$5,522,679 $6,236,898
Net loss after taxes,
Earns. per share on
—V. 146, P. 2843.
depreciation, &c
360,000 shares capital stock
9 Months
3 Months
$106,476 pf.$203.155
$0.56
Nil
/
$5,522,679 $6,236,898
Total
Represented by 100,000 shares of no par
for depreciation of $1,325,391 in 1938
V, 146, p. 2682.
x
reserve
Chain Store Investment
3 Mos. End. Mar. 31—
Dividends income
-
269
82
10
445
Miscellaneous expense..
Netinc
x
$4,982
interest income of $150.
tocurr.surp.
Includes
value,
ylAfter deducting
1937.
and $1,240,128 iu
Corp.—Earnings—
1938_
$5,788
Taxes
Carpenter Steel Co.—Earnings—
Period Ended March 31, 1938
19,533
908,493
1,078,471
51,200
Interest
—V. 146, P.
Decrease
$3,157,000
Traffic earnings
1937
-
4,177
house
Managers'commission __
1938
credit-
1937
$630,400
2,000,000
1,600,000
mill supt.
Ry.—Earnings-
Period End. Mar. 31—
Gross earnings
1938
$577,900
2,000,000
1,250,000
Liabilities—
Common stock-.
receivable..
Accts.
Treas.stk. (atcost)
2199.
$0.30
Preferred stock--x
Prepaid
—V. 146, p.
$0.25
Notes rec.—cust'er
Inventories
defl90,325
$42,249
for dividends on preferred stock.
Consolidated Balance Sheet March 31
1938
1937
&c-SI,459,586 $1,513,474
Cash
1935
1936
$109,423
def9,999
def36,372
$36,092
$0.36
Nil
After allowing
Assets—
March—
$47,467
loss$17,587
sh. on 100,stk. (no
par)
Subs.)—Earnings11935
1936
—
1937
1938
000 shs. com.
Plant, eq't,
Gross from railway
Mills, Inc. (&
'
31
Net income after deprec.
& Federal taxes
x
850
2682.
Century Ribbon
Maine—Earnings—
105,131
70,165
$305,485
Grass from railway
Net from railway
—V. 146, p.
of subs.
coll. trust bonds-
Decrease
$4,339,899
Gross revenues
—V. 146, P.
on
200,059
32,470
44,580
$87,293
1,494
Interest charges
Earnings of the System for 9-Day Period Ended April 30
$416,639
220,543
27,587
49,547
56,321
5,285
12,400
$100,246
_
Maintenance
Gross income
Ry.—Earnings—
9,040
Notes—(1) Total
146, p. 2528.
Canadian National
of New
Central Power & Light
Period End. Mar. 31—
Operating expenses
Ltd.—Earnings—
Sell Bonds Privately—
registered holding company system
England Public Service Co., has filed with the Securities and Exchange
Commission an application (File 32-86) for exemption from the require¬
ment for filing a declaration with respect to the issuance and sale or $1,000,000 of 1st & gen. mtge. bonds, series G, 4%, due I960, to Travelers Insurance
Co. at 100%, the proceeds to be used to reduce bank loans made to the
applicant by the First National Bank of Boston; and to issue 5,000 shares
(no par) common stock to stockholders or to NeAV England I ublic Service
Co. for $500,000, the proceeds to be used to pay part of a bank loan.—
V. 146, p. 2843..
Gross revenues.
Canada Northern Power Corp.,
Similar
2843.
V. 146, p.
$27,234prof$151,610prof$101,546
-V. 146. P. 1064.
holders of record Ma# 20.
15, last, Dec. 15, Sept. 15, June 15 and
April 16 and Jan. 15, 1936, and on July 15,
1935. Dividends of 50 cents per share were paid on Dec. 24, 1934, and on
Oct. 15, July 15 and May 15, 1933.
Prior to this latter dividend, regular
quarterly disbursements of $1.50 per share were made on both issues.—
25,999
Prov. for Fed. & Domin.
$1 per share on account of
pref. stock, and the 6% cum. pref.
payments were made on March
March 15, 1937; Dec. 22, Oct. 15,
on
Net loss---
the no par $6 cum.
on
Co.—Accum. Pref. Divs.
declared dividends of
have
directors
accumulations
7
v.f;,
/.
stock, par $100, both payable June 15 to
Int. on long-term
sell., distributing
general expenses.
prudent
issuance
of up to a total of $20,000,000 of such unsecured debentures or other funded
obligations, it is not probable that the initial issue will equal that amount.'
—V. 146, p. 2681.
$6,486,092
Cost of goods sold, adver-
out of earnings.
Also,
substantial profits from
times of depression, makes us feel that it is
to go forward with our plans.
"While it is deemed advisable that consent be given now to the
Ginger Ale, Inc. (& Subs.)—Earnings—
Gross sales, less returns
and allowances
$2,799,752
tis.,
the full benefit of the improved products and new processes
says, "new money is required in larger amounts
year to year, even In
regular quarterly dividend of 37
cents per share on the common
The extra dividend will be paid on May 15 to holders of record
May 5 and the regular quarterly distribution will
holders of record May 15. See also V. 145, p. 2065.
cash
bank
1940.
available," Mr. Dreyfus
The
Rev. from copper sold..
Other income
corporation was virtually the same as on
Central Illinois Public Service
Calumet & Hecla Consolidated Copper
consider
an
Dec. 31, when current assets were $15,439,620, including $7,447,989
and accounts receivable, and current liabilities were $2,188,869, with
loans of $4,500,000, renewable at the company's option up to Nov. 1,
depreciation.—V. 146, p. 1063.
In the income statement of the
has been called for June 3 to
of not more than $20,000,000 of debentures or other
unsecured nature, at such times and upon such terms as
the directors may determine.
Consent of both the preferred and common
stockholders is being asked at the meeting.
In a letter to the stockholders, Camille Dreyfus, President, says that
issue
than can, in fairness to stockholders, be provided
the demonstrated ability of the company to make
profit
shares common stockx
Plans $20,000,000 Loan—
proposed
a
now
Period End. Mar. 31— 1938—3 Mos.—1937
this company
ended
on
Copper & Zinc Co.—Earnings—
(A. M.) Byers Co. (& Subs.)—Earnings—
Net
of Celluloid Corp. (in which
A special meeting of stockholders
undistributed profits
undistributed earnings
made for surtax on
profits taxes.
The results from the operations
1936
loss$40,863
3 Months Ended March 31—
Net loss after expenses, &c., but before depletion._
Earns, per share on 600,000 shares capital stock
—V. 146, p.
$2,826,648
Notes—No provision has been
or excess
obligations of
share on 1,112,289 shs.
stock (par $10)
1,309,500
207,229
368,905
;
an investment of 51.119% of its common stock) for the 12 months
March 31, 1938, subject to audit and adjustments, shows a loss of $663.
x$265,468
1938
and
loss$380,502
per
Before provision
Federal tax provision
has
Butler Bros.—Earnings—
Net
$4,712,281
Depreciation
Interest on long-term debt
$1.50 per share on the common
22,549
-
-
/'.Net income.
Ltd.-—Interim Dividend—
Bulolo Gold Dredging,
Directors have declared a dividend of
stock, payable May 21 to holders of record May 19.
Like
paid on Dec. 10 and on June 10, 1937.—V. 146, p. 2679.
x
$4,667,936
21,797
net
Total
A total of $56,000
common
March 31, 1938
before depreciation
Corp.—Bonds Called—
Budd Realty
Earnings
America (& Subs.)—Earnings—
Celanese Corp. of
Pay Smaller Dividend—
Directors have declared a dividend of 25 cents per share on
stock, payable June 1 to holders of record
quarterly dividends of 75 cents per share were
3005
Chronicle
1937_
x$13,630
630
1936
$3,660
470
140
149
^
1935
$3,307
325
145
92
607
"416
492
$12,162
$2,626
$2,344
3006
Financial
Gain from
Chronicle
1938
1937
$65,007
Sales of securities
Cost of securities sold...
General Balance Sheet Dec. 31
1936
$33,560
9,813
2,739
1935
$36,259
26,192
$77,091
36,773
$21,008
40,080
Estimated Fed. taxes---
$34,866
5,452
1937
Assets—
Current
$2,195
—
4,982
—
$7,177
3,567
preferred stock paid Feb. 1, 1938.
on
Balance, March 31, 1938
$3,610
Balance Sheet March 31
1937
$36,544
$14,442
Note payable
Invests, at cost—
283,823
375,602
Res. for dlvs.
pref.stock
Acer. Int. rec—--
225
------
Prepaid interest..
1938
x
-
no par
Checker Cab Mfg. Corp. f&
Bal. from agents
537,453
Misc.
3,610
13,321
$320,368
$390,509
Georgia—Interest-—
p.
1935
$180
741,033
700,856
$341,042
341,222
$21,555
$5,705
loss$28
$40,177
$27,703
$24,890
$100,239
$83,412
22,296
81,246
90,627
67,316,755
24,420
7,048
10, 967,668
72,067
928,806
1,758,080
1,943,528
8,933,296
10,299
1,133,456
11,206
670,314
2, 981,325
83,962
4, 301,212
unadjust.
credits
...
Add'ns to prop.
$2,593
$18,993
—
Operating loss.
b$494,939
b$45,267
101,562
182,546
132,187
58,533
181,979
128,008
$414,524
178,369
b$78,645
55,670
$323,252
120,983
$236,155
b$968,284
67,320
-
b$813,418
154,866
69,336
b$ 134,315
59,892
$202,269
68,942
Interest paid—------Prov. for doubtful accts.
—
1,022,656
817,692
Sinking fund
re¬
'
600
600
Profit arid loss.. 143,316,167
144,304,246
serves
150,835
2,035,241
—
1,557,893
673,564,8351
Total..
682,104,284 673,564,835
2844.
146, p.
May 14 due to litigation in New York
May 4 has been adjourned
courts.
8. Circuit Court heard argument and reserved decision May 5
on the appeal of Robert R. Young and the
Alleghany Corp. from the refusal
of Judge Alfred C. Coxe to enjoin the Guaranty Trust Co. from
voting
780,100 shares of Chesapeake Corp. stock pledged
payable in 1944.
& notes—-
4,616
96,101
al52,203
79
18,995
20,717
53,032
b$2,396
108,361
108,361
$0.02
$354,884
108,361
Nil
-I-}
on undistributed
$6.00
Nil
Chicago & Eastern Illinois Ry.—Annual Report1937
930
_
_
— _
Pass, carried 1 mile
1936
931
938
895,523
Average miles operated.
Passengers carried
798,525
75,741,574
739,561
62,278,297
87,582,344
1935
1937
1936
Liabilities—•
Land, buildings,
mach. & equip..
—-
$.018
$.018
$.018
$.017
Revenue freight (tons)
8,074,894
7,969,598
6,896,440
6,712,478
Rev.frt. (tons) 1 mile...1484226,018 1380502,596 1185938,165 1136126,162
Rev. per ton per mile
$.0087
$.0093
$.0090
$.0088
_
_
Income Account for Calendar Years
Operating Revenue—
1937
*
1936
1935
1934
$12,877,899 $12,816,673 $10,629,559 $10,021,464
1,588,571
1,369,540
1,117,991
1,217,607
Mail, express, &c1,704,500
1,751,734
1,553,497
1,398,595
Other than transport'n—
211,429
171,160
130,855
138,884
Freight
—
.
Inv. In control,
co.
1,885,860
147,722
39,936
Inventories
Other assets
Other
$921,924 $1,008,691
412,229
152,966
180,868
1,046,205
Notes
1,046,205
investments
1
1
246,779
$541,805
743,456
1,596,325
Mtge. note rec.
(non cur.)--.,-
173,269
73,030
96,501
79
152,203
1,909,857
1,909,857
1,257,318
...
Paid-in surplus
Earned surplus
247
3,920
expenses-
Total oper. expenses..$12,530,803
Traffic
expenses
—
6,297,850
$10,627,133
$9,945,374
$4,357,967
$2,831,177
960,000
},804,771
644,311
$2,956,597
$3,397,967
$2,160,460
$2,141,488
923,332
816,333
269,595
832,204
705,501
.V 180,926
854,116
645,675
148,267
$1,588,474
2,118,104
155,610
30,584
$1,927,896
2,095,069
153,729
14,488
$803,680
2,107,119
154,624
12,183
$789,965
2,123,798
154,624
5,743
$2,273,928
1,470,247
$2,284,165
715,824
$2,263,286
335,389
395,380
395,380
395,380
395,380
$1,111,204
£
-
Taxes, &c._
Operating income
3,920
9,310
Total income
—
Interest..
.$4,327,350 $5,554,0091
Total...
$730,769
$1,865,627
$1,889,580
689,688
Operating Expenses—
Hire of equip.-Dr—_—
Joint facil. rent inc.-Dr.
Rents
Total
$11,751,140
$3,851,597
a895,000
$2,304,299
Net earnings.
877,870
742,144
251,892
Other income
'
12,714
Goodwill
Prepaid
1,059,122
131,939
1,712
Dep. In closed bks.
90,777
686,421
$12,776,550
1,576,796
1,961,683
602,187
5,084,030
50,774
669,902
1,656,141
2,278,903
625,047
5,386,163
42,996
637,883
inc.
Fed.
taxes
1,096,533
d
$13,431,904
1,776,926
2,677,339
670,077
5,902,610
77,661
646,527
accounts
payable
Accrued
1,948,652
2,811,723
695,379
1936
$541,805
Accrued expenses.
36,002
cOth.notesreceiv.
&
Maint. of way & struct—
Maint. of equipment—.
Miscell. operations, &c—
General expenses
1937
b Capital stock
1,322,403
1934
939
731,236
72,840,342
Rev. per pass, mile—
Transportation
b Profit.
profits of $81,875.
Consolidated Balance Sheet Dec. 31
Cash
bond
Alleghany said the situation had become
acute, "because of the Guaranty's stated intention of voting such stock
at a forthcoming special meeting of Chesapeake stockholders, originally
called for April 4 but adjourned by stipulation until the determination of
this appeal.
Theodore Kindl of counsel for the Guaranty argued against the appeal.
—V. 146, p. 2488.
Total oper. revenue-.$16,382,400 $16,109,107
Accts. & notes rec.
a
Carl E. Newton of counsel for
62,955
b$650,644
$308,170
108,361
Shs.com.stk.out. (par$5)
Earned per share
.
security for
as
issue
Passenger.
Prov. for Fed. inc. taxes
Other deductions
Assets—•
869,446
44.044,177
re¬
tired
2,831,388
$5,270
$77,764 1>$1,296,177
68,602
97,873
171,299
221,430
96,858
163,456
Other income
a
878,011
44,044.177
Funded debt
4,413,478
283,949
assets
Other
General Statistics f or Calendar Years
—
Including surtax
1.392,996
112,768
69,476,626
unadjust.
-V.
78,141
$3 721
Gen. & admin, expenses.
a
282,770
6,200,566
93,272
73,645
1,392,996
The U.
1934
505,608
505,636
Combined gross loss..
Loss
271,041
5,453,199
Chesapeake Corp.—Annual Meeting Postponed—
b$475,974
operation
expenses.
llab.
curr.
liability
Prem. on fd. dt.
Deferred liabil—
Total —.....682,104,284
to
23,981
Depreciation
Tax
Insur., Ac., res.
*
Selling
102,622
2,600
Accrued deprec.
other
from
2,700.071
2,282,252
The annual stockholders' meeting scheduled for
Transportation Co,)
$103,041 b$l,287.879
599,922
477,017
578,366
471,312
other operation
1,767,798
2,315,231
3831.
$2,072,825
1,596,851
Rev. from other oper
Direct expenses against
2,600
471,971
Disc, on fund, dt
Other
956,709
mat'd
2,859,735
22,693
accounts.
curr.
debits.
$5,145,800
3,857,921
Gross profit on service1
and miscell. sales.-
Oth.
rec
rec.
debt,
Other
Traf. &c., bals—
1064.
p.
1936
$376,347
479,387
Service & misc. sales cost
8,811,611
689,802
3, 838,633
Subs.)—Earnings—
1937
— .
148,364
5, 730,665
Special depositsLoans & bills
5.284,488
963,607
Accrued int., Ac
23,202
leased
————
Int. & divs.
348,979
a
Consolidated Income Account (Ezcl. Parmelee
Service and miscell. sales
54,802
property
Mat'is & supp..
presentation of bonds for stamping.—V. 144,
Sales of cabs.-_-
on
I'd.
prop,
15,670
The Interest due May 1, 1938, on the 5% coll. trust bonds, due 1937, is
Cost of cabs sold
Impts.
Cash
4,299,965
inter¬
—
sold—,---—
98,775
10,000
185,710
Total--.-
shares,—V. 146,
Central Railroad & Banking Co. of
Calendar Years—
mortg'd
$
unpaid
Misc. accts. pay
Deferred charges
$390,509!
$320,368
Represented by 2,195
inc.
4,976,675
& wages.
est, Ac
of
lieu
14,268
Current surplus.—
Gross
4, 992,421
in
98,775
10,000
-
-
Gross loss an cabs-
Misc. phyg. prop
Dep.
$14,268
8,006
Preferred stock
Def. from security
transactions
on
4,132,527
Rents receivable
Capital surplus
being paid
4, 205,345
deposits.
on
Common stock
x
Matured
Other lnvestm'ts
1937
$50,000
Res. for taxes
240
—
Total
Accts.
9,766,840
Time drafts and
Liabilities
1938
Cash
Assets—
404,115
3,686,815
10 192,904
Advances
Surplus March 31, 1938
—
31,853,432
376,664
Notes.—.—
1936
$
Capital stock-..170,839,100 170,839,100
Govt, grants
18,811
Funded debt...233,764,600 223,622,000
Traf,, Ac., bals.
1,355.263
1,338,632
3 721,423
$10,066
Balance, Jan. 1,1938—
Current net income
Dividend
29 828,559
Bonds—
$24,927
1937
Liabilities-—
$
585,570,398
Inv. in affil. cos.:
from secur.
sur.
transactions.-
1936
$
Road & equip't.595 ,968,690
Stocks.——-
Net to
May 7, 1938
Security Transactions March 31
$4,327,350 $5,554,009
After depreciation of $897,505 in 1937 and
$844,743 in 1936.
b Repre¬
by shares of $5 par value,
c And accrued interest,
d Including
other notes receivable, due quarterly to 1942.—V,
Miscellaneous
v
a
sented
145,
2839.
p.
Chesapeake & Potomac Telephone Co. (Bait.)—Gain
in Phones—
•
Total loss
Income
—
applic.
to
and other funds
a net gain of 1,474 stations during April, compared with
2,274 in April, 1937 and a net gain of 1,729 in April, 1936.
a
the first four months of this year, the company had a net gain of
445^^a,tlo,ns' compared with a net gain of 7,591 in 1937, and a net gain
a
Includes
credit of $224,857. covering amounts accrued
a
1,494,200
sink.
Deficit
Company had
net gain of
Total charges
during 1936
under^Railroad Retirement Act of 1935, subsequently repealed
.
of 5,927 in like period of 1936.—V.
146,
p.
2359.
1937
Chicago Burlington & Quincy RR.—Annual ReportCondensed Income Accounts—Calendar Years
——
,.
„
1937
1936
1935
Ra lway oper.
revenues.$100,151,212 $98,082,410 $82,925,209
Railway
oper. expenses-
74,278,004
Net oper.
revenues...$25,873,207
Railway tax accruals...
7,731,466
Equip t
railTa,y ,re7en"es
& joint
Non-operating
1934
$80,288,159
58,007,982
23,229
-
4,815,245
Net ry. oper.
62,544,384
.4,979,454
25,123
4,145,321
3,820,521
income.$13,326,496 $13,448,827 $10,228,355 $12,650,936
income:
Inc. from lease of road
Misc. rent income
154,131
522,743
Miscell. non-operating
physical property
Dividend income.
Inc. from funded secur
142,915
184,001
244,240
__
Inc. from unfunded
153,991
178,405
180,905
79,687
126,148
7,168
697,662
7,301
694,090
10,095
164,399
171,120
13,555
223,176
266,901
•
27,709
47,267
on
funded debt
Miscellaneous income.
20,637
6,507
5,540
2,408
1936
$
Inv. In road & eq.
1937
Liabilities—
$
70,970.766
on
leased property.
17,376
32,417
Sinking funds
Deposits in lieu of
7
7
prop'ty
8,388
6,131
1,774,661
1,914,371
Stocks
2,585,601
2,746
~1~,878
Gross income
Rent for leased roads
..$14,681,359 $14,743,177 $11,309,248 $13,905,104
145,121
154,958
152,691
150,542
Miscellaneous rents
27,168
25,495
20.991
19,329
Miscell. tax accruals
55,843
61,261
11,411
8,558
Int. on funded debt
9,318,895
9,138,399
9,084,635
9,084,635
I ir. on unfunded debt
68,992
56,764
45,562
34,274
Miscell. income charges158,085
149,136
151,114
153,006
.
Dividends
$4,907,254
3,416,774
$5,157,164
5,157,164
78.031
201,000
matured.
un¬
.32 ,327,036 32,497,036
Loans & bills pay.
2,585,601
$1,842,844
$4,454,760
7 ,471,595
wages payable..
54,211
1,556,983
Miscell.
1,213,552
1,577,017
Interest
209,242
2,250,282
1,485
204,891
301,048
bals. receivable.
unpaid
debt
Funded
Unmatured
240,150
2 ,736.000
—
338,478
393,490
Other
910,896
Deferred liabilities
Int. & divs. recelv.
5,674
5,809
14,972
11.417
1.405
curr. assets.
3,143
13,601
14.302
Cr2,983
59,535
2,328
1,599
1,707,462
1,542,756
Habilis.4
43,777
40,034
1 ,015,857
1,290,305
equipment 3 ,636,717
3,300,840
Accrued
tion,
441.771
77,274
34.099
deprecia¬
unadjusted
1 ,677,581
credits
1,512,056
Add'ns to property
Rents A insurance
prems.
curr.
Tax liability
Other
340,778
465,384
rents
accrued
1,222,655
Other defd. assets.
2.736.000
337.434
ma¬
Misc. accts. recelv.
Work, fund advs._
7.310,122
Inter¬
Unmatured
184,884
...
74,423
9 ,326,366
...
Mat'is & supplies.
Other
942,216
87,203
pay
matured,
est accrued
due
from agents and
conductors
acts,
tured unpaid...
Traffic A car-serv.
rec.,
453.663
807,541
Audited accts. and
1,330,290
Loans & bills rec__
7.506,318
660,079
bals. payable...
prepaid.
through
income
and surplus
340.080
327,051
6 .844,154
6,448,774
balance deficit..27 ,614,390
Other unadj. debits
25.714.984
Sink. fd. reserves.
Profit
—
Net income
150.643
171,000
debt
550,000
investments
bal.
grants
certlfs—
Trustees'
1,828,133
Special deposits
Net
Goverm'tal
550,000
Cash..—
S
22,046.100
1,920,790
Advances
1936
23,845.300
Traffic & car-serv.
Bonds
Other
5
stock..-23 845,300
Funded
Misc. phys. prop—
Inv. in affil. cos.:
mtged.
Common
Preferred stock.—22 046.100
.72,048,838
Rents receivable..
se¬
curities & accounts.
prems.
144,486
502,467
Assets—
Improvements
$26,839,407 $20,380,825 $22,280,177
8,411,126
5,983,920
5,783,597
——
facility
rents—net
Release of
71,243,003
Condensed General Balance Sheet Dec. 31
V
Total
-V.
—86,443,055 85,720,611
146, P. 2844.
and
Total....
loss—
86,443,055 85,720.611
Volume
Financial
146
City Stores Co. (& Subs.)-
Chesapeake & Ohio Ry.—Proxy Situation—
A proxy committee
to Earle Bailie, John
for the management of the road has written a letter
L. Dickinson and John B. Hollister, who are solicit¬
ing proxies on behalf of Guaranty Trust Co., demanding whether the
latter intends to submit proxies and attend the meeting called for May 10,
or whether they intend to absent themselves and await the result of New
York litigation.
The letter, signed by G. D. Brooke, H. B. Erminger Jr.,
and Herbert Fitzpatrick, points out that if the latter action is adopted, a
quorum will not be present and, therefore, an organizati-n for the coming
year cannot be effected and the "present unrest brought to an end."—
V. 146, p. 2844.
Years End. Jan. 31—
Net
Depreciation
Other charges
Pro v. for income tax
a30.959
al27,357
Net income.
Dividends
$75,799
450,000
$601,887
•
Balance
$2,061,033
698,587
on
$1,547,398
596,074
612,514
$1,168,092
468,572
$2,929,046
$2,159,912
$1,636,664
469,080
467,327
452,975
506,141
237,097
229,689
300,115
207,776
492,755
74,885
468,644
b333,635
398,697
121,696
461,908
38,236
$1,354,866
$886,430
$422,604
Dr348,089
Drl93,093
Drl30,233
$944,436
$1,006,776
$693,337
$292,371
366,168
390,000
390,000
816,699
$578,268
Total income.
Int.
$2,332,972
$2,759,621
-
Int., rents, divs., &c
$616,776
$303,337
a$524,329
& notes
mtges.
payable, &c
Prov. for doubtful accts.,
sundry chgs.,&c. (net)
Extraord. expenses and
losses due to flood, &c
Prov. for depr. & amort-
$114,002
377,561
$185,424
399,300
525,000
1935
1936
1937
of
sales
Gross profit
$13,816,454 $13,413,298 $11,544,610 $11,102,864
Sell., adm. 6c gen. exps.. 11,755,420
11,080,326
9,997,212
9,934,772
c$898,582 c$l,023,511
670,142
853,972
11,513
29,639
31,504
25,897
c$l,195,679 c$l,602,479
853,159
861,718
235,762
11,518
*
(incl.
-Earnings—
1938
departments)..$40,184,459 $38,436,184 $33,557,665 $32,088,321
Cost of goods sold
26,368,005
25,022,886
22,013,055
20,985,456
1934
1935
1936
1937
sales
leased
Chicago Yellow Cab Co., Inc. (& Subs.)—Earnings—
Calendar Years—
b Net prof, from oper
3007
Chronicle
Federal income taxes
b344,249
*
par)
Shs. com. outst. (no
sur$76,887
Earns, per sh. on com
Profit for period
$1,216,438
Amt. of net prof, of subs,
applic. to pref. & com.
stks. of subs .not owned Dr272,002
$263,559
4,642,355
400,000
$213,876
3,440,359
300,000
$2.01
$374,201
3,073,830
300,000
$0.25
Balance, deficit
P. & L. surplus Dec. 31-
4,564,200
400,000
$0.46
$0.28
Including surtax on undistributed profits of $282 in 1937 and $6,067 in
1936.
b After administrative expenses,
c Includes other income of $115,114 in 1937, $144,305 in 1936, $85,873 in 1935 and $94,606 in 1934.
a
.
1936
1937
Assets—
Investments
736,999
.—
22,628
deposit
Cash..
1 949,711
.
U. S. Treas. bonds
Capital stock
61,051
Accts. receivable.-
181,196
105,756
Marketable secur.
44,512
19,902
Capital surplus
Cash in closed bks.
16,507
19,135
Earned surplus
978
60,375
Deferred charges..
Represented
amortization.—Y.
Childs Co.
110,699
98,989
5,034,534
45,927
shares,
b After
depreciation
and
.
31,618
29,884
348,119
263,902
679.514
218,260
59,176
63,857
71,432
1936
3.757,041
$4,363,503
4.006,028
$4,007,484
3,731,568
$4,428,331
4,140,824
Income from operation
Other income interest—
$156,158
4,132
$357,476
4,764
$275,915
4,761
,$287,507
6,639
$362,240
$280,676
$294,147
106,605
108,566
$160,291
105,920
153,288
152,422
835
Crl.854
978
investm'ts
loss$98,211
x$104,202
$18,710
71,432
151,746
Deprec. & amortization.
—
bad debts..
x
86,706
Lit
6%
3,333,000
10-yr.
6%
3,500,000
2,664,500
notes, 1944
Stk. of City Stores
Co.
owned
by
3,000,000
640,236
gen.
coll. conv.notes
1,802
5,029
Reserves...
635,677
values).. 19,617,522
19,967.135
Deferred income..
137,285
118.571
1
1
Minority interests:
403,737
401,367
Pref. stk .of subs. 4,135,200
4,337,253
subsidiary
Permanent
(book
assets
Goodwill
Deferred charges..
Acer, undeclared
divs. to Jan.
31,
1,011,483
1,019,955
319,562
1937
319,562
Com. stk., subs.
Surplus
applic.
292,305
222,504
Capital stock... 6,047,707
1,764,309
6,047,707
1.113,561
1,058,257
thereto
x
Net profit
184,000
stk. coll. conv.
for Canadian exch.
and
9,191,000
parent co.:
10-yr.
banks
$15,586
-
1,083,779
taxes..
obligation..
Mtg. pay.
Funded debt of
1,899
■
Income taxes.
783,891
208,000
10,091
by subs. 8,983,000
Inc.
Def'd
113,459
3,041
160,161
Interest and discount
130,000
Mtg. lnstal. due
gagee
1935
Cost of sales & gen. exps.
Fed.
Cash held by mort¬
counts rec., &c.
Claims agst. closed
1937
119,950
mtges.,
on
taxes, &c., incl. '
Sundry notes & ac¬
(& Subs.)—Earnings-
127,552
2,708,298
Int. on fund. dt.
Int.
Cash surrender val.
Sundry
125,526
2,452,932
Accrued accounts:
5,468,962
106,425
&c
729,500
696,750
money
Other notes
Accounts payable.
life insurance...
$6,006,585 $6,385,151
Total
1938
3 Mos. End. Mar. 31—
Sales and rentals
$3,913,199
Res.
7.311,812
&
Market. securities
by 300,000 no-par
146, p. 2844.
Total income.
vendors
1937
$
Notes payable:
Banks for bor'ed
Mdse. Inventories.
-
$6,006,585 $6,385,151
Total....
from
tenants,
7,702
36,256
7,734,992
customers..—
73,481
6,473
int. receiv..
1,207,460
Accts. & notes rec.
934
55,840
Inventories..
TAabilities—
Liabilities—
$
$
1,111,267
Notes & accts. rec.,
17,368
22.588
845,800 V 845,800
3,440,359
3,073,830
insurance
Applicable to
1938
1937
1938
Assets--
Cash....
6,534
claim..
Due from empl's..
a
com p.
c
Consolidated Balance Sheet Jan. 31
Res. for workmen's
61,051
Insurance
a Lass,
b Including surtax on undistributed profits,
City Stores Co. before deducting funded debt charges.
$1,650,000 $1,650,000
73,657
56,736
190,811
227,441
802,596 Accruals.....
5,292
5,808
29,628 Outst. coupon bks.
127,357
31,308
1,589,757 Federal taxes, &c.
34,508
Res. for claims, &c.
93,075
a
Accounts payable-
escrow..
held in
Profit for period
1936
1937
Liabilities—
b Cabs, equip. ,<fcc.$l 838,660 $2,600,765
G'dwill,franch.,<fcc 1 031,654
1,031,654
Acer.
Int. & charges on parent
co.'s funded debt
Consolidated Balance Sheet Dec. 31
,
Special
cProfit-.
t
1,125,248
Earned surplus...
undistributed profit.
is subject to adjustment at the end of the year
finally audited.-—V. 146, p. 1706.
Before provision for surtax on
Capital surplus...
Note—The foregoing
when accounts are
x
Chrysler Corp.—Resumes Common Dividend—
Directors at their meeting
held May 5 declared a dividend of 50 cents
Par $5 per
per share was distributed.
Other dividend distributions were
$3.50 paid on Sept. 10, 1937, $2 per share paid June 11, 1937;
$1.50 on March 13, 1937; $5.50 on Dec. 14, 1936; $4 on Sept. 15, 1936;
$1.50 on June 30, 1936; $1 on March 31, 1936; 75 cents paid on Dec. 31,
1935; 25 cents paid each quarter from March 31, 1934, to and including
Sept. 30, 1935, 50 cents paid on Dec. 31 and Sept. 15, 1933; 25 cents paid
each 3 months from Jan. 2, 1931 to Dec. 31, 1932, inch, and 75 cents paid
follows:
per.share quarterly from April 2, 1926 to and incl. Sept. 30, 1930.
In
addition, extra dividends of 25 cents per share were distributed on Sept. 30
and June 29, 1935, and on June 30, 1934.
Gross operating profit--$47,141,414
Sell., branch, admin. &
general expenses——
...
$11,548,269 $26,776,750 $24,896,825 $22,782,593
Int„ divs. & misc. inc.- xl,008,084
293,073
192,233
486,474
Gross profit..
....$12,556,352 $27,069,823 $25,089,057 $23,269,067
Total income
Admineng., sell., adv.,
9,204,355
service & gen. exps...
12,929,785
12,262,107
11,143,567
15,814,200
Net operating profit—$31,327,214
Other deductions (net)-1,235,598
Federal taxes
x5,410,000
Net
income
Class A dividends
(Including Subsidiaries)
3Mos.End.Mar.Zl—
1938
1937
1936
1935
Net sales.
$88,585,855 $183207.346 $148463,736 $149949,991
Cost of sales
77,037,587 156,430,596 123,566,911 127,167,398
Consolidated Income Account
(& Subs.)—Earnings—
Consolidated Income Account for
1937
1936
1937, when $3
as
share.—V. 146, p. 2360; V. 145, p. 3814.
Coca-Cola Co.
olders of on the common stock of the
£er share record May 16. Tnis will be thecorporatiofi payable June 14, 13,
first dividend paid since Dec. to
34.834.730 35,630,129
Total
34,834,730 35,630,129
Total
Common dividends
Calendar Years
—.$24,681,616 $20,398,079 $15,804,256 $14,328,668
1,800,000
1,800,000
1,908,270
2,016,540
17,963,550
15,967.600
8,909,325
6,901,300
Surplus
$4,918,066
Dec. 31- 27,927,645
Shs. com. outstanding
(no par).
4,000,000
Earns, per share on com,
$5.72
Earned surplus,
$4,986,661
20,379,100
$2,630,478
23,009,578
...
Surplus........
Shs. cap. stock (par $5).
Earnings per share
x
2,492,051
1,843,777
$2,109,970 $10,914,303 $11,453,439
6,528,498
4,314,391
$9,163,182
1,083,081
$7,139,048
4,314,391
$2.65
$8,080,101
4,332,327
$2.12
3,225,735
1,242,028
$2,109,970
4.351,132
$0.48
$4,385,805
4,351,132
$2.51
Includes $862,314 profit from sale of
,
„
4,000.000
4,000,000
1,000,000
$4.66 $3.48
$12.49
x Including $270,000 in 1937 and $207,000 in 1936 surtax on undistributed
profits,
y Includes stocks held in company's treasury.
Earnings for 3 Months Ended larch 31 (Incl. Subs.)
_
$2,740,949
$6,403,717
$4,368,485
1937
$
9,037,250
Govt, securities— 3,094,085
Accts.receivable.- 2,316,363
Cash.
admitted to unlisted trading privileges
stock, $10 par, issued in exchange for old common stock,
the basis of one share of new common stock in exchange for each
10 shares of old common stock in accordance with plan as set forth in notice
dated March 21, 1938 addressed to the stockholders of the company.—V.
146, p. 2845.
Cleveland
Central
$
Liabilities—
S
$0.95
1936
$
9.868,977
c
3,000,000
3,000,000
b Common stock..25,000,000
25,000,000
2,395,252
Accts.
Class A stock...
2,756,836
1,648,555
6,402,154
5,804,227
miscell. opers—11,397,990
10,143,607
payable
Accrued accounts.
Res. for eonting. &
92,750
—
138,410
Profit and loss sur¬
from
plus
affiliated cos.not
396,556
consolidated
659,792
Other Investm'ts—
131,066
85,195
Cincinnati
Chicago
&
St.
Louis
Ry.—
a
d Com. treas.
....27,927,645 23,009,578
stk. Drl89,533 Dr189,533
Bank
&
Trust Co.,
will unitil 12 o'clock noon,
May 16 receive bids for the sale to it of sufficient first coll. trust mortgage
bonds to exhaust the sum of $40,226 at prices not exceeding 105 and interest.
—V. 146, p. 747.
Coast Breweries,
Ltd.—Stock Split-Up Voted—
meeting approved the by-law allowing the
directors to split the company's stock on a basis of 10 new shares for each
old share issued.—V. 146, p. 2531.
Stockholders at their recent
469,200
7.449,772
Land, bldgs.,ma¬
chinery,
Formulae,
and
&c
trademk
goodwill.-.30,559,250 30,576.423
639,992
368,710
Deferred charges..
Total
Hanover
571,094
11,009,099
accts. receivable
Co.—New Officers—
organization meeting, A. 8. Bonner, formerly Secretarymade Executive Vice-President.
L. L. Lyon was named
G. E. Arnold, Secretary.—Y. 146, p. 2845.
Tenders—
The
1937
4,294,526
17,918,859 12,638,902
due
Accts.
$1.10
Miscell. notes and
Clark Equipment
was
$3,803,289
1936
cos.
not consol
new common
and
—
of affil.
Sec.
par, on
Treasurer
$4,253,289
450,000
$4,414,195
Class A dividends
877,000
$4,864,195
450,000
Net income..
Inventory
Trading—
The New York Curb Exchange has
Treasurer,
-
1,081,800
$7,466,343
given on first page of this department.
At the recent
$5,412,511
282,222
Operating profit
Other deductions (net)
Income taxes
Assets—
Cities Service Co.— Unlisted
the
$8,606,962
3,194,451
Balance for common
Cigarette & Tobacco Corp.—Registers with SEC—-
no
•
Earnings per share on 3,991,900 shs. com. stock
(no par)
Consolidated Balance Sheet Dec. 31
—V. 146, p. 2200.
See list
1937
$10,053,287
3,767,204
$6,286,083
Gross earnings
Selling, general & administrative expenses
investment securities.
Note—Depr. & amortiz.
have been charged to
cost of sales & exps. in
the amounts of......
$5,410,828
24,762,053
y
1938
for Fed., State &
foreign inc, & excessprofits taxes & surtax
on undistrib. profits._
...
9,769,159
10,791,743
12,747,151
$26,862,054 $20,509,954 $17,365,946
1,448,976
1,525,697
426,278
x5,015,000
3,180,000
2,611,000
Prov.
Net profit
Common dividends.
1934
1935
$39,609,206 $31,301,697 $27,135,105
a
76,295,091 68,416,435
After reserve for
Total
.....76,295,091 68,416,435
depreciation of $4,622,352 in 1937 and $5,069,407 in
c Represented by 600,-
b Represented by 4,000,000 no par shares,
000 shares (no par),
d 8,100 shares at cost.
1936
50-Cent Dividend—
directors have declared a dividend of 50 cents per share on the
stock, no par value, payable July 1 to holders of record June 11.
Similar payment was made on April 1, last and compares with 75 cents
paid on Dec. 15 and on Oct. 1, last, and with regular quarterly dividends of
The
common
3008
Financial
Chronicle
May 7, 1938
50 cents per share previously distributed. In addition an extra dividend
of $2 was paid on Dec. 15, last and on Dec. 15,1936.
New Director,
1937
meeting, A. A. Acklin, Vice-President and Assistant
President, was elected a director and all other directors were re¬
elected.
Directors at the annual organization meeting elected Price Gilbert Jr.
Vice-President.
Mr. Gilbert is now Advertising Manager.
All other
officers were re-elected.—V. 146, p. 1545.
a
x
ZMos.End.Mar.Zl-~
G'd-wiil, less write¬
off
755,010
Cash
1,052,608
800,533
707,731
7,710
8,351
Marketable secur.
1935
$781,424
$789,144
12
50
748
Drl7,000
Dr2,109
2M7.000
Drl51,334
Dr5,684
$798,704
116
Stock conversion fees
Taxes paid
Expenses
Net income
Dividends paid..
Dr2,037
$759,815
757,492
...
$762,437
761,888
$632,873
473,486
Oil inventories....
Mat'ls A supplies.
Other merchandise
$548
$159,387
def$2,050
Special dep. A fds.
Deferred charges.
$796,655
798,704
$2,323
..
Balance Sheet March 31
1938
Assets—
Cash in bank
a
1937
1148,782
Liabilities—
$137,526
c
Common stock of
1938
Coca-Cola Co..
3,894,560
3,906,560
Reserve
9.56,930
962,930
Reserve
b Class A stock of
for
for
143,282
112,992
5,500
15,759
Fed.
8,773
surtax.......
Surplus at Dec. 31
$5,007,0161
Total........-$5,000,272
Represented by
191,386
194,728 (195,328 in
293 in 1937) no par
a
resented by
Total
freight,
selling exps.,
shipping, &c
94,524,770
1,305,465
82,209,353
1,285,258
75,106,594
1,376,858
66,216,500
1,416,416
$4,161,120
Dr475,917
$6,136,791
Dr449,345
$5,200,178
Dr85.523
$4,335,696
224,409
$3,685,203
$5,687,446
$5,114,655
1,006,657
1,336,491
132,000
972,934
815,999
$782,250
1,475,093
980,348
$4,218,955
1,478,742
1,467,104
$4,141,721
1,481,305
1,462,413
$3,744,107
1,486,078
990,746
Balance, surplus...def$l,673,190
Earns.per sh .on com.stk.
Nil
$1,273,102
$1.40
$1,198,003
$1.36
Prov. for State, Federal
and foreign taxes
Prov, for Federal surtax.
!
a
Net profit.
Preferred dividends
Common dividends
and
provision for market decline in purchase commitments, $3,916,296;
provision for damages and other expenses incidental to flood in January,
1937, $480,000; balance, $4,396,296; less amount received in settlement of
patent suit and license agreement, $2,500,000; balance, as above, $1,896,296.
Surplus Account Year Ended Dec. 31
1937
1936
1935
$8,631,419
$8,160,831
$7,027,480
1,171,850
782,250
4,218,955
4,141,721
3,744,107
1934
.
35,737
57,035
Total
30,981
Corp.—Dividend Halved—
Colonial Ice Co.—To
Directors
Pay $1 Dividend—
April 26 declared two dividends of $1 per share each on the
one payable May 27 to holders of record May 16 and the
other payable July 1 to holders of record June 20.
A dividend of $3 was
paid on Oct. 1 last and one of $2 per share was paid on Jan. 2, 1937.—V.
145, p. 432..
on
stock
Colorado Fuel & Iron
Period End. Mar. 31—
Corp. (& Subs.)—Earnings—
1938—3 Mos.—1937
Net sales
$4,439,261
Costs, bad accounts, &c.
3,648,188
Deprec., depletion, &c_.
404,758
Ordinary taxes.
259,869
Expenses
353,981
Loss
$227,535prof$804,422
26,752
36,393
Other income
Total loss
Int. C. F. & I. Co. bonds
Corp.bds.
Net loss
L
Earns, per sh. on cap.stk
—v. 146, p. 1870.
$54,335
103,898
$1,631,742
116,519
$200,783prof$840,815
56,038
56,037
138,165
137,940
05,200
114,330
$158,233
168,113
413,820
14,800
$1,748,261
168,111
414,495
186,451
$389,561prof$432,283
Nil
$0.96
$438,500prof$979,204
Nil
$1.77
Colorado Power Co.—Tenders—
The Irving Trust Co., will until
10 a. m. May 20 receive bids for the
5% gold bonds due May 1, 1953 to
exceeding 105 and interest.—V. 145,
sale to it of sufficient first mortgage
absorb the sum of $49,283 at prices not
p.
2068.
Columbia Broadcasting
System—April Sales—
Company reports April time sales of $2,424,180, a decrease of 5.4% from
the $2,563,478 reported for the comparable period of 1937.
April time
sales in 1937 were bigger than each of the three preceding months of that
year, a reversal of the normal trend.
This year the normal trend has been
For the four months ended April 30, last, time sales aggregated $11,018,777, an increase of 12.8% over 1937 comparison of $9,766,131.—V.
Operating
(& Subs.)—Earnings—
$32,319,518 $31,642,778
3,852,282
3,931,012
334,556
367,996
38,636
37,447
Gas....
decline
Heating..
200,000
Total
.
.
$9,449,406 $12,579,786 $11,181,701
.
Preferred
$9,946,938
Total operating revenue
divs.
($6 per share)
1,475,093
980,348
Common dividends
Rate
1,478,749
1,467,104
$0.75
$0.50
Approp. for possible fu¬
ture foreign exchange
revaluations, &c
1,486,078
990,746
$0.50
1,481,305
1,462.413
$0.75
expenses & taxes
$36,544,993 $35,979,233
26,227,450
24,835 422
Net operating income...
Other income
$10,317,543 $11,143,811
216,304
165,656
Operating
Gross income
750,000
Capital adjustm't for re¬
duction of book value
Interest
442,634
charges
252",513
77,153
on
funded debt
Interest
of real estate, &c
Other
on
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
Dividends
Earned surp. Dec. 31.
$6,993,965
$8,631,419
$7,027,480
$8,160,831
Assets—
Gold
1937
S
8,319,181
with
1,003,220
540,166
355,005
300,162
3,137,354
3,354,061
Def'dliab.&res've 3,646,176
2,510,341
subs...
Accounts payable.
Miscell. accruals..
8,518,632
..
1,512,736
3,245,973
2,983,297
eign
4.581,877
A notes re¬
ceivable—net
8,907,486
Inventories —....26,127,626
Prov.
20,476,122
Prepaid expenses &
deferred charges
Invest. & advances
stock..24,999,625 24,999,310
for taxes...
Minority interest.
1,228,193
1,230,245
906,195
445,722
PalmoUve Bldg... 2,452,680
a Plant and
equip.20,252,468
1,443,917
1,083,107
1,135,435
6,993,965
Treasury stock __Dr905,587
Dr736,150
2,503,883
20,114,220
G'dwill, pats., &c_
Total
a
1
Earned surplus...
c
l
—68,733,996 69,595,550
I
Total
68,733,996 69,595,550
1937 and $18,746,106 in
1936.
shares (no par). c 4,411 shares preferred stock
flo i?er sh£re m 1937 (1,876 shares at $100 per share in 1936), and
»l'}6ifioEar^of1crmonn^ck (43,884 in 1936) at $12.50 per share in 1937
ana
iydo.—V.
u
y
•'
146, p.
2845.
Colonial Beacon Oil Co. (&
Calendar Years—
1937
Gross operating-income. $61,526,592
Oper. exp., incl. cost of
sales,sell.&adm.exp. 60,018,020
Other
income
Total income
1936
1935
$45,236,345 $39,613,254 $36,307,645
45,823,055
$125,875
Dr5M5
$1,753,562 loss$650,186 loss$380,120
'
2,384
13,892
90,487
1,557,779
1,638,790
1,881,785
780,719
675,986
590,233
Profit applic. to min.int.
Dr36,686
Cr68,625
Cr3,470
Divs. on pref. stk. of sub.
held by public
2,678
2,472
2,472
Interest, discount, &c_.
Depreciation, &c
Net loss
Note—During the
_
years
Colonial Beacon Oil Go.
Jersey.
on common
$4,813,030
$0.70
stock
$0.80
expenses of all companies which were subsidiaries (consolidated) at March
31,1938.
In order to arrive at the true consolidated net income, deductions
have been made for the net income of subsidiaries applicable to stocks ac¬
quired, for periods prior to acquisition.
(2) The earnings per share of 70
quarter of 1938 were computed by adding back to con¬
net income the non-recurring deductions with respect to sub¬
sidiary preferred and common stocks acquired during the quarter.
The
earnings per share of 80 cents for the first quarter of 1937 were computed
on a comparable basis.—V. 146,
p. 2845.
cents for the first
Weekly Output of Electricity—
The electricity output of the Commonwealth
Edison Co. group (inter¬
sales deducted) for the week ended April 30, 1938, was 119,314,000 kwh. compared with 132,267,000 kwh. in the corresponding period
last year, a decrease of 10.7%.
company
Kilowatt-Hour Output
Week Ended—
April 30
April 23
Aprh 16.
April 9
To File
$120,010
846,780
1,817,958
571,562
Dr6,882
1938
119,314,000
119,646,000
119,391,000
125,884,000
1937
132,267,000
134,446,000
134,977,000
136,863,000
ecrease
10.7%
11.0%
11.5%
8.0%
for $33,000,000 Refunding—
The company
according to Chicago dispatches is expected to file next
week a registration statement for $33,000,000 of first mortgage bonds, the
proceeds of which will be used to retire $30,000,000 of 5% bonds which will
mature in 1953 and 1954.
It is expected also to file a registration covering
an
issue of convertible debentures, the amount of which is uncertain.
Decision
2,472
$626,685
$2,912,702
$2,941,627
$3,125,645
1937, 1936 and 1935 no interest was charged to
its loan payable to Standard Oil Co. of New
on
share
Notes (1)—The above statements include for both periods, earnings and
four
36,181,770
Taxes
per
37,128
1,158,797
$5,493,161
Consolidated net income
Earnings
35,956
3,022
tion)...
1934
40,006,490
...
317,402
241,454
The following are the output and percentage comparisons for the last
weeks and the corresponding periods last year:
Subs.)—Earnings—
$1,508,572 loss$586,710loss$393,236
244,990
Dr63,476
13,116
Operating profit
896
solidated
After depreciation of
$19,559,692 in
Ir*
8,631,419
317,402
common
On stocks held by public at March 31,1938
On stocks acquired (for periods prior to acquisi¬
Bank loans of for¬
foreign funds
Market. securities.
Accts.
$
6% cum. pref. stk.24,819,700 24,819.700
b Common
pref. stocks of subsidiaries:
by public at March 31,1938
or acquired
$10,533,847 $11,309,467
4,341,255
4,391,239
40,661
44,320
346,099
345,008
044,606
Cr38,911
stockholders' interests in income
of* subsidiaries*
1936
$
Liabilities—
10,721,627
held abroad,
purchased
Public
1936
?
Cash..
on
On stocks held
On stocks retired
Consolidated Balance Sheet Dec. 31
1937
1937
1938
revenues:
Water
Deduct;
1938—9 Mos.—1937 *
$7,570,049 $16,366,303 $18,285,966
5,433,743
12,888,874
13,377,836
751,261
1,484,466
1,764,527
247,267
826,448
574,686
333,356
1.112,180
937,175
Electric
securities
46,578,267 41,009,186
par
3 Mos. End. Mar. 31—
U. S. dollars..
Reduction in res. prov.in
to
mkt.
1,460,357
19,563,571
Commonwealth Edison Co
working
capital of foreign subs.
1932 for
529,194
87,064
161,209
1,460,357
146, p. 2686.
12,500
version of net
in
1,462,780
479,197
other reserve...
Deficit from oper.20,190,256
resumed.
Net
profit for year (as
above)
Credit arising from sale
of treas. com. stk., &c.
Credit arising from con¬
1,717,861
56,214
.
Fed. & State inc. taxes..
1,896,296
Reduction of inventories at Dec. 31,1937 from aggregate cost to market
Earned surplus Jan. 1__
no
Int. C. F. & I.
a
Consolidated
stock,
common
$1,267,285
$1.16
.
Capital surplus...
653,586
value, payable June 1 to holders of record May 19.
This compares with 50 cents paid on March 1, last; $1 paid on Dec. 1 and
on Sept. 1, last, and with an extra dividend of $1 per share and a regular
quarterly dividend of 50 cents per share paid on June 1 and Feb. 19, 1937,
and on Dec. 1 and Sept. 1, 1936.-—V. 146, p. 2531.
$4,560,105
Depreciation
4,821,362
506,433
Collins & Aikman
Colgate-Palmolive-Peet Co. (& Subs.)—Earnings—
Calendar Years—
1937
1936
1935
1934
Net sales
$99,991,355 $89,631,402 $81,683,630 $71,968,613
Cost of sales, advertis'g,
5,950,536
394,823
790,384
The directors have declared a dividend of 25 cents per share on the com¬
$5,000,272 $5,007,016
1,557,824 (1,562,624 in 1937) no par shares,
b Rep¬
(192,586 in 1937) no par shares,
c Represented by
1937) no par shares,
d Represented by 95,693 (96,shares.—V. 146, p. 2201.
1,516,210
Deferred credits A
After
mon
normal Inc. tax.
CocarCoia Co..
1937
Fed.
26,750
1,500,510
Cap. stock of subs.
depreciation and amortization,
y Represented
by 1,444,970
shares,
z Including $39,685,824 in 1937 and $33,571,735 in 1936.
payable to Standard Oil Co. of New Jersey and affiliated companies.—
V. 146, p. 2201.
962,930
956,930
24,000
-
no par
Commonstock..$3,894,560 $3,906,560
d Class A stock...
108",238
(not
5,557,767
Total.........46,578,267 41,009,1861
x
Surplus.
19,808
83,896
oblig.
8,483,842
Investments
Dr2,166
1936
$
Income tax reserve
current)
accts. rec., after
Payments by stockh'd's.
.
$
Other accrued liab.
Purch.
notes and
reserve
1936
1937
1937
Liabilities—
Capital stock—21,818,594 21,818,594
85,250
Purch.oblig.(curr.)
7,750
z Accts. payable..41,692,398 35,470,292
y
26,890,080 25,904,411
equity, Ac
Corp.—Earnings-
1938
$778,912
Dividends received
$
plant,
Property,
Accept,
Coca-Cola International
1936
$
Assets—
&c.—
At the recent annual
to the
Consolidated Balance Sheet Dec. 31
on the plans is expected to be made by the directors when they
May 9.
*■
meeting of stockholders has been called for May 20 to authorize
the new mortgage bonds.
Stockholders had previously authorized the
directors to issue as much as $130,000,000 of convertible debentures as
part of the fi lancial reorganization put iito effect last year.
Only a part
of the authorized amount will be registered next wees:, it is understood,
-j
meet on
A special
Volume
146
Financial
Halsey, Stuart & Co. will head
said.—V. 146, p. 2845.
tne
Chronicle
syndicate marketing the bonds, it is
3009
Earnings for 3 and 12 Months Ended Jan. 31
1938—3 Mos.—1937
Commonwealth Life Insurance Co. (Louisville,
Dividend Passed—
Operating
Ky.)—
revenues
$768,717
Net oper. revenues
$768,717
264,643
17,563
40,029
$744,412
248,436
12,372
34,172
$2,317,603
904,542
75,124
156,652
;$2,061,432
$446,481
$449,431
413
922
$1,181,285
3,021
$1,045,931
3,345
Total income
Prov. for deprec. & depl_
Loss on expired leases &
retirem't of cap. assetsi
$446,894
155,639
$450,353
148,947
$1,184,306
622,555
J$1,049,276
128,378
131*436
5,273
512,187
534*267
$161,895
$169,969
$44,291
loss$80,945
Maintenance
cents per
1938—Month—1937
1938—12 Mos.—1937
$338,508
97,606
$4,469,480
1,517,145
$302,455
86,044
$4,096,40
1,342,681
Bal. available for divs. &
surplus of Community
Power &
Light Co
Note—The
the
Federal
have made
11,384
parent company is
surtax
on
666,773
933
397,882
,
of the opinion that it is not subject to
profits.
The subsidiary companies
Net income
no
x
rate
application A pproved—
Chicago Stock Exchange has approved the application of the com¬
p.
registration
under
the
Securities
Exchange
Act of
1934.—V.
Company paid a dividend of 12 H cents per share on its common stock,
$25 on April 4 to holders of record March 31. A like amount was paid
Jan. 5, last, and an initial dividend of
37H cents per share was paid
on this issue on
Sept. 30, 1937. See V. 145, p. 2841, and 2541 for record of
par
on
previous payments.—Y.
146,
2846.
p.
Consolidation Coal Co. (&
Subs.)—Earnings—
3 Months Ended March 31—
146,
1938
Sales, royalties, &c_-__
2532.
Congress Cigar Co., Inc.—Earnings—
3 Mos. End. Mar. 31—
Net loss
After all charges
x
1938
Profit.
1937
$57,658
1936
1935
$15,082
$5,410
p.
Railway & Lighting Co.—Bonds Called—
The Chase National Bank, as successor trustee, is notifying holders
and refunding mortgage 4H% 50-year gold bonds endorsed with
first
of
Federal
a
guarantee of interest by the United Gas Improvement Co., that there has
been called for purchase on July 1, 1938, for the purpose of the sinking
fund,
$108,000 principal
interest to that date.—V.
of these bonds,
146, p. 1707.
amount
Consolidated Chemical
x
105%
3 Mos. End. Mar. 31—
1937
1936
$101,858
$360,186
$106,887
1937
1936
$126,422
1935
$100,554
$88,979
Corp.—New Directors—
An independent stockholders' committee obtained a majority of about
100,000 votes in the election of directors at the reconvened annual meeting
May 4, resulting in the ouster of the present management.
The
held
committee had been
waging
a proxy
management.
The new
directors are: Otto
Sussman,
B.
Atterbury,
Carlton
Merritt,
S. Logan,
and
D. M. Spencer, displacing C. K.
Blandin. R. W. Higgins, Thomas Bardon W. S. Gordon, and E. E. Hunner.
The American Metal Co., owning about 10% of Consolidated's out¬
Baltimore
Gas
Electric
Light
&
committee,
Revenue from gas sales
Rev. from steam salesOther oper. revenue—
Continental Cushion
$2,468,601
134,639
$8,372,480
562,394
$8,720,008
477,803
$2,603,240
$8,934,875
$9,197,811
& amortiz. of disc.,
&
exp.
636,406
15,271
731,849
15,568
2,550,915
65,459
Continental Oil Co. (&
$1,855,823
278,829
1,050,657
$6,318,500
1,115,315
4,202,629
$6,368,806
1,115,315
4,202,629
$526,337
$1.35
$1,000,556
$4.46
$1,050,862
$4.50
bonds—
Pref. stock dividends
278,829
Com. stock dividends—
1,050,657
Balance
$328,433
Earn, per sh. of com. stk.
Note—Operating
revenue
$1.18
affected by reductions of electric rates in 1936
and electric and gas rates in 1937.—V. 146, p. 2361.
Consolidated
H.
Lee
vacancy
Rauch
has
elected
President
of this
Depletion
Depreciation
Minority interest
.
Profit...
Special credits
Net income
Shs. of cap. stk. outst'gEarnings per share
revenues.
bl54,718
$1,805,197
4,682,582
$0.38
$3,691,193
4,682,600
$2,114,521
4,682,629
$0.45
$0.79
$940,807
$940,807
4,738.593
$0.19
Consolidated Balance Sheet March 31
1938
1937
46,805,868
8,288,192
Ctfs. of deposit.
6,779,011
200,000
U. 8. Govt. sec.
20,000
20,000
Cash
from
Due
&
450,000
158,670
104,551
7,064,529
6,199,133
6,588,548
28,785
2,427,970
261,293
364,813
147,240
127,599
&<*..
2,025,760
2,649,554
Paid-in surplus.
Earned surplus.
49,102,893
48,922,062
20,665,347
15,558,739
surance,
in¬
Notes & acts, rec
639,076
lnt._.
for
$
23,692,967
195,671
Mr. Rauch also
Minority
Reserves
acc'ts
after res-.
credits
1937
$
Capital stock.
23,692,967
Acct. payable..
5,773,021
Due to cont. cos.
53,989
Accrued tax.,&c.
2,868,726
y
Deferred
con¬
trolled COS....
Notes
1938
Liabilities—
S
Assets—$
xProperty acc'nt 52,100,014
826,947
&
Inv.
adv.
656,715
to
cont. cos.after
2,942.704
3,271,455
9,257,139
9,108,977
sund. assets--
431,881
828,872
Prep, insur., &c.
503,009
659,126
res...
Other
invest.
&
adv., net
xl936
UnadJ. debits &
$2,134,587
46,958
—
—
Taxes
earnings from operations—
—
Other income
$2,293,319
868,335
69,934
150,794
$2,087,629
813,846
68,138
121,326
$1,184,256
$1,084,319
3,052
3,530
104,694,756 100,257,5171
Total
104,694,756 100,257,517
x Total depreciation, depletion and intangible development costs.
resented by 4,738,593 shares (par $5) incl. shares held in treasury.
p.
y
Rej
2688.
Continental Securities Corp.—Hearing Postponed—
Federal court in reorganization proceedings of the com¬
has been adjourned to May 24 at 3:30 p. m.
Judge Robert P. Patterson on April 25 made permanent the
appointment of Arthur A. Ballantine as trustee for the corporation.—V. 146,
p. 2203.
The hearing in
pany
Federal
Total
-
-
$1,187,786
593,709
4,290
$1,087,371
582,958
13,020
$589,787
515,245
Provision for depreciation and depletion
Loss on expired leases & retirement of capital assets
$491,393
542,064
Coty, Inc.—Personnel—
$74,542
def$50,671
Including former subsidiaries for month of Nov., 1935.
y Including
$148,678 funds released which had been impounded and reserved during
rate litigation prior to Oct. 31, 1936.
f1,959,803
d46,812
22,842,010
Corp.—Earnings—
Maintenance
x
$3,644,381
a201,150
979,234
1,232
a Includes lease amortization,
b Increase in equity in Kettleman North
Dome Association resulting from readjustment of ownership,
c No pro¬
d Profit on sale of certain properties.
not current--.
Balance
Net income
$4,653,324
1,590,085
74,782
93,037
934,060
1,557
$2,696,038
573,615
78,360
1,112,135
535
$6,787,026
1,903,641
130,255
84,514
1,023,544
691
197,468
1937
y$2,293,319
(order appealed to
Operation
Balance
$4,950,670
1,813,691
142,294
vision made for Federal surtax,
Total
Interest deductions
$2,394,636
301,402
23,796,021
605,234
Federal Court
Net
$4,267,838
385,486
Other cur. as'ts.
Stanley J. Newcomer and George L. Bronson were elected directors to fill
appointed Vice-President as well.—V. 146,
p. 1068.
Years Ended Oct. til—
— -
404,265
bl,542
-
Surrend. leaseholds
$6,382,761
$1,803,655
Total income
Intang. develop, costs._
Inventories
vacancies and Mr. Newcomer was
Less amount of rate reduction
$4,626,286
324,394
Materials & sup.
retains his position as general manager.
Consolidated Gas Utilities
$0.13
Subs.)—Earnings—
fill the
company to
caused by the death of his father, E. C. Rauch,
Operating
Operating income
rec.
Paper Co.—New President, &c.—
been
Nil
1938
1937
1936
1935
$17,887,732 $18,542,717 $15,776,888 $14,493,638
12,561,682
11,344,983
11,066,067
11,685,365
State inc. tax, &c
699,774
c814,973
442,983
413,637
2,804,055
24,949
$1,657,919
prem.
Other deductions
1937
$4,760 prof$14,167
Quar. End. Mar. 31—
Other income
of
$2,309,597
Int.
1938
Earnings per share on 108,000 shares
—V. 145, p. 3343.
Co.
$2,170,349
139,248
Other income.
1936
pf$179,303
Spring Co.- -Earnings—
3 Months Ended March 31—
Net loss before Federal taxes
Fed. &
$9,062,160 $34,904,074 $33,201,148
4,619,999
18,320,373
17,569,013
682,959
3,069,474
2,505,999
1,290,600
5,141,746
4,406,126
4,841,598
893,026
1,325,765
1937
Gross oper. income
Cost and expenses
1938—3 Mos.—1937
1938—12 Mos.—1937
$6,338,927
$6,238,649 $24,916,637 $23,326,511
2,386,295
2.453,895
8,892,371
8,856,890
329,134
309,318
776,020
720,681
176,382
60,297
319,045
297,066
$9,230,739
Operating expenses
Depreciation
1938
$53,198 pf$626,970
mortgage of $5,700,000 held by the City Investing Co., which still retains
the remaining $2,200,000.
Corporation is a subsidiary of the General Realty Co.
(& Subs.)—Earnings—
Period End. Mar. 31—
Revenue from elec. sales
America—Earnings—
decree., int. & taxes
$231,983
Power
49,690
Continental Bank Building (30 Broad Street
Corp.)—
$3,500,000 Loan Placed—
—V. 146, p.
Consolidated
-
sinking fund bonds---
3 Months Ended MarchSl—
Net loss after
fight against the management for several
In the balloting for five new directors to serve for three years, the com¬
mittee polled about 738,000 votes, against 638,000 for the incumbent
jEarnings for 3 Months Ended March 31, 1938
Earnings before depreciation and taxes
2532.
pf.$312,242
51,534
.
Container Corp. of
months.
standing stock voted their shares with the independent
$413,060
100,818
-V. 7,097
A $3,500,000 mortgage loan at 4% has been made by an undisclosed
mortgagee through the Paul Hammond Co., and Gettner, Simon & Asher
as co-brokers.
The loan refinances part of an original
purchase-money
—V. 146, p. 2038.
Consolidated Copper mines
-
profits tax
excess
_
on
—V. 146, p
Corp. (& Subs.)—Earnings—-
$136,732
Loss
&
—V. 146, p. 2361.
1938
1938
Net profit after all chgs.
and taxes
$142,921
95,036
—-
-
Net loss
After depreciation, Federal income taxes, &c.—V. 146, p. 2532.
Consolidated Cigar
income
Interest
accrued
and
Industries, Inc.—Earnings—
3 Months Ended March 31—
Net profit
x
at
...
5% notes
Depreciation
Depletionon
$823,473
46,617
262,572
$237,957
Total income
2687.
$816,376
$205,544
46,577
$259,754
31,655
10,479
Other income
Interest
Connecticut
$195,216
10,328
$32,824
including Federal taxes.—Y. 146,
1937
$8,271,642 $10,576,489
8,076,426
9,760,113
Operating expenses, taxes, insurance & royalties--
x
Co.—Pays 123^-
Cent Dividend—
pany, to list 5,050 additional shares common stock, $5 par value.
This
additional stocc will be admitted to trading upon official notice of issuance
and
595,955
Including $165,325 funds released which had been impounded during
litigation, prior to Jan. 31, 1937.—V. 145, p. 2387.
Consolidated Water Power & Paper
Compressed Industrial Gases, Inc.—No Com. Div.—
Directors at their recent meeting took no action on the payment of the
dividend ordinarily due on the common stock at this time.
A dividend of
25 cents was paid on March 15 last, and previously regular quarterly
dividends of 50 cents per share were distributed.
A
983
822,435
66,292
126,773
undistributed
provision for the Federal surtax on undistrbuted profits for
the year 1938 since any liability for such tax cannot be determined until the
end of the year.—V. 146, p. 2687.
The
.
Taxes
Community Power & Light Co. (& Subs.)—Earnings—
Period End. Mar. 31—
$2,108,592
47,160
16,463
Net earns, from opersOther income
Directors have decided to pass the dividend usually due at this time on
company's common stock.
A regular semi-annual dividend of 30
share was paid on Oct. 1, last.—V. 143, p. 2362.
the
Operating revs., sub. cos.
Gross income, sub. cos._
1938—12 Mos.—1937
$760,875 x$2.317,603
Less amt. of rate reduc'n
—
At the annual meeting of stockholders held on April 29, the following
board of directors was elected for the coming year: Madame Leon Cotnare-
Leon Cotnareanu, B. E. Levy, H. L. Brooks, Roland Coty, Grover A.
Whalen, Paul Fuller Jr., Robert M. Youngs, and Luois Keidel.
Of those mentioned above, newcomers to the board are Leon Cotnareanu
anu,
and
Louis
Keidel,
Vice-President of the Bankers Trust Co.
Youngs was a director in 1936.
Robert
M.
Financial
3010
On May 3, a meeting of this new board was held,
elected for the coming year:
B. E. Levy,
Cotnareanu,
Leon
Continental
-Financial
(& Subs.)
Inc.
Shares,
Con-
Account receivable
.—---
accts,
Securities owned at
(see be¬
market
Dec. 31'37
Federal income taxes
Res.
5,075,978 10,643,981
Dec. 31'36
36,039
131,315
$218,441
$687,877
,
for rnin.
x
638
717
3,544,896
8,098.549
.....
Total. „j
3 Months Ended
,.$5,195,534 $10,749,266
do<i not give effect to: (1) Compensation
due to receivers and counsel, less payment to Dec. 31, 1937, and (2) certain
claims for legal fees of other persons amounting to approximately $166,000
which were not recorded on the books and which are in dispute.
Note—The above statement
1938_
$6,053,945
5,057,456
and depreciation
$738,266
27,969
1.056
——
-
Costs and expenses
$4,894,611
4,156,345
$996,489
March 31—
Net sales
Equity for 381,374
...$5,195,534 $10,749,266
$67,642.—V. 146, p. 909.
Seal Co., Inc. (& Subs.)—Earnings—
Crown Cork &
Share
shs. of pref. stk.
pf$687,S77
$31,559
$25,774
Includes depreciation amounting to
50.000
int.
Internat'l
250,000
Provision for flood losses
Net loss.
50,000
Corp
Total..
43,630
$6,847,523
5,992,292
$2,600,000
to
pay
reserve
low),....
depreciation, &c
Other deductions..
1937
$3,973,336
3.711,265
Profit
LiabUities—
Notes pay. to bks_$l,600,000
Estimated sundry
1936
1938
$3,144,269
x3,122,841
33,293
13,909
31—
-
Costs, royalties,
_
Dec. 31'36
$65,668
39,617
Dec. 31*37
Assets—
1938
$25,774
3 Months Ended March
Net sales
dition—
Cash in banks.$119,556
7,
Crosley Radio Corp. (& Subs.)— Earnings—
and the following officers
Chairman of the board;
Vice-Chairman of the board; II. L. Brooks,
Treasurer; Paul Fuller Jr., Secretary, and E. M. Jones, Asst. Secretary and
Asst. Treasurer.—V. 146, p. 1872; V. 145, p. 3814.
were
Madame
May
Chronicle
28,354
983
Operating profit
Amortization of development expense----
Amortization of patents
Interest, &c
—
.
o6,935
132,501
166,377
126,909
(net)
121,298
Cr24,669
Preferred dividends
$547,288
126,567
258,799
$549,754
126,539
257,855
$161,922
$165,360
517,601
515,934
Federal income taxes..
Other expense
Securities Owned at Market as of Dec. 31, 1937
Security
No. of Shs.
Cleveland Cliffs Iron pref
Cliffs Corp
Cliffs Corp. v t c
—
First Central Trust Co., Akron
First National Bank, Youngstown,.
Goodyear Tire & Rubber
Republic Steel Corp
United Light and Power B
Union Trust Co., Cleveland
Youngstown Sheet & Tube
13,000
150,125
998
151
727
25.100
78,000
990
10,800
7,000
■
Total
Market Price
58.50
15.25
15.25
11.00
3.00
17.50
16.50
439,250.00
1,287,000.00
4.00
1.00
38.00
10,800.00
266,000.00
3,960.00
$5,075,977.75
-
1069.
Continental Steel Corp. (& Subs.)- —Earnings—
Period End. Mar. 31—
Net sales
Cost of sales
of
distributed.—V. 146,
Cusi Mexicana Mining
Co.—Delisting—
p.
1070.
Exchange Commission has granted the application of
130,335
$329,469
23,595
$762,072
75,524
$1,075,594
88,524
for resumption
15,570
$115,221
13,198
$353,063
14,875
$837,595
55,278
$1,164,118
63,425
2,516
552
2,709
1,547
11,252
6,563
11,776
2,161
716
1,705
215
42,720
54,270
8,780
144.722
3,397
149,774
19,968
3.485
118,051
$99,651
—
loans
,
In its application the
50 cent par value common stock of the company.
exchange stated that delisting was sought because the company has ter¬
minated substantially all of its business operations, having made no plans
thereof
or
Dallas Power &
Period End.
for liquidation.—V. 146, p. 1395.
Light Co.—Earnings—
Mar. 31— 1938—Month—1937
1938—12 Mos—1937
$6,535,952
$6,294,743
3,381,541
3,286,022
594,068
713,408
5,451
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approps
Accident res. approp'n..
$513,101
278,545
16,917
$481,751
250,798
28,171
Net oper. revenues...
Other income
$217,639
$202,782
$2,554,892
60
78
534
$217,699
46,667
x38,606
$202,860
70,125
4,418
$2,555,426
630,375
x322,203
:$2,298,301
$132,426
$128,317
$1,602,848
$1,505,515
Dividends appiic. to pref. stocks for the period,
whether paid or unpaid
507,386
507,386
$1*095*462
$998,129
Superior Allot¬
ment Co
sales
ment of
or
dismantle¬
properties
Prov. for Fed. inc. tax..
Prov.
cents per share on the
dividends of $1.75 per share were
The Securities and
count and expense-___
on
Cushman's Sons, Inc.—Accumulated Dividend—
The directors have declared a dividend of 87 M
7% cum. pref. stock, par $100, payable June 1 to holders of record May 16.
A like payment was made on March 1, last, Dec. 1, Sept. 1, June 1, and
March 1, 1937, Sept. 1 and June 1, 1936, and prior to then regular quarterly
the New York Curb Exchange to strike from listing and registration the
—
Total income
Loss
on
17,098,964
1,438,886
497,231
4,834,153
385,087
Interest on funded debtAmortization of debt dis¬
on
Federal surtax
14,128,940
1,452,801
451,259
2,204,799
327,711
Profit from operations
Other income—
of
Note—No provision was made for
—Y. 146, p. 909.
$0.81
$0.82
undistributed profits.
'/V.'
1,027
Admin., sell & gen. exp.
Provision lor deprec
Interest
Surplus.
Shares common stock
Earnings per share
1938—12 Mos.—1937
1938—3 Mos.—1937
$2,750,212
$5,679,044 $16,795,072 $20,110,675
(exclusive
depreciation)
Loss
Net profit
Common dividends
15,219.50
1,661.00
2,181.00
—-
-V. 146, p.
Marke t Valv
$760,500.00
2,289,406.25
for
surtax on
distrib. profits of
un-
subs.
$55,209
$279,447
$590,315
$928,395
$0.06
Netprofit-.--
$1.17
$2.09
$3.74
Earns, per sh. on 200,579
shs. com. stk. (no
Gross income
Int. on mtge. bonds
Other int. & deductions.
par)
Netincome
Note—No provision has been made for surtax on undistributed profits
during the quarter ended March 31, 1938.
—
Balance..
x
Consolidated Balance Sheet March 31
$2,295,313
2,988
737,375
55.411
Includes amount required to amortize debt discount and expense over
the life of the
1938
1938
$
Liabilities—
1937
$
1937
$
Assets—
$
467,998
259,137
Payrolls payable-payable.-
196,083
697,783
297,742
462,181
378,891
95,545
69,948
100,000
935
Inventories
Accounts
Accounts payable.
2,439,160
96,155
Marketable secur.
426,147
1,592,911
1,200
4,557,612
Cash
Notes & accts. rec.
505
300,000
1,202,000
495,000
Accrued int.,
1,200
4,331,295
taxes,
Deb.sk.fd.depos.
gen.
&c
Funded
Land contr. rec. &
unsold land
debt
(current)
Notes payable
pi,
10,683
12,048
Funded debt.
49,687
89,583
Operating reserves
19,565
24,581
c
Invest,
in
em
chinery & equip. 7,822,277
1
1,300,000
442,516
Common stock..
2,468,600
5,279,310
5,279,310
Initial & cap. surp.
Earned surplus
7,762,018
1
Patent
Deferred charges.-
Total
524,367
1,849,384
2,114,368
1,848,771
Dr22,700
Dr26,667
—14,702,677
83,655
d Treasury
111,436
14,702,677 15,293,520
Diamond T Motor Car
at
I
Gross sales of
new trucks and service parts, less discounts, returns,
allowances, Federal excise and State sales taxes
$2,088,762
1,868,805
Cost of sales
2,527,600
$219,958
1,357
Gross profit on new trucks and service parts
Gross profit on sales of used trucks
1,952,575
stock
$221,315
243,050
Total
cost
Total
Co.—Earnings—
Earnings for the three months ended March 31, 1938
15,293,520
7% cum. pref. stk.
outside
companies, &c..
b Land, bldg., ma¬
made dining the 12 months ended March 31, 1938.
Includes provision of
$28 for 12 months ended March 31, 1937.—V. 146. p. 2363.
due
_
Sundry receivables
Advances to
outstanding debt plus an additional amortization of $32,500
for current montn and $259,500 for 12 months ended current month.
Note—No provision for Federal surtax on undistributed profits has been
b (After
.695,972 in 1938 and
deducting reserve for depreciation of
in 1937.
c Represented
by 200,648 shares, no par value,
d Represented by 246 (286 in 1937) shares preferred stock at cost and
71 (69 in 1937) shares common stock at cost.—V. 146, p. 2846.
Selling, general and administrative
expenses
$21,735
3,131
Loss...:
Other income: Interest and financing
>,393,997
Crescent Public Service Co.
Period—
xOper
expenses, taxes
$652,573
432,556
$208,603
3,555
680,786
20,452
Non-operating income (net)
Gross
income
Denver
$2,464,548
391
Income from operation
$661,374
452,771
$220,018
& depletion—
1,783,761
$220,409
$212,159
75,626
50,438
Period End. Mar. 31—
Total oper. revenue.
305,239
150,446
174,587
s
Balance
to
surplus.
$78,846
Net oper. income
Total misc. income
$70,965
$86,095
Gross income
Int.
underlying bonds
general and re¬
funding bonds
x
meiuuing reaerai income ana unaistrioutea profits taxes.
Note—It is the policy of subsidiaries to make appropriations for renewals,
replacements and retirements at the end of each calendar year, therefore,
the income statements for three months ended March 31 shows results
before deducting such appropriations.
The provision shown for 12 months
ended March 31,1938 is the amount appropriated for the calendar
year
1938
Plant,
property
1937
&
Bal.
$
91
139
Notes receivable..
2,849
7,693
103,075
Accts. receivable..
271,499
271,706
5,164
99,339
3,535
bonds.
135,293
125,559
106,643
133,627
Miscell. liabilities.
10,215
8,469
28,516
1,500
21,022
Accrd.int.receiv'le
Mat'ls & supplies
Prepayments
Misc. curr. assets.
a
Notes receivable
375
3,894
Miscell. assets
Unamort. property
abandoned
Suspense
Total
a
a
on
Notes
discounted
244,021
1,881,262
10,307
Unrealized profit—
Pref. stk. (sub.co.)
Common
Deficit
145,809
3,482
1,731,652
13,776
226,230
1,057,210
60,610
60,610
292,254
350,972
5,801
12,162,275 10,980,313
:
Total.
Merchandise contracts.—V. 146, p. 2038.
stock
14,055
226,250,
1,057,100
$77,569
9,402
$131,437
18,087
$349,274
47,743
$518,543
81,595
63,599
64,315
255,116
258,031
264
494
1,300
2,000
sink.
$4,304
$48,541
$45,114
$176,916
maturi¬
fds.
and
146, p. 910.
.12,162,275 10,980,313
Raynolds Co., Inc.—Listing Acquisition—
28,000 addi¬
of an agree¬
and consolidation, making the total amount authorized
to be listed 123,000 shares.
Company has entered into an agreement of merger and consolidation
dated March 25, 1938, with Jones-Dabney Co. (Del.) of Louisville, Ky.,
under the terms of which company will issue 28,000 shares of its class A
common stock to the holders of the 14,900 shares of the outstanding capital
stock of Jones-Dabney Co. in exchange for their stock.
Jones-Dabney Co. (Del.) was organized in 1919 by Saunders P. Jones
and William C. Dabney under the name of Jones-Dabney Varnish Co.
In 1926 the name was changed to Jones-Dabney Co.
It is engaged in the
manufacture of a full line of industrial finishes of all kinds, including
ment
27,595
Deferred liabilities
268,203
$483,567
34,976
The New York Stock Exchange has authorized the listing of
tional shares of class A common stock, pursuant to the terms
89*083
receivable
Reserves
27,595
Unamort. debt dis¬
count & expense
Interest
debt
Devoe &
147,680
Miscell. Interest..
$321,515
27,758
7,768,000
250,701
113,133
94,982
Taxes
$123,067
8,369
on
other corp. purposes
—V.
equipment
10,966,264 10,058,268 Accounts payable.
Special deposits...
37,394
2,268 Notes payable
Investments
10,652
9,693 Consumers' deps..
Cash..
281,559
221,946 Unredeemed coups.
„
for
ties,
1937
$
Long-term debt... 8,475,000
$817,032
451,662
128,395
113,907
1937.
1938
Liabilities—
$
1938—12 Mos.—1937
$3,169,048
$3,283,661
1,872,778
1,813,311
511,332
528,090
463,422
458,692
$759,008
451,432
127,636
108,767
on
Amortiz. of discount
funded debt
Condensed Consolidated Balance Sheet March 31
Assets—
on
Int.
1938—3 Mos.—1937
$71,172
6,397
.
Taxes
B.
ser.
—
Operating expenses
Depreciation
$701,238
76,216
65,347
Tramway System—Earnings—
[Denver Tramway Corp. and Denver & Intermountain RR., with inter¬
company transactions eliminated]
Fixed charges of subsidiaries on obli¬
gations in hands of public
Int. on coll. tr. 6% inc. bonds,
$19,857
Net loss for period.
-V. 145, p. 3007.
(& Subs.)—Earnings—
-3 Mos. End. Mar. 31- 12Mos.End,
1938
1937
Mar .31 *38
Total operating revenue
$18,604
1,253
Loss
Interest paid
of merger
paints, varnishes and lacquers and synthetic resins which are sold to auto¬
mobile, furniture, paint and other industrial manufacturers.
Jones-Dabney Co. owns its plant at Louisville, Ky., and leases two
plants in Dearborn, Mich.
The Louisville plant comprises 16 buildings
with floor space of approximately 66,000 square feet.
The leased plants
have an approximate floor area of 17,000 square feet.
The capacity of
Volume
the
plants is
146
Financial
Chronicle
approximately 4,860,000 gallons of industrial finishes per
Registers with SEC—
annum.
Stockholders at
special meeting held April 28, voted to absorb the Jones-
a
Dabney Co.
Net income of Jones-Dabney during 1937, after Federal income and surtax
undistributed profits, aggregated $114,388.
This compared with $136,027 in 1936 and $129,341 in 1935.—V. 146, p. 2363.
on
Divco-Twin Truck Co.—To Pay Interim
Jan. 4, last.—V.
Dominion
J.
146,
p.
748.
Rubber
1
Co., Ltd.—New Directors—-
S. Hugh and Norman J.
company, succeeding
deceased.—V.
145,
The Securities and Exchange Commission announced
May 4 that Ebasco
Services Inc. has filed a declaration under the
Holding Company Act
(File 37-31) on behalf of itself and its wholly-owned
subsidiary, Phoenix
Corp., with respect to their organization and conduct of
subsidiary service companies for companies in the registered
holding company system of the Electric Bond & Share Co.—V. 146, p. 2848.
Engineering
business
Dividends—
Directors have decided to abandon the practice of paying dividends on a
quarterly basis and will henceforth pay dividends on an interim basis. No
action was taken with regards to the dividend normally payable in the
second quarter.
Last payment was the 10-cent distribution made on
Daves have been elected directors of the
J. W. McConnell, retired, and Col. Herbert Molson,
2543.
3011
as
Eastern Utilities Associates (&
1938—Month—1937
$680,131
$749,200
Operation
353,375
341,132
Maintenance
24,689
26,675
Retire, reserve accruals
63,741
61,968
Taxes (incl. income)85,966
101,652
1938—12 Mos.—1937
a764,687
1,060,835
$8,589,846
4,178,641
a336,622
a725,488
1,070,994
Net-oper. revenues
Non-oper. income (net).
!$2,278,100
Operating
revenues....
Balance.
...
Ltd.—Sales—
1938—16 Weeks—1937
1938—4 Weeks—1937
$1,547,273
Apr. 23—
Sales
$1,495,189
$5,831,600
$6,025,049
—V. 146, P. 2690.
1937
1938
$428,676
Federal surtax
charges
After
deducting
935
1936
137,816
; $150,367
43,088
$232,981
43,283
i$1,941,659
!$2,415,916
1528,269
183
;
74
526,064
2,557
___
;
-
Balance.
1938
1937
.-$30,596,856 $28,340,137
15,104,464
13,468,978
Operating revenues
Operating expenses, maintenance and taxes
Netoper.rev. (before approp. for retire, res)
Other income
$15,492,392 $14,871,159
328,205
846,361
(net)
Net oper. rev. & other inc. (before approp. for
retirement reserve)
$15,820,597 $15,717,521
Appropriation for retirement reserve
2,447,748
2,267,211
....
__
__—
Gross income
...-$13,372,849 $13,450,310
179,750
1 80,835
2,414,547
2,457,772
315,947
316,191
500,000
500,000
130,655
81,688
Rents for lease of electric properties-
charges (net)
Amortization of debt discount and expense
Appropriation for special reserve
Other income deductions
Net income
Note—The above income account for the year ended Feb. 28, 1937 has
been adjusted to reflect $400,590 additional taxes applicable to the period
of 1936 included therein, paid in 1937 and charged to surplus.—V. 146,
_
Ry.—Delisting—
$1,958,704
2,529
—
ment for year
(& Subs.)—Earnings—
$1,956,765
transportation equip¬
ended March 31, 1938 amounting to $31,312 (1937, $7,845)
Note—Blackstone Valley Gas & Electric Co. on Jan. 1,
1937, adopted
the Federal Power Commission system of
accounts, hence previous year's
12 months' ending figures are not exactly
comparative, especially between
operation and non-operating income—net.—V. 146, p. 2364.
Edison
Brothers Stores,
Inc.—Sales—
Period End. April 30—
1938—Month—1937
Sales..
$3,033,358
$2,106,783
—V.
146,
p.
1938—4 Mos.—1937—
$7,721,050
Electric Auto-Lite Co.
(& Subs.)—Earnings—
3 Months Ended March 31
1938
1937
1936
$1,262,866
1,295,945
Expenses & other charges
$2,925,195
1,474,800
216,000
6,260
$1,950,654
939,032
140,000
19,107
Federal income taxes
Cr1,837
loss..
$32,242prof$l228135prof$852515
78,505
Deficit
—V.
$7,032,680
2365.
Profit after depreciation.
The Securities and
Exchange Commission has granted the application of
Exchange to strike from listing and registration the
In its application the Exchange
preferred and common stock of company.
stated that delisting was sought, among other things, because the company
is now in bankruptcy, there has been for years an annual cumulative defici t
and the limited assets available for possible payment of preferred and
common stockholders make it in the interest of the investing public that
listing be terminated.—V. 146, p. 2484.
...
$1,477,523
Preferred dividends..
the New York Stock
East Coast Public Service Co.
$2,090,730
132,026
has been apportioned to other accounts,
Net
Duluth South Shore & Atlantic
$1,780,906
309,824
_
Balance available for dividends and surplus
Minority interest
V-/
309,824
a The accrual for retirement reserve was
increased in Feb., 1937 to provide
for certain charges formerly included in maintenance which are
now being
made to the reserve.
Also, accrued depreciation of
$9,913,823
$9,831,950
______
.
....
.....
Amount not available for dividends and surplus.
Duquesne Light Co.—Earnings—
Year Ended Feb. 28—
interest
$1,303,312
...
—
Expenses, taxes and
::
;
.....
$1,780,906
77,652
to
—
Non-subsidiary income.
$1,809,642
28,736
$1,477,523
•ktE- UI4-7 —r
$1,887,294
$1,613,136
135,612
applicable
$1,402,651
77,652
$1,303,312
Applicable to E. U. A...
Total
10,739
.
$1,324,999
21,687
Earnings of subsidiary companies
2842.
2848.
24,705
Applicable to minority interest
Driver -Harris Co.—Bonds Called—
p.
1$1,916,954
15,209
Balance..$107,095
$189,624
Preferred dividend deductions—B. y. G. & E. Co.
$80,725
x$346,550 loss$43,033
146,
on undistributed profits.- -V.
1238.
Interest
$217,772
Balance
All of the outstanding ($119,000) first mortgage s. f. 15-year 6% bonds
due June 1, 1942 have been called for redemption on June 1 at 102.
Pay¬
ment will be made at the Fidelity Union Trust Co., Newark, N. J.—V. 145,
p.
a293.200
$152,360
Drl,993
—
12 Mos. End. Mar. 31Net profit after taxes &
x
______
Int. and amortization
Miscell. deductions.
(S. R.) Dresser Mfg. Co. (& Subs.)—Earnings—
p.
$8,356,764
4,321,088
p.
Dominion Stores,
Period End.
Subs.)—Earnings—
Period End. Mar. 31—
78,335
$32,242 sur$l 149630 sur$774,180
146, p. 1550.
Electrolux
Corp. (& Subs.)—Earnings—
Quarter Ended March 31—
Net profit after charges, Federal in¬
come
1938
and surtax
1937
1936
$668,246
Earns,
per
sh. on
capital stock
145, p. 3195.
$722,472
$0.54
1,237,500
$768,369
$0.62
$0.58
shs.
—V.
3
Months Ended
12 Mos.End.
Mar. 31 '38 Mar. 31 '37 Mar. 31 '38
Period—
Total operating revenue.
Operating
$155,873
110,725
$41,845
2,560
$229,339
451
Income from operations
$727,637
498,298
$45,147
and taxes
$150,152
108,308
$45,599
expenses
$44,405
Non-operating income (net)
Gross income
Fixed charges of subsidiaries
Int. on 1st lien coll. 4 % bds., series A
interest
15,566
555
99
22,831
22,601
$244,905
1,,445
91,137
134
_
El Paso Electric Co.
14
Miscellaneous
(& Subs.)—Earnings—
12 Months Ended March 31—
1938
Electric Light & Power
Corp. (& Subs.)—Earnings-
Period End. Jan. 31— 1938—3 Mos.—1937
Subsidiaries
•
x
Balance.....
x
Before
$21,647
$22,212
$152,308
provision for renewals, replacements and retirements. Federal
income and undistributed profits taxes of East Coast Public Service Co.
Note—It is the policy of subsidiaries to make appropriation to their re¬
for renewals, replacements and retirements at the end of each calen¬
dar year; therefore, the above interim statement shows results before de¬
ducting such appropriation.—V. 146, p. 2040.
12 Months Ended March 31—
Consolidated
income
available
Net oper. revenues...
Federal
1937
deprec. and depletion reserves, int., and divs__$10,927,973
Note—There is
p.
no
provision for surtax
2534.
Eastern
2,730,427
146
-vr.-;:,
■
;
..
$10,720,860
2,790,731
undistributed profits.—V.
on
.vy,;
Rolling Mill Co.—Earnings—
Quar. End. Mar. 31—
1938
Operating profit
loss$61,930
for depreciation..
24,295
Prov.
Prov. for Federal taxes..
Net profit
loss$86,225
Gross income...
Int.
1936
$30,970
22,550
$27,059
22,426
$62,759
$8,420
Eastern
long-term debt..
1935
520,284
___
applic.
$731,865
789,592
$1,681,480
1,987,517
$89,017
$57,727
840
806
$218,013
2,663
174,886
155,695
Cr44,174
56,093
$113,014
$475,232
Note—The above statement
rentals and local
capital gains
P. 2364.
or
covers operations after depreciation,
interest,
but before Federal income tax, capital stock tax,
losses and other non-operating adjustments.—V. 146,
$2,853,803
to
$3,021,805 $12,181,720 $10,771,424
min¬
57,715
in income of subs..
$2,796,088
Corp.—
Elec. Pow.
& Light Corp. in in¬
come of subsidiaries.
$2,796,088
_
Total
For the week ended
■■■I
National Power & Light Co
$2,834,044 $11,255,267
,
$9,779,923
•
$2,834,044 $11,255,267
612
$9,779,923
611
2,416
$9,782,339
218,899
1,588,974
$2,378,963
$9,454,500
$7,974,466
$176,330
$641,105
$536,303
$926,905
203,456
329,752
203,456
329,752
66,823
407,643
Bal. carried to consol.
a
earned surplus
$2,322,233
Includes provision for
Fed. surtax on undis¬
tributed
tributed
1938 the kilowatt-hour system input of
Co., Electric Power & Light Corp. and National Power & Light Co.,
compared with the corresponding week during 1937, was as follows:
Operating Subsidiaries of—
991,501
$2,834,657 $11,255,878
58,450
202,004
397,244
1,599,374
$2,796,699
Expenses, incl. taxes._ *
Int. and other deduct'ns
c
the operating companies which are subsidiaries of American Power & Light
American Power & Light Co
Electric Power & Light Corp
926,453
profits
b Includes provision for
Fed. surtax on undis¬
Inc.—Weekly Input-—
April 28,
187,761
611
—
c
taxes,
Ebasco Services,
2,634,585
620,770
Cr67,660
Elec. Pow. & Lt.
$3 90,236
56,651
$144,828
expenses
Net deficit..________
1,994,923
1,359,452
Crl02,084
$5,005,432 $20,098,584 $18,705,931
1,983,627
7,916,864
7,934,507
Other income.
Other
786,865
840,082
Net equity of Electric
Power & Light Corp.
$1,979,396
2,197,409
Operating deficit
811
674,956
859,668
Net equity of
$637,506
726,523
Other income
77
1,971,618
ority interests
Steamship Lines, Inc. (& Subs.)—Earnings—
$306,037
2,479
171,674
546,589
Cr22,822
$4,825,421
Balance.
Operating revenue
Operating expenses
,.
;
610,473
Balance
1938—3 Mos.—1937
*■
$8,895,065 $36,236,268 $34,202,637
3,231,523
12,885,393
12,309,011
,
ePref. divs. to public—
Portion
470,666
448,106
$9,083,292
3,149,936
(notes, loans,
&c.)
$4,633
1938— Month—1937
(.
$8,872,505 $36,420,980 $34,255,854
252,280
393,144
d Other deductions
Earnings for 12 months ended Mar. 31, 1938, follows: Profit before
depreciation, $64,783; provision for depreciation, $92,101; net loss for period,
$27,318.—V. 146, p. 2206.
Period End. Mar. 31—
on
Other int.
Dr3,444
$9,224,156
Int. charged to construe.
1937
$96,654
22,023
(est.) 11,871
.
$8,875,949 $36,420,903 $34,255,043
5,560
bother inc. deductions.
taxes,
Net income after all charges available for divs.—
$9,218,596
(net)
Other income
1938
for
>
Rent from lease of plants
Operating income
Associates—Earnings—
1938—12 Mos.—1937
.1
Operating revenues
$28,746,226 $28,129,769 $109382,127 $98,054,436
a Oper. exps., incl. taxes
15,578,571
15,125,761
58,172,358
51,539,248
Prop, retire, and deple¬
tion reserve approp..
3,949,059
4,128,059
14,788,866
12,260,145
serves
Eastern Gas & Fuel
1937
Operating revenues
$3,166,669
$2,968,408
x Balance after operation, maintenance and taxes..
1,255,961
1,095,076
y Balance for dividends and surplus
436,23.3
316,178
x Includes non-operating income, net.
y After appropriation for retirement reserve.—V. 146, p. 2691.
DcCTCCiS6
as
profits.
Includes provision for
Fed. surtax on undis¬
tributed profits
.
2,538
2,668
d Includes non-recurring
charges for reorganiza¬
tion expenses of certain
v 11
1938
1937
Amount
%
..99,834,000 117,144,000 17,310,000 14.8
45,141,000
50,816,000
5,675,000 11.2
—72,892,000
85,537,000 12,645,000 14.8
subsidiaries
325,140
Full dividend requirements
earned or unearned.
e
applicable
418,505
to
respective
periods
whether
Financial
3012
May
Chronicle
RR.—Authorized to Pay Equipment Obligations—
of equipment trust and agreement and lease obliga¬
Erie
Comparative Statement of Income {.Company Only)
1938—3 Mos.—1937
1938—12 Mos.—1937
7, 1938
Payment by Erie RR.
Period End. Jan. 31—
tions
GFrom subSkiaries....
$1,958,525
202,004
$1,797,215
218,899
$565,864
387,500
$1,756,521
1,550,000
$1,578,316
1,550,000
9,744
66,823
Expenses, incl. taxes..
$1,794,799
2,416
$624,314
58,450
$648,292
Total Income
a
$1,957,914
611
$623,701
613
$647,681
611
Other
38,974
Net income before int.
$581,469
387,500
and other deductions.
Interest
Int. on
gold debs—
Power Securities
on
collateral
Corp.
trust
foldseries— American
bonds,
%
Amort, of debt disc,
expense
10,377
10,377
and
9,743
of gold debs..
Prem. and exp. on Power
Securities Corp. bonds
Fed.
undistributed
$157,147
$168,620
$173,826
Net income
a
loss$10,658
Includes pro v. for
surtax on
_
$2,538
profits.
Summary of Earned Surplus
Earned surplus, Feb. 1,1937—
for 12 Months Ended Jan. 31, 1938
Adjustment upon liquidation of subsidiary
Net income for the 12 months ended Jan. 31,
Earned surplus,
$2,668
—...
Jan. 31, 1938
$3,640,308
839,448
157,147
1938
I
Maine, by holders
Co., a subsidiary,
against Electric Power & Light Corp. and that company, demanding, among
other things, either cancelation of the common stock of Utah Power &
Light Co., all of which is owned by Electric Power & Light Corp., and
repayment of all dividends on such stock, with interest, or payment by
Electric Power & Light Corp. to Utah Power & Light Co. of $30,000,000,
representing the par value of such common stock, as originally issued,
together with interest thereon from the date of issuance of such stock.
Counsel for the corporation is of the opinion that the suit is without merit
and the corporation intends to take all steps possible to protect its legal
brought on March 18, 1938, in Kennebec County,
of 301 shares of the pref. stock of Utah Power & Light
was
Period End. March 31—
Gross oper. revenues—
Operation.
Maintenance.
Tft#x6$
«• ■
**
Provision for retirements
$197,668
33,983
2,731
$160,953
Total gross income—
Interest
Amort, of debt expense-
$2,378,504
877
$215,691
31,951
2,740
$181,000
$1,817,619
18,175
$1,835,794
385,464
33,243
504,601
48,238
$1,959,796
Dr23,223
923
...
.
$2,367,449
11,055
$214,814
$196,745
Net oper. income
Other income-
1938—12 Mos.—1937
$3,573,491
$4,826,506
1,055,428
1,357,725
63,121
126,080
227,474
a426,256
409,848
548,995
$1,282,954
Cr6,578
$1,936,573
103,579
Investments.....
1937
to
$250,000
Accts.
882,426
216,735
223,244
15,000
Dividend payable.
taxes
&
$200,000
Federal
471,433
808,236
481,871
840,725
848,936
less reserve
Inventories
payable..
Res've for collision
Fund for redem. of
preferred stock.
76,405
60,254
6,911
7,005
Preferred stock—
526,600
556,600
Common stock..
30,000
30,000
1,532,016
1,533,343
insurance
98,322
Life insur. policies.
55,692
x
Prepaid ins., taxes,
interest, &c
Automobiles, furn.
26,734 Surplus
22,295
-
11,017
8,294
and fixtures
& trade¬
1
marks..——
$2,562,261 $2,565,193
Total
$2,565,1931
$2,562,261
Total
x
payable
banks
Accts. & notes rec.,
stock.—Y. 145, p. 2390.
Represented by 30,000 shares no par
Co.—Delisting—
Fairbanks
Commission has granted the application of
strike from listing and registration the
In its application the Exchange stated that
delisting was sought, among other things, because there has been for years
an annual cumulative deficit and the limited assets available for possible
payment of common stockholders make it in the interest of the investing
public that listing be terminated.—V. 146, p. 1874.
The Securities and Exchange
the New York Stock Exchange to
common
$1,289,533
97,979
•
Notes
$211,333
$223,480
1938
Liabilities—
1937
1938
Cash
(Del.) (& Subs.)—Earnings-
1938—Month—1937
$400,785
$410,796
103,733
120,285
5,696
9,017
30,081
a.37,797
46,461
46,951
Inc.—Balance Sheet Feb. 28—
Faber, Coe & Gregg,
Assets—
Goodwill
El Paso Natural Gas Co.
2849.
Ewa Plantation Co —Dividend Reduced—
Directors have declared a dividend of 20 cents per share on the capital
stock, par $20, payable May 14 to holders of record May 5.
Previously
regular quarterly dividends of 60 cents per share were distributed.
In addi¬
tion, an extra dividend of 60 cents was paid on Nov. 15, last.—V. 145,
p. 3007.
146, p. 595.
<ghts.—V.
New Director—
V. 146, p.
$4,636,903
—
provision has been made in the above statement)
Note—Suit (for which no
due April 1, plus interest of $825; $50,000
which matured April 15, plus interest of
$3,171 on an agreement and lease with the Greenville Steel Car
Co., due March 31, and $13,916 principal and interest on an agreement for
lease and purchase with the Safety Car Heating & Lighting Co., due April 1.
The Court also granted petition of the road to pay interest and dividends
amounting to $32,644 on securities pledged to the RFC, consisting of
$26,925 interest due on bond and mortgage of Niagara Frontier Food
Terminal, Inc., March 1, and a dividend of $5,719 which was payable
on 5,719 capital shares of Lehigh & Hudson River Ry. March 31.
These
securities are part of pledged collateral to five notes outstanding made by
Erie to the RFC, amounting in aggregate of $16,000,000.
$3 000;
George D. Brooke, President of the Chesapeake & Ohio Ry. has been
authorized by the Interstate Commerce Commission to serve as a director
of this railroad and its subsidiaries, the Chicago & Erie Railroad Co.—
23
23
retired
38,974
aggregating $100,912 has been authorized in Federal Court by Judge
^TheVoad had sought permission to pay $30,000 balance of series II
equipment trusts which became
of series KK equipment trusts
stock of company.
Fairbanks, Morse & Co .-—Common Dividend Passed—
dividend ordinarily payable at this
stock. A regular quarterly dividend of 25 cents
Directors have decided to pass tne
recurring income—
Non-recurring inc. (net)i
Dr781
$181,000
8,631
$160,172
8,631
Net income
Pref. stock div.
require.
$172,368
$151,540
Does not include provision for surtax on
was
$1,832,994
$1,191,554
Aircraft,
Fairchild
to
an extra dividend of 5 cents per share in
quarterly dividend of 10 cents per share on the
$5, both payable May 31 to holders of record May 16.
the regular
Similar payments were
made on Nov. 30 and on May 31, 1937,
Aug. 31, 1934—V. 145, p. 3007.
Feb. 29,
1936, Feb. 28, 1935 and on
Emsco Derrick &
Operation
Maitenance
Taxes
Falconbridge Nickel Mines, Ltd.— Earnings—
share on the common
Previously regular
distributed.—Y. 145, p. 2390.
May 11.
Engineers Public Service Co. (&
Period End. Mar. 31—
Operating revenues
Subs.)—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$4,034,555 $52,635,432 $49,255,269
1,644,701
20,489,171
20,216,575
282,833
3,667,752
3,111,100
310,702
498,043
a6,359,500
5,748,005
538,969
$4,170,428
1,689,254
$1,631,503
Non-oper. income (net).
Dr50,288
$1,608,978 $22,119,008 $20,179,589
Z)r3,974
Dr434,300
870,487
$1,581,214
663,887
$917,328
Tons
(lbs.)
I.
Copper in matte produc'd
Obs.)
Refined nickel produced
(lbs.)
Refined copper produced
(lbs.).
Gross operating profit-_
j
Balance
Dividends
$8,183,506
pref. stocks, declared
Oumul. pref. dividends earned but not declared..
on
__
Balance
applicable to minority interests
b Balance.
Balance of earns, applic. to Engineers P. S. Go
on bonds owned by parent co., incl. in
2,364,255
1,601,284
$7,495,983
2,796,073
1,184,673
$4,217,967
32,379
i,500,918
1,500,918
14,319
Amortiz.
1,835
charges above
Earns, from sub. cos., incl. in charges above:
Preferred dividends, declared
Interest
Dividends on miscell. investment
Total
_________
71,521
72,386
150,714
$4,482,044
243,409
.82,742
62,439
44,543
$3,690,642
258,457
$4,238,634
409,284
__
d Allowing for loss.
Balance applic. to stocks of
after allowing for loss..
$3,432,184
422,091
$3,829,350
$2,323,537
$3,010,093
$2,323,537
Federal income taxes of $1,053,062, of which the Federal
undistributed profits amounts to $5,638.
No provision has been
made for Federal surtax on undistributed profits for 1938, since any liability
Includes
surtax on
determined until the end of the year,
b Applicable
Engineers Public Service Co., before allowing for unearned cumulative
preferred dividends of certain subsidiary companies,
c Of earnings of
parent and subsidiary companies applicable to Engineers Public Service Co.
stocks, before allowing for loss,
d In investment in common stocks of sub¬
sidiary companies, measured by cumulative dividends on preferred stocks
of such companies not earned within the year, less minority interests and
intercompany eliminations.
Such amounts are not a claim against En¬
gineers Public Service Co. or its other subsidiary companies.
Note—Effective Jan. 1, 1937, certain subsidiary companies adopted the
new system of accounts prescribed by the Federal Power Commission which
differs in certain respects from the system the companies previously followed,
hence the above 12 months' figures are not exactly comparative.—V. 146,
p. 2691.
for such tax cannot be
to
2,876,608
2,760.457
1,964,803
1,669,992
1,264,668
1,262,884
4,126,948
3,428,051
2,721,544
2,548,326
1,815,401
$602,738
1,653,761
$648,448
1,215,067
$579,119
1,167,435
$427,127
54,500
53,700
51,000
292,874
259,700
180,075
138,206
$334,248
$345,345
$237,921
146,
Net profit
$264,864
Note—Above
figures are exclusive
of non-operating revenue.—V.
1073.
Federal Screw Works
(& Subs.)—Earnings—
1938
1937
1936
1935
x$57,012 prof$27,965
$9,499 prof$16,760
,x No provision was made for interest which may accrue in connection
with the deposited 6y2% gold notes of the company.—V. 146, p. 2365.
3 Mos. End. Mar. 31—
Net loss after deprec., &c
,
Federal Water Service Corp. (& Subs.)—Earnings—
(The Accounts of Southern Natural Gas Co.
12
Months Ended March 31—
Are Not Consolidated Herein)
1938
1937
Operating revenues
$16,875,601
Operation
5,692,620
General expenses charged to construction—
Cr218,494
Rate case expenses & regulatory com. expenses—
90,835
Provision for uncollectible accounts
89,142
$16,885,430
5,543,218
0230,238
90,162
937,240
1,295,146
1,661,671
213,487
66,433
920,452
1,154,601
1,573,171
$7,047,521
$7,385,915
Maintenance..——.
—
replace, (see Note 3)
General taxes
Federal normal income tax.
on
__
undistributed profits
Net earnings
Other income
103,027
165,680
179,440
607,786
Gross income
549,257
$7,655,307
Engineers P. S. Co.,
Pref. div. requirements of Engineers P. S. Co
a
3,502,717
Deprec. &def'ddevelop-
Federal surtax
Balance
73,238
3,902,739
Provision for taxes
Provision for retire. &
Expenses, taxes and interest
81,193
1,515,237
$4,185,587
$4,185,587
111,118
45,000
__
p.
Balance
Appropriations for retirement reserve.
1935
1937
118,408
treated
Nickel in matte produced
$948,242 $13,781,666 $12,983,341
5,598,160
5,487,359
Balance
Int. and amortization
1936
1938
3 Mos. End. Mar. 31—
$1,605,003 $21,684,707 $21,050,076
656,761
7,903,041
8,066,735
Net oper. revenues...
'
announced April 25, that the company
had sold to Canadian interests for about $250,000 its holdings of 40,000
shares in Failchild Aircraft, Ltd., of Canada.
Proceeds of the sale will be
devoted by the American company to working capital, for the time being.
The Fairchild Aviation Corp., another of Mr. Fairchild's interests, will
continue to represent the Canadian company in the export sales of com¬
mercial aircraft, he ssid.—V. 144, p. 450.
Equipment Co.— To Pay lb-Cent Div.—
Directors have declared a dividend of 15 cents per
stock, payable*May 25 to holders of record
quarterly dividends of 25 cents per share were
Corp.—Sells Canadian
& Airplane
Engine
Sherman M. Fairchild, President,
Empire Capital Corp.—Extra Dividend—
c
Ltd.—New Control—
plane Corp.—V. 143, p. 3629.
undistributed profits.—V. 146,
The directors have declared
class A stock, par
2844 for record
announced last week that through stock acquisition the company
an all-British company.
See also Fairchild Engine & Aero¬
Holding—
addition
Amount
the no par common
Fairchild
It
2849.
p.
on
share was distributed on March 1, last. See V. 145, p.
of previous dividend distributions.—Y. 146, p. 1874.
per
will become
I
Bal. for com. divs. and
a
time
$7,935,172
4,743,921
108,044
171,231
4,829,544
129,344
168,428
1,255,241
59,752
Charges of subsidiary companies:
Interest
on
funded debt
Miscellaneous interest, &c
Amortization of debt discount & expense,
1,261,142
42,094
Dividends on preferred stock
Minority interest in net income
Charges of Federal Water Service Corp.:
Interest
on
_
The statement of consolidated income
383,188
1,051
$952,320
Net income.
Notes—(1)
^
372,953
3,600
funded debt
Miscellaneous interest-
$1,108,621
does not include pro¬
vision in respect to possible Federal surtax on undistributed profits for the
three months ended March 31, 1938.
(2) The statement of consolidated
income does not include the operations
subsidiaries.
of Southern Natural Gas Co. and
For the year ended March 31, 1938, that company reported
net income of $1,298,755.
This is equivalent to $1.85 a
unconsolidated
share on the 554,500 shares
of class
A stock and $1 a share on the 274,939
Volume
Financial
146
shares of class B stock of Southern Natural Gas Co. outstanding at
Balance Sheet March 31
March
31, 1938.
Federal Water Service Corp. and a subsidiary company own
319.378 shares of class A stock and 3,542 shares of class B stock of Southern
Natural Gas Co.
Included in the statement of consolidated income is
$174,866 of interest income accrued on adjustment mortgage bonds and
$400,108 dividends received on class A and class B stock of Southern
(3) Natural gas development expenditures of $503,972 incurred
by Coast Exploration Co. were charged to earned surplus upon the disso¬
lution of that company during the year ended March 31, 1938.
Assets—
Statements of Income
Cash
1937
$73,036
deposit
on
with trustee
550
Receivable for
sec.
livered
5,250
$479,125
44,963
400,099
174,866
7,162
$1,106,216
184,611
4,000
26,026
undistributed profits—
3,000
$943,364
145,760
4,000
26,256
75,000
—.,
_—_
375
3,306
1,443
105
Prov. for Fed. inc.
charges,
General and miscellaneous expenses
General taxes
„
Provision for Fed. surtax on
operating income
$888,578
Interest on funded debt
375,450
3,600
$692,348
386,072
1,051
$509,528
$305,224
Miscellaneous interest
Net income
Note—The above statement of income does not include provision in re¬
spect to possible Federal surtax on undistributed
ended March 31, 1938.—V. 146, p. 2365.
Com.
company
reports
31,
of March
as
profits for the three months
1938,
liquidating value of its
comparing
March 31,
Total
department.
of the issued and outstanding stock of Oswald
stock was purchased by it and which cor¬
which
poration became its wholly owned subsidiary on July 1, 1937.
Prior to June 2, 1937 capitalization consisted of 15,000 shares of
pref. stock (par $10) authorized, of which 6,502 were outstanding
20,000 shares of common stock (par $5) authorized and outstanding.
cum.
7%
and
1937 two classes of
By amendments to articles of incorporation June 2,
stock were created:
100,000 shares of class A stock
(par $1), of which
30,000 shares were offered (see above) and 100,000 shares of class B stock
were to be exchanged for the 20,000 shares of common stock on a
which
five-for-one basis.
stock will be added to the working
and
Profits—Since
are
1933
the
volume of
Effective
with J. B.
Period Covered-
Sept. 30, 1930 to Dec.
Dec. 31, 1930 to Jan.
Jan.
3, 1932 to Dec.
Jan.
1, 1933 to Dec.
Dec. 31, 1933 to Dec.
Dec. 30, 1934 to Dec.
Dec. 29, 1935 to Jan.
Jan.
3, 1937 to June
1931
1932
1933
1934
1935
1936
1937
The
March
30,
2,
31,
30,
29,
19301932-1932.
1933
193428, 19352, 1937
26, 1937--...
—
$739,901
3,631,259
3,034,535
2,684,503
2,769,136
3,101,554
3,481,315
2,136,290
Profit
$10,172
62,810
74,504
64,139
62,095
65,614
105,939
62,316
company's subsidiary showed an operating loss of $11,785 from
1, 1937, the date of commencement of its corporate business, to
1937.
During the first quarter of said subsidiary's operation by
June 26,
(June 26, 1937, to Sept. 25,
profit of $2,808 —V. 145, p. 2074.
company
Florida East Coast
1937) said subsidiary showed a net
& Fed. income taxes.
The Interstate Commerce Commission on April 28 approved the extension
a period of not to exceed two years of the time of payment of the loan
$233,368 to the receivers of the company by the Reconstruction Finance
Corporation, maturing May 1, 1938.—V. 146, p. 2849.
of
Food
Machinery Corp.—Earnings—
Period End. Mar. 31—
earns,
—V.
1938—3 Mos.—1937
after all chgs.
146, p.
$169,397
$447,040
1938—6 Mos.—1937
$337,416
Earnings
—V.
Fraser
3 Mos. End. Mar. 31—
Interest earned
1938
$6,603
1937
$3,233
Operating expenses—5,349
on 5% debs.,series A
Profit realized from sales
of sec. (net)
yCr5,966
$49,354
—
over
104,796
$1.18
Cos., Ltd. (& Subs.)—Earnings—
1938
1937
$142,929
$167,841
Frye Investment Co.—Registers with SEC—
See list given on first page of tnis department.—V.
146,
p.
1074.
Fuente Coal Co.—Distribution—
The Central Hanover Bank & Trust Co. in a notice to holders of the
first mortgage bonds, states that it
holds a fund constituting proceeds
of
,
*l(pyale
ttie secur*ty *or the bont*s sufficient to permit of a distribution
Holders
pany
of bonds are urged to communicate promptly with the trust com¬
for information regarding the proposed distribution.
The bonds
dated Sept. 12, 1894.
are
Galveston Electric
Period End. Mar. 31—
Operating
Operation
Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
Retirement accruals
Taxes
$263,777
167,909
31,428
$3,765
$44,314
8,487
$42,993
1,797
$3,765
73
$52,801
4,010
$44,790
341
$3,542
Maintenance
$308,678
187,867
26,762
17.091
a32,644
$3,883
revenues
$3,691
$48,791
$44,602
$25,824
15,379
2,268
1,531
2,762
$22,826
14,390
2,332
$3,883
Net oper. revenues
252
2,086
Non-oper. income (net)_
Balance
Int.
on
equipment notes.
Net income
a
No provision
has been made for the Federal surtax
on
879
20,567
188
undistributed
profits for the year 1938 since any liability for such tax cannot be deter¬
mined until the end of the year.—V. 146, p. 2207.
Gannett Co., Inc. (&
Subs.)—Earnings—
1938
1937
$205,576
$197,855
$2.81
3 Months Ended March 31—
$2.71
Net
profit after deprec., int., Fed. income and
N. Y. State franchise tax but before provision
for undistributed profits taxes
Earnings per share on $6 conv. pref. stock.
—V. 146, P. 2041.
(& Subs.)—Earnings—
.
Earnings for 12 Months Ended March 31,1938
$7,691,926
327,626
Gross sales—
Returns
Net
and
allowances
sales
$7,364,300
4,133,357
.
Cost of goods sold
Gross profit on sales
Operating expenses
$3,230,944
Net profit from operations
Other income—
$1,166,210
2,064,734
52,800
$1,219,009
Total income
5,799
4,870
Interest paid
paid
14,948
202,288
Federal capital stock tax.
Provision for Federal taxes
Balance to
$991,105
surplus
Note—Includes provision for surtax on undistributed profits for 9 months
of 1937 and, as estimated, for 3 months of 1938.—V. 146, p. 2850.
Gary Electric & Gas Co.—Earnings—
[Including Gary Heat, Light & Water Co.]
1938—3 Mos.-—1937
1938—12 Mos.—1937
,
1936
$956
2,838
2,160
1935
—
2,820
2,364
defx$4,043
def$4,347
of operating expenses
period, there were no net earnings (as limited by the certificate of incorpora¬
tion) which would be required to be distributed at the end of the year.
As at March 31, 1936, the accrued interest since the last payment date per
$100 debenture was $0,416.
y After provision for Fed. taxes of $850
($7,345 in 1937).
5,643
32,585
42,647
$3,052,612
x2,253,535
$2,838,431
xl ,926,520
$799,077
358,555
16,368
276,000
$911,911
365,136
15,031
276,000
527,630
$207,847
88,650
4,315
$207,269
90,352
2,667
69,000
69,000
Bond interest
deduc.
Depreciation
$45,250
$148,154
$255,744
x For comparative purposes
the first three months of 1937 have been
adjusted to include a proportionate share ($50,000) of frequency change
expense of Gary Heat, Light & Water Co. recorded during the month of
Dec., 1937, in the amount of $200,000.—V. 145, p. 2845.
Net income.
and debenture interest
interest earned during the three months ended March 31,1936, for this
excess
$3,020,027
$737,434
x530,165
Total income
Gen. int. & misc.
$2,795,784
$731,791
$735,478
Other income
$741,808
Dr6,330
Operating revenue
Inc. avail for bond int.
yCr49,213
$7,220
3,092
Int.
there was an
$132,996
$132,664
115,228
$1.12
3 Months Ended March 31—
Income before providing for Dominion income tax.
—V. 146, p. 2367.
Oper. exp., maint. & tax
paid on Dec. 22, last.—V. 145, p. 1257.
Foreign Bond Associaties, Inc.—Earnings-
xAs
146. p.
$0.26
1938—9 Mos.—1937
$14,111
104,796
$0.11
Period End. Mar. 31—
Formica Insulation Co.—Common Dividend Omitted—
Net profit
$31,440
115,228
share
1875.
per
$686,561
1875.
Directors have decided to omit the dividend usually payable at this time
on the common shares.
A regular quarterly dividend of 20 cents per share
was
1938—3 Mos.—1937
_
Common shares outst
Discount
Ry.—Extends Reconstruction Loan—
for
Net
«4r>
as of March 23,
1938, by order of the U. S. District Court for
District of Arkansas, J. S. Parks was appointed co-receiver
Barry, Jr.—V. 145, p. 1585.
business and net profits
Gross Sales Net
Year
$421,072
the Western
shown below:
1930
$578,152
on
Gardner-Denver Co.
capital of the company to be used for general purposes.
Sales
Total
(Peter) Fox Brewing Co.—Earnings—
above, stockholders have to date subscribed a total of
employees 6,175 shares.
Of the remaining 3,296 unsub¬
scribed shares, 143 share? represent fractional shares which will not be
accepted for subscription.
Company was organized in California, on Sept. 19, 1930, and acquired
all of the assets of Associated Stores of America, Inc., Ltd., a corporation
then operating 17 grocery departments in master markets in Southern
California.
Said business had previously been acquired by the company's
predecessor as a going business from James Fitzsimmons (now deceased)
who was doing business under the firm name of Fitzsimmons Grocery
Stores. Since Sept. 30, 1930, the company has been engaged in the business
of merchandising food stuffs (principall groceries) at retail in master mar¬
kets. In some cases the company holds the master lease covering the entire
market and sublets those concessions or departments wrhich it does not
operate.
In otner instances, the company merely subleases concessions in
master markets operated by others.
At the close of the last fiscal half year (June 26, 1937) the company held
14 master leases and was operating the following;
33 grocery departments,
14 meat departments, eight delicatessen departments, six liquor depart¬
ments, one variety department and one produce department.
In addition,
the company was managing for others six grocery departments, three meat
and delicatessen departments, one meat department and one delicatessen
therefrom
$421,072
agreement, 5% of the earned surplus and undivided profits of the com¬
pany; no provision has been made in the above balance sheet for any such
Payments which may be made subsequent to March 31, 1938.—V. 146,
P- 912«
To summarize the
Proceeds from tne offering of class A
$578,152
taxable divi¬
realized, such profit would be subject to Federal
20,529 shares,
(Calif.)
396,513
undistributed profits,
y Includes $1,350 provision for Federal
capital stock tax.
Note—Under the agreement dated Oct. 6, 1933, with the fiscal agent,
the company is obligated to pay to the fiscal
agent an amount equal to
5% of any dividend that may be declared, and upon termination of the
of fractional share subscriptions.
Inc.,
3,445
547,483
the extent that such profit is not distributed in the form of
dends in the year when
of
The company owns all
9,476
x No provision has been made for
possible Federal surtax on undistributed
profits with respect to either the realized or the unrealized profit, but to
Period End. Mar. 31
Net income after deprec.
6,175 shares of stock were sold to employees prior to March 1, 1938.
A new allotment of class A common has been made to class A and B
stockholders of record April 8, 1938 consisting of 7,814 shares, with the
option of subscribing to any portion of their allotted shares prior to July 9,1938; on and after the said date, but prior to Oct. 9, 1938, eligible stock
holders can subscribe to that remaining portion of their unsubscribed
shares, not exceeding one-half of their allotment.
To date, (April 30) 4,518 shares of the last allotment have been sub¬
scribed out of a possible 7,671 shares; 143 shares out of the original allot¬
ment of 7,814 shares being arbitrarily eliminated because of non-acceptance
Stores,
3,123
(par
'
Surplus
Ltd.—Offering of Stock—
6,010 and 10,001 shares, respectively, were fully
suoscribed by stockholders prior to March 1, 1938.
In addition thereto,
allotments
sec.
.
The company recently made an offering of 30,000 shares of class A com.
stock at $5 per share to present common stockholders and employees.
Two
or
stock
Forth Smith & Western Ry.—Co-Receiver—
capital stock at close of period was equal to $14.47 per share,
with $17.68 per share on Dec. 31, 1937, and $29.31 per share on
1937.—V. 145, P. 3496.
Fitzsimmons Stores,
unreal,
on
$0.10).
Fidelity Fund, Inc.—Liquidating Value—
The
550
1936
tax
surtax
Net
holders of
to
prof,
» K n w
Provision for depreciation
550
5% debs. ser. A,
matured July 6,
Due
owned-
v-
Miscellaneous other income—net
Total income
*8,435
341,503
subsidiary company not consolidated—
Southern Natural Gas Co.—
_
yl2,950
1,696
.
71
From
DividendsInterest
183
Pro v.for Fed. taxes
547,980
319,378
183,847
8,165
Interest
297
Accrued expenses
&c
$385,080
46,894
$8,273
$6,250
pay'le—fis¬
485
Deferred
consolidated—
4,060
accounts
Securities owned..
Accrued int. rec._
1937
1938
not
cal agent'8 fees..
sold but not de¬
Miscell.
but
reo
Accts.
■
,
1937
1938
Liabilities—
Payable for secur.
purch.
receivable
(Company Only)
Income:
From subsidiary companies
Dividends
1938
$21,061
Cash in bank
Natural.
12 Months Ended March 31—
3013
Chronicle
$45,882
Gatineau Power Co.—New Directors—.
annual meeting all directors were reelected with the ex¬
At the recent
ception of Louis P. Gelinas and G. H. Montgomery. New directors
were A. C.
Brittain, W. Fraserhadley, Louis 8. St. Laurent and
Simpson.—V. 146, p. 2692.
elected
C. N.
3014
Financial
General
Investment
Corp.—Receivership
Asked—
Nelly N. Goldrlng, New York, has filed a suit in the Court of Chancery,
Wilmington, Del., asking that a receiver be appointed to liquidate the corpo¬
ration, a public utility and investment firm.
It is charged that since 1929,
when the corporation was started, its assets have shrunk from $79,000,000
to $6,200,000.
The plaintiff further asks that the receiver sell the assets
of the company and distribute the receipts among the stockholders, after
debts and charges are paid.—V. 146, p. 277.
;V
Chronicle
May 7,
1938
additional
working capital may also be required in connection with the
proposed expansion of the company's quick-frozen foods operations.
Capitalization—The capitalization of the company, after giving effect to
the issuance of the 150,000 shares of $4.50 cumulative preferred stock, will
be
follows;
as
Authorized
Outstanding
Preferred stock (no par).
....
......
a 350,000 shs.
$4.50 cumulative preferred stock (b)__
Common stock (no par)
c 6,000,000 shs.
150,0 >0 shs.
d 5,251,440 shs.
Of these 350,000 shares authorized by the charter, 150,000 shares have
been designated by the board of directors as $4.50 cumulative preferred
stock and have been authorized for issuance.
a
General Foods Corp.—150,000 Shares of Preferred Stock
Offered—A nation-wide banking group headed by Goldman,
baehs & Co. and Lehman Brothers, and including Brown
Harriman & Co., Inc.; The First Boston Corp.; Kidder,
Peabody & Co., and Smith, Barney & Co., offered on May 4
a new issue of 150,000 shares of $4.50 cum. pref. stock (no
The
par value) at $101 a share and accrued dividends.
issue was oversubscribed the day of offering.
The stock was
quoted in the outside market at 104 on the same date.
b The capital stock liability at which these shares will be carried on the
books of the company is $100 per share.
The excess of that amount over
the consideration received by the company for such shares will be charged
surplus.
to
c
siich call
are
to the common stock, to the prevailing redemption price per share upon
voluntary liquidation, and to $100 per share upon involuntary liquidation,
plus accrued dividends in either case.
Transfer agent: Central Hanover
Bank & Trust Co., New York.
Registrar: Bankers Trust Co., New York.
Listing—Company has agreed to make application for the listing of these
on the New York Stock Exchange.
shares
and its subsidiaries are engaged principally in
the manufacture or processing and sale of a widely varied line of food and
grocery products.
The major part of the company'* products is sold in
packaged form under nationally advertised brand names.
While sales of
the company's packaged and branded goods are for the most part handled
by one sales organization, manufacturing and processing activities are
carried on by a number of separate product divisions and subsidiaries.
The Post products division manufactures a variety of packaged break¬
fast cereals and cereal beverages which are marketed under the brand names
of "Post Toasties," "Post's 40% Bran Flakes," "Whole Bran Shreds,"
"Grape-Nuts," "Grape-Nuts Flakes," "Huskies," "Post-O," "Postum
Cereal" and "Instant "Postum."
Certain by-products, including animal
feeds, are also produced by this division.
Business—Corporation
The Jell-O division manufactures a group of prepared gelatin and other
desserts
"Jell-O
and
Ice
ice cream mixtures sold
Cream Powder," "Jell-O
under the brand names, "Jell-O,"
Freezing Mix," "Jell-O Chocolate
payable in these shares of
and finished and semi-finisned stocks
"Sanka Coffee" and "Kaffee Hag."
Through its subsidiary, Iglehart Brothers, Inc., the company produces
division
which processes
"Swans Down" cake flour and other specially prepared flours.
of grades of bread flours, as
duced.
well
as
chicken and stock feeds,
$98.25 per share plus accrued dividends to the date of delivery, the num¬
ber of shares of preferred stock set opposite their respective names.
at
Shares
Goldman, Sachs & Co., N. Y
Harriman
Brown
&
cocoa
confectionery trades.
other
vegetable oils.
Other products of this division include coconut and
Other important divisions of the company include the Log Cabin
Syrup
division, which makes a blended table syrup; the Certo division, which
produces "Certo" and "Sure-Jell," fruit pectin products used in the making
of jams and jellies; the Baker-Bennett-Day division, which processes and
packages a variety of edible nuts; and the Diamond Crystal Salt division,
which prepares and packages a number of types of salt marketed principally
under the name, "Diamond Crystal," as well as several unbranded grades
for commercial purposes. Baking powder is manufactured and marketed prin¬
cipally under the brand names, "Calumet," "Snow King" and "Dairy
Maid."
Other products include "Minute Tapioca," a tapioca dessert,
and the laundry aids, "La France" and "Satina.'
Through Frosted Foods Co., Inc., a subsidiary, is engaged in the freezing
and preservation of a large number of perishable foods by a patented quickfreezing process owned by this subsidiary.
These foods include fruits,
vegetables, fish, poultry and meats, which are sold in packaged form under
the brand, "Birds Eye Frosted Foods," and other trade names.
Subsidi¬
aries of Frosted Foods Co., Inc., are
Inc.,
Co.,
N. Y.
number of corn products, the canning of a relatively small
amount of fruits and vegetables and the manufacture of a large part of the
cartons, shipping cases and bags and a portion of the cans used by the com¬
pany and its subsidiaries.
The company's products are sold principally to wholesalers and grocery
chains.
In addition, substantial sales are made to institutional users,
such as hotels, restaurants, steamship lines, hospitals and public institu¬
tions, and also to other manufacturers.
Twenty-eight district sales offices
are
maintained in this country and three in Canada.
Approximately
3^% of the consolidated sales in 1937 were made in Canada.
Products
of the company are also sold in or exported to over 80 other countries, such
foreign sales aggregating about 2% of consolidated sales in 1937.
The company's Birds Eye quick-frozen products are at present distributed
through approximately 2,900 retail outlets, principally in the northeastern
section of the United States.
Retailers handling this line lease from the
company specially constructed cabinets for the refrigeration and display
of these products.
A substantial amount of quick-frozen foods is also sold
to institutional users.
The company plans to expand the production and
distribution of quick-frozen foods to a considerable extent over the next
few years and to add new items.
Because of the wide variety of products sold and the seasonal nature of
the supply of many raw materials, several of which, such as coffee, tea,
cocoa, coconuts, tapioca flcur and edible nuts, are imported from abroad,
the company is under the necessity of having substantial raw material in¬
processing of
ventories
on
a
hand
and
on
commitment.
Certain
raw
materials used
are
subject to wide price variations.
Purpose of Financing—The net proceeds from the sale of the 150,000
shares of preferred stock, after deducting estimated expenses of the company
in connection therewith, will amount to $14,638,962, and will be received
by the company on or about May 9, 1938.
Approximately $7,000,000
may be used for estimated capital expenditures during 1938, and $850,000
will be used to complete payment for the Kaffee Hag business purchased in
1937 for approximately $1,785,000.
The remainder, in the approximate
amount of $6,788,962, will be available for general corporate purposes,
and will be added to working capital in the first instance.
A part of the additional working capital is needed to replace funds used
for capital expenditures in 1937 (including amounts paid for certain pack¬
aged food businesses) or used for repayment in 1938 of bank loans incurred
in connection with such expenditures.
Disbursements made for such capital
expenditures in 1937 amounted to approximately $6,700,000, which was
approximately $4,900,000 in excess of depreciation charges during that year.
Bank loans outstanding on Dec. 31, 1937, in the amount of $4,000,000,
have been repaid in full, $2,500,000 thereof having been repaid since March
9, 1938, the date of the call of the stockholders' meeting at which the issu¬
ance of preferred stock
was authorized.
A considerable portion of the
Co., Boston
2,500
E. H. Rollins & Sons, Inc., N. Y.
Wertheim & Co., N. Y
7,500
Dean Witter & Co., San Fran....
The First Boston Corp., N. Y..„
7,500
Central
Kidder, Peabody & Co., N. Y...
7,500
Smith, Barney A Co., N. Y._—
Hayden, Stone A Co., N. Y
W. E. Button A Co., N. Y—
7,500
5,000
Laurence M. Marks A Co., N. Y.
Lawrence
Stern
A
Co.,
Inc.,
5,000
Republic Co., Chicago..
2,500
2,500
2.500
2,000
2,000
"
■
Chicago
.
_
....
2,000
.
Lazard Freres A Co., N. Y
5,000
Spencer Trask & Co., N. Y
Bacon, Whipple & Co., Chicago.
Domlnlck A Dominick, N. Y
3,000
Bosworth,
Glore, Forgan & Co., N. Y
3,000
&
Chanute,
2,000
1,500
Loughridge
Co., Denver.-..^..1,500
Hallgarten & Co., N. Y
3,000
Elworthy & Co., San Francisco..
Hemphill, Noyes A Co., N. Y_._
Hornblower & Weeks, N. Y
3,000
Jackson A Curtis, Boston
1,500
3,000
Otis A Co., Cleveland....
1,500
Lee Higginson
3,000
Piper, Jaffray A Hopwood, Min¬
Corp., N. Y
Sellgrnan A Co., N. Y...
Bancamerica-nlair Corp., N. Y..
A.G. Becker A Co., Inc., Chicago
Coffin A Burr. Inc.,
England..
... -
-
v
3,000
-
-
-
-
Shields & Co., N. Y
G. H. Walker A Co., St. Louts...
2,500
Whiting,
2,500
2,500
Kuhn, Loeb & Co., N. Y
London,
.
-
-
.
.
.
Inc.,
-
.
Weeks
&
1,500
1,500
......
2,500
W. C. Langley A Co., N. Y
—V.
neapolis
2.500
Boston
Kleinwort, Sons A Co.,
1,500
1,500
Knowles,
Boston................
1.500
8,000
146, p. 2850.
General Motors
Corp.—To Pay 25-Cent Dividend—
The directors
common
on May 2 declared a dividend of 25 cents
per share on the
stock par $10 payable June 13 to holders of record May 12.
Like
amount
was paid
on March
12, last, and compares with $1.50 paid on
13, last; $1 paid on Sept. 13 and on June 12, 1937; 25 cents paid on
12, 1937; a year-end dividend of $1.50 paid on Dec. 12, 1936;
regular quarterly dividends of 50 cents paid in each of the five preceding
quarters and dividends of 25 cents per share paid each three months pre¬
viously. Previous extra distributions were as follows: 75 cents on Sept. 12
and June 12, 1936; 50 cents on Dec. 12, 1935; 25 cents on Sept. 12, 1935;
50 cents on Sept. 12, 1934; 25 cents on Dec. 12, 1933, and 30 cents per share
on Jan. 3, 1930, and on July 2, 1929.—V. 146, p. 2850.
Dec.
March
General
Printing Ink Corp. (& Subs.)—Earnings—
Quar. End. Mar. 31—
Operating profit
Other income
Total income........
Other
deductions
___
Federal taxes....
com.
stock
On
1937
1936
1935
$408,201
27,029
$373,853
20,409
$273,638
26,084
$249,907
47,193
32,550
$435,229
47,570
60,424
$394,262
49,313
53,394
$299,722
46,344
37,281
$216,097
$327,235
$291,555
741,956
735,960
$0.16
a$0.37
183,990
$1.30
735,960 shares (par $1) after 4-for-l split-up.—V. 146,
General
Refractories
12 Months Ended March 31
1938
Profit
1936
$7,880,192
6,340,228
...
expenses
Net profit
-V. 146, p. 2852.
General Telephone
far. 31—
revenues
expenses
operating income
$1,539,964
138,379
$3,413,423
478,502
682,571
155,140
50,639
$1,678,343
342.251
255,428
183,608
209,418
$907,156
...
$3,082,723
330,700
$2,365,185
489,490
649,281
158,865
160,393
Total income
Period End.
1552.
$2,103,257
261,928
Depreciation and depletion, &c.
Federal income tax, Ac
I.terest, discount, &c
Operating
Operating
1937
$10,494,796 $12,883,888
8,391,539
9,801,165
Other income
Extraordinary
183,990
$0.88
p.
Co.—Earnings—
Net sales......
Costs and expenses
Net
.
out¬
standing (no par)
Earnings per share
a
1938
$231,016
18,891
' $170,165
Net profit
Shs.
engaged in the fishing industry.
Through Bluepoints Co., Inc., a subsidiary, the company farms oyster
at several points along the eastern seaboard.
Most of the oysters
harvested are opened and marketed principally under the brand, "Sealshipt."
The remainder are either quick-frozen or sold in the shell.
The company owns a controlling interest in Batchelder & Snyder Co.,
Inc., which operates a meat packing and wholesale food distributing busi¬
ness.
The Company also owns a 29% interest in the common stock of The
Best Foods, Inc., which manufactures and distributes mayonnaise, mar¬
garine and a number of other grocery products; the remainder of the com¬
mon stock is held by Ilecker Products Corp.
Additional activities of the company and its subsidiaries include the
beds
Shares
F. 8. Moseley A
16,000
16,000
Lehman mothers, N. Y——...
A number
Co., Inc., a subsidiary, manufactures a variety of choco¬
products, including cooking chocolate, sweet chocolate,
cocoa, milk chocolate and chocolate candy bars, which are sold principally
under the brand name,
"Baker's."
This subsidiary also manufactures
chocolate coatings and liquors for use in the manufacture of ice cream,
candy, and bakery products.
The Franklin Baker division processes coconut meats sold in packaged
form under the brand name, "Baker's," and also in bulk to the bakery and
and
approximately $2,700,000.
Underwriters—The underwriters named below have entered into a firm
commitment, severally and not jointly, to purchase from the company,
are also pro¬
Walter Baker &
late
was
Annual dividend requirements on the 150,000 shares of $4.50 cumulative
J. & W.
,
1937
$9,086,847
preferred stock will be $675,000.
users.
,
1936
.
$11,730,768
The aggregate amount charged against the operations for the year ended
Dec. 31, 1937, in respect of reductions from cost to market of raw materials
Pudding" and others.
Atlantic Gelatin Co., Inc., a subsidiary, manufac¬
tures gelatin used by the company and also sells gelatin in bulk to outside
The Maxwell House division processes and packs coffee and tea prin¬
cipally for sale under the brand name "Maxwell House," as well as under a
number of other trade names, of which "Bliss" is the most important.
Other coffee and tea blends are prepared for bulk sale to restaurants and
other institutional users.
The company also has a decaffeinated coffee
stock of the company.
common
$14,360,404
1935
1938 and payable Q.-P.
Redeemable
company's option, in whole or in part at any time upon at least 30 days'
notice, at $110 per share on or before May 1, 1943. and at $107.50 per
share thereafter, plus accrued divs. in each case.
Entitled, in preference
•
by a subsidiary company for conversion
The class A shares are callable and upon
Earnings—The consolidated net profits of the company and its sub¬
sidiaries for the three years ended Dec. 31, 1937, have been as follows;
Dividends cumulative from May 1,
at
■
Includes 7,568 shares reserved for sale to officers and employees,
d Includes 85,778 shares held
of its outstanding class A shares.
$2,046,571
$687,638
Corp. (& Subs.)—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
$3,372,910
$3,136,130 $13,351,670 $12,229,027
2,578,117
2,352,005
10,174,717
9,023,651
Income
available
$794,793
8,568
$784,125
Dr 439
$3,176,953
61,977
$3,205,376
33,222
$803,361
495,313
$783,686
472,001
$3,238,930
1,910,877
$3,238,598
1,936,098
$308,048
$311,685
$1,328,053
$1,302,500
55,135
55,135
220,539
220,539
$252,913
Other income (net)
$256,550
$1,107,514
$1,081,961
for
fixed charges
Interest & other deduct's
Net income
General Tel, Corp. pref.
div. requirements
—V. 146, p. 2693.
Georgia & Florida RR.—Earning
Period End. Mar. 31—
Railway
Railway
oper. revenue._
1938—Month—1937
1938—3 Mos.—1937
expenses
$96,050
89,486
$135,866
107,059
$254,645
262,909
$347,480
287,647
Net rev. from ry. oper.
Railway tax accruals
$6,564
7,868
$28,807
8,135
def$8,264
23,389
$59,834
23,389
Railway oper. deficitEquip. rents (net)
$1,303
1,680
1,953
prof$20,672
7,285
1.922
$31,653 prof$36,445
57
11,179
5,909
5.864
$4,936
prof$11,464
1.431
1,006
$37,619 prof$19,401
4,594
3,873
$3,505
prof$12,470
935
944
$33,024 prof$23,274
2,812
2.808
$4,440
prof$l 1,526
$35,836 prof$20,467
oper.
Joint facility rents (net)
_
Net ry. oper. deficit..
Non-operating
income
Gross deficit
Deductions from income
Deficit.
'
Volume
Financial
146
-Week Ended April 211938
1937
Operating
1 to April 21—
—Jan.
1938
Great Western Sugar
1937
$309,144
$22,550
—$19,200
revenues
3015
Chronicle
$417,130
1935
$7,641,218
100,377
$8,139,992
38,231
$9,673,973 $10,192,055
1,290,347
1,345,274
$7,741,595
1,217,123
58,178,223
1938
x
share
per
common
Profits from operation..
Other income.
Railway- Signal Co.—Earnings—
r Quar. End. Mar. 31—
Net profit after deprec.,
Fed. inc. taxes, &c.._
Earnings
1935
1936
.$96,371
x$171,683
$37,829
.$708
on
Nil
*
146,
1937
1938
stock
Loss.—V.
$0.19
Nil
$0.01
1075.
p.
Goebel Brewing Co.—Earnings—
$14,383
share
$127,523
1,361,620
Net profit after normal income taxes.
Shares common stock
per
1936 ;
1937
1938
3 Months Ended March 31—
Earnings
1,347,280
$0.01
;
$109,566
1,311,380
$0.10 $0.08
undistributed profits.
Total income
Deprec. of plants & RR.
Ad jus. of real est. values
Federal and State taxes.
1,357,461
Prov. for contingencies.
$645,255, and current liabilities were
$206,867. This compares with cash and marketable securities of $517,028,
current assets of $878,098 and current liabilities of $352,350 on March 31,
amounted
securities,
to
Net income
Previous surplus
$1 Dividend—
paid a dividend of $1 per share on its common stock,
no par value, on May 2 to holders of record April 26.
A like amount was
paid onNov. 1, last,and compares with $1.50 paid onAug. 2, last; $2.50 paid
on Feb.
1, 1937; $1 paid on Dec. 1, 1936; 60 cents paid on Sept. 1, 1936;
dividends of 50 cents per share paid on June 1 and March 2, 19.36 and
on Dec. 2, 1935, and a dividend of 60 cents per share paid on Sept. 3, 1935.—
V. 145, p. 1419.
company
Profit and
Shs.
action with regard to
payment of a dividend on company's common stock at this time. A dividend
of 25 cents was paid on March 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 Dec. 23, 1937.—V. 146, p. 1242.
their meeting held
Granby Consolidated
May 2 took
Mining
no
& Power
Smelting
&
per
Earnings for 3 Months Ended March 31, 1936
Net inc. after deb. int., amort.,
Earnings per
—V. 146, p.
share on 450,260 shares capital stock (par $5) —
2537.
Grand Union Co.
Investment stocks
Shares
159,550
$0.45
159,550
$0.34
286,367
Nil
as
of Last Day of February
13,300
15,361,644
1,737,125
16,846,858
2,938,393
472,208
14,667,237
2,229,361
Ref. sugar & by-products 20,664,842
Beet seeds and supplies.
3,220,770
Prepaid expense
312,348
& notes receiv...
Total
,914",089
13,927,018
2,755,499
16,489,610
2,683,886
490,087
,691,117
,858,138
,074,969
478,247
$84,551,467 $80,312,499 $79,170,031 $81,833,141
Liabilities—
Preferred stock
x Common stock
15,000,000
15.000,000
831,200
15,000,000
15,000,000
978,500
15,000,000
15,000,000
1,680,300
15,000,000
15,000,000
2,232,300
170,000
1,040,199
5,698,041
50,000
994,657
1,850,513
1,052,400
1,330,753
861,939
4,884,066
127,704
2,901
21,764,815
24,916,606
482,324
2,660
20,643,403
25,310,441
91,787
2,598
19,390,031
25,622,162
145,586
2,399
18,229,930
25,476,922
Gonting. beet pay. res..
Res. for employ, retire¬
ment allowance
Accounts, payable, &c__
Accrued Federal taxes.
Deferred credits & oper¬
ating suspense items.
Unclaimed dividends
Depreciation
Surplus
reserves
$84,551,467 $80,312,499 $79,170,031 $81,833,141
Represented by 1,800,000 shares,
no par
value.—V. 146,
p.
278.
(H. L.) Green Co., Inc.—Sales—
stock
common
$33,020,441 $30,992,162 $30,846,922
1,050,000
1,050,000
1,050,000
6,660,000
4,320,000
4,320,000
Cash..
Accts.
Mar. 30,'35
$10,786
outstanding (no par).
159,550
Earnings per share
$0.08
x After depreciation,
taxes, &c.
$5,761,727
25,085,195
Assets—
1935
1938
1937
1936
Plants, RR. equip.. &c.$43,443,609 $42,956,270 $42,823,932 $42 ,816,581
x
$72,235
$5,515,240
25,476,922
loss......a$24,737,887 $25,310,441 $25,622,162 $25 ,476,922
(no par)
1,800,000
1,800,000
1,800,000
1 ,800,000
on com..
$2.62
$3.08
$3.52
$2.48
Total
Mar. 31,'36
$54,452
Apr. 3, '37
x
$0.09
_ _
$7,398,279
25,622,162
Excluding capital surplus of $178,719.
a
(& Subs.)—Earnings—
Apr. 2, '38
$13,125
Quarter Ended—
Net profit
$42,244
depr., depl., Fed. inc. taxes, &c_
955,988
sh.
_
Co., Ltd.—
1,448,502
41,000
968,232
com. outst.
Earns,
Goodyear Tire & Rubber Co.—No Common Dividend—
at
...
Consolidated Balance Sheet
Goodall Securities Corp.—Pays
W Directors
$6,596,165
25,131,722
—
.
Total surplus
...$31,727,887
Deduct—Pref. divs. (7%)
1,050,000
Common dividends...
5,940,000
1937.—V. 146, p. 2693.
The
1,460,508
430,000
Note—Company had no liability for surtax on
Current assets as of March 31, 1938, including $357,431 cash and mar¬
ketable
1937
[
1936
$9,643,746 $10,123,733
30,226
68,322
—V. 146, p. 2852.
General
Co.—
Consolidated Income Account Years Ended Last Day of February
Period End. Apr. 30—
1938—Month—1937
1938—3 Mos.—1937
$2,786,609
$2,4.54,546
$6,723,190
$7,247,490
Company has 133 stores in operation on April 30, 1938, against 136 stores
year earlier.—V. 146, p. 2370.
Sales.........
a
Accumulated Dividend—
of 25 cents per share on account
of accumulations on the $3 cum. conv. pref. stock no par value payable
June 1 to holders of record May 10.
This compares with 50 cents paid on
March 1, last, Dec. 1, Sept. 1 and on June 1, 1937. A dividend of 75 cents
was paid on April 1 last; dividends of 25 cents were paid on March 1, 1937
and on Dec. 1, Sept. 1 and June 1, 1936 while dividends of 37H cents per
share had been distributed in each of the five preceding quarters and prior
to then regular quarterly dividends of 75 cents per share were paid.
Accumulations after the payment of the current dividend will amount to
$4.62 Yi per share.—V. 146, p. 2694.
Grumman
The directors have declared a dividend
Granite
City Steel Co.—Earnings—
1938
$1,382,683
3 Mos. End. Mar. 31—
Sales
1937
$3,139,478
1936
$2,211,883
1935
$1,584,490
1,406,895
2,883,234
2,053,917
1,347,323
loss$24,212
$256,243
$157,965
$237,167
3,485
2,610
4,475
7,070
loss$20,727
$258,853
$162,440
$244,237
xl9,027
115,339
21,079
11,224
90,000
19,655
90,000
$142,002
$61,216
Earnings per share
$0.37
$0.24
x Interest and special charges only.—V. 146, p. 2043.
$134,581
$0.52
Costs, expenses, &c__._
Operating profit
Other income
Total income
Fed. taxes & spec. chgs.
Depreciation
loss$155,094
Nil
Net profit
Great
95,773
Atlantic
&
Pacific
Tea
Co.—Wins
Injunction
Engineering
Aircraft
Corp.—Listing
and
Registration—
The New York Curb Exchange has admitted the common stock, $1 par,
to
listing and registration.—V. 146,
Gulf Natural Gas
G.
L.
Ohrstrom & Co.,
p.
2043.
Corp.—Stocks Offered—
Inc., recently offered 46,000 shares cumulative
convertible preferred stock and 46,000 shares common stock, in units of
1 share of preferred and 1 share of common stock at $10 per unit.
Of the
shares of preferred and 46,000 shares of common offered to the
public, 38,000 shares of preferred and 38,000 shares of common are offered
by the company through the underwriter.
The underwriter has agreed to purchase from the company 8,000 shares
of preferred stock at $8 per share simultaneously with, but may make
all or any part of such purchase prior to, the release to the company of
the funds represented by the interim receipts.
Such shares together with
8,000 shares of common stock presently owned by the underwriter, are
to be offered to the public immediately after the release to the company of
the funds represented by the interim receipts.
In addition the company has agreed to sell to persons other than the
underwriter 4,000 shares of preferred stock at the same price and subject
46,000
the same terms and conditions as pertain to the 8*000 shares to be
purchased by the underwriter. (The 4,000 shares of preferred stock are
not now being offered).
In addition to the 8,000 shares of common stock
owned by the underwriter, the underwriter owns 4,600 shares of common
stock which it will assign to selected dealers, salesmen or others who are
instrumental in the sale of units, on the basis of l-10th of 1 share of com¬
mon stock for each unit sold.
to
Business—Corporation, with its principal office at 700 Maritime Building,
Orleans, La., was incorp. in Louisiana on March 2, 1938 for the
constructing and operating a natural gas transmission pipe line
Against Minnesota Unfair Trade Act-—
New
holding
part of the Minnesota Unfair Trade Practice Act unconstitutional and
granting the company a permanent injunction which restrains the State
purpose of
Minnesota has handled down a decision
A three-judge court in
from enforcing portions of the Act held invalid.
The A. & P. brought suit against the State
to prevent enforcement of
the law which would nave required all types of food stores under one owner¬
ship to charge the same prices regardless of varying business costs.—V. 146,
p. 914.
Great Lakes
Announcement
Paper Co., Ltd.—Claim Settled—
is made
by C. H. Carlisle,
President, that the claim of
that company against the Minnesota & Ontario Paper Co. has been finally
settled whereby Great Lakes Paper ranks as ordinary creditor for $1,162,254.
It is indicated that the settlement was mutually arrived at and is wholly
agreeable to all concerned.—V. 146, p. 914.
Great Lakes Power Co.,
Period End. Mar. 31—
Ltd.—Earnings—
1938—3 Mos.--1937
1938—12 Mos —1937
$192,502
84,366
$219,337
87,757
$886,283
371,790
$854,136
316,171
Net oper. income
Other income (net)
$108,136
$131,580
237
$514,494
43,226
$537,965
287
___~~$10M23 ""$131,817
$557,719
70,033
70,156
280,502
$573,896
196,555
6,244
6,762
1
49
26.532
73
122,409
86
227
1,887
Gross income
on
long-term debt.
&
_
35,931
Amorit. of bond disc.
expense
Other int. charges
Misc. inc. deductions
Int. charged to construe.
Cr3,938
Cr3,078
$35,174
13,125
Balance
$54,812
13,125
$254,322
52,500
$231,403
52,500
$22,049
Net income
Pref. stock dividends
—V.
21,642
$41,687
$201,822
$178,903
146, p. 2043.
Great Northern
Ry.-—Correction—
The earnings per share for the Calendar
Year, 1937, should be stated at
"Chronicle" of
$4.04 per share and not $2.03 per share as stated, in the
April 23, page 2694.—V. 146, p. 2853.
Greenfield Tap & Die
Corp.—Earnings—
1938
3 Months Ended March 31—
Net profit after charges and Federal
but before surtax on undistributed
No
profits
the $6 conv.
$147,916
quarterly dividend usually due at this
preferred stock, no par value.
Action was due to
few months.
A regular dividend of $1.50 per share was paid on Dec. 15, last.
See Y.
145, p. 1901 for record of previous dividend disbursements.—V. 146, p.
uncertainty about business prospects the next
1711.
of
common
loans
stock offered to the public, and (c) funds obtained through
other sources or credits or other financing from any con¬
or
engaged to construct the pipe line system or from the suppliers
pipe line or from others, which
credits, when added to the proceeds from the sale of the preferred
stock and common stock, will be sufficient to complete construction of the
tractor to be
of material used in the construction of the
funds
or
proposed pipe line system.
No arrangements have been made as yet for
this latter financing and the amount of funds or credits to be obtained
cannot be determined at this time.
The aggregate of such funds or credits
will not exceed $500,000 and no repayments thereof will begin prior to the
completion of the proposed pipe line.
All or any part of such funds, or
credits, may be secured by a lien or mortgage on the pipe line or other
property of the company.
At Marrero, La., the system will serve the plant of the Celotex Corp.
which, under the gas sales contract, has agreed to use gas exclusively as a
fuel at that plant.
Gas will be purchased from the Fons Oil Co., under a
contract extending for a period of 15 years, and sold directly to the Celotex
Corp. under a contract extending for a period of 10 years.
Company also
has agreed to furnish, for a period of 3 years, gas to the Mathews, La., plant
of South Coast Corp., equal to the amount of gas which that company may
use in its Mathews plant in excess of gas which may
be produced on ts
land located at Mathews and used in said plant.
It is expected that the
initial system will be completed by Oct. 1, 1938, and that transmission and
deliveries of gas will begin by that date.
Company expects to obtain contracts for the sale of gas to other concerns,
including sugar mills and refineries, and at wholesale to distributors supply¬
ing communities located in the vicinity of its proposed pipe line.
Thus,
construction of additional pipe lines may be undertaken from time to time.
Capitalization—The capitalization of the company as of March 14, 1938,
adjusted to reflect the issuance and sale of 50,000 shares of cumulative
convertible preferred stock and
38,000 shares of common stock, is as follows:
Authorized
$10,001
Preferred Dividend—
on
(a) the proceeds from the sale by the company of 12,000 shares of preferred
stock aggregating $96,000, (b) the proceeds from the sale by the company
of all or any part of the 38,000 shares of preferred stock and 38,000 shares
income taxes
Directors have decided to omit the
time
DeLarge fields in Lafourche and Terrebonne Parishes, La., to Marrero,
La., on the west bank of the Mississippi River, opposite New Orleans.
It
is proposed to construct a branch line from the main line to Mathews, La.,
on the Bayou Lafourche.
Although no contract has been entered into as yet covering the construc¬
tion of the proposed pipe line system of the company, it is estimated by
Arthur L. Mullergren, engineer, in his report to the company, that the cost
of construction will amount to $717,946.
It is proposed to finance the cost
of construction of the proposed pipe line system of the company through
as
1937
Company commenced business on March 14, 1938. It is proposed
pipe line from any one or more of the Lake Long, Lirette and
to construct a
bank
Total oper. revenues
Total oper. exp. & taxes.
Int.
system.
Cumulative convertible pref.
stock
Common stock
x
50,000 shs.
y215,000 shs.
To Be Outstanding
x50,000 shs.
115,000 shs.
be offered by the
In addition, G. L. Ohrstrom & Co.,
38,000 shares (60 cents per annum dividend) are to
company
through the underwriter.
Fohs Oil Co. and Pilgrim Exploration Co. have agreed to purchase
8,000, 2,000 and 2,000 shares of preferred stock, respectively, at a price of
$8 per share, or an aggregate cash consideration of $96,000, simultaneously
with the release to the company of the funds deposited with the ManuInc.,
3016
facturers
Financial
Trust
authorized and
Co.
against
unissued
interim
receipts,
stock
common
100,000
Chronicle
shares
of the
reserved for conversion of the
are
y
long-term receivables: Associated and subsidiary companies not con¬
solidated, at cost or less, $7,138,439; oil sales contract of Dec. 31, 1937,
executed by a Venezuelan subsidiary company
(receivable 1939-1945),
$48,180,000; others at realizable value, $2,762,311.
d Arising from the
long-term oil sales contract of Dec. 15, 1937, executed by a Venezuelan
subsidiary company.—V. 146, p. 1553.
50,000 shares of cumulative convertible preferred stock.
Purpose—The entire proceeds received from the sale of units by the
company through the underwriter, for the period interim receipts are
deliverable, will be deposited with Manufacturers Trust Co., as agent,
under the interim receipts agreement with the company dated as of March
12, 1938.
This agreement provides for the issuance of interim receipts of
Gulf States Utilities
Co. against deposit with it for the account of the
interim receipts of $10 in casn for each $10 of principal
amount of interim receipts issued.
Such interim receipts will be delivered
Manufacturers
May 7, 1938
Trust
of preferred stock and common
The proceeds so
deposited with Manufacturers Trust Co. are to be released to the company
upon delivery to Manufacturers Trust Co. of an irrevocable order authoriz¬
ing the issuance of one share of preferred stock and one share of common
stock for each $10 principal amount of interim receipts outstanding for
delivery to the holders of said interim receipts against surrender thereof.
Management—The officers and directors of the company are as follows:
F. W. Seymour, President, South Orange, N. J.; M. K. Patterson, VicePresident, Suffern, N. Y.; H. 11. Kite, Secretary, West Englewood, N. J.;
M. S. Reeve, Treasurer, Brooklyn, N. Y. and David Patterson, Syosset,
L. I.—V. 146, p. 2370.
Balance after operation, maintenance
y
in the first instance in lieu of said units
x
Hamilton Brown Shoe
assets
to total
liabilities
current
was
4
to
Hamilton Watch
1,
proration regulations are in effect.
The production for the
Costs,
Net profit
Earnings per share
146, p. 2371.
possible at this time to predict the outcome with certainty, it may
properly be said that tne conditions encountered in this test are encouraging.
There was no substantial change in the production operations in Mexico
during the year, where company's position is relatively small.
Operations in Venezuela, both in the Lake Maracaibo area and in Eastern
Venezuela, have progressed satisfactorily, and production was materially
increased.
Mene Grande Oil Co., C. A., a Venezuelan subsidiary, made an
oil sale contract, executed in Toronto, Canada, on Dec. 15, 1937, with
International Petroleum Co., Ltd., a Canadian corporation, which will
insure for a long term of years a sales outlet for Mene Grande's surplus
production of crude oil in Venezuela.
No change in ownership of Mene
Grande's oil concessions was involved and it retains control of the develop¬
ment and operations of the properties.
The purchaser of the oil under this
contract anticipated future oil deliveries it will receive by an advance pay¬
ment to the
Mene Grande Co. of $25,000,000 and has contracted to make
advances as shown in the consolidated balance sheet.
First
of crude oil under this contract were made in January, 1938;
therefore no income accrued or was included in the statement of income for
Period End. Mar. 31—
Gross oper. income.....
Costs,
oper.
&
$28,695
Nil
raw
1938—9 Mos.—1937
$1,493,705
$4,725,321
oper.,
selling & admin.
Intangible develop, exps.
Deprec., deplet. & aban¬
'
1,241,890
41,045
3,349,954
500,203
108,538
79,821
295.503
239,431
Net profit
$192,471
$130,949
$579,661
$295,510
—V. 146, p. 2537..
Hathaway Bakeries, Inc.—Directorate Increased—
At the recent annual
meeting of stockholders, the number of directors
raised from five to eight, and the following new directors were elected:
George W. Burry, James J. Cotter and William T. Spence. Other directors
was
were
reelected.
At the directors' meeting which immediately followed the stockholders'
George W. Burry was elected Chairman of the Board.
Other
officers were reelected.—V. 146, p. 1553.
meeting,
Hawaiian
Pineapple Co., Ltd.—To Pay SI Dividend—
The directors have declared
a dividend of $1 per share on the common
$5, payable May 23 to holders of record May 13. This compares
with 50 cents paid on April 30 and Feb. 5, last, and on Oct. 30, and on
July
31, 1937, a dividend of 25 cents was paid on May 24, 1937, and dividends of
50 cents per share were paid on April 30 and on Jan. 30, 1937;
previously
regular quarterly dividends of 25 cents per share were distributed.—V.
146, p. 442.
par
crude oil to its seacoast refineries, and refined oils to more than 60 terminals
x
Hazel-Atlas Glass Co. (&
12 Months Ended—
Net sales, royalties and other
Cost of goods sold
Provision for depreciation
Provision for Federal income taxes (estimated)
1936
v
1935
$
$'•■'.■
.
47,686,722
7,166,398
61,803,252
5,474,355
6,373,932
year
Surplus balance
73,651,539
33,055,964
9,014,467
1,713,820
3,511,285
profit
31,854,065
26,356.003
x6,807,151
z9,076,202
10,551,720
9,076,202
9,076,202
$3.51
$2.90
$2.32
Interest,
Earnings
$9,^781,300 $10,223,096
2,172,045
dividends
Shs. of capital stock outst'g (par $25).
Earnings per share on capital stock—
x
Excludes stock dividend
Hecker Products
y
Net profit.
100% paid Dec. 21, 1936, on 4,538,101
shares and totaling $113,452,525.
y Direct sales taxes on gasoline and
other refined products were paid (or accrued) to Federal, State and local
taxing authorities and are not included in the above gross operating income
and expense.
Such taxes
and $54,555,849 in 1935.
$
Assets—
$
Prop., plant &
equipment
334,203,868 308,512,645
a Intang. assets.
5,660,659
4,633,901
Cash
on
hand,
a
dem'd & time
deposits
loans
$
?
2,367,423
854,740
19,714,970
22,426,044
20,981,492
9,345,984
Accts. payable._
Pur. obllg.(cur.)
24,401,846
252,076
8,763,712
Res. for ann'ties
3,352,468
1,104,771
2,900,955
1,042,659
514,259
512,312
4,578,473
5,019,066
8,400,000
8,400,000
UnadJ. credits. _d90,538,437
Capital surplus. 17,146,573
17,146.573
Earned surplus. 107,924,535
85,609,690
b Notes & accts.
Res. for conting.
receivable.... 50,622,295
Inventory—oil
.
Mat'ls & suppl.
20,415,550
62,966,356
51,908,546
11,156,187
10,526,557
Employ's' loans,
secured
Forward
3,373,339
exch.,
174,544
4,092,672
Total .......560,399,066
a
After
eserves
Acer,
pay.
for
3,393,211
442,029,481
exch.
Total
143,743
exch.
_
liabilitles.
note
(current)
For'n sub.
trans, for subs
Prepaid <fc def'd
...
for
fluctuations.
Long-term
2,338,505
charges
Res.
Hercules Life Insurance Co.—Sold—See Sears, Roebuck & Co., below.—V. 138, p. 1054.
Consolidated Earnings for 3 Months Ended March 31
1938
1937
1936
Gross profit on sales....
1935
$3,098,892
589,466
649,002
$3,132,347
682,444
621,249
$3,070,732
651,113
861,745
$2,954,321
$1,860,424
69,970
$1,828,654
109,723
$1,557,875
69,920
$1,825,503
$1,930,393
218,677
321,529
$1,938,377
220,301
361,924
$1,627,795
194,046
215,063
$1,915,302
167,883
240,850
Net income...
..$1,390,187
Conv. pref. dividends..
253,844
Common dividends
514,312
$1,356,152
253,844
526,312
$1,218,687
253,844
526,312
$1,506,570
253,844
526,312
$622,031
685,749
$575,996
701,749
$1.28
$1.21
$438,531
701,749
$1.37
$726,415
701,749
$1.79
Shipping
expenses
SeU. & gen. adm. exps..
554,383
Operating profit
574,434
Other income
Total income
Cash discount, &c
Federal taxes.
89,798
for'd
trans'ns
173,910
560,399,066 442,029,481
depreciation and depletion amortization,
b After
of $658,933 in 1936 and $686,012 in 1937.
c Investments and
reserve
$0.26
for
subs
Invests. &advs_c58,080,750
Market, securs.
8,851,730
.....
1938—9 Mos.—1937
$622,202
$1,384,648
$0.34
$0.76
$481,316
$0.24
After depreciation and Federal income taxes,
y On 1,823,170 voting
stock.—V. 146, p. 755.
1936
Cap. stock (par
$25)
226,905,050 226,905,050
Funded debt... 72,913,155
73,605,813
Bank
$436,166
Hershey Chocolate Corp.—Earnings—
1937
Liabilities—
1938—3 Mos.—1937
Heller Brothers Co.—Bonds Called—
Consolidated Balance Sheet Dec. 31
1936
Corp.—Earnings—
All of the outstanding first mortgage 7% serial gold bonds have been
called for redemption on June 1 at 107 and accrued interest.
Payment will
be made at the Marine Midland Trust Co. of New
York.—V.119, p. 1176.
After paying 100% stock dividend.
1937
$5.34
trust certificates for common
totaled $70,683,500 in 1937, $60,866,318 in 1936
z
$7,373,373
434,409
$7.42
...
Share earnings
4,538,101
of
share
2,849,723
$7,609,255
434,409
at close of year
Period Ended Mar. 31—
x
x
Net
Cash
$3,223,234
6,809,560
190,303
*1878 provision re<iuired for surtax on undistributed profits.—V. 146,
5,118,042
7,219,124
1,363,745
4,433,451
per
87,108
(net)
Total
52,804,764
29,236,725
&c
84,860,769
37,903,291
10,399,301
1,787,062
2,917,050
Total
Depletion and depreciation, &c
Taxes (other than Federal)
Provision for Federal income tax
18,512
65,586
11,866
629,736
382,435
$2,320,819
7,373,373
Capital shares outstanding..
77,694,371
Non-recurring income, net
Other income..
"$3,948,935
69,139
16,973
__
Cash dividends
278,676,278 235,778,075 196,345,664
..200,981,907 173,974,823 148,658,942
Operating profits
$3,833,223
115,711
$2,805,137
15,772
_.
$6,728,440
2,895,217
$2,709,723
95,414
Gross operating profit
Other incomes
Surplus balance—beginning of year
Miscell. adjustments not applic. to curr.
Years
$
1
$5,571,955
2,862,232
expense...
Net profit for year..
1937
Operating revenue
Operating expenses...
...
inland waterways, as well
[Including Wholly-Owned Subsidiaries]
y
Subs.)—Earnings—
April 2, *38 April 3, *37
operating revenue__.$30,321,129 $33,260,406
24,056,990
25,827,346
..... 692,184
704,620
Gross Manufacturing profjt
Selling, general and administrative
European terminals of the foreign subsidiaries.
Earnings for Calendar
3,763,335
145,469
donments
stock,
on
$4,443,746
•
,
1,019,090
331,964
Total income
Provision for doubtful accounts and contingencies
Loss on property retired
Miscellaneous charges
to
Nil
Calif.—Earnings—
1938—3 Mos.—1937
$1,652,062
Taxes—The total burden of taxes for the year amounted to $82,869,863,
equivalent to $9.13 per capital share outstanding, which is an increase of
$11,275,258 over the previous year or 15.7%.
The increase in direct sales
and excise taxes is largely due to the increased volume of gasoline and
lubricating oil sales which are taxed at fixed rates per gallon.
The taxes
on gasoline sales were equivalent to 51 % of the net gasoline price realized
Incident to these taxes, of course, is the heavy expense of tax collection,
accounting and settlements.
The unemployment and old-age benefits taxes paid by the company dur¬
ing the year were $1,470,867, a marked increase over the previous year.
These social security taxes do not include the additional amounts paid by
the employees.
These large sums collected from employers and employees
under Social Security laws are becoming increasingly burdensome and should
be given careful thought by all concerned.
Itefineries and Marine Transportation—To manufacture its high quality
products. Gulf ojperates eight refineries with a daily average capacity of
214,000 barrels.
These refineries were in full operation throughout the
year, during which period a total of 77,894,478 barrels of crude oil was
charged to stills.
Gulf owns and normally operates a fleet consisting of 38 steamships,
6 motorships, 5 ocean-going barges, 2 ocean-going tugs and a number of
harbor, river and lake vessels, which are engaged in the transportation of
as
6,400
$0.26
materials,
exps.,
State, county
and Federal taxes
additional
located along the Atlantic and Gulf coasts and
Cr466
gen. exp.,
incl.
,
deliveries
1937.
$153,167
on common
Hancock Oil Co. of
obtained from approximately 8,200 wells and is produced
not
1936
$493,092
458,463
—V.
year,
Michigan and California, and from Venezuela and Mexico.
Kuwait Oil Co., Ltd., in which company owns a 50% interest, is drilling
Its second well in the State of Kuwait, on the Persian Gulf, and while it is
and depreciation
1937
$974,427
772,549
12,311
36,400
$28,087
expenses
Federal and State income tax
operated by company.
This oil was
/
1938
$520,580
471,607
13,786
7,100
Other deductions.
therefore, gives little indication of the actual potential production of the
from widely distributed areas in practically all of the important producing
districts in Kansas, Oklahoma, New Mexico, Texas, Louisiana, Arkansas,
Co,—Earnings—
3 Months Ended March 31—
Sales
Sroduction in the majoritythe the fields in bodies company operates is limited
of regulatory which in the respective States in
y the allowables set by
wells
and to the end that the "rights of the plaintiffs and
146, p. 1400.
of all stockholders may be preserved."—V.
compared with 3.4 to 1 in 1936.
Production—The production of crude oil during the year 1937 (including
all royalty oil from leases in which company is interested) was 79,307,421
barrels, compared with 67,449,840 barrels for the previous year, represent¬
ing an increase of 11,857,581 barrels.
The net production (excluding all
royalty oil) for the year was 66,501,883 barrels, as compared with 55,833,221
barrels in 1936.
As has been stated in previous reports, the domestic
which
Co.—Receivership—
The court's order followed three months of intermittent hearings of a
receivership suit filed in Aug., 1936, by Ralph B. Brundrett, former vicepresident and treasurer of the company, and other stockholders.
The decree said a temporary receiver was appointed because of "present
W. L. Mellon, Chairman, and J. F. Drake, President, state in part:
Liquid Position—The cash balance at the end of the year was $22,426,044.
current
After appropriation for retire¬
y
146, p. 2853.
James A. McKeown was appointed temporary receiver of the company
May 3 by Circuit Judge William S. Connor at St. Louis, Mo.
Corp.—Annual Report—
of total
and taxes..
Includes non-operating income, net.
1937
$6,617,326 ' $5,940,059
3,029,859
2,760,192
1,307,786
888,870
Balance for dividends and surplus
ment reserve.—V.
and urgent necessity"
The ratio
1938
Operating revenues
x
stock until the release of the proceeds to the company.
Gulf Oil
Co.—Earnings—
12 Months Ended March 31—
holders of said
Surplus.
Shs.com.stk.out. (no par)
Earnings
per
share
—V. 146, p. 2371.
Hidalgo Gold Mining Co.—Promoters Indicted—
The Department of Justice and the Securities and
on
Exchange Commission
May 3 reported that the Federal Grand Jury in N. Y. City has indicted
one corporation for manipulation and fraudulent
distri-
11 individuals and
Volume
Financial
146
button of stock of the company in violation of Section 17 (a) cf the
Act of 1933 and the Mail Fraud Statute.
3017
Chronicle
Income Account Year Enfed Dec. 31 (Illinois
Securi¬
Central System)
Central RR., Yazoo
&
ties
[Excluding offsetting accounts
The indictment alleged that the defendants organized the C. G. Blackwell Co. in Colorado during Jan., 1935, for tne purpose of distributing
Mississippi Valley RR. and Dunleith & Dubuque Bridge Co.]
1937
1936
1935
1934
Operating revenues
$114,015,808$114,955,547 $97,459,739 $91,144,973
Operating expenses
84,912,514
85,253,995 x81,853,579
67,855,400
Taxes..
y8.074,078
z9,131,199
6,693,086
6,309,518
Uncollectible ry. revs
59,618
1,750,000 shares of stock of the Hidalgo Gold Mining Co. held under
option at 9% cents per share, and that the defendants caused the stock of
the Hildalgo company to be listed on the Denver Stock Exchange and
C. G. Blackwell to become a member of the exchange.
manipulative practices the price of the
19 M cents per
to the indict¬
ment, the defendants then conducting an over-the-counter distribution of
the Hidalgo stock and selling it against the fictitious closing price quoted
each day on the Denver exchange.
As
a
result of wash sales and other
Hidalgo stock was raised on the exchange from 12 cents to
share for the purpose of inducing others to buy, according
Commission
on
Ry. operatingincome_$2l,029,217 $20,570,353
Rents from
tracks,
of
use
yards
&
inal facilities
x
outstanding (no par),
Earnings per share
on
Interest
on
Nov.
Hoskins
1936
1935
x$158,564
y480,000
$0.12
$0.33
$113,021
xl20,050
$0.94
$105,835
zl20,050
$0.88
After depreciation and Federal taxes,
a
tax on undistributed
profits,
y
x
27,205
800
800
58,626
44,231
49,026
228,709
153,751
106,879
580,922
3,171
88,147
112,320
551,692
7,823
104,394
161,344
631,155
5,019
105,318
581,373
6,629
Total income
$18,849,388 $18,045,571
15,536,090
15,846,148
23,275
21,102
958,723
947,206
Miscellaneous charges..
370,984
466,371
Interest
accrual
$1,960,316
for maintenance expenses in 1934.
y Includes
Retirement tax of $1,473,621 and Federal and State
Unemployment Insurance
taxes of $1,093,670 for the calendar year
z
a credit adjustment of $1,579,083 due to cancellation of 1936 accruals,
Includes accrual of Railroad Retirement tax of $1,579,083 canceled in 1937
Before any provision for sur¬
Par value $2.50.
z
General Balance Sheet Dec. 31
Shares of no par value.
1937
Co.—Earnings—
1938—12 Mos.—1937
$254,595
119,914
34,677
27,578
30,045
Retirement accruals
Taxes
$235,543
110,503
30,284
23,630
26,333
$2,915,208
1,440,254
405,339
322,393
a341,803
$2,516,464
1,237,237
341,509
282,463
263,676
$42,381
,
15,508
1,838
579
Operating revenues
Operation
$44,792
16,336
1,169
654
$405,419
190,742
24,962
7,506
$391,578
213,128
9,013
Other interest, &c
Amort, of dt. disc. & exp.
7,115
Liabilities—
Common
$24,454
Misc. phys. prop
Inv. in af til. cos.:
1,345,550
1,329,073
Stocks
23,600,611
23,700,611
Bonds & notes
7,243,127
10,598,258
12,833,688
Advances
Bonds,
&
This company is of the opinion that it is not
undistributed profits.—V. 146, p. 2209,
a
surtax on
51,467
51,458
advances
206,076
148,307
Period End. Mar. 31—
1938—3 Mos.—1937
Gross earnings
8,890,258
1938—12 Mos—1937
$8,408,328
$6,591,301
4,250,845
3,556,020
Income from operat'ns $1,072,431
Other income credits.__
15,848
$957,634
47,538
$4,157,483
63,798
$3,035,281
116,233
$1,005,173
xl44,732
325,828
65,246
$4,221,281
x519,388
1,303,961
612,527
$3,151,514
x548,976
1,271,873
495,783
,
12,699[635
$1,088,279
xl36,304
Deprec. & depletion
345,849
Prop, ret'd & abandoned
122,613
Net income
$483,483
$469,366
$1,785,404
$0.30
$1.14
1,225,726
17,360
rec.
rec.
146, p.
7,428,357
606,392
423,437
113,497
127,443
1,311,516
1,331,726
15,005
15,998
wages
paid:
Coups,
1.298,686
Coups. & int.
2,030,589
1,406,514
4,953,724
9,187,955
15,217
7,223,532
Oth. curr. assets
141,997
70,445
Wkg. fund advs.
67,627
2,463,834
67,627
due 1st prox
1,811,714
4,469,860
Oth. defd. assets
&
on
Divs. due but
uncalled for
Funded debt
Hudson Motor Car Co.
3 Mos. End. Mar. 31—
Net prof, after all chges.,
incl. deprec. & Federal
x
Unmatured rents
fund
debt
3,967,001
1,783,252
2,353,542
accrued
4,063,022
Other
on
725,002
690,012
2,160,155
6,556,780
Tax liability
1936
y
11,252,497
9,150,754
506,000
506,000
not
invested
Dtff.
par
Tons all frt. car. 1 m.12,268,925,000
12,142,528,000
10,399,907,000
9,529,763,000
.904 cts.
.887 cts.
25,177,140
530,290,711
.892 cts.
29,593,979
575,403,847
1.613 cts.
745,666,789 752,762,292
Total
6,627
1.576 cts.
24,650,953
24,650,953
Inter-co.
1934
35,655,879
8,323,717,830
27,878,591
631,630,513
19,547
45,528,576
& face val.
items(seenote)
6,603
.863 cts.
32,579,109
693,494,647
21,448
44,979,240
between
of
1935
1936
specifically
Profit and loss..
for Years Ended Dec. 31
37,722,809
9,110,143,713
745,666,789 752,762,292
Total
a Does not include $20,289,994 in
1937 and $20,358,401 in 1936 invest¬
in road and equipment by the Alabama & Vicksburg Ry. Co. and
Vicksburg, Shreveport & Pacific Ry. Co., leased lines, not owned.
Note—As this consolidated balance sheet excludes inter-company items,
securities and accounts between the system companies are excluded.
The
difference between the par and face value after such items as carried on the
ment
books of the subsidiaries and the amount at which the securities and items
pass¬
mile
Income Statement for
1.654 cts.
1936
By. Oper. Revenues—
Freight
$
94,212,891
96,092.267
Passenger.
10,944,398
19,563
32,104
2,377,965
2,289,261
182,794
Excess baggage
Parlor and chair car....
Mail__
Express
Milk
train...
Switching.
1.616 cts.
$
10,196,454
19,655
31,591
2,382,735
1934
»
$
80,764,557
8,781,052
18,580
$
74,263,394
9,310,895
22,207
2,321,752
21.863
2,295,422
1,913,685
179,951
171,655
1,245,631
31,712
1,978,326
185,958
158,618
1,620,456
18,965
193,848
236,696
1,390,209
Special service train
Total joint facility revs.
Idaho Power
Co.—Earnings
Period End. Mar. 31—
Operating revenues
Oper. exp., incl. taxes..
Prop, retire, res. approp.
Net oper. revenues
1938—Month—1937
$381,844
197,949
32,000
$5,552,044
2,784,254
434,000
$4,864,538
2,504,463
458,000
$165,423
$151,895
1,234
$2,333,790
49
$1,902,075
Drl,142
$153,129
54,167
6,994
Cr2,369
$2,333,839
$1,900,933
$94,337
832
Other income (net)
Int.
on
mortgage bonds.
Other int. & deductions.
1938—12 Mos.—1937
$431,009
228,086
37,500
$166,255
56,250
8,161
Int. charged to construe.
112,991,865
1,419,666
1,252,198
727,537
711,484
95,707,227
1,102,327
650,185
89,453,173
1,030,352
661,448
114,955,547
97,459,739
91,144,973
Balance......
685,161
650,000
110,417
Cr38,831
Cr6,421
$1,577,092
$1,181,623
period, whether paid or unpaid
Total rail-line revenue 111,868,605
Total incident, oper .re vs.
by the owning companies is entered here to balance.—V. 146,
2854.
'
yl935
2,304,131
227,883
1,581,745
carried
are
p.
Calendar Years
1937
Other passenger
11,295,466
9,639,302
RR.—Annual Report—
6,581
per
7,285,526
Misc. fund res..
z$235,610
x$504,169
44,834,897
rev.
7,361,007
prop,
Slrik. fund res..
Loss,
z Before Federal taxes,
profits.—V. 146, p. 2854.
10,628,958,308
enger per
to
thru income &
surplus
6,566
45,922,345
Avge.
unadjusted
credits
1935
Tonsrev.frt. car. lm.10,921,959,567
carr'd
carr'dl m.
5,434,579
equip, owned.102,100,326 102,744,068
Oth.
Add'ns
a$7,234
1937
Rev. passenger
curr.
Approp. surplus
_y$l,530,481
Avge.rev.per ton lm.
326,922
615,048
undistributed profits.—V.
1937
General Traffic Statistics
Rev. pass,
326,309
liab.
Other defd. liab.
(& Subs.)—-Earnings—
1938
Depreciation amounted to $356,907.
Avge. miles operated
Tons freight carried.
56,393
2,414,862
int.
accrued
Before provision for surtax on undistributed
Illinois Central
39,643
2,390,473
Unmatured
15,561
y'
a
ma¬
tured unpaid.
Accrd. deprec.—
provision made for Federal surtax
1401.
taxes.
matured
unpaid:
2,445,345
Other unadjusted
debits
Divs.
34,641
insur.
prepd.
Discount
bds.
on reg.
agents &cond.
prems.
mat'd
but not pre¬
fr.
$0.27
(par $25)
No
6,959,165
108,487
car
sented
Earns, per sh. on 1,098,618 shs.
com.
stock
x
payable
Misc. accts. pay.
and
Audited accts. &
car serv.
Mat'ls & 8Uppls.
Int. & divs. rec.
$834,882
$0.31
3,071,779
750,000
2,301,702
183,393
Misc. accts. rec.
Rents
Total income
Int., amort. & Fed. taxes
750,000
balances rec..
$1,925,703
968,068
2,182,378
Traffic
Int. matured un¬
Special deposits.
Net bal.
$2,234,164
Oper. & gen. exp. & taxes
1,161,732
2,186,982
941
9
489
Cash
Loans & bills
(Including Houston Pipe Line Co.)
\
2,256,908
_
cos...
serv. bal. pay.
deposits..
Texas—Earnings—
construction
Non-negot. debt
toaffil.
Sinking funds..
Traf. &
Houston Oil Co. of
Grants in aid of
7,255,937
notes
subject to the Federal
1554.
stock.135,799,492 135,799,492
18,645,700
18,645,700
Prem.oncap. stk
138,754
138,754
Funded debt...367,588,175 370,106,100
Inv. in oth. cos.:
$162,320
$182,209
$26,632
$
Pref. stk., ser. A
666,978,130 666,394,283
Time drafts and
Net income.
1936
$
Inv. in road &
Stocks.......
Net oper. revenues—
on bonds
Interest
1937
1936
§
equipment
a
1938—Month—1937
Maintenance
1937,
and
Assets—
Period End. Mar. 31—
$764,743df$9,932,400df$2,964,646
$7,750,205
of Railroad
—V. 146, p. 1401.
Houston Electric
$7,529,257 $14,495,353
16,054,627
16,056,408
21,446
21,293
942,670
942,885
442,914
439,414
funded debt.
on
Includes
x
1937
x$57,228
y48vJ,000
stk. outst
cap.
1,724,243 $13,543,614
8,007
loans and
on
Balance, surplus
1938
Net profit
Shs.
2,115,241
Miscellaneous rents
Rent for leased roads
Mfg. Co.-^—Earnings—
Earns, per sh. on cap.stk.
2,082,324
and
open accounts
Co.—Pays $1 Dividend—
3 Mos. End. Mar. 31—
a
2,125,797
37,538
bonds
Rents fr. lease of roadMiscellaneous rents..
3657.
per share on its common stock, par
May 2 to holders of record April 25. This compares with $4 paid
1, last; $12 paid on Dec. 21, 1936; $3 paid on May 1, 1936; $4
on Nov. 1, 1935, May 1, 1935 and on Nov. 1, 1934; $3 on May 1, 1934, and
$2 per share on Nov. 15. 1933.—V. 145, p. 3010.
$100,
3,578,865
$17,881,814 $17 ,115,016
notes owned
$2.85
The company paid a dividend of $1
on
2,955,957
2,261,126
Miscellaneous income.
Hooven & Allison
3,828,753
stocks owned
on
Interest
444,286
450,218
$2.89
After interest, depreciation and Federal taxes.—V. 145, p.
x
Divs.
1938—12 Mos.—1937
444,186
Nil
450,218
Nil
3,543,527
Net income from trans-
$176,864pf$l,402,052pf$l,394,265
$196,412
$23,686,467 $23,069,567 $11,762,525 $19,237,720
inal facilities
stock
common
2,317,283
Other income:
Co.—Earnings—
1938—3 Mos.—1937
Net loss
Shares
2,849,452
or
use
of joint
tracks, yards, & term¬
portation oper
Holland Furnace
2,499,213
2,657,250
Rents
the
the
Pennsylvania RR. at West Hickory to a point east of Endeavor, approx¬
imately 3.027 miles, all in Forest County, Pa.—V. 122, p. 3207.
Period End. Mar. 31—
$8,913,073 $16,920,437
joint
term¬
Hire of equip.—deb. bal.
April 18 issued a certificate
Illinois
_
„Total
Hickory Valley RR .—A bandonment—
The Interstate Commerce
permitting abandonment as to interstate and foreign commerce by
company of its entire line of railroad extending from a connection with
between
Total ry. oper. rev...114,015,808
Net income
$101,844
75,731
Dividends applicable to preferred stocks for the
414,342
414,342
$1,162,750
$767,281
By. Oper. Expenses—
Maint.ofway& struct.. 10,600,381
Maint. of equipment... 21,902,595
Traffic
2,795,739
9,998,538
24,115,844
3,115,258
10,100,461
26,147,460
2,764,282
7,760,663
18,120,901
2,511,030
made during the 12 months ended
Transportation,railline. 44,458,785
42,445,291
37,616,399
34,589,158
$24,000 for the 12 months ended March 31, 1937.—V. 146, p. 2371.
726,296
4,885,018
593,809
4,712,548
32,251
81,381
-
Miscellaneous operations
General
790,554
4,444,321
79,861
Total ry. oper. exps_.
84,912,514
85,253,995 x81,853,579
67,855,400
Net rev. from ry. oper._
29,103,295
29,701,552
23,289,573
x
15,606,160
Includes $7,750,205 for maintenance expenses in 1934.
uncollectible railway revenues in accordance with
deduct
Commerce Commission's classification in effect Jan.
y
Restated to
the
1, 1936.
March 31, 1938.
474,688
4,487,361
88,400
Transp. for invest.—Cr_
'
profits has been
Includes provision, of
Note—No provision for Federal surtax on undistributed
Interstate
Imco
Participating
Co.,
Ltd.—Option
Period Expires
June 30—
Holders of participating certificates are
reminded that the option period
during which they are entitled to direct the sale of class B shares of the
Swedish Match Co. and have the surplus proceeds of sale over and above
the net
minimum sales price
(as defined in the participating certificates)
remitted to them expires on June 30, 1938, after which date the participating
certificates cease to have any value.—V. 143, p. 2374.
Illinois Water Service
Ended
Years
Chronicle
Financial
3018
Interlake Iron Corp.—A ew Directors—
Co.-—Earnings—
31—
Dec.
1937
Operating revenues
J.
Operating expenses & general taxes.,
1936
$640,153
320,067
$630,802
315,630
$579,366
284,223
$315,172
666
747
451
$320,752
172,100
1,189
3,948
Gross corporate income
$315,919
171,950
1,340
3,951
$295,594
171,950
1,203
3,953
Interest on funded debt
...
Miscellaneous interest—
Amortiz. of debt discount & expense..
Interest charged to construction
"
_
■
1
v
5,489
.
41,000
17,500
capital stock
700
700
...
$95,345
53,400
.
$91,489
53,400
30,000
$97,554
53,400
30,000
Dividends—on pref. stock
On common stock
30,000
__
Notes
bonds.
terially
The company estimates that these transactions will not
net income.
ma¬
affect
International Rys. of
1938
$598,205
200,091
38,724
48,869
$323,860
$293,695
338
2,426
$324,627
171,950
1,433
$294,033
171,950
1,223
$312,947
171,950
1,348
3,662
3,950
Other income
Gross corp. income
Interest
bonds
on
Miscellaneous
interest-
.
Amort, of debt discount
Net income
Divs.
$89,330
52,844
pref. stock
on
3,583
14,750
700
6,441
21,250
700
$98,726
53,400
$96,521
53,400
:v
$107,409
53,400
5%
$182,682
x
franchises, Ac..$4,843,989 $4,839,195
Special deposits
5,291
109,738
International Silver Co.
Purchase-rnoney
banks
A
working funds.,
a
Accts.
A
Accrd. unbilled
..$2,319,000 $2,319,000
109,065
34,168
50,737
6,732
Unearned revenue.
Consumers'
obligation.
rev
31,540
27,651
23,277
21,511
In proc. of amort
38,625
39,327
9,298
3,882
167,328
3,882
137,112
5,514
5,510
.....
Accrued items
Materials A suppls
Debt.disct. A exp.
deps.
A accrd. Interest
thereon
charges and
1,387
prepaid accounts
1,845
Reserves
28,128
386,092
862.200
890,000
stock-
1.140,000
86,867
1,140,000
81,515
b Common
Earned
.$5,202,863 $5,199,071
Total...
a
After
no par
reserves
uncollectible
for
197,117
206,014
$5,199,071
accounts,
b Represented
by
57,000
shares.—V. 146, p. 442.
Indiana Associated
UncollectiDie oper.
rev--
Operating revenues.-.
Operating expenses
p.
2435.
Net oper. revenues...
1938—3 Mos.—1937
$105,042
$371,063
117
103
361
Net operating income-
307
$120,268
67.627
$104,939
58,694
$370,702
201,685
$314,973
169,081
$52,641
$46,245
$169,017
Crl
150
QQ
15,164
52,244
45,466
$37,592
25,362
$31,082
20,279
$116,623
79,542
$100,327
67,594
$145,892
—V. 146, P. 2210.
Inland Steel Co.
Period End. Mar. 31
—
Net income.
(& Subs.)
$2,703,242
462,375
1,115,633
Estimated Federal taxes
202,158
Interest
Fed. tax
on
on
bonds
undist.
earns.
Netincome
—.
Shares capital stock
Earnings
per
share...--
Earnings—
1938—3 Mos.—1937
Depreciation & depletion
a
1938—12 Mos.—1937
$1,665,673
73,457
$1,660,205
105,409
8,065
30,000
$135,773
58,519
12,588
7,861
26,250
$1,739,131
702,234
150,989
89,297
333,750
$1,765,614
702,234
151,338
94,931
315,000
$24,610
$30,555
$462,859
$502,110
$133,768
58,519
12,573
mortgage bonds.
other funded debt
Prov. for retirements
Net income
Note—No provision has been made in the above statement for the Federal
surtax on undistributed profits applicable to income included therein for
1938, since the amount thereof cannot satisfactorily be determined at this
146, p. 280.
time.—V.
3 Mos. End. Mar. 31—
z
Net profit
Earnings per share
x
Before surtax
taxes,
on
(& Subs.)—Earnings—
1938
1937
x$327,219
$0.49
x$401,829
$0.61
undistributed profits,
Ac.
On
z
593,865
y
shares
1936
1935
$ 388,134
$0.59
$355,507
$0.53
After depreciation, depletion,
stock
(par $1).—
common
V. 146, p. 2696.
Italo-Argentine Electric Co.—Final Dividend—
Directors have declared a final dividend of 3.50 pesos, less 5% tax, on
the American shares payable May 10 to holders of record April 30.—V.
145, p. 117.
1938—12 Mos.—1937
$7,580,263 $18,263,921 $25,667,504
449,792
1,873.817
1,659,167
1,258,971
4,962,604
5,261,912
862,725
2,022,467
2,498,226
518,958
x318,662
$923,076
1,576,070
$5,008,774
1,499,000
$0.58
$3.34
$8,886,075 $15,929,538
1,576,070
1,499,000
$5.64
City Power & Light Co.—Earnings—
Period End. Mar. 31—
Gross earnings
1938—Months-1937
1938—12 Mos.—1937
$1,396,183
$1,425,457 $17,697,285 $16,947,165
Oper. exps. (incl. maint.
& gen. & prop. tax)...
of
676,818
8,578,239
8,096,565
$748,639
117,143
$9,119,046
1,383,192
$8,850,600
1,508,700
8,540
190,330
discount
659,592
$736,591
116,966
Net earnings
Interest charges
8,496
187,216
102,306
2,260,812
105,672
2,222,986
&
of
limited
term
867
2,043
7,064
70,000
5,933
78,003
29,809
68,782
912,026
$342,824
$349,804
$4,362,118
$0.61
$0.63
$ 7.85
Miscell. income deducts.
Fed. & State inc. taxes..
$315,280
14,999
Net income
(Del.)—Earnings—-
$130,091
5,682
investments
Telephone Corp.—Earnings—
1938—Month—1937
50
Operating taxes.
tax.—
$3,957,610
2,297,405
5,909
Total net earnings
Amort,
Rent for lease of operat¬
ing property
1935
$341,477
$4,062,526
2.396,853
$127,859
premiums
Depreciation
$120,385
Operatingrevenues
Co.
1938—Month—1937
$331,512
$332,610
203,652
202,519
Net oper. earnings._.
Amort,
first page of this department.—V. 136,
Period End. Mar. 31—
Utilities
Other income
Kansas
.$5,202,863
surplus
Total....
27,764
Independence Shares Corp.—Registers with SEC—
See list given on
pro¬
3:C.Vv.-
.
Oper .exp. ,maint.& taxes
on
1936
$ 69,728
Mter depreciation, interest and Federal
Gross oper. earnings
on
No
378,974
6% curn. pref. stk.
($100 par)
Capital surplus...
Defd.
y
Iowa Southern
Federal
224,585
notes
receivable...
Estimated
Int.
1937
x$121,866prof$163,728
Net loss
Int.
y
(& Subs.)—Earnings-—
1938
Period End. Mar. 31—
y
Accounts payable.
Cash
in
764,169
undistributed profits.—V. 146, p. 2855.
3 Mos. End. Mar. 31—
y
1938—3 Mos.—x 1937
Restated for purposes of comparison with figures for 1938.
vision for any surtax on
Mar.31,'38 Dec. 31,'37
1st mtge. gold
bonds
,
$462,597
Net income------
y
Island Creek Coal Co.
IAaHlities-
Mar. 31 '38 Dec. 31,*37
S
$394,574
279,312
Balance Sheet
Assets—
Plant, prop., rights,
'
CY69
44,000
700
467
.
3,917
"'6,072
8,445
43,668
Prov. for retire. & replace
Miscellaneous deducts.
3,950
CY850
■
•.
$184,159
Inc. avail, for fixed chgs.
Amort. & other deduc'ns
and expense
Int. charged to construct
Prov. for Fed. inc. tax..
■
$1,620,107
796,177
295,407
$310,520
768
$304,755
158,100
1,082
.
$585,732
188,266
44,040
59,730
937
from oper.
$636,541
199,664
44,786
68,231
1
285,398
290,087
1935
$303,818
General taxes—
earns,
1936
■•
•
and refunding 5% sink¬
$1,532,922
714,430
676,601
$586,856
oper'ns
figure,
V. 146, p. 1713.
$609,865
201,958
42,112
61,977
Operating revenues
Operation
Maintenance...
Net
1937
■
Central America—Earnings—
1938—Month—xl937
$568,483
Railway oper. revenues-
x
Earnings for 12 Months End. March 31
•
102Fi and accrued interest, in an amount sufficient to exhaust the sum of
$101,181 now in the sinking fund.
Offers will be received at the Corporate
Trust Department of the bank's New York office up to May 16, 1938.—
V. 146, p. 2855.
(1) No provision made during 1937 or 1936 for Federal surtax on
undistributed profits.
(2) As of Dec. 1, 1937 the company sold its property located at Freeport,
111., and used the majority of the proceeds to purchase and redeem $1,125,000
'
•
•.
•
Net rev. from ry.
642
.
Netincome..
•" ■'
Period End. Mar. 31—
preferred
on
■
ing fund mortgage bonds, series "A" and series "B", announced that it
will receive offers for the sale to it of these bonds, at prices not exceeding
,1,584
40,000
.
w
International Paper Co.—Tenders—
& replace. In lieu of
depreciation
Amortiz. of commission
'i
•
The Bankers Trust Co., as trustee for the first
CV850
"
7 ,528
Prov. for Federal income tax
Prov. for retire.
$295,143
1938
George F. Getz Jr. and John H. Hershberger have been elected directors
succeeding thelate G. M.-P. Murphy and George F. Getz.—V. 146, p. 2855.
1935
$320,086
Net earnings
Other income—net.
May 7,
$10.63
After deducting admin, expense and all charges for repairs and mainte¬
nance.
x That part of 1936
Federal tax on undistributed earnings which
Net profit
Earns, per share on com.
stock..
Note—No deduction is made in the fbregoing statement for
if any imposed on undistributed profits.—V. 146, p. 2211.
Kansas Electric Power Co.—To Sell Bonds
,
6,085
71,112
293,706
$4,642,339
$8.39
the
surtax
Privately—
Company, subsidiary In the registered holding company system of The
Corp. has filed with the Securities and Exchange Commis¬
sion a declaration (File 43-116) under the Holding Company Act covering
the sale of $1,000,000 1st mtge. bonds, series A, 3H
%, due Dec. 1, 1966,
Middle West
and 7,000 shares (no par) common stock.
The bonds would be privately sold to
the Equitable Life Assurance
Society of the United States and the common stock to The Middle West
Corp., the proceeds therefrom to be devoted to the completion of the con¬
struction of the applicant's new generating station.-—V. 145, p. 3199.
Kansas
Gas
&
Electric
Period End. Mar. 31—
Operatingrevenues
Oper. exp., incl. taxes._
Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$495,417
256,583
$484,981
263,174
$6,232,305
3,322,738
55.660
50",666
615,000
600,000
$183,834
$171,807
1,479
$2,293,586
:$2,251,977
$184,233
60,000
15,000
9,094
Crl,528
$173,286
60,000
15,000
7,610
$2,310,103
720,000
180,000
111,026
Cr5,153
$2,266,968
720,000
180,000
91,116
Cr2,048
$101,667
$90,676
$1,304,230
$1,277,900
Amortiz. of limited-term
investments
Prop, retire,
$5,934,741
3,082,671
OKI
res. appro..
93
a
is applicable to the last nine months of 1936.
No provision for Federal tax on undistributed
for quarter ended March 31.
399
Gross income
12 months ended March 31, 1937. do not include
of Milcor Steel Co. for the second quarter of 1936, as this
acquired on July 1, 1936.—V. 146, p. 2855.
was
Int.
on
Int.
on
mortgage bonds_
debenture bonds.
Other int. & deductions.
Int. charged to construe.
International Agricultural
Corp.—Tenders—
The Bankers Trust Co., as corporate trustee for the first
mortgage and
collateral trust bonds, is inviting sealed offers for the sale to it of these
bonds, at prices not to exceed 103 and accrued interest, in an amount
sufficient to exhaust the sum of $250,774 now held in the sinking fund.
Offers will be received at the corporate trust department of the bank's
New York office up to May 12, 1938.—V. 146, p. 756.
Interchemical
14,991
16,517
earnings has been made
The earnings for the
the earnings
company
Net oper. revenues
Other income (net)
Netincome
Dividends applicable to dreferred stocks for the
520,784
period, whether paid or unpaid
Balance...
u
520,784
$783,446
$757,116
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended March 31, 1938 and 1937.—V. 146, p.
Corp. (& Subs.)—Earnings—
2211.
(Formerly International Printing Ink Corp.:
Period End. Mar. 31—
Sales after allow. & disct.
Costs exps.
& deprec
Other deductions (net)
_
_
Profit
Federal taxes
Interest (net)..
Foreign exchange adj
$5,175,404 $19,421,150 $18,817,188
4,615,398
18,790,953
16,988,806
share
$56,221
14,376
$560,005
68,918
$630,197
80
$1,828,382
40,232
$491,086
86,000
$630,117
186,150
$1,788,150
326,750
-
$11,795
289,618
Nil
$405,086
288,358
$1.05
$443,967 y$l,461,400
289,618
288,358
$0.15
$3.67
y The provision for surtax on undistributed profits for the year ended
Dec. 31, 1936, was $29,800.
Company states that it is impracticable to
allocate such provision among the four quarters of that year.—Y. 146, p.
2372.
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings—
Weeks Ended—
Mar.30,*3
Apr. 2, '38
Apr. 3, '37
Mar. 23,'36
Prov. for income taxes._
$599,258
196,876
65,788
$803,259
196,378
94,078
$521,103
184,014
63,040
$252,203
210,414
12,835
Net prof. aft. all chgs.
$336,595
$512,803
$274,049
$28,954
13
Profit
before prov.
for
deprec. & income taxes
Depreciation
„
„
ended April 2, 1938, was $1,136,554 after
undistributed earnings. This is equal to $17.67
per share on the 64,304 shares of 7%
cumulative convertible preferred
stock.—V. 146, p. 2696.
Net profit for the 52 weeks
all charges, except surtax on
—
Net profit
Shares common stock—
per
$4,389,510
4,333,289
1938—12 Mos.—1937
$41,845
30,050
Operating profit
Earnings
1938—3 Mos—1937
Kroger Grocery & Baking Co.—Sales—
Period End. Apr.
Sales
23—
1938—4 Weeks—1937
1938—16 Wks.—1937
$18,176,288 $20,546,413 $72,060,032 $78,839,137
Average number of stores in operation during the period was 4,043 com¬
pared with 4,178 in corressponding period a year ago.—V. 146, p. 2375.
Volume
Financial
146
Lily-Tulip Cup Corp. (& Sub.)—Earnin gs-
(B. F.) Keith Corp. (& Subs.)—Earnings—
Apr. 2, '38
13 Weeks Ended—
Profit before pro v.
Apr. 3, '37
Mar. 28,'36
Mar.30,'35
$376,208
140,777
$597,663
146,025
$426,751
142,275
$204,923
169,103
38,785
67,775
46,150
$238,326
$29,820
deprec. & income taxes
Pro v. for income taxes..
Net prof. aft. all cbgs_
Before surtax
x$383,863
x$196,646
April 2, 1938, the corporation and subsidiary
companies show a net profit of $862,812 after all charges, except surtax on
undistributed profits.—V. 145, p. 3011.
3 Mos. End. Mar. 31—
Federal taxes
•
906,877
$628,474
6,602
$713,119
3,531
$560,789
3,598
$558,363
$635,076
45,708
172,797
$716,650
52,958
146,627
$564,387
23,225
152,056
$561,405
13,804
249,805
65", 455
12,074
83,279
9,631
45,000
52,480
38",654
$412,081
331,693
$291,626
280,482
$259,142
279,207
$80,388
189,539
$2.17
$11,144
189,539
def$20,065
189,538
$1.37
Operating income
Misc. deduc. frominc
Depreciation
3,042
discarded
Res. for Fed. inc. tax
Federal surtax
Net inc. to surplus
x$430,848
$325,860
y$177,677
operations a non-recurring profit of
$502,486 was realized on the purchase of debentures,
y Before provision
for surtax on undistributed profits,
z After all charges including Federal
income taxes, but before provision for surtax on undistributed profits.
—V. 146, p. 2374.
the results
to
1,099,312
9,706
,.
loss z$353,782
addition
$1,660,101
1,182,959
machinery
1935
1936
1937
1938
Net profit after deprec.
and
int.
but
before
In
$1,896,078
1,508,841
Obsolescence
-Earnings—
$1,465,240
$2,137,315
Admin., selling & other
ended
Kelsey-Hayes Wheel Co. (& Subs.)-
x
ing cost of goods sold.
1934
1935
1936
1937
Miscellaneous income
undistributed earnings.
on
For the 52 weeks
Calendar Years—
Gross profit after deduct¬
6,000
for
Depreciation
x
3019
Chronicle
from
$341,409
...
Common dividends
284,309
Balance, surplus
com. stk. (nopar)..
per share.
$57,100
189,539
Shs.
Earnings
$1.80
$1.54
Consolidated Balance Sheet Dec. 31
Assets—
Key West Electric Co.—Earnings—
$156,189
Operating revenues
x Balance after operation, maintenance and taxes..
Balance for dividends and surplus
_
70,854
26,334
y
x
Includes non-operating income, net.
ment
1937
$146,049
64,855
18,567
1938
12 Months Ended March 31—
•
y
After appropriation for retire-
reserve.—V. 146, p. 2696.
Liabilities—
1936
1937
Cash
$320,137
8121,180
434,124
463,296
1,549,668
13,327
Mach.,equip.,&c 1,397,835
y
1,196,246
13,327
Miscell. assets
Kinner
Airplane
&
Motor
Corp.,
Ltd.—To
Amend
96,153
26,607
17,970
125,053
141,314
Common stock..
1,014,000
1,014,000
1,700,160
74,117
1,642,264
expenses.
x
for
Fed,
Surplus
87,308
Deferred charges..
$246,154
600,000
and State taxes.
Reserve
930,146
_
Mdse. inventory-.
Investments
1936
1937
$320,586
payable
Accrued
& accts.
accept.
receivable .(net)
Accts.
Notes payable
Notes, drafts, trade
51,239
Pats., trade-marks
Charter—
and
United States District Judge Harry Hollzer at Los Angeles has authorized
the corporation to amend its articles of incorporation to provide for assess¬
outstanding capital stock.
It was stated that it is the plan of the Board of Directors, providing the
articles are amended, to levy one assessment of 10 cents a share and to
.utilize such funds to reduce indebtedness and provide working capital.—
Y. 145, p. 4119.
:y,.
2
goodwill
Total
ment on its
$3,686,405 $3,061,7021
.$3,686,405 $3,061,702
Total.
Represented by 189,539 no-par shares,
x
y
After depreciation of $933,-
406 in 1937 and $844,424 in 1936.
New Director—
William S. Bell, Treasurer, has
been elected director succeeding Herman
Elsas deceased.—V. 145, p. 3349.
(G. R.) Kinney Co., Inc.—Preferred Slock Reduced—New
Lincoln
Officer—Meeting Adjourned—
27 authorized reduction
$8 preferred stock to 3,905 shares from 50,547 shares.
At meeting of directors, Clifford O. Anderson, General Sales Manager,
Stockholders at their annual meeting held April
in
elected
was
a
Vice-President.
Due to insufficient shares present at
meeting, stockholders were unable
amending certificate of incorporation limiting voting rights of
the $5 preferred stock and the meeting was adjourned until June 20.—
V. 146, p. 2374.
to
vote on
Krueger Brewing Co.—New Directors—
(G.)
L.
Hugo Boepple Jr., William
Nason and
F. I. Wilson were elected
directors of the company at the annual meeting of stockholders, succeeding
Thomas F. Bryce and William F. Hoffman nd filling a vacancy on the board.
Krueger was elected Vice-President to succeed Thomas F. Bryce
Krueger as Treasurer.—V. 146, p. 1556.
John G.
Building Corp.—Earnings—
The corporation reported net available income for
the six months ended
Dec. 31, 1937, after operating expenses, real estate taxes, depreciation and
obsolescence fund, of $233,172, compared with $429,274 for the full year
1937 and $359,720 for the year 1936, according to Amott, Baker & Co.,
Inc., in an operating study made public.
The percentage earned by the company on its $13,595,000 of outstand¬
ing 53^% income debentures, after provision for depreciation and obso¬
lescence, on an annual basis, was 3.43% for the last six months of 1937.
against 3.17% for the fuh year 1937 and 2.65% for 1936.
Current assets of the company as of the close of 1937 totaled $1,039,933,
including cash of $530,847, as against current liabilities of $217,996.
Real
estate taxes are paid to date.
On Feb. 1, 1938, a $15 semi-annual interest payment was made.
This
compares favorably with previous payments which have totaled $25 a year
since reorganization.
reorganized in 1933, holders of each old first mortgage
income bond and 10 shares
of the equity. Holders of the
stock received no consideration
plan.—V. 142, p. 960.
The property was
and Mr. Nason succeeded Mr.
bond certificate of deposit receiving a new 5 Ms %
of voting trust common stock totaling 100%
old debentures, notes, preferred and common
Lehigh Coal & Navigation Co.—Earnings12 Mos. End. Mar. 31—
y
z
a
Net inc. of parent CO._
z
Earnings per share-..
a
xl,101,565
$0.57
1935
1936
1937
1938
under the
$569,411
x$259,354
$352,011
$0.13
Consol. net income.lossx$141,495
Earnings per share
Nil
$0.18
$0.29
1,800,922
$0.93
1,716,163
xl,491,326
$0.77
$0.89
Accruing from direct operation and from railroad, rentals, divs., &c.
x Before surtax on undistributed profits,
y Com¬
Subs.)—Earnings—
Link-Belt Co. (&
1938—3 Mos.—1937
1938—12 Mos.—1937
$4,885,699
$5,787,520 $25,742,019 $22,054,236
4,644,376
4,946,292
22,364,982
19,020,032
Period End. Mar. 31—
Sales to customers
Costs of sales
x
after taxes and charges,
pany's
of undistributed
proportion
and
earnings
losses
of
subsidiaries
depreciation,
1,930,065 shares capital stock (no par).—
whose stock is either owned or controlled, after interest, taxes,
depletion and reserves,
V. 146, p. 2858.
On
z
Net profit on
$241,324
55,456
$3,377,037
350,814
$3,034,205
265,142
$911,259
53,088
120,585
1,727,852
30,030
32,660
$3,299,347
167,077
$234,090
$99,593
Total income..
$841,228
70,031
$296,780
sales
Other income.
$737,586
$2,728,877
$113,644
$381,447
Sundry chgs. to income-
Lehigh Valley Coal Co.—Delisting—
Fed. tax estimate
Exchange Commission has granted the application of
the New York Stock Exchange to strike from listing and registration the
5-year secured 6% notes, due Jan. 1, 1938, of the company.
In its applica¬
tion the Exchange stated that delisting was sought, among other things,
because the number of notes outstanding in the hands of the public has
become so reduced as to make further trading therein inadvisable.—V. 146,
p. 2047.
265,728
733,247
4 80,440
The Securities and
y Net credit to surplus
Depreciation
x
above,
profits.
no
y
Consolidated Balance Sheet March 31
Assets—
Brothers Harriman & Co., fiscal agents, are advising holders of
companies' 20-year 6y2% sinking fund mortgage bonds, due May 1,
1946, that funds for the pajnnent of the May 1 interest coupons have not
been received.
In a letter to bondholders, the fiscal agents state:
"The obligors advise that they have paid to the Conversion Office for
German Foreign Debts, in Berlin, a sum in reichsmarks
stated to be
equivalent to the May 1, 1938 interest due in respect of such of the out¬
standing bonds as remain in circulation and that under German law this
payment discharges the companies from their obligations in respect of said
interest.
We believe that the reichsmark funds so deposited are subject
to decrees and regulations of the German Government affecting foreign
(R. G.) Le Tourneau, Inc.—Earnings—
1938—3 Mos—1937
x.Net income
y
Earns, per share..
x
$1,019,825
209,080
$0,464
$964,549
217,944
$0,484
$5,729,582
1,253,677
$2,786
$4,689,199
1,393,588
$3,096
After all charges, including
provision for Federal income taxes, with
for which in 1938, no
On 450,000 shares.—V. 146, p. 2540.
y
12
ionths Ended March 31—
Maintenance
Provision
for retirements
Federal income taxes
Other taxes.
Operating income
(net)
$941,234
4,442
$1,175,434
11,287
$945,675
569,084
205.734
39,130
37,446
$1,186,721
574,574
219,694
25,091
38,607
$94,281
$328,754
Other income
Gross
Interest
Interest
Interest
income
on
on
on
-
5% 1st mortgage bonds
5^% debentures
unfunded debt
Amortization of debt discount and expense
Balance of income
Note—No provision is made in this statement for Federal surtax
on
un¬
26,000
assets...438,809
37,153
Life Savers
x
y
Earnings
x
After
per
share
1938
$194,558
$0.55
depreciation, Federal
stock.—V. 146, p. 2375.
taxes,
1937
x$234,647
$0.67
&c.
y
1936
$154,498
$0.44
438,610
407,152
561,932
17,198
16,540
112,297
65,705
social
for
security
taxes.
534,572
.
139,070
..
......
Treasury stock...
a
152,382
3,277,800
3,277,800
Common stock..10,584,739
10,584,739
5,158,452
4,747,713
6XA% pref.stock..
purchase
Surplus.
Total
21,417,969 20,536,768
receivables of $351,283 in 1938 and $355,665 in 1937.
depreciation of $7,965,720 in 1938 and $8,938,410 in
1937
z Dividends declared, payable subsequent to March 31, 1937, were
not shown as liability at this date,
a Represented by 709,177 no par
x
21,417,969 20,536,768
After reserve for
After reserve for
y
146, P- 2858.
shares.—V.
Loblaw Groceterias,
xNet
x
Ltd.—Earnings-
4
Weeks Ended
Apr. 2, '38
$1,865,192
profit
83,214
After charges
81,556
Long-Bell Lumber Co.—Earninas
J.937
profit from sales—...
.. $4,389,273
deductions: Interest charges..
Property &
838.894
804,774
2858.
1936
1935
$2,220,576
$2,673,847
171,306
$1,526,539
78,517
$3,515,308
194,701
$2,845,153
$1,605,057
196,842
222,667
322,469
administrative & gen. exps--
Other income.
Other
Weeks Ended
$3,617,634
943,787
307,616
1,067,199
841,029
309,242
13"096
5,091
^
Gross
Selling,
-44
$3,265,732
249,576
Calendar Years—
a
-
Apr. 3, '37 Apr. 2. '38 Apr. 3, '37
$1,603,001 $18,503,011 $15,972,266
and income taxes.—V. 146, p.
1,123,541
improvement taxes and
assessments
Depletion
...
Provision for
depreciation
—
69,625
Plant moving expense
Miscellaneous
945,262
836,622
--
b Net profit
Corp. (& Subs.)—Earnings—
229,956
691,470
taxes
Reserves
employees'
in
stock
distributed profits, if any, for the year 1938.—V. 146, p. 2858.
Quar. End. Mar. 31—
Net profit
z
377,853
taxes
172,600
Sales
1938
1937
$1,948,615
$2,057,658
393,346
228,051
23,474
27,658
'
188,000
193,750
88,985'
67,125
313,575
365,640
z
local
& Canadi'n taxes
Prov.
129,600
company
Other
State,
$
Prov. for cap. stk.
Invest. In affiliated
■
Operating revenue, electric
Operating expeuses
168,893
Acer.
1937
1,023,323
Prov. for Fed.Inc.
...
Period—
Lexington Water Power Co.—Earnings—
stk .div. pay.
Coin
5,452,408
the exception of the surtax on undistributed profits,
provision has been made,
105,557
32,080
plant &
equip., at cost.. 6,436,181
rec.
Prop.,
Int.
$
784,643
3,453,322
16,307
int.
securities
Total
1938—12 Mos.—1937
3,896,174
4,572,174
4,286,190
on
trusts
Period End. Mar. 31—
3,140,395
4,550,077
...
Sees, owned at cost
Accrued
y
Liabilities—
Accounts payable.
Pref. stk. div. pay.
receivable, &c__
Inventories
exchange transactions."
The fiscal agents state that they hold the sum of $5,862, representing
the balance of a special deposit under the indenture.—V. 145, p. 3013.
$
1,979,134
notes
&
Accts.
Brown
the
Net sales
$
1,832,477
Cash
x
1938
1937
1U38
Leipzig Overland Power Cos.- -Interest Payment Subject
to German Government Decrees—
$2,651,830
$466,114
In computing net income from operations
provision has been made for Federal surtax on undistributed
Includes depreciation,
Co. account writuncollectible during 1937-
s,/»b
$1,168,344
694,036
831,051
701,522
$419,371 loss$464,517
Portion of Longview
1935
ten
off
as
500,000
$161,171
$0.46
On 350,140 shares capital
$668,344
Net profit
a
After
$419,371 loss$464,517
goods sold exclusive of depletion, depreciation
b Before writing off portion of the Longview company account.
deducting cost of
and taxes,
3020
Financial
Chronicle
Note—The company's proportion of the net profits or losses of its sub¬
sidiaries was as follows:
1937
1936
Longview Co. and subsidiaries consolidated
Other subsidiaries
loss S324,758
Joss60,755
-—--
pr off66,242
prof66,325
1 oss$385,514profS132,568
Summary of Surplus Year Ended Dec. 31, 1937—Balance at Jan, 1,1937,
$11,628,055; net profit for the year, $668,344; difference between par value
and cost of preferred stock purchased from sinking fund and revolving
fund during the year (par value, $1,246,600; cost, $746,305), $500,294:
iiunber from
Eroceeds Corp.,sale of 14,047 shares of class A off during 1931, Long-Bell
which shares had been written capital stock of $131,308.
total, $1,299,946 deduct Federal taxes on income for the year 1935 assessed
during 1937, plus interest to Dec. 31, 1936, $56,641; balance, Dec. 31,
1937, $12,871,360.
Balance Sheet Dec. 31
531,121
740,932
Trade accts.
Trade notes Aaccts
6,331,290
97,866
1,013,009
2,720,582
614,504
921,053
55,000
accts., less res've
Receiv. for capital
168,670
205,967
Timber pur. oblig.
Taxes A assessm'ts
assets sold——
45,852
137,634
Res. A unadj.cred.
S. fd. 5% notes pay
316,286
69,275
19,200
205,439
56,700
55,869
68,469
Timber pur. oblig.
Accts. with subs..
arid
notes
161,500
99,023
252,734
9,884,150
9,884,150
12,871,360 11,628,054
year 1936 the unamortized discount and expense and redemption premium
and expense on bonds redeemed in 1936 which resulted in no taxable in¬
for that year.
During the period from Jan. 1 to Aug. 31, 1936, the
for State income taxes in the amount of
$90,060 which
was
reversed during
Dec., 1936.
Also provision made for the year 1937 was reduced as a result
of deductions to be made in income tax returns for losses resulting from the
in Louisville during Jan. and Feb., 1937.
No surtax on undis¬
tributed profits was incurred by the other companies consolidated herein
for 1936.
No provision for surtax on undistributed profits during 1937 or
flood
Logging spurs &
712,175
228,560
818,834
277,736
Notes—(1) The above income account for the 12 months ended Feb. 28,
1937, has been adjusted to reflect $61,922 of additional taxes applicable
period of 1936 included therein, paid in 1937 and charged to surplus.
(2) No provision was made by the company for Federal or State income
taxes or for surtax on undistributed profits for the year 1936 as the company
claimed as a deduction in its Federal and State income tax returns for the
company made provision for Federal incom e taxes in the amount of $271,400
which was reversed over the period from Sept. 1 to Dec. 31, 1936.
During
the period from Jan. 1 to Nov. 30, 1936, the company also made provision
3,400,000
Prop., plant and
equipment.. ...19,225,537 19,965,133
Deferred charges:
extensions...
13,286
$2,881,042
come
17,068,100
Surplus
417,932
19,383
$2,990,602
18,375
a
Other prepd.exp
'291,666
80,779
2,771,000
Corn. stk. (par $50)
,
350,351
Pref. stk. (par$100) 15,821,500
8,969,595
expense
Net income
assessments....
1,013,009
2,189,235
610,792
Stumpage (stand'g
timber)......- 8,447,522
Lands, excl. of mill
and yard sites.
415,408
rehabilitation
to the
Receiv. from subs.
notes
$4,299,097
1,265,495
130,273
incurred during 1937
74,939
Invest. In subsid—
Sundry
$5,176,880
340,217
$4,522,140
1,060,371
160,117
Gross income
Other income deductions
Accrued taxes and
on
_
$5,517,097
1.181,000
37,000
1,181,000
Interest charges (net)
&
1937
37,000
$5,740,140
Amortiz. of debt discount & expense
8
Managem't bonus.
97,020
Acer. int.
225,418
—
1931
606,325
6,507,086
Sundry securities.
$5,514,722
for retire, res.)..
...
flood
^
pay,,
sions. Ac.
1,973,751
receiv., less res. 2,262,878
Inventories
—
—
of
•
$10,997,399 $10,132,101
5,482,677
4,955,221
Net oper. rev. & other inc. (before approp. for
retire, res.)
Approp. for retirement reserve
Amortiz. of contractual capital expenditures
commis¬
wages,
Special funds
Net oper. rev. (before approp.
Other income (net)
Amortiz.
Subs.)—Earns.
1938
$
Liabilities—
»
Cash
Louisville Gas & Electric Co. (Ky.) (&
Year Ended Feb. 28—
Operating revenues
;
Oper. expenses, maintenance & taxes
1937
1936
1937
Assets—
May 7, 1938
1938 is included in the above statement
will be insurred by the company or
as
it is estimated that
no
such surtax
its subsidiary companies for the year
1937.—V. 146. p. 2859.
42,820,514 43,919,1221
Total
a
After depreciation
-V. 144, p.
Total
42,820,514 43,919,122
Louisville & Nashville RR.—Annual
1937 and $11,601,565 in 1936.
of $12,265,523 in
3340.
1937
Long-Bell Lumber Corp.- -Balance Sheet Dec. 31—
Assets—
1937
Liabilities—
1936
1937
Aver, miles of road oper.
1936
Investm't in the
b Notes
payable..
$12,000
Long-Bell
a
Accounts payable.
1,020
$7,071
768
Accrued interest..
330
Ry. oper. revenues:
Freight
Passenger
399
Lum¬
ber Co........$9,692,022 $9,692,022
Cash, demand dep.
547
5,597
Furn.
A
Capital stock—_d9,500,000 d9,500,000
Surplus——
179,220
189,382
1
1
Total.
date,
b Certificates
of
Total oper. revenues$90,194,993
Railway
beneficial
interest
for
7,100
shares
of
Long-Bell Lumber Co. pledged as collateral,
c The
capital stock was reduced from $53,279,006 to $9,500,000
during 1936, resulting in a credit of $43,779,006 to surplus,
d Class A
common—no par value—preferred as to dividends at $4 per share per year
and in liquidation to $50 per share plus unpaid accrued dividends (dividends
have been paid to Sept. 30, 1927): authorized 750,000 shares; issued at
common stock of the
Dec. 31,
1937—593,859 shares; reserved for outstanding scrip at Dec. 31,
shares; class B common—no par: authorized 550,000 shares;
issued at Dec. 31, 1937—542,384 shares; reserved for outstanding scrip
at Dec. 31, 1937—185 shares.—V. 146, p. 2697.
1937—62
Loose-Wiles Biscuit Co. (& Subs.)
1938
3 Mo8. End. Mar. 31—
$139,686
Net profit......
Shares com. stock
520,000
$0.17
Earningsma
Total oper. expenses. .$68,104,747
Net ry. oper. revenues.
22,090,246
.
_
$0.58
Railway
oper.
.
Louisiana Ice & Electric Co., Inc. (&
3
Period—
-V. 146, p. 2540.
$65,648,761 $57,795,870 $53,330,788
16,631,880
25,391,390
17,898,860
4,311,108
3,822,906
6,626,087
15,412
15,518
income_$14,373,525 $18,765,303 $13,572,341 $12,793,456
_Cr2,143,291 Cr1,834,487 Cr1,428,206 Crl,199,023
(net).. Dr965,694 Dr1,342,426 Dr1,038,588 Drl,025,182
Net ry. oper. income_$15,551,121 $19,257,364 $13,961,959 $12,967,297
Non-operating income:
Inc. from lease of road
227,671
223,759
227,194
227,668
Dividend income
52,690
52,677
53,859
67,931
Other income
633,515
544,778
533,585
926,531
Gross income
$16,772,777 $20,172,409 $14,787,082 $13,777,331
Deduct, from gross inc.:
Interest.....
9,253,914
10,098,079
26,360
418,516
419,498
10,007,950
256,619
393,570
10,137,964
269,838
402,144
Net income
$7,100,346
MisceU.
appropriations
$9,628,472
$4,128,943
$2,967,385
30,873
18,539
13,878
to profit and loss... $7,$9,597,599
Dividends.......
$4,110,404
$2,953,507
3,510,000
Separ.
Months
Subs.)—Earnings
Ended-—12 Mos. End.
Mar. 31 '38
Operating
expenses and taxes
$115,427
-
_
$96,164
107,516
oper. props
(loss)
123,912
__
Income balance trans.
-o
$8,485
....
$ll,352prof$135,687
Dr4,259
29,147
Drl,343
Non-operating income (net)
Gross deficit—....
Prov. for renew., replace. & retire...
Interest charges
$9,828
$15,611prof$164,835
~
84,000
5,897
__
1,434
1,488
......
7,02£ k00
General
Assets—
Inv. inrd. A
Impts.
ry.
on
Balance, deficit.
$11,317
$17,045 prof$74,938
therefore the above statements for the first three months of 1938 and 1937
show results before deducting such appropriation.—V. 146, p. 1716.
Louisiana Power & Light
Period End. Mar. 31—
Operating revenues
Oper.exps.,incl. taxes..
Prop, retire, res. approp.
Net oper. revenues
Rent from lease of plant
...
Co.—Earnings—
1938—Months—1937
$522,252
351,996
59,000
-
$111,256
$584,848
379,734
55,500
$149,614
$7,665,004
4,990,422
688,500
$1,986,082
$7,359,656
4,710,501
726,500
property..
2,428.357
Sinking funds..
1,722,538
2,341,645
2,123,482
76,259
76,259
Misc. phys. prop
2,533,008
Inv. Inaffil.cos. 26,059,106
Other invest'ts. 15,217,654
2,518,237
26,178,384
Cash
14,782,121
17,608,645
3,124,545
105,755
20,373
3,121,735
Deps. in lieu of
$1,922,655
(net)
1,398
Operating income
$111,256
2,098
Other income (net)
Gross income.
Int.
on
_;
mortgage bonds.
Other int. & deductions_
$149,614
1,460
$113,354
72,963
4,515
$151,074
72,976
4,505
Net income
$35,876
$73,593
Dividends applicable to preferred stock for the
period, whether paid
or
$1,986,082
22,589
$2,008,671
875,578
55,820
$1,945,050
875,186
51,539
$1,077,273
$720,741
respectively.—V. 146,
p.
2,574,146
rec—
3,596,777
fr.
agts.Aconduc
Misc. accts. rec.
433,514
630,327
1,991,420
1,990,461
(unmat.)221,648,530 221,642,530
for bds. issued
with
jointly
this company.
5,913,500
5,913,500
Non-negot. debt
92,624
92,663
425,824
438,523
5,135,808
878,077
5,160,311
Int. mat'dunpd.
1,694,844
1,702,733
87,480
89,919
631,000
toaffil. cos
bals. payable.
Aud.
accts.
wages
and
payable
Funded debt
2,202,457
ma¬
Mat'l A supplies
Int. A divs. rec.
8,804,451
266,949
8,427.788
Unmat. int. accr
230,100
Unmat .rents acc
45,000
1,434,888
50,561
Rents receivable
74,481
Oth. curr. liabils
108,149
Oth. curr. assets
137,767
68,835
60.207
Deferred liabils.
Wkg. fund advs.
46,975
47,076
Tax
liability...
4,291,628
2,580,480
139,492
5,232,106
3,479,253
Ins. A oth. funds
5
5
6,734,749
UnadJ. debits..
2,015,255
Conting. assets. 42,815,000
7,517,127
Accrued deprec.
Otb. unadJ. cred
83,846,640
4,838,723
81,030,898
4,915,593
1,495,674
Add'ns
3,244,140
39,747
3,230.894
39,004
Oth. def'd assets
41,000,000
tured unpaid
to
.
1,464,201
47,285
prop.
thr. inc. A sur.
Sink, fund res..
Approp. sur. not
specif. Invest-
574,559,077 573,562,059
299,370
77,825,253
77,729,143
Conting. liabils. 42,815,000
Total
296,243
P. A L. balance.
$661,793
-
$
12,117
69,064
Divs. mat. unpd
1,192,403
8,115
356,532
Note—Includes provisions of $18,920 and $31,860 for Federal surtax on
undistributed profits for the 12 months ended March 31, 1938 and 1937
Fd. dt.
1936
117,000,000
Misc. accts. pay.
rec.
$1,018,325
356,532
unpaid..
Balance.
$1,924,053
20,997
15,374,402
Traf. A car-serv.
rec.
$
Traf. A car serv.
deposits
Special deposits.
Net bal.
Liabilities—
Capital stock—.117,000,000
Prem.oncap.stk
12,117
Govt, grants
253,819
Liab. of Sou.Ry.
Time drafts and
balances
Sheet Dec. 31
2,925,000
1937
$
eq.442,594,650 437,954,373
sr
leased
Loans A bills
1938—12 Mos.—1937
Bhiance
7,020,000
im
s
mtg. prop.sold
Note—It is the company's policy to make an appropriation to the reserve
for renewals, replacements and retirements at the end of each calendar year;
,
^
$694,058
558,371
1937
Deficit from operation
22,941,818
24,649,911
5,739,059
Hire of equipment (net)
Other deductions
Mar. 31 '38 Mar. 31 '37
revenue.
5,063
Joint facil. rents
522,481
$0.68
7,716,721
Railway tax accruals.
Uncollec. railway revs..
25,453,831
26,660,846
5,681,193
29,907,450
29,801,624
5,939,686
of income
Operating
1934
$91,040,151 $75,694,731 $69,962,668
30,447,009
31,690,500
5,967,237
Transportation
$364,501
521,500
521,500
$0.45
After Federal taxes, depreciation, and interest/
x
1935
$407,675
1937
$288,309
,
out¬
standing (par $25)
Earnings per share.....
5,044
oper. expenses:
Allother....
stated value of
x
1935
4,986
$76,863,874 $78,278,272 $63,931,182 $59,129,377
7,208,546
6,594,986
5,772,546
5,306,214
6,122,573
6,166,893
5,991,003
5,527,077
Allother
...$9,692,571 $9,697,620
a Certificates of beneficial interest for 100,780.1 shares of common stock.
Stated at the amount applicable to such shares, based upon net assets of
that company as indicated by its records as at Jan. 1, 1935, after giving
effect to values appraised and estimated by officials of that company as
that
4,941
Maintenance
$9,697,6201
Total.... .....$9,692,571
1936
c
fixt.—at
depreciated cost.
at
Report—
Comparative Income Account for Calendar Years
41,000,000
Total..
574,559,077 573,562,059
—Y. 146, p. 2859.
Ludlow Mfg.
2859.
Associates—Smaller Dividend—-
Directors have declared
The Interstate
Commerce
Commission
on
April
a dividend of $1.50 per share on the common
payable June 1 to holders of record May 7.
Previously regular
quarterly dividend of $2 per share were distributed.—V. 145, p. 441.
stock,
Louisiana Southern Ry.—Abandonment—
18 issued acertificate
permitting abandonment by the receiver of the company of parts of the
line of railroad of that company as follows: The main line
extending from
Braithwaite to Pointe-a-la-Hacne, approximately 28.2 miles, and a branch
line extending from Pondras Junction to Reggio, 8.7 miles, all in Plaque¬
traUon Statement—
mines and St. Bernard parishes, La.—V. 146, p. 1405.
in
Luscombe
Corporation
Washington
ing
Louisiana Steam Generating
Corp.—Earnings—
12 Months Ended March 31—
Operating
x
revenues
...
Balance after operation, maintenance & taxes..
x
1938
$2,711,878
758,117
Includes non-operating income, net.—V. 146, p. 2698.
1937
$2,535,540
688,436
Airplane
has
an
filed
with
Corp.—Files Amendment to Registhe
Securities
and
Exchange Commission
amendment to its original registration statement cover¬
additional issue of the company's common stock.
Under the terms of the amendment the number of shares to be offered
will be increased to 154,000 shares of common stock (par 50c.) from the
an
145,000 shares
originally covered in the registration statement.
When
of the stock are to be offered
Directors and other present
stockholders have agreed to subscribe to the balance of 60,000 shares.
the amendment becomes effective 94,000 shares
to the public at $1.25 per share, it is stated.
'
Volume
Financial
146
Under the amendment, underwriters of the issue are to be given an option
to purchase 35,000 unissued shares, and officers and employees an option
10,000 unissued shares of the stock at $1.25 per share within
a three-year period.
There are 127,821 shares of the company's common
stock outstanding at the present time.
to purchase
stock covered by the regis¬
additional inventories, increase
Proceeds of the sale of the additional common
tration statement will be used to purchase
working capital, and build additions to present plant.
The corporation (West Trenton, N. J.) is engaged in the manufacture
of all-metal cabin planes, assembled from standardized die-cut machinemade metal parts adapted to straight-line mass production.
The planes,
designed for civilian use, are priced from $1,800 to $18,000. The company
was organized under the laws of New Jersey in April, 1937, as a reorganiza¬
tion of the Luscombe Airplane Development Corp. organized in 1935.
Dealers' contracts to the company as of April 15 this year totaled 340
planes, valued at $800,000, Mr. Luscombe stated.
„
'
Eugene J. Hynes & Co. of New York are the underwriters.—V. 145,
p. 2853.
Ludlum Steel Co.
F
yl935
xl936
xl937
$1,372,191
$3,480,903
$2,093,414
$1,614,531
1,320,801
58,454
51,073
2,857,902
1,800,694
1,341,085
loss$58,137
8,682
$489,382
30,857
sales
Cost, expenses, & doubt¬
ful accounts
74,614
22,272
55,169
11,844
$195,834
14,367
$206,433
28,111
$210,201
11,958
$520,239
18,653
$234,544
4,387
loss$61,413
2,225
4,744
$501,586
73,675
34,795
$206,101
loss$68,382
$393,116
$0.79
$163,012
Depreciation
Ordinary taxes
Profit
Other income
Total income
Sundry deductions.
MV/AVi
*
V
X
OU.
taA.
Estimated Federal taxes
Minority
interest
Earns. per sh. on com .stk
x
104,190
29,429
loss $49,455
Nil
Includes subsidiaries,
y
:
4,100
30,150
12,939
$0.36
Excluding subsidiaries.
Federal surtax on
Note—No provision was made for
$230,157
31,646
$198,511
$0.62
undistributed profits.
No Common Dividend—
Directors at their meeting held May 3 failed to
regarding
Dividends
months
paid on Dec. 22,
take any action
the payment of a dividend on the common shares at this time.
of 25 cents per share were paid on Feb. 15, last, and each three
previously.
In addition
1936.—V 146, p. 1881.
an extra
dividend of 25 cents was
McColl-Frontenac Oil Co.
(Ltd.)—Offering—
of an
22,
The company has notified the Montreal Stock Exchange that out
additional offering of 132,000 shares authorized at a meeting on Oct.
1937, 106,783 shares have been subscribed for and allotted, and the sub¬
scription list for the offering is now closed. Of the 2,500,000 no par shares
common stock authorized by charter, 772,783 shares are outstanding.—
V. 146, p. 1405.
McCrory Stores Corp.—New Vice President,
&c.—
Coppedge has been elected executive Vice-President.
He was
formerly Vice-President.
C. C. Stretch has been elected Comptroller to
succeed J. Novak.—V. 146, p. 2376.
F.
R.
McLellan
Stores
Manhattan
In
the date of the sale.
"I am of the opinion," said Judge Patterson, "that leave of the receiver¬
ship court is not a necessary prerequisite to the advertising for such a sale
or to the sale itself, the transfer of the lien will not interfere with possession
of the property by the court's receiver nor will it make any change in the
title to such properties
.
an action to foreclose a tax lien, if such
an action should ever be brought, is another thing."
"
.
Files Petition Under Bankruptcy
1938
1937
1936
1935
$254,349prof$294,299prof$107,477
$187,018
Nil
$0.49
$0.18
Nil
x After depreciation, maintenance, repairs and estimated Federal taxes,
On 597,335 shares common stock (no par) .—V. 146, p. 2212.
Magnavox Co., Ltd.—Court Approved Plan
of Subsidiary—
of reorganization of the Magnavox Co. (a subsidiary) under
of the Bankruptcy Act has been approved by the Federal
District Court of the Northern District of Indiana and consists of paying
off creditors partially in cash and partially in non-cumulative preferred
stock of a new company.
The parent company, Magnavox Co., Ltd.,
will receive common stock of the new company in exchange for its holdings
The plan
Magnavox Co.
new
have
company to
authorized
to
checkmate two other
of $4,000,000.
In filing the
at
total
a
77B petition, the management listed the company's assets
$130,617,778 and liabilities at $53,822,342.
The
valuation of
petition set forth that the company, whose lines are being operated by the
Interborough Rapid Transit Co. on a 999-year lease, will be able to reorg¬
anize and operate at a profit if authorized to do so under the provisions of
Section 77B.
Allen Hubbard, counsel for the receiver, at hearing before
Patterson May 2 joined with the bondholders' protective
opposing the application to reorganize under Section 77B
ruptcy
Maine Central RR.—Bonds
Authorized—
April 20 authorized the com¬
pledge and repledge from time to time to and including June 30,
1940, as collateral security for a short-term note or notes, all or any part
of not exceeding $1,000,000 of Maine Central RR. and European & North
American Ry. 5% first mortgage gold bonds, $1,675,000 of Portland &
Ogdensburg Ry. 4H% first mortgage gold bonds, and $546,500 of general
mortgage bonds, series A, 4H%, due Dec. 1, I960.—V. 146, p. 2859.
pany to
Act.
the Elevated properties are
Mr. Hubbard asserted that as long as
stock is being
offered by
means
of
a
Committee Asks Bondholders
Approval—
protective committee for the 4% consolidated mortgage bonds
(Van S. Merle-Smith, Chairman) has mailed a letter to the bondholders
asking approval of its program for the sale of the Sixth Avenue elevated
line to the City of New York for the sum of $12,500,000, out of which the
taxes, amounting to approximately $8,625,539 now overdue, will be paid.
The committee states that it has filed a petition with the Federal Court in
The
charge of the
Interborough-Manhattan receivership
Company was recently incorporated under New York laws by a group
and marketing experts to cooperate with manufacturers in the
of their products through automotive jobber and dealer
channels and to the major oil companies, including independently-owned
service stations.
A. S. Pawling, formerly a merchandising executive of
Standard Oil Co. of New Jersey, is President and General Manager.
Authorized capitalization of the company consists of 50,000 shares of
$1 par value common capital stock, of which 25,500 shares will be out¬
standing upon completion of tnis financing.
Proceeds of this offering will be used for working capital.
of sales
proceedings pending with respect to payment of taxes due on the
properties and notifying them of the hearing set for May 6
petition of the protective committee headed by Van S. MerleSmith for sale of the company's Sixth Avenue Line to the city for $12.-
various
Manhattan
the
on
500,000.—V. 146, p. 2859.
31—
Quar. End. Mar.
sales..
Net
Net prof,
Subs.)—Earnings—
1937
l036,^
1935
$23,811,415 $23,151,856
x381,815
x613,012
loss94,532 loss442,734
1938
^
$18,031,081 $24,035,111
after all charges
V
After normal income tax.
discontinued lines and stores are eliminated from the sales
of 1937, the comparison with the first quarter of 1938
follows:
1938, $18,031,081; 1937, $20,707,243; a decrease of
of the first quarter
becomes as
$2,676,162, or 12.9%.
Corley, President,
is being made in the
Frederick D.
says:
Progress
reorganization and discontinuance of
manufacturing division which have not shown a
consistently sustained profit over a period of years.
Losses sustained in
this process have been charged to the reserve provided for that purpose,
which reserve we consider ample to complete the program.—V. 146, p. 2377.
certain activities of the
Mengel Co .—Earnings—
3 Months Ended
March 31—
Net sales
J033
$1,402,922
1,416,475
84,848
14,057
_
—
-
Cost of sales,
selling, shipping and
administrative.
Depreciation
Depletion
...
loss
Net operating
Other
shut-down loss due to floods
Federal and State income taxes
Sugar Co.—Listing and Registration—
York Curb Exchange has admitted to listing and registration
the 10-year option warrants to purchase common stock, par $1, of tne
company at any time on or before Nov. 5, 1947, at tne price of $12.50
per share, payable in cash or in 20-year 4% sinking fund bonds, due 1957,
of the company at face value.—V. 146, p. 2541.
The New
......
127,173
12,081
$151,367prof$107,027
Net loss
Note—The provision for
Federal and State income taxes in 1937 does not
surtax on undistributed profits.
31, 1938 were $1,608,000, compared with
include a provision for Federal
Unfilled orders as of March
$2,384,000 a year ago
close of the past year.
and $1,424,000 at the
ratio
of March
2049.
Merchants & Manufacturers Securities Co. (.& Subs.)
Years Ended March 31—
1938
1937
1936 Gross earnings........
$2,145,433 $1,536,571 $1,239,962
Cost of financial services
1,130,970
953,719
659,876
financial position continues excellent.
The current
with no current bank loans.
Cash alone of $731,888 as
31, 1938, exceeds total current liabilities.—V. 146, p.
The company's
is 7 to 1,
$1,014,463
Operating profit
Deferred portion
new
of net oper. losses
of
small loan offices
Provision for Federal income tax
b Dividends paid and accrued
Consolidated net profit
Dividends paid on
partic. pref. stock .
Dividends paid on class A com. stock.
Dividends on class B common stock._
a
$582,852
JDr32,500
dl54,822
144,210
Cr32,500
c78,554
122,036
$557,052
129,584
179,870
1,440
$422,239
133,779
199,855
1,600
143,351
017,472
Other deductions...
For the current year less
37,605
Cr45,082
1938
1937
$1,273,869 $1,096,206
Assets—
Cash
and co¬
tec.
Chattel
a
Other receivables
a
Repossessions
maker loans
.
6,406,591
278,534
4,878,566
287,532
2,590
2,466
164,910
_
Other assets......
184,221
98,727
Equipment.
Deferred charges..
b
Total
32,742
$8,277,275
92,613
73,432
$6,595,7241
$580,086
34,792
Crl0,222
a
63,629
93,150
$398,736
46,613
_,
adjustment of
$4,812 of prior year's accrual,
the public, c Plus
preferred stock of Domestic Finance Corp. held by
net additional assessments for prior years in amount of
over provision of $1,878.
Consolidated Balance Sheet March 31
b On
a
of Standard Marketing Co., Inc., re¬
York laws by a group of sales experts to act as
marketing and merchandising representatives, has been amended to effect
a
change in the name of the company to Major Marketing Co., Inc.,
A. S. Pawling, President and General Manager, an ounced April 27.
Other officers of the company, which has temporary offices at 26 Broad¬
way, New York, are Martin A. Dewey, Vice-President in charge of sales,
and B. W. Jackson, Secretary and Treasurer.
In addition to these officers,
the board of directors includes Charles M. Piper.
9n
$112,458prof$288,105
Drl,767
5,272
Flood loss, incl.
Provision for
1937
$2,594,403
2,208,140
16,267
21,891
$114,225prof$293,378
37,143
47,097
Total loss
certificate of incorporation
cently formed under New
.
income
Interest charges, &c
merchandising
Manati
asking for the approval
acquisition by the city of the Sixth Avenue line.
The court set
May 6 as the date for a hearing upon the petition.
The Central Hanover Bank & Trust Co. as trustee has issued a letter to
holders of the consolidated mortgage bonds of the company reviewing the
of the
prospectus as a
speculation.
The
operated
jurisdictional facts involved.
under
Other income
Offered—Offering of 9,000
shares of capital stock of the company at $1.50 per share was
made May 3 by Leigh Chandler & Co., Inc., of New York.
Major Marketing Co.—Stock
The
Federal Judge
committee in
of the Bank¬
by Interborough in conjunction with the city-owned subway lines Man¬
hattan Ry. is excluded from the provisions of the Bankruptcy Act.
He
asked that the petition be denied at the present time without prejudice as
to renewal at any time under changed circumstances.
In urging that the reorganization petition be granted Charles Franklin,
counsel for the company, asserted that the company has not sufficient
protection in equity receivership.
He went on to say that if the proposed
sale by bondholders of the Sixth Avenue line to the city should be con¬
summated the company might as well close its doors.
Judge Patterson gave both sides 10 days within which to file briefs
capital
The Interstate Commerce Commission on
to reorganize
believed, was
contingencies—foreclosure action by con
solidated mortgage holders and petition by the bondholders that the city
be persuaded to purchase the Sixth avenue elevated structure at a net price
77-B
be formed win
a board of five directors, and
of 2,000 s
es ($100 par) non-cumulative
preferred and 50,000 shares ($5 par) con . on.
It is estimated that 1,750 shares of preferred stock of the new company
will be issued in payment of creditors' ■c..i,ims, and that 42.500 shares of
common stock will be issued, 35,000 share to the parent company and
7,500 shares to Frank Freimann, who now has a 20% stock ownership in
Electric-Acoustic Products Co., a subsidiary of the company undergoing
reorganization.
All stock of the new company will have equal voting rights.
In order for the plan to be confirmed by the Court, a sufficient number
of creditors and stockholders must approve, and they have until May 9
to object or file specific matter in connection with the reorganization.
The Court has set May 16 as the day for hearing testimony and argument
in respect to the plan, and any objections thereto, the hearing to be held
before Special Master William B. Duff in Fort Wayne, Ind.—V. 146,
p. 113.
The
will
Act—
If the sales of
Inc.—Earnings—
3 Mds.End. Mar. 31—
of The
.
The management on April 26 filed a petition for authority
under Section 77B of the Bankruptcy Act.
The action, it is
Earns, per share
Section
city has already advertised for sale total approxi¬
These liens must be advertised for three months before
The tax liens which the
mately $9,722,000.
"
Net loss.
y
P. Paterson
court's receiver.
property which is now held in the hands of the
x
y
City Tax Lien Advertising
a
Marshall Field & Co. (&
1938—3 Mos.—1937
$4,346,464 $4,573,377
—V. 146, p. 2376.
x
on
filed May 5, Federal Judge Robert
petition by the company for an injunction to restrain the City of
New York from advertising a sale of tax liens on the properties.
Judge
Patterson held that the sale of the liens would not affect the custody of the
Corp.—Sales—
Period End. April 30—
1938—Month—1937
Sales
$1,767,928
$1,616,475
Mack Trucks,
Ry.—Denied Stay
memorandum opinion
a
denied
taken
Earnings—
X1938
3 Mos. End. Mar. 31—
Net
3021
Chronicle
$463.
d After net
1938
1937
$3,550,000 $2,400,000
72,615
105,666
Federal income tax
156,700
78,092
Unearned discount
2,631
874
c Subsidiary
stock 1,635,338
1,440,764
d Preferred stock.
46,613
46,613
e Class A common
399,710
399,710
e Class B common
3,200
3,200
Capital surplus... 1.725,182
1,681,677
Earned surplus...
685,287
439,129
TAabUilies—
Notes payable
Accounts
Total
payable.
$8,277,275 $6,595,724
for loss,
b After allowance for depreciation of $61,836
$54,825 in 1937. c Represented by 77,019 (67,296 in 1937)
shares of $2 cum. pref. stock no par.
d Represented by 46,613 shares of
$2 cum. partic. preferred stock, no par.
e Represented by shares
$1 par.—V. 146, p. 2699.
a
in
After allowance
1938 and
of
Mead
John
Brown, company's attorney, was elected
Houk, deceased.—V. 146, p. 2698.
253,230
def$1.07
$0.47
$1,607,251
xTNet income
Earns, per sh. on 236.902
shs. cap. stk. (no par) x
1937
$2,296,303
113,111
1938
End. Mar. 31—
fevenu^--.:.--.
—V. 146, p.
The Securities and
Exchange Commission has granted the application of
preferred stock
Chicago Stock
Exchange.
In its application, the company stated that delisting was
sought, among other things, because the stockholders have a sufficient
market for their securities on the New York and Minneapolis-St. Paul S ock
Exchanges, where such securities are traded, and the company will effect a
saving in expenses by such removal,—V. 146, p. 1559.
director to
Earnings
1936
1935
*1,843,022
50,255
*2,068.070
107,219
AC
$0.45
$0.21
Minnesota
taxes and depreciation.
of operating expenses, rents,
After deduction
Mexican
Property retirement
appropriations
[Canadian CurrencyJ
$786,565
527,072
Oper. exps. & deprec—
Net
earnings...
146, P. 2541.
—V.
$706,638
501,416
$1,591,759
1,089,293
$205,222
$502,466
Net profit
Earnings per share on common stock.
x
After
Subs.)
$558,215
V. 146, p.
Minneapolis St. Paul & Sault Ste. Marie Ry.
Report—
1937
3,233
1936
3,248
Passengers carried . .
Pass, carried 1 mile.
339,100
57,830,306
344,227
53,466,535
3,250
289,806
43,715,376
1.578 cts.
1,624 cts.
rev.
$410,725
mile
Annual
_
_
$3,009,642
1,646,532
Cr819
$138,443
$1,405,357
$1,298,836
136,584
5,712
5,960
Cr5 8
$80,707
66,411
Cr2.137
unpaid
990,777
990,697
$414,580
or
$308,139
are
cumulative.
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended March 31. 1938 and 1937.—V. 146, p. 2213.
1
1934
Mississippi Powjr & Light Co.—Earnings—
f
3,251
258,096
40,075,685
Period End. Mar.31—
Operating re venues
Oper. exps., incl. taxesProp, retire, res. approp.
1,703 cts.
■
6,587,234
6,252,045
Frght carried—tons
5,246,790
4,776,725
Tons carried 1 mile.1,344,310,222 1,154,293.526 1054,666,677 964,607,416
A v. rev. per ton p. mile.
0.948 cts.
1.034 cts.
1.088 cts.
1.120 cts.
per
1,244
$3,106,535
1,634,600
71,770
Cr5,192
x Dividends accumulated
and unpaid to March 31, 1938, amounted to
$227,090, after giving effect to dividends of $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, declared for payment on April 1, 1938.
Dividends on these stocks
$0.81
pass.
per
4,145
$279,920
5
Balance
1,664 cts.
Av.
1935
$3,008,398
'
Net income..
1882.
General Statistics for Calendar Years (Soo Line Only)
Aver, miles operated
$3,102,390
$222,826
136,217
on
period, whether paid
1936
$1.44
Nil
depreciation. Federal income taxes, &c.
450,000
$279,920
Dividends applicable to preferred stocks for the
Earnings—
1937
1938
$171,881
3 Mos. Ended March 31—
523,750
$222,821
mtge. bonds
Other int. & deductions-
$458,430
Products Co. (&
8,412
33,750
Charged to construction
x
Midland Steel
x
Int.
$1,456,894
998,464
$259,493
Gross earns, from oper._
561
41,667
Gross income.
1938—3 Mos.—1937
1938—Month—1937
Period End. Feb. 28—
1938—12 Mos.—1937
$6,732,737
$6,536,721
3,098.185
3,078,323
res.
Net oper. revenues—_
Other income.
-Earnings—
Light & Power Co., Ltd.
investments
term
of sufficient
to it
Co.—Earnings-
Amortization of limited-
Co., will until noon May 25 receive
5% debentures due Feb. 1, 1945 to
exhaust the sum of $270,583 at prices not exceeding redemption price and
accrued interest.—V. 142, p. 3178.
'
the sale
& Light
1938—Month—1937
$475,703
$520,326
210,654
206,656
Operating revenues
Oper. exp., inci. taxes..
Inc.—Tenders—
Metropolitan Playhouses,
Power
Period End. Mar. 31—
1717.
The Central Hanover Bank & Trust
bids for
1933
7.
the company to withdraw its convertible $6.50 cumulative
and common stock from listing and registration on the
Co.
& Miners Transportation
Merchants
3 Mos
Total
a
T.
Robert
May
Minneapolis-Moline Power Implement Co.—Delisting—
Corp.—New Director—
Arthur
succeed
Chronicle
Financial
3022
1938—Month—1937
$601,524
$560,388
398,233
374,394
60,000
33,300
1938—12 Mos.—1937
$7,095,904
4,815,335
654,933
$6,198,237
4,273,824
384,900
$152,694
$1,625,636
$1,539,513
122
1,711
413
$152,572
$1,623,925
$1,539,100
2,027
_
Income Account for
1936
xl935
$143,291
h
(net)
Calendar Years (Soo Line Only)
1937
Freight
Net oper. revenues..
for lease of plan
Rent
1934
$12,739,868 $11,935,939 $11,476,447 $10,801,062
912,554
868,050
727,246
' 682,495
645,055
643,726
628,355
625,133
135,605
138,671
113,661
116,304
294,845
274,984
226,918
216,450
273,503
248,470
186,008
174,361
Operating income
Other income (net)
$143,291
64
104
1.906
$143,355
68,142
6,283
$152,676
68,142
5,817
$1,625,831
817,700
82,765
$1,541,127
$725,366
$648,003
Maint. of way & struc—
$78,717
Dividends applic. to pref. stock for the
period,
whether paid or unpaid
Maint. of equipment—
Traffic expenses.
403,608
403,608
Balance
$321,758
$244,395
Passenger
Mail
Express.
Miscellaneous
Incidental
Interest
on
mtge. bonds.
Other int. & deductions-
Net income
Total
.$15,001,430 $14,109,841 $13,358,635 $12,615,805
2,315,037
2,200,002
2,110,729
1,819,384
2,837,621
2,701,068
2,593,807
2,496,237
415,684
419,978
425,468
407,541
Transportation exps
6,529,779
6.047,232
5,721,996
5,202,296
Miscell. operations
70,291
62,864
47,033
47,263
General expenses
661,334
703,695
610,042
796.012
Transp. for invest.—Cr.
38,915
21,177
16,142
10,378
,
Total..
Net oper. revenue
Railway tax accruals,&c.
Railway
$12,790,832 $12,119,152 $11,487,445 $10,758,355
2,210,598
1,990,689
1,871,190
1,857,450
867,243
1,130,000
844,100
809,607
income. $1,343,354
(net)
Dr348,601
Joint facil. rents (net)Dr
226,193
$860,688
Dr273,791
190,973
$1,027,090
Dr4,894
196,813
$1,047,842
Cr39,665
205,908
694,888
$395,924
5,597,943
359,833
$825,382
5,398,044
651,685
$881,599
5,177,639
782,502
$5,735,097
$5,561,852
$5,224,347
$5,078,543
oper.
Hire of equip,
Net ry. oper. income.
on fund, debt
$768,560
_
Int.
Non. oper. inc.
5,808,770
(net) Dr.
,
Net deficit transferred
to
x
profit and loss—
Figures reclassified.
Balance Sheet Dec. 31 (Soo Line Only)
1937
1936
$
$
^4 sss/S"***
x
Road & equip.
Sinking
Inv.
in
387
926
24,090,226
23,978,383
of
prop,
affll., &c., cos.
Deps. in lieu of
Common stock.
,206,800
,603,400
12,603,400
,315,800
91,671,900
113,581
11,251,400
654,094
593,635
Non~negot. debt
29 ,668.343
24,592,834
Loans & bills pay 11 ,735,097
Traffic, &c.,bals.
385,708
Vouch. & wages.
2 ,769,833
rec
350
1,805
Tax
rec.
44,062
2,021
Prem.
investm't
170,399
215,133
412,030
1,761,482
127,917
428,342
7,340,068
2,025,242
Int. & divs.
Other
Traffic, «fec., bal.
Bal. from agents
Mat'l & supplies
Other curr. assets
Miscell. accts
Defd. debt items
Unadjust. debits
626,886
2,465,938
901,167
fd. dt.
550
229,507
Int., &c., due..
4 ,286,024
Unmat'd
420,489
1,955,769
27,992
384,920
7,432,497
2,532,165
5,684
5,684
346,732
370,379
Misc.
accounts.
134,273
3,027
1,947,373
liab.
170,775
Oth. unadj. cred
Deferred items.
445,726
522,281
1 ,269,025
1,641,633
176,940
thru inc. &sur.
246,637
Period End. Mar. 31—
All
other
Total
Mtce.
revenue
99,935
93,483
295,606
281,884
$995,332
140,227
235,941
33,326
512,925
50,223
$1,116,512
134,834
261,992
35,082
528,572
47,486
$2,773,063
440,749
721,463
98,941
$3,008,740
477,054
768,245
108,755
1,621,339
164,731
of equipment
Traffic
expenses
Transportation
expenses
General expenses
Net
railway
$22,689
95,904
revs
1,561,279
150,299
298.758
$73,216
22,387
14,593
prof$9,5l9
7,028
14,920
$498,427
54,973
41,216
$343,201
44,586
45,990
Other income (net)
on funded debt
$110,196
Dr41,922
497,711
$12,429
Dr31,226
494,432
$594,616
Drll5,213
1,445,282
$433,776
Dr84,269
1,431,236
deficit
$649,829
$538,087
$2,155,111
$1,949,281
Net deficit after taxes.
Net deficit after rents
Int.
Net
-V. 146, p. 2860.
_
$571,582
152,930
39,708
106,485
$370,014
$0.43
$258,124
$0.30
107*441
loss$69,416
$460,423
14,335
Earnings
x
per share
Nil
$0.54
No provision has been made for Federal
surtax
1938
Assets—
on
undistributed profits.
1937
§
1938
$
Land, bldgs.,ma¬
chinery, &c
6,081,627
y
Liabilities—
x
1937
$
Common stock..
$
4,250,000
Notes payable
400,000
600,000
Accounts payable-
5.576.904
4,250,000
619,085
1,456,519
U. S. Treas. bills..
599,988
Cash
502,476
486" 145
98,726
104,402
receivable 1,255,291
Inventories
3,450,565
2.636.905
Timber
4,115,438
282,807
Reserve for contin¬
Municipal
securs--
Customers'
notes &
Other assets
176,529
Prepaid taxes, ins.,
Total
*
of
disct., &c.
Accrued taxes, roy¬
alties, &c
86,248
Federal income tax
accts.
211,816
Hire of equipment
$743,867
194,335
63,252
116,266
209,550
x87,955
97,347
net
Net profit
$108,545 def$199,669 def$13l,385
99;026
Rental of terminals
$855,275
ing Co
bond
Taxes
1935
$530,732
40,850
Comparative Balance Sheet March 31
(Excluding Wisconsin Central Ry.)
1938—Month—1937
1938—3 Mos.—1937
$847,497
$961,009
$2,327,835
$2,544,173
47,900
62,019
149,621
182,683
revenues
Mtce.of way & struc.exp
1936
$646,848
97,019
loss of Cleveland Weld¬
Statement
Freight revenue
Passenger revenue
Earnings—
1937
$260,101
222,076
Depreciation
Corp.'s proportion of
$15,297,534 in 1936.
Income
$26,324
$808,936
46,339
40,769
Total income
20,246,283
166,355,573 170,202,261
Total
166,355,573 170,202,261
After deducting reserve for equipment depreciation of
$13,958,683 in
1938
$219,332
Federal taxes
242,259
26 ,229,729
Total
Condensed
Corp. (& Subs.)
Expenses, &c
prop.
Prof. & loss, def.
x
Motor Wheel
Gross earnings
Other income
451,320
Receiver of Wis.
Cent. Ry
*
$17,672
43,996
$7,196
Quar. End. Mar. 31—
Int. accrued
curr.
69
$7,654
14,850
—V. 146, p. 2052.
rents
accrued
Other
$17,603
6
3.804,640
244,542
on
Add'ns to
1937 and
$7,647
Net loss.
622
liability...
12 Months
$203,767
186,164
Balance
Income deductions-
11,944,247
568,262
899,987
2,168,622
Loans & bills
Month
$72,402
64,754
Expense
__
11,256,400
.
Subs.)—Earnings—-
Period Ended March 31, 1938—
Operating revenue.:
...
toaffii.cos
.....
759.
Balance
Income
Marie Ry. 4%
leased line ctfs
697,486
90,334
...
p.
11,256,400
1,096
11,251,400
pref. stock
Cash
Pay 50-Cent Div.
directors
74,464
debt...
Govt, grants
2,406,045
Special deposits
Morse Twist Drill & Machine Co.—To
The
have declared a dividend of 50 cents per share on the
capital stock, payable May 16 to holders of record April 28.' This
compares
with $1.50 paid on Feb. 15, last; an extra dividend of
$3.50 paid on Dec. 15,
last; a dividend of $2 paid on Nov. 15 last; $1.50 paid on Aug. 16, May 15
and on Feb. 15, 1937; $2
paid on Nov. 16 and on Aug. 15, 1936; $1.25 on
May 15, 1936, and $1 per share paid in the two preceding quarters.—Y.
25,206,800
Preferred stock.
rntge. property
sold..*
a dividend of 25 cents
per share on account of
on
the 8% cumulative preferred stock, par $10,
payable
May 16 to holders of record May 5.
This compares with 5J cents paid
on Dec
15, last, and 25 cents paid on Aug. 15 and on May 15, 1937.
For
detailed record of previous dividend
payments see V. 145, p. 3503
Motor Transit Co. (&
M. St. P. &S.8.
Misc. phys. prop
Wis. Cent. Ry.
Monolith Portland Cement Co.—Accumulated Dividend
Directors have declared
accumulatioas
$
Funded
114,740,575 118,071,500
funds..
x
1936
$
75,424
Dividends accumulated and unpaid to March
31, 1938, amounted to
$689,497.
Latest dividend, amounting to $1.50 a share on $6 preferred
stock, was paid on Feb. 1, 1938.
Dividends on this stock are cumulative.
Note—-No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended March 31, 1938 and 1937.—V. 146, p. 2699.
146,
1937
Liabilities—
x
$68,930
817,700
71,595
91,466
12,236,797 13,294,067
94.507
307,500
351,996
purchase
contract
—
gencies, &c
Profit and loss
Total
»
25,000
274,711
292,097
6,299,253
6,223,949
.12,236,797 13,294,067
«,?£p£esente<* by 850,000
$5,203,277 in 1938 and
shares of $5 par value,
y After depreciation
4,905,769 in 1937.—V. 146, p. 1882.
Mullins Mfg. Co .—No
Preferred Dividend—
Directors at their meeting held
May 3 took no action on the payment of
on the $7 preferred stock, no par
the dividend
ordinarily due at this time
value.
A regular
quarterly dividend of $1.75
1, last.—V. 146, p. 2542.
per
share
Nakhshon, Ltd.—Registers with SEC—
See list given on first
page of this department.
was
paid
on
March
Volume
Financial
146
National Rys.
Murray Corp. of America- -Earnings—
$912,380
40,611
$922,686
$397,535
269,388
11,550
$952,991
304,099
$967,618
/197.534
201,783
$382,354
15,181
Other income
Total income
Expenses, &c
Idle plant exp., &c
$80,937prof$357,319prof$447,520
Net loss
145, p. 3662.
New
York
p.
4% non-cumulative first preferred stock, and 5% non-cumulative second
preferred stock of the company.
In its application the Exchange stated
that delisting was sought, among other things, because there has been for
years an annual cumulative deficit and the limited assets available for
possible payment of preferred stockholders make it in the interest of the
investing public that listing be terminated.—V. 146, p. 1560.
National Tea
Co.—Earnings—
12 Weeks Ended—
Mar. 26,*38
Shares
Corp.—Listing—
Exchange has authorized toe listing
Stock
of 477,274
the same number
outstanding.—V.
2542.
stock
common
dividend of 12 H cents per share on the
common stock, payable June 1 to holders of record May 10.
Dividends
of 25 cents per share were previously distributed each three months, the
Sept. 1, 1937 dividend being the initial distribution.—V. 146, p. 1882.
Natomas Co.
(& Subs.)—Earnings—
Cylinder Gas Co.—Earnings—
Earns, per share on
1937
$103,577
$293,117
$0.30
$0.11
940,793 shares capital stock__
Land rentals
54.000
13,500
Water operating
7,500
15,497
6,900
$737,306
proceeds from the sale of these debentures wdl be used by the
for payment of a 4% mortgage note due Sept. 1, 1940, redemption
6% sinking fund gold bonds due 1943 at 103%, constructing
and equipping a new plant, payment of purchase money notes secured by
conditional sales obligations, and for additional wording capital.
The company has agreed to provide a sinking fund payable semi-annually
to retire a minimum of $160,000 and, contingent on earnings, a maximum
of $245,000 of debentures each year.
The new plant which the company plans to construct with a part of the
proceeds of this financing will be a complete unit for the manufacture of
gypsum plasters, boards and other products.
It will serve the South on
the Atlantic seaboard and will utilize gypgum rock to be brought by water
from the Nova Scotia quarries of the company's Canadian subsidiary.
—V. 146, p. 2214.
Net
company
of 15-year
National Pressure Cooker Co.—Com. Div. Omitted—
Directors took no action with regard to payment of a dividend on the
common shares at this time.
A regular quarterly dividend of 15 cents per
share was paid on March 15 last.-r-V. 146, p. 2053.
$237,939
Non-oper.
National Public Service
Trust Co.
as
the sale at auction of 712,411
stock,
collateral for
Corp.—Auction Postponed—
trustee for the
misc. interest, &c.
debentures, has postponed
shares of Jersey Central Power & Light Co.
the debentures, to June 8 from May 5.
trustee pending decision by the New
proposal of New Jersey Power & Light
Co., Associated Gas & Electric Co. subsidiary, for a pro rata distribution
of the Jersey Central stock to National Public Service debenture holders.
Postponement was ordered by the
York State Court of Appeals on the
146, p. 2053.
exp.
3,600
40,500
600
15,497
$499,367
incl. taxes, ins., gen. exp., reel, assets, acct. int.
dredged lands, misc. deprec., land sales,
prospecting
& maint., depl.,
cancellations and
149,920
42,783
Federal income tax
Net income
$306,664
*.
Earns, per share on
x$0.31
992,920 shares capital stock
Including 12,670 shares repurchased by the company and held in treasury
The net profit for the first quarter of 1937 was $234,223 or 24 cents per
x
share
on
the
same
2542.
number of shares outstanding.—V. 146, p.
Nebraska Power Co.
Earnings
1938—Month -1937
$557,366
$614,099
Period End. Mar. 31—
Operating revenues
Oper. ex., incl. taxes
1938—12 Mos.—1937
$7,748,521
$7,060,217
3,909,260
4,264,537
352,846
315,971
2,055
48,334
41,666
562,500
512,500
$210,864
$199,729
$2,889,745
28,637
$2,638,457
173,497
$2,811,954
742,500
Amortiz. of limited-term
investments
Prop, retire, res. approp.
Net oper. revenues
31,739
96
823
$210,960
61,875
17,500
9,265
Cr2,023
$200,552
61,875
17,500
8,536
Cr5,849
$2,918,382
$124,343
$118,490
applicable to preferred stocks for the
period, whether paid or unpaid
$1,893,150
499,100
499,100
Balance
$1,394,050
$1,292,031
Other income
Gross income
mortgage bonds.
Int. on debenture bonds.
Other int. & deductions.
Int.
The New York
$439,170
$217,239
300
Total.
Co.—Registers with SEC—
Company on May 5 filed with the Securities and Exchange Commission
at Washington a registration statement relating to an issue of $3,500,000
of sinking fund debentures to be due May 1, 1950.
The registration
statement names W. E. Hutton & Co. of New York as the underwriters.
Net
Cost
$656,409
3,900
Gold dredging
Rock operating
Dividends, disc.,
146, p. 2542.
National Gypsum
.
Months Ended Dec. 31,1938
Returns
1938
3 Months Ended March 31—
Net profit after all charges, including Federal
income, but before undistributed profits tax__.
$24,330
$570
$44,392
/
1936
1937
1938
Net loss after all charges.
—V. 145, p. 1909.
Consolidated Income Statement for 3
National
—V.
629,500
$0.15
628,250
Nil
628,250
$0.14
628,250
Nil
outstanding (no par)_
Earnings per share
—V. 146, p. 2379.
3 Months Ended Marvh 31—
The directors have declared a
common
Mar. 23.'35
28,'36
$22,632prof$l 18,875
$207,096prof$109,829
National Tile Co.—-Earnings—
Corp.—Dividend Halved—
National Container
—V.
Mar.
Mar. 27,*37
int., depr.
and Federal taxes
shares of capital stock, par $5 per share, in substitution for
of shares without par value previously listed and now
146,
of Mexico—Delisting—
The Securities and Exchange Commission has granted the application of
the New York Stock Exchange to strike from listing and registration the
Net loss after
National Aviation
The
254,540
24,693
173,140
67,725
51,100
Fed. income tax, &c
r
44,932
38,690
.
Depreciation
—V.
1936
1937
1938
3 Mos. End Mar. 31—
Gross profit
3023
Chronicle
on
Int. charged to construe.
Net income.
742,500
210,000
108,148
Cr35,416
210,000
93,758
Cr25,435
$1,791,131
Dividends
-
for Federal surtax on undistributed
ended March 31,1938 and 1937.—V. 146, p. 2214.
Note—No provisions have been made
1,214,965
1,086,599
$1,088,636
2,167,877
$5,695,819
2,163,277
$0.50
$2.63
Interest—
Federal income taxes—
Net profit
stock (par $25)
Earnings per share
Shs. cap.
profits for the 12 months
1935
1936
1937
$8,596,725
590,027
273,588
Profit after costs&exps
Deprec. and depletion..
1938
$3,200,926
1,248,675
3 Mos. End. Mar. 31—
x
Earnings—
Subs.)
National Steel Corp. (&
$4,189,967
902,330
516,301
394,191
$2,377,145
2,156,977
$1.10
'599,343
$5,223,621
817,769
$3,367,633
2,155,777
$1.56
x Includes income from interest and dividends.
Note—No provision has been made for Federal
490,220
547,999
[Including Subsidiary and Predecessor Corporations]
1938—3 Mos.—1937
1938—12 Mos.—1937
Gross income from opers $3,571,036
$5,557,257 $17,078,026 $15,859,416
Selling & general exps—
1,521,002
1,403,747
6,117,242
5,406,973
Net income from opers
Depreciation
Int., discts., taxes & misc
Prov.
for
Fed. normal
income & excess profits
taxes
(estimated)
$2,050,034
169,061
$4,153,510 $10,960,784 $10,452,442
160,840
619,215
689,431
$2,219,095
337,450
1,314,350 $11,579,999 $11,141,874
340,640
1,383,446
1.235,033
609,493
2,427,315
1,866,954
560,466
undistributed
profits
512,599
1,254,393
1,284,969
383,533
339,548
$2,851.617,, $6,100,737
$6,445,946
$1,094,854
fl938
fl938
£1937
£1937
IAabUities—
$
$
§
^
16,635,300
equip...29,973,446 28,445,304 7% pref. stock
Cash
4,619,715
5,292,135 5H% series prior
pref.
stk.
(par
b Mktable. securs. 2,389,178
2,468,428
($100).-.22,640,400
Notes & accts. rec. 9,859,539 15,222,544
Mdse. Inventories.21,784,063 18,725.324 6% series prior pref
stock..
6,468,700
Cash held by trust.
203,396
Investment
3,289,933
3,578,583 $2 10-yr. pref. stk.
(par $40)
11,181,920
Accts. receiv. from
cl 1,555,170 d9,569,700
officers & empls.
31,057
104,441 Common stock
121,221
Deferred charges..
236,190
203,633 Minority interest
i
Plant &
Patents & licenses.
30,900
22,639
Underlying capital
obligations
Accounts payable.
Notes payable
Divs. pay. on
stk.
of
6,179,000 19,288,000
2,323,869
3,343,064
3,200,000
pref.
Spang,
Chalfant & Co.,
194,910
Inc
Accrd. taxes,wages
1,356,982
&c
1,389.176
Res. for Fed. excess
profs. & undist.
profits taxes
1,470,466
934,503
226,325
512,599
Reserve for Federal
income
Insur.
&
taxes—
pension,
2,401,047
Earned surplus.—
e546,436 10,831,719
Capital surplus
5,826,581
5,641,793
&c.,
Total
72,417,416 74,063,031
a After
depreciation of $12,250,156 in 1938 and $11,196,673 in 1937.
Market value. $589,762 in 1938 and $1,894,212 in 1937.
c Par $10.
Par $25.
e From Jan.
1, 1938.
f Pennsylvania company and sub¬
72,417,416 74,063.031
Total
b
d
reserves,&c 2,641,567
sidiaries.
Spang,
gr
Delaware company
and its subsidiary corporations, including
Chalfant & Co., Inc.—V.
146, p. 1408.
1938—4 Mos.—1937
$5,430,196
$5,762,196
*
Nevada-California Electric Corp. (&
Period End. Jan. 31—
1938—Month—1937
$482,673
$436,653
187,532
167,799
54,681
38,013
19,730
Maintenance
Other operating expenses
Taxes
16,539
Subs.)—Earnings
1938—12 Mos.—x 1937
$5,751,768
255,338
2,244,478
581,688
575,019
$5,644,692
180,748
2,103,177
529,844
603,709
49,570
47,497
Net oper. revenues
Other income
$171,159
3,658
$166,803
5,397
$2,095,245
94,222
$2,227,214
Interest
$174,818
115,753
$172,201
111,153
$2,189,467
1,358,740
$2,318,676
1,343,283
6,997
1,562
7,107
1,180
84,511
15,494
90,163
12,368
$50,505
$52,760
$730,722
$872,861
68,672
Drl0,240
Amortiz.
Net income
Profits on retire, of
bonds
& debentures
&
debits
misc.
1,442
1,550
Crl4,861
22,201
$49,063
$51,210
$814,256
$840,420
credits to sur. (net dr.)
Earned
91,462
disc.
debt
of
& expenses
Misc. inc. deductions
sur.
for
avail,
&c
comparison 1936 figures (as to major items)
were revised
to conform with Federal Power Commission Classification
effective Jan. 1, 1937.
Note—This statement properly omits extraordinary debits to surplus
x
Consolidated Balance Sheet March 31
a
$1,621,920
redemp. of bonds, div.,
-
Consol. net profit
146, p. 2379.
Other
226,325
Prov. for Fed. surtax on
1938—Month—1937
$1,822,051
Sales.
—V.
Depreciation
(Pa..)—Earnings—
Period End. Mar. 31—
Other income
Brothers, Inc.—Sales—
April 30—
Operating revenues
tax on undistributed
earnings.—V. 146, p. 1883.
National Supply Co.
Neisner
Period End.
In order to make proper
arising from amortization
of pension funds, etc.—V. 146, p.
2861.
Nevada Northern Ry.—Earnings1938
$41,471
15,596
11,605
March—
Gross from railway
Net from railway
Net after rents
1937
$56,351
27,318
19,535
120,873
38,934
26,555
160,368
72,351
51,117
1936
1935
$42,861
17,390
12,273
$35,265
9,810
6,803
135,061
56,569
88,138
13,170
4,913
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
;
42,095
—V. 146, p. 2214.
New
Bedford
Gas & Edison
Light Co.—Issue Placed
Privately—The issue of this company's 3}/£% serial notes
in the amount of $1,000,000, recently authorized by the
Massachusetts Department of Public Utilities, has been
placed privately, the sale being
Proceeds of the issue are to
totaling $1,005,500.—V.
notes
New York
consummated May 2, 1938.
be applied to payment of two
146, p. 1409.
Chicago & St. Louis
outstanding
RR.—Directorate—
Cleveland, opposing Robert R. Young in a
control of the Chesapeake & Ohio Ry., was removed
from the directorate of the road, a subsidiary of the C. & O.
Stockholders at the annual meeting named W. H. Wenneman,
land; Allan P. Kirby, Wilkes-Barre, Pa.; H. J. Guild, North Adams,
and D. S. Barrett Jr., Cleveland, as new members of the 15-man
They replace Mr. Murphy, F. M. Whitaker of Spokane, Wash., who
John
P.
Murphy,
which involves
recently as a Vice-President of
Cleveland,
Mr. Murphy had been on the
Charles Bradley, as
battle
May 4
Cleve¬
Mass.,
board.
retired
of
the C. & O., and Proctor Patterson
Nickel Plate's board since 1928. He and
officers of the Chesapeake Corp., had called a special
Chronicle
Financial
3024
New York Water Service
meeting of the Chesapeake Corp. last month and brought to public atten¬
tion a dispute between Mr. Young and the Guaranty Trust Co. of New
York, with which Mr. Young contends they are allied.
Reelected on the basis of the C. & O.'s holdngs of about 50% of Nickel
Plate common stock were the following director:
Rate
Young, Herbert C. Fitzpatrick, George D. Brooke, B. L. Jenks,
Nutt, Walter L. Ross and George J.
Ross, all of Cleveland, and H. B. Erminger of Chicago. Preferred stock
interests reelected G. A, Ball of Muncie, Ind.
Mr.
General
,
_
on
mtge. bonds
Net
$1,439,565
30,719
$1,467,506
27,801
$1,464,996
33,271
$1,584,372
48,030
$1,470,284
771,620
23,833
$1,495,307
777,933
$1,498,267
783,687
$1,632,402
785,905
18,172
~5~ 208
56,142
20,203
2,153
20,500
15",994
"6", 614
27,819
CY21.115
29,263
02,935
35,913
0715
40,183
02,986
217,301
34,828
41,791
197,000
42,698
52,339
200,250
45,164
182,500
62,932
6,561
7,287
7,287
15,526
326
20,403
$342,233
$368,742
$372,109
80,655
before prov.
earns,
for retire. & repl. &
Federal income tax.
Other income
Int.
$3,839,961
2,440,733
264,418
CY21.478
on
gold notes
544,586
$611,702
mortgage debt_serial notes
Int.
$578,963
544,586
on
Interest parent company
Miscellaneous interest..
$3,291,949
2,491,262
$166,709
$1,156,288
for the
on
Int.
$3,273,086
$390,239
205,383
18,147
,
34,725
Gross corp. income—
$408,834
201,326
19,778
Cr5,403
charged to construe.
4,669
017,814
24,840
91,856
268,261
42,830
19,065
Cr26,750
14,864
111,151
346,922
Real property taxes
Excise taxes
1938—12 Mos.—1937
$3,824,823
15,138
$34,377
767
Other int. & deductions.
Int.
12,766
013,883
24,050
124,854
302,771
58,079
23,134
trans.
expense
Corporate taxes
Inc.—Earnings—
$387,931
2,308
$408,067
_,
21,338
Cr29,260
18,127
135,316
331,594
58,882
22,919
32,209
Maintenance
$1,642,281 $18,388,379 $17,195,352
1,077,350
12,439,556
11,798,266
177,000
2,124,000
2,124,000
$193,133
Net oper. revenues.
Other income (net)
Int.
$1,587,693
1,002,626
177,000
com¬
Prov. for uncoil, accts.-
of Notes—
1938—Month—1937
Period End. Mar. 31—
1935
$2,864,893
838,216
8,595
construction
to
Company has named a committee of three directors, Herbert Fitzpatrick,
Brooke and J. R. Nutt, to work out plans for the extension of the
$15,000,000 of 6% notes due Oct. 1, 1938.
The company has no alternative but to ask for an extension, Robert R.
Young said. As to whether the C. & O. would aid the Nickle Plate, which it
controls, should the question of paying off dissenting note holders arise,
Mr. Young said the C. & O. definitely would not underwrite the extension
plan.—V. 146, p. 2702.
Operating revenues
Oper. exp. incl. taxes.
Prop, retire, res. approp.
1936
$2,877,816
858,918
22,128
mission expense
G. D.
New Orleans Public Service
1937
$2,958,114
916,575
15,116
898,177
_-
390
regulatory
Corp. (& Subs.)—Earnings—
1938
case expense
Other
1938
$2,931,909
12 Mos. End. Mar. 31—
Operating revenues
General operation
J. R. Nutt, G. J. Arnold, Robert H.
To Seek Extension
May 7,
Amortization of debt dis¬
18,863
count and expense
Int. charged to constr'n.
Prov. for retirements and
replacements
221,724
Prov. for Fed. inc. tax_.
Prov. for Fed. surtax—
Prov. for int. on Fed. inc.
Net income
tax of prior years
Exps. in connection with
Dividends applicable to preferred stock
x
period, whether paid or unpaid
debt refund.—not con¬
summated
Balance
x
-
Dividends accumulated and unpaid to March 31, 1938, amounted to
Net income
$2,722,930, after giving effect to a dividend of 87j^c. a share on $7 pref.
stock, declared for payment on April 1, 1938.
Dividends on this stock are
p.
Dock
Co.—Capital
Reduction
Voted—New
York
Interest Not
Lake
Erie
&
Western
Loan
Co.—
Co.—Earnings—
1938—Month—1937
$94,640
$99,164
$1,171,716
19,462
6,913
24,797
11,710
Net income
$1,163 ,834
286,931
127,763
289,520
132,446
Maintenance
*
Provision for retirements
Other taxes
1937
$23,703,817 $21,925,842
13,481,928
12,594,076
1,488,908
1,714,766
1,422,126
1,073,967
Federal income taxes
144,422
194,634
2,200,682
...
Operating income
1,643,842
Gross income...
Interest
on
funded debt
Interest
on
unfunded debt
Amortization of debt discount and expense
Amortization of miscellaneous suspense
Interest charged to construction
Balance of income
-—
$4,915,538
259,060
$4,754,768
358,306
$5,174,598
2,402,002
532,711
143,085
88,813
Cr71,306
-
6,000
6,000
100,000
36,823
43,765
422,500
Sewer & pav. assess.
Accrued liabilities.
10,976
604,445
201,357
250,420
Consumers' depos.
73,435
794,381
56,449
U nearned revenue.
93,689
346,408
419
2,195
Acer, unbilled rev.
79,529
72,395
108,679
122,547
x
Accts.¬es
from
consol,
sub.
cos.
$5,113,075
2,704,176
680,256
182,274
112,641
CV12.783
$2,079,293
$1,446,510
portion.
—curr.
rec.
&
11,407
Extension deposits
not
herein.
from
New
_
64,021
61,277
Sewer & pav. assess.
16,718
26,511
Miscellaneous
13,408
13,105
3,036,220
2,887,237
Reserves
6%
City of
York
200,932
155,459
pref. capital stk.
Debt dlsct. & exp.
498,482
498,482
inproc.ofarnort.
Prepd. accts., def.
144,576
150,678
35,288
cum.
pref. stk.
30,295
Comm.
chgs.
on
&
(par $100)
4,653,200
4,653,200
2,601,500
2,601,500
Common stock (par
sale of
$100)
Cap. & paid-in
2,338,645
2,339,405
3,320,164
sur.
Earned surplus
2,970,101
unadj.
33,064,334 32,364,9041
Total
Total..
33,064,334 32,364,904
x After reserves
of $50,164 in 1938 and $47,587
special construction projects.—V. 146, p. 2380.
Noranda
in
1937.
y
Held for
Mines, Ltd.—Earnings—
3 Mos. End. Mar. 31—
1938
Lbs. of anodes produced. 23,750,391
Total recovery
$5,623,080
1937
1936
1935
2,357,059
535,000
17,110,065
$4,883,702
1,713,765
510,000
16,297,127
$4,097,481
1,656,841
410,000
20,988,215
$3,287,409
1,776,054
130,000
$2,731,022
172,273
$2,659,937
83,994
$2,030,641
62,160
$1,381,355
85,989
Total income
$2,903,295
Est. reserve for deprec'n
132,000
$2,743,931
120,000
$2,092,800
140,511
$1,467,344
210,000
Estimated net profit..
Estimated earns, per sh.
$2,771,295
$2,623,931
$1,952,288
$1,257,344
$1.24
$1.17
$0.87
$0.56
x
Other income (net)
as¬
Notes pay., banks.
331,236
Corp.—Earnings—
„
Mortgage bonds
Accounts payable-
co.
debits
1938
expenses
21,654
100,000
126,200
mined until the end of the year.—V. 146, p. 2216.
12 Months Ended March 31—
Total operating revenues
18,588
100,000
470,000
Due
Note—No provision has been made for the Federal surtax on undistributed
profits for the year 1938, since any liability for such tax cannot be deter¬
New York State Electric & Gas
bond & mortgage
sumed
working funds.,
1938—12 Mos.—1937
Gross income after retire¬
ment accruals
sub.
affiliated
New York & Richmond Gas
5,014
not consol.herein
Due
1938, on the guaranteed first mortgage bonds,
series A, extended at 5>£ %, due 1942, is not being paid.—V. 135, p. 3162.
Operating revenues
to
money
Mat'ls <fc supplies-
Coal & RR.
Paid—
Period End. Mar. 31—
2,609,599
3,044
.
Cash in banks and
The interest due May 1,
Operating
2,609,599
cost.-.-.Misc. invest'ts and
special deposits
S
15,432,500
Wat. Serv. Corp.
sonsol. herein, at
Stockholders on April 26 approved a reduction in the capital represented
by the outstanding preferred and common stock to $8,500,000 from $17,000,000.
David 0. Paterson was elected a director at the annual meeting, suc¬
ceeding Byam K. Stevens.—V. 146, p. 2861.
Purchase
1937
$
15,976,500
debt
Indebt. to Federal
Invest. In subs, not
Director—
New
&C.28 ,293,335 27,714,082
Cash & materials
292,892
equipment,
2861.
y
York
Funded
property,
Plant,
1938
Liabilities—
Assets—
Note—Includes provisions of $317,400 and $498,700 for Federal surtax
undistributed profits for the 12 months ended March 31, 1938 and
New
1937
1938
cumulative.
on
1937, respectively.—V. 146,
$485,582
Consolidated Balance Sheet March 31
Cost of metal produc'n
Reserved for taxes
Operating income
Miscellaneous income
Including mining, customs, re-treatment and delivery, administration
and general expenses.—V. 146, p. 2216.
x
Notes—(1) No provision is made in this statement for Federal surtax on
undistributed profits, if any, for the year 1938.
(2) Includes operations
for the full periods of companies merged into New York State Electric &
Gas Corp. irrespective of the dates of mergers.—V. 146, p. 2702.
New York Steam
The Securities and Exchange Commission has granted the application of
the New York Stock Exchange to strike from listing and registration the $7
series A cumulative preferred stock,
(no par) and $6 dividend series cumu¬
lative preferred stock (no par), of the corporation.
In its application the
exchange stated that delisting was sought, among other things, because the
number of shares outstanding in the hands of the public has become so
reduced as to make further trading therein inadvisable.—V. 146, p. 2862.
New York
Operating revenues
Operating expenses
Operating taxes
Net
1938—3 Mos.—1937
$8,065,059
652,161
Total income
Interest deductions
$8,717,220 $10,462,136 $37,022,632 $40,432,030
$9,889,929 $34,516,238 $38,141,827
572,207
2,506,394
2,290,203
-
Total net income
Dividends
$7,482,604
8,426,000
Balance
def$943,396
..
4,603,992
3,955,244
Gross income
Interest charges of subsidiaries
Dividends on preferred stocks of subsidiaries
Minority interest in net loss of subsidiaries
Int. charges of North American Light & Power Co_
-
$647,067 df$l ,759,111
$1,147,786
New York Title &
Mortgage Co.—Distribution—
Nicholas-Beazley Airplane Co., Inc.—Delisting—
The Securities and Exchange Commission has granted the application of
the St. Louis Stock Exchange to strike from listing and registration the $5
value
stock of the company.
In its application the Exchange
sought, among other things, because the cor¬
poration has been merged with Air Associates, Inc., of Garden City. N. Y.
—V. 145, p. 3663.
common
$4,315,361
837,014
$5,241,152
1,891,608
893,150
$5,152,376
1,976,232
825,871
1,239,595
Cr 1,253
1,256,447
$1,216,798
$1,095,078
11,889
Balance carried to consolidated surplus
since Dec. 31, 1932)
477,732
$1,204,908
$617,346
(deficit
The provisions for Federal surtax on undistributed income were made
Dec. of 1937 and 1936 for the respective calendar years.
No provision
has been made for the surtax for the three months ended March 31, 1938,
a
in
The trustees
of series
NS-1 mortgage certificates distributed about
$10,000 to certificate holders on April 30.
This represented a payment of
2 % on account of principal and 1
% on income. It was the fourth principal
payment made by the trustees since they were appointed in August, 1936.
Two payments or 1% each also were made during 1937.
The trustees are
Frederick R. Crane, Marcel Levy and Clarence Horwitz.—V. 146. p. 2054.
par
$4,358,906
882,245
net results of operations of Illi¬
nois Iowa Power Co. and subsidiaries.
b Net results of operations of Illinois Iowa Power
Co. and subsidiaries
$9,479,317 $32,418,639 $36,476,786
8.832,250
34,177,750 35,329,000
—V. 146, p. 2543.
stated
-
revenues
Balance, before
982,819
;«■
expenses
Non-operating
income
Other income (net)
1,234,617
1937
$15,272,468 $14,847,521
5,995,475
5,821,644
Maintenance
793,185
769,637
Taxes, other than income taxes
1,172,074
1,058,015
Provision for income taxes
419,427
527,222
a Prov. for Federal
surtax on undistributed income
12,500
91,000
Appropriations for depreciation reserves..
2,520,900
2,264,640
Operating
1938—12 Mos.—1937
$50,691,778 $50,885,324 $206,102,918 $200,938,551
34,584.818
33,675,832 141,552,726 136,357,089
8,041,900
7,319,562
30,033,953
26,439,634
oper.
Subs.)—Earns.
1938
Net operating revenues
Telephone Co.—Earnings-
Period End. Mar. 31—
North American Light & Power Co. (&
12 Months Ended March 31—
Total operating revenues
Corp.—Delisting—
that delisting
was
Nineteen Hundred
Directors have declared
Corp.—Dividend Halved—
a dividend of 12)^ cents per share on tne class
payable May 16 to holders of record May 10.
Previously, regular
quarterly dividends of 25 cents per share were distributed.—V. 144, p. 3345.
B shares
and no provision for the three months ended March 31, 1937, is included in
the consolidated income statement for the 12 months ended on that date.
No provision for surtax on undistributed income was made from income of
North American Light & Power Co. for the year 1937, the net income of
$697,479 shown by the corporate income account of the company being
than offset by losses charged to surplus (deficit since Dec. 31, 1932)
which were considered by the company's officials to be deductible in de¬
termining taxable net income,
b For respective periods prior to May 1,
1937, representing excess of preferred dividends of Illinois Iowa Power
Co., accumulated but not declared over the consolidated net income of
more
that company and subsidiaries.
Note—On May 1, 1937, there
became effective, a plan of recapitaliza¬
(formerly Illinois Power & Light Corp.)
majority interest of North American Light
the stock of that company was reduced
to a minority interest.
This consolidated income statement does not in¬
clude the operating revenues, expenses and other details of the consolidated
income statement of Illinois Iowa Power Co. and subs., but includes the
net results, only, of their operations for the respective periods prior to
May 1, 1937.—V. 146, p. 2380.
tion
of Illinois
as
a
result of which the former
&
Power Co.
Iowa
Power
Co.
and subsidiaries in
Volume
Financial
146
North American Edison Co.
Operating
$80,546,394 $81,405,041
3,254,299
3,215,274
2,388,044
2,372,175
11,196.573
10,971,507
675,009
541,744
874,227
848,056
Gas
Transportation
Coal
Miscellaneous
expenses
,221,908
32,023,310
5,968,601
10,524,477
3,762,870
$31,278,065
$29,767,059 $31,264,882
12,368,347
12,377,857
814,404
745,167
313,233
323,238
$31,650,420
12,544,784
604,643
Cr. 162,962
4,697,313
1,223,898
Cr. 30,743
_
6,606,181
Taxes, other than income taxes
Provision for income taxes
Prov. for Fed. surtax on undis. inc..
Appropriations for deprec.
reserves.
Net operating revenues...
Non-operating
revenues
Gross income
on
,793,194
33,879,555
6,487,296
11,432,466
3,089,511
155,279
13,819,342
$98,495,151
33,935.718
Total operatng revenues
Maintenance
Interest
$78,432,827
$29,488,388 $30,929,743
278,671
335,138
Heating
Operating
3i,'57
revenues:
Electric
funded debt..
Amortiz. of bond disc. & expense
Other interest charges
11,530,890
2.844,603
155,279
13,934,092
.
3,086,302
2,335,268
10,854,996
677,121
835,393
211,938
12,452,646
Minority int. in net income of subsid.
Cr. 184,382
4,569,959
1,156,171
Balance for dividends & surplus.. $10,729,326
on No. American Edison
372,355
240,533
4,975,249
1,233,693
$12,060,369 $12,082,261
Dividends
2,206,140
for
common
stock
2,206,140
$9,854,229
$9,876,121
Note—The provisions for Federal surtax on undistributed income shown
in the consolidated income statements for the 12 months ended March 31,
1938 and for the 12 months ended March 31, 1937 were made in December
of 1937 and 1936 for the respective calendar years.
No provision has been
made for the surtax for the three months ended March 31, 1938, and no
provision for the three months ended March 31, 1937, is included in the
consolidated income statement for the 12 months ended on that date.-—
V. 146, p. 1886.
Northern
Oklahoma
Gas
Co.—Stock
Offered—An issue
$1) is being offered
share by Stone & Webster and Blodget, Inc.
of 43,650 shares of common stock (par
at
$8
per
offering does not represent financing by the company, as the shares
stock offered are already outstanding.
The 43,650 shares of
stock are owned by Stone & Webster and Blodget, Inc. and were
received by it in exchange for 14,550 shares of common stock as a result
of an exchange of shares by the company on the basis of three shares of
common stock
for each one share of common stock outstanding.
The
This
of
common
common
purchased by Stone & Webster and Blodget, lnc
from Arthur H. Bosworth of Denver, Colo., pursuant to the terms of an
option.
Company—Organized on Dec. 6, 1935 in Del. Company conducts in the
State of Oklahoma a business of owning and operating a system of pipelines
for transmission of natural gas, of transporting natural gas through its
pipelines to points of out-take by domestic, commercial and industrial users
and by other gas distributing companies and of owning and operating gas
distributing systems in the City of Ponca City and the Town of Kildare,
Okla., and in the City of Newkirk, Okla.^ Company owns all of the capital
stock of Kay County Gas Co., which latter company is engaged only in the
production of natural gas and sells the gas thus produced to the company
for distribution, and at wholesale to otner companies.
Company and its
subsidiary own property only in the State of Oklahoma a,nd their operations
are entirely intrastate.
Capitalization—The capitalization of the company outstanding in the
hands of the public at Feb. 2, 1938 (wiiich gives effect to the redemption
as of Feb. 1, 1938 of its 6% convertible preferred stock) was as follows:
original 14,550 shares
were
10-year 1st mtge. & coll. trust 5% sinking fund bonds, due
Jan. 1, 1946.
$792,000
Capital stock (par $1)_1
al89,750
shs.
Northern Pacific
Ry.—Annual Report—
Passenger and Freight Statistics for Calendar Years
1937
1936
1935
carr.
1,209,204
1,132,732
983,205
1937
Gross operating revenue
Operating expenses
General, administrative and miscellaneous expenses
Maintenance and repairs
Taxes (other than income taxes)
Federal normal and State income taxes (estimated)
$720,121
193,155
61,314
21,708
33,774
37,064
$373,103
Balance
Provision for depreciation and depletion
Net operating income
Other income
1 mile
967,336
201,141,324
per
1.606 cts.
1.615 cts.
1.652 cts.
1.672 cts.
18,561,633
16,585,487
13,741,823
12,922,016
m.le.
pass, per
No. tons
213,390,695
260,183,172
284,267,254
revenue
freight
carried
No. tons
revenue
5,776,545,781 5,277,964,003 4,382,753,092 3 ,939,247,066
1 mile
Av.
receipts
ton
revenue
per
mile
per
0.948 cts.
0.985 cts.
$8,952
1.097 cts.
1.033 cts.
$9,373
freight
$7,783
Rev. per mile of
road (av. mile)
Income Account for
$7,421
Calendar Years
1934
1937
1936
1935
$54,735,531 $51,993,325 $45,262,826 $43,205,825
3,362,558
4,565,442
4,201,068
3,525,510
3,340,653
Other transport'n rev
3,738,518
4,025,306
3,554,732
1,498,739
Incidental & joint facil'y
1,811,708
1,686,608
1,502,585
Operating Revenue—
Freight revenue
Passenger revenue
Totaloper.revenues._$64,851,199 $61,906,306 $53,845,654
134,629
$238,474
2,442
1936
$701,649
197,105
57,232
17,425
32,986
37,234
Amortization of debt discount and expense
Other interest and deductions
$240,917
42,080
11,525
6,426
$222,452
38,276
10,981
21,464
$12,839,537 $13,587,902
revs._
5,864,827
6,398,984
$9,752,054
5,301,686
$9,856,962
5,329,167
$6,974,710
1,224,446
2,451,846
$7,188,918
1,116,417
2,482,852
$4,450,368
767,600
2,508,373
$4,527,795
842,055
2,545,359
Net ry. oper. income. .$10,651,003
$10,788,187
5,597,110
$7,726,342
7,233,302
$7,915,209
7,537,548
.$14,770,061 $16,385,297 $14,959,644
14,354,399
14,256,640
14,231,311
297,920
311,874
296,551
$15,452,756
14,230,453
322,897
$431,782
2,480,000
$899,406
2,480,000
$0.36
Taxes & uncoilec.
Ry. oper. income
Equipment rents, net..
Joint facility rents, net..
Non-operating income.,
Gross income
Int.
funded debt
on
4,119,058
.
.
Other deduc. from inc.
$117,741
2,480,000
$0.05
Net income.
Shs. outst'dg (par $100)Earned per share
Pensions included in
x
Retirement Act,
1934,
1934
a
Net income.
$1,816,783
2,480,000
$0.73
$180,884
$151,731
$0.95
$0.80
Properties—The properties of the company were acquired as of Jan. 1,
1936 from Continental Oil Co. through the purchase of all of the outstanding
Gas Co. and Kansas-Osage Gas Co. and the distribut¬
ing systems and certain other assets of Ponca City Gas Distributing Co.,
together with the natural gas rights under certain oil and gas leases owned
by Continental Oil Co., including gas wells and equipment on the premises
covered by said leases.
The properties of Kansas-Osage Gas Co. were sub¬
sequently transferred to the company, and the natural gas rights aforesaid
were transferred to Kay County Gas Co. which has remained the wholly
owned subsidiary of the company.
Prior to this acquisition, Stone & Web¬
ster Engineering Corp., in association with Ralph E. Davis, Inc., examined
and appraised these properties as of July 1,1935, and made a report thereon,
stock of Kay County
10, 1935.
of piplelines owned and operated by the company, approxi¬
mately 154 miles in length, connects the Garber Field and the production
under the Osage Leases with Ponca City.
A line extends from the Garber
Field through Ponca City and through the towns of Newkirk and Kildare
to a point south of the Kansas-Oklahoma State line, to which point there is
also an extension from the Osage Leases with connections to the towns of
Kaw City, Burbank and Fairfax.
There is also a line frp n the Garber
Field supplying the town of Covington.
The pipeline system does not
connect with the company's properties in the North Deer Creek Field or
Perry Field, but these fields are connected with the pipelines of other large
gas pipeline companies to whom gas is sold at wholesale.
The North Deer
Creek Field is approximately 20 miles from the pipeline system, and this
field can be connected by an extension from the company's pipeline system
if and when the company's need for gas from this field is such as to make
such an extension advisable.
The company's wells in the Perry Field are
The system
approximately 16 miles distant from the pipeline system.
The total gas reserves in cubic feet acquired by the company and its
subsidiary were estimated to be 49,708,000,000 cubic feet, and the amount
of reserves controlled by the company were estimated to be 53,761,000,000
cubic feet, as of July 1, 1935.
Of the controlled reserves, 37.262,000,000
cubic feet are connected with the pipeline system acquired by the company,
being the reserves under the leases in the Garber Field and under the Osage
Leases.
15,559,000,000 cubic feet of the controlled reserves are in the
North Deer Creek Field and can be connected with the pipeline system.
The Perry Field with 700,000,000 cubic feet of controlled reserves is ap¬
of Railroad
$460,425, to offset charge in
charge of $460,425 account
In 1935 a credit of
1934.
$0.17
included.
was
,
General Balance Sheet Dec. 31
Assets—
1937
Liabilities—
S
Inv. in road and
607,026,421 601,332,952
equipment
construction
90,200
90,200
prop.
99,382
11,984,741
olmtgd.prop.
87,006
11,934,824
and
146,330,572 146,330,680
33,594,798
33,594,798
2,489,011
2,495,367
Stocks
Notes
serv.
4,594,124
4,375,170
9,189
9,189
2,051,704
Bonds
772,986
Notes
454,764
1,601,358
1,868,303
318,028
Unmatured
8,481,368
Other curr.llabil.
deposits. J
95,000
95,000
7,859,120
30,555
51,438
1,414
65,555
5,962,685
Prem. on funded
53,019
31,344
of equipment. 62,398,477
Other unadjust¬
61,157,769
1,607,250
x2,686,197
1,569,589
1,510,012
17,707,059
630
17.707,059
Accrued
7,294,563
Loans & bills rec
113,289
60,626
5,521,993
debt
13,106*040
291,366
1,410
75,302
int.
accrued..
475,407
Time drafts and
5,286,230
Unmatur'd rents
Tax llabilltes.—
oflandgrant
lands
Miscell
1,369,108
5,339,151
payable
unpaid
Other def. liablls
Contr. for sale
deprec.
ed credits
Add'ns
to
prop,
through Inc. &
Traf. & car serv.
surplus
1,012,391
1,222,499
& conductors.
441,585
557,960
Misc. accts. rec.
5,818,876
4,636,129
Income & surp
Material & suppl
8,865,677
6,984,306
Misc. fund res..
—
Funded debt re¬
agts.
Other curr.assets
and
balance—
56,691
1,061,594
57,951
through
tired
Profit
receiv—
rents
398,395
3,952,008
Interest matured
accrued
Stock
from
594,511
3,829,181
bals. pay
Vouch. & wages.
2,050,687
772,920
Advances
Rec.
757,258
312,465,500
car
Miscell. accounts
Inv. in affil cos.:
Bonds
836,201
_
Funded debt—.318,376,500
Traffic
Misc. pi)y8. prop
$
Capital stock...248,000,000 248,000,000
Grants in aid of
Impts. on leased
in lieu
1936
$
1936
1937
Interest, divs. &
Amount per share on 189,750 shs. of common stock
740,606
x3,538,951
27,637
$52,011,662 $48,318,405 $44,093,600 $41,550,813
Total oper. expense
Net oper. revenues
Special deposits.
$220,152
2,300
$5,494,005
10,686,932
1,731,882
19,386,074
$6,181,163
11,991,446
1,841,788
20,532,072
867,403
x2,731,472
51,747
$6,783,523
12,498,522
1,916,669
22,901,125
987,917
3,314,883
84,235
$7,473,140
14,110,869
Equipment
Traffic
2,005,164
24,519,711
Transportation
Miscell. operations
1,104,589
General
2,846,546
48,354
Transp. for invest.—Cr_
Cash
$359,664
139,512
$51,407,775
Operating ExpensesWay & structures
bals., receiv—
Total gross income
Interest on funded debt
1934
No. of pass.
No. pass, carried
Other investm't:
Earnings for 12 Months Ended Dec. 31
dated Sept.
had been
Fields.—V.
railway
Of the 210,000 shares of common stock
outstanding
located at a considerable distance
146, p. 2216.
Deposits
authorized, 7,155 shares (ac¬
quired through conversion of 477 shares of 6% convertible preferred stock
originally issued and repurchased) were held in the company's treasury
and are not included in tne above amount outstanding in the hands of the
public.
a
The Lincoln Field leases were all
acres.
from the pipeline system of the company and no estimated reserves
included for the unoperated leases in the Lincoln and Perry
divi¬
dends & surplus
.
2,206,140
$8,523,186
Co. pref. stock
Balance
company has sold its interest in a lease in the Lincoln Field covering
interest in the gas rights on 160 acres (with estimated reserves of
cubic feet) and has cancelled two unoperated leases in the Lincoln
Average rate
Int. during construction charged to
property and plant
Preferred dividends of subsidiaries._
the
full
240,000,000
Field
covering a full interest in the gas rights on 80 acres and one unoperated
lease in the Perry Field covering a full interest in the gas rights on 160
Since Jan. 1, 1936,
a
proximately 16 miies distant from the pipeline.
(& Subs.)—Earnings—-
"iMarT 31,'3&~~Dec7Sh'S7 Afar.
12 Months Ended—
3025
Chronicle
630
loss
.
.
.180,344,205 180,047,540
37,232
Wkg. fund advs.
31,098
30,307
Other def. assets
360,316
395,500
1,852,539
2,393,529
Oth.unadJ.debts
x
Includes $2,110,565
accounting has not been
847,087,898841,803,361
Total
847,087,898 841,803.361
Total
estimated value of property retired on which th
completed.—-V. 146, p. 2863.
Northern States Power Co.
(Del.)—Weekly Output—
of the Northern States Power Co. system for the week
30, 1938, totaled 24,835,985 kwhs., a decrease of 0.5%, com¬
pared with the corresponding week last year.—V. 146, p. 2863.
Electric output
ended April
Northwestern Bell Telephone Co.—Earnings—
1938—Month—1937
1938—3 Mos.—1937
Period End. Mar. 31—
Operating revenues...
Operating expenses
Net oper. revenues
Operating taxes
income
Net oper.
Net
income
^
*
$2,773,144
9,570
$8,163,742
34,011
$8,150,092
31,233
$2,777,876
1,986,896
$2,763,574
1,960,764
$8,129,731
5,832,473
$8,118,859
5,354,062
$790,980
$802,810
330,606
$2,297,258
1,113,902
$2,764,797
1,024,045
$421,801
388,464
Uncollectible oper. rev._
$2,788,964
11,088
369,179
Operating revenues
$472,204
461,658
$1,183,356
1,070,273
$1,740,752
1,687,529
—V. 146, P. 2216.
NY
Co.—Seeks
Permission to Acquire
Simplify Capital Structure-—
4
NJ
PA
Stocks to
Company,
a
Utilities
subsidiary registered
holding company in the registered
holding company system of the Associated Gas & Electric Co., has filed
with the Securities and Exchange Commission, an application (File 46-100)
asking for approval of the acquisition of the common stock of Bradford
Electric Co. from Keystone Utilities, Inc.. a subsidiary of the applicant.
The purpose of the proposal is the simplification of the applicant's corpo¬
structure through the elimination of Keystone Utilities,
Inc., the
rate
investment
—V.
146,
in
P.
Bradford Electric Co.
2544.
being Keystone's only investment.
Financial
3026
Oakley Canal
Chronicle
Co.—Registers with SEC—
Mar. 31*38 Dec. 31,*37
See list given on first page of this department.
Ohio Associated
1938—Monthr-1937
$61,158
$59,685
70
175
Net oper. revenues
$11,778
Net oper. income.
$179,625
214
525
$181,803
$179,100
109,696
117,946
$21,844
5.056
$18,986
7,208
— .
Operating taxes..—
1938—3 Mos.— 1937
$182,017
$59,510
37,666
$61,088
42.102
Operating revenues—
Operating expenses
$69,404
15,449
$63,857
21,669
$42,188
$16,788
$53,955
—V. 146, p. 2381.
Ohio Bell
7,363,991
1,650
1,650
Cash
banks
In
bonds
&
15,983
19,874
Net oper. income
Net income
V. 146, P.2381.
$695,221
721,376
Ohio Public Service Co.
Calendar Years—
$4,228,875
1,493,662
$2,735,213
2,737,019
$2,090,293
2,100,888
53,016
bonds
122,781
16,000
32,536
33,370
receivable
4,197
3,375
thereon, <fcc
1935
Capital surplus.
of
211,187
213,848
$9,740,057
$8,691,326
53,137
8,012,299
Total..-...,..
c
4,078,046
268,480
(& Sub.)
48,321
$4,647,222
51,065
$4,344,799
35,968
$5,471,374
$4,698,287
$4,380,767
$4,225,120
$4,212,794
23,060
1,723,150
1,861,139
1,866,536
$4,235/854
1,129,450
$3,106,404
1,490,148
Gross income
Net income
—
840,000
540,000
540,000
540,000
$2,908,224
901,361
1,534,750
$2,297,148
871,797
1,043,630
$1,974,231
871,821
1,227,800
$1,821,578
871,806
1,227,800
$
$
&
prem.
escrow
653,801
662,948
Miscell.
7i~5~336
Slnkingfund
Mat'Ik &
474,907
123,088
lnvest'ts.
3.655,653
counts receivable
Customers'
accts.
receivable
Mdse. accts.
rec._
Notes & accts,
704,929
1,336,683
(not current)
312,630
98,449
Customers'
Wages
154,185
Cash
128,891
762,661
788,093
celv.—personnel
Interest accrued..
23,906
18,905
Special cash depos.
550
Discount
re-
2,356
Other def. charges.
Property
22,436
1,993,779
bonds 3,894,805
on
125,402
340,512
18,303
2,309
22,424
411,551
308,920
94,364
&
96,512
line
3,787.430
111,550
on
4,190
11,581
debentures.
$1,316
$4,530
18,555 prof233,655
period.
$19,871 prof$229,125
44,152
Distribution paid to shareholders.
Balance net loss.
$19,871 profS184,974
Notes—During the period, there occurred a net unrealized depreciation of
$411,554 on securities owned, based on market quotations at Dec. 31, 1937,
and March 31, 1938.
Profits and losses from sales of securities have been computed uniformly
by the company since its inception on a first-in-first-out cost basis.
No charge has been made against income on account of amortization of
debt discount and expense, the entire amount of which was written off
against paid-in surplus when the company's debentures were issued.
If this
write-ofr had not been made, the proper proportion of the debt discount
and expense chargeable as amortization against income for the period would
be $1,628.
Balance Sheet March 31,1937
a
int.
$30,909
&
Liabilities—
1937
1938
Cash..
Due
$315,392
6,083
1,228,628
expenses.
1,060
Directors have declared
the
on
7%
a
3.219,174
1,305
debs.
8,479
est.
Fed.
Res.
Tota
472,992
5% gold debent'es
915,000
yCapltal stock
Paid-in surplus
750,000
750,000
2,149,687
loss deficit 2,575,121
2,149,687
Profit &
par
$100,
payable
snare.—
1936
$148,676
Total.
1935
Accts. & notes rec.
616,881
Material & supplies
220,261
Co.—Earnings—
1937
1936
$672,154
313,023
$629,138
289,199
Net earnings
Other income—net
$359,131
4,164
$339,939
2,370
$363,295
191,000
$342,309
191,000
1,093
10,648
10,648
$160,554
113,462
$140,008
101,305
funded debt
I
Miscellaneous interest.
-.".."11
Amortization of debt discount & expense. .IllII
on
Net income
Dividends
on
class A
common
...I...
stock
Note—No provision made for Federal surtax
on
Earnings for 12 Months Ending Mar. 31—
Total operating revenues
Operating expenses & taxes
I.I
IIIII
Amortization of debt discount & expense
$361,669
3,224
$335,338
funded debt
Miscellaneous interest
Net income
$655,026
293,356
$331,674
3,664
on
—
Non-curr.
notes
Cl. B pref. stock..
191,000
.1,110
$364,894
191,000
682
10,648
10,648
$132,580
$162,563
1,000,000
1,000.000
Ser. A 4% bonds.23,500,000 23,546,000
Bankloan8-.--.__ 3,400,000 b4,625,000
Mortgages
&
213,098
211,107
Accounts payable.
63,199
6,038
Pref. divs. declared
deferred charges
Debt disc. & exp..
141,155
3,093,359
3,173,881
Accrued taxes
Accrued Interest.
118,428
Deferred
-
liabilities
d Res. for depl.,&c
Other
66.797,580 67,250,9181
Total.
74,594
219,102
165,000
940,548
88,044
114,272
4,526,151
82,598
315,734
165,000
736,680
316,169
193,098
4,104,956
190,165
reserves
Surplus..........
Total....
$
18,210,300
10,000,000
receivable
accts.
186,565
4,363.402
3,762,819
-.60,797,580 67,250,918
a
Representing gas sale and purchase contracts, &c.
b Reduced by
$700,000 since Dec. 31, 1937.
d For renewals, replacements, retirements
and amortization (other than amortization of gas sales and purchase con¬
tracts.)
c Represented by 728,652 (no par shares).
The income statement for the 12 months ended March 31 was published
in V. 146, p. 2704.
Paramount Pictures,
3 Months Ended—
1937
$644,832
313,158
Other income (net).
Interest
652
undistributed profits.
1938
_
2,909,003
1,307,731
Dec. 31 '37
CI. A pref. stock..10,000,000
2,917,171
1,551,378
954,875
257,964
Intangibles
$
Common stock..18,216,300
c
Special deposits
Prepaid accts., Ac.,
Operating revenues.
Operating expenses & taxes
Gross income
Mar. 31*38
Liabilities—
$
$
Cash....
this time on the $5
preference shares.
Company resumed payment on this stock last June,
since which time regular quarterly dividends of $1.25 per share were paid
up to and including March 1, last.—V. 144, p. 3013.
Interest
Line Co.—Consol. Bal. Sheet—
Mar. 31'38 Dec. 31 '37
/L83CtS~~~~
Prop., plant & eq.58,226,896 58,060,015
ordinarily due at
.$1,266,680 $3,544,443
Total
on undistributed profits,
a Includes $13,950 ($15,825 in 1937) on
deposit for matured bond interest.—V. 146, p. 923.
a
Ohio Water Service
$1,266,680 $3,544,443
surtax
$952,362
Paper Co.—Preferred Dividend Omitted—
744,778
xl08,212
x Without deducting possible
Federal taxes and other charges, payable
only if the appreciation is realized,
y Represented by 147,172 no par
shares after deducting 2,828 shares in treasury,
x Includes $43,464 accrued
Panhandle Eastern Pipe
1937
$702,396
1,041,000
Net unreal, apprec.
if inv. securities-
Calendar Years—
9,500
Z95.300
882,212
dividend of $1 per share on account of accumu¬
dividend
20,156
1,004,933
59,521,743 56.720,601
cumulative first preferred stock,
the
for
1,198,253
Co.—Earnings—
passed
$55,365
$18,635
on
Accr. Int.
taxes
After charges, taxes and depreciation.—V. 146, p. 2217.
Oxford
1937
not
481,909
extensions
Special surplus res.
Earned surplus
ZMos. End. Mar. 31—
1938
Net profit
loss$297.379
Directors
but
Sundry accts. pay.
for
June 1 to holders of record May 16, leaving arrears of $31.84 a
V. 146, p. 1251.
Otis Steel
1938
securities
received..
8,572
securities.
receivable
Invest,
Prepaid
for
bought
divs.
Consolidated.—V. 146, p. 1411.
lations
;
$13,033
4,550
13,013
Net loss from sales of securities.
17,253
Ohio River Sand & Gravel Co.—Accumulated Dividend—
x
$14,456
116,916
Total........ .59,521,743 56,720,601
x
85
Total--...
Assets—
Current acct. with
Contributions
$11,849
1,099
10
Accr.
affll. companies.
59,851
Replacements res. 3,603,706
Res. for injuries &
damages
1 937
Miscellaneous
salaries
&
payable.
33,024
86,128
amortlz.
account
x
19,068
..
extension deps—
50,703
Prepayments
Notes & accts.
payable
(non-current)
Due to Cities, Serv.
Pow & Light Co
Current acct. with
.
98,578
1,374,926
taxes
& other accts
864,653
1,067,689
rec
affll. company.
Int.,
160,000
252,000
258,182
1,020,298
Notes pay; to bks.
Accounts payable.
Accounts
1938
$12,902
1,544
Interest
Net loss for the
1,704",700
30,340,000 28,610,500
Aug. 1. 1938
Accru.
ac¬
Co., Inc.—Earnings—
5,800,200
due
note
$880,290
No provision has been made for the
Overseas Securities
6,139,000
56,713
107,885
159.369
..
supplies.
Other notes &
6,139,000
Serial
a40,000
$1,443,056
-
-
Net loss from operations
6,264,800
Funded debt
78,740
70,871
-
undistributed
on
3 Mos. End. Mar. 31—
Income from operations—Dividends.
S
$
par)..
of
sees,
surtax
xl936
7% preferred stock 6,264,800
6% preferred stock 5,800,200
5H% pref stock.. 1,600,000
5% preferred stock 1,704,700
Common stk.($100
929,707
—
In
affiliates
Federal
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. 2704.
a
Interest
1937
IAahUUles—
49,498,614 46,244,343
deposit In
on
Invest
for
Expenses
X1936
Property, plant &
pref. stock.—
$1,002,390
122,100
-
& accrued: Con v. 6% prior pref. stock..
Provision
Balance
Balance Sheet Dec. 31
on
$2,586,743
1,584,353
$1,616,256
133,200
-
profits (for fiscal year ended Nov. 30,1937)---
1937
Cash
$3,796,757
1,210,014
1,863,542
x Includes operations for the
company's subsidiary from Jan. 1, 1937 to
Nov. 30, 1937 the operating date as of which the subsidiary was dissolved.
Merchandise and Jobbing operations since Nov. 30, 1937 are being carried
on as a department of the company,
y Includes no provision for Federal
income tax, as it is anticipated that there will be no taxable income in 1937.
Note—No provision made for surtax on undistributed profits.
Discount
$3,753,562
43,194
—
(not incl. Fed. surtax on undistrib. profits).
Balance
funded debt and
other obligations
Approp. for replacement
as determined by co._
Assets—
186,286
812,781
$7,568,170
2,916,983
223,160
674,464
2,957,006
.—_
Maintenance
$4,167,976
57,144
revenue.
equipment-
1937
$8,168,868
Operating revenues
Operation
Taxes
uncollectible
p. 923.
1938
Retirement accruals
See y
Preferred dividends
Common dividends
400,105
Earnings—
12 Months Ended March 31—
3.939.635
257,946
$5,423,053
F 'Net income
8,012,299
,
Divs. paid
on
7,957,802
companies at cost.
b After reserve for
Represented by 40,522 no par shares.—V. 146,
affiliated
Of
accounts,
Interest and amortization, &c_
Int.
-
3,155,898
213,900
254,870
59,437
7,957,802
prepaid accounts
Total
$8,365,557
4,752,476
340,359
Federal taxes
Gross income
_
Earned surplus
16,588
409,906
3,155,898
213,900
233,185
1934
5,403,013
Non-operating
stk—
com
Non-operating income (net)
1936
taxes
Net oper. revenue
16,870
Reserves
cClass A
& exp.
v.
-
Consumers' dep. «fe
accrued interest
113,867
16,556
Materials <fc supp.
79,583
3,425
Unearn. revenue.
53,016
Acer, unbilled rev.
31,833
on
Net operating revenues
(& Subs.)—Earnings—
xl937
Gorss oper. revenue
$10,826,066
Operating exps., maint,
and
$3,548,686
1,458,393
$948,852
966,191
Income
fund, debt.
Oklahoma Natural Gas Co.
$1,457,205
508,353
4,220
43,062
tax
Int.
156,560
b Accounts & notes
a
$1,185,084
Operating taxes.—489,863
3,820,000
3,504
49,801
Deferred charged &
$3,560,104 $10,250,389 $10,386,197
2,102.899
6,701,703
6,157,322
Net oper. revenues—
3,820,000
Misc. accr. Items.
103,259
work.funds
process
.—
Accounts payableGeneral taxes
aU. S. Gov. sec. &
Debt disc.
1st mtge gold
Fed.
(cost)
Period End. Mar. 31—
1938—Monthr-1937
1938—3 Mos.—1937
Operating revenues
$3,470,986
$3,562,156 $10,300,449 $10,397,324
Uncollectible oper. rev.
19,950
2,052
50,060
11,127
— .
7,364,234
franchises, &c..
in
$3,451,036
2,265,952
1938
Mar. 31,-38 Dec. 31.'37
5%
Miscel. investment
amortization,
Telephone Co.—Earnings—
Operating revenues—
Operating expenses-
7,
Liabilities—
$
Assets—
Plant,prop..rights,
Telephone Co.—Earnings—
Period End. Mar. 31—
Operating revenues-.—
Uncollectible oper. rev..
May
Balance Sheet
Inc.—•Earnings—
,
earns, after all chgs., incl.
int.. Fed. taxes, deprec. & reserves.
Apr. 2, '38
Apr. 3, '37 Mar. 28,'36
Consol. net
Preferred dividends accrued
Balance.
Shares
a
This
per
stock
share
amount
$1,687,518
2,330,449
c$0.72
d$718,921
2,330,449
Nil
$806,000 representing Paramount's direct and
stockholder in the combined undistributed earnings
includes
indirect net interest
as a
for the quarter off partially
b Includes approximately
subsidiaries,
$534,343
2,465,900
SO.22
-
-
common
Earnings
a$830,866 b$2,011,000
296,523
323,482
but does
not
owned non-consolidated subsidiaries.
$391,000 of dividends from non-consolidated
include approximately $640,000 representing
Volume
Paramount's
Financial
146
net-interest
as
stockholder in the
a
3027
Chronicle
combined undistributed
WE
earnings for the quarter of partially-owned companies.
It is also before
deducting undistributed profits taxes.
c
Computed on the aggregate of the estimated consolidated earnings of
$2,011,000 and the undistributed earnings of $640,000 referred to above,
the earnings per common share calculated on the same basis would be $1.
a After
applying $800,000 of the inventory reserve provided as of Dec.
28, 1935, and Paramount's net interest as a stockholder in the combined
undistributed earnings for the quarter of partially-owned companies totaled
$480,000.
'r
A.T.T.
1,348 shares of common stock now held
stock accordingly; and to reduce the
represented by the aggregate par value of the shares
which shall then remain outstanding; also to transfer to surplus the amount
of such reduction in capital.—Y. 146, p. 2863.
until tne time of the meeting, and
in the treasury; to reduce the capital
capital to
an amount
1935
1936
1937
1938
3 Mos. End. Mar. 31—
Gross oper. inc. (excl. all
inter-co. & inter-dept.
Peoples Gas Light & Coke Co. (& Subs.)—Earnings-
Net income
$109,193
Net inc. from sales
Ad valorem taxes.
149,266
$64,407
32,190
5,391
$131,134
36,026
5,482
$133,451
42,960
6,309
1,123
41,235
6,411
731
General expenses
419,615
171.840
103
124
30,172
9,170
1,411
43.487
7,300
3,271
40,410
5,614
772
805
$19,620
1,162
$42,306
$37,963
1,766
988
loss$23,400
loss2,906
Int., disc. & other chgs.
$20,781
11,928
$44,072
7,729
$38,951
8,521
loss$26,306
11,750
Net prof. accr. to corp.
$8,854
$36,343
$30,430
loss$38,056
Lease rentals
Intangible devel. costs..
Depreciation
Depletion
395
/ v
32,122
8,014
664
Amort, of undevel. leases
Net operating profit-.
Non-operating income..
Total profit
Consolidated Balance Sheet March 31
1938
Assets—
x
-...
Oil
Mat'Is <fc supplies.
Common stock
48,834
y
51,244
Accounts payable.
and
394.202
386,778
Notes payable.
.
471.422.
477,981
228.380
252,148
— .
8,626
17.109
Pur. oblig. current
119,134
36.220
Long-term debt...
26.799
123,913
222.868
Accrued liabilities.
219,110
158,105
47,757
53,852
accts
leceivable..
.
267,566
Work in process..
Notes
$1,680,000 $1,680,000
1,054,872
1,054,872
Preferred stock...
70,809
36,323
—
1937
1938
Liabilities—
1937
$1,663,352
Property acct—_ $1,861,807
Cash--..-.
—
Deferred charges..
Deposit
contra.
Other
sales
on
—
res.
credits...
1,123,817
—
$2,481,460
$2,712,696
.
epiction
and $4,308,773 in
—V.
146,
p.
1937.
emu
Total..,
ajroorvizaxioii
01
1.282,296
$2,712,996
Deficit
Total..
7,843
•
$2,481,460
»1ptjZoui(oz
in
lyoo
Represented by 198,770 shares, no par value.
y
2381.
Pathe Film
Corp.—New Directors—
Robert R. Young, Gordon W. Wattles and
succeeding F. F. Kolbe, C. B. Wiggin
were reelected.
T. P. Loach,
formerly Secretary and Treasurer, was made Vice-President and Treasurer,
and M
M. Malone was appointed Secretary.
Other officers were reelected.
—V. 146, p. 2704.
At the recent annual meeting
Peerless
Other directors
Net profit.....
Earnings per share
x
$224,165
$0.31
$411,285
$0.57
loss$13,352
Nil
charges, but before Federal income taxes and before
....
After depreciation
1936
1937
1938
x
surtax on undistributed
$699,790
income.—V. 146, p. 1084.
...
..v
Operating income
Other income (net)
751,708
789,572
256,251
778,712
1,083,998
383,345
165,709
$3,621,097
....
Other taxes
Peoria & Eastern
on
unfunded debt
Amortization of debt discount and expense
715,652
....
$3,624,881
1,818,030
$3,672,479
1,815,780
178,173
54,120
033,068
169,988
53,494
03,229
$1,586,597
$1,657,475
Balance of income
Note—No provision is made in this statement for Federal surtax on un¬
distributed profits, if any, for the year 1938.—V. 146, p. 1412.
1938—Month—1937
$3,458,482
1,929,429
218,333
322
200,000
401
$366,888
446,904
$652,116
464,184
$434,897
467,169
$370,234
465,405
5,343
5,281
5,299
$85,438prof$182,588
funded debt
$37,553
$100,496
_
Deficit for year
the Cleveland Cincinnati Chicago
by New York Central RR.)
$2,576,313
2,064,592
$2,767,667
1,980,572
$2,278,646
1,770,215
62,217,744
1,764,443
N et rev. fromry. opers.
$511,721
180,621
$787,094
188,908
$508,431
107,597
$453,300
130,893
$331,100
137,697
65,207
$598,186
136,569
64,169
$400,834
135,536
69,618
$322,395
134,318
62,404
$128,196
38,409
$397,448
38,336
$195,680
33,799
$125,673
36,655
4,005
4,237
Railway tax accruals
13
Uncollectible ry. revs—
Railway oper. income.
Equip, rents net debit. _
debit
Net ry. oper. income.
Miscell. rent income
Miscell. non-oper.
cal property
—
unfunded
from
Income
physi¬
65
3
i
"""656
750
664
842
$167,261
9,502
Miscellaneous rents
$436,600
9,066
$234,152
9,808
1,452
$167,409
11,193
1,345
CY331
Miscell. tax accruals
Int. in unfunded debt—
"""187
143
166
192
Miscell. income charges.
1,526
1,939
1,990
2,147
$156,045
$425,783
$220,736
$152,533
Netincome..
—
Comparative Condensed General Balance Sheet Dec.
1937
Invest,
S
equipment...-.20,716,003 20,647,143
1938—12 Mos—1937
21,170
26,593
Sinking funds
5,000
Fd. debt unmat... 13,760,000
13,760,000
to affll. cos..
Fund,
physical
5,191,473
5,195,413
1,348
1,348
unpaid
18.372
properties .....
in
affiliated
Accrued
Deferred assets...
$1,310,720
$1,423,230 $14,153,906 $13,966,026
1,704
20,827
Operating income.;
Other income (net)
$1,310,720
9,554
$1,421,526 $14,153,906 $13,945,199
.17,461
206,609
262,305
Add.
to
1,147.437
—
1.083,641
Other int. & deductions.
$1,320,274
453,750
50,000
13,675
Int. charged to construe.
Z>r764
$1,438,987 $14,360,515 $14,207,504
453,750
5,445.000
5.447,604
600,000
600.000
50,000
223,623
209,931
16,657
Crl9,293
015,265
Crl,392
Grossincome
....
Int. on mortgage bonds.
Int. on debentures
_
-
$4,264,639
$4,118,691
Balance
...
Total_........27,101,225 26,968,965
Note—No provision has been made
for Federal surtax on undistributed
profits.—V. 146, p. 2865.
income
91,043
1938
$1,695,259
1937
$1,681,052
1936
$1,561,974
1935
$1,446,058
876,403
271,600
3,506
878,840
272,233
8,100
794,465
262,895
803,549
263,464
$601,296
456,714
$598,508
456,714
$531,570
$540,085
327,172
$141,794
$74,856
Net revenue after exps.,
maint., renew. & repi.
expenses and taxes—._
Interest charges
Misc. inc. deductions...
Net income
Dividends paid
Surplus.
-V.
146,
p.
1412.
<
$212,913
1,462.360
..27,101,225
26,968.965
Philadelphia Co. (& Subs.)—Earnings—
Co. (in receivership) and its subsidiaries]
Operating revenues
Operating expenses, maintenance
...
and taxes
$55,275,676 $52,248,637
31,935,634 28,798,159
(before appropriation for
■
$23,340,042 $23,4o0,478
139,645
150,873
_
n
depletion reserves)
retirement and
(net)
Net oper. rev. and other income (before appro¬
priation for retirement and depletion reserves) $23,479,687
Appropriation for retirement & depletion reserves.
7,514,842
Interest charges
1937
1938
Year Ended Feb. 28—
$23,601,3o2
7,194,509
..$15,964,845 $16,406,843
of properties.
—
(net)
and expense
Consolidated Gas Co. of
Amortization of debt discount
Guaranteed dividends on
the City of Pittsburgh pref. capital stock
Appropriation for special reserve
........
Other income deductions
a
G'loo'lon
539,939
?§!H§o
-oI'qa?
o38,864
69,192
69,192
361,678
318,193
;
$7,348,944 $7,826,321
preferred and common stocks held by public and
subsidiary companies and dividends on preferred and
common stock of Philadelphia Co.
Note—The above income account for year ended Feb. 28, 1937, has been
adjusted to reflect $400,590 additional taxes applicable to the period of
x
456,714
91,043
1,506,158
Total.
Gross income
$144,582
3 Mos. End. Mar. 31—
Grossincome...
146,518
(Not incl. Beaver Valley Traction
Rents for lease
Pennsylvania Water & Power Co.—Earnings—
1,649,598
146, p. 1887.
Other income
3,846,543
1,653,998
151,940
income
through
$7,965,234
...
541,542
and surplus
Net operating revenue
$802,085
$919,972
$8,111,185
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
3,846,546
Netincome
1,000
625,068
property
and surplus
Pinking fund res..
Fund, debt retired
—V.
2,242,422
1,000
deprec.—
through
$3,510,459 $38,468,297 $37,234,688
21,153,662
21,686,058
1,877,229
2,115,000
2.628,333
210,000
Net oper. revenues—
Rent for lease of plant -
2,325,133
..
mat.
.....
equipment
de-
equip—
debt
'
18,372
Inv.
prec. of
9,994,200
5,000
Stk. liab. for conv.
1,877
mtgd. prop, sold
&
S
9,994,200
Non-neeotiable dt.
Deposits in lieu of
companies.
1936
$
Liabilities—*•
Capital stock
&
31
1937
1936
$
in road
Deficit....
_
1934
1935
1936
1937
Calendar Years—
26
'
«
5,422
.....
...
Results of Operation (Under Agreement with
& St. Louis RyAgreement Assumed
Retirement
Pennsylvania Power & Light Co.—EarningsOperating revenues-....
Oper. exp., incl. taxes..
Prop, retire, res. approp.
383
Miscell. income charges.
Miscell.
Period End. Jan. 31—
200,000
462
sinking funds-
Sinking funds
$152,533
17,300
$220,735
13,840
200,000
$425,783
25,950
10,380
200,000
Inc. from funded securs.
Inc. from
1934
1935
1936
1937
$156,045
_
Dividend income
$3,503,266
121,615
51.382
on
$2.99
Ry.—Annual Report
Calendar Years—
Income from operation.
Assets—
Interest
664,425
$3.79
$1.05
Miscellaneous income—
$11,128,883 $10,532,479
4,680,508
4,931,542
Provision for retirements...
Federal income taxes
$2,515,673
664,426
Notes—(1) The reservation of net income pending final decision in rate
litigation, snown above, represents the increase in gas revenue resulting
from the application of new and higher rates as or Feb. 5, 1938, after
deducting the portions of the provisions for the Illinois public utility 3%
tax and Federal normal income tax which are applicable to such increased
gas revenue.
Such reservations of net income will be made from month to
month so long as the company is required to impound the increased arr ounts
received as a result of the application of the new rates. The earnings for the
current period are based upon the best information available at this time,
but are subject to change if subsequent information necessitates revision.
(2) The Illinois Commerce Commission has prescribed a new Uuniform
System of Accounts effective Jan. 1, 1938.
The requiren ents of the new
accounts classification
are
sufficiently different from those of the old
classification (which was also prescribed by the Comn ission) to render
impractical the preparation of statements setting out in any substantial
detail comparisons between the operating results of 1938 and those of any
prior period.—V. 146, p. 2056.
1937
1938
12 Months Ended March 31—
Total operating revenues
Maintenance
$1,984,221
664,425
$1.72
securities & accounts.
Pennsylvania Electric Co. (& Subs.)—EarningsOperating expenses..
$1,140,294
664,426
in hands
Jt. facil. rents, net
Corp.—Earnings—
6 Months Ended March 31—
earned
to
ofU'ock
Railway oper. revs
Railway oper. exps..—
Louis Phillips were elected directors,
and Theodore C. Streibert.
$2,515,673
260,543
260,543
of the public
Per share earnings
Int.
def.
&
Shares
$2,244,764
$1,140,294
inc.
net
Gross income
6,769
i'—---
1938—12 Mos.—1937
$40,326,642 $39,163,755
of net inc. trans¬
ferable
$548,165
334,491
$722,589
$788,468
479,392
175,624
$935,855
629,297
197,365
sales & gas. sales taxes)
$960,334
___
of
pending final decision
in rate litigation
Bal.
Cost of goods sold
Direct operating costs.-
Philadelphia
Period End. Mar. 31—
1938—3 Mos.—1937
Total oper. revenue
$10,655,660 $10,630,649
Reservation
(& Subs.)-
Panhandle Producing & Refining Co.
22
1937
15,
stock from June
Phila.
Teletype
1528 Walnut St
Stockholders at their annual meeting on June 21 will consider authorizing
the elimination of such shares of 1st pref. and 2d pref. stocks as shall have
conversion into common
Stock
YARNALL & CO.
Capital—
been surrendered for
IN
Philadelphia Electric Common Stock
...
To Reduce
DEAL
Penna. R. R. Serial 4s, 1948 to 1964
Missouri Public Service 1st 5s, 1960
Phila. & Reading Terminal 6s, 1941
Northern Central Rwy. Guaranteed
Consolidated net income
x
For
dividends
on
minority interest of
Financial
3028
1936 included therein, paid by Duquesne Light
surplus.—V. 146, p. 2706.
Pittsburgh Hotels, Inc.—Earnings—
Co. in 1937 and charged to
[And Subsidiary Pittsburgh Hotels Equipment Co.]
Pere Marquette Ry.—New Directors—
Robert R. Young, Allan P. Kirby and George A. Tomlinson were elected
May 4, directors of the company, two of them succeeding George T. Bishop
and H. F. Lohmeyer, resigned, and the third filling a vacancy. All three
of the new directors are also on the board of Alleghany Corp.—V. 146,
p. 2866.
Earnings for the 3 Months Ended March 31, 1938
Income from room
stock, par $25, payable June 10 to holders of record May 24. This compares
with 10 cents paid on March 10, last; 35 cents paid on Dec. 18, last; 45 cents
Gross operating
were
Manager for 21
years,
Vice-President, at a directors' meeting
head of the company
Pierce-Arrow Motor Corp.—To
as
12, with bidders having the right to enter
Under a new court ruling the service-
2545.
Total income
Fed. and State inc. taxes
Walter H. Wheeler Jr., Vice-President of this company, has been elected
Walter H. Bowes, who has been elected Chairman
President to succeed
of the Board.
Mr. Bowes will continue
as chief executive officer, but will devote more
special promotion work and foreign relations.—V. 145, p. 3981.
1936
Company's freight
Rev. tons 1 mile
38,017,533
12,728,039
1,552,968
(tons)
-
4,769,274
Stone, sand, &c. (tons)
Passengers carried——
Passengers 1 mile
Earns, per ton per mile—
Gorssearnings per mile.-
374,699
1,773,886
45,618,730
1.15 cts.
$98,660
234
Earnings—
FreightPassenger..
Mail, express, &c
Incidental, &c—
— -——
189,662
1,300,505
1,624,307
33,216,879
1.09 cts.
966,862
318,000
Nil
$440,508prf$l,060857
Nil
$0.86
$1.44
investors.
Proceeds
will
be
used
to
redeem
bonds outstanding, and the balance
liquidate current indebtedness.—V. 146, p. 2383.
1st mtge.
32.625,606
871,942
1.00 cts.
Expenses—
Transportation expenses
Gen. & miscell. exps
2,123,911
8,439,308
333,288
7,333,334
1,051,242
2,058,959
7,101,610
318,302
6,728,203
998,534
1,475,991
5,336,148
317,076
5,591,634
937,335
1,294,201
5,205,515
297,276
5,208,455
855,153
Total expenses
—$19,281,083
Per cent. exps. to earns.
(83.58)
Net railway revenue
3,788,621
Railway tax accruals—
Uncollectible ry. rev
1937
$17,205,609 $13,658,184 $12,860,601
(77.49)
(81.19)
(84.40)
4,998,882
3,164,148
2,376,342
1,918,097
2,127,418
1,131,720
807,235
Railway oper. income- $1,870,524
2,262,979
Cr4,327
$2,871,464
1,990,759
Cr33,003
$2,032,428
1,727,757
Cr2,214
$4,137,830
$4,895,227
$3,762,399
$3,304,833
Other Income—
Inc. from lease of road_.
Miscell. rent income
Miscell. non-oper. phys.
1,326
46,750
1,326
47,539
1,326
46,959
1,008
46,389
—
.
68
442
234
426,427
18,541
173,121
149,008
256,062
333,180
35,643
30,73 1
50,281
sink,
4,000
1,286
4,000
982
4,000
4,000
1,282
on misc. oper's.—
Sundry income (net)
195,050
Dr96,601
— _
206,754
368,625
$1,142,075
340,225
Dr207.907
28,345,525
4,467,574
of bonds purch'd
cost
Gross
27,892
54,237
82,006
111,379
loss$421,205
and retired
$646,408
713,033
986,927
41,152
18,891
$560
701,280
1,084,062
$1,385,773
690,027
1,068,091
28,068
—
income
Interest paid, net
Deprec., depl. & amortProv. for Federal taxes
677,469
893,259
28,629
8,342
—
Prov. for Federal surtax.
Loss on sales & demol'n
of property,
43.735
4,755
30,943
97,337
88,961
$2,033,659
$1,144,539
$1,925,854
$489,375
&c
Consolidated net loss.
Portion of net income ap¬
plicable to min. com.
pref. stockholders
222,299
114,111
215,549
271,956
$2,255,958
$1,258,650
$2,141,404
$761,331
and
Ne
loss for the year..
Consolidated Balance Sheet Dec. 3i
1937
Assets—
1937
1936
'
Liabilities—
$
$
Notes pay.—Banks 2,217,500
1936
$
1,905,000
765,853
1,112,236
32,500
32,500
3,540,020
2,936,960
70,873
3,438,039
Accounts payable.
3,041,483
318,077
Acer, wages, taxes,
(not current).—
Sundry claims and
254,920
163,753
receivable
63,709
ree'le
18,539
193,431
18,645
deposit-
734,721
648,964
State unemploy.
equipment, &c_.21,750,844 22,207,763
Leaseholds, net of
86,240
amortization
85,080
Federal, &c., taxes
Unearned
income-
30,314
22,298
Contract.
obliga's
137,500
157,500
177,663
210,065
U. 8. Govt, secure.
Equip,
receivable.
—
—
Notes
rec.,
Accrued
on
b Land,
299,581
3,242,019
&c
386,082
2,650,553
1,526,534
1,585,992
1,382,949
1,182,685
2,417,397
—
1,589,404
Accrued rental and
cust're
int.
notes.—
Others
Notes and accts.
Inventories
Invest,
853
185,273
$547,713 loss$157,234
205,398
264,968
Drl60,940
M89.181
159,737
loss $547,546
Profit
accts.
and
other reserve funds—
Miscellaneous income—-
26,744,940
4,302,366
Excess of par value over
secure.
& accounts
25,548,692
4,369,921
1,215,799
& accts. receivable—
Investments
345
3,847,808
taxes)
income
a
360,518
45,644
1934
Prov. for doubtful notes
Cash
26,029
property
Dividend income—Inc. from fund, secure—
depl. & amort.). 26,227,181
prec.,
Sell., gen. & admin, exps.
Taxes (other than Fed'l
$1,566,646
1,766,714
28,527
Net ry. oper. income.
Year
1935
Cost of sales (excl. of de¬
2,460
Equip, rents, net creditJt. facil. rents net debit-
1936
—$30,902,978 $30,651,600 $31,096,826 $34,323,799
Sales, net
Profit
$16,822,332 $15,236,943
Subs.)—Earnings—
Consolidated Income Account for Calendar
865,204
1,314.837
xl935
1934
1937
1936
$21,648,673 $20,883,721 $15,917,865 $14,184,311
687,362
537,246
723,967
561,715
371,956
334,856
297,307
294,513
69,914
361,713
261,945
196,403
Maint. of way & struct..
Maint. of equipment—.
Traffic expenses
Pittston Co. (&
Calendar Years
Total oper. re venue.-$23,069,704 $22,204,490
from
354,900
par)
2219.
539,389
1,424,597,634
27,332,366
29,718,060
12,172,169
11,231,588
443,266
586,580
2,671,714
1,422,695
35,666,742
12,800,017
1,080,076
3,513,506
352,808
1,960,541
49,720,681
1.17 cts.
894,960
Income Account for
Income
$2,696,379
350,660
Pittsf ield (Mass.) Coal Gas Co .—Notes Placed Privately—
Company has been authorized by the Massachusetts De¬
partment of Public Utilities to issue $500,000 10-year 4%
coupon notes.
The issue has been placed privately with
20,801,691
Iron ore (tons)—
Inc. from unfund.
$969,118
322,874
1,084,855
1,897
234
31,991,596
29,661,627
22,909,797
826,336
759,757
600,331
——1,888,597,467 1,780,680,258 1,462,918,940
$1,061,689
113,840
336,106
122,000
shs. com. stk. (no
to
1934
234
234
Company freight I mile..
Bituminous coal (tons)—
Coke
*1935
$2,521,695
174,684
$277,230 prof$489,743
Net loss
$462,000
Operating Statistics for Calendar Years
$818,624
150,494
Earns, per sh. on
institutional
Pittsburgh & Lake Erie RR.—Annual Report—
$993,211
68,478
$185,549
104,729
359,350
Cr 1,300
—
Deprec. and depletion. _
—V. 146, p.
Pitney Bowes Postage Meter Co.—New President, &c.—
1937
$43,864
$155,405
30,144
Balance
Other income
Interest and discount—
Be Auctioned May 12—
J>arts department mayhave the rightlot and the rest of the assets in another
ot.
Bidders would
be sold in one to enter prices covering both lots.
Miles operated...Tons (rev.) freight--
66,152
—
1938—3 Mos.—1937
1938—9}Mos.—1937
$4,783,606 $10,448,386 $17,894,754 $26,173,500
4,628,201
9,455,175 17,076,130 23,651,805
Costs and expenses——
General Man¬
An auction sale of assets of this defunct corporation will be held in U. S.
time to
74,363
—
129.
Net sales-.-.
prices on three optional sales plans.
—V. 146, p.
—
—
Period End. Mar. 31—
turned the
ager and senior officer. Stockholders elected G. P. Dimit, A. M. Hughes,
F. E. Rice and M. P. Youker to the board of directors and reelected all
other directors.—V. 146, p. 2866.
District Court at Buffalo May
$107,900
11,250
_
—-
bonds.—
Pittsburgh Steel Co .—Earnings—
Phillips Petroleum Co.-—New President, &c.—
Presidency over to K. S. Adams,
held April 27, but remained at the
and depreciation.-----
-
-V. 145, P.
1888.
Frank Phillips, President and General
— _
5% mortgage cumulative income
Provision for depreciation
Net loss
$181,121
73,221
-
—
First mortgage loan
Interest;
In addition, an extra dividend of 25 cents was
distributed.
profit
Taxes and building insurance.
Said on 10, 1937; and on June regular quarterly dividends 35 cents paid per
larch
Sept. 10 previously, 10, 1937 and a dividend of of 25 cents on
paid on Dec. 15,1936.—V. 146, p.
$943,735
762,613
rentals, restaurant sales, privileges, &c
& other operating expenses——
Cost of sales, salaries & wages
Profit before interest
Phelps Dodge Corp .—To Pay 15-Cent Dividend—
The directors have declared a dividend of 15 cents per share on the capital
share
May 7, 1938
Chronicle
royalties
...
Contract liabilities
20,000
20,000
201,091
181,230
94,059
100,383
39,271
Prov. for cl'ms pay.
60,355
Prov. for Federal &
insurance
buildings,
Total other income—.
$485,899
$534,527
$406,440
—.
4,623,728
5,429,754
4,168,839
$692,437
3,997,270
46,427
4,646
3,036
503,063
27,026
123,800
15,796
3,092
669,019
26,798
91,093
32,422
170,117
598,701
31,132
223,865
52,237
415,097
348,653
36,256
$584,198
4,039,530
$838,505
4,591,249
$923,465
3,245,374
$1,076,108
2,921,162
&^c^itvra3ocl)5'829'637(5H)2375'037 C7)3-022'775 <S)2-159-125
1st mtge. and deb.
^
Grossxncome
Deductions™
Rents for leased roads-.
on funded debt.
Int. in unfunded debt—
-
Int.
Total deductions
Netincome
outstanding (par $50).
Earns, per sh.
on ca.
Notes payable (not
of anthracite coal
Prepaid
exps.
current)
for
1
properties......
Prov.
and
391,147
217,847
670.596
8,487,999
8,487,984
stk.
863,650
$4.68
863,650
$5.32
Note
Dividends from 1934 to and incl. 1937,
lated
surplus.
x Figures restated for
purposes of comparison.
863,650
Goodwill
exps.
217,847
charged to
'I38
Road & equipm't 82,194,725
Inv. in affll. cos.;
Stocks
8,076,077
300,000
Advances
14,506,438
Other investm'ts
12,793
Misc. phys. prop
1,644,840
Cash..
2,280,565
73,227,383
5,175,468
Time drafts and
deposits
-
Traffic bals.
Misc.
rec.
accounts.
1,449,479
Accrd.
interest,
divs., &c
Oth.
curr. assets
Deferred assets-
UnadJ. debitsSpecial depositsAgents «fccondre.
Mat'l & supplies
Total
1937
1M7
$
Liabilities—
1,667
1,748
219,375
395,250
147,488
143,790
2,727,465
1,666
3,210
491,702
383,616
256,941
2,134,593
114,834,236 114,499,839
-V. 146. P. 2866.
Total
285
285
1,442,109
223,000
cos
61,685
61,689
509,783
2,028,429
Traffic bals. pay
Taxes accrued-
860,736
25
419,096
65,973
...
Def. credit items
Deprec. (equip.) 22,727,877
Accrued deprec.
equip.P.McK.
&Y.RR
& cas'lty res
Unadjusted accts
4,631,746
142,361
571,251
2,428,555
25
908,599
70,484
6,562,093
16,126,500
Common stock. .16,126,500
5,856,758
732,543
5,856,758
732,543
8,178,739
Income & surp.
.
2,895,854
a
c
..39,351,015 40,637,562
After reserve for
1936.
Total
surplus..
39,351,015 40,637,562
uncollectibles of $807,346 in 1937 and $954,792 in
b After depreciation of $7,793,282 in 1937 and $7,717,712 in 1936.
Represented by 1,075,100 no par shares.
New Directors Elected—
Henry J. Connelly, operating Vice-President of Pittston Co., and W. E.
President of Second National Bank of Wilkes-Barre, Pa., were
elected directors of Pittston Co. at the annual meeting held May 4 in
Dunmore, Pa. They succeed John P. Murphy and Alva Bradley.
D. S. Barrett Jr., Michael Gallagher, Harvey D. Gibson, R. S. Marshall,
C. R. Nash and L. L. White were reelectec to the board.—V. 145, p. 3356.
Lewis,
18,069,185
Power Securities
5,440,381
127,596
841,283
thru
Profit and loss.. 36,487,643
Total
6,730,288
stkhldre. in sub.
c
43,182,500
Non-negot. debt
Additions
7,408,302
Equity of minority
accumu¬
1,109,728
Accts. & wages.
1,442,189 Ins.
181,738
6,860,078
bondsr
1S36
Funded debt
3,613,114 Miscellaneous
584,599
821,835
Deficit from oper. 10,746,913
Interest matured
313,000
632,675
1,236,340
739,886
226,578
(not
current)
Approp.
Capital stock... 43,182,500
toaffil.
363,612
Accrued liab.
Paid-in surplus.—
Prem.onstk.sold
8,076,127
300,000
15,702,115
12,793
1,644,840
770,829
181,445
pay.
..
863,650
$3.38
$$.76
were
Organization
798,515
Equip, notes due
(non-current)
deferred charges
General Balance Sheet Dec. 31
Notes
—
claims
(not curr.).
Real estate mtges.
Inc. transf. to other cos.
Other miscell. charges..
_
(not current)...
Rights under lease
2,895,854
37,947,556
114,834,236 114,499,839
Corp.—Bonds Called—
The Bankers Trust Co., as trustee for collateral trust bonds, American
6% series, announced that it will redeem on June 1, 1938, at 101 and
accrued interest, $24,300 principal amount of these bonds. Many of the
bonds have been called for redemption in part only and holders of such
bonds will be entitled to receive, upon presentation and surrender thereof,
new collateral trust bonds, American 6% series, in the denomination of
$100 each, of an aggregate principal amount equal to the unredeemed
portion of their present bonds.
All called bonds should be surrendered to Bankers Trust Co., New York,
on and after June 1.—V. 146, p. 2219.
Volume
Financial
146
Portland Gas & Coke
$3,340,460
2,353,829
256,250
$50,950
Dr340
$729,288
Dr3,979
$730,381
Dr425
$60,425
Gross income
Int. on mortgage bonds.
Other int. & deductions
$50,610
40,604
4,294
$725,309
487,250
49,802
$725,973
40,604
4,370
Cr375
.
Int. charged to constr..
x
1938—12 Mos.—1937
$3,385,973
2,381,685
275,000
$60,850
Net oper. revenues
Other income (net)
Dr4,408
487.250
51,386
Cr502
$188,759
$187,337
430,167
Net income
$15,826
$5,712
Dividends applicable to preferred stocks for the
$242,830
x
Dividends accumulated and unpaid to March 31, 1938 amounted to
$1,800,339.
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
$241,408
these stocks are cumulative.
on
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended March 31, 1938 and 1937.—V. 146, p. 2866.
Portland General Electric Co.
(& Subs.)—Earnings—
$2,469,381
664,840
a$2,513,576
717,299
149,142
201,307
108,182
209,551
415,023
Thist
Co., as reorganization trustee, has
depreciation
General taxes
shares of
of movie
features and shorts, for a consideration of $72,830.
Irving Trust Co. as
trustee for R-K-O, holds the remaining 50,000 class A and 500 class B
shares outstanding and desires to consolidate its position during the liquida¬
tion of Van Buren Corp., which began early in 1937.
The petition states
an
agreement has been made with Condor Pictures, Inci, undergoing
reorganization in California, which controls the Van Buren stock through
Schuyler Securities Corp., for the sale if the court approved the application.
Reorganization Hearing May 16—
hearing on
until May
Federal Judge William Bondy recently adjourned a scheduled
the proposed modified plan of reorganization for the corporation
16, 1938.—V. 146,
2866.
p.
Radiomarine
-Earnings-
Corp. of America
Period End. Mar. 31—
Tel. & cable oper. rdvs..
Total tel. & cable oper.
1938—3 Mos. —1937
1938—Month- -1937
$106,234
$95,361
$312,815
$267,673
76,988
69,623
227,457
203,593
$29,246
$25,738
$85,358
$64,080
expenses
Net tel. & cable oper.
revenues
250
300
750
5,474
18,766
13,529
$22,422
$20,014
$66,292
$49,801
119
385
487
920
$20,399
$66,779
$50,722
191
554
$22,350
Operating income
Non-operating income.
100
6,723
$22,541
Uncoil, oper. revenues.
Taxes assign, to opers
$20,399
$66,224
_
_
Gross income
Deduc'ns from gross inc.
Net income
$1,039,069
$1,098,264
Dr931
$1,038,138
$1,088,790
590,404
69,002
627,962
54,647
$406,181
$50,722
aDr9,473
.*""$378,731
Net earnings
petitioned in Federal
380,279
Maintenance
Provision for
1937
1938
3 Months Ended March 31—
Gross operating revenues
Operation..
The Irving
Court for permission to purchase 50,000 class A and 2,200 class B
stock of Van Buren Corp., formerly engaged in the production
430,167
period, whether paid or unpaid..
Balance deficit
Stock—
Radio-Kevth-Orpheum Corp.—Would Purchase
Co.—Earnings—
1938—Month—1937
$291,743
$273,646
207,976
199,779
22,917
22,917
Period. End. Mar. 31—
Operating revenues
Oper.exps.,incl.taxes.Prop, retire, res. approp.
3029
Chronicle
from operations
Other miscell. income (net)
—V. 146, p. 2219.
Railway Express Agency, Inc.—Earnings—
Total net earnings
on funded debt (incl. int. on collateral notes)
Int.
_
_
Sundry income deductions......
Net income
a For comparative purposes the net loss from merchandise and jobbing
operations in the amount of $9,146 has been reclassified from gross operating
to other miscellaneous income—net.
,v
shown hereinabove for the 3-month periods ended
31, 1938 and March 31, 1937, are exclusive of any provision for
Federal surtax on undistributed profits.—V. 146, p. 2546—V. 145, p. 3507.
revenues
.
Period Ended Feb. 28—
1938—Mont/^-1937
1938—2 Mos.—1937
Charges for Transports.$10,934,756 $11,718,611 $21,557,028 $23,057,408
Other revenues & income
189,381
200,947
390,027
396,067
$23,453,475
15,594,404
845,698
Total revs. & income_$ll,124,137 $11,919,558 $21,947,055
Operating expenses.....
/,686,965
7,791,764
15,450,508
Express taxes
495,089
422,944
1,004,572
Interest and .discount
on
—V.
266,227
13,115
p.
Rail transports rev.
$2,719,737
$3,564,917
$5,111,587
$6,734,031
Payments
Co.
of
$336,081
Hampshire—To Sell Bonds
New
Privately—
f
Company, a subsidiary in the registered holding system of New England
Public Service Co., has filed with the Securities and Exchange Commission
application (File 32-87) for exemption from the requirements for filing
declaration with respect to the issuance and sale of $750,000 1st mtge.
an
3%% bonds, series C, due 1960, to the Northwestern Mutual Life Insur¬
ance Co of Milwaukee, Wis., at 103%, and to issue 4,000 shares
of com¬
mon stock to New England Public Service Co. at $50 a share in payment
of an advance made to the applicant. Of the proceeds of the bonds, $475,000
will be used to pay bank loans and the balance for corporate purposes.
—V.
146,
Public Service Co. of Northern Illinois-
Earnings—
1938
1937
$7,893,808
$8,089,556
2,620,749
109,795
28,363
3 Months Ended March 31—
Operating revenues—Electric
2,568,578
Gas..
Heating
>
...
109,821
29,828
Water
other
and
Reo Motor Car Co.—Directorate
Changed-—
sought through a proxy battle
not only failed of his purpose at
but was not reelected a director.
His place on the board was filled by Earl W.
Mr. Loeb did not
Goodnow.
attend the meeting.
Board vacancies caused by the recent resignations of Frank Vanderlip Jr .
and Charles G. Sinclair, New York City, whose support Mr. Loeb had
claimed,
were
not
filled,
pending the next directors' meeting.
be left unfilled, thus reducing
believed probable the places would
of the board.—V. 146, p. 2384.
It was
the size
Reynolds Spring Co .—Balance Sheet Dec. 31—
a
Commonstock—$1,34.9,113 $1,349,113
,415,992 $1,954,170
Accounts payable.
474,751
324,730
1
IJ nclaimed divs...
164
Notes payable
equip¬
S
ment, &c
Pats. &
1
goodwill..
166,504
176,484
Cash....
Taxes
guaranty
150,000
150,000
3,632
801,382
Inventories
assets
payable
bSOO.OOO
403,462
74,010
69,509
4,800
739,252
737,637
Note payable
Mortgage
535,370
...
Other
178,115
C250.000
416,963
Res. for workmen's
6,693
638,548
accruedint
79,010
37,445
Federal
Res. for conting..
6,260
473,945
Sundry note rec. &
.
for
income taxes
of life insur
.
56,952
Prov.
Cash surrender val.
Accts. receivable.
taxes,
23*.466
int., ,'
&c
as
599~ 6 43
29,699
payable
Acer,
of pay. of Judg¬
Dep.
1936
1937
Liabilities—
1936
1937
buildings,
machry.,
ment..........
.
146,
William Loeb Jr., New York City, who
'
.$10,602,036 $10,848,463
Total operating revenue
840,076
857,317
Operation—Power purchased—from affiliated cos
19,548
10,093
From others
1,145,697
1,014,951
Gas purchased
3,185,287
3,213,125
Other operation
525,590
541,995
Maintenance
760,584
957,587
Provisions for taxes—State, local & miscell. Fed.
311,500
219,100
Federal income
^
108,800
51,300
Federal surtax on undistributed income
1,000,000
1,060,000
Provision for deprec. and amort, of intangibles...
privileges.—V.
carriers—express
to revamp management of the company,
the recent annual stockholders' meeting,
Land,
•
rail
Assets—
2706.
p.
to
2219.
146, p. 2546.
Public Service
a
267,826
112,562
x
31, 1938
Earnings for 3 Months Ended March
Net loss after depreciation, interest, taxes, &c
133,092
6,841
Other
Co., Inc.—Earnings-—
v
133,890
88,456
x
Pressed Steel Car
deductions......
funded debt
Note—The figures
March
com
pensation
Surplus
and
..
.
.
2,400
2,000
Investments.
.
.
Deferred charges..
92,788
126,455
.
$2,676,566
110,980
Gross income
Interest
on
funded uebt
Interest
on
Interest
on
payable to affiliated companies
unfunded debt
notes
$2,951,380
97,305
$2,787,546
1,291,766
Net operating income
Other income
$3,048,685
1,322,232
26,750
13,684
109,921
201,906
5,193
98,741
CY4.848
_
Amortization of debt discount and expense
Interest charged to
construction
;
...$3,994,379 $3,705,847
Total
loan,
c
Non-current.
The earnings for
$1,194,788
Net income
Earnings
per
$1,79
share on common stock
$1,576,097
$1.97
Stock—
New
Puget Sound Power & Light Co. (&
'
12 Months Ended March 31—
Subs.)—Earnings
1937
1938
Operating revenues
$16,483,025
x Balance after operation,
maintenance & taxes..
7,021,482
$15,557,015
1,682,993
1,709,846
y
Balance for dividends and surplus
x
...
Includes non-operating income, net.
ment
y
7,062,923
After appropriation for retire¬
reserve.-—V. 146, P. 2706.
Quaker State Oil Refining Corp.—No Dividend
Action
29 took no action on the payment
of the dividend ordinarily due June 15 on the company's common stock,
Directors at their meeting held April
$10.
A regular quarterly dividend of 25 cents per share was
March 15, last.
A year end dividend of 15 cents per share was
Dec. 24, last.—V. 146, p. 2384.
par
Radio Corp. of
paid on
paid on
Ritz Carlton Restaurant &
1935
$20,920,341
345,448
$22,630,568 $25,109,349 $22,542,319
$21,265,789
Other income.
Circuit Court of Appeals at Philadelphia on May 3 threw
reorganization plan of the company on the ground that it was not
bondholders.
The plan was approved by Federal
Judge J. Boyd Avis in Camden, N. J., several months ago.
Judge Joseph
Buffington in his Circuit Court decision returned the case to Judge Avis
with orders to dismiss the reorganization petition.
Minority bondholders
had charged that the plan would cut 50% off their investments and would
make William Malamut, the present operator of the property, the ultimate
owner on a comparatively small investment.—V.
142, p. 1483.
The Federal
sell.
&
ad-
Rochester & Lake Ontario Water Service Corp.—
12 Mos.End.Mar. 31—
19,810,021 : 21,605,583
68.462
73,703
20,148,651
v
53,955
18,355,114
128,494
872,384
150,000
709,106
150,000
730,422
150,000
753,556
150,000
291,900
327,900
172,600
260,600
$1,437,801
$2,243,057
$1,286,691
$1,618,025
806,093
x806,093
431,148
4,950,740
ministrative expenses.
Depreciation
Amortiz. of patents
Prov. for Fed. inc. taxes.
Net income
pref div
Preferred A dividends
—_—
comparable basis with 1938 figure.
Note—The above figures do not include provision for
undistributed profit..—V. 146, p. 2384.
x
On
1938
$498,016
180,286
390
Rate case expense
Other
regulatory commissin expense— —
General exp. transferred
to construction
Prov. for uncoil, accts..
1937
1936
1935
$538,355
189,270
15,116
$509,936
175,451
22,041
$525,167
171,168
7,670
5,815
1,994
2,333
Cr4,017
Cr4,684
Crl,403
1,250
•
720
865
28,425
61,864
10,113
4,559
36,880
61,165
2,686
2,479
23.104
$209,860
115
$232,584
$230,066
141
279
funded debt...—
$209,975
103,630
$232,725
109,583
Miscellaneous interest-_
84
..j
Corporate taxes
a
Federal surtax on
52,673
2,544
1,875
2,590
Cr4,586
2,250
19,933
45,795
2,621
1,248
Net earns, before prov.
for retirements & reincome tax
Other income
Gross corp. income
-
Interest.'.
Conv. 1st
first-mortgage
placem'ts & Federal
Cost of sales, gen. oper.,
develop.,
to
Operating revenues
General operation
Total income from all
sources
Hotel Co., Atlantic City,
out the
fair
Real property taxes
Excise taxes
1937
1936
$24,931,110 $22,260,311
151,399
178,239
282,008
3 Mos. End. Mar. 31—
1938
Gross income from oper.$22,479,169
of March
J.—Reorganization Plan Rejected—
Maintenance
America (& Subs.)—Earnings—
■
the calendar year were published in our issue
26, page 2059.
N.
Commerce Commis¬
and without classifi¬
cation to be exchanged for the company's presently outstanding $60 par
value and no par value common stocks on a share-for-share basis.
As all
of the company's preferred stock has been retired the change when carried
through will leave it with but one class of stock.—V. 146, p. 2384.
This company has filed application with the Illinois
sion for authority to issue new shares of no par value
$3,994,379 $3,705,847
Total
(148,566 in 1935) shares, $1 par, less 7,132
(3,566 in 1935) shares held in treasury,
b On Nov. 12, 1937 the company
borrowed $500,000 on its demand note from an unaffiliated company with
which it transacts business.
A supplemental agreement under same date
provides for repayment of this loan in quarterly installments of $50,000
each commencing April 26, 1938.
The granting of this method of repay¬
ment, however, specifically does not prejudice the right of the holder to
demand payment at any time of the full amount of principal due on the
Represented by 297,132
a
Int.
on
Amortiz. of debt discount
and expense
Prov. for retire. & replace
24,092
Crl39
25,137
Prov. for Fed. inc. tax..
xl,953
Int. charged to construct
$230,345'
60
51
27,606
29,143
29,163
.
Cr204
Crl
Cr829
25,420
x6,384
25,420
6,530
25,420
11,536
1,031
1,363
1,362
3,082
$54,185
prior yrs
Net income
x
415
$276,889
116,841
1,535
114,979
Prov. for int. on Federal
income tax of
$276,474
$62,513
$52,864
$90,140
Includes surtax on undistributed profits.
/
3030
Financial
Chronicle
May
Balance Sheet March 31
Assets—
Plant,
1938
Liabilities—
1937
&c. 15,300,938 $5,273,413
Service
working funds..
5,922
46,402
Accts. and notes
receivable
disc.
268,140
237,700
6,400
9,910
48,810
53,231
current accts...
131
158
20,429
Accrued liabilities.
38,984
67,446
26,192
Consumers' depos.
Extension deposits
11,527
24.342
Reserves
& cxp.
Prepd. accts. defd,
37,819
50,000
charges and un¬
9,710
11,232
1 ,185,500
1,185.500
Capital surplus.
Earned surplus...
592,393
592,393
692,097
633,634
z
.....$5,423,879 $5,455,242
Total.....
$5,423,879 $5,455,242
of $4,050 in
1938 and $4,426 in 1937.
y Represented
by 2,000 no-par sharesz Representing surplus arising from appraisals
of properties, less deficit at reorganization.—V. 146, p. 1257.
x
reserves
Antelope Copper Mines, Ltd.—Earnings1938
1937
1936
1935
£733,000
£1,080,500
£449,500
£454,272
Oper. exps., incl. London
& Mine admin, charges
399,000
395,500
253,500
325,608
22,500
50,000
20,000
50,000
22,923
37,500
Prov. for deb. stock int.
& prem. on redempt'n
Reserve for deprec'n—_
Operating Revenues—
37,500
Freight
Passenger....
Express
Switching.....
£136,000
Period End. Mar. 31—
1938—Month—1937
$425,118
$412,038
revenues.....
440
1938—3 Mos.—1937
$411,598
$424,447
310,229
...
$1,208,359
850,730
299,439
Operating taxes
$114,218
56,121
$112,159
40,320
$363,201
168,311
$71,839
45,967
$194,890
121,566
$237,754
163,629
Net operating income.
Net income...
7,797,342
& Coke Co. for the protection of itself and all creditors
through continued
operation of the railroad.
The answer to the complaint, signed by counsel
for the railroad, admitted the allegations in the bill and joined in the
request
for the receivership.
earnings for the first three months were
$674,000, or $185,465 less than in the first quarter of 1937, and insuf¬
ficient for operating charges alone.
Taxes amounting to $63,000 were
due to the State on April 1.—V. 146, p. 2868.
St.
136,609
$4,524,752
$5,938,024
a3,312,453
b3,713,420
Cr310,195
229,303
Cr 118",86 5
Joint facil. rents (net)..
300,742
2,865,335
6,432
109,608
282,328
3,076,039
13,224
423,270
249,857
Net ry. oper. income.
$4,793,030
$5,116,889
$1,261,049
$2,175,634
127,969
51,813
2,322
126,103
3,259
142,294
20,233
134,705
158,843
26,862
261,001
$4,975,135
$5,269,960
$1,558,281
$2,622,340
48,967
8,826
6,280
53,369
10,411
9,009,
56,723
10,250
55,028
8,080
6,869
$4,911,062
12,841,172
$5,197,171
12,919,898
$1,476,347
13,036,363
$2,552,363
13,190,671
$7,930,109
$7,722,727 $11,560,016 $10,638,308
.
_.
(net)
Income—
Rentals
Interest and dividends..
Gross income
Rentals
-
Miscell. tax accruals
gross
Bal. avail, for interest
Int.
on
fixed chg.oblig..
Deficit
Includes $1,292,383 accruals for Federal RR. Retirement Act of 1937,
Unemployment Acts; also credit of $720,100 account
of cancellation of 1936 accruals for the Retirement Act of 1935.
b Includes
$981,016 accruals for Federal RR. Retirement Act of 1935 and Federal
and State Unemployment Acts,
c Includes charges of $138,781 for levee
district assessments applicable to prior years and $241,802 for expenses
resulting from flood damage,
d Includes credit of $363,123 covering ad¬
justment of amount charged in 1934 in respect of contributions under
Railroad Reitrement Act, which was held unconstitutional by the Supreme
Court of the United States.
Consolidated General Balance Sheet Dec. 31
Exchange Commission announced April 28 that it has
granting the application of the company to withdraw its
stock (par $1) from listing and registration on the New York Curb
Exchange.
In its application, the company stated that delisting was
sought, among other things, because most of the trading in this security
takes place on the Toronto Stock
Exchange.—Y. 146, p. 608.
1937
shares
at
this
time.
Feb. 15 last.—V.
on
146,
on
p.
1566.
$
65,543,226
Road.......337 418.698 343,707,038
Equipment... 89 ,033,407
89,738.521
Dep. in lieu of
Pref. ser. A stk.
900
5)00
49,157,400
49,157,400
Directors failed to take any action regarding the
payment of a dividend
on
company's capital stock.
A dividends of 5 ) cents was paid
on Feb. 1, last, and dividends of
$1.5 • per share were paid on Nov. 2, last,
and each three months
previously.
In addition, an extra dividend of
per snare was paid
on
Dec.
18,
1936.—V.
Savannah Electric & Power
146, p.
1087.
Operating
x
y
revenues
.
x
Includes non-operating
income, net.
ment reserve.
y
RFC
7,827,141
49,028
395,883
1,035,335
1,863
Int. A divs.
350,753
509,051
payable
2,652,826
3,357,251
Misc. accts. pay.
681.393
111,782
63,793,532
wages
.
Divs.mat'd unpd
609,430
642,627
1 ,259,018
1,411,301
4,292 771
5 .813,381
rec.
5.708
11,187
229,438
1 .304,564
tured
unapid.
Unmatured
3,681
10,499
,
153,173
52.266,257
13.565
13,589
42,375,720
44,288,770
2,150,744
2,178,053
Funded debt ma¬
int.
accrued......
Oth.
liabil.
388.631
2.39,625
Deferred liabils.
199,470
182,021
1,235,067
Unadj. credits..
48,5 04,639
48,094,282
1,884.039
1,959,158
invested..,.,
233.455
(def.) 68,932,852
curr,
54,470,779
1937
$2,203,211
982,017
352,776
pay
Int.. mat'd unpd.
858,733
assets
Oth.
5,136,863
balances
fr.
agts. & conduc
Misc. accts. rec.;
Mat'is & suppl's
3,321,653
Audited accts. &
car serv.
rec.
5,190,000
3,307,432
5,136.864
Traf. & car serv.
49,028
Special deposits
Loans & bills rec.
Traf. &
5,190,000
RR.Cred.Corp
Bank loans...
11,538,608
curr.
Add'n
1938
Balance after operation, maintenance and taxes.
Balance for dividends and surplus,..........
1 409,906
137,894
236,406,596
Notes pay., sec.:
Time drafts and
Unadj. debits..
Co.—Earnings—
12 Months Ended March 31—
632,945
1.339,532
525.666
Long-term debt.234,547.596
62,882
677,903
Other investm'ts 11 531,385
Cash.-.'....-.V '• 6 ,277,579
.
_
construction..
828,168
Deferred assets.
$2
Preferred stock
65,543,226
Grants in aid of
prop.
sold
Misc. phys.prop.
Inv. in affil. cos.
balances rec..
at this time
$
stock.
Net bal.
Sagamore Mfg. Co.—No Dividend—
1936
■
Common
deposits.....
the payment of a dividend on the common
initial dividend of 25 cents per share was paid
An
1937
Liabilities—
Inv. inrd. &eq.:
rnfged.
Saco-Lowell Shoos—No Common Dividends—
action
1936
Assets—
Joseph Lead Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents
per share on the common
stock, par $50, payable June 20 to holders of record June 10.
Like amount
was paid on March
21, 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 21, 1937.—V. 146,
p. 1565.
no
14,961
a
order
Directors took
23.709
and Federal and State
common
St.
dl,656,263
Operating Charges—
Anthony Gold Mine*, Ltd.—Delisting—
an
c7,963,689
7,303,565
3,206,979
1,333,942
16,319,547
259,324
$9,012,185
The Securities and
Issued
1,327,182
723,004
1,166,455
581,493
$8,024,592
RR.—Receiver Named—
that
7,623,113
8,355,928
3,169,316
1,468,595
18,274,160
356,658
2,050,747
127,734
....
Miscell. income charges.
Judge Harland B, Howe in the Federal Court at Burlington, Vt.. on
May 5 appointed George E. L. French of Rutland as receiver for the road.
He also granted an injunction preventing creditors from
interfering with
operation of the line.
The action followed a bill of complaint filed
by the New England Coal
The bill sets forth
1,311,552
659,099
1,297,978
647.057
Deductions from Inc.—
—V. 146, p. 2547, 2384.
Rutland
129.03
$50,182,968 $42,431,454 $41,851,794
-
$357,629
119,875
$58,097
33,445
;...
1.98 cts.
130.72
sps—
Miscellaneous
Net oper. revenues...
1.93 cts.
Years Ended Dec. 31
7.311,139
6,698,970
3,176,474
1,246,650
15,184,916
221,911
2,280,643
206,933
$1,209,703
1,344
$1,268,941
905,740
396.20
1,063,544
980,119
139,026,802 126,462,089
1,358,271
789,569
1,470,026
814,463
8,452,225
3,102,963
Traffic---1,484,892
Transportation
20,077,113
Miscellaneous operations
410,214
General
2,096,133
Transp. for invest—Cr._
226,537
Non-Over
Operating revenues
Operating expenses—_.
1,424,416
807,271
1,345,208
947,732
Maint. of equipment-..
Maint. of equip.—depr.
Hire of equip,
$1,271,026
2,085
401.20
1,370,491
180,800,317
1.91 cts.
131.92
Total oper. revenues. .$51,218,937.
Railway tax accruals...
Uncoil, oper. rev.671
235.76
1.09 cts.
429.30
1935
1934
1937
1936
$42,909,254 $42,298,701 $35,837,011 $35,555,780
2,678,757
3,785,055
3,451,938
2,497,880
Other oper. revenues
£68,241
Telephone Corp.—Earnings—
236.25
1.06 cts.
243.39
1.00 cts.
427.50
1,418,115
138.99
....
Uncollectible ry. revs.
Rochester
Operating
£615,000
,
Mail...
Net oper. revenue
£284,000
14,054,112
3180203135
226.28
1.12 cts.
Consolidated Income Account for
Estimated profit, sub¬
ject to taxation.
—V. 146, p. 765.
13,981,609
3296262944
Maint. of way &struc_.
3 Mos. End. Mar. 31—
Gross revenue.......v.
1934
16,888,918
3990068305
Aver, miles per passenger
Oncrntinei fW-nen
Roan
1935
1936
17,625,909
Rev, passenger miles...197,098,596
Rev. per passenger mile.
1.92 cts.
50,000
Common stock..
1938
7,
Years
4289971257
Average miles per ton...
Rev. per ton mile
Rev. tons per train mile.
Rev. passengers carried.
539,140
y
adjusted debits.
After
1,541
2,123
41,499
546,611
Paid-in surplus...
in proc. of amort
Total
Corp...
Accounts payable-
21,440
25,530
.
1937
Rev. frt. handled (tons).
Revenue ton miles
Due to parent co—
Accrd, unbilled rev
Mat'Is «& supplies.
Debt
1937
$2 ,000,000 $2,100,000
Due to N.Y.Water
Cash In banks and
*
1938
Funded debt
property,
equipment,
Traffic Statistics for Calendar
$2,012,022
951,461
352,458
to
5188,055
prop,
thru income &
surplus
Approp.
not
After appropriation for retire-
surplus
specifically
Prof.&loss
244,472
Te riders—The
May
Merchants
National
19, receive bids
for
Bank
of
Boston
Total.......457,535,389 464,657,885
will
until
12
o
clock noon,
St. Louis-San Francisco
Ry.—Annual
Total operating revenues
increase of $1,035,968, or
issued this week
of the
2.1%,
Report—
Frisco last year were $51,218,937, an
1936, it is shown in the annual report
over
by J. M. Kuril
and John G.
Lonsdale, trustees.
an increase of $2,023,562, or 4.9% over 1936.
This left a net revenue of
$8,024,592, which
represented a decrease of $987,594. or
11% from the 1936 figure.
After
te iher charges,
except interast, the balance available for interest
was $4,911,063, or
$286,108 less than in 1936.
Total interest accrued during
the year was $12,841,172.
™o?faating,e£Eenses for the
u
T^3 trustees
To Pay
the
sale to it of sufficient first and
refunding
bonds, series F, due Sept. 1, 1955, to exhaust the sum
of $90,000 at prices not
exceeding 105 and accrued interest.—V. 146, p. 2708.
Total.......457,535,389 464.657,885
Equipment Trusts Due May 15—
J, M. Kurn and John G. Lonsdaie, trustees, announced April 28 that the
instalment of principal of equipment trust certificates, series CC, maturing
May 15, 1938, together with interest coupon from all outstanding series CO
certificates maturing May 15, 1938, will be purchased at their face value
on and after May
15, on tender at the office of O. W. Michel, Eastern
representative, 120 Broadway, N. Y. City. Ownership certificates covering
interest will be required from all holders except corporations.—V. 146,
p.
2868.
year were $43,194,345,
stated that the roadway, buildings
and rolling equipment
had been maitained to meet all
requirements, were in excellent condition
and that there was no deferred
maintenance.
All equipment trust obliga¬
tions maturing up to last Feb.
15 have been
paid or provided for, the
Since Nov., 1932, when the trustees
were appointed, pay¬
provisions for equipment trust
obligations have totaled $15,944,772
Sears, Roebuck & Co.—SalesPeriod End. April 23— 1938—4 Weeks—1937
1938—12 Weeks—1937
Sales.
$40,156,151 $43,412,493 $106,778,151 $114,313,225
Life Insurance Co. Sold—
Official confirmation of the agreement to sell the Hercules I ife Insurance
now
controlled by Sears, Roebuck, to the Washington National
Insurance Co. of Chicago was made on May 3 by Hercules Life.
As had
Co.,
report showed.
been expected in insurance circles,
ments or
cules by a merger in*which the Hercules name will be eliminated.
Exact
terms of the sale were not disclosed.
The merger has the sanction of Ernest Palmer, Illinois State Director
$9<397S000XPe^nditures for improvements and
new equipment have totaled
Also since Nov.,
1932, it was shown, interest
totaling $1,716,414 has
provided for on bonds of the Kansas
City Memphis & Bir¬
mingham RR., the interest being paid in full to March
1, 1938, on the genbeen paid
or
eSakooor£/^ge
of
$322,400
made
out
a
were
of funds
income bonds.
met.
All
these
derived from
In addition, miscellaneous obligations
payments,
totaling
$27,380,586,
were
operation of the properties, the trustees
stating that they have borrowed no money for
any purpose.
On authority of the U. S.
District Court, the report
continued, the Frisco
Transportation Co. was organized to establish
co-ordinated and auxiliary
transportation of freight, mail and express over
the highways between stations on the
Frisco Lines.
The motor company
has not yet commenced
operations.
Taxes for 1937, the report
stated, were $4,041,379, or $1,048,059 greater
than in 1936.
The increase, which made the 1937 taxes
equal to 7.9% of
motor truck service for the
gross
revenue
and
50.4%
of net revenues, was accounted for by charges
under Federal and State
pension and unemployment acts.
Final results for 1937, it was
explained, were adversely affected by a heavy
decline in traffic after July and by increases in
wages, prices of materials and
taxes.
of
Washington National will absorb Her¬
Insurance, who has favored retention of control of Hercules, with more
$35,000,000 of assets, in Illinois. Negotiations for the sale of Hercules
to the
Occidental Life Insurance Co., controlled by the Giannini
than
Life
interests
on
the West
Coast,
were
dropped last month.
The merger has to be approved by stockholders of both insurance com¬
panies and by the Cook County (111.) Superior Court.
Court approval is
required because the old National Life Insurance Co. of the United States
of
America, which Hercules took
over
in 1934, was in receivership at the
time
and subject to court jurisdiction.
Stockholders' meetings of both companies are
ratify the
transaction.—V.
Seneca
146,
p.
scheduled for May 23 to
2869.
Copper Corp.—Auctioned—
The Peninsular Copper Co. of Grand Rapids, Mich., organized by bond¬
holders of the Seneca Copper Corp.,
was the successful bidder May 4 in a
special master-in-chancery sale of assets of the Seneca company at Eagle
River, Mich.
The bondholders' bid of $190,000 was entered by William
K. Clute of Grand Rapids.
The sale is subject to confirmation by the
U. S. District Court at Grand Rapids on May 11.
Volume
Financial
146
The Seneca company has been in receiversnip since 1931.
offered
Earnings for 12 Months Ended March 31
The property
sale included 2,800 acres of mining lands, tenements, power
plants, equipment, shops and interests in copper mills and rail¬
roads.—V. 128, p. 1246.
.
*
for
houses,
of $37,177,096 as of the same date.
The corporation owns and operates 3,327 miles of trunk lines in Texas,
Oklahoma, Kansas, Missouri, Illinois and Indiana and has 700 miles of
gathering lines in Texas, New Mexico, Louisiana, Oklahoma and Kansas.
—V. 142, p. 2003.
(controlled by
F. & R. Lazarus & Co.) have been asked to approve a proposal for redeeming
$1,400,900 of land trust certificates for $1,540,000.
The plan provides for
borrowing this amount from Equitable Life Assurance Society at 4 M%
interest with the loan maturing in 25 years, the loan to be guaranteed by
F. & R, Lazarus & Co. which owns 98.8% of company's outstanding com¬
holders of the first preferred stock of the company
/./."v..
stock.
75% of first preferred stockholders
The written consent- of
is necessary
the plan.
Arts
Medical
Shreveport
with SEC—
.
"
,
Y;
Maintenance
Taxes
7,862
2,086
Cr7,931
6,860
27,276
43,314
Y
2,332
1,482
$225,018
$199,720
$207,423
543
422
425
$222,816
157,760
42,715
Maintenance
Real property taxes
Excise taxes
Corporate taxes
Net
before prov.
for retire. & replace.
^225,560
$207,849
158,105
31,257
4,419
12,175
Gross corp. income.__
Int. on funded debt
387
cos.
251
12,175
Int.—parent & affil.
12,175
12,175
expense
Int. charged to construct
Cr904
Cr318
Cr 162
Cr 103
Prov. for retire. & replac.
Prov. for int. on Fed.
15,634
14,500
19,500
15,500
129
163
162
135
$5,081
inc.$2,772
$24,032
$13,639
inc. tax of prior years.
Balance Sheet
1938—12 Afos.—1937
$1,741,660
625,773
88,822
246,501
Mar. 31,'38 Dec.
31/37
582
Wat. Serv. Corp
deposit
N. Y.W.S.Corp
on
23,000
1, 1938, per con.
on
$780,564
4,261
$65,162
7,759
$61,398
7,640
$810,545
92,915
$784,825
97.,921
Gross income.i
Int. & amortization, &c_
$57,403
$53,758
10,717
$717,630
130,715
$686,904
126,924
Prepaid
11,480
Net income.........
$45,923
$43,040
$586,916
$559,980
Unamor. debt disc.
209,806
263,654
209,226
257,500
10,197
held
40,165
61,344
.
690
27,165
26,229
profits tax_....
Earns, per
—V.
146,
—
$185,220
$1.28
6,269
5,556
147,124
150,168
share on 129,208 shares common stock
767.
dividend of two cents per share in
dividend of like amount on the common
$1, both payable May 31 to holders of record May 11.
Similar
were paid in each of the four preceding quarters.—V. 146, p. 767.
The directors have declared an extra
stock,
par
amounts
Simonds Saw & Steel Co,
$6,990,146 $7,044,876
Total
$1,550,315
net
sal as
Cost of goods sold...
1,144,531
—
Gross profit
Total selling, general &
$405,784
372,818
administrative expenses—
Profit from operations..
Other income
.....
...... —
5,678
—
$38,644
3,500
Equity in loss of unconsolidated subsidiaries.
757
Prov. for Federal & Canadian income taxes..
11,413
Operating revenues— $5,458,830
Operating expenses
3,432,646
$5,336,176 $15,973,469 $15,451,016
3.453,371
10,338,405
9,998,983
_
—
.
Net income
1938—Month—1937
$1,882,805
$5,635,064
710,808
2,196,944
2,069,670
$1,271,314
1,044,606
$1,171,997
935,062
$3,438,120
2,732,564
$3,382,363
2,646,559
Southern California Edison Co.,
Period End. Mar. 31—
Operating revenue:
Electric lighting
100,000
Dividends
$5,010,943 $19,050,873 $17,599,039
4,423,542 22,342,621
23,752,756
265,811
987,656
574,573
$9,791,844
357,140
128,725
662,778
676,739
& general
621,222
1,861,880
$9,700,297 $42,381,151 $41,926,369
1,542,924
307,411
1,538,554
707,612
693,899
120,367
2,298,919
2,931,424
539,003
3,006,519
2,957,435
655,248
2,312,962
2,430,495
604,091
6,434,089
7,139,068
1,648,948
$5,483,359
20,439
$5,825,227 $24,690,274 $25,623,343
5,379
274,298
363,921
$5,830,606 $24,964,573 $25,987,264
1,766,420
6,981,382
7,454,833
1,309,540
6,242,270
5,754,359
Electric power
Miscellaneous
Total oper. revenue..
Transmission
Distribution
Commercial
Administration
Net oper. revenue
Interest&
Surplus March 31, 1938
$7,171,479
-
-
Consolidated Balance Sheet March 31,1938
$2,054,200 Accounts payable, trade.....
721,600 Accrued Federal, State, Cana¬
3,702,124
surrender
value
70,478
-
Prepayments
117,602
Notes & accounts rec, not curr
24,106
202,842
Investments
Real estate,
$149,668
510,254
dian & local taxes.
Accrued payrolls
of life
40,501
Other accrued liabilities
22,233
Prov. for additional staff com¬
pensation from Jan.
Res.
for
uninsured
1
'38
17,939
losses
under State of N. Y. Work¬
tools & machry.
*4,057,122
and equipment..
men's
Compensation law..
38.000
Capital stock
$10,950,0741
x
After reserve for obsolescence of
3,000,000
Consolidated surplus
Total
amortization.
$5,503,798
1,724,577
Prov. for
depreciation..
1,419,817
Total income
Reiftaindar for dividends $2,359,404
Preferred dividends!
1,256,459
Liabilities—
Assets—
Insurance policies
7,171,479
$10,950,074
Total
$953,584.—V. 146, p. 2869.
1,193,489
Common dividends
$2,754,646 $11,740,921 $12,778,072
1,256,338
5,063,672
5,045,304
1,193,466
5,568,936
5,171,976
def$90,544
Remainder......
$304,841
$1,108,313
$2,560,791
$0.35
$0.47
$2.10
$2.43
Earn, per share on com¬
mon stock outstanding
has been made in the above figures for excess profits
tax or surtax on undistributed profits.
It is not anticipated that the com¬
pany will be subject to these taxes during these periods.'—V. 146, p. 2870.
Note—No provision
Southern
Colorado Power Co.—Earnings1938
Operating revenues
Operating expenses, maintenance and taxes
(before approp. for retire, res.)..
Net oper. rev.
Consolidated Water Co., Inc.—Earnings—
$474,043
246,537
1934
1935
1936
1937
Calendar Years—
Operating revenues
Oper. exp. & gen. taxes.
$469,483
245,189
$462,552
260,803
$472,872
282,343
759
$201,748
443
$224,294
499
$190,529
306
$228,265
158,105
349
$202,192
158,105
364
Affiliated company int..
41,880
GY971
37,404
Cr218
$224,793
158,105
4,518
30,105
$190,835
158,105
Miscellaneous interest-_
12,175
15,500
Net earnings........
Miscellaneous income
Gross income
Interest on funded debt.
Int.
charged to construct
of debt disct.
$227,506
2,620
Crl56
32,602
Crll2
12,175
12,175
12,175
17,7.50
19,000
7,250
Amortiz.
& expense
Prov.
for
retire.
......
&
re¬
placements....
Misc. deductions
Int. accrued during year
on
prior years
Loss.
129
163
163
135
$947
a$23.552
$882
a$21.941
*
$2,262,582
1,245,635
$979,824
$1,016,947
511
Net operating revenue
—
Net income
Divs. on pref. capital
stock, cash
$717,458
432,629
6,046
$278,783
170,064
170,064
2870.
Southern
The
300,000
~
$250,257
(net)
Other income deductions.
—V. 146, P.
$1,017,458
300,000
$680,447
424,417
5,773
Gross income
Interest charges
$980,447
Ry.—Abandonment—
Interstate
Commerce
Commission on April 26 issued a certificate
permitting abandonment by the company of a line of railroad extending
from Warrenville to Clearwater, approximately five miles, all in Aiken
County, S. C.
A certificate permitting abandonment by the company of that part of its
Atlanta-Fort Valley line extending from a point about 1.5 miles south of
Roseland to Williamson, where that line connects with and crosses its
.
......
Federal income tax
Net income.........
a
148
and other income (before
appropriation for retirement reserve).
—
Appropriation for retirement reserve.
1937
$2,334,489
1,354,665
623
Year Ended March Z\—
Other income
South Bay
1938—12 Afos.—1937
$5,247,217
4,303,951
240,676
Net non-oper. revenue..
Cash
Ltd.—Earnings—
1938—3 Afos.—1937
$7,271,479
.....
Inventories
$5,452,033
$2,026,184
754,870
—V. 146, p. 2870.
Taxes.
7,248,505
—
Accts. & notes receivable
165,237
.$6,990,146 $7,044,876
Total.
$22,974
Consolidated net income.....
Previous surplus—
Cash..........
516,265
1938—3 Mos.—1937
$5,357,154 $16,040,232 $15,514,001
20,978
66,763
62,985
Production
—
750,000
—$32,966
Profit from operations & other income
Miscellaneous charges
Total surplus.
1,044,400
750,000
516,265
154,777
$5,482,227
23,397
Uncollectible oper. rev.
Net oper. income
$1,538,960
11,356
1,044 ,400
33,588
Telephone & Telegraph Co.—Earnings
Southern Bell
lonths Ended March 31, 1938
To subsidiaries unconsolidated
7,880
19,776
63,483
409.500
c For interest due Jan. 1, 1938.
d Of Port Jefferson Water
1, 1938.
e Of prior years.—V. 145, p. 3021.
Operating taxes
returns & allowances:
Gross sales, less discounts,
To trade.
8,415
18,284
b For redemption of funded debt maturing
Including notes receivable,
Jan. 1, 1938.
Co. due Jan.
Net oper. revenues —
(& Subs.)—Earnings—
Consolidated Statement of Income 3
6% cum. pref. stk.
($100 par)
Com.
stk.
($100
Capital surplus
Operating revenues
addition to the regular quarterly
431,270
liabilities
Reserves..
Period End. Mar. 31—
(William) Simon Brewery—Extra Dividend—
Deferred
2,858
......
_
Earned surplus...
a
p.
Inc. tax.
par)
1937
loss$4,900
Nil
2,595
76,871
Fed.
XJnearn. revenue.
& expense
Total.
1938
3 Months Ended March 31—
for
eProv.
Consumers'depos.
in-
taxes,
&c. & other
has been made for the Federal surtax on undistributed
profits for the year 1938 since any liability for such tax cannot be deter¬
mined until the end of the year.—V, 146, p. 2385.
Net profit after int., deprec. and normal Federal
income tax, but before provision for undistributed
101,496
curr. account...
Accrued liabilities.
by
trustee..
No provision
Signode Steel Strapping Co.—Earnings—
23,000
5,803
Due to parent co.-
def. charges
a
6,025
Accounts payable.
41,480
Materials &supp._
Common divs. declared.
505,000
6%
mtge.
7,949
cCash
sur.,
dlst
a32,857
banks
Accounts receiv
Acer, unbilled rev.
Preferred divs. declared.
317,706
470,000
gold bonds.....
hand & In
$806,425
4,120
Retirement accruals
321,125
Due to parent co.-
with trustee Jan.
bCash
980
Balance
$3,134,500 $3,134,500
Indebt. to Federal
Special deposits...
$60,417
Non-oper. income (net).
Mar. 31/38 Dec. 31/37
$6,724,692
$6,729,551
equipment
Liabilities—
Funded debt
plant &
$64,026
1,136
__
158,105
37,913
Amortiz. of debt disct. &
Cash
Net oper. revenues.
2,300
$200,142
158,105
31,631
2,762
Miscel. interest
Property,
$1,895,884
700,216
120,729
a268,514
9,139
28,521
50,771
2,313
1,877
earn,
•
-Earnings-
1938—Month—1937
$148,801
$136,743
53,172
46,813
; 10,525
10,007
21,077
19,505
Period End. Mar. 31—
3,431
Cr5,793
8,400
39,278
50,651
621
Prov. for uncoil, accts..
Assets—
Sierra Pacific Power Co.-
748
Cr 6,842
$222,195
Gen. exp. transferred to
to construction
Net loss
this department.
See list given on first page of
Operating revenues
Operation.
Corp.—Registers
Building
353
Cr7,919
7,391
26,793
53,759
9,363
4,875
expense
Other income
(John) Shillito Co., Cincinnati—New Financing—
to approve
$472,980
163,735
20,624
$462,616
152,986
9,554
$464,674
149,679
3,450
Oth. regulatory commis.
Corp.—Final Valuation—
of this corpora¬
tion, owned and used for common carrier purposes, was found to be $36,000,000 as of Dec. 31, 1934, by the Interstate Commerce Commission.
The Commission set a final valuation on total owned properties of the
corporation of $36,283,500 and a final valuation on total used properties
mon
case expense
1935
1936
1937
1938
$470,367
150,835
2,721
Operating revenues
General operation
Rate
Shell Pipe Line
Finai value for rate-making purposes of the properties
The
3031
Chronicle
McDonough-Columbus line, approximately 40.1 miles, all in Fulton,
Clayton, Fayette, Spalding and Pike counties, Georgia, was issued by the
Commission on April 23.—V. 146, p. 2870.
Financial
3032
Southington (Conn.) Hardware Co.—Div. Increased—
The company paid a dividend of 37 M cents per share on the capital
stock, par *25, on April 30 to holders of record April 26.
This compares
with I2pi cents paid on Oct. 30 and on Aug. 2 last; 25 cents paid on May 1,
1937, and 12M cents paid on Feb. 1, 1937, Nov. 1 and Aug. 1. 1936, this
latter being the first payment made since Nov. 1, 1935, when a regular
quarterly dividend of 25 cents per share was distributed.
The 25-cent rate
had been paid each quarter since and Including Nov. 1, 1932.—V. 145,
p. 1274.
'
Sonotone
Corp.—Earnings—
3 Months Ended March 31—
Earnings per share
on common
May 7, 1938
and all bonds of this issue at par and interest accrued to June 1, 1938
(the next interest payment date) that may be presented to it for cancel-
any
latHolders
1938
maturing coupons attached, and must be accompanied by appropriate
ownership certificates in respect of the coupon due June 1, 1938.—V. 126,
249.
stock
—
$16,348
$0.02
Sterling Products (Inc.)—Earnings—
1937
$55,426
$0.07
Earnings
Telephone Co.—Earnings—
1938—Month—1937
Period End. Mar. 31—
share
per
x
1938—3 Mos.—1937
$1.54
$1.60
$1.57
undistributed profits.—V. 146,
$91,665
$306,302
$277,540
100
600
300
Operating revenues..
Operating expenses
$99,176
62,382
$91,565
54,783
$305,702
$277,240
189,013
164,434
Interest
$36,794
8,928
$36,782
6,912
$116,689
26,849
$112,806
20,755
Total. 2
$27,866
$29,870
$89,840
$92,051
:
'
1938
$1,004,000
60,903
49,025
$862,005
50,694
58,325
$1,113,928
506,728
8,900
$971,024
598,757
13,497
$1,629,556
640,542
107,178
$1,583,278
706,493
$881,836
$733,554
subsidiaries—Dividends
Revenue from
——
Other
Southwestern Bell Telephone
1938
3 Mos. End. Mar 31—
Total
miscell. earnings
Profit on sales of securities
Total earnings—
Co.—Earnings—
1937
1936
1935
b Operating expenses
Taxes
c
x$21,654,875 $20,980,713 $19,458,556 $18,084,759
16,890,041
16,120,848
14,623,119
13,748,993
525,157
483,082
699,316
753,496
revenue
-
Other divs., int. and
a
Net operating income.
—V. 146, p. 2222.
-
Net income
Total exps., incl. taxes..
Interest
a
$1.46
1416.
Comparative Income Statement {Parent Company Only)
12 Months Ended March 31—
Net oper. revenues
p.
& Webster Inc.—Earnings—
Stone
$99,376
200
Operating taxes
1935
$2,529,383
$2,706,646
on
Before provision for surtax on
_
Uncollectible oper. rev.
1936
1938
1937
chgs.x$2,635,126 x$2,746,767
3 Mos. End. Mar. 31—
Net earns, after all
capital stock
Operating revenues
its Corporate Trust De¬
partment, 16 Wall St., New York, N. Y., and receive payment of the
principal amount thereof and interest in full to June 1, 1938.
Bonds so presented must have the June 1,
1938, and subsequently
,
Southwestern Associated
terms above stated may
to receive payment on the
who wish
present their bonds at any time to the trustee at
p.
Net profit after all charges incl. provision for Fed¬
eral inc. taxes, but before surtax on undist. profs.
—V. 145, p. 3668.
Chronicle
Includes
(1937—$244,445)
$250,311
dividends
1937
143,231
received
on
Sierra
Pacific Power Co. common stock substantially all of which stock was dis¬
Net income
4,273,746
def34,069
Dividends paid
Surplus.
Includes
$4,376,783
3,841,246
$535,537
$4,239,677
$4,136,121
3,841,246
$3,582,270
3,841,246
$294,875 def$258,976
estimated
at
$59,400 which may be refunded
adverse rate decisions.
Noie—No provision made for Federal surtax on undistributed profits.—
V. 146, p. 2386.
x
in whole
or
an
amount
in part in the event of
Dec. 27, 1937.
b Expenses include, in addition
to fixed rental payments for space occupied, $143,896 (1937—$151,853)
paid to Stone & Webster Realty Corp. under the terms of its lease of the
Boston office building owned by that corporation,
c Includes
$26,500
tributed to stockholders
(1937—$41,000)
has
Colonel
William
Hayward is chairman of
Co., Inc.—Committee—
a
committee formed
for
the
of the committee are
E.
A.
Allen, John Simpson Pearson
Braunfeld is secretary.—V. 146, p. 2709.
D.
and
Hill,
John
Henry C. Olmstead,
L. Anderson.
Paul
Notes
rec.
notes,
int.
the regular
Standard Oil Co. of New Jersey—Extra Dividend—
The directors on May 2 declared an extra dividend of 50 cents
per share
In addition to a regular semi-annual dividend of 50 cents per share on
the capital stock, par $25, both payable June 15 to holders of record
May
16.
Extra dividends of 75 cents were paid on Dec. 15 and June 15, 1937,
and on Dec. 15, 1936.
An extra dividend of 25 cents per share was dis¬
p.
on
Reserve
17,527
officer
June 15, 1936, on Dec. 16, 1935, and on Nov. 1, 1934.—V. 146,
a
341,100
at
5,000,000
8,157,708
Earned surplus
(since Jan. 1,
def83,185
1938).,
3,800
—
3,012
written down
values
Total.
as
$13,480,139
of Jan.
1932 and cost of sub¬
1,
sequent purchases except in the case of the investments in subsidiary
companies owning land and office buildings which have been written down
on the basis of assessed property valuations,
b Carried at written down
values as of Jan. 1, 1932 and cost of subsequent purchases except in the
case of shares of common stocks of Engineers Public Service Co. and Sierra
Pacific Power Co. remaining after the distribution to stockholders Dec. 27,
1937, such remaining shares having been written down to quoted market
value of Dec. 31, 1937.
The quoted market or management's estimate
fair value of all securities carried in this account was at March 31, 1938
approximately $3,134,000.
Included herein are certain securities which
have been deposited under a declaration of trust dated Feb. 14, 1938. c The
collateral held against this account at March 31, 1938 had a quoted market
value of approximately $188,000.
d See note c on above income statement,
e
Represented by 2,104,391
no par
shares.
288.
The consolidated income statement
Standard Power & Light
Corp.—Report for 1937—
The report for the year
ended Dec. 31, 1937, affords the following:
Investments—The principal investment at the close of the year con¬
sisted of 40,751 30-100 shares of the prior preference stock, $7 cumulative,
and 1,160,000 shares of the common stock of Standard Gas & Electric
Co.,
the latter being a majority of the outstanding common shares.
The cor¬
poration also owned on Dec. 31, 1937, $185,000 certificates of deposit
for 20-year 6% geld notes of Standard Gas & Electric Co. due Oct. 1,
1935,
and $121,000 certificates of deposit for
6% convertible gold notes of Stand¬
ard Gas & Electric Co. due Oct. 1, 1935.
The corporation had miscellaneous investments at Dec.
31, 1937, as
follows: 1,980 shares Louisville Gas & Electric Co., common class B;
25,353
shares Mountain States Power Co., common: 9,750 shares
Philadelphia
Co., common, and 23,570 shares Southern Colorado Power Co., common
class A.
corporation has authorized the filing of
Section 5(a) of the Act.
a
notification of registration under
At the meeting of stockholders Feb.
3,
dated Jan. 22, 1938, which was
1938, held pursuant to a notice
accompanied by a letter of the same date, a
resolution was duly adopted
by the affirmative vote of 829,735 shares of
the common stock and 370,062 shares of the
common stock, series B (being
more than a majority of each class of the
stock outstanding), voting in favor
thereof and none against,
Gas & Electric
modifications
acceptingithe plan of reorganization of Standard
Co., dated as of Nov. 1, 1937, 'with such amendments and
might be made from time to time which did not materially
as
affect the plan.
On March 5, 1938
an order was entered in the U. S. District Court for
Delaware, confirming the plan of reorganization of Standard
dated as °f Nov. 1, 1937, as modified and amended.
2871.
the District of
& Electric Co..
—V.146,
p.
p.
Standard Steel Construction
Co., Ltd.—Accum. Div.—
The directors have declared a dividend of
$1.50 per share
accumulations on the $3 cum. red. class A
preference
on
account of
stock, no par value,
payable July 1 to holders of record June 15.
Like payment was made on
April 1 and on Jan. 1 last, Oct. 1 and on July 1, 1937; a dividend of
75
cents was paidmn May
1, 1937, and dividends of $1.50 were paid on April 1
and Jan. 1, i937 and on Nov.
16, 1936.
A dividend of $3 was paid on
Aug. 15, 1936, this latter being the first paid since Oct.
1, 1933 when a
quarterly distribution of 75 cents per share was made.
A similar payment
was made on Jan. 1
1933, the April 1 and July 1, 1933, dividends having
been omitted.—V. 146,
p. 2222.
Staten Island Ry.—Makes
Consolidated Balance Sheet March 31, 1938
Liabilities—
Assets—
a
Office bldgs. and real estate
$8,894,196
Bonds and mortgage
7,892,615
hand..
5,622,599
Interest and taxes accrued
Notes receivable, less reserve
13,463
$6,473,000
Accounts payable
Securities (notes B and
Cash in banks and
on
C)
2,178,789
548,397
31,550
1,203,678
Sundry liabilities
Accounts and Int. receiv
1,915,353
Materials and supplies.
49,497
Res.
Prepayments
10,839
stock purchase account
Unadjusted credits
Minority int. in capital stock
and surplus of subsidiary..
Sinking
fund,
representing
cash held by bond trustee.
831
d Account receiv. from officer
for
provided
long-term
Earned surplus
Furniture and equipment, less
allowance for depreciation.
58,839
Unadjusted debits
155,876
234,649
71.341
Unamortized debt disc. A exp.
255,487
,
5.000,000
8,805,301
69,818
Capital stock
Capital surplus
e
341,100
chase contract...
Depreciation reserves...
85,871
Total
$24,956,545
Total
..$24,956,545
a Restated1
as
of Dec. 31, 1937 on the basis of assessed valuations,
b Carried at written down values as of Jan. 1, 1932 and cost of subsequent
purchases except in the case of shares of common stocks of Engineers Public
Service Co. and Sierra Pacific Power Co. remaining after the distribution
to stockholders Dec. 27, 1937, such remaining shares having been written
to quoted market value of Dec. 31, 1937.
The quoted market or
management's estimated fair value of all securities carried in this account
was at March
31, 1938 approximately $6,146,000.
Included herein are
certain securities which have been deposited under a Declaration of Trust
dated Feb. 14, 1938.
c Stone & Webster Service Corp. has a partial interest
in the proceeds of sale when realized of 20,000 shares of common stock of
Oklahoma Natural Gas Co. held by a trustee under a trust agreement,
dated Aug. 11, 1936, such interest having been acquired in connection with
services rendered and to be rendered during the three years ended June 30,
1939.
Since the ultimate realization from this interest cannot be determined
with certainty at this time, no part of such interest is reflected in either the
consolidated balance sheet or in the consolidated income statement for 1938
or 1937.
d See note c on parent corporation balance sheet,
e Represented
by 2,104,391 no par shares.—V. 146, p. 2872.
,
down
Superior Oil Corp.—Earnings—
Period End. Mar. 31—
1938—3 Mos.—1937
$403,544
$290,430
1938—12 Mos .—1937
147,243
Operating expenses
Net operating profit-.
Other income
Total income
Interest
121,059
$1,584,782
569,000
$1,108,230
458,308
$256,301
1,398
$169,370
1,656
$1,015,782
7,247
$649,922
8,541
$257,699
6,767
Gross income
$171,027
2,553
$1,023,030
19,224
$658,464
17,210
106,096
95,143
30,568
595
341,171
143,978
2,500
367,037
132,501
2,595
$42,168
$516,156
$126,624
Exps. incident to sale of
stock
Prov.
12,494
—
for
deprec.
and
depletion
Surrendered leases, &c—
Federal income tax
29,663
2,500
Offer to Pay ±y2s Due 1943—
The holders of the first
mortgage 4j^% bonds, due June 1, 1943, are
notified that arrangements have been made with
Bankers Trust Co.,
trustee, whereby it will pay, out of proceeds available from released
property,
given in V. 146,
was
2872.
under long-term stock pur¬
As of Dec. 31, 1937, the corporation had cash on
deposit and on hand
amounting to $651,543, and there were outstanding no bank loans or other
indebtedness except current charges incurred in the
ordinary course of
business, and taxes.
Income—The gross income of the corporation for the year was $28,388.
Expenses and taxes paid and accrued amounted to $91,667, resulting in a
net loss of $63,279 for the
period.
It is hoped that certain expenses in¬
curred during the past year will be
non-recurring, and that, therefore,
expenses for the ensuing year will be reduced.
Miscellaneous—Since the decision in the U. S. Supreme Court upholding
the constitutionality of certain sections of the Public
Utility Act of 1935,
the proceeding
brought by the corporation in the U. S. District Court in
Delaware, to enjoin the U. S. Attorney General and others from applying
the provisions of or penalties under this Act
upon the ground that the Act
is unconstitutional, has been abandoned and the
board of directors of the
^
20,548
Capital stock..
24,338
.$13,480,139
Carried
20,732
255,487
Capital surplus
depreciation-
assets..—
95,209
provided
Unadjusted credits
e
chase contract
Sundry
Taxes accrued
for lontgterm stock purchase acct—
accts.
Total
an extra dividend of 10 cents
per share in
quarterly dividend of 25 cents per share on the
common stock, no par value, both payable June 15 to holders of record
May 16.
Similar amounts were paid on March 15, last.
An extra of 55
cents was paid on Dec. 15 last; extra dividends of 20 cents were
paid on
Sept. 15 and on June 15,1937, and extra dividends of 5 cents per share were
paid in each of the five preceding quarters.—V. 146, p. 928.
tributed
and
from
receiv.
Accts.
The directors have declared
to
2,845,088
-
$13,640
Sundry liabilities
Furniture and equipment, less
Standard Oil Co. of Calif.—Extra Dividend—
addition
of the difference
Accounts payable
4,210,944
Unadjusted debits
Major Marketing Co., Inc., above.—V. 146, p. 2709.
account
d
under long-term stock pur¬
corre¬
Co., Inc.—Name Changed—
take
not
1,347,500
receivable, less reserve
c
allowance for
See
$4,686,830
cos.
b Securities of other cos
Co.—Weekly Output—
95,568,778 kilowatt-hours, a decrease of 7.9% compared with the
sponding week last year.—V. 146, p. 2871.
do
stated
Liabilities-
from sub.
Cash in banks and on hand.
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended April 30, 1938, totaled
No provision
undistributed profits for the year
Balance Sheet March 31, 1938 (Parent Company Only)
Gas
Standard Marketing
as
Invests, in sub. companies.
Other
Standard Gas & Electric
earnings
Assets—
a
Other members
Chris
on
between book amount and quoted market or estimated fair value of securities
owned
Srotection of holders of commonto intervene committee has been authorized
stock. The in the 77B proceedings of the
y the Federal District Court
company.
Federal surtax
of the year.
Note—The
Standard Commercial Tobacco
Federal surtax on undistributed profits.
made for
been
1938, since any liability for such tax cannot be determined until the end
y
y
Net profit
$112,673
Before provision for Federal surtaxes on undistributed net income.—
V. 145, p. 2707.
Volume
Financial
146
Studebaker
Tampa Gas Co.—V.
t
Ended March 31
Telautograph Corp.—Earnings—
[Including Principal Subsidiary Companiesl
■
Net profit from sales
prop., plant & equip
per annum on debs
Amort, on disct. on debentures
y
Deprec. on
Int. at 6%
Net profit-..._
Earned surplus Jan. 1
_
_
16,460,353
83,337
df$l,870,967
16,297,637
24,327
$16,732,750 $17,455,310
2,199,395
2,183,243
Nil
$0.32
$14,450,997
2,155,660
Nil
Earned surplus March 31
Capital surplus Jan. 1
z Paid-in surplus
265
Net surplus March 31common stock (par $1)
per
$911,620
def$48,317
16,780,802
Shares
Earnings
share
_
After deducting manufacturing cost, incl. amortization of special
y
Federal taxes, &c
Shares
tools,
dies, &c., and selling and general expenses, but before depreciation and
and discount on debentures,
z Arising in connection with stock
compensation plan and stock issued upon conversion
6% debentures, x Excluding surtax on undistributed
deducting interest income, less other interest expense
of $719.
Consolidated Balance Sheet March 31
1938
Cash
1,767,806
6,149
9,004
Accts. receivable
Accrued accounts.
3,319
17,135
35,760
11,754
Accts. and notes
532,839
& exc.
393,427
Other
207,767
231,895
1,573
21,838
210,422
Prop, pl't & equip. 14,290,868 13,287,878
Prepaid
32,752
76,959
199,942
Other current liab.
381,569
6,762,446
6,775,046
571,179
Total
deps.
Tennessee Public Service Co.
'Period End.
Mar.
6%
con v.
1945
int., paym't
Acer,
def'd by prov.
of
indenture
Com. stk. (par $1)
Earned deficit
.30,627,904 34,477,825
$29,240 in 1937.
y
$735,526
$47,960
$884,055
999
16.762
10.750
$65,951
32,320
$48,959
32,416
689
$900,817
388,734
5,653
$746,276
732
...
on mtge. bonds.
Other int. and deductions
$506,430
$352,409
$32,899
$15,854
Dividends applicable to preferred stock for the
period, whether paid or unpaid
x
2,183,243
2,199,395
16,781,067 16,543,690
48,317 sur911,620
Balance-..—.
389,000
/
4,867
—
—
297,618
297,618
$208,812
—
—
$54,791
x Dividends accumulated and unpaid to March 31,
1938, amounted to
$570,435. Latest dividend amounting to $6.75 a share on the $6 pref. 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 March 31, 1938 and 1937.—V. 146, p. 2388.
Louis—Earnings—
Terminal Railroad Assn. of St.
1937
1936
1935
1934
$7,773,689
759,542
195,365
$8,310,078
653,451
164,464
$6,847,169
522,217
142,595
$6,239,884
470,324
133,857
Calendar Year—
Revenues—Switching
30,627,904 34,477,825
Total
for doubtful accounts
reserve
1938—12 Mos.—1937
$3,873,790
$3,597,561
2,605,350
2,490,139
384,385
371,896
$64,029
1,922
Other income
..
Incidental
After
-Earnings—
1938—Month—1937
$310,029
$309,885
213,528
230,936
32,472
30,989
31—
Operating revenues.r...
Oper. exps., incl. taxes._
Prop, retire, res. approp.
on
Capital surplus
x
$2,496,041 $2,566,492
Total
$2,496,041 $2,566,492
depreciation of $1,709,227 in 1938 and $1,617,036 in 1937.
Represented by 228,760 shares, $5 par.
c Represented by 226,600 no
par shares after deducting 2,160 shares in treasury.—V. 146, p. 1569.
After
a
419,804
10-year
186,126
Trade name, good¬
will & pat. rights
Total
35,809
941,792
407,563
941,792
„
b
196,669
910,378
153,560
16,774
201,302
and
def'd charges...
Capital surplus.
Net income
debs, due Jan. 1,
791,435
exps.
575,329
y217,653
not usedinopei;.
Unamort. disc't on
debentures
tax
Earned surplus.358,886
Interest
profits &
Dealers'
209,649
Rental rec. In adv.
1,573
16,437
Gross income
sales contracts..
4,358
& recivables less
for losses..
Federal
investments
leased properties
subs, not consol.
3,198
Res. for net loss on
Inv. in & ad vs. to
Non-curr. invest'ts
46,234
3,020
Deferred charges._
inc.
undist. prof, tax
8,583,710 10,836,662
Other curr. assets.
res.
for Fed.
Res.
receiv., trade...
Inventories
1,203,185
Accrued expenses.
39,863
._
Inventories
Net oper. revenues...
4,793,148
1,801,016
2,327,034
6,648,873
•759,129
Commonstock-. c$l,133,000b$l ,143,800
Accounts payable-
s
S
Liabilities—
5,098,946
Sight drafts outst'g
x
$
4
1937
1938
Liabilities—
1937
1938
1937
1938
1937
$
Assets—
per
Balance Sheet March 31
of 10-year convertible
After
1935
$38,986
228,760
$0.17
Plant accounts..$2,326,807 $2,375,578
Cash
118,073
108,341
issued under the stock
a
1936
$32,699
228,760
$0.14
a
interest
profits,
stk.(par $5)
share
com.
Earnings
Assets—
$699,459
$104,654
212,160 defl.975,622
Ioss$l,072,352
1,024,035
_
1937
$33,892
228,760
$0.15
Net profit after deprec.,
xl23,000
Provision for Federal income tax
1938
$34,665
226,600
$0.15
Quar. End. Mar. 31—
1936
1937
1938
$8,705,512 $19,308,220 $15, 738,736
431,285
aloss730,324
1,149,362
194,427
211,276
195.466
102,563
101,439
101,969
29,639
29,313
29,468
Net sales, domestic and foreign
with the
kind or character at the present time
138, p. 2428.
connection or interest of any
Corp.—Earnings—
Consolidated Income Account for 3 Months
.•
3033
Chronicle
Joint facility—Dr
and
only.—V. 146, p. 2387.
and notes of $34,951 in 1938
Reserve for Federal income taxes
1,337,867
$8,799,066
$7,226,790
$6,576,351
1,074,704
695,680
38,457
3,837,086
28,553
164,497
6,918
950,054
666,222
40,748
3,845,918
28,971
189,579
533,428
512,662
416,069
36,562
$5,832,060
2,505,806
1,241,969
$5,721,334
3,077,731
1,233,826
Total ry. oper. revs
Expenses—
Stutz Motor Car Co. of America,
Maint. of way & struc.
Maint. of equipment.
Inc.—Delisting—
Commission has granted the application of
the New York Curb Exchange to strike from listing and registration the
capital stock (no par) of the company.
In its application the Exchange
stated that delisting was sought, among other things, because pursuant to
a
court order under section 77B of the Bankruptcy Act the issuer has
discontinued the maintenance of a transfer office and registry facilities
and there is no indication that such facilities will be reestablished.—V. 146,
The Securities and Exchange
p.
2549.
Sun
_____
..
Trans, for invest—Cr.
Total ry. oper. exp
Net rev. from ry. oper..
Mos.—1937
$2,036,298
$1,879,761
2,762,102
26,240
224,478
29,356
166,891
158
$4,378,913
2,847,877
989,916
$3,978,103
2,598,247
848,196
,
221
Uncollectible ry. revs
$464,842
$506,078
Stores in operation
—V.
line
Miscell. operations
General
501,323
38,731
3,109,183
724
$1,749,327
1,666,955
1938—4
1938—Month—1937
Sales
Transport'n—rail
Railway tax accruals
Ray Drug Co.—Sales—
End. Apr. 30—
Period
Traffic
27
34
_
$1,263,837
1,628,580
$1,843,905
1,613,837
$1,857,740
1,591,644
Gross income
t
$2,892,417
Hire of freight cars—deb
102,409
Joint facility rent
10,790
Rent for leased roads
751,154
Miscellaneous rents....
372,347
$3,457,742
$3,449,384
80,249
12,698
696,900
381,424
45,508
1,966,886
11,064
$3,416,282
69,099
11,886
696,900
381,427
44,603
1,971,875
27,731
Railway
oper.
income.
Total non-oper. income
_
146, P. 2387.
Superior Steel Corp.—Earnings—
1937
1938
$530,725
620,155
115,833
$141,167
:.
Loss
pf$201,953
54,469
Operating loss..
Other income
pf$189,385
12,568
$86,698
Costs and expenses.
$2,318,968
2,129,583
$89,430
2,732
3 Months Ended March 31—
pf$86,120
Depreciation, interest, taxes, &c.
Net loss
Earnings per share
—V. 146, p. 2223.
on
Nil
capital stock
Miscell. tax accruals
Int. on funded debt.....
48,857
1,958,135
unfunded debt..
7,066
1,963,000
6,324
84,532
85,380
11,672
14,600
86,499
12,837
14,911
—def $454.548
$150,308
$155,318
$196,547
Int.
on
Amortization of discount
funded debt
on
Miscell. income charges.
Profit
Consolidated Comparative
$0.75
Period End. Mar. 31—
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
1938—Month—1937
$84,892
$79,452
65,187
61,744
4,000
4,000
Net oper. revenues
Other income
mtge. bonds
on
$207,182
364
454
454
_
8,505
construct'n
8,510
.
$213,607
5,450
96,851
Cr24
_•
$4,744
35,000
$66,933
-
$76,330
for Federal surtax on undistributed
profits for the 12 months ended March 31, 1938 and 1937.—V. 146, p. 2223.
Note—No provisions have been made
Super Power Co. of III.—Balance Sheet Dec. 31—
1937
$
I
$
1937
1936
....
a
Bond disc.
in proc.
246,321
277,950
253,821
Accounts payable-
155,473
300,759
Accrued interest._
current
2,076,149
.
liabil..
U. 8. Govt, oblig.
251,889
817,710
4
Misc. accts. pay..
115,356
194,331
3
Int. matured unpd
700,675
702,217
Unmatd. int. accrd
_
4
3
unpledged
182,916
182,917
lnvestm'ts:
61
61
Unmatd. rents accr
44,023
55,750
5,060,095
5,060,170
2,433
Defd. liabilities
55,432
62,572
2,000
1,005,072
Notes......
770
Other current liabs
1.047.296
Tax liability
759,871
834",631
700,487
1,054,452
4,747,672
73
182
agents & cond'rs
338,672
Misc. accts. receiv.
Cash
477,282
Accrd.deprec.,road 5,086,659
Accrd. depr., equip 2,631,010
Accrd.deprec.,misc
200,666
Oth. unadj. credits 4,907,969
672,487
571,674
Add'ns to property
Mat'ls & supplies.
551,325
411.974
Int. & divs. receiv.
7,363
7,363
Oth. curr. assets..
120
135
961,918
53,048
961,918
1,976,139
1,882,786
Loans & bills rec.
-
Net bal. rec. from
Work, fund advs..
135
through
2,518,524
143,787
4,850,558
,
income
2,861,280
and surplus
2,849,894
Fund, debt retired
through
and
Sink,
income
585,825
surplus
fund reserve
Profit and
Rents & ins. prem.
478,212
55,000
loss..-.15,627,267
16,211,086
22,434
paid in advance25,448
on cap. stock 3,293,600
3,293,600
Disc, on fund, debt
1,283,683
1.376.297
Oth. unadj. debits
299,800
280,035
Disc,
Total
-Y.
187,456
Deprec. reserves..
6, 398,972
,972,153
Miscell. reserves..
96,077
-
deferred
Surplus.
Deps. for matured
bond interest—
150,779
788,934
payable
payable..
1, 840*,991
1.526,832
709,366
.
604,636
.
804,992
Period End. Mar. 31—
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
756,018
Co.—Earnings-
1938—Month—1937
$677,071
$632,406
366,934
345,981
83,333
50,000
1938—12 Mos.—1937
$8,494,018
$7,655,579
4,467,495
3,992,502
1,000,000
562,494
558,250
Mat'Is & supplies
84,848,036 85,095,352
Total
146, p. 2388.
Texas Electric Service
5,592,011
29,702
14,714
•Accts. receivable.
....84,848,036 85,095,352
&
16,455
50,286
wages
bds., unpledged-
297,877
1,170,121
Funded debt
Sundry
Special deposits
balance
Stks., unpledged
1
603,879
& exp.
of amort 1,134,265
7,272,222
235,937
680,686
Prepaid accts. and
Cash
$
13 365,000 13,365,000
Capital stock
Accrued taxes.,
—
def'd charges...
1936
$
19, 858,500 19,858,500
Deferred liabilities
183,129
transmis. prop..37,147,108 36 ,592,022
investments
Liabilities—
■
Elec. gen. plant &
Contract work
Stks.
Traffic & car serv.
Ins. & other funds.
$111,330
whether paid or unpaid
Misc.
7,272,222
Bonds pledged.
$
3,293,600
3,293,600
46,800,000 46,900,000
Audited accts. and
cos.
Stocks—
Funded debt
1936
$
Commonstock...
Other defd. assets-
$101,933
35,000
$6,756 *
Dividends applicable to pref. stock for the period,
Assets—
in affil.
Special deposits-..
Net income
Balance
Inv,
Other
$207,559
5,450
100,176
1937
Liabilities—
$
■
&equip.42,568,414 42,428,340
Impts.
on
leased
railway propertyl2,310,582 12,343,312
Misc. phys. prop.. 6,518,329
6,548,329
$213,243
$13,708
Other interest
Int. chgd. to
$974,047
712,804
48,000
377
$15,715
Gross income
Interest
$1,016,303
761,121
48,000
10
'
Inv. inrd.
1938—12 Mos.—1937
$13,708
$15,705
S
"
1,304
General Balance Sheet Dec. 31
1936
1937
jA. sscts
Superior Water, Light & Power Co.—Earnings—
92,540
12,578
696,900
389,359
46,752
-
a
42,787,838 41,692,8681
$236,425
$2,026,523
918
708
7,568
1,418
$227,722
140,542
2,545
$237,133
140,542
$3,034,091
1,686,500
25,308
$3,102,001
1,686,500
23,112
income
$84,635
$96,591
applicable to preferred stock for the
period, whether paid or unpaid
$1,322,283
$1,392,389
..42,787,838 41,692.868
Total
Represented by 445.500 no-par shares.—V. 146, p. 2550.
Tampa Gas Co.—Director Resigns—
Peter O.
pany
Gross income
Int. on mortgage
Other interest.:
Knight has resigned as a director and counsel of this company.
He, together with Edward Manrara and A. J. Boardman, both of Tampa,
Fla.v organized this company in April, 1895, and Mr. Knight has since
been a director and counsel.
In 1911 John Gribbel and associates of Philadelphia acquired all the com¬
mon stock of the company.
Mr. Gribbel died two years ago, and his heirs,
two sons and two daughters, now own all the common stock of the com¬
with the exception of a few shares.
Mr. Knight states he has no
$3,100,583
$226,804
Net oper. revenues—
Other income (net)
Total
bonds.
Net
Dividends
.
Balance..
.
375,678
375,678
$946,605
$1,016,711
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended March 31, 1938 and 1937.—V. 146, p. 2388.
3034
Financial
Chronicle
Terre Haute Traction & Light Co.—Tenders—
Union Investment Co.-
The State Street Trust Co., Boston, will until 12 o'clock noon, May
receive bids for the sale to it of sufficient first consolidated mortgage
gold bonds to exhaust the sum of $39,858.—V.
Texas Pacific Land
17,
5%
144, p. 3194.
Period End. Mar. 31—
Amort,
of
1938—Month—1937
$844,332
434,620
_
1938—12 Mos.—1937
$775,204 $11,316,216 $10,188,254
422,796
5,481,339
5,097,528
investments
33
65,529
$320,159
$4,473,623
$320,561
177,708
10,000
15,692
$287,604
177,708
10,000
15,089
$4,799,960
2,132,500
120,000
230,463
$4,483,186
2,132,500
120,000
169,783
Net income
$117,161
$84,807
Dividends applicable to preferred stocks for the
$2,316,997
$2,060,903
Gross income
mtge. bonds
debenture bonds
Other int. & deductions.
period, whether paid or unpaid..
9,563
865.050
865,050
$1,451,947
Balance
$1,195,853
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended March 31,1938 and 1937.—V. 146, p. 2388.
Thew Shovel
Directors took
last;
Office
bldg.
one
on
site—less
&
of $24,207—
equip.—less
no
Co.—No Dividend Action—
action with regard to declaration of a dividend on the
A dividend of 50 cents was paid on Dec. 23
on
common
Def'd disc't
on Aug. 25, 1937, and one of 50 cents
Dec. 15, 1936, this latter being the first distribution
15, 1931.—Y. 145, p. 3831.
shares since Dec.
13,758
...
39,959
Corp.—Registers with SEC—
—
March
y
Co.—Preferred Dividend Passed—
End, Mar. 31—
1937
x$273,266 x$3,168,206
Union Premier Food
1936
$2,068,856
Stores, Inc.—Sales—
For the
preceding four weeks ended March 26, 1938, sales showed an
32.88% over the corresponding 1937 period.
now has in operation 26 super-markets compared with
15 super-markets and 9 service type stores in operation at this time last
year.—V. 146, p. 2711,
increase of
The
company
United-Carr Fastener
Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
1938
Net sales and commission income.
plant
Net
1935
(non¬
$0.98
deprec.
59,144
5,496
41,988
4,603
loss$31,817
share
per
14,460
2,100
$250,064
$196,518
loss$0.10
$0.85
$0.73
minority interests
profit
of common
stock
Condensed Consolidated Balance Sheet March 31
Assefs—
2,411,380
1938
Cash
1937
$579,559
S.
U.
&
Treas.
$641,138
dis¬
count bills
75,000
par
Tonopah Belmont Development Co.—New Director—
May Change Par—
At the recent annual meeting of
stockholders, Richard H. Reilly Jr., was
a director to fill vacancy caused by
resignation of Robert C. Lea.
was the first time that a quorum was
present, at the annual
Liabilities—
1937
1938
Accounts payableNote payable--..-
$116,377
$260,185
150,000
—...
Accrued expenses.
129,535
185,035
427,083
1,232,768
789,848
Fed.,State Afor'gn
taxes, estimated
261,110
305,571
1,235,369
Deferred Income..
41,145
33,858
receivable, &c_.
28,370
19,480
Miscell. investm'ts
3,110
3,015
Accts., notes & ac¬
a dividend of 25 cents
per share on the common
value, payable June 4 to holders of record May 17.
Like
paid on March 5 last and previously regular quarterly dividends
of 75 cents per share were distributed.
In addition, an extra dividend of
$1.75 was paid on Dec. 4 last; one of 25 cents was paid on Sept. 4 last, and
an extra of 75 cents per share was
paid on Dec. 5, 1936.—V. 146, p. 1569.
(net).
cept. rec.
Inventories
......
Cash surrender val.
Minority
—life insurance.
Misc. notes, accts.
plant
Prop.,
int.
subsidiary
and
14.414
75,634
Cum. conv. pref.
x
Common stock..
29,012
Surplus
2,549,777
13,077
55,490
in
cos..
y
equipment (cost)
Licenses,
-
-
-
-
^
1,220,768
1,173,988
*-•-iwV. 3,192,420
2,925.931
2,350,698
patents,
goodwill,
Prepaid
elected
&c
4
expenses,
51,962
supplies, &c
46,360
meeting in
eight
Total
years.
In order to save franchise taxes,
the management proposed to change in
company's stock to 10 cents from $1 per share.
This requires
two-thirds vote, and, as the total shares represented at
meeting amounted
par value of
to somewhat
x
$4,988,777 $5,119,7711
less than two-thirds of the
United Gas Corp.
Period End. Jan. 31—
Tri-State
Telephone & Telegraph Co.—Earnings—
Period End. Mar. 31—
Operating
1938—Month—1937
$523,299
$507,322
1,693
1,993
revenues
Uncollectible oper. rev..
1938—3 Mos—1937
$1,537,778
$1,499,003
5,165
5,394
$521,606
383,095
$505,329
389,323
$1,532,613
1,145,421
$1,493,609
Net oper. revenues
$138,511
51,096
$116,006
39,627
$387,192
156,894
$348,435
115,644
.....
Operating taxes
Net operating income-
$87,415
23,622
$76,379
31,961
—V. 146, p. 2224.
after
1938
1937
mtge. bonds
coll. trust bonds.
Interest
on
Other int.
1936
$49,484
$66,198
debentures..
Other deductions
Pref.
1938
taxes
1Q37
1936
$2,540,134
515,469
523,173
258,287
$2,599,734
597,970
609,315
311,458
306 541
_
.1
_
54,284
After interest, amortization, &c.—V.
146, p. 1262.
a
611,587
2,810,260
c
$476,762
3,715
$386,216
2,201
$1,842,958
11,940
.Profit
Interest paid
Prov. for Fed. income &
$732,590
23,942
$388,417
$1,854,898
149,370
The
profits
estimated
61,500
243,600
99,774
$354,250
326,917
$1,461,928
$656,758
capi¬
$0.34
provision for
Jan. 31—
Federal
$1.25
income
$1.38
and
capital
48,881
13,595
56,197
71,611
$2,308,315
$2,608,201
$54,310
$442,750
$104,550
$442,750
144,147
320,177
144,147
320,177
$10,796,436 $10,949,338
418,505
325,140
1938—3 Mos—1937
cases
1938—12 Mos.—1937
b$4,487,656
Oper. rev. deductions—
natural gas
_
b3,858,342
2,425,234
revs.—na¬
oper.
...
Other inc. deductions.
$667,910
1,841,796
260,989
1,935,872
$2,248,717
tural gas
Other income
Int.
on
on
debentures..
notes & loans—
$1,518,240
473,662
443,517
443,517
417,632
b$629,314
6,798,504
575,244
6,365,878
702,640
taxe8
dividend of 25 cents per share on the common
to holders of record May 13.
Previously regular
a
cents per share were
Net income
distributed.—V. 146,
p.
2874.
a
Includes
Fed.
on
so
280
2,370~ 050
$1,074,723
$4,602,813
$3,292,908
$144,147
$320,177
$144,147
$320,177
for
undis¬
tributed profits
b Items
$5,663,238
$1,322,994
provision
surtax
Cr95
$6,852,574
c473,662
1,759,604
16,590
Cr95
8,639
Int. charged to construe.
$2.51
stock
a yVei46>eS n^g7^lclu(ie any amount for surtax on undistributed
31,238
$3,093,144
gas
Gross income
United Biscuit Co. of America—Dividend Reduced—
stock, payable June 1
quarterly dividends of 40
$11,069,830
12,220
Oper. revenues—natural
Interest
Directors have declared
$2,634,016 $10,883,871
Comparative Statement of Income (Company Only)
Other interest
on
2,489,978
29,779
Cr53,822
$756,531
64,300
Profit for period
Earns, per share
tal stock
1,930,111
494,536
Cr30,868
505,445
7,297
Cr40,156
2,081,808
$480,477
61,926
(est.).
488,312
336,882
Cr 14,879
Note—Figures previously published for prior periods have in certain
a
cap. stock taxes
profits
Includes non-recurring
charges for reorganiza¬
tion expenses of subs.
Net
Balance
Miscellaneous inc. (net).
405,063
$3,728,149 $15,664,859 $15,362,688
159,171
552,253
683,823
57,313
214,706
229,250
405,063
1,620,250
913,850
b Includes prov. for Fed.
Period End.
741,497
50,000
23,983
Includes prov. for Fed.
surtax on undis. profits
1938—12 Mos.—1937
Co^tofproduc^&niaim- $3'908'854 $3,877,907 $15,721,907 $13,313,944
Deiive^^eln^'SL 2'690'595 2'880'103 "•068,689 10,499,546
istrative & gen. exp..
$3,720,433
122,545
been rearranged in the above statement.
Corp. (& Subs.)—Earnings—
1938—3 Mos.—1937
1,709,834 $15,782,675 $15,418,276
447,216
571,934
700,015
428,901
689,750
755,603
219,106
283,556
min¬
Bal. carried to consol.
earned surplus
sinking fund gold bonds, due 1955, is not being paid.—Y.
144, p. 793.
Period End. Mar. 31—
Gross sales, less
discts.,
$3,784,883
212
surtax on undis
Tyrol Hydro-Electric Power Co.—Interest Not Paid—
J {i?^ere?t ^ue
1* 1938, on the 7Yi% 30-year closed first mort¬
gage
Union Bag & Paper
1938—12 Mos.—1937
public—
to
applic. to
ority interests
$2,250,150
301,213
income
(& Subs.)—Earnings—
1938—3 Mos.—1937
$2,332,510
divs.
Portion
City Rapid Transit Co. (& Subs.)—Earnings-
Net income
Rep¬
1935
$158,077
subsidiaries
3 Months Ended March 31—
y
(notes, loans,
Balance
$396,144
Operating revenue.
Operating income after
x
on
on
Int. charged to construe.
—V. 145, p. 4130.
Gross
Gross income
Int.
deprec'n,
&c
Twin
Other income
b Other inc. deductions.
c
-Earnings—
Quar. End. Mar. 31—
loss
$232,791
95,747
shares,
oper. revenues—$11,999,747 $12,534,347 $46,526,378 $40,360,918
Oper. exps., incl.taxes
5,935,385
6,168,832
18,584,106
22,378,297
Prop, retire, and deple¬
tion reserve approp..
2,279,479
6,358,536
2,655,681
8,365,406
&c.)_.
Truscon Steel Co.-
taxes
$230,298
41,372
par
a
Int.
Net income.
Net
1,145,174
.$4,988,777 $5,119,771
Total
Net oper. revenues...
Operating revenues
Operating expenses
Total
Represented by 305,192 (293,497 in 1937) no
by 29,012 no par shares.—V. 146, p. 1895.
resented
1,500,000 shares outstanding, the
meeting adjourned until July 7.—V. 145, p. 2560
x
.
1936
$1,330,078
1,004.899
20,495
61,573
33,000
Profit applicable to
$2,361,937
Directors have declared
a
idle
Income taxes—estimated
amount was
It
of
1937
$1,857,851
1.398.911
41,340
69,898
$908,111
832,594
19,205
71,569
...
(outstand'g Mar. 31) after pf. divs.
25-Cent Dividend—
no
$6,554,666
36.12%.
or
Earns,
standing (no par)
2,411,380
2,411,380
2,411,380
Earnings per share
$0.11
$1.31
$0.86
x Before
possible surtax on undistributed profits,
y After
Federal taxes, &c.
stock,
266,579
...
Sales for the four weeks ended April 23, 1938 amounted to $1,269,865,
compared with $974,375 for the four weeks ended April 24, 1937, an increase
of $295,490, or 30.33%.
For the 16 weeks ended April 23, 1938, sales totaled $5,178,952, compared
with $3,804,834 for the 16 weeks ended April 24, 1937, a gain of $1,374,118
stock out¬
common
369,767
recurring)
Co.—Earnings—
1938
Net profit.
Shs.
750,000
c732,152
a Notes
and accounts receivable having unpaid balances aggregating
$3,891,293 deposited with trustee to secure collateral trust notes payable,
b Debentures are subordinated to collateral trust notes, c Represented by
167,594 no par shares.—V. 146, p. 2064.
Obsolescence
Directors have decided to defer payment of the dividend ordinarily due
this time on the $6 preferred stock.
A regular quarterly dividend of
$1.50 per share was paid on March 1, last.—V. 146, p. 2710.
Timken Roller Bearing
181,000
cum.
Total
Depreciation
at
3 Mos.
180,509
202,917
15, 1946
pref. stock—7.6%
(1948 redemption)
Common stock._
..-$6,554,6661
Other deductions, less other income.
See list given on first page of this department.
Tidewater Power
:.
receiv'le.
on notes
1st
Cost of goods sold & oper. expenses..
Thrift Investment
170,000
......... ._ .
of $2 per share was paid
the
52,463
bldg. & site
b 10-year 5% conv. debs.—due
deprec.
of $20.889.....
pay. on
Reserve for losses
de¬
250,793
&
Deferred charges
shares at this time.
share was paid
made
Mtge.
617,103
$4,792,791
7,169
per
31,217
Cash value of life ins. policies.
25,633
withheld from dealers...
Earned surplus
1,041,986
$286,879
725
common
72,300
722,596
Capital surplus
402
on
14,250
Res.
&
investments
Total
Net oper. revenues...
on
notes
100
89,520
res. approps
Other income (net)
Int.
other
limited-term
Prop, retire,
Int.
Divs. payable—April 1, 1938.
Res. for Fed. & State taxes
—
receiv.,
Furn.
Light Co.—Earnings■—
$2,814,500
Notes payable—Not secured..
Accts. payable <fc accruals
29,459
value.....
Accts,
Coll. trust notes payable
a
5,306,079
94,413
Notes & accts. receivable...
prec.
Operating revenues
Oper. exps., incl. taxes.
Liabilities—
$788,987
Repossessed merch—at market
Trust—Certificates Retired—
1938
Consol. Bal. Sheet March 31,1938
Assets—
Cash on hand & in banks
a
The New York Stock Exchange has received notice of the retirement of
5,000 sub-share certificates, leaving 1,367,489 sub-share certificates and
3,019 certificates of proprietary interest issued and outstanding as of
April 28, 1938.—V. 146, p. 2064.
Texas Power &
May 7,
marked represent operations of
natural gas distribution
proper¬
subsequent to July 28, 1937.
c Represents interest on
United Gas Public Service Co. 6% debentures
from Nov. 5, 1937 on which date said debentures were assumed by this
ties acquired on and
company.
_
Volume
146
Financial
Summary of Surplus for the 12 Months Ended Jan. 31, 1938
Total
Capital
Earned
Surplus, Feb. 1, 1937---.--.$21,557,012 $13,440,391
$8,116,621
*
o
t*
Adjustment upon liquidation of sub¬
sidiaries (net)
15,646,008
Miscellaneous
39,533
1,012,695
14,732
14,633.313
24,800
a
proposed issue of approximately
10-year debentures.
$37,242,553 $14,467,819 $22,774,735
ledger value of
I
miscellaneous investments
152,844
152,844
in
Balance..—
It is contemplated that the proceeds from the sale of these
Total
Dividends
$7 pref. stock, $7
on
4,602,813
4,602,813
$41,692,522 $14,467,819 $27,224,703
share
3,148,754
3,148,754
a
—
Surplus, Jan. 31, 1938
—V. 146, p. 2874.
j
Union Tank Car Co.—Dividend Reduced—
United Engineering &
a
Week. Ended—
J
..
Subsidiaries—
Total operating revs.
Power purchased
Gas purchased
Operation
a
dividend
1937
$8,615
6,124
1,147
$49,448
Profit before Federal income taxes
-V. 146, p. 2066.
revenues.
..
Balance after operation, maintenance and taxes.
yBalance for dividends and surplus.
x
$3,931,185
264,051
366,965
1,446,468
289,687
413.386
Fed. & State inc. taxes..
87,948
a35,087
81,959
a27,958
336,184
M07.071
296,541
b73,694
Net earns, from opers.
Other income (net)
$263,682
3,675
$248,862
4,675
$835,686
20,276
$780,390
36,580
x
Includes non-operating income, net
ment reserve.—V.
146,
p.
$1,344
y
1938
1937
$17,909,580 $16,688,011
7,120,913
6,994,502
3,252,624
3,328,663
After appropriation for retire-
2713.
Virginian Ry.—New Director—
Ivins A. Browne of New York
Federal taxes
1938
.$57,676
6,792
1,436
Virginia Electric & Power Co.—Earnings—
$4,121,440
274,032
382,361
1,516,592
253,404
416,109
Maintenance
Deprec. & depletion
State, local & miscell.
the common
Equipment Co. (& Subs.)—Earnings—
3 Months Ended March 31—
Profit..
Operating
$1,101,537
64,317
144,144
366,939
67,740
99,616
_
on
The directors on May 4 declared an extra dividend of 10 cents
per share in
addition to the regular quarterly dividend of 50 cents
per share on the capital
stock, par $5, both payable June 1 to holders of record May 16.
Extra
dividends of 10 cents per share have been
paid in each of the 18 preceding
quarters.
In addition, a special year-end dividend of $1.80
per share was
paid on June 1, 1937.—V. 146, p. 1574.
12 Months Ended March 31—
1938—12 Mos.—1937
$1,118,451
68,300
128,484
376,018
56,785
102,146
was
on
April 28 elected
a
director of this
2874.
company to succeed S. Scott Nicholls of New York.—V. 146, p.
Walgreen Co. (& Subs.)—Earnings—
6 Mos. End. Mar. 31—
1938
1937
Net sales—
$35,200,295 $34,214,223
1936
1935
$267,357
3,116
$253,538
2,938
$855,961
10,458
$816,970
13,073
34,057,054
32,624,829
$30,837,162 $29,887,333
29,587,177
28,714,706
Other income.
Total net earnings
Gen. int. & misc. deduct.
Bal. of net earns,
of
on
j
Subs.)—Earnings—
1938—3 Mos.—1937
paid
Vick Chemical Co.—Extra Dividend—
Apr. 30, '38 Apr. 23, *38 May 1, *37
81,721,798
84,066,114
89,089,787
United Public Utilities Corp. (&
Period End. Mar. 31
was
Deprec. of buildings & equipment
Amortization of patents.
Improvement Co.—Weekly Output—
Electric output of system (kwh.)__.
—V. 146, p. 2874.
the payment
on
A dividend of 60 cents per
share was paid on March 2
Dec. 2 last, and previously regular quarterly
8 P^^OcentS per share were distributed.
In addition an extra
dividend of $2.25 per share was
paid on June 25, 1937—V. 146, p. 611.
Victor
director of this com¬
action
no
last; one of 75 cents
Foundry Co.—New Director—
James S. Crawford of Pittsburgh has been elected
pany to fill a vacancy.—V. 145, p. 3671.
United Gas
Vanadium Alloys Steel Co.—Dividend Omitted—
Directors took
stock at this time.
$38,543,768 $14,467,819 $24,075,949
Directors have declared a dividend of 30 cents per share on the common
stock, no par value, payable June 1 to holders of record May 16. Previously
regular quarterly dividends of 40 cents per share were distributed.—V. 145,
p. 1438.
$1,143,241
107,538
$1,589,394
169,341
$1,249,985
$1,172,627
460,044'
xl61,090
Total income
Other charges
Federal taxes
$1,250,779
224,708
144,240
$1,758,735
274,882
223,133
$1,710,029
322,023
197,268
$1,333,716
120,410
118,779
$881,832
$1,260,719
128,294
7,500
y4,779,991
$1,190,739
132,716
$1,094,528
132,716
741,579
394,063
Costs,expenses,&c._...
Operating profit
.
ap¬
plicable
to
United
Public Utilities Corp
$264,241
$250,600
$845,503
$803,897
20,104
102,721
8,932
1,169
18,550
102,866
11,359
88,225
411,066
80,152
411,539
46,588
$131,315
United Public
** ke used to retire the now outstanding bank loans of $50,000,000 and to provide funds for plant construction, working capital and
the general purposes of the
corporation.—V. 146, p. 2874.
$37,089,709 $14,467,819 $22,621,891
Net income for the 12 months ended
Jan. 31, 1938
$100,000,000 principal
Subject to such registration statement becoming effective, it is expected
^hat an offering of the debentures will be made in
June and that the issue
will be underwritten
by an underwriting group headed by Morgan Stanley
-
reduction
3035
amount of
«'Go., Inc.
Total.
Deduct
Chronicle
$117,825
$302,407
Utilities
Corp.
General exps. and taxes.
on coll. trust bonds.
Int.
Int.
on
10-year int. scrip
Miscell. inc. deductions.
Net income
37,958
5,847
Net profit
Walgreen 6
% pf. divs.
Walgreen 4)^ % pf. divs.
Common dividends
5% div. paid by distribu¬
$265,618
tion
Machinery Corp.—Consolidated
Balance Sheet—
Mar. 31'38 Dec. 31 '37
Assets—
Cash
$379,548
$395,097
b Install, accts.rec. 5,031,291
4,846,279
679,349
1.697,273
•
c
Oth. accts.
588,135
rec..
Inventories
1,725,287
Prepaid and del'd
from
64,182
22,162
23,217
empl's,
Deposits
on
contracts, &c..-
6,046
8,764
(cost).
94,550
23,945
24,156
42,670
42,670
property...
881,266
880,762
Pats., goodwill ,&c.
1
1
Mtges.
rec.
Sundry inv. (cost)
stock.
d Treasury
Plant
taxes est.
with¬
in one year
on
94,550
Deficit
Shares
com.
stock
a
$8,876,312
$8,756,3001
420,665
17,709
383,795
Assets—
Cash
in
banks
1,941,435
surplus...
1,391,450
1,130.082
1,346,138
1,976,492
$8,876,312 $8,756,300
funds in foreign
1
stock at cost.
The income statement for the 3 months ended March 31
in
V.
of $175,000.
7,000 shares
146, p.
was
published
2712.
U. S. Printing & Lithograph Co.—-Directorate Increased
Liabilities—
3,359,192
•698,999
6,807,702
chandise in pub¬
x
Land,
1,425,294
1,844,565
Co.—Listing—
aggregate number of shares of common stock (no par) previously authorized
be listed and now outstanding after retirement of 81,588 shares, and
187,110 shares of common stock upon official notice of issuance and pay¬
ment in full pursuant to the stock option plan, bonus plan and managers'
shares plan of the company (of which 40,000 shares are for the stock option
plan, 107,110 shares for the bonus plan and 40,000 shares for the managers'
shares plan), making the total number of shares applied for 1,754,371
shares.—V. 146, P. 2389.
to
y
589,131
509,135
372,166
507,956
personal
inc.
prior years.
1,955,250
Accr.divs.on 4M%
18,750
pref. stock
7,162,044
4Hi%
cum.
pref.
(par$100).. 10,000,000 10,000,000
y Commonstock._ll,484,112 11,853,568
Earned surplus... 2,083,893
2,716,291
stk.
1
26,815,856 27,778,202
After
1937.
z
305,764
sales, so¬
for Fed.
Treas.
at cost
Total
51,300
335,896
taxes for curr. A
z
x
United States Rubber
prop.,
1,090,545
buildings,
equipment
9,240,077
Goodwill,
lease¬
holds, lease, im¬
provements, Ac.
1
Company's directorate has been increased from nine to 15 with following
directors elected: Thomas J. Davis, H. Langeluttig, A. C. Baylor,
Joseph P. Thomas, W. H. Walter, William F. Weikel and Clifford R.
All officers were re-elected and all old directors except E. W.
Wright.
Strong were re-elected.—V. 145, p. 1755.
$
A
cial secur., Ac..
Res.
Prepaid rent, insur.
taxes, Ac
Inv. & oth. assets,
payrolls
estate,
370,262
9,765,692
new
The New York Stock Excnange has authorized the listing of 1,567,261
shares of common stock (par $10) in substitution for, share for share, alike
Accrd.
other expenses..
Accrd. taxes—real
159,680
9,971,559
1937
2,184,894
60,200
certificates
6~26~705
Negotiable warehse
receipts for mer¬
1,890,458
Employees' invest.
116,489
Accts. A notes rec.
Inventories...
$
Accounts payable.
Tax antic, warrs..
1,391,450
1,130,082
Capital surplus... 1,346,138
par)
Com. stk. ($5 par)
1938
1937
$
in
trans. A on hand
5)4%
pref. stock ($50
Including $112,243 in 1938 and $121,022 in 1937 of
common
$1.19
Consolidated Balance Sheet March 31
1938
countries subject to government restrictions,
b After reserve
c After reserves of $126,003 in 1938 and $120,463 in 1937.
d
of
809,096
$1.28
Includes other operating income for the corresponding period last year
classified as "other income."
y Consists of $828,796 paid in cash and
410,635
9,505
387,038
Total
$70,025
828.961
1,292,791
$0.87
1,292,485
$0.51
x
lic warehouse...
Total
sur
out¬
standing (no par)....
Earnings per share
conv.
Earned
497,725
$3,655,066 sur$316,443
$635,596
acc't
of uncom pi. sales
Cum.
1,292,433
stock,
(at ap¬
$3,951,195 paid in stock: 50% dividend of 445,654shares paid March 9,
1937 at the then stated book value of common shares, $8.866iper share.
be¬
to
pay.
Reserves
leases,
$2,100,000
accts., incl. Fed.
Deposits
lncl. exp. funds-
Mar. 31'38 Dec. 31 '37
Accts. pay. &accr,
come
"81,409
charges
Due
Liabilities—
Notes pay., banks $2,250,000
treas.
Nov. 1, 1934
proximate average cost
of treasury stock)
a No provision for surtax on undistributed
profits has been made, b In¬
cludes accrual in December of Federal surtax on undistributed profits for
calendar year.—V. 146, p. 2712.
United States Hoffman
of
224",995
Total
com.
stk.
Dr369,456
26,815,856 27,778,202
reserves for depreciation of $4,815,358 in 1938 and $4,8137292 in
Represented by 1,292,485 (1,336,963 in 1937) no par shares,
a Accounts receivable only.—y. 146, p. 2389.
44,172 shares at cost,
Wabash
Ry.—Annual Report—
The receivers in the report for
1937 state in part:
Wabash-St. Charles Bridge Co.—Ballasting of the railway tributary to the
new bridge over the Missouri Rivrar at St. Charles, Mo., was completed
XX) Debentures—It was announced
Corp.-—Plans Issuance of $100,000,May 3 that corporation
during the spring of 1937.
On Dec. 31, 1936, the Wabash-St. Charles Bridge Co. had outstanding
$2,145,000 of first mortgage bonds; $90,000 additional of such bonds were
issued and $48,000 thereof were retired during 1937, leaving outstanding on
Dec. 31, 1937, $2,187,000 principal amount of first mortgage bonds.
Wabash-Hannibal Bridge Co.—On Feb. 1, 1937, the Wabash-Hannibal
Bridge Co. issued $400,000 first mortgage 3H% serial notes, and $50,000
thereof were retired during 1937, leaving outstanding on Dec. 31, 1937,
$350,000 principal amount thereof.
Deferment of Interest and Principal Payments—By order of the u. S.
District Court for the Eastern Division of the Eastern District of Missouri
on April 19,
1937, the receivers were denied authority to pay the semi¬
annual interest due May 1, 1937, on the Wabash RR. first mortgage 5%
bonds and Columbia & St. Louis RR. first mortgage 4% bonds, and were
directed to make no further payments of interest on any of the bonds there¬
tofore issued, and then outstanding, by the Wabash RR. or the Wabash Ry.
On July 14, 1937, Oct. 28, 1937, and March 17, 1938, the receivers were
authorized to pay up to, but not exceeding, 80% of the interest due or to
become due On the following named mortgage bonds on the dates stated:
First mortgage 5% bonds May 1 and Nov. 1, 1937; Columbia & St. Louis
RR. first mortgage 4% bonds May 1 and Nov. 1, 1937; Detroit & Chicago
Extension first mortgage 5% bonds July 1, 1937, and Jan. 1, 1938; Dee
Moines Division first mortgage 4% bonds July 1, 1937, and Jan. 1, 1938;
first lien terminal 4% bonds July 1, 1937, and Jan. 1, 1938; Toledo &
Chicago Division first mortgage 4% bonds Sept. 1, 1937, and March 1,
1938; Omaha Division first mortgage 3^ % bonds Oct. 1, 1937.
On Jan. 10, 1938, the receivers were authorized to defer payment of
jontemplates filing with the Securities and Exchange Com¬
mission in the near future a registration statement covering
principal instalment of equipment trust of 1920, $755,400, due Jan. 15,
1938; pending further advancement of reorganization plans, and to negotiate
agreements with holders of equipment trust certificates of 1929, series H,
Utah Light & Traction
Period End. Mar. 31—
Net oper. revenues
$103,290
83,999
$1,131,649
1,105,947
$1,149,524
1,046,035
$7,692
44,125
$19,291
32,687
$25,702
600,366
$103,489
525,044
$51,817
51,629
$51,978
51,858
515
448
$626,068
621,126
8,876
$628,533
622,300
10,174
$328
$3,934
$3,941
—
Rent from lease of plant
_
Gross income
on mortgage bondsOther int. & deductions_
Int.
Balance, deficit
JNO
1938—12 Mos.—1937
$99,411
91,719
$327
Operating revenues
Oper. exp., incl. taxes..
JSOies—u;
Co.—Earnings—
1938—Month—1937
provision
uas
ueen inaue m wmj awvw gi/awweuv xur
un¬
paid interest on the 6% income demand note, payable if, as, and when
iaroed, amounting to $1,542,131 for the period from Jan. 1, 1934, to Dec.
11, 1937.
(2) No provisions have been made for Federal surtax on undis¬
tributed profits for the 12 months ended March 31, 1938 and 1937.—V.
146, P. 2712.
United States Steel
Financial
3036
and equipment trust certificates of 1927, series G, for a deferment of prin¬
cipal payments due Feb. 1, 1938, $225,000, and April 1, 1938, $175,000,
respectively, provided, that during such period the receivers continue to
pay currently the interest due thereon.
'
.
with the orders of the U. 8.
Reorganization—In accordance
District
Court, the receivers on July 14, 1937, filed an outline of a plan of reorganiza¬
tion, and after conferences with different groups of security holders prepared
and filed with tne Court a complete plan of reorganization, dated Jan. 24,
1938.
The plan, although not accepted in detail by any of the groups of
security holders, was submitted by the receivers in compliance with the
orders of the Court dated Dec. 13, 1937, and Jan. 14, 1938, as what they
understood from the course of negotiations to be the closest approximation
of a plan for which adequate support reasonably might be expected.
Wabash RR„ a new corporation organized Sept. 2, 1937, in Ohio for
the purpose of carrying out such plan as may ultimately be authorized,
approved and adopted the plan dated Jan. 24, 1938, submitted to the U. S.
District Court at St. Louis, and under date of March 16,1938, said com¬
pany made application to the Interstate Commerce Commission for such
authority on the part of the ICC as may be necessary or proper in order to
enable the applicant to carry out the plan of reorganization therewith
submitted, or such modified plan as might be authorized and approved by
the ICC and accepted by the Court.
In so submitting the plan the receivers called attention to tne precipitate
decline in revenues during the months of November and December, 1937,
coincident with increases in the cost of labor and essential materials and
supplies and the lack of any indications for improvement during the first
quarter of 1938. and stated that in this situation, which is believed to be
typical of other carriers, the eariy consummation of any major rail re¬
organization involving substantial contributions of new capital must
necessarily be problematical.
Calendar Years
General Statistics for
I nterest Omitted—
mile.-43011382.30 4105507,801 3585854,287 3310879,646
mile
$.009386
$.009896
$.010178
$.010139
17,401,417
17,056,050
14,796,053 13,793,550
750,774
686,613
617,663
637,72$
mile
.130,615,548 117,953,191 104,485,868 108,769,824
per mile..
$.02052
$.02129
$.02127
$.01956
,v'M .r-"v y.V"
"•
1 '■
29 by U. 8. District Judge Charles B.
$847,275 in interest due May 1 on the
• t. ■
The receivers were authorized April
withhold
payment of
Wabash RR. mortgage bonds.
Davis
to
,
,
,
,
In applying for the authority, the receivers said decreased business was
responsible for inadequate working capital. «'■" Their report have the net cash
balance as $1,667,53b and stated operating revenue for the first quarter of
1938 was off 24%, as compared with last year's first three months.—V. 146,
2552.
P.
-vv-
.
Warner
of
Formation
y
Sugar Corp.—Bondholders' Committee—
committee to "protect
first mortgage bondholders'
a
interests" of holders of 1st & ref. mtge. 15-year
the
7% sinking fund gold bonds,
The committee is
composed of Lee 8. Buckingham, President of the Clinton Trust Co.;
Frank Ginberg, of Strauss Bros.; Charles A. McQueen, director, Foreign
Bond Associates, Inc., and M. M. Matlock, of Mason Brothers, Oakland,
Calif.
The committee is opposed to a tentative plan proposed to convert
the first mortgage bonds into a common stock investment, with no liens,
priorities or fixed rights.
The aims and purposes of the committee, as stated in a letter to bond¬
holders, are (1) to inquire into the present management of the company's
Cuban properties, which constitute collateral for the bonds; (2) to engage
competent experts for a survey of the properties and business of the cor¬
poration; (3) to report to the bondholders from time to time regarding such
of the corporation, was announced April 27.
series A,
holders
(4) to formulate and present to bond¬
feasible plan of reorganization in the best interests of
developments; and
and
findings
fair and
a
bondholders.
The committee is not asking for deposits of bonds at this
time, but is
urging holders to forward their proxies to it.
James P. Normile, 120 Broadway, New York, is Secretary of
mittee, and
1934
1935
1936
1937
May 7, 1938
Chronicle
the com¬
Rabenold, Scribner & Miller, 20 Exchange Place, N. Y. City,
counsel.
are
Corporation defaulted in the payment of the July 1, 1931, interest cou¬
and subsequent coupons.
Interest payments in arrears on the out¬
bonds amounted to $2,281,636 up to Jan. 1, 1938.
Fr't (tons) car'd 1
Av. rec. per ton per
pon
Rev. freight car'd (tons)
Rev. passengers carried-
standing $4,656,400
—Y. 146, P. 1419.
3>ass. carried 1
Rev. per pass,
Aver, mileage operated-
Freight revenue
Passenger
Mail
2,436.88
$40,370,042
2.679,923
679,907
-
Express--
510,622
——
—
1935
1934
2,447.11
2,447.01
2,455.06
$40,626,685 $36,495,558 $33,569,925
2,511,367
2,222,112
2,127,900
649,896
631,513
630,697
50.3,947
446,742
466,723
1,696,963
2,136,367
1,893,240
Miscellaneous
1,440,568
Total oper.
revenues—$46,133,734 $46,428,262 $41,492,890 $38,235,813
$431,018
202,945
30,716
23,161
38,120
$400,331
181,627
Operating expenses
36,016
26,415
41,455
Maintenance
Depreciation
General taxes
$136,076
3,851
15,629
Drl,588
$539,091
15,615
52,016
1,408
$559,068
368,140
$608,130
369,648
48,000
2,540
7,220
192,000
9,931
28,778
192,000
9,793
28,931
Crl5
377
$3,912
203
Other non-oper. income-
a49,240
7,344
15
.
$487,274
15,209
$153,968
92,279
$114,816
3,811
15,129
Net oper. income
Interest from subsid's..
Divs. from subsidiaries
1938—12 Mos.—1937
$1,606,821
$1,607,908
733,894
737,632
109,170
125,060
91,818
99,959
133,934
156,895
1938—3 Mos. —1937
Gross oper. revenues—
1936
.1937
Washington Gas & Electric Co.—Earnings—
Period End. Mar. 31—
Ended Dec. 31
Income Account Years
def$39,767
$7,380
J£zp6Tl8€8~*~"
Maint. of way & struct-Maint. of equipment
Traffic—
$6,039,832
8,334,097
1,851,911
-
17,868,059
286,220
Transportation..
Miscell. operations
General
1,576,210
CV126.647
Transp. for investment-
Total oper. expenses..$35,829,683
rev. from ry. oper..
10,304,051
Net
$4,823,318
7,060,146
1 671,078
15,832,458
189,279
1,773,951
Crl03,679
$5,340,018
8,273,354
1,726,935
17,140,848
233,201
1,732,911
Cr 113,155
$4,621,032
5.978,723
1,585,433
14,492,651
164,690
1,798,962
0118,011
2,363,589
1,511,319
14,831
1,325,928
7,964
$7,850,568
531,309
$9,730,561
531,900
$8,720,187
556,105
58,381,877 $10,262,461
1,896,601
1,809,529
2,012,826
2,091,561
224,594
213,848
$9,276,293
1,912,566
1,957,875
191,951
$8,960,369
2,425,108
1,979,114
200,874
$4,247,856
422,205
$6,147,522
367,890
$5,213,900
381,258
$4,355,273
369,232
$4,670,061
364,298
107,274
$6,515,412
361,653
6,906,980
452,762
74,799
$5,595,158
355,098
6,962,538
451,227
94,762
$4,724,505
356,925
6,968,668
410,642
95,890
$3,051,791
$1,280,782
$2,268,468
$3,107,621
Joint facility rents
—
Oth. deduc. fr. oper. inc.
Net oper.
income
Non-operating income.Gross income
...
Rent for lease of roads.Int.
Int.
on
on
funded debt
unfunded debt-
-
f, 6,801,205
fli,
449,076
Oth. deduc. fr. gross inc.
interest
-----
Net
Assets—
Investment in road and equipment
Note—No
2869.
Weeden &
Sales
Miscellaneous physical property. —
Investment in affiliated companies
Other investments
Cash
1936
$
37,526
1,269,227
2,969,474
14,969,420
25.164,986
4,399,713
1,550,828
5,570
420,393
873,272
741,367
985,032
2,196,657
2.251,593
7,150
31,241
15,447
209,066
3,080,339
15,917,373
25,091,247
;
-
i
2.987,357
Special deposits
-
;
Traffic and
car service balances receivable
Net balance receivable from agents and conductors
—
Miscellaneous accounts receivable.--Material and
1,130,205
supplies
2,851,855
-
Interest and dividends receivable
Rents receivable.-
7,793
29,345
28,124
Other current assets
Working fund advances.
Insurance and other funds
115,724
23,591
388,338
1,545,924
119,928
32,568
5,230
51,142
4,329,232
383,338
1,545,924
:'i—.345,258 ,438
Other deferred assets
1,098,968
Rents and insurance prems. paid in advance—
56,401
3,822,990
unpledged
assumed, pledged
.
Total
Net
Capital stock
—
•
Traffic and
car service balances payable
Audited accounts and wages payable.
Miscellaneous accounts payable
x Interest matured,
unpaid
Dividends matured, unpaid..Funded debt matured, unpaid
Unmatured interest accrued
-
Other current liabilities
Deferred liabilities
...
Tax liability
Accrued depreciation
Other unadjusted credits
Corporate surplus—additions to property
758 ,556
Profit and loss balance
def3854 ,111
691,718
133,391
Earned per share.
Earnings for March and Year to Date
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
moo
•*.
-
1A97
1937
$3,220,551
492,634
def74,985
$4,520,683
9,241,987
12,252,953
3,303,829
1,714,652
1,065,446
def652.478
—-
Mar. 31'38 Dec. 31
Assets—
Inventory
5315,709
1,854.804
9.672
________
17.568
Acer. Int. receiv..
from
Due
Dep.
on
27,543
25,584
17,247
$585,000 $1,184,000
49,425
214,746
8,340
1,619
Accr.exps. & bon's)
8,065
(17,062
Prov.for Fed.taxesj
\ 2,361
(secured).
L'ns pay. (unsee'd)
18,209
9,219
—
9,196
600
Acer, social secur.
-
expenses.
a
1,231.554
718,925
in
1936
1935
700,000
1,598
700,000
110,388
120,285
taxes
a
Common stock..
Surplus.
—
$1,461,218 $2,241,671
Total
$1,461,218 $2,241,671
Total
Mar. 31 '38 Dec. 31 '37
Notes & drafts pay.
Due cust. (secured)
cust'ers
bd. purch.
fixtures &
Prepaid
Liabilities—
37
1,115,818
5281,719
Cash
Represented by 25,000 no par shares.—V. 146, p. 1575.
West Texas Utilities Co.—Balance Sheet Dec. 31—
in
of amortization.
1,680,477
1,809,453
18,355
944,259
894,896
Accrued
23,003
depos.
deferred charges
Cash
bills
798,932
stock
55~027
1,054,272
301,083
aRecelvables
283,507
.
44,940,728
After
curr.
112,399
44,659,096
Total...
864,518
691,154
.44,940,728 44,659,096
Maintenance
General taxes
Co.—Earnings-
...
earnings
Sub. company dividends
Miscellaneous income
corporate inc..
funded debt.
on
Miscellaneous interest..
1936
1935
1934
$1,183,621
383,612
expenses
General expenses charged
to construction
Gross
682~406
Contribs. In aid of
1937
revenues
Interest
6,665
74,980
1,082,384
for uncollectible accounts of $76,945 in 1937 and $73,380
b Represented by 260,000 no par shares.—V. 146, p. 2553.
Pro v. for uncoiled, accts.
Net
109,384
11,962
llabils.
Deferred llabs
Reserves
West Virginia Water Service
Operating
8,006
181,677
reserve
Calendar Years—
Total
149,094
68,283
construct
a
'304,410
divs.
payable..
Misc.
'*54,548
1,018,895
Bondsof affil. cos.
in 1936.
299,720
179,857
interest..'
Fed. income taxes.
649,912
3,706
Special deposits...
.
22,649,900 23,215,200
302,694
249,310
173,241
180,264
local taxes
Pref.
S. A. Treasury
Material & supp
13,000,000
Accrued State and
Prepaid accts. and
TJ.
Funded debt
Accounts payable.
process
6.011,544
pref. stk__ 5,990,769
bCommon stock..13,000,000
cum.
Consumers'
Bond discount ond
exp.
$6
$
$
Li/ibilities—
$
Plant,prop.,rights,
franchises, &c_.39,296,695 39,045,010
Other assets
844,015
823,777
1936
1937
1936
1937
Assets—
:
345,258,438 347,206,603
x Includes interest on
refunding and general mortgage bonds due Feb. 1,
1932, and subsequent, in 1937, $18,099,090, and $15,082,575 in 1936.
1938
$9,897
$0.40
loss
Earned surplus...
Total
March—
Gross from railway
Net from railway
81,576
—
loss
Total
138,492 ,967 138,492,967
345 ,910
97,850
152,871 ,782 155,128,182
1,662,605
1,439 ,800
1,599,015
1,299 ,991
706,640
271 ,985
19,119 ,916
15,338,354
1 ,209
1,296
200
2,200
2,042 ,589
2,078,300
382 ,814
459,597
128 ,705
137,906
93 ,144
40,181
1,603 ,231
1,953,046
28,746 ,153
27,013,434
1,513 ,597
1,669,917
-
Unmatured rents accrued
1938
—-.$18,935,555
71,679
I—.—
;—
—
Expenses and taxes..
Liabilities—
Government grants
Funded debt
Months Ended March 31
-------
347,206,603
32,120
-
Other unadjusted debits
Securities issued or assumed,
or
3
Gross income.-
autos
651,724
2,857
Sinking fund
Deposit, in lieu of mtgd. property sold
Securities issued
Co.—Earnings—
Earnings for
.285,002,074 284,003,958
31,406
ry. property
Loans and bills receivable.
during
;.v'.
provision has been made for Federal income taxes.—V. 145,
vy:
Balance Sheet
1937
leased
def$15,343
income
Excludes $18,776 received and credited to investment account
a
1937.
Comparative Balance Sheet Dec. 31
on
,
Other income deduc'ns..
Furn.,
Improve.
—
i
48,000
2,242
7,180
mtge. bonds
(secured)
Net loss.
.
lien
Amort. of dt. disc. & exp
p.
Total oper. income—
Hire of freight cars—Dr.
1st
on
Other
$8,378,441
581,928
Operating income
Other oper, income:.
bonds
& gen.
Int. on 1st mtge.
Int.
$34,334,112 $.31,246,552 $28,523,481
12,094,150
10,246,337
9,712,332
Tax accruals.2,453,482
Uncollectible..-
$133,960
91,881
Gross income
$1,118,664
368,293
$1,031,976
325,532
$1,000,977
342,551
034,184
6,950
77,779
165,230
Cr27,357
2,750
81,038
154,014
Cr 18,361
Crl5,529
9,820
50,660
155,367
$584,233
20,000
3,722
$539,926
20,000
3,996
$521,569
12,000
2,997
$458,108
$607,955
227,150
9,216
$563,921
245,809
4,674
$536,566
263,745
7,715
$497,409
35,093
26,456
.26,331
Cr704
Cr 1,075
Cr736
4,720
50,850
147,665
34,500
4,800
258,000
8,213
Amort, of debt discount
and expense
Int. charged to constr'n.
Prov. for Fed. inc. tax..
$3,898,149
1,011,216
490,884
$3,601,973
933,722
502,033
10,123,764
2,437,494
1,085,587
$6 preferred dividends..
13,500
j,
7,469
Provision for retirements
11,163,014
2,725,167
45,407
Crl,255
30,500
1,312,516
and replacement
Net
income.
82,500
78,500
77,750
80,050
$214,437
138.000
$200,550
86,250
$148,473
57,500
$118,081
11,500
Note—No provision was made for Federal income tax for the year 1936,
due to the deduction, allowable under the U. S. Treasury Department regu-
Volume
Financial
146
lations, of the amount of premium and unamortized debt discount and ex¬
pense applicable to bonds called for redemption during the year.
Without
such non-recurring deduction, the provision for Federal income taxes for
the year would have been approximately $23,000.
No provision has been
made in 1937 nor 1936 for the Federal surtax on undistributed profits.
3037
Chronicle
General Balance Sheet Dec. 31
Cash
1,682,293
12 Months Ended
Earnings for
March 31
1938
Operating
Operating
Gross
Interest
$483,310
17,191
$493,954
income..—
$1,131,939
$470,394
23,559
and taxes..
Net earnings from
Other
$1,189,099
718,705
revenue
expenses
1937
$500,501
235,121
4,794
39,741
operations
-
income
on
funded debt
229,400
9,444
45,513
Ct 1,255
1,451
——
Miscellaneous interest
and exp__
Amortization of debt discount, premium
Interest charged to construction
Miscellaneous deductions
-
$209,399
Net income
Dividends
172,500
preferred stock
on
Inv.
in
subs,
S
118,378
117,878
deposit
to
31,000
Va.
W.
working funds—
290,735
403.732
Mat'ls & suppl.
Int. & divs. rec.
1,814,012
2,063
61,526
1,508,250
assets
Working fd.adv.
1,600
1,100
Misc. accts.
45,574
47,495
Mat'ls & supplies.
Comm's on
pref.
89,219
102,018
capital stock
Debt, disct., prem.
154,000
154,000
Oth
694,542
12,000
13,595
4,821
205,711
416.189
Divs.
360,062
unpaid
771,643
935,430
22,501
29,677
Other def. liab—
120,886
142,882
803,278
813.685
Tax liability
of
.
1,149.961
property,
C. &
Va.
Ry
Other
746,120
1,114,000
365,000
unadjust.
449,549
credits
Prof. & loss bal.
522,183
22,818,479
23,081.890
552,000
1,516,908
c
Earned surplus...
685,279
Total
177.004,174
—
Ry. of Alabama- -Earnings-
Total
.....10,868,973 11,241,456
reserves,
c
Represented
by
shares.—V. 146, p. 1898.
$139,110
15,382
4,888
From Jan.
421,599
34,078
2,857
315,962
def 16,780
def31,534
1—
Gross from railway
Net from railway
Net after rents
Co., Inc.—Patent Decision—
3,833
1935
$113,256
300
def6,853
369,787
12,787
def1,672
$146,513
14,872
2,372
394,489
34,663
defl,012
Net from railway..
Net after rents
1936
$131,014
9,175
1937
1938
Gross from railway
After
.177,004,174 175,590,373
Total
175,590,373
—V. 146, p. 2878.
March—
b
only,
1,168,080
(equip.)
Deprec & deple.
P.
11,241,456
receivable
142,100
7,838,444
deprecia¬
W.
552,000
;113,764
8,840,087
Operating res...
133,322
1,516,908
403,112
6,226
11,833
Other curr. liab-
207,196
Common stock._
3,000
521,091
522492
Unmat.rentsaccr
133,080
$6 cum.2d pf. stk.
1,344
;
—
Unmat. int. accr
unadjust.
172,685
757,958
231
payable-
Accr.
7,098
Western Electric
72,749
Fund. debt mat.
Western
&c
par
11,946
/:
1,114,000
365,000
823,096
494,336
412,525
10,000
pref. stock
_
payable
Misc. accts. pay.
50.000
Capital surplus...
10.868,973
no
wages
5,825,000
in¬
Accounts
payable
36,629
cum.
car
bal.
Audited accts. «fc
2,952
80,897
350,415
Other
cos.
and
service
Int. mat. unpaid
debt
705,962
a
curr.
pd. in advance
Disc, on funded
<fc exp. in process
Total
affiliated
19,230
S6
119,915
surance,
326,159
rec.
49,717
Non-ncg. debt to
Traffic
10,000
Reserves
al23,538
of amortization.
225,006
118,875
182,557
fr.
rec.
Consum. dep., &c.
b Accts. and notes
Prepaid taxes,
230,000
80,107
119,324
receivable
Net bal.
Accrued items
82,705
971
Acer, unbilled rev.
230,000
debt
Equip, tr. oblig.
tion
duction Co
99,275
receivable.
628,000
Funded
car
Pro¬
Accounts payable.
Cash in bank and
Notes receivable.,
61,491,865
1,767,000
construction..
Demand note pay.
(not
consolidated)
Special
$
Liabilities—
9,903,882
9,508,152
6.138,200
274,664
61,489,866
pref. stock-
Grants in aid of
Rent & ins. prem.
$221,548
103,500
6,138.290
2d
25,000
agts. &conduc
Cr704
17,742,050
448,229
debits
4% 1st mtge. bds. 5,825,000
Note pay. to bank
Plant, prop..rights,
&c—
and
17.742,050
85,950
balances,
serv.
S
,
53.286,898
ist pref. stock —
169.397,787
2,111,904
Mar. 31 '38 Dec. 31 '37
$
$
Assets—
Traffic
Sheet
Balance
Mar. 31'38 Dec. 31 '37
franchises,
648,629
-
53.286,898
125.000
deposits
Special deposits-
.
Common stock¬
Time drafts and
-
S
Liabidlies—
S
Property invest-171.607,561
1936
1937
1936
1937
A sscts
—V. 146, p. 2390.
a decision handed down May 2 the U.S. Supreme Court affirmed the
right of a patent owner to restrict the use made of his patented device,
upholding the Western Electric Co. and others in a suit against General
Talking Pictures Corp.
The Court found the latter guilty of patent in¬
fringement for having made unauthorized use of amplifiers manufactured
by a restricted licensee.
*
The licenses authorized the American Transformer Co. to manufacture
In
broadcasting, radio amateur
these restrictions, General
Talking Pictures purchased the amplifiers and used them in sound systems
in theatres, thereby infringing the patent, the Court held.
the amplifiers and to sell them for use in radio
and radio experimental reception.
Aware of
The decision is
considered significant because it enables patent owners
against users who knowingly violate license restrictions.
The original suit was brought jointly by Western Electric, American
Telephone & Telegraph Co. and Electrical Research Products, Inc.
The
Supreme
Court
decision
affirms
those
previously rendered
by the
Federal Court for the Southern District of New York, and the Second
to take action
Circuit Court of Appeals.—V.
1938
12 Months Ended March 31—
Balance after operation, maintenance and taxes.
y
Balance for dividends and surplus
Includes non-operating income,
net.
y
1937
$2,155,476
738,718
156,874
•
2714.
Western Maryland
2714.
board of directors on May 3, Robert R.
a director to fill the unexpired term of I. F. Freiberger*
has been accepted.—V. 146, P. 1737.
elected
was
Winnipeg Electric Co.—Earnings—
Period End. Mar. 31—
Oper.
exps.
earnings
-V. 146, p. 2390.
$596,530
336,529
$240,730
and taxes
Net
$260,001
Western New York Water
r.
$752,888
$815,001'
Co.—Earnings
"
1936
1937
Calendar Years—
1938—3 Mos.—1937 >
$1,748,029
$1,822,337
$995,141
1,007,336
1938—Month—1937
$569,882
329,152
$782,148
396,756
$439,164
,568
1934
1935
1
,
364,103
$768,014
346,255
$383,407
$421,758
$747,510
,814,732
$385,392
Operating revenues.
Oper. exp. & gen. taxes .
Ry.—Annual Rejport—
949
Machine Corp.—New Director—
Gross earnings
a dividend of 18^ cents per share on account
pref. stock, no par value, payable
May 16.
Like amount was paid on Dec. 1 last
and compares with 373^ cents paid on Sept. 1 and on June 1. 1937; 5634
cents paid on March 1, 1937; 75 cents paid on Dec. 1, 1936; 5634 cents per
share paid on Sept. 1, 1936, and 3734 cents paid on June 1, 1936.-—V. 146,
$355,129
meeting of the
special
a
whose resignation
June 1 to holders of record
p.
At
$731,909
352,875
2,425
20,530
& expense
Per books—not adjusted.- -V. 146, p.
Guthrie
$727,159
4,750
$686,585
352,875
1,260
20,530
—
Net income
the $1.50 series A
on
—
Amortization of pref. stock discount
♦
The directors have declared
of accumulations
-•*
Amortization of debt discount & expense
After appropriation for retire¬
■
-
.
$2,215,878
756,465
186,862
$685,088
1,497
;
■
funded dent
unfunded debt
White Sewing
Accumulated Dividend—.
;
on
on
1
$2,096,457
1,369,298
$311,919
Gross income
Interest
x
x
x
''
Interest
xl937
1938
52,111,582
1,426,494
—
Net operating income
(& Subs.)—Earnings—
Operating revenues
-Earnings—
Other income
146, p. 1731.
Western Public Service Co.
ment reserve.
Western United Gas & Electric Co.
3 Months Ended March 31—
Operating revenues
Operating expenses and taxes
'
Traffic Statistics for Calendar Years
Miles of rd. oper. (aver.)
880.95
1936
882.92
No. pass, car d earn. rev.
No. pass, car'd 1 mile—
202,609
5,943,548
181,373
5,442,046
1937
No. pass, carried
Net earnings
1935
1934
163,330
4,809.356
4,157,700
per
No.
mile of road
tons
per
carried
1,859,248
2,113,130
1,928,878
$15,794,012 $14,270,367 $13,-408.910
2,390,531
mile of road._•
Total freight revenue-.$17,069,347
";
1937
Operating revenues—Freight
Passenger
:
MailExpress
-_
Traffic
82,002
4.445
330,008
—
Transportation
Miscellaneous operations
General.—
Transportation for investment (Cr.)Total operating expenses
$2,316,881
3,708,120
$2,151,631
3,292,741
473,203
440,427
437,197
4,473,709
64,343
555,007
12,843
3,972,511
58,672
3,734,934
69,550
556,928
565,782
14,269
8,865
$11,578,422 $10,464,047 $10,205,418
$6,047,848
Tax accruals
$5,834,224
$4,585,984
1,307,371
Net operating revenue
1,198,428
785,664
$4,740,477
100,345
$4,635,795
148,421
$3,799,771
307,905
548
Uncollectible railway revenue
Operating income.Net rental of equip. & joint facil. (Cr.)
Net income-
1st preferred
stock
profit & loss-
82,270
$4,107,677
82,098
$4,866,487
$4,189,775
3.156,373
3,187,118
$1,803,137
Gross income
Fixed charges
$4,784,216
3,148.639
operating income
Non-operating income
$4,840,822
110,954
$4,951,776
Net railway
on
$1,979,202
3,433,022
$1,710,113
$1,002,657
1,241,947
1,241,947
$561,190
$468,166
$421,942
257,371
3,683
821
""385
charged to construe.
Cr506
Crl ,352
~Cr438
"Cr64
Amort, of dt. disc. & exp.
10,578
43,500
5,018
10,729
50,250
11,651
9,615
36,750
9,446
43,000
9,586
14,132
7,139
15,119
329
Miscellaneous
Int.
Prov. for retire. & replac.
Prov. for Fed. inc. tax—
Prov.
Int.
for surtax on
un¬
accr.
during year on
Federal
income
taxes
92
784
for prior years.
$68,210
$98,926
$70,389
25,765
$93,953
51,530
$68,210
income
$98,926
$44,624
$42,423
dividends
Balance
Earnings for 12 Months Ended
1938
$763,769
227,116
Operating revenues
General operation
Rate
case
expense
Other regulatory
earnings
Other income
Gross corp income
Int. on mortgage debt—
on
$763,250
207,883
30,238
'
$756,840
202,580
34,773
1,167
3.744
139
Crl3,146
1,575
29,790
Crl ,995
101,584
4,091
7,749
1,800
33,017
96,301
3,813
6,946
Cr2,007
3,150
21,378
79,113
3,859
6,342
$442,154
$387,501
$407,511
119
Excise taxes
Int.
224,440
15,034
Cr5,428
222
99
84
$358,429
204,887
44,462
$442,376
204,887
47,045
$387,600
204,887
49,230
3,460
9,909
$407,595
204.887
51,201
3,654
825
37,393
118,970
13,546
10,955
taxes
Corporate taxes
deben. bonds
interest—
Amort .of dt. disc.& exp.
Miscellaneous
1937
$814,440
$358,310
Prov. for uncollec. accts.
Maintenance
Net
1935
1936
2,082
Gen. exps. transferred to
construction..
Real property
March 31
comm'n
expense
Int.
charged to constr'n.
for retirements &
replacements.
470
73
10,572
Cr490
10,721
Crl,357
40,634
x7,512
50,500
x29,462
9,446
Cr441
Cr62
35,750
10,117
47,750
12,110
$74,687
12,882
$78,515
51,530
Prov.
Prov. for Fed. inc. tax—
Prov. for int. on Fed. inc.
taxes of prior years—
Net
Divs.
$1,022,657
$439,377
252,849
466
20,494
1,863
305,984
$385,475
249,908
"'375
85,391
18,647
$17,626,269 $16,298,270 $14,791,403
operating revenues
Balance transferred to
funded debt
interest—
(affiliated cos.)
Preferred
3,548
353,897
;
Maintenance of way and structures..
Maintenance of equipment—
—
Dividend
1935
20,068
—
Miscellaneous
Total
1936
82,211
—_
Milk,,
on
Int.
Net
$17,069,347 $15,794,011 $14,270,367
97,198
95,763
80.697
•
.
$.00838
$.00847
$.00811
mile
$.00811
Income Account for Calendar Years
1
Int.
-
distributed income
1 miie
A v. rev. per ton per
Gross income
Miscellaneous
1 mile
8,346
8,115
13,646
14,904
$80,697
$100,559
Total passenger revenue
$95,763
$97,198
55.427 cts. 61.568 cts.
52.799 cts.
Av.rev.rec.fr. each pass. 47.973 cts.2.091 cts.
1.941 cts.
1.760 cts.
Av. rev. per pass, per m1.635 cts.
No. tons car d of freight
13,892,808
15,772,869
14,406,323
i.
earnings revenue
17,371,993
No. of tons car d 1 mile.2105937,896 1865724,718 1703333,944 1652592,597
>
184
$383,511
254,117
3,490
888.85
145,591
103
83
Miscellaneous income
883.07
x
income—.——
on
—
913
$100,999
92
45
$49,465
pref. stocks
Includes surtax on undistributed
profits.
3038
Financial
Chronicle
Balance Sheet
Mar. 31'38 Dec. 31*37
Assets—
<fe
invest.
on
1,277
588
132,300
Calendar Years—
52,303
13,500
Div.
9,374
9,108
11,533
157,493
1,247,922
157,493
1,239,479
206,133
1,000,000
792,525
1,000,000
Capital surplus...
Earned surplus._.
724,344
721,381
16,700
liability.
Reserves
_
Materia <fe supp..
29,122
29,095
17,102
25,473
c
pref. stock
Unamort, debt dis¬
139,638
count & expense
$8,899,813
142,681
Common stock..
$8,936,083)
Total
For bond interest due Jan. 1, 1938.
no par
Interest
792,525
$8,899,813 $8,936,083
b After
reserves,
c
Represented
shares.—V. 145, p. 3025.
General Statistics and
Equipment for Calendar Years
1937
Miles of road oper
1936
1934
1,207
1,207
179
89
169
89
_
.
_
24,040
$29,080
58,624
2,582
469,515
_____
Net loss
cars
8,375
8,999
9,349
9,379
Rev. pass, carried......
62,370
61,264
56,753
45,296
Pass, carried 1 mile
29,565,295
28,457,185
24.236,631
18,411,569
Rev. per pass, per mile._
1.48 cts.
1.50 cts.
1.53 cts.
1.57 cts.
Rev. tons carried.
4,183,136
3,733,530
3,127,385
3.211,013
Rev. tonscarriedl mile. 1860589.260 1665103,247 1418068,675 1293669,670
Rev. per ton per mile
0.84 cts.
0.85 cts.
0.86 cts.
0.87 cts.
$509,264
______
$509,471prof$598,793
$501,641
received,
not
Express
-
......
Operating income
$16,310,973
& Rio Grande Western RR. Co., inasmuch as the named
companies are now in process of reorganization under Section 77 of the
Federal Bankruptcy Act as amended, and the collectibility of such interest
is largely dependent upon the plans of reorganization finally adopted.
No deduction has been made in the above income account for $4,401,837
(before elimination of $902,649 intercompany interest) reported net losses
of wholly-owned subsidiaries.
Comparative Balance Sheet Dec. 31
1937
Assets—
_
Maint. of equipment
Traffic.
______
Transportation
Miscell. operations
General
Transp. for invest.—Cr.
3,627,214
3,669,486
696,189
6,683,022
114,510
582,166
60,879
3,109,799
2,854,677
678,091
5,722,385
106,262
$
463,518
47,917
10,490
Operating expenses...$15,311,709 $12,886,816 $10,594,942
Net from ry. operations.
Railway tax accruals...
Uncollectible
^
999,264
772,075
,
ry. rev
Total
NcmrOper. Income—
Equipment rentals
Jt. facil. rent income
Inc. from lease of road
_
_
Miscell. rent income
Misceli. non-oper. phys.
property
$948,610
1,124,474
$685,954
1,626,176
$797,770
1,724,340
561,132
463,164
289,622
15,137
438,637
429,829
325,763
15,185
685,977
397,294
3,556
19,260
708,995
385,631
3,538
26,019
68,212
64,420
77,417
15
60
732,523
715,783
706,981
15,919
539
463
5,392
and accounts
prems.
69,882
on
funded debt
235
Miscellaneous income
184
82
25
124
$2,146,128
2,373,318
Non-oper. income
Gross income
$1,990,238
3,114,712
$1,890,988
3,517,163
$1,876,307
3,600,647
Deductions—
Equipment rentals
facility rents
Rental of leased lines
Miscell. rents
1,588,276
292,679
3,600
27,176
49,120
3,268,456
.
Miscell. tax accrued.
Int. on funded debt
Int. on unfunded debt..
Amort, of disc, on fd. dt.
Misc. income charges
Sep.
1,750,456
306,123
3,600
27,243
51,849
3,241,094
211,737
178,319
5,113
48,748
$5,824,283
3,450,965
Joint
oper. props.—Dr._
Total deductions
Net deficit
1,430,049
263,084
1,317,492
234,053
3,600
122,088
145,451
10,938
28,062
3,600
36,805
48,582
3,301,478
38,922
143,316
9,741
34,308
45,138
46,313
3,318,319
42,214
143,329
9,945
39,711
$5,535,846
2,421,134
$5,309,889
1,792,725
$5,200,114
1,599,467
Balance Sheet Dec. 31
'
1937
1936
$
$
Assets—
Road &
1937
Liabilities—
equip..140,207,912 139,559,917
18,100,858
17,664,849
3,654,457
3,674,223
190,120
127,961
326
Other in vest.78,178
78,678
Dep.
in
mtge.
lieu
of
drafts
326
_
3,700,000
Special deposits.
164,063
3,094,915
1,087,891
2,767,553
151,406
198,736
Misc. accts.
rec_
888,251
896,761
Int. &divs. rec.
Oth. curr. assets
1,829,155
35,464
1,114,418
13,775
Disc, on fd. debt
Mater. & supp._
1,155,625
2,917,616
1,324,599
2,198,101
106,362
253,500
Cash
1,060,731
1,207,662
1,881,732
140,363
deferred
assets
251,732
314,665
56,825
7,962,800
78,241
_
114,414,483
Common stock.
60,000,000
23,985
39,530
Notes payable..
9,299,850
60,000,000
9,299,850
3,186
Cash...
...
Furniture
3.643
and
Due to The West¬
fixtures
ern
Realty Co.
848,000
purcli.
2,536
_
7,962,800
926,264
598,620
Loans & bills pay
2,450,868
Due to affil.
7,246.518
2,445,610
7,528,701
909,378
Accrued interest
895,959
Matured interest 11,551,754
Misc. accts. pay.
116,180
cos.
Accts. & wages.
918,748
868,948
8,761,552
300,016
Unmatured rents
accrued
4,033
liability...
on
4,152
215,720
290,411
curr. liabs.
Tax
555,765
178.295
funded
debt
7,074
Accrued deprec.
10,401,167
11,074,120
oth. prop, pur
7,171,169
Unadj. credits..
...
176,185
7,171,169
95,853
1,147
5,229
10,221,195
11,630,265
649,674
649.674
Sur.
inv.
eq.
&
Def. liabil
Add.
to
prop.
thru inc.&sur.
Fund, debt retd.
surplus
Sinking fund
..174,853,608 178,016,336
Earnings for March and Year
March—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 146, p. 2390.
1938
to
1937
326
19,317.232
..174,853,608
Total
326
21,399,154
Deficit
Total
178,016,336
Date
defl05,246
$1,036,910
139,714
defl5,128
2,641,038
def604,670
def1,076,482
3,676,909
427,995
def62,956
2,790,028
258,161
def123,957
71,912
of
2,684,488
2,684,488
1,618,962
2,128,226
Treasury stock.Drl,807,944 Drl,807,938
invest's, &c.Earned surplus.
Total
114,446,604
114,457.656
Total
114,446,604
1935
•
$899,700
104,619
def6,208
2,541,768
232,708
def152,453
114,457.656
-V. 144, p. 3699.
Wisconsin Central Ry.—Annual
Calendar Years—
bl937
Report—
bl936
bl935
Oper. revs.—Freight-__$11,417,377 $11,157,705 a$9,232,704
Passenger
399,449
a395,668
402,990
Mail
222,661
216,329
224,146
Express
175,745
137,451
174,142
Miscellaneous
503,996
a387,992
483,126
________
Total
$12,719,228 $12,442,111 a$10,370,145
1,501,818
1,409,347
1,278,643
1,981,717
1,683,109
1,737,393
313,388
280,408
293,950
Transportation
4,975,573
4,690,530
4,179,410
Miscell. operations
978
3,954
14,174
General
525,566
600,630
522,491
Trans, for inv.—Credit.
11,898
5,881
9,908
Maint. of way & struc._
Maint. of equipment.
Traffic.....
__
Total ry. oper. exps__
bl934
$8,558,197
446,277
203,291
179,208
368301
$9,755,777
1,092,153
1,511,507
279,930
3,905,080
31,046
630,349
4,814
$9,287,143
3,432,085
661,457
$8,725,897
3,716,214
848,467
$7,952,354
2,417,791
418,340
$7,445,252
2,310,525
581,554
4,373
oper. income.
$2,770,628
25,656
2,958
2,961
102,724
$2,867,747
44,290
5,957
3,564
87,761
$1,999,450
44,598
6,794
4,016
86,477
$1,724,597
Rent from locomotives__
Rent fr. pass .-train cars.
$3,009,319
$2,141,326
$1,853,996
719,447
41,059
22,116
4,427
612,262
741,147
129,186
48,230
568,548
694,552
123,681
45,147
1,977
626,313
$1,618,678
27,230
$1,610,008
21,229
$653,521
27,344
$362,324
25,467
$1,645,908
$1,631,237
$680,866
$387,791
205,285
418,959
207,903
207,832
Net
rev.
from ry. oper__
Railway tax accruals
Uncollec. ry. revenue
Railway
Rent from work equip._
Joint facility rent income
Total ry. oper. income $2,904,928
Hire of freight cars'—Dr.
balance
587,324
Rent for locomotives
Rent for pass-train cars
Rent for work equipment
35,951
42,075
3,868
617,031
Joint facility rents
Net ry. oper. income..
Total non-oper. income.
Gross income
Deductions—
Rent for leased roads...
Miscellaneous rents
Miscell. tax accruals
Int. on funded debt
Int. on unfunded debt..
Misc. income charges
a
40,659
5,999
2,522
80,219
496
513
467
467
17,187
1,674,965
686,192
10,352
12,622
1,675,396
496,744
11,124
29,461
1,889,667
192,576
9,458
15,059
1,871,327
136,271
12,827
$984,122
$1,648,668
$1,855,989
Net deficit
to
692
$948,568
,
These figures have been changed from those appearing in 1935 report
conform
to
the
accounting classification prescribed by the Interstate
Commerce Commission effective Jan. 1, 1936.
b Includes both receiver's
and corporate items.
Dec. 31
1937
1936
Investments—Road and equipment
$76,210,143 $71,549,404
Improvements on leased road property
122,297
122,297
Sinking funds
121
25,121
Deposit in lieu of mortgaged property sold_____
15,059
11,999
Miscellaneous physical property
994,220
1,738,227
Investment in affiliated companies
745,926
767,233
Other in vestments
78,941
90,656
Cash
1,031,295
42,916
Due from Soo Line
I.
I
3,026
1,947,373
Special deposits
722,160
59,842
Miscellaneous accounts receivable
325
5,319
Material and supplies
189,267
51,523
Interest and dividends receivable
5,821
8,420
Other unadjusted debits
6,798
4,423
Total
Liabilities—
$80,150,399 $76,399,754
1937
«
Common stock
Preferred stock
Grants in aid of construction
Funded debt unmatured
Non-negotiable debt
Auditing vouchers
!
to affiliated companies
Interest matured, unpaid
Funded debt matured, unpaid
Unmatured interest accrued
Other current liabilities
§61
Tax liability
Accrued depreciation—equipment
Other unadjusted credits
Additions to property through income and surplus
Funded debt retired through income and surplus..
Debit balance
Total
1936
.$16,126,300 $16,126,300
11,265,900
11,265,900
54,757
4,987
36,428,000
36,428,000
3,830,000
350,000
7,545,617
7,555,660
1,098
12,448
9,741,325
7,853,822
7,500,000
7,500,000
i
193,015
189,927
1,048,219
694,071
Other deferred liabilities
1936
$900,791
def300,847
def447,469
$1,235,548
tax.
revaluation
Receivers' certificates
thru Income <fe
2,525
State
Assets—
Traffic,&c.,bals.
Prem.
for
Comparative General Balance Sheet
lounge
cars
1,347,505
Surp. arising fr'm
47,500,000
49,290,100
Loco.
803,000
1,800,712
Accrued interest
Pullman Co.—
Oth.
con¬
ductors.
Unadj. debits..
Other
1,650,000
Notes payable.
1,343,462
Traffic, &c., bal.
Agents and
9,400,000
3,307,000
1st mtge. bonds
Works—Lease
&
deposits....
6,400,000
Equip, tr. ctfs..
Baldwin
prop'ty
sold.........
Sinking fund...
Time
28,300,000
Common stock.
Miscell. physical
properties
$
28,300,000
47,500,000
49,290,100
Trustees ctfs
Invested in affil.
cos
1936
$
Preferred stock.
$
40,000,000
advances ....114,419,433
676,665
Dividend Income
Inc. from funded sec
Inc. from unfunded sees.
on
$9,780,792
2,522,111
792,348
5,422
227,189
$772,075
Operating income...
Release
2,312,129
678,878
7,076
2,073,084
948,610
.
40,000,000
franchise
1,898,165
1,906,951
643,267
4,332,186
409,201
602,216
11,193
■
6% pref. stock..
Prov.
2,369,169
2,147,458
666,457
4,991,322
86,270
344,755
1936
1937
Liabilities—
$
Investments and
Operating ExpensesMaint. of way & struc.
*
1936
$
1934
$14,959,900 $12,907,071 $12,302,903
Includes
of the Denver
$15,452,515 $14,151,068 $12,200,245 $11,292,542
437,469 "
427,675
371,758
288,513
42,837
42,651
46,377
47,694
96,783
96,538
76,425
64,806
131,430
111,766
102,169
105,934
147,526
124,565
104,398
499,219
2,412
5,635
5,699
4,195
Mail..
Miscellaneous
Incidental
Joint facilities-
y
1937 does not include accrued interest
of $902,649 receivable by the corporation on bonds and other indebtedness
of The Western Pacific RR. Co. and its affiliate, and $262,550 on obligations
payable
Income Account for Calendar Years
1937
1936
1935
13,415
y504,998
Notes—The income account for
cars
Operating Revenue—
Freight..
Passenger..
$1,177,399
60,192
Cr 14,321
x Includes
$1,050,542
interest
accrued,
$427,478 interest accrued, not paid.
169
89
V
$6,516
56,346
5,196
468,765
charges..
1,213
156
88
Locomotives
Freight train
1935
1,207
_
Miscellaneous
206,133
Wstern Pacific RR.—Annual Report—
Pass, train
15,025
$19,975
58,224
2,783
468,232
General expenses.
Taxes.
$5 Non. cum. part.
Prep'dtax., insur.,
&c. & def'd chgs.
a
1934
$6,516 x$l,177,399
$5,040
of
cap.
Total income
29,108
11,534
Deferred
by
Total.....
on
1935
1936
$4,950
stock
"Western Realty Co
124,924
inc. tax & surtax
59,532 Consumers depos.
13,800 Unearned revenue
paying agents..
by 50,000
1937
Interest
Prov. for Fed. nor.
b Accts. receivable
held
Western Pacific RR. Corp.:—Annual Report-
130
76,460
Acer, unbilled rev.
Cash
payable
1938
Dec. 31*37
Accrued liabilities.
1,226
61,937
hand & in
banks
a
Mar. 31*38
.$4,610,100 $4,630,100
7,957
13,708
Due to affil. cos..
deposits.-
spec,
Cash
Accts
$8,584,934 $8,571,114
equipment
Misc.
Liabilities—
Funded debt..
plant <fc
Property,
May 1,
______
1,084
224,562
3,465,426
65,901
224,0/ /
o35,224
3,230,419
76,125
223,187
682,742
682,742
18,247,403
16,330,145
$80,150,399 $76,399,754
Note—Balance sheet includes both receiver's and corporate items.
Volume
Financial
146
3039
Chronicle
Balance Sheet Dec. 31
Condensed Income Statement for Period Ended March 31
$782,917
19,391
56,157
Total
General expenses
Net railway
,
revenue.."
Taxes
Net deficit after rents."
Other income (net)
on
63,298
291,787
435,715
81,594
1,227,826
124,768
$2,788,521
* 268,186
485,181
69,509
1,190,737
147,073
$325,139
Crl6,168
$152,155
238,222
$627,834
$341,307
56.238
43,428
def$86,067
111,471
170,853
$493,236
154,108
131,077
129,691
134,043
$281,860
"
134,598
1937
Cash
on
6% cum. pref. stk.
y Common stock..
Funded
hand and
Other acc'tsrec...
for
$4,929
$986,739
112,793
280,119
accrued--
Interest
2~03~523
65,524
55,084
66,731
131,745
138,531
Payroll accrued
19,082
12,248
200,000
Taxes accrued
940,074
pay.
23,547
913,069
cos.
(current acc't)..
13,546
1,133,602
Deferred charges..
69,720
69,720
Consumers' depos.
17,729
950,783
Dividends accrued
123,687
126,896
Am't pay. to empl.
of mat'd int., &c
Inventories
Due from affil.
debt
Bank loans
547,635
199,748
(trade).. 1,023,452
Deposits
$
4,742,500
6,000,000
6,000,000
11,000,000 11,000,000
4,742,500
Accounts payable.
in banks
Accounts and notes
receiv.
1936
$
Liabilities—
$
Property & plant.29,198,629 27,862,169
x Invest. &adv___
455,235
371,294
31,446
68,903
144,856
20,443
Due to affil. cos..
11,168
Other
1,215,012
and
current
44,996
53,119
352,328
353,302
Reserves
7,925,549
Prem.onpref.stk.
Surplus
93,782
1,607,805
7,311,500
93,782
1,677,138
accrued liabil
Contrib. by custo¬
$368,391prof$208,050
Hr215,457
I>r289,357
402,890
389,157
$89,161prof$241,641
Dr63,008
Orll2,526
funded debt
Net deficit
—V.
$2,313,846
88,137
168,805
24,298
409,073
7
Net after taxes
Hire of equipment
Rental of terminals
Int.
L ,078,751
$24,476
44,807
68,830
Transportation expenses
82,930
143,563
Assets—
$2,562,028
68,539
162,617
$105,444
80,968
"
revenues
Maint.of way & struc.exp
Maint. of equipment
Traffic expenses
$2,082,689
$858,466
101,181
167,419
27,480
420,552
36,389
All other revenue
$991,843
29,593
57,314
1936
1937
1938—3 Mos.—1937
1938—Month- -1937
Freight revenue
Passenger revenue
mers
$470,464
for constr.
146, p. 2390.
Total
Wickwire
Spencer Steel Co. (& Subs.)—Earnings—
3 Months Ended March 31—
Loss from operations, after deduction
administrative and general expenses
for
selling,
$130,751 prf$435,232
19,090
17,519
Other income
x
6%
$111,661
$452,751
56,722
130,443
63,037
113,318
5,563
Interest on bonds and notes—
Loan—RFC
10-year notes, due 1945
7% bonds—American Wire Fabrics Corp
8,983
10,117
13,990
cum.
Yellow Truck & Coach
3 Months Ended March 31—
Net sales.
x
945 shs.
$231,000
Represented by 300,000 shares, $20 each.—V. 145, p. 3027.
Mfg. Co.
on
Earnings—
1937
1936
1938
$13,465,032 $17,737,543 $10,926,150
748,669
1,139,935
418,910
244,776
226,893
264,335
47,140
122,000
37,000
_
Profit from operations
Prov. for depreciation
Prov. for Federal taxes
10,117
13,990
1935
945 shs.
$231,000
pref. stock of Wisconsin G. & E. Co
Waukesha Gas & Elec. Co..
1st mtge. 5% bonds of
Interest allowed
on prepaid accounts, dsiscounts
allowed, bad debts and franchise taxes, &c__
Provision for depreciation
Legal and other professional services for trustees, &c
32,926,852 31,981,172
Total
1936
y
Loss
32,926,852 31,981.172
Includes following securities:
1937
1938
income
Net profit
$791,042
$456,753
$117,575
Including the company's proportion of net profits or losses of whollylot consolidated.
Note—The earnings for the three months ended March 31, 1938, 1937
and 1936 make no provision for any surtax which may be imposed by the
Revenue Act of 1936 on any undistributed profits accruing during the
respective years.—V. 146, p. 1420.
x
Net loss before provision for Federal taxes.
-V. 146, p. 1898.
Wisconsin
$331,916 prf$246,727
Hydro-Electric Co.—Accumulated Dividend—
f- The directors have declared a dividend of $1.50 per share on account of
accumulations on the 6% cum. pref. stock, par $100, payable June 1 to
holders of record May 20.
Similar amount was paid on Oct. 1, last.—
V. 146, p. 774.
Wisconsin Gas & Electric
T
Oper.
exps.,
and
$6,418,129
1936
$6,068,342
1934
1935
$5,813,702
$5,577,322
25 cents was paid on March 15, last; one of 75 cents was paid on Dec. 15,
last, and one of $1.25 per share was paid on the larger amount of shares now
outstanding, on Sept. 15, 1937. See also V. 146, p. 1265.
maintenance
4,221,608
3,803,855
3,941,808
3,844,730
$2,196,521
fund. debt.
380,950
$2,264,487
420,971
$1,871,894
$1,732,592
520,000
88,632
759,506
taxes
Gross income
Int. chgs. on
Other interest charges._
26,821
40,600
Approp. for depreciation
941,755
932,729
520,000
30,262
881,341
Bal. for divs. & surplus
$846,995
278,880
585,000
$870,187
278,880
570,000
$440,290
278,892
150,000
$364,454
278,692
def$16,885
$21,307
$11,398
$10,762
Preferred dividends
Common dividends
Balance
Youngstown Steel Door Corp.—Common Div. Omitted—
Directors at their recent meeting took no action on the payment of a
on the common stock, no par value, at this time.
A dividend of
dividend
Co.—Earnings—
1937
Calendar Years—
Gross earnings
owned and controlled companies
surplus
mmEote—The
company
has
no
liability for Federal surtax
on
75.000
undistributed
income for 1937 or for 1936.
Youngstown Sheet & Tube Co. (& Subs.)—Earnings—
Consolidated Income Account Quarter Ended. March 31
1937
1936
1935
$7,974,362
1,771,416
758,295
558,632
$4,586,432
1,436,639
1,080,018
172,476
$2,109,389
1,340,957
1,070,332
293,869
$139,529pf$4,886,019prof$1897299
1,675,008
1,534,848
1,200,000
Nil
$3.05
$1.40
$595769
1,200,000
Nil|
1938
Total income
$2,610,302
1,687,877
Interest, &c
632,840
Miscellaneous charges..
429,115
Deprec. and depletion..
Net loss
Shs.com. stk. (nopar)..
Earnings per share
Note—No deduction has been made for
any
Federal surtax on undis¬
tributed profits.—V. 146, p. 1905.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
GOODS—WOOL—ETC.
PROVISIONS-RUBBER—HIDES—METALS—DRY
COMMERCIAL EPITOME
Friday Night, May 6, 1938
f Coffee—On the 30th ult. futures closed 1 to 5 points
net higher in the Santos contract, with sales totaling two
lots. The Rio contract closed 1 point higher to unchanged,
with sales of 16 lots.
Coffee destruction in the first half of
April amounted to 363,000 bags, about 100,000 bags less
than the last half of March.
However, the total for the crop
year thus far, taken off market by Brazil for destruction
amounts
to
12,394,000
coffee£destruction
was
bags.
Since
inaugurated,
June, 1931, when
59,875,000 bags of
surplus stock have been eliminated. In celebration of the
discovery of Brazil, tomorrow will be a holiday and the
markets there will be closed.
On the 2d inst. futures closed
2
points lower to 1 point higher in the Santos contract, withsales totaling 58 lots. Rio contracts closed 7 to 4 points net
higher, with sales totaling 8 lots. A substantial portion of
the trading was in the form of liquidation and switching
from the May position in the Santos contract. Four notices
were issued, and with commission houses
running away from
them into later months, the volume of business for the day
was expanded to 58 lots.
The May switching was mostly
into March at a difference of 22 points, which compares
with 17 points difference late last week.
Brazil last week
exported 517,000 bags, the largest quantity for any week
this year.
Brazil market prices today were unchanged, and
tomorrow
the markets there will be closed in observance of
Havre closed % franc higher to unchanged.
the 3d inst. futures closed 6 to 11 points net higher in
Santos contract, with sales totaling 78 contracts.
The
holiday.
On
the
Rio
contract closed 8 to 5 points net higher, with sales totaling
30 contracts.
The market continued to creep higher, with
most Santos prices at the best levels in over a month. Santos
contracts in early afternoon were 2 to 5 points higher, with
March at 6.02c., up 2 points, while Rios were 1 to 4 points
higher, with December at 4.05c., up 1 point. It was a holi¬
day in Brazil (Discovery of Brazil), which made for light
a
offers.
Santos
4s from
one shipper were at from 6.65 to
situation on milds improved, with Manizales
held at 9%c., although on a shipment basis coffees were
thought available at 93^c. On the 4th inst. futures closed
6.75.
The spot
10 to 3
in the Santos contract, with sales totaling
points up, with sales
totaling 35 lots. The bull market in coffee continued on an
increased volume of trading. Prices reached the best levels
seen in over two
and a half months.
European covering,
said to be against arbitrage operations, coupled with trade
buying made up the bulk of the demand. Six Santos notices
were
issued and immediately stopped.
Cost and freight
offers from Brazil were unchanged, with Santos Bourbon 4s
offered at from 6.65c. to 6.75c. Milds were steady and scarce
on a
spot basis.
Manizales were quoted at 9^c. Santos
peaberry 3s were quoted at 6.35c., while Victoria %s were
at 4.20c.
Havre futures were 4^2 to 4% francs higher, but
as an offset the franc rate at 11:30 a. m. had dropped to 2.93c.
On the 5th inst. futures closed 11 to 7 points off in the
Santos contract, with sales totaling: 99 contracts.
The Rio
contract closed 7 to 3 points off, with sales totaling 99 con¬
99 lots.
tracts.
points
up
The Rio contract closed 8 to 11
The
coffee
market
suffered
a
setback
on
rather
heavy selling from trade and European sources. The market
turned steady after the initial sell-off and in early afternoon
had recovered a point or two.
The actual market on the
other hand was steady.
Cost and freight offers from Brazil
were unchanged to slightly higher, with Santos Bourbon 4s
at from 6.70 to 6.75c.
Santos %s, which sold earlier in the
week at 6.65c. for shipment over twelve months starting
January 1st, were held at 6.80c. Milds were again higher,
with Manizales quoted at 9^2 to 9^§c.
Havre futures were
% to 2 francs higher on sales of 25,000 bags. Today futures
closed unchanged to 3 points up in the Santos contract, with
sales totaling 102 lots.
The Rio contract closed unchanged
to 3 points up, with sales totaling 12 lots.
Coffee futures
were again
under pressure as European selling continued.
There
Santos
was
little in the actual market to warrant the declines.
were
4 to 8
points lower, with September at 5.89c.,
off 8 points, while Rios were 2 to 4 points off
afternoon.
Five Santos and one "A" notice
during the early
issued, the
delivery of Rio coffee, the first Rio coffee
the commonly called "Rio" contract in the
last four or five years.
Cost and freight offers from Brazil
were
about unchanged, with good Bourbon San os 4s at
from 6.65 to 6.75c.
In Brazil the spot price on "soft" Santos
latter calling for
delivered against
were
3040
4s
was
up
Robustas
Financial
100 reis, while "hard" 4s
were
were
off 100 reis.
Natural
said to be offered at 4He.' for July-August
shipment.
Manizales on a spot basis were still firm, with
9He. said to be bid.
Havre futures were H to 1H francs
higher;
Rio coffee
prices closed
as
J
May.
July
September
4.30 December
4.29 March
4.17
Santos coffee
prices closed
as
.5.81
May.
July.September.
'
follows:
.5.92
4.16
4.16
follows:
December.—
March
6.02
6.05
-
.5.99
Cocoa—On
the 30th ult. futures closed 5 to 9 points net
The opening range was 3 points off to 1 point higher.
Transactions totaled 96 lots, or 1,286 tons.
It was the last
.lower.
Saturday market for
until October, the exchange being
day during the spring and summer
months.
London outside prices ruled 6d. lower, while futures
on the Terminal Cocoa market ran
unchanged to 3d. lower,
with 360 tons trading.
Local closing: May, 4.68; July,
4.83; Sept., 4.93; Oct., 4.97; Dec., 5.03.
On the 2d inst.
futures closed 9 to 5 points net lower.
The opening range
was 8 to 2
points off from the previous finals. Transactions
cocoa
closed for business this
totaled
292
'Terminal
lots or 3,913 tons.
London futures on the
Cocoa Market weakened 7Hd. to 10Hd., with
2,160 tons changing hands.
While there was some liquida¬
tion in the local market, much of the
selling was reported for
; European
account.
There was also scattered hedging
against Bahia and possibly against Sanchez.
Local closing:
.May, 4.60; July, 4.74; Sept., 4.86; Oct., 4.90; Dec., 4.97. On
,the 3d inst., futures closed 6 to 8 points net lower.
The
opening range was 4 to 8 points down, the market subse¬
quently rallying somewhat as a result of short covering, but
failed to hold the improvement.
Transactions totaled 322
lots, or 4,315 tons.
Liquidation seemed the chief form of
pressure.
Along with this was some foreign selling and
possibly a smattering of hedging. Short covering furnished
the only real support.
London noted a 6d. loss on the out¬
side market and reported futures 1
Hd. to 4 Hd. lower on the
Terminal Cocoa Market, with 2,180 tons
trading.
Local
closing: May, 4.54; July, 4.66; Sept., 4.77; Oct., 4.82; Dec.,
-
4.89.
,
On the 4th inst. futures closed 3 points higher to 1
The opening range was 1 to 5 points higher.
was dull, with
trading routine.
Transactions
point lower.
The market
totaled only 191 lots, or 2,559 tons.
London outside values
'dropped Is, while futures on the Terminal Cocoa Market
ranged unchanged to 7Hd. easier, with 1,050 tons trading.
Local closing:
May, 4.57; July, 4.66; Sept., 4.76; Oct.',
4.76; Dee., 4.89.
'
On the 5th inst. futures closed 8 to 6
points net lower.
was a dull listless
affair, with
market
prices dropping to
The
new
seasonal lows for all active
positions, with May selling at
4 .50c.
Prices generally were 8 to 10
points lower in the early
afternoon, with sales of 200 lots to that time. Some foreign
selling was reported. London cabled that the terminal cocoa
market had declined under
hedge selling which disclosed
limited buying interest.
Locally manufacturers were con¬
tent to pick up cocoa at concessions.
creased 3,500 bags.
They reached a
movement of 666,.500
bags. Local
Warehouse stocks in¬
new
high total for the
closing: May, 4.49; July,
4.58; Sept., 4.70; Oct., 4.75; Dec., 4.83; Jan., 4.88; March,
4.95.
Today futures closed 2 points up to unchanged. The
cocoa market drifted down
to new low ground in an apathetic
market.
Prices this afternoon were 2 to 4
points lower, with
May selling at 4.47c. Less than 100 lots were traded up to
this time.
There appeared to be
the market and the trade
buys
speculative interest in
scale down. Trans¬
actions totaled 246 contracts.
Local closing:
Mav, 4.50;
July, 4.60; Sept., 4.72; Oct., 4.76; Dec., 4.84; Jan., 4.88;
March, 4.97.
no
only
on a
Sugar—On the 30th ult. futures closed 1 point lower
throughout the list. The market was dull, sales totaling
only 17 lots or 850 tons. In the raw market the only reported
sale today was one of
26,000 bags of Puerto Ricos, secondhalf May arrival, at 2.82c. to
Pennsylvania.
That was
1 point better than the
price paid in the previous session for
first-half May arrival.
The spot price was 2.82c. on the
sale.
The world sugar contract closed
2H to 4 points net
lower, with transactions totaling 125 lots. Receipt of news
that the International
Sugar Council in London had re¬
duced quotas only 5%, was
bearishly construed in the world
sugar market, and prices eased off as a result. In the London
market
raws
were
unchanged and futures were Id. to Hd.
unchanged to 2 points
May position, which was un¬
changed, domestic sugar futures eased 1 to 2 points today
on a turnover of
only 106 lots, or 5,300 tons. Liquidation
and hedge selling was absorbed
by trade shorts and hedge
covering.
September, in which 71 lots of the total were
traded, moved between 2.00c. and 1.98c., closing at the
lower.
off.
On the 2d inst. futures closed
With the exception of the
inside price.
The tone of the actual market
was steady, with
respectively at 2.84c.
and 2.85c.
Best
however, was 2.80c.
Only reported sales of raw sugar today were to Southern
refiners. Henderson bought a cargo of Puerto Ricos for late
May shipment at 2.84c., delivered, and Godchaux purchased
3,000 tons of Philippines, due June 6, at 2.85c. The world
sugar contract closed 1 point higher to unchanged.
Total
sales were only 56 lots, which included a straddle of 14 lots
of July for September No. 3 at a difference of 108
points.
late
May and June arrival
sugar selling
interest in near by s,
Chronicle
May 7, 1938
On the 3d inst. futures closed 1 to 2
points net higher in the
The opening
1 to 3 points higher, with trading very quiet.
market American secured 1,000 tons of Philip¬
domestic contract, with sales of 62 contracts.
range
In the
was
raw
pines, due to arrive May 10, at 2.80c.
Further nearbys
were thought available at 2.82c.
On the other hand, late
May and June sugars were held at 2.85c., for which buvers
would pay 2.83c. Withdrawals of refined continue but fair,
although only about 10 days remain for buyers to take
sugars bought on 30-day contracts on April
13.
World
sugar contracts, in early afternoon, were H to 2 points
higher, reflecting the improved tone in London. The world
contract closed % to 1 point net higher, with sales totaling
but 10 contracts.
London futures were H to Id. higher,
while raws were reported to have sold at 5s. per cwt., with
further bids at that level.
On the 4th inst. futures closed
1
point down to unchanged in the domestic contract, with
sales totaling 56 lots.
This contract opened unchanged
except for the spot month, which was 2 points higher. In
the early afternoon the market stood unchanged to 1 point
lower, with September at 1.99c., off 1 point. Trading was
quiet, evidently pending further developments in raws,
which in turn depend on movement of refined. Buyers were
bidding 2.80c. for nearby sugzrs, which were held in at least
one case at 2.82c.
On the other hand, refiners were believed
willing to pay 2.85c. for June arrivals.
Withdrawals of
refined continued poor. World sugar contracts improved in
price after opening 1 point lower and closed 1H points up
to H point down.
Sales in this contract were 211 lots.
On the 5th inst. futures closed 1 point up to unchanged
in the domestic contract, with sales totaling 13 lots.
The
market appeared to be in the doldrums, with traders appar¬
ently waiting for the raw market to set the pace and trend.
In the raw market National bought 1,000 tons of Philippines
due June 5, at 2.83c.
About 10,000 to 15,000 tons of Philip¬
pines, due to arrive from May 5 to 12, are held at 2.82c.,
but buyers are not showing interest above 2.80c.
A refiner
paid 2.80c. for 5,000 bags of Puerto Ricos.
World sugar
contracts advanced 1H to 2H points when light buying
found contracts scarce except on a scale up.
September, in
early afternoon, was selling at 96H> up 1H points. London
futures were l/id. lower to Hd. higher, while raws there
were held at 5s. lHd. per cwt.
Today futures closed 1 to
4 points off in the domestic contract, with sales totaling
353 contracts.
The world sugar contract closed 1H to 3
points off, with sales totaling 42 contracts.
Domestic
futures were again under pressure as the raw market turned
easier, especially on nearby sugars.
The futures market
opened 1 to 3 points lower, and in the early afternoon stood
2 to 5 points off.
Twenty notices were issued. September
was at 1.97c., off 2
points. May was off 5 points at 1.84,
which
was
a
new
low.
In
the
raw
market 2,000
tons of
May-June shipment Philippines were reported sold to God¬
chaux at 2.84c.
However, on nearby sugars Philippines
were offered at 2.80c.
Refiners were showing no interest in
nearbys, but might pay up to 2.80c. for more distant
arrivals.
There
London futures
5s.
lHd.
May
July
September
wras
were
Prices
little feature to the world sugar market.
Hd. to Id. lower.
were as
Raws there sold at
follows:
1.84
January (new)
1.93 March (new)
-
Lard—On the
V
1.98
2.02
1.98
30th
ult. futures closed 2 to 7
points net
unchanged to 2 points lower, but
later values eased 5 to 7 points and held at about those levels
to the close.
The trading was relatively light and without
any special feature.
No export clearances of lard from the
Port of New York were reported over the week-end.
Liver¬
pool lard futures were unchanged to 6d. lower.
Hog prices
at Chicago were nominally steady at
Friday's average. Total
receipts for the Western run were 15,400 head, against 11,400
head for the same day last year.
On the 2d inst. futures
closed 7 to 10 points net lower.
The market ruled heavy
during most of the session, influenced by the lower grain
markets and the declining tendency of hog prices.
Another
adverse influence was the increase in lard stocks at Chicago
of 2,704,236 pounds, which was somewhat above trade
expectations.
Export shipments of lard from the Port of
New York over the past week-end were
light and totaled
16,800 pounds, destined for Hamburg.
Liverpool lard
futures were irregular at 6d. lower to 3d. higher.
Hog prices
at Chicago closed.5c. to 10c. lower.
Sales ranged from $7.75
to $8.10.
Total receipts for the Western run were 64,000
head, against 52,400 head for the same day last year. On the
3d inst. futures closed 10 to 20 points net higher.
The May
delivery was pronouncedly firm, showing a maximum rise of
25 points.
Selling pressure on the buldge wras not very
heavy and most of the gains were maintained to the end of
the session.
Export clearances of lard as reported today
totaled only 15,000 pounds, destined for Antwerp.
Liverpool
lard futures closed 3d. to 6d. lower.
Hog prices at Chicago
were
10c. lower.
Total receipts at the principal western
markets were 57,100 head against 58,200 head for the same
day last year. Sales of hogs ranged from $7.60 to $8.20. On
the 4th inst. futures closed unchanged to 7 points net lower.
Lard futures ruled barely steady throughout most of the
session.
Prices started unchanged to 5 points lower, sub¬
sequently showing net losses of 5 to 12 points.
Heavy de¬
liveries were reported on May contracts.
Export clearances
of lard from the Port of New York today totaled 123,244
lower.
Early prices
were
Volume
Financial
146
pounds, destined for London and Liver pool. 1 Hog prices at
Chicago closed 5c. to 10c. higher. Sales ranged from $7.75
to $8.25.
Western hog receipts totaled 43,200 head, against
50,800 head for the same day a year ago.
Liverpool lard
futures closed 6d. to Id. higher.
On the 5th inst. futures closed 5 to 15 points net lower.
Lard prices were depressed yesterday largely as a result of
pressure from packing interests.
Deliveries on May con¬
tracts totaled 150,000 pounds.
Grain markets were also
rather easy, and this was believed to have acted as an
influence in the selling for speculative account.
Prices
showed a maximum drop of 10 to 15 points, and closed very
little changed from these levels.
Export clearances of lard
from the Port of New York today were 8,400 pounds, des¬
tined for Glasgow.
Liverpool lard prices closed unchanged
to 3d. lower.
Hog prices at Chicago closed 10c. lower, the
late top price being $8.25.
Total receipts for the Western
run were 41,100
head, against 49,200 head for the same day
last year.
Today futures closed 5 points up to 12 points
lower.
Trading was relatively light, with price trend
irregular.
DAILY
CLOSING PRICES
OF
FUTURES IN CHICAGO
Wed.
Thurs.
Fri.
LARD
Sat.
Mon.
May
July___—
September
8.00
7.92
8.12
8.25
8.50
8.17
8.45
8.30
8.55
October
8.62
8.55
8.65
i
Tues.
8.05
8.30
8.521
8.60
8.00
8.15
8.42
8.50
7.92
8.20
8.42
8.52
Pork—(Export), mess, $27.37% per barrel (per 200
pounds); family, $26.87% (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export) steady. Family (export), $28 per
barrel (200 pounds), nominal.
Cut Meats: Pickled Hams:
Picnic, Loose, e.a.f.-—4 to 6 lbs., 13%c.; 6 to 8 lbs., 12%c.;
8 to 10 lbs., 12%c.
Skinned, Loose, c.a.f.—-14 to 16 lbs.,
17%c.; 18 to 20 lbs., 17c. Bellies: Clear, f.o.b. New York—
6 to 8 lbs., 19%c.; 8 to 10 lbs., 18%c.; 10 to 12 lbs., 17c.
Bellies:
Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs.,
12%c.; 18 to 20 lbs., 12c.; 20 to 25 lbs., ll%c.; 25 to 30 lbs.,
ll%c. Butter: Creamery, First to Higher than Extra and
Premium Marks: 25 to 27c.
Cheese: State, Held '36, 22 to
24c.
Held '37, 19% to 21 %c.
Eggs: Mixed Colors, Checks
to Special Packs: 17% to 22c.
Oils—Linseed oil, in spite of the slight softening in the
Argentine seed markets, is held at 8.7c. as the inside. Quota¬
tions: China Wood: Tanks, 11.4 to 11.5; Drums, 12% to
12%. Coconut: Crude, Tanks, .03% to .03%; Pacific Coast,
.03%.
Corn: Crude, West, tanks, nearby, .07%.
Olive:
Denatured, Spot drums, 92 to 97c.
Soy Bean: Crude,
Tanks, West, forward, .05% to .06; L.C.L., N.Y., .08.
Edible:
76 degrees, 9%.
Lard: Prime, 9.
Cod: Crude,
Norwegian, light filtered, 27% to 28.
Turpentine: 29 to
31c.
Rosins: $4.80 to $7.75.
C
Cottonseed
Oil
Crude, S. E., 6%c.
May.
8.30(
8.30(
8.16L
8.10®
June
July
August---_
Rubber—On
sales, including switches, 62 contracts.
Prices closed as follows:
the 30th
8.34
September
8.07®
November
8.04®
8.04®
May
n
7.95®—--
October
n
ult. futures closed 22 to 28
points
Trading was dull, with transactions totaling only
2,010 tons.
There were a number of influences operating
against values today, chief of which were a slumping securities
market, lower foreign cables and low rate of consumption.
Outside spot market also ruled heavy, with prices off %c. to
11 %c.
The futures market opened 10 to 18 points easier,
and showed no real rallying tendency during The entire
session.
Local closing: May, 11.25; July,
11.34; Sept.,
11.48; Dec., 11.67.
On the 2d inst. futures closed 2 to 13
points net higher.
After a weak and lower opening, the
market rallied as factory interests bought and offerings on
the floor became scarce.
The actual market followed, to
close at 11 5-16c., up 1-16c.
Bearish influences in the way
net lower.
of
a
lower stock market and weaker cables caused rubber
futures to open 18 to 25 points off.
Another bearish factor
provided by United Kingdom stocks, which totaled
82,644 tons, a gain of 1,703 tons for the week, or more than
was
estimated.
Local closing: May, 11.27; July, 11.43;
Sept., 11.61; Dec., 11.76; Jan., 11.81; March, 11.92. On the
3d inst. futures closed 17 to 28 points net higher. The market
was influenced
largely by firmer cables from London and the
upward trend of the local securities market. Futures opened
2 points lower to 7 points higher.
There was considerable
factory buying in September and December. There was also
some trade switching, short covering and trade selling. Some
profit taking near the close caused prices to ease off slightly
from the highs.
The actual market followed the trend of
futures, and closed %c. higher at 11 9-16c.
Local closing:
May, 11.55; July, 11.62; Sept., 11.78; Dec., 11.95; Jan.,
12.03; March, 12.13. On the 4th inst. futures closed 2 to 8
points net lower.
Transactions totaled 1,740 tons.
The
market ruled heavy during most of the session, influenced
largely by the downward trend of foreign markets and slow
was
business abroad.
Transactions in the local market totaled
only 1,740 tons. Although the actual market remained very
quiet, several sources report some factory purchasing. The
outside centers also closed slightly easier, showing spot at
%c., l-16c. lower. Local closing: May, 11.50; July, 11.60;
Sept., 11.73; Dec., 11.89.
On the 5th inst. futures closed 11 to 7 points net lower.
11
.
Transactions totaled 160
contracts. The opening range was
unchanged to 4 points lower? with the market in the early
afternoon 1 point lower to 2 points higher on sales of 870
3041
Chronicle
tons.
London was also dull, with J prices unchanged to
higher, but Singapore declined %d. to 5-32d. Local
closing: May, 11.39; July, 11.51; Sept., 11.64; Dec., 11.82;
Jan., 11.88. Today futures closed 42 to 49 points net higher.
Tightness developed in the rubber futures market, with
prices recovering sharply on a small volume of trading.
It
was reported
that a London interest was buying rubber.
Local trade interests also were on the buying side.
This
afternoon prices were 18 to 31 points higher, with July at
11.80c., up 29 points, and September, 11.95, up 31 points.
Sales to early afternoon totaled only 740 tons. Both London
and Singapore closed steady at an advance of l-16d.
Ship¬
ment offerings were
light and high, it was said.
Local
closing: May, 11.88; July, 11.93; Sept., 12.07; Dec., 12.24;
Jan., 12.31; March, 12.40.
;
;
i
l-16d.
Hides—On
the
30th ult. futures closed 9 to 10 points
opening range was 9 to 14 points off from
the previous finals,
Trading was very light, with fluctua¬
tions within a very narrow range during the short session.
Transactions totaled 520,000 pounds.
There were no im¬
portant developments in the spot hide situation.The stocks
of certificated hides in warehouses licensed by the
Exchange
increased by 780 hides to a total of 743,537 hides.
Local'
closing: June, 8.75; Sept., 9.08; Dec., 9.38. On the 2d inst.
futures closed 7 to 8 points net lower. The market opened
with declines of 12 to 15 points, but the list moved up a
little during the later dealings, and when the final bell rang,
prices had recovered about half the early losses. Transac¬
tions totaled 1,520,000 pounds, i Certificated stocks of hides
in warehouses licensed by the Exchange increased by 2,987
hides to a total of 764,524 hides. Local closing: June, 8.68;
Sept., 9.01; Dec., 9.30. On the 3d inst. futures closed 12 to
14 points net higher. The opening range was unchanged to >
3 points decline. The upward swing of the securities market
appeared to be the chief influence in the buying of hide
futures during the later dealings.
Transactions were mod-1
erate, totaling 3,400,000 pounds. While tanners appeared
to be a little more interested in the spot hide situation, notrading was heard of during the day. Local closing: June,
8.80; Sept., 9.14; Dec., 9.43.
On the 4th inst. futures
closed 10 to 12 points net higher.
The market ruled firm
during most of the session, influenced by the improved
action of the stock market and the upward tendency of
net lower.
The
other
commodity markets. The opening range was 5 to 6
points higher, with prices working gradually higher as the
session progressed. There was some profit-taking and some
setbacks, but values showed substantial advances when the
market closed.
Transactions totaled 3,240,000 pounds.
Certificated stocks of hides in warehouses licensed
Exchange increased
by the
by 1,976 hides to
a total of 748,500 hides.
hide market was reported quiet. How¬
ever, some 20,000 northern heavy kips are reported to have
sold at from ll%c. to 12 %c. a pound, an advance of lc.
so far
this week.
Local closing: .June, 8.92; Sept., 9.25;
Dec., 9.54.
The domestic spot
On the 5th inst. futures closed unchanged to 4 points
higher.
The opening range was unchanged to 7 points
higher, after which the market was firm in narrow limits.
Transactions totaled 95 lots.
It
was
rumored that trades
had been made in the spot
hide market, but no details were
forthcoming.
Certificated stocks in warehouses increased
3,594 hides, making the total now 752,094 hides.
Local
closing: June, 8.95; Sept., 9.25; Dec., 9.58; March, 9.89.
Today futures closed 25 to 30 points net higher. TransacReports of sales of raw spot
slight advance apparently influenced a demand
for hide futures, which showed an advance in the earlyafternoon of 15 to 19 points above the previous finals.
This
improvement was further extended towards the close. Cer¬
tificated stocks increased 764 hides to a total of 752,858.
Local closing: June, 9.20; Sept., 9.55; Dec., 9.85.
actions totaled 96 contracts.
hides at
Ocean
a
Freights—Active chartering of tonnage to trans¬
port grain continues to feature the freight market. Recently
six vessels were chartered for single voyages and two vessels
arranged for two consecutive trips. Charters included:
Albany to Antwerp, May, 14c.
Thirty-five loads Montreal to Rotterdam, June, 14c. Grain:
Montreal to Antwerp or Rotterdam, May 4-10, cancelling
3s.
St. Lawrence to Antwerp or Rotterdam, May 16-31,»
canceling 2s 9d. Sugar: Cuba to United Kingdom-Continent,
July 15-August 15, canceling, 17s. Cuba to United KingdomContinent, May-June, 17s.
Cuba to United KingdomContinent, May 15-31,. 17s. Cuba to. United KingdomContinent, June-July,
17s.
San Domingo to United
Kingdom-Continent, May-June, 16s.
Charters: Gulf to
Antwerp or Rotterdam, May 22-June 10 canceling, 2s 9d,
followed by second voyage from the Gulf at the same rate;
July 8-31 canceling. Gulf to Antwerp or Rotterdam, June
9-20 canceling, 2s 9d.
were
Grain Booked: Twelve loads,
Coal—According to bituminous coal operators here, the
demand for their products continues quiet and unchanged.
The current low industrial activity is probably the cause of
the present
Industries that are working are
of-their own piles and bunkers.
Many of the West Virginia and Pennsylvania mines are only
operating at a one to two days a week capacity. Stocks on
tracks and around the mines are not as large as-during the
dull situation.
still taking-the stocks out
code
era.
The Interstate Commerce Commission has decided
recently that the freight rates enjoyed by the Pittsburgh
Financial
3042
the coal it
moves by river and rail to Youngstown
transportation facilities, must be increased on
June 30th to a point which, it is presumed, will allow other
producers in the Pittsburgh district to ship coal all rail via
the trunk lines into Youngstown.
At the same time the
Commission states that the freight rate on coal from Leetonia
in Ohio to Youngstown is too low and should be increased.
Coal Co.
over
its
on
own
May
Chronicle
Corpus Christi-
"Indications of Business
New Orleans—
more
are
covered
the raw wool situa¬
prices are said to be
holding firmly in most quarters and dealers show confidence
in ultimately better conditions in the not distant future.
However, until the general industrial situation in the United
States shows real signs of improvement, an appreciable
change is hardly likely. Wool consumption report for March
indicated further letdown in manufacturing operations.
Weekly use of apparel wool, scoured basis, was 13.8%
smaller than February and on a grease 14.4% less.
The use
of carpet wools showed a weekly average gain of 7.9% over
February consumption, scoured basis.
It is said that as
wool refuses to go lower, manufacturers have turned to wage
cutting in an attempt to place the industry on a more satis¬
factory basis.
Here and there, chiefly in the fleece states,
growers are willing to sell at or slightly below what they
regard as the real loan value. In the territory states, where
wool is held in fewer and stronger hands, a more decided
opinion as to value of the raw material is entertained. It is
stated that from now on the new clip will begin to show ac¬
cumulation.
As a favorable feature, most of the mills are
said to be bare of wool and will have to buy raw material if
they get anything like the volume of business anticipated.
Current spot prices indicate an orderly market, though it is
said by an authority that about 20,000,000 pounds of old
clip wool are held in rather weak hands.
Silk—On
the 2d
inst.
futures
Grade D moved up 23^
yen in both centers to 6971-6 yen.
Spot sales totaled 1,525 bales, while the combined futures
transactions totaled 1,550 bales.
Local
closing: May, 1.56;
July, 1.52K; Aug., 1.49; Sept., 1.483^; Oct., 1.48; Dec., 1.48.
On the 5th inst. futures closed
13^c. up to unchanged.
This market developed a firm undertone after
opening easy.
In early afternoon
prices were 1M to 23^c. higher, with May
at SI.573^ and
Sept. at $1.51.
Sales to that time totaled
23-6 yen higher at
700 yen a bale.
Local closing: May, 1.573-6; June, 1.54;
Sept., 1.50; Nov., 1.49; Dec., 1.49.
Today futures closed
>6 to 3c. net higher.
Transactions totaled only 63 lots.
Firm
prices in Japan influenced the silk market.
The tone
was steady with an
upward trend. In early afternoon May
stood unchanged at $1.57 3^, while October at
$1.49 >6 was
1 cent higher.
Sales to that time totaled 190 bales.
In the
New
York
spot
market crack double
extra
silk
advanced
3^c. to $1.64.
The Yokohama Bourse closed 1 to 3 yen
higher, while Grade "D" silk was 2 >6 yen higher at 7021-6
yen a bale.
Local closing: May, 1.58; June, 1.551-6; Aug.,
1.52; Sept., 1.52; Oct., 1.51; Nov., 1.503-3; Dec., 1.50.
■
«.
-
3,987
7,443
11
U -1
w
2,694
1,028
1,116
731
10,140
182
81
7
98
630
""5
""25
—
0
3
70
Savannah
273
Charleston
■
-
"~7
397
—
.
"
Lake Charles.
-
^
_.
Baltimore
1
1
54
62
28
370
501
23
645
5,259
24,610
....
2,606
4,256
2,359
8,470
31
2
1
144
116
1,181
31
w
-
-
-
155
'
102
6
511
-
'
-
-
2
48
Wilmington
Norfolk
1,660
following table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
The
with last year:
1937-38
Receipts to
May 6
1936-37
Stock
This
Since Aug
This
\SinceAug
Week
1, 1937
Week
1, 1936
3,987 1,866,928
7,443 1,786,138
11
398,944
11,522
10,140 2,062,884
630
206,397
76,818
2
3,615
116
125,455
189,332
1,181
31
78,867
54
27,489
370
54,035
1938
Houston.
Corpus Christi—
Beaumont
-
New Orleans
Mobile...
...
Pensacola, &c
Jacksonville
Savannah
Charleston
Lake Charles
Wilmington
„
Norfolk—
723,479
767,562
48,061
16,761
765,416
49,282
8,964
2,691
144,739
39,714
18,168
24,685
28,911
100
57,055
3,000
1,050
4,237
1,275
Boston
Baltimore
22,021
645
2,133
24,610 6,910,445
.......
419,234
308,911
30,985
17,365
417,321
77,286
•
New York
Totals.
1937
8,768 1,686,240
4,771 1,273,156
51
283,823
23,046
14",066 1,937,201
8,045
287,132
93,215
3,826
130,699
1,356
740
162,154
15
55,997
108
25,039
772
37,937
100
Galveston
4,409
1,677
143,162
24,898
5,566
16,928
24,761
40,825 6,056,520 2,642,583 1,498,115
In order that
comparison may be made with other years >
give below the totals at leading ports for six seasons:
we
1937-38
Receipts at—
Galveston
1936-37
1935-36
1933-34
1934-35
1932-33
Mobile......
3,987
7,443
10,140
630
Savannah....
116
8,768
4,771
14,066
8,045
1,356
191
23,839
5,945
10,733
1,095
1,643
"1,181
"""740
"""510
"""783
1,185
10,004
54
108
22
19
50
256
Houston,
New
&c_
Orleans.
Brunswick
9,130
10,755
13,071
1,011
2,586
1,461
2,900
13,754
412
16,959
27,561
23,190
,9613
5,193
527
—
Charleston
Wilmington..
Norfolk
370
772
All others....
""*689
~2,199
Total this wk.
24,610
40,825
__
1,014
339
"l ,058
1,736
1,690
6",880
39,157
N'port News.
21,595
46,544
101,074
364
891
"
-
"
"
Since Aug. 1 6,910,445 6,056,520 6,379,882 3,877.792 6,943,042 7,890,865
The exports for the week
ending this evening reach a total
77,087 bales, of which 18,998 were to Great Britain,
5,302 to France, 14,470 to Germany, 9,125 to Italy, 9,388
to Japan, 1,479 to China, and 18,325 to other destinations.
of
In the
corresponding week last
bales.
For the
season
year
to date
total exports
were
74,464
aggregate exports have been
5,157,340 bales, against 4,877,399 bales in the same period
previous season.
Below are the exports for the week:
of the
Week Ended
Exported to—
May 6, 1938
Exports from—
Great
Ger-
Britain
F ranee
many
Italy
Japan
Galveston
4,569
713
1,848
Houston....
5,176
2,174
5,114
5,322
1,416
New Orleans.
1,076
2,058
2,523
314
2,802
"257
China
3,489
3", 103
Lake
Charles
Mobile
.....
Savannah
Charleston
Norfolk...
885
17,378
841
5,921
25,964
178
3,181
12,132
"~50
"861
7,337
200
1,994
909
2,696
414
376
12
San Francisco
425
1,403
547
179
__
Total
Total
6,759
550
3,066
$
._
Other
550
Angeles.
Los
4,513
923
2,810
3,311
2,360
100
310
100
2,985
18,998
5,302
14,470
9,125
9,388
1,479
Total
1937..
20,797
3,201
7,460
14,686
100
Total
1936..
29,830
9.373
11,573
13,641
21,374
From
10,606
18,325
77,087
14,579
74,464
17,477 100,233
Exported to—
Aug. 1, 1937fo
May 6, 1938
Great
Exports from—
Britain
Japan
China
Galveston
285,509 184,471
234,502 147,409
179,926
Houston..
258,113 164,079
172,815 119,825
123,445
41,491 248,144 1321,452
27,605 199,453 1065,335
3,829 58,053 371;908
Corpus Christi
New
Ger¬
France
Orleans.
Lake Charles
92,349
74,511
4,250
Beaumont
123
442,038 248,116
__
Pensacola, &c.
Savannah
Wilmington.
52,979
3,725
138,571 134,680
6,805
3,125
18,779
42,357
14,513
139
1,543
____
—
5,861
Gulfport..
7,194
New
2,337
York
Philadelphia
85
.
Francisco
*.
-
45,131
—
.
M
200
--
-
980
-r
«.
-
1,160
2,157
-
•
~
—.
-
1,742
329
52,967
5,501
93,650
158,774
1,000
2,235
420
-
1,201
1,621
--
—
34,334
16,927
13,282
934
10
7,861
286
250
7,031
7,894
2
485
2,127
3,481
78,194
367,141
73,084
175,692
50
50
271
"561
322
200
101,953
20,285
25,331
1,163
24,977
100
10,863
—
»
-
134.483
63,468
....
1936-37 1087,632 685,481
1935-36 1233,544 651,639
191,357
7,041
----
398
J.
1543,494 728,697
60,999
18,018
60
-
27
»
50
100
-
Total
24,121
648
22,063
Seattle
Total
-
200
357
50,569
Other
500
8,598
4,143 197,393 1210,072
-
11,510
4,369
5.341
300
Baltimore
-
34,220
177
40,594
.
Boston
32,926
V
2,613
Norfolk
Total
57,261
Italy
24,335
53,281
101,064
Charleston
Total
many
97,440
.
Mobile
Jacksonville
San
Friday Night, May 6, 1938
The Movement of the Crop, as indicated
by our tele¬
grams from the South tonight, is given below.
For the week
2,976
'L
•
24
238
—
Los Angeles._
COTTON
315
602
"
^
^
4,571
Mobile
The price of crack double extra silk in the New
York spot market advanced K a cent to
$1,633-6.
On the
Yokohama Bourse prices closed 2
yen higher to 1 yen lower,
while the price of Grade D silk outside was
1,017
374
'
closed
J^c. lower to 2c.
higher. After some liquidation at the opening, the market
became relatively inactive;
Towards the close activity de¬
veloped to a noticeable degree and prices showed net gains
in a number of deliveries. The April mill takings of raw silk,
which totaled 33,381 bales, were somewhat less than the
trade had anticipated. .During March the figure ran to
34,884 bales.
The Japanese markets were reported slightly
easier and quiet.
Yokohama revealed a loss of 1 to 3 yen,
while Kobe came through with 1 yen off and 3 yen higher.
Grade "D" remained the same at both centers, 700 at
Yokohama and 705 yen at Kobe.
Spot sales for both cities
totaled 875 bales, while futures amounted to 1,325 bales.
Local closing: May, 1.53; July, 1.51; Oct., 1.46 3-£; Dec., 1.47.
On the 3d inst. futures closed lj^c. higher to lc. lower. The
principal feature of the session was trade switching. Transac¬
tions totaled 190 bales.
The opening range was 3^c. easier
to lc. up.
The average quotation of crack double extra
remained unchanged at $1.61^.
Yokohama showed a loss
of 4 to 9 yen, while Kobe came
through 3 to 9 yen lower.
Grade D closed at 695
yen in both cities, 5 yen easier at
Yokohama and 10 yen less at Kobe.
Spot sales in the"
Japanese markets totaled 1,250 bales, while futures totaled
3,075 bales.
Local closing: May, 1.54; July, 1.51; Aug.,
1.483^; Oct., 1.47; Nov., 1.47; Dec., 1.463^. On the 4th
inst. futures closed 3^o. to 2c. net
higher.
Transactions
totaled 190 bales.
After opening up with no trades, the
market strengthened on better cables and a
rjallying stock
market.
The average quotation of crack double extra re¬
mained at $1.613-6.
At Yokohama a gain of 3 to 6 yen was
recorded, while Kobe showed an advance of 1 to 4 yen.
693
11
Jacksonville
fully.
Wool—There is very little change in
tion.
In spite of the dullness, however,
440 bales.
Houston
Total
152
316
335
Fii.
Thurs.
Wed.
1,107
1,703
1,840
Galveston.....
Tues.
Mon.
Sat.
Receipts at-
Copper, Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the department headed
Activity," where they
1938
ending this evening the total receipts have reached 24,610
bales, against 45,944 bales last week and 30,687 bales the
previous week, making the total receipts since Aug. 1, 1937,
6,910,445 bales, against 6,0.56,520 bales for the same period
of 1936-37, showing an increase since Aug.
1, 1937, of
853,925 bales.
Metals—The report of
and
7,
810,917 476,105
580,259
5,732
3,200
86,050 931,818 5157,340
675,864 333,883 1433,164
21,891 639,484 4877,399
778,400 346,396 1406.887
36,172 855,879 5308,917
Volume
Financial
146
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Other
Britain
many
900
Orleans.
900
350
_
Houston
New
France
Foreign
wise
1,786
2,998
6.181
_
Stock
Coast¬
2,000
1,930
.
376
11,200
6,686
5,616
Tolal
1,775
17,000
12,527
-
19,507
Savannah
Charleston
"500
7.931
9,091
15,106
"219
""40
5,724
3,018
2,179
Mobile
"759
,
Norfolk
Other
ports.._
Total 1938.
Total
1937.
Total
1936.
inactive, with mills still holding large
goods. Southern spot markets, as officially
reported, were unchanged to 5 points lower. Average price
of middling at the 10 designated spot markets was 8.65c.
_
.
.
4,306
4,616
3,737
23,721
43,319
24,278
8,111
3,221
1,727
706,479
75o,035
745,909
144.739
39.714
48,523
28,911
123,480
49,793 2,592,790
63,265 l,434,8o0
47,027 16,65,986
are
On
the 5th inst.
prices closed 4 to 11 points net lower.
After rallying from the early lows in the afternoon
period,
4,336
2,000
markets
stocks of unsold
Leaving
Ger¬
Great
Galveston.
textile
Shipboard Not Cleared for—
May\6 at—
3043
Chronicle
prices again slumped in the last hour of
dealings to close under their previous last quotations in a
moderate
the
volume
weakness
of 2 to 5 points
The
setback
of
in
active during the past
irregular.
week, with price trend more or less
opinion
Market
eral quarters seem to
continues
much divided.
believe that current cotton values are
getting low enough, and are disposed to feel more
towards
tration
values
On
market, particularly in view of
program
before
was
which
they
believe may
favorably
the Adminis¬
begin
to affect
ult.
prices closed 1 to 4 points net higher.
light, with prices moving within a very narrow
The market started with prices 2 points higher to 1
point lower, and during the greater part of the day
moved
nothing in the
news to serve as an incentive for operations on either side of
the market.
According to official reports, there were only
4,479 bales placed in the Government loan last week, but
apparently holders, realizing their privilege of pledging their
cotton in the loan, were not inclined to sell.
This left the
market with few contracts, and while prices for the week
showed losses of 13 to 22 points, the losses abroad were
relatively greater, and a good deal of our decline was due to
selling by foreign houses. Total amount of cotton now in the
loan from this year's crop is 5,337,288 bales, and with about
1,600,000 still carried from previous loans, the Government
has about 6,750,000 bales, or more cotton than will be con¬
sumed by the domestic mills during the present season.
Southern spot markets as officially reported, were unchanged
to 5 points higher.
Average price of middling at the 10
designated spot markets was 8.78c. On the 2d inst. prices
closed 9 to 11 points net lower.
The market ruled jheavy
today, continuing the downward movement of last week.
There was nothing in the news or developments to encourage
buying, and the market proved sensitive to pressure. Lower
Liverpool cables and selling for Liverpool account on differ¬
ences proved depressing factors, while heaviness in stocks and
listly within
a very
The
from
from the closing
the
at
market
abroad,
responded
limited
range.
in most commodities contributed to
There
was
the decline.
occurred at the opening when prices were 5 to 8
on the foreign news and under foreign selling,
Most losses
points lower
which came
principally from Liverpool as the Bombay differences were
less attractive to sellers.
Commission houses were also on
the selling side.
Liquidation was fairly active, including
exchanging to later positions.
This tendency to sell near
months reflected the unfavorable statistical position and poor
Southern spot markets, as officially
reported, were 10 to 15 points lower. The average price of
middling at the 10 designated spot markets was 8.66c.
On
the 3d inst. prices closed 1 to 4 points net lower.
The market
today recovered part of an early decline of 9 to 11 points. A
substantial covering movement together with a better show¬
ing on the part of the stock market were the contributing
factors in the upward movement of cotton prices.
The
market opened 7 to 11 points lower in response to weakness
abroad, where Liverpool and Bombay were sharply lower
than expected.
Foreign houses were vigorous sellers here
during the first hour based on the prevailing differences
between the two markets, and while this selling was under
way, prices were easier, although the local market failed to
show a full response to declines abroad.
Offers from the
South continued light, and with comparatively few contracts
from domestic sources, the selling became light after the
foreign markets closed.
Demand for spot cotton was again
slow.
Mills were still running on short time and selling little
demand for spot cotton.
to
declines
showing
of the preceding day.
range
opening was also attributed to selling
by Bombay, Liverpool, New Orleans and the South.
ers
Brok¬
Japanese connections, local professionals, the trade
Street absorbed the contracts.
A good part of
with
and
Wall
the
selling
was
believed to be hedging of foreign growths.
ease
resistance to the losses
further after the
call, but
strong
a
noticed.
was
Today prices closed 3 to 13 points net higher. The futures
displayed a mixed tone throughout the greater part
of the day's trading, with quotations in the afternoon deal¬
ings registering a slight improvement from the early morn¬
ing lows.
The slight rally in the latter part of the session
market
brought
was
which
about
largely
by
commission
house
time
before the
showed
close of the business
decline
a
buying,
encouraged by the better feeling created by
was
good showing of securities on the Stock Exchange.
long.
the 30th
Trading
range.
the
Sev¬
business.
cables
Prices continued to
Speculation in cotton for future delivery was moderately
trading
cotton
of
4
points to
an
the
A short
period active months
advance of 3 points
from the closing levels of the previous day, with a moderate
volume of trading.
Foreign liquidation again influenced the
market
during the early dealing.
Initial prices were 3 to 5
points below yesterday's finish in
About
15,000 July,
October
and
fairly sizable turnover.
a
December
sold
positions were
by brokers with Bombay connections and spot houses.
The
liquidation of the Bombay straddle
the fear of devaluation of the rupee.
issued in
was
influenced by
No May notices
were
the local market.
The official
quotation for middling upland cotton in the
day for the past week has been:
New York market each
April 30 to May 6—■
Middling upland
Sat.
8.78
Mon.
Tues.
8.67
8.65
Wed. THurs.
8.63
8.57
Pri.
8.70
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade, Middling %, established
for deliveries on contract on May 12, 1938.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over %-inch cotton at the 10 markets on
May 5.
%
15-18
1 In. A
H
1516
Inch
Inch
Longer
Inch
Inch
Yhite—
A
1 In
Longer
Spotted—
Mid. Fair
.64
.89 on
,11
Good Mid...
.10
on
.31
on
.53 on
St. Good Mid.,
.68 on
.83
on
,05 on
St. Mid
.06 off
.14
on
.35 on
Good Mid...
.61 on
.76
on
98 on
Mid
.66 off
.46 off
.25 off
St. Mid
.34
.61
on
82
♦St. Low Mid.. 1.48 off 1.40 off 1.33 off
Mid
Basis
.26
on
46 on
.61 off
on
on
on
on
♦Low Mid
.36 off
18 off
1.40 off
.30 off
24 off
Good Mid
♦St. Good Ord. 2.22 off
.17 off
12 off
St. Mid
♦Good Ord
.77 off
76 off
2.29 off 2.24 off 2.19 oft
♦Mid
St. Low Mid
Low Mid
Extra
2.80 off
Tinged—
.61
...
St. Low Mid...
.76
on
.98
.61
on
.82
on
.46
on
,36 off
♦Low Mid
on
.26
.61 off
St. Mid
on
.34 on
Even
Good Mid
on
.15 off
.68 off
.42 off
♦St. Mid
.17 off 2.12 off
•
.77 off 2.76 off
.91 off
1.19 off 1.05 off
1.68 off 1.61 off 1.54 off
•Mid
.30 off 1.24 off
•8t. Good Ord. 2.22 off
2.91 off 2.86 off 2.83 off
Yet. Stained—
2.41 off 2.35 off 2.30 off
Good Mid
.18 off
1.40 off
Low Mid
.32 off
.76 off
♦St. Low Mid.. 2.32 off 2.27 off 2.21 off
WbUe—
Mid...
.48 off
1.64 off 1.44 off 1.36 off
Gray—
Not deliverable on
.57 off
.38 off
.19 of
.81 off
.60 off
.43 of
♦Mid
*
Good Mid...
St. Mid
2.80 off
Good Ord
.41 off 1.30 off 1.22 of
future contract,
Futures—The
highest, lowest and closing prices
week have been as follows:
at
New York for the past
Saturday
Monday
AprU 30
May 2
Tuesday
May 3
Wednesday
May 4
Thursday
Friday
May 5
May 6
May( 1938)
Range..
8.70- 8.75
8.64- 8.69
8.55-
8.54- 8.59
8.50- 8.67
Closing
8.75
8.66
8.65
8.61- 8.62
8.54
8.67
.
—
8.65
8.61-
8.70
—
June—
Range
—
8.76M
8.66 M
8.65M
8.62M
8.55M
8.68M
Range..
8.73- 8.78
8.67- 8.72
8.56- 8.65
8.63- 8.72
8.56- 8.63
8.53-
Closing
8.78
8.67
8.65
8.63- 8.64
8.57- 8.58
8.70- 8.72
8.64M
8.58M
8.71M
Closing
.
July—
.
—
—
—
8.72
Aug.—Range
-
Closing
goods, and apparently were not in need of further supplies.
Southern spot markets were unchanged to 2 points lower.
Average price of middling was 8.65c. On the 4th inst. prices
closed 2 to 5 points net lower.
Trading was relatively dull,
and in the absence of more than a moderate demand, prices
failed to respond to steadiness abroad.
The market opened
quiet and unchanged to 3 points up. Despite steadier Liver¬
pool and Bombay cables, foreign orders were mostly on the
selling side. The pressure was light, and following the open¬
ing, the market moved up to net gains of 4 to 7 points on
moderate scattered buying from local traders and some
-
.
8.81n
8.69M
8.67M
8.84M
8.71M
8.70M
8.66M
8.59M
8.72 M
8.82- 8.86
8.75- 8.80
8.64-
8.74
8.68- 8.78
8.60- 8.68
8.5.5- 8,74
8.86
8.75
8.73-
8.74
8.68
8.60- 8.61
8.73- 8.74
Sept.—
Dec.—
Liverpool buying on differences.
The weekly weather and
bulletin was favorable, and with no improvement in
general business conditions, and continued inactivity in
both spot cotton and textiles, traders were little disposed to
take an aggressive position on the buying side, and the off¬
take was small.
Mills are reported as running on short
time and are not in need of new supplies of raw cotton, as the
crop
Range..
Closing.
Oct.—
Range
-.
Closing
.
—
—
—
Nov.—
Range..
8.86n
8.76M
8.73M
8.69M
8.84- 8.86
8.77- 8.81
8.67- 8.75
8.70- 8.80
8.64-
Closing
8.86
8.74M
8.62M
Range..
Closing
.
8.59- 8.77
8.76
8.77
8.73-
8.75
8.70
Range..
8.87- 8.88
8.78- 8.83
8.69-
8.70
8.72- 8.80
8.68- 8.69
8.61- 8.72
Closing
8.89M
8.78M
8.76M
8.71M
8.66M
8.78m
8.74M
8.68M
8.77- 8.88
8.71-
8.77
8.71
.
—
—
8.64
8.72
-
•fan.(1939)
.
Feb.—
Range..
Closing
.
8.91n
8.81M
8.79M
-
8.91- 8.94
8.84- 8.90
8.73-
.
8.94
8.84
8.82
8.81M
Mar.—
Range
-
Closing
April—
Range..
Closing
n
-
Nominal.
8.82
8.78
8.67- 8.84
8.84
Chronicle
Financial
3044
May 7,
future prices at New York for week ending
Range for
Movement to May 6, 1938
June
7.60 Oct.
8.75 Apr. 30
6
May
8.50
19381938..
7.65
8.90
8^53 May"
6
"8.78" Apr""30
Mar. 12 1938
27 1937
27 1937
Eufaula—„
'$.55 May"
6
30
7.85
Nov.
YYd May~
1938-
6
"8.86 Apr."30
8 "55
6
8.88 Apr. 30
9.48
Mar^ 23~ 1938
8.86 Apr.
4 1937
Feb." Ig" 1938
Feb.
23 1938
Feb.
8.61
May
9.51
7 1938
1939-
Mar. 1939-
Feb.
Helena
8.94"
Apr. 30
"8.62~ Mar? 23*1938
"20
A
Delivery—The Commodity
Exchange Administration of the United States Department
41,707
1,218
3,159
375
224
61
54,491
989
5,765
19,592
29
8,690
188,732
2,023
44,032
575
207
134
62,090
301
38
221
17,311
134
45,309
226,533
-
mm
1
May (1938)
2,800
2,200
2,800
4,300
33,000
;———
Decern ber.
-.
*
31,000
49,900
4,300
19,000
13,800
2,700
11,500
46,400
14,400
1,100
400
13,800
4,000
15,300
—
-------
12,400
13,300
July-..—----October
4,300
14,400
12,900
January (1939)
March
------
—
3,200
27,800
3,100
9,500
1,500
6,800
7,800
22,925
14,542
25,261
25,217
2
1,835
2,201
54,086
365
100,158
163,751
72
138
17
65,538
18,829
5
51,960
City
22
76,050
410
Mo., St. Louis
3,089
N.C., Gr'boro
139
181,020
8,274
176
■'
1,962
4,245
932
6,793
25,637
mm'm
38,737
285
260,559
1.562
14,045
61,784
849
8,800
20,608
286
1,347
77
39,161
175
27,888 '•C
2
4,078
5,703
51,385
145
2,101
2,244
3,296
31,342
40,088
299,762
4,985
2,154
247
25,532
37
mm
64,962
10,801
496
"
•
14,294
3,119
303,930
5,998
153
3,760
145
9,499
283
2,556
520,989
2,833
147,503
241
176,193
2,689
61,970
1,565 136,541
20,563 2569,937
3,200
31,170
4,013
216,278
5,376
598,876
19,285 2493,699
43,908
'■m-
518
15 towns *.
S. C., Gr'ville
Mem's
,
620
12,487
60,983
770
Tenn
408
29,328
348,899
193,121
687
147,194
258,708
300
;
Oklahoma—
100
13,412
7
100
Jackson.—.
196,900
— --
3
1,581
800
Greenwood.
Inactive months-
September (1938).
18,458
10,796
1,992
45
-
656
21,158
La., Shrevep't
31,500 1,001,800
604,500
37,700
340,900
14,000
1.700
121,800
27.200
46,184
'JjmmLm
16,737
Yazoo
6,806
1
16.725
20
31,000
394
1.892
44,457
Rome
Natchez
27,904
139,939
400
46,500
Vicksburg..
26
280
29,550
,
6,871
33,865
21,884
167,569
65
_
34:5
16,836
797
933
400
May 5
-
165,666
88,275
35,800
Macon
Contracts
May 5
May 4
-
597
,
33,137
181,135
135,159
34,700
m
~
3,655
Columbus-.
May 3
-
-
32,034
95
Miss., C'larksd
May 2
'
67,486
Augusta
Columbus.
Open
59
39,462
34,844
3.462
1,417
4,414
7,964
.
1,229
2,876
60,163
145,252
Athens
478
9,280
52,062
55,253
167,988
16
32,495
46,324
185,513
Rock
Atlanta.
\
2
61
143
*
Ga.. Albany—
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.
Apr. 29 Apr. 30
7
27,536
2,181
35,001
238
1
77,940
92,085
26,727
282
—-
Little
Pine
of
New York
May
Week
956
Bluff-
Hope
pr." 29" 193 8
1,381
24,479
24,265
90,042
21,489
Jones boro—
9
Storks
Season
365
65,853
36,509
33
Newport-—
Volume of Sales for Future
258
Walnut Rge
23 1938
"
*8.67" May" "6
60,135
100,977
City
Forest
8.57 Apr.
201
r~50
Ark..Blythev.
9Yd Feb." 231938
"536
52,242
69,096
170,825
47
Selma.
Nov. 1938Pee. 1938Jan. 1939-
Ship¬
ments
Receipts
Week
37,785
8,148
51,783
59,048
1,520
12,055
...
"417
Montgom 'y
9 "39
64,960
252
Ala.. Blrm'am
"
Sept. 1938-
6
Mar. 21 1937
Aug. 27 1937 11.36 July
Oct.
8 1937 11.36 July
9.63
July 1938—
Aug. 1938—
Oct.
8 1937 12.96
May
Week
Season
Week
May
Stocks
ments
Range Since Beginning of Option
Rangefor Week
Option for—
Movement to May 7, 1937
Ship¬
Receipts
Towns
90,124
84,336
389,449
'
Texas, Abilene
45,978
^
2
7,561
38,907
2,278
'
Austin——
Total all futures—-
79,300
92,500 131,900
26,300
95,800 2,297,000
76,000
14
18,009
29
Brenham
'
36
13,932
91
36
113,939
93,398
956
127
1,446
2,384
34,513
23,287
15,661
11
690
„
Dallas
Open
.
Apr. 27 Apr. 28 Apr. 29 Apr. 30
New Orleans
May (1938)
3,150
July—
500
650
7,700
5,350
5,550
11,500
1,850
—
1,300
"550
December.—
1,850
134,400
600
6,150
46,950
4,300
"250
600
5", 500
17,350
v
500
50
March
All inactive months.
X
"500
209
■
41,904
206
19,026
57
90,605
382
13,566
12
60,884 2263,791
totals
above
show
that
6,205
359
807
1
44
24
153
315
2,746
120
733
*
37,648 5887,273 104.265 1255,379
Includes the combined totals of 15 towns in Oklahoma.
The
1,386
130
:
13,701
8,952
35,044
79,535
-
1
34,738 3437,296
96
71,373
'•
9
Total.56 towns
^_
82,247
"26
Waco
*
320
432
-.
6,405
7,639
139,400
6,800
3,300
'
January (1939)
Robstown..
San Antonio
Texarkana.
100
.
4,400
4,200
6,700
•
May 3
1,100
1,150
1,400
3,100
4,050
1,800
6,250
4,000
.
-
October-
May 3
May 2
11
Paris.,
Contracts
;
16,244
the
.
;
,
interior
:
stocks
have
—
decreased
Total all futures
15,800
——
The Visible
15,900
13,450
3,200
29,350
17,050
during the week 26,146 bales and are tonight
1,008,000 bales more than at the same period last year. The
receipts of all the towns have been 2,910 bales less than
350,100
made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only..
"■"v.v ;■
■A
:',;v'' ;,u
Supply of Cotton tonight,
,
•
as
the
New York
1938
1937
1936
1937
788,000
152,000
1936
628,000
1 04,000
940,000
186,000
234,000
16,000
765,000
239,000
127,000
22,000
532,000
1934
1933
1932
1935
689,000
76,000
Total Great Britain..-.
Stock at Bremen
Stock at Havre—
Stock at Kotterdam
~.
—
—
1935
..
Stock at Liverpool.-------bales-1,034,000
Stock at Manchester—.
181,000
■May 6—
1938
51,000
15,000
10,000
603,000
480,000
564,000
—-
—.
Stock at Barcelona
...
Stock at Genoa.
Stock at Venice and Mestre
— —
Stock at Trieste_
!
26,000
10,000
8,000
732,000
214,000
170,000
17,000
77,000
72,000
9,000
5,000
.1,215,000
228,000
288,000
11,000
.
Total Continental Stocks.
74,000
57,000
8,000
5,000
Total European stocks
1,818,000 1,420,000 1,296,000 1.297,000
96,000
139,000
188,000
149,000
171,000
181,000
177,000
184,000
Egypt. Brazil,&c.,afl't for Europe
86,000
122,000
109,000
142,000
Stock in Alexandria, Egypt--...
384,000
225,000
275,000
255,000
Stock in Bombay, India.
1,186,000 1,232,000
871,000
806,000
India cotton afloat for Europe—
American cotton afloat for Europe
Stock in U. S.
1931
Total visible supply.
1,255,379 1,732,379 1,370,838
16,697
32,031
1,003
2,263,791
13,731
—-.8,661,105,6,089,191 6,423,423 6,038,213
"'
Of the above, totals of American and otther
^
A.Tfl1
descriptions
are
as
follows:
•
■
Liverpool stock...bales.
Manchester stock
Bremen stock.
Havre stockOther Continental stock
American afloat for Europe
UV S. port stock.
U. S. interior stock...
U.g. exports today--!.
688,000
352,000
290,000
45,000
174,000
147,000
131,000
65,000
182,000
139,000
263,000
206,000
60,000
27,000
114,000
171,000
181,000
177,000
-.2,642,583 1,498,115 1,743,013
2,263,791 1,255,379 1,732,379
I
13,731
16,697
32,031
—
Total American
266,000
41,000
182,000
108,000
100,000
184,000
1,833,378
1,370,838
1,003
—
8.70c.
1930
-13.62c.
,11.63c.
,12.15c.
.11.20c.
8.60c.
5.90c.
9.80c.
1929
.
1928
1927
1926
1925
1924
.
.
—
-16.55c.
-19.65c.
.
1920
1919
-16.00c.
-19.35c.
-23.55c.
-30.25c.
1918
1917
1916
-26.85c.
1923
.
19221921
-21.95c.
—
-'Jy
'■
•
Quotations for 32 Years
19.55c.
1914
13.00c.
41.50c.
29.20c.
1913
.—27.20c.
20.10c.
1910
1909
12.85c.
10.05c.
1908
—
.
-
-
1915
Market and Sales
•'
-
at
___
-12.90c.
11.90c.
11.80c.
15.50c.
1911
.
—
15.25c.
--10.90c.
10.45c.
—
1907
Futuies
—
11.70c.
SALES
Market
Closed
Saturday.__
Monday
Tuesday
WednesdayThursday
Friday
—
1912
New York
Spot Market
Closed
Steady, 2 pts. adv__
Quiet, 11 pts. decSteady, 2 pts. dec..
Steady, 2 pts. dec..
Quiet, 6 pts. dec.
Steady, 13 pts. adv.
—
Steady
Steady
Steady
Barely steady.
Steady
Very steady
Total
Contr'ct
Spot
7,700
7,700
4.00
515
"115
_
Total week.
115
8.100
8,215
44,428 147.300 191,728
Since Aug. 1
—2,642,583 1,498,115 1,743,013 1,833,378
ports
Stock in U. S. interior towns
U. S. exports today—.—
week last year.
same
Overland Movement for the Week and Since Aug. 1—
We
give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
-1937-38-
May 6—
Shippedr—
1936-37
•
Since
Since
Week
Via St. Louis
Via Mounds, &c
Via Rock Island..
3,119
1,175
_
Via Louisville,
Via Virginia points
Via other routes, &c
Week
Aug. 1
—
143
3,745
10,484
179,547
118,581
3,000
5,597
148,065
823,944
Aug. 1
5,998
3,550
~
'
'
rm-'.+i
mm
'
—
mm
'
'
mm
5,668
8,976
*
302,916
148,017
4,684
8,529
193,895
641,604
.6,415,105 3,470,191 4,454,423 4,086,219
East Indian, Brazil, &c.-~
Liverpool stock.—....
Manchester stock
.18,666 1,278,734
,
346,000
436,000
50,000
87,000
46,000
47,000
25,000
28,000
1
33,000
27,000
...-.
96,000
139,000
Egypt, Brazil, &c., afloat...
;
86,000
122,000
Stock in Alexandria, Egypt
i
384,000
225,000
Stock in Bombay, India1,186,000 1,232,000
....
l
Bremen stock..
Havre stock—
Other Continental stock
Indian afloat for Europe—
338,000
59,000
41,000
23,000
65,000
188,000
109,000
275,000
871,000
423,000
35,000
57,000
19,000
66,000
149,000
142,000
255,000
806,000
Overland
..2,246,000 2,349,000 1,969,000 1,952,000
..6,415,105 3,740,191 1,454,423 4,086,219
Total visible supply.
--8,661,105 6.089,191 6,423,423 6,038,219
v,
469d
74M
Middling uplands, Livert>ool
646d
6ggd
8.70c.
13.58c.
11.67c.
12.40c.
Middling uplands. New York
:
8.79d.
12.60d.
9.41d.
Egypt, good Sakel, Liverpool—8.82d.
3.98d.
Broach, fine, Liverpool...
6.24d.
5.12d.J; 6.10d.
Peruvian Tanguis, g'd fair, L'pool
5.79d.
9.00d.
to N.
Y., Boston, &c—
645
206
9,913
11,949
428,280
5,227
287,242
12,469
497,284
13,439
9.91,492
11,723
802,361
.
Total to be deducted
.
57,055
2.133
423
4,376
21,809
8,571
156,862
Between interior towns
-
.
Leaving total net overland *
*
Total Eafet India, &c
Total American
24,192 1,299,645
Deduct Shipments—
_ .
Including movement by rail to Canada.
*
*
The foregoing shows the week's net overland movement
this year has been 13,439 bales, against 11,723 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits
of 189,131 bales.
an
increase
over a year ago
-
—
O.P.Oomra No.l staple,s'fine, Liv
4.05d.
week
of
134,533 bales, a gain of 2,571,914 over 1937,
of
2,237,682 bales over 1936
and »
in
2,622,886 bales from 1935.
-
v
;
1937-38Since
...
—.
In Sight and Spinners'
9.14d.
Continental imports for past week have been 96,000 bales.
The above figures for 1938 shows a decrease from last
increase
,
an
o
-]
Takings
Receipts at ports to May 6
24,610
Net overland to May 6
13,439
Southern consumption to May 6-100,000
Total marketed
Interior stocks in excess.
Excess of Southern mill
Aug. 1
6,910,445
991,492
4,220,000
138,049 12,121,937
*26,146
1,512,460
_
over
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 fpr the
corresponding period of the previous year—is set-"but in
Week
1936-37
Since
Week
40,825
11,723
160,000
Aug. 1
6,056,520
802,361
5,545,000
212,548 12,403,881
*66,637
71,316
takings
consumption to April 1
.
____
529,911
—
—
1,082.395
,
detail below:
~
—
Came into sight during week
Total in sight May 6
North, spina's takings to May
*
Decrease.
145,911
111 ,903
.
— -
6— 19,236
\
'
14,164,308
1,086,357
..
-—
24,318
13,557,592
1,537,601
Volume
Financial
146
Movement into sight
in previous years:
Since Aug.
Bales
Week—
1934
120.454
92,422
137,077
1936—May 8
1935—May 10
1934—May 11
Bales
12,546,973
8,428,381
11,910,775
1—
1933
—
1932—
Returns by Telegraph—Reports to us by telegraph this
evening denote that temperatures have been rather high in
Texas, more so in the northwestern portion, than any other
section.
Early planted cotton in the southern districts is
principal cotton markets for
each day
of
good condition.
belt, progress of
the
although somewhat late.
Rain
Texas—Galveston
Amarillo
Closing Quotations for
Week Ended
8.45
8.45
8.81
8.40
8.71
8.57
8.81
8.55
8.81
8.68
Mobile
8.47
8.92
Orleans
8.53
8.47
8.73
Savannah
8.93
8.82
8.80
9.00
8.90
8.90
8.90
8.85
8.80
8.70
8.65
3
8.97
8.65
8.95
8.65
/
Montgomery
Augusta.
Memphis
8.08
8.65
8.45
8.40
>
Houston
8.60
8.50
8.50
Little Rock
8.65
8.50
8.50
8.50
8.40
8.34
8.28
8.22
Fort Worth
8.34
8.32
8.30
8.28
8.22
72
90
56
73
62
75
1
0.04
88
70
79
1
0.56
88
62
75
0.06
86
58
86
50
72
68
54
44
71
48
70
58
74
54
69
84
56
70
82
52
67
88
48
68
~
dry
1
1
0.70
88
0.54
88
1
1
—
.
.
Lampasas
Luling
0.12
92
0.80
90
;
8.36
Palestine
84
0.14
1
—
■»:
66
,
Nacogdoches-dry
8.36
Dallas
8.30
56
0.76
Kerrville.
8.55
8.32
78
68
88
88
—
Henrietta
8.70
8.55
:
72
46
0.38
---
Low
83
90
0.56
_
Paso———1
El
9.01
8.87
8.55
_
Dallas
8.75
9.08
8.70
8.93
_
Corpus Christ i
9.00
8.70
-
Brownsville.
8.87
Norfolk
i
.
Mean
High
0.38
Brenham
8.53
8.86
8.60
8.79
_
0.05
...
Abilene
Friday
8.58
Galveston
New
Austin
Wed'day Thursday
Tuesday
Satuiday Monday
6
Middling Cotton on-
Inches
1
Thermometer
Rainfall
Days
of the week:
Ma y
In the eastern and central parts
planting cotton has improved,
in fair to
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other
3045
Chronicle
dry
Paris-
:
New Orleans Contract
Market—The closing quotations
leading contracts in the New Orleans cotton
market for
1
0.60
88
60
1
0.50
84
54
1.34
84
50
74
69
67
90
58
74
88
50
69
86
56
69
dry
87
54
71
dry
86
64
75
91
2
Oklahoma—Oklahoma City—
dry
Arkansas—Eldorado
0.56
0.01
2
Fort Smith
Little Rock
week have been as follows:
the past
1
Taylor
Weatherford
for
San Antonio
0.62
1
-
Pine Bluff
Louisiana—Alexandria
Saturday
Monday
May 2
Wednesday
Tuesday
Arvil 30
May 3
May 4
Thursday
Friday
May 5
May 6
8.625-8.64a 8.755-8.78a
8.835-8.84a 8.725-8.73 a 8.705-8.73a 8.705-8.73a
May..:
8.78
8.78
8.89
July
8.78
—
8.83
8.68- 8.69
September
October
December.
8.99
8.89
9.01
8.91
8.88
(1939)
8.89
8.85
—
8.75
8.77
8.91
_
8.82
Tone—
Quiet.
Steady.
—
Quiet.
73
76
0.55
86
67
60
0.50
88
0.02
92
66
79
82
64
73
82
68
75
92
68
75
0.58
0.55
94
63
78
90
60
75
0.38
92
56
74
1.82
90
54
72
i.-.-.
dry
.
Steady.
Steady.
Quiet
Very
dry
5
2
Augusta
1
2
1
1
2
1
South Carolina—Charleston
st'dy
Through April 28 Aggregated
5,337,288 Bales—Announcement was made
on
April 29 by the Commodity Credit Corporation that
"advices of cotton loans" received by it through Apnl 28,
1938, showed loans disbursed by the Corporation and lend¬
ing agencies of $233,157,346.82 on 5,337,288 bales of cotton.
This includes loans of $6,436,629.59 on 153,661 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:
State—
Bales
State—
\v
Bales
Alabama
778,568
Missouri..__
76,778
Arizona
124,105
New Mexico—
48,610
Cotton
Loans of CCC
on
Florida..
Georgia
California-
116,110
84,592
251,191
276,803
1,632,537
North Carolina
564,540
65,299
993
Arkansas.
Oklahoma
South Carolina
438,986
Tennessee
Louisiana
290,704
Texas
Mississippi........
577,845
Virginia
Nominations of Officers
Wool
Top
been
and Governors of New
Exchange—Annual
June 6—It was
announced
9,627
—
on
Election
to
York
Greenwood
Be Held
Murray
have been
nominated.
90
64
92
55
0.56
94
56
75
0.05
96
56
76
92
56
74
'
74
1
0.02
88
46
94
52
73
0.02
0.50
88
60
74
59
73
0.74
0.92
90
54
;
67
0.01
72
2
86
71
56
been received
also
following statement has
..
.
86
by tele-
of rivers at the points named at
May 6. 1938
May 7, 1937
Feet
Feet
16.2
Memphis.
Nashville
Shreveport
^icksburg
9.5
18.3
29.6
10.9
Above zero of gaugeAbove zero of gauge
Above zero of gauge .
..Above zero of gauge.
Above zero of gauge-
New Orleans
27.4
13.1
12.1
36 3
26.9
-The
Receipts from the Hantationsindicates the actual movement each week
tions.
figures do not include overland receipts nor
consumption; they are simply a statement of the
the plantations of that part of the
the market through the outports.
weekly movement from
crop
Week
table
following
from the planta¬
The
Southern
which finally reaches
Stocks at Interior Towns
Receivts at Ports
End.
1938
|
1937
1.3o
•
/eb
1936
1937
1938
18. 101.785
di Zerega.
James C.
Royce have been nominated for Inspectors of Election.
The annual election of the Exchange is to be held on June 6
officers will assume
office on June 8.
The
Nominating Committee consisted of Adolf G. Hagedorn,
Chairman; Thomas F. Russell, Jr., Frank G. Brown, Sr.,
Bernard J. Conlin and John H. Scatterty.
Members of New
York Cotton Exchange—
meeting of the Board of Managers of the New York
Cotton Exchange held May 5, the following were elected
86.337
66,019
70.572 2598,040 2001,896
63,630 2575,215 1952,548
56,534 2570,224 1926,804
64.035 2543.310 1880,456
4.
104,958
54,826
li.
V.
112,608
57,820
82,267
25.
Receipts from Plantations
1938
|
1937
,
1936
2196,265
2103.575
59,413
19.670
42,943
39,957
71,853
49,069
Nil
1,667
2,043
Nil
1,713
17,929
Nil
22.525
4.
82,658
64,149
92,663
67,954
18.
67.994
25.
47,032
54,793
61,190
38,439 2479,799 1744,860 2012,824
47,370 2460,874 1685,484 1967,167
1940.895
48,797 2431.771 1622,611
35.770 2397,991 1569.244 1902,472
1871,482
35,607 2362,621 1503.310
34,922 2338,818 1440,172 1833,913
10,815
16,110
3,173
34.771 2322.171 1387.245 1814,475
20,044 2289,937 1322,016 1779,076
14,040
13,710
Apr.1
'
15.
26,976
59,427
50,142
42,828
K
22.
30,687
45,944
40,673
44,904
1.
44,595
8.
51,480
29.
May
6.
39,157,2263.79lll255,379ll732,379l
24,6101 40,8251
World's Supply and
Damodardas & Co., Bombay, who are engaged
in the brokerage business; Ramanlal Dahyabhai of Ramanlal
Mohanlal & Co., Bombay, who do a brokerage business;
Piramal Chaturbhuy of Daijnath Gangahar & Co., Bombay,
who are engaged in a commission business; Chimanlal B.
Parikh of C. Parakh & Co., Bombay, who do a merchandsiing
business; Jurgen Henry Doscher, President of J. H. Doscher
& Co., Inc., Sweetwater,
Texas, who do an exporting
business; and Paul Goeffrey Oulton of Langley & Co.,
Bombay, who do a brokerage business.
Hemraj Anandilal
is also a member of the East India Cotton Association.
Chimanlal B. Parikh is also a member of the Liverpool
Cotton Association and the East India Cotton Association.
Jurgen Henry Doscher is also a member of the New Orleans
Exchange.
Nil
Nil
Nil
6,06
Nil
4,617
Nil
Nil
Nil
15,333
Nil
Takings of Cotton—The
Nil
Nil
Nil
follow¬
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
obtainable; also the takings or amounts gone out of
sight for the like
period:
"
Season
Week
April 29
Aug. 1.
May 6..
Bombay receipts to May 5
Other India ship'ts to May 5.
Alexandria receipts to May 4
Other supply to May 4.*b—
Visible supply
Visible supply
American in sight to
4,339", 022
111",903 14,164,308
66,000
9,000
36,000
11,000
8,661,105
Visible May 6
Of which other.
a
2,071,000
504,000
1,852,200
405,000
9,029,541 23,335,530
Total supply.
6 a—
Wee
Season
6,294,119
8,795,638
Deduct—
Total takings to May
Of which American
1936-37
1937-38
Takings,
Week and Season
Cotton
to
of Jamnadas
17,101
26,023
22,543
11.
.
10,309
8,472
56,513
a
membership in the New York Cotton Exchange:
Hemraj
Anandilal of Anandilal Hemraj & Co., Bombay, India,
who do a brokerage business; Jamnadas Damodardas Thatkar
74,203
2158,658 135,433
96,794
2124,667
48,205 2500,609 1810,771 2057.037
Mar.
These are:
Philip B. Weld, Arthur 0. Wellman and J. Victor
D. Stanley Friedlander, James B. Irwin and
Cotton
■
77
0.61
dry
graph, showing the heights
8 a. m. of the dates given:
Norman E. Dupee, Lawrence P. Hills,
Frank J. Knell, Stanley H. Lawtoh, Kenneth W. Marriner
and Ames Stevens.
Four present members of the Board
have been renominated.
These are: Marshall Geer, Jr.,
Seven New
75
.
0.37
—
Nashville
The
;
—1
—
1
2
2
Chattanooga—
E. Malcolm Deacon,
new
.
73
62
:
to
the Board of Governors
the
—
Raleigh.....
Wilmington
Tennessee—-Memphis
the New York Wool
succeed Frank J. Knell. Joseph R.
Walker has been renominated for First Vice-President.
Max W. Stoehr has been nominated for Second Vice-Presi¬
dent to succeed H. Clyde Moore.
Clayton B. Jones has
been renominated for Treasurer.
Seven new members for
Exchange,
Conway
North Carolina—Charlotte
Asheville
May 3 that Robert J.
nominated for President of
1.72
1
Columbia..
$233,157,347
At
86
2
3
1
1
Tampa
Georgia—Savannah
8.945-8.95a
Quiet.
Steady.
Dull.
Quiet.
Steady.
I
Options
and
0.40
1.62
..
__
Macon
8.93
8.935-8.94a
8.95
9.05
Top
60
Atlanta
March
has
75
dry
86
Miami.
v
8.84
8.86
Jan.
Spot
62
Pensacola
November
February
76
88
-_
dry
__
8.85- 8.57
8.73
8.83
8.84
8.86- 8.87
8.97
..
62
Mississippi—Meridian
Vicksburg.
Birmingham
*
Montgomery..
Florida—Jacksonville
August...
77
90
<
75
68
dry
dry
3
New Orleans..
Alabama—Mobile
June.....
59
86
—
Amite
Shreveport
Apr. (1938)
:
8,661,105
368,436 14,674,425
205,436 10,166,625
163,000 4,507,800
4,899",258
145,911 13,557,592
73,000 2,720,000
912,000
6,000
5,000 1,815,200
472,000
8,000
6,532,030 24,376,050
6,089,191
6,089,191
442,839 18,286,859
263,839 12,908,659
179,000 5,378,200
_
This total embraces
total estimated consumption by
1937-38 and 5,545,000 bales in 1936-37
since Aug. 1 the
Southern mills, 4,220,000 bales in
—takings not being available—and
the aggregate amount taken by Northern,
and foreign spinners, 10,454,425 bales in 1937-38 and 12,741,859 bales in
1936-37, of which 5,946,625 bales and 7,363,659 bales American.
b
Estimated.
.
.
...
,
.
3046
Financial
Chronicle
May 7, 1938
India Cotton Movement from All Ports
Bahs
NEW ORLEANS—To Antwerp—Apr. 29—Gand,
200—Apr. 28—
1937-38
May 5
Receipts—
Since
Week
Bombay
1935-36
Since
Aug. J
Week
66.000 2,071.0(X
—
Leerdam, 215—May 2—Binnerdijk, 513
1936-37
Since
Aug. 1
Week
73.000 2,720.000
For the Week
700
nerdijk, 535--May 3—Eglantine, 508
Aug. 1
Great
79.000 2.504 .(XX)
nent
Britain
Jap'ndk
China
Great
Conti¬
Britain
Total
nent
2—Bin¬
1,743
-
1—Hindenburg,
2,802
—
500
369
To Marsailles—Apr. 29—Mongioia 369—
To Bremen—May 1—Frqnkenwald 2,144;
Syros, 166
Since Aug. 1
Conti¬
May
To Japan—Apr. 30—Tasmaria, 1,382—-May
1.420To Ghent—May 1—Syros 500
Exports
pom—
Japan &
China
928
1,650
39
To Havre—Apr. 29—Gand, 800—May 3—Eglantine, 850
To Dunkirk—Apr. 29—Gand, 39
To Rotterdam—April
28—Leerdam,
2,310
—-
To
Total
Hamburg—May 1—Frankenwald, 213
Genoa—Apr. 29—Mongioia ,314
China—May 1—Hindenburg, 178
To Liverpool—Apr. 29—Western Queen, 499
To Manchester—Apr. 29—Western Queen, 477
To London—May 2—Binnerdijk 100
To Panama City—Apr. 30—Taloa 10
SAVANNAH—To Liverpool—May 1—Sundance, 430
To Manchester—May 1—Sundance, 43---Apr.
29—Tulsa, 412
To Hamburg—Apr. 29—Tulsa. 90—Apr.
29—Tulsa, 819
To Ghent—Apr. 30—Chickshinny. 200
CHARLESTON—To Manchester—Apr. 29—Tulsa,
1,718--To Liverpool—May 3—Sundance 978
To .intwerp—May 3—Shickshinny 1,383
To Rotterdam—May
3—Shickshinny, 20
To Hamburg—Apr. 27—Tulsa,414
NORFOLK—To Manchester—Apr. 29—Manchester
Brigade, 132
May 5—Lehigh, 244
To Hamburg—Apr. 29—City of Newport
News, 262—May 5
—City of Norfolk ,285
1
LOS ANGELES—To Japan—Apr. 27—China
Maru, 568: Chicabu
Maru, 1,992—-May3—Rio de Janeiro Maru, 250
To Liverpool—Apr. 30—Pacific Pioneer 179
To China—Apr. 30—Chicabu Maru
135—May 3—Rio de
213
To
314
To
Bombay—
1937-38-
3,000
24,000
36,000
35,000
68,000
34,000
50,000
97,000
9,000
175,000
606,000 841,000
315,01X1 1209,000 1592,000
331,000 1045,000 1473,000
7",000
1,000
8,000
6,000
6,000
17,000
16,000
33,000
528,000
Indta-
1937-381936-371935-36Total
199,000
9,6o6
1935-36—
Oth.
27,000
35,000
1936-37-
329,000
504,000
360,000
552,000
305,000
507,000
912,000
812,000
all—
4,000
8,000
24,000
36,000
211,000
6,000
35,000
41,000
26~666
428,000
23,000
34,000
83,000
402,000
1937-381936-371935-36-
606,000 1345,000
867,000 1209,000 2.540,000
838,000 1045,000 2285,000
Alexandria Receipts and
Shipments
178
499
477
100
10
430
455
909
200
—
—
—
1,718
978
1,383
20
414
376
J47
-
-
Alexandria, Egypt,
May 4
1937-38
1936-37
1935-36
Receipts (centars)—
This week
180,000
9,321,036
Since Aug. 1_
This
Exports {Bales)—
To
Week
Liverpool
To Manchester, &c
India
To America
Total exports.
Aug.
This
1
6,000 160,724
6,000 152,984
9,000 602,596
23,677
—
To Continent &
Since
21,000 939,981
_
Janeiro Maru'175
25,000
8,766,362
Week
100,000
8,095,798
Since
Aug.
This
4,000 177,558
182,436
15",000 641,445
39,812
19,000 1041251
Since
Week
1
Aug.
Manchester
night
Market—Our report received
from Manchester
the
states
market
Bremen—May 3—Wesev 12--SAN FRANCISCO -To Great
Britain—?—175-—?—, 250—
To France—?—
100
To Japan— ?—1 966— ?—, 394—
To China—?—
1
12,000 907,148
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ended May 4 were
180,000 cantars and the foreign shipments were 21.000 bales.
Total-
both
steady.
Demand for both yarn and cloth is
We give prices today below and leave those for pre¬
vious weeks of this and last year for
comparison:
poor.
-
8X
Lbs.
1937
Shirt¬
32s Cop
ings, Common
Twist
to Finest
d.
s.
d.
Total imports
Of which American
Amount afloat
Cotton
8X
32s Cop
Twist
d.
d.
The tone of the
4„
IOH@IIH
9
9
4.93
12H@13H
12J^@13M
12K@13J4
12«@13K
5.02
1)4
5.16
3
5.21
Mar.
4„
10
@10
11- IOH@IIX 10
18- 10H@11H 10
@11H 10
@10
3
5.06
@10
3
5.10
Lbs.
Shirt¬
Cotton
ings, Common
day of the past week and the
spot cotton have been as follows:
A
Saturday
3
4.97
14
5.13
13
@14H
Upl'ds
d.
8.
s.
d.
d.
9
6
@10
0
7.30
9
6
@10
0
4
@
9
6
7 22
9
6
@10
0
7.41
@10
2
@15K 10
9H@HH
9
9
@10
4.91
14K@15tf
9
9
14J4 @1514 10
9
@10
@10
4.79
9
22-
9K@11«
9% @11)4
9H@1VA
9
9
@10
4.94
29.
9J4@10M
9
9
@10
4.80
Futures.
(
j
4J4@10
7)4
7)4@10 10)4
7)i@10 10 X
4.78d.
9H®10)4
9
6
@
9
9
Market,
1
4.77d.
to
3
10
1
7)4 @10 10)4
7.97
7.87
10
6
@10
9
7.49
10
6
@10
9
7.22
May
7.45
@11
10
6
@10
9
2,642
Quiet,
Steady,
Quiet,
pts. 1
30—Heddernheim, 4,330
30—Hinder berg,
347->-May 4—Erode
546
1,848
768
876
630
200
3,532
1,310
Sat.
May 4—Frode Tai-
453
162
To Manchester—May 1—Antinous
922
Apr. 26—Darian
234
To Antwerp—Apr. 30—Ipswich
175—-Apr. 21—Yaka 436—
To Havre—Apr. 30—Ipswich 257
—
790—Apr. 21—Yaka, 650
To Hamburg—Apr.
30—Ipswich, 955—-Apr. 21—Yaka, 708—
To Rotterdam—Apr. 21—Yaka, 250
To China—Apr
29—Hinderburg, 50--
pts. 4 to
decline.
8
pts. 5 to 7
advance.
are
but
pts. st'y, 4 to 5
decline.
Liverpool for each day
Mon.
d.
(1938)
pts.
adv.
given below:
Tues.
Wed.
Thurs.
Fri.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
4.64
4.62
4.63
4.56
4.56
4.62
4.64
4.54
4.57
4.54
4.53
4.74
4.73
4.73
4.66
4.66
4.72
4.72
4.63
4.65
4.62
4.61
4.73
4.76
4.80
4.82
4.87
4.85
4.85
4.77
4.77
4.82
4.82
4.73
4.72
'
(1939).
'
-
5.02
5.06
5.10
-
4.89
4.92
4.96
*X-
5.00
--m
-
4.83
_
4.88
~
-
-—
-
4.86
4.83
4.88
4.88
4.93
4.92
5.03
4.95
5.07
f,
-
4.81
4.91
4.97
4.98
May
July
October
4.99
4.80
4.88
4.92
4.84
4.96
-
—
-i.
...
-
-
4.87
-
»
•
4.80
4.84
4.76
4.78
4.82
4.91
-
-
5.00
-
.
-
.
5.03
.......
4.86
4.94
......
4.90
4.98
4.94
BREADSTUFFS
Friday Night, May 6, 1938
Flour—The flour trade continues in the doldurms.
De¬
mand appears at a low ebb.
no
evidence
841
60
243
2,502
1 079
1,387
999
*
2,886
2,989
974
343 '
106
1,912
202
137
50
450
100
the
market
until
1,156
611
257
1,440
1,663
250
50
Offices of leading millers find
buying interest.
Bakers are covering im¬
only, appearing to have little confidence in
even
apparently is
a
though
prices
determination to
wheat
crop
and
at
are
cover
price
low levels.
no
levels
more
have
than
been
There
neces¬
more
definitely determined.
Wheat—On
the
30th ult. prices closed ^c. to
f^c.
The market eased slightly during the
early trading,
but subsequently recovered and showed net
gains at the
session's end. Short covering
prompted by a belief the mar¬
ket had been well
liquidated for the time being, and buying
stimulated by references in two private
higher.
increased abandonment in Texas and
crop
surveys
of
Oklahoma—helped the
recovery of prices.
May wheat, which has lost about 10c.
since the first of the
year, early in the session touched a
four-year low of 78
received
notice
tendered
and
After the close the
that
Clearing House
900,000 bushels of wheat would
re-tendered Monday for delivery on
contracts.
be
May
New crop contracts, July and
September, were
stronger than May wheat despite the fact that one of two
private estimates issued by crop experts indicated winter
wheat production of
755,190,000 bushels, 30,000,000 larger
than the latest Government estimate.
Another expert fore¬
of 719,000,000.
On the 2d inst. prices closed
3/gc. to 3^c. net lower. The maximum decline in today's
session was l^gc., this
drop bringing prices below the pre¬
cast
1,910
of
mediate needs
sary
1,416
Gothenburg—May 3—Braheholm,|974
To Antwerp—Apr.
29—Nevada, 343
To Ghent—Apr. 29—Nevada, 106
To Havre—Apr. 29—Nevada,
1,912
To Dunkirk—Apr.
29—Nevada, 262To Manila—May 4—Frode
Taimania, 137
To Naples—May 2—Cardonia, 50
LAKE CHARLES—To
Liverpool—Apr. 29—Colorado Springs, 450
To Manchester—Apr. 29—Colorado
Springs, 100
MOBILE—To Liverpool—May 1—Antinous,
1,748—Apr. 26—
To Bremen—Apr. 30—Ipswich
pts. 7 to 8
decline
Quiet
Close Noon Close Noon Close Noon Close Noon Close Noon
Close
4.94
350
Tai-
To
Darian
3
decline.
4.92
1,633
2,674
4,330
Hugo Stinnes, 591---May 6—
Magician, 1,911
Copenhagen—May 3—Braheholm, 729
May 4—Frode
Taimania, 350
Trieste—May 2—Livenza, 870—-May
2—Cardonia, 517—
Genoa—May 2—Cardonia, 999
Venice—May 2—Livenza, 736—May
2—Cardonia, 2,150Gdynia—May 3—Braheholm, 2,536
May 4—Frode Tai¬
mania,
to
decline.
403
225
-
To
To
2 to 4 pts.
Steady,
4
to
New Contract
488
Havana—Apr. 28—Chester Valley, 50To Buena Ventura—Apr.
28—Chester Valley, 243
To Liverpool—May 2—Clara
To
pts. st'y, 4 to 5
1,927
To
To
5
Steady,
2
March
1,405
To
pts. 4 to
pts. decline
January
To Bremen—Apr.
172
4
4.69d.
Quiet, st'y,
7.47
-
30—Hinderberg,
to
advance.
July
October.
9
Boles
mania, 669
2
4.69d.
Quiet but
decline.
May 6
@11
Liverpool—Apr. 30—Clara Hugo Stinnes,
795—May 1—Magician, 1,847—
To Manchester—Apr.
30—Clara
Hugo
Stinnes,
1,522—
May 1—Magician, 405
To Ghent—Apr. 30—Nevada,
94—Apr. 28—Binnedijk, 309-To Havre—Apr. 30—Nevada, 225
To Dunkirk—Apr.
30—Nevada, 488
To Genoa—Apr.
30—Cardonia, 1,633
To Leghorn—Apr.
30—Cardonia, 350
To Rotterdam—Apr.
28—Binnedijk, 546
To Bremen—May
3—Hedderheim, 1,848
To Copenhagen—May
4—Drakeholm, 768
To Venice—May
4—Livenza, 876
To Trieste—May
4—Livenza, 630
To Oslo—May
4—Drakeholm, 200
To Gdynia—May
4—Drakeholm, 3,532
To Gothenburg—May
4—Drakeholm, 1,310
HOUSTON—To Manchester—Apr.
21—Western Queen, 21
May 2—Clara Hugo Stinnes, 1,248—May
6—Magician,
China—Apr.
un¬
to
9
GALVESTON—To
mania, 1.069
4.77d.
Steady,
advance.
December
To Japan—Apr.
4.71d.
Quiet,
1 point
pts.
Prices of futures at
7.94
Shipping News—Shipments in detail:
To
Quiet.
7.95 '
10
14)4@15)4
Quiet.
decline.
f
4P.M.
14tf@15H
14H@15tf
4.69
Quiet.
Quiet,
7.88
May
6-
Quiet.
Steady,
(
opened
14
@15
Friday
changed
April 30
i-
Thursday
P. M.
7.70
10
8-
4.89
Wednesday
Quiet and
Quiet.
Mid Upl'ds
Apr#
15-
Tuesday
7.30
9
10
13J4 @ 15
@15)4 10
m1*
Monday
Middl'g
to Finest
14
@10
25- 10
3
—-
Liverpool market for spots and futures
daily closing prices of
each
Market
@10
Apr. 22
Apr. 29
May 6
32,000
54,000
53,000
1,239,000 1,255,000 1,215,000
817,000
828,000
819,000
60,000
73,000
28,000
18,000
32,000
13.000
117,000
99,000
116,000
57,000
33,000
39,000
Market,
Feb.
9
119
@10
18- 10H@11)4
9 10H@10
2510
@10
...
Of which American
12:15
Middl'g
Upl'ds
d.
8.
Apr. 15
30,000
1,213,000
814,000
54,000
38,000
280,000
152,000
—
Of which American.
Spot
1938
100
77,087
-
Liverpool—Imports, stocks, &c., for past week:
yarns
and in cloths is
2,360
100
-
Forwarded.
Total stocks
by cable to¬
in
179
310
12
425
100
-
To
178,146
131,851
563,295
33,856
12", 066
2,810
a
crop
vious four-year
low-price records. However, there was a
rally in the later trading which almost overcame the
early
losses. The downward
plunge today was influenced largely
by expectations of some large crop estimates shortly, which
Financial
146
Volume
3047
Chronicle
depressed by the heavy primary receipts and soft
On the 4th inst. prices closed
to h£c.
higher. Corn values displayed independent firmness owing
to big export purchases, 1,250,000 bushels.
Sharp falling off
made traders somewhat
somewhat
of
cash
apprehensive and inclined to let go
holdings.
Something of an offset, however, was
3,181,000 bushels decrease in the United States Avheat visible
supply.
Late announcement was also made that 200,000
bushels of United States new crop winter wheat had been
their
bought for shipment to Antwerp, and that vessel room was
chartered today for 260,000 bushels to go from Chicago to
Buffalo.
Cables told of rains in Italy, England, France and
Belgium, relieving considerablv some of the drought areas
those countries.
On the 3d inst. prices closed 17/gC. to
in
Wheat
%<s. net higher.
advance of 2c.
mum
a
on
the Chicago Board scored a maxi¬
dropping
bushel net late today after
four-year new low price record. Indications were that
on May contracts here would be loaded on boats
to a
market.
in country offerings was reported, notwithstanding today's
receipts here were large, 478 cars.
*
On the 5tli inst. prices closed unchanged to %c. higher.
This market held up well in the face of the weakness in
wheat prices.
Buyers were encouraged owing to the absence
of important rural selling of corn.
Today prices closed Vsc,
off to ^4c. up.
This grain showed relative firmness owing
to indications of fairly good corn exnort business.
Open
interest in corn totaled 43,069,000 bushels.
DAILY
deliveries
shipment.
Upturns of securities tended also to lift
prices. Some authorities said the actual winter crop pros¬
for
pect was uncertain over large areas
and that sudden plant
was easily possible should May and June bring a
heated term without more than normal rain. Advances were
collapse
unofficial
the fact that the average of all
associated with
estimates was less than generally exposed,
743,000,000 bushels. The average, however, was also com¬
domestic
crop
pared with last month's Government forecast of 726,000,000
and a five-year average of 623,000,000.
Individual esti¬
mates of the various statisticians varied from 719,000,000
to
771,000,000 bushels.
Some export business ih North Amer¬
overnight was noted. On the 4th inst. prices closed
unchanged to %c. higher.
The market suffered losses of
lMc. during the early trading. Later, on reports of likeli¬
hood of a spread of rust damage northward from Texas,
Chicago wheat prices overcame the earlier losses.
Rank
growth was reported in Kansas and Nebraska, making crops
susceptible to rust.
Advices told of excessive rainfall at
various points in Texas and Kansas, three to five inches,
and anxiety was expressed should high temperatures follow.
Another late stimulus was 16,000,000 bushels increase of
ican wheat
world import estimated requirements, owing partly to Brit¬
ish Government purchasing.
The Dutch Government was
also
reported
preparing for
as
a
large war-time reserve stock
close, Chicago wheat futures were
day's top level.
Helping to rally prices were
vessel charters for 480,000 bushels of wheat from Chicago
to Buffalo, together with late strength of securities.
On the 5th inst. prices closed
to %c. net lower. Wheat
At
foodstuffs.
of
around
values
the
the
the Chicago Board of Trade were
on
adversely influ¬
Winnipeg
owing to heavy
selling and because of bearish sentiment at Liverpool in¬
fluenced by timely rains in Italy and by large Australian
arrivals at European ports.
Houses with connections South¬
west, as well as export interests, were the chief buyers
of Chicago futures, with sellers relatively
scarce.
New
crop futures, July and September, led the price gains on
the Chicago Board.
Uneasiness continued over reports of
presence of rust over wide areas Southwest.
No reports of
actual
damage was made, but apprehension was evident
enced
of Winnipeg prices.
tumbles
big
the
by
quotations dropped about 3c. in some cases
that
unfavorable weather could cause crop deterioration.
%c. higher.
Today prices closed unchanged to
The Chi¬
market appeared to mark time, and
temporary downturns of lc. a bushel were more than over¬
come
at the last.
A general disposition was shown to
await definite developments in regard to progress of the
American winter crop.
Winnipeg messages said export in¬
terests were fairly good buyers of wheat futures on price
breaks there.
A falling off in the volume of Australian
cago
Board
wheat
shipments, together with 1,500,000 acres expected decrease
of Australia's seedings, acted at times as something of a
An
stimulus.
opposite
however, was overnight
business. Another
influence,
absence of North American wheat export
depressing factor was talk that partial exhaustion of the
winter crop Southwest a year ago on account of excessive
root activity turned out later to be not as much of a handi¬
Open interest in wheat amounted
had been expected.
75,488.000 bushels.
cap as
to
OP WHEAT
Mon.
Sat.
No. 2 red--.
DAILY
—
PRICES
CLOSING
.94%
OP
— —
>
SeptemberMay
July
Sept.
♦
Based
132»»
—
—
—
Made
|
When
July 29, 1937|May
Sept. 28, 19371 July—
Feb.
9, 1938|Sept—
on
80%
78%
79%
-
78
77%
78
transactions since official opening, July
in unofficial
95%
95
Thurs.
Fri.
80
80
78% 78
79% 79%
When Made
Apr. 29, 1938
80%
78%
79%
and
Low
Fri.
IN CHICAGO
Wed.
Tues.
Season's
High and
*122%
—105%
92%
Season's
95%
FUTURES
78%
77%
78%
Thurs.
Wed.
95%
Mon.
79%
79%
79%
IN NEW YORK
Tues.
94
WHEAT
Sat.
May
July
DAILY
May
Sat.
58%
59%
September-
61
Season's
♦Based
May
and
*74
66%
63%
-
Tues.
..-.-120% HOL. 119%
110% HOL. 110%
88% HOL.
87%
Wed.
Thurs.
Fri.
117% 115% 115%
109% 108% 108%
88%
87% 87%
57%
58%
59%
When Made
Nov. 30. 1937
Nov. 30. 1937
May 3, 1938
sold as high aa
57%
58%
59%
opening, July 29;
interest in this market.
On the 5th inst. prices
was
prices
good,
Vs
closed
with
DAILY
the
%c.
to
higher.
steady.
net
undertone
CLOSING PRICES
OF OATS
Season's
May
July
September
Based
FUTURES
Mon.
Sat.
May
July.
September
•
Trading
Today
Trading was fairly
closed Vs to %c. lower.
light and without any real feature of interest.
IN CHICAGO
Thurs. Fri.
Wed.
Tues.
28%
28
28%
27
26%
27
26%
26%
26%
High and When Made
I
Season's Low and When Made
*33%
July 29, 19371 May
26
Apr. 5,1938
32%
Oct. 2. 1937 July
25% Apr. 5.1938
30%
Jan. 10, 19381September
26% Apr. 5.1938
on transactions since official opening, July 29; sold as high as
42 % In unofficial
27%
27
26%
27%
26%
26%
28%
27%
27%
trading prior to July 29
DAILY CLOSING PRICES
OF OATS FUTURES IN
Mon.
Sat.
July
-
October
WINNIPEG
Fri.
Thurs.
Wed.
Tues.
46%
42%
47%
44
38%
47%
44%
47
44%
37%
45% HOL.
41% HOL.
37% HOL.
May,
39%
38%
higher.
The pronounced strength of rye values was due to buying and
short covering influenced by an estimate predicting a rye
crop of almost 7,000,000 bushels smaller than last year.
On
the 2d inst. prices closed yo. to 7/gC. off.
This lower trend
was to be expected in view of the downward course of the
other grains and the generally bearish character of the news.
On the 3d inst. prices closed
to l}4c. higher.
The
strength of wheat and more bullish crop advices, tended to
boost rye values.
On the 4th inst. prices closed J^c. higher.
This market ruled relatively quiet, with
prices holding
Rye—On the 30th ult. prices closed lc. to IKjC.
steady.
On the 5th inst. prices
This
closed %c. lower to %c. up.
relatively quiet, with fluctuations decidedly
irregular.
This irregularity was in part explained by some
switching from the near deliveries into the distant months.
Today prices closed 2% to %c. net lower.
The feature of
the market was the weakness of the July delivery right
from the start, this being attributed largely to switching
from that month to the early fall delivery.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
grain
was
MayJuly-
Mon.
September
Season's
September
59%
57%
56%
Aug. 10. 1937 May
Feb.
9. 1938 July--..-.
Feb. 9, 1938 September
84
72%
69%
57%
56%
55%
PRICES OF RYE FUTURES
DAILY CLOSING
-
PRICES OF
Tues.
Mon.
Sal.
57%
57%
May-July
October
When
Fri.
59%
57%
56%
Made
6, 1938
Apr.29. 1938
May 3, 1938
Apr.
IN WINNIPEG
Wed.
Thurs.
Fri.
59% 59
60% 60%
BARLEY FUTURES IN WINNIPEG
59%
60%
HOL.
HOL.
59%
60%
-
Tues.
Mon.
Sat.
May
— .
59%
57%
56%
60
57%
56%
and
Low
Season's
When Made
High and
May
July..
Thurs.
Wed.
Tues.
58%
56%
55%
58%
57%
56%
—
higb as
29; sold as
Fri.
Thurs.
Oats—On
the
30th
ult. prices closed
to l^c.
higher.
The strength of this market was due largely to
buying for the account of houses with Northwestern con¬
nections, observers stated.
There was also considerable
short covering, especially in the spot delivery.
On the 2d
inst. prices closed %c. to 1 yc. net lower. This pronounced
weakness of oats was rather surprising, and was due to liqui¬
dation by tired holders, which in turn was influenced by the
bearish weather and crop advices.
On the 3d inst. prices
closed unchanged to ]4c. higher.
Trading was light, and
without any particular feature.
On the 4th inst. prices
closed unchanged to
up.
There was very little of
DAILY CLOSING
WHEAT IN WINNIPEG
71%
CHICAGO
57%
58%
59%
56%
58%
59%
57%
58%
59%
—
transactions since official
Fri.
81 in unofficial trading prior to July 29.
July
BONDED
FUTURES IN
Tues.
Wed.
When Made
Season's Low and
July 29.1937 May
55%
Sept.30. 1937 July
56%
Mar. 26, 1938 September
58%
High
on
NEW YORK
Wed. Thurs.
71%
71%
70%
Mon.
May
July.-
May
July..
September
Tues.
71%
CLOSING PRICES OF CORN
3, 1938
3, 1938
Sat. Mon.
May
July-
Mon.
.72%
—
trading prior to July 29.
DAILY CLOSING PRICES OF
October
yellow
Sat
CLOSING PRICES
DAILY
OP CORN IN
CLOSING PRICES
Sat.
No.2
——
HOL.
HOL.
HOL.
Wed.
57%
56%
53
60%
61%
52%
,
Thurs.
58
56%
52%
57%
56%
52%
Fri.
57%
56%
52%
Closing quotations were as follows:
FLOUR
Corn—On
the 30th
ult. prices closed hsc. to h£c. lower.
Hedging operations did much to depress corn prices. Notices
were filed of intentions to
deliver 883,000 bushels on May
contracts Monday.
No export business was confirmed, but
additional sales were believed to have been completed. On
closed unchanged to 1 h§c. down. With all
markets off, and the news generally bearish, it
was only natural that corn prices should yield substantially
to pressure.
Further, corn receipts at Chicago totaled large,
729 cars, with exports only 250,000 bushels.
On the 3d
inst. prices closed
to h£c. lower. The corn market was
Spring oats, higb protein
Spring patents
Clears, first spring
Soft winter straights
Hard winter straights
Hard winter patents
Hard winter clears
-
the 2d inst. prices
other grain
Rye flour patents
Seminola, bbl.,Nos.1-3-
-5.95@6.15
5.30@5.60
Oats, good
Corn flour
5.30@5.60
4.30@4.70
Barley goods—
4.85@5.05
.5.05@5.25
4.40@4.60
14.65
6.85(g>
2.50
—
190
4.00
Coarse
Fancy
4.55<
pearl.Nos.2.4&7 5.00@5.25
GRAIN
Wheat, New York—
No. 2 red. c.i.f.. domestic.-- 95%
Manitoba No. 1. f.o.b. N.Y.,127%
Oorn. New York—
No. 2 yellow, all
rail
71%
I Oats. New
I
_
York-
No^ 2 white-----—- — -—-- 39%
Rye, No. 2. f.o.b. bond N. Y__ 77%
Barley, New York—
47% lbs. malting
57%
Chicago, cash
—41-55
Chronicle
Financial
3048
Wheat
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. X for each
Rye
Rye
Barley
Bushels
Bushels
5.000
2,000
130,000
3,692,000
2,985,000
417,000
319.000
232.000
60,000
Total April 30, 1938..
1 1937-.—
grain
2,587,000
2,971,000
2,503,000
39,402,000 37,897,000 15,016,000
42,643,000 40,008,000 17,088,000
23.272,000
5,575.000 11,454,000
Total April 23, 1938
Vole—Bonded
Oats
Corn
Bushels
2,000
Afloat..
Total May
Wheat
Flour
Bushels
not
Included
Barley—Duluth,
above:
-
-
-
-
Milwaukee.
551,000
33,000
102,000
82,000
367,(XX)
27,000
18,000
118,000
270,000
16,000
20,000
400,000
291,000
55,000
-
-
88,000
180,000
i.OOO
26,000
------
Indianapolis
total,
382,000
230,000
7,0(X)
bushels; on
Wheat—
427,000;
51,000
St. Louis
—
119,000
159,000
254,000
104,000
..
61,000
14, (XX)
656,000
108,000
10,000
1,077,000
213,000
27,000
259,000
156,000
12,000
56,000
24,000
10. (XX)
23,000
1.000
1,698,000
1,472,000
472,000
337,000
5,000
239,000
1,806,000
Joseph*
Wichita
mm
mm
mm
mm
mm
-
...
------
5,000
17,000
4,000
Total
57,000
Buffalo....
:
------
-
-
April 30, 1938
1938
1 1937--—
Rye
Barley
Bushels
Bushels
860.000
581,000
24,000
396,000
921,000
1,818,000
7.100.000
289,000
4,876,000
37,527,000
40,511,000
56,727,000
—
Total April 23.
-
—.
8,077,000
1,234,000
7,554,000
.....
8,650,000
.....
7,041,000
1,254,000
1,624,000
' 6,059,000
2,587,000
1,234,000
6,496,000
7,554,000
3,821,000
14,050.000
4,225,000
4,127,000
15,715,000
8,511,000
v-
Summary—
------
----
39.462.000 37,897.000
American.,
•
------
Oats
Bushels
13,177,000
17,501,000
Total May
33,000
46,000
------
1937.
Corn
Bushels
6,849,000
Other Can. & other elev.
'
.
15,503,000 bushels in
Bushels
Lake, bay, river & seabd.
Ft. William & Pt. Arthur
'
St.
against
Wheat
1,000
Kansas City
Sioux City.
bushels,
Canadian—
------
Peoria.—
Omaha..*.
4,216,000
173,(XXi
1,198,000
919,000
404,000
13,000
Toledo—..
bush 56 lbs bush 48 lbs
4,229,000
418,000
-
'
Duluth-
bush 32 lbs
415,000
213,000
-
bush 56 lbs
bush 60 lbs
bbls. 196 lbs
Minneapolis
6,496,000
7,564,000
7,554,000
Lakes, 600.000; total, 651,000 bushels, against 2,054,000 bushels in 1937.
78.000 bushels; Buffalo, 210.000; on Lakes, 3,501,000: Erie,
Barley
New York,
Chicago
1938
155,000
.
Buffalo
"
Corn
Bushes
United States-
Detroit...
of the last three years:
Receipts at—
May 7,
Oats
------
Canadian
37,527.000
.....
Total April 30,
1938..
Tot. wk. '38
406,000
5,066,000
3,200,000
1,519,000
507,000
231,000
1,592,000
Total May
Same wk '30
377,000
2,514,000
5,547,000
1,609,000
350,000
15,016,000
8,077,000
76,989,000 37,897,000 23,093,000
83,154,000 40,008,000 25,738,000
79,999,000
5,575,000 18,495,000
Total April 23, 1938
395,000
9,749,000
1,771,000
1.377,000
Same wk '37
......
1,770,000
1, 1937....
4,213,000
The world's
Since Aug. 1
14,954,000 246,451,000 244,012,000
16,314,000 183,757,000 129,858,000
1937
"
1936-
—
-
92,705,000 23,832,000 85,098,000
65,659,000 14,489,000 73,744,000
14,557.000 275,632.000 146,049,000 114,288,(XXI 19,964,000 79,751,000
1935..—
shipment of wheat and corn, as furnished bv
Broomhall to the New York Produce Exchange, for the week
ended April 30, and since July 1, 1937, and July 1, 1936, are
shown in the following:
Total receipts of flour
and grain at the seaboard ports for
Saturday, April 30, 1938, follow:
the week ended
Wheat
Flour
Wheal
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New
York
128,000
139,000
8,000
30,000
13,000
22,000
1,000
04,000
20,000
Philadelphia
Baltimore-.
87! 000
Since
Since
Week
Since
Since
April 29
July 1,
July 1,
April 29
July 1,
July 1,
1938
1937
1936
1938
1937
1936
Bushels
1,243,000
184,000
35,000
Galveston..
Montreal*
Km
St. John W
1,000
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
bush 56 lbs bush 48 lbs
8,000
12,000
21,000
12,000
240,000
41,000
Argentlna.
267,000
Australia
18", 000
Halifax
India
"moo
17,000
TotaL.-
1,000
2,000
Tot. wk. '38
1,938,000
1,163,000
55,000
26,000
88,000
1938....
4,786,000
26,786,000
15,006,000
1,141,000
1,043,000
2,621,000
Week 1938.
313,000
1,875,000
443,000
09,000
2,000
4,784,000
11,905,000
14,161,000
895,000
353,000
Since Jan, 1
► 1938....
244,000
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports
ended Saturday, April 30, 1938, are shown in
for the week
the annexed
Wheat
Exports from—
Albany
■
Flour
Corn
Bushels
New York
Bushels
252,000
141,000
Oats
Rye
Bushels
Barrels
Barley
Bushels
Bushels
44,586
88,000
107,000
Texas City
814,000
320,000
Arthur, Texas..
68 L 000
New Orleans
1,151,000
Galveston
2,000
564,000
53,000
1,398,000
184,000
Montreal.
Halifax
1,000
35,000
32,000
210,000
St. John West
_
Three Rivers
Total week 1938--
9,000
18,000
17,000
2,000
1,000
30,000
267,000
3,393,000 3,389,000
120,585
1,757,000
Same week 1937
122,400
2,000
9,000
135,000
The destination of these exports for the week and since
July 1, 1937, is
below:
as
Wheat
Flour
Corn
Exports for Week
Since
Apr. 30
July 1
1937
Barrels
United Kingdom.
Continent.
Week
1938
July l to—
Barrels
Week
Week
Since
Apr. 30
1938
July 1
Apr. 30
July 1
1937
1938
1937
Bushels
*
Since
Bushels
Bushels
Bushels
58,215
10,370
9,500
39,500
1,000
2,000
2,023,000
432,331
522,000
1,239,500
19,000
230,813
2,129,000
1,131,000
15,000
1,000
120,585
4,406,715
Total 1937---—- 122.400
4,006,470
3,393,000 106,497,000 3,389,000 52,535.000
1,757,000 97,590,000
7,000
So. & Cent. Amer.
West Indies
Brit. No. Am. Col.
Other countries...
Total 1938
The
visible
58,135,000
686,000 27,085,000
45,514,000 2,703,000 25,264,000
1,169,000
172,000
61,000
5,000
1,000
m,66o
1,618",000
8,000
supply of grain, comprising the stocks in
at principal points of accumulation at lake and
seaboard ports Saturday, April 30, were as follows:
granary
GRAIN
STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
3,000
Boston
28,000
Forth Worth
245,000
Hutchinson
St. Joseph
Kansas City
..
..
Sioux City.
St. Louis
_
Indianapolis
1,608,000
6,949,000
1,773,000
242,000
1,351,000
467,000
10,000
—
Peoria
_
Milwaukee
Minneapolis
Duluth
28,000
4,000
1,000
4,000
2,000
------
476,000
945,000
2,928,000
108,000
309,000
648,000
1,128,000
1,281,000
67,000
185,000
5,000
6,000
-
----
-
-
9,000
214,000
9,000
16,000
63,000
81,000
71,000
3,000
56,000
6,000
9,000
176,000
4,000
1,007,000
•
442,000
2,000
51,000
------
7,320,000 14,398,000
Afloat
2,000
------
------
Omaha
13,666
13,000
12,000
964,000
27,000
170,000
Wichita
On Lakes.
16,000
48,000
Baltimore
New Orleans
Galveston
"
1,000
5,000
4,000
83,000
New York
Philadelphia
Chicago
968,000
73,716,000
17,796,000
5,412,000 309,860,000 371,888,000
Loans
765,160
in this
manner
thus far has been
_
22,000
------
------
507,000
414,000
28,000
682,000
689,000
535,000
3,174,000
1,884,000
J
256,000
.
.
.
.
1,331,000
5,380,000
3,990,000
1,335,000
1,216,000
9,189,000
200", 000
9,374,000
2,988,000
Bushels
State—
Colorado
Illinois
Indiana.
Iowa
Minnesota
616,000
-
and Since
12,555.000 419,421.000 480,324,000
Kansas
2,000
Baltimore
Sorel
7,000
22,017,000
8,800,000
25,064,000
4,936,000
390,000 178,242,000 332,068,000
48.41 cents.
Figures showing the number of bushels on which loans
have been made, by States, are given below:
statement:
Mobile
12,952,000
22,994,000
52,966,000
660,000
of CCC Aggregated $20,219,513 on 41,Bushels Through April 28—The Commodity
Credit Corporation announced on April 29 that "advices
of corn loans" received by it through April 28, 1938, showed
loaus disbursed by the Corporation and held by lending
agencies on 41,765,160 bushels of corn.
Such loans aggre¬
gated $20,219,513.30, based on a loan rate of 50 cents per
bushel of 2lA cubic feet of ear corn testing up to
14^%
moisture; the average amount loaned per bushel determined
Corn
292,000
Since Jan. 1
Pt.
88,000
392,000
3,394,000
Other
countries
210,000
Three Rivers
on
-
4,119,000 153,023,000 161,496,000
1,106,000
75,524,000
54,136,000
1,374,000
56,167,000 150,537,000
5,476,000
98,101,000 80,291,000
27,000
Boston
Soral
*
North Am,
Black Sea.
16",000
564^000
32",000
New Orl'ns*
Rye
Corn
Week
Exports
—
2,327
7,124,125
1,008,058
.24,199,505
25,377
3,532,711
State—
Missouri
Nebraska
Ohio
South Dakota
Wisconsin
Bushels
1,343,140
3,294,235
90,912
1,140,567
4,203
Weather Report for the Week Ended May 4—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended May 4, follows:
At the beginning of the week high pressure obtained over the eastern
portion of the country, with a widespread "low" ever the Great Plains.
Precipitation was general over the Plains area from northern Texas north¬
ward, but otherwise mostly fair weather prevailed.
The western "low"
moved northeastward over the Lake region and eastern Canadian Provinces
during the first few days of the period, attended by rather general precip¬
Central and Northern States east of the Plains.
Following
this, an extensive "high" developed over the East, with abnormally low
temperatures in Appalachian Mountain sections; frost was reported as far
south as West Virginia.
The latter part of the week another depression
overspread the northwestern Plains and precipitation was general from the
extreme upper Mississippi Valley westward and northwestward and over
much of the Great Basin.
The week closed with mostly fair, warm weather
prevailing throughout the country.
-First-order stations reported freezing weather only in the interior of
New England, some extreme central-northern localities, the Great Basin of
the West, northern Rocky Mountain areas, and locally in the northern
Plains.
In the Central Valleys the lowest temperatures ranged above 40
degrees, while in the Cotton Belt they were about 50 degrees to 70 degrees.
The week was abnormally warm in practically all sections of the country,
except parts of the far West.
Rather generally from the Great Plains
eastward the weekly mean temperatures were from about 4 degrees to 10
degrees or 12 degrees above normal, the relatively warmest weather being
in a wide belt extending from the central Plains eastward to the Atlantic
Ocean and New England.
West of the Rocky Mountains the weekly mean
temperatures were generally from about 2 degrees above normal to 4
degrees or 5 degrees below.
Precipitation was generally light east of the Great Plains, although a few
itation in the
local
particularly the central Mississippi Valley, had moderate to
Rainfall was widespread throughout the Great Plains;
areas the weekly totals were light, but were mostly moderate
to substantial.
West of the Rocky Mountains much of the Great Basin
had good rains, but elsewhere very little was reported as a general rule.
The ever-changing weather picture in relation to agriculture shows some
important aspects for the week just closed.
In general, over the western
Plains the abnormal warmth and widespread precipitation were decidedly
areas,
fairly heavy falls.
in
a
few local
favorable and the outlook shows decided improvement.
Rains were
especially favorable from Oklahoma northward and northwestward to the
Canadian border, and vegetation made unusual advance under the in¬
fluence of improved moisture conditions and high temperatures; small
grains and grass were especially benefited.
Except for a considerable southwestern area, composed mostly of Ari¬
zona and New Mexico, the moisture situation is now generally favorable
from the Mississippi River westward.
In the Southwest rainfad in recent
weeks has been insufficient and moisture is badly needed; two bad duststorms were reported from New Mexico and there was considerable dust in
southwestern }\<1 risjs
East of the Mississippi River the moisture situation is becoming less
considerable areas.
In the South, where April rains were
extremely heavy, the generally fair weather of the week was favorable in
conditioning the soil for working, and farm operations made good advance.
However, in most of the Ohio Valley the topsoil has become hard anddry
and rain is needed for corn planting, as well as for growth of other spring
crops, such as oats.
This condition is becoming more or less general over
the Ohio Valley States and also In Tennessee and the middle Atlantic area.
Drought continues in Florida where citrus trees are suffering badly, with
fruit dropping and leaves wilting.
Rain is also needed locally in the east
favorable in
Gulf and south Atlantic sections.
Volume
Financial
146
Except in the Southwest, meadows and pastures made exceptionallygood advance in most of the great western grazing section, with conditions
generally favorable for livestock, except locally for lambing in some Rocky
Mountain districts.
Truck crops generally made good advance, except in
few
dry areas.
Heavy damage to cherries by the April freeze is now
apparent in Michigan and the strawberry crop is short in Tennessee.
Peach
harvest has begun in Georgia at the earliest date in 20 years, while vegeta¬
tion in the Northeastern States is 10 days to 2 weeks ahead of average.
Smal Grains—The week generally favored small grains.
Good growth
was reported in most central and northern sections with conditions ranging
a
3049
Chronicle
wheat good; needs rain in some areas.
damaged.
Setting tobacco begun; some beds
Potatoes and gardens coming nicely.
warm; light rains in north and east where
needed; moderate to heavy rains in south.
Progress of corn and cotton
planting rapid in south where half done and considerable up; well started
in central and north; germination good, but stands injured by cutworms.
Condition and progress of winter wheat good to excellent; heading in
south.
Rye and barley heading in north.
Tobacco plants wide range
in size; developing rapidly; beginning to transplant near south border.
Oats fair.
Potatoes good.
-Ken<ucfci/-Louisville; Mostly
from
mostly good to excellent in the larger portion of the Wheat Belt.
wheat is heading in southeastern Kansas and
has jointed else¬
where; it is expected that harvest will start from 10 days to 2 weeks earlier
than usual in this State; some leaf rust is reported in southeastern and
some northern portions of Kansas, and rain is needed in the northeast.
From Nebraska northward beneficial rains resulted in marked growth and
Winter
development.
In the far Northwest winter wheat is too thick, but con¬
dition is generally good to excellent
In more eastern portions of the belt,
particularly from the middle Mississippi Valley eastward, the crop is
mostly stooling well; considerable is jointing, and heading is reported in
much of the lower Ohio Valley.
Spring wheat seeding is mostly completed
in the northern Great Plains and the upper Mississippi Valley and is nearly
half done over the Northwest.
Germination is generally satisfactory and
good stands are reported in most areas.
Oats, rye and barley had a generally satisfactory week in more southern
sections.
The oat harvest has begun in the Southeast.
Northward, seed¬
ing is well along and is nearly finished in much of the Northeast, with some
early planted up to the northern Great Plains.
Rye and barley made good
to excellent growth in most northern sections.
Early planted rice made
mostly good progress in Texas, where planting is about one-half done; con¬
siderable rice planting or replanting was done in Louisiana during the week.
.
Corn—East of Mississippi River Corn planting made only
fair progress.
In the Ohio Valley the topsoil needs moisture and, because of dryness or
clods, seedbeds are in rather poor condition in many places.
Planting
has begun as far north as New Jersey and there was some seeding in Ohio,
but only scattered fields have been planted in Indiana and Illinois.
West
of the Mississippi River conditions were more favorable and planting made
generally good progress, with early seeded in the south advancing satis¬
factorily.
In Missouri rapid advance is reported while in Kansas plant¬
ing is about done in the southeastern quarter and half done in the north¬
In Iowa preparation is
reported satisfactory with some corn planted in most counties, except the
extreme north, but there has been some delay by wet soil; planting is not
yet active as most farmers are awaiting a safer date.
Cotton—Favorable weather obtained in most of the Cotton Belt, with
decided improvement in general conditions over considerable areas.
Less
rain fall permitted more active field work and temperatures were generally
favorable for growth of early planted cotton.
In Texas the early crop is in fair to good condition, with stands mostly
satisfactory; chopping is progressing favorably in the south.
In some
drier sections planting and replanting was rushed, but there is still delay
by wet soil in some central and northern districts.
In Oklahoma plant¬
ing made good advance and has become general.
In the Mississippi Valley States drier soil permitted more active planting
operations and good progress is reported rather generally, except some
northern-valley sections where it continues too wet; chopping progressed
in more southern districts.
In the eastern belt conditions were generally
favorable and planting made good advance.
Considerable replanting is
required in parts of Georgia, but germination is mostly good in the eastern
area.
Planting is beginning as far north as Virginia.
In Nebraska the soil is in good condition.
east.
.
The Weather Bureau furnished the following resume
of
Virginia—Richmond: Very warm with little rain; more urgently needed.
Preparation of ground active throughout State.
Cotton planting begun.
Corn planting well along.
Wheat and oats heading; doing well.
Trans¬
planting tobacco not yet begun.
Much truck planted in Wytheville area;
southeastern truck exceptionally fine.
Weather
Cotton planting-
mild; rains light.
advance, as did corn planting and transplanting tobacco and
early sweet potatoes.
Rain needrcL.
Vegetation unusually far advanced.
Early eastern potatoes, corn, and truck made excellent progress.
Small
made good
Large truck shipments.
grains and fruits doing well.
Improved conditions; warm, especially latter
for planting, germination, and growth, al¬
Cotton planting good advance;
completed locally in north; germination good; chopping begun in
Oat harvest begun in south; ripening in central.
South Carolina—Columbia;
Generally
part.
favorable
though rain now needed locally for truck.
about
south.
Warm and generally favorable for growth, except in
dry.
Cotton planting good advance in north;
good progress
Georgia—Atlanta:
south
and
east
where too
considerable replanting in middle and east; chopping fair to
in south.
Wheat and oats mostly good growth; heads filling
harvest
begun
earliest in
Farm work and vegetation
Florida—Jacksonville:
cept
extreme
north.
20 years.
Other minor crops
well advanced.
Dry,
Cotton
nicely.
Peach
generally good.
with droughty conditions all sections, ex¬
in north fairly good, but stands spotty;
replanting where moisture sufficient; small acreage in central badly
deteriorated.
Citrus suffering from drought; fruit dropping and leaves
wilting.
Truck shipments continue.
Potato digging about over.
Oat
harvest begun; crop short.
Early corn at critical stage; very poor in
south; late corn fair.
some
Alabama—Montgomery:
Warm;
light
rain,
locally
heavy
in
north.
Cotton planting made very good progress in all sections, with good be¬
ginning in north; stands good where up.
Much early corn and vege¬
tables made rapid recovery.
Ground getting hard; moderate,1 general
showers would be very helpful.
Pastures excellent and livestock in good
condition.
Mississippi—Vicksburg:
Cotton
planting
made
very
good
advance.
Planting and cultivating corn good progress.
Farm activities improved,
but somewhat belated.
Army worms attacking alfalfa and oats in Delta
counties.
Rain would benefit in extreme south and western uplands.
Progress of fruit, gardens, and truck
Louisiana—New
Orleans;
Warm,
good, but pastures only fair.
mostly dry weather very favorable;
planting and replanting of corn, cotton and rice accomplished.
Progress and condition of some early planted cotton good with chopping
making good advance.
Condition of corn fair; progress good where up.
Oats fair to good; being harvested.
Sweet potatoes being set.
Cane fair
much
to
good.
Digging potatoes.
Texas—Houston:
Warm in northwest; good rains
where, except extreme
in central, light else¬
south, Gulf coast, and west where
dry.
Planting
mostly completed, but some corn land not planted account wet soil;
may not be planted.
Corn fair to good condition; stands generally good.
Winter wheat and minor grains fair to good conditioq; rain improved
corn
grains, but some rust reported in wetter areas.
In southern dis¬
early planted cotton fair to good condition, with stands generally
good and fields clean and well cultivated; chopping progressing favorably
in south; planting continues; replanting being rushed, but rain delayed
small
tricts
planting in central and northern districts; some early planted seeds In
north failed to germinate and will be replanted.
Truck fair condition;
still being planted in north-central.
Rain would help truck in coastal
districts.
Pastures and ranges good condition.
Cattle fair to good;
stock water plentiful.
Citrus shipments from Rio Grande Valley almost
completed.
Progress early planted rice good; planting rice about half
completed.
some
Oklahoma—Oklahoma City: Warm with mostly good rains.
Gener¬
ally favorable week.
Cotton planting very good advance and becoming
general.
Oats fair to good progress and condition.
Corn good progress;
fair to good stands; some cultivated.
Progress of winter wheat fair; con¬
dition fair to good; red rust in many west and central fields, but damage
slight.
Pastures and livestock good.
First cutting alfalfa; only fair
yield and quality.
Arkansas—Little Rock: Cotton planting made excellent progress due
to warmth and only little rain; planting nearly done locally in south and
well along elsewhere, except in northeast where soil too wet; progress very
good and condition good; some cultivating.
Progress of corn excellent;
condition good; planting delayed in northeast; cultivation under
way
generally.
Tennessee—Nashville:
Planting
and cultivating progressed, though
ground hardening and rain needed.
Much corn planted; condition of
*
early corn very good.
Cotton planting
rather slow in west; none coming up.
New York,
With
good advance in central and east,
Condition and progress of winter
weather
conditions
Friday Night, May 6, 1938
the sale of seasonal
merchandise, particularly in the apparel lines, retail business
improved slightly, although still showing substantial losses
in comparison with last year.
Numerous promotions met
with fairly satisfactory response, but buying was largely
limited to lower-priced items, whereas offerings in the higher
price brackets attracted little interest.
Reports from the
farming sections again made the relative better showing,
favoring
whereas business in urban and industrial districts continued
to suffer from
growing unemployment and reduced payrolls.
Department store sales for the week ending April 23, ac¬
cording to the report of the Federal Reserve Board, were
13% lower than for the same week last year. For the metro¬
politan area, the Federal Reserve Bank of New York re¬
ported a decline n department store sales amounting to
10.8%, while in the Newark district a decrease of 14.2%
was
recorded.
Trading in the wholesale dry goods markets remained dull.
Although wholesale and retail inventories in many fields
are reported to be lowest in several
years, merchants main¬
tained their cautious attitude, preferring to await more
definite indications of a turn for the better in the general
business outlook,
before adding to their commitments.
Prices held firm, however, reflecting the sound statistical
position of the market. Slightly increased activity was noted
in wash goods, and more inquiries also appeared for wide
sheetings.
Business in silk goods continued fairly active,
with sheer fabrics again attracting most attention.
Piece
goods profited considerably from the demand occasioned by
numerous special retail promotions.
Trading in rayon yarns
expanded moderately, and it was reported that current
shipments are fully up to present curtailed output figures,
•
with
conditions in the different States:
North Carolina—Raleigh:
THE DRY GOODS TRADE
the
result
that
no
further
substantial
accession
to
surplus stocks took place.
The best showing was made in
acetate and cuprammonium yarns, whereas viscose yarns
continued to reflect the slow call by the weaving plants.
Domestic Cotton Goods—Trading in the gray cloths
markets continued in its previous desultory fashion, although
towards the end of the week somewhat better
inquiries were
the further mild
recession in the raw cotton market, and the continued slow
movement of finished goods in distributive channels.
Prices
held fairly steady, however, notwithstanding the fact that
more second-hand offerings at slight concessions came into
the market. Views on the statistical position of the industry
and the nearby outlook have shown a distinct improvement,
largely due to the continued drastic curtailment measures
of the mills, and the growing view that stocks in converters'
hands are in urgent need of replenishment.
As a result,
little doubt is felt that, should general business conditions
experience a turn for the better, a scarcity of gray goods
may easily develop. Business in fine goods continued quiet,
although heavy government buying was reported to have
greatly reduced stocks of lawns in the primary market.
Pigmented taffetas moved in fair volume. Closing prices in
print cloths were as follows:
39 inch 80's, 6?4 to 6)4c.;
39 inch 7276s, 634c.; 39 inch 68-72s, 534c.; 3834 inch 64-60s,
434s.; 3834 inch 60-48s, 3^ to 334c.
reported.
Retarding
influences
were
Goods—Trading in men's wear fabrics remained
clothing manufacturers continued reluctant in
entering the market, pending a more definite response to
their fall collections.
Uncertainty over the contents of
Woolen
dull
as
the
impending British-American trade agreement also served
buying.
Some spot orders on summer materials
continued to be received.
Reports from retail clothing
centers made a slightly better showing, as special promotions
on
summer
clothing and the advent of warmer weather,
stimulated consumer buying to some extent.
Business in
women's wear materials remained seasonably dull, with
trading confined to scattered spot orders on sport suitings
and other goods used in the manufacture of summer apparel.
While so far only a few initial orders were placed on the new
fall offerings, an early broad buying movement is con¬
fidently expected, inasmuch as inventories in the garment
trade are believed to require early replacements.
to retard
Foreign Dry Goods—Trading in linens continued in¬
active, with sales confined to occasional small orders for
Much of the present reluctance on the
of importers continues to be attributed to the un¬
certainty surrounding the terms of the Anglo-American
trade pact now being negotiated.
Business in burlap early
in the week broadened somewhat, in response to Calcutta
immediate shipment.
part
in the movement for restriction
Later in the week the market again lapsed into
advices reporting progress
of output.
dullness, as no confirmation of the early reports was re¬
ceived, and prices lost their previous gain in view of the
further substantial increase in Calcutta stocks. Domestically
lightweights
were
quoted at 3.45c., heavies at 4.80c,
Financial
3050
Chronicle
May 7, 1938
$5,000,000 Roanoke, Va., general obligation water system bonds, due
serially from 1939 to 1968, incl., were awarded to a syndicate
headed by the First Boston Corp., New York, as 2%s, at a
price of 99.3099, a net interest cost of 2.788%.
They were
reoffered to yield from 0.60% to 2.85%, according to maturity.
While the bid of Haisey, Stuart & Co., Inc., of New York and
associates figured a slightly lower net interest cost, the city
decided to accept the First Boston Corp. offer as the latter
Specialists in
Illinois & Missouri Bonds
called for
much smaller discount.
a
3,000,000 Nassau County, N. Y., bonds, maturing annually from 1939
to 1948, incl., were sold to a group headed by Blyth & Co.,
Inc., New York, as 2.40s, at 100.21, a basis of about 2.3627%.
The bankers reoffered the obligations on a yield basis of from
0.60% to 2.50%, according to maturity.
STIFEL, NICOLAUS & CO., Inc.
2,776,000 Muskingum
105 W. Adam* St.
Watershed
Conservancy
District,
Ohio,
special assessment bonds, due serially from 1940 to 1967, incl.,
and callable on and after'May 1, 1958 at not more than par,
were sold
to a group managed by the BancOhio Securities
Co. of Columbus as 3Ms, at a price of 102.15.
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST.
LOUIS
2,715,000 Houston,
BOND
MUNICIPAL
New
on
of such
as
a
basis of about 2.765%.
Reoffered to yield from 0.60%
3 %, according to interest rate and maturity.
is evidenced in tiie result
financing during the month of April.
total of awards amounted to
fact
Texas, 2H% and 3% various purposes bonds,
maturing annually from 1939 to 1968, incl., were sold to an
account headed by Lazard Freres & Co., New
York, at 100.005,
APRIL
offerings of State and municipal bond issues continue
decidedly restricted scale
a
IN
SALES
that
which followed
action in
The grand
only $49,481,658, despite the
unusually heavy demand devf loped for such
an
securities in the recent
period.
the
in
wake
1,500,000 Providence, R. I., 2% bonds, due from 1939 to 1958, incl.,
were purchased by a group headed by Dick & Merle-Smith or
New York at 100.538, a basis of about 1.95%.
Reoffered on a
yield basis of 0.40% for the earliest maturity to a price of
99.50 for the longest bonds.
The extent of this demand,
the
of
Government's
Federal
adding heavily to the previously large supply of
output since the beginning of
1,455,000 Orange County Flood Control District, Calif., 2^% and
2%% bonds were sold to the Bankamerica Co. of San Fran¬
cisco and associates at a price of 100.118.
Due annually
from 1939 to 1958, incl.
They were reoffered to yield from
0.60% to 2.90%, according to maturity.
virtually all of the offerings last month attracted
1,100,000 Minneapolis, Minn., bonds due from 1939 to 1948, incl.,
were sold to Phelps, Fenn & Co. of New York and others as
bank credit,
brought about widespread gains in the general
price level.
Morever,
thin,
with the market supply extremely
result of the curb
as a
the year,
on
the keenest sort of competition,
able
terms
borrowers.
to
example, placed
interest
cost.
County,
issue of $3,(XX),000 at
an
N.
the
yield from 0.50%
for
Y.,
the vigor of the demand occasioned
practically ignored by investment interests in
months.
In
volume
in
the
the
negligible proportions.
viously stated,
was
of
matter
recent
no
again
was
held
The grand total of awards,
more
re¬
to
as pre¬
than $49,481,658, this figure
The
following is a record of the issues which failed of sale
time of offering during April.
List embraces 25
separate issues with an aggregate par value of $6,866,900.
It is to be observed that in quite a few instances the com¬
munity was unwilling to accept the bids, deeming them
unsatisfactory.
Page number of the "Chronicle" is given
the
at
for reference purposes:
Page
comparing with disposals of $110,609,180 in March, of which
$43,000,000
For
amount
in
was
accounted for by the City of New York.
February the total
was
was
$63,592,112 and in January the
only $47,818,417.
The decline in output
1938 is reflected in the fact that
months
aggregated
awards of
only
same
far
Name
disposals for the four
in
with
contrast
period of 1937, $400,-
695,931 in 1936, $456,999,709 in 1935, and $324,655,336 in
No.
Two
developments of interest to the municipal bond market
effect
on
during April, although neither
its movements.
velt's request that
and
one
had
obvious
any
a
"short
simple statute," eliminate the tax exempt feature
future
issues
of
Federal
and
municipal
bonds,
and
on
the
Court upholding the
constitutionality of the revised municipal debt readjustment
law.
Although the President's demand naturally created
considerable
comment,
probable effects of such
While such
a
is
move
this
an
was
confined
eventuality
bound
to
add
solely to the
municipal credit.
on
to
the
cost
of issues
brought out without benefit of existing tax immunities, the
tendency was to ignore this and other implications for the
present for several reasons.
Aside from the general belief
that the matter is not
likely to be considered at this session of
Congress, municipal
bond
attorneys and other sources
equally conversant with the question continue firm in their
convictions
that
a
reform
of
that nature
can
only be
ac¬
complished by amending the Constitution.
In view of these
considerations, the President's proposal failed to produce any
change in market conditions.
The Supreme Court's decision
likewise proved ineffective as a market factor for the reason
that the situations with which it is designed to
cope are com¬
paratively few in number and relatively unimportant. Most
of the serious defaults have long since been cured
and, mor¬
ever, no new
situations
of
that
nature
have
come
throughout the past two years.
The issues of $1,000,000 or more
reported
April were as follows:
sold
to
light
during
$5,250,000 Pennsylvania General State Authority, Pa., 4% construc¬
tion bonds were purchased by the State School Em
Retirement Fund.
In advising us of the purchase, F. Clair
Ross, State Treasurer, stated that both the aforementioned
body and the State Employees' Retirement Fund have con¬
tracted to purchase $55,000,000 of
Authority bonds.
The
agency was created by the State Legislature to undertake a
general public works program throughout the State, the total
cost of which is expected to reach about
$65,000,000.
Pur¬
chases by the two retirement funds will be made as funds are
required by the borrower.
These will be paid through the use
of cash accumulated in the respective funds.
Report
Not sold
24,000
No bids
D.
1, Fia
30,000
Bids rejected
17,000
No bids
Birch Run
25,000
x
2407
3lA%
Twp. S. D. No. 5,Mich. Not exc. 3%
Burton Twp. S. D. No. 6, Mich— Not exc. 4%
Dearborn, Mich
Not exc. 6%
113,000
Bid rejected
2737
El Paso
630,000
Bids rejected
2737
Goliad Ind. S. D., Texas
2897
Granite Falls, N. C_
30,000
...
County, Texas
New
Haven, Mich.
x
_.
60,000
3^%
3,000
4%
2890 cLos Angeles County, Calif
2731
Menominee, Mich
—
—
—
2726
River
Project
No bids
Not exc. 4%
—
623,000
26,000
No bids
Not exc. 6%
25,000
4%
25,000
No bids
Sale postponed
Not sold
2,900
Bid rejected
4,135,000
30,000
Bid rejected
x
Agricultural
and Power District, Ariz
—
2404
Sentinel S. D.. Okla
2405
Temple Local S. D. No. 42, Ga—
2572
Walker
Not exc. 5%
Santa Barbara County, Calif
2735
3
x
Township, Mich
Waterford Township, Mich..
2894
Sale canceled
Sale canceled
Rocky River, Ohio
eSalt
Not sold
143,000
Blooxningdale
Twps. S. D. No. 5, Mich..
Not exc. 4%
2735
No bids
Not exc. 5%
2735 dNew Paris, Ohio
2731
Pine
Grove
and
2729
decision of the United States Supreme
$616,000
4%
2894
These included President Roose¬
Congress, through enactment of
exc.
Barnesboro S. D., Pa
—
occurred
Amount
4%
Not
2576
2572
1934.
Int. Rate
2575 aAkron, Ohio.—.—.
.*
2735
Ashley School District, Pa—
2404 bBaker County Special Tax S.
2730
$271,501,367,
$393,535,910 in the
so
to
a
financing, however,
new
period
a basis of about 2.175%.
Reoffered
to 2.35%, according to maturity.
1,000,000 Scranton School District, Pa., 3% operating revenue bonds,.
due yearly from 1939 to 1948, incl., were sold to the First
Boston Corp. of New York and associates at 100.839, a basis
of about 2.835%.
Reoffered on a yield basD of from 1% to
2.90%, according to maturity.
record low net
a
greater display of interest in second-grade securities which
have been
2.20s,, at 100.159,
resulting in extremely favor¬
Nassau
Moreover, in view of the scarcity of high-
grade obligations,
cent
to
600,000 Hartford, Conn., 1%% bonds maturing annually from 1939
to 1953, incl., were taken by a group under the
management of
Estabrook & Co., of New York.
Bankers paid a price of
101.618, a basis of about 1.50%.
They were offered to in¬
vestors to yield from 0.35% to 1.75%,
according to date of
maturity.
16,000
4%
20,000
Bids rejected
Bids rejected
Sale postponed
Not exc. 5%
50,000
No bids
Not exc. 6%
100,000
No bids
2898
West Carroll Parish S. D., La—
West Unity. Ohio..
Not exc. 5%
13,000
Not sold
2734
Wilson, N. C
Not
85,000
Bids rejected
—
exc.
25,000
'
x
6%
Bids rejected
x Rate of interest was
optional with the bidder,
a New offering was announced
9, although the city, meanwhile, is attempting to sell the bonds to the
Reconstruction Finance Corporation,
b Result of re-offering on May 2 will be
for May
found
on
subsequent
page
of this section,
c
Bids
were
returned
unopened
with
announcement
e
Issue
of
was
that a new offering will be made,
d New offering date is May 7.
re-offered May 3, result of which Is given on subsequent page.
States and municipalities entering the market with offerings
notes and other evidences of temporary
borrowing in
anticipation of collection of taxes and other
tinue to obtain such accommodation
terms.
on
revenues
Banks and other institutions find such
considerable
con¬
extremely favorable
qfferings of
importance in assisting them in placing huge
cash accruals at work, although the income return, in view
of existing credit conditions, is not of material
consequence.
Short-term
municipal financing during April amounted to
$42,052,400, of which $14,500,000 was accounted for by the
City of New York.
Another large contributor was the City
of Boston, Mass., whose borrowings totaled $8,000,000.
The Canadian municipal bond market remains singularly
inactive, particularly from the standpoint of new offerings.
Sales in the recent period reached only $4,605,546 and of
this total $4,000,000 was accounted for by the Province of
New Brunswick.
This financing consisted of 3%% funding
bonds, due April 15, 1948, and callable on and after April 15,
1946, at par and accrued interest.
The Bank of Montreal
headed the underwriting group.
Temporary borrowing dur¬
ing April in the amount of $60,000,000 constituted sales of
Treasury bills by the Dominion of Canada.
No United States Possession financing was negotiated in
this country in April.
A comparison is
given in the table below of all the various,
securities placed in April in the last five years:
Volume
146
Financial
Chronicle
3051
PaQe
April
1938
1937
1936
1934
1935
Name
2410
$
Perm, loans
*
(U. S.).
Temp. loans(U. S.)
S
49,481.658
83,973,804
42,052,400
58,397,356
Bonds U.S.Possess'ns
Can. loans
$
84,558,867 156,078,031 106,389,422
93,850,100 131,300,000
47,963,994
None
None
75,000
None
None
4,605,546
1,074,500
584,331
48,438,200
533,900
None
None
None
None
None
None
None
None
None
None
(perm.):
Placed in U. S
Gen. fund bds.N.Y.C
Total
96.139.604 143,445,660 179,068,298 335,816,231 154,887,316
.
*
Includes temporary securities issued by New York
City: $14,500,000 in April,
1938; $35,000,000 in April, 1937; $15,000,000 In April, 1936; $60,000,000 in April,
1935; $30,000,000 in April, 1934, and $22,948,800 in
April, 1933.
The number of municipalities
and the number of separate
275 and
were
emitting permanent bonds
issues made during April, 1938,
352, respectively.
and 392 for March,
This contrasts with 327
1938, and with 310 and 356 for April,
we
the following table,
add
showing the aggregate of long-term domestic issues for April
and the four months for
series of years:
a
Month of
1938...
For the
Month of
For the
April
Four Months
April
Four Months
e$68,277,482
f86,899,155
$49,481,658
5271,501,367
1917
83,973,804
....
393,535,910
400,695,931
456,999,709
324,655,336
78,235,058
352,340,849
555,578,394
469,024,905
343,323,940
493,905,006
507,494,813
470,774,988
421,599,166
1916
1937...
1936...
84,558,867
1935
..
1934...
1933...
....
al56,078,031
106,389,422
10,899,995
1932...
69,637,025
1931...
dl05,974,805
1930
1929
91,935,818
1928
129,904,592
1927.
.
1926
111,151,259
1925
1924
..
133,288,881
1923...
1915
26,402,049
$169,324,775
206,902,393
171,261.251
1914
£103,224,074
268,986,826
1913
1912
23,644,915
22,317,243
96,258,461
97.951,422
1911
38,562,686
1910
20,691,260
37,462,552
21,428,859
162,026,305
124,708,581
117,402,998
1909
-
1908
112,196,084
19,909,004
78,235,067
1906
8,725,437
1905
40,409,428
65,755,686
76.137,234
1904
11,814,584
17,626,820
1907
1903
428,848,418
58,533,230
48,803,588
81,426,486
328,000.980
1902
1922... _...bl37,176,703
429,237,993
1901
9,298,268
1921.
88,104,218
292.561,134
1900
14,157,809
38,254,819
33.192,622
48.650,275
86,194,759
240.267,877
1899
7,477,406
26,098,992
158,952,753
1898
3,570,963
27,336,696
90,130,471
1897
13,060,323
48,631,385
,
...
1920...
1919
1918...
14,999,882
Includes $50,000,000 bonds sold by New York City,
a
b Includes $34,975,000 bonds sold by New
c
York State,
100.57
_.1>*
1939-1948
20,000
100.39
1.42
..23*
1942-1948
35,000
1 00.57
2.64
4
1 939-1955
71,000
718,000
97.18
4.44
49,500
15,000
101.11
2.29
101.40
4.71
2736
East Pittsburgh, Pa
2409 Egg Harbor Twp., N. J...
2895 Elgin, Neb---..
2728 Elkhart County, Ind.
5
by the Sinking Fund of New York City,
City at public sale.
£ Includes $70,000,000 bonds sold by New York City—$65,000,000 at public sale
and $5,000,000 to the Sinking Fund.
herewith
bond issues put out
Page
detailed list of the municipal
our
Name
Rate
2J*-2J*
Maturity
Amount
1939-1968
$125,000
Price
Basis
2.57
2896
Albuquerque, N. M
2 5*-3
2408
Alcorn County, Miss
5
1937-1952
7-12,500
100
5.00
2412
Allentown 8. D., Pa
1J*
1939-1943
400,000
100.38
1.62
100.41"
¥.13
70,000
50,000
100.26
2.48
1939-1949
16,094
100.66
2.64
33*
1941-1945
5,000
101.26
3.43
1939-1945
14,000
100.87
23*
1941-1958
101.31
3-33*
1941-1945
<*80,000
10,000
Twp., Ind
.4
Fergus Falls, Minn
2735 lort Cobb S. D., Okla.
2568 *itzhugh-Lee S.
2728 Forrest Twp., Ill
43*
lorest Grove, Okla.
Foster Twp. S. 13,, Pa
Gallup, N. M„
Georgetown H. S. D.f S. C
43*
23*
33*
2898
Geronimo Joint S. D. No. 4, Okla
2727 Gilkin County 8. D. No.
4, Colo..4
2732 Glassboro, N. J. (4 Issues)
4
2733 Gloversville, N. Y
2416
Green
2416
,-3
HI
4
33*-4
13*
3
6
1940-1958
2 75,000
2728
Madison County, Ind
23*
1939-1948
1939-1942
10,000
.
4
3
1939-1946
1939-1947
737,000
__5-53*
13*
1940-1950
1939-1948
2415
Brandon, Wis.
(2
2730 Massachusetts
100.01
1.49
2569
120,000
100.79
1.35
2249
Maysvllle, Ky
Medford, Mass..
2414
Memphis, Tenn
100
6.00
2895
Mercer
1948-1959
150,000
100.61
2.93
2569
15,000
2731
Michigan (State of)
2892
Brazil,
Briar Hill Sanitary Dist., Wis
53*
2727
Brookfield, Conn
2%
1938-1963
Ind
---2?*
19,000
27,000
50,000
lbo'io"
100.09
¥.23
2569 Mount Vernon 8ch. Twp. 2, Iowa.23*
2898 Muskingum Watershed Conserv¬
1939-1948
40,000
10,000
101.22
2.28
2,776,000
102.15
3,000,000
100.21
1940-1953
11,000
30,000
100
2.75
2576
100
2.75
1939-1970
Camden County, N. J
363,000
1939-1964
4,469
•'
-
r26,000
—
2408
Clarksdale,
101.12
4.65
4.00
2572 Natchez,
2578
ibb""~
5~. 25
10T26"
¥.30
Necedah, Wis.
New Castle,
2729
Newport,
65,000
lbo'.ib"
¥.98
1940-1953
1946-1951
10,000
100
4.50
2412
3.22
2892
Oblong,
2897
Clinton County, Iowa
33*
1948-1950
58,000
100.64
3.18
2896
Clinton County, N. Y. (2 lss.)
1.60
1939-1948
165,000
100.08
1.58
2896
Coldenham Fire Dist., N. Y__
3
23*
1950-1954
dl5,000
Cook County. S. D. No. 28, 111. .33*
1941-1955
34,000
1958
7,500
2727 Cook County S. D. No. 85, 111—5
30,000
28,000
25,000
2,500
Coulterville, 111. (2 issues)
100.20
100
¥.50
100.10
3.65
43*
4
Crawford County, Kan
Crossett S. D. No. 52, Ark
Currie S. D. No. 15. N. Dak
100.93
2.20
1938-1948
158,000
750,000
25,000
25,000
100.83"
¥.33
3
5
53*
23*
IOO.34"
¥.18
1941-1975
70,000
lbb". 79"
¥.55
1939-1957
1,385,000
1958
70,000
19,000
75,000
67,505
16,000
170,000
7,000
50,000
50,000
1939-1955
1939-1948
2-25 years
1940-1949
1939-1948
....2.40
—4
23*
3
Twps.
4
1938-1942
—3
1939-1948
.33*
23*
2568 Orange County Flood Control Dis¬
trict, Calif.
23*
2897 Orwell, N. Y
13*
2405 Ottawa, 111
—23*
2410
Iowa.
23*
.33*
33*
2733
2,500
Oyster Bay, N. Y
Paterson, N. J
2569 Patterson 8. D., Ill
2577 PennTwp., PaJ
21,000
<150,000
100.52
100
4.85
2413
5.50
2737 Pennsylvania
23*
23*
Penn Twp. 8. D., Pa
General
43.000
100.87
2.64
20,000
100.22
2.36
40,000
100
4.00
22,000
100.80
2.10
2412
State
2574 Perinton, N. Y
2892 Philo, 111
thority,
2728
10,000
2737
4,000
34,000
rl79,000
100
4.00
102.51
2.60
1939-1948
4
3.40
trict, Calif.
4,999
20,000
1939-1948
1941-1957
1940
Neb
2568 Orange County Flood Control Dis¬
6,500
1942-1944
Crab Orchard S. D. No. 210, 111..5
Pa
111.
2728 Otturnwa,
15,000
-
101.13
782,000
300,000
Odessa, N. Y...
2572 Norfolk,
760,000
2892
--"
30,000
1939-1942
.13*
23*
23*
Norwood, Ohio
100.21
1939-1948
23*
.33*
Ky
2571 Newton, Mass. (2 issues)..
-
2.36
300,000
7114,000
25,000
9,000
1940-1957
1940-1953
20 years
2.48
..33*
98,000
Clay City, 111...
2735 Coweta S. D., Okla
1964
New Berlin, Pa
2413
1939-1958
.33*
Neoga Twp., 111.
2413
10,000
2569
2416
2728
1958-1967
1939-1948
..33*
Miss
Navasota 8. D., Texas.
drlO.OOO
53*
Cheektowaga S. D. No. 3, N. Y_.33i
S. D. No. 1, Mich
Dist., Ohio
1943-1952
Choudrant S. D. No. 6, La
2569 Colfax Ind. S. D., Iowa
3
4
100
ancy
2733
Dexter, Maine
Mount Oliver, Pa
1940-1949
1939-1953
.3>*
4
2729
Douglas, Wyo.
Calif
43*
--33*
Chattanooga, Tenn
2729
Monterey
4
Centervllle, S. Dak
Charlevoix, Mich___r___
2902
2404
33*
2897 Nassau County, N. Y. (5 issues)..2.40
84,000
4
—
Cape May, N. J. (2 issues)
2572 Carroll Co. Sup. Rd. Dist., Miss..53*
2572 Cedar Rapids, Neb
4}*
¥.17
1939-1948
2%
2773
2.60
100.15
..23*
2.72
ibb~o¥
100.76
100.10
4.00
101.20
7,500
¥.74
100.10
Brownstown Civil Twp., Ind
22,000
2.46
iob".6¥
10,000
2569
County,
2728 Marnson, 111..
—
2.89
100.40
2.92
1.47
1940-1953
100.08
344,000
40,000
790,000
8,906
23,000
1,100,000
111,500
100
¥.35
100.13
1941-1947
2.23
100
100.73
200,000
13,000
5
1.30
100.13
100.68
100.20
466,000
1939-1948
1939-1952
2J*
1939-1948
1940-1967
101.04
165,000
250,000
10,000
6,500
1939-1948
13*
2J*
3-3J*
.23*
4
2.20
354,700
15,000
250,000
1939-1943
13*
Buckley, Mo.....
Butler S. D., Pa
2.03
1939-1958
1939-1941
4
Brownstown School Twp., Ind
100.93
2-23*
33*
Brookfield Twp., Ohio
Brookline, Mass. (5 issues)
2728
1939-1962
1942-1951
1941-1942
1940-1948
LlJ*
Mifflin Twp. 8. D., Pa....
Minneapolis, Minn. (2 issues)
2733 Mohawk 8. D. No. 6, N. Y
2575 Monroeville, Ohio
Brockton,
2895
1939-1963
23*
2731
2729
2569 Brownstown School Town, Ind
1939-1948
2.90
33*
2900
2.56
-23*
.
2405 Middletown Sell. Town, Ind
96
102.11
4
—
County, N.J
2570
Mass...
3.07
22,000
Metamora, Iil
2738
99.34
Fla.
(State of)
100,000
25,000
(2 Issues)
1.87
16,000
23*
1.99
-
100.04
11,300
County, Ind
County 8. D.,
Issues)
r<fl21,700
61,000
-
1 00.13
750,000
1957
123, Ore.
100.81
1939-1953
3
2.97
2899 Marion & Linn Counties 8. D. No.
1947
6
1.34
100.11
74,000
1939-1963
43*
Colo
Ill_
1939-1943
1939-1948
Bisby S. D., Okla..
Brainerd, Pa._
-
100
100.84
96,000
1.90
2896
8,174
Boseman, Mont
1.20
3.00
2.24
100.05
760,000
1939-1968
1941-1944
2898
100.14
6,000
4
Mansfield,
2731
30,000
2
Manltou Springs,
2409
1939-1948
Lyman, Neb
2892
..
45,000
110,000
Lynn, Mass. (3 Issues)
2727
13*
101.50
100
10,900
1939-1957
1939-1948
2893
2~. 12
13*
1942-1952
2732
4.25
Beverly, Mass._
1946-1947
15,000
9,900
50,000
30,000
7170,000
10L95
Bethlehem City S. D., Pa
Watertown
1939-1943
1939-1958
Lorain, Ohio
rib,000
and
4.00
8,000
150,000
13*
Los Angeles County, Calif
2728 Lowe Twp., IU
1940-1952
Depere, Wis
2.25
100
1939-1943
3
Marion
DeWitt
4.00
100
17,000
33*
33*
Marion
2902
100
Longmeadow, Mass
2405
2407
<245,000
Logan 8. D., Kan
2405
Delaware County, Ind
2.92
1953-1961
4
2727
3.75
2892
2.62
3.42
102.18
2893
2.24
Dayton, Wash
98.83
100.19
1942
763,000
775,000
Lincoln County, Wis
23*
Lincoln County 8. D. 13, Colo.—4
100
2415
60,000
33*
2576 Lehighton, Pa
2570 Lexington, Mass
2410 Liberty, N. Y
100.02
Dallas town, Pa
<25,000
1947
2894 La8alle Twp. 8. D. No. 9, Mich..4
2892 Lawrenceville Twp. H. 8. D. 71,
100
Berrien County, Mich
4.00
5-10 yrs.
1939-1958
15,000
10,000
2407
"
24,000
10,000
2570
100
53*
33*
4
45,000
2736
.276
1 00.28
33*
23*
1939-1948
...4
3.23
100.005
60,000
Lakeville, Ind
1939-1948
1940-1958
20,000
100.15
7239,000
4
582,000
Berlin Twp., N. J
<255,000
2405 Kerr Twp., HI
2736 Lafayette Twp. 8. D.f Pa
2569 Lake Park, Iowa
Malverne, N. Y
2727 Manassa, Colo
1939-1948
100
16,000
Iowa
2892 Kansas City 8. D., Kan
2738 Kenosha, Wis. (2 issues)
2902 Kenosha County, Wis
472,000
Day, N. Y.
3.50
2.27
1940-1957
2898
100
2.95
1939-1948
2412
5.94
1 01.28
23*
2896
2.19
100.25
5,000
100.26
23*
2890
100.02
15,000
1 0,000
3%
2892
16,000
1939-1948
5.00
1939-1949
Avoca, Iowa
Cowden, 111—
1939-1942
1.50
100
3.00
23*
Bergen County, N. J
2659
1940-1959
1.50
*
100
7105,600
Belleville, 111
2892
101.61
25,000
30,000
1939-1948
Indianola.
2891
2892
101.61
1,350,000
2.20
2732 Jackson, Miss
2892 Jefferson County, Kan
2737 Jefferson County, Tenn
2892
2569
60,000
71,250,000
1939-1953
3
2892
2409
Wyo
Miss-—-.---
1939-1948
35,000
3.60
Ausable, N. Y
Chugwater,
2.44
101.76
25,000
1 939-1957
4J*
.
2578
100.03
110,000
6
—
--23*
4}*
Athens, Ala
2577
120,000
3-5 years
10-40 yrs.
1941-1944
Idaho
Indian Creek,
4.25
2731
1956-1957
5
Harvey, N. Dak
2569
100
2577
2.44
2,715,000
2.25
Cambell, Ohio..
100.03
1939-1968
101.48
2411
570,000
89,000
22,500
90,000
2573
1939-1955
1.45
200,000
12,000
2576
3.08
1945-1954
1941-1947
2575
1.87
100.09
100.14
1940-1962
1939-1950
2573
100.8
40,000
1939-1947
2}*
2733
50,000
33*
2575
9,000
.1.1
13*
2568
20,000
3.49
_
2571 Homer, Mich
33*-33*
2577 Harry County, S.C
33*
2738 Houston, Texas (14 Issues)-..23*-3
2727 Idaho Falls 8. D., Class A, No. 1,
3.22
1940-1946
.
1%
2898 Hennessey, Okla
2896 Hobbs 8. D., N. Mex
3.39
43*
2.48
1939-1948
..33*
2574 HaverstrawS.D.No. l.N.Y
2575 Hazelwood, N. C
100.17
Atchison County, Kan
1942-1953
3
100.09
Atchison County, Kan
100.05
100.10
7183,000
50,000
2575
11,000
Auburn, 111
1941-1948
1939-1943
80,000
12,000
5,000
1939-1953
2727 Hartford, Conn
2727 Hartford, Conn. (2 issues)
2571 Hart Twp. 8. D. No. 1, Mich
11,000
2403
16,000
780,000
1939-1958
1939-1943
County H. 8. D., Colo..23*
2732 Hackensack, N.J. (2
Issues)
1944
2891
1939-1948
—
100.75
23*
23*
Bay, Wis...
S Gunnison Tex
Greenville,
2891
1944-1949
2406
60,000
3.10
Green Bay, Wis
3K
2892
32,000
13*
3.40
Anadarko, Okla
-III
.
2
2406 Gloucester, Mass
2574 Greece, N. Y
Amherst S. D. No. 13, N. Y
Arlington, 111
1942-1957
.33*
2737
16,000
23,000
30,000
.3
Greek Twp., Ill
N- Y"
-IIIII
20H00
1938-1949
1938-1943
forest Park, HI
*ountaln
Amherst S. D. No. 18, N. Y
2405
19¥¥l945
1941-1954
5
2735 lostoria, Ohio
2892
2902
250,000
2.37
27 000
2729
Annville Twp. S. D., Pa
1942-1948
D., Ga
2410
2898
<f350i000
1940-1959
S. D., Pa..__
2410
2899
21,563
1944-1953
HI
100.25
3.15
3%
2f05 1-erndale Ind
Farmland,
2899
2576
2.37
2J*
.23*
.23*
2728 Fairfield S. D.. Iowa
2405 Fall Creek School
during the month of April.
3056 Adrian, Mich......
1939-1948
2892
f Includes $55,000,000 bonds issued by New York
present
1939-1950
1939-1947
-
5
_
$45,000,000 bonds issued by New York City at public sale,
Includes $25,000,000 bonds sold by New York State and $3,000,000 purchased
We
3J*-4
__2)*
2890 Elsinore, Calif...
2727 Emmett, Idaho
2899 Erie 8. D., Pa
2892 Eureka, Kan
2737 Jefferson County, Tenn
2899 Joseph, Ore
Includes $31,550,000 bonds sold by New York Stqte.
d Includes
e
6,735,283
Basis
100.12
2733
comparative purposes
Price
7,500
735,000
1937.
For
Amount
1941-1948
2.40
—
Placed in Canada.
Maturity
1942-1943
Mich.(2 lss.).3J*
Easthampton, Mass
2893
$
$
Rate
East Aurora, N. Y
East Grand Rapids,
2407
"
2574
2574
2732
.
2.70
3
Posey 8ch. Twp., Ind
3
Providence, R. I. (2 issues)
2
Poughkeepsie, N. Y
2
Poughkeepsie, N. Y
2
Progress Lane Com. 8. D., Miss..5
Portsmouth City 8. D., Ohio
1941-1964
1939-1948
1940-1949
1938-1958
100.04
1.49
100.29
2.46
100.16
2.45
100.21
3.23
100.11
3.73
lbi'ii"
¥.32
100.91
Au¬
-4
N.Y
1939-1943
1939-1953
1939-1943
...
1939-1948
1940-1950
1939-1947
1939-1958
1943-1948
1939-1944
1939-1948
5,250,000
100,000
3,500
753,000
79,000
1,500,000
7150,000
50,000
5,000
100.03
2.69
-
100.90
101.05
100.53
100.34
2.85
2.78
1.95
1.95
100.34
1.95
5.00
100
Financial
3052
Name
Rate
Quanah, Texas....
.—
-Quincy, Maw. (4 issues) —......IM
2896 Ramsey, N. J
2%
2572 Ramsey County, Minn
2M
Page
2901
2894
2728
....3M-4
\%-3
2.20
Roanoke, Va.
..2%
Robb Twp. School Twp., Ind
AM
Rockingham County, N. C...3^-3^
Rocky River, Ohio.
3M
Root Twp. Civil Twp., Ind.
2M
Root Twp. School Twp., Ind
2%
Routt County 8. D.. Colo. (2188.) .3M
Routt County 8. D., Colo. (2 Iss.) .4
Sacramento Municipal Utility
District, Call!
3-5
St. Clair County, Mich
2^-3
St. Croix County, Wis
.3
St. Joseph County, Ind
..2M
St. Joseph. Mo.
..2M-2M
St. Joseph County, Ind....
2M
2732
St. Louis County S. D. 19,
Maturity
1939-1943
1939-1948
Amount
2,500
400.000
30,000
1939-1944
1939-1948
435,000
18,700
279.000
407,000,
5,000,000
14,000
40,000
r70,000
22,500
22,500
<*r25,500
4,000
2569 Reading, Kan
Rldgewood. N. J
2897 River head, N. Y
2896
2738
2569
2898
2412
2728
2728
2727
2727
2726
2572
2902
2892
2409
2901
Minn..5
St. Louis County S.D. 19, Minn.. ..
St. Paul, Kan.....
4
Saginaw S. D., Texas....
4
Salem, Mass
IM
Salem. N. J
—......3
St. Paul, Minn
..2.10
San Patricio Co. R. D. No. 5, Tex.
2899
Salem, Ore
2568
Santa Barbara County, Calif
2734
Scarsdale, N. Y
2732
2729
2901
2894
2573
2895
1939-1942
1945-1974
1941-1948
1943-1944
1939-1947
1943-1958
1939-1948
1939-1948
1939-1950
1939-1948
1939-1953
1939-1948
.»
3
3M
1.60
3
2737
Scranton S. D., Pa
0000
1943-1948
1950-1957
1939-1948
1939-1948
Seagraves, Texas......—.........
Serena Community High 8. D.
2892
4
2734 Silver Creek, N. Y
.—..2
2899 Snyder S. D., Okla
......3.10
2571 Somervllle, Mass-......—......2H
2729 Spencer, Iowa
2%
No. 390, 111..
2892
2732
2577
Stlllrnan Valley, 111
Sutton, Neb...
—4
-
1941-1947
2M
Swlssvalle 8. D„ Pa
1939-1948
Taylor County, Ky
3M
....3.20
2735 Tippecanoe, Ohio
2734 Tivoll, N. Y. (2 Issues)
2574
Tonawanda, N. Y
2572
Three Rivers, Mich
2900
Troy, N. Y. (6 issues).
2574
Troy, N. Y. (6 Issues).
2577
3M
3M
2.20
2.20
-~-3„
Trafford, Pa
2574
Turtle Creek 8. D., Pa
N. Mex—........... ..
2897 Utica, N. Y. (5 Issues)
1M
1940-1959
1943-1946
1939-1978
1938-1942
-
1945-1950
1 939-1948
1939-1948
1941-1963
2896 Tucumari,
3M
2412
Vandalla,
2578
Van Vleck S. D„ Texas.........3%
2726
Ventura County, Calif
2577
Versailles Twp. S. D., Pa..
Ohio
2578
2M
3M
3
Victorias. D.. Texas...
2732
Wade Cons. 8. D., Miss
..6
AM
2734
Wake Forest, N. C
2901
Wakonda Ind. 8. D. 1, 8. Dak...3^
2249
2415
2%
Wapello County, Iowa
......3M
Warrenton, N. C.......
3
Washington County, Md_...
2M
Water Valley, Miss
AM
Wauwatosa, Wis
2%
Weld County 8. D. No. 17, Colo..3
Wellfleet, Mass
2M
Westchester Co., N. Y. (7 iss.)...2
West Monroe, La
6
WestoverS, D., Pa--.....
4M
West Virginia (State of)
2%
2737
Wilkins Twp., Pa..............3
2901
Williamsport, Pa
2406
2898
2729
2409
2678
2727
2249
2734
2729
2900
Waltham, Mass
3.60
Wliloughby, Ohio (2 issues)......3M
2575 Wilmington, N. C
__„._.3~3&
2728
Woonsocket,
2412
Wooster,
2892
Wyandotte County, Kan........1.90
R.
.....3
I
Ohio
2737 York, 8, C..._
6
...3M
2414
York County, 8. C
2412
Zznesville, Ohio......
Total
........
sales for April
bond
725,000
50,000
40,000
537,000
13,000
35,000
30,000
50,000
125,000
1938-1954
1939-1953
1-15 yrs.
1939-1950
1939-1963
1939-1968
1939-1954
1940-1948
1939-1950
1939-1953
1952-1954
1941-1950
1942-19.57
11,000
........
1939-1958
1942-1949
1939-1958
1939-1952
1940-1954
1938-1962
1939-1948
1940-1952
1943-1951
1939-1958
Winthrop Harbor, 111...
2413
'494,000
........
i
2575 Williamsville, N. Y. (2 issues)
2735
20,000
4,000
42,000
150,000
18.000
11,500
6,500
100,000
70,000
20,000
<*75,000
60,000
1 5,000
22,500
12,000
1956
.—4%
2891 Temple Local 8. D. No. 42, Ga_..4
2893
107.50
1 00.01
100.83
100,000
1939-1945
1939-1942
1941-1954
1939-1948
1940-1954
4
-
100.04
100.02
107.41
100.90
100.07
100.59
100
101.10
40,000
50,000
1,000,000
1939-1948
St. Louis County 8. D. 52,
1947-1953
1938-1948
1939-1948
1939-1948
1945-1954
1-10 yrs.
"
20,000
60,000
40,000
58,000
10,000
190,000
15,000
50,000
7,500
59,000
422.000
17,000
7,500
500,000
30,000
80,000
30,000
r36,000
76,000
8,000
60,000
3,148
100,000
75,000
380,000
80,000
'
High Credit Rating to State—
Colorado pays the highest old-age
pension in the world, with a-resultant drain on the Staters
revenue sources,
this factor should not affect the State's
high credit rating, according to aD investment analysis of
the State's obligations made public on May 2 by Lazard
Colorado—Survey
2.14
2.78
3.42
3.71
2.71
2.69
Freres & Co.
3.13
2.75
1.47
2.08
....
2.13
4.50
2.55
4.90
95
....
100.90
100.84
1.33
2.87
....
......
100.27
....
2.94
2.91
1.59
2.83
..........
100
100.02
4.00
1.99
100.83
101.37
100
100
100.25
2.34
2.59
4.00
4.00
2.20
98.50
100.36
100.35
4.17
3.10
3.17
100.19
100.02
100.02
100.81
3.72
2.19
2.19
2.93
Old-Age Pension Act, which, beginning Jan. 1, 1937, provides
of $45 to persons over 60 without means.
Although
pension for those over 65 is provided by the Federal
Government and the balance is paid by the State only to the extent that
funds (derived from sales, inheritance, liquor and certain other taxes)
permit, the State's total pension payment is expected to be $20,000,000, or
more annually.
For relief the last Legislature appropriated $5,000,000
and imposed a service tax for additional revenue amounting currently to
about $1,200,000 a year.
Total disbursement by the State for all purposes
in the 1936-1937 fiscal year totaled $53,953,458.
The repeal of both the
Pension Act and the service tax are up to the vote of the electors next fall.
These financial problems do not affect retirement and interest service on
the State's funded debt (outstanding as of Dec. 31, 1937 in the net amount
of $29,009,380, including general obligation bonds and highway warrants)
as funds for this purpose are derived from earmarked property taxes and
highway receipts.
Debt service requirements constitute but a very small
part of the State's total expenditures, the Lazard report indicates.
"The general obligation bonds of the State of Colorado are, in our opinion,
deserving of a high credit rating.
The security behind the highway war¬
rants also appears to justify a rather high rating for these obligations," the
report concludes.'
'V.-'N-''
' ' /X','/
.
XX
by the State's
for monthly payment
$15 out of the $45
Homestead Tax Exemption Finds Increasing Accept¬
ance—Tax preference for homesteads, found in none of the
States in 1931, has spread during the last six years to 13
States, with outright exemption from some or all property
taxes in 11, a survey by the National Association of Assessing
...
100.13
1 00.39
....
1.47
3.19
....
100
101.22
100.50
100.81
100.01
2.50
3.38
2.96
100
100.71
101.42
101
102.06
2.74
3.75
2.64
3.13
2.85
2.30
101.44
2.60
...
......
100.79
100.35
100
a $2,500 State tax exemption, has legis¬
studying the feasibility of exemption from
local levies, in preparation for a special session in June.
lative committee
2.41
1.90
6.00
2.49
2.85
3.60
3.75
....
3.00
100
1 00.01
100.66
100.83
100.79
1.89
3.16
....
emption from State taxes and levies of some but not all local governments;
Florida, Oklahoma and Wyoming, with exemption from property taxes of
governmental units; and Minnesota, with outright exemption from State
other than prior debt service, and preferential taxation
State purposes by a favorable assessment ratio.
All 13 homestead tax preference States except South Dakota and West
Virginia limit the exemption to amounts ranging from $500 in Wyoming to
$5000, in Florida.
Intermediate
exemptions
are:
Oklahoma, $1,000;
Georgia, $2,000; Iowa, $2,500; Texas, $3,000.
In Louisiana the amount of
exemption may vary from year to year depending upon the status of the
"property tax relief fund" built from proceeds of certain State taxes.
Dur¬
ing the first two or three years of the law's operation Louisiana got a $1,000
exemption, half the maximum fixed by the constitution.
Iowa's homestead
tax concession is in the form of a lower tax rate, also dependent upon the
status of a special State fund which is used to reimburse local governments
for loss of revenue.
Wyoming is the thrd State with a reimbursement fund,
but the $500 exemption allowed does not vary with the status of the fund.
all
levies for purposes
previous
give the
number of the issue of our paper in which reasons for
these eliminations may be found.
(No such deletions for the
recent month.)
*
;,
We have also learned of the following additional sales for
previous months:
Maturity
AM
1946-1958
2575
Brookfield, Ohio (Jan.).....
2571
Cottrellville
2737
Gregg County, Texas (Feb.)
Twp.,
Amount
50,000
1939-1943
r6,500
1938-1957
4
Mich
County, Ky
County, Texas.
2M
1939-1941
114,000
1939-1946
" 25,000
<*232,000
1941-1973
1938-1957
1941-1958
16,500
6,000
<*28,000
3.30 -1946-1953
AM
<*135,000
20,000
...
2578
Nueces
2410
Price
Basis
98
100.20
4.97
57,050
4
2569 Henderson
....
100.44
2.29
100
4.00
100.28
100
3.48
4.00
Oswego Fruit Valley Water Dist.,
N.
2734
Y
2413
Reynolds, N. Dak..
Salisbury, Pa.
2578
Texas City Ind. S. D,, Texas
2414
Van Buren County, Tenn
4
...
...
3.30
100
98.75
....
tiim.
All of the above sales (unless otherwise indicated) are for
These additional March issues will make the total
March.
sales
(not including temporary
or
RFC and PWA loans)
SOLD
BY
Water Revenues
CANADIAN
Rale
Name
2902
Bridgewater,
2902
Canada
3^-4
(Dominion of)
3064 Canada
(Dominion of)
N. 8
2902
Moncton,
2738
MUNICIPALITIES
2902
Riviere du Loop, Que....
Maturity
Amount
$19,000
*30,000,000
.....*30,000,000
1958
100,000
1946-1948 <*4,000,000
1939-1953
121,300
1947
15,000
1945-1947
86,000
1-10 yrs.
149,246
115,000
—-
..
New Brunswick (Prov. of).
N.
Cities
budgets and extensive tax delinquency, have
unwisely to the diversion of water revenue funds to
general administrative purposes, according to E. B. Black,
consulting engineer of Kansas City, Mo.
Such diversions
are running into millions of dollars annually and if continued,
will throw the financing policies of many cities into disorder
and will hamper seriously needed future waterworks construc¬
unbalanced
this misuse of water revenue is becoming is evidenced by
of Kansas municipalities.
For the year 1936 it was found that
"How prevalent
a
survey
65 municipally-owned combined water
their revenue $319,741 to other city
and light utilities contributed from
funds," said Mr. Black>
"Of 500
municipally-owned utilities in the State, 150 of them in 1936 contributed
$1,387,200 from their revenue to other city funds, and rate payers thus
relieved general taxpayers of the burden of raising that amount in taxes."
On the other hand, Mr. Black found that 109 water plants and three
combined water and electric plants in Kansas in 1936 received $274,435
from general tax funds, and thus deficits in operating revenues were saddled
on general taxpayers.
Reviewing the Kansas situation, Mr. Black con¬
cludes that "obviously, rate payers to those plants that contributed revenue
from collected rates to other city funds are entitled to rate reductions.
The rates of those water utilities receiving money from other city funds for
the
payment of water works
obligations should be increased—no matter
what theory may be held as to the basis of equitable rates.
"It is the consensus of water men that municipal water
should be placed on a business basis,
their rates should be reasonable," said
should not
departments
They should be self-supporting and
Mr. Black.
"Further, water revenue
be diverted and used to supplant general taxation."
of Tax Delinquency Shows Decline—
consecutive year, the collection of
general property taxes in the average city continued its rise
from the low point of the depression, according to a survey
on tax delinquency for the eight-year period 1930 to
1937,
inclusive, just published by the Municipal Service Depart¬
United States—Trend
1937, for the fourth
ment of Dun &
The
Bradstreet, Inc.
than for the three previous years,
of the reversal in business which gathered
1937 rate of increase was slower
however, probably as the result
during the closing months of 1937, the survey points out.
Compared w/th an average peak delinquency in 1933 of 26.35% for the
190 cities studied, the average for 1937 was only 11.3%.
The average for
1936 was 13.9%.
,
Of interest is the fact that while in 1936 some 46 cities had a better current
tax collection record than in 1930, last year 58 municipalities bettered their
IN
APRIL
_
,
Page
by
momentum
for that month $110,609,180.
DEBENTURES
of
resorted
In
......3M
4
States—Diversion
United
Attacked—Several hundred cities in the United States, facing
tion and maintenance, he warned.
page
Rate
list are the following States: Iowa and
with preferential taxation by a favorable tax rate; Alabama,
On the homestead tax preference
West Virginia,
Arkansas, Mississippi, South Dakota and Texas, with outright exemption
from taxes levied from State purposes; Georgia and Louisiana, with ex¬
--
-
100.05
100.81
105.34
100
100
100.02
The following items included m our totals for the
months should be eliminated from the same.
We
Name
were
for local and other
.$49,481,658
Allegan, Mich.
showed on May 3.
Eight homestead exemption
added to State statute books in 1937 alone.
Officers
laws
Mississippi, with
Subject to call in and during the earlier years and to mature In the later year.
1 Not including $42,054,400 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
2571
■
rapidly increasing revenues which may easily be increased further in re¬
sponse to new or higher taxes; cash balances in most funds, and fairly sound
and efficient management of government.
The chief adverse factors are relief requirements and the burden imposed
d
Page
Gives
Despite the fact that
(275 municipalities.
covering 352 separate Issues)
News Items
1.49
2.70
2.24
Among the many favorable factors bearing on the State's credit, however,
the investment firm lists a low debt and provision for its regular retirement;
300,000
<*r93,500
104,000
rl92,000
rl36.000
400,000
r5,000
r400,000
7,000
<*25,000
6,000
30,000
120,000
r38,000
165,000
125,000
725,000
Mo...4^
2572 St. Louis County S.D. 12, Minn.. 2%
2572
1939-1948
1939-1958
1939-1968
1939-1953
1940-1967
1944-1948
1939-1958
1939-1953
1948-1963
Basis
Price
100.07
100.18
100.06
100.28
100
100.56
99.30
107.35
100.12
100.29
100.33
100.42
May 7, 1938
Chronicle
B.......—.4
3M
4
Price
100.94
Basis
....
....
....
99.53
1930 records
:.
Conspicuous examples of this
4.03
improvement include the following:
-% Delinquency
—% Delinquency—
1930
98.28
99.27
99.35
„
Atlantic City, N. J.
1936
36.1
29.2
23.6
1930
1937
14.6
Norfolk, Va
25.6
Philadelphia, Pa.. 16.6
Pontiac, Mich
21.8
New York City
1936
1937
11.6
10.2
20.0
St. Jerome, Que
3M
St. John, N. B
3M
17.2
12.8
10.1
21.3
13.9
2578
Teck Twp., Ont
2902 Victoriaville, Que
Total long-term Canadian debentures
*
AM
sold in Aprll._..$4,605,546
Temporary loan; not Included in total for month.
....
11.6
9.1
7.8
East Orange, N. J.
29.9
19.1
14.1
Greensboro,
95.25
Dallas, Texas
14.3
11.2
8.4
29.8
20.3
19.3
Roanoke, Va_.
28.8
16.9
13.2
Irvington, N. J
25.1
15.1
15.2
Springfield, Mass.. 29.6
20.0
18.1
Jacksonville, Fla._
2416
2738
12.6
12.4
8.5
11.1
6.5
5.7
N. C.
Miami, Fla
25.3
13.2
9.4
Newark, N. J
25.3
22.3
15.4
Seattle, Wash
Waterbury,
Conn.
Volume
For
3053
Chronicle
Financial
146
majority of the 58 cities showing a steady improvement in collections
changes in tax collection procedure or more vigorous collection methods
were a contributing or dominating influence, Dr. Frederick L. Bird, author
a
of the survey, emphasizes.
At least 24 cities had the distinction of closing
ARIZONA
SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER DISTRICT (P. O. Phoenix), Ariz .—BOND SALE—The $4,-
their 1937 fiscal years with
135,000 issue of corporate bonds offered for sale on May 3—V. 146, p.
2890—was awarded to a syndicate composed of Blyth & Co., Inc., of San
5.6% or less of the year's taxes uncollected.
Of this group, nine were Cali¬
fornia cities, and four New York cities, the others being scattered through
Francisco; Stranahan, Harris & Co., Inc., of Toledo; B. J. Van Ingen &
Co., E. H. Rollins & Sons, A. C. Allyn & Co., the Bancamerica-Blair
Corp., all of New York; Stifel, Nicolaus & Co. of St. Louis; Griffith, Wageseller & Durst of Los Angeles Boettcher & Co. of Denver; B. B. Robinson
& Co. of Chicago; the First of Michigan Corp., Detroit;Braun, Bosworth
& Co. of Toledo; Morris Mather & Co. of Chicago; Redfield & Co. of Los
Angeles; Eldredge & Co. of New York; McDonald-Coolidge & Co. of Cleve¬
land; Piper, Jaffray & Hopwood of Minneapolis; Kennedy, Spence & Co.,
Inc., and Tyler & Co., Inc., both of Boston; the Wm. R. Staats Co. of
Los Angeles; Schwabacher & Co. and Dean Witter & Co., both of San
Francisco, and Crowell, Weedon & Co. of Los Angeles, as 4#s, paying a
price of 97.10, a basis of about 4.61 %, to optional date. Due from 1948 to
1964, incl., optional after Jan. 1, 1948, upon certain conditions.
eight States.
This "honor roll" group includes:
Cities with Notably Low
Tax Delinquency,
Kenosha, Wis
Birmingham, Ala
Berkeley, Calif..
Fresno, Calif..
Buffalo, N. Y
Davenport, Iowa......
1.8%
1.9%
2.1%
2.3%
-
Pasadena, Calif.
1.5%
San Jose, Calif
Denver, Colo
0.6%
•
San Francisco, Calif
Peoria.
4.5%
Los Angeles, Calif
—
Binghamton, N. Y_...
3.2%
Providence. R. I.
3.8%
.....
:
Long Beach. Calif..
Canton, Ohio.
Mobile, Ala.2.8%
4.5%
4.6%
4.6%
4.7%
4.9%
5.1%
5.3%
5.4%
5.6%
Schenectady, N. Y.......
2.7%
Sacramento, Calif
Cincinnati, Ohio..
....
111..
Niagara Falls, N. Y
2.7%
Oakland, Calif.....
1937
3.9%
...—.—4.3%
0.5%
Madison, Wis
Birdgeport, Conn...
ARKANSAS
ARKANSAS, (State of)—BOND
SALE—The $200,000 issue of 4%
school bonds offered for sale on May 5—V. 146, p. 2403—was
jointly to Walton, Sullivan & Co.; T. J. Raney & Sons, and the
Southern Securities Co., all of Little Rock, at par plus accrued interest to
date of delivery, according to G. C. Floyd, Director of School Law and
Finance.
No other bid was received, he reports.
Dated May 2, 1938.
Due from March 1, 1939 to 1951, incl.
•
While Madison and Kenosha, Wisconsin, head this list statistically, their
ratios of less than 1 % delinquency are better than the actual delinquency
semi-ann.
awarded
Wisconsin tax system, they are per¬
mitted to retain all collections to a certain date on both city and county
levies.
The most distinguished record, therefore, belongs to San Francisco
with a delinquency of only 1.5% and to the northern California area in
general, where the highest delinquency ratio among six cities was 3.2%.
The only other cities which fared as well as this northern California group
were Biriminghma,
Buffalo and Mobile.
"The wide variation in the stability of tax collections during recent years,
reflects something of the uneven susceptibility to the effects of business
depressions of various types of cities," the survey states.
"While compara¬
tive analysis discloses that the varying quality of tax collection adminis¬
tration played some part in the results, tne evidence is celar that financial
levels in their
areas
since, under the
.
HAZEN
SHOOL
DISTRICT
O.
(P.
Hazen),
Ark.—BONDS
TO
BE SOLD—It is reported that $2,500 construction bonds approved by the
voters on April 30 will be purchased by the State Department of Education.
.
-
NEWPORT LEVEE DISTRICT (P. O. Newport), Ark.—REPORT ON
PRESENT DEBT STATUS—The following information was furnished to us
by K. W. Hodges, attorney for this District:
was created in 1917.
It has retired bonds totaling $250,000.
outstanding bonded indebtedness of $134,500.
$28,5JO of these
Interest is current.
The
$32,000 in 1939, $30,500 in
The District
planning in American cities cannot follow one set pattern, but must be
definitely related to economic characteristics;"
Indicating the range of tax collection stability, the survey lists 20 cities
whose tax delinquency record has been most stable during the 1930-1937
period, and 20 whose record has been most unstable.
Highly stable collection records during the eight years have been es¬
tablished by Albany, N. Y.; Atlanta and Augusta, Ga.; Berkeley, Calif;
Binghamton, N. Y.; Dallas, Texas; Denver, Colo.; Fresno, Calif.; Hartford,
Conn.; Louisville, Ky.; Manchester, N. H.; Niagara Falls, N. Y.; Oakland,
Calif.; Providence, R. I.; San Francisco, Calif.; San Jose, Calif.; Savannah,
Ga.; Syracuse and Troy, N. Y.; Wilkes-Barre, Pa.
On the basis of total collections in 1937, both current and delinquent
taxes, the average of 121 cities was 102.9% of the current levy, and in only
35 of these cities did the total collections for the year fall below 100% of
It has
an
past
due, having become due in 1937.
remainder of the bonds mature $31,500 in 1938,
are
J940 and $12,000 in 1941.
The
District
is
issuing $65,000 in new bonds maturing as follows:
$10,000 in 1942, 1943 and 1944; $11,000 in 1945; $12,000 in 1946 andl947.
$45,000 of this money will be used for a partial funding.
$20,000 will be
used to obtain rights of way in order to induce the War Department to build
an addition to the levee costing $268,000.
The assessed benefits of the District are now $897,939.13 and an assess¬
ment of 4% is now being levied.
.
CALIFORNIA
the current levy.
While tax collections during the early part of
CALIFORNIA
1938 appear to be holding
up well in representative cities, it is reasonable to expect that the total
property tax income for 1938 as a whole, will be considerably less staisfactory
than during 1937.
The collection of delinquent taxes is proceeding less
favorably than last year, and it will not be possible for cities to balance
1938 budgets this year with the same facility with which they did in 1937.
convention
of
the
Investment
San Francisco, jointly, at
CONTRA
-
O.
Calif.—OAKLEY
Martinez),
CITY,
Calif.—BOND OFFERING—Sealed
bids
will
be
IRRIGATION DISTRICT (P. O. El Centro). Calif.—
letter, dated April 15,
by Evan T. Hewes, President of the Board of District Direc¬
tors, to the holders of bonds:
IMPERIAL
REPORT ON COUPON PAYMENT—The following
was sent
out
„
,
„
between bondholders of the Imperial Irriga¬
for the bondholders or the district,
together with the Board of Directors of the district, to solve its financial
"Pursuant to the agreement
tion District acting as an advisory group
difficulties, the following progress has been made:
"The Board has secured an order from the court
for payment of the 'A*
If you will forward your 'A' and 'B* coupons to the
of the district, you will receive payment for the 'A' coupons.
coupons.
Treasurer
The 'B'
will be canceled as they ceased to be an obligation of the district
on Jan. 1, 1938, under the terms of the refunding plan.
"The advisory committee of the bondholders and the district board are
now working with the Irrigation Levee and Drainage Division of the Re¬
construction Finance Corporation to secure a loan that will refinance the
district's
bonds and
warrants.
"We sincerely hope that we will have your whole-hearted cooperation,
as we trust our efforts will be successful."
coupons
•
the beliefs expressed by Mr. Graves, which are set out
above, the firm of Thomson, Wood & Hoffman, New York
municipal bond attorneys, in a letter to a prominent invest¬
ment house, express the opinion that there is little chance
of the U. S. Supreme Court upholding the validity of any
legislation carrying out the President's recommendation to
impose a levy on tax-exempt issues.
,
,
ANGELES, Calif.—BOND OFFERING—It is stated by James P.
Secretary of the Board of Water and Power Commiasioners,
be received until 2 p. m. on May 17 for the purchase of
a $2,150,000 issue of water works revenue, Department of Water and Power,
first issue of 1938 bonds.
Bidders to name the interest rate or rates, not
exceeding three different rates, none of which may be in excess of 3#%,
at which the bidder will accept the bonds at not less than par and accrued
interest, such interest to be payable Nov.
1, 1938, and semi-annually
thereafter.
Dated May 2, 1938.
Due $215,000 from May 1, 1939 to
1948; redeemable at par on Nov. 1, 1939, and any interest payment date
thereafter.
These bonds are eligible for certification as legal investments
for savings banks in the State and application has been made to the Super¬
intendent of Banks for such certification if, as and when the bonds are
issued.
Copies of the resolution authorizing this invitation for proposals
for the purchase of such bonds, stating the terms and conditions under
which such bonds will be issued and sold, and under which proposals may
be submitted, together with printed proposal blanks, may be obtained from
the above Secretary, or from Thomson. Wood & Hoffman of New York.
Proposals must be submitted in quadruplicate on, or in substantial accord¬
ance with, proposal balnks provided by the Department.
The acceptance
of any proposal will be subject to the approval by the Council and Mayor of
the terms and conditions of the borrowing to be evidenced by the city bonds,
as more fully set forth in said resolution.
LOS
Vroman,
that sealed bids will
In its opinion, Thomson, Wood & Hoffman cite various Supreme Court
opiniions on the subject.
The latest opinion of the Court on the question,
clue of the attitude of the present members, the firm points out
is the opinion rendered
by Chief Justice Hughes on April 25, 1938, involving
the Municipal Bankruptcy Act which pointed out that the Federal Govt,
could tax State agencies provided the State consented, and conversely the
State may tax instrumentalities
Government consents.
(P.
for the pur¬
bonds.
In¬
terest rate is not to exceed 4M%, payable J. & D.
Denom. $1,000 and
$500.
Dated Dec. 15, 1937.
Due on Dec. 15 as follows: $4,500 from 1938
to 1942; $8,000, 1943 to 1961, and $500 in 1962.
Rate of interest to be in
a multiply of.# of 1%.
Bids will be received for all or any of the said bonds
at not less than thq par value and accrued interest.
These bonds were
approved by the voters on Sept. 28, 1937, by a count of 625 to 85.
The
legal opinion of Chickering & Gregory, counsel for the city, will be furnished
to the purchaser without charge, approving the validity of the bonds,
together with a certified copy fo the transcript of proceedings.
A $5,000
certified check, payable to the City Treasurer, must accompany the bid.
Attorneys Find Little Hope for Tax Proposal—In contrast
a
COUNTY
COSTA
CRESCENT
to
giving
0.75% interest, at par plus a premium of $921.43.
received until 5 p. m. on May 31 by E. R. Griffin, City Clerk,
chase of an issue of $175,000 municipal improvement of 1937
at the same time cgaital would look with more favor upon private
</.
•
:•
Enlarging upon the need for reciprocal agreements, Mr. Graves said:
"It follows, of course, that with some States having no income tax and with
Federal income taxes from five to ten times higher than like taxes in States
which tax incomes, the additional cost to the States and municipalities
would be much greater because of Federal taxes than would be the adverse
effect of State taxes on the pried of and interest on Federal securities.
That
is why the reciprocal method should be employed.
"Moreover, it is entirely possible that future issues of Federal securities
may be purchased with social security funds, or other Federal trust funds.
The present outlook is that, the social security fund will in time, approximate
-140,000,000,000 or more.
And it is conceivable therefore, that while the
Federal Government would continue to tax interest on State and municipal
bonds, thereby making them less attractive investments and increasing
interest rates, the States would find no interest on Federal securities to tax.
Close cooperation between these systems is necessary if the proposal is to
.
of
May 25 voters will be asked to approve the issuance of $50,000 school
site, erection and improvement bonds. ' Denom. $5,000.
Int. rate 5%.
Counsel
-
issue
UNION SCHOOL DISTRICT BOND ELECTION—At an election to be held
but
.
The
—
on
Mr. Graves pointed out that taxation of income from Government issues
would make them less attractive and therefore cause a rise in interest rates,
succeed."
SALE
are expected to be called for payment about Aug. 31, 1938.
high bid of par and premium of $186 for the same coupon was
submitted by a syndicate composed of Blyth & Co., Inc., R. H. Moulton
& Co., Kaiser & Co., Schwabacher & Co. and Whliam R. Staats Co.
Association of America, in New York, on May 4.
borrowers.
WARRANT
Second
municipal securities is both sound and
logical if it is done on a reciprocal basis as between the
Federal and State governments, it was said by Mark Graves,
President of the State Tax Commission, in an address before
annual
—
The warrants
from Government and
first
of)
$3,582,242.48 registered warrants offered May 2—V. 146, p. 2890—was
to the American Trust Co. and the Bankamerica Co.. both of
awarded
Proposal to Tax Exempt Securities Declared Sound—The
President's recommendation to Congress to tax the income
the
(State
of the National Government if the Na¬
tional
The firm
points out that it is hardly likely that any State will avail itself
of this right.
Admitting that the few States in which there are large holdings
of Federal bonds might receive some benefit compensating them for enter¬
ing a reciprocal taxing agreement, they add that these States would realize
that future issues of their bonds and of their municipalities would have to
be sold in competition with the bonds issued by municiplaities of States
which had not given their consent to such Federal taxation.
This competition would so adversely affect the rate of interest which the
consenting States would have to pay upon future bond issues that it is
very unlikely that Chief Justice Hughes' suggestion will be followed by any
State, unless it was assured that its example would be followed by the other
large States which are continually issuing State and minucipal bonds in
substantial amounts, the law firm adds.
"
LOS
ANGELES,' Calif.—REPORT
DISTRICT BOND
ON FINANCIAL
STATUS OF
ISSUES—The following statement was prepared as of
April 28 by the Gatzert Co.
of Los Angeles:
Status of Municipal Improvement Districts and Acquisition and
Improvement District Bond Issue as of April 1, 1938
Twenty-six of the 34 mqnicipal improvement district bond issues in the
City of Los Angeles, Calif., with a bonded debt of about $8,000,000, were
up-to-date in payment on April 1, 1938, according to a survey by Gatzert
Co
specialists in municipal and district bonds. The amount of principal
in default is $412,000, the amount of past due iterest is $112,477.50, with
total cash available being $104,344.08, leaving a shortage of $420,133.42.
The following municipal improvement districts were in default as of
Financial
Bond
Proposals and Negotiations
ALABAMA
O. Birmingham), Ala.—BOND SALE—
The $55,000 issue of coupon court house and jail construction bonds offered
for sale on April 30 —V. 146, p. 2889—was awarded to the First National
Bank of Birmingham, as 3#s, at a rpice of 99.85, a basis of about 3.52%.'
Due $5,000 from May 1, 1941 to 1951 incl.
The second highest bid was an offer of 99.35 on 3#s, tendered by Marx
,
JEFFERSON COUNTY (P.
& Co. of Birmingham.
RUSSELL
ecent
election
.
*
.
OOUNTY (P. O. Seale), Ala.—BONDS VOTED—At a
voters approved the issuance of $40,000 jail construction
of 749 to 95.
bonds by a vote
Columbiana), Ala.—BONDS SOLD TO
County Superintendent, that $63,500
4% semi-ann. school building bonds have been purchased at par by the
SHELBY
COUNTY
(P.
O.
PWA—It is stated by J. L. Appleton,
Public Works Administration.
April
1.
1938:
—Matured & Not Paid—
Bal.in
Principal
•
,
Municipal Improvement Districts—
No
35 water, Girard
No!
37 paving,
No
42 conduit, Whitley
Girard
Heights
No!
45 park, Lankershim
No. 52 water, Harbor City
No!
No
53 water! Chatsworth.
54 water, San Fernando
No. 61 road, Ventura
Blvd.
_
Valley__
Interest
Fund
Past Due
Past Due
April1, '38
$36,000.00
316,000.00
3,000.00
3,000.00
5,000 0
5,000.00
3,000.00
41,000.00
/
$51,480.00
31,260.00
1,653.75
2,177.50
4,456.25
3,090.00
3,240.00
15,120.00
$6,283.99
29,691.70
4,638.12
3,628.08
9,190.83
6,976.60
138.20
43,796.56
Financial
3054
Three of the four
acquisition and improvement districts (Mattoon Act)
default. Total bonded indebtedness
about $600,000.
Past due principal is $47,$29,272.25, with cash on hand totaling
bond issues in Los Angeles City were in
of these districts amounts to
000.00, while unpaid interest is
$11,994.84, showing a shortage of
Principal
Acquisition & Improvern'l Districts- Past Due
7 Moorepark and others
$18,000-00
No.
Bal. in
Interest
Fund
Past Due April 1, '38
$9,598.88
$457.73
1,577.22
155.21
18,096.15
11,381.90
drain
Sts —,—r_
29,000.00
We are informed that the City of Los Angeles expects to pay off the
entire $316,000 par value of bonds of Municipal Improvement District
No. 37 at 45 cents on the dollar flat in cash within the next few weeks.
The funds being derived from the sale of new refunding bonds.
No. 29 Sepulveda storm
No. 38 Dickens, Kester
COUNTY (P. O. Los Angeles), Calif.—ROSEMEAD
ELEMENTARY SCHOOL DISTRICT BONDS VOTED—At a recent elec¬
tion voters approved the issuance of $50,000 school improvement bonds.
LOS ANGELES
MENDOCINO COUNTY (P. O.
SAN
We
are
DIEGO COUNTY (P. O. San Diego) Calif.—BOND SALE—
informed that the $300,000 issue of County Special District refunding
offered for sale on May 2—Y. 146, p. 2891—was awarded
Security-First National Bank of Los Angeles, as 2Hs, paying a
bonds of 1936,
the
to
Sremium of $79.00, equal in 1948. and $220,000 of about 2.495%.
>ct. 1, 1936. Due $80,000 to 100.026, a basis
in 1949.
Dated
The second highest bid was submitted by Halsey, Stuart & Co., Inc.,
offering 100.001 for 2>£s.
Calif .—BONDS DEFEA TED— It is stated by John J. Lynch •
City Clerk, that at the election held on May 2, the voters turned down the
proposal to issue $5,520,000 in water bonds.
SAN JOSE,
O. Redwood City), Calif .—SAN MATEO
ELECTION—At an election to be held on
the issuance of $49,000 in bonds to
building of the high school.
SAM MATEO COUNTY (P.
SCHOOL
DISTRICT BOND
June 3, voters will be asked to approve
earthquake-proof
a
(P. O. Santa Barbara) Calif.—SOL
stated by J. E. Lewis, County Clerk,
3J4% semi-ann. Solvang School District bonds
May 2—V. 146, p. 2404—was awarded to the county,
SANTA BARBARA COUNTY
VANG SCHOOL BONDS SOLD—It is
that the $30,000 issue of
offered for sale on
paying a premium of $1,000.00, equal to 103.33, a basis of
Dated Feb. 28,1938. Due $2,000 from Feb. 28,1944 to 1958,
about 3.20%.
incl.
BEACH, Calif —BOND ISSUANCE NOT SCHEDULED—We
City Attorney, that the $101,500 not to
municipal pier construction bonds approved by the
voters on April 12 by a wide margin—V. 146, p. 2726—have not been
authorized as yet and probably will not be issued until Federal aid is prom¬
ised on this project.
The bonds will mature in 20 years, it is expected.
SEAL
informed by Burr A. Brown,
are
LAKELAND, Fla.—REF UNDING BONDS BEING
them
payable $1,000 per year for 25
years
and se li them if possible, on
•
been
Nob.
COLLINS,
STERLING, Colo.—BONDS TO BE SOLD—We are informed by H. M.
Krull, City Clerk, that $10,000 6% coupon semi-ann.local improvement,
special assessment bonds are to be sold to local investors.
Due in 17 years,
optional on any interest payment date.
CONNECTICUT
All bonds and
for exchange to the city treasurer's
office or to the following banks: Florida National Bank, or Peoples Savings
Bank, Lakeland, Fla., or the Atlantic National Bank, Jacksonville.
The
first four maturing coupons on refunding bonds will be paid in cash at
the time of exchanging bonds.
VERO BEACH,
Fla.—PETITION IN BANKRUPTCY PROPOSED—
sent out recently to bondholders
Inc., of Chicago, fiscal agent for the city:
The following letter was
& Co.,
To the Holders
by R. E. Crummer
of Funded Securities of the
Fla.4.
City of Vero Beach,
1937, we forwarded to you a prospectus of a plan of
Under date of June 2,
refunding for the funded indebtedness of the City of Vero Beach, Fla.
Bondholders have reacted most favorably to the proposal; and, except for
opposition of two bondholder accounts, an
the active
exchange of bonds
could have been completed several months ago.
It has now been deter¬
mined to be inadvisable to expose the City and cooperating bondholders to
the difficulties
which would arise after exchange
bondholders should be successful
if these non-cooperating
in pending litigation.
Feeling that the time has arrived when a definite issue must be made
with those who are in opposition to the plan of refunding, we have joined
with the City of Vero Beach in requesting bondholders to permit the city to
a petition in bankruptcy under the Municipal Bankruptcy Act.
These
proceedings require the formal presentation of a "plan of refunding," which
& enclosed under the title "Refunding Plan of the City of Vero Beach, Fla."
This plan is identical with the plan outlined in the prospectus of June 2,1937.
Also enclosed is a form entitled "Acceptance of Refunding Plan."
Security
holders whose bonds are on deposit at the First National Bank, Chicago,
should merely execute the "Acceptance of Refunding Plan," and forward
the same to the undersigned.
Security holders whose bonds have not been
deposited under the form of deposit agreement heretofore supplied but who
desire to cooperate in the proposed bankruptcy action, should forward their
securities to the First National Bank, Chicago for deposit under the form
of deposit agreement, which can be obtained from us, accompanied by an
executed "Acceptance of Refunding Plan."
Since it may become necessary to exhibit the deposited securities to the
United States District Court, security holders should understand that the
execution and delivery of the "acceptance" will constitute an authority to
the exchange agent to exhibit the securities described therein to the said
file
Court.
In view of the fact that this matter
has been pending for quite a long
period, it is hoped that all security holders
and forward the same to us by return mail.
will execute the "acceptance
IDAHO
BOISE, Idaho—BONDS PROPOSED—Pending appropriation of funds
by Public Works Administration, the city proposes to build a $455,000
sewage disposal plant, on the cost of which $250,000 would be provided by a
bond issue.
COLORADO
Colo.—BOND CALL—The following bonds have
called: Water bonds, 4K %. dated July 1, 1925, optional 1938; bonds
51-75, inclusive. Called July 1,1938, at the office of the City Treasurer.
FORT
been validated
and are now being printed.
by the State Supreme Court
WILLITS, Calif.—BOND OFFERING EXPECTED—In order that im¬
May 16.
PREPARED—City
that refunding
interest claims should be sent at once
exceed 4H% semi-ann.
provement of the sewers may get under way as soon as possible, the City
Council recently decided to date $25,000 sewer bonds July 1, 1938, make
1938
offerings were received from 21 parties.
Attorney A. R. Carver is advising bondholders of the city
bonds and notes as proposed by the city to its creditors have
Ukiah) Calif.—HOPLAND SCHOOL
DISTRICT BONDS DEFEATED—At a recent election voters of the district
defeated the issuance of $43,000 grammar school construction bonds.
7,
road and bridge or highway bonds, time warrants, certificates of indebted¬
ness
and (or)
negotiable notes of various counties and Special Road
and Bridge Districts, it is reported by W. V. Knott, State Treasurer, that
$64,277.41.
—Matured & Not Paid—
May
Chronicle
./
EMMETT, Idaho—BOND SALE DETAILS—It is stated by the City
of 5% semi-ann. street improvement bonds
purchased by Sudler, Wegener & Co. of Boise, as noted here recently—
V. 146, p. 2727—were sold at par, and mature from 1939 to 1948.
Coupon
bonds, dated April 25, 1938.
Denom. $500, one for $63.59.
Clerk that the $21,563.59 issue
LEMHI
INDEPENDENT
COUNTY
SCHOOL
DISTRICT
NO.
1
(P. O. Salmon), Idaho—BOND SALE—The $60,000 issue of coupon con¬
bonds offered for sale on April 29—V. 146. p. 2727
—was purchased by the State of Idaho, the only bidder, according to the
District Clerk.
Due on the amortization plan over a period of 20 years.
struction and equipment
WALLINGFORD, Conn .—NOTE SALE—R. L. Day & Co. of Boston
purchased on May 2 an issue of $75,000 tax notes at 0.45%. Due April 7,
ILLINOIS
with the pre¬
funding bonds
City Clerk, that the
Lewis, Pickett & Cc. of Chicago, at par and interest.
Coupon, in $1,000 denoms.
Due $1,000 on Dec. 1
AUBURN, III.—BOND SALE DETAILS—In connection
vious report in these columns of the sale of $10,000 4%%
—V. 146, p. 2891—we are advised by William Ryder,
DELAWARE
REHOBOTH BEACH,
Del.—BOND ELECTION—'The State Board of
$160,000 high school construction bond issue
and will submit the proposal to the voters at an election
loan
was
purchased by
Education has agreed upon a
Dated March 1, 1938.
for the community
from 1939 to 1948 incl.
to
BLANDINSVILLE,
road bonds
was
BONDS
Clyde C. Pierce Corporation
Barnett National Bank Building
FLORIDA
JACKSONVILLE
Branch Office:
First National
Bank
Building
TAMPA
T. 8. Pierce, Resident Manager
Callable after 6 years.
issue of $5,000 43^%
sold to Vieth, Duncan & Wood
of Davenport, at par.
DISTRICT NO. 170, III.—BONDS
& Sons Co. of Chicago purchased $10,000 4M%
refunding bonds.
Dated May 1, 1938.
Denom .$1,000.
Due Dec. 1,
1953.
Pran. and int. (J. & D.) payable at the First National Bank, Chi¬
cago.
Legality approved by Chapman & Cutler of Chicago.
HEIGHTS SCHOOL
CHICAGO
FLORIDA
Interest payable J. & D.
111.—BONDS SOLD—An
be held in June.
SOLD—The H. C. Speer
FLOSSMOOR
SCHOOL DISTRICT
NO. 161, 111.—BOND SOLD—
Co. of Chicago purchased $67,000 4H% school
building bonds.
Dated April 15, 1938.
Denom. $1,000. Due June 1 as
follows:
$1,000, 1939 to 1946 incl.; $6,000 from 1949 to 1952 incl. and
$7,000 from 1953 to 1957. Principal and interest (J. & D.) payable at the
First National Bank of Chicago.
The bonds are direct obligations of the
The H. C. Speer & Sons
district, authorized by the voters and payable from
taxable property. Legality
FLORIDA
AVON
PARK, Fla.—PETITION IN BANKRUPTCY TO BE FILED—
Because of the opposition of a few bondholders against the exchange of
bonds, the refunding of bonds has not been made prior to this time, and
R. E. Crummer & Co., Inc., fiscal agent for the city, is advising holders of
securities that it has joined with the city to file a petition in bankruptcy
under the Municipal Bankruptcy Act. These proceedings require the formal
presentation of a "plan of refunding."
Security holders whose bonds are
on deposit at The First National Bank, Chicago, should execute the "Accep¬
tance of Refunding Plan," and forward it to the fiscal agent.
Bondholders
who have not yet deposited, but desire to cooperate in the proposed bank¬
ruptcy action should forward their securities to The First National Bank,
Chicago, for deposit under the form of deposit agreement which can be
secured by the agent accompanied by an executed "Accpetance of Refund¬
ing Plan." The address of the fiscal agent is First National Bank Building,
Orlando, Fla.
BAKER COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 1
(P. O. MacClenny), Fla.—BOND SALE—The $30,000 issue of 6% semi¬
school bonds offered for sale on May 2—V. 146, p. 2568—was
awarded to the Federal Government, at par, according to Joe Milton,
Chairman of the Board of Public Instruction.
Due from Jan. 1, 1940 to
1957.
The only other bid submitted was an offer of 95.00, submitted by H. O.
Brown, of Lake Butler, Fla., he reports.
annual
BREVARD COUNTY SPECIAL SCHOOL DISTRICTS NOS. 1 AND
4
(P. O. Titusville) Fla.—REFUNDING BONDS READY FOR EX¬
CHANGE—Refunding bonds for School Districts Nos. l and 4, have been
issued and are on deposit awaiting exchange for old bonds, according to
Florida news reports.
Only bonds of these two school districts are being
refunded.
The bonds of School District No. 1, which embraces Titusvile
and the north portion of the county, will bear interest from 2}i % to 5%,
and will mature in 30 years.
The bonds of School District No. 4, which
embraces Melbourne and the lower end of the county, will also mature in
30 years and will bear interest from 2% to 5%. The bonded indebtedness
of each district is about $298,000, and refunding consents have been received
from about 90% of bondholders.
Bonds in District No. 2, which includes Cocoa and Central Brevard
County, are not in default.
A satisfactory deal could not be worked out
for bonds in District No. 3 at this time, principally because a large portion
of the bonds are held by one individual who would not consider an exchange
for a new issue, reports L. R. Highfill, Chairman, Board of Public Instruc¬
tion.
Carl H. Fay, of Cocoa, who was engaged by the Board as its refunding
agent more than a year ago, hsa handled much of the detailed work.
-n
FLORIDA, (State of)—REPORT ON BOND TENDERS RECEIVED—
connection with the call for tenders of matured or unmatured refunding
levied against all of its
& Cutler of Chicago.
GLENBARD TOWNSHIP HIGH
unlimitea general taxes
approved by Chapman
SCHOOL DISTRICT NO. 87 (P. O.
111.—BONDS SOLD—The H. C. Speer & Sons
Glen Ellyn),
Co. of Chicago
purchased $12,000 3%% refunding bonds.
Dated May 1, 1938.
De¬
nom. $1,000.
Due Nov. 1, 1954.
Prin. and int. (M. & N.) payable at
the First National Bank of Chicago.
Legality approved by Chapman &
Cutler of Chicago.
GRANT PARK HIGH SCHOOL DISTRICT
111.—BONDS VOTED—At a recent election voters
of
$58,000 high school addition construction
(P. O. Grant Park),
approved the issuance
bonds.
KANKAKEE, 111.—BOND ELECTION—It is reported that an election
near future at which voters will be asked to approve
pool construction bonds.
is to be held in the
issuance of $50,000 swimming
TOWNSHIP (P. O. Morrison), 111.—BONDS
road improvement bonds has been sold, ac¬
cording to the Township Clerk.
MOUNT
PLEASANT
SOLD—An issue of $60,000
road improvement bond issue mentioned above was pur¬
333s by the H. C. Speer & Sons Co. of Chicago.
Dated May 1,
$1,000.
Due Dec. 1 as follows:
$4,000, 1939; $6,000
from 1940 to 1946 incl., and $7,000 in 1947 and 1948.
Principal and
The $60,000
chased
as
1938.
Denom.
D.) payable at the First National Bank of Chicago.
The
obligations of the district, payable from unlimited ad
all of its taxable property.
Legality approved
by Chapman & Cutler of Chicago.
interest
bonds
(J. &
are
direct
valorem taxes levied against
PHILO, 111.—BOND SALE DETAILS—The $3,500 fire department
equipment bonds sold to the Philo Exchange Bank, as previously reported
in these columns—V.
par.
Dated
March
2892—bear 433% interest and were sold at
1938.
Denom. $100.
Due as foUows: $800 in
and $1,000 in 1943.
Int. payable M. & N.
146, p.
1,
1940 and 1941; $900 in 1942,
VIRGINIA, 111.—BOND SALE
DETAILS—The $45,000 3 % road bonds
previously reported in these
Due in 10 years.
sold to C. W. McNear & Co. of Chicago, as
columns,
were
sold at par and are
dated April 1, 1938.
III.—BOND OFFERING—The Town Clerk will re¬
for the purchase of $4,000 5% street improve¬
1938. Due April 27, 1939. The issue was
approved at the April 26 election by a count of 156 to 71.
WHITE
HALL,
ceive sealed bids until May 9
ment bonds.
Dated April 27,
WHITESIDE COUNTY
(P. O. Morrison), 111.—BONDS PROPOSED
issue $500,000 road improvement bonds.
—The county is planning to
COUNTY
(P. O.
Morrison),
III.—BOND ISSUE
NOT LIKELY—Joseph Maim, County Clerk, states that although the
proposed $500,000 road bond issue will be considered at a Board meeting
on May
12, it is not likely that the measure will be submitted for con¬
WHITESIDE
sideration of the voters.
Volume
Financial
146
LEE
INDIANA
ADAMS
COUNTY
O.
(P.
Decatur),
PROPOSED—
Ind
The county is seeking the approval of the State Board of Tax Commis¬
sioners for the issuance of $25,000 of general revenue bonds to pay for the
rights of way along three stretches of State roads in the county, which the
State will improve, including replacement of the covered bridge at Pleasant
Mills.
BRAZIL, Ind.—BOND SALE DETAILS—The $19,000 municipal im¬
provement
bonds
awarded
to
McNurlen
&
Chronicle
Huncilman
O. Fort Madison), Iowa—MATURITY— It is
now reported
by the County Treasurer that the $70,000 poor funding
bonds purchased by the
White-Phillips Corp. of Davenport, as 2Ms, at a
price of 100.117, as noted here in February—V. 146, p. 1432—are due as
follows: $19,000 in 1944; $34,000,
1945, and $17,000 in 1946, giving a
basis of about 2.23%.
PLEASANT GROVE SCHOOL DISTRICT NO. 9 (P. O. Charles
City), Iowa—BOND OFFERING—W. J. Neal, Secretary of the Board of
Interest cost basis of about 2.68%.
CARLISLE SCHOOL TOWN OF HADDON
TOWNSHIP (P. O.
Carlisle), Ind.—BOND OFFERING—The Board of Trustees will receive
bids until 10 a. m. (Central Standard Time) on May 14 for the
purchase of $6,000 not to exceed 4M% interest school building bonds.
Dated April 1, 1938.
Denom. $500.
Due $500 on Jan. 1 from 1940 to
1951 incl." Interest payable J. & J.
Bidder to name a single rate of in¬
terest, expressed in a multiple of M of 1%.
Proceeds will be used by the
school town to pay its share of the cost of a school building to be constructed
jointly with Haddon School Township.
The latter unit will contribute
$22,000 and the Works Progress Administration will put up $27,500.
Bonds are direct obligations of the school town, payable out of unlimited
ad valorem taxes to be levied on all of its taxable property.
Approving
legal opinion of Matson, Ross, McCord & Clifford of Ihdianapolis will be
sealed
considered
and the bonds will be ready for delivery within 12 days after the award.
the
successful
bidder.
No
conditional
bids
will
be
CLINTON TOWNSHIP (P. O. Millersburg), Elkhart County, Ind.—
OF SCHOOL AND CIVIL TOWNSHIP BONDS—William F.
OFFERING
Stiver, Township Trustee, will receive sealed bids until 1:30 p. m. (Central
Standard Time) on May 27 for the purchase of $65,000 not to exceed 4M %
interest bonds, consisting of:
$40,000 Clinton School Township school bldg. bonds of 1938.
Dated
April 15, 1938.
Denom. $1,000.
Due as follows: $1,000, July 1,
1939; $2,000 on Jan. 1, and $1,000 on July 1 of each year to and
including July 1, 1952.
Bonds are payable out of unlimited ad
valorem taxes to be levied on all of the school township's taxable
property.
.
25,000 Clinton (Civil) Township community bldg. bonds.
Dated April
15, 1938.
Denom. $625.
Due $1,250 on Jan. 1 from 1940 to
1959, incl.
Bonds are payable out of unlimited ad valorem taxes
to be levied on all of the civil township's taxable property.
single rate of interest, expressed in a multiple of M
of 1%.
Interest payable J. & J.
The approving legal opinion of Matson,
Ross, McCord & Clifford of Indianapolis will be furnished to the successful
bidder at the expense of the townships.
No conditional bids will be con¬
sidered.
The bonds will be ready for delivery within 12 days after the
Bidder to name
a
award.
FORT WAYNE
SALE—The
SCHOOL
$600,000
coupon
CITY
(P. O.
of R. W. Pressprich
and the Milwaukee
price of 100.85.
To be dated as of date of
delivery and mature as follows: $25,000, Jan. 1 and July 1, 1943; $50,000,
Jan. 1 and July 1, 1944; $25,000, Jan. 1 and July 1, 1945; $20,000, Jan.
1 and July 1, 1946; $50,000, Jan. 1 and July 1,
1947; $100,000, Jan. 1
and July 1,1948; $30,000, Jan. 1 and July 1, 1949.
The bankers re-offered
the bonds to yield from 1.40% to 2%, according to maturity.
•
Ind.—BOND SALE—The $25,000 3% % Hammond Park
May 5—V. 146, p. 2728—were
awarded
to the
$1,540, equal
to 104.56, a basis of about 3.34%.
Dated May 1, 1938 and due $1,000
on Jan. 1 from 1940 to 1964 incl.
Second high bidder was A. S. Huyck &
Co. of Chicago, which named a premium of $1,075.
HAMMOND,
bonds offered
Fletcher Trust Co. of Indianapolis, at par plus a premium of
INDIANAPOLIS, Ind.—BOND OFFERING—H. Nathan Swaim, Act¬
ing City Controller, will receive sealed bids until 11 a. m. on May 19 for
the purchase of $225,000 not to exceed 5% interest relief sewer bonds of
1938, first issue.
Dated May 20, 1938. Denom. $1,000. Due as follows:
$11,000, July 1, 1943; $11,000, Jan. 1 and July 1 from 1944 to 1952 incl.;
$11,000, Jan. 1, and $5,000, July 1, 1953. Bidder to name a single rate of
interest, expressed in a multiple of M of 1%.
Interest payable semi¬
annually. Award will be made on the basis of the bid figuring the lowest
net interest cost to the city.
A certified check for 2M% of the bonds,
payable to the order of the city, must accompany each proposal.
Said
bonds are being issued for the purpose of procuring funds with which to
construct relief sewers, repair and enlarge existing sewers and improve
generally the College Ave. district sewer system in the City of Indianapolis,
Ind., as provided by General Ordinance No. 25, 1938, adopted by the
Common Council of the City of Indianapolis on April 4, 1938, and in con¬
formity with the provisions of the governing statutes of the State of Indiana.
ST.
JOSEPH
COUNTY
LICLY OFFERED—Halsey,
(P. O. South Bend), Ind.—BONDS PUB¬
Stuart & Co. Inc. are offering at prices to
yield 0.70% to 2.30% an issue of $192,000 2M% bonds, due June 1, 19391948 incl.
The bonds, in the opinion of counsel, will constitute general
obligations of the county, of which South Bend is the county seat, and will
be payable from unlimited ad valorem taxes.
Assessed valuation of the county, 1938, is officially reported as $209,100,430 and total bonded debt, including this issue, as $1,362,000.
SAINT
COUNTY (P. O. Jefferson), Iowa—BOND ELECTIONbe held on June 6 voters will be asked to approve the
issuance of $50,000 county jail construction bonds.
election to
KEOKUK,
Iowa—ADDITIONAL
OFFERING
INFORMATION—In
connection with the offering scheduled for May 9 of the $550,000 water
works bonds, described in these columns recently—V, 146, p. 2892—the
following supplemental information has been furnished to us by John E.
Newkirk, City Attorney:
The proceeds of the issue will be used to purchase the Keokuk Water
Co., a subsidiary of American Waterworks & Electric Co., for
$262,000.
The balance of the proceeds, together with an outright Federal
grant of $157,500, will be used to erect a completely new and up-to-date
electrified pumping, filtering, water treatment plant and a new milliongallon steel storage tank to be united with the old cast iron distribution
Works
system, which is good.
The existing utility has
averaged 3,400 meters in this city of 15,106
population and 5-5 square miles, and has made earnings as set out below.
It has paid annual taxes amounting to about $8,500, but has collected
hydrant rentals from the city of approximately $11,000 per year.
The taxable valuation of the city realty is $11,620,600.
Taxable valua¬
tion of moneys and credits is $1,227,770.
These figures represent approxi¬
mately an actual valuation of $25,000,000.
The tax rate per $1,000
of assessed valuation is $11.59.
Tax collections in past few years have
averaged 97%.
The legal debt limit of the city of Keokuk is 5%, or
$642,418.
Its outstanding indebtedness consists of $59,000 4M% old rail¬
road bonds being retired at the rate of $8,000 each Jan. 1.
This city has
never defaulted on any obligation.
On Oct. 22, 1935, this city voted 2,591 to 1,048 to buy or build its
municipal water works plant under the provisions of Sections 6134dl-d7
of the Code of Iowa, known as the Simmer Law.
This law allows mu¬
nicipalities to purchase or construct their own utility and to issue revenue
bonds which are a first lien on the plant and its proceeds, but are not
a general obligation of the city nor payable in any manner
by taxation.
The municipal water works w,ll be operated by three trustees appointed
for six years one appointed every two years.
This law and procedure
has been in effect since 1931 and has been entirely sustained m every
been by the courts.
Earticular issued in Iowa and nonemillions of dodars' worthbe insuch bonds
Many has ever been known to of default.
ave
bonds, registered as to principal.
This city will
bonds and deliver to State Central Savings Bank,
Keokuk, Iowa, prior to June 1, 1938.
Bids will also be considered providing fhat the offer is subject to the
These will be coupon
furnish
the completed
approving opinion as to their legality of Chapman & Cutler, attorneys, of
Chicago, but such opinion must be at the expense of the bidder.
Gross earnings
of Keokuk Water Works Co.: 1932, $82,430; 1933,
*83,608; 1934, $86,562; 1935, $82,825; 1936, $91,359; 1937, $90,796.
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
,
SPIRIT LAKE, Iowa—BONDS SOLD—It is reported that $15,000
plant bonds
2Ms at par.
purchased recently oy Jackley &
were
WORTH
COUNTY
(P.
O.
North wood),
water
Co. of Des Moines
as
Iowa—BOND OFFERING
NOl SCHEDULED—In connection with the
report that the County Super¬
visors had voted to sell
$80,000 primary road bonds, noted in these columns
recently—V. 146,
Supervisors that
p.
no
2892—we are informed by the Clerk of the Board of
information is available as yet regarding the offering.
KANSAS
EMPORIA, Kan.—BOND OFFERING—Sealed bids are being called for
by Carl Brogan, Finance Commissioner, until 10 a. m. on May 10, for the
purchase of a $300,000 issue of 2M % semi-ann. municipal building, general
obligation bonds.
Dated May 2, 1938.
Due $15,000 from Nov. 1, 1939
to 1957, and $15,000 on May 1, 1958.
These bonds are being offered for
sale subject to rejection by the State School Fund Commission.
JEFFERSON COUNTY (P. O. Oskaloosa), Kan.—BOND OFFERING
I. Ferrell, County Clerk, will receive sealed bids up to 10 a. m. on
May 9 for $14,000 2M% J. & D. public assistance bonds.
Denom. $1,000
and $500.
Dated April 15, 1938.
Due $2,000 Dec. 15, 1939; $1,500,
Dec. 15, 1940-1947, incl.
Certified check for 2% of the bid is required.
—W.
SEDGWICK COUNTY (P. O.
Wichita), Kan.—BOND OFFERING—
Sealed bids will be received at the office of the County Clerk until May 10,
at 9:30 a. m.,
for the purchase of $100,000 2% semi-ann. poor relief bonds,
Denom. $1,000.
check for 2
Due serially from May 2, 1939 to 1948, incl;
amount of the bid is required.
;
1
% of the
Certified";
.
,
>
WYANDOTTE COUNTY (P. O. Kansas City), Kan.—BONDS SOLD
—It is reported that $100,000 general improvement bonds were purchased
on May 2 by the Harris Trust & Savings Bank of Chicago, as 2s, at a price
of 100.889, a basis of about 1.83%.
Denom. $1,000.
Dated May 1,
1938.
Due $10,000 from May 1, 1939 to 1948 incl.
Prin. and int. (M.
N.) payable at the office of the State Treasurer.
Bowersock, Fizzell & Rhodes of Kansas City, Mo.
&
Legal approval by
KENTUCKY
BLOOMFIELD, Ky.—BOND SALE CONTRACT—In a letter dated
April 29, we were informed by Stein Bros. & Boyce, of Louisville, that they
had purchased $20,000 4% school building revenue bonds, maturing as
follows: $500 on March 1 in 1939; $1,000, 1940 to 1947; $1,500, 1948;
$1,000, 1949; $1,500, 1950 and 1951; $1,000, 1952; $1,500, 1953 and 1954,
At the present time only $15,000 of the above bonds
being issued, the remainder to be issued as needed.
and $2,000 in 1955.
are
KENTUCKY,
State
of—REDUCTION IN DEBT REPORTED—The
State warrant debt resumed its downward path with State Treasurer John
E. Buckingham issuing a call for $1,007,200 additional warrants to be re¬
deemed on or before April 30, when interest on the issue will cease.
When these warrants cease to bear interest there will be only $8,723,080
of interest-bearing warrants.
interest-bearing warrants.
The total as of now is $9,730,280 in 3%
'•
$10,659,831 of State warrants outstanding.
Of this number
$35,351 are 5% warrants tnat were called for payment Nov. 15, 1936, but
never presented.
Interest on tnem ceased at that time.
There are also
$894,200 of 3% warrants that have been called for payment and not pre¬
sented.
Interest has ceased on these warrants also.
There
are
STATISTICS COMPILED ON WATER REVENUE BONDS—In connec¬
the State, compiled
St., Louisville, they
supplementary folder on water revenue bonds issued by
19 municipalities in the State.
We give herewith the text of the statement
accompanying the new study:
We just recently prepared and issued a study of comparative debt and
financial statements of all cities and towns in the State of Kentucky with
a present astimated population of 2,000 or more.
There were 65 cities and
towns in that group.
It developed that of this number, 36 owned and
operated their water works systems.
However, this study is concerned
only with the 19 cities and towns in this latter group whose water works
systems were either acquired, or whose improvements have been financed,
through the issuance of water revenue bonds.
tion with the survey of municipal finances throughout
in January by J. J. B. Hilliard & Son, 419 W. Jefferson
have
published
a
General Comments
Financial—Current
Conditions—Satisfactory,
evidence
as
by
strong
In most cases revenues are collected monthly
working capital positions.
and segregated.
Where services are metered a deposit is required and,
where flat rates are in effect, water rates are collected monthly in advance.
number of water users indicate a debt of only $105 per
user.
This compares with $300 per user, which figure is considered by
reputable water engineers as reasonable.
Water Rates—Rates as a whole are reasonable with the $1.50 minimum
divided by the total
GREENE
an
CHARLES
Such procedure minimizes losses due to uncollected water bills.
Water Debt Burden—The total amount of revenue bonds outstanding
IOWA
AX,
for $3,000 Di trict
Fort Wayne), I rid.—BOND
of Milwaukee, as 2s, at a
District
p. m.
St. Charles), Iowa—BONDS VOTED—At a recent
election, voters ap¬
proved the issuance of $30,000 school addition bonds.
improvement bonds of 1938 offered May 4
—V. 146,p. 2728—were awarded to a group composed
& Co., Kidder, Peabody & Co., both of New York,
Co.
May 28 at 2
on
Indianapolis,
of
2^s, at a price of 10'>.40, as previously reported in these columns—
V. 146, p. 2892—mature $1,000 on Sept. 1, 1939, and $1,000, March 1 and
furnished
(P.
Education, will receive sealed bids
bonds.
as
Sept. 1 from 1940 to 1948 incl.
3055
COUNTY
prevailing.
in effect in
Rates in a few instances are fairly high but a $1 minimum is
several places.
Debt Service and
Retirement—Debt service and principal requirements
being covered by a satisfactory margin in all cases with one exception.
These requirements are not burdensome as evidenced by reasonable water
rates and by a comparatively small "debt per user" figure.
are
Historical Financial
Condition—According
to
our source
and, from other records available, there have been no
interest or principal payments.
of information
defaults in this entire
list as to either
Conditions—Water is an economic necessity
to the health and well-being
been developing through the
years a strong civic pride in this particular utility and, in more recent years,
independent water commissions have been set up to assure the water systems
of good business management and to remove them as far as possible from
Management and Economic
and good water and water service are essential
of every community.
Consequently there has
political vicissitudes.
The factors
,
,
Conclusion
worthy of note that have a very favorable bearing on the
credit standing of this particular type of
1. Excellent past record—no defaults.
security are:
(a) Particular attention is directed to the
All, with the exception of two, have recent
2. Low debt burden.
various dates of acquirement.
depression history.
4.
Serial maturities—earnings sufficient to pay interest charges and to
principal payments each year when due.
This eliminates to a large
dissipation or diversion of large sinking funds common to term bonds.
Economic necessity.
5.
Revenues collected
3.
meet
degree
monthly.
(a) Losses would probably average less than 1% compared to losses of
10% to 20% in collections of ordinary tax levies.
6. Management good and improving.
7
Kentucky statutes, pursuant to which water revenue bonds are issued,
provide excellent and adequate safegaurds for the investor.
A few are:
(a) Statutory mortgage is created in favor of bondholders until all interest
and
principal is paid.
•
Requires sufficient rates be charged to pay interest
(b)
and principal.
(c) Provides for segregation of water revenues.
(d) In case of default provides that bondholders can take over and operate
the property and charge sufficient rates to pay interest and principal.
In this instance there has been no cause to resort to this procedure.
The information contained herein, while obtained from sources which we
believe reliable and accurate,
is not guaranteed by us.
J.
J.
B.
HILLIARD
&
SON.
3056
Financial
ADDITIONAL
Chronicle
WARRANTS CALLED—The "Wall Street Journal" of
May 4 carried the following news item from Louisville:
"Another batch of Kentucky State warrants totaling $1,082,080 have
been called for retirement, making more than $3,000,000 of Kentucky's
only outstanding obligations retired in three calls since April 1.
On Oct. 27,
1937, $2,062,100 were called.
"The State's debt will fall to $7,641,000 when the current call is effective.
Interest ceases May 15."
TAYLOR COUNTY (P. O. Campbellsville), Ky.—BOND SALE CON
by Stein Bros. & Boyce,
TRACT—Under date of April 29, we are informed
of Louisville, that they have entered into a contract to buy $70,000 4%%
funding bonds, maturing as follows: $2,000, 1939 to 1941; $3,000, 1942 and
1943; $2,000, 1944; $3,000,1945 to 1947; $4,000, 1948; $3,000,1949; $4,000,
1950 to 1954, and $5,000 from 1955 to 1958.
It is stated that the price
paid
was par,
plus all expenses to be borne by
purchaser.
Ky.—BONDS
VANCEBURG,
AUTHORIZED—The
Counci1
City
recently passed an ordinance authorizing the issuance of $148,000 5%
municipal light, heat and power plant purchase bonds.
Issuance of the
bonds was approved by the voters at an election held Nov. 2, 1937.
May 7, 1938
BROCKTON, Mass.—BOND SALE—The $310,000
bonds
coupon
of¬
fered May 4 were awarded to Kidder, Peabody & Co. and Lazard Freres &
Co., both of New York, jointly,
lj^s, at
The sale consisted of:
about 1.42%.
$180,000 macadam
pavement
as
bonds
of
a
price of 100.327,
1938.
$36,000
Due
basis of
a
April
on
1
from 1939 to 1943 incl.
130,000 surface drainage loan bonds.
Due $13,000
April 1 from 1939
on
to 1948 incl.
All of the bonds are dated April 1, 1938.
Second high bid of 100.78 for
l%s was made jointly by R. L. Day & Co. and Estabrook & Co.
Other bids:
Bidder—
Int. Rate
1 % %
)
Home National Bank of Brockton.
Rate Bid
100.799
Merchants National Bank of Boston
1 % %
100.80
Halsey, Stuart & Co., Inc
1%%
100.388
CHICOPEE,
Mass.—BONDS EXPECTED—Announcement was re¬
cently made of the forthcoming issuance of $100,000 street improvement
bonds and $60,000 water main revenue bonds.
EVERETT, Mass.—NOTE SALE—Emil W. Lundgren, City Treasurer,
us that the $400,000 notes offered May 5 were awarded to the
Shawmut Bank of Boston at 0.48% discount.
Dated May 5,
1938, and due $200,000 March 3, 1939, and $200,000 April 5, 1939. The
Second National Bank of Boston, bidding a rate of 0.49%, was next best
informs
National
Louisiana
Municipal Bonds
bidder.
Other bids:
Bidder—
Bought and Sold
Discount
Shields & Co
First National
First Boston
of
National Bank
Leavitt & Co
xPIus $2.55 premium.
Orleans
New
Corp
Middlesex County
Whitney National Bank
xO.517%
0.56%
0.574%
0.59%
0.612%
Bank of Boston
LYNN, Mass.—OTHER BIDS—The $275,000 bonds awarded to Smith,
Barney & Co. and Newton, Abbe & Co., jointly, as 2s, at 100.137, a basis
previously reported in these columns, were also bid for as
follows:
Tyler & Co., 101.33 for $100,000 2%s and par for $50,000 214s and
$125,000 1M; H. C. Wainwright & Co., 100.333 for $150,000 2^s and
$125,000 IKs; Security Trust Co., Lynn, 100.50 for $100,000 2^s and
par for $50,000 214s and $125,000 114s; First National Bank of Boston,
100.25 for $100,000 2Ms and par for $50,000 2Ms and $125,000 lMs:
Estabrook & Co. and R. L. Day & Co., jointly, 101.09 for the entire
$275,000 bonds as 2 Ms.
of about 1.99%, as
LOUISIANA
CONCORDIA PARISH SCHOOL DISTRICT NO. 7 (P. O. Vidalia),
La.—BOND ELECTION—At an election to be held on May 16 voters will
be asked to approve the issuance of $25,000 school construction and equip¬
ment bonds.
COVINGTON, La .—BONDS AUTHORIZED—The Town Council re¬
cently adopted an ordinance for the issuance of $22,280 indebtedness fund¬
ing bonds.
EUNICE, La.—BOND ELECTION—At
10, voters will be asked to
approve
election to be held on May
the issuance of $75,000 paving bonds.
an
LOUISIANA, State of—BOND AUTHORIZATION CONTEMPLATED
.
by the House after
issue of $6,000,000 of bonds is to be considered
by the Louisiana
Legislature at its May session.
The financing is included in the program
announced by Governor Leche, for the stated purpose of bringing the
smaller State educational institutions up to a parity of service with the
Louisiana State University.
Means for raising the revenue to service the proposed issue has not
been officially outlined, but It is understood that one plan to be presented
to the Legislature will be to pledge the State's soft drink tax of \i-cent
on
new
DISTRICTS
CREATED—The
(P. O.
Ruston),
holders
of
bonds
constitutional
laws
of the
State,
Bidder—
La.—
of the
recent
March 8—V.
100.08 "
100.362
100.799
of Boston
100.348
100.32
Bank
NEW
100.159
100.059
BEDFORD, Mass.—BONDS SOLD—A
group composed of Brown
Co., Inc.; First Boston Corp., and Arthur Perry & Co. of
Boston purchased privately on May 5 an issue of $500,000
1M%
Harriman
&
abatemeit bonds.
1939 to
1943
incl.
Dated
May 1, 1938 and due $100,000 each May 1 from
them to yield from 0.75% to
The bankers reoffered
1.75%, according to maturity. In the opinion of the bankers, the bonds
are
legal investments for savings banks in the States of New York, Massa¬
chusetts and Connecticut.
PLYMOUTH
COUNTY
(P.
O.
Plymouth),
Mass.—NOTE SALE—
The $80,000 tuberculosis hospital maintenance notes offered May 3—V.
146, p. 2894—were awarded to the Rockland Trust Co. of Rockland, at
0.30% discount, plus $1 premium.
Dated April 12, 1938, and due March
22, 1939.
The National Bank of Wareham, second high bidder, named a
0.34%.
rate of
Other Bids:
Bidder—
voters
Discount
Home National Bank of Brockton..
Hingham Trust Co..
Whitman National Bank
0.36%
—-
0.39%
0.42%
SAUGUS, Mass.—BONDS SOLD—An issue of $136,000
sewer
bonds
sold privately on May 5 to the National Shawmut Bank of Boston, as
2Ls, at a price of 100.903.
Dated May 1, 1938 and due serially from
1939 to 1963 incl.
was
146, i). 1921—have been sold to L. F. French &
Dated March 1, 1938.
Due from March 1,
par.
1940 to 1958.
WEST
CARROLL
PARISH
SCHOOL
WAKEFIELD,
DISTRICTS
(P. O. Oak
E. Huey, Superintendent
of the Parish School Board, that the bonds aggregating $25,000, offered
for sale without success on April 18, as noted here—V. 146, p. 2729—have
Grove), La.—BONDS SOLD—It is
been sold
as
0.347%
0.358%
0.39%
0.44%
0.44%
0.52%
WORCESTER. Mass.—NOTE SALE—The $500,000
revenue
anticipa¬
notes offered May 6 were awarded to the First Boston Corp., New
York, at 0.34% discount.
Dated May 9, 1938, and due May 5, 1939.
Second high bidder was the First National Bank of Boston, which bid a
rate of 0.349%.
MICHIGAN
ANN
ARBOR, Mich.—BOND ELECTION—At an election to be held
on
May 10, voters will be asked to approve the issuance of $270,000 school
construction bonds, which will be contingent on Federal grant for $490,000.
BAY
CITY,
Mich.—NOTE
SALE—The
$84,000
general
obligation
anticipation notes offered May 2—V. 146, p. 2894—were awarded
Peoples Commercial & Savings Bank of Bay City.
Dated May 5,
1938, and both principal and interest payable on or before Nov. 29, 1938,
at the City Treasurer's office.
*
tax
Mass.—NOTE
SALE—The issue of $200,000 notes
May 5 was awarded to the New England Trust Co. of Boston
at 0.19% discount, plus $2 premium.
Dated May 10, 1938, and due Nov.
11,.1938.
to the
were:
•
Bidder—
Discount
First National Bank of Boston
0.22%
0.23%
0.24%
Second National Bank of Boston
Day Trust Co
Discount
tion
MASSACHUSETTS
United States Trust Co
notes
WESTWOOD, Mass.—NOTE SALE—The issue of $50,000 notes offered
May 4—V. 146, p. 2894—was awarded to the Second National Bank of
Boston at 0.20% discount. Due Nov. 30, 1938.
offered
Jackson & Curtis
$100,000
Day Trust Co
PORTLAND WATER DISTRICT (P. O.
Portland), Me.—
SALE—A group composed of Lehman Bros., Estabrook & Co. and Arthur
Perry & Co., Inc., Boston, purchased privately on May 3 and issue of
$600,000 2M % water bonds, due May 1, 1953.
The bankers made public
re-offering priced to yield 2.15%. The Portland Water District, which was
organized in 1907, serves the cities of Portland and South Portland, Me.,
and several nearby communities with water.
The bonds are dated May 1, 1938.
Denom .$1,000.
Prin. and semiann. int. payable at the National Bank of Commerce of Portland.
Legality
approved by Cook, Hutchinson, Pierce & Connell of Portland.
Leavitt & Co
of
issue
Jackson & Curtis
MAINE
bids
SALE—The
Bidder—
Lee Higginson Corp.
E. H. Rollins & Sons, Inc
Merchants National Bank of Boston
Second National Bank of Boston
$20,000 Consolidated School District No. 1 bonds to the Ernest M. Loeb
Co. of New Orleans, as 5s, paying a premium of $25.00, equal to
100.125.
Due from May 2. 1939 to 1958.
5,000 Epps School District No. 1 bonds to Mrs. Edna H. Briggs of Oak
Grove, as 6s at par.
Due from May 2, 1939 to 1963.
Other
Mass.—NOTE
offered May 5 was awarded to the Wakefield Trust Co. at 0.337% discount.
Due $50,000 March
15, 1939, and $50,000 April 12, 1939. Other bids:
stated by O.
follows:
ARLINGTON,
-
0.26%
0.269%
0.27%
.
Rate Bid
Bank
National
First National Bank of Boston
R. L. Day & Co
burg), La.—BONDS SOLD—It is reported by J. L.
Superintendent, that the $15,000 school bonds offered for sale without
on
Rate Bid
1M %
2%
2M%
Bidder—
Second National
Merchants
(P. O. GreensMeadows, School
Alexandria, at
Int. Rate
ing other bids, also for 1% bonds, were received:
ST. HELENA PARISH SCHOOL DISTRICT NO. 2
Co. of
Co.,
MIDDLESEX COUNTY (P. O. Cambridge), Mass.—BOND SALE—
Shawmut Bank of Boston was awarded on May 3, an issue
approved the issuance of $20,000 sewerage system completion bonds.
success
as
The National
all outstanding
election,
p.
of $85,000 Maiden District Court addition bonds as Is, at a price of 100.399.
Dated May 15, 1938 and due serially from 1939 to 1943 incl.
The follow¬
an unlimted ad valorem tax levied only within the respective
The effect of this refunding is of advantage to the holders of the
outstanding bonds of the various school districts, in that they may exchange
without cost to them their school district bonds for a parish-wide obligation,
thus increasing the security and value of their holdings—and is of advantage
to the parish in that it results in a uniform tax, parish-Wide, for school bond
purposes, which has materially reduced the rate of taxation heretofore
required to be levied in the respective district for the payment of their
outstanding bonds.
The approving opinion of B. A. Campbell, New Orleans, will be furnished
without cost on all of the refunding bonds.
Holders and owners of the outstanding school district bonds may forward
to the Ruston State Bank & Trust Co., Ruston, La., or First National
Bank, Ruston, La., their respective school district bonds, and receive in
exchange therefor refunding bonds of Consolidated School District No. 1
of the Parish of Lincoln, bearing the same consecutive numbers, same
denomination, same interest rate and with the same priority of maturities.
a
bonds offered May 4—V. 146,
Corp. of New York,
The award comprised:
Goldman, Sachs & Co
Tyler & Co
paid from
VOTED—At
coupon
Bancamerica-Blair
Estabrook & Co
districts.
La.—BONDS
the
Other bids:
These refunding bonds are now payable in principal and interest from an
unlimited ad valorem tax, parish-wide, while the school district bonds were
GROVE,
$100,000
to
basis of about 1.675%.
of the bonds will be dated May 1, 1938.
Halsey, Stuart &
Inc., New York, second high bidder, bid a price of 100.118 for lMs.
bonds of the various school districts have been assumed by this Consolidated
School District and has issued refunding bonds in series of like principal
amount of the outstanding bonds of the respective school districts so assumed.
OAK
a
'
1.
conformity with
made to overturn the adverse report
All
H. L. Campbell,
Secretary of the Parish School Board, that the said parish has created a
parish-wide school district, to be known as Consolidated School District
In
was
$77,000 municipal relief loan, Act of 1938 bonds.
Due May 1 as follows:
$8,000 from 1939 to 1947 incl. and $5,000 in 1948.
23,000 sewer construction bonds.
Due May 1 as follows: $2,000 from
1939 to 1949 incl. and $1,000 in 1950.
various school districts of the parish are being advised by
No.
the
awarded
lMs, at 100.3997,
The Governor has promised aid to small businesses
through removal of all license taxes and exemption of new homes for a
three-year period to encourage building.
Total bonded debt of the State at present stands at $158,177,480, of
which $21,671,480 is payable from aa valorem taxes and the rest from
special levies and fees.
SCHOOL
that
us
2893—were
Among other matters to be before the session will be the continuance
program of extension of the farm-to-market roads and the social
DISTRICT
effort
METHUEN, Mass.—BOND SALE—Tom Longworth, Town Treasurer,
informes
of the
PARISH
no
of the combined taxation and public expenditures committees.
security program.
LINCOLN
2% sales and use levy was killed without a record vote
a brief debate on May 4, according to Boston news
It is said that
advices.
each 5-cent drink.
CONSOLIDATED
MASSACHUSETTS, State of—SALES TAX PROPOSAL DEFEATED
—A bill to impose a
'
—A
LEXINGTON, Mass.—NOTE OFFERING—Bids will be received until
7:30 p. m. on May 10 for the purchase at a discount of $100,000 tax antici¬
pation notes, dated May 11, 1938, and due on May 5, 1939.
'
The notes bear 1% interest
Bidder—
and were sold at par.
Braun, Bosworth & Co., Toledo
Wright, Martin & Co., Detroit
National Bank of Bay City
Other bids were:
Rate
.
Rate Bid
1%
1 ^%
99.51
100.01
2%
Par
ADRIAN, Mich.—BOND SALE—The $125,000 general obligations sew¬
offered April 25—-V. 146, p. 2730—were awarded
Corp. of Detroit, at par plus a premium cf $157,
age disposal plant bonds
to the First of Michigan
;
Volume
Financial
146
3057
Chronicle
in 1940 and 1941.
Inc.,
4%s was made by A. C. Allyn & Co.,
Chicago.
HILLSDALE,
MICHIGAN MUNICIPALS
A bid of 97.80 for
Mich.—BOND
OFFERING—Ralph
L.
Hughes,
City
Clerk, will receive sealed^)ids until 7:30 p. m. (Eastern Standard Time) on
May 9, for the purchase of $130,000 not to exceed 4% interest electric light
bonds.
Dated May 1, 1938.
Due $13,000 on May 1 from 1939 to 1948,
incl.
Principal and interest (M. & N.) payable at the Hillsdale State
Savings Bank of Hillsdale.
The bonds are general obligations of the cjty,
payable from ad valorem taxes without limitation as to rate or amount,
Cray, McFawn & Petter
DETROIT
A.T.T. Tel. Grps. 7
be
Other bids:
■
.
*
Martin, Smith & Co..
Braun, Bosworth & Co.
Halsey, Stuart & Co., Inc
Ryan, Sutherland & Co.
2
John Nuveen & Co
125,000
Watling, Lerchen & Hayes, and
non, Kenower & Co., Inc
238.50
able to the
...
....
one
Face
Y
are
45
45
124.74
46
3M%
3%
3%%
3%
4%
3%
7.50
213.36
251.25
284.48
142.24
%.
1947
1948
1949
1950
1951
1952
1953
April
1947 $2,000
2,000—April
1948
2,000
April
1949
2,000
April
1950
2,000—April
1951
1952
1953
1, 1954
1, 1955
1, 1956
1, 1957
1, 1958
of $45,000 general
Tenders
325.25
65%.
500.00
66 %
500.00
67%
336.25
1,663.35
67.9
1,129.41
500.00
68%
500.00
500.00
500.00
$9,157.85
46.5 Av.
331.25
341.25
690.00
346.25
:
69
1,000.00
69%
70%
71%
72%
500.00
351.25
356.25
361.25
12,165.48
71.95
16,908.24
143.68
286.25
296.25
56%
11%
5,868.64
74
7,930.60
15,081.52
74 %
20,142.25
1,427.80
1,253.40
2,437.50
77.04
1,100.00
80
1,002.72
2,071.88
85
703.52
90
73.0 Av.
$63,852.87
accepted-
—
Tenders rejected
Y
'vr;.r
-
—
r".r'■■■"/Y
Held for bonds not yet
_
—
$46,635.89
$19,698.05
—
—
—
Outstanding in hands of public
In school sinking fund for cancellation
—
refunded
Total authorized
63,852.87
-
V'7" Y,'-: Y'Y/vy
$83,550.92
$166,244.36
9,389.59
24,768.93
$200,402.88
—
WANTED—Jay
April 28—V. 146, p. 2731—were awarded to
of Chicago at par plus a premium of $376,
consisted of:
bonds offered
the Channer Securities Co.
equal to 101.43. The sale
$19,173.61 water works bonds.
Due April 1 as follows: $1,000,
1954 incl.; $2,000 in 1955 and 1956, and $1,173.61 in
,
F,
Gibbs,
City
Ferndale branch of the Wabeek State Bank,
City
of tenders to be accepted.
mailing notice of acceptance of tender.
all rights with respect to determination
"
GLADSTONE, Mich.—BOND OFFERING—The City Clerk will receive
May 24 for the purchase of $5,000 5% bath house building
Dated Aug. 1, 1938. Due on Aug. 1 from 1940 to 1949 incl. Issue
carried at an election on April 4.
sealed bids until
bonds.
HAMTRAMCK, Mich.—BONDS SOLD—The issue of $125,000 emer¬
bonds offered at not to exceed 4^s on April 26, at which time no
were received, as previously reported in these columns, was sold later
at semi-private sale to Bliss Bowman & Co. of Toledo as 4^s, at par.
Dated May 1, 1938, and due May 1 as follows: $41,000 in 1939 and $42,000
1941 to
1957.
5,700.00 sewer bonds. Due Oct. 1 as follows: $200 in 1940 and $500 from
\
1941 to 1951 incl.
a
All of the bonds are dated April 1, 1938.
The water works bonds ma¬
.
turing after April 1, 1948, are
date on or after April 1, 1948.
t
m
redeemable by lot on any interest payment
The sewer bonds are not callable.
BLOOMFIELD AND WHITE LAKE TOWNSHIPS FRACTI6NAL SCHOOL DISTRICT NO. 2 (P. O. Route 5,
Pontiac), Mich .—TENDERS ACCEPTED—In connection with the call
for tenders on $900 refunding bonds of 1937 and $2,600 certificates of
1937, C. E. Collins, District Secretary, reports that purchases were made
at an average price of 88.
WATERFORD. WEST
WHITEWATER TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O.
Williamsburg), Mich.—TENDERS WANTED—The Board of Education
May 17 tenders covering offers for sale to the
District of term refunding bonds which were issued in amount of $36,500 as
authorized by the Michigan Debf Commission in its order dated Dec. 4,
1933, as amended on Nov. 26, 1934.
Call for tenders is made pursuant to
the requirement that such a course be adopted when the amount in the sink¬
ing fund for redemption of the bonds exceeds legal requirements.
Offers
to state the lowest price at which the bonds will be sold to the District.
will receive until 8 p. m. on
MINNESOTA
CROMWELL SCHOOL DISTRICT
(P. O. Cromwell), Minn.—
BONDS SOLD—It is stated by the Superintendent of Schools that $12,200
out of a total issue of $14,000 gymnasium bonds, have been purchased by
the State of Minnesota, as 3s at par.
DE
Manager, will receive sealed tenders for the sale of 1935 refunding bonds,
series F, G, H and I, in the approximate amount of $15,000, until 8 p. m.
(Eastern Standard Time) on May 16.
Tenders should fuiiy describe the
bonds offered, including serial numbers, and state price at which they will
be sold to the city.
The bonds purchased shall be delivered at the office of
Minn.-—BOND OFFERING—J. M. McCarthy, Village
sealed bids on May 16 at 7:30 p. m. for $4,000 cer¬
indebtedness. Interest rate 4%.
GRAFF-
Recorder, will receive
tificates of
DULUTH, Minn.—CERTIFICATE SALE—% 151,000 issue of certfs. of
indebtedness offered for sale May 4—V. 146, p. 2891—was awarded
to
John Nuveen & Co. of Chicago, as l?^s, paying a price of 100J57, a net
interest cost of about 1.58%, according to A. C. Gilbert
City Treasurer
Dated May 1, 1938.
Due on May 1 as follows:
$30,000 in 1940, and
$40,000 from 1941 to 1943.
_
„
__
„
_
The second highest bid was submitted by Lazard Freres & Co. of New
York
offering 100.18 for 1.70% certificates, a net interest cost of about
1.64%.
.
•
REVENUE BOND SALE NOT SCHEDULED—In connection witn the
report given in these columns recently, to the effect that a proposal had been
submitted to the City Council by the Allison-Willliams Go, of Minneapolis,
to purchase $1,000,000 in sewage disposal system revenue bonds—V.
146,
p
2408—we are informed as follows by Harry E. Weinberg, City Attorney.
your letter dated April 8, 1938, addressed to C. D.
Clerk, I beg leave to advise you that at this time the City
that it is at liberty to disclose any negotiations
between the city and the Allison-Williams Co. or
Minneapolis, looking toward a possible sale by the city of the proposed
sewer revenue bonds concerning which you are making inquiry.
You may
be assured, however, that the city has not yet entered into
any contact nor enacted any municipal legislation for the issue and sale of
the bonds under discussion.
. i.
In
reply
to
Jeronimus, City
Duluth does not feel
which have taken place
of
;
1.682.71
500.00
781.68
,
FERNDALE, Mich.—TENDERS AC CEP TED—Jay F. Gibbs, City
Manager, compiled the following report on the result of the call for tenders
on April 18 of bonds and certificates of indebtedness:
Series A, B, C, D and E refunding bonds: $10,000 at 73.74 and int.;
$20,000 at 75 and int.; $5,000 at 77% and int.; $24,000 at 80 flat.
On series A and B certificates of indebtedness the following tenders were
accepted: $600 at 83% and int.; $1,852 at 85 flat; $595 at 85 flat; $762 at 88
flat; $5,325 at 90 flat.
On series C and D certificates of indebtedness the following tenders were
accepted: $150 at 64 flat; $245 at 65 flat; $400 at 65 flat. <
bids
1,767.51
65
Recapitulation
Mich.—BOND ELECTION—At an election to be held
gency
316.25
65
77.16
4%
18,000— --Apr J 1, 1954
8,000
April 1, 1955
9,000
April 1, 1956
9,000——April 1, 1957
9,000
April 1, 1958
May 31, voters will be asked to approve the issuance
obligation waterworks improvement bonds.
reserves
500.00
STEPHENSON, Mich.—BOND SALE—The $24,873.61
on
the City Treasurer, or to the
within 15 days of the date of
$306.25
2,719.25
2,588.79
"
$19,698.05
unqualified legal opinion of Miller, Canfield, Paddock and Stone, Detroit,
stating that such bonds are a valid obligation of the city, payable out of the
of the Electric Lighting System of the city and secured by mort¬
gage on the properties to be acquired.
Mich.—TENDERS
Amount
275.00
670.31
55
500.00
Cash
at
61%
63%
151.48
55
1,218.75
255.44
Tendered
$500.00
3.77
109.35
131.28
54%
500.00
Y
527.97
823.36
52%
53%
500.00
are
FERNDALE,
O.
250.00
49 H
50
50%
51%
Y
;
not a
EAST TAWAS,
% .YY
44
500.00
2 H%
revenues
;f
41
1,147.76
1,663.35
3% %
issued to acquire a Diesel Electric Generating Plant and
addition to the Electric Light System of the city,
general obligation of.the bity, but are payable only from the
revenues of the Electric Light System, and are secured by a mortgage on
the Diesel Electric Generating Plant and Distribution System to be acquired,
including all extensions, improvements, replacements and alterations thereto
and all revenues of the Electric Lighting System, together with a franchise
under which a purchaser at forelcosure sale may operate the mortgaged
properties for a term of 20 years.
,
.
A certified check for 2 % of the par value of bonds bid for must accompany
each bid.
The city will furnish, at its own expense, printed bonds and the
The bonds
(P.
7
Tenders Rejected
Face
277.20
-
Distribution System as an
and
NO.
Amount
Amount
at
$2,254.87
1,280.75
1,751.63
total premium.
$145,000, or for either
Group 2—$29,500, maturing as follows:
April 1,
April 1, 1940 $1,000
2,000
April 1,
April 1, 1941
2,000--..April 1,
1,000—-April 1, 1942
2,000——April 1,
1,000
April 1, 1943
2,000. ...April 1,
1,000..—April 1, 1944
2,000— -April 1,
1,000
April 1,1945
2,000
April 1,
1,000
April 1, 1946
$500
1,000
DISTRICT
SCHOOL
Tenders Accepted
Cash
Tendered
'
58.50
22.00
33.00
84.00
80.00
27.22
642.60
32.57
15.00
TOWNSHIP
$5,433.42
2,910.80
3,892.50
Bids will be received either for the full amouht of
■
OAK
Berkley Branch, Royal Oak), Mich.—TENDERS ACCEPTED—The
following report on the result of the call for tenders on April 11 of 1937
certificates of indebtedness, dated Sept. 1, 1937, was compiled by Matthew
of two groups of bonds, as
follows:
Group 1—$115,500, maturing as follows:
April 1,
$1,500
April 1, 1940 $6.000
6,000
April 1,
2,000
Apr.l 1, 1941
6,000....April 1,
3,000
April 1, 1942
7,000—..April 1,
'■4,000.—April'1, 1943
7,000.. ..April 1,
-5,000
April 1, 1944
7,000
April 1,
■5,000
April 1, 1945
8,000-.--April 1,
o.OOO
April 1, 1946
the bonds will be called by lot at par for redemption June 15,
with accrued interest.
Mich.—BOND
made to the bidder offering the highest
indebtedness of the district remained unrefunded.
at or below par
OFFERING—Carrie Huff, City Clerk,
will receive sealed bids until 7:30 p. m. (Eastern Standard Time) on May 9,
for the purchase of $145,000 4% electric light mortgage bonds.
Dated
April 1, 1938.
Due April 1 as follows: $2,000, 1940; $3,000, 1941; $4,000,
1942; $5,000, 1943; $6,000, 1944 to 1946, incl.; $7,000, 1947; $8,000, 1948
and 1949; $9,000, 1950 to 1952, incl.; $10,000 from 1953 to 1955, incl. and
$11,000 from 1956 to 1958, incl. Interest payable A. & O.
Award will be
DOWAGIAC,
11 and the sale postponed.)
Education, Rochester, R. F. D. No. 2, will receive sealed tenders on or
105.00
IB*
$500
must accompany each proposal.
SCHOOL
before May 16 for refunding bonds numbers 1 to 37 incl.
Offerings must
state the number or numbers and the
amount for which they will be sold
to the district and must be firm until June 15.
If no tenders are received
3,287.50
21.75
215.00
Crouse &
Company, Detroit
First of Michigan Corporation, Detroit
First of Michigan Corporation, Detroit
Mrs. Carrie Jackson. Carson City (for
bond maturing in 1944)
PARK
OAKLAND TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. Pontiac) ,
Mich.—TENDERS WANTED—Milton C. Everett, Director of Board of
-
...
city,
originally offered April
was
DISTRICT,
Mich.—REFUNDING
ALMOST COMPLETED—Matthew Carey, refunding agent, 2149 Union
Guardian Bldg., Detroit, reported under date of May 2 that only $38,000 of
411,86
878.75
CARSON CITY, Mich.—BOATD SALE'—The issue of $20,000 general
obligation water works improvement bonds offered April 27—V. 146, p.
2730—was awarded to Wright, Martin & Co. of Detroit, as 2%s, at par
plus a premium of $66, equal to 100.33, a basis of about 2.685%.
Dated
March 1, 1938 and due $2,000 on Sept. 1 from 1938 to 1947, incl.
The
following is a list of unsuccessful bids:
Rate of Int.
Bidder—
Premium
3%
John Nuveen & Co., Chicago.
$92.00
__
of the
order
(This issue
LINCOLN
451.12
3%%
3%
2^% J
40,000
I 85,000
Mich.—OFFERING—A. G. Wood, City Manager, will
2 p. m. (Central Standard Time) on May 6 for
bids until
Amount
Blyth & Co., Inc. and Ballman & Main/
Donovan, Gilbert & Co., Lansing..
Cray, McFawn & Petter, Grand Rapids
Stranahan, Harris & Co., Toledo
Paine, Webber & Co., Grand Rapids
Ryan. Sutherland & Co., Toledo
Channer Securities Co., Chicago
McDonald Moore & Hayes, Inc., Detroit
sealed
ROYAL
2H%
2 %%
2%%
3%
125,000
Y
125.00
m
Shan-/125,000
\
Channer Securities Co
1,606.25
3%%
3%
37,000
40,000
19,000
41,000
65,000
125,000
Paine, Webber & Co
12.00
2 H%.
2 H%
Cray.f 48,000
Stranahan, Harris & Co.
H%,
%%\
2H%)
125,000
and
McFawn & Petter
7.50
2%%\
2
May
interest date on or after May 1, 1940.
the purchase of $60,000 not to exceed 4% interest tax anticipation notes.
Dated April 1, 1938.
Due Aug. 15, 1938.
They will not be sold at less
than par and accrued interest.
A certified check for 1% of the bid, pay¬
the principal
$308,00
m
1 97,000
_
,
Premium
Rate
3%
48,000 •
22,000
55,000
25,000
1100,000
28,000
Wright, Martin & Co.
on any
IRONWOOD,
receive
as
Bidder—
after
maturing
made
on
the basis of the bid
Printed bonds and legal opinion of
MICHIGAN
•
bonds
numerical order
2^s and 2%s, a net interest cost of about 2.573%.
The bankers took $65,000 as 2%s, due May 1 as follows: $2,000, 1939
and 1940; $3,000, 1941 to 1948 incl.; $4,000 from 1949 to 1956, incl. and
$5,000 in 1957.
The remaining $60,000, bearing 2%% interest, mature
May 1- as follows: $5,000 from 1958 to 1963 incl. and $6,000 from 1964 to
Second high bid of 97.70 for 2 %s was made jointly by McDonald,
1968 incl.
Moore & Hayes and Crouse & Co., both of Detroit.
equal to 100.25,
all
1, 1940, are redeemable in inverse
Award will
figuring the lowest net interest cost.
Miller, Canfield, Paddock & Stone of
Detroit will be furnished the successful bidder.
A certified check for $2,000
payable to the order of the city, must accompany each proposal.
Telephone 9-8255
A.T.T. Tel. DET 540-541
and
GRAND RAPIDS
Telephone Chary 6828
CER TIFICA
of
TES OFFERED FOR INVES TMENT—The above certificates
indebtedness are being
public sub¬
according to maturity.
offered by the successful bidder for
scription, at prices to yield from 1.20% to 1.50%,
Dated May 1, 1938. Due from May 1, 1940 to 1943.
Financial
3058
FULDA, Minn.—BONDS VOTED—At a recent election voters
school addition construction bonds.
approved
the issuance of $38,000
(P. O. Mora), Minn.—BONDS SOLD—It Is
3% semi-ann. refunding Txmds were purchased at
by the Kanabec State Bank of Mora. Due as follows: $17,000 in 1939
1940 and $16,000 in 1941.
reported that $50,000
par
and
reported that the city
refunding bonds to the
and accrued interest.
Other bids for the
submitted by the Leland Speed Co. and J. S. Love & Co.,
VICKSBURG, Miss.—BONDS SOLD—It is
have awarded an issue of $67,000 3%
officials
bonds
were
both of Jackson, Miss.
INDEPENDENT SCHOOL DISTRICT NO. 91 (P. O.
Minn.—BOND SALE—The $53,000 issue of coupon school
sale on May 2—V. 146, p. 2731—was awarded to the
Wells-Dickey Co. of Minneapolis, as 2Ms. paying a premium of $701.00,
equal to 101.3226, a basis of about 2.34%.
Dated June 1, 1938. Due
KENYON
MISSOURI
Kenyon),
bonds offered for
from June 1,
1940 to 1955.
bid was an offer of $700.00
The second best
by the Justus F. Lowe
Markets in all State, County
MINNESOTA, State of—DEBT REPORTED AT RECORD PEAK—The
following report is taken from a recent issue of the "Commercial West" of
Minneapolis:
"Ray P. Chse, former Minnesota State Auditor, came out with a survey
In which he declared the State's debt of $141,000,000 is at an all-time peak.
He presents the following comparison with other States of the Middle West:
1930 Debt
$10,564,326
1936 Debt
$13,925,020
+$3,360,694
1,790,000
Slate—
3,385.000
+1,595,000
Wyoming
*29,217,650
—7,139,550
So. Dakota
42,910,905
—5,526,865
Kansas.
*17,250,000
—6,250,643
Iowa.
6,600,000
—6,600,000
Missouri
87,829,000
118,316.000
+30,487,000
Wisconsin
1,363,700
1,183.700
—180,000
Nebraska
Nil
Nil
x Minnesota
88,404,312
128,675,703
+40,271,391
*
1937.
x Minnesota debt
as of March
31. 1938, $141,935,388, up
$52,631,075.
"
"Mr Chase said Missouri now is reducing its debt; Illinois showed an nicrease of $12,836,000; Indiana reported a decrease of $21,668; Kentucky had
reduced ist debt by half in the regime of Governor A. B. Chandler.
"He also reported a debt reduction by Michigan of $5,919,500, and Ohio
had wiped out entirely a State debt of $2,000,000.
"Since 1930 four or the States, which includes the 14 besides Minnesota
in the upper Mississippi Valley, have increased their State debts.
Nine
36.357.200
48,437,774
23,500,643
13,200,000
No. Dakota
their debts.
debt in excess of
of them have cut
"Of the three States with a
with
a
population 40% greater and an
$45,000,000, one is Missouri
assessed valuation four times that
SCHERCK, RICHTER COMPANY
NORMAN COUNTY (P. O.
Ada), Minn.—BONDS
SOLD—It is stated
by the County Auditor that the $75,000 poor relief bonds
County Board in February, as noted in these columns
the
ST.
authorized by
at that time,
purchased by the State of Minnesota.
PAUL, Minn.—LIST OF BIDS—The following is an official tabula¬
bids received for the $165,000 coupon public welfare bonds'
on April 28, as reported in detail in our issue of April 30:
awarded
*
Name of Bidder—
City National Bank & Trust Co.,
& Co
Halsey,
Corp
Stuart
&
Rate
and Stern Brothers
a2.10%
and Bancamerica-Blair
Inc.,
Co.,
2.20%
2.20%
Laxard Freres & Co
.2.25%
Phelps-Fenn & Co
John Nuveen & Co
Brown Harriman & Co
*
Successful bidder,
a
Or 34 cents per
2.25%
2.30%
$1,000 of bonds.
Premium
$56.10
519.75
246.00
64.35
101.90
361.25
MISSOURI
JEFFERSON CITY SCHOOL
ABERDEEN, Miss.—BOND SALE DETAILS—In connection with the
$25,000 3M% semi-annual street paving bonds to Walton &
noted in these columns in January, it is reported
sale of the
Jones of Jackson, at par, as
that the bonds are described as follows:
Dated Jan. 1, 1938.
Denom. $1,000.
Due Jan. 1, as follows: $1,000
1954 to 1958.
Principal and interest payable
at the First National Bank, Aberdeen.
These bonds are a direct obligation
of the City, of which its full faith and credit are pledged, and the bonds are
secured by an unlimited ad valorem tax on all of the taxable property in
the City.
Validated and confirmed by decree of the Chancery Court of
Monroe County, Miss., which forever renders the bonds incontestable in
any court in Mississippi.
Legality approved by Charles & Trauernicht,
in 1939 to 1953, and $2,000 in
of St. Louis.
SCHOOL DISTRICT (P. O. Greenville),
SALE—The $55,000 issue of school building and repair
sale on May 2—V. 146, p. 2895—was awarded to the
Leland Speed Co. of Jackson, as 3 Ms, paying a premium of $10, equal to
100.018, a basis of about 3.498%.
Dated April 1, 1938. Due from 1940
Miss.—BOND
bonds offered for
to
1959.
CEDAR
HILL
SPECIAL
SCHOOL DISTRICT
$7,500 issue of school building
CONSOLIDATED
(P. O. Tupelo), Miss.—BOND SALE—The
May 2—V. 146, p. 2732—was awarded
to a local investor, as 5s, at a price of 100.33, according to the clerk of the
Board of Supervisors.
He states that they are coupon bonds, dated Aug. 7
1937.
Denom. $500.
Due in 20 years, without option of prior payment.
Interest payable on Aug. and Sept. 1.
bonds offered at public auction on
O.
Bay St.
Louis), Miss.—BONDS
AUTHORIZED—The County Board of Supervisors recently passed
a
resolution authorizing the issuance of $75,000 sea wall and road protection
HANCOCK
COUNTY
(P.
bonds.
KEMPER COUNTY (P. O. De Kalb), Miss.—BOND DESCRIPTION
reported that the $70,000 4%% semi-annual refunding bonds
purchased by the First National Bank or Memphis, at a price of 100.12,
as noted here last November, are described as follows:
Denom. $500.
Due Oct. 1 as follows: $1,000, 1938 to 1943; $2,500. 1944
to 1953; $4,000, 1954 to 1962, and $3,000 in 1963, giving a basis of about
4.74%.
Prin. and int. payable at the Chase National Bank, New York.
In
accordance with Chapter 93, State of Mississippi Laws of 1932, this issue
will constitute a first lien on 35% of the gasoline tax, which is apportioned
annually to the county.
Based on the three-year record of gasoline taxes
applicable to this issue annual principal and interest requirements will be
covered approximately three times.
It appears that it will never be neces¬
sary for tne county to levy an ad valorem tax to service these bonds. These
bonds, issued to refund road bonds, will constitute, in the opinion of counsel,
direct and general obligations of the entire county, payable from an un¬
limited ad valorem tax.
The bonds will, under the law, constitute a first
—It is now
lien
on
the gasoline tax.
(P. O. Magnolia), Miss.—BONDS OFFERED TO
PUBLIC—A $270,000 issue of 4% refunding bonds is being offered by
Scharff & Jones, Inc., of New Orleans, and Kenneth G. Price & Co. of
McComb, jointly, for public subscription priced at 103.75 and interest.
Denom. $1,000.
Dated April 1, 1938.
Due on April 1 as follows: $13,000,
1943 to 1953; $14,000, 1954 to 1957; $15,000, 1958 to 1961, and $11,000 in
1962.
Principal and interest (A. & O.) payable at the County Depository,
or at the Chemical Bank & Trust Co., New York.
Legality to be approved
by Charles & Trauernicht of St. Louis, Mo.
PIKE
COUNTY
RIPLEY, Miss.—BONDS OFFERED—R. B. Smith, Town Clerk, re¬
for $2,750 general fund tax antici¬
ceived sealed bids until May 6 at 5 p. m.,
pation bonds, it is said.
RULEVILLE, Miss.—BONDS SOLD—It is stated by the Town Clerk
bonds were purchased recently
by Walton & Jones of Jackson.
Denom. $5J0.
Dated April 1, 1938.
Due on April 1 as follows: $1,000 from 1939 to 1944, and $1,500 from 1945
to 1948.
Prin. and int. (A. & O.), payable in Ruleville.
Legality to be
approved by Charles & Trauernicht of St. Louis.
that $12,000 4% coupon street improvement
DISTRICT (P. O. Jefferson City),
Mo.—BOND ISSUANCE NOT SCHEDULED—Nfe are informed by
Charlotte E. Langerhans, Secretary of the Board of Education, that the
Board has not yet taken any steps toward issuing the $115,000 school bonds
approved by the voters on April 5—V. 146, p. 2732—and
be some time before it will take any definite action.
it will probably
LIBERTY, Mo.—BONDS DEFEATED—At a recent election voters
defeated the proposed issuance of $250,000 in bonds to acquire the plant
of the Missouri Gas & Electric Service Co.
SCHOOL DISTRICT NO. 4
Mo.—PRICE PAID—It is now reported by the
of Education that the $32,000 4% semi-annual
by Whitaker & Co. of St. Louis, as noted here in
March—V. 146, p. 2090—were sold at par, plus the expenses of printing,
registration and legal opinion.
ST.
(P.
O.
FRANCOIS COUNTY COMMON
Farmington),
Secretary of the Board
school bonds purchased
DISTRIC^NO.
ST. LOUIS COUNTY SCHOOL
19 (P. O. Clayton),
Mo.—MATURITY—It is now reported by the District Clerk that the
$5,000 4M% refunding bonds purchased by Smith, Moore & Co. of St.
Louis, as noted here recently—v. 146, p. 2732—are due in 1958, but become
optional on and after April 2, 1953.
O. Eminence), Mo.—BONDS VOTED—At
approved the issuance of $40,000 county bonds.
SHANNON COUNTY (P.
a
recent election voters
MONTANA
BROWNING, Mont.—BONDS SOLD—It is stated by George O. Barger.
$36,000 water refunding bonds offered for sale without
success on Oct. 21, 1937, as noted here at the time, have been purchased by
Brown, Schlessman, Owen & Co. of Denver, as 4 Ms at par.
Town Clerk, that the
DEER LODGE
COUNTY SCHOOL DISTRICT NO.
10 (P. O. Ana¬
SALE—The $113,177.52 issue of school building
May 2—V. 146, p. 2732—was awarded jointly
to the Wells-Dickey Co. of Minneapolis and Richards & Blum of Spokane
at a net interest cost of 2.67%, according to C. G. Rochon, District Clerk.
The State Land Board was the second highest bidder, offering a rate of
193567
refunding bonds offered on
2.70% at par.
SANDERS
HIGH
COUNTY
SCHOOL DISTRICT NO.
1 (P. O.
Plains), Mont.—BOND SALE—The $20,000 issue of building bonds of-^
2—V. 146, p. 2732—was awarded to the First National
Bank of Plains, as 2 Ms, according to the District Clerk.
fered for sale on May
NEBRASKA
Neb.—BONDS SOLD— It is stated by the City Clerk
Improvement District No. 2 bonds were purchased by
CRE1GHTON,
that $3,95J
MISSISSIPPI
ARCOLA CONSOLIDATED
ST. LOUIS. MO.
conda), Mont.—BOND
of the
tion
BUILDING,
LANDRETH
of
Minnesota; another is Michigan with a population nearly twice and an
assessed valuation four times that of Minnesota; the third is Illinois with an
assessed valuation 50% larger and a population three times sa large as
Minnesota.
Of the three, Michigan and Missouri are reducing their debt.*.
have been
& Town Issues
Co. of Minneapolis.
INDEPENDENT SCHOOL DISTRICT (P. O. Melrose),
election voters approved the issuance
$58,000 high school addition construction bonds by a vote of 457 to 264.
MELROSE
Montana
BONDS
premium on 2Ms, tendered
Minn.—BONDS VOTED—At a recent
of
1938
7,
City Waterworks System, at par
COUNTY
KANABEC
May
Chronicle
Steinauer A
Street
Schwesser of Lincoln.
SCOTTSBLUFF, Neb.—BONDS SOLD—It is reported that the $65,000
approved by the voters at the election held on April 5, have been
purchased by the Kirkpatrick-Pettis-Loomis Co. of Omaha.
The bonds
are divided as follows: $50,000 storm sewer, and $15,000 municipal building
bonds
bonds.
HAMPSHIRE
NEW
NASHUA, N. H.—LIST OF
OTHER BIDS—The following is a list
of the
offered April 27,
The Merchants
National Bank of Boston purchased $100,000 due March 15, 1939, at
0.65%, and the Second National Bank of Nashua took the other $100,000
due April 15, 1939, at the same rate.
Each institution had made the same
other bids which were
the sale of which was
submitted for the $200,000 notes
reported previously in these columns.
bid for the entire loan:
Discount
0.67%
0.67%
0.68%
Bidder—
E. H. Rollins & Sons, Inc
Nashua Trust Co
Indian Head National
Bank
—
NEW
JERSEY
COUNTY (P. O. Mount Holly), N. J .—BOND
ISSUANCE HALTED—An order issued by State Supreme Court Justice
Joseph B. Perskie to show cause why a writ should not be issued for a
review of their validity has halted the issuance of $251,000 almshouse
BURLINGTON
construction
bonds.*
■
>
J.—PAYING AGENT—In connection with the previou®
of the May 16 offering of $179,000 not to exceed
6% interest refunding and sewer bonds, we are advised that payment of prin¬
cipal and interest will be made at the Summit Trust Co., Summit, orat
the New York Trust Co., New York.
It was previously stated that the
New York paying agent was the Central Hanover Bank & Trust Co.—
V. 146, p. 2895.
*
FAIRLAWN
SCHOOL DISTRICT, N. J .—BOND OFFERING—
Harry Barr Jr., District Clerk, will receive sealed bids until 8p.m. (daylight
saving time) on May 17 for the purchase of $43,000 3M.3M, 4, 4M. 4M.
4%, or 5% coupon or registered school bonds.
Dated May 1,1938. Denom.
$1,000.
Due May 1 as follows: $4,000 in 1940 and 1941, and $5,000 from
1942 to 1948 incl.
Principal and interest (M. & N.) payable at the FairlawnCHATHAM, N.
report in these columns
Fairlawn.
A certified check for 2% must accompany
The approving legal opinion of Hawkins, Delafield &
Radburn Trust Co.,
each
proposal.
Longfellow of New York City
introduced which
ment
will be furnished the
successful bidder.
J.—BONDS PROPOSED—An ordinance has been
authorizes the issuance of $35,000 sewer system improve¬
INTERLAKEN,
N.
bonds.
KEARNY, N. J .—FINANCIAL STATEMENT—The following
in connection with the May 11 offering of $210,000 not to exceed 6%
water bonds, previously described in these columns:
Financial
Information
40,726
Population—census of 1930
Assessed Valuation
1937
Second class railroad property
Personal property
-
-
Totals
Tax title liens
Tax
_
1938
..$64,492,250
3,120,446
8,971,650
$64,836,450
3,034,088
9,062,650
$76,584,346
Real property
Year
is given
interest
$76,933,188
Collections
Uncollected
Total of Levy
End of Each Year
$3,147,211.37
$522,562.11
3,122,463.31
445,733.02
2,945.167.43
344,675.15
outstanding at April 1, 1938
Uncollected
April 1, 1938
$14,981.10
105,359.46
261,957.69
$623,698.50
Volume
Financial
146
Statement of Bond
3s, due Oct. 1 as follows: $30,000 in 1944 and $25,000 from
1945 to 1948, inclusive.
89,000 as ljtfs, due Oct. 1 as follows: $29,000 in 1939 and $30,000 in
$130,000
and Note Indebtedness
as
60,000
as
(giving effect to this financing) as of April 1, 1938
$143,500.00
208,000.00
Term Bonds—School
General
1940 and 1941.
$531,500.00
2s, due $30,000 on Oct. 1 in 1942 and 1943.
All of the bonds are dated April 1, 1938, and those maturing on
Oct. 1, 1944, are callable on any interest payment date.
$1,783,000.00
Serial Bonds—School
General
3059
Chronicle
5,835,000.00
5,308,000.00
and after
Total permanent bonds.
Temporary Bonds—General
12,926,000.00
PARK TOWNSHIP (P. O. Rochelle Park), N. J.—
BOND OFFERING—Frederick W. Schlosser, Township Clerk, will receive
$13,277,500.00
Water
sealed bids until 8:30 p. m. (Daylight Saving Time) on May 16 for the pur¬
chase of $20,000 4% coupon or registered funding and refunding bonds.
$40,100.00
146,500.00
106,400.00
Water.
ROCHELLE
Dated May 1,
1938.
Denom. $1,000.
Due $2,000 on Dec. 1 from 1939
1948, incl.
The price for which the bonds may be sold cannot exceed
$21,000.
Principal and interest (J. & D.) payable at the Rochelle Park
Bank.
A certified check for $400, payable to the order of the township,
must accompany each proposal.
The approving legal opinion of Reed,
Hoyt, Washburn & Clay of New York City will be furnished the successful
to
$13,424,000.00
Gross bond and note debt.
$5,414,400.00
351,500.00
Deductions—Water, bond and notes
Sinking Funds (other than water)
5,765,900.00
$7,658,100.00
Net bond and note debt.
bidder,
TRENTON, N. J.—BOND OFFERING—W. W. Schwab, Director of
Finance, will receive sealed bids until 10:30 a. m. on May 20 for the purchase
Funding
offer of
Bailey, Dwyer & Co. to purchase $117,000 refunding bonds at a price of
92.
They will bear 4 34% interest and mature serially from 1939 to 1958
incl.
It was originally intended that the rate be 43^% and the issue
LINDEN WOLD, N. J .—BOND SALE APPROVED—The State
Commission has approved acceptance by the borough of the
mature
•:
of $86,000 not to exceed 6% interest coupon water bonds, registerable as
to both principal and interest or principal only.
Dated May 15, 1938.
Denom. $1,000. Due May 15 as follows: $6,000 in 1939, and $5,000 from
1940 to 1955, incl. Bidder to name a single rate of interest, expressed in a
mutiple of 34 of 1%. Principal and interest (M. & N. 15) payable at the
Broad Street National Bank, Trenton or at holder's option, at the City
1967.
until
'•
■
■
*
,
'
s
■
•
:
•
.
■
MONTCLAIR, N. J.—BOND SALE—Halsey, Stuart & Co., Inc. and
Campbell, Phelps & Co., Inc., jointly, were the successful bidders at the
offering on May 5 of $441,000 coupon or registered bonds.
The bankers
named an interest rate of 233% andJbid a price of 100.913, thus reducing
the amount of bonds sold to $437,000.
Basis cost about 2.40%.
The
Treasurer's office.
If two or more proposals name the lowest interest rate,
the bonds will be sold to the bidder offering to pay the sum of $86,000 and
to accept therefor
mprovement funding bonds.
105,000 improvement bonds.
95,000 water improvement funding bonds.
193267.
UNION,
as of May 16, 1938, exclusive of water bonds
and bonds to be issued May 16,1938
(1) Improvement funding bonds
$136,000.00
Improvement bonds
105,000.00
chase bonds to mature
as
of May 16, 1938,
V.
as
as
3,132,000.00
$12,004,620.00
of May 16, 1938
Sinking fund other than for water bonds
Sinking fund for water bonds
$1,243,597.16
266,159.87
as
NEW
*
$600,000.00
Emergency notes (relief)
(а) Bond anticipation notes (town)
(б) Bond anticipation notes (water)
150,000.00
30,000.00
136,000.00
95,000.00
♦
revenue notes
Tax anticipation notes
(1)
(2)
$96,692.00 is available in banks
applied thereto.
To permanently finance bond anticipation notes, town (a).
To permanently finance bond anticipation notes, water (b).
Assessed valuations:
Real (1938 ratables)
$99,526,100.00
308,499.00
Second class railroad
$99,834,599.00
7,919,100.00
Total real and second class railroad
Personal
$107,753,699.00
Total assessed valuations-
Year—
1934-
1935
Taxes
Outst'd'g
Dec. 31 of
Outstanding
Respect. Years Apr. 25, *38
Total Levy
$3,960,903.25 $1,039,502.47
3,762,276.26
1,151,788.50
3,458,626.13
1,105,045.63
3,296,232.28
925,345.27
3,289,560.98
835,490.35
3,349,477.97" ^ 657,031.66
3,624,566.57
601,882.67
$5,971.05
28,459.91
27,812.54
33,943.96
37,958.64
173,964.56
423,173.54
90,363.66
Tax title liens
...-$821,647.86
Tax rate per $1,000 (1937), $34.00.
Population, 1930 Census, 42,017.
The remainder of the issues herein authorized and not offered for
by this notice will not be sold for
a
•
sale
period of three months.
NEWARK N, J .—BOND SALE—Colyer, Robinson
& Co., Inc., Newark,
bidding alone, were the successful bidders for the $1,606,000 coupon or
registered emergency relief bonds offered May 6—V. 146, p. 2896.
Bankers
named an interest rate of 4% and paid a price of $1,606,308 for a total of
$1,596,000 bonds, equal to 100.61, a basis of about 3.85%.
Dated May 9,
1938. and due on May 15 as follows:
$206,000 in 1939; $200,000 from
1940 to 1945 incl., and $190,000 in 1946.
Other bids were reported as
follows:
as
NEW
reported by the City
the State Treasurer,
334s at par.
YORK
(P. O. Albany), N. Y.—BOND OFFERINGFelix Corscadden, County Treasurer, will offer for sale at public auction at
2p.m. (Daylight Sving Time) on May 11, an issue of $450,000 not to exALBANY
COUNTY
bonds of 1937 to provide
notes.
The bonds wil
•
ceed 4% interest coupon or registered tax revenue
for payment of a similar amount of tax anticipation
Denom. $1,000.
Due $90,000 on May 1 from 1939
to 1943 incl.
All of the bonds must bear the same rate of interest, expressed
in a multiple of l-10th of 1%.
The first bidder will name the rate of in¬
terest and price bid.
Bidding will proceed for bonds bearing such rate until
a bidder names a lower rate, when bidding will continue for bonds bearing
such lower rate, and so on until the bonds are awarded.
Prin. and int.
(M. & N.), payable at the State Bank of Albany in Albany.
Before the sale
is opened, each bidder will be required to deposit a certified check for $9,000
to the order of the County Treasurer.
The purchaser will be furnished with
the opin on of Sullivan, Donovan & Heenehan of N. Y. City, that the bonds
are valid and binding obligations of the county, payable by general tax
without limintation or rate or amount.
be dated May
1,1938.
Y.—BOND SALE—The $50,000 coupon or registered
146, p. 2896—were awarded to the Manufacturers
of Buffalo as 1.90s, at par plus a premium of $74.50,
equal to 100.145, a basis of about 1.875%.
The sale consisted of:
$25 000 public works bonds.
Due May 1 as follows: $2,000 from 1939 to
1943, incl.. and $3,000 from 1944 to 1948, incl.
25 000 home relief bonds.
Due May 1 as follows: $2,000 from 1939 to
1943, incl., and $3,000from 1944 to 1948, incl.
BEACON,
N.
bonds offered May 3—V.
& Traders Trust Co.
No. Bonds Int.
Bidder—
Bid for
Rate
Prem.
Lehman Bros.; Bancamerica-Blair Corp.; Estabrook & Co.; Stone & Webster and Blodget,
Inc.; Graham, Parsons & Co.; R. H. Moulton
& Co.; Darby & Co.; Adams & Mueller; Morse
Bros. & Co., Inc.; Van Deventer, Spear & Co.,
and C. A. Preim & Co
Blyth & Co., Inc., and Brown Harriman & Co.,
Inc., et al--_^._
Phelps. Fenn & Co.; F. S. Moseley & Co., and
Kean, Taylor & Co., et al
First National Bank of New York; Halsey, Stuart
& Co., Inc.; Mercantile Commerce Bank &
Trust
Co.;
Kidder,
Peabody &
Co., and
Schlater, Noyes & Gardner, Inc
dated May 1, 1938.
Campbell, Phelps &
second high bidder, named a rate of 0.90% and premium
All of the bonds are
1,606
4%
$999.99
New York,
Other bids:
1,599
4%
7,555.40
_
,
Int. Rate
Bidder
York City...
A. G. Becker & Co., New York City
Halsey, Stuart & Co., New York City
Sherwood & Reichard, New York City _...
_
Co. of
of $35.
.
Premium
R.D. White & Co., New
1,605
4%
1,188.44
1,600
434%
6,162.00
NUTLEY, N. J.—DEBT POSITION IMPROVED—In furnishing us a
statement of the debt position of the town as of April 4, 1938, Raleigh S.
Rife, Commissioner of Finance, directs attention to the reduction that has
been made since Dec. 31, 1937, due to certain appropriations in the 1938
budget. As against a net debt of $1,881,094.04 on Dec. 31, 1937, the com¬
parable figure as of April 4 was $1,766,162.37, a decrease of $114,931.67.
All of the reduction is noted in the column devoted to the total indebtedness
of bonds and notes other than for school and utility purposes.
Percentage
net debt bears to average of assessed valuations is now 6.823%.
Assessed
valuation of real property for the three years 1935, 1936 and 1937 was
$25,851,608, $25,933,433 and $25,866,583, respectively.
This produces
an average of $25,883,875.
RIDGEWOOD, N. J.—BOND SALE DETAILS—The $279,000 funding
bonds purchased by the Citizens First National Bank & Trust Co. of
Ridgewood, as previously reported in these columns, were sold as follows:
TUCUMCARI, N. Mex.—PRICE PAID—It is now
Clerk that the $40,000 hospital bonds purchased by
noted here recently—V. 146, p. 2896—were sold as
T/i'tp*
Total
MEXICO
MEXICO, (State of)—BOND OFFERING—It is announced by the
be received in the Governor's
office until May 24, at 2 p. m., for the purchase of a $2,500,000 issue of
State Highway debentures.
Interest rate is not to exceed 4%, payable
J. & D.
Dated June 1, 1938.
Due as follows: $125,000 on June and
Dec. 1, 1943; $250,000, Dec. 1, 1944; $125,000, June and Dec. 1, 1945
and 1946; $500,000, June and $125,000, Dec. 1, 1947; $500,000, June 1,
1948; $250,000, June 1, 1949, and $125,000 on June 1, 1951.
Bids for all
or one series will be considered.
No bid at less than par and accrued in¬
terest will be considered.
Prin. and int. payable at the State Treasurer's
office, or at the Guaranty Trust Co., New York.
Denom. $1,000
or
multiples thereof, at the option of the purchaser.
The debentures are
issued to anticipate the collection of the five-cent gasoline excise taxes, the
motor vehicle registration fees and the property tax provided by law for
the State Road Fund.
The approving opinion of Thomson, Wood &
Hoffman of New York, and the printed debentures will be furnished to the
purchaser.
A certified check for 2% of the amount of the bid, payable
to the State Treasurer, is required.
NEW
State Board of Finance that sealed bids will
$1,011,000.00
Of the $600,000.00 tax revenue notes
to be
TOWNSHIP,
$160,000.00
of April 25, 1938:
!
♦Tax
York
about
$1,509,757.03
The amount of assessment bonds included in above
Floating debt
Elizabeth), N. J .—BOND SALE—The $110,improvement bonds offered May 6—
general
registered
N. J.—BOND ISSUE PLANNED—
reading an ordinance providing for an
bonds.
The 20-day limit in which the
ordinance can be contested has been in effect since April 27.
The bonds
will bear interest at not more than 6%, and mature $50,000 annually on
April 1 from 1941 to 1951, incl.
Callable at par and accrued interest on
April 1, 1940, or on any subsequent interest date (A. & O.), on at least 30
days' notice in a newspaper or financial journal published in New York
City. The bonds will be sold or exchanged to provide for the redemption of
$200,000 tax anticipation notes, dated Dec. 15, 1937 and due March 31,
1938, and $350,000 tax revenue notes of 1936, dated Dec. 15, 1937, and due
June 15, 1938.
An ad valorem tax will be levied annually on all of the
township's taxable property in sufficient amount to cover both principal
and interest requirements. In addition, they will be further secured through
segregation into a special fund of collection of so-called second class railroad
taxes due for years prior to 1938.
$8,872,620.00
$2,432,000.00
500,000.00
95,000.00
105,000.00
—
Total bonded debt
or
WEEHAWKEN
exclusive of water
(2) Water improvement funding bonds
Water improvement bonds
coupon
146, p. 2896—were awarded to Hemphill, Noyes & Co. of New
234s at par plus a premium of $67, equal to 100.06, a basis of
The township has passed on final
issue of $550,000 general funding
241,000.00
May 16,1938:
Issued by town
Assumed by town
20 years and to bear interest at
2.24%.
Dated May 1, 1938 and due $5,000 on May 1 from 1939 to 1960
incl.
Halsey, Stuart & Co., Inc., New York, second high bidder, named
a rate of 2.30% and price of 100.076.
$8,631,620.00
1
_
of
over
UNION COUNTY (P. O.
000
Bonded debt
as
Committee
$55,000 land pur¬
3 %.
J.—BONDS AUTHORIZED—The Township
N.
recently adopted an ordinance authorizing the issuance of
Financial Exhibit
bonds.
therefor the highest additional price will oe accepted.
which the bonds may be sold cannot
105,000 water improvement bonds.
The bonds are dated May 16, 1S38, and mature May 16 as follows:
$25,000 from 1939 to 1942 incl.; $30,000, 1943 to 1948 incl.; $20,000 in 1949
and 1950; $15,000 in 195Fand 1952; $5,000 from 1953 to 1969 incl., and
$4,000 in 1970.
Halsey, Stuart & Co., nc. and Campbell, Phelps & Co., Inc. reoffered
the bonds for public investment at prices to yield from 0.60% to 2.75%,
according to maturity.
(Official advertisement of the public offering of the bonds appears on
page III.)
Bonded debt
the bonds to be accepted
offer to
offering
The price for
exceed $87,000. A certified check for
$1,720, payable to the order of the city, is required. The successful bidder
will be furnished with the opinion of Reed, Hoyt & Washburn of New
York City, that the bonds are valid and binding obligations of the city.
to pay
$136,000
Water bonds
the least amount of bonds,
being those first maturing, and if two or more of such bidders
accept the same least amount of bonds, the proposal of the bidder
sale consisted of:
30.00
13.00
16.50
BUFFALO SEWER AUTHORITY (P. O. Buffalo), N. Y.—RECEIVES
OFFER FOR BONDS—Daniel H. McCarriagher, Chairman of the Authority,
recently stated that an offer had been received for the purchase of $117,000
bonds, representing the amount still to be sold in connection with sewer
nroiect
The bid was for a
the bonds to be
.The entire
$15,000,000, of which $6,750,000 was
premium and interest rate of 3.60%
project was estimated at
obtained through a grant from the
cost of the
2.10%
2.20%
2.30%
Public Works Administration. All of
issued, except the block referred to, have been sold.
COLDENHAM FIRE DISTRICT (P. O. Montgomery), N. Y.—BfiND
DETAILS—The $2,500 fire truck purchase bonds sold to the New-
SALE
burgh Savings Bank of Newburgh, as 3s, at
about 2 93%, as previously reported in these
A. & O. 15.
incl.
Interest payable
N. Y.—BOND OFFERING—William D. Cheney,
will receive sealed bids until 3 pm. (Eastern Standard Time)
FAYETTEVILLE,
Village Clerk,
a price of 100.20, a basis of
columns, are dated April 15,
$500 on April 15 from 1939 to 1943
Registered bonds in $500 denoms.
1938 and mature
May 7,
Financial Chronicle
3060
on May 16 for the purchase of $25,000 not to exceed 6% interest coupon or
registered village hall bonds. Dated May 1, 1938. Denom. §1 >000. Due
May 1 as follows: $2,000 from 1939 to 1943 incl. and $3,000 from 1944 to
1948 incl. Bidder to name a single rate of interest, expressed in a multiple
of M or 1-10 of 1%.
Principal and interest (M. & N.) payable at the Mer¬
chants National Bank & Trust Co., Syracuse, with New York exchange.
The village is authorized and required by law to levy on all its taxable
property such ad valorem taxes as may be necessary to provide for pay¬
ment of both principal and interest without limitation as to rate or amount.
A certified check for $500, payable to the order of the village, is required.
The approving legal opinion of Reed, Hoyt, Washburn & Clay of New
York City will be furnished the successful bidder.
check for 2%
the City Coe«
of the bonds bid for, payable to the order o
The purchaser will be furnished
trolier, must accompany each proposal
opinion of Reed, Hoyt, Washburn & Clay of New York City, that
the bonds are valid and legally binding obligations of the city, and that the
city is authorized and required by law to levy on all of its taxable property
such ad valorem taxes as may be necessary to pay the bonds and interest
thereon without limitation as to rate or amount.
with the
j
ROCKLAND (P. O. Roscoe), N. Y.—BOND SALE—The issue of
$15,000 registered Roscoe 8ewer District bonds offered May 3—V. 146,
6 ated July 15,1937, and due $750 on July 15 from Liberty 1957, inclusive.
2734—was awarded to the National Bank of 1938 to as 3.40s, at par.
GENESEO, N. Y.—BOND SALE—'The issue of $38,000 coupon or
registered sewer bonds offered April 29—V. 146, p. 2896—was awarded
toLittle & Hopkins of Rochester, as 2Mb, at par plus a premium of $144.78,
equal to 100 381, a basis of about 2.46%. Dated May 1, 1938, and due
$2,000 on July 1 from 1939 to 1957 incl. R. D. White & Co. of New York,
second high bidder, named a rate of 2M% and premium of $63.84.
Other
UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Y.—PLANS INCREASE IN TAX RATE— The budget
July 1, 1938, to June 30, 1939, as recommended by the
Board of Education, calls for a tax rate of $11,941 per $1,000 of assessed
valuation, an increase of $.693 over the current levy.
Bonds to be retired
in the coming year amount to $54,000 more than in the present period, this
item accounting for the bulk of the $62,846.40 increase in the gross budget
bids
for the 1938-1939 year.
SCARSDALE
were:
\
T>
Int. Rate
2.60%
Bidder—
Marine Trust Co. of Buffalo
Security Trust Co. of Rochester-
J00.15
2.60%
—
J. & W. Seligman & Co.
Roosevelt & Weigold, Inc
Manufacturers & Traders Trust Co. of Buffalo
—
-
Geneseo Valley National Bank & Trust Co
2.70%
2M%
100.17
100.15
2.80%
2.90%
3%
----------
E. H. Rollins & Sons, Inc
Rate Bid
100.41
100.30
100.44
100.65
ISLIP UNION FREE SCHOOL DISTRICT NO. 4 (P. O. West
Sayville), N. Y.—BOND OFFERING—Albert Van Essendelft, District
Clerk, will receive sealed bids until 2:30 p. m. (Eastern Standard Time)
on May 19 for the purchase of $392,000 not to exceed 6% interest coupon or
registered school building bonds.
Dated June 1, 1938.
Denom. $1,000.
Due June 1 as follows:
$10,000, 1940 to 1947 incl.; $12,000 in 1948, and
$15,000 from 1949 to 1968, incl. Bidder to name a single rate of interest,
expressed in a multiple of M or 1-10 of 1 %. Principal and interest (J. & D.)
payable at the Oystermen's Bank & Trust Co., Sayville, in the Town of
Islip, or at holder's option, at the Chase National Bank, New York City.
A certified check for 2% must accompany each proposal.
The approving
legal opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder.
MAYFIELD CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
Mayfield),
a recent election voters approved the issuance
$184,000 in bonds for the construction of a new school by a vote of 593
to 118.
District includes town of Mayfield, Broadalbin, Northampton
N. Y.—BONDS VOTED—At
of
and Johnstown.
FINANCIAL STATEMENT—The assessed
valuation
of the property
subject to the taxing power of the city is $5,419,321. The total bonded
debt of the city including the above mentioned bonds is $298,634, of which
amount $54,000 is water debt.
The population of the city (1930 census)
was 7,924.
The bonded debt above stated does not include the debt of
any other subdivision having power to levy taxes upon any or all of the
property subject to the taxing power of the city. The fiscal year commences
April 1. The amount of taxes levied for each of the fiscal years commencing
April 1, 1934, April 1, 1935, and April 1, 1936, was respectively $79,563.65,
$82,865.92 and $83,742.60. The amount of such taxes uncollected at the
end of each of said fiscal years was respectively $3,984.61, $9,775.39 and
$5,720.63. The amount of such taxes remaining uncollected as of April 26,
1938, is $4,585.71. The taxes of the fiscal year commencing April 1, 1937,
amount to $84,000.05, of which $8,089.06 have not been collect3d.
The
city taxes of the fiscal year commencing April 1, 1938, have not yet been
levied.
MIDDLESEX,
ITALY
AND
GORMAN
CENTRAL
O. Rushville), N. Y.—BOND SALE—
POTTER,
SCHOOL DISTRICT NO. 2 (P.
The issue of $211,000 coupon or
registered school building bonds offered
May 4—V. 146, p. 2897—was awarded jointly to Bancamerica-BIair Corp.
and Roosevelt & Weigold, Inc., both of New York, as 2.80s, at a price of
100.38, a basis of about 2.77%.
Dated May 1, 1938 and due May 1 as
follows: $6,000, 1941 to 1945. incl.: $7,000, 1946 to 1950, incl.; $8,000 from
1951 to 1957, incl., and $9,000 from 1958 to 1967, incl.
The Marine Trust
Co. of Buffalo and R. D. White & Co. of New York, jointly, second high
bidders, offered 100.21 for 2.80s.
The bankers reoffered the bonds for public investment at prices to yield
from 1.25% to 2.85%, according to maturity.
They are stated to be legal
investment for savings banks and trust funds in New York State.
MINETTO, N. Y.—BONDS AUTHORIZED—Burdette Farnham, Town
Supervisor, has been authorized by the Town Board to proceed with the
issuance of $26,000 tax refund bonds.
At a recent meeting citizens author¬
ized the formation of the Minetto Fire District, to include all of the town's
property.
NEW YORK. N. Y.—REDEEMS ALL REVENUE BILLS AGAINST
TAX INSTALMENT—Final payment was made yesterday by
Comptroller Joseph D. McGoldrick of all the city's outstanding revenue
bills issued in anticipation of the first instalment of the current year's taxes.
During the months of January, February and March, a total of $95,000,000
was borrowed by the city.
The reduction yesterday of $35,000,000 repre¬
sented the complete repayment.
The total borrowings were as follows:
FIRST
Date
of
Borrowing
(1938)
Jan.
15
Jan.
28
14
28
Feb.
Feb.
Payable
(1938)
April 15
April 28
April 29
May
May
Mar. 25
Amount
>
Int. Rate
Mar.
-----
-
-
3
4
.$15,000,000
5,000,000
25,000,000
15,000,000
35,000,000
0.50
0.40
0.40
.V
0.40
0.50
our
FRIENDSHIP,
WIRT,
AND
WARD
ANDOVER
May 4—V. 146, p. 2897—were awarded jointly to the Marine Trust Co.
of Buffalo and R. D. White& Co. of New Yorkas2.70sat a price of 100.638,
basis of about 2.685%.
Dated May 1, 1938, and due May 1 as follows:
$6,000 in 1940 and $7,000 from 1941 to 1958, inclusive.
a
WESTCHESTER COUNTY (P. O. White
Plains), N. Y.—TO ISSUE
BONDS FOR PAYMENT OF JUDGMENT—Following the recent refusal
of the United States Supreme Court to entertain an appeal from a lower
court decision in which the Montrose Contracting Co., Inc. of Delaware
obtained
a
judgment against two
sewer
districts involving a total of $625,000
county officials decided that the debt would be paid off from the proceeds
of the sale of 10-year serial bonds.
This course was approved as to include
the
judgment in the 1939 district budgets would require a tax rate of more
than double the present figures.
The districts are located in Yonkers and
the suit and subsequent judgment resulted from work completed by the
contracting company in 1932.
ground that
The company sued for the judgment on the
contemplated in the contract with the
additional cost,
not
county, was necessary in order to complete the project.
The lower court
refused to uphold the county's contention that provision for the extra ex¬
pense had been allowed for in the agreement.
The company sued the
county in its capacity as fiscal agent for the sewer districts.
Of tne $625,000
judgment, about 20% is levied against the Central Yonkers Sewer District
19365
and the remainder against Saw Mill Valley Sewer District.
FEDERAL AND STATE AID IN $25,000,000 PARKWAY
Board of Supervisors
has authorized the park com¬
negotiate with Federal and State officials for financial assistance
in undertaking the construction and improvement of parkways at a total
cost of not more than $25,000,000.
Tne additional facilities, the board
determined, will be necessary in order to handle the large amount of traffic
which is anticipated during progress of the World's Fair.
The traffic con¬
fusion that attended the recent fair preview proved that further arteries of
travel will be required when the project becomes an actuality.
In view of
the circumstances the problem cannot be considered in the light of local
responsibility, the board stated.
$187,939,182 a year ago, and that in addition $41,365,747
second-half year's instalment has already been paid."
of the
APRIL
FINANCING—Temporary financing by the city during April
0.65% tax notes, due April 12, 1939,
which were sold privately to Darby & Co. of New York, and absorption
by the city's bankers of $7,500,000 0.50% special revenue bills, rhaturing
July 25, 1938.
consisted of the issuance of $7,000,000
N.
Y.—ADDITIONAL
BID—The Marine Trust Co. of
Buffalo offered to pay a price of 100.437 for 3.90s, for the $70,000 water
bonds which were awarded to A. C. Allyn & Co., Inc., New York, as 3.40s,
at 100.79, a basis of about 3.55%, as noted previously in these columns.
ROCHESTER, N. Y.—BOND OFFERING—L. B.
Cartwright, City
Comptroller, will receive sealed bids until 10 a. m. (Eastern Standard
Time) on May 11 for the purchase of $2,000,000 not to exceed 4% interest
coupon, registerable as to both principal and Interest but not as to principal
only, public improvement bonds.
Dated May 1, 1938.
Denom. $1,000.
Due $100,000 on May 1 from 1939 to 1958, incl.
Bidder to name a single
rate of interest, expressed in multiples of M or 1-10 of
1%.
Principal and
interest (M. & N.) payable at the
paying agent of the City of Rochester
in the City of New York.
The bonds will be ready for delivery at the
place in New York indicated by the purchaser on May 26, 1938, or as soon
after that date as the bonds can be prepared for delivery.
A certified
mittee to
YONKERS, N. Y.—BOND SALE—The $1,665,000 coupon or registered
May 4—V. 146, p. 2897—were awarded to a syndicate com¬
posed of the Chase National Bank, First Boston Corp., George B. Gibbons
& Co., Inc., Stone & Webster and Blodget, Inc., and Goldman, Sachs &
Co., on their bid of 100.119 for the $425,000 water issue as 3Ms and balance
of the offering as 4s, the net interest cost to the city being 3.876%.
The
bonds offered
sale consisted
of:
,
.
$415,000 general bonds of 1938, series I.
Due May 1 as follows: $35,000,
1939 to 1943, incl.; $40,000 in 1944 and $.50,000 from 1945 to
1948, inclusive.
475,000 general bonds of 1938, series 2.
Due May 1 as follows: $40,000,
1939 to 1941, incl.; $45,000, 1942; $50,000 from 1943 to 1947,
incl., and $60,000 in 1948.
425,000 water bonds of 1938, series I.
Due May 1 as follows: $20,000
from 1939 to 1953, incl., and $25,000 from 1954 to 1958, inclusive.
350,000 local improvement bonds, series A of 1938.
Due May 1 as follows:
$65,000 from 1939 to 1942, incl., and $90,000 in 1943.
•
*
All of the bonds
dicate headed by
are dated May 1, 1938.
Second high bidder was a syn¬
Halsey, Sturat & Co., Inc., New York, which bid a price
of 100.078 for the same combination of rates as contained in the successful
bid.
Others in the account were E. H. Rollins & Sons, Inc., A. C. Allyn
&
Co., Inc., Hemphill, Noyes & Co., B. J. Van Ingen & Co., Inc., Darby
& Co. and R. D. White & Co., all of New York.
The banking group reoffered the 4s to yield from
2.25% to 3.80%, accord¬
ing to maturity, and the 3 Ms on a basis of from 2.25% to 3.90%.
Accord¬
ing to the bankers, the bonds are legal investment for savings banks and
trust funds in New York State and are interest exempt from all present
Federal and New York State income taxes.
.
Bidder—
■
,
Net Cost
Rale Bid
Blyth & Co.,
Inc.; Kidder, Peabody & Co.; Bacon,
Stevenson
&
Co.;
Roosevelt
&
Weigold,
Inc.;
Eldredge & Co.; E. Lowber Stockes & Co.; Francis I.
duPont & Co.; First of Michigan Corp., and Pohl &
Co.. jointly, for $425,000,3 Ms, and $1,240,000,4Msl00.20
Lehman Bros.; Phelps, Fenn & Co.;
Estabrook & Co.;
Ladenburg, Thalmann & Co.; Bancamerica-BIair
Corp.; Eastman, Dillon & Co.; Manufacturers &
Traders Trust Co., Buffalo; Kean,
Taylor & Co.;
Campbell, Phelps & Co.; Morse Bros. & Co., Inc.,
and Charles Clark & Co., jointly, for $425,000,3Ms,
and$1,240,000,4Ms--__100.04
.
-
f
3.902%
1
4.032%
Financial Statement
-
Assessed valuations, real property including special franchises $314,863,445
Total bonded debt, including these issues
35,641,250
The above statement of bonded debt does not include the debt of any
other subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the city.
Population, 1930 Federal Census—134.646.
Amount of Last
Four Preceding
Tax Levies
Year
$11,07*.997.89
10,803,966.52
10,768,121.47
11,445,492.35
1937..,
j
Amount of Such
Taxes Uncollected
at End of Fiscal
Amount of Such,
Taxes Uncollected
as of April 25,'
Year
1938
$590,046.09
$2,788,958.51
2,129,864.17
1,774,881.58
—
.
841,135.51
1,469,112.67
6,035,543.04*
Taxes
is due
are collected in quarterly instalments of which the third quarter
July 1, 1938, and the fourth quarter is due Oct. 1, 1938.
Gross debt:
ings of this type until some time after July 1.
'It is interesting to note that collections at the close of buiness May 2 of
taxes due for the first-half of this year totaled $197,518,909, as compared
with
PROGRAM—The
*
are not only no outstanding revenue bills," the
Comptroller said,
collections to date indicate that there will be no need for borrow¬
ODESSA,
AMITY,
SCIO,
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Scio), N. Y.—BOND
SALE—The $132,000 coupon or registered school building bonds offered
1938—
$95,000,000
"There
"but
N.
year
SEEKS
MECHANICVILLE, N. Y.—BOND OFFERING—John S. Moore, Com¬
missioner of Accounts, will receive sealed bids until 2p.m. (Eastern Stand¬
ard Time) on May 20 for the purchase of $70,000 not to exceed 5% interest
coupon or registered general city bonds.
Dated May 1, 1938. Denom.
$1,000. Due $7,000 on May 1 from 1939 to 1948 incl. Bidder to name a
single rate of interest, expressed in a multiple of M or 1-10 of 1%. Prin¬
cipal and interest (M. & N.) payable at the New York State National
Bank, Albany, Mechanicville branch, with New York exchange, or at the
National City Bank, New York City.
The bonds are general obligations
of the city, payable from unlimited taxes, and the proceeds will be used
to pay debt previously incurred for home relief and Works Progress Ad¬
ministration projects.
A certified check for $1,400, payable to the order
of the city, must accompany each proposal.
Legal opinion of Clay, Dillon
& Vandewater of New York City will be furnished the successful bidder.
Date
Scaradalej,
for the fiscal
Bonds
(including $1,665,000 bonds to be
sold May 4, 1938).
Certificates of deposit
Home and work relief notes
-
-
Local improvement notes
.
Land and Contract
Liability
Due current funds
Gross debt
Deductions—
$35,641,250.00
3,500.00
590,000.00
350,000.00
116,193.19
286,823.47
$36,987,766.66
.
....
Certificates of deposit
Water debt.
Proceeds of the sale of bonds available
for the retirement of notes included
above and not otherwise deducted
Bonds provided for in 1938 Budget not
otherwise deducted
$3,500.00
5,431,500.00"
940,000.00
Total deductions.
Total
J
1,990,850.00
Net Debt (including bonds to be sold May 4,1938)
Assessed valuations 1938:
Real property
Special franchises
;
8,365,850.00
$28,621,916.66
$302,027,240.00
12,836,205.00
$314,863,445.00
Financial
Volume■ 146
3061
Chronicle
CLEVELAND,
given
a
Financial Statistics—1938
6s
SOUTHERN PINES, N. C., Imp.
Due
connection
in
fully described in
$10,000
STATEMENT—The following is
with the May 9 offering of $2,100,000 4% bonds,
previous issue.—Y. 146, p. 2575:
Ohio—FINANCIAL
City incorporated March 5, 1836.
Population U. S. Census: 1910, 560,663; 1920, 796,841; 1930 ,
Assessed valuation estimated 100% of real value.
Fiscal year—Jan. 1, to Dec. 31.
9/1/39-40 at 3.00-3.50% basis
$1,172,574,590
1,168,927,130
1,184,233,400
Assessed valuation of 1935 for 1936
F. W. CRAIGIE & COMPANY
Assessed valuation of 1937 for 1938
Debt Statement
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
COUNTY
N. C.—BOND TENDERS
Secretary of the Sinking Fund
County of Buncombe refunding bonds, dated July 1, 1936.
Beaverdam Water and Sewer District refunding bonds, dated July
$111,860,149.33
Delinquent tax scrip.
Due $2,000 in 1940, and $3,000,
1941
to 1956.
$1,000.
Dated May
1,
1938.
1942, and $2,000
General obligations: unlimited
tax; delivery on or about May 26, at place of purchaser's choice.
There
will be no auction.
Prin. and int. (M. & N.) payable in New York City,
in legal tender.
A seoarate bid for
each issue
(not less than
par
the amount of the bonds of
bidder offering to purchase
such cost to be deter¬
mined by deducting the total amount of the premium bid from the aggregate
amount of interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished with additional information by
the above Secretary and must be accompanied by a certified check upon
an
incorporated bank or trust company, payable unconditionally to the
order of the State Treasurer for $1,700.
The approving opinion of Masslich
& Mitchell, New York City, will be furnished the purchaser.
issue, and each bidder must specify in his bid
each rate.
The bonds will be awarded to the
on
Other
bonds at the lowest interest cost to the town,
MORGANTOWN, N. C.—BOND ELECTION— At an election to
May 10 voters will be asked to approve the issuance of $350,000
bonds, of which $1,277,000 is pledged as security on a loan of $1,000,000
1938, $16,480.80 in closed banks, balance free cash all fully
secured.
Income of water works and electric light are
5%, No. 6, for $1,000.
Cincinnati purchased on May 2 an issue of $50,000 314% coupon
equal to 100.45.
Nov. 1 from 1939
CLEVES, Ohio—BONDS VOTED—At a recent election voters approved
$50,000 sewage disposal plant and sewer system improvement
the issuance of
bonds.
DILLONVALE, Ohio—BONDS SOLD— Lansford & Co., of Chicago,
purchased an issue of $100,000 4% coupon, registerable as to principal,
water revenue bonds.
They are being re-offered for public investment at
Jan. 1, 1938.
Denom. $1,000.
Due Jan. 1 as
1943, incl.; $2,000, 1944 and 1945: $3,000, 1946 to
incl., and $5,000 from 1959 to 1967,
in inverse numerical order on any
interest paying date on and after Jan.
1, 1948.
Principal and interest
(J. & J.) payable at the Continental Illinois National Bank & Trust Co.,
Chicago.
Legality approved by Squire, Sanders & Dempsey of Cleveland.
a
price of par.
Dated
follows: $1,000, 1940 to
1950, incl.; $4,000 from 1951 to 1958,
incl.
Optional as to prior payment
Financial Statement
Real value estimated
— ___
Population, present
5,500
3,755
,
Net bonded debt__-_-___w__i
1,745
,___w
estimate—2,500.
The above debt does not include
»
this issue of $100,000 waterworks first
mortgage revenue bonds or debts of any other political subdivision
authority to levy taxes on property within this municipality.
Dated Dec. 1,
capital direct debt
—
Overlapping per capita debt (including county, township &
Per capita revenue debt—
having
$0.70
Net per
Tax Collections.—Tax
schools)
collections certified by the Clerk for the years
have averaged 98.5% collected.
20.68
40.00
1934,
1935 and 1936 show levies
LORAIN, Ohio—BOND CALL—Frank Ayres, City Auditor, announces
exercised the option contained in the debentures to redeem
Sept. 15, 1938, upon presentation at the Chase National Bank, New
York City. $170,000 4% river improvement bonds, dated June 15, 1903,
and mature $5,000 each Sept. 15 from 1939 to 1972, incl.
The bonds are
that the city has
DAKOTA
on
(P. O. RoIIa), N. Dak.—
indebtedness
by Mr. Jesse
Dated April 20, 1938.
CERTIFICATE SALE— The $7,000 issue of certificates of
offered for sale on April 20—V. 146, p. 2411—was purchased
Long of Dunseith, N. Dak., paying par on 7%.
Due on April 20, 1940.
No other bid was received.
$1,121,428
785,000
_
1937-_
Total general obligation bonds
Less sinking fund_____
Due Dec. 1, 1959.
MARYSVILLE SCHOOL DISTRICT NO. 10
Hinsch
CLEVES, Ohio—BOND SALE—We are advised that Charles A.
& Co. of
WADESBORO, N. C.—BOND ELECTION—'The proposed issuance of
$150,000 water supply system enlargement bonds and
$25,000 street
lighting system bonds will be submitted to the voters at an election to be
held on May 24.
NORTH
the issuance of
,
sanitary sewer bonds at par plus a premium of $225,
Dated May 1, 1938.
Denom. $1,000.
Due serially on
to 1959 inclusive.
$5,000.
General improvement refunding,
sufficient to service outstand¬
No notes outstanding issued in anticipation of
ing debt.
bonds.
Assessed valuation,
SALISBURY, N. C.—BOND CALD—City Manager H. C. Holmes an¬
that the following bonds are called for redemption at par and
accrued interest at the Central Hanover Bank & Trust Co. of New York
City, under date of June 1, on which date interest ceases:
Street and sidewalk improvement refunding, 6%, Nos. 22 to 26, aggre¬
Sart of an original issue of $200,0001933.
being
earing date on and after Sept. 15,
portion of that issue,
subject to call on any interest
They represent the unmatured
with the exception of $5,000 which are due on
Sept. 15*
1938.
CITY, N. Dak.—BOND SALE—The $10,000 issue of 4%
funding bonds offered for sale on May 2—V. 146, p. 2734—was sold to a
fraternal organization in Fargo, at par, according to Mayor Fred J. Fredrickson.
Dated Oct. 1, 1937.
Due on Oct. 1, 1947 callable prior to maturity.
VALLEY
the special improvement warrants
offered for sale at the same time—V. 146, p. 2734—were
yield 5.50%.
WARRANT SOLD—He states that
totaling $25,500
1,123,195.92
$6,667,862 is invested in City of Cleveland
due June 30,
nounces
1934.
$2,389,252.60
Of the above sinking fund
be held
munic¬
ipal improvement bonds.
gating
Sinking Fund
Waterworks
Electric light
and accrued interest)
is required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of M of 1%: each bid may name one rate for
part of the bonds of any issue (having the earliest maturities) and another
rate for the balance, but
no
bid may name more than two rates for any
the
32,603.755.63
$79,256,393.70
Net debt
1,1936.
OFFERING—Sealed bids will be re¬
ceived until 11 a. m. on May 11, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase of
two issues of coupon or registered not to exceed 6% semi-annual bonds
aggregating $85,000, divided as follows:
Denom.
3,577,000.00
2,559,069.31
2,982,046.32
1,319,640.00
Electric light debt
Sinking fund applicable to gen'l debt.
1936.
C.—BOND
35,000 public improvement bonds.
Due $1,000, 1940 to
from 1943 to 1958, all inclusive.
,.$22,166,000.00
Water works debt
Less;
Tax anticipation notes
Skyland Sanitary Sewer District refunding bonds, dated July 1, 1936.
Weaverville Public School District refunding bonds, dated July 1, 1936.
$50,000 street improvement bonds.
1,319,640.00
Delinquent tax scrip
in the name and
City of Asheville general refunding bonds, dated July 1, 1936.
City of Asheville water revenue bonds, dated July 1, 1936
Asheville Local Tax School District refunding bonds, dated July 1,
N.
22,166,000.00
3,757,000.00
2,982,046.32
_
Tax anticipation notes
on
GREENVILLE,
$78,449,639.01
3,365,824.00
Water works bonds (self supporting)
Electric light bonds (self supporting)
Commission, that pursuant to the provisions of the respective bond orders or
ordinances authorizing their issuance, tenders will be received until noon on
May 24, for the purchase by the respective sinking funds,
behalf of the issuing units, of the following bonds:
of April 25, 1938
supported)
Special assessment bonds
(P. O. A.h.vill.),
INVITED—It is stated by Curtis Bynura,
as
General bonds (tax
CAROLINA
NORTH
BUNCOMBE
Assessed valuation of 1936 for 1937
Richmond, Va.
■
900,429.
LEWISBURG, Ohio—BOND SALE—The $4,500 sewage system and
disposal plant bonds offered April 30—V. 146, p. 2735—were awarded
to Saunders, Stiver & Co. of Cleveland as 3Ms for a premium of $19.33,
equal to 100.42, a basis of about 3.19%.
Dated May 1, 1938 and due
$150 on March 1 and Sept. 1 from 1939 to 1953 incl.
•
MAHONING COUNTY (P. O. Youngstown),
sold to tne same bidder, as 6s, at a price to
Ohio—REDUCTION IN
REFUNDING
BORROWING BELIEVED POSSIBLE— Reduction in the
amount of bonds which the county will refund next October was forecast as
the County Auditor's
OHIO
MUNICIPALS
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA BUILDING,
AKRON
CINCINNATI
CLEVELAND
COLUMBUS
office prepared to make the last of
Deputy Auditor M.I.
payments.
unforeseen financial
an
MASSILLON, Ohio-—BONDS PROPOSED—The City Council recently
adopted ordinances to request the State Tax Commission to permit the city
to issue $100 000 of bonds to meet Works Progress Administration allot¬
ment of $657,997.
1
SPRINGFIELD
OHIO
Ohio—BONDS AUTHORIZED—'The State Tax Comauthorized the city to issue $85,000 tax anticipation bonds.
MASSILLON,
misson recently
Ohio—REPORT
SHOWS
$8,909,930
REDUCTION IN
GROSS DEBT SINCE 1930—Don H. Ebright. Director of Finance, has
compiled an analysis of the funded debt of the city, showing the gross and
net amount of each classification of securities outstanding in each year
since 1930, the latter being the period in which the city reached its peak of
debt.
The total gross debt as of Dec. 31, 1937, is put at $36,404,375, a
reduction of $8,909,390 or 20% from the comparable figure of $45,314,305
on Dec. 31, 1930.
Per capita gross debt in that period was cut from $177.67
to $142.74, the difference being $34.93 or 20%. The following is taken from
a memorandum accompanying the analysis:
AKRON,
*
Ohio—BOND
NORWOOD,
SALE—The $37,000 revenue deficiency
2412
(tax delinquent) series No. 2 bonds of 1938 offered May 2—V. 146, p.
awarded to Johnson, Kase & Co. of Cleveland, as 2s, at par plus
—were
$211, equal to 100.57, a basis of about 1.89%.
1938 and due Nov. 1 as follows: $4,000 from 1939 to 1946
in 1947.
Other bids were:
premium of
Premium
Bidders—
Moerlein, Inc., Cincinnati
Securities Co., Columbus
Assel, Goetz &
Bancohio
Limited Tax Debt
1930
Generals
Specials..
1937
Reduction
$10,502,265 $10,639,963
11,048,021
the April interest
Butler reported that unless the county
setback, its refund issue may be less than
$500,000 this year.
Last year the county was forced to refund $500,000 of
its annual bond obligation, then approximately $750,000.
This year prin¬
cipal on the county's outstanding bonds will total $709,076, while interest
will add approximately $85,000.
These payments are exclusive of obliga¬
tions against the county's relief issues, which are paid by the State through
revenues derived from "nuisance'* taxes.
suffers
2,622,500
$21,550,286 $13,262,463 $8,287,823 —38%
that there has been no reduction in the
limited tax debt,' this is due, as explained by the Director of Finance, to the
fact that during the period covered there has been considerable refunding of
maturing specials into general limiteds, which has kept that group at more
or less the same level.
During 1936 and 1937, he adds, the delinquent
specials were all reassessed over a 10-year period, and as they are collected
they will not only pay off the remaining specials, but will make a substantial
inroad into the general limited debt.
$140.60
75.00
162.85
214.60
236.80
Cincinnati
Co., Cincinnati.
Hinsch & Co., Inc., Cincinnati
Pohl & Co., Inc.,
Weil, Roth & Irving
Charles
199.80
59.20
55.55
365.00
176.77
While the above figures suggest
P. E. Kline
Inc., Cincinnati
Paine, Webber
& Co., Chicago
Par
17.00
a
Dated May 1,
incl. and $5,000
Int. Rate
2J*%
*
2 M %
2H%
2 H%
214%
2H%
2H%
2M%
2H%
2M%
2%
2%
PORTSMOUTH, Ohio—BOND SALE—James D. Williams, Director
of Department of Finance and Audits, informs us an issue of $120,500 3%
refunding bonds was sold on April 20 to a group composed of Pohl & Co.,
Inc ; Fox, Einhorn & Co., Inc.; Meyer, Smith & O'Brien, and P. E. Kline,
Inc
all of Cincinnati, at par plus a premium of $370.66, equal to 100.307, a
basis of about 2.96%.
Dated April 1, 1938.
One bond for $500, others
$1 000 each.
Due Oct. 1 as follows: $13,500 in 1944; $13,000 from 1945 to
1949 incl., and $14,000 from 1950 to 1952 incl.
Coupon bonds, interest
payable A. & O.
Legality approved by Squire, Sanders & Dempsey of
.
1
CINCINNATI, Ohio—BOND CALL—The city has called for redemption
July 1 $600,000 Cincinnati Southern Ry. 4% refunding bonds, dated
July 1, 1908, and due from 1938 to 1958 inclusive.
on
CLEVELAND HEIGHTS,
Ohio—ATTACKS PRIVATE SALE OF
BONDS—Application of Minnie E. Forsythe, a taxpayer, for an injunction
to restrain the Director of Finance from selling $5,000 park improvement
bonds without benefit of public offering was scheduled to be heard in
Common Pleas Court on May 1.
Clcvol&nd
•
(The bonds were taken by the group in exchange for a
3% notes purchased by them previously on April 4, tne
reported in these columns.—V. 146, p. 2576.)
similar amount of
sale of which was
3062
Financial
RAVENNA, Ohio—BONDS SOLD—The City Sinking Fund Trustees
purchased the SI0,000 street improvement bond issue that was authorized
by the City Council on April 8.
TOLEDO, Ohio—BOND OFFERING—Charles H. Austin, City Auditor,
noon on May 24 for the purchase of SI50,000
coupon intercepting sewer bonds.
Dated May 1, 1938.
Denom.
$1,000.
Due 16,000 on May 1 from 1940 to 1964, inc.
The bonds were
authorized by vote of the electors and are payable from a tax levied outside
of tax
limitation.
Principal and semi-annual interest payable at the
Chemical Bank & Trust Co., New York City.
Bidder may name a different
will receive sealed bids until
3%
rate of interest
although in the case of a fractional rate, the fraction must
be expressed in multiples of M of 1 %.
Bonds to be delivered to the buyer
A certified check for 1% of the bonds bid for, payable to the
order of the Commissioner of the Treasury of the city, must accompany
Chronicle
May 7,
1938
DUQUESNE SCHOOL DISTRICT, Pa.—BOND SALE—The $105,000
coupon emergency bonds, series of 1938, issued to provide funds for operat¬
ing purposes, offered on May 2—V. 146. p. 2736—were awarded to M. M.
Freeman & Co. of Philadelphia, as 2Ms, at a price of 100.18, a basis of about
2.225%.
Dated May 1, 1938 and due May 1 as follows: $5,000 from 1940
to 1944, incl. and $20,000 from 1945 to 1948, incl.
Mackey, Dunn & Co.,
Inc., New York, second high bidder, offered to pay 100.889 for 2Ms.
DURYEA
SCHOOL
DISTRICT,
Pa.—OPTION GRANTED—The
$128,000 coupon refunding and judgment funding bonds offered April 4—
V. 146, p. 1758—were sold on option as 4Ms to the Miners Savings Bank
of Pittston.
Dated April 1, 1938, and due April 1 as follows: $7,000 from
1941 to 1956 incl. and $8,000 in 1957 and 1958.
at Toledo.
each proposal.
Said bonds may be exchanged for bonds registered as to
principal and interest at the request of the owner. All proceedings incident
to the proper authorization of the issue will be taken under the direction of
a bond attorney whose opinion as to the
legality of the bonds may be pro¬
cured by the purchaser at his expense.
ZANESVILLE,
Ohio—NOTES AUTHORIZED—The City Council
recently passed an ordinance authorizing the issuance of $80,000 of notes
in anticipation of an issue of street paving bonds.
R. J. EDWARDS, Inc.
Cy 19
as to
at one of the
PARK
TOWNSHIP
(P.
O.
Lawrence
BOND SALE—The issue of $30,000 coupon bonds offered
146, p. 1927—was awarded to Singer, Deane & Scribner,
Park),
on
Pa.—
May 3—V.
of Pittsburgh,
as 2Ms, at par plus a premium of $511, equal to 101.703.
Dated June 1,
1938 and due in amounts of $5,000 at various dates with the last payment
to be made in 1960.
Second high bidder was Johnson & McLean, Inc. of
Pittsburgh, which named a rate of 2M % and a premium of $202.06.
Oklahoma City, Oklahoma
Ok
m. on May 11 for the purchase of $15,000 coupon,
principal only, operating revenue bonds to bear interest
following rates, as designated in the successful bid: 2M. 2M. 3,
3M or 3M%.
Dated May 16, 1938.
Denom. $1,000.
Due May 1 as
follows: $3,000 in 1940 and $2,000 from 1941 to 1946, incl.; bonds due after
May 1, 1942 callable at par and interest on Nov. 16, 1942, or on any sub¬
sequent interest payment date.
Principal and interest (M. & N.) payable
at the Township Treasurer's office.
The bonds will be sold subject to ap¬
proval of proceedings by the Pennsylvania Department of Internal Affairs.
The township will furnish printed bonds, successful bidder to pay for legal
A certified check for $200, payable to the order of the district,
opinion.
must accompany each proposal.
(Sale of the above issue, as previously noted in these columns, was origin¬
ally announced for May 4.)
registerable
LAWRENCE
Municipal Bonds Since 1892
AT&T
HICKORY TOWNSHIP SCHOOL DISTRICT (P. O. R. D. 2, Sharon)
Pa.—BOND OFFERING—Charles H. Nye, District Secretary, will receive
sealed bids until 8 p.
Long Distance 787
Other bids:
Bidder—
OKLAHOMA
APACHE
SCHOOL
NOT SOLD—It is stated
Int. Rate
Johnson & McLean, Inc
E. H. Rollins & Sons, Inc
Glover & MacGregor, Inc
S. K. Cunningham & Co..
DISTRICT
(P. O. Apache), Okie.—
by J. P. King, Superintendent of Schools, that
the
$7,500 school building bonds offered on April 18—V. 146, p. 2253—were
Due $1,000 from 1942 to 1947, and $1,500 in 1948.
not sold.
BEAVER, Okla.—BONDS APPROVED—The
issuance of $30,000 sani¬
CLEVELAND
SCHOOL
DISTRICT
(P.
Security-Peoples Trust Co. of Erie
as
O.
Cleveland),
Okla.—
3s, maturing $4,000 in 1942 and 1943, and $6,000 in 1944.
CYRIL, Okla.—BOND SALE—The $10,000 issue of coupon sewer
bonds offered for sale on April 25—V. 146,
p. 2735—was awarded to Calvert
Canfield of Oklahoma City as 6s at
par, according to the City Clerk.
Due in 10 years.
&
FAY
JOINT CONSOLIDATED
SCHOOL DISTRICT NO. 9 (P. O.
OFFERING—A.
O.
Litsch,
District
Clerk, will
May 10 at 2 p. m. for $6,000 building bonds.
Mature
$1,000 in three years from their date and $1,000 annually each year there¬
after.
Certified check for 2% of the amount of the bid
required.
Fay),
Okla.—BOND
LIMESTONE
on
GAP
CONSOLIDATED
SCHOOL
100.67
101.13
100.44
100.275
Par
100.65
DISTRICT, Pa.—BOND OFFERING—
Charles F.
Wittmer, Secretary of the Board of School Directors, will sell
public auction at 8 p. m. (Eastern Standard Time) on May 16 an issue
of $40,000 4% coupon, registerable as to principal only,
operating revenue
bonds. Dated May 1, 1938. Denom. $1,000.
Due $5,000 on May 1 from
1939 to 1946 incl.
Interest payable M. & N. The bonds will be sold sub¬
ject to approval of the Pennsylvania Department of Internal Affairs, and
favorable legal opinion of Saul, Ewing, Remick & Saul of
Pittsburgh, which
will be furnished the successful bidder.
A certified check for $1,000,
pay¬
COOPERTON SCHOOL DISTRICT (P. O.
Cooperton), Okla.—
BOND SALE—The $7,000 issue of building bonds offered for
sale on April 28
—V. 146, p. 2735—was awarded to C. Edgar Honnold of Oklahoma
City,
paying a premium of $1, equal to 100.014, on the bonds divided as follows:
$4,000 as 3^s, maturing $1,000 from 1941 to 1944; the
remaining $3,000
as 2^s, maturing
$1,000 from 1945 to 1947.
receive sealed bids
_
CITY
Rate Bid
at
BOND SALE—The $18,000 issue of
high school building bonds offered for
sale on May 2—V.
146, p. 2898—was purcnased by the Treasurer of the
Board of Education, as follows: $4,000 as
2Hs, maturing in 1941, and
$14,000
_
Leach Bros., Inc
MAHANOY
tary sewer construction bonds has been approved.
2M%
3%
3%
3%
3%
4M%
SCHOOL
DISTRICT
(P. O. Atoka, R. F. D. No.
NO.
1
3), Okla.—BOND OFFERING—It is reported
that sealed bids will be received until 2
p. m. on May 9, by S. W. McClendon, District Clerk, for the purchase of a $15,500 issue of
building bonds.
The bonds shall be sold to the bidder
offering the lowest rate of interest
the bonds shall bear and
agreeing to pay par and accrued interest therefor.
Due $1,000 in 1943 to 1956, and
$1,500 in 1957. A certified check for 2%
of the bid is required.
able to the order of the District
MILTON
Treasurer, must accompany each proposal.
SCHOOL
DISTRICT, Pa.—BOND OFFERING— Russell E.
Hawk, President of the School Board, will receive sealed bids until 7:30
p. m. on May 12 for the purchase of $35,000 3% coupon, registerable as to
principal only, operating revenue bonds.
Dated May 1, 1938.
Denom.
$500.
Due May 1, 1948: callable at par and accrued interest on May 1,
1941, and any subsequent interest date. Principal and interest (M. &
N.)
payable at the First National Bank of Milton. District will have the bonds
printed and executed at its own expense as soon as possible. They will be
subject to approval of the Pennsylvania Department of Internal
Affairs, and will be delivered to the purchaser at the office of the Board of
Directors. Issued under authority of Act of May 18, 1933, P. L.
813, gen¬
erally known as Mansfield Act.
All of the district's credit, taxing opwer
and resources are pledged for the prompt payment of both
principal and
interest.
In addition, the bonds will be further secured
by a total of real
estate taxes outstanding in the amount of $37,923.10 for
years 1933, 1934
and 1935. These taxes, when collected, will be
segregated in an Emergency
Trust Fund known as No. 3, and used only to cover
principal, interest and
tax charges on the bonds.
A certified check for $500 must
accompany
each proposal.
sold
NEWPORT TOWNSHIP SCHOOL DISTRICT (P. O.
Wanamie)
SALE—The $25,000 3M% coupon funding bonds, series of
1938, offered May 2—V. 146, p. 2576—were sold to the Glenlyon National
Bank of Glenlyon.
Dated May 2, 1938 and due $2,500 on May 2 from
Pa.—BOND
1939 to 1948 incl.
r
OKLAHOMA, State of—WARRANT CALL—It is reported that
Hubert L. Bolen, State Treasurer, will redeem a total
of $2,500,000 general
revenue warrants on May 16 to reduce the
aggregate amount
outstanding
$5,700,000.
The April redemption of general revenue
warrants, issued
at 4%, is said to have totaled
$5,000,000.
It is understood that more
to
warrants will be called when cash is available.
SNYDER SCHOOL DISTRICT
(P. O. Snyder), Okla.—BOND SALE
DETAILS—In connection with the sale of the
$42,000 coupon school build¬
ing bonds on April 26 to the First National Bank & Trust Co. of
Oilahoma
City, as noted in these columns—V. 146, p. 2899—we are now informed
by
the District Clerk that the bonds are divided as
follows:
$9,000 as 2Ms,
$21,000 as 3s, and the remaining $12,000 as 3 Ms, giving a net interest
cost
on the entire issue of
3.10%.
Due $3,000 from 1941 to 1954 incl.
^,,The
highest bid was submitted by Calvert & Canfield of Oklahoma
City, offering to take the first $9,000 as 2Ms, the remainder at
3*4%.
OREGON
t?
United
Dated Jan. 1,1938.
Due
on
Jan. 1
as
follows: $2,000,
f
and $1,000 in 1948. Prin. and int. (J. & J.) payable at the
States National Bank. Portland.
A certified check for $500,
payable
to the District, must
accompany the bid.
^•—PRICE PAID—It is now reported by the City Recorder
$5,000 coupon civic center
bonds
purchased
by Tripp &
rey' Inc-°f Portland, as 5Ms. as noted in these
columns—V. 146,
p. 2899—were sold at par.
Due in 10 years; optional after five years.
°?Iy other bid received was an offer of 96.15 on 4Ms, tendered by
Merton R. De Long of Portland.
..
that
the
POL^SPry^JXS(^OOL DISTRICT
r»
NO. 28 (P. O. Independence),
Dre_.—BOND SALE—The $22,000 issue of school bonds offered for sale on
April 30—V. 146, p. 2899—was awarded to Jaxtheimer
& Co ."of Port¬
land, according to the District Clerk.
Dated April 15, 1938.
Due from
April 15, 1943 to 1951.
t-,D
DETAILS—We were later informed by C. G. Irvine,
Clerk, that the above bonds are in coupon form and
they were
price of 100.11 for the first $7,500 as 2Ms, the
remaining $14,500
2Ms.
Due from April 15, 1943 to 1951.
District
sold at
as
a
*M% Bonds duo February 27, 1981 /5l
Price: 110.421 & Interest to Net
3.25%
Moncure Biddle & Co.
1948 incl.
Each issue is dated May 1, 1938.
an
election to
approve the issuance of
main sewer construction bonds.
(P.
O.
PENNSYLVANIA
(State
>
of)—LOCAL
ISSUES
APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
the following local bond issues.
Information includes name of the munici¬
pality, amount and purpose of issue and date approved:
Municipality and Purpose of Issue—
Punxsutawney Borough, Jefferson County—Refund¬
ing bonded indebtedness.
Amount
$70,000
Creek
Borough
School
District, Allegheny
County—Erecting,
constructing
an
addition
to
high school building
175,000
Black
Creek
Township
School
District,
Luzerne
County—Paying operating expenses
18,000
Scran ton City School District, Lackawanna County—
Paying operating expenses
1,000,000
Deer Lake Borough, Schuylkill County—Construct¬
ing,
repairing,
grading,
opening
and
widening
streets
2,400
Throop Borough School District, Lackawanna County
-—Paying operating expenses
54,000
Bratton Borough School District, Mifflin County—
Part payment of purchasing ground; erect, construct
and equip school building
18,000
Bratton Borough School District, Mifflin County—
Purchase ground; erect, construct and equip school
building
4,000
Dunmore
Borough
School
District,
Lackawanna
County—Paying operating expenses
125,000
Mt. Oliver Borough, Allegheny County—Paying oper¬
ating expenses
40,000
...
PHILADELPHIA,
Pa.—SALES
TAX
RECEIPTS
Date
April 25
April 25
April 26
April 26
April 27
April 27
April 29
April 29
April 29
April 29
EXCEED
ES¬
TIMATES—Receiver of Taxes Willard predicted that
on the basis of the
of returns from the 2% sales tax for March, collections for the 10month period may total $9,500,000, or $2,000,000 in excess of the estimated
return from the levy as certified in the municipal budget bv the city-
rate
Pa.—TO ISSUE $6,600,000
will be asked by its Finance Com¬
week to authorize the issuance of $6,600,000
school construction
It is expected they will be dated June 15,
1938, and mature serially in 25 years.
Sale of these bonds will complete
the long-term new capital program of the Board which called for expendi¬
ture of $25,000,000.
The last previous bond sale by the district was held
on
March 15, when award was made of $8,350,000 operating revenue
obligations to Drexel & Co. of Philadelphia and associates, as 15is. at
BONDS—The
PENNSYLVANIA
CHELTENHAM, Pa—BOND ELECTION—At
a
DISTRICT
$11,000 funding bonds.
Due $1,000 on May 1 from 1941 to 1951 incl.
10,000 operating revenue bonds.
Due $1,000 on May 1 from 1939 to
mittee
and
SCHOOL
PHILADELPHIA SCHOOL DISTRICT,
1520 Locust St.. Philadelphia
May 17 voters will be asked to
TOWNSHIP
controller.
Receipts for March, the first month in which tax has been in
force, amounted to $661,579.
In making his estimate on sales tax, Mr. Willard said: "It must be
remembered that this figure (March total collections) does not represent
the whole month.
Many merchants did not get under way with their
collections until the second and even the third week of March, due to fact
that the tax was imposed suddenly and confusion resulted."
The tax was
hastily enacted Feb. 11, contested in courts with petitions for temporary
orders up to March 2 and enforcement machinery is still far from perfected
with a number of smaller stores as yet making no effort to collect the tax.
City of Philadelphia
on
FAYETTE
Turtle
RA,?! 7.9U'.9HWAY WATER DISTRICT (P. O. Portland), Or.—
BONDOFFERING-Seale* bids will be received until 2 p. m. on
May 7,
hy J. E. Parsons, Treasurer of the Board of
Commissioners, for the pur¬
chase of an $11,000 issue of
general obligation bonds.
Bidders to name
the rate of interest.
NORTH
Sturgeon), Pa.—BOND SALE—The $21,000 coupon bonds offered May 3
—V. 146, p. 2900—were awarded to S. K. Cunningham & Co. of
Pittsburgh
as 3s at par plus a premium of
$99.75, equal to 100.475, a basis of about
2.92%.
The sale consisted of:
be held
$250,000 trunk
at
a
Board
meeting
of
Education
next
bonds.
Volume
placed
on
Financial
146
rhTh™oSU^du^i^i_ann^UJ
school
district,
p
until 8 p. m.
JOO.OOOannuaiiy from 1939 to 1963, inclusive.
ISSUE
informs
us
DROPPED—The Secretary of the Board or Education
that the proposal to issue $120,000 bonds, on which a vote was
to be taken at the
cruuwiii
May primary election, has been abandoed for the present.
uiucMcrur^A.
mpTn^
,
0
.
...,,
.
SCHOOL DISTRICT(P. O. Schuykill Haven)
j»
Pa.—BOND OFFERING—Howard W.
Stager, District Secretary, will reMay 13 for the purchase of $10,000 3%
registerabie as to principal only, school tods.
Dated May 16,
1938.
Denom. $1,000.
Due $2,000 on May 16 from 1940 to 1944, incl.
Interest payable M. & N. 16.
Said bonds and interest thereon will be payable without deduction for any tax or taxes, except succession or inheritance
taxes, now or hereafter levied or assessed thereon under any present or
future law of the Commonwealth of Pennsylvania, all of which taxes the
district assumes and agrees to pay.
A certified check for 2% of the bonds
bid for, payable to the order of the District Treasurer, must accompany
each proposal.
The bonds are issued subject to approval of the Pennsylvania Department of Internal Affairs.
► (Above report of the offering supersedes that given previously in these
columns.—V. 146, p. 2900.)
ceive sealed bids until 7 p. m. on
coupon
SHARPSBURG SCHOOL DISTRICT, Pa .—BOND SALE—The issue
of $20,000 bonds offered May 2—V. 146, p. 2737—was awarded to Singer,
Deane & Scribner of Pittsburgh, as
2#s, at
par
tol]^48>inclcailahhfar,°nar^n SuaifiP* i"qJs?
plus
a
Rnv°mi^mTiftiifTtHr«it
leader
Pittsburgh, second high bidder,
naTdnt
date
nnmiSwhSm ^
nff?™d tn
a'nrnnism^f
of/c
(SfieltJHS? premium of $55 for 2$£s.
tw.v
nv
r
Tohnsnn Ar
p.
taf" $250'
rrom Apm
ue
1940 t0 1949» mcl<
TENNESSEE
KINGSPORT, Tenn.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on May 17, by P. L. Cloud, City Manager, for the purchase
of a $25,000 issue of public improvement bonds. Interest rate is not to
exceed 5%, payable M. & N. Denom. $1,000. Dated May 1,1938. Due
on May 1 as follows: $2,000 in 1939 and 1940; $3,000, 1941 to 1943; $2,000,
1944 to 1946, and $3,000 in 1947 and 1948. Rate of interest to be in muitiples of X of 1%, and must do the same for all of the bonds. The bonds
win be awarded to the bidder whose bid provides the lowest interest after
deducting the amount of the premium. The approving opinion of Thomson,
Wood & Hoffman, of New York, will be furnished. A $250 certified check,
payable to J. R. Pecktal, City Treasurer, must
v-moy
poiimtv
/t>
:ii
v
r»
n
accompany
^
the bid.
„
ttr.
-
.
.
COUI^Y wT*
w«°
T^nn.—WARRANTS CALLED—
It hMb^n stated by T.D.Wilson, Tnistee, that the county called a total
of 1§152'471.06 interest-bearing warrants for payment on April 26. The
-p8?
these warrants were requested to present them for payment at
T
n
eon
m
*
t
-rt
t
*
to en
$69,639.19, rounty account, No.J-6971 to J-7257;
$43,003.68, highway account, No. R-1437 to R-1518; $4,856.65, mainten^uipment, N°-2^.-907 to M-929; $34,971.54, county accountcommission, No. 0-781 to C-906.
A
^^^o^b^wSr^^ncf^h^he^ll^^^eSfl^^dera
offeriiig
™
jan
forlafe' refimd&g bonds tS the citv daSS l
1
1968S^he totZl momt ofS5honn fo?ifte
19Ttt o
nSture
She
nrahra to
Sinking Fund Board in compliance with the law authorizing same.
Sealed
tenders will be received until 10 a. m. on May 16. Tenders shall be accompanied by a certified check upon an incorporated bank or trust company
for 1 % of the face amount of bonds tendered for purchase.
Bidders may stipulate, if desired, that their tenders are for the purchase
of a11 or n°ne of the bonds tendered, and shall state the time and place for
delivery of the bonds, the interest rate and numbers of bonds offered. The
10(L07
1%
TUNNEHILL, Pa.—BOND SALE—The $5,000 5%
146,
Ap*rii^^e
L'
69'
188*1*7
^ifeprefers that deUvery be made at the Hamilton National Bank, Knox-
inn
V6%
1"
Gallitzin.
,
ol>o?
Tnn
-
May 2—V.
premium of $81.50,
received
May 10, by P. O. Brekke, Town Clerk, for the purchase of
Bidder to name the rate
RADNOR TOWNSHIP SCHOOL DISTRICT (P. O. Wayne), Pa.—
BOND
on
-GNIREFFODNOB-.*
H. W. Cramblet, Secretary of the Board of Education, will receive sealed
bids until May 24 for the purchase of $1,500,000 building bonds, to mature
_
3063
WALLACE, S. Dak.—BOND OFFERING—Sealed bids will be
to 1941 incl" was
the market to yield from 0.40% to 1.75%.
dpittsburgh
Chronicle
i7
bonds offered
coupon
TCVAQ
2737—were awarded to the First National Bank of
even year from 1940 to 1958, both inclusive.
-
■
Due $500 in each
DENISON
DISTRICT
SCHOOL
(P.|0.
Denison),
Texas—PRE
iipppd
niDnv
tou/ncuid
^
it
r*
l.
d
D/iArn
ELECTION SALE— It is reported that the $115,000 school construction
<? at PTh Ptinuvin i
Ho vuip?eiL
bonds to be voted on at the election scheduled for May 10, as reported here—
Vi4fin^ fV. 146, p. 2737—have been purchased by Mr. L. B. Henry of Dallas, at a
offered Mav8
JVxay o—V. 146, p. 2900—were awarded to the Township Sinking
\
^
r
nrice of
Fund Commission, the
only
1938 and due May 16, 1948.
at par
bidder, at
Callable
a price
in whole
Dated May 16,
of par.
or
in part after one year
and accrued interest.
w/ttc-t<
^
WEST DEER SCHOOL DISTRICT (P. O.
ELECTION—At an election to be held in the
«
Pittsburgh) Pa.—BOND
near
future voters will be
asked to approve the issuance of $150,000 district bonds.
^
PUERTO
1
VEGA ALTA, Puerto Rico—BOND CALL—It is stated by R. Sancho
Bonet, Treasurer of Puerto Rico, that the above municipality will redeem
and accrued interest on July 1 the following bonds:
$5,000, due July 1, 1939.
1'
1943
due Julv
86-90
5 000
Nos9M)5
5000
due Julv 1
Nos'
7 000
due Julv 1
1944*
1945*
tv,
96-102
v
duo
^
redeemed
Jul?
!!
.
—
The issues are divided as follows:
$25,000 general obligation bonds. Due from June 1,1939 to 1958.
20,000 revenue bonds. Due $1,000 from June 1,1939 to 1958, incl
Pipeline Co.
GILLESPIE
ELECTION—At
approve the
1942
5'ono'
5'nnn
Nos'
votlno?
received.
104?"
I
due Julv 1
n2*7<WW>
Nra
HbSi
to the result of the
siihlect
FORT STOCKTON, Texas—BONDS DEFEATED—At a recent election
voters defeated the proposed issuance of $120,000 revenue bonds for the
purchase of the properties of the Fort Stockton Gas Co. and the Big Bend
^
RiOO
111
at par
Nos. 66-70
inn 217
priCe or 10U.2l7t 8UbJeCt t0 n resmt of tbe votmg*
P ELDORADO, Texas—BONDS NOT SOLD—It is stated by A. J. Atkins,
City Secretary, that the two issues of water works bonds aggregating
$45,000, offered on May 3—Y. 146, p. 2577—were not sold as no bids were
COUNTY
an
(P.
O.
Fredericksburg),
Texas—BOND
election to be held on May 12 voters will be asked to
issuance of $150,000 courthouse and jail construction bonds.
HIDALGO COUNTY (P. O. Edinburg), Texas—BOND TENDERS
..
,
,
.
_
n
1
bonds will be
in accordance with Municipal Ordinance of
the Municipality of Vega Alta, approved June 6, 1922, as amended by an
ordinance approved Oct. 5, 1922, which provide that bonds due on or after
July 1, 1936, may be redeemed at par plus accrued interest
any subsequent interest-payment date.
on
that date
or on
The above-described bonds will be redeemed at the office of the National
City Bank of New York, New York City, fiscal agents for the issue.
1
RECEIVED—It is stated by Charles K. Leslie, Jr.. County Auditor, that
the sinking funds of the various districts have purchased 16 Road District
No. 1 bonds at a price of 63.00: a total of eight Road District No. 2 bonds
at 64.00; 10 Road District No. 3 bonds at 51.50, and six Road District No.
8 bonds at 57.50.
He reports that the tenders of Road Districts Nos. 5
and 6 bonds were rejected as being too high priced.
„
^
,
C/"\l itu
A
SOUTH
nAi
is| g
CAROL I N A
NEWBERRY COUNTY (P. O. Newberry), S. C.—BONDS OFFERED
INVESTMENT—An issue of $140,000 3X% road bonds is being
FOR
offered
by
F.
W.
Craigie &
Co. of Richmond, for public subscription.
Due on Jan. 1 as follows: $15,000
Prin. and int. (J. & J.) payable at
Legality approved by Real, Hoyt,
Denom. $1,000.
Dated Jan. 1, 1938.
in 1940 to 1948, and $5,000 in 1949.
the Chase National Bank, New York.
„
HOUSTON, Texas—BONDS SOLD—It is reported that Lazard Freres &
Co. of New York, and Milton R. Underwood & Co. of Houston, bidding
jointly, were awarded on May 5 the following bonds aggregating $160,000:
$100,000 2H% semi-annual general improvement bonds at a price of 101.559
a basis of about 2.28%.
Dated Jan. 15,1938.
Due $10,000 from
Jan. 15, 1939 to 1948.
60,000 3% city hall bonds at a price of 102.3175, a basis of about 1.00%.
Dated Jan. 15, 1938.
Due $30,000 on Jan. 15, 1939 and 1940.
^
KILGORE, Texas—BOND OFF^IiN^^led bids^ll
be received
until 2 p. m. on May 5 by U.
W ITater,City
purchase of a $250,000 issue of coupon street
iS>«
name the rate of interest.
Denom. $1,000. Dated July 1, 1938.
Due
f25,000 from July 1, 1939 to 1948, dnclusive. The bonds may be ^re^steral as to principal only. ^£-an£ lot. (J;, & J J
> theRj^ore
The city will furnish at its expense the lithographed bonds
The approving opinion or the Attorney
General and of Gibson & Gibson of Austin will be furnished by the tity.
The approving opinion of Chapman & Chtler of Chicago may be had at the
expense of the purchaser.
A certified check for 2%, payable to the city,
is required with bid.
National Bank.
Washburn & Clay of New York.
with the proper interest coupons.
SPARTANBURG COUNTY (P. O. Spartanburg) S. C.—FINANCIAL
STATEMENT—The following official information is furnished in connection with the offering scheduled for May 17, of the $130,000 issue of
coupon
highway bonds, described in
our
issue of April 30:
Statement of Bonded Indebtedness
County of Spartanburg, S. C., and other information relating to
Of the
the above bond issue:
Bonds outstanding of April 2,1938 (all bonds are serial)
$3,959,000.00
I
$3,366,317.94
Assessed valuation for taxation, 1937
True valuation—Estimated
—$30,076,093.00
-----
notice.
QrillTkl
ABERDEEN,
S.
I
n
Dak.—BOND ELECTION NOT SCHEDULED—We
are informed by the City Auditor that no election is scheduled to vote on
the issuance of $125,000 in municipal auditorium construction bonds, as
had
SEAGRAVES,
Texas—ADDITIONAL INFORMATION—In
reported in these columns recently—V. 146,
p.
2737.
as
Denom. $100.
above issue was purchased from the contractors
Co. of Dallas.
WICHITA FALLS, Texas—BOND TENDERS ACCEPTED—In connection with the call for tenders on Apri|13CI of outstanding bon^sof^the»city,
as noted in th«ie columns recently—V. 146,jp. 2256
it_ is stateoi by J.
Bryan
MiUcr^City Manager, that teinderion
at prices ranging from 93.625 to 98.00, plus
but only tenders on
a total of $63,500 bonds were accepted, the average price being 94.49.
md
.
I IT AH
on May 20 at 8 p. m. for $13,200 5% refunding
Certified check for 5% of the bid is required.
£JoPOSFD^^for(^V0Jo^ationCfOT tEe rehSto
TRIPP COUNTY (P. O.
Winner) S. Dak.—WARRANT CALLCoxmty general fund warrants, registered numbers 2711 to 2945, inclusive,
PiaTnS^S?SLCeafftihth£Xtey Tr6MUrer'
interest win cease after that date.
hoon, on May l.
B" CaU"
WATERTOWN, S. Dak.—BOND OFFERING—It is stated by B. H.
Stover, City Treasurer, that he will receive sealed and oral bids until
May 16, at 9 p. m., for the purchase of two issues of bonds aggregating
$68,000, divided as follows:
$58,000 auditorium bonds.
Due on May 25 as follows: $6,000, 1940 to
1944, and $7,000 from 1945 to 1948.
These bonds are for con-
Due
10.000
to
on
May 25 as follows: si.000 from 1940
These bonds are issued for equip-
1947, and $2,000 in 1948.
was
name the rate of interest, not to exceed 4%, payable semiDenom. $1,000. Dated May 25, 1938. Prin. and int. payable
in lawful money at the office of the City Treasurer.
These bonds were
approved by the voters on April 19, as noted in our issue of April 30, along
*1th the tentative offering report.
agreed on recently
IRON
SCHOOL DISTRICT (P. O. Parawan), Utahelection to be held on May 18, voters will be
of approximately $110,000 scnool construction
federal grant for the construction of a new high school at
COUNTY
bond election—At an
asked to aDorove the issuance
bonds to match a
Cedar City.
c0lTTH OGDEN
BOND ELECTION—At an election to
Utah
of 5011(18 for the construction of a water suppjy system.
R/% ....
to
annually.
tentaSvelv
»BSr'^
of bonds for rehabilitation work.
about $60,000
ment purposes.
Bidders
connec-
5s.
CLARK, S. Dak.—BOND OFFERING—Winifred Austin, City Auditor,
will receive sealed bids
bonds.
n
main revenue
noted in these
columns recently—V. 146, p. 2901—it is stated by the City Clerk that the
bonds are dated April 10, 1938: mature from 1939 to 1950, and were sold
by Geo. L. Simpson &
n A Lf fXTtt
UMrVU I «
p
tion with the sale of the $100,000 sewer system and water
bonds to the Walsh & Burney Co., 8an Antonio contractors,
He also reports that the
OlSU
hr
i„
INVITED^---It is stated by P. B.
Knott, City Secretary, thathewiUrecelve seal^i tendersuntilA^yl8,
of refunding bonds, series 1935, dated Nov. 1,1935. It is said that approximately $3,500 is avaUable with which to purchase bonds, and only tenders
of less than par and accrued interest will be considered.
Thocity will
accept the lowest offer or offers made at less than par and accrued interest,
sufficient to exhaust funds on hand for such purposes.
200,000,000.00
Population, census, 1920, 94,265; population, census 1930, 116,277.
Tax rate, 1937, 29M mills.
Notes outstanding, none. Warrants outstanding, none.
Note—Bonds are exempt from all State, county and municipal taxes.
No particular form of bid required, but same must comply with the above
t+
Arrv^nc
ROTAN, Texas—BOND TENDERS
592,682 06
Net debt.....
COLLEGE
JUNIOR
of Education that
!?d ^
Highway reimbursem't bonds paid by State..$336,000.00
Rd.improvem't bonds paid from gasoline tax. 250,000.00
Sinking fund—Cash in banks..
6,682.06
we
DISTRICT (P. O. Paris), Texas—
now reported by the President of the
the $200,000 construction bonds purchased by
the State Board of Education, as noted here early in March—V. 146, p.
PARIS
BOND SALE DETAILS—It is
Board
,
^T
r
be held
i88uaoce *" ,s8'000
.
VI Rvjl IM IM
T)m^n
nvvvrtTKrr
it
that
ie
DANVILLE, Va.—BOND OFFERING—At; is
sealed
bids
{^ported that^sealed bids
will be received until May 24, by the City Clerk,
1 ssue of $100,000 street improvement bonds.
for the purchase of an
Chronicle
Financial
3064
,
,
LIST
date (being bonds Nos. 161 to 300, inclusive) shall be bid on as a second
block.
In all bids on the two blocks of bonds separately the bidder shall
On "all
or
"■
bid).--
—
__
—
—
Chicago..
...
19,241.00
18,978.00
18,497.40
18.386.73
18.295.74
18,277.00
17,604.00
17,107.20
16,618.50
16,210.00
Milwaukee), Wis.—BOND OFFER¬
ING CONTEMPLATED—It is stated that the county will offer $3,000,000
in relief bonds by July 1, if the proposal of Frank Bittner, County Auditor,
is adopted by the County Board.
Another offering of $3,000,000 is likely
in October, it was reported by the above Auditor, unless conditions show
mproveraent before then.
'
(P. O.
OSHKOSH, Wis.—BONDS AUTHOR1ZED-—The retiring City Council
recently authorized the issuance of $100,000 in bonds to pay city s share of
the cost of the new $400,000 Wisconsin Ave .-Ohio St. Bridge.
State ana
county funds will make up the difference.
.
_
RHINELANDER, Wis.—BONDS PROPOSED—The City Council re
cently introduced an ordinance authorizing the issuance of $75,000 West
Graded and New Central Schools improvement bonds.
Denom. $1,000.
Dated June 1,1938. Interest rate 3%, payable Jan. 1 and July 1.
RHINELANDER,
Wis .—BOND
ISSUANCE
NOT SCHEDULED—
We are informed by T. M. Wardwell, City Manager, that action has been
postponed on the issuance of the $75,000 school improvement bonds author
ized recently by the Common Council, pending application for a Public-
Works Administration grant.
Seattle), Wa.h.—BOND OFFERING NOT
,
CANADA
CONTEMPLATED—It is stated by Earl Milliken, County Auditor, that
further action has been taken toward offering the $2,375,000 not to exceed
6% semi-annual funding bonds that were temporarily withdrawn because
of market conditions, as noted in these columns last August.
(Dominion of)—REPORT CITES DECREASE IN MUNIC¬
interest
peak of about 10% of all such debt
outstanding to approximately 7% at present.
This statement is contained
in the brief submitted last week to the Rowell Commission by The Dominion
Mortgage & Investments Association.
The situation in each province is
CANADA
IPAL DEFAULTS—Municipal debt in default if either principal or
in Canada has been reduced from its
KING COUNTY SCHOOL DISTRICT NO. 198 (P. O. Seattle),
Wash.—BOND OFFERING—Ralph S. Stacy, Treasurer, will receive sealed
and
__,
Halsey, Stuart & Co., Chicago
MILWAUKEE COUNTY
$4,487.94
4,405.50
4,374.00
3,961.00
3,931.25
4,289.94
4,128.00
4,251.00
4,362.00
4,155.60
3,873.00
3,600.00
$20,141.73
19,826.00
__
Paine, Webber & Co., Chicago
Citizens State Bank, Sheboygan
The First National Bank of Cnicago.
no
bids
___
Company, Milwaukee--
Lazard Freres & Co., Chicago
Brown Harriman & Co., Chicago
WASHINGTON
O.
-
Central Republic Co.,
Series H
Series F
Chicago (successful
The Illinois Company of Chicago
1
(P.
.
of the bids
tabulation
official
The Northern Trust Co., Chicago—
T. E. Joiner & Co., Inc., Chicago
Principal and interest payable in lawful currency of the United States of
America, at the office of the Chase National Bank of the City of New York.
Bonds will be issued in coupon form and may be registered with the Treas¬
urer of the City of Lynchburg as to principal only, or as to
principal and
interest.
Bonds will be prepared ana are expected to be ready for delivery
to the purchasers on or before June 15, 1938 in the City of Lynchburg, or
as otherwise may be arranged at no expense to bidders.
Approving opinion
of Thomson, Wood and Hoffman of New York City, will be furnished by
the city.
Each bid must be accompanied by a certified or cashier's check
payable to the City Treasurer, in the sum of 2% of the face value of the
COUNTY
an
v.
.
The Milwaukee
if any, will be deducted therefrom, or if a discount is bid, the amount of
the discount will be added thereto.
Preference will be given to the lowest
interest rate or rates, other things being equal.
The interest rate or rates
on bonds will be fixed by resolution of the Council after bids are received at
the rate or rates set forth in the successful bid or bids accepted by the city.
KING
is
-Premiutnr-
as
bid for.
following
Name of Bidder—
Harris Trust & Savings Bank,
In awarding the bonds, if bids are accepted for the entire issue of bonds,
they shall be awarded to the best combination of bids for separate blocks,
or on an ail or none bid for both blocks, provided such ail or none bid is
better than the best combination of separate bids on the said two blocks of
bonds; and if awarded in separate blocks, on the best bid for each block.
In arriving at what is the best bid, either for the bonds as a whole or in
separate blocks, the total amount of interest to be paid by the City through¬
out the life of the issue shall be considered, and the amount of the premium,
bonds
BIDS—The
OF
received:
above provided, fixing one interest rate on all of said bonds,
or one interest rate on one block of bonds and another interest rate on the
other block of bonds.
The city reserves the right to reject any or all bids
for said bonds either in blocks or as a whole, and shall also have the right
to accept bids on., and issue only bonds in block 1 (bonds Nos. 1 to 160,
incl.), or accept bids, on and issue only bonds in block 2 (bonds Nos. 161
to 300, inclusive).
multiples
Second high bidder was the
for tbe series F
May 1, 1938.
none" bids for both
blocks of bonds as a whole, the bidders shall, at their option, submit bids
in
of the bonds are dated
All
Milwaukee Co. of Milwaukee, bid a premium of $19,826
bonds and $4,405.50 for the series H.
years to 11 years, inclusive, after date (being bonds Nos. 1 to 160,inclusive)
shall be bid on as one block; bonds maturing 12 to 18 years, inclusive., after
each block of bonds.
1938
$270,000 series F bonds were sold at par plus a premium of $20,141.73,
equal to 107.459, a basis of about 1.58%.
Due $135,000 on
May 1 in 1943 and 1944.
n.
60,000 series H bonds were sold at par plus a premium of $4,847.94,
equal to 108.079, a basis of about 1.845%. Due May 1 as folllows:
$35,000 in 1945 and $25,000 in 1940.
LYNCHBURG, Va.—BOND OFFERING—Sealed bids will be received
by George M. Bell, City Treasurer, for the
purchase or a $300,000 issue of coupon or registered public improvement
bonds.
Bidders may bid for a rate or interest in multiples of l-10th or y* th
of 1 %.
Denom. $1,000.
Dated June 1,1938. Due $20,000 from June 1,
1942 to 1956, inclusive.
■
Bids will be taken on said bonds in blocks, and also "all or none" bids will
be taken on the entire issue.
Block 1, covering all bonds maturing four
until 2:30 P. m, on May 20,
fix the interest rate on
May 7,
on
May 7 at 10 a. m. for $10,000 auditorium-gymnasium const,
equipment bonds.
Interest not to exceed 6%,. payable annually
Certified check for 5% of par value of bonds required.
estimated by the Association as follows:
Principal Debt
Mature in 20 years.
P.C. of
Ontario
-
-
—
Manitoba
Alberta.
LEWIS COUNTY (P. O. ChehalU), Wash.—COUNTY AND SCHOOL
WARRANTS TO BE PAID—It is reported by Harold Quick, County
Treasurer, that all unpaid warrants of the county on the following named
funds and districts issued prior to and inclusive of the numbers given below,
—
-
___
Saskatchewan
$19,000 4% semi-ann. irrigation bonds approved by the voters on March 26,
have been sold.
Due on July 1 as follows:
$1,000 from 1939 to 1942,
and $1,500 in 1943 to 1952.
—
Gr. Debt
1.43%
10.92%
17.07%
26.97%
2.11%
6.84%
$8,221,500
Quebec
LARRABEE IRRIGATION DISTRICT (P. O. Okanogan), Wash.—
BONDS SOLD—It is stated by R. E. Mansfield, District Secretary, that
50,410,179
16,322,843
16,182,145
1,415,334
8,711,009
is
;
District
District
District
District
District
District
District
District
District
District
District
Current
No. 128,
No. 143,
No. 201,
No.
206,
No. 209,
No. 212,
No. 214,
No. 215,
No. 225,
No. 234,
No. 214,
expense,
..
,
Due $500 from Jan. 15, 1940 to 1955, inclusive. >
LA
bids
will
columns—V.
be
Rate Bid
________
-
-
-
—
97.53
97.00
ST.
JAMES,
Man.—REFINANCING
PLAN
SUBMITTED—Re¬
financing plan for the above municipality has been proposed by W. L.
McKinnon, of W. L. McKinnon & Co., Toronto, representing holders of
over $330,000 of bonds, St. James, which is a Winnipeg suburban area, has
been in default for over six years.
The plan provides
chat St. James
of cash
fund.
on
hand, and
a
should
pay
one
coupon
of 2^%
second coupon from the sale of bonds in the sinking
be in settlement of all interest arrears to
These two payments would
July 1, 1938.
In preparation for settlement of principal, it is proposed that St. James
cancel $61,600 of its own bonds in the sniking fund, and also purchase and
cancel $50,000 of its own outstanding bonds. Remaining bonds outstanding
would be called in, with the exception of Greater Winnipeg Water District,
bonds. Portage Ave, paving bonds and bonds held by the Province against
relief ^dy3,uc6s
The called bonds would be replaced under the plan by a new 5 )4% 40annuity instalment refunding issue of $1,461,605, equal to 40% of the
principal amount of old bonds outstanding as at July 1, 1938. This would
require annual payment for both principal and interest of $91,088, which is
$41,903 greater than the sum which St. James had available for debt service
.
ST.
bonds
<■
self-sustaining debt for water
be
of
THOMAS, Ont—BOND SALE—An issue of $100,000 improvement
sold to Mills, Spence & Co. of Toronto, at a price of 100.71.
was
BOND, SALE DETAILS—Mills, Spence & Co. of Toronto accepted the
bonds due in 1939 and 1940 at 2% interest and those maturing in 1941 and
1942 at 2)4%.
They are dated May 14, 1938.
Coupon, denoms. to suit
on
purchaser.
Interest payable M. & N.
Purpose of loan was to refinance
bank loans.
SALABERRY
2Hs.
MANITOWOC COUNTY (P. O. Manitowoc), Wis.—BOND SALE—
The $330,000 3% coupon or registered highway improvement bonds
offered May 2—V. 146., p. 2902—were awarded to the Harris Trust &
Dube Leblond & Co. of Quebec—
Loan Corp. of Quebec.
principal.
He states that T. E. Joiner & Co. of Chicago offered a price of 100.037
follows:
2578—were reoffered at 4)4% interest and awarded
1938 and
Under the plan, there would be $552,061 of
April 25 by Gillespie & Wouters of Green Bay, as noted in these columns,
V. 146, p. 2902—were sold at a price of 102.76, a basis of about 2.46%.
Due from 1939 to 1948, inclusive.
as
p.
mains and housing, leaving a net debt of $909,544. The total amount to
canceled by bondholders would be $1,105,340 of interest and $2,192,408
by W. E.
Jehn, Village Clerk, that an option has been granted for 10 days to the
Channer Securities Co. of Chicago for the purchase of tbe $13,000
3H %
semi-ann. sewage disposal bonds that were offered on May 2—V. 146,
p. 2578.
Dated April 1, 1938. Due from 1939 to 1952, incl.
DE PERE, Wis.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $10,000 3% sem -annual fire truck bonds purchased
146,
to Gairdner & Co. of Toronto, at a price of 98.
Dated May 1,
due serially on May 1 from 1939 to 1963 incl.
Other bids:
Bidder—
In 1937.
WISCONSIN
Wis .—OPTION GRANTED—It is stated
Savings Bank of Chicago
Tuque, Montreal and Quebec.
METIS BEACH, Que.—BOND SALE—The $69,700 bonds unsuccess¬
fully offered as not to exceed 4s on April 12, as previously reported in these
1941; $26,000, 1942; $27,000, 1943; $28,000, 1944; $29,000, 1945; $31,000,
1946; $32,000, 1947; $33,000, 1948; $34,000, 1949; $35,000, 1950; $37,000,
1951; $38,000, 1952, and $40,000 in 1953.
Any bond shall be redeemable
on any interestr-paying date at the
option of the city, paying principal and
interest and a premium equal to 3 % of the principal sum.
The bonds are issued to finance the construction of a flood wall protecting
the central section of the city, and both principal and interest shall be
payable only from the revenues derived from charges assessed against the
owners of property protected by said flood wall as
provided in the ordinance
authorizing the issue.
Principal and interest will be payable at the National
City Bank, New York.
Bids shall be for the purchase of the entire issue,
and shall specify that the bidder agrees to
pay, in addition to the bid price,
all accrued interest on the bonds to the date of delivery.
The bidder to
whom the bonds are awarded shall cause the same to be printed, at his cost,
and shall accept delivery of the bonds, paying the
purchase price thereof
not later than 14 days after the award.
In the event the bidder to whom the
award is made so desires, the city will provide by ordinance
prior to the
issuance of the bonds that in the event of the redemption before maturity
of less than all of the bonds outstanding, the bonds shall be redeemed in
their inverse numerical order.
Each bid shall be accompanied by a cer¬
tified check for $8,200, payable to the city.
on
Adjustment
TUQUE, Que.—BOND OFFERING—A. Roy, Secretary-Treasurer
interest payable at La
received until 2 p. m. on May 6 by Mayor George R. Seamonds, for the
purchase of a $410,000 issue of 4% central flood wall revenue bonds.
De¬
nom. $1,000.
Dated Jan. 1, 1938.
Due on July 1 as follows: $20,000 in
BUTTERNUT,
_
of Board of Catholic School Commissioners, will receive sealed bids unti 1
8 p. m. on May 11 for the purchase of $20,000 4% improvement bonds.
Dated May 1, 1938.
Due serially in from 1 to 15 years.
Principal and
VIRGINIA
Va .—BOND OFFERING—Sealed
_
average
STEVENSON, Wash.—BOND OFFERING—It is stated by the Town
Clerk that he will receive sealed bids until 7:30 p. m. on May 23 for the
purchase of an $8,500 issue of funding bonds, interest rate is not to ex¬
ceed 6%, payable semi-annually.
Due in 20 years, optional in two years.
These bonds were approved by the voters on April 5.
W.
_
CANADA (Dominion of)—TREASURY BILLS SOLD—An issue of
$30,000,000 Treasury bills, maturing July 30, 1938, was sold recently at an
yield of 0.490%.
s
-
HUNTINGTON,
_
___________
_________
•
RITZVILLE, Wash.—BOND SALE—The $8,000 issue of general obli¬
gation bonds offered for sale on April 30—V. 146, p. 2578—was awarded
to Murphey, Favre & Co. of Spokane as 3)4», according to the City Clerk.
WEST
_____
Improvement in the situation, the brief states, is due to the adjustments
No. 14, school general
No, 18, school general
No. 36, school general
No. 40, school general
fund, No. 6786, Mar. 31, 1938.
fund, No. 3995, April 15, 1938.
fund, No. 1487, Mar. 31, 1938.
fund, No. 754, Feb. 25, 1938.
school general fund, No. 1997, April 15, 1938.
school general fund, No.
615, April 15, 1938.
school general fund, No. 1224, Mar. 31, 1938.
school general fund, No. 11336, April 15, 1938.
school general fund, No. 3048, Mar. 31, 1938.
school general fund, No. 1402, Mar. 31, 1938.
school general fund, No. 15174, April 15, 1938.
school general fund, No. 1273, Mar. 31, 1938.
school general fund, No. 4951, April 15, 1938.
school general fund, No. 2565, Jan. 28, 1938.
school building fund, No. 42, Mar. 31, 1938.
No. 89860, Feb. 26, 1937.
______
usually preceded by the formation of a protective committee, which may
be either formal or informal, and the general practice has been to refrain
from approving proposals until the individual holders have been consulted.
Percentage of consent necessary to make a plan effective varies in the differ¬
ent
provinces.
Once willingness to pay is established, ability to pay becomes the basis of
adjustment.
Negotiations with the debtor municipality are undertaken
after a detailed survey has been made on behalf of creditors.
Referring to surveys made for such cities as Victoria, Calgary, Edmonton
and Moose Jaw, the brief states that these reports indicate the following
general points:
(a) Taxation of real estate in those particular cases has reached its limit
and is unduly burdensome under present economic conditions.
(b) Cost of relief and social service charges has become one of the most
important expenditure items, making provision for ordinary services and
original debt charges impossible.
/
V
(c) These particular cities have undertaken economies, but sufficiency
of economies in respect to schools is questioned.
(d) Cause of difficulty is not the amount or annual service of the debt,
but rather that burdens imposed after incurring of debt have resulted in
insufficiency of income.
(e) The immediate maturity of bonds would be too large for the debt
retirement provisions, including the character of sinking fund investments.
the funds designated, will be paid upon presentation at his office in
Chehalis.
All warrants included in this call ceased to bear interest on
District
District
District
District
_
which have been made by the debenture and bank creditors.
upon
April26:
_
_
British Columbia.
5
DE
VALLEYFIELD,
Que.—BOND OFFERING—
G. Codeberg, City Clerk, will receive sealed bids until 4 p. m. on May 11 for
the purchase of $85,000 3)4% improvement bonds.
Dated Nov. 1, 1937.
Denom. $1,000 and $500.
Due serially in from 1 to 15 years; callable at
101 and accrued interest at any interest period.
Principal and interest
payable at Salaberry de Valleyfield.
@FedFRASER